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摩根基金

2014年6月30日年度財務報告中文簡譯


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(中文簡譯)

2014年 6月 30日摩根基金財務報告

JPMorgan Funds Audited Annual Report

30 June 2014

(財報第 4頁)

摩根基金

董事會報告(續)

基金架構

本基金是一個可變資本投資公司，設立為 Societe Anonyme，並依循盧森堡大公

國之法律。董事會指派 JPMorgan Asset Management (Europe) S.a. r.l.(JPMAM)為

本基金之基金管理機構。本基金係一個傘型的基金，旗下有許多擁有自己的投資

目標、策略和限制之子基金。

本基金之目標係依本基金公開說明書，將可利用之資金投資於可轉讓證券及其他

經核准之任何類型資產，以達分散投資風險及提供管理獲利結果予股東之目的。

本基金為一符合 2009 年 7月 13日歐洲議會與理事會頒布 2009/65/EC 指令之可

轉讓證券集體投資企業，並受有關集體投資企業之 2010 年 12 月 17 日盧森堡法

律規範。本基金得依通知，於盧森堡以外之其他歐盟會員國銷售。此外，本基金

及子基金可於其他國家申請註冊。

至今年底為止，本基金共有 122檔子基金。全數子基金及股份類別皆於盧森堡大

公國註冊募集銷售，而部分子基金及股份類別於下列司法轄區註冊銷售：

奧地利、巴林、比利時、智利、塞普勒斯、丹麥、愛沙尼亞、芬蘭、法國、德國、

希臘、香港、匈牙利、愛爾蘭、義大利、澤西、韓國、澳門、荷蘭、荷屬安地列

斯群島、挪威、祕魯、波蘭、葡萄牙、新加坡、西班牙、瑞典、瑞士、台灣和英

國。

董事會之角色及職責

董事會之職責係由盧森堡法律獨立管轄。有關本基金之年度帳目，董事會之責任

受 2010 年 12 月 10 日法律規範，尤其是集體投資企業會計及年度帳目，並受與

2010年 12月 17日有關集體投資企業法律規範。

本基金與 JPMorgan Asset Management (Europe) S.a. r.l.間之管理契約明訂依 2010

年 12 月 17 日法律第 15 章規範下基金管理機構權限事宜。其包括基金資產管理


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及提供行政、註冊、居籍代理人及行銷服務。其餘全數事宜由董事會保留核決權

限，並且董事會與基金管理機構間訂有一清單明訂此等事宜。此等由董事會保留

之事宜包括各子基金投資目標及政策之決定、投資限制及權限、公開說明書之修

改、審核及同意關鍵投資及財務資料，包括年度帳目及基金管理機構、查核會計

師及保管機構之指定及其所提供服務之審核。

各董事於董事會前將收受詳實及即時之資訊，使其得準備於會中討論之議題。各

季董事會要求及收受來自基金管理機構、投資經理人有關風險管理及現有各子基

金變動建議或適時發行新基金建議之報告。此等部門之高階代表受邀參與董事會

使董事得就報告進行詢問。

董事應依本基金及其股東利益採行通盤性決定，並避免參與其自身與本基金及股

東間產生利益衝突之商議或決定。利益衝突議題載於公開說明書，並得自網站上

取得基金管理機構之利益衝突政策：

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

董事會如有必要得諮詢獨立專業建議，費用由本基金負擔。

董事會組成

董事會由董事長 Saunders 先生及四位獨立董事和兩位關係董事組成。董事會定

義關係董事係受僱於 JPMorgan Chase & Co 或其任何關係企業者。全數董事會會

議要求過半數之獨立董事出席且董事會係獨立於基金管理機構履行職務。董事會

具有廣泛的投資知識、財務技能及法律和其他基金業務相關之經驗。每年由股東

於股東常會選出董事。董事會未限制董事服務年限，且於推薦被選舉董事時已確

實考量基金產業及本基金業務之性質及要求。各董事之委任期間載明於服務契約

且其可於本基金註冊辦公室檢閱。

董事會薪酬

董事會相信其成員之薪酬應反映董事會之職責及經驗並依本基金之投資目標、複

雜性及規模公平且適當的給予。

董事會應每年審閱支付之薪酬。因此董事會提案於 2014 會計年度將董事長之薪

酬自 38,320 歐元增加至 43,337歐元，而其他董事之薪酬則自 35,324歐元增加至

40,337 歐元。關係董事仍放棄其領薪之權利。前揭提案將提呈 2014 年 11 月 19

日舉行之公司股東常會予股東討論。

董事會會議及委員會

董事會係每季召開，若有必要得安排臨時會。


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依本基金之業務性質及範圍，董事會目前並未考慮設置正式稽核或薪酬委員會或

其他常設之委員會。惟此仍有待審議。

因此，全數與董事會相關之事項目前係由董事會核准，如有需進一步討論之特定

事項，得組成董事會之小組委員會以應付此特定目的。此等情形可能是董事會要

求就公開說明書進行修改且其不適合待至下季之董事會再為同意。此等小組委員

會會議通常至少有兩名董事。

本年度共召開五次董事會會議。其中四次為每季召開之董事會會議，其議程包括

「董事會之角色及職責」項下所列事項。第五次董事會會議係額外之董事會會議

以討論及同意年度報表及帳目。本年度共召開兩次董事會之小組委員會會議。

除查核會計師提呈基金帳目稽核報告於董事會會議外，獨立董事亦每年與其召開

無關係董事出席之會議。

(財報第 5頁)

內部控制

基金管理機構提供投資管理及全部行政服務，並由 J.P. Morgan Bank Luxembourg

S.A.提供資產保管。董事會之內部控制系統主要包括監督基金管理機構及保管機

構所提供之服務，包括為符合公開說明書、公司章程及相關法規所載之本基金對

股東之責任而由其所建置的營運及法規遵循控制。基金管理機構就其應負責之各

種活動應將正式報告提呈每季董事會，並就任何重大之行政或會計事項應即刻通

知董事會。

公司治理及 ALFI行為準則

董事會負責確保符合高水準之公司治理，並認為本基金已遵守盧森堡基金產業最

佳慣例。

尤其董事會已採行 ALFI 行為準則(下稱「準則」)之優良公司治理原則。該等原

則於 2013 年 8月修訂如下：

1. 董事會應確保隨時適用高標準之公司治理；

2. 董事會應具備專業身分及合適經驗並盡最大努力確保具備足夠能力勝任及完

成其職責；

3. 董事會應公平且獨立獲取投資人之最佳利益；

4. 董事會執行職務應盡善良管理人之注意義務；

5. 董事會應確保遵守所有現行法令及本基金設立文件；

6. 董事會應確保投資人受到適當通知、公平公正對待，以及取得有權享有之利

益及服務；

7. 董事會應確保具備有效率之風險管理程序及適當之內部控制；

8. 董事會應盡其最大能力，公平及有效率的發現及管理任何實際、潛在或明顯


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之利益衝突及確保適當揭露；

9. 董事會應確保以深思熟慮之方式及本基金最大利益執行股東權利。

10. 董事會應確保董事會成員報酬合理及公平，且經充分揭露。

董事會認定本基金於會計年度 2014年 6月 30日止之重大層面符合準則之原則。

董事會將進行年度審查以確保持續遵守準則之原則。

委託表決政策

董事會指派基金管理機構負責委託表決。基金管理機構以審慎且勤勉之方式管理

受委託股份之表決權，並以何者對客戶最佳財務利益之合理判斷為基礎。於合理

可行之情況下，基金管理機構將於所投資公司之所有會議上投票。

委託表決政策之複本可自本基金註冊辦公室索取，或自網站取得：

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

董事及主管補償保險

本基金之公司章程補償董事因於其誠實履行義務或責任期間而招致之任何訴訟

所支出之合理費用。為保障股東免受任何此等訴訟之損害，董事會已為董事及主

管投保補償保險以補償董事於其履行義務及責任期間所招致之特定責任，但此保

險不保障其詐欺或不誠實之行為。

獨立查核會計師

PricewaterhouseCoopers, Société coopérative自 2006年 2月起即擔任本基金查核會

計師。稽核服務供給係於 2013年競標選出。董事會去年審查 PwC 服務，並考量

所有其他影響因素決定續向股東提案指定其再擔任查核會計師三年。本年度結束

後，董事會將再次考量是否透過競標選出稽核服務之供給。

股東年度大會

為考量 2014 年 6 月 30 日止之事項，本公司股東年度大會將於 2014 年 11 月 19

日在本公司登記辦事處舉行。於此次大會中，股東除其他事項外，將討論股東年

度大會通常事項，包括：

1. 通過財務報告及同意分配結果；

2. 同意董事報酬；

3. 自提名董事中，選任董事；

4. 選任查核會計師；

董事會無其他特別事務之提案。

(財報第 6頁)

本年度事項

於本年度，本基金之總淨資產於今年底自 698億美元增加至 922億美元。


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董事會於今年同意下列關於子基金之措施：

a) 發行

已發行下列子基金：

–摩根美元貨幣基金已於 2014年 6月 6日發行。

b) 變更幣別

自 2013 年 12月 2日起，子基金-摩根日本基金之基礎貨幣自美元變更為日圓。

下列其他就子基金之重要修正亦經董事會於本年度同意：

績效費

自 2013 年 7月 1日起，下列子基金不再收取績效費：

-摩根新興市場企業債券基金；

-摩根新興市場本地貨幣債券基金。

自 2013 年 9月 13日起，下列子基金更名如下：

-JPMorgan Fund-Asia Pacific ex-Japan Behavioural Finance Equity Fund 更名為摩

根亞太策略股票基金

董事會

盧森堡 2014年 10月 14日


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(財報第 8頁)

稽核報告

致摩根基金股東

本所已稽核過摩根基金及各子基金會計年度財務報表，包括截至 2014年 6月 30

日之摩根基金淨資產合併報表及投資列表、本年度底之營運與淨資產變化合併報

表、以及重要會計政策摘要及其他對於財務報表之附註彙整。

SICAV董事會對於財務報表的責任

SICAV 董事會的責任為在符合盧森堡相關於財務報表準備的法律規範要求下，

準備及提供公平的財務報表，以及 SICAV 董事會為準備財務報表，避免無論是

詐欺或錯誤造成的誤報所定之內控制度。

會計師責任

本所的責任為根據財務報表稽核結果提出意見。本所根據由金融業監管委員會

(CSSF)採用於盧森堡的國際稽核標準(International Standards on Auditing)實行稽

核，這些標準要求本所遵守倫理條件並進行稽核以合理確保此財務報表是否無重

大錯誤。

稽核包括進行取得有關此財務報表數額與揭露資訊稽核證據的程序。此程序的選

擇根據會計師的判斷，包含此財務報表是否因詐欺或錯誤造成重大誤報風險的評

估。為進行這些風險評估，會計師考量有關此財務報表準備與公平呈現之內控，

以設計符合情形的稽核程序，但並不對公司的內控的有效性表示意見。稽核也包

含評估會計政策使用的適當性與基金董事會對會計評估的合理性，且包含此財務

報表整體呈現的評估。

本所相信本所獲得之稽核證據對於本所的意見所需依據基礎之提供已屬充分及

適當。

意見

本所認為以下所附之截至 2014年 6月 30日摩根基金及子基金財務報表、至本年

度底之營運與淨資產變化合併報表均傳達真實與公正的財務狀況，符合盧森堡法

律與主管機關要求。

其他事項

所有財務報表中之補充資訊均已全部閱畢，但尚未透過以上提及之稽核制度稽

核。因此，對該等資訊本所不做任何評論，該等資料並未納入本所對財報整體呈


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現的評估。

PricewaterhouseCoopers, Société coopérative 盧森堡 2014.10.14

Regis Malcourant

摩根基金2014年財務報告中文簡譯

JPMorgan Funds Audited Annual Report30 June 2014

摩根基金資產負債表

截至2014年6月30日

摩根基金合併

(美元)

摩根非洲基金(美元)

摩根美國基金(原譯名：摩根美國

增長基金) (美元)

摩根亞太入息基金(美元)

資產證券投資市值 90,400,138,929 435,440,849 1,401,154,669 2,716,649,979

取得成本 : 82,599,601,021 343,684,351 1,183,889,299 2,644,188,524

TBAs 投資市值* 297,106,514 - - -

銀行/經紀商現金 1,367,678,019 1,356,315 286,105 32,494,357

定存與約當現金 257,189,248 - - -

投資銷售應收款項 615,853,146 - - 7,666,082

TBAs 銷售應收款項* 12,852,931 - - -

申購應收款項 451,907,137 518,879 2,332,348 21,697,095

淨應收利息和股息 391,398,598 107,306 432,653 19,600,558

應收稅項 19,198,650 - 13,085 -

費用取消** 873,087 - - 2,944

其他應收款項 453,293 364 13 749

未實現遠期外匯合約淨收益 81,031,059 - 519,403 -

未實現金融期貨合約淨收益 823,836 - - 214,844

衍生性金融商品市值 8,613,422 - - -

總資產 93,905,117,869 437,423,713 1,404,738,276 2,798,326,608

負債

銀行/經紀商透支 72,069,860 - 1,276,277 1,994,824

TBAs未平倉空頭部位* 12,981,362 - - -

購買投資應付款項 703,222,827 71,499 - 40,085,013

購買TBAs應付款項* 295,434,486 - - -

買回應付款項 412,564,271 1,167,885 2,939,357 18,884,234

應付管理與顧問費 82,683,167 569,517 1,695,082 3,442,979

績效費 27,953,094 51,550 - -

其他應付款項*** 18,355,320 111,688 162,536 756,332

未實現遠期外匯合約淨損失 26,077,687 - - 2,933,888

未實現金融期貨合約淨損失 2,879,593 - - -

衍生性金融商品市值 4,837,802 - - -

總負債 1,659,059,469 1,972,139 6,073,252 68,097,270

總淨資產 92,246,058,400 435,451,574 1,398,665,024 2,730,229,338

歷年總淨資產

30-06-2013 69,768,444,706 416,139,538 763,368,811 4,549,560,393

30-06-2012 49,476,484,549 329,676,119 487,441,808 97,564,972

* 請參照註2l；** 請參照註 7a

(1)、(3)、(4)、(5)、(7)、(9) 略(未註冊基金)

(6) 此子基金於2013年12月2日變更其基準貨幣為日幣 (8) 此子基金於2014年6月6日成立

*** 其他應付款項原則上包函：董事費用、稽核及稅務相關費用與開支、註冊、公告、郵寄、印刷、法務及行銷費用

(2) 此子基金於2013年9月13日由Asia Pacific ex-Japan Behavioural Finance Equity Fund更名



摩根亞太策略股票基金 (2)

(美元)

摩根巴西基金(美元)

摩根中國基金(美元)

摩根東歐基金(美元)

摩根新興歐洲、中東及非洲基金

(美元)

摩根新興市場企業債券基金

(美元)

414,833,764 303,024,187 1,741,215,214 571,013,594 498,411,770 2,110,010,719

361,492,228 304,841,970 1,600,501,388 586,301,732 470,249,635 2,064,540,024

- - - - - -

8,139,442 1,986,845 15,334,157 46,386 1,800,952 7,499,063

- - - - - -

1,400,739 16,549,849 24,991,725 1,541,128 7,023,470 1,665,900

- - - - - -

1,027,103 1,280,076 4,799,871 602,579 7,997,710 13,446,343

2,311,076 819,027 385 2,236,841 1,235,284 24,447,051

- - - 10,026 112 -

- - - 4,711 18,137 1,899

238 - 1,555 - - 9,533

- - - - - 8,954,591

- - - - - -

- - - - - -

427,712,362 323,659,984 1,786,342,907 575,455,265 516,487,435 2,166,035,099

- - - 455,733 - 54

- - - - - -

1,617,334 851,171 26,075,558 696,294 362,940 10,609,329

- - - - - -

51,309 14,831,325 3,675,587 3,361,932 633,325 9,092,007

366,448 422,915 2,503,850 586,199 478,398 1,530,173

- - - - - -

333,126 103,570 4,256,074 185,268 167,355 267,533

- - - - - -

- - - - - 110,933

- - - - - -

2,368,217 16,208,981 36,511,069 5,285,426 1,642,018 21,610,029

425,344,145 307,451,003 1,749,831,838 570,169,839 514,845,417 2,144,425,070

172,037,953 409,868,248 2,082,791,008 627,552,460 537,872,234 1,463,352,576

199,390,366 629,029,937 2,309,935,704 679,673,668 540,112,642 159,057,593



摩根新興市場債券基金

(美元)

摩根全方位新興市場基金(美元)

摩根新興市場本地貨幣債券基金

(美元)

摩根環球新興市場機會基金

(美元)

摩根新興市場小型企業基金

(美元)

摩根新興中東基金(美元)

1,900,690,065 5,114,637,755 3,347,971,536 2,771,980,803 448,700,132 299,178,036

1,856,612,588 3,875,409,479 3,461,100,964 2,617,751,366 417,968,207 260,066,842

- - - - - -

20,377,408 15,617,902 55,935,355 19,059,962 6,838,309 3,096,245

- - - - - -

5,255,993 15,743,579 11,053,861 - 4,851,963 3,970,865

- - - - - -

8,021,904 8,091,729 13,871,086 5,352,280 673,956 574,496

29,952,908 9,768,866 72,790,097 13,809,180 585,425 -

- - - - - -

7,207 - 4,844 262 - 5,587

2,619 4,054 100,762 1,774 625 -

5,776,768 371,259 - 49,523 - -

- - - - - -

- - 1,235,285 - - -

1,970,084,872 5,164,235,144 3,502,962,826 2,810,253,784 461,650,410 306,825,229

- - 24,647,249 2 - 5,407,733

- - - - - -

17,871,403 1,676,625 40,837,099 25,445,956 3,731,415 -

- - - - - -

12,086,042 8,005,659 8,059,529 2,861,035 5,658,972 1,209,981

1,344,404 3,730,320 2,107,148 2,175,205 495,895 380,772

- - - - 232,779 -

355,348 747,013 699,061 444,993 109,786 114,810

- - 4,019,452 - - 1,134

428,340 - - - - -

- - - - - -

32,085,537 14,159,617 80,369,538 30,927,191 10,228,847 7,114,430

1,937,999,335 5,150,075,527 3,422,593,288 2,779,326,593 451,421,563 299,710,799

1,534,463,913 5,175,815,410 3,965,144,539 1,683,905,683 434,944,428 277,587,342

864,838,358 5,878,841,645 1,440,961,433 396,331,105 260,550,590 286,037,653



摩根歐元貨幣基金(歐元)

摩根歐元區股票基金

(歐元)

摩根歐洲動力基金(歐元)

摩根歐洲基金(歐元)

摩根歐洲發現基金(歐元)

摩根歐洲小型企業基金

(歐元)

93,564,776 294,531,797 1,511,593,270 370,290,283 108,881,228 586,176,061

93,564,776 258,437,852 1,440,862,104 312,536,013 97,972,458 540,288,027

- - - - - -

26,037 940,341 10,106,983 2,420,578 444,935 202,815

29,700,000 - - - - -

- 20,012 3,885,777 239,099 - 10,212,999

- - - - - -

76,747 279,231 4,477,832 918,422 512,392 3,001,313

52,427 14,329 3,001,621 649,075 143,352 536,591

- 659,046 1,286,927 923,061 62,970 852,818

38,268 194 42 278 - -

999 1,701 2,409 - 444 1,329

- - - - - -

- 5,500 15,352 - 2,232 -

- - - - - -

123,459,254 296,452,151 1,534,370,213 375,440,796 110,047,553 600,983,926

- 99 - - - 187,427

- - - - - -

10,200,000 742,141 2,029,946 860,340 - 6,518,903

- - - - - -

216,882 813,076 4,379,348 759,260 755,294 5,689,186

50,436 330,485 1,609,815 498,195 170,851 828,262

- - - - 212,599 -

11,808 69,877 479,281 76,222 21,198 96,356

- 2,526 1,376,574 1,351 - -

- - - 1,256 - -

- - - - - -

10,479,126 1,958,204 9,874,964 2,196,624 1,159,942 13,320,134

112,980,128 294,493,947 1,524,495,249 373,244,172 108,887,611 587,663,792

58,900,828 181,198,844 152,920,231 273,527,627 28,545,795 192,163,852

150,753,230 164,389,167 153,477,003 333,636,325 19,418,983 164,922,589



摩根歐洲策略成長基金

(歐元)

摩根歐洲策略價值基金

(歐元)

摩根歐洲科技基金(歐元)

摩根環球企業債券基金

(美元)

摩根環球發現基金(歐元)

摩根環球醫療科技基金

(美元)

225,133,132 2,129,862,395 156,879,659 3,001,555,800 1,360,011,826 2,303,021,902

193,113,589 1,809,261,955 136,879,431 2,902,251,263 1,107,119,549 2,036,861,906

- - - - - -

1,195,230 785,654 201,786 29,401,907 5,477,741 18,463,091

- - - - - -

24,654,167 2,094,340 17,643 17,919,339 3,439,814 133,260,225

- - - - - -

74,344 4,768,797 1,115,047 7,432,558 2,886,255 12,853,578

145,863 4,423,148 888,260 39,382,426 1,322,407 944,113

284,410 2,711,773 343,361 - 2,282,372 263,822

- - 55 10,110 - -

- 466 - 35,082 - -

- - - 5,882,183 2,257,337 77,445

- - - - - -

- - - - - -

251,487,146 2,144,646,573 159,445,811 3,101,619,405 1,377,677,752 2,468,884,176

- - 695 17,733 - -

- - - - - -

18,974,144 5,257,903 - 45,589,104 10,703,271 25,619

- - - - - -

285,352 2,604,420 333,597 5,641,158 1,550,068 97,112,990

309,314 2,577,298 222,470 1,356,471 1,560,830 3,118,045

- - - - - -

37,728 196,377 35,555 357,028 137,366 220,852

- - 4,363 - - -

6,202 - - 432,075 - -

- - - 1,376,645 - -

19,612,740 10,635,998 596,680 54,770,214 13,951,535 100,477,506

231,874,406 2,134,010,575 158,849,131 3,046,849,191 1,363,726,217 2,368,406,670

193,166,791 1,151,965,867 93,016,121 2,772,231,413 1,304,518,654 620,863,475

171,522,193 981,827,364 87,185,706 1,603,032,259 1,234,679,493 130,715,485



摩根環球天然資源基金

(歐元)

摩根環球短債基金(美元)

摩根環球靈活策略股票基金

(美元)

摩根大中華基金(美元)

摩根印尼股票基金(美元)

摩根日本基金(6)(日圓)

818,025,555 1,357,055,911 363,119,409 1,450,133,424 335,494,895 86,021,970,600

914,780,116 1,356,433,050 317,800,627 1,226,707,167 355,444,113 81,293,059,579

- - - - - -

5,380,641 7,147,129 885,052 8,211,109 2,763,604 650,341,155

- - - - 16,063,080 -

1,296,425 - 1,411,107 - 207,870 -

- - - - - -

2,959,981 8,110,122 25,767 24,637,376 15,043 172,846,741

558,590 7,828,513 1,109,709 6,033,496 208,233 72,185,901

- - 41,686 - - -

- - - - 13,221 2,556

- - 5,601 - 2,255 20,842

- 1,207,924 196,420 - - -

- 947 - - - -

- - - - - -

828,221,192 1,381,350,546 366,794,751 1,489,015,405 354,768,201 86,917,367,795

- 52,583 - - - 1

- - - - - -

2,841,100 - 2,073,738 578,142 2,591,160 -

- - - - - -

1,200,607 1,390,859 118,352 24,963,495 148,196 156,441,239

1,057,052 266,328 213,664 1,427,101 17,143 79,430,134

- - - - - -

215,027 111,751 66,596 217,634 59,857 11,021,214

- - - - - 40,959,932

- - - - - -

- - - - - -

5,313,786 1,821,521 2,472,350 27,186,372 2,816,356 287,852,520

822,907,406 1,379,529,025 364,322,401 1,461,829,033 351,951,845 86,629,515,275

817,799,921 630,282,959 290,701,432 1,118,025,372 511,489,523 245,691,640

1,602,850,013 455,129,748 247,255,296 643,446,772 2,947,554 167,739,576



摩根拉丁美洲基金(美元)

摩根俄羅斯基金(美元)

摩根美國複合收益基金

(美元)

摩根美元貨幣基金 (8)

(美元)

摩根美國企業成長基金

(美元)

摩根美國小型企業基金

(美元)

1,472,448,579 481,751,455 1,010,402,558 242,248,119 1,495,763,129 700,804,479

1,303,290,375 536,237,078 984,671,685 242,248,119 1,117,644,884 575,542,312

- - - - - -

28,420,563 4,971,794 3,937 93,925,065 1,025,288 11,456,066

- - - 17,000,000 - -

22,281 6,207,912 749,673 - 644,294 2,155,778

- - - - - -

1,564,629 3,521,887 5,407,571 421,090 5,855,831 406,793

1,426,111 2,749,966 4,969,215 38,389 327,685 625,457

- - - - 40,920 -

- 21,882 1,508 82,883 - -

- 143 - - - -

- - 78,581 - 701,319 5,587

- - - - - -

- - - - - -

1,503,882,163 499,225,039 1,021,613,043 353,715,546 1,504,358,466 715,454,160

- - 828,145 - - -

- - - - - -

8,015,968 - 434,983 - - 2,650,017

- - - - - -

5,961,130 5,956,820 10,483,447 1,410,966 10,987,326 2,425,250

1,407,146 632,961 596,337 55,054 1,031,542 761,392

- - - - - 18,683

274,620 179,675 138,393 66,176 128,227 76,598

- - - - - -

- - - - - -

- - - - - -

15,658,864 6,769,456 12,481,305 1,532,196 12,147,095 5,931,940

1,488,223,299 492,455,583 1,009,131,738 352,183,350 1,492,211,371 709,522,220

1,463,869,711 917,561,995 2,209,832,008 - 1,496,668,964 481,221,061

1,434,536,865 1,096,241,368 2,179,090,916 - 1,051,921,584 152,359,194



摩根美國科技基金(美元)

摩根美國價值基金(美元)

506,869,944 3,971,561,937

445,749,778 3,114,499,819

- -

4,882,343 5,127,943

- -

3,532,000 -

- -

3,381,302 13,666,750

85,220 2,314,172

26,456 62,292

- -

- -

155 2,261,510

- -

- -

518,777,420 3,994,994,604

- -

- -

- 1,209,264

- -

6,481,543 7,919,017

646,720 3,576,117

- -

71,769 300,209

- -

- -

- -

7,200,032 13,004,607

511,577,388 3,981,989,997

197,225,870 2,604,696,046

242,732,557 1,326,685,426

JPMorgan FundsAudited Annual Report30 June 2014

(TW

ver

)

TW

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

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

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

TW

JPMorgan FundsAudited Annual ReportAs at 30 June 2014

Contents

Board of Directors 1

Management and Administration 2

Board of Directors’ Report 3Investment Managers’ Report 7Audit Report 8

Financial Statements and Statistical InformationCombined Statement of Net Assets 11Combined Statement of Operations and Changes in Net Assets 18Statement of Changes in the Number of Shares 25Statistical Information 35

Notes to the Financial Statements 46

Schedules of InvestmentsJPMorgan Funds - Africa Equity Fund 61JPMorgan Funds - America Equity Fund 63JPMorgan Funds - Asia Pacific Income Fund 65JPMorgan Funds - Asia Pacific Strategic Equity Fund 71JPMorgan Funds - Brazil Equity Fund 73JPMorgan Funds - China Fund 74JPMorgan Funds - Eastern Europe Equity Fund 75JPMorgan Funds - Emerging Europe, Middle East and Africa Equity Fund 77JPMorgan Funds - Emerging Markets Corporate Bond Fund 79JPMorgan Funds - Emerging Markets Debt Fund 84JPMorgan Funds - Emerging Markets Equity Fund 90JPMorgan Funds - Emerging Markets Local Currency Debt Fund 93JPMorgan Funds - Emerging Markets Opportunities Fund 98JPMorgan Funds - Emerging Markets Small Cap Fund 101JPMorgan Funds - Emerging Middle East Equity Fund 103JPMorgan Funds - Euro Money Market Fund 106JPMorgan Funds - Euroland Equity Fund 108JPMorgan Funds - Europe Dynamic Fund 111JPMorgan Funds - Europe Equity Fund 114JPMorgan Funds - Europe Focus Fund 117JPMorgan Funds - Europe Small Cap Fund 120JPMorgan Funds - Europe Strategic Growth Fund 123JPMorgan Funds - Europe Strategic Value Fund 127JPMorgan Funds - Europe Technology Fund 130JPMorgan Funds - Global Corporate Bond Fund 133JPMorgan Funds - Global Focus Fund 140JPMorgan Funds - Global Healthcare Fund 143JPMorgan Funds - Global Natural Resources Fund 146JPMorgan Funds - Global Short Duration Bond Fund 148JPMorgan Funds - Global Unconstrained Equity Fund 154JPMorgan Funds - Greater China Fund 157JPMorgan Funds - Indonesia Equity Fund 158JPMorgan Funds - Japan Equity Fund 159JPMorgan Funds - Latin America Equity Fund 161JPMorgan Funds - Russia Fund 163JPMorgan Funds - US Aggregate Bond Fund 164JPMorgan Funds - US Dollar Money Market Fund 179JPMorgan Funds - US Growth Fund 181JPMorgan Funds - US Smaller Companies Fund 183JPMorgan Funds - US Technology Fund 185JPMorgan Funds - US Value Fund 186

Appendix: Unaudited Additional DisclosuresFund Total Expense Ratios 189Summary of Investment Objectives of the Sub-Funds 201Performance and Volatility 204Interest Rate Received/(Charged) on Bank Accounts 215Sub-Fund Share Classes Subject to Taxe d’abonnement Rate of 0.01% 215Portfolio Turnover Ratio 216Calculation Method of the Risk Exposure 217Historical Statements of Changes in the Number of Shares 218

JPMorgan FundsBoard of Directors

Chairman

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

Directors

Jacques ElvingerElvinger, Hoss & Prussen2, place Winston ChurchillB.P. 425L-2014 LuxembourgGrand Duchy of Luxembourg

Jean FrijnsAntigonelaan 2NL-5631 LR EindhovenThe Netherlands

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

Registered Office

6, route de TrèvesL-2633 SenningerbergGrand Duchy of Luxembourg

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

Peter Thomas SchwichtJPMorgan Asset Management (UK) Limited60 Victoria EmbankmentLondonEC4Y 0JPUnited Kingdom

1

JPMorgan FundsManagement and Administration

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

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

Investment Managers

J.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) Limited60 Victoria EmbankmentLondonEC4Y 0JPUnited Kingdom

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

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 and Paying Agent

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

Auditor

PricewaterhouseCoopers, Société coopérative400, Route d’EschB.P. 1443L-1014 LuxembourgGrand Duchy of Luxembourg

Legal Adviser

Elvinger, Hoss & Prussen2, place Winston ChurchillB.P. 425L-2014 LuxembourgGrand Duchy of Luxembourg

2

ChairmanIain O.S. Saunders

Independent Director and Chairman. A member of the Board since November 1996.

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

DirectorsJacques Elvinger

Independent Director. A member of the Board since January 2009.

Mr Elvinger became a member of the Luxembourg Bar in 1984 and has been a partner of the Luxembourg law firm Elvinger, Hoss & Prussen since 1987. MrElvinger practices general corporate and banking law and specialises in the field of investment and pension funds. He is a member of the Board of Directorsof the Luxembourg Fund Association (ALFI) and is currently Chairman of the Regulation Advisory Board and Co-Chair of the Legal Committee of ALFI. He isalso a member of the Advisory Committees to the Luxembourg Commission for the Supervision of the Financial Sector in the area of investment funds,pension funds and investment companies in risk capital. Mr Elvinger currently holds a number of professional and board mandates with Europeanorganisations including several JPMorgan managed Luxembourg-domiciled investment funds.

Jean Frijns

Independent Director. A member of the Board since September 2005.

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

John Li How Cheong

Independent Director. A member of the Board since June 2012.

During the last 26 years Mr Li worked essentially in the financial sector auditing and advising clients such as banks, investment funds, insurance companies,etc. Clients also were from Europe, US, Japan and Asia offering Mr Li an extensive experience in dealing with international companies. Mr Li was a Partner atKPMG Luxembourg for more than 20 years during which he was Managing Partner for 8 years before taking on the role of Chairman of the Supervisory Boardfor 3 years. Mr Li was also a member of the Investment Management Practice. Mr Li is a board member of the Institut Luxembourgeois des Administrateurs.Mr Li currently holds a number of board mandates with financial institutions including several JPMorgan managed Luxembourg-domiciled investmentfunds.

Berndt May

Connected Director. A member of the Board since October 2006.

Mr May has been an employee of JPMorgan Asset Management since 2001. He serves as Country Head for Austria and Central Eastern Europe coveringwholesale and retail distribution networks. During 2006 and 2007 he joined the boards of several JPMorgan managed Luxembourg-domiciled InvestmentFunds. Since 2003 he has been a speaker of the board for the Association of International Funds in Austria (VAIÖ). Prior to his engagement by JPMAM he heldpositions in Asset Management and Private Banking by domestic and international Banks. He started working in the Financial Industry in 1988.

Peter Thomas Schwicht

Connected Director. A member of the Board since June 2012.

Mr Schwicht is Chief Executive of Investment Management, EMEA and is also a director of the firm’s principal legal entities and funds boards in Europe. AJ.P.Morgan employee since 1987, Mr Schwicht was Head of the Continental Europe Institutional business until June 2013 and before that was InvestmentManagement Country Head for Institutional and Retail business in Germany where he first developed the business and then went on to expand thisthroughout Continental Europe. Prior to this appointment, Mr Schwicht held a number of positions on the securities side in Fixed Income trading, proprietarypositioning and sales in Frankfurt and New York. In 1995, he was appointed Managing Director of J.P. Morgan GmbH, responsible for global markets andTreasury. He relocated to Buenos Aires in 1998 to join J.P. Morgan Argentina to develop its business into local markets, returning to Frankfurt to head theGerman Asset Management operations in 1999 when he additionally became responsible for Switzerland, Austria, Nordics and Eastern Europe. He alsoserved as a member of the executive board and supervisory board of J.P. Morgan AG, Frankfurt and as Executive Director for J.P. Morgan Asset Management(Europe) in Luxembourg. Mr Schwicht obtained his Business Economics degree from the University of Mannheim in Germany after having studied Business,Tax and Accounting in Hamburg, Norway and the USA. Mr Schwicht is currently a Director of several JPMorgan managed Luxembourg-domiciled investmentfunds.

The Board of Directors (the “Board”) is pleased to present the Audited Annual Report for the year ended 30 June 2014.

3

JPMorgan FundsBoard of Directors’ Report

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

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

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

As at the year end the Fund had 122 Sub-Funds. All of the Sub-Funds and Share Classes are registered for offer and distribution in the Grand Duchy ofLuxembourg and a number of the Sub-Funds and Share Classes are registered for distribution in the following jurisdictions:

Austria, Bahrain, Belgium, Chile, Cyprus, Denmark, Estonia, Finland, France, Germany, Greece, Hong Kong, Hungary, Ireland, Italy, Jersey, Korea, Macau, TheNetherlands, Netherlands Antilles, Norway, Peru, Poland, Portugal, Singapore, Spain, Sweden, Switzerland, Taiwan and the United Kingdom.

Role and Responsibility of the BoardThe responsibility of the Board is governed exclusively by Luxembourg law. With respect to the annual accounts of the Fund, the duties of the Directors aregoverned by the law of 10 December 2010 on, inter alia, the accounting and annual accounts of undertakings for collective investment and by the law of 17December 2010 relating to undertakings for collective investment.

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

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

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

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

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

Board Composition

The Board is chaired by Mr. Saunders and consists of four Independent Directors and two Connected Directors. The Board defines a Connected Director assomeone who is employed by JPMorgan Chase & Co or any of its affiliates. All Board meetings require a majority of Independent Directors to be in attendanceand as such the Board acts independently from the Management Company. The Board as a whole has a breadth of investment knowledge, financial skills, aswell as legal and other experience relevant to the Fund’s business. Directors are elected annually by shareholders at the Annual General Meeting. The Boarddoes not limit the number of years of Directors’ service and it does take into account the nature and requirements of the fund industry and of the Fund’sbusiness when making recommendation to shareholders that Directors be elected. The terms of each Director’s appointment are set out in a contract forservices and these are available at the Fund’s registered office for inspection.

Board Remuneration

The Board believes that the remuneration of its members should reflect the responsibilities and experience of the Board as a whole and be fair andappropriate given the size, complexity and investment objectives of the Fund.

The Board reviews the remuneration paid on an annual basis. As a result the Board is proposing to increase the remuneration payable for the 2014accounting year from EUR 38,320 to EUR 43,337 for the Chairman and from EUR 35,324 to EUR 40,337 for the other Directors. The Connected Directorscontinue to waive their right to remuneration. The above proposal will be tabled for shareholders’ consideration at the next Annual General Meeting of theCompany to be held on 19 November 2014.

Board Meetings and Committees

The Board meets quarterly but if necessary additional meetings will be arranged.

Given the scope and nature of the business of the Fund, the Board does not currently consider it necessary to have a formal Audit or RemunerationCommittee or indeed any other standing committees. However, this is kept under review.

All Board related matters are therefore currently approved by the Board or, where there are specific matters that need further consideration, aSub-Committee of the Board could be formed for this specific purpose. Such circumstances could be where the Board requests some amendments to theProspectus and where it is not appropriate to wait till the next quarterly Board meeting for this to be approved. These Sub-Committee meetings are usuallyformed of a minimum of two Directors.

There were five Board meetings held during the year. Four of these were the quarterly Board meetings where, amongst other matters, the agenda includedthose items highlighted under the section above called ‘Role and Responsibility of the Board’. The fifth was an additional Board meeting to consider andapprove the annual report and accounts. There were two Sub-Committee meetings of the Board held during the year.

In addition to the Board meeting where the Auditors present the report on the audit of the Fund accounts, the Independent Directors also meet with themannually without the Connected Directors being in attendance.

4

JPMorgan FundsBoard of Directors’ Report (continued)

Internal Control

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

Corporate Governance and ALFI Code of Conduct

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

In particular the Board has adopted the ALFI Code of Conduct (the “Code”) which sets out principles of good governance. These principles were amended inAugust 2013 and are set out below:

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

2. The Board should have good professional standing and appropriate experience and use best efforts to ensure that it is collectively competent to fulfil itsresponsibilities;

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

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

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

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

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

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

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

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

The Board considers that the Fund has been in compliance with the principles of the Code in all material aspects throughout the financial year ended 30 June2014. The Board undertakes an annual review of ongoing compliance with the principles of the Code.

Proxy Voting Policy

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

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

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

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

Independent AuditorPricewaterhouseCoopers, Société coopérative, has been the Fund’s Auditor since February 2006. The provision of audit services was last put to competitivetender in 2013. The Board reviewed the services of PwC last year and decided that, subject to any other influencing factor, they should continue to beproposed to the Shareholders to be appointed as Auditor for the next three years. At the conclusion of this period the Board will consider again whether toput the provision of audit services out to competitive tender.

Annual General MeetingThe next Annual General Meeting of the Company will be held on 19 November 2014 at the Registered Office of the Company to consider matters relating tothe year ending on 30 June 2014. At this meeting shareholders will, amongst other matters, be requested to consider the usual matters at such meetingsincluding:

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

2. the approval of Directors’ fees;

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

4. the election of the Auditor;

No special business is being proposed by the Board.

5


Events during the YearDuring the year, the total net assets of the Fund increased from USD 69.8 billion to USD 92.2 billion at year end.

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

a) Launches

The following Sub-Funds was launched:

- JPMorgan Funds - US Dollar Money Market Fund on 6 June 2014.

b) Currency Changes

With effect from 2 December 2013, the base currency of the Sub-Fund JPMorgan Funds - Japan Equity Fund changed from USD to JPY.

The following other significant amendments to Sub-Funds were also approved by the Board during the year:

Performance Fees

With effect from 1 July 2013 performance fees were no longer charged on the following Sub-Funds:

- JPMorgan Funds - Emerging Markets Corporate Bond Fund;

- JPMorgan Funds - Emerging Markets Local Currency Debt Fund.

With effect from 13 September 2013, the following Sub-Fund changed its name as follows:

- JPMorgan Funds - Asia Pacific ex-Japan Behavioural Finance Equity Fund changed its name into JPMorgan Funds - Asia Pacific Strategic Equity Fund.

Board of Directors

Luxembourg, 14 October 2014

6


JPMorgan FundsInvestment Managers’ Report

Market Review

The 12 months to the end of June 2014 saw most major asset classes deliver positive returns. While developed market equities were among the strongestperformers, particularly in the first half of the period, increased uncertainty brought about by an evolving monetary policy environment, geopoliticalconcerns and some weaker-than-expected economic data led to unexpected gains for international bond markets in the latter half.

For the period as a whole, strong investor appetite for risk led to double-digit equity market returns in the developed markets, with the MSCI World Index up18.4% (source for all returns is Factset, 30 June 2014, total return, gross). Emerging market equities lagged their developed peers, as the US Federal Reserve(Fed) gradually moved towards less accommodative monetary policy - of which emerging markets have been among the main beneficiaries - and concernsgrew about the strength of public finances and increased currency volatility in many emerging economies.

In the bond markets, emerging market bonds continued to provide investors with solid positive returns. By comparison, investment grade bond returns indeveloped markets were relatively muted, mainly due to a large selloff in US Treasuries in 2013 sparked by speculation about the tapering of Fed assetpurchases. However, the Barclays Global Aggregate Index gained 2% for the period as a whole.

Marking a divergence from previous periods, the year under review saw the developed world’s major central banks begin to head in slightly differentmonetary policy directions. Although interest rates remained at record lows in the US, the eurozone, Japan and the UK, the Fed began to wind down itsUSD 85 billion programme of monthly asset purchases in January, in a move towards eventual rate increases. In the UK, faster-than-anticipatedimprovement in key economic indicators stoked expectations that the Bank of England (BoE) would raise rates sooner than it had initially indicated - perhapsas early as late 2014. In contrast, the Bank of Japan (BoJ) expanded its asset purchases, while there was speculation that the European Central Bank (ECB)would embark on a bond buying programme of its own.

The actions of the Fed, the ECB, the BoE and the BoJ were driven by changes in economic conditions, both domestically and globally. The US economicrecovery stumbled slightly in the first three months of 2014, with weather-related issues causing an unexpected contraction in GDP. However, the recoveryappeared on track towards the end of the review period. US manufacturing reached the highest levels of activity since 2010 in June, and data releases sinceMarch showed improvements in business and consumer sentiment, alongside strengthening jobs growth. The rate of UK economic recovery continued torace ahead of expectations, with unemployment falling to 6.6% in the three months to April.

In contrast, the outlook for the eurozone remained sluggish. Although meaningful progress has been made in terms of both economic and financial sectorreform, the ECB made it clear in June that it is prepared to act further to support the eurozone economic recovery. Inflation remains worryingly low,unemployment continues to hover at a very high level relative to history and concerns are ongoing about the health of the banking sector, particularly in theeurozone’s peripheral states. The future action, or indeed, inaction, of the ECB is therefore likely to come under scrutiny, and will provide an indication of theextent to which the regional economic recovery might be self sustaining.

In Japan, meanwhile, the actions of prime minister Shinzo Abe under the guise of Abenomics, his comprehensive programme of economic reform aimed atending decades of deflation, had a mixed impact on the country’s prospects. The implementation of a consumption tax increase in April provided amuch-needed boost to prices, but also served to dampen consumer spending. While the Bank of Japan continued to maintain its highly accommodativemonetary policy stance, Japanese equities delivered relatively lacklustre returns in the second half of the period, following very strong gains in 2013.

In emerging markets, the dominant theme remained the prospect of a hard economic landing in China, which the increasingly accommodative stance ofmonetary authorities appeared to have helped avert. The Chinese economy continued to transition away from an export-led model of growth towards amore consumer-driven one - the domestic, regional and global impact of which remains to be seen over the long term. Elsewhere, the electoral victory ofNarendra Modi in India provided a meaningful boost to asset prices, amid high expectations of his government and its market-friendly policy orientation.

Outlook

Investors should be monitoring the pace of the global economic recovery even more closely than usual in the second half of 2014 and considering theimplications for monetary policy. Although the US economy had a major stumble in the first quarter, signs are that the recovery on both sides of the Atlanticis progressing. A combination of loose monetary policy and slow-but-continued growth explains why nearly every asset class has delivered positive returnsin the first half of 2014 - even core fixed income, which most analysts had expected to suffer.

Volatility has fallen to very low levels. Part of the decline reflects a reduction in real world risk and uncertainty. However, investors would be right to expectsomething to disturb the calm in the second half of the year. Many point to China as a potential source of trouble. We think China could see asharper-than-expected slowdown in its economy, but we do not see this as posing a major risk to global markets. To us, the more potent, and possibly morelikely, surprises may be provided by the bond markets.

Market volatility could result from investors revising their view of future interest rate rises from the Fed. This seems to us highly likely, given how low futureinterest rate expectations have gone. The path of short and long-term rates built into US futures markets is not consistent with even the most mediocre ofeconomic recoveries. And the recovery we are seeing in the US is at least in the mediocre category - even if growth for 2014 as a whole is going to be slowerthan hoped.

Investment Managers

14 October 2014

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

7

We have audited the accompanying financial statements of JPMorgan Funds and of each of its Sub-Funds, which comprise the Combined Statement of Net Assets and theSchedule of Investments as at 30 June 2014 and the Combined Statement of Operations and Changes in Net Assets for the year then ended, and a summary of significantaccounting policies and other explanatory notes to the financial statements.

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

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

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

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

OpinionIn our opinion, the financial statements give a true and fair view of the financial position of JPMorgan Funds and of each of its Sub-Funds as of 30 June 2014, and of the results oftheir operations and changes in their net assets for the year then ended in accordance with Luxembourg legal and regulatory requirements relating to the preparation of thefinancial statements.

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

PricewaterhouseCoopers, Société coopérative Luxembourg, 14 October 2014Represented by

Régis Malcourant

PricewaterhouseCoopers, Société coopérative, 400 Route d’Esch, B.P. 1443, L-1014 LuxembourgT: +352 494848 1, F: +352 494848 2900, www.pwc.lu

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

8

Audit Report

To the Shareholders ofJPMorgan Funds

This page has been left blank intentionally

9

10

This page has been left blank intentionally

JPMorgan FundsCombined Statement of Net Assets

As at 30 June 2014

JPMorgan FundsCombined

USD

AfricaEquity

FundUSD

AmericaEquity

FundUSD

AssetsInvestments in Securities at Market Value 90,400,138,929 435,440,849 1,401,154,669Acquisition Cost: 82,599,601,021 343,684,351 1,183,889,299Investment in TBAs at Market Value * 297,106,514 - -Cash at Bank and at Brokers 1,367,678,019 1,356,315 286,105Time Deposits and Cash Equivalents 257,189,248 - -Amounts Receivable on Sale of Investments 615,853,146 - -Amounts Receivable on Sale of TBAs * 12,852,931 - -Amounts Receivable on Subscriptions 451,907,137 518,879 2,332,348Interest and Dividends Receivable, Net 391,398,598 107,306 432,653Tax Reclaims Receivable 19,198,650 - 13,085Fee Waiver** 873,087 - -Other Receivables 453,293 364 13Unrealised Net Gain on Forward Foreign Exchange Contracts 81,031,059 - 519,403Unrealised Net Gain on Financial Futures Contracts 823,836 - -Derivatives Instruments at Market Value 8,613,422 - -

Total Assets 93,905,117,869 437,423,713 1,404,738,276

LiabilitiesBank and Broker Overdraft 72,069,860 - 1,276,277Open Short Positions on TBAs * 12,981,362 - -Amounts Payable on Purchase of Investments 703,222,827 71,499 -Amounts Payable on Purchase of TBAs * 295,434,486 - -Amounts Payable on Redemptions 412,564,271 1,167,885 2,939,357Management and Advisory Fees Payable 82,683,167 569,517 1,695,082Performance Fees 27,953,094 51,550 -Other Payables*** 18,355,320 111,688 162,536Unrealised Net Loss on Forward Foreign Exchange Contracts 26,077,687 - -Unrealised Net Loss on Financial Futures Contracts 2,879,593 - -Derivatives Instruments at Market Value 4,837,802 - -

Total Liabilities 1,659,059,469 1,972,139 6,073,252

Total Net Assets 92,246,058,400 435,451,574 1,398,665,024

Historical Total Net Assets30 June 2013 69,768,444,706 416,139,538 763,368,81130 June 2012 49,476,484,549 329,676,119 487,441,808

* Please refer to Note 2l).** Please refer to Note 7a).*** Other Payables are principally comprised of Directors’ fees, audit and tax related fees and expenses, registration, publication, mailing, printing, legal and marketing expenses.

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

11

JPMorgan FundsCombined Statement of Net Assets (continued)

As at 30 June 2014

AsiaPacific Income

FundUSD

AsiaPacific Strategic

Equity Fund (1)USD

BrazilEquity

FundUSD

ChinaFund

USD

Eastern EuropeEquity

FundEUR

Emerging Europe,Middle East and

Africa Equity FundUSD

Emerging MarketsCorporate Bond

FundUSD

2,716,649,979 414,833,764 303,024,187 1,741,215,214 571,013,594 498,411,770 2,110,010,7192,644,188,524 361,492,228 304,841,970 1,600,501,388 586,301,732 470,249,635 2,064,540,024

- - - - - - -32,494,357 8,139,442 1,986,845 15,334,157 46,386 1,800,952 7,499,063

- - - - - - -7,666,082 1,400,739 16,549,849 24,991,725 1,541,128 7,023,470 1,665,900

- - - - - - -21,697,095 1,027,103 1,280,076 4,799,871 602,579 7,997,710 13,446,34319,600,558 2,311,076 819,027 385 2,236,841 1,235,284 24,447,051

- - - - 10,026 112 -2,944 - - - 4,711 18,137 1,899

749 238 - 1,555 - - 9,533- - - - - - 8,954,591

214,844 - - - - - -- - - - - - -

2,798,326,608 427,712,362 323,659,984 1,786,342,907 575,455,265 516,487,435 2,166,035,099

1,994,824 - - - 455,733 - 54- - - - - - -

40,085,013 1,617,334 851,171 26,075,558 696,294 362,940 10,609,329- - - - - - -

18,884,234 51,309 14,831,325 3,675,587 3,361,932 633,325 9,092,0073,442,979 366,448 422,915 2,503,850 586,199 478,398 1,530,173

- - - - - - -756,332 333,126 103,570 4,256,074 185,268 167,355 267,533

2,933,888 - - - - - -- - - - - - 110,933- - - - - - -

68,097,270 2,368,217 16,208,981 36,511,069 5,285,426 1,642,018 21,610,029

2,730,229,338 425,344,145 307,451,003 1,749,831,838 570,169,839 514,845,417 2,144,425,070

4,549,560,393 172,037,953 409,868,248 2,082,791,008 627,552,460 537,872,234 1,463,352,57697,564,972 199,390,366 629,029,937 2,309,935,704 679,673,668 540,112,642 159,057,593

(1) This Sub-Fund was renamed from Asia Pacific ex-Japan Behavioural Finance Equity Fund on 13 September 2013.

12


As at 30 June 2014

EmergingMarkets Debt

FundUSD

Emerging MarketsEquity

FundUSD

Emerging MarketsLocal Currency

Debt FundUSD

Emerging MarketsOpportunities

FundUSD

Emerging MarketsSmall Cap

FundUSD

Emerging MiddleEast Equity

FundUSD

Euro MoneyMarket

FundEUR

1,900,690,065 5,114,637,755 3,347,971,536 2,771,980,803 448,700,132 299,178,036 93,564,7761,856,612,588 3,875,409,479 3,461,100,964 2,617,751,366 417,968,207 260,066,842 93,564,776

- - - - - - -20,377,408 15,617,902 55,935,355 19,059,962 6,838,309 3,096,245 26,037

- - - - - - 29,700,0005,255,993 15,743,579 11,053,861 - 4,851,963 3,970,865 -

- - - - - - -8,021,904 8,091,729 13,871,086 5,352,280 673,956 574,496 76,747

29,952,908 9,768,866 72,790,097 13,809,180 585,425 - 52,427- - - - - - -

7,207 - 4,844 262 - 5,587 38,2682,619 4,054 100,762 1,774 625 - 999

5,776,768 371,259 - 49,523 - - -- - - - - - -- - 1,235,285 - - - -

1,970,084,872 5,164,235,144 3,502,962,826 2,810,253,784 461,650,410 306,825,229 123,459,254

- - 24,647,249 2 - 5,407,733 -- - - - - - -

17,871,403 1,676,625 40,837,099 25,445,956 3,731,415 - 10,200,000- - - - - - -

12,086,042 8,005,659 8,059,529 2,861,035 5,658,972 1,209,981 216,8821,344,404 3,730,320 2,107,148 2,175,205 495,895 380,772 50,436

- - - - 232,779 - -355,348 747,013 699,061 444,993 109,786 114,810 11,808

- - 4,019,452 - - 1,134 -428,340 - - - - - -

- - - - - - -

32,085,537 14,159,617 80,369,538 30,927,191 10,228,847 7,114,430 10,479,126

1,937,999,335 5,150,075,527 3,422,593,288 2,779,326,593 451,421,563 299,710,799 112,980,128

1,534,463,913 5,175,815,410 3,965,144,539 1,683,905,683 434,944,428 277,587,342 58,900,828864,838,358 5,878,841,645 1,440,961,433 396,331,105 260,550,590 286,037,653 150,753,230

13


As at 30 June 2014

EurolandEquity

FundEUR

EuropeDynamic

FundEUR

Europe EquityFund

EUR

Europe FocusFund

EUR

EuropeSmall Cap

FundEUR

Europe StrategicGrowth

FundEUR

Europe StrategicValue Fund

EUR

294,531,797 1,511,593,270 370,290,283 108,881,228 586,176,061 225,133,132 2,129,862,395258,437,852 1,440,862,104 312,536,013 97,972,458 540,288,027 193,113,589 1,809,261,955

- - - - - - -940,341 10,106,983 2,420,578 444,935 202,815 1,195,230 785,654

- - - - - - -20,012 3,885,777 239,099 - 10,212,999 24,654,167 2,094,340

- - - - - - -279,231 4,477,832 918,422 512,392 3,001,313 74,344 4,768,79714,329 3,001,621 649,075 143,352 536,591 145,863 4,423,148

659,046 1,286,927 923,061 62,970 852,818 284,410 2,711,773194 42 278 - - - -

1,701 2,409 - 444 1,329 - 466- - - - - - -

5,500 15,352 - 2,232 - - -- - - - - - -

296,452,151 1,534,370,213 375,440,796 110,047,553 600,983,926 251,487,146 2,144,646,573

99 - - - 187,427 - -- - - - - - -

742,141 2,029,946 860,340 - 6,518,903 18,974,144 5,257,903- - - - - - -

813,076 4,379,348 759,260 755,294 5,689,186 285,352 2,604,420330,485 1,609,815 498,195 170,851 828,262 309,314 2,577,298

- - - 212,599 - - -69,877 479,281 76,222 21,198 96,356 37,728 196,377

2,526 1,376,574 1,351 - - - -- - 1,256 - - 6,202 -- - - - - - -

1,958,204 9,874,964 2,196,624 1,159,942 13,320,134 19,612,740 10,635,998

294,493,947 1,524,495,249 373,244,172 108,887,611 587,663,792 231,874,406 2,134,010,575

181,198,844 152,920,231 273,527,627 28,545,795 192,163,852 193,166,791 1,151,965,867164,389,167 153,477,003 333,636,325 19,418,983 164,922,589 171,522,193 981,827,364

14


As at 30 June 2014

EuropeTechnology

FundEUR

Global CorporateBond Fund

USD

GlobalFocusFundEUR

GlobalHealthcare

FundUSD

Global NaturalResources

FundEUR

GlobalShort Duration

Bond FundUSD

156,879,659 3,001,555,800 1,360,011,826 2,303,021,902 818,025,555 1,357,055,911136,879,431 2,902,251,263 1,107,119,549 2,036,861,906 914,780,116 1,356,433,050

- - - - - -201,786 29,401,907 5,477,741 18,463,091 5,380,641 7,147,129

- - - - - -17,643 17,919,339 3,439,814 133,260,225 1,296,425 -

- - - - - -1,115,047 7,432,558 2,886,255 12,853,578 2,959,981 8,110,122888,260 39,382,426 1,322,407 944,113 558,590 7,828,513343,361 - 2,282,372 263,822 - -

55 10,110 - - - -- 35,082 - - - -- 5,882,183 2,257,337 77,445 - 1,207,924- - - - - 947- - - - - -

159,445,811 3,101,619,405 1,377,677,752 2,468,884,176 828,221,192 1,381,350,546

695 17,733 - - - 52,583- - - - - -- 45,589,104 10,703,271 25,619 2,841,100 -- - - - - -

333,597 5,641,158 1,550,068 97,112,990 1,200,607 1,390,859222,470 1,356,471 1,560,830 3,118,045 1,057,052 266,328

- - - - - -35,555 357,028 137,366 220,852 215,027 111,7514,363 - - - - -

- 432,075 - - - -- 1,376,645 - - - -

596,680 54,770,214 13,951,535 100,477,506 5,313,786 1,821,521

158,849,131 3,046,849,191 1,363,726,217 2,368,406,670 822,907,406 1,379,529,025

93,016,121 2,772,231,413 1,304,518,654 620,863,475 817,799,921 630,282,95987,185,706 1,603,032,259 1,234,679,493 130,715,485 1,602,850,013 455,129,748

15


As at 30 June 2014

GlobalUnconstrained Equity

FundUSD

GreaterChinaFundUSD

IndonesiaEquity

FundUSD

JapanEquity

Fund (2)JPY

Latin AmericaEquity

FundUSD

RussiaFund

USD

363,119,409 1,450,133,424 335,494,895 86,021,970,600 1,472,448,579 481,751,455317,800,627 1,226,707,167 355,444,113 81,293,059,579 1,303,290,375 536,237,078

- - - - - -885,052 8,211,109 2,763,604 650,341,155 28,420,563 4,971,794

- - 16,063,080 - - -1,411,107 - 207,870 - 22,281 6,207,912

- - - - - -25,767 24,637,376 15,043 172,846,741 1,564,629 3,521,887

1,109,709 6,033,496 208,233 72,185,901 1,426,111 2,749,96641,686 - - - - -

- - 13,221 2,556 - 21,8825,601 - 2,255 20,842 - 143

196,420 - - - - -- - - - - -- - - - - -

366,794,751 1,489,015,405 354,768,201 86,917,367,795 1,503,882,163 499,225,039

- - - 1 - -- - - - - -

2,073,738 578,142 2,591,160 - 8,015,968 -- - - - - -

118,352 24,963,495 148,196 156,441,239 5,961,130 5,956,820213,664 1,427,101 17,143 79,430,134 1,407,146 632,961

- - - - - -66,596 217,634 59,857 11,021,214 274,620 179,675

- - - 40,959,932 - -- - - - - -- - - - - -

2,472,350 27,186,372 2,816,356 287,852,520 15,658,864 6,769,456

364,322,401 1,461,829,033 351,951,845 86,629,515,275 1,488,223,299 492,455,583

290,701,432 1,118,025,372 511,489,523 245,691,640 1,463,869,711 917,561,995247,255,296 643,446,772 2,947,554 167,739,576 1,434,536,865 1,096,241,368

(2) This Sub-Fund changed its base currency to JPY on 2 December 2013.

16


As at 30 June 2014

US AggregateBondFundUSD

US DollarMoney Market

Fund (3)USD

US GrowthFund

USD

USSmaller Companies

FundUSD

US TechnologyFund

USD

US ValueFund

USD

1,010,402,558 242,248,119 1,495,763,129 700,804,479 506,869,944 3,971,561,937984,671,685 242,248,119 1,117,644,884 575,542,312 445,749,778 3,114,499,819

- - - - - -3,937 93,925,065 1,025,288 11,456,066 4,882,343 5,127,943

- 17,000,000 - - - -749,673 - 644,294 2,155,778 3,532,000 -

- - - - - -5,407,571 421,090 5,855,831 406,793 3,381,302 13,666,7504,969,215 38,389 327,685 625,457 85,220 2,314,172

- - 40,920 - 26,456 62,2921,508 82,883 - - - -

- - - - - -78,581 - 701,319 5,587 155 2,261,510

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

1,021,613,043 353,715,546 1,504,358,466 715,454,160 518,777,420 3,994,994,604

828,145 - - - - -- - - - - -

434,983 - - 2,650,017 - 1,209,264- - - - - -

10,483,447 1,410,966 10,987,326 2,425,250 6,481,543 7,919,017596,337 55,054 1,031,542 761,392 646,720 3,576,117

- - - 18,683 - -138,393 66,176 128,227 76,598 71,769 300,209

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

12,481,305 1,532,196 12,147,095 5,931,940 7,200,032 13,004,607

1,009,131,738 352,183,350 1,492,211,371 709,522,220 511,577,388 3,981,989,997

2,209,832,008 - 1,496,668,964 481,221,061 197,225,870 2,604,696,0462,179,090,916 - 1,051,921,584 152,359,194 242,732,557 1,326,685,426

(3) This Sub-Fund was launched on 6 June 2014.

17

JPMorgan FundsCombined Statement of Operations and Changes in Net Assets

As at 30 June 2014

JPMorgan FundsCombined

USD

AfricaEquity

FundUSD

AmericaEquity

FundUSD

Net Assets at the Beginning of the Year * 70,473,946,622 416,139,538 763,368,811

IncomeDividend Income, Net 1,105,476,520 12,519,187 9,102,767Interest Income, Net 1,021,639,711 9,415 17,525Securities Lending Income 7,947,621 - -Bank Interest 966,465 3,032 981Interest on Swap Transactions 4,348,945 - -Other Income 19,415,171 38,366 -

Total Income 2,159,794,433 12,570,000 9,121,273

ExpensesManagement and Advisory Fees 914,807,200 6,902,327 16,378,048Custodian, Corporate, Administration and Domiciliary Agency Fees 65,101,703 832,056 448,532Registrar and Transfer Agency Fees 11,139,664 155,669 167,839Taxe d’abonnement 32,962,665 206,727 559,493Overdraft Interest 165,800 5,705 389Interest on Swap Transactions 9,187,016 - -Sundry Fees** 44,747,856 110,264 590,235

1,078,111,904 8,212,748 18,144,536

Less: Fee Waiver *** 12,704,101 79,472 6,297

Total Expenses before Performance Fees 1,065,407,803 8,133,276 18,138,239

Performance Fees 27,955,611 51,550 -

Total Expenses 1,093,363,414 8,184,826 18,138,239

Net Investment Income/(Loss) 1,066,431,019 4,385,174 (9,016,966)

Net Realised Gain/(Loss) on Sale of Investments 2,749,778,239 11,338,172 119,332,494Net Realised Gain/(Loss) on Forward Foreign Exchange Contracts 78,868,407 12,722 1,397,611Net Realised Gain/(Loss) on Financial Futures Contracts (46,358,624) - -Net Realised Gain/(Loss) on Foreign Exchange (32,034,901) 462,905 (147,735)Net Realised Gain/(Loss) on TBAs (2,452,349) - -Net Realised Gain/(Loss) on Derivatives Instruments 28,707,284 - -

Net Realised Gain/(Loss) for the Year 2,776,508,056 11,813,799 120,582,370

Net Change in Unrealised Gain/(Loss) on Investments 6,077,274,914 61,634,405 113,468,936Net Change in Unrealised Gain/(Loss) on Forward Foreign Exchange Contracts 243,192,387 - 1,493,694Net Change in Unrealised Gain/(Loss) on Financial Futures Contracts (12,527,943) - -Net Change in Unrealised Gain/(Loss) on Foreign Exchange 6,302,057 6,509 98Net Change in Unrealised Gain/(Loss) on TBAs 1,650,239 - -Net Change in Unrealised Gain/(Loss) on Derivatives Instruments 10,477,964 - -

Net Change in Unrealised Gain/(Loss) for the Year 6,326,369,618 61,640,914 114,962,728

Increase/(Decrease) in Net Assets as a Result of Operations 10,169,308,693 77,839,887 226,528,132

Movements in Share CapitalSubscriptions 71,780,490,217 186,108,270 1,478,891,735Redemptions (59,558,480,089) (244,499,475) (1,070,073,772)

Increase/(Decrease) in Net Assets as a Result of Movements in Share Capital 12,222,010,128 (58,391,205) 408,817,963

Dividend Distribution (619,207,043) (136,646) (49,882)

Net Assets at the End of the Year 92,246,058,400 435,451,574 1,398,665,024

* The opening balance was combined using the foreign exchange rates as at 30 June 2014. The same net assets when combined using the foreign exchange rate ruling as at 30 June 2013 reflected a figureof USD 69,768,444,706.** Sundry Fees are principally comprised of Directors’ fees, audit and tax related fees and expenses, registration, publication, mailing, printing, legal and marketing expenses.*** Please refer to Note 7a).

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

18

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

As at 30 June 2014

AsiaPacific Income

FundUSD

AsiaPacific Strategic

Equity Fund (1)USD

BrazilEquity

FundUSD

ChinaFund

USD

Eastern EuropeEquity

FundEUR

Emerging Europe,Middle East and

Africa Equity FundUSD

Emerging MarketsCorporate Bond

FundUSD

4,549,560,393 172,037,953 409,868,248 2,082,791,008 627,552,460 537,872,234 1,463,352,576

96,632,262 9,823,116 9,864,139 24,134,453 12,259,200 11,866,475 -62,841,676 37,703 25,308 5,674 22,791 14,781 79,475,315

- - - 590,942 - - -77,516 2,360 - 20,137 6,511 10,714 1,487

- - - - - - -- - - - 1,625,156 392,083 -

159,551,454 9,863,179 9,889,447 24,751,206 13,913,658 12,284,053 79,476,802

56,232,711 4,029,177 5,328,849 35,268,124 8,517,705 7,008,748 15,142,3982,217,744 546,517 414,686 1,522,322 847,962 779,267 885,932

109,735 75,083 97,109 177,092 99,630 101,595 215,5951,634,977 168,237 139,708 1,004,656 264,390 210,101 715,160

4,304 - 668 - 556 3,777 -- - - - - - 314,861

6,487,616 356,603 337,202 1,973,762 285,632 359,426 490,06866,687,087 5,175,617 6,318,222 39,945,956 10,015,875 8,462,914 17,764,014

24,791 98,418 2,948 11,974 12,289 22,733 39,625

66,662,296 5,077,199 6,315,274 39,933,982 10,003,586 8,440,181 17,724,389

- - - - - - -

66,662,296 5,077,199 6,315,274 39,933,982 10,003,586 8,440,181 17,724,389

92,889,158 4,785,980 3,574,173 (15,182,776) 3,910,072 3,843,872 61,752,413

(108,954,679) 8,493,987 (59,478,954) 247,018,526 (57,902,499) (8,449,014) (54,930,641)8,026,827 (118,531) (15,642) (20,860) 95,959 206,238 6,354,216(1,114,219) - - - - - (6,624,096)

(6,261,522) (582,194) 349,918 (368,465) 102,116 22,003 (99,976)- - - - - - -- - (801,271) - - - (1,212,265)

(108,303,593) 7,793,262 (59,945,949) 246,629,201 (57,704,424) (8,220,773) (56,512,762)

314,685,957 43,090,201 56,530,689 30,573,977 45,917,762 58,703,624 135,495,514(17,424,755) - - - - - 26,603,656

214,844 - - - - - (1,209,143)109,583 (134,334) 545,914 (1,045) 124,281 89,884 3,563

- - - - - - -- - 7,320 - - - 2,304,660

297,585,629 42,955,867 57,083,923 30,572,932 46,042,043 58,793,508 163,198,250

282,171,194 55,535,109 712,147 262,019,357 (7,752,309) 54,416,607 168,437,901

862,393,851 407,551,249 275,560,307 646,921,512 195,926,277 143,192,604 1,579,654,518(2,786,406,972) (209,733,362) (378,625,348) (1,230,899,899) (239,977,101) (217,629,612) (1,051,064,798)

(1,924,013,121) 197,817,887 (103,065,041) (583,978,387) (44,050,824) (74,437,008) 528,589,720

(177,489,128) (46,804) (64,351) (11,000,140) (5,579,488) (3,006,416) (15,955,127)

2,730,229,338 425,344,145 307,451,003 1,749,831,838 570,169,839 514,845,417 2,144,425,070


19


As at 30 June 2014

EmergingMarkets Debt

FundUSD

Emerging MarketsEquity

FundUSD

Emerging MarketsLocal Currency

Debt FundUSD

Emerging MarketsOpportunities

FundUSD

Emerging MarketsSmall Cap

FundUSD

Emerging MiddleEast Equity

FundUSD

Euro MoneyMarket

FundEUR

1,534,463,913 5,175,815,410 3,965,144,539 1,683,905,683 434,944,428 277,587,342 58,900,828

- 108,351,025 29 61,547,790 10,331,968 6,702,264 -91,303,622 67,150 228,303,038 73,699 6,469 - 185,835

- - - - - - -26,218 24,294 335,692 15,887 3,527 9,496 -

- - 71,818 - - - -- 17,980 618,675 6,508 319,391 - -

91,329,840 108,460,449 229,329,252 61,643,884 10,661,355 6,711,760 185,835

14,101,249 46,453,627 25,159,909 22,920,283 7,197,573 4,086,380 403,176897,161 4,464,264 4,073,961 2,349,017 748,835 744,869 74,190171,291 411,870 247,152 263,431 90,869 92,446 23,273

588,810 1,610,360 1,097,462 986,287 227,559 131,644 9,079- 10,970 - 9,113 10,545 2,572 124- - 4,858,493 - - - -

1,968,231 1,735,919 2,145,051 406,345 147,247 263,912 110,82817,726,742 54,687,010 37,582,028 26,934,476 8,422,628 5,321,823 620,670

49,523 19,357 129,309 17,955 19,325 131,198 434,894

17,677,219 54,667,653 37,452,719 26,916,521 8,403,303 5,190,625 185,776

- - - - 232,779 - -

17,677,219 54,667,653 37,452,719 26,916,521 8,636,082 5,190,625 185,776

73,652,621 53,792,796 191,876,533 34,727,363 2,025,273 1,521,135 59

(70,848,730) 182,104,489 (272,907,586) (85,159,172) 27,819,062 20,881,688 -867,715 631,067 (48,459,503) 1,388,172 719,331 (22,066) -

(4,103,920) - 1,945,410 - - - -(111,985) (1,137,206) (9,688,648) (1,352,361) (664,823) (143,579) -

- - - - - - -118,463 - (6,054,650) - - - -

(74,078,457) 181,598,350 (335,164,977) (85,123,361) 27,873,570 20,716,043 -

144,686,345 276,600,711 201,632,077 295,070,713 16,617,245 11,033,894 -18,472,479 1,344,343 28,969,923 138,203 - 167 -

342,125 - (293,781) - - - -31,178 297,749 3,292,261 385,010 17,975 22,125 -

- - - - - - -- - 4,464,310 - - - -

163,532,127 278,242,803 238,064,790 295,593,926 16,635,220 11,056,186 -

163,106,291 513,633,949 94,776,346 245,197,928 46,534,063 33,293,364 59

1,116,108,938 1,501,365,803 1,933,314,693 2,188,396,313 409,041,373 177,341,790 145,362,620(818,550,155) (2,026,756,561) (2,459,137,282) (1,334,834,320) (439,079,803) (186,028,925) (91,283,379)

297,558,783 (525,390,758) (525,822,589) 853,561,993 (30,038,430) (8,687,135) 54,079,241

(57,129,652) (13,983,074) (111,505,008) (3,339,011) (18,498) (2,482,772) -

1,937,999,335 5,150,075,527 3,422,593,288 2,779,326,593 451,421,563 299,710,799 112,980,128

20


As at 30 June 2014

EurolandEquity

FundEUR

EuropeDynamic

FundEUR

Europe EquityFund

EUR

Europe FocusFund

EUR

EuropeSmall Cap

FundEUR

Europe StrategicGrowth

FundEUR

Europe StrategicValue Fund

EUR

181,198,844 152,920,231 273,527,627 28,545,795 192,163,852 193,166,791 1,151,965,867

7,291,984 32,716,389 10,711,093 1,695,046 10,623,853 4,606,436 58,311,8546,646 64,094 10,225 2,031 6,516 5,959 111,570

249,601 614,666 257,313 140,067 171,165 112,527 1,352,210135 1,231 - - - 524 304

- - - - - - -837,037 1,699,538 690,761 179,803 408,662 888,194 1,259,908

8,385,403 35,095,918 11,669,392 2,016,947 11,210,196 5,613,640 61,035,846

2,226,395 10,499,349 4,485,614 1,309,664 6,728,244 3,407,098 25,416,997230,135 510,301 264,458 112,043 584,364 230,453 802,42261,350 176,940 88,201 25,675 99,748 59,514 121,911

122,567 343,365 174,274 41,382 229,758 109,384 850,107- 212 7,568 242 3,384 14,855 6,413- - - - - - -

1,474,102 567,788 1,283,160 64,683 360,136 87,313 170,4974,114,549 12,097,955 6,303,275 1,553,689 8,005,634 3,908,617 27,368,347

9,986 28,320 10,800 15,337 32,064 3,867 1,410

4,104,563 12,069,635 6,292,475 1,538,352 7,973,570 3,904,750 27,366,937

- - - 212,599 - - -

4,104,563 12,069,635 6,292,475 1,750,951 7,973,570 3,904,750 27,366,937

4,280,840 23,026,283 5,376,917 265,996 3,236,626 1,708,890 33,668,909

26,495,137 25,068,797 42,249,790 6,420,323 51,421,873 41,111,255 108,573,80276,390 1,990,527 81,047 7,397 (58,213) (8,609) 31,588

(160,449) 874,120 (577,923) 305,224 - (1,493,214) 12,374,608(38,484) (184,360) (142,060) 38,399 (385,148) (31,489) (27,753)

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

26,372,594 27,749,084 41,610,854 6,771,343 50,978,512 39,577,943 120,952,245

26,242,559 60,942,632 25,505,465 7,094,798 19,406,970 8,311,831 214,978,526(2,526) (1,376,574) (1,351) - - - -25,080 44,337 (88,248) 19,349 - (111,601) -

(281) (7,606) (20,859) 1,027 (23,113) (4,293) (1,256)- - - - - - -- - - - - - -

26,264,832 59,602,789 25,395,007 7,115,174 19,383,857 8,195,937 214,977,270

56,918,266 110,378,156 72,382,778 14,152,513 73,598,995 49,482,770 369,598,424

236,724,591 2,027,429,638 247,446,395 148,493,693 852,289,124 176,270,389 1,442,301,737(178,776,248) (765,556,699) (216,841,848) (82,301,168) (529,361,222) (186,306,580) (812,625,596)

57,948,343 1,261,872,939 30,604,547 66,192,525 322,927,902 (10,036,191) 629,676,141

(1,571,506) (676,077) (3,270,780) (3,222) (1,026,957) (738,964) (17,229,857)

294,493,947 1,524,495,249 373,244,172 108,887,611 587,663,792 231,874,406 2,134,010,575

21


As at 30 June 2014

EuropeTechnology

FundEUR

Global CorporateBond Fund

USD

GlobalFocusFundEUR

GlobalHealthcare

FundUSD

Global NaturalResources

FundEUR

GlobalShort Duration

Bond FundUSD

93,016,121 2,772,231,413 1,304,518,654 620,863,475 817,799,921 630,282,959

3,052,786 - 22,608,645 17,018,700 12,460,211 -2,923 105,426,811 20,623 105,334 11,551 25,030,392

133,730 - 129,781 - - -- 1,912 552 985 1,223 11,871- - - - - -

994,255 - 160,661 62,578 267,561 2,305

4,183,694 105,428,723 22,920,262 17,187,597 12,740,546 25,044,568

2,619,791 16,552,758 18,310,653 24,754,120 14,412,114 3,350,605185,428 1,428,321 545,385 609,980 525,213 702,71073,548 319,440 144,621 308,691 179,816 154,47185,467 1,052,603 554,724 778,863 408,382 303,286

981 3,916 505 - - 1,188- 181,260 - - - -

103,164 1,369,298 730,155 160,422 720,206 230,5683,068,379 20,907,596 20,286,043 26,612,076 16,245,731 4,742,828

13,942 178,261 3,568 6,729 17,463 53,509

3,054,437 20,729,335 20,282,475 26,605,347 16,228,268 4,689,319

- - - - - -

3,054,437 20,729,335 20,282,475 26,605,347 16,228,268 4,689,319

1,129,257 84,699,388 2,637,787 (9,417,750) (3,487,722) 20,355,249

26,975,502 29,624,583 159,956,878 197,170,195 (127,569,120) 7,108,98422,964 40,396,993 (24,308,154) 1,130,889 (61,656) 9,606,662

(189,687) (30,034,214) (770,408) - - (6,473,668)(11,965) (68,054) 996,389 1,231,254 (131,252) 487,566

- - - - - -- 1,051,355 - - - -

26,796,814 40,970,663 135,874,705 199,532,338 (127,762,028) 10,729,544

9,365,945 179,643,210 95,265,963 202,828,893 312,520,787 17,462,720(4,363) 37,592,833 12,662,081 1,782,377 - 887,855

- (3,895,371) - - - (1,368,886)(6,128) 255,187 (100,942) 78,640 (12,050) 87,653

- - - - - -- (1,376,645) - - - -

9,355,454 212,219,214 107,827,102 204,689,910 312,508,737 17,069,342

37,281,525 337,889,265 246,339,594 394,804,498 181,258,987 48,154,135

192,201,419 1,986,483,856 650,078,543 2,868,842,606 252,448,844 2,100,550,504(163,461,322) (2,026,810,503) (835,179,681) (1,516,099,572) (428,454,751) (1,398,897,419)

28,740,097 (40,326,647) (185,101,138) 1,352,743,034 (176,005,907) 701,653,085

(188,612) (22,944,840) (2,030,893) (4,337) (145,595) (561,154)

158,849,131 3,046,849,191 1,363,726,217 2,368,406,670 822,907,406 1,379,529,025

22


As at 30 June 2014

GlobalUnconstrained Equity

FundUSD

GreaterChinaFundUSD

IndonesiaEquity

FundUSD

JapanEquity

Fund (2)JPY

Latin AmericaEquity

FundUSD

RussiaFund

USD

290,701,432 1,118,025,372 511,489,523 25,135,483,230 1,463,869,711 917,561,995

5,898,839 32,989,900 7,689,843 924,640,489 29,145,849 10,363,26922,317 1,061 31,075 481,747 37,695 20,117

- 338,119 - - - -15,344 - 1,056 28,642 559 11,035

- - - - - -371,298 - - - - -

6,307,798 33,329,080 7,721,974 925,150,878 29,184,103 10,394,421

2,365,041 19,016,339 254,662 836,313,243 16,342,330 10,316,126256,699 1,552,847 15,532 49,672,267 1,416,843 1,232,93645,666 128,940 20,033 14,191,072 161,110 101,704127,818 476,935 48,115 24,746,354 430,007 277,510

- 14,089 - 46,235 2,245 6,371- - - - - -

194,999 538,181 737,415 55,268,707 564,538 654,7452,990,223 21,727,331 1,075,757 980,237,878 18,917,073 12,589,392

5,655 9,502 143,056 2,117,486 16,324 137,577

2,984,568 21,717,829 932,701 978,120,392 18,900,749 12,451,815

- - - - - -

2,984,568 21,717,829 932,701 978,120,392 18,900,749 12,451,815

3,323,230 11,611,251 6,789,273 (52,969,514) 10,283,354 (2,057,394)

57,607,179 110,241,664 (97,881,511) (2,128,986,259) (34,827,401) (174,308,344)1,538,227 17,614 (536,661) (62,512,850) (685,350) 43,709

- - - - - -(535,072) (334,483) 1,143,191 (162,739,892) 284,999 (339,577)

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

58,610,334 109,924,795 (97,274,981) (2,354,239,001) (35,227,752) (174,604,212)

9,065,466 117,999,022 18,965,144 2,057,447,053 115,301,755 242,692,587334,709 - - (40,959,932) - -

- - - - - -(19,801) (4,536) (56,267) (40,504,911) 595,867 378,930

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

9,380,374 117,994,486 18,908,877 1,975,982,210 115,897,622 243,071,517

71,313,938 239,530,532 (71,576,831) (431,226,305) 90,953,224 66,409,911

87,031,132 1,310,177,379 149,581,298 155,190,532,145 882,609,949 429,489,131(84,347,917) (1,203,331,323) (237,542,145) (93,207,284,406) (946,951,544) (916,643,489)

2,683,215 106,846,056 (87,960,847) 61,983,247,739 (64,341,595) (487,154,358)

(376,184) (2,572,927) - (57,989,389) (2,258,041) (4,361,965)

364,322,401 1,461,829,033 351,951,845 86,629,515,275 1,488,223,299 492,455,583

(2) This Sub-Fund changed its currency to JPY on 2 December 2013.

23


As at 30 June 2014

US AggregateBondFundUSD

US DollarMoney Market

Fund (3)USD

US GrowthFund

USD

USSmaller Companies

FundUSD

US TechnologyFund

USD

US ValueFund

USD

2,209,832,008 - 1,496,668,964 481,221,061 197,225,870 2,604,696,046

- - 9,763,605 7,414,208 1,316,767 49,225,09650,727,953 40,349 8,998 7,511 1,931 38,151

- - - - 1,892 -247 145 7,618 6,269 1,931 -

- - - - - -- - - - 4,453 -

50,728,200 40,494 9,780,221 7,427,988 1,326,974 49,263,247

9,970,041 55,054 15,333,609 9,829,409 5,033,034 38,088,418653,005 - 543,000 262,185 211,839 777,677158,641 5,580 223,450 121,663 98,986 343,612517,680 44,023 445,663 320,267 190,832 1,501,302

3,772 - - - - 297- - - - - -

900,353 16,572 262,354 241,020 237,823 454,92512,203,492 121,229 16,808,076 10,774,544 5,772,514 41,166,231

321,430 82,883 11,517 8,523 10,483 7,927

11,882,062 38,346 16,796,559 10,766,021 5,762,031 41,158,304

- - - 18,683 - -

11,882,062 38,346 16,796,559 10,784,704 5,762,031 41,158,304

38,846,138 2,148 (7,016,338) (3,356,716) (4,435,057) 8,104,943

19,104,974 - 171,793,531 42,696,314 25,455,653 213,542,4546,366,480 - 786,550 3,271 (15,472) 1,226,500

- - - - - -3,226 - (56,059) 2 (36,755) (123,372)

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

25,474,680 - 172,524,022 42,699,587 25,403,426 214,645,582

(13,664,683) - 215,367,214 78,651,801 34,013,940 401,607,9331,570,016 - 1,978,041 5,587 155 6,186,587

- - - - - -1 - (134) - 850 499- - - - - -- - - - - -

(12,094,666) - 217,345,121 78,657,388 34,014,945 407,795,019

52,226,152 2,148 382,852,805 118,000,259 54,983,314 630,545,544

524,007,067 369,686,477 1,128,129,855 929,113,876 636,948,138 2,976,453,247(1,766,300,046) (17,505,275) (1,515,300,705) (818,653,237) (377,347,149) (2,228,557,134)

(1,242,292,979) 352,181,202 (387,170,850) 110,460,639 259,600,989 747,896,113

(10,633,443) - (139,548) (159,739) (232,785) (1,147,706)

1,009,131,738 352,183,350 1,492,211,371 709,522,220 511,577,388 3,981,989,997


24

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

For the Year Ended 30 June 2014

Shares Outstandingat the Beginning

of the Year

Shares Subscribed Shares Redeemed Shares Outstandingat the End

of the Year

JPMorgan Funds - Africa Equity FundJPM Africa Equity A (acc) - EUR 3,247,860.638 1,208,443.439 1,226,075.085 3,230,228.992JPM Africa Equity A (acc) - USD 11,764,640.171 4,266,642.110 5,786,239.850 10,245,042.431JPM Africa Equity A (dist) - GBP 903,568.401 272,659.462 280,550.648 895,677.215JPM Africa Equity A (dist) - USD - 1,836.000 - 1,836.000JPM Africa Equity A (inc) - EUR 38,819.666 7,783.511 2,385.917 44,217.260JPM Africa Equity B (acc) - EUR - 13,438.766 79.397 13,359.369JPM Africa Equity B (acc) - USD 878,935.618 355,820.503 717,312.548 517,443.573JPM Africa Equity B (dist) - GBP - 221.662 - 221.662JPM Africa Equity C (acc) - USD 4,448,554.752 4,846,031.996 5,625,693.347 3,668,893.401JPM Africa Equity C (dist) - GBP 5,359.845 17,993.562 5,136.733 18,216.674JPM Africa Equity D (acc) - EUR 256,161.603 49,091.406 108,530.245 196,722.764JPM Africa Equity D (acc) - USD 8,961,063.086 1,098,957.669 2,931,721.631 7,128,299.124JPM Africa Equity I (acc) - USD 87,631.313 8,063.815 31,268.548 64,426.580JPM Africa Equity T (acc) - EUR 4,292.580 9,975.093 5,764.462 8,503.211

JPMorgan Funds - America Equity FundJPM America Equity A (acc) - AUD - 1,058,303.545 567,558.242 490,745.303JPM America Equity A (acc) - AUD (hedged) - 1,999,146.187 1,406,579.570 592,566.617JPM America Equity A (acc) - EUR 11,397.997 182,140.854 11,330.276 182,208.575JPM America Equity A (acc) - EUR (hedged) 648,382.566 3,300,158.411 1,260,077.677 2,688,463.300JPM America Equity A (acc) - HKD 6,997.383 6,817,987.347 3,260,366.358 3,564,618.372JPM America Equity A (acc) - USD 5,398,776.689 18,724,667.366 7,525,833.026 16,597,611.029JPM America Equity A (dist) - USD 2,840,937.510 549,630.825 797,059.555 2,593,508.780JPMorgan America Equity A (dist) - USD 1,056,458.431 6,178,347.249 4,236,264.705 2,998,540.975JPM America Equity B (acc) - USD 686,411.827 1,920,873.412 1,019,107.479 1,588,177.760JPM America Equity B (dist) - USD - 187,272.689 13,025.237 174,247.452JPM America Equity C (acc) - EUR (hedged) 1,541,997.578 1,907,120.766 3,164,756.331 284,362.013JPM America Equity C (acc) - USD 9,318,001.125 13,902,930.887 16,501,926.775 6,719,005.237JPM America Equity C (dist) - USD 6,691.932 439,774.802 18,653.685 427,813.049JPM America Equity D (acc) - EUR 62,794.443 99,054.240 93,016.821 68,831.862JPM America Equity D (acc) - EUR (hedged) 1,780,759.062 1,099,641.532 1,654,286.548 1,226,114.046JPM America Equity D (acc) - USD 1,591,495.835 1,445,513.273 966,080.517 2,070,928.591JPM America Equity I (acc) - USD 510,427.881 798,306.721 461,326.683 847,407.919JPM America Equity I (dist) - USD - 20,977.411 - 20,977.411JPM America Equity X (acc) - USD 1,465,608.067 240,471.113 706,501.501 999,577.679

JPMorgan Funds - Asia Pacific Income FundJPMorgan Asia Pacific Income A (acc) - HKD 9,015,410.544 5,215,572.836 3,522,812.466 10,708,170.914JPMorgan Asia Pacific Income A (acc) - USD 5,746,414.493 2,359,798.266 3,330,932.197 4,775,280.562JPMorgan Asia Pacific Income A (dist) - USD 11,672,149.541 3,259,474.226 6,911,808.152 8,019,815.615JPMorgan Asia Pacific Income A (irc) - AUD (hedged) - 5,583,930.275 1,431,761.882 4,152,168.393JPMorgan Asia Pacific Income A (irc) - CAD (hedged) - 1,057,088.670 430,607.231 626,481.439JPMorgan Asia Pacific Income A (irc) - EUR (hedged) - 104,922.809 12,999.086 91,923.723JPMorgan Asia Pacific Income A (irc) - GBP (hedged) - 223,985.532 72,027.919 151,957.613JPMorgan Asia Pacific Income A (irc) - NZD (hedged) - 1,057,694.363 322,085.424 735,608.939JPMorgan Asia Pacific Income A (irc) - RMB (hedged) - 123,796.054 - 123,796.054JPMorgan Asia Pacific Income A (mth) - HKD 662,472,136.951 59,726,518.869 439,228,802.180 282,969,853.640JPMorgan Asia Pacific Income A (mth) - SGD 11,422,487.369 2,684,468.166 5,265,087.760 8,841,867.775JPMorgan Asia Pacific Income A (mth) - SGD (hedged) 25,395,248.962 7,112,087.282 9,678,631.224 22,828,705.020JPMorgan Asia Pacific Income A (mth) - USD 22,602,786.611 3,732,808.066 14,002,932.384 12,332,662.293JPMorgan Asia Pacific Income B (acc) - USD 585,613.302 824,031.550 74,571.216 1,335,073.636JPMorgan Asia Pacific Income B (mth) - USD 5.000 - - 5.000JPMorgan Asia Pacific Income C (dist) - USD 26,192.930 1,496.658 26,182.930 1,506.658JPMorgan Asia Pacific Income D (acc) - USD 1,245,542.694 109,985.101 375,748.079 979,779.716JPMorgan Asia Pacific Income D (mth) - USD 168,730.329 3,013.905 8,028.273 163,715.961JPMorgan Asia Pacific Income X (acc) - USD 425,841.734 15,232.446 262,468.122 178,606.058

JPMorgan Funds - Asia Pacific Strategic Equity Fund (1)JPM Asia Pacific Strategic Equity A (acc) - EUR 8,069.379 59,333.425 16,512.008 50,890.796JPM Asia Pacific Strategic Equity A (acc) - SGD - 2,769.094 - 2,769.094JPM Asia Pacific Strategic Equity A (acc) - USD 3,619,760.160 9,976,250.767 7,453,870.631 6,142,140.296JPM Asia Pacific Strategic Equity A (dist) - GBP - 8,748.337 1,615.169 7,133.168JPM Asia Pacific Strategic Equity A (dist) - USD 65,239.000 1,340,377.017 226,956.332 1,178,659.685JPM Asia Pacific Strategic Equity B (acc) - EUR 10,160.979 29,023.606 17,496.495 21,688.090JPM Asia Pacific Strategic Equity B (acc) - USD - 3,642.457 - 3,642.457JPM Asia Pacific Strategic Equity B (dist) - USD - 1,736.881 128.222 1,608.659JPM Asia Pacific Strategic Equity C (acc) - EUR 499,572.771 338,547.119 276,683.145 561,436.745JPM Asia Pacific Strategic Equity C (acc) - USD - 89,617.567 6,808.413 82,809.154JPM Asia Pacific Strategic Equity D (acc) - EUR - 18,666.006 5,840.077 12,825.929JPM Asia Pacific Strategic Equity D (acc) - USD - 160,739.284 39,664.556 121,074.728JPM Asia Pacific Strategic Equity X (acc) - USD 604,925.839 451,028.057 269,827.893 786,126.003

JPMorgan Funds - Brazil Equity FundJPM Brazil Equity A (acc) - EUR 147,780.972 21,990.914 47,221.632 122,550.254JPM Brazil Equity A (acc) - SGD 16,295.629 35,523.055 37,811.816 14,006.868JPM Brazil Equity A (acc) - USD 29,310,258.987 23,134,181.066 25,676,498.036 26,767,942.017JPM Brazil Equity A (dist) - USD 526,429.832 103,182.027 216,710.348 412,901.511JPM Brazil Equity B (acc) - USD 1,879,217.591 497,048.319 1,611,732.462 764,533.448JPM Brazil Equity C (acc) - USD 807,547.739 1,174,603.361 1,408,488.849 573,662.251JPM Brazil Equity D (acc) - EUR 135,505.458 55,827.974 63,152.361 128,181.071JPM Brazil Equity D (acc) - USD 5,615,065.889 1,135,671.007 2,140,652.834 4,610,084.062JPM Brazil Equity I (acc) - EUR 65,500.000 10,000.000 60,000.000 15,500.000JPM Brazil Equity I (acc) - USD 8,733,764.994 6,494,826.435 14,252,069.825 976,521.604JPM Brazil Equity T (acc) - EUR 32,892.192 7,394.984 13,793.777 26,493.399


25




of the Year


of the Year

JPMorgan Funds - China FundJPMorgan China A (acc) - SGD 6,450.397 10,111.276 6,658.700 9,902.973JPMorgan China A (acc) - USD 10,171,678.604 2,343,307.206 4,663,953.157 7,851,032.653JPMorgan China A (dist) - HKD 8,449,518.791 10,194,327.609 7,413,444.624 11,230,401.776JPMorgan China A (dist) - USD 38,885,717.843 10,355,775.996 20,220,285.715 29,021,208.124JPMorgan China B (acc) - USD 691,669.317 424,975.363 675,851.327 440,793.353JPMorgan China B (dist) - USD - 13,486.662 649.072 12,837.590JPMorgan China C (acc) - USD 2,746,825.936 1,088,585.176 1,867,629.275 1,967,781.837JPMorgan China C (dist) - USD 1,862.000 3,527.668 - 5,389.668JPMorgan China D (acc) - EUR 83,759.070 25,099.962 53,617.325 55,241.707JPMorgan China D (acc) - USD 5,668,000.762 1,577,680.011 3,278,795.495 3,966,885.278JPMorgan China I (acc) - USD** - 1,247.415 10.001 1,237.414JPMorgan China I (dist) - USD - 569.439 - 569.439JPMorgan China T (acc) - EUR 25,066.984 3,761.494 8,006.345 20,822.133JPMorgan China X (acc) - USD 9,436.099 4,922.065 12,999.256 1,358.908

JPMorgan Funds - Eastern Europe Equity FundJPM Eastern Europe Equity A (acc) - EUR 4,174,338.154 3,355,863.333 3,942,886.165 3,587,315.322JPM Eastern Europe Equity A (acc) - USD 62,231.340 145,229.808 100,728.100 106,733.048JPM Eastern Europe Equity A (dist) - EUR 6,554,611.229 532,958.173 1,718,482.320 5,369,087.082JPMorgan Eastern Europe Equity A (dist) - EUR 3,731,758.648 756,369.730 1,053,447.155 3,434,681.223JPM Eastern Europe Equity B (acc) - EUR 1,593,499.731 1,167,712.412 1,431,720.282 1,329,491.861JPM Eastern Europe Equity B (dist) - EUR 12,446.000 12,478.778 13,646.613 11,278.165JPM Eastern Europe Equity C (acc) - EUR 3,878,926.478 4,054,609.853 2,454,412.447 5,479,123.884JPM Eastern Europe Equity D (acc) - EUR 1,112,871.045 94,154.266 457,196.708 749,828.603JPM Eastern Europe Equity I (acc) - EUR 700.000 23,074.547 23,574.547 200.000JPM Eastern Europe Equity X (acc) - EUR 2,780,000.000 601.679 - 2,780,601.679

JPMorgan Funds - Emerging Europe, Middle East and Africa Equity FundJPM Emerging Europe, Middle East and Africa Equity A (acc) - EUR 504,392.119 56,633.121 148,238.094 412,787.146JPM Emerging Europe, Middle East and Africa Equity A (acc) - SGD* 2,425.926 - 2,425.926 -JPM Emerging Europe, Middle East and Africa Equity A (acc) - USD 2,725,088.461 1,023,130.568 1,127,032.780 2,621,186.249JPM Emerging Europe, Middle East and Africa Equity A (dist) - USD 5,009,768.261 1,097,451.000 2,498,887.016 3,608,332.245JPM Emerging Europe, Middle East and Africa Equity B (acc) - USD 685,290.111 111,096.678 325,553.833 470,832.956JPM Emerging Europe, Middle East and Africa Equity B (dist) - USD - 5,351.760 869.099 4,482.661JPM Emerging Europe, Middle East and Africa Equity C (acc) - USD 1,116,852.231 1,787,906.888 1,076,989.981 1,827,769.138JPM Emerging Europe, Middle East and Africa Equity D (acc) - EUR 33,952.905 9,360.441 16,620.872 26,692.474JPM Emerging Europe, Middle East and Africa Equity D (acc) - USD 941,934.617 48,825.864 321,506.769 669,253.712JPM Emerging Europe, Middle East and Africa Equity I (acc) - USD 443,362.115 109,848.390 67,100.000 486,110.505JPM Emerging Europe, Middle East and Africa Equity T (acc) - EUR 6,511.208 - 1,383.612 5,127.596JPM Emerging Europe, Middle East and Africa Equity X (acc) - USD 7,934,629.473 22,269.006 - 7,956,898.479

JPMorgan Funds - Emerging Markets Corporate Bond FundJPM Emerging Markets Corporate Bond A (acc) - CHF (hedged) - 10.008 - 10.008JPM Emerging Markets Corporate Bond A (acc) - EUR (hedged) 1,578,203.869 1,646,524.822 1,189,350.429 2,035,378.262JPM Emerging Markets Corporate Bond A (acc) - USD 2,495,588.663 2,420,035.149 1,322,804.099 3,592,819.713JPM Emerging Markets Corporate Bond A (acc) - USD - Duration (hedged) - 25,000.000 - 25,000.000JPM Emerging Markets Corporate Bond A (div) - EUR (hedged) 391,882.348 88,687.080 174,531.194 306,038.234JPM Emerging Markets Corporate Bond A (inc) - EUR (hedged) 686,942.362 220,417.329 325,105.717 582,253.974JPM Emerging Markets Corporate Bond A (irc) - AUD (hedged) - 326,333.799 85,791.081 240,542.718JPM Emerging Markets Corporate Bond A (mth) - USD 690,411.868 537,323.988 514,093.911 713,641.945JPM Emerging Markets Corporate Bond B (acc) - EUR (hedged) 74,007.888 479,635.389 148,029.250 405,614.027JPM Emerging Markets Corporate Bond B (acc) - USD 670,977.667 455,677.768 626,015.104 500,640.331JPM Emerging Markets Corporate Bond B (inc) - EUR (hedged) - 30,818.171 2.000 30,816.171JPM Emerging Markets Corporate Bond C (acc) - EUR - 76,589.459 13,000.000 63,589.459JPM Emerging Markets Corporate Bond C (acc) - EUR (hedged) 2,209,332.341 2,004,031.852 1,155,486.897 3,057,877.296JPM Emerging Markets Corporate Bond C (acc) - USD 1,650,968.722 2,847,499.506 2,706,901.072 1,791,567.156JPM Emerging Markets Corporate Bond C (acc) - USD - Duration (hedged) - 25,000.000 - 25,000.000JPM Emerging Markets Corporate Bond C (dist) - GBP (hedged) - 98,043.299 2,250.000 95,793.299JPM Emerging Markets Corporate Bond C (dist) - USD - 113,577.608 - 113,577.608JPM Emerging Markets Corporate Bond C (div) - EUR (hedged) 907,563.396 6,063.375 - 913,626.771JPM Emerging Markets Corporate Bond D (acc) - EUR (hedged) 463,266.568 53,506.810 259,771.812 257,001.566JPM Emerging Markets Corporate Bond D (div) - EUR (hedged) 735,854.973 225,128.209 206,689.053 754,294.129JPM Emerging Markets Corporate Bond I (acc) - EUR - 1,068,233.409 - 1,068,233.409JPM Emerging Markets Corporate Bond I (dist) - CHF (hedged) - 240,808.956 - 240,808.956JPM Emerging Markets Corporate Bond T (acc) - EUR (hedged) 876.268 - 348.090 528.178JPM Emerging Markets Corporate Bond X (acc) - EUR (hedged) - 404,500.000 - 404,500.000JPM Emerging Markets Corporate Bond X (acc) - USD** - 35,978.036 3,404.255 32,573.781JPM Emerging Markets Corporate Bond X (inc) - EUR (hedged) - 13.824 - 13.824JPM Emerging Markets Corporate Bond Y (acc) - EUR (hedged) 24,652.000 10,287.000 16,740.000 18,199.000JPM Emerging Markets Corporate Bond Y (acc) - USD 304,500.000 348.435 45.411 304,803.024

26




of the Year


of the Year

JPMorgan Funds - Emerging Markets Debt FundJPM Emerging Markets Debt A (acc) - EUR (hedged) 3,133,510.835 4,722,284.794 3,840,748.349 4,015,047.280JPM Emerging Markets Debt A (acc) - GBP (hedged)* 34,814.000 - 34,814.000 -JPM Emerging Markets Debt A (acc) - USD 5,353,963.493 3,309,295.483 5,738,250.267 2,925,008.709JPM Emerging Markets Debt A (dist) - GBP - 16.499 - 16.499JPM Emerging Markets Debt A (inc) - EUR (hedged) 10,497,700.113 1,059,376.808 8,027,396.093 3,529,680.828JPM Emerging Markets Debt A (inc) - USD 114,660.663 1,682.135 38,795.672 77,547.126JPM Emerging Markets Debt A (irc) - AUD (hedged) 169,753.329 233,784.059 135,536.207 268,001.181JPM Emerging Markets Debt A (irc) - CAD (hedged) 20,251.143 28,673.687 803.023 48,121.807JPM Emerging Markets Debt A (irc) - NZD (hedged) 22,622.125 2,227.295 2,579.787 22,269.633JPM Emerging Markets Debt A (irc) - RMB (hedged) - 124,166.112 - 124,166.112JPM Emerging Markets Debt A (mth) - EUR (hedged) 1,410,405.344 362,818.980 794,418.368 978,805.956JPM Emerging Markets Debt A (mth) - HKD 5,805,750.825 1,266,948.950 3,989,269.723 3,083,430.052JPM Emerging Markets Debt A (mth) - USD 58,322,698.846 11,008,407.482 23,567,296.491 45,763,809.837JPM Emerging Markets Debt B (acc) - EUR (hedged) 498,223.958 1,282,686.029 499,370.936 1,281,539.051JPM Emerging Markets Debt B (acc) - USD 171,162.792 207.158 157,162.792 14,207.158JPM Emerging Markets Debt B (inc) - EUR (hedged) - 91,637.356 45,258.115 46,379.241JPM Emerging Markets Debt C (acc) - EUR (hedged) 2,887,740.585 7,054,161.107 3,566,923.932 6,374,977.760JPM Emerging Markets Debt C (acc) - USD* 19,280.311 68,468.054 87,748.365 -JPM Emerging Markets Debt C (dist) - USD 134.759 2,486,000.001 44,025.201 2,442,109.559JPM Emerging Markets Debt C (mth) - USD* 101,788.129 - 101,788.129 -JPM Emerging Markets Debt D (acc) - EUR (hedged) 3,357,663.160 583,485.136 1,581,543.511 2,359,604.785JPM Emerging Markets Debt I (acc) - EUR (hedged) 219,500.000 1,496,547.457 33,479.047 1,682,568.410JPM Emerging Markets Debt I (acc) - USD - 278,371.093 84,929.135 193,441.958JPM Emerging Markets Debt I (dist) - USD - 139.063 129.063 10.000JPM Emerging Markets Debt I (inc) - EUR (hedged) 7,091,063.866 8,205,690.265 1,100,000.000 14,196,754.131JPM Emerging Markets Debt X (acc) - EUR (hedged) 840,336.111 377,634.885 44,015.000 1,173,955.996JPM Emerging Markets Debt X (acc) - GBP (hedged) 129,107.580 36,376.593 42,264.080 123,220.093JPM Emerging Markets Debt X (dist) - USD 3,731.332 3,081.989 350.000 6,463.321

JPMorgan Funds - Emerging Markets Equity FundJPM Emerging Markets Equity A (acc) - EUR 31,646,273.974 9,155,985.137 17,763,312.715 23,038,946.396JPM Emerging Markets Equity A (acc) - EUR (hedged) 148,578.537 44,088.389 89,174.029 103,492.897JPM Emerging Markets Equity A (acc) - SGD 266,869.960 85,257.663 102,415.524 249,712.099JPM Emerging Markets Equity A (acc) - USD 17,487,452.754 5,504,983.150 10,051,545.939 12,940,889.965JPM Emerging Markets Equity A (dist) - GBP 476,218.327 118,052.565 330,800.143 263,470.749JPM Emerging Markets Equity A (dist) - USD 34,211,643.864 5,075,796.744 13,115,791.185 26,171,649.423JPM Emerging Markets Equity B (acc) - EUR - 310,670.050 79,707.593 230,962.457JPM Emerging Markets Equity B (acc) - USD 3,313,439.651 3,349,111.281 4,669,397.732 1,993,153.200JPM Emerging Markets Equity B (dist) - GBP - 251.971 0.910 251.061JPM Emerging Markets Equity B (dist) - USD - 124,610.352 20,498.708 104,111.644JPM Emerging Markets Equity C (acc) - EUR 9,707.000 105,986.065 22,419.876 93,273.189JPM Emerging Markets Equity C (acc) - EUR (hedged) 178,917.251 164,154.066 331,150.132 11,921.185JPM Emerging Markets Equity C (acc) - USD 29,135,286.719 14,160,056.910 17,445,636.326 25,849,707.303JPM Emerging Markets Equity C (dist) - GBP 1,118.966 6,248.972 2.862 7,365.076JPM Emerging Markets Equity C (dist) - USD 2,902,404.516 1,611,387.880 1,421,144.338 3,092,648.058JPM Emerging Markets Equity D (acc) - EUR 4,093,168.664 1,580,370.291 2,923,369.161 2,750,169.794JPM Emerging Markets Equity D (acc) - EUR (hedged)* 131.285 - 131.285 -JPM Emerging Markets Equity D (acc) - USD 2,736,468.572 720,399.469 1,381,091.910 2,075,776.131JPM Emerging Markets Equity I (acc) - EUR 4,117,596.055 740,639.448 56,775.290 4,801,460.213JPM Emerging Markets Equity I (acc) - EUR (hedged) 118,161.101 56,006.792 - 174,167.893JPM Emerging Markets Equity I (acc) - SGD* - 100.001 100.001 -JPM Emerging Markets Equity I (acc) - USD 30,420,675.759 3,896,020.408 9,761,015.357 24,555,680.810JPM Emerging Markets Equity I (dist) - GBP - 5,214.999 3,281.640 1,933.359JPM Emerging Markets Equity I (dist) - USD - 186,424.637 64,435.807 121,988.830JPM Emerging Markets Equity I (inc) - EUR 3,677,291.277 573,382.000 159,190.000 4,091,483.277JPM Emerging Markets Equity T (acc) - EUR - 5,223.612 1,466.652 3,756.960JPM Emerging Markets Equity X (acc) - EUR 100,754.727 32,977.395 24,133.285 109,598.837JPM Emerging Markets Equity X (acc) - EUR (hedged) - 86,177.000 - 86,177.000JPM Emerging Markets Equity X (acc) - USD 44,161,218.070 3,808,236.592 4,465,364.430 43,504,090.232JPM Emerging Markets Equity X (dist) - USD 1,176,425.302 2,017,446.028 383,176.802 2,810,694.528JPM Emerging Markets Equity X (inc) - EUR 19,388,283.566 7,401,641.539 2,517,811.326 24,272,113.779

27




of the Year


of the Year

JPMorgan Funds - Emerging Markets Local Currency Debt FundJPM Emerging Markets Local Currency Debt A (acc) - EUR 14,162,973.474 4,083,620.856 8,555,184.497 9,691,409.833JPM Emerging Markets Local Currency Debt A (acc) - SGD 231,370.081 757,521.500 158,868.702 830,022.879JPM Emerging Markets Local Currency Debt A (acc) - USD 7,681,158.796 3,824,126.505 5,640,550.585 5,864,734.716JPM Emerging Markets Local Currency Debt A (dist) - GBP 3,679.011 1,254.656 2,682.349 2,251.318JPM Emerging Markets Local Currency Debt A (div) - EUR 87,320.751 24,999.500 64,295.704 48,024.547JPM Emerging Markets Local Currency Debt A (inc) - EUR 2,603,839.360 525,036.488 1,131,646.861 1,997,228.987JPM Emerging Markets Local Currency Debt A (irc) - AUD (hedged) - 7,987,004.767 2,366,881.274 5,620,123.493JPM Emerging Markets Local Currency Debt A (mth) - USD 61,919,574.397 45,577,278.397 45,770,333.811 61,726,518.983JPM Emerging Markets Local Currency Debt B (acc) - EUR 96,995.442 58,912.424 81,944.581 73,963.285JPM Emerging Markets Local Currency Debt B (acc) - USD 4,128,093.008 4,885,811.644 2,654,974.163 6,358,930.489JPM Emerging Markets Local Currency Debt B (inc) - EUR - 74,805.804 - 74,805.804JPM Emerging Markets Local Currency Debt B (mth) - USD 10.000 - - 10.000JPM Emerging Markets Local Currency Debt C (acc) - EUR 841,970.134 1,179,527.210 1,775,866.106 245,631.238JPM Emerging Markets Local Currency Debt C (acc) - SEK - 1,161,844.683 - 1,161,844.683JPM Emerging Markets Local Currency Debt C (acc) - USD 5,802,548.571 4,057,003.993 4,340,736.453 5,518,816.111JPM Emerging Markets Local Currency Debt C (dist) - GBP 895.272 6,473.504 217.431 7,151.345JPM Emerging Markets Local Currency Debt C (div) - EUR - 134,698.276 - 134,698.276JPM Emerging Markets Local Currency Debt C (mth) - USD* 106,402.785 - 106,402.785 -JPM Emerging Markets Local Currency Debt D (acc) - EUR 8,453,050.920 1,294,503.742 3,999,931.863 5,747,622.799JPM Emerging Markets Local Currency Debt D (acc) - USD 95,263.795 97,388.965 89,412.755 103,240.005JPM Emerging Markets Local Currency Debt D (div) - EUR 15,059,158.309 4,752,890.105 5,157,037.009 14,655,011.405JPM Emerging Markets Local Currency Debt D (mth) - USD 7,699.767 2,783.849 2,393.948 8,089.668JPM Emerging Markets Local Currency Debt I (acc) - EUR 240,590.000 - 90,000.000 150,590.000JPM Emerging Markets Local Currency Debt I (acc) - EUR (hedged) 381,600.000 1,561,675.000 873,510.000 1,069,765.000JPM Emerging Markets Local Currency Debt I (acc) - USD 299,456.329 379,048.378 11,049.074 667,455.633JPM Emerging Markets Local Currency Debt I (inc) - EUR 2,442,551.766 1,022,205.308 - 3,464,757.074JPM Emerging Markets Local Currency Debt T (acc) - EUR 41,438.983 32,141.936 23,678.258 49,902.661JPM Emerging Markets Local Currency Debt T (div) - EUR 438,813.257 200,880.892 162,892.206 476,801.943JPM Emerging Markets Local Currency Debt X (acc) - EUR (hedged) 585,300.000 - - 585,300.000JPM Emerging Markets Local Currency Debt X (acc) - EUR* 1,800,338.624 249,065.078 2,049,403.702 -JPM Emerging Markets Local Currency Debt X (acc) - USD 20,353,954.104 111,053.121 20,429,641.104 35,366.121JPM Emerging Markets Local Currency Debt Y (acc) - EUR 2,126,410.013 332,094.580 25,284.000 2,433,220.593JPM Emerging Markets Local Currency Debt Y (acc) - GBP 2,153,748.176 433,793.664 728,907.961 1,858,633.879

JPMorgan Funds - Emerging Markets Opportunities FundJPM Emerging Markets Opportunities A (acc) - CHF (hedged) 18,355.439 26,210.211 5,898.515 38,667.135JPM Emerging Markets Opportunities A (acc) - EUR 1,636,327.193 706,310.861 1,376,424.743 966,213.311JPM Emerging Markets Opportunities A (acc) - SGD 18,390.509 31,649.210 22,276.415 27,763.304JPM Emerging Markets Opportunities A (acc) - SGD (hedged) 404,988.729 165,685.856 289,569.139 281,105.446JPM Emerging Markets Opportunities A (acc) - USD 1,723,795.392 2,068,880.893 1,466,907.001 2,325,769.284JPM Emerging Markets Opportunities A (dist) - EUR 141,582.785 349,886.367 104,920.422 386,548.730JPM Emerging Markets Opportunities A (dist) - GBP 45,648.854 40,105.107 10,726.091 75,027.870JPM Emerging Markets Opportunities A (dist) - USD 75,678.067 138,775.866 72,187.993 142,265.940JPM Emerging Markets Opportunities A (inc) - EUR 14,026.000 51,939.166 47,155.000 18,810.166JPM Emerging Markets Opportunities B (acc) - EUR - 986,186.856 161,182.882 825,003.974JPM Emerging Markets Opportunities B (acc) - USD 300,839.659 471,699.305 275,487.018 497,051.946JPM Emerging Markets Opportunities B (dist) - EUR** - 75,612.370 22,703.750 52,908.620JPM Emerging Markets Opportunities B (dist) - GBP 179,078.591 268,406.138 50,773.211 396,711.518JPM Emerging Markets Opportunities B (dist) - USD - 26.573 - 26.573JPM Emerging Markets Opportunities C (acc) - EUR - 277.822 - 277.822JPM Emerging Markets Opportunities C (acc) - PLN 99.980 24,359.672 - 24,459.652JPM Emerging Markets Opportunities C (acc) - USD 1,718,039.512 1,977,486.187 1,412,317.559 2,283,208.140JPM Emerging Markets Opportunities C (dist) - GBP 1,145,944.387 2,001,477.703 1,096,441.125 2,050,980.965JPM Emerging Markets Opportunities C (dist) - USD 465,285.600 616,037.532 432,557.559 648,765.573JPM Emerging Markets Opportunities D (acc) - EUR 30,179.237 35,544.229 20,568.445 45,155.021JPM Emerging Markets Opportunities D (acc) - PLN 411.398 154.219 257.395 308.222JPM Emerging Markets Opportunities D (acc) - USD 117,314.819 33,392.424 45,911.802 104,795.441JPM Emerging Markets Opportunities I (acc) - EUR 452,627.000 1,416.745 231,416.745 222,627.000JPM Emerging Markets Opportunities I (acc) - USD 615,984.000 658,693.886 549,081.877 725,596.009JPM Emerging Markets Opportunities T (acc) - EUR 19,855.291 6,658.262 8,279.488 18,234.065JPM Emerging Markets Opportunities X (acc) - EUR 947,917.882 57,780.000 49,792.000 955,905.882JPM Emerging Markets Opportunities X (acc) - EUR (hedged) - 86,237.000 - 86,237.000JPM Emerging Markets Opportunities X (acc) - GBP 667,894.671 2,089,768.631 100,582.607 2,657,080.695JPM Emerging Markets Opportunities X (acc) - USD 232,425.962 249,689.543 45,372.855 436,742.650JPM Emerging Markets Opportunities X (dist) - AUD - 96,894.655 - 96,894.655

JPMorgan Funds - Emerging Markets Small Cap FundJPM Emerging Markets Small Cap A (acc) - EUR 4,781,720.712 18,513,422.813 19,478,812.506 3,816,331.019JPM Emerging Markets Small Cap A (acc) - USD 20,629,035.986 10,209,311.057 12,819,201.639 18,019,145.404JPM Emerging Markets Small Cap A (dist) - GBP 524,883.384 170,713.777 320,380.849 375,216.312JPM Emerging Markets Small Cap B (acc) - EUR - 2,059.262 504.262 1,555.000JPM Emerging Markets Small Cap B (acc) - USD 723,918.877 1,784,025.876 1,231,253.949 1,276,690.804JPM Emerging Markets Small Cap C (acc) - EUR 597,866.247 9,231.030 5,137.164 601,960.113JPM Emerging Markets Small Cap C (acc) - USD 1,905,771.366 3,747,008.206 1,599,646.837 4,053,132.735JPM Emerging Markets Small Cap D (acc) - EUR 22,152.517 8,484.156 12,274.003 18,362.670JPM Emerging Markets Small Cap D (acc) - USD 3,782,036.342 439,891.124 2,123,382.963 2,098,544.503JPM Emerging Markets Small Cap I (acc) - USD 289,946.408 1,768.618 289,946.409 1,768.617JPM Emerging Markets Small Cap T (acc) - EUR 2,257.940 452.431 2,257.940 452.431JPM Emerging Markets Small Cap Y (acc) - EUR 33,235.000 30,537.000 22,368.000 41,404.000

28




of the Year


of the Year

JPMorgan Funds - Emerging Middle East Equity FundJPM Emerging Middle East Equity A (acc) - EUR 382,075.899 344,776.920 290,943.647 435,909.172JPM Emerging Middle East Equity A (acc) - SGD* 2,212.038 150.323 2,362.361 -JPM Emerging Middle East Equity A (acc) - USD 1,659,956.831 2,168,405.217 1,660,518.354 2,167,843.694JPM Emerging Middle East Equity A (dist) - USD 6,811,502.238 3,256,198.346 4,648,732.847 5,418,967.737JPM Emerging Middle East Equity B (acc) - USD 140,933.443 390,159.677 402,423.425 128,669.695JPM Emerging Middle East Equity B (dist) - USD - 22,863.353 4,718.896 18,144.457JPM Emerging Middle East Equity C (acc) - USD 5,342,479.174 2,930,337.808 1,071,525.465 7,201,291.517JPM Emerging Middle East Equity D (acc) - EUR 30,606.378 13,753.751 19,851.599 24,508.530JPM Emerging Middle East Equity D (acc) - USD 1,186,232.416 257,027.693 532,960.211 910,299.898JPM Emerging Middle East Equity I (acc) - USD 42,649.122 5,154.160 11,196.974 36,606.308

JPMorgan Funds - Euro Money Market FundJPM Euro Money Market A (acc) - EUR 266,490.215 880,521.832 406,104.938 740,907.109JPMorgan Euro Money Market A (acc) - EUR - 67,604.891 11,443.550 56,161.341JPM Euro Money Market C (acc) - EUR** - 127,546.939 114,410.632 13,136.307JPM Euro Money Market D (acc) - EUR 277,044.962 283,972.050 320,630.354 240,386.658

JPMorgan Funds - Euroland Equity FundJPM Euroland Equity A (acc) - CHF (hedged) - 1,826.275 - 1,826.275JPM Euroland Equity A (acc) - EUR 1,298,967.859 2,305,289.341 2,020,631.019 1,583,626.181JPM Euroland Equity A (acc) - GBP (hedged) - 1,445.811 - 1,445.811JPM Euroland Equity A (acc) - USD (hedged) - 3,138.229 67.000 3,071.229JPM Euroland Equity A (dist) - EUR 2,257,858.926 498,887.796 553,526.894 2,203,219.828JPM Euroland Equity A (inc) - EUR 4,372.492 3,965.475 710.562 7,627.405JPMorgan Euroland Equity A (dist) - USD 4,842,099.264 19,558,350.344 13,340,368.310 11,060,081.298JPM Euroland Equity B (acc) - EUR 287,405.096 771,033.169 398,535.763 659,902.502JPM Euroland Equity B (dist) - EUR 12,191.000 17,482.128 10,994.005 18,679.123JPM Euroland Equity C (acc) - EUR 2,241,619.639 1,774,441.922 1,357,493.938 2,658,567.623JPM Euroland Equity D (acc) - EUR 1,869,488.959 480,370.767 491,739.584 1,858,120.142JPM Euroland Equity X (acc) - EUR 1,794,511.000 373,796.429 337,473.000 1,830,834.429

JPMorgan Funds - Europe Dynamic FundJPM Europe Dynamic A (acc) - AUD (hedged) - 9,413,780.427 3,806,723.751 5,607,056.676JPM Europe Dynamic A (acc) - EUR 1,572,935.408 14,184,312.509 7,545,890.116 8,211,357.801JPM Europe Dynamic A (acc) - HKD (hedged) - 80,057,726.925 22,449,811.346 57,607,915.579JPM Europe Dynamic A (acc) - SGD (hedged) - 84,072.557 - 84,072.557JPM Europe Dynamic A (acc) - USD - 2,198,982.659 1,038,290.117 1,160,692.542JPM Europe Dynamic A (acc) - USD (hedged) - 1,626,588.018 387,881.269 1,238,706.749JPM Europe Dynamic A (dist) - EUR 2,716,943.515 3,599,146.228 2,371,658.183 3,944,431.560JPMorgan Europe Dynamic A (dist) - EUR 313,842.879 8,070,905.128 3,529,814.180 4,854,933.827JPM Europe Dynamic A (dist) - GBP 29,174.209 41,573.308 33,620.274 37,127.243JPM Europe Dynamic A (inc) - EUR - 422.619 8.744 413.875JPM Europe Dynamic B (acc) - EUR 554,046.719 3,486,411.443 1,811,405.367 2,229,052.795JPM Europe Dynamic B (acc) - USD - 92,082.925 27,516.301 64,566.624JPM Europe Dynamic B (acc) - USD (hedged) - 7.245 - 7.245JPM Europe Dynamic B (dist) - EUR - 4,657.523 124.807 4,532.716JPM Europe Dynamic B (dist) - GBP - 2,869.914 0.801 2,869.113JPM Europe Dynamic C (acc) - EUR 1,105,277.072 11,852,663.492 7,586,740.877 5,371,199.687JPM Europe Dynamic D (acc) - EUR 832,175.986 1,575,956.162 460,485.306 1,947,646.842JPM Europe Dynamic D (acc) - USD (hedged) - 7.293 - 7.293JPM Europe Dynamic D (acc) - USD** - 5,343.488 37.569 5,305.919JPM Europe Dynamic I (acc) - EUR 2,064,100.000 23,203,310.954 2,763,561.693 22,503,849.261JPM Europe Dynamic I (acc) - USD - 45,915.791 7.315 45,908.476JPM Europe Dynamic I (dist) - EUR - 86,467.313 10,736.307 75,731.006JPM Europe Dynamic I (dist) - GBP - 8,759.491 2,181.108 6,578.383JPM Europe Dynamic T (acc) - EUR 2,676.041 521.543 697.794 2,499.790JPM Europe Dynamic X (acc) - EUR** - 473,802.006 80,876.686 392,925.320

JPMorgan Funds - Europe Equity FundJPM Europe Equity A (acc) - EUR 1,935,186.166 2,061,579.348 1,550,219.040 2,446,546.474JPM Europe Equity A (acc) - USD 1,567,000.189 1,336,720.823 582,741.510 2,320,979.502JPM Europe Equity A (acc) - USD (hedged) - 1,433.614 - 1,433.614JPM Europe Equity A (dist) - EUR 4,588,417.465 592,503.270 1,171,468.260 4,009,452.475JPMorgan Europe Equity A (dist) - USD 694,135.725 4,226,398.721 3,126,967.847 1,793,566.599JPM Europe Equity B (acc) - EUR 150,729.590 36,014.498 45,873.265 140,870.823JPM Europe Equity B (acc) - USD - 7.363 - 7.363JPM Europe Equity B (acc) - USD (hedged) - 7.204 - 7.204JPM Europe Equity B (dist) - EUR - 30,327.818 2,682.020 27,645.798JPM Europe Equity C (acc) - EUR 1,731,154.379 1,142,427.289 1,498,632.011 1,374,949.657JPM Europe Equity C (dist) - USD 1,477.190 1,507.106 33.929 2,950.367JPM Europe Equity D (acc) - EUR 1,803,291.443 849,074.436 629,997.104 2,022,368.775JPM Europe Equity D (acc) - USD 69,355.286 472,265.345 65,573.100 476,047.531JPM Europe Equity D (acc) - USD (hedged) - 7.292 - 7.292JPM Europe Equity X (acc) - EUR 264,207.729 1,126.575 6,171.811 259,162.493

JPMorgan Funds - Europe Focus FundJPM Europe Focus A (acc) - EUR 945,159.303 6,933,351.401 2,733,389.158 5,145,121.546JPM Europe Focus A (acc) - USD 348.674 285,765.265 72,037.707 214,076.232JPM Europe Focus A (dist) - EUR 34,711.289 1,027,405.562 867,683.836 194,433.015JPM Europe Focus B (acc) - EUR** 20,662.531 22,700.000 20,662.531 22,700.000JPM Europe Focus C (acc) - EUR 281,651.442 1,495,830.814 1,604,847.733 172,634.523JPM Europe Focus D (acc) - EUR 1,285,751.442 1,112,426.044 431,236.870 1,966,940.616JPM Europe Focus D (acc) - USD 7,057.005 37,418.556 16,723.472 27,752.089JPM Europe Focus T (acc) - EUR 5,620.026 8.048 3,099.021 2,529.053JPM Europe Focus X (acc) - EUR 42,866.719 9,432.368 - 52,299.087

29




of the Year


of the Year

JPMorgan Funds - Europe Small Cap FundJPM Europe Small Cap A (acc) - EUR 1,017,934.470 6,333,981.266 4,359,497.094 2,992,418.642JPM Europe Small Cap A (acc) - USD - 2,564,110.232 1,295,725.051 1,268,385.181JPM Europe Small Cap A (dist) - EUR 3,236,700.780 1,195,454.152 1,112,908.560 3,319,246.372JPMorgan Europe Small Cap A (dist) - EUR 1,276,328.801 13,496,202.472 9,319,919.516 5,452,611.757JPM Europe Small Cap A (dist) - GBP 63,538.065 83,839.968 22,556.028 124,822.005JPM Europe Small Cap B (acc) - EUR 41,753.283 1,174,740.408 1,012,943.914 203,549.777JPM Europe Small Cap B (dist) - EUR - 24,056.167 7,655.398 16,400.769JPM Europe Small Cap C (acc) - EUR 305,412.401 6,241,455.980 3,278,240.935 3,268,627.446JPM Europe Small Cap D (acc) - EUR 973,146.253 1,700,461.860 673,512.051 2,000,096.062JPM Europe Small Cap I (acc) - EUR 85,375.831 66,540.645 45,903.770 106,012.706

JPMorgan Funds - Europe Strategic Growth FundJPM Europe Strategic Growth A (acc) - EUR 1,978,409.576 3,419,573.877 3,057,412.161 2,340,571.292JPM Europe Strategic Growth A (dist) - EUR 11,680,446.050 4,410,929.688 5,902,234.607 10,189,141.131JPM Europe Strategic Growth A (dist) - GBP 22,250.115 11,713.163 7,588.200 26,375.078JPM Europe Strategic Growth B (acc) - EUR 259,544.758 229,145.721 168,652.435 320,038.044JPM Europe Strategic Growth B (dist) - EUR - 64,801.631 8,565.033 56,236.598JPM Europe Strategic Growth C (acc) - EUR 2,260,810.742 2,280,027.080 3,001,387.277 1,539,450.545JPM Europe Strategic Growth D (acc) - EUR 1,432,359.478 920,829.921 686,713.089 1,666,476.310

JPMorgan Funds - Europe Strategic Value FundJPM Europe Strategic Value A (acc) - EUR 5,736,236.128 19,352,003.571 5,946,500.669 19,141,739.030JPM Europe Strategic Value A (dist) - EUR 78,102,579.529 17,667,060.869 34,463,210.024 61,306,430.374JPM Europe Strategic Value A (dist) - GBP 13,170.704 15,059.559 1,886.275 26,343.988JPM Europe Strategic Value B (acc) - EUR 588,288.434 1,388,980.376 556,109.447 1,421,159.363JPM Europe Strategic Value B (dist) - EUR - 5,234,549.953 59,237.149 5,175,312.804JPM Europe Strategic Value C (acc) - EUR 11,327,638.212 20,133,315.282 13,383,676.324 18,077,277.170JPM Europe Strategic Value D (acc) - EUR 2,814,210.087 3,285,507.371 3,435,386.538 2,664,330.920

JPMorgan Funds - Europe Technology FundJPM Europe Technology A (acc) - EUR 796,832.300 2,518,252.420 2,487,158.446 827,926.274JPM Europe Technology A (acc) - USD (hedged)** - 38,370.296 30,018.227 8,352.069JPM Europe Technology A (dist) - EUR 5,424,505.598 2,595,191.034 2,236,025.708 5,783,670.924JPMorgan Europe Technology A (dist) - EUR 775,382.056 6,888,287.917 4,331,662.527 3,332,007.446JPM Europe Technology A (dist) - GBP 77,278.461 14,078.437 28,799.297 62,557.601JPM Europe Technology B (acc) - EUR 19,210.749 1,695,551.779 1,606,426.207 108,336.321JPM Europe Technology B (dist) - EUR - 11,745.084 2,725.015 9,020.069JPM Europe Technology C (acc) - EUR 60,188.674 30,427.715 25,698.942 64,917.447JPM Europe Technology D (acc) - EUR 1,408,651.723 2,174,835.912 1,436,589.868 2,146,897.767JPM Europe Technology X (acc) - EUR* 362.500 - 362.500 -

30




of the Year


of the Year

JPMorgan Funds - Global Corporate Bond FundJPM Global Corporate Bond A (acc) - CHF (hedged) 15,634.012 3,739.332 7,178.344 12,195.000JPM Global Corporate Bond A (acc) - EUR (hedged) 15,697,573.541 3,931,257.751 11,644,469.631 7,984,361.661JPM Global Corporate Bond A (acc) - EUR (hedged) & Duration (hedged) 75,005.404 188,605.467 174,450.950 89,159.921JPM Global Corporate Bond A (acc) - NOK (hedged) - 13,437.953 2,281.267 11,156.686JPM Global Corporate Bond A (acc) - SEK (hedged) 3,487,969.987 1,533,488.571 1,767,647.554 3,253,811.004JPM Global Corporate Bond A (acc) - USD 15,992,533.937 5,939,135.860 11,478,870.420 10,452,799.377JPM Global Corporate Bond A (acc) - USD - Duration (hedged) 25,225.837 299,469.387 60,312.525 264,382.699JPM Global Corporate Bond A (dist) - EUR (hedged) 66,473.486 41,953.401 67,162.409 41,264.478JPM Global Corporate Bond A (dist) - GBP (hedged) 15,968,999.666 2,107,392.237 2,807,722.329 15,268,669.574JPM Global Corporate Bond A (dist) - USD 2,331.787 40,677.629 33,881.695 9,127.721JPM Global Corporate Bond A (div) - EUR (hedged) 312,953.524 93,137.201 292,252.196 113,838.529JPM Global Corporate Bond A (inc) - EUR (hedged) 12.315 175.000 - 187.315JPM Global Corporate Bond A (inc) - EUR (hedged) & Duration (hedged) 12.315 - - 12.315JPM Global Corporate Bond A (mth) - SGD 11,190.957 20,054.772 15,395.802 15,849.927JPM Global Corporate Bond A (mth) - USD 927,457.805 186,459.262 626,543.989 487,373.078JPM Global Corporate Bond B (acc) - EUR (hedged) 190,660.535 213,503.003 168,288.139 235,875.399JPM Global Corporate Bond B (acc) - GBP (hedged)* 35,834.665 - 35,834.665 -JPM Global Corporate Bond B (acc) - SEK (hedged) - 42,984.347 - 42,984.347JPM Global Corporate Bond B (acc) - SEK (hedged) & Duration (hedged) - 42,984.347 - 42,984.347JPM Global Corporate Bond B (acc) - USD 414,946.012 91,973.518 361,778.447 145,141.083JPM Global Corporate Bond B (acc) - USD - Duration (hedged) - 16,970.305 - 16,970.305JPM Global Corporate Bond B (div) - EUR (hedged) - 9,134.337 1,917.281 7,217.056JPM Global Corporate Bond B (mth) - USD 5.000 - - 5.000JPM Global Corporate Bond C (acc) - EUR (hedged) 3,178,041.016 1,296,122.206 2,381,539.312 2,092,623.910JPM Global Corporate Bond C (acc) - EUR (hedged) & Duration (hedged) 2,198,963.523 3,557,362.111 3,027,304.774 2,729,020.860JPM Global Corporate Bond C (acc) - USD 464,883.244 659,272.803 623,587.285 500,568.762JPM Global Corporate Bond C (acc) - USD - Duration (hedged) 614,748.217 2,392,641.716 1,950,487.533 1,056,902.400JPM Global Corporate Bond C (dist) - EUR (hedged) 208,844.258 95,600.498 74,962.000 229,482.756JPM Global Corporate Bond C (dist) - GBP (hedged) 397,687.085 782,682.997 517,357.772 663,012.310JPM Global Corporate Bond C (dist) - GBP (hedged) & Duration (hedged) 396,217.125 54,161.702 48,881.725 401,497.102JPM Global Corporate Bond C (dist) - USD 340,142.159 84,417.610 248,691.734 175,868.035JPM Global Corporate Bond D (acc) - EUR (hedged) 9,771,258.911 1,192,638.686 5,584,743.023 5,379,154.574JPM Global Corporate Bond D (acc) - EUR (hedged) & Duration (hedged) 52,568.389 148,513.036 135,037.616 66,043.809JPM Global Corporate Bond D (acc) - USD 4,232,661.095 446,149.724 1,934,172.287 2,744,638.532JPM Global Corporate Bond D (acc) - USD - Duration (hedged) 301,891.956 301,691.392 317,281.233 286,302.115JPM Global Corporate Bond D (div) - EUR (hedged) 18,057,132.020 3,506,917.122 4,876,144.392 16,687,904.750JPM Global Corporate Bond D (mth) - USD 4,828.355 11,271.221 5.598 16,093.978JPM Global Corporate Bond I (acc) - CHF (hedged) - 9,164.597 166.961 8,997.636JPM Global Corporate Bond I (acc) - EUR (hedged) - 448,051.974 131,120.273 316,931.701JPM Global Corporate Bond I (acc) - EUR (hedged) & Duration (hedged) - 2,075,247.350 1,360,462.711 714,784.639JPM Global Corporate Bond I (acc) - JPY (hedged) 1,082,719.792 206,431.321 - 1,289,151.113JPM Global Corporate Bond I (acc) - USD 212,269.158 214,603.584 12,852.233 414,020.509JPM Global Corporate Bond I (acc) - USD - Duration (hedged) - 1,894,513.892 169,089.515 1,725,424.377JPM Global Corporate Bond I (dist) - GBP (hedged) - 18,858.451 313.485 18,544.966JPM Global Corporate Bond I (dist) - USD - 42,841.783 305.904 42,535.879JPM Global Corporate Bond T (acc) - EUR (hedged) 69,863.547 7,516.867 38,057.496 39,322.918JPM Global Corporate Bond T (div) - EUR (hedged) 651,324.054 152,279.039 187,342.191 616,260.902JPM Global Corporate Bond X (acc) - EUR (hedged) 588,263.233 237,090.000 258,171.233 567,182.000JPM Global Corporate Bond X (acc) - GBP (hedged) 3,729,673.281 60,302.818 2,319.703 3,787,656.396

JPMorgan Funds - Global Focus FundJPM Global Focus A (acc) - CHF (hedged) 50,263.919 22,552.208 25,330.990 47,485.137JPM Global Focus A (acc) - EUR 17,046,397.890 5,975,506.744 7,568,200.323 15,453,704.311JPM Global Focus A (acc) - EUR (hedged) 1,463,366.774 991,443.032 1,075,989.731 1,378,820.075JPM Global Focus A (dist) - EUR 11,188,275.426 1,197,295.529 7,773,826.756 4,611,744.199JPMorgan Global Focus A (dist) - USD 4,628,632.823 456,041.516 4,404,362.968 680,311.371JPM Global Focus B (acc) - EUR 5,156,663.912 2,767,015.056 2,090,921.843 5,832,757.125JPM Global Focus B (dist) - EUR - 1,379,057.844 142,328.203 1,236,729.641JPM Global Focus B (dist) - USD - 11,517.098 874.359 10,642.739JPM Global Focus C (acc) - EUR 8,296,232.421 1,510,313.510 7,414,149.758 2,392,396.173JPM Global Focus C (acc) - EUR (hedged) 2,029,055.530 5,676,674.827 1,217,531.355 6,488,199.002JPM Global Focus C (acc) - USD** - 51,480.585 7,215.029 44,265.556JPM Global Focus D (acc) - EUR 5,312,801.650 1,713,195.844 1,898,372.057 5,127,625.437JPM Global Focus D (acc) - EUR (hedged) 2,598,234.018 1,307,800.368 1,246,638.694 2,659,395.692JPM Global Focus I (acc) - EUR 897,673.559 81,301.000 174,943.517 804,031.042JPM Global Focus I (acc) - USD 773,348.617 - 342,305.088 431,043.529JPM Global Focus T (acc) - EUR 48,248.316 59,716.060 37,121.676 70,842.700JPM Global Focus X (acc) - EUR 5,635,432.790 2,637,548.736 4,686,226.823 3,586,754.703

JPMorgan Funds - Global Healthcare FundJPM Global Healthcare A (acc) - EUR 85,618.149 298,912.321 181,653.779 202,876.691JPM Global Healthcare A (acc) - USD 1,811,195.752 5,009,276.930 2,519,248.124 4,301,224.558JPM Global Healthcare A (dist) - GBP 24,023.198 56,854.787 28,455.688 52,422.297JPM Global Healthcare A (dist) - USD 306,797.330 568,614.875 376,588.976 498,823.229JPMorgan Global Healthcare A (dist) - USD 23,306.504 35,826.971 18,336.146 40,797.329JPM Global Healthcare B (acc) - EUR - 818,058.856 12,477.000 805,581.856JPM Global Healthcare B (acc) - USD 129,881.822 1,120,221.791 891,598.104 358,505.509JPM Global Healthcare B (dist) - USD - 131,392.630 40,982.671 90,409.959JPM Global Healthcare C (acc) - USD 508,929.715 475,780.410 651,384.911 333,325.214JPM Global Healthcare C (dist) - USD - 464,809.946 100,010.853 364,799.093JPM Global Healthcare D (acc) - EUR - 19,009.957 1,956.867 17,053.090JPM Global Healthcare D (acc) - USD 388,388.909 969,630.113 464,256.224 893,762.798JPM Global Healthcare I (acc) - USD - 1,011.779 10.000 1,001.779JPM Global Healthcare T (acc) - EUR 24,528.972 101,485.113 31,465.550 94,548.535JPM Global Healthcare X (acc) - JPY - 5,648,065.936 1,925,938.601 3,722,127.335

31




of the Year


of the Year

JPMorgan Funds - Global Natural Resources FundJPM Global Natural Resources A (acc) - EUR 18,250,801.230 4,993,474.247 8,539,253.794 14,705,021.683JPM Global Natural Resources A (acc) - GBP 148,875.749 2,495.808 12,863.950 138,507.607JPM Global Natural Resources A (acc) - SGD 477,312.339 73,800.260 144,873.786 406,238.813JPM Global Natural Resources A (acc) - USD 43,671,610.800 10,755,973.989 21,762,613.342 32,664,971.447JPM Global Natural Resources A (dist) - EUR 14,906,381.908 2,396,720.429 4,678,810.879 12,624,291.458JPM Global Natural Resources B (acc) - EUR 2,241,433.734 1,426,219.633 1,768,409.945 1,899,243.422JPM Global Natural Resources B (acc) - USD - 983.384 396.384 587.000JPM Global Natural Resources B (dist) - EUR - 93,070.215 17,611.884 75,458.331JPM Global Natural Resources C (acc) - EUR 978,965.943 410,409.922 602,530.805 786,845.060JPM Global Natural Resources C (acc) - USD 2,745,368.134 459,354.528 746,669.456 2,458,053.206JPM Global Natural Resources D (acc) - EUR 8,241,334.786 4,077,497.414 5,362,848.753 6,955,983.447JPM Global Natural Resources D (acc) - USD 394,689.910 70,421.143 179,063.941 286,047.112JPM Global Natural Resources I (acc) - EUR 183,145.780 - - 183,145.780JPM Global Natural Resources I (acc) - USD* - 7.361 7.361 -JPM Global Natural Resources I (dist) - EUR - 7.390 - 7.390JPM Global Natural Resources X (acc) - EUR 37,979.530 23,199.028 23,291.817 37,886.741JPM Global Natural Resources X (dist) - AUD - 49,600.000 - 49,600.000

JPMorgan Funds - Global Short Duration Bond FundJPM Global Short Duration Bond A (acc) - EUR (hedged) 4,507,591.369 6,387,651.675 8,291,414.870 2,603,828.174JPM Global Short Duration Bond A (acc) - USD 14,440,426.627 29,883,932.900 36,757,952.079 7,566,407.448JPM Global Short Duration Bond B (acc) - EUR (hedged) 156,356.607 74,341.836 143,436.678 87,261.765JPM Global Short Duration Bond B (acc) - USD 295,454.240 781,584.336 831,205.360 245,833.216JPM Global Short Duration Bond C (acc) - EUR (hedged) 912,163.623 1,937,819.565 2,641,481.259 208,501.929JPM Global Short Duration Bond C (acc) - USD 4,465,052.737 10,669,259.769 8,075,112.418 7,059,200.088JPM Global Short Duration Bond C (dist) - EUR (hedged) 16,235.187 31,993.079 45,681.366 2,546.900JPM Global Short Duration Bond C (dist) - GBP (hedged) 2,430,396.672 1,659,996.282 3,951,464.408 138,928.546JPM Global Short Duration Bond C (dist) - USD 16,415.364 74,228.724 85,744.205 4,899.883JPM Global Short Duration Bond D (acc) - EUR (hedged) 110,585.474 24,930.217 95,235.928 40,279.763JPM Global Short Duration Bond I (acc) - EUR (hedged) - 2,749,880.002 1,726,940.185 1,022,939.817JPM Global Short Duration Bond I (acc) - USD - 5,747,358.200 825,887.860 4,921,470.340JPM Global Short Duration Bond I (dist) - EUR (hedged) - 122,506.767 77,060.313 45,446.454JPM Global Short Duration Bond I (dist) - GBP (hedged) - 323,241.551 155,306.251 167,935.300JPM Global Short Duration Bond I (dist) - USD - 181,230.419 24,287.924 156,942.495JPM Global Short Duration Bond X (acc) - EUR (hedged) 1,704,963.353 953,251.587 613,203.321 2,045,011.619JPM Global Short Duration Bond X (acc) - GBP (hedged) - 1,994,680.851 - 1,994,680.851JPM Global Short Duration Bond X (acc) - USD 467,723.759 668,244.387 454,730.116 681,238.030JPM Global Short Duration Bond X (dist) - GBP (hedged) 10.085 - - 10.085

JPMorgan Funds - Global Unconstrained Equity FundJPM Global Unconstrained Equity A (acc) - EUR 8,324.646 - 2,140.326 6,184.320JPM Global Unconstrained Equity A (acc) - EUR (hedged) 77,211.031 167,179.046 42,515.621 201,874.456JPM Global Unconstrained Equity A (acc) - USD 93,665.593 18,294.471 5,888.259 106,071.805JPM Global Unconstrained Equity A (dist) - EUR (hedged) 2,479,989.340 22,593.671 187,651.576 2,314,931.435JPM Global Unconstrained Equity A (dist) - USD 188,827.957 10,037.563 47,304.109 151,561.411JPMorgan Global Unconstrained Equity A (dist) - USD 958,071.308 741,088.842 578,281.323 1,120,878.827JPM Global Unconstrained Equity C (acc) - EUR (hedged) 5,853,021.757 77,078.137 - 5,930,099.894JPM Global Unconstrained Equity C (acc) - USD 5,591,261.272 152,000.000 287,910.000 5,455,351.272JPM Global Unconstrained Equity D (acc) - EUR (hedged) 194,786.879 40,810.423 59,966.417 175,630.885JPM Global Unconstrained Equity D (acc) - USD 123,050.059 28,162.453 47,794.533 103,417.979JPM Global Unconstrained Equity X (acc) - EUR 5,389,177.007 2,595,652.519 2,621,553.653 5,363,275.873JPM Global Unconstrained Equity X (acc) - EUR (hedged) 22,760.000 - 15,931.107 6,828.893JPM Global Unconstrained Equity X (acc) - USD 19,776.052 29,678.325 - 49,454.377JPM Global Unconstrained Equity X (dist) - AUD - 49,600.000 - 49,600.000

JPMorgan Funds - Greater China FundJPMorgan Greater China A (acc) - SGD 33,853.675 12,835.337 10,201.781 36,487.231JPMorgan Greater China A (acc) - USD 13,622,570.624 5,529,342.725 13,087,747.801 6,064,165.548JPMorgan Greater China A (dist) - HKD 2,657,618.707 905,592.387 1,312,483.861 2,250,727.233JPMorgan Greater China A (dist) - USD 13,011,724.686 6,915,947.950 10,097,271.829 9,830,400.807JPMorgan Greater China B (acc) - USD 956,325.433 649,127.850 598,354.927 1,007,098.356JPMorgan Greater China B (dist) - USD - 26,592.005 4,036.626 22,555.379JPMorgan Greater China C (acc) - USD 2,811,790.197 3,034,974.837 1,449,030.753 4,397,734.281JPMorgan Greater China C (dist) - USD** - 1,403.621 - 1,403.621JPMorgan Greater China D (acc) - EUR 144,105.843 126,897.103 94,239.094 176,763.852JPMorgan Greater China D (acc) - USD 1,807,864.369 400,937.308 845,778.468 1,363,023.209JPMorgan Greater China I (acc) - USD 2,892,297.258 7,535,109.563 4,225,612.463 6,201,794.358JPMorgan Greater China I (dist) - USD - 2,936.456 2,433.569 502.887JPMorgan Greater China T (acc) - EUR 25,150.261 2,870.356 9,029.176 18,991.441

JPMorgan Funds - Indonesia Equity FundJPMorgan Indonesia Equity A (acc) - USD 29,276.083 49,189.313 50,724.035 27,741.361JPMorgan Indonesia Equity B (acc) - USD 7,672.369 - 1,550.000 6,122.369JPMorgan Indonesia Equity C (acc) - USD 5,000.000 79,689.288 71,492.580 13,196.708JPMorgan Indonesia Equity D (acc) - EUR 53,106.733 25,707.165 33,411.643 45,402.255JPMorgan Indonesia Equity D (acc) - USD 16,171.320 23,374.775 16,740.614 22,805.481JPMorgan Indonesia Equity X (acc) - JPY 5,270,209.245 1,695,108.318 2,777,529.701 4,187,787.862

32




of the Year


of the Year

JPMorgan Funds - Japan Equity Fund (2)JPMorgan Japan Equity A (acc) - EUR 381,840.822 328,837.205 519,460.616 191,217.411JPMorgan Japan Equity A (acc) - EUR (hedged) - 200,456.940 140,251.903 60,205.037JPMorgan Japan Equity A (acc) - JPY 938,229.435 6,107,570.120 3,784,364.655 3,261,434.900JPMorgan Japan Equity A (acc) - USD 6,747,496.868 11,471,947.852 14,159,027.296 4,060,417.424JPMorgan Japan Equity A (acc) - USD (hedged) - 1,107,317.737 370,399.405 736,918.332JPMorgan Japan Equity A (dist) - GBP 45,991.436 21,331.415 36,106.931 31,215.920JPMorgan Japan Equity A (dist) - GBP (hedged) - 5,765.381 - 5,765.381JPMorgan Japan Equity A (dist) - SGD - 40,906.754 - 40,906.754JPMorgan Japan Equity A (dist) - USD 4,956,854.486 6,505,876.199 7,191,626.502 4,271,104.183JPMorgan Japan Equity B (acc) - EUR - 5,427.077 3,498.482 1,928.595JPMorgan Japan Equity B (acc) - USD 832,630.353 612,136.143 867,850.741 576,915.755JPMorgan Japan Equity B (dist) - GBP - 115,373.847 22,424.926 92,948.921JPMorgan Japan Equity B (dist) - USD - 16,679.964 2,183.998 14,495.966JPMorgan Japan Equity C (acc) - USD 677,485.587 14,150,370.133 457,804.182 14,370,051.538JPMorgan Japan Equity C (acc) - USD (hedged) - 18,945.032 - 18,945.032JPMorgan Japan Equity C (dist) - USD 520.044 12.388 - 532.432JPMorgan Japan Equity D (acc) - EUR 159,829.888 332,362.684 418,726.517 73,466.055JPMorgan Japan Equity D (acc) - USD 1,979,714.409 1,522,449.380 1,149,652.899 2,352,510.890JPMorgan Japan Equity I (acc) - USD 102,634.980 7,292,629.341 4,111,321.993 3,283,942.328JPMorgan Japan Equity J (dist) - USD 1,720,626.452 4,098,853.145 3,457,429.152 2,362,050.445JPMorgan Japan Equity X (acc) - USD 21,213.353 22,821.497 5,448.054 38,586.796

JPMorgan Funds - Latin America Equity FundJPM Latin America Equity A (acc) - EUR 16,933.296 28,128.084 10,619.543 34,441.837JPM Latin America Equity A (acc) - SGD 1,651.971 7.483 1,559.454 100.000JPM Latin America Equity A (acc) - USD 7,502,843.824 5,534,513.083 4,492,221.903 8,545,135.004JPM Latin America Equity A (dist) - USD 4,090,494.243 336,265.462 1,594,566.902 2,832,192.803JPMorgan Latin America Equity A (dist) - USD 5,854,264.560 2,606,284.897 2,826,258.774 5,634,290.683JPM Latin America Equity B (acc) - EUR - 5,799.917 1,315.516 4,484.401JPM Latin America Equity B (acc) - USD 2,541,242.343 2,705,236.618 2,705,444.664 2,541,034.297JPM Latin America Equity B (dist) - USD 8,707.000 43,218.772 17,399.998 34,525.774JPM Latin America Equity C (acc) - EUR - 6,452.729 - 6,452.729JPM Latin America Equity C (acc) - USD 2,400,699.308 1,323,162.252 1,249,749.274 2,474,112.286JPM Latin America Equity D (acc) - EUR 50,912.920 28,612.307 31,109.956 48,415.271JPM Latin America Equity D (acc) - USD 1,941,165.518 79,646.126 752,222.870 1,268,588.774JPM Latin America Equity I (acc) - EUR - 675,000.000 310,000.000 365,000.000JPM Latin America Equity I (acc) - JPY 1,710,723.065 389,729.496 1,457,169.223 643,283.338JPM Latin America Equity I (acc) - USD 19,882,043.684 20,056,589.914 18,258,136.077 21,680,497.521JPM Latin America Equity I (dist) - USD - 2,118.273 - 2,118.273JPM Latin America Equity T (acc) - EUR 4,510.949 - 1,838.677 2,672.272JPM Latin America Equity X (acc) - USD 2,441,151.078 40,263.951 91,151.078 2,390,263.951

JPMorgan Funds - Russia FundJPM Russia A (acc) - USD 21,534,950.607 5,477,484.409 17,621,985.072 9,390,449.944JPM Russia A (dist) - USD 28,153,070.068 28,128,352.813 29,423,789.704 26,857,633.177JPM Russia B (acc) - USD 2,378,987.570 2,275,351.236 3,363,315.179 1,291,023.627JPM Russia B (dist) - USD - 1,696.742 0.437 1,696.305JPM Russia C (acc) - USD 3,305,541.197 2,144,810.691 2,477,731.951 2,972,619.937JPM Russia D (acc) - EUR - 4,176.288 - 4,176.288JPM Russia D (acc) - USD 7,751,407.126 1,267,884.886 3,067,292.269 5,951,999.743JPM Russia I (acc) - USD 48,688,847.714 3,355,388.613 51,419,665.921 624,570.406JPM Russia T (acc) - EUR 2,858.410 5,443.650 3,149.551 5,152.509

JPMorgan Funds - US Aggregate Bond FundJPM US Aggregate Bond A (acc) - EUR (hedged) 193,000.478 3,252.568 149,043.312 47,209.734JPM US Aggregate Bond A (acc) - USD 50,313,852.839 11,701,180.348 36,862,900.287 25,152,132.900JPM US Aggregate Bond A (div) - USD 10,440.898 3,831.280 4,391.928 9,880.250JPM US Aggregate Bond A (inc) - USD 21,846,976.549 4,786,693.373 18,671,066.927 7,962,602.995JPM US Aggregate Bond A (mth) - HKD 1,256,276.463 1,456,713.880 2,403,563.843 309,426.500JPM US Aggregate Bond A (mth) - SGD 205,576.396 8,870.618 154,336.994 60,110.020JPM US Aggregate Bond A (mth) - SGD (hedged) 4,329,360.931 70,446.167 3,078,454.341 1,321,352.757JPM US Aggregate Bond A (mth) - USD 23,017,076.564 2,890,854.817 16,636,589.313 9,271,342.068JPM US Aggregate Bond B (acc) - EUR (hedged) 19,267.823 27,507.574 26,517.682 20,257.715JPM US Aggregate Bond B (acc) - USD 11,130,412.720 3,265,171.369 8,173,512.453 6,222,071.636JPM US Aggregate Bond B (mth) - USD 140,432.165 55,940.000 141,406.491 54,965.674JPM US Aggregate Bond C (acc) - USD 13,363,243.942 1,360,265.616 11,482,628.660 3,240,880.898JPM US Aggregate Bond C (dist) - GBP (hedged)* 15.763 - 15.763 -JPM US Aggregate Bond C (inc) - USD - 133,369.485 - 133,369.485JPM US Aggregate Bond D (acc) - EUR (hedged) 107,254.666 15,104.186 64,160.342 58,198.510JPM US Aggregate Bond D (acc) - USD 3,011,192.221 604,177.676 1,430,010.005 2,185,359.892JPM US Aggregate Bond I (acc) - USD 42,545.865 588,625.937 190,039.432 441,132.370JPM US Aggregate Bond I (inc) - USD - 63,277.832 7,682.271 55,595.561JPM US Aggregate Bond I (mth) - USD 1,266,488.839 341,437.439 1,585,644.531 22,281.747JPM US Aggregate Bond X (acc) - EUR (hedged)* 1,023,498.175 46,595.947 1,070,094.122 -JPM US Aggregate Bond X (acc) - USD 12,282,249.346 2,494,721.595 6,964,566.014 7,812,404.927JPM US Aggregate Bond X (dist) - GBP (hedged)* 58,679.611 8,375.903 67,055.514 -JPM US Aggregate Bond X (dist) - USD - 7,582.076 7,572.075 10.001

JPMorgan Funds - US Dollar Money Market Fund (3)JPM US Dollar Money Market A (acc) - USD - 153,425.263 2,252.047 151,173.216JPMorgan US Dollar Money Market A (acc) - USD - 3,543,439.506 172,800.705 3,370,638.801

(2) This Sub-Fund changed its currency to JPY on 2 December 2013.(3) This Sub-Fund was launched on 6 June 2014.

33




of the Year


of the Year

JPMorgan Funds - US Growth FundJPM US Growth A (acc) - EUR (hedged) 1,128,278.318 314,983.479 986,627.449 456,634.348JPM US Growth A (acc) - USD 28,930,415.877 5,291,624.628 23,552,303.139 10,669,737.366JPM US Growth A (dist) - GBP 195,017.391 101,403.925 147,603.228 148,818.088JPM US Growth A (dist) - USD 3,973,608.511 2,965,231.013 3,952,477.209 2,986,362.315JPM US Growth B (acc) - EUR (hedged) 53,027.194 494.343 29,865.813 23,655.724JPM US Growth B (acc) - USD 4,656,499.482 1,091,044.290 3,204,929.832 2,542,613.940JPM US Growth B (dist) - USD 51,126.541 8.606 500.291 50,634.856JPM US Growth C (acc) - EUR (hedged) 2,352,677.025 2,062,135.097 1,363,989.501 3,050,822.621JPM US Growth C (acc) - USD 18,117,113.871 5,044,729.437 15,548,553.447 7,613,289.861JPM US Growth C (dist) - GBP 317,477.291 20,744.310 217,951.056 120,270.545JPM US Growth C (dist) - USD 213,218.539 44,976.775 249,315.166 8,880.148JPM US Growth D (acc) - EUR (hedged) 211,884.432 318,770.302 335,827.572 194,827.162JPM US Growth D (acc) - USD 560,486.630 430,814.684 341,348.172 649,953.142JPM US Growth I (acc) - EUR (hedged) - 367,635.690 81,765.159 285,870.531JPM US Growth I (acc) - JPY 5,374,218.203 247,648.793 2,994,043.215 2,627,823.781JPM US Growth I (acc) - USD - 5,056,822.304 1,916,769.290 3,140,053.014JPM US Growth I (dist) - GBP - 185,574.787 68,245.124 117,329.663JPM US Growth I (dist) - USD - 457,735.757 108,620.505 349,115.252JPM US Growth P (dist) - USD - 100.000 - 100.000JPM US Growth T (acc) - EUR (hedged) 1,005.008 11,682.701 6,944.519 5,743.190JPM US Growth X (acc) - USD 6,089,609.982 10,073,440.891 4,334,672.588 11,828,378.285JPM US Growth X (dist) - USD 28,603.666 82,144.500 8,586.665 102,161.501

JPMorgan Funds - US Smaller Companies FundJPM US Smaller Companies A (acc) - USD 23,113,991.102 13,224,198.573 24,411,360.949 11,926,828.726JPM US Smaller Companies A (dist) - USD 469,363.387 390,192.168 380,659.610 478,895.945JPMorgan US Smaller Companies A (dist) - USD 816,925.577 9,232,593.476 7,099,987.134 2,949,531.919JPM US Smaller Companies B (acc) - USD 264,420.770 142,580.589 193,779.124 213,222.235JPM US Smaller Companies B (dist) - USD 2,172.386 5,768.245 861.354 7,079.277JPM US Smaller Companies C (acc) - USD 423,065.815 2,171,372.326 1,374,380.328 1,220,057.813JPM US Smaller Companies C (dist) - USD - 171,236.658 171,057.536 179.122JPM US Smaller Companies D (acc) - USD 473,592.410 312,070.322 246,172.693 539,490.039JPM US Smaller Companies I (acc) - EUR (hedged) - 14,908.764 - 14,908.764JPM US Smaller Companies I (acc) - USD - 1,488,781.906 54,048.605 1,434,733.301JPM US Smaller Companies I (dist) - USD - 149,959.520 3,152.169 146,807.351JPM US Smaller Companies P (dist) - USD* - 6,008.367 6,008.367 -JPM US Smaller Companies X (acc) - USD 993,726.047 21,602.000 281,453.047 733,875.000

JPMorgan Funds - US Technology FundJPM US Technology A (acc) - EUR 28,237.320 280,861.508 36,372.643 272,726.185JPM US Technology A (acc) - SGD 5,235.344 1,328.351 1,047.256 5,516.439JPM US Technology A (acc) - USD 3,156,091.805 8,784,314.024 5,126,976.067 6,813,429.762JPM US Technology A (dist) - GBP 574,993.205 195,497.335 194,708.748 575,781.792JPM US Technology A (dist) - USD 5,821,478.176 5,426,061.203 2,955,348.545 8,292,190.834JPMorgan US Technology A (dist) - USD 15,574,596.395 106,009,745.123 77,362,705.702 44,221,635.816JPM US Technology B (acc) - USD 158,786.299 184,448.241 146,958.449 196,276.091JPM US Technology B (dist) - USD 8,944.378 262.032 2.467 9,203.943JPM US Technology C (acc) - USD 1,895,426.413 4,381,784.712 1,635,669.770 4,641,541.355JPM US Technology C (dist) - USD 113,332.657 22,549.242 17,204.015 118,677.884JPM US Technology D (acc) - EUR 36,952.025 41,992.390 43,420.852 35,523.563JPM US Technology D (acc) - USD 6,239,031.916 3,672,029.299 4,271,970.518 5,639,090.697JPM US Technology I (acc) - EUR* - 10.016 10.016 -JPM US Technology I (acc) - USD** - 169.775 10.000 159.775JPM US Technology I (dist) - USD - 10.000 - 10.000

JPMorgan Funds - US Value FundJPM US Value A (acc) - EUR (hedged) 4,378,131.256 4,014,106.434 3,681,810.605 4,710,427.085JPM US Value A (acc) - SGD - 124.500 - 124.500JPM US Value A (acc) - USD 29,954,094.303 28,121,473.350 26,160,077.943 31,915,489.710JPM US Value A (dist) - GBP 492,315.627 90,269.489 203,481.578 379,103.538JPM US Value A (dist) - USD 24,257,230.904 13,019,018.458 19,616,220.980 17,660,028.382JPMorgan US Value A (dist) - USD 598,967.437 4,206,510.046 2,705,347.735 2,100,129.748JPM US Value B (acc) - EUR (hedged) 103,158.245 375,665.730 153,035.925 325,788.050JPM US Value B (acc) - USD 2,927,839.341 7,216,387.572 4,985,451.708 5,158,775.205JPM US Value B (dist) - USD 258,125.372 3,244,743.210 314,312.481 3,188,556.101JPM US Value C (acc) - EUR (hedged) 4,764,261.933 4,374,816.864 6,019,259.767 3,119,819.030JPM US Value C (acc) - USD 63,495,372.183 35,026,694.263 33,165,747.694 65,356,318.752JPM US Value C (dist) - GBP 15.770 965,910.961 37,881.67 928,045.061JPM US Value D (acc) - EUR (hedged) 2,968,727.677 1,676,820.319 1,437,067.979 3,208,480.017JPM US Value D (acc) - USD 3,262,009.714 3,040,562.828 2,120,808.265 4,181,764.277JPM US Value I (acc) - EUR (hedged) - 452,048.774 143,257.062 308,791.712JPM US Value I (acc) - USD 499,489.237 2,573,614.903 920,150.724 2,152,953.416JPM US Value I (dist) - GBP - 52,252.989 14,445.279 37,807.710JPM US Value I (dist) - USD - 135,302.297 48,093.676 87,208.621JPM US Value X (acc) - USD 7,350,261.060 6,233,607.334 5,679,909.747 7,903,958.647

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

34

JPMorgan FundsStatistical Information (continued)

As at 30 June 2014

Net Asset Value per Share in Share Class Currency

30 June 2014 30 June 2013 30 June 2012

JPMorgan Funds - Africa Equity FundJPM Africa Equity A (acc) - EUR 20.32 17.59 16.52JPM Africa Equity A (acc) - USD 12.99 10.73 9.80JPM Africa Equity A (dist) - GBP 8.20 7.66 6.88JPM Africa Equity A (dist) - USD 109.45 - -JPM Africa Equity A (inc) - EUR 80.11 69.70 66.60JPM Africa Equity B (acc) - EUR 84.13 - -JPM Africa Equity B (acc) - USD 16.58 13.58 12.33JPM Africa Equity B (dist) - GBP 62.68 - -JPM Africa Equity C (acc) - USD 15.65 12.79 11.60JPM Africa Equity C (dist) - GBP 69.78 65.01 -JPM Africa Equity D (acc) - EUR 101.22 88.31 83.39JPM Africa Equity D (acc) - USD 12.46 10.37 9.52JPM Africa Equity I (acc) - USD 129.48 105.92 96.49JPM Africa Equity T (acc) - EUR 85.43 74.63 -

JPMorgan Funds - America Equity FundJPM America Equity A (acc) - AUD 11.38 - -JPM America Equity A (acc) - AUD (hedged) 11.14 - -JPM America Equity A (acc) - EUR 90.90 76.39 -JPM America Equity A (acc) - EUR (hedged) 10.84 8.68 7.21JPM America Equity A (acc) - HKD 14.83 11.91 -JPM America Equity A (acc) - USD 17.69 14.18 11.71JPM America Equity A (dist) - USD 134.22 107.57 88.88JPMorgan America Equity A (dist) - USD 72.01 57.71 47.69JPM America Equity B (acc) - USD 20.76 16.51 13.54JPM America Equity B (dist) - USD 117.12 - -JPM America Equity C (acc) - EUR (hedged) 10.88 8.62 7.08JPM America Equity C (acc) - USD 21.46 17.01 13.91JPM America Equity C (dist) - USD 141.52 112.27 -JPM America Equity D (acc) - EUR 11.15 9.44 8.09JPM America Equity D (acc) - EUR (hedged) 10.28 8.29 6.94JPM America Equity D (acc) - USD 15.96 12.89 10.73JPM America Equity I (acc) - USD 145.29 115.07 -JPM America Equity I (dist) - USD 106.04 - -JPM America Equity X (acc) - USD 21.33 16.78 13.63

JPMorgan Funds - Asia Pacific Income FundJPMorgan Asia Pacific Income A (acc) - HKD 11.67 10.71 -JPMorgan Asia Pacific Income A (acc) - USD 18.78 17.21 14.94JPMorgan Asia Pacific Income A (dist) - USD 30.07 28.74 25.56JPMorgan Asia Pacific Income A (irc) - AUD (hedged) 10.19 - -JPMorgan Asia Pacific Income A (irc) - CAD (hedged) 10.19 - -JPMorgan Asia Pacific Income A (irc) - EUR (hedged) 10.25 - -JPMorgan Asia Pacific Income A (irc) - GBP (hedged) 10.25 - -JPMorgan Asia Pacific Income A (irc) - NZD (hedged) 10.25 - -JPMorgan Asia Pacific Income A (irc) - RMB (hedged) 10.61 - -JPMorgan Asia Pacific Income A (mth) - HKD 13.08 12.65 11.59JPMorgan Asia Pacific Income A (mth) - SGD 13.13 12.90 -JPMorgan Asia Pacific Income A (mth) - SGD (hedged) 12.18 11.78 -JPMorgan Asia Pacific Income A (mth) - USD 117.80 113.82 104.45JPMorgan Asia Pacific Income B (acc) - USD 13.83 12.58 10.84JPMorgan Asia Pacific Income B (mth) - USD 113.71 109.10 -JPMorgan Asia Pacific Income C (dist) - USD 113.42 107.32 -JPMorgan Asia Pacific Income D (acc) - USD 25.05 23.07 20.10JPMorgan Asia Pacific Income D (mth) - USD 111.03 107.77 -JPMorgan Asia Pacific Income X (acc) - USD 107.72 96.96 -

JPMorgan Funds - Asia Pacific Strategic Equity Fund (1)JPM Asia Pacific Strategic Equity A (acc) - EUR 12.33 - -JPM Asia Pacific Strategic Equity A (acc) - SGD 10.92 - -JPM Asia Pacific Strategic Equity A (acc) - USD 16.83 - -JPM Asia Pacific Strategic Equity A (dist) - GBP 65.40 - -JPM Asia Pacific Strategic Equity A (dist) - USD 107.81 - -JPM Asia Pacific Strategic Equity B (acc) - EUR 84.92 - -JPM Asia Pacific Strategic Equity B (acc) - USD 112.20 - -JPM Asia Pacific Strategic Equity B (dist) - USD 112.19 - -JPM Asia Pacific Strategic Equity C (acc) - EUR 85.26 - -JPM Asia Pacific Strategic Equity C (acc) - USD 112.38 - -JPM Asia Pacific Strategic Equity D (acc) - EUR 81.14 - -JPM Asia Pacific Strategic Equity D (acc) - USD 110.87 - -JPM Asia Pacific Strategic Equity X (acc) - USD 129.50 - -


35


As at 30 June 2014


30 June 2014 30 June 2013 30 June 2012

JPMorgan Funds - Brazil Equity FundJPM Brazil Equity A (acc) - EUR 52.32 52.74 59.87JPM Brazil Equity A (acc) - SGD 9.89 9.66 10.64JPM Brazil Equity A (acc) - USD 8.26 7.94 8.77JPM Brazil Equity A (dist) - USD 7.73 7.57 8.48JPM Brazil Equity B (acc) - USD 9.79 9.34 10.23JPM Brazil Equity C (acc) - USD 15.96 15.21 16.66JPM Brazil Equity D (acc) - EUR 57.22 58.25 66.79JPM Brazil Equity D (acc) - USD 7.76 7.54 8.40JPM Brazil Equity I (acc) - EUR 61.76 61.72 69.46JPM Brazil Equity I (acc) - USD 8.75 8.34 9.12JPM Brazil Equity T (acc) - EUR 51.41 52.35 60.02

JPMorgan Funds - China FundJPMorgan China A (acc) - SGD 11.70 10.52 9.99JPMorgan China A (acc) - USD 28.05 24.82 23.59JPMorgan China A (dist) - HKD 10.41 9.33 8.94JPMorgan China A (dist) - USD 45.01 40.07 38.22JPMorgan China B (acc) - USD 21.52 18.90 17.83JPMorgan China B (dist) - USD 107.62 - -JPMorgan China C (acc) - USD 29.33 25.72 24.22JPMorgan China C (dist) - USD 116.73 106.55 -JPMorgan China D (acc) - EUR 72.86 68.28 67.40JPMorgan China D (acc) - USD 33.11 29.59 28.40JPMorgan China I (acc) - USD** 97.37 - 8.86JPMorgan China I (dist) - USD 98.04 - -JPMorgan China T (acc) - EUR 65.10 61.00 60.21JPMorgan China X (acc) - USD 110.64 96.25 89.89

JPMorgan Funds - Eastern Europe Equity FundJPM Eastern Europe Equity A (acc) - EUR 17.12 17.30 16.57JPM Eastern Europe Equity A (acc) - USD 118.04 113.75 105.98JPM Eastern Europe Equity A (dist) - EUR 40.48 41.51 40.30JPMorgan Eastern Europe Equity A (dist) - EUR 27.07 27.77 26.96JPM Eastern Europe Equity B (acc) - EUR 8.52 8.54 8.13JPM Eastern Europe Equity B (dist) - EUR 95.58 97.09 -JPM Eastern Europe Equity C (acc) - EUR 17.47 17.50 16.64JPM Eastern Europe Equity D (acc) - EUR 28.13 28.71 27.77JPM Eastern Europe Equity I (acc) - EUR 14.24 14.28 13.57JPM Eastern Europe Equity X (acc) - EUR 21.57 21.41 20.17

JPMorgan Funds - Emerging Europe, Middle East and Africa Equity FundJPM Emerging Europe, Middle East and Africa Equity A (acc) - EUR 16.79 15.89 15.51JPM Emerging Europe, Middle East and Africa Equity A (acc) - SGD* - 12.84 12.17JPM Emerging Europe, Middle East and Africa Equity A (acc) - USD 21.36 19.29 18.30JPM Emerging Europe, Middle East and Africa Equity A (dist) - USD 58.79 53.65 51.70JPM Emerging Europe, Middle East and Africa Equity B (acc) - USD 13.78 12.35 11.63JPM Emerging Europe, Middle East and Africa Equity B (dist) - USD 105.51 - -JPM Emerging Europe, Middle East and Africa Equity C (acc) - USD 23.75 21.26 20.01JPM Emerging Europe, Middle East and Africa Equity D (acc) - EUR 81.62 78.06 76.95JPM Emerging Europe, Middle East and Africa Equity D (acc) - USD 43.31 39.50 37.86JPM Emerging Europe, Middle East and Africa Equity I (acc) - USD 118.81 106.29 99.97JPM Emerging Europe, Middle East and Africa Equity T (acc) - EUR 69.65 66.62 65.67JPM Emerging Europe, Middle East and Africa Equity X (acc) - USD 12.15 10.77 10.05

JPMorgan Funds - Emerging Markets Corporate Bond FundJPM Emerging Markets Corporate Bond A (acc) - CHF (hedged) 90.28 - -JPM Emerging Markets Corporate Bond A (acc) - EUR (hedged) 105.48 97.50 92.81JPM Emerging Markets Corporate Bond A (acc) - USD 135.12 124.77 118.34JPM Emerging Markets Corporate Bond A (acc) - USD - Duration (hedged) 101.85 - -JPM Emerging Markets Corporate Bond A (div) - EUR (hedged) 80.16 78.04 78.87JPM Emerging Markets Corporate Bond A (inc) - EUR (hedged) 82.90 79.62 76.63JPM Emerging Markets Corporate Bond A (irc) - AUD (hedged) 10.29 - -JPM Emerging Markets Corporate Bond A (mth) - USD 96.30 93.71 -JPM Emerging Markets Corporate Bond B (acc) - EUR (hedged) 76.56 70.38 -JPM Emerging Markets Corporate Bond B (acc) - USD 128.34 117.86 111.15JPM Emerging Markets Corporate Bond B (inc) - EUR (hedged) 79.93 - -JPM Emerging Markets Corporate Bond C (acc) - EUR 77.31 - -JPM Emerging Markets Corporate Bond C (acc) - EUR (hedged) 92.34 84.75 -JPM Emerging Markets Corporate Bond C (acc) - USD 131.40 120.48 113.54JPM Emerging Markets Corporate Bond C (acc) - USD - Duration (hedged) 101.96 - -JPM Emerging Markets Corporate Bond C (dist) - GBP (hedged) 61.56 - -JPM Emerging Markets Corporate Bond C (dist) - USD 102.82 - -JPM Emerging Markets Corporate Bond C (div) - EUR (hedged) 74.55 72.08 -JPM Emerging Markets Corporate Bond D (acc) - EUR (hedged) 99.72 92.65 88.60JPM Emerging Markets Corporate Bond D (div) - EUR (hedged) 79.15 77.46 78.61JPM Emerging Markets Corporate Bond I (acc) - EUR 78.20 - -JPM Emerging Markets Corporate Bond I (dist) - CHF (hedged) 96.89 - -JPM Emerging Markets Corporate Bond T (acc) - EUR (hedged) 88.96 82.65 -JPM Emerging Markets Corporate Bond X (acc) - EUR (hedged) 77.42 - -JPM Emerging Markets Corporate Bond X (acc) - USD** 108.48 - 106.96JPM Emerging Markets Corporate Bond X (inc) - EUR (hedged) 74.50 - -JPM Emerging Markets Corporate Bond Y (acc) - EUR (hedged) 79.59 72.66 -JPM Emerging Markets Corporate Bond Y (acc) - USD 104.59 95.32 -

36


As at 30 June 2014


30 June 2014 30 June 2013 30 June 2012

JPMorgan Funds - Emerging Markets Debt FundJPM Emerging Markets Debt A (acc) - EUR (hedged) 13.58 12.45 12.25JPM Emerging Markets Debt A (acc) - GBP (hedged)* - 57.32 -JPM Emerging Markets Debt A (acc) - USD 18.35 16.81 16.48JPM Emerging Markets Debt A (dist) - GBP 63.11 - -JPM Emerging Markets Debt A (inc) - EUR (hedged) 9.83 9.44 9.71JPM Emerging Markets Debt A (inc) - USD 107.93 103.64 102.08JPM Emerging Markets Debt A (irc) - AUD (hedged) 9.07 8.93 -JPM Emerging Markets Debt A (irc) - CAD (hedged) 9.65 9.48 -JPM Emerging Markets Debt A (irc) - NZD (hedged) 11.44 11.25 -JPM Emerging Markets Debt A (irc) - RMB (hedged) 10.41 - -JPM Emerging Markets Debt A (mth) - EUR (hedged) 10.65 10.46 11.00JPM Emerging Markets Debt A (mth) - HKD 10.96 10.77 11.28JPM Emerging Markets Debt A (mth) - USD 15.02 14.73 15.44JPM Emerging Markets Debt B (acc) - EUR (hedged) 14.06 12.84 12.58JPM Emerging Markets Debt B (acc) - USD 113.93 103.93 101.42JPM Emerging Markets Debt B (inc) - EUR (hedged) 81.80 - -JPM Emerging Markets Debt C (acc) - EUR (hedged) 14.01 12.73 12.43JPM Emerging Markets Debt C (acc) - USD* - 110.50 107.41JPM Emerging Markets Debt C (dist) - USD 110.39 106.08 103.47JPM Emerging Markets Debt C (mth) - USD* - 92.89 -JPM Emerging Markets Debt D (acc) - EUR (hedged) 15.33 14.16 14.03JPM Emerging Markets Debt I (acc) - EUR (hedged) 80.32 72.97 -JPM Emerging Markets Debt I (acc) - USD 107.60 - -JPM Emerging Markets Debt I (dist) - USD 107.12 - -JPM Emerging Markets Debt I (inc) - EUR (hedged) 10.53 10.11 10.39JPM Emerging Markets Debt X (acc) - EUR (hedged) 85.80 77.55 75.25JPM Emerging Markets Debt X (acc) - GBP (hedged) 80.07 72.22 69.86JPM Emerging Markets Debt X (dist) - USD 105.25 100.71 -

JPMorgan Funds - Emerging Markets Equity FundJPM Emerging Markets Equity A (acc) - EUR 13.44 12.75 12.71JPM Emerging Markets Equity A (acc) - EUR (hedged) 82.80 74.84 73.06JPM Emerging Markets Equity A (acc) - SGD 14.35 13.20 12.78JPM Emerging Markets Equity A (acc) - USD 23.03 20.83 20.20JPM Emerging Markets Equity A (dist) - GBP 31.49 31.99 30.14JPM Emerging Markets Equity A (dist) - USD 32.09 29.06 28.23JPM Emerging Markets Equity B (acc) - EUR 81.80 - -JPM Emerging Markets Equity B (acc) - USD 25.62 23.00 22.13JPM Emerging Markets Equity B (dist) - GBP 62.89 - -JPM Emerging Markets Equity B (dist) - USD 109.80 - -JPM Emerging Markets Equity C (acc) - EUR 74.31 69.91 -JPM Emerging Markets Equity C (acc) - EUR (hedged) 82.20 73.71 -JPM Emerging Markets Equity C (acc) - USD 25.19 22.60 21.74JPM Emerging Markets Equity C (dist) - GBP 63.32 64.72 -JPM Emerging Markets Equity C (dist) - USD 102.62 93.81 91.45JPM Emerging Markets Equity D (acc) - EUR 9.23 8.84 8.91JPM Emerging Markets Equity D (acc) - EUR (hedged)* - 71.97 -JPM Emerging Markets Equity D (acc) - USD 34.68 31.68 31.03JPM Emerging Markets Equity I (acc) - EUR 13.89 13.05 12.89JPM Emerging Markets Equity I (acc) - EUR (hedged) 90.78 81.30 -JPM Emerging Markets Equity I (acc) - USD 16.96 15.19 14.60JPM Emerging Markets Equity I (dist) - GBP 61.04 - -JPM Emerging Markets Equity I (dist) - USD 106.22 - -JPM Emerging Markets Equity I (inc) - EUR 11.11 10.56 10.58JPM Emerging Markets Equity I (acc) - SGD* - - -JPM Emerging Markets Equity T (acc) - EUR 73.70 - -JPM Emerging Markets Equity X (acc) - EUR 79.95 74.50 73.01JPM Emerging Markets Equity X (acc) - EUR (hedged) 73.91 - -JPM Emerging Markets Equity X (acc) - USD 29.96 26.63 25.38JPM Emerging Markets Equity X (dist) - USD 19.80 17.97 17.49JPM Emerging Markets Equity X (inc) - EUR 12.08 11.49 11.50

37


As at 30 June 2014


30 June 2014 30 June 2013 30 June 2012

JPMorgan Funds - Emerging Markets Local Currency Debt FundJPM Emerging Markets Local Currency Debt A (acc) - EUR 13.70 13.89 14.22JPM Emerging Markets Local Currency Debt A (acc) - SGD 18.29 17.98 17.89JPM Emerging Markets Local Currency Debt A (acc) - USD 18.71 18.09 18.01JPM Emerging Markets Local Currency Debt A (dist) - GBP 72.65 82.32 84.14JPM Emerging Markets Local Currency Debt A (div) - EUR 85.43 93.57 103.02JPM Emerging Markets Local Currency Debt A (inc) - EUR 91.23 96.71 104.80JPM Emerging Markets Local Currency Debt A (irc) - AUD (hedged) 9.46 - -JPM Emerging Markets Local Currency Debt A (mth) - USD 13.28 13.89 14.90JPM Emerging Markets Local Currency Debt B (acc) - EUR 107.22 108.12 110.13JPM Emerging Markets Local Currency Debt B (acc) - USD 17.17 16.51 16.35JPM Emerging Markets Local Currency Debt B (inc) - EUR 78.35 - -JPM Emerging Markets Local Currency Debt B (mth) - USD 89.19 92.59 -JPM Emerging Markets Local Currency Debt C (acc) - EUR 107.66 108.41 110.27JPM Emerging Markets Local Currency Debt C (acc) - SEK 673.45 - -JPM Emerging Markets Local Currency Debt C (acc) - USD 16.48 15.83 15.65JPM Emerging Markets Local Currency Debt C (dist) - GBP 56.92 63.42 -JPM Emerging Markets Local Currency Debt C (div) - EUR 72.52 - -JPM Emerging Markets Local Currency Debt C (mth) - USD* - 89.98 -JPM Emerging Markets Local Currency Debt D (acc) - EUR 13.26 13.51 13.91JPM Emerging Markets Local Currency Debt D (acc) - USD 17.98 17.47 17.49JPM Emerging Markets Local Currency Debt D (div) - EUR 8.47 9.32 10.34JPM Emerging Markets Local Currency Debt D (mth) - USD 87.08 91.57 -JPM Emerging Markets Local Currency Debt I (acc) - EUR 106.72 107.39 109.19JPM Emerging Markets Local Currency Debt I (acc) - EUR (hedged) 71.62 68.85 -JPM Emerging Markets Local Currency Debt I (acc) - USD 144.69 138.85 137.26JPM Emerging Markets Local Currency Debt I (inc) - EUR 99.74 105.77 112.42JPM Emerging Markets Local Currency Debt T (acc) - EUR 102.74 104.70 107.77JPM Emerging Markets Local Currency Debt T (div) - EUR 83.52 91.92 102.01JPM Emerging Markets Local Currency Debt X (acc) - EUR* - 109.61 110.88JPM Emerging Markets Local Currency Debt X (acc) - EUR (hedged) 78.76 75.33 -JPM Emerging Markets Local Currency Debt X (acc) - USD 21.03 20.10 19.77JPM Emerging Markets Local Currency Debt Y (acc) - EUR 70.39 70.48 -JPM Emerging Markets Local Currency Debt Y (acc) - GBP 87.71 93.88 89.56

JPMorgan Funds - Emerging Markets Opportunities FundJPM Emerging Markets Opportunities A (acc) - CHF (hedged) 90.39 80.84 -JPM Emerging Markets Opportunities A (acc) - EUR 77.06 72.21 72.26JPM Emerging Markets Opportunities A (acc) - SGD 12.16 11.05 -JPM Emerging Markets Opportunities A (acc) - SGD (hedged) 12.12 10.85 -JPM Emerging Markets Opportunities A (acc) - USD 246.99 220.70 214.76JPM Emerging Markets Opportunities A (dist) - EUR 83.41 79.44 79.75JPM Emerging Markets Opportunities A (dist) - GBP 59.72 60.65 -JPM Emerging Markets Opportunities A (dist) - USD 102.52 92.61 -JPM Emerging Markets Opportunities A (inc) - EUR 74.56 70.50 -JPM Emerging Markets Opportunities B (acc) - EUR 75.31 - -JPM Emerging Markets Opportunities B (acc) - USD 321.49 285.11 275.37JPM Emerging Markets Opportunities B (dist) - EUR** 81.65 - -JPM Emerging Markets Opportunities B (dist) - GBP 57.42 57.84 -JPM Emerging Markets Opportunities B (dist) - USD 103.37 - -JPM Emerging Markets Opportunities C (acc) - EUR 73.54 - -JPM Emerging Markets Opportunities C (acc) - PLN 370.52 360.04 348.72JPM Emerging Markets Opportunities C (acc) - USD 342.39 303.49 292.98JPM Emerging Markets Opportunities C (dist) - GBP 58.39 58.82 -JPM Emerging Markets Opportunities C (dist) - USD 103.42 92.58 -JPM Emerging Markets Opportunities D (acc) - EUR 77.21 72.89 -JPM Emerging Markets Opportunities D (acc) - PLN 356.64 351.99 346.24JPM Emerging Markets Opportunities D (acc) - USD 113.16 101.88 -JPM Emerging Markets Opportunities I (acc) - EUR 84.51 78.46 -JPM Emerging Markets Opportunities I (acc) - USD 108.18 95.78 92.40JPM Emerging Markets Opportunities T (acc) - EUR 76.82 72.52 -JPM Emerging Markets Opportunities X (acc) - EUR 74.57 68.65 -JPM Emerging Markets Opportunities X (acc) - EUR (hedged) 74.21 - -JPM Emerging Markets Opportunities X (acc) - GBP 62.41 61.41 -JPM Emerging Markets Opportunities X (acc) - USD 388.93 341.43 326.60JPM Emerging Markets Opportunities X (dist) - AUD 10.23 - -

JPMorgan Funds - Emerging Markets Small Cap FundJPM Emerging Markets Small Cap A (acc) - EUR 8.72 8.01 7.28JPM Emerging Markets Small Cap A (acc) - USD 11.90 10.42 9.21JPM Emerging Markets Small Cap A (dist) - GBP 6.34 6.25 5.38JPM Emerging Markets Small Cap B (acc) - EUR 81.29 - -JPM Emerging Markets Small Cap B (acc) - USD 13.62 11.84 10.41JPM Emerging Markets Small Cap C (acc) - EUR 76.33 69.58 62.89JPM Emerging Markets Small Cap C (acc) - USD 18.87 16.41 14.43JPM Emerging Markets Small Cap D (acc) - EUR 90.59 83.99 76.95JPM Emerging Markets Small Cap D (acc) - USD 11.21 9.91 8.83JPM Emerging Markets Small Cap I (acc) - USD 110.22 95.79 84.54JPM Emerging Markets Small Cap T (acc) - EUR 90.51 83.91 -JPM Emerging Markets Small Cap Y (acc) - EUR 80.14 72.31 -

38


As at 30 June 2014


30 June 2014 30 June 2013 30 June 2012

JPMorgan Funds - Emerging Middle East Equity FundJPM Emerging Middle East Equity A (acc) - EUR 13.96 12.89 11.15JPM Emerging Middle East Equity A (acc) - SGD* - 13.71 11.48JPM Emerging Middle East Equity A (acc) - USD 19.99 17.60 14.55JPM Emerging Middle East Equity A (dist) - USD 26.04 23.31 19.51JPM Emerging Middle East Equity B (acc) - USD 21.45 18.76 15.38JPM Emerging Middle East Equity B (dist) - USD 112.69 - -JPM Emerging Middle East Equity C (acc) - USD 10.10 8.82 7.23JPM Emerging Middle East Equity D (acc) - EUR 89.42 83.39 72.92JPM Emerging Middle East Equity D (acc) - USD 24.63 21.91 18.29JPM Emerging Middle East Equity I (acc) - USD 108.88 95.02 77.82

JPMorgan Funds - Euro Money Market FundJPM Euro Money Market A (acc) - EUR 107.80 107.80 107.80JPMorgan Euro Money Market A (acc) - EUR 100.00 - -JPM Euro Money Market C (acc) - EUR** 100.00 - -JPM Euro Money Market D (acc) - EUR 108.91 108.91 108.91

JPMorgan Funds - Euroland Equity FundJPM Euroland Equity A (acc) - CHF (hedged) 137.79 - -JPM Euroland Equity A (acc) - EUR 13.84 10.72 8.70JPM Euroland Equity A (acc) - GBP (hedged) 95.06 - -JPM Euroland Equity A (acc) - USD (hedged) 155.43 - -JPM Euroland Equity A (dist) - EUR 42.31 33.21 27.46JPMorgan Euroland Equity A (dist) - USD 10.34 7.74 6.23JPM Euroland Equity A (inc) - EUR 7.52 5.90 4.87JPM Euroland Equity B (acc) - EUR 11.62 8.94 7.20JPM Euroland Equity B (dist) - EUR 130.02 102.09 -JPM Euroland Equity C (acc) - EUR 17.81 13.65 10.96JPM Euroland Equity D (acc) - EUR 10.34 8.07 6.60JPM Euroland Equity I (acc) - EUR* - - -JPM Euroland Equity X (acc) - EUR 9.97 7.59 6.05

JPMorgan Funds - Europe Dynamic FundJPM Europe Dynamic A (acc) - AUD (hedged) 10.76 - -JPM Europe Dynamic A (acc) - EUR 19.74 15.62 12.43JPM Europe Dynamic A (acc) - HKD (hedged) 10.57 - -JPM Europe Dynamic A (acc) - SGD (hedged) 10.11 - -JPM Europe Dynamic A (acc) - USD 149.12 - -JPM Europe Dynamic A (acc) - USD (hedged) 143.23 - -JPM Europe Dynamic A (dist) - EUR 17.71 14.16 11.40JPMorgan Europe Dynamic A (dist) - EUR 20.22 16.19 13.03JPM Europe Dynamic A (dist) - GBP 21.54 18.41 14.00JPM Europe Dynamic A (inc) - EUR 109.14 - -JPM Europe Dynamic B (acc) - EUR 24.65 19.36 15.29JPM Europe Dynamic B (acc) - USD 147.67 - -JPM Europe Dynamic B (acc) - USD (hedged) 142.58 - -JPM Europe Dynamic B (dist) - EUR 118.82 - -JPM Europe Dynamic B (dist) - GBP 91.87 - -JPM Europe Dynamic C (acc) - EUR 25.29 19.84 15.64JPM Europe Dynamic D (acc) - EUR 18.09 14.46 11.62JPM Europe Dynamic D (acc) - USD (hedged) 136.16 - -JPM Europe Dynamic D (acc) - USD** 148.11 - -JPM Europe Dynamic I (acc) - EUR 24.22 18.99 14.96JPM Europe Dynamic I (acc) - USD 139.49 - -JPM Europe Dynamic I (dist) - EUR 114.16 - -JPM Europe Dynamic I (dist) - GBP 85.90 - -JPM Europe Dynamic T (acc) - EUR 139.80 111.77 89.81JPM Europe Dynamic X (acc) - EUR** 110.48 - 103.59

JPMorgan Funds - Europe Equity FundJPM Europe Equity A (acc) - EUR 14.60 11.72 9.65JPM Europe Equity A (acc) - USD 19.11 14.63 11.71JPM Europe Equity A (acc) - USD (hedged) 145.32 - -JPM Europe Equity A (dist) - EUR 43.82 35.72 29.99JPMorgan Europe Equity A (dist) - USD 48.89 38.01 31.07JPM Europe Equity B (acc) - EUR 17.91 14.27 11.66JPM Europe Equity B (acc) - USD 150.96 - -JPM Europe Equity B (acc) - USD (hedged) 145.62 - -JPM Europe Equity B (dist) - EUR 118.57 - -JPM Europe Equity C (acc) - EUR 18.57 14.75 12.01JPM Europe Equity C (dist) - USD 167.91 129.33 -JPM Europe Equity D (acc) - EUR 11.38 9.21 7.64JPM Europe Equity D (acc) - USD 15.16 11.69 9.43JPM Europe Equity D (acc) - USD (hedged) 139.06 - -JPM Europe Equity X (acc) - EUR 19.47 15.35 12.42

39


As at 30 June 2014


30 June 2014 30 June 2013 30 June 2012

JPMorgan Funds - Europe Focus FundJPM Europe Focus A (acc) - EUR 13.93 10.71 8.42JPM Europe Focus A (acc) - USD 17.39 12.82 9.86JPM Europe Focus A (dist) - EUR 11.59 8.97 7.34JPM Europe Focus B (acc) - EUR** 99.58 11.11 8.75JPM Europe Focus C (acc) - EUR 18.46 14.08 11.08JPM Europe Focus D (acc) - EUR 12.92 9.97 7.91JPM Europe Focus D (acc) - USD 16.45 12.20 9.42JPM Europe Focus T (acc) - EUR 138.04 106.97 85.07JPM Europe Focus X (acc) - EUR 13.42 10.13 7.88

JPMorgan Funds - Europe Small Cap FundJPM Europe Small Cap A (acc) - EUR 19.50 15.02 11.67JPM Europe Small Cap A (acc) - USD 148.99 - -JPM Europe Small Cap A (dist) - EUR 53.06 41.08 32.35JPMorgan Europe Small Cap A (dist) - EUR 15.76 12.20 9.62JPM Europe Small Cap A (dist) - GBP 21.00 17.43 12.95JPM Europe Small Cap B (acc) - EUR 21.86 16.70 12.89JPM Europe Small Cap B (dist) - EUR 120.53 - -JPM Europe Small Cap C (acc) - EUR 22.46 17.14 13.20JPM Europe Small Cap D (acc) - EUR 14.90 11.59 9.10JPM Europe Small Cap I (acc) - EUR 151.20 115.33 88.81

JPMorgan Funds - Europe Strategic Growth FundJPM Europe Strategic Growth A (acc) - EUR 19.09 14.95 12.13JPM Europe Strategic Growth A (dist) - EUR 11.78 9.29 7.58JPM Europe Strategic Growth A (dist) - GBP 17.23 14.51 11.18JPM Europe Strategic Growth B (acc) - EUR 23.63 18.36 14.78JPM Europe Strategic Growth B (dist) - EUR 122.22 - -JPM Europe Strategic Growth C (acc) - EUR 20.59 15.96 12.84JPM Europe Strategic Growth D (acc) - EUR 12.31 9.71 7.93JPM Europe Strategic Growth X (acc) - EUR* - - -

JPMorgan Funds - Europe Strategic Value FundJPM Europe Strategic Value A (acc) - EUR 13.35 10.44 8.77JPM Europe Strategic Value A (dist) - EUR 14.53 11.55 9.89JPM Europe Strategic Value A (dist) - GBP 17.77 15.10 12.21JPM Europe Strategic Value B (acc) - EUR 16.57 12.85 10.72JPM Europe Strategic Value B (dist) - EUR 119.06 - -JPM Europe Strategic Value C (acc) - EUR 16.99 13.15 10.95JPM Europe Strategic Value D (acc) - EUR 15.02 11.83 10.02

JPMorgan Funds - Europe Technology FundJPM Europe Technology A (acc) - EUR 22.59 17.02 13.98JPM Europe Technology A (acc) - USD (hedged)** 142.07 - -JPM Europe Technology A (dist) - EUR 14.50 10.95 9.02JPMorgan Europe Technology A (dist) - EUR 7.80 5.89 4.88JPM Europe Technology A (dist) - GBP 11.05 8.92 6.96JPM Europe Technology B (acc) - EUR 18.79 14.05 11.44JPM Europe Technology B (dist) - EUR 125.64 - -JPM Europe Technology C (acc) - EUR 138.56 103.50 -JPM Europe Technology D (acc) - EUR 7.66 5.83 4.83JPM Europe Technology X (acc) - EUR* - 12.64 10.21

40


As at 30 June 2014


30 June 2014 30 June 2013 30 June 2012

JPMorgan Funds - Global Corporate Bond FundJPM Global Corporate Bond A (acc) - CHF (hedged) 98.58 91.80 -JPM Global Corporate Bond A (acc) - EUR (hedged) 12.01 11.15 10.98JPM Global Corporate Bond A (acc) - EUR (hedged) & Duration (hedged) 87.80 83.96 -JPM Global Corporate Bond A (acc) - NOK (hedged) 595.42 - -JPM Global Corporate Bond A (acc) - SEK (hedged) 102.20 94.24 91.72JPM Global Corporate Bond A (acc) - USD 15.24 14.15 13.89JPM Global Corporate Bond A (acc) - USD - Duration (hedged) 103.49 99.17 -JPM Global Corporate Bond A (dist) - EUR (hedged) 85.49 81.66 80.57JPM Global Corporate Bond A (dist) - GBP (hedged) 8.59 8.18 8.27JPM Global Corporate Bond A (dist) - USD 104.44 99.51 -JPM Global Corporate Bond A (div) - EUR (hedged) 76.21 73.81 75.93JPM Global Corporate Bond A (inc) - EUR (hedged) 85.11 80.94 -JPM Global Corporate Bond A (inc) - EUR (hedged) & Duration (hedged) 84.19 82.39 -JPM Global Corporate Bond A (mth) - SGD 12.61 12.41 12.67JPM Global Corporate Bond A (mth) - USD 103.34 100.06 102.60JPM Global Corporate Bond B (acc) - EUR (hedged) 80.31 74.31 72.93JPM Global Corporate Bond B (acc) - GBP (hedged)* - 64.82 63.39JPM Global Corporate Bond B (acc) - SEK (hedged) 670.76 - -JPM Global Corporate Bond B (acc) - SEK (hedged) & Duration (hedged) 666.44 - -JPM Global Corporate Bond B (acc) - USD 119.69 110.73 108.36JPM Global Corporate Bond B (acc) - USD - Duration (hedged) 100.69 - -JPM Global Corporate Bond B (div) - EUR (hedged) 77.80 - -JPM Global Corporate Bond B (mth) - USD 102.07 98.61 100.81JPM Global Corporate Bond C (acc) - EUR (hedged) 89.45 82.68 81.06JPM Global Corporate Bond C (acc) - EUR (hedged) & Duration (hedged) 88.25 84.01 80.82JPM Global Corporate Bond C (acc) - USD 118.11 109.15 106.71JPM Global Corporate Bond C (acc) - USD - Duration (hedged) 107.02 102.09 97.98JPM Global Corporate Bond C (dist) - EUR (hedged) 82.01 78.34 77.28JPM Global Corporate Bond C (dist) - GBP (hedged) 66.80 63.62 62.43JPM Global Corporate Bond C (dist) - GBP (hedged) & Duration (hedged) 67.50 64.34 -JPM Global Corporate Bond C (dist) - USD 105.56 100.41 -JPM Global Corporate Bond D (acc) - EUR (hedged) 11.76 10.97 10.84JPM Global Corporate Bond D (acc) - EUR (hedged) & Duration (hedged) 84.04 80.70 -JPM Global Corporate Bond D (acc) - USD 14.95 13.93 13.74JPM Global Corporate Bond D (acc) - USD - Duration (hedged) 106.02 102.00 -JPM Global Corporate Bond D (div) - EUR (hedged) 7.79 7.57 7.82JPM Global Corporate Bond D (mth) - USD 100.71 97.91 100.77JPM Global Corporate Bond I (acc) - CHF (hedged) 95.13 - -JPM Global Corporate Bond I (acc) - EUR (hedged) 78.44 - -JPM Global Corporate Bond I (acc) - EUR (hedged) & Duration (hedged) 75.50 - -JPM Global Corporate Bond I (acc) - JPY (hedged) 9,700.00 8,983.00 -JPM Global Corporate Bond I (acc) - SEK (hedged)* - - 729.79JPM Global Corporate Bond I (acc) - USD 104.07 96.14 -JPM Global Corporate Bond I (acc) - USD - Duration (hedged) 103.74 - -JPM Global Corporate Bond I (dist) - GBP (hedged) 66.77 - -JPM Global Corporate Bond I (dist) - USD 105.82 - -JPM Global Corporate Bond T (acc) - EUR (hedged) 80.02 74.60 73.76JPM Global Corporate Bond T (div) - EUR (hedged) 76.55 74.43 76.87JPM Global Corporate Bond X (acc) - EUR (hedged) 82.81 76.20 -JPM Global Corporate Bond X (acc) - GBP (hedged) 71.05 65.21 -

JPMorgan Funds - Global Focus FundJPM Global Focus A (acc) - CHF (hedged) 184.90 150.46 129.91JPM Global Focus A (acc) - EUR 20.21 16.86 15.21JPM Global Focus A (acc) - EUR (hedged) 11.38 9.24 8.00JPM Global Focus A (dist) - EUR 26.90 22.59 20.48JPMorgan Global Focus A (dist) - USD 18.67 14.94 13.16JPM Global Focus B (acc) - EUR 20.96 17.35 15.53JPM Global Focus B (dist) - EUR 113.52 - -JPM Global Focus B (dist) - USD 153.87 - -JPM Global Focus C (acc) - EUR 16.42 13.58 12.14JPM Global Focus C (acc) - EUR (hedged) 24.94 20.08 17.23JPM Global Focus C (acc) - USD** 145.47 - 13.08JPM Global Focus D (acc) - EUR 25.06 21.12 19.24JPM Global Focus D (acc) - EUR (hedged) 10.37 8.51 7.44JPM Global Focus I (acc) - EUR 140.68 116.17 103.76JPM Global Focus I (acc) - EUR (hedged)* - - 101.16JPM Global Focus I (acc) - USD 187.46 147.62 128.20JPM Global Focus T (acc) - EUR 117.54 99.06 90.24JPM Global Focus X (acc) - EUR 25.50 20.88 18.50

41


As at 30 June 2014


30 June 2014 30 June 2013 30 June 2012

JPMorgan Funds - Global Healthcare FundJPM Global Healthcare A (acc) - EUR 117.67 88.85 -JPM Global Healthcare A (acc) - USD 261.29 188.15 137.66JPM Global Healthcare A (dist) - GBP 155.68 125.67 89.19JPM Global Healthcare A (dist) - USD 247.34 178.11 130.32JPMorgan Global Healthcare A (dist) - USD 266.03 191.58 140.17JPM Global Healthcare B (acc) - EUR 75.68 - -JPM Global Healthcare B (acc) - USD 276.90 197.89 143.71JPM Global Healthcare B (dist) - USD 127.01 - -JPM Global Healthcare C (acc) - USD 297.69 212.54 154.19JPM Global Healthcare C (dist) - USD 135.08 - -JPM Global Healthcare D (acc) - EUR 78.39 - -JPM Global Healthcare D (acc) - USD 246.36 179.19 132.41JPM Global Healthcare I (acc) - USD 116.67 - -JPM Global Healthcare T (acc) - EUR 122.85 93.70 -JPM Global Healthcare X (acc) - JPY 13,160.00 - -

JPMorgan Funds - Global Natural Resources FundJPM Global Natural Resources A (acc) - EUR 14.64 11.77 16.66JPM Global Natural Resources A (acc) - GBP 90.69 77.98 -JPM Global Natural Resources A (acc) - SGD 14.83 11.56 15.89JPM Global Natural Resources A (acc) - USD 12.25 9.40 12.94JPM Global Natural Resources A (dist) - EUR 12.60 10.14 14.36JPM Global Natural Resources B (acc) - EUR 9.37 7.48 10.51JPM Global Natural Resources B (acc) - USD 158.27 - -JPM Global Natural Resources B (dist) - EUR 108.77 - -JPM Global Natural Resources C (acc) - EUR 13.70 10.93 15.34JPM Global Natural Resources C (acc) - USD 10.18 7.74 10.56JPM Global Natural Resources D (acc) - EUR 9.52 7.74 11.06JPM Global Natural Resources D (acc) - USD 8.10 6.28 8.72JPM Global Natural Resources I (acc) - EUR 67.23 53.53 75.01JPM Global Natural Resources I (acc) - USD* - - -JPM Global Natural Resources I (dist) - EUR 110.74 - -JPM Global Natural Resources X (acc) - EUR 16.71 13.22 18.29JPM Global Natural Resources X (dist) - AUD 10.84 - -

JPMorgan Funds - Global Short Duration Bond FundJPM Global Short Duration Bond A (acc) - EUR (hedged) 7.61 7.51 7.43JPM Global Short Duration Bond A (acc) - USD 10.83 10.69 10.55JPM Global Short Duration Bond B (acc) - EUR (hedged) 79.98 78.68 77.64JPM Global Short Duration Bond B (acc) - USD 107.84 106.06 104.37JPM Global Short Duration Bond C (acc) - EUR (hedged) 74.34 73.09 72.09JPM Global Short Duration Bond C (acc) - USD 10.80 10.62 10.45JPM Global Short Duration Bond C (dist) - EUR (hedged) 75.60 74.35 -JPM Global Short Duration Bond C (dist) - GBP (hedged) 6.19 6.20 6.23JPM Global Short Duration Bond C (dist) - USD 101.28 99.56 -JPM Global Short Duration Bond D (acc) - EUR (hedged) 79.69 78.86 78.30JPM Global Short Duration Bond I (acc) - EUR (hedged) 74.81 - -JPM Global Short Duration Bond I (acc) - USD 101.31 - -JPM Global Short Duration Bond I (dist) - EUR (hedged) 73.95 - -JPM Global Short Duration Bond I (dist) - GBP (hedged) 63.42 - -JPM Global Short Duration Bond I (dist) - USD 101.14 - -JPM Global Short Duration Bond X (acc) - EUR (hedged) 74.95 73.43 72.18JPM Global Short Duration Bond X (acc) - USD 108.17 105.95 103.85JPM Global Short Duration Bond X (acc) - GBP (hedged) 60.42 - -JPM Global Short Duration Bond X (dist) - GBP (hedged) 62.59 62.64 62.96

JPMorgan Funds - Global Unconstrained Equity FundJPM Global Unconstrained Equity A (acc) - EUR 96.28 81.93 71.91JPM Global Unconstrained Equity A (acc) - EUR (hedged) 8.04 6.74 5.75JPM Global Unconstrained Equity A (acc) - USD 14.84 12.04 10.27JPM Global Unconstrained Equity A (dist) - EUR (hedged) 7.55 6.36 5.47JPM Global Unconstrained Equity A (dist) - USD 28.56 23.29 19.97JPMorgan Global Unconstrained Equity A (dist) - USD 49.39 40.29 34.55JPM Global Unconstrained Equity C (acc) - EUR (hedged) 8.58 7.11 6.00JPM Global Unconstrained Equity C (acc) - USD 18.10 14.53 12.26JPM Global Unconstrained Equity D (acc) - EUR (hedged) 7.68 6.49 5.58JPM Global Unconstrained Equity D (acc) - USD 12.54 10.25 8.81JPM Global Unconstrained Equity I (acc) - JPY**** 10,138.00 - -JPM Global Unconstrained Equity X (acc) - EUR 14.09 11.78 10.16JPM Global Unconstrained Equity X (acc) - EUR (hedged) 111.35 91.70 76.90JPM Global Unconstrained Equity X (acc) - USD 14.30 11.40 9.57JPM Global Unconstrained Equity X (dist) - AUD 10.34 - -

**** Launch price as at 30 June 2014. This Share Class is not disclosed in the Statement of Changes in the Number of Shares as the first official calculated NAV is 1 July 2014.

42


As at 30 June 2014


30 June 2014 30 June 2013 30 June 2012

JPMorgan Funds - Greater China FundJPMorgan Greater China A (acc) - SGD 16.37 14.14 12.20JPMorgan Greater China A (acc) - USD 26.03 22.11 19.11JPMorgan Greater China A (dist) - HKD 13.55 11.63 10.15JPMorgan Greater China A (dist) - USD 31.96 27.34 23.84JPMorgan Greater China B (acc) - USD 23.69 19.97 17.13JPMorgan Greater China B (dist) - USD 114.72 - -JPMorgan Greater China C (acc) - USD 28.79 24.23 20.75JPMorgan Greater China C (dist) - USD** 104.83 - -JPMorgan Greater China D (acc) - EUR 96.67 86.98 78.07JPMorgan Greater China D (acc) - USD 37.81 32.44 28.31JPMorgan Greater China I (acc) - USD 121.76 102.37 87.61JPMorgan Greater China I (dist) - USD 107.11 - -JPMorgan Greater China T (acc) - EUR 80.87 72.76 65.31

JPMorgan Funds - Indonesia Equity FundJPMorgan Indonesia Equity A (acc) - USD 99.12 117.43 95.17JPMorgan Indonesia Equity B (acc) - USD 75.19 88.41 -JPMorgan Indonesia Equity C (acc) - USD 77.73 91.23 -JPMorgan Indonesia Equity D (acc) - EUR 70.04 87.66 -JPMorgan Indonesia Equity D (acc) - USD 97.42 116.28 -JPMorgan Indonesia Equity X (acc) - JPY 8,258.00 9,380.00 -

JPMorgan Funds - Japan Equity Fund (2)JPMorgan Japan Equity A (acc) - EUR 6.01 5.78 4.80JPMorgan Japan Equity A (acc) - EUR (hedged) 69.17 - -JPMorgan Japan Equity A (acc) - JPY 745.00 669.00 433.00JPMorgan Japan Equity A (acc) - USD 9.81 9.01 7.26JPMorgan Japan Equity A (acc) - USD (hedged) 94.59 - -JPMorgan Japan Equity A (dist) - GBP 7.34 7.58 5.95JPMorgan Japan Equity A (dist) - GBP (hedged) 57.86 - -JPMorgan Japan Equity A (dist) - SGD 10.13 - -JPMorgan Japan Equity A (dist) - USD 24.64 22.71 18.37JPMorgan Japan Equity B (acc) - EUR 76.02 - -JPMorgan Japan Equity B (acc) - USD 11.57 10.55 8.44JPMorgan Japan Equity B (dist) - GBP 61.09 - -JPMorgan Japan Equity B (dist) - USD 105.60 - -JPMorgan Japan Equity C (acc) - USD 11.85 10.77 8.60JPMorgan Japan Equity C (acc) - USD (hedged) 96.98 - -JPMorgan Japan Equity C (dist) - USD 128.38 117.15 -JPMorgan Japan Equity D (acc) - EUR 4.75 4.61 3.85JPMorgan Japan Equity D (acc) - USD 7.87 7.29 5.92JPMorgan Japan Equity I (acc) - USD 111.58 101.41 -JPMorgan Japan Equity J (dist) - USD 13.17 12.14 9.83JPMorgan Japan Equity X (acc) - USD 12.27 11.07 8.77

JPMorgan Funds - Latin America Equity FundJPM Latin America Equity A (acc) - EUR 73.93 71.53 -JPM Latin America Equity A (acc) - SGD 12.89 12.09 12.19JPM Latin America Equity A (acc) - USD 30.28 27.94 28.20JPM Latin America Equity A (dist) - USD 55.63 51.61 52.59JPMorgan Latin America Equity A (dist) - USD 40.24 37.34 38.04JPM Latin America Equity B (acc) - EUR 76.27 - -JPM Latin America Equity B (acc) - USD 18.76 17.19 17.21JPM Latin America Equity B (dist) - USD 95.94 88.30 -JPM Latin America Equity C (acc) - EUR 76.95 - -JPM Latin America Equity C (acc) - USD 35.00 32.04 32.07JPM Latin America Equity D (acc) - EUR 74.46 72.78 76.28JPM Latin America Equity D (acc) - USD 44.12 41.12 41.91JPM Latin America Equity I (acc) - EUR 75.48 - -JPM Latin America Equity I (acc) - JPY 9,614.00 8,589.00 -JPM Latin America Equity I (acc) - USD 20.44 18.68 18.68JPM Latin America Equity I (dist) - USD 102.27 - -JPM Latin America Equity T (acc) - EUR 64.52 63.06 66.10JPM Latin America Equity X (acc) - USD 41.77 37.86 37.54

JPMorgan Funds - Russia FundJPM Russia A (acc) - USD 11.66 11.05 11.03JPM Russia A (dist) - USD 11.17 10.73 10.83JPM Russia B (acc) - USD 8.01 7.53 7.46JPM Russia B (dist) - USD 101.00 - -JPM Russia C (acc) - USD 5.54 5.21 5.16JPM Russia D (acc) - EUR 73.12 - -JPM Russia D (acc) - USD 8.63 8.27 8.33JPM Russia I (acc) - USD 6.08 5.71 5.65JPM Russia T (acc) - EUR 67.97 68.26 -


43


As at 30 June 2014


30 June 2014 30 June 2013 30 June 2012

JPMorgan Funds - US Aggregate Bond FundJPM US Aggregate Bond A (acc) - EUR (hedged) 79.88 77.18 78.52JPM US Aggregate Bond A (acc) - USD 15.49 14.97 15.18JPM US Aggregate Bond A (div) - USD 95.46 95.63 -JPM US Aggregate Bond A (inc) - USD 12.59 12.39 13.10JPM US Aggregate Bond A (mth) - HKD 10.61 10.65 -JPM US Aggregate Bond A (mth) - SGD 12.00 12.21 12.80JPM US Aggregate Bond A (mth) - SGD (hedged) 12.28 12.31 12.93JPM US Aggregate Bond A (mth) - USD 10.28 10.29 10.80JPM US Aggregate Bond B (acc) - EUR (hedged) 78.81 75.89 -JPM US Aggregate Bond B (acc) - USD 15.66 15.08 15.24JPM US Aggregate Bond B (mth) - USD 96.05 95.84 100.24JPM US Aggregate Bond C (acc) - USD 15.87 15.25 15.39JPM US Aggregate Bond C (dist) - GBP (hedged)* - 62.27 -JPM US Aggregate Bond D (acc) - EUR (hedged) 78.62 76.16 77.67JPM US Aggregate Bond D (acc) - USD 17.28 16.73 17.01JPM US Aggregate Bond I (acc) - USD 110.74 106.37 107.32JPM US Aggregate Bond I (inc) - USD 103.77 - -JPM US Aggregate Bond I (mth) - USD 98.23 97.79 -JPM US Aggregate Bond X (acc) - EUR (hedged)* - 75.81 -JPM US Aggregate Bond X (acc) - USD 17.03 16.28 16.35JPM US Aggregate Bond X (dist) - GBP (hedged)* - 64.73 66.49JPM US Aggregate Bond X (dist) - USD 103.66 - -JPM US Aggregate Bond C (inc) - USD 101.73 - -

JPMorgan Funds - US Dollar Money Market Fund (3)JPM US Dollar Money Market A (acc) - USD 100.00 - -JPMorgan US Dollar Money Market A (acc) - USD 100.00 - -

JPMorgan Funds - US Growth FundJPM US Growth A (acc) - EUR (hedged) 10.06 8.08 7.39JPM US Growth A (acc) - USD 17.49 14.06 12.78JPM US Growth A (dist) - GBP 7.88 7.10 6.27JPM US Growth A (dist) - USD 9.35 7.53 6.84JPM US Growth B (acc) - EUR (hedged) 95.16 75.86 -JPM US Growth B (acc) - USD 17.05 13.60 12.27JPM US Growth B (dist) - USD 136.55 108.93 -JPM US Growth C (acc) - EUR (hedged) 13.53 10.75 9.74JPM US Growth C (acc) - USD 16.55 13.16 11.84JPM US Growth C (dist) - GBP 90.24 80.53 70.30JPM US Growth C (dist) - USD 144.01 114.60 103.15JPM US Growth D (acc) - EUR (hedged) 9.52 7.71 7.11JPM US Growth D (acc) - USD 8.50 6.89 6.31JPM US Growth I (acc) - EUR (hedged) 83.06 - -JPM US Growth I (acc) - JPY 12,782.00 9,919.00 -JPM US Growth I (acc) - USD 112.02 - -JPM US Growth I (dist) - GBP 66.89 - -JPM US Growth I (dist) - USD 114.09 - -JPM US Growth P (dist) - USD 112.83 - -JPM US Growth T (acc) - EUR (hedged) 101.11 81.83 -JPM US Growth X (acc) - USD 18.66 14.72 13.15JPM US Growth X (dist) - USD 151.87 120.74 108.47

JPMorgan Funds - US Smaller Companies FundJPM US Smaller Companies A (acc) - USD 16.07 13.21 10.81JPM US Smaller Companies A (dist) - USD 163.19 134.26 109.90JPMorgan US Smaller Companies A (dist) - USD 23.91 19.68 16.11JPM US Smaller Companies B (acc) - USD 149.15 121.62 98.92JPM US Smaller Companies B (dist) - USD 121.37 99.12 -JPM US Smaller Companies C (acc) - USD 123.77 100.72 -JPM US Smaller Companies C (dist) - USD 113.00 - -JPM US Smaller Companies D (acc) - USD 21.38 17.75 14.67JPM US Smaller Companies I (acc) - EUR (hedged) 76.78 - -JPM US Smaller Companies I (acc) - USD 101.20 - -JPM US Smaller Companies I (dist) - USD 101.23 - -JPM US Smaller Companies P (dist) - USD* - - -JPM US Smaller Companies X (acc) - USD 16.75 13.52 10.87


44


As at 30 June 2014


30 June 2014 30 June 2013 30 June 2012

JPMorgan Funds - US Technology FundJPM US Technology A (acc) - EUR 128.72 107.15 102.26JPM US Technology A (acc) - SGD 17.42 14.06 13.03JPM US Technology A (acc) - USD 18.59 14.76 13.70JPM US Technology A (dist) - GBP 2.21 1.98 1.79JPM US Technology A (dist) - USD 9.39 7.46 6.92JPMorgan US Technology A (dist) - USD 2.71 2.16 2.00JPM US Technology B (acc) - USD 134.44 105.92 97.56JPM US Technology B (dist) - USD 137.73 108.52 -JPM US Technology C (acc) - USD 17.05 13.42 12.34JPM US Technology C (dist) - USD 135.53 106.68 -JPM US Technology D (acc) - EUR 12.54 10.54 10.16JPM US Technology D (acc) - USD 2.41 1.93 1.81JPM US Technology I (acc) - EUR* - - -JPM US Technology I (acc) - USD** 110.23 - -JPM US Technology I (dist) - USD 113.57 - -JPM US Technology X (acc) - USD* - - -

JPMorgan Funds - US Value FundJPM US Value A (acc) - EUR (hedged) 10.93 9.08 7.51JPM US Value A (acc) - SGD 10.10 - -JPM US Value A (acc) - USD 18.22 15.15 12.47JPM US Value A (dist) - GBP 19.03 17.77 14.20JPM US Value A (dist) - USD 22.68 18.90 15.57JPMorgan US Value A (dist) - USD 19.81 16.51 13.61JPM US Value B (acc) - EUR (hedged) 97.19 80.10 -JPM US Value B (acc) - USD 21.12 17.43 14.24JPM US Value B (dist) - USD 120.04 99.06 -JPM US Value C (acc) - EUR (hedged) 16.32 13.41 10.98JPM US Value C (acc) - USD 22.19 18.26 14.87JPM US Value C (dist) - GBP 77.33 71.62 -JPM US Value D (acc) - EUR (hedged) 10.32 8.64 7.20JPM US Value D (acc) - USD 20.90 17.51 14.52JPM US Value I (acc) - EUR (hedged) 85.63 - -JPM US Value I (acc) - USD 158.28 130.06 105.82JPM US Value I (dist) - GBP 68.02 - -JPM US Value I (dist) - USD 117.02 - -JPM US Value X (acc) - EUR (hedged)* - - 84.20JPM US Value X (acc) - USD 22.06 18.00 14.55

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

45

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 organised under Part I of the Luxembourg Law of 17 December 2010 on Undertakings for Collective Investment, as a Société Anonyme qualifying as a“Société d’Investissement à Capital Variable” (SICAV). As at 30 June 2014, it comprises 122 Sub-Funds, each relating to a separate investment portfolioconsisting 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. From 1 July 2011, JPMorgan Asset Management (Europe) S.à r.l. is actingas a Chapter 15 Management Company under the Luxembourg Law of 17 December 2010 and complies with UCITS IV 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, P, T, X and Y Classes of Shares, which may differ in the minimum subscription amount, minimum holding amount,currency and/or eligibility requirements, the fees and expenses, and the dividend policy applicable to them. In addition, each Sub-Fund may contain Classesof Shares named either “JPM” or “JPMorgan”.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 Investment.

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 30 June 2014. In accordance with the prospectus, the net assetvalues were calculated using the latest exchange rates known at the time of calculation.In managing the daily priced funds, the Board’s principle is to ensure that portfolios are appropriately valued to give equal treatment to Shareholders and inthis context the Management Company has implemented a Fair Value Committee (FVC) to address any potential valuation concerns. On 30 June 2014, no FairValue adjustments were made.

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

c) Realised and Unrealised Gains and Losses on InvestmentsInvestment transactions are accounted for on the trade date (the date the order to buy or sell is executed). For trades into other collective investmentschemes, transactions are accounted for on receipt of the trade confirmation from the underlying transfer agents.Realised gains and losses on sales of investments are calculated on the average book cost. The associated foreign exchange movement between the date ofpurchase and date of sale of investments is included in realised gains and losses on investments. Unrealised gains and losses on holdings of investments arecalculated on the total book cost and include the associated unrealised gains and losses on foreign exchange.

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

e) Conversion of Foreign CurrenciesThe books and records of each Sub-Fund are denominated in the base currency of the corresponding Sub-Fund. Amounts denominated in other 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.

46

JPMorgan FundsNotes to the Financial Statements

As at 30 June 2014

The principal exchange rates applied as at 30 June 2014 are as follows:1 USD = 0.73186085 EUR;1 USD = 0.58638989 GBP;1 USD = 101.37500000 JPY.

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 “Unrealised Net Gain/(Loss) on ForwardForeign 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” to reflect the market value of the contracts at the end of each business day’s trading. Variation margin payments are made orreceived, depending upon whether losses or gains are incurred. The frequency of those margin payments may differ depending on where the contract istraded. When a contract is closed, the SICAV records a realised gain or loss equal to the difference between the proceeds from, or cost of, the closingtransaction and the initial cost of the contract in “Net Realised Gain/(Loss) on Financial Futures Contracts” in the Combined Statement of Operations andChanges in Net Assets.Unrealised gains or losses are recorded under “Unrealised Net Gain/(Loss) on Financial Futures Contracts” in the Combined Statement of Net Assets.Daily margin calls are recorded under “Net Realised Gain/(Loss) on Financial Futures Contracts” in the Combined Statement of Operations and Changes inNet Assets.

h) Option ContractsThe SICAV writes options on securities, futures and currencies. These options are settled in cash and subject the SICAV to unlimited risk of loss. The SICAV,however, is not subject to credit risk on written options as the counterparty has already performed its obligation by paying the premium at the inception ofthe contract. As of 30 June 2014, certain Sub-Funds had written options contracts outstanding as listed on its Schedule of Investments.Options 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.For options on futures, where the investment manager is based in the United Kingdom, variation margin payments are made or received daily, dependingupon whether losses or gains are incurred on the underlying futures contracts.

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 “Interest on Swap Transactions” in the Combined Statement of Operations and Changes in Net Assets. The changes in unrealisedgains or losses are included in the Combined Statement of Operations and Changes in Net Assets under “Net Change in Unrealised Gain/(Loss) on 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.

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 must

47

JPMorgan FundsNotes to the Financial Statements (continued)

As at 30 June 2014

maintain 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 30 June 2014, which are included in “Amounts Receivable on Sale of TBAs” and “Amounts Payable onPurchase of TBAs” in the Combined Statement of Net Assets.

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

n) Reverse Repurchase AgreementsThe underlying obligations found to be satisfactory by the Investment Manager are transferred to an account of the SICAV as collateral. The securities aremarked-to-market daily and maintained at a value at least equal to the principal amount of the Reverse Repurchase Agreement (including accrued interest).Interest received or paid on Reverse Repurchase Agreements are recorded in the interest section of the Combined Statement of Operations and Changes inNet Assets.

3. Value of Financial Instruments and Associated RisksThe SICAV entered into forward foreign exchange contracts, financial futures contracts, options and swaps which, to varying degrees, represent a marketrisk in excess of the amount reflected on the Combined Statement of Net Assets. The amount of the contracts represents the extent of the SICAV’sparticipation in these financial instruments. Market risks associated with such contracts arise due to the possible movements in foreign exchange rates,indices, and security values underlying these instruments.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 andthere is much legal uncertainty both for local market participants and their overseas counterparts. Some markets may carry higher risks for investors whoshould therefore ensure that, before investing, they understand the risks involved and are satisfied that an investment is suitable as part of their portfolio. Insome markets there may be no secure method of delivery against payment which would minimise the exposure to counterparty risk. It may be necessary tomake payment on a purchase or delivery on a sale before receipt of the securities or, as the case may be, sale proceeds.

4. Distribution PolicyDuring the year ended 30 June 2014, the SICAV paid dividends as follows:Class Currency Dividend Amount per Share Payment DateJPMorgan Asia Pacific Income A (mth) - HKD HKD 0.06 17 July 2013JPMorgan Asia Pacific Income A (mth) - SGD SGD 0.06 17 July 2013JPMorgan Asia Pacific Income A (mth) - SGD (hedged) SGD 0.05 17 July 2013JPMorgan Asia Pacific Income A (mth) - USD USD 0.50 17 July 2013JPMorgan Asia Pacific Income B (mth) - USD USD 0.48 17 July 2013JPMorgan Asia Pacific Income D (mth) - USD USD 0.48 17 July 2013JPM Emerging Markets Corporate Bond A (mth) - USD USD 0.45 17 July 2013JPM Emerging Markets Debt A (irc) - AUD (hedged) AUD 0.08 17 July 2013JPM Emerging Markets Debt A (irc) - CAD (hedged) CAD 0.07 17 July 2013JPM Emerging Markets Debt A (irc) - NZD (hedged) NZD 0.09 17 July 2013JPM Emerging Markets Debt A (mth) - EUR (hedged) EUR 0.07 17 July 2013JPM Emerging Markets Debt A (mth) - HKD HKD 0.07 17 July 2013JPM Emerging Markets Debt A (mth) - USD USD 0.09 17 July 2013JPM Emerging Markets Debt C (mth) - USD USD 0.58 17 July 2013JPM Emerging Markets Local Currency Debt A (mth) - USD USD 0.10 17 July 2013JPM Emerging Markets Local Currency Debt B (mth) - USD USD 0.66 17 July 2013JPM Emerging Markets Local Currency Debt C (mth) - USD USD 0.65 17 July 2013JPM Emerging Markets Local Currency Debt D (mth) - USD USD 0.66 17 July 2013JPM Global Corporate Bond A (mth) - SGD SGD 0.05 17 July 2013JPM Global Corporate Bond A (mth) - USD USD 0.38 17 July 2013JPM Global Corporate Bond B (mth) - USD USD 0.38 17 July 2013JPM Global Corporate Bond D (mth) - USD USD 0.37 17 July 2013JPM US Aggregate Bond A (mth) - HKD HKD 0.03 17 July 2013JPM US Aggregate Bond A (mth) - SGD SGD 0.03 17 July 2013JPM US Aggregate Bond A (mth) - SGD (hedged) SGD 0.04 17 July 2013JPM US Aggregate Bond A (mth) - USD USD 0.03 17 July 2013JPM US Aggregate Bond B (mth) - USD USD 0.27 17 July 2013JPM US Aggregate Bond I (mth) - USD USD 0.27 17 July 2013JPMorgan Asia Pacific Income A (mth) - HKD HKD 0.06 19 August 2013JPMorgan Asia Pacific Income A (mth) - SGD SGD 0.06 19 August 2013JPMorgan Asia Pacific Income A (mth) - SGD (hedged) SGD 0.06 19 August 2013JPMorgan Asia Pacific Income A (mth) - USD USD 0.54 19 August 2013JPMorgan Asia Pacific Income B (mth) - USD USD 0.52 19 August 2013JPMorgan Asia Pacific Income D (mth) - USD USD 0.51 19 August 2013JPM Emerging Markets Corporate Bond A (mth) - USD USD 0.41 19 August 2013JPM Emerging Markets Debt A (irc) - AUD (hedged) AUD 0.07 19 August 2013JPM Emerging Markets Debt A (irc) - CAD (hedged) CAD 0.06 19 August 2013JPM Emerging Markets Debt A (irc) - NZD (hedged) NZD 0.09 19 August 2013

48


As at 30 June 2014

Class Currency Dividend Amount per Share Payment DateJPM Emerging Markets Debt A (mth) - EUR (hedged) EUR 0.06 19 August 2013JPM Emerging Markets Debt A (mth) - HKD HKD 0.06 19 August 2013JPM Emerging Markets Debt A (mth) - USD USD 0.09 19 August 2013JPM Emerging Markets Debt C (mth) - USD USD 0.54 19 August 2013JPM Emerging Markets Local Currency Debt A (mth) - USD USD 0.09 19 August 2013JPM Emerging Markets Local Currency Debt B (mth) - USD USD 0.57 19 August 2013JPM Emerging Markets Local Currency Debt C (mth) - USD USD 0.55 19 August 2013JPM Emerging Markets Local Currency Debt D (mth) - USD USD 0.56 19 August 2013JPM Global Corporate Bond A (mth) - SGD SGD 0.04 19 August 2013JPM Global Corporate Bond A (mth) - USD USD 0.36 19 August 2013JPM Global Corporate Bond B (mth) - USD USD 0.35 19 August 2013JPM Global Corporate Bond D (mth) - USD USD 0.35 19 August 2013JPM US Aggregate Bond A (mth) - HKD HKD 0.03 19 August 2013JPM US Aggregate Bond A (mth) - SGD SGD 0.03 19 August 2013JPM US Aggregate Bond A (mth) - SGD (hedged) SGD 0.03 19 August 2013JPM US Aggregate Bond A (mth) - USD USD 0.03 19 August 2013JPM US Aggregate Bond B (mth) - USD USD 0.26 19 August 2013JPM US Aggregate Bond I (mth) - USD USD 0.27 19 August 2013JPM Emerging Markets Corporate Bond A (div) - EUR (hedged) EUR 0.99 21 August 2013JPM Emerging Markets Corporate Bond C (div) - EUR (hedged) EUR 0.92 21 August 2013JPM Emerging Markets Corporate Bond D (div) - EUR (hedged) EUR 0.99 21 August 2013JPM Emerging Markets Local Currency Debt A (div) - EUR EUR 1.59 21 August 2013JPM Emerging Markets Local Currency Debt D (div) - EUR EUR 0.16 21 August 2013JPM Emerging Markets Local Currency Debt T (div) - EUR EUR 1.56 21 August 2013JPM Global Corporate Bond A (div) - EUR (hedged) EUR 0.77 21 August 2013JPM Global Corporate Bond D (div) - EUR (hedged) EUR 0.08 21 August 2013JPM Global Corporate Bond T (div) - EUR (hedged) EUR 0.78 21 August 2013JPM US Aggregate Bond A (div) - USD USD 0.77 21 August 2013JPM Asia Pacific Strategic Equity A (dist) - USD USD 1.07 3 September 2013JPMorgan Asia Pacific Income A (mth) - HKD HKD 0.06 19 September 2013JPMorgan Asia Pacific Income A (mth) - SGD SGD 0.06 19 September 2013JPMorgan Asia Pacific Income A (mth) - SGD (hedged) SGD 0.06 19 September 2013JPMorgan Asia Pacific Income A (mth) - USD USD 0.54 19 September 2013JPMorgan Asia Pacific Income B (mth) - USD USD 0.52 19 September 2013JPMorgan Asia Pacific Income D (mth) - USD USD 0.51 19 September 2013JPM Emerging Markets Corporate Bond A (irc) - AUD (hedged) AUD 0.06 19 September 2013JPM Emerging Markets Corporate Bond A (mth) - USD USD 0.41 19 September 2013JPM Emerging Markets Debt A (irc) - AUD (hedged) AUD 0.07 19 September 2013JPM Emerging Markets Debt A (irc) - CAD (hedged) CAD 0.06 19 September 2013JPM Emerging Markets Debt A (irc) - NZD (hedged) NZD 0.09 19 September 2013JPM Emerging Markets Debt A (mth) - EUR (hedged) EUR 0.06 19 September 2013JPM Emerging Markets Debt A (mth) - HKD HKD 0.06 19 September 2013JPM Emerging Markets Debt A (mth) - USD USD 0.09 19 September 2013JPM Emerging Markets Debt C (mth) - USD USD 0.54 19 September 2013JPM Emerging Markets Local Currency Debt A (irc) - AUD (hedged) AUD 0.08 19 September 2013JPM Emerging Markets Local Currency Debt A (mth) - USD USD 0.09 19 September 2013JPM Emerging Markets Local Currency Debt B (mth) - USD USD 0.57 19 September 2013JPM Emerging Markets Local Currency Debt C (mth) - USD USD 0.55 19 September 2013JPM Emerging Markets Local Currency Debt D (mth) - USD USD 0.56 19 September 2013JPM Global Corporate Bond A (mth) - SGD SGD 0.04 19 September 2013JPM Global Corporate Bond A (mth) - USD USD 0.36 19 September 2013JPM Global Corporate Bond B (mth) - USD USD 0.35 19 September 2013JPM Global Corporate Bond D (mth) - USD USD 0.35 19 September 2013JPM US Aggregate Bond A (mth) - HKD HKD 0.03 19 September 2013JPM US Aggregate Bond A (mth) - SGD SGD 0.03 19 September 2013JPM US Aggregate Bond A (mth) - SGD (hedged) SGD 0.03 19 September 2013JPM US Aggregate Bond A (mth) - USD USD 0.03 19 September 2013JPM US Aggregate Bond B (mth) - USD USD 0.26 19 September 2013JPM US Aggregate Bond I (mth) - USD USD 0.27 19 September 2013JPMorgan Asia Pacific Income A (dist) - USD USD 1.20 30 September 2013JPMorgan Asia Pacific Income C (dist) - USD USD 4.43 30 September 2013JPMorgan America Equity A (dist) - USD USD 0.01 30 September 2013JPM Africa Equity A (dist) - GBP GBP 0.07 30 September 2013JPM Africa Equity A (inc) - EUR EUR 0.33 30 September 2013JPM Africa Equity C (dist) - GBP GBP 0.96 30 September 2013JPM America Equity A (dist) - USD USD 0.01 30 September 2013JPM America Equity C (dist) - USD USD 0.05 30 September 2013JPM Brazil Equity A (dist) - USD USD 0.14 30 September 2013JPM Eastern Europe Equity A (dist) - EUR EUR 0.63 30 September 2013JPM Eastern Europe Equity B (dist) - EUR EUR 1.28 30 September 2013JPM Emerging Europe, Middle East and Africa Equity A (dist) - USD USD 0.61 30 September 2013JPM Emerging Markets Corporate Bond A (inc) - EUR (hedged) EUR 2.96 30 September 2013JPM Emerging Markets Debt A (inc) - EUR (hedged) EUR 0.42 30 September 2013

49


As at 30 June 2014

Class Currency Dividend Amount per Share Payment DateJPM Emerging Markets Debt A (inc) - USD USD 4.68 30 September 2013JPM Emerging Markets Debt C (dist) - USD USD 5.71 30 September 2013JPM Emerging Markets Debt I (inc) - EUR (hedged) EUR 0.54 30 September 2013JPM Emerging Markets Debt X (dist) - USD USD 5.56 30 September 2013JPM Emerging Markets Equity A (dist) - GBP GBP 0.07 30 September 2013JPM Emerging Markets Equity A (dist) - USD USD 0.04 30 September 2013JPM Emerging Markets Equity C (dist) - GBP GBP 1.03 30 September 2013JPM Emerging Markets Equity C (dist) - USD USD 1.80 30 September 2013JPM Emerging Markets Equity I (inc) - EUR EUR 0.13 30 September 2013JPM Emerging Markets Equity X (dist) - USD USD 0.39 30 September 2013JPM Emerging Markets Equity X (inc) - EUR EUR 0.24 30 September 2013JPM Emerging Markets Local Currency Debt A (dist) - GBP GBP 3.38 30 September 2013JPM Emerging Markets Local Currency Debt A (inc) - EUR EUR 4.05 30 September 2013JPM Emerging Markets Local Currency Debt C (dist) - GBP GBP 2.04 30 September 2013JPM Emerging Markets Local Currency Debt I (inc) - EUR EUR 5.21 30 September 2013JPM Emerging Markets Opportunities A (dist) - EUR EUR 1.34 30 September 2013JPM Emerging Markets Opportunities A (dist) - GBP GBP 0.86 30 September 2013JPM Emerging Markets Opportunities A (dist) - USD USD 1.07 30 September 2013JPM Emerging Markets Opportunities A (inc) - EUR EUR 0.66 30 September 2013JPM Emerging Markets Opportunities B (dist) - GBP GBP 0.78 30 September 2013JPM Emerging Markets Opportunities C (dist) - GBP GBP 0.83 30 September 2013JPM Emerging Markets Opportunities C (dist) - USD USD 0.97 30 September 2013JPM Emerging Markets Small Cap A (dist) - GBP GBP 0.03 30 September 2013JPM Emerging Middle East Equity A (dist) - USD USD 0.37 30 September 2013JPM Euroland Equity A (dist) - EUR EUR 0.46 30 September 2013JPM Euroland Equity A (inc) - EUR EUR 0.08 30 September 2013JPM Euroland Equity B (dist) - EUR EUR 2.30 30 September 2013JPM Europe Dynamic A (dist) - EUR EUR 0.15 30 September 2013JPM Europe Dynamic A (dist) - GBP GBP 0.20 30 September 2013JPM Europe Equity A (dist) - EUR EUR 0.60 30 September 2013JPM Europe Equity C (dist) - USD USD 2.39 30 September 2013JPM Europe Focus A (dist) - EUR EUR 0.09 30 September 2013JPM Europe Small Cap A (dist) - EUR EUR 0.25 30 September 2013JPM Europe Small Cap A (dist) - GBP GBP 0.16 30 September 2013JPM Europe Strategic Growth A (dist) - EUR EUR 0.07 30 September 2013JPM Europe Strategic Growth A (dist) - GBP GBP 0.10 30 September 2013JPM Europe Strategic Value A (dist) - EUR EUR 0.21 30 September 2013JPM Europe Strategic Value A (dist) - GBP GBP 0.27 30 September 2013JPM Europe Technology A (dist) - EUR EUR 0.03 30 September 2013JPM Europe Technology A (dist) - GBP GBP 0.02 30 September 2013JPM Global Corporate Bond A (dist) - EUR (hedged) EUR 2.28 30 September 2013JPM Global Corporate Bond A (dist) - GBP (hedged) GBP 0.23 30 September 2013JPM Global Corporate Bond A (dist) - USD USD 2.54 30 September 2013JPM Global Corporate Bond A (inc) - EUR (hedged) EUR 1.89 30 September 2013JPM Global Corporate Bond A (inc) - EUR (hedged) & Duration (hedged) EUR 1.85 30 September 2013JPM Global Corporate Bond C (dist) - EUR (hedged) EUR 2.54 30 September 2013JPM Global Corporate Bond C (dist) - GBP (hedged) GBP 2.05 30 September 2013JPM Global Corporate Bond C (dist) - GBP (hedged) & Duration (hedged) GBP 0.14 30 September 2013JPM Global Corporate Bond C (dist) - USD USD 2.86 30 September 2013JPM Global Focus A (dist) - EUR EUR 0.15 30 September 2013JPM Global Healthcare A (dist) - GBP GBP 0.01 30 September 2013JPM Global Healthcare A (dist) - USD USD 0.01 30 September 2013JPM Global Short Duration Bond C (dist) - EUR (hedged) EUR 0.02 30 September 2013JPM Global Short Duration Bond C (dist) - GBP (hedged) GBP 0.14 30 September 2013JPM Global Short Duration Bond C (dist) - USD USD 0.03 30 September 2013JPM Global Short Duration Bond X (dist) - GBP (hedged) GBP 1.57 30 September 2013JPM Global Unconstrained Equity A (dist) - EUR (hedged) EUR 0.04 30 September 2013JPM Global Unconstrained Equity A (dist) - USD USD 0.13 30 September 2013JPM Latin America Equity A (dist) - USD USD 0.29 30 September 2013JPM Latin America Equity B (dist) - USD USD 0.44 30 September 2013JPM Russia A (dist) - USD USD 0.16 30 September 2013JPM US Aggregate Bond A (inc) - USD USD 0.23 30 September 2013JPM US Aggregate Bond C (dist) - GBP (hedged) GBP 0.65 30 September 2013JPM US Aggregate Bond X (dist) - GBP (hedged) GBP 1.97 30 September 2013JPM US Growth A (dist) - GBP GBP 0.01 30 September 2013JPM US Growth A (dist) - USD USD 0.01 30 September 2013JPM US Growth B (dist) - USD USD 0.01 30 September 2013JPM US Growth C (dist) - GBP GBP 0.10 30 September 2013JPM US Growth C (dist) - USD USD 0.14 30 September 2013JPM US Growth X (dist) - USD USD 0.95 30 September 2013JPM US Smaller Companies A (dist) - USD USD 0.17 30 September 2013JPM US Smaller Companies B (dist) - USD USD 0.10 30 September 2013JPM US Technology A (dist) - GBP GBP 0.01 30 September 2013

50


As at 30 June 2014

Class Currency Dividend Amount per Share Payment DateJPM US Technology A (dist) - USD USD 0.01 30 September 2013JPM US Technology B (dist) - USD USD 0.01 30 September 2013JPM US Technology C (dist) - USD USD 0.01 30 September 2013JPM US Value A (dist) - GBP GBP 0.04 30 September 2013JPM US Value A (dist) - USD USD 0.04 30 September 2013JPM US Value B (dist) - USD USD 0.01 30 September 2013JPM US Value C (dist) - GBP GBP 0.31 30 September 2013JPMorgan China A (dist) - HKD HKD 0.13 30 September 2013JPMorgan China A (dist) - USD USD 0.29 30 September 2013JPMorgan China C (dist) - USD USD 4.83 30 September 2013JPMorgan Eastern Europe Equity A (dist) - EUR EUR 0.43 30 September 2013JPMorgan Euroland Equity A (dist) - USD USD 0.12 30 September 2013JPMorgan Europe Dynamic A (dist) - EUR EUR 0.21 30 September 2013JPMorgan Europe Equity A (dist) - USD USD 0.65 30 September 2013JPMorgan Europe Small Cap A (dist) - EUR EUR 0.08 30 September 2013JPMorgan Europe Technology A (dist) - EUR EUR 0.02 30 September 2013JPMorgan Global Focus A (dist) - USD USD 0.10 30 September 2013JPMorgan Global Healthcare A (dist) - USD USD 0.01 30 September 2013JPMorgan Global Unconstrained Equity A (dist) - USD USD 0.22 30 September 2013JPMorgan Greater China A (dist) - HKD HKD 0.12 30 September 2013JPMorgan Greater China A (dist) - USD USD 0.20 30 September 2013JPMorgan Japan Equity A (dist) - GBP GBP 0.03 30 September 2013JPMorgan Japan Equity A (dist) - USD USD 0.09 30 September 2013JPMorgan Japan Equity C (dist) - USD USD 0.41 30 September 2013JPMorgan Japan Equity J (dist) - USD USD 0.05 30 September 2013JPMorgan Latin America Equity A (dist) - USD USD 0.21 30 September 2013JPMorgan US Smaller Companies A (dist) - USD USD 0.03 30 September 2013JPMorgan US Technology A (dist) - USD USD 0.01 30 September 2013JPMorgan US Value A (dist) - USD USD 0.04 30 September 2013JPMorgan Asia Pacific Income A (mth) - HKD HKD 0.06 16 October 2013JPMorgan Asia Pacific Income A (mth) - SGD SGD 0.06 16 October 2013JPMorgan Asia Pacific Income A (mth) - SGD (hedged) SGD 0.06 16 October 2013JPMorgan Asia Pacific Income A (mth) - USD USD 0.54 16 October 2013JPMorgan Asia Pacific Income B (mth) - USD USD 0.52 16 October 2013JPMorgan Asia Pacific Income D (mth) - USD USD 0.51 16 October 2013JPM Emerging Markets Corporate Bond A (irc) - AUD (hedged) AUD 0.06 16 October 2013JPM Emerging Markets Corporate Bond A (mth) - USD USD 0.41 16 October 2013JPM Emerging Markets Debt A (irc) - AUD (hedged) AUD 0.07 16 October 2013JPM Emerging Markets Debt A (irc) - CAD (hedged) CAD 0.06 16 October 2013JPM Emerging Markets Debt A (irc) - NZD (hedged) NZD 0.09 16 October 2013JPM Emerging Markets Debt A (mth) - EUR (hedged) EUR 0.06 16 October 2013JPM Emerging Markets Debt A (mth) - HKD HKD 0.06 16 October 2013JPM Emerging Markets Debt A (mth) - USD USD 0.09 16 October 2013JPM Emerging Markets Debt C (mth) - USD USD 0.54 16 October 2013JPM Emerging Markets Local Currency Debt A (irc) - AUD (hedged) AUD 0.08 16 October 2013JPM Emerging Markets Local Currency Debt A (mth) - USD USD 0.09 16 October 2013JPM Emerging Markets Local Currency Debt B (mth) - USD USD 0.57 16 October 2013JPM Emerging Markets Local Currency Debt C (mth) - USD USD 0.55 16 October 2013JPM Emerging Markets Local Currency Debt D (mth) - USD USD 0.56 16 October 2013JPM Global Corporate Bond A (mth) - SGD SGD 0.04 16 October 2013JPM Global Corporate Bond A (mth) - USD USD 0.36 16 October 2013JPM Global Corporate Bond B (mth) - USD USD 0.35 16 October 2013JPM Global Corporate Bond D (mth) - USD USD 0.35 16 October 2013JPM US Aggregate Bond A (mth) - HKD HKD 0.03 16 October 2013JPM US Aggregate Bond A (mth) - SGD SGD 0.03 16 October 2013JPM US Aggregate Bond A (mth) - SGD (hedged) SGD 0.03 16 October 2013JPM US Aggregate Bond A (mth) - USD USD 0.03 16 October 2013JPM US Aggregate Bond B (mth) - USD USD 0.26 16 October 2013JPM US Aggregate Bond I (mth) - USD USD 0.27 16 October 2013JPMorgan Asia Pacific Income A (irc) - AUD (hedged) AUD 0.06 18 November 2013JPMorgan Asia Pacific Income A (irc) - CAD (hedged) CAD 0.05 18 November 2013JPMorgan Asia Pacific Income A (mth) - HKD HKD 0.06 18 November 2013JPMorgan Asia Pacific Income A (mth) - SGD SGD 0.06 18 November 2013JPMorgan Asia Pacific Income A (mth) - SGD (hedged) SGD 0.05 18 November 2013JPMorgan Asia Pacific Income A (mth) - USD USD 0.50 18 November 2013JPMorgan Asia Pacific Income B (mth) - USD USD 0.48 18 November 2013JPMorgan Asia Pacific Income D (mth) - USD USD 0.47 18 November 2013JPM Emerging Markets Corporate Bond A (irc) - AUD (hedged) AUD 0.06 18 November 2013JPM Emerging Markets Corporate Bond A (mth) - USD USD 0.40 18 November 2013JPM Emerging Markets Debt A (irc) - AUD (hedged) AUD 0.07 18 November 2013JPM Emerging Markets Debt A (irc) - CAD (hedged) CAD 0.06 18 November 2013JPM Emerging Markets Debt A (irc) - NZD (hedged) NZD 0.09 18 November 2013JPM Emerging Markets Debt A (mth) - EUR (hedged) EUR 0.06 18 November 2013

51


As at 30 June 2014

Class Currency Dividend Amount per Share Payment DateJPM Emerging Markets Debt A (mth) - HKD HKD 0.06 18 November 2013JPM Emerging Markets Debt A (mth) - USD USD 0.08 18 November 2013JPM Emerging Markets Debt C (mth) - USD USD 0.52 18 November 2013JPM Emerging Markets Local Currency Debt A (irc) - AUD (hedged) AUD 0.08 18 November 2013JPM Emerging Markets Local Currency Debt A (mth) - USD USD 0.08 18 November 2013JPM Emerging Markets Local Currency Debt B (mth) - USD USD 0.52 18 November 2013JPM Emerging Markets Local Currency Debt D (mth) - USD USD 0.52 18 November 2013JPM Global Corporate Bond A (mth) - SGD SGD 0.04 18 November 2013JPM Global Corporate Bond A (mth) - USD USD 0.34 18 November 2013JPM Global Corporate Bond B (mth) - USD USD 0.34 18 November 2013JPM Global Corporate Bond D (mth) - USD USD 0.33 18 November 2013JPM US Aggregate Bond A (mth) - HKD HKD 0.03 18 November 2013JPM US Aggregate Bond A (mth) - SGD SGD 0.04 18 November 2013JPM US Aggregate Bond A (mth) - SGD (hedged) SGD 0.04 18 November 2013JPM US Aggregate Bond A (mth) - USD USD 0.03 18 November 2013JPM US Aggregate Bond B (mth) - USD USD 0.28 18 November 2013JPM US Aggregate Bond I (mth) - USD USD 0.29 18 November 2013JPM Emerging Markets Corporate Bond A (div) - EUR (hedged) EUR 1.00 20 November 2013JPM Emerging Markets Corporate Bond C (div) - EUR (hedged) EUR 0.93 20 November 2013JPM Emerging Markets Corporate Bond D (div) - EUR (hedged) EUR 0.99 20 November 2013JPM Emerging Markets Local Currency Debt A (div) - EUR EUR 1.55 20 November 2013JPM Emerging Markets Local Currency Debt D (div) - EUR EUR 0.15 20 November 2013JPM Emerging Markets Local Currency Debt T (div) - EUR EUR 1.52 20 November 2013JPM Global Corporate Bond A (div) - EUR (hedged) EUR 0.77 20 November 2013JPM Global Corporate Bond B (div) - EUR (hedged) EUR 0.78 20 November 2013JPM Global Corporate Bond D (div) - EUR (hedged) EUR 0.08 20 November 2013JPM Global Corporate Bond T (div) - EUR (hedged) EUR 0.77 20 November 2013JPM US Aggregate Bond A (div) - USD USD 0.85 20 November 2013JPMorgan Asia Pacific Income A (irc) - AUD (hedged) AUD 0.06 18 December 2013JPMorgan Asia Pacific Income A (irc) - CAD (hedged) CAD 0.05 18 December 2013JPMorgan Asia Pacific Income A (mth) - HKD HKD 0.06 18 December 2013JPMorgan Asia Pacific Income A (mth) - SGD SGD 0.06 18 December 2013JPMorgan Asia Pacific Income A (mth) - SGD (hedged) SGD 0.05 18 December 2013JPMorgan Asia Pacific Income A (mth) - USD USD 0.50 18 December 2013JPMorgan Asia Pacific Income B (mth) - USD USD 0.48 18 December 2013JPMorgan Asia Pacific Income D (mth) - USD USD 0.47 18 December 2013JPM Emerging Markets Corporate Bond A (irc) - AUD (hedged) AUD 0.06 18 December 2013JPM Emerging Markets Corporate Bond A (mth) - USD USD 0.40 18 December 2013JPM Emerging Markets Debt A (irc) - AUD (hedged) AUD 0.07 18 December 2013JPM Emerging Markets Debt A (irc) - CAD (hedged) CAD 0.06 18 December 2013JPM Emerging Markets Debt A (irc) - NZD (hedged) NZD 0.09 18 December 2013JPM Emerging Markets Debt A (mth) - EUR (hedged) EUR 0.06 18 December 2013JPM Emerging Markets Debt A (mth) - HKD HKD 0.06 18 December 2013JPM Emerging Markets Debt A (mth) - USD USD 0.08 18 December 2013JPM Emerging Markets Local Currency Debt A (irc) - AUD (hedged) AUD 0.08 18 December 2013JPM Emerging Markets Local Currency Debt A (mth) - USD USD 0.08 18 December 2013JPM Emerging Markets Local Currency Debt B (mth) - USD USD 0.52 18 December 2013JPM Emerging Markets Local Currency Debt D (mth) - USD USD 0.52 18 December 2013JPM Global Corporate Bond A (mth) - SGD SGD 0.04 18 December 2013JPM Global Corporate Bond A (mth) - USD USD 0.34 18 December 2013JPM Global Corporate Bond B (mth) - USD USD 0.34 18 December 2013JPM Global Corporate Bond D (mth) - USD USD 0.33 18 December 2013JPM US Aggregate Bond A (mth) - HKD HKD 0.03 18 December 2013JPM US Aggregate Bond A (mth) - SGD SGD 0.04 18 December 2013JPM US Aggregate Bond A (mth) - SGD (hedged) SGD 0.04 18 December 2013JPM US Aggregate Bond A (mth) - USD USD 0.03 18 December 2013JPM US Aggregate Bond B (mth) - USD USD 0.28 18 December 2013JPM US Aggregate Bond I (mth) - USD USD 0.29 18 December 2013JPMorgan Asia Pacific Income A (irc) - AUD (hedged) AUD 0.06 16 January 2014JPMorgan Asia Pacific Income A (irc) - CAD (hedged) CAD 0.05 16 January 2014JPMorgan Asia Pacific Income A (irc) - EUR (hedged) EUR 0.04 16 January 2014JPMorgan Asia Pacific Income A (irc) - GBP (hedged) GBP 0.05 16 January 2014JPMorgan Asia Pacific Income A (irc) - NZD (hedged) NZD 0.07 16 January 2014JPMorgan Asia Pacific Income A (mth) - HKD HKD 0.06 16 January 2014JPMorgan Asia Pacific Income A (mth) - SGD SGD 0.06 16 January 2014JPMorgan Asia Pacific Income A (mth) - SGD (hedged) SGD 0.05 16 January 2014JPMorgan Asia Pacific Income A (mth) - USD USD 0.50 16 January 2014JPMorgan Asia Pacific Income B (mth) - USD USD 0.48 16 January 2014JPMorgan Asia Pacific Income D (mth) - USD USD 0.47 16 January 2014JPM Emerging Markets Corporate Bond A (irc) - AUD (hedged) AUD 0.06 16 January 2014JPM Emerging Markets Corporate Bond A (mth) - USD USD 0.40 16 January 2014JPM Emerging Markets Debt A (irc) - AUD (hedged) AUD 0.07 16 January 2014JPM Emerging Markets Debt A (irc) - CAD (hedged) CAD 0.06 16 January 2014

52


As at 30 June 2014

Class Currency Dividend Amount per Share Payment DateJPM Emerging Markets Debt A (irc) - NZD (hedged) NZD 0.09 16 January 2014JPM Emerging Markets Debt A (mth) - EUR (hedged) EUR 0.06 16 January 2014JPM Emerging Markets Debt A (mth) - HKD HKD 0.06 16 January 2014JPM Emerging Markets Debt A (mth) - USD USD 0.08 16 January 2014JPM Emerging Markets Local Currency Debt A (irc) - AUD (hedged) AUD 0.08 16 January 2014JPM Emerging Markets Local Currency Debt A (mth) - USD USD 0.08 16 January 2014JPM Emerging Markets Local Currency Debt B (mth) - USD USD 0.52 16 January 2014JPM Emerging Markets Local Currency Debt D (mth) - USD USD 0.52 16 January 2014JPM Global Corporate Bond A (mth) - SGD SGD 0.04 16 January 2014JPM Global Corporate Bond A (mth) - USD USD 0.34 16 January 2014JPM Global Corporate Bond B (mth) - USD USD 0.34 16 January 2014JPM Global Corporate Bond D (mth) - USD USD 0.33 16 January 2014JPM US Aggregate Bond A (mth) - HKD HKD 0.03 16 January 2014JPM US Aggregate Bond A (mth) - SGD SGD 0.04 16 January 2014JPM US Aggregate Bond A (mth) - SGD (hedged) SGD 0.04 16 January 2014JPM US Aggregate Bond A (mth) - USD USD 0.03 16 January 2014JPM US Aggregate Bond B (mth) - USD USD 0.28 16 January 2014JPM US Aggregate Bond I (mth) - USD USD 0.29 16 January 2014JPMorgan Asia Pacific Income A (irc) - AUD (hedged) AUD 0.06 18 February 2014JPMorgan Asia Pacific Income A (irc) - CAD (hedged) CAD 0.05 18 February 2014JPMorgan Asia Pacific Income A (irc) - EUR (hedged) EUR 0.04 18 February 2014JPMorgan Asia Pacific Income A (irc) - GBP (hedged) GBP 0.05 18 February 2014JPMorgan Asia Pacific Income A (irc) - NZD (hedged) NZD 0.06 18 February 2014JPMorgan Asia Pacific Income A (mth) - HKD HKD 0.06 18 February 2014JPMorgan Asia Pacific Income A (mth) - SGD SGD 0.06 18 February 2014JPMorgan Asia Pacific Income A (mth) - SGD (hedged) SGD 0.05 18 February 2014JPMorgan Asia Pacific Income A (mth) - USD USD 0.50 18 February 2014JPMorgan Asia Pacific Income B (mth) - USD USD 0.48 18 February 2014JPMorgan Asia Pacific Income D (mth) - USD USD 0.47 18 February 2014JPM Emerging Markets Corporate Bond A (irc) - AUD (hedged) AUD 0.07 18 February 2014JPM Emerging Markets Corporate Bond A (mth) - USD USD 0.41 18 February 2014JPM Emerging Markets Debt A (irc) - AUD (hedged) AUD 0.07 18 February 2014JPM Emerging Markets Debt A (irc) - CAD (hedged) CAD 0.06 18 February 2014JPM Emerging Markets Debt A (irc) - NZD (hedged) NZD 0.09 18 February 2014JPM Emerging Markets Debt A (mth) - EUR (hedged) EUR 0.06 18 February 2014JPM Emerging Markets Debt A (mth) - HKD HKD 0.06 18 February 2014JPM Emerging Markets Debt A (mth) - USD USD 0.08 18 February 2014JPM Emerging Markets Local Currency Debt A (irc) - AUD (hedged) AUD 0.09 18 February 2014JPM Emerging Markets Local Currency Debt A (mth) - USD USD 0.09 18 February 2014JPM Emerging Markets Local Currency Debt B (mth) - USD USD 0.63 18 February 2014JPM Emerging Markets Local Currency Debt D (mth) - USD USD 0.62 18 February 2014JPM Global Corporate Bond A (mth) - SGD SGD 0.05 18 February 2014JPM Global Corporate Bond A (mth) - USD USD 0.37 18 February 2014JPM Global Corporate Bond B (mth) - USD USD 0.36 18 February 2014JPM Global Corporate Bond D (mth) - USD USD 0.36 18 February 2014JPM US Aggregate Bond A (mth) - HKD HKD 0.03 18 February 2014JPM US Aggregate Bond A (mth) - SGD SGD 0.04 18 February 2014JPM US Aggregate Bond A (mth) - SGD (hedged) SGD 0.04 18 February 2014JPM US Aggregate Bond A (mth) - USD USD 0.03 18 February 2014JPM US Aggregate Bond B (mth) - USD USD 0.30 18 February 2014JPM US Aggregate Bond I (mth) - USD USD 0.30 18 February 2014JPM Emerging Markets Corporate Bond A (div) - EUR (hedged) EUR 1.01 20 February 2014JPM Emerging Markets Corporate Bond C (div) - EUR (hedged) EUR 0.94 20 February 2014JPM Emerging Markets Corporate Bond D (div) - EUR (hedged) EUR 1.00 20 February 2014JPM Emerging Markets Local Currency Debt A (div) - EUR EUR 1.74 20 February 2014JPM Emerging Markets Local Currency Debt C (div) - EUR EUR 1.47 20 February 2014JPM Emerging Markets Local Currency Debt D (div) - EUR EUR 0.17 20 February 2014JPM Emerging Markets Local Currency Debt T (div) - EUR EUR 1.70 20 February 2014JPM Global Corporate Bond A (div) - EUR (hedged) EUR 0.82 20 February 2014JPM Global Corporate Bond B (div) - EUR (hedged) EUR 0.83 20 February 2014JPM Global Corporate Bond D (div) - EUR (hedged) EUR 0.08 20 February 2014JPM Global Corporate Bond T (div) - EUR (hedged) EUR 0.82 20 February 2014JPM US Aggregate Bond A (div) - USD USD 0.89 20 February 2014JPM Emerging Markets Corporate Bond A (irc) - AUD (hedged) AUD 0.06 18 March 2014JPM Emerging Markets Corporate Bond A (mth) - USD USD 0.41 18 March 2014JPM Emerging Markets Debt A (irc) - AUD (hedged) AUD 0.07 18 March 2014JPM Emerging Markets Debt A (irc) - CAD (hedged) CAD 0.06 18 March 2014JPM Emerging Markets Debt A (irc) - NZD (hedged) NZD 0.08 18 March 2014JPM Emerging Markets Debt A (mth) - EUR (hedged) EUR 0.06 18 March 2014JPM Emerging Markets Debt A (mth) - HKD HKD 0.06 18 March 2014JPM Emerging Markets Debt A (mth) - USD USD 0.08 18 March 2014JPM Emerging Markets Local Currency Debt A (irc) - AUD (hedged) AUD 0.09 18 March 2014JPM Emerging Markets Local Currency Debt A (mth) - USD USD 0.09 18 March 2014

53


As at 30 June 2014

Class Currency Dividend Amount per Share Payment DateJPM Emerging Markets Local Currency Debt B (mth) - USD USD 0.63 18 March 2014JPM Emerging Markets Local Currency Debt D (mth) - USD USD 0.62 18 March 2014JPM Global Corporate Bond A (mth) - SGD SGD 0.05 18 March 2014JPM Global Corporate Bond A (mth) - USD USD 0.37 18 March 2014JPM Global Corporate Bond B (mth) - USD USD 0.36 18 March 2014JPM Global Corporate Bond D (mth) - USD USD 0.36 18 March 2014JPM US Aggregate Bond A (mth) - HKD HKD 0.03 18 March 2014JPM US Aggregate Bond A (mth) - SGD SGD 0.04 18 March 2014JPM US Aggregate Bond A (mth) - SGD (hedged) SGD 0.04 18 March 2014JPM US Aggregate Bond A (mth) - USD USD 0.03 18 March 2014JPM US Aggregate Bond B (mth) - USD USD 0.30 18 March 2014JPM US Aggregate Bond I (mth) - USD USD 0.30 18 March 2014JPMorgan Asia Pacific Income A (irc) - AUD (hedged) AUD 0.06 18 March 2014JPMorgan Asia Pacific Income A (irc) - CAD (hedged) CAD 0.05 18 March 2014JPMorgan Asia Pacific Income A (irc) - EUR (hedged) EUR 0.04 18 March 2014JPMorgan Asia Pacific Income A (irc) - GBP (hedged) GBP 0.05 18 March 2014JPMorgan Asia Pacific Income A (irc) - NZD (hedged) NZD 0.06 18 March 2014JPMorgan Asia Pacific Income A (mth) - HKD HKD 0.06 18 March 2014JPMorgan Asia Pacific Income A (mth) - SGD SGD 0.06 18 March 2014JPMorgan Asia Pacific Income A (mth) - SGD (hedged) SGD 0.05 18 March 2014JPMorgan Asia Pacific Income A (mth) - USD USD 0.50 18 March 2014JPMorgan Asia Pacific Income B (mth) - USD USD 0.48 18 March 2014JPMorgan Asia Pacific Income D (mth) - USD USD 0.47 18 March 2014JPMorgan Asia Pacific Income A (irc) - AUD (hedged) AUD 0.06 16 April 2014JPMorgan Asia Pacific Income A (irc) - CAD (hedged) CAD 0.05 16 April 2014JPMorgan Asia Pacific Income A (irc) - EUR (hedged) EUR 0.04 16 April 2014JPMorgan Asia Pacific Income A (irc) - GBP (hedged) GBP 0.05 16 April 2014JPMorgan Asia Pacific Income A (irc) - NZD (hedged) NZD 0.07 16 April 2014JPMorgan Asia Pacific Income A (mth) - HKD HKD 0.06 16 April 2014JPMorgan Asia Pacific Income A (mth) - SGD SGD 0.06 16 April 2014JPMorgan Asia Pacific Income A (mth) - SGD (hedged) SGD 0.05 16 April 2014JPMorgan Asia Pacific Income A (mth) - USD USD 0.50 16 April 2014JPMorgan Asia Pacific Income B (mth) - USD USD 0.48 16 April 2014JPMorgan Asia Pacific Income D (mth) - USD USD 0.47 16 April 2014JPM Emerging Markets Corporate Bond A (irc) - AUD (hedged) AUD 0.07 16 April 2014JPM Emerging Markets Corporate Bond A (mth) - USD USD 0.41 16 April 2014JPM Emerging Markets Debt A (irc) - AUD (hedged) AUD 0.07 16 April 2014JPM Emerging Markets Debt A (irc) - CAD (hedged) CAD 0.06 16 April 2014JPM Emerging Markets Debt A (irc) - NZD (hedged) NZD 0.09 16 April 2014JPM Emerging Markets Debt A (mth) - EUR (hedged) EUR 0.06 16 April 2014JPM Emerging Markets Debt A (mth) - HKD HKD 0.06 16 April 2014JPM Emerging Markets Debt A (mth) - USD USD 0.08 16 April 2014JPM Emerging Markets Local Currency Debt A (irc) - AUD (hedged) AUD 0.09 16 April 2014JPM Emerging Markets Local Currency Debt A (mth) - USD USD 0.09 16 April 2014JPM Emerging Markets Local Currency Debt B (mth) - USD USD 0.63 16 April 2014JPM Emerging Markets Local Currency Debt D (mth) - USD USD 0.62 16 April 2014JPM Global Corporate Bond A (mth) - SGD SGD 0.05 16 April 2014JPM Global Corporate Bond A (mth) - USD USD 0.37 16 April 2014JPM Global Corporate Bond B (mth) - USD USD 0.36 16 April 2014JPM Global Corporate Bond D (mth) - USD USD 0.36 16 April 2014JPM US Aggregate Bond A (mth) - HKD HKD 0.03 16 April 2014JPM US Aggregate Bond A (mth) - SGD SGD 0.04 16 April 2014JPM US Aggregate Bond A (mth) - SGD (hedged) SGD 0.04 16 April 2014JPM US Aggregate Bond A (mth) - USD USD 0.03 16 April 2014JPM US Aggregate Bond B (mth) - USD USD 0.30 16 April 2014JPM US Aggregate Bond I (mth) - USD USD 0.30 16 April 2014JPMorgan Asia Pacific Income A (irc) - AUD (hedged) AUD 0.06 16 May 2014JPMorgan Asia Pacific Income A (irc) - CAD (hedged) CAD 0.05 16 May 2014JPMorgan Asia Pacific Income A (irc) - EUR (hedged) EUR 0.04 16 May 2014JPMorgan Asia Pacific Income A (irc) - GBP (hedged) GBP 0.04 16 May 2014JPMorgan Asia Pacific Income A (irc) - NZD (hedged) NZD 0.07 16 May 2014JPMorgan Asia Pacific Income A (irc) - RMB (hedged) CNH 0.05 16 May 2014JPMorgan Asia Pacific Income A (mth) - HKD HKD 0.05 16 May 2014JPMorgan Asia Pacific Income A (mth) - SGD SGD 0.05 16 May 2014JPMorgan Asia Pacific Income A (mth) - SGD (hedged) SGD 0.05 16 May 2014JPMorgan Asia Pacific Income A (mth) - USD USD 0.46 16 May 2014JPMorgan Asia Pacific Income B (mth) - USD USD 0.44 16 May 2014JPMorgan Asia Pacific Income D (mth) - USD USD 0.43 16 May 2014JPM Emerging Markets Corporate Bond A (irc) - AUD (hedged) AUD 0.07 16 May 2014JPM Emerging Markets Corporate Bond A (mth) - USD USD 0.41 16 May 2014JPM Emerging Markets Debt A (irc) - AUD (hedged) AUD 0.07 16 May 2014JPM Emerging Markets Debt A (irc) - CAD (hedged) CAD 0.06 16 May 2014JPM Emerging Markets Debt A (irc) - NZD (hedged) NZD 0.09 16 May 2014

54


As at 30 June 2014

Class Currency Dividend Amount per Share Payment DateJPM Emerging Markets Debt A (irc) - RMB (hedged) CNH 0.07 16 May 2014JPM Emerging Markets Debt A (mth) - EUR (hedged) EUR 0.06 16 May 2014JPM Emerging Markets Debt A (mth) - HKD HKD 0.06 16 May 2014JPM Emerging Markets Debt A (mth) - USD USD 0.08 16 May 2014JPM Emerging Markets Local Currency Debt A (irc) - AUD (hedged) AUD 0.08 16 May 2014JPM Emerging Markets Local Currency Debt A (mth) - USD USD 0.09 16 May 2014JPM Emerging Markets Local Currency Debt B (mth) - USD USD 0.58 16 May 2014JPM Emerging Markets Local Currency Debt D (mth) - USD USD 0.57 16 May 2014JPM Global Corporate Bond A (mth) - SGD SGD 0.04 16 May 2014JPM Global Corporate Bond A (mth) - USD USD 0.35 16 May 2014JPM Global Corporate Bond B (mth) - USD USD 0.35 16 May 2014JPM Global Corporate Bond D (mth) - USD USD 0.34 16 May 2014JPM US Aggregate Bond A (mth) - HKD HKD 0.04 16 May 2014JPM US Aggregate Bond A (mth) - SGD SGD 0.04 16 May 2014JPM US Aggregate Bond A (mth) - SGD (hedged) SGD 0.04 16 May 2014JPM US Aggregate Bond A (mth) - USD USD 0.03 16 May 2014JPM US Aggregate Bond B (mth) - USD USD 0.32 16 May 2014JPM US Aggregate Bond I (mth) - USD USD 0.33 16 May 2014JPM Emerging Markets Corporate Bond A (div) - EUR (hedged) EUR 1.05 20 May 2014JPM Emerging Markets Corporate Bond C (div) - EUR (hedged) EUR 0.97 20 May 2014JPM Emerging Markets Corporate Bond D (div) - EUR (hedged) EUR 1.04 20 May 2014JPM Emerging Markets Local Currency Debt A (div) - EUR EUR 1.72 20 May 2014JPM Emerging Markets Local Currency Debt C (div) - EUR EUR 1.46 20 May 2014JPM Emerging Markets Local Currency Debt D (div) - EUR EUR 0.17 20 May 2014JPM Emerging Markets Local Currency Debt T (div) - EUR EUR 1.68 20 May 2014JPM Global Corporate Bond A (div) - EUR (hedged) EUR 0.79 20 May 2014JPM Global Corporate Bond B (div) - EUR (hedged) EUR 0.80 20 May 2014JPM Global Corporate Bond D (div) - EUR (hedged) EUR 0.08 20 May 2014JPM Global Corporate Bond T (div) - EUR (hedged) EUR 0.79 20 May 2014JPM US Aggregate Bond A (div) - USD USD 0.97 20 May 2014JPMorgan Asia Pacific Income A (irc) - AUD (hedged) AUD 0.06 19 June 2014JPMorgan Asia Pacific Income A (irc) - CAD (hedged) CAD 0.05 19 June 2014JPMorgan Asia Pacific Income A (irc) - EUR (hedged) EUR 0.04 19 June 2014JPMorgan Asia Pacific Income A (irc) - GBP (hedged) GBP 0.04 19 June 2014JPMorgan Asia Pacific Income A (irc) - NZD (hedged) NZD 0.07 19 June 2014JPMorgan Asia Pacific Income A (irc) - RMB (hedged) CNH 0.06 19 June 2014JPMorgan Asia Pacific Income A (mth) - HKD HKD 0.05 19 June 2014JPMorgan Asia Pacific Income A (mth) - SGD SGD 0.05 19 June 2014JPMorgan Asia Pacific Income A (mth) - SGD (hedged) SGD 0.05 19 June 2014JPMorgan Asia Pacific Income A (mth) - USD USD 0.46 19 June 2014JPMorgan Asia Pacific Income B (mth) - USD USD 0.44 19 June 2014JPMorgan Asia Pacific Income D (mth) - USD USD 0.43 19 June 2014JPM Emerging Markets Corporate Bond A (irc) - AUD (hedged) AUD 0.07 19 June 2014JPM Emerging Markets Corporate Bond A (mth) - USD USD 0.41 19 June 2014JPM Emerging Markets Debt A (irc) - AUD (hedged) AUD 0.07 19 June 2014JPM Emerging Markets Debt A (irc) - CAD (hedged) CAD 0.06 19 June 2014JPM Emerging Markets Debt A (irc) - NZD (hedged) NZD 0.09 19 June 2014JPM Emerging Markets Debt A (irc) - RMB (hedged) CNH 0.07 19 June 2014JPM Emerging Markets Debt A (mth) - EUR (hedged) EUR 0.06 19 June 2014JPM Emerging Markets Debt A (mth) - HKD HKD 0.06 19 June 2014JPM Emerging Markets Debt A (mth) - USD USD 0.08 19 June 2014JPM Emerging Markets Local Currency Debt A (irc) - AUD (hedged) AUD 0.08 19 June 2014JPM Emerging Markets Local Currency Debt A (mth) - USD USD 0.09 19 June 2014JPM Emerging Markets Local Currency Debt B (mth) - USD USD 0.58 19 June 2014JPM Emerging Markets Local Currency Debt D (mth) - USD USD 0.57 19 June 2014JPM Global Corporate Bond A (mth) - SGD SGD 0.04 19 June 2014JPM Global Corporate Bond A (mth) - USD USD 0.35 19 June 2014JPM Global Corporate Bond B (mth) - USD USD 0.35 19 June 2014JPM Global Corporate Bond D (mth) - USD USD 0.34 19 June 2014JPM US Aggregate Bond A (mth) - HKD HKD 0.04 19 June 2014JPM US Aggregate Bond A (mth) - SGD SGD 0.04 19 June 2014JPM US Aggregate Bond A (mth) - SGD (hedged) SGD 0.04 19 June 2014JPM US Aggregate Bond A (mth) - USD USD 0.03 19 June 2014JPM US Aggregate Bond B (mth) - USD USD 0.32 19 June 2014JPM US Aggregate Bond I (mth) - USD USD 0.33 19 June 2014

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

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

55


As at 30 June 2014

Share Classes suffixed “(div)”Share Classes with the suffix “(div)” will normally pay quarterly dividends which are calculated by the Management Company based on the estimated annualyield of the relevant Sub-Fund’s portfolio which is attributable to that Share Class. The Management Company will review the dividend rate for each ShareClass at least semi-annually, but may adjust the dividend rate more frequently to reflect changes in the portfolio’s expected yield.Investors should be aware that “(div)” Share Classes give priority to dividends, rather than to capital growth. The expected yield for each Share Class will becalculated gross of both the Annual Management and Advisory Fee and the Operating and Administrative Expenses, and such Share Classes will typicallydistribute more than the income received. Share Classes with the suffix “(div)” in issue at the dividend record date will be eligible for any dividends which willnormally be paid in the currency of the relevant Share Class.

Share Classes suffixed “(mth)”Share Classes with the suffix “(mth)” will be available to Shareholders subscribing, and remaining subscribed, through specific Asian distribution networksand to other distributors at the sole discretion of the Management Company. Share Classes with the suffix “(mth)” will normally pay dividends on a monthlybasis. The monthly dividend rate per Share will be calculated by the Management Company based on the estimated annual yield of the relevant Sub-Fund’sportfolio which is attributable to that Share Class. The Management Company will review the dividend rate for each Share Class at least semi-annually, butmay adjust the dividend rate more frequently to reflect changes in the portfolio’s expected yield. Investors should be aware that “(mth)” share classes givepriority to dividends, rather than to capital growth. The expected yield for each Share Class will be calculated gross of both the Annual Management andAdvisory Fee and the Operating and Administrative Expenses, and such Share Classes will typically distribute more than the income received. Dividendpayments for these Share Classes will normally be made to Shareholders each month in the currency of the relevant Share Class.

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

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

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

5. TaxationUnder current law and practice, the SICAV is not subject to any taxes in Luxembourg on income or capital gains, nor are dividends distributed by the SICAVliable to any withholding tax. The only tax to which the SICAV in Luxembourg is subject is the subscription tax, (“Taxe d’abonnement”) up to a rate of 0.05%per annum based on the net asset value attributed to each Share Class at the end of the relevant quarter, calculated and paid quarterly. A reduced tax rate of0.01% per annum of the net assets will be applicable to Share Classes as indentified in the Appendix. The 0.01% and 0.05% rates described above, asappropriate, are not applicable for the portion of the assets of the SICAV invested in other Luxembourg collective investment undertakings which arethemselves already subject to the Taxe d’abonnement.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.The SICAV has instigated proceedings to reclaim tax withheld by certain Member States of the European Union on dividend payments it has received. Thedecision to initiate proceedings against any particular Member State is the result of an analysis of the likely costs and potential benefits of doing so. Thelikelihood of successfully reclaiming such amounts together with the estimated time to complete proceedings varies across Member States. Any costsassociated with this decision have been charged to the relevant Sub-Funds and have been included within total costs for the purposes of determining therelevant expense cap or TER and no amount has been recorded in the SICAV for any possible amounts to be received under this action.Certain Sub-Funds of the SICAV may have invested into French, Norwegian, Finnish and Polish stocks for which tax reclaim has been successful. As such,amounts have been recorded, where applicable, on a cash basis under Other Income.Certain Sub-Funds of the SICAV may invest on the Brazilian markets and are consequently subject to a local tax upon purchase of Brazilian Real, the BRL IOFTax. On 5 June 2013, the BRL IOF tax on foreign exchange inflows relating to the purchase of fixed income instruments was reduced from 6% to 0% on inflowswith a trade date of 5 June 2013 and onwards.

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

7. Fees and Expenses

a) All Sub-Funds - Share Classes A, B, C, D, J and TThe 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 Management Company 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 Management Company and included within “Management and Advisory Fees”. To the extent that actual operating costs exceed the fixedpercentage, the amount borne by the Management Company will be separately disclosed as a “Fee Waiver’’ in the Combined Statement of Net Assets and theCombined Statement of Operations and Changes in Net Assets.This fixed annual rate of fees and expenses is categorised as a Total Expense Ratio. The fixed annual rates of fees for each Class of shares are shown in theAppendix.

56


As at 30 June 2014

b) All Sub-Funds - Share Classes I and PThe 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 Classes X and YThe Annual Management Fee that would normally be payable in respect of the X Share Classes and Y Share Classes are administratively levied and collectedby the Global Distributor 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 and Class Y shareholders of any Sub-Fund will not exceed a cappedpercentage of the total net assets attributable to that Class, as set out in the Appendix.Sub-Funds may invest in UCITS and other UCIs managed by the Management Company, the Investment Manager or any other member of JPMorgan Chase &Co. The avoidance of a double-charge of the Annual Management and Advisory Fee on such assets is achieved by either a) excluding the assets from the 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.The Structure of the Share Classes Operating and Administrative Expenses have been amended.The Operating and Administrative Expenses cover:(i) Expenses directly contracted by the Fund, including but not limited to the Custodian fees, auditing fees and expenses, the Luxembourg taxed’abonnement, Directors’ fees and reasonable out-of-pocket expenses incurred by the Directors.(ii) A “fund servicing fee” paid to the Management Company for administrative and related services which will be the remaining amount of the Operating andAdministrative Expenses after deduction of the expenses detailed under section i) above. The Management Company then bears all expenses incurred in theday to day operation and administration of the Fund, including but not limited to formation expenses such as organisation and registration costs; accountingexpenses covering fund accounting and administrative services; transfer agency expenses covering registrar and transfer agency services; theAdministrative Agent and Domiciliary Agent services; the fees and reasonable out-of-pocket expenses of the paying agents and representatives; legal feesand expenses; ongoing registration, listing and quotation fees, including translation expenses; the cost of publication of the Share prices and postage,telephone, facsimile transmission and other electronic means of communication; and the costs and expenses of preparing, printing and distributing theProspectus, Key Investor Information Documents or any offering document, financial reports and other documents made available to Shareholders.Operating and Administrative Expenses do not include Transaction Fees and Extraordinary Expenses.

Expenses related to the formation of new Sub-Funds may be amortised over a period not exceeding five years, as permitted by Luxembourg Law.The Operating and Administrative Expenses borne by the A, B, C, D, J, P, and T Share Classes (and the I Share Class of the JPMorgan Funds - Euro MoneyMarket Fund and JPMorgan Funds - US Dollar Money Market Fund) are fixed at the rates specified in Appendix III of the Prospectus. The Operating andAdministration Expenses borne by I, X and Y Share Classes will be the lower of the actual expenses incurred by the Fund and the maximum rate detailed inAppendix III of the Prospectus. At its discretion, the Management Company may on a temporary basis meet the Direct Expenses on a Sub-Fund’s behalfand/or waive all or part of the Fund Servicing Fee.

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 year. The Performance Fee accrued on any Valuation Day is reflected in the Net AssetValue per Share on the basis of which subscriptions and redemptions may be accepted.

Claw-Back mechanismThe purpose of the Claw-Back Mechanism is to ensure that the Management Company will only become entitled to a Performance Fee when it outperformsthe cumulative Benchmark Return (as defined in Appendix V of the prospectus) accrued since the last Valuation Day of the last period in which a PerformanceFee was paid.As at 30 June 2014, the Performance Fee rate and the benchmarks are as follows:

Sub-Fund Applicable

Share Classes

Performance

Fee Rate

Performance Benchmark

Claw-back Mechanism method

JPMorgan Funds - Africa Equity Fund All 10% MSCI Emerging and Frontier Markets Africa Index (Total Return Net)

57


As at 30 June 2014

Sub-Fund Applicable

Share Classes

Performance

Fee Rate

Performance Benchmark

JPMorgan Funds - Emerging Markets Small Cap Fund All except Share Class Y 10% MSCI Emerging Markets Small Cap Index (Total Return Net)

JPMorgan Funds - Europe Focus Fund All 10% MSCI Europe Index (Total Return Net)

JPMorgan Funds - US Smaller Companies Fund All, except EUR hedged 10% Russell 2000 Index (Total Return Net of 30% withholding tax)

JPMorgan Funds - US Smaller Companies Fund EUR hedged 10% Russell 2000 Index (Total Return Net of 30% withholding tax) hedged to EUR

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 as they are affiliatedentities of JPMorgan Chase & Co. In addition Elvinger, Hoss & Prussen (of which Mr Jacques Elvinger who is on the Board of the Directors of the SICAV, is apartner) is compensated for legal services to the SICAV.

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 income or for reducing costs or risk, to themaximum extent allowed by and within the limits set forth in (i) article 11 of the Grand Ducal regulation of 8 February 2008 relating to certain definitions ofthe Luxembourg Law, (ii) CSSF Circular 08/356 relating to the rules applicable to Undertakings for Collective Investment when they use certain techniquesand instruments relating to transferable securities and money market instruments and (iii) any other applicable laws, regulations, circulars or CSSFpositions. A significant proportion of the income generated from the securities lending program is credited to participating Sub-Funds, with a portion of theincome being paid to JPMorgan Chase Bank, N.A. for its role as securities lending agent for the Fund. Borrowers of securities lent by participating Sub-Fundsare approved by the Management Company after appropriate assessment of such borrowers’ status and financial standing. From 1 January 2013, theManagement Company has waived the incremental income previously received from the portion of income generated by Securities Lending, for its oversightof the program. From this date, 85% of any incremental income earned from securities lending is accrued to the applicable Sub-Fund, with the remainingincome payable to the securities lending agent which arranges the transaction. The income earned from the securities lending program is detailed in theCombined Statement of Operations and Changes in Net Assets.As at 30 June 2014, the SICAV valuation of securities on loan is USD 453,236,548, as detailed below and received collateral as security with a market value ofUSD 427,962,970.The table below provides the USD valuation of securities on loan at a Sub-Fund level as at 30 June 2014:

Sub-Fund Market ValueUSD

Cash CollateralUSD

Non CashCollateral*

USD

BaseCurrency

Lending Income(Gross)

Base Currency

LendingAgent Fee

Base Currency

LendingIncome (Net)

Base Currency

JPMorgan Funds - China Fund 65,107,887 10,941,370 58,738,257 USD 695,226 104,284 590,942

JPMorgan Funds - Euroland Equity Fund 9,396,648 3,076,321 6,869,355 EUR 293,648 44,047 249,601

JPMorgan Funds - Europe Dynamic Fund 18,973,922 434,839 19,779,633 EUR 723,136 108,470 614,666

JPMorgan Funds - Europe Equity Fund 16,316,766 9,716,279 7,141,880 EUR 302,721 45,408 257,313

JPMorgan Funds - Europe Focus Fund 6,401,837 - 6,806,863 EUR 164,785 24,718 140,067

JPMorgan Funds - Europe Small Cap Fund 20,839,869 217,313 21,729,825 EUR 201,371 30,206 171,165

JPMorgan Funds - Europe Strategic Growth Fund 8,305,932 1,781,962 7,018,101 EUR 132,384 19,857 112,527

JPMorgan Funds - Europe Strategic Value Fund 72,148,240 8,190,688 68,435,340 EUR 1,590,835 238,625 1,352,210

JPMorgan Funds - Europe Technology Fund 7,374,096 1,866,893 5,886,548 EUR 157,329 23,599 133,730

JPMorgan Funds - Global Focus Fund*** - - - EUR 152,684 22,903 129,781

JPMorgan Funds - Greater China Fund 40,835,834 23,079,542 20,440,678 USD 397,787 59,668 338,119

JPMorgan Funds - US Technology Fund** - - - USD 2,226 334 1,892

* The securities received as collateral are in the form of government securities (US, UK, and some Eurozone). These securities are issued and guaranteed as to principal and interest by the US and theEurozone government with minimum ratings of AAA and AA-, respectively.** Exited from the Securities Lending program in August 2013.*** Exited from the Securities Lending program in January 2014.

11. Information for Swiss Registered ShareholdersJ.P. Morgan (Suisse) S.A. was authorised by the Swiss Financial Market Supervisory Authority (FINMA) as Swiss representative of the SICAV and acts also aspaying agent. The current prospectus, the current Key Investor Information Documents, the articles, the annual and semi-annual reports of the SICAV, aswell as a list of the purchases and sales which the SICAV has undertaken during the financial year may be obtained, on simple request and free of charge, atthe head office of the Swiss representative of the SICAV, J.P. Morgan (Suisse) S.A., 8, rue de la Confédération, CH-1204 Geneva, Switzerland.

58


As at 30 June 2014

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 financial year, may be obtained free ofcharge upon request at the registered office of the SICAV and at the office of the German paying and information agent, J.P. Morgan AG, Junghofstraße 14,D-60311 Frankfurt am Main. Additional information on investments within each Sub-Fund’s portfolio is available to shareholders at the registered office ofthe SICAV and at the office of the German paying and information agent.

13. Authorisation of Sub-Funds in TaiwanThe following Sub-Funds are authorised in Taiwan and available to Taiwan Residents:JPMorgan Funds - Africa Equity Fund JPMorgan Funds - Europe Strategic Growth Fund

JPMorgan Funds - America Equity Fund JPMorgan Funds - Europe Strategic Value Fund

JPMorgan Funds - Asia Pacific Income Fund JPMorgan Funds - Europe Technology Fund

JPMorgan Funds - Asia Pacific Strategic Equity JPMorgan Funds - Global Corporate Bond Fund

JPMorgan Funds - Brazil Equity Fund JPMorgan Funds - Global Focus Fund

JPMorgan Funds - China Fund JPMorgan Funds - Global Healthcare Fund

JPMorgan Funds - Eastern Europe Equity Fund JPMorgan Funds - Global Natural Resources Fund

JPMorgan Funds - Emerging Europe, Middle East and Africa Equity Fund JPMorgan Funds - Global Short Duration Bond Fund

JPMorgan Funds - Emerging Markets Corporate Bond Fund JPMorgan Funds - Global Unconstrained Equity Fund

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

JPMorgan Funds - Emerging Markets Equity Fund JPMorgan Funds - Indonesia Equity Fund

JPMorgan Funds - Emerging Markets Local Currency Debt Fund JPMorgan Funds - Japan Equity Fund

JPMorgan Funds - Emerging Markets Opportunities Fund JPMorgan Funds - Latin America Equity Fund

JPMorgan Funds - Emerging Markets Small Cap Fund JPMorgan Funds - Russia Fund

JPMorgan Funds - Emerging Middle East Equity Fund JPMorgan Funds - US Aggregate Bond Fund

JPMorgan Funds - Euro Money Market Fund JPMorgan Funds - US Dollar Money Market Fund

JPMorgan Funds - Euroland Equity Fund JPMorgan Funds - US Growth Fund

JPMorgan Funds - Europe Dynamic Fund JPMorgan Funds - US Smaller Companies Fund

JPMorgan Funds - Europe Equity Fund JPMorgan Funds - US Technology Fund

JPMorgan Funds - Europe Focus Fund JPMorgan Funds - US Value Fund

JPMorgan Funds - Europe Small Cap Fund

14. Significant Events

a) Sub-Fund LaunchesDuring the year, the following new Sub-Fund was launched:- JPMorgan Funds - US Dollar Money Market Fund on 6 June 2014.

b) Sub-Fund Currency ChangesWith effect from 2 December 2013, the base currency of the Sub-Fund JPMorgan Funds - Japan Equity Fund changed from USD to JPY.

c) Sub-Fund Name ChangesWith effect from 13 September 2013, the following Sub-Fund changed its name as follows:- JPMorgan Funds – Asia Pacific ex-Japan Behavioural Finance Equity Fund changed its name into JPMorgan Funds – Asia Pacific Strategic Equity Fund.

d) Changes to Sub-Fund Benchmark IndexesWith effect from 17 October 2013, the following Sub-Funds changed their benchmark indexes as follows:- JPMorgan Funds - Europe Small Cap Fund from HSBC Smaller Europe (Inc. UK) Index (Total Return Net) to Euromoney Smaller Europe (Inc. UK) Index (TotalReturn Net);- JPMorgan Funds - Global Natural Resources Fund from HSBC Global Mining, Gold & Energy Index (Total Return Net) to Euromoney Global Mining, Gold &Energy Index (Total Return Net).

e) Other Information

With effect from 1 July 2013, the Management Company has stopped the accrual of the following Sub-Funds’ performance fees:- JPMorgan Funds - Emerging Markets Corporate Bond Fund;- JPMorgan Funds - Emerging Markets Local Currency Debt Fund.The SICAV’s prospectus was amended to indicate the removal of these performance fees.

15. Events After Year-End

a) Subsequent Fair Valuation EventAs at 7 July 2014, the security Let’s GOWEX, representing 2.02%, and 0.30% of the 30 June 2014 net assets of JPMorgan Funds - Europe Focus Fund andJPMorgan Funds - Europe Strategic Growth Fund, respectively, was fair valued to a nil value following the Company’s announcement to file for insolvency on6 July 2014.

16. Directors’ FeesThe only remuneration paid to Directors is an annual fee. This is waived by Mr Berndt May and Mr Peter Schwicht.The total Directors’ fees for the year amount to EUR 164,348 of which the Chairman is due EUR 43,337.

59


As at 30 June 2014

17. Transaction CostsFor the year ended 30 June 2014, the SICAV incurred transaction costs which have been defined as brokerage fees relating to purchase or sale oftransferable securities, derivatives (excepted OTC derivatives) or other eligible assets. The SICAV also incurred transaction costs charged by the custodianagent and relating to purchase and sale of transferable securities as follows:Sub-Funds Base Currency Custodian Transaction Costs

and Brokerage Fees(Base Currency)

JPMorgan Funds - Africa Equity Fund USD 1,285,575

JPMorgan Funds - America Equity Fund USD 470,180

JPMorgan Funds - Asia Pacific Income Fund USD 5,566,607

JPMorgan Funds - Asia Pacific Strategic Equity Fund USD 1,495,717

JPMorgan Funds - Brazil Equity Fund USD 967,851

JPMorgan Funds - China Fund USD 13,554,250

JPMorgan Funds - Eastern Europe Equity Fund EUR 967,172

JPMorgan Funds - Emerging Europe, Middle East and Africa Equity Fund USD 1,434,737

JPMorgan Funds - Emerging Markets Corporate Bond Fund USD 126,501

JPMorgan Funds - Emerging Markets Debt Fund USD 54,926

JPMorgan Funds - Emerging Markets Equity Fund USD 5,176,340

JPMorgan Funds - Emerging Markets Local Currency Debt Fund USD 107,986

JPMorgan Funds - Emerging Markets Opportunities Fund USD 8,768,051

JPMorgan Funds - Emerging Markets Small Cap Fund USD 2,020,444

JPMorgan Funds - Emerging Middle East Equity Fund USD 645,369

JPMorgan Funds - Euro Money Market Fund EUR 7,562

JPMorgan Funds - Euroland Equity Fund EUR 1,285,175

JPMorgan Funds - Europe Dynamic Fund EUR 8,019,620

JPMorgan Funds - Europe Equity Fund EUR 1,705,420

JPMorgan Funds - Europe Focus Fund EUR 371,175

JPMorgan Funds - Europe Small Cap Fund EUR 5,465,621

JPMorgan Funds - Europe Strategic Growth Fund EUR 1,606,929

JPMorgan Funds - Europe Strategic Value Fund EUR 7,465,951

JPMorgan Funds - Europe Technology Fund EUR 863,126

JPMorgan Funds - Global Corporate Bond Fund USD 417,104

JPMorgan Funds - Global Focus Fund EUR 1,822,555

JPMorgan Funds - Global Healthcare Fund USD 3,163,082

JPMorgan Funds - Global Natural Resources Fund EUR 857,746

JPMorgan Funds - Global Short Duration Bond Fund USD 73,868

JPMorgan Funds - Global Unconstrained Equity Fund USD 701,212

JPMorgan Funds - Greater China Fund USD 7,532,424

JPMorgan Funds - Indonesia Equity Fund USD 1,982,060

JPMorgan Funds - Japan Equity Fund JPY 52,865,454

JPMorgan Funds - Latin America Equity Fund USD 2,665,304

JPMorgan Funds - Russia Fund USD 1,200,287

JPMorgan Funds - US Aggregate Bond Fund USD 36,374

JPMorgan Funds - US Dollar Money Market Fund USD -

JPMorgan Funds - US Growth Fund USD 410,920

JPMorgan Funds - US Smaller Companies Fund USD 354,165

JPMorgan Funds - US Technology Fund USD 273,696

JPMorgan Funds - US Value Fund USD 1,006,692

* For fixed income securities, transaction costs are not separately identifiable from the purchase price of the security and therefore cannot be disclosed separately.

60


As at 30 June 2014

Transferable Securities Admitted to an Official Exchange Listing

Shares

SOUTH AFRICA90,100 Anglo American Platinum 3,861,162 0.88

327,380 AVI 1,897,368 0.44604,136 Barclays Africa Group 9,205,031 2.11273,733 Bidvest Group 7,273,531 1.67175,587 Capitec Bank Holdings 3,679,184 0.84170,280 City Lodge Hotels 2,007,527 0.46

494,044 Clicks Group 2,938,699 0.67960,580 Clover Industries 1,534,111 0.35280,589 EOH Holdings 2,384,684 0.55

6,177,364 FirstRand 23,607,761 5.42446,890 Holdsport 1,718,387 0.39481,105 Imperial Holdings 9,142,319 2.11159,000 Kumba Iron Ore 5,043,020 1.16

1,845,350 Life Healthcare Group Holdings 7,282,675 1.67509,300 Mr Price Group 8,641,093 1.98

1,725,146 MTN Group 36,373,188 8.35356,084 Naspers - N Shares 41,883,117 9.62232,500 Oceana Group 1,903,910 0.44713,405 Pick n Pay Stores 3,875,491 0.89589,521 Royal Bafokeng Platinum 3,951,266 0.91537,686 Sasol 32,054,864 7.36794,049 Shoprite Holdings 11,491,909 2.64318,120 Standard Bank Group 4,335,738 1.0173,700 Tiger Brands 2,129,260 0.49

1,580,180 Woolworths Holdings/South Africa 11,627,422 2.67

239,842,717 55.08

NIGERIA6,683,019 Dangote Cement 9,705,459 2.23

64,702,215 Diamond Bank 2,542,795 0.5937,234,510 FBN Holdings 3,543,966 0.817,384,163 GlaxoSmithKline Consumer Nigeria 2,935,981 0.68

67,861,366 Guaranty Trust Bank 12,490,908 2.871,628,765 Guinness Nigeria 1,950,317 0.451,734,804 Nestle Nigeria 12,250,688 2.81

10,107,363 Nigerian Breweries 10,793,187 2.4810,270,720 PZ Cussons Nigeria 2,251,864 0.5124,654,130 UAC of Nigeria 9,395,366 2.164,499,284 Unilever Nigeria 1,491,933 0.3478,110,443 Zenith Bank 12,027,138 2.76

81,379,602 18.69

KENYA5,118,100 Barclays Bank of Kenya 979,751 0.22

1,068,940 British American Tobacco Kenya 7,775,775 1.7924,144,330 Co-operative Bank of Kenya 5,256,566 1.21

2,382,125 East African Breweries 7,663,636 1.7619,814,511 Equity Bank 10,728,142 2.46

13,301,602 Kenya Commercial Bank 7,543,909 1.7329,396,333 Safaricom 4,283,466 0.99

2,544,120 Scan Group 1,319,308 0.31

45,550,553 10.47

UNITED KINGDOM1,992,281 Afren 4,882,260 1.12149,300 Anglo American 3,638,359 0.84

2,545,320 Gemfields 2,110,647 0.48321,864 Ophir Energy 1,210,579 0.28293,840 Tullow Oil 4,280,647 0.98

16,122,492 3.70

CANADA444,900 Africa Oil 3,078,417 0.71240,640 First Quantum Minerals 5,052,669 1.16

8,131,086 1.87

ZIMBABWE4,249,170 Delta/Zimbabwe 5,481,429 1.262,966,220 Innscor Africa 2,328,483 0.53

7,809,912 1.79

MOROCCO87,230 Attijariwafa Bank 3,242,183 0.74

396,576 Douja Promotion Groupe Addoha 2,736,122 0.632,217 Societe Des Brasseries du Maroc 606,547 0.14

6,584,852 1.51

BERMUDA1,859,974 Petra Diamonds 6,180,460 1.42

6,180,460 1.42

EGYPT591,000 Commercial International Bank Egypt Registered

Shares GDR 2,886,444 0.66

2,886,444 0.66

AUSTRALIA1,603,730 Mawson West 604,391 0.146,111,530 Tiger Resources 1,824,141 0.42

2,428,532 0.56

MAURITIUS264,400 MCB Group 1,886,695 0.43

1,886,695 0.43

BRITISH VIRGIN ISLANDS671,287 Gem Diamonds 1,648,482 0.38

1,648,482 0.38

IRELAND4,525,267 Kenmare Resources 1,186,514 0.27

1,186,514 0.27

Total Shares 421,638,341 96.83

Total Transferable Securities Admitted to anOfficial Exchange Listing

421,638,341 96.83

Transferable Securities Dealt in on Another Regulated Market

Investment Funds

LUXEMBOURG13,802,508 JPMorgan Liquidity Funds - US Dollar Liquidity Fund

(JPM US Dollar Liquidity X (dist)) 13,802,508 3.17

13,802,508 3.17

Total Investment Funds 13,802,508 3.17

Total Transferable Securities Dealt in on AnotherRegulated Market

13,802,508 3.17

Total Investments 435,440,849 100.00

Cash 1,356,315 0.31

Other Assets/(Liabilities) (1,345,590) (0.31)

Total Net Assets 435,451,574 100.00

61

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

As at 30 June 2014

Quantity/Nominal

Value

Name of Securities MarketValue

%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets

Allocation of Portfolio as at 30 June 2014 % ofNet Assets

SharesFinancials 28.83Consumer Discretionary 18.26Materials 17.65Consumer Staples 16.76Telecommunication Services 9.34Investment Companies 3.17Energy 3.09Health Care 2.35Information Technology 0.55Total Shares 100.00Cash and Other Assets/(Liabilities) 0.00

Total 100.00

Allocation of Portfolio as at 31 December 2013 (Unaudited) % ofNet Assets

Shares and WarrantsFinancials 27.77Consumer Discretionary 19.44Consumer Staples 18.20Materials 16.87Telecommunication Services 10.13Energy 4.01Health Care 2.02Investment Companies 1.08Information Technology 0.48Industrials 0.04Total Shares and Warrants 100.04Cash and Other Assets/(Liabilities) (0.04)

Total 100.00

62

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

As at 30 June 2014

Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets


Shares

UNITED STATES OF AMERICA194,310 Alexion Pharmaceuticals 30,429,917 2.17146,750 Amazon.com 47,511,046 3.40919,055 American International Group 50,217,165 3.59165,217 Berkshire Hathaway - B Shares 20,959,429 1.50

666,000 Best Buy 20,885,760 1.49147,140 Biogen Idec 46,695,615 3.34

1,058,180 Cabot Oil & Gas 36,004,574 2.57514,603 Capital One Financial 42,598,836 3.05371,955 Devon Energy 29,929,359 2.14591,035 DISH Network - A Shares 38,245,875 2.74424,103 Dr Pepper Snapple Group 24,816,387 1.77492,846 Edison International 28,484,034 2.04447,226 Exxon Mobil 45,158,645 3.23544,270 Facebook - A Shares 36,822,587 2.64

1,012,940 Gilead Sciences 85,031,248 6.08183,480 Google - C Shares 105,477,148 7.54454,100 Johnson & Johnson 47,687,312 3.41568,336 Kansas City Southern 61,266,621 4.38641,980 Kinder Morgan/Delaware 23,204,367 1.66999,852 Kohl’s 53,402,095 3.82511,210 Las Vegas Sands 38,673,037 2.75

1,329,906 Loews 58,269,831 4.17124,529 M&T Bank 15,431,634 1.10635,140 MasterCard - A Shares 46,412,856 3.3244,368 priceline.com 53,653,335 3.84

330,567 Procter & Gamble 26,139,586 1.87644,232 Rayonier 22,625,428 1.62214,743 Rayonier Advanced Materials 7,934,754 0.57158,039 Rock-Tenn - A Shares 16,635,185 1.19531,510 Salesforce.com 31,040,184 2.22

430,190 Starbucks 33,470,933 2.39251,200 T Rowe Price Group 21,282,920 1.52278,519 United Technologies 32,244,145 2.30

1,119,917 Wells Fargo & Co. 58,801,242 4.20

1,337,443,090 95.62

UNITED KINGDOM829,650 ARM Holdings ADR 37,375,733 2.68

37,375,733 2.68

Total Shares 1,374,818,823 98.30


1,374,818,823 98.30


Investment Funds



26,335,846 1.88



1,401,154,669 100.18

Total Investments 1,401,154,669 100.18

Bank Overdraft (990,172) (0.07)


Total Net Assets 1,398,665,024 100.00


SharesFinancials 20.75Consumer Discretionary 20.43Information Technology 15.08Health Care 15.00Industrials 10.00Energy 7.94Utilities 3.70Consumer Staples 3.64Investment Companies 1.88Materials 1.76Total Shares 100.18Cash and Other Assets/(Liabilities) (0.18)

Total 100.00


SharesConsumer Discretionary 22.02Financials 19.92Information Technology 15.49Health Care 15.21Industrials 10.26Energy 7.62Consumer Staples 3.30Investment Companies 1.85Utilities 1.54Materials 1.26Total Shares 98.47Cash and Other Assets/(Liabilities) 1.53

Total 100.00

63

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

As at 30 June 2014

Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets

64

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

As at 30 June 2014

SettlementDate Currency

AmountPurchased Currency

AmountSold

UnrealisedGain/(Loss)

03-Jul-14 AUD 10,458,523 USD 9,712,636 118,49503-Jul-14 USD 9,807,060 AUD 10,458,523 (24,071)16-Jul-14 EUR 46,835,219 USD 63,553,961 444,63416-Jul-14 USD 2,813,416 EUR 2,074,399 (21,174)05-Aug-14 AUD 7,538,170 USD 7,065,439 2,57505-Aug-14 USD 887,428 AUD 947,584 (1,056)

Total 519,403

As at 30 June 2014, the exposure of the Sub-Fund through Outstanding Forward Foreign Exchange Contracts by counterparty is as follows:

Counterparty Unrealised Gain/(Loss)

Barclays 1,508Citibank 431,194Crédit Suisse 1,295Deutsche Bank (1,383)Goldman Sachs 1,125HSBC (6,441)National Australia Bank (344)RBC 84Société Générale (193)State Street Bank (3,594)Toronto Dominion (5,882)UBS 108,905Westpac Banking (6,871)Total 519,403


Shares

AUSTRALIA2,147,875 Amcor 21,049,891 0.772,128,290 AMP 10,614,046 0.391,525,923 ANZ Banking Group 47,818,711 1.75

5,068,530 Aurizon Holdings 23,752,644 0.87807,420 BHP Billiton 27,257,103 1.00

1,330,000 Boral 6,557,857 0.245,853,375 Charter Hall Retail REIT 21,377,758 0.785,951,701 Dexus Property Group 6,224,521 0.23603,497 Federation Centres 1,415,502 0.05

2,419,324 Goodman Group 11,496,879 0.422,201,930 GPT Group 7,969,462 0.291,518,455 Hotel Property Investments 2,933,449 0.11

5,636,463 Insurance Australia Group 30,971,052 1.13992,370 Lend Lease Group 12,225,748 0.45100,000 Macquarie Group 5,609,927 0.20

23,207,543 Mirvac Group 38,997,790 1.432,718,430 Scentre Group 8,164,955 0.305,767,977 Spotless Group Holdings 8,919,781 0.336,925,296 Stockland 25,292,639 0.93

723,705 Telstra 3,547,976 0.132,181,726 Westfield 14,674,882 0.54575,896 Westpac Banking 18,344,942 0.67

355,217,515 13.01

SINGAPORE29,222,112 AIMS AMP Capital Industrial REIT 33,780,420 1.24

21,255,000 Ascendas India Trust 14,180,220 0.521,924,000 Asian Pay Television Trust 1,206,499 0.041,078,888 CapitaRetail China Trust 1,281,766 0.053,353,000 DBS Group Holdings 45,034,483 1.652,245,000 Frasers Centrepoint Trust 3,395,791 0.123,684,000 M1/Singapore 10,377,257 0.3810,752,694 Mapletree Industrial Trust 12,300,734 0.456,313,000 Singapore Exchange 35,135,461 1.293,595,000 Singapore Telecommunications 11,134,892 0.411,865,237 United Overseas Bank 33,632,113 1.235,282,689 UOB-Kay Hian Holdings 6,868,745 0.25

208,328,381 7.63

TAIWAN11,230,000 Advanced Semiconductor Engineering 14,579,899 0.53

492,000 Asustek Computer 5,481,584 0.202,226,000 Chicony Electronics 6,003,626 0.221,233,000 China Steel Chemical 7,978,211 0.29

4,906,000 CTCI 8,509,034 0.311,414,000 Delta Electronics 10,250,151 0.38

4,500,000 Kingdom Construction 4,286,647 0.1612,234,627 Lite-On Technology 20,390,362 0.75

669,000 MediaTek 11,300,827 0.4131,132,053 Mega Financial Holding 25,877,359 0.951,986,000 Quanta Computer 5,781,916 0.212,758,000 Radiant Opto-Electronics 11,797,177 0.431,840,000 Ruentex Development 3,336,101 0.12

200,000 St Shine Optical 4,935,378 0.18324,000 Taiwan Cement 489,808 0.02

7,767,000 Taiwan Semiconductor Manufacturing 32,962,809 1.21

173,960,889 6.37

CHINA3,554,000 China Communications Services - H Shares* 1,721,848 0.06

42,934,000 China Construction Bank - H Shares* 32,405,945 1.1969,110,200 China Petroleum & Chemical - H Shares* 66,028,995 2.4241,129,000 Industrial & Commercial Bank of China - H Shares* 26,028,830 0.9512,906,000 Jiangsu Expressway - H Shares* 15,311,258 0.5624,276,000 Zhejiang Expressway - H Shares* 24,587,494 0.90

166,084,370 6.08

HONG KONG26,263,000 BOC Hong Kong Holdings 76,242,009 2.79

848,500 China Mobile 8,229,866 0.308,630,000 China Resources Power Holdings 24,524,163 0.90

12,000,000 CNOOC 21,567,502 0.791,399,000 Power Assets Holdings 12,247,150 0.451,610,000 Wharf Holdings 11,596,371 0.432,502,000 YGM Trading 5,523,378 0.20

159,930,439 5.86

SOUTH KOREA287,760 Daishin Securities Preference Shares 1,676,230 0.06798,940 Dongsuh 13,243,299 0.49205,320 Grand Korea Leisure 8,450,176 0.31280,268 GS Holdings 12,497,128 0.46

1,219,935 Industrial Bank of Korea 16,243,700 0.59399,045 KT 12,056,127 0.45

3,320,900 Macquarie Korea Infrastructure Fund 20,657,179 0.7627,640 POSCO 8,282,441 0.30

162,650 SK Innovation 18,121,332 0.6684,570 S-Oil 4,759,152 0.17

115,986,764 4.25

THAILAND3,935,800 Bangkok Bank - NVDR 23,446,158 0.868,876,900 Bangkok Expressway (Foreign) 10,227,316 0.385,595,200 Charoen Pokphand Foods (Foreign) 4,721,597 0.172,941,000 PTT (Foreign) 28,784,448 1.053,166,000 Thai Union Frozen Products (foreign) 6,331,512 0.23

23,295,600 TTW (Foreign) 7,791,531 0.29

81,302,562 2.98

UNITED KINGDOM7,643,508 HSBC Holdings 77,489,809 2.84

77,489,809 2.84

BERMUDA20,708,711 NWS Holdings 38,662,424 1.42

42,768,000 Yuexiu Transport Infrastructure 24,334,645 0.89

62,997,069 2.31

NEW ZEALAND3,191,046 Genesis Energy 5,028,070 0.18

18,457,833 Telecom Corp. of New Zealand 43,201,930 1.582,270,694 Z Energy 7,790,965 0.29

56,020,965 2.05

INDIA14,538,648 NTPC 37,710,942 1.38

37,710,942 1.38

CAYMAN ISLANDS1,901,200 MGM China Holdings 6,598,536 0.24

6,704,400 Wynn Macau 26,318,309 0.96

32,916,845 1.20

PHILIPPINES306,700 Philippine Long Distance Telephone 20,987,324 0.77

20,987,324 0.77

Total Shares 1,548,933,874 56.73

Bonds

BRITISH VIRGIN ISLANDS2,000,000 Amipeace 06.12.16/2.000% 1,993,366 0.075,000,000 Beijing Enterprises Water

Capital Management 06.05.18/4.625% 5,186,855 0.194,300,000 Bestgain Real Estate 13.03.18/2.625% 4,120,948 0.151,700,000 Big Will Investments 29.04.16/10.875% 1,851,759 0.072,800,000 Caifu Holdings 24.01.20/8.750% 2,773,890 0.101,800,000 Chalco Hong Kong Investment 31.12.49/6.250%** 1,831,500 0.073,800,000 China Merchants Finance 04.05.22/5.000% 3,971,323 0.155,300,000 CITIC Securities Finance 2013 03.05.18/2.500% 5,226,754 0.196,000,000 CNOOC Finance 2013 09.05.43/4.250% 5,556,060 0.201,800,000 CNPC General Capital 14.05.19/2.750% 1,799,685 0.07

500,000 CNPC HK Overseas Capital 28.04.41/5.950% 586,745 0.024,200,000 COSCO Finance 2011 03.12.22/4.000% 4,097,171 0.154,500,000 Cosco Pacific Finance 2013 31.01.23/4.375% 4,116,442 0.152,200,000 Eastern Creation Investment

Holdings 20.03.19/3.625% 2,243,967 0.081,800,000 Fita International 10.02.20/7.000% 2,049,534 0.083,000,000 FPC Finance 28.06.19/6.000% 3,228,075 0.129,200,000 FPC Treasury 16.04.23/4.500% 8,742,953 0.321,400,000 Franshion Brilliant 17.10.18/5.375% 1,438,535 0.053,200,000 Franshion Brilliant 19.03.19/5.750% 3,298,240 0.122,000,000 Franshion Development 15.04.21/6.750% 2,125,630 0.081,500,000 Franshion Investment 26.10.17/4.700% 1,540,507 0.065,000,000 Greenland Global Investment 03.07.24/5.875% 4,932,750 0.182,100,000 Henson Finance 17.09.19/5.500% 2,296,526 0.08

4,000,000 HLP Finance 16.04.21/4.450% 4,091,400 0.158,000,000 HLP Finance 25.06.22/4.750% 8,197,000 0.303,500,000 Horsepower Finance 03.03.17/2.100% 3,494,610 0.13

65

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

As at 30 June 2014

Quantity/Nominal

Value

Name of Securities Maturity/Coupon

MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

11,200,000 Howes Capital 10.04.17/4.750% 11,816,616 0.435,500,000 Huaneng Hong Kong Capital 11.06.18/3.375% 5,419,755 0.206,800,000 Hysan MTN 16.01.23/3.500% 6,628,606 0.248,200,000 JGSH Philippines 23.01.23/4.375% 8,061,256 0.302,300,000 Jingneng Investment Group 26.02.17/2.750% 2,318,584 0.098,800,000 Joyous Glory Group 07.03.20/5.700% 9,182,307 0.34

800,000 LS Finance 2022 16.10.22/4.250% 775,372 0.032,200,000 Minmetals Land Capital 26.04.18/5.500% 2,255,352 0.081,800,000 Nan Fung Treasury 29.05.24/4.875% 1,800,648 0.075,000,000 NWD MTN 26.02.21/5.250% 5,209,025 0.191,800,000 PCCW Capital No 4 17.04.22/5.750% 1,915,893 0.074,300,000 PCCW-HKT Capital No 5 08.03.23/3.750% 4,171,408 0.154,800,000 Prosperous Ray 12.11.23/4.625% 4,996,238 0.181,400,000 RH International Finance 19.10.17/4.250% 1,403,562 0.053,000,000 Road King Infrastructure

Finance 2012 18.09.17/9.875% 3,252,945 0.12200,000 Sinochem Overseas Capital 12.11.40/6.300% 231,582 0.01

1,600,000 Sinopec Capital 2013 24.04.23/3.125% 1,512,680 0.0614,600,000 Sinopec Capital 2013 24.04.43/4.250% 13,410,027 0.492,800,000 Sinopec Group Overseas

Development 2013 17.10.43/5.375% 3,054,814 0.112,800,000 Sinopec Group Overseas

Development 2014 10.04.19/2.750% 2,818,606 0.108,000,000 SmarTone Finance 08.04.23/3.875% 7,197,440 0.265,000,000 Sparkle Assets 30.01.20/6.875% 5,074,550 0.199,500,000 Star Energy Geothermal Wayang

Windu 27.03.20/6.125% 9,729,947 0.365,100,000 State Grid Overseas Investment

2014 07.05.44/4.850% 5,296,758 0.195,000,000 Studio City Finance 01.12.20/8.500% 5,566,250 0.201,800,000 Talent Yield Investments 25.04.22/4.500% 1,864,008 0.079,800,000 Wiseyear Holdings 15.02.17/5.000% 10,426,906 0.382,000,000 Wiseyear Holdings 06.04.21/5.875% 2,194,680 0.084,800,000 Yuexiu REIT MTN 14.05.18/3.100% 4,684,954 0.17

233,062,994 8.54

CAYMAN ISLANDS2,900,000 Agile Property Holdings 20.03.17/9.875% 3,125,185 0.111,000,000 Agile Property Holdings 28.04.17/8.875% 1,044,985 0.041,000,000 Agile Property Holdings 18.02.19/8.375% 1,019,860 0.041,200,000 Amber Circle Funding 04.12.22/3.250% 1,149,570 0.044,800,000 Azure Orbit International

Finance 06.03.23/3.750% 4,714,176 0.171,800,000 Central China Real Estate 04.06.18/6.500% 1,733,364 0.062,900,000 Central China Real Estate 28.01.20/8.000% 2,846,335 0.103,000,000 Champion MTN 17.01.23/3.750% 2,730,225 0.102,000,000 China Aoyuan Property Group 17.01.19/11.250% 1,995,458 0.071,800,000 China Mengniu Dairy 27.11.18/3.500% 1,856,011 0.071,600,000 China Overseas Finance

Cayman II 10.11.20/5.500% 1,693,328 0.06800,000 China Overseas Finance

Cayman III 29.10.23/5.375% 811,620 0.032,500,000 China Overseas Finance

Cayman III 29.10.43/6.375% 2,420,750 0.092,300,000 China Overseas Finance

Cayman V 15.11.22/3.950% 2,132,847 0.081,200,000 China Overseas Finance

Cayman V 15.11.42/5.350% 1,031,370 0.045,000,000 China Resources Cement

Holdings 05.10.17/2.125% 5,017,350 0.184,600,000 China Resources Land 19.05.16/4.625% 4,803,205 0.182,000,000 China Resources Land 27.02.19/4.375% 2,033,692 0.072,600,000 China SCE Property Holdings 14.11.17/11.500% 2,747,628 0.105,000,000 China Shanshui Cement Group 22.07.14/6.500% 807,362 0.034,400,000 China Shanshui Cement Group 27.04.17/10.500% 4,798,178 0.183,500,000 China State Construction

Finance Cayman I 02.04.18/3.125% 3,514,612 0.131,100,000 CIFI Holdings Group 15.04.18/12.250% 1,217,546 0.041,000,000 Country Garden Holdings 23.02.18/11.125% 1,094,905 0.043,300,000 Country Garden Holdings 04.04.21/7.250% 3,219,925 0.12

900,000 Country Garden Holdings 10.01.23/7.500% 867,919 0.033,000,000 Country Garden Holdings

Registered 27.05.19/7.875% 3,118,170 0.112,200,000 Fantasia Holdings Group 23.01.19/10.625% 1,936,004 0.074,600,000 Greentown China Holdings 04.02.18/8.500% 4,628,497 0.175,600,000 Hongkong Land Finance 01.06.22/4.500% 5,935,972 0.221,800,000 Hutchison Whampoa

International 11 13.01.22/4.625% 1,941,669 0.071,000,000 Hutchison Whampoa

International 12 08.11.22/3.250% 982,915 0.042,350,000 Hutchison Whampoa

International 12 31.12.49/6.000%** 2,537,177 0.092,250,000 Kaisa Group Holdings 19.03.18/8.875% 2,332,530 0.091,100,000 Kaisa Group Holdings 06.06.19/9.000% 1,139,622 0.04

2,800,000 Kaisa Group Holdings 08.01.20/10.250% 2,969,806 0.117,500,000 Krung Thai Bank/Cayman

Islands 11.09.18/2.250% 7,333,800 0.271,600,000 KWG Property Holding 22.03.17/13.250% 1,841,112 0.07

2,700,000 KWG Property Holding 05.02.20/8.625% 2,692,629 0.1068,000,000 Lai Fung Holdings 25.04.18/6.875% 10,596,784 0.39

1,500,000 Longfor Properties 18.10.19/6.875% 1,549,890 0.063,000,000 Longfor Properties 29.01.23/6.750% 2,852,595 0.109,200,000 MCE Finance 15.02.21/5.000% 9,291,540 0.34

500,000 PHBS 31.12.49/6.625% 509,242 0.021,200,000 Shimao Property Holdings 08.03.18/11.000% 1,323,420 0.053,000,000 Shimao Property Holdings 14.01.20/6.625% 2,966,070 0.111,000,000 Shimao Property Holdings 22.01.21/8.125% 1,039,380 0.045,800,000 Shui On Development Holding 19.05.18/8.700% 5,813,091 0.211,900,000 Shui On Development Holding 31.12.49/10.125%** 1,947,984 0.072,800,000 Siam Commercial Bank/Cayman

Islands 07.04.19/3.500% 2,848,426 0.1012,000,000 Sino MTN 21.09.17/3.250% 12,133,680 0.441,000,000 SOHO China 07.11.17/5.750% 1,024,950 0.042,500,000 SOHO China 07.11.22/7.125% 2,490,137 0.094,900,000 Swire Pacific MTN Financing 28.02.22/4.500% 5,221,856 0.191,200,000 Tencent Holdings 12.12.16/4.625% 1,286,568 0.05

400,000 Tencent Holdings 02.05.17/2.000% 403,246 0.016,800,000 Tencent Holdings 05.03.18/3.375% 7,034,566 0.265,700,000 Texhong Textile Group 18.01.19/6.500% 5,635,248 0.212,000,000 Tingyi Cayman Islands Holding 20.06.17/3.875% 2,109,150 0.082,500,000 Yuzhou Properties 04.10.18/8.750% 2,495,675 0.092,400,000 Yuzhou Properties 24.01.19/8.625% 2,346,828 0.09

182,737,635 6.69

HONG KONG6,000,000 Bangkok Bank/Hong Kong 27.03.18/2.750% 6,019,530 0.223,400,000 Bank of East Asia 24.04.17/2.375% 3,444,387 0.134,300,000 Bright Food Hong Kong 21.05.18/3.000% 4,184,308 0.153,200,000 China CITIC Bank International 28.09.22/3.875%** 3,176,720 0.122,900,000 China CITIC Bank International 07.05.24/6.000%** 3,035,096 0.111,300,000 China CITIC Bank International 31.12.49/7.250%** 1,367,821 0.052,500,000 China Construction Bank 02.07.19/3.250% 2,520,700 0.093,200,000 China Construction Bank Asia 01.04.17/2.375% 3,218,742 0.123,700,000 China Railway Resources

Huitung 05.02.23/3.850% 3,611,644 0.133,100,000 Citic Pacific 21.01.18/6.875% 3,474,185 0.133,000,000 Citic Pacific 10.04.20/6.375% 3,352,620 0.121,400,000 Citic Pacific 15.04.21/6.625% 1,579,564 0.061,900,000 Citic Pacific 17.01.23/6.800% 2,164,347 0.08

700,000 Citic Pacific 15.04.49/7.875%** 745,885 0.034,200,000 Citic Pacific 31.12.49/8.625%** 4,795,875 0.184,600,000 CRCC Yuxiang 16.05.23/3.500% 4,391,988 0.162,374,000 Dah Sing Bank 29.01.24/5.250%** 2,436,317 0.094,800,000 Hainan Airlines Hong Kong 07.02.20/3.625% 4,785,024 0.184,000,000 Hero Asia Investment 31.12.49/5.250%** 4,110,020 0.157,400,000 Kasikornbank /Hong Kong 20.03.18/3.000% 7,482,436 0.271,500,000 MCC Holding Hong Kong 16.06.17/2.625% 1,499,107 0.053,700,000 Poly Property Group 16.05.18/4.750% 3,660,958 0.137,800,000 Siam Commercial Bank/Hong

Kong 19.09.17/3.375% 8,015,748 0.296,400,000 Wheelock Finance 23.02.17/4.750% 6,744,896 0.254,500,000 Wheelock Finance 02.07.17/2.750% 4,496,287 0.17

10,200,000 Wheelock Finance 19.03.18/3.000% 10,176,591 0.373,100,000 Wing Lung Bank 07.11.22/3.500%** 3,039,565 0.112,500,000 Yancoal International Resources

Development 16.05.17/4.461% 2,488,712 0.092,400,000 Yancoal International Resources

Development 16.05.22/5.730% 2,236,104 0.083,600,000 Yuexiu Property 24.01.18/3.250% 3,491,424 0.131,200,000 Zoomlion HK 20.12.22/6.125% 1,163,502 0.04

116,910,103 4.28

SOUTH KOREA9,200,000 Daegu Bank 29.04.18/2.250% 9,123,281 0.33

700,000 Export-Import Bank of Korea 15.09.21/4.375% 761,453 0.036,100,000 GS Caltex 01.10.18/3.250% 6,263,724 0.232,100,000 GS Caltex 18.06.19/3.000% 2,119,572 0.084,800,000 Korea Development Bank 17.03.19/3.000% 4,962,192 0.187,800,000 Korea Exchange Bank 02.04.18/2.000% 7,750,704 0.282,000,000 Korea Exchange Bank 24.10.23/4.625% 2,153,670 0.083,600,000 Korea Expressway 28.04.17/1.625% 3,598,866 0.131,800,000 Korea Expressway 22.10.17/1.875% 1,806,525 0.073,800,000 Korea Finance 22.08.18/2.875% 3,908,281 0.141,900,000 Korea Gas 29.07.18/2.875% 1,953,380 0.072,800,000 Korea Gas 12.02.24/3.875% 2,945,726 0.112,000,000 Korea Hydro & Nuclear Power 19.09.22/3.000% 1,971,820 0.071,500,000 Korea Land & Housing 02.08.17/1.875% 1,508,085 0.052,841,000 Korea Midland Power 11.02.19/2.750% 2,884,197 0.112,000,000 National Federation Of Fisheries

Cooperatives 03.05.17/3.500% 2,095,580 0.083,500,000 National Federation Of Fisheries

Cooperatives 16.04.19/2.625% 3,502,250 0.136,800,000 NongHyup Bank 19.09.17/2.250% 6,905,808 0.254,400,000 NongHyup Bank 01.11.18/2.625% 4,452,624 0.16

66

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

As at 30 June 2014

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

1,200,000 Shinhan Bank 20.09.36/6.819%** 1,314,972 0.052,600,000 SK Broadband 29.10.18/2.875% 2,633,410 0.103,200,000 SK Innovation 14.08.18/3.625% 3,335,600 0.121,900,000 SK Telecom 01.05.18/2.125% 1,902,375 0.07

500,000 Woori Bank 13.04.21/5.875% 567,283 0.023,700,000 Woori Bank 30.04.24/4.750% 3,740,941 0.14

84,162,319 3.08

SINGAPORE6,900,000 Alam Synergy 27.03.20/6.950% 6,876,195 0.254,500,000 Alam Synergy Pte 29.01.19/9.000% 4,828,883 0.183,600,000 BOC Aviation 02.05.23/4.375% 3,564,072 0.137,000,000 CapitaLand Treasury 20.09.22/4.076% 6,994,085 0.262,600,000 DBS Bank 21.09.22/3.625%** 2,689,076 0.104,400,000 ITNL Offshore 26.04.15/5.750% 721,239 0.033,600,000 Keppel Land Financial Services 11.12.19/3.259% 3,588,588 0.131,300,000 Olam International 12.08.20/7.500% 1,467,297 0.054,500,000 Ottawa Holdings 16.05.18/5.875% 4,008,308 0.151,400,000 Oversea-Chinese Banking 11.03.23/3.150%** 1,412,726 0.051,400,000 Oversea-Chinese Banking 15.10.24/4.000%** 1,425,690 0.055,100,000 Oversea-Chinese Banking 19.06.24/4.250% 5,125,653 0.191,800,000 RH International Singapore 02.05.19/3.500% 1,847,151 0.07

10,800,000 STATS ChipPAC 20.03.18/4.500% 10,939,698 0.406,500,000 TBG Global 03.04.18/4.625% 6,626,848 0.246,200,000 Theta Capital 16.05.19/7.000% 6,507,799 0.246,338,000 Theta Capital 14.11.20/6.125% 6,439,345 0.232,300,000 Theta Capital Pte 11.04.22/7.000% 2,351,865 0.081,000,000 United Overseas Bank 17.10.22/2.875%** 1,008,420 0.042,700,000 United Overseas Bank 19.09.24/3.750%** 2,720,763 0.102,400,000 Yanlord Land Group 29.03.18/10.625% 2,627,304 0.10

83,771,005 3.07

MALAYSIA3,500,000 Ambank M 03.07.19/3.125% 3,521,735 0.13

800,000 AMBB Capital 31.12.49/6.770%** 819,676 0.032,200,000 EXIM Sukuk Malaysia 19.02.19/2.874% 2,232,551 0.086,800,000 IOI Investment 27.06.22/4.375% 6,898,600 0.255,000,000 Malayan Banking 20.09.22/3.250%** 5,058,250 0.19

700,000 Petronas Capital 12.08.19/5.250% 795,781 0.031,000,000 Public Bank 22.08.36/6.840%** 1,059,540 0.047,600,000 RHB Bank 11.05.17/3.250% 7,858,666 0.298,000,000 Sime Darby Global 29.01.18/2.053% 7,995,120 0.296,000,000 SSG Resources 04.10.22/4.250% 6,143,424 0.22

42,383,343 1.55

INDIA4,400,000 Bharat Petroleum 25.10.22/4.625% 4,451,150 0.161,000,000 Export-Import Bank of India 07.08.17/4.000% 1,049,315 0.042,300,000 Export-Import Bank of India 02.10.19/3.875% 2,343,194 0.092,600,000 Export-Import Bank of India 14.01.23/4.000% 2,588,469 0.091,500,000 Indian Railway Finance 10.10.17/3.417% 1,540,455 0.062,800,000 Indian Railway Finance 26.02.19/3.917% 2,882,040 0.11

600,000 NTPC 14.07.21/5.625% 649,371 0.024,500,000 NTPC 03.10.22/4.750% 4,587,683 0.171,800,000 Oil India 17.04.19/3.875% 1,847,889 0.076,700,000 ONGC Videsh 07.05.23/3.750% 6,400,510 0.235,800,000 Power Grid Corp of India 17.01.23/3.875% 5,561,910 0.20

33,901,986 1.24

INDONESIA2,000,000 Adaro Indonesia 22.10.19/7.625% 2,102,110 0.08

13,800,000 Bank Rakyat Indonesia Persero 28.03.18/2.950% 13,668,279 0.501,000,000 Indonesia (Republic of) 13.03.20/5.875% 1,113,725 0.04

11,600,000 Indonesia (Republic of) 15.04.23/3.375% 10,801,514 0.40900,000 Indonesia (Republic of) 17.01.42/5.250% 857,052 0.03

2,900,000 Perusahaan Listrik Negara 24.10.42/5.250% 2,490,100 0.09600,000 Perusahaan Penerbit 21.11.18/4.000% 621,435 0.02

1,000,000 Perusahaan Penerbit 21.11.22/3.300% 922,580 0.03

32,576,795 1.19

PHILIPPINES900,000 Development Bank of

Philippines 31.12.49/8.375%** 978,462 0.048,600,000 Megaworld 17.04.23/4.250% 8,058,725 0.291,300,000 Philippines (Republic of) 20.01.20/6.500% 1,554,534 0.06

20,000,000 Philippines (Republic of) 26.11.22/3.900% 456,223 0.021,000,000 Philippines (Republic of) 13.01.37/5.000% 1,107,105 0.049,400,000 San Miguel 26.04.23/4.875% 8,825,425 0.323,400,000 SM Investments 17.10.19/4.250% 3,439,950 0.13

24,420,424 0.90

NETHERLANDS4,700,000 Bharti Airtel International

Netherlands 11.03.23/5.125% 4,836,136 0.183,300,000 Comfeed Finance 02.05.18/6.000% 3,172,307 0.127,900,000 ICTSI Treasury 16.01.23/4.625% 7,753,653 0.285,300,000 Indo Energy Finance 07.05.18/7.000% 5,298,357 0.19

750,000 Majapahit Holding 28.06.17/7.250% 849,926 0.03900,000 Majapahit Holding 20.01.20/7.750% 1,053,684 0.04

22,964,063 0.84

UNITED ARAB EMIRATES5,300,000 HDFC Bank/Bahrain 06.03.18/3.000% 5,322,658 0.19

11,400,000 ICICI Bank/Dubai 21.02.18/4.700% 12,073,683 0.444,700,000 Axis Bank/Dubai 05.09.17/5.125% 5,028,460 0.19

22,424,801 0.82

THAILAND7,900,000 PTT 25.10.22/3.375% 7,551,571 0.28

600,000 PTT 25.10.42/4.500% 521,016 0.024,500,000 PTT Global Chemical 19.09.22/4.250% 4,546,800 0.167,900,000 Thai Oil 23.01.23/3.625% 7,592,532 0.28

20,211,919 0.74

BERMUDA2,000,000 BW Group 28.06.17/6.625% 2,151,620 0.086,300,000 China Oil & Gas Group 25.04.18/5.250% 6,488,465 0.24

500,000 China Oriental Group 17.11.17/7.000% 463,273 0.023,900,000 Li & Fung 31.12.49/6.000%** 4,168,047 0.153,100,000 Shenzhen International

Holdings 20.04.17/4.375% 3,221,811 0.12

16,493,216 0.61

UNITED KINGDOM7,000,000 Vedanta Resources 31.01.19/6.000% 7,268,940 0.276,300,000 Vedanta Resources 07.06.21/8.250% 7,127,001 0.26

14,395,941 0.53

SRI LANKA3,000,000 Bank of Ceylon 16.04.18/5.325% 3,049,965 0.111,500,000 Sri Lanka (Republic of) 11.04.19/5.125% 1,531,155 0.067,800,000 Sri Lanka (Republic of) 25.07.22/5.875% 8,032,635 0.29

750,000 Srilankan Airlines 27.06.19/5.300% 755,558 0.03

13,369,313 0.49

UNITED STATES OF AMERICA9,250,000 Reliance Holdings USA 14.02.22/5.400% 9,960,446 0.37

9,960,446 0.37

CHINA2,300,000 Bank of China 23.01.19/3.125% 2,326,809 0.093,000,000 China Uranium Development 08.10.18/3.500% 3,093,270 0.112,500,000 Industrial & Commercial Bank of

China 21.11.17/2.500% 2,514,760 0.09

7,934,839 0.29

CANADA2,800,000 CNOOC Nexen Finance 2014 ULC 30.04.24/4.250% 2,859,108 0.103,800,000 Harvest Operations 14.05.18/2.125% 3,803,021 0.14

600,000 PTTEP Canada InternationalFinance 05.04.21/5.692% 669,915 0.03

7,332,044 0.27

MEXICO4,600,000 Minera y Metalurgica del Boleo 07.05.19/2.875% 4,633,396 0.17

4,633,396 0.17

BAHAMAS2,000,000 Competition Team Technologies 13.12.17/2.125% 2,000,000 0.07

2,000,000 0.07

PERU1,200,000 CFG Investment 30.07.19/9.750% 1,160,154 0.04

1,160,154 0.04

Total Bonds 976,806,736 35.78


2,525,740,610 92.51

67


As at 30 June 2014

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets


Bonds

BRITISH VIRGIN ISLANDS4,500,000 CNPC General Capital 16.04.23/3.400% 4,338,180 0.161,200,000 COSL Finance 06.09.22/3.250% 1,146,360 0.049,800,000 Sinochem Global Capital 29.11.49/5.000%** 10,101,644 0.371,800,000 Sinopec Group Overseas

Development 2014 10.04.24/4.375% 1,866,861 0.07

17,453,045 0.64

THAILAND4,600,000 Bangkok Bank/Hong Kong 03.10.18/3.300% 4,691,609 0.173,400,000 Bangkok Bank/Hong Kong 27.09.22/3.875% 3,386,247 0.131,000,000 Bangkok Bank/Hong Kong 15.03.29/9.025% 1,351,435 0.05

9,429,291 0.35

CAYMAN ISLANDS2,000,000 Baidu 28.11.17/2.250% 2,024,240 0.073,800,000 Baidu 28.11.22/3.500% 3,739,314 0.141,600,000 ENN Energy Holdings 13.05.21/6.000% 1,777,096 0.061,000,000 Hutchison Whampoa

International 12 08.11.17/2.000% 1,009,660 0.04

8,550,310 0.31

NETHERLANDS6,700,000 Indo Energy Finance 24.01.23/6.375% 5,621,769 0.202,200,000 Listrindo Capital 21.02.19/6.950% 2,377,683 0.09

7,999,452 0.29

INDIA6,300,000 State Bank of India/London 18.04.18/3.250% 6,354,054 0.23

6,354,054 0.23

SOUTH KOREA4,800,000 Export-Import Bank of Korea 17.09.18/2.875% 4,950,624 0.18

4,950,624 0.18

AUSTRALIA3,300,000 Leighton Finance USA 13.11.22/5.950% 3,499,172 0.13

3,499,172 0.13

INDONESIA2,200,000 Berau Coal Energy 13.03.17/7.250% 2,148,454 0.08

2,148,454 0.08

CHINA9,300,000 HSBC Bank China 10.01.15/4.900%** 1,514,481 0.06

1,514,481 0.06

Total Bonds 61,898,883 2.27

Investment Funds



124,000,000 4.54

THAILAND12,455,185 Tesco Lotus Retail Growth Freehold & Leasehold

Property Fund 5,010,486 0.18

5,010,486 0.18



190,909,369 6.99


Cash 30,499,533 1.12


Total Net Assets 2,730,229,338 100.00

* Hong Kong Registered Shares.** Variable coupon rates are those quoted as at 30 June 2014.


Fixed Income SecuritiesBritish Virgin Islands 9.18Cayman Islands 7.00Hong Kong 4.28South Korea 3.26Singapore 3.07Malaysia 1.55India 1.47Indonesia 1.27Netherlands 1.13Thailand 1.09Philippines 0.90United Arab Emirates 0.82Bermuda 0.61United Kingdom 0.53Sri Lanka 0.49United States of America 0.37China 0.35Canada 0.27Mexico 0.17Australia 0.13Bahamas 0.07Peru 0.04Total Fixed Income Securities 38.05SharesFinancials 29.81Energy 5.84Industrials 4.62Investment Companies 4.54Telecommunication Services 4.08Information Technology 3.96Utilities 3.20Materials 2.62Consumer Discretionary 1.71Consumer Staples 0.89Health Care 0.18Total Shares 61.45Cash and Other Assets/(Liabilities) 0.50

Total 100.00

68


As at 30 June 2014

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets


Fixed Income SecuritiesCayman Islands 8.68British Virgin Islands 7.08Hong Kong 4.86Singapore 2.23South Korea 1.93India 1.28Malaysia 0.98Netherlands 0.93Indonesia 0.91Bermuda 0.74United Kingdom 0.71Philippines 0.65United Arab Emirates 0.65Thailand 0.62Sri Lanka 0.40United States of America 0.26Bahrain 0.18Australia 0.14China 0.13Canada 0.12Mongolia 0.05Bahamas 0.05Peru 0.04Total Fixed Income Securities 33.62SharesFinancials 34.30Telecommunication Services 9.44Energy 5.66Materials 3.54Information Technology 3.42Industrials 1.85Consumer Discretionary 1.76Consumer Staples 1.38Utilities 1.17Investment Companies 0.56Total Shares 63.08Cash Equivalents, Cash and Other Assets/(Liabilities) 3.30

Total 100.00

69


As at 30 June 2014

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

JPMorgan Funds - Asia Pacific Income FundSchedule of Investments - Outstanding Financial Futures Contracts (Expressed in USD)

As at 30 June 2014

ExpirationDate

Number ofContracts Security Description Currency

NotionalValue


Bond Futures

Sep-14 (500) US 10 Year Note Future USD (62,503,907) 214,844

Total 214,844

As at 30 June 2014, the counterparty UBS held the following collateral in favour of the Sub-Fund:- Cash: USD 498,757.

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



AmountSold


03-Jul-14 AUD 33,235,472 USD 30,910,978 330,74403-Jul-14 CAD 3,647,857 USD 3,361,291 54,16103-Jul-14 EUR 594,323 USD 808,238 3,83603-Jul-14 GBP 1,527,099 USD 2,557,348 46,87003-Jul-14 NZD 7,634,290 USD 6,474,254 198,81303-Jul-14 USD 31,217,665 AUD 33,235,472 (24,056)03-Jul-14 USD 3,404,039 CAD 3,647,857 (11,414)03-Jul-14 USD 811,012 EUR 594,323 (1,062)03-Jul-14 USD 2,594,230 GBP 1,527,099 (9,988)03-Jul-14 USD 6,666,645 NZD 7,634,290 (6,421)10-Jul-14 USD 116,772,707 AUD 124,893,000 (567,408)10-Jul-14 USD 60,626,596 SGD 75,900,860 (198,913)16-Jul-14 CNH 1,316,156 USD 209,889 1,89516-Jul-14 SGD 293,766,540 USD 234,924,926 493,01916-Jul-14 USD 1,124 CNH 7,019 (5)16-Jul-14 USD 12,404,057 SGD 15,518,096 (31,798)17-Jul-14 THB 682,605,000 USD 21,000,000 32,28617-Jul-14 USD 92,774,075 AUD 99,915,000 (1,046,277)17-Jul-14 USD 36,623,315 NZD 43,000,000 (913,251)17-Jul-14 USD 100,215,829 SGD 125,747,715 (555,513)17-Jul-14 USD 90,606,714 THB 2,942,000,000 (41,590)05-Aug-14 AUD 42,360,504 USD 39,692,023 26,45305-Aug-14 CAD 6,398,589 USD 5,965,973 19,64305-Aug-14 EUR 940,117 USD 1,282,567 2,16805-Aug-14 GBP 1,552,794 USD 2,644,723 2,58105-Aug-14 NZD 8,217,295 USD 7,155,754 3,90105-Aug-14 USD 2,901 AUD 3,088 605-Aug-14 USD 582,508 NZD 672,136 (3,119)19-Aug-14 CNH 6,380 USD 1,024 104-Sep-14 USD 50,000,000 AUD 54,224,054 (739,450)

Total (2,933,888)



Barclays 12,159Citibank 8,010Crédit Suisse (1,216)Deutsche Bank 20,926Goldman Sachs 14,357HSBC 153,663HSBC Hong Kong (440,425)National Australia Bank 2,120RBC 12,739Société Générale 6,589State Street Bank 57,029State Street Bank Hong Kong (3,589,690)UBS 546,242Westpac Banking 263,609Total (2,933,888)

70


Shares and Rights

AUSTRALIA337,439 ANZ Banking Group 10,574,516 2.49336,100 Asciano 1,777,280 0.42

1,075,898 Beach Energy 1,701,731 0.40363,872 BHP Billiton 12,283,689 2.89222,179 BlueScope Steel 1,133,098 0.27433,681 Challenger 3,035,288 0.71189,384 Commonwealth Bank of Australia 14,400,450 3.3967,478 CSL 4,221,263 0.99

543,728 Insurance Australia Group 2,987,659 0.70251,508 Lend Lease Group 3,098,515 0.7379,359 Macquarie Group 4,451,982 1.05

189,913 National Australia Bank 5,853,218 1.3857,780 Ramsay Health Care 2,472,275 0.5866,376 Rio Tinto 3,700,558 0.87

1,547,234 SP AusNet 1,930,880 0.45649,521 Telstra 3,184,288 0.7526,584 Wesfarmers 1,045,752 0.25

365,515 Westpac Banking 11,643,337 2.7418,715 Woolworths 619,910 0.15

90,115,689 21.19


280,000 Advantech 2,381,303 0.56247,000 Asustek Computer 2,751,934 0.65222,000 Catcher Technology 2,072,005 0.49

3,058,000 Compal Electronics 2,493,213 0.591,452,000 Coretronic 1,625,028 0.383,101,730 CTBC Financial Holding 2,064,116 0.49472,000 Delta Electronics 3,421,550 0.80

2,308,016 E.Sun Financial Holding 1,477,962 0.35950,000 Fubon Financial Holding 1,370,957 0.32

1,861,000 Hon Hai Precision Industry 6,228,050 1.461,840,000 Inotera Memories 3,342,262 0.79

58,325 Largan Precision 4,642,995 1.09287,000 MediaTek 4,848,038 1.14467,000 Novatek Microelectronics 2,294,658 0.54

1,210,000 Pegatron 2,305,263 0.54386,000 Radiant Opto-Electronics 1,651,092 0.39366,000 Simplo Technology 2,264,063 0.534,275,117 Taishin Financial Holding 2,186,514 0.51


64,722,734 15.22

SOUTH KOREA1,263 Amorepacific 1,905,108 0.45

141,619 BS Financial Group 2,081,603 0.4922,616 BS Financial Group - Rights 14.07.14 28,493 0.0152,181 Halla Visteon Climate Control 2,356,395 0.55

26,658 Hankook Tire 1,588,416 0.3745,090 Hyundai Development Co-Engineering &

Construction 1,433,568 0.3411,206 Hyundai Mobis 3,141,998 0.7419,177 Hyundai Motor 4,344,197 1.02

49,528 Kia Motors 2,767,597 0.65122,040 Korean Reinsurance 1,257,181 0.3056,600 KT 1,710,025 0.4012,473 Samsung Electronics 16,287,618 3.8385,774 Shinhan Financial Group 3,958,148 0.9311,716 SK Holdings 2,109,922 0.50

122,502 SK Hynix 5,873,922 1.38

50,844,191 11.95

CHINA6,473,000 Agricultural Bank of China - H Shares* 2,852,094 0.67

11,644,000 Bank of China - H Shares* 5,228,161 1.231,924,000 BBMG - H Shares* 1,236,237 0.299,235,970 China Construction Bank - H Shares* 6,971,173 1.64

922,000 China Oilfield Services - H Shares* 2,213,833 0.525,015,800 China Petroleum & Chemical - H Shares* 4,792,176 1.132,433,000 China Railway Construction - H Shares* 2,148,736 0.512,190,000 Dongfeng Motor Group - H Shares* 3,927,592 0.921,156,000 Guangzhou R&F Properties - H Shares* 1,425,881 0.34

2,794,000 Huadian Power International - H Shares* 1,688,898 0.4010,354,690 Industrial & Commercial Bank of China - H Shares* 6,553,052 1.54

582,700 New China Life Insurance - H Shares* 1,922,774 0.453,550,000 PetroChina - H Shares* 4,484,133 1.05

381,000 Ping An Insurance Group Co. of China - H Shares* 2,948,239 0.69

48,392,979 11.38

INDIA97,318 Axis Bank 3,149,490 0.7479,231 HCL Technologies 1,981,863 0.47

712,089 Hindalco Industries 1,950,466 0.461,013,135 IDFC 2,283,829 0.54

64,151 JSW Steel 1,322,530 0.31116,332 Lupin 2,333,692 0.55

462,492 Power Finance 2,358,844 0.55229,284 Reliance Industries 3,868,917 0.91

78,713 State Bank of India 3,516,699 0.83260,346 Sun Pharmaceuticals Industries 2,980,490 0.70

66,145 Tata Consultancy Services 2,657,664 0.62388,084 Tata Motors 2,781,026 0.65266,265 Tata Steel 2,335,664 0.55

45,241 Tech Mahindra 1,619,884 0.38503,234 UPL 2,865,481 0.67214,666 Yes Bank 1,937,354 0.46

39,943,893 9.39

HONG KONG1,343,800 AIA Group 6,766,203 1.591,624,000 BYD Electronic International 1,390,255 0.33

274,000 Cheung Kong Holdings 4,866,248 1.14217,500 China Mobile 2,109,600 0.50

4,191,000 China Power International Development 1,654,652 0.391,004,752 Dah Sing Banking Group 1,690,456 0.40509,000 Galaxy Entertainment Group 4,068,427 0.96306,000 Hutchison Whampoa 4,190,915 0.99557,000 Melco International Development 1,685,255 0.40

1,688,000 New World Development 1,925,272 0.45

30,347,283 7.13

CAYMAN ISLANDS1,131,000 ANTA Sports Products 1,797,798 0.42

2,762,000 China Resources Cement Holdings 1,730,137 0.41862,000 China Resources Land 1,575,958 0.37

1,292,000 China State Construction International Holdings 2,262,090 0.535,698,000 GCL-Poly Energy Holdings 1,900,424 0.451,372,000 Ju Teng International Holdings 986,885 0.23470,000 Sands China 3,558,102 0.84

1,076,000 Shimao Property Holdings 1,979,699 0.47662,700 Tencent Holdings 10,123,627 2.38190,000 TPK Holding 1,897,392 0.45

5,318,000 Xinyi Solar Holdings 1,361,998 0.32

29,174,110 6.86

BERMUDA2,132,000 Beijing Enterprises Water Group 1,420,774 0.331,012,000 Brilliance China Automotive Holdings 1,894,591 0.45

358,000 Cheung Kong Infrastructure Holdings 2,468,870 0.582,100,000 China Gas Holdings 4,324,338 1.0212,223,525 GOME Electrical Appliances Holding 2,002,939 0.47

426,000 Kerry Properties 1,495,016 0.35705,500 Yue Yuen Industrial Holdings 2,391,703 0.56

15,998,231 3.76

SINGAPORE277,000 DBS Group Holdings 3,720,415 0.87971,000 Ezion Holdings 1,614,637 0.38731,000 First Resources 1,400,080 0.33

430,000 Oversea-Chinese Banking 3,289,137 0.771,979,000 Yangzijiang Shipbuilding Holdings 1,716,767 0.40

11,741,036 2.76

INDONESIA4,139,400 Astra International 2,566,393 0.602,995,800 Bank Mandiri Persero 2,454,383 0.585,041,000 Bank Negara Indonesia Persero 2,027,243 0.483,442,400 Bank Rakyat Indonesia Persero 3,001,755 0.71

330,300 Gudang Garam 1,483,982 0.35

11,533,756 2.71

71

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

As at 30 June 2014

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

PHILIPPINES3,906,200 Alliance Global Group 2,597,873 0.61

948,260 BDO Unibank 2,028,729 0.4819,735,000 Megaworld 2,024,103 0.48

624,513 Metropolitan Bank & Trust 1,250,313 0.29616,370 Universal Robina 2,176,627 0.51

10,077,645 2.37

MALAYSIA816,849 Malayan Banking 2,501,934 0.59457,700 Tenaga Nasional 1,733,302 0.41

4,235,236 1.00

THAILAND272,800 Airports of Thailand (Foreign) 1,667,158 0.39

2,919,600 Krung Thai Bank (Foreign) 1,885,500 0.44

3,552,658 0.84

NEW ZEALAND719,983 Air New Zealand 1,310,691 0.31189,860 Ryman Healthcare 1,420,693 0.33

2,731,384 0.64

PAPUA NEW GUINEA156,610 Oil Search 1,422,939 0.33

1,422,939 0.33

Total Shares and Rights 414,833,764 97.53


414,833,764 97.53


Cash 8,139,442 1.91

Other Assets/(Liabilities) 2,370,939 0.56


* Hong Kong Registered Shares.


Shares and RightsFinancials 38.69Information Technology 21.23Consumer Discretionary 10.89Materials 6.71Energy 5.61Industrials 4.81Health Care 3.16Utilities 3.00Consumer Staples 1.78Telecommunication Services 1.65Total Shares and Rights 97.53Cash and Other Assets/(Liabilities) 2.47

Total 99.50


SharesFinancials 38.21Information Technology 15.77Consumer Discretionary 13.81Materials 10.12Industrials 6.02Energy 5.18Health Care 3.69Utilities 2.90Telecommunication Services 2.54Consumer Staples 0.42Total Shares 98.66Cash and Other Assets/(Liabilities) 1.34

Total 100.00

72

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

As at 30 June 2014

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets


Shares

BRAZIL1,000,739 Alpargatas Preference Shares 5,265,614 1.712,267,505 AMBEV ADR 15,883,873 5.17

588,970 Anhanguera Educacional Participações 4,799,440 1.56238,510 Arezzo Industria e Comercio 3,242,377 1.06291,760 Arteris 2,401,998 0.78

1,776,898 Banco Bradesco ADR 26,235,899 8.53364,460 Banco do Brasil 4,127,990 1.34935,923 BB Seguridade Participações 13,667,804 4.44

1,473,000 BM&F Bovespa 7,793,951 2.54279,379 BRF 6,669,562 2.1799,600 Cia Brasileira de Distribuicao Preference Shares 4,656,072 1.51

768,880 Cielo 16,013,393 5.21283,017 Embraer ADR 10,130,594 3.30

499,390 Estacio Participacoes 6,639,355 2.16266,170 Ez Tec Empreendimentos e Participações 2,774,465 0.90578,900 Gerdau 2,749,289 0.89780,150 Iochpe-Maxion 6,955,388 2.26162,791 Itau Unibanco Holding Preference Shares 2,361,821 0.77

1,793,769 Itau Unibanco Holding Preference Shares ADR 25,964,806 8.443,750,601 Itausa - Investimentos Itau Preference Shares 14,724,418 4.79

203,230 Linx 4,862,734 1.58607,580 Localiza Rent a Car 10,017,932 3.26340,221 Lojas Renner 10,973,154 3.57

1,004,060 LPS Brasil Consultoria de Imoveis 4,634,088 1.51111,130 M Dias Branco 4,965,715 1.62

3,254,004 Marcopolo Preference Shares 6,413,248 2.09686,049 Mills Estruturas e Servicos de Engenharia 8,055,148 2.62

1,416,600 Odontoprev 6,075,457 1.982,447,340 Petroleo Brasileiro 17,778,350 5.781,113,460 Petroleo Brasileiro Preference Shares 8,689,594 2.831,111,626 Randon Participações Preference Shares 3,118,664 1.01316,590 Souza Cruz 3,300,026 1.07

606,450 Suzano Papel e Celulose Preference A Shares 2,295,575 0.75113,370 Totvs 1,998,348 0.65122,410 Ultrapar Participações 2,910,888 0.95

473,940 Vale ADR 6,244,160 2.03519,440 Valid Solucoes e Servicos de Seguranca em Meios de

Pagamento e Identificacao 9,050,027 2.94187,300 Via Varejo 2,058,125 0.67

296,499,342 96.44

BERMUDA356,510 Wilson Sons BDR 5,448,073 1.77

5,448,073 1.77

UNITED KINGDOM913,430 JPMorgan Brazil Investment Trust 1,076,772 0.35

1,076,772 0.35

Total Shares 303,024,187 98.56


303,024,187 98.56


Cash 1,986,845 0.65




SharesFinancials 35.24Industrials 23.60Consumer Discretionary 12.37Consumer Staples 11.54Energy 8.61Materials 4.62Information Technology 2.23Investment Companies 0.35Total Shares 98.56Cash and Other Assets/(Liabilities) 1.44

Total 100.00


SharesFinancials 35.38Industrials 23.28Consumer Discretionary 11.54Materials 11.28Consumer Staples 9.45Energy 4.68Investment Companies 1.07Information Technology 1.03Total Shares 97.71Cash and Other Assets/(Liabilities) 2.29

Total 100.00

73

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

As at 30 June 2014

Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets


Shares and Warrants

CHINA127,823,000 Agricultural Bank of China - H Shares* 56,320,589 3.2218,992,000 Angang Steel - H Shares* 12,252,034 0.702,487,000 Anhui Conch Cement - H Shares* 8,559,486 0.49

14,790,000 AviChina Industry & Technology - H Shares* 8,358,142 0.4842,833,000 China Cinda Asset Management - H Shares* 21,221,555 1.21

220,354,540 China Construction Bank - H Shares* 166,320,333 9.5050,168,000 China Eastern Airlines - H Shares* 15,437,702 0.88

1,235,000 China Life Insurance - H Shares* 3,242,641 0.199,601,000 China Longyuan Power Group - H Shares* 10,411,700 0.59

29,363,500 China Merchants Bank - H Shares* 57,889,347 3.3169,310,199 China Minsheng Banking - H Shares* 62,821,883 3.5912,748,000 China National Building Material - H Shares* 11,233,892 0.6413,926,000 China Oilfield Services - H Shares* 33,437,996 1.9115,568,000 China Pacific Insurance Group - H Shares* 54,885,860 3.14

107,078,400 China Petroleum & Chemical - H Shares* 102,304,424 5.8511,026,000 China Shipping Development - H Shares* 6,458,644 0.3715,682,000 China Telecom - H Shares* 7,678,576 0.4529,268,612 China Vanke - H Shares* 51,811,208 2.96

10,934,080 Chongqing Changan Automobile - B Shares 21,513,921 1.2320,874,000 Dongfeng Motor Group - H Shares* 37,435,872 2.14

1,444,500 Dongjiang Environmental - H Shares* 4,696,622 0.2760 East China Engineering Science and Technology - A

Shares 163 0.003,873,618 GoerTek - Warrants 01.12.14 16,646,873 0.955,410,400 Haitong Securities - H Shares* 8,383,780 0.48

29,758,000 Huaneng Renewables - H Shares* 9,886,634 0.5613,286,000 Lianhua Supermarket Holdings - H Shares* 7,251,070 0.41

7,885,333 New China Life Insurance - A Shares 26,806,402 1.535,319,100 New China Life Insurance - H Shares* 17,551,784 1.003,174,332 New China Life Insurance -

Warrants 24.03.16 10,810,505 0.629,033,500 Ping An Insurance Group Co. of China - H Shares* 69,902,673 3.996,091,881 SAIC Motor - A Shares 14,994,178 0.86

10,002,148 Shanghai Belling -Warrants 21.03.16 13,142,295 0.753,748,000 Shanghai Fosun Pharmaceutical Group - H Shares* 13,963,332 0.80

10,636,000 Sinopec Shanghai Petrochemical - H Shares* 2,957,284 0.1710,427,000 Tong Ren Tang Technologies - H Shares* 15,175,253 0.87

1,464,070 Weifu High-Technology Group - B Shares 4,934,983 0.28

986,699,636 56.39

CAYMAN ISLANDS3,951,520 AAC Technologies Holdings 25,708,549 1.47

94,179 Baidu ADR 17,586,516 1.01251,490 Cheetah Mobile ADR 5,394,461 0.31

11,091,500 China Conch Venture Holdings 24,385,258 1.406,932,000 China Resources Land 12,673,480 0.72

892,589 E-House China Holdings ADR 7,841,394 0.4537,150,000 GCL-Poly Energy Holdings 12,390,443 0.7114,428,500 Greentown China Holdings 14,399,552 0.82

472,095 iKang Healthcare Group ADR 8,264,023 0.47654,860 JD.com ADR 18,195,285 1.04

5,082,800 MGM China Holdings 17,640,983 1.015,445,500 Phoenix Healthcare Group 8,220,365 0.471,179,600 Sands China 8,930,080 0.51

11,404,000 Sino Biopharmaceutical 9,277,047 0.5349,096,000 Sunac China Holdings 27,840,207 1.5910,840,900 Tencent Holdings 165,609,223 9.46

8,472,000 Tingyi Cayman Island Holding 23,692,590 1.3550,763 Vipshop Holdings ADR 9,503,595 0.54

24,105,000 Want Want China Holdings 34,584,333 1.98363,525 Xunlei ADR 5,498,316 0.31238,543 YY ADR 18,007,611 1.03

475,643,311 27.18

HONG KONG12,068,569 Beijing Tong Ren Tang Chinese Medicine 15,501,171 0.899,100,000 China Everbright International 13,009,141 0.746,210,000 China Mobile 60,232,725 3.44

12,350,000 China Overseas Land & Investment 29,988,452 1.729,622,000 China Traditional Chinese Medicine 4,314,074 0.25

17,032,000 China Unicom Hong Kong 26,326,307 1.505,298,000 CSPC Pharmaceutical Group 4,227,846 0.241,100,000 Galaxy Entertainment Group 8,792,279 0.50

12,225,000 Guotai Junan International Holdings 6,932,266 0.40

169,324,261 9.68

BERMUDA29,420,000 Beijing Enterprises Water Group 19,605,615 1.1216,454,000 China Resources Gas Group 51,746,812 2.9630,392,000 Euro-Asia Agricultural Holdings** 392 0.006,887,000 Haier Electronics Group 17,993,788 1.034,109,500 Orient Overseas International 20,201,399 1.15

109,548,006 6.26

Total Shares and Warrants 1,741,215,214 99.51


1,741,215,214 99.51


Cash 15,334,157 0.88


Total Net Assets 1,749,831,838 100.00

* Hong Kong Registered Shares.** This Security is fair valued.


Shares and WarrantsFinancials 40.44Information Technology 14.34Consumer Discretionary 10.09Energy 9.06Telecommunication Services 5.39Industrials 5.29Utilities 4.64Health Care 4.52Consumer Staples 3.74Materials 2.00Total Shares and Warrants 99.51Cash Equivalents, Cash and Other Assets/(Liabilities) 0.49

Total 100.00


Shares and WarrantsFinancials 35.17Consumer Discretionary 13.02Information Technology 11.38Energy 9.45Industrials 6.55Consumer Staples 5.62Utilities 5.53Telecommunication Services 5.40Materials 4.47Health Care 2.28Total Shares and Warrants 98.87Cash and Other Assets/(Liabilities) 1.13

Total 100.00

74

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

As at 30 June 2014

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets


Shares

RUSSIA42,822 Bashneft 2,234,299 0.39

1,795,352 Cherkizovo Group Registered Shares GDR 15,865,920 2.781,262,863 DIXY Group 11,009,362 1.936,622,770 Gazprom ADR 42,088,456 7.381,174,740 Lukoil ADR 51,301,057 9.00

150,148 Magnit 28,480,448 5.00793,046 Mechel Preference Shares 428,525 0.07576,100 Mechel Preference Shares ADR 153,008 0.03405,500 MegaFon Registered Shares GDR 9,380,886 1.641,525,781 MMC Norilsk Nickel ADR 22,054,023 3.87

873,532 Mobile Telesystems 5,676,514 1.00835,152 Mobile Telesystems ADR 11,955,366 2.10

4,209,400 Moscow Exchange MICEX-RTS 6,113,235 1.072,528,986 Mostotrest 5,916,987 1.03

118,560 NovaTek Registered Shares GDR 10,824,485 1.90367,300 Phosagro Registered Shares GDR 3,326,555 0.58

15,489,250 Sberbank of Russia 27,821,670 4.882,881,245 Sberbank of Russia ADR 21,255,398 3.73

302,700 Severstal Registered Shares GDR 1,805,504 0.32653,665 Sistema JSFC Registered Shares GDR 14,825,363 2.60644,474 Sollers 8,255,880 1.45

13,426,200 Surgutneftegas Preference Shares 7,998,598 1.40264,246 Tatneft ADR 7,443,631 1.31207,720 TMK Registered Shares GDR 1,474,995 0.26

317,690,165 55.72

TURKEY5,842,300 Kardemir Karabuk Demir Celik Sanayi ve Ticaret - D

Shares 3,958,655 0.69125,982 KOC Holding 452,883 0.08124,800 Turk Traktor ve Ziraat Makineleri 2,920,961 0.51

2,115,146 Turkcell Iletisim Hizmetleri 9,645,779 1.696,510,573 Turkiye Garanti Bankasi 18,667,353 3.28

2,464,830 Turkiye Halk Bankasi 13,535,294 2.375,529,400 Turkiye Is Bankasi - C Shares 10,934,847 1.922,853,700 Turkiye Vakiflar Bankasi Tao - D Shares 4,895,563 0.86

65,011,335 11.40

POLAND302,840 Alior Bank 6,005,925 1.05108,800 Bank Pekao 4,517,776 0.79

61,800 Bank Zachodni 5,509,594 0.97468,418 Eurocash 4,562,289 0.80

39,950 Integer.pl 2,139,184 0.382,340,627 Powszechna Kasa Oszczednosci Bank Polski 21,169,828 3.71

178,272 Powszechny Zaklad Ubezpieczen 18,882,617 3.3193,215 Work Service 326,851 0.06

63,114,064 11.07

GREECE15,254,148 Eurobank Ergasias 5,575,391 0.98

126,803 Eurobank Properties Real Estate Investment 1,087,336 0.1932,088 Fourlis Holdings 169,906 0.03111,772 Hellenic Exchanges - Athens Stock Exchange Holding 928,825 0.16

815,200 Hellenic Telecommunications Organization 8,873,452 1.56150,802 Metka 1,948,362 0.34

4,595,798 National Bank of Greece 12,201,844 2.14722,646 OPAP 9,354,653 1.64

40,139,769 7.04

CYPRUS231,680 QIWI ADR 6,785,692 1.19930,493 Ros Agro Registered Shares GDR 4,223,849 0.74900,192 TCS Group Holding Registered Shares GDR 4,331,711 0.76

15,341,252 2.69

NETHERLANDS1,111,930 Nostrum Oil & Gas 10,394,445 1.82

10,394,445 1.82

BRITISH VIRGIN ISLANDS228,930 Luxoft Holding 6,039,156 1.06

96,120 Mail.ru Group Registered Shares GDR 2,481,120 0.43

8,520,276 1.49

IRELAND860,802 Dragon Oil 6,542,784 1.15

6,542,784 1.15

LUXEMBOURG696,300 Kernel Holding 5,583,246 0.98

5,583,246 0.98

KAZAKHSTAN492,700 Kcell Registered Shares GDR 5,365,547 0.94

5,365,547 0.94

HUNGARY357,400 OTP Bank 4,991,358 0.88

4,991,358 0.88

UNITED STATES OF AMERICA134,930 EPAM Systems 4,318,831 0.76

4,318,831 0.76

Total Shares 547,013,072 95.94


547,013,072 95.94


Investment Funds



13,173,934 2.31

UNITED KINGDOM1,812,874 JPMorgan Russian Securities 10,826,588 1.90

10,826,588 1.90



24,000,522 4.21



Other Assets/(Liabilities) (434,408) (0.08)


75

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

As at 30 June 2014

Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets


SharesFinancials 33.13Energy 24.35Consumer Staples 12.23Telecommunication Services 11.53Materials 5.56Consumer Discretionary 4.31Investment Companies 4.21Industrials 2.58Information Technology 2.25Total Shares 100.15Bank Overdraft and Other Assets/(Liabilities) (0.15)

Total 100.00


SharesEnergy 30.06Financials 24.94Consumer Staples 16.93Telecommunication Services 10.73Materials 6.20Investment Companies 5.37Industrials 2.74Consumer Discretionary 2.27Information Technology 1.02Total Shares 100.26Bank Overdraft and Other Assets/(Liabilities) (0.26)

Total 100.00

76

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

As at 30 June 2014

Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets


Shares and Warrants

SOUTH AFRICA402,600 AVI 2,333,314 0.45467,437 Barclays Africa Group 7,122,191 1.39393,080 Bidvest Group 10,444,775 2.03203,262 Capitec Bank Holdings 4,259,075 0.83113,500 City Lodge Hotels 1,338,116 0.26911,700 Clover Industries 1,456,047 0.28

4,650,380 FirstRand 17,772,153 3.45445,050 JSE 4,022,693 0.78274,700 Liberty Holdings 3,359,725 0.65

1,495,600 Life Healthcare Group Holdings 5,902,386 1.15345,690 Mr Price Group 5,865,187 1.14897,333 MTN Group 18,919,478 3.68342,050 Naspers - N Shares 40,232,418 7.81453,592 Pick n Pay Stores 2,464,087 0.48401,327 Remgro 8,708,174 1.69578,223 Royal Bafokeng Platinum 3,875,541 0.75239,620 Sasol 14,285,264 2.78375,685 Shoprite Holdings 5,437,118 1.05

157,797,742 30.65

RUSSIA427,172 Cherkizovo Group Registered Shares GDR 5,158,102 1.00481,229 DIXY Group 5,732,304 1.11

2,617,080 Gazprom ADR 22,725,414 4.41430,480 Lukoil ADR 25,686,742 4.99

69,461 Magnit 18,002,789 3.50215,400 Mechel Preference Shares ADR 78,169 0.01212,500 MegaFon Registered Shares GDR 6,717,125 1.30610,565 MMC Norilsk Nickel ADR 12,058,659 2.34559,703 Mobile Telesystems 4,969,721 0.97366,877 Mobile Telesystems ADR 7,176,114 1.39

2,053,000 Moscow Exchange MICEX-RTS 4,073,909 0.79934,792 Mostotrest 2,988,413 0.58226,800 Phosagro Registered Shares GDR 2,806,650 0.55


304,691 Sistema JSFC Registered Shares GDR 9,442,374 1.83224,593 Sollers 3,931,205 0.77

155,283,023 30.16

TURKEY3,742,300 Kardemir Karabuk Demir Celik Sanayi ve Ticaret - D

Shares 3,464,766 0.6779,600 Turk Traktor ve Ziraat Makineleri 2,545,632 0.49

576,190 Turkcell Iletisim Hizmetleri 3,590,328 0.702,780,597 Turkiye Garanti Bankasi 10,893,641 2.121,110,890 Turkiye Halk Bankasi 8,335,339 1.62

2,897,800 Turkiye Is Bankasi - C Shares 7,830,231 1.52

36,659,937 7.12

POLAND136,854 Alior Bank 3,708,478 0.72198,301 Eurocash 2,639,037 0.5125,604 Integer.pl 1,873,315 0.37

1,058,825 Powszechna Kasa Oszczednosci Bank Polski 13,085,213 2.5475,823 Powszechny Zaklad Ubezpieczen 10,973,660 2.13

32,279,703 6.27

GREECE6,173,907 Eurobank Ergasias 3,083,322 0.60

82,107 Eurobank Properties Real Estate Investment 962,024 0.1920,985 Fourlis Holdings 151,826 0.0342,267 Hellenic Exchanges - Athens Stock Exchange Holding 479,926 0.09

396,400 Hellenic Telecommunications Organization 5,895,675 1.14112,618 Metka 1,988,116 0.38

1,477,051 National Bank of Greece 5,358,355 1.04364,700 OPAP 6,450,737 1.25

24,369,981 4.72

UNITED KINGDOM149,600 Anglo American 3,645,670 0.71314,600 HSBC Bank - Warrants 10.02.15 3,321,641 0.64

96,875 HSBC Bank - Warrants 07.01.16 3,102,815 0.60155,100 HSBC Bank - Warrants 18.07.16 2,460,522 0.48

250,450 Ophir Energy 941,980 0.18320,900 Tullow Oil 4,674,856 0.91

18,147,484 3.52

CYPRUS150,340 QIWI ADR 6,016,607 1.17462,900 Ros Agro Registered Shares GDR 2,871,137 0.56563,633 TCS Group Holding Registered Shares GDR 3,705,887 0.72

12,593,631 2.45

NETHERLANDS650,355 Nostrum Oil & Gas 8,307,031 1.61

8,307,031 1.61

BRITISH VIRGIN ISLANDS144,430 Luxoft Holding 5,205,979 1.0169,700 Mail.ru Group Registered Shares GDR 2,458,319 0.48

7,664,298 1.49

QATAR87,000 Gulf International Services 2,211,682 0.43

100,020 Qatar National Bank 4,501,532 0.87

6,713,214 1.30


6,424,500 1.25


4,774,550 0.93

SWITZERLAND215,300 Almarai - Warrants 14.09.16 4,025,573 0.78

4,025,573 0.78


3,789,437 0.74


3,060,816 0.60

SAUDI ARABIA157,083 Al Rajhi Bank - Warrants 02.03.17 2,821,211 0.55

2,821,211 0.55

KENYA5,187,200 Equity Bank 2,808,498 0.55

2,808,498 0.55

GUERNSEY493,608 Etalon Group Registered Shares GDR 2,154,105 0.42

2,154,105 0.42

CANADA175,630 Africa Oil 1,215,245 0.24

1,215,245 0.24

NIGERIA19,762,892 Diamond Bank 776,681 0.15

776,681 0.15

Total Shares and Warrants 491,666,660 95.50


491,666,660 95.50

77

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

As at 30 June 2014

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets


Investment Funds



6,745,110 1.31



6,745,110 1.31


Cash 1,800,952 0.35




Shares and WarrantsFinancials 32.98Energy 14.02Consumer Discretionary 12.43Telecommunication Services 11.61Consumer Staples 11.26Materials 7.81Information Technology 2.42Industrials 1.82Investment Companies 1.31Health Care 1.15Total Shares and Warrants 96.81Cash and Other Assets/(Liabilities) 3.19

Total 100.00


Shares and WarrantsFinancials 27.21Energy 18.54Consumer Staples 15.10Consumer Discretionary 13.31Telecommunication Services 13.18Materials 8.17Industrials 2.12Information Technology 1.25Investment Companies 0.51Total Shares and Warrants 99.39Cash and Other Assets/(Liabilities) 0.61

Total 100.00

78

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

As at 30 June 2014

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets


Bonds

CAYMAN ISLANDS14,650,000 ADIB Capital Invest 1 31.12.49/6.375%* 15,323,021 0.719,400,000 Agromercantil Senior Trust 10.04.19/6.250% 9,878,836 0.4613,310,000 AHB Tier 1 Sukuk 31.12.49/5.500%* 13,311,597 0.6212,920,000 AKCB Finance 22.10.18/3.250% 13,111,991 0.617,430,000 Alliance Global Group/Cayman

Islands 18.08.17/6.500% 8,150,376 0.3815,250,000 Alpha Star Holding 09.04.19/4.970% 14,759,179 0.697,130,000 Baidu 09.06.19/2.750% 7,144,759 0.336,530,000 Central China Real Estate 04.06.18/6.500% 6,288,259 0.296,660,000 China Mengniu Dairy 27.11.18/3.500% 6,867,239 0.32

12,960,000 China Shanshui Cement Group 27.04.17/10.500% 14,132,815 0.6610,600,000 China State Construction

Finance Cayman I 02.04.18/3.125% 10,644,255 0.5014,330,000 Comcel Trust 06.02.24/6.875% 15,562,093 0.7313,340,000 Country Garden Holdings 27.05.19/7.875% 13,865,463 0.659,240,000 Country Garden Holdings 10.01.23/7.500% 8,910,640 0.425,900,000 DIP Sukuk 20.02.19/4.291% 5,935,813 0.285,240,000 Emaar Sukuk 18.07.19/6.400% 5,937,863 0.28

12,860,000 EMG SUKUK 18.06.24/4.564% 12,863,794 0.607,780,000 Emirates NBD Tier 1 29.05.49/5.750%* 7,615,764 0.363,410,000 Hutchison Whampoa

International 12 31.12.49/6.000%* 3,681,606 0.179,600,000 ICD Sukuk 21.05.20/3.508% 9,539,664 0.447,380,000 JAFZ Sukuk 19.06.19/7.000% 8,490,432 0.40

10,090,000 Kaisa Group Holdings 19.03.18/8.875% 10,460,101 0.494,730,000 Kaisa Group Holdings 06.06.19/9.000% 4,900,375 0.238,210,000 Krung Thai Bank/Cayman

Islands 11.09.18/2.250% 8,028,066 0.377,050,000 Kuwait Projects 05.02.19/4.800% 7,385,157 0.348,790,000 MAF Global Securities 05.07.19/5.250% 9,530,909 0.4415,180,000 MCE Finance 15.02.21/5.000% 15,331,041 0.71

5,280,726 Odebrecht Offshore DrillingFinance 01.10.22/6.625% 5,635,855 0.26

5,871,978 Odebrecht Offshore DrillingFinance 01.10.22/6.750% 6,286,187 0.29

7,490,000 Ooredoo Tamweel 03.12.18/3.039% 7,713,576 0.367,090,000 QNB Finance 29.04.20/2.875% 7,029,629 0.3313,270,000 RAKFUNDING Cayman 24.06.19/3.250% 13,309,478 0.623,810,000 Shimao Property Holdings 08.03.18/11.000% 4,201,859 0.204,970,000 Sino MTN 21.09.17/3.250% 5,025,366 0.23

10,810,000 Sukuk Funding No 3 03.12.18/4.348% 11,268,506 0.538,450,000 Tencent Holdings 02.05.19/3.375% 8,640,294 0.40

10,310,000 Texhong Textile Group 18.01.19/6.500% 10,192,878 0.48

346,954,736 16.18

BRITISH VIRGIN ISLANDS14,710,000 Beijing Enterprises Water

Capital Management 06.05.18/4.625% 15,259,727 0.718,110,000 FPC Treasury 16.04.23/4.500% 7,707,103 0.36

8,888,000 Franshion Brilliant 19.03.19/5.750% 9,160,862 0.4311,770,000 Gerdau Trade 30.01.21/5.750% 12,594,312 0.59

14,660,000 GTL Trade Finance 16.04.44/7.250% 15,370,790 0.725,710,000 HLP Finance 25.06.22/4.750% 5,850,609 0.277,910,000 NWD MTN 26.02.21/5.250% 8,240,678 0.389,420,000 PCCW-HKT Capital No 5 08.03.23/3.750% 9,138,295 0.438,780,000 Prosperous Ray 12.11.23/4.625% 9,138,953 0.438,170,000 Road King Infrastructure

Finance 2012 18.09.17/9.875% 8,858,854 0.4116,644,000 Star Energy Geothermal Wayang

Windu 27.03.20/6.125% 17,046,868 0.799,180,000 State Grid Overseas Investment

2014 07.05.44/4.850% 9,534,164 0.44

127,901,215 5.96

MEXICO16,880,000 BBVA Bancomer/Texas 30.09.22/6.750% 19,301,689 0.9012,384,000 Cemex 10.12.19/6.500% 13,282,893 0.623,050,000 Comision Federal de

Electricidad 15.01.24/4.875% 3,255,616 0.1513,694,000 Credito Real 13.03.19/7.500% 14,846,487 0.699,890,000 Grupo Posadas 30.11.17/7.875% 10,344,594 0.486,360,000 Grupo Televisa SAB 13.05.45/5.000% 6,359,173 0.30

16,770,000 Metalsa 24.04.23/4.900% 16,409,948 0.7711,110,000 Minera y Metalurgica del Boleo 07.05.19/2.875% 11,190,659 0.522,578,000 Petroleos Mexicanos 18.01.24/4.875% 2,765,537 0.13

6,090,000 Sigma Alimentos 16.12.19/6.875% 7,088,029 0.3313,870,000 Tenedora Nemak 28.02.23/5.500% 14,338,529 0.67

119,183,154 5.56

LUXEMBOURG3,835,000 ALROSA Finance 03.11.20/7.750% 4,269,736 0.209,520,000 Aquarius Investments for

Azerbaijan Railways 18.02.16/8.250% 9,877,466 0.464,750,000 Gaz Capital 23.01.21/5.999% 5,054,166 0.244,640,000 Gaz Capital 07.03.22/6.510% 5,049,666 0.246,160,000 Gaz Capital 06.02.28/4.950% 5,715,217 0.274,530,000 Gaz Capital 16.08.37/7.288% 5,086,533 0.2415,110,000 Millicom International Cellular 15.10.21/6.625% 16,391,479 0.767,460,000 Minerva Luxembourg 31.01.23/7.750% 8,012,413 0.37

11,090,000 Offshore Drilling Holding 20.09.20/8.375% 12,328,309 0.575,620,000 SB Capital for Sberbank of

Russia 29.10.22/5.125% 5,370,275 0.255,780,000 SB Capital for Sberbank of

Russia 23.05.23/5.250% 5,469,730 0.265,320,000 Sistema International Funding 17.05.19/6.950% 5,622,203 0.26

88,247,193 4.12

NETHERLANDS4,820,000 Bharti Airtel International

Netherlands 20.05.21/3.375% 6,784,847 0.329,880,000 Bharti Airtel International

Netherlands 11.03.23/5.125% 10,166,174 0.4715,169,000 GTB Finance 08.11.18/6.000% 15,179,846 0.7118,807,000 Petrobras Global Finance 17.03.24/6.250% 20,040,645 0.937,768,000 VimpelCom Holdings 01.03.22/7.504% 8,423,153 0.39

17,007,000 VimpelCom Holdings 13.02.23/5.950% 16,873,410 0.79

77,468,075 3.61

SOUTH KOREA8,050,000 Daegu Bank 29.04.18/2.250% 7,982,871 0.377,570,000 GS Caltex 01.10.18/3.250% 7,773,179 0.365,600,000 Korea Exchange Bank 02.04.18/2.000% 5,564,608 0.263,750,000 Korea Gas 29.07.18/2.875% 3,855,356 0.187,510,000 Korea Land & Housing 02.08.17/1.875% 7,550,479 0.357,030,000 National Federation Of Fisheries

Cooperatives 16.04.19/2.625% 7,034,520 0.3311,990,000 NongHyup Bank 01.11.18/2.625% 12,133,400 0.574,330,000 SK Broadband 29.10.18/2.875% 4,385,640 0.215,750,000 SK Innovation 14.08.18/3.625% 5,993,656 0.28

14,450,000 Woori Bank 30.04.24/4.750% 14,609,889 0.68

76,883,598 3.59

HONG KONG8,890,000 Bank of East Asia 24.04.17/2.375% 9,006,059 0.428,050,000 Bright Food Hong Kong 21.05.18/3.000% 7,833,415 0.366,050,000 China CITIC Bank International 31.12.49/7.250%* 6,365,629 0.305,580,000 China Construction Bank 02.07.19/3.250% 5,626,202 0.26

14,200,000 Citic Pacific 10.04.20/6.375% 15,869,068 0.744,494,000 Hainan Airlines Hong Kong 07.02.20/3.625% 4,479,979 0.216,800,000 ICICI Bank/Hong Kong 16.11.20/5.750% 7,442,022 0.359,540,000 Kasikornbank /Hong Kong 20.03.18/3.000% 9,646,276 0.45

66,268,650 3.09

SINGAPORE4,810,000 BOC Aviation 10.10.17/2.875% 4,793,862 0.229,670,000 DBS Bank 21.09.22/3.625%* 10,001,294 0.479,470,000 Oversea-Chinese Banking 11.03.23/3.150%* 9,556,082 0.455,820,000 RH International Singapore 02.05.19/3.500% 5,972,455 0.28

15,420,000 TBG Global 03.04.18/4.625% 15,720,921 0.735,390,000 United Overseas Bank 17.10.22/2.875%* 5,435,384 0.2511,762,000 United Overseas Bank 19.09.24/3.750%* 11,852,450 0.55

63,332,448 2.95

TURKEY6,220,000 Akbank 22.07.15/5.125% 6,415,588 0.30

13,580,000 KT Kira Sertifikalari VarlikKiralama 26.06.19/5.162% 13,708,195 0.64

7,300,000 Tupras Turkiye PetrolRafinerileri 02.05.18/4.125% 7,278,538 0.34

6,540,000 Turkiye Halk Bankasi 19.07.17/4.875% 6,741,399 0.317,180,000 Turkiye Halk Bankasi 04.06.19/4.750% 7,203,335 0.348,690,000 Turkiye Is Bankasi 21.04.19/5.500% 9,059,412 0.421,617,000 Turkiye Is Bankasi 24.10.22/6.000% 1,623,743 0.07

770,000 Turkiye Vakiflar Bankasi Tao 17.06.19/3.500% 1,046,715 0.05

53,076,925 2.47

79

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

As at 30 June 2014

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

UNITED ARAB EMIRATES3,060,000 Abu Dhabi National Energy 16.09.19/6.250% 3,612,422 0.179,436,000 Abu Dhabi National Energy 13.12.21/5.875% 11,082,488 0.515,590,000 Dubai Electricity & Water

Authority 21.10.20/7.375% 6,807,362 0.3211,460,000 Emirates Telecommunications 18.06.26/2.750% 15,678,288 0.7311,160,000 ICICI Bank/Dubai 21.02.18/4.700% 11,819,500 0.55

49,000,060 2.28

BRAZIL5,970,000 Banco ABC Brasil 08.04.20/7.875% 6,482,525 0.30

10,158,000 Banco Daycoval 19.03.19/5.750% 10,618,411 0.503,840,000 Globo Comunicacao e

Participações 11.05.22/5.307%* 4,124,072 0.192,610,000 USJ Acucar e Alcool 09.11.19/9.875% 2,683,941 0.13

10,200,000 Vale 11.09.42/5.625% 9,989,064 0.4713,440,000 Votorantim Cimentos 05.04.41/7.250% 14,259,840 0.66

48,157,853 2.25

PERU13,370,000 Alicorp 20.03.23/3.875% 13,012,887 0.615,740,000 Banco de Credito del Peru 01.04.23/4.250% 5,769,819 0.275,080,000 Cementos Pacasmayo 08.02.23/4.500% 4,882,794 0.236,894,000 Compania Minera Milpo 28.03.23/4.625% 6,824,164 0.3215,021,000 Consorcio Transmantaro 07.05.23/4.375% 14,673,414 0.68

45,163,078 2.11

KAZAKHSTAN14,400,000 KazAgro National Management

Holding JSC 22.05.19/3.255% 19,495,099 0.917,545,000 KazMunayGas National 30.04.23/4.400% 7,424,808 0.354,740,000 Samruk-Energy 20.12.17/3.750% 4,798,752 0.227,360,000 Zhaikmunai 13.11.19/7.125% 7,989,906 0.37

39,708,565 1.85

INDIA6,741,000 Export-Import Bank of India 02.10.19/3.875% 6,867,596 0.329,820,000 Indian Railway Finance 26.02.19/3.917% 10,107,726 0.478,200,000 Oil India 17.04.19/3.875% 8,418,161 0.39

10,940,000 Power Grid Corp of India 17.01.23/3.875% 10,490,913 0.49

35,884,396 1.67

THAILAND11,050,000 PTT 25.10.22/3.375% 10,562,640 0.4913,630,000 PTT 25.10.42/4.500% 11,835,747 0.556,060,000 PTT Global Chemical 19.09.22/4.250% 6,123,024 0.297,160,000 Siam Commercial Bank 07.04.19/3.500% 7,283,832 0.34

35,805,243 1.67

ARGENTINA9,589,000 Aeropuertos Argentina 2000 01.12.20/10.750% 10,133,703 0.47

23,010,000 YPF 04.04.24/8.750% 23,989,191 1.12

34,122,894 1.59

UNITED STATES OF AMERICA11,810,000 Reliance Holdings USA 14.02.22/5.400% 12,717,067 0.599,636,000 Reliance Holdings USA 19.10.40/6.250% 10,483,872 0.49

10,270,000 Rio Oil Finance Trust Series2014-1 06.07.24/6.250% 10,787,813 0.50

33,988,752 1.58

MALAYSIA5,050,000 Ambank M 03.07.19/3.125% 5,081,361 0.245,050,000 EXIM Sukuk Malaysia 19.02.19/2.874% 5,124,720 0.246,500,000 Sime Darby Global 29.01.18/2.053% 6,496,035 0.3010,235,000 SSG Resources 04.10.22/4.250% 10,479,657 0.49

27,181,773 1.27

COLOMBIA16,890,000 Ecopetrol 28.05.45/5.875% 17,460,038 0.81

9,610,000 Oleoducto Central 07.05.21/4.000% 9,659,876 0.45

27,119,914 1.26

CANADA16,590,000 Pacific Rubiales Energy 26.01.19/5.375% 17,364,587 0.814,500,000 PTTEP Canada International

Finance 12.06.42/6.350% 5,071,770 0.24

22,436,357 1.05

MOROCCO8,450,000 OCP 25.04.24/5.625% 8,866,120 0.419,350,000 OCP 25.04.44/6.875% 9,819,697 0.46

18,685,817 0.87

SOUTH AFRICA6,230,000 Eskom Holdings 06.08.23/6.750% 6,689,089 0.31

12,580,000 Transnet SOC 26.07.22/4.000% 11,832,685 0.55

18,521,774 0.86

PANAMA6,280,000 AES El Salvador Trust II 28.03.23/6.750% 6,475,873 0.3011,193,380 ENA Norte Trust 25.04.23/4.950% 11,611,701 0.54

18,087,574 0.84

UNITED KINGDOM4,550,000 Vedanta Resources 07.06.16/6.750% 4,831,600 0.223,890,000 Vedanta Resources 31.01.19/6.000% 4,039,454 0.197,911,000 Vedanta Resources 31.05.23/7.125% 8,371,460 0.39

17,242,514 0.80

IRELAND2,239,000 Metalloinvest Finance 17.04.20/5.625% 2,182,040 0.104,430,000 Rosneft Oil Co via Rosneft

International Finance 06.03.22/4.199% 4,155,008 0.194,680,000 RZD Capital 05.04.22/5.700% 4,877,496 0.233,870,000 VEB Finance for

Vnesheconombank 09.07.20/6.902% 4,206,013 0.20

15,420,557 0.72

AZERBAIJAN15,070,000 International Bank of Azerbaijan 11.06.19/5.625% 15,135,178 0.71

15,135,178 0.71

AUSTRIA13,920,000 JBS Investments 28.10.20/7.750% 14,949,941 0.70

14,949,941 0.70

SWEDEN10,670,000 Orlen Capital 30.06.21/2.500% 14,459,360 0.67

14,459,360 0.67

BERMUDA3,970,000 Inkia Energy 04.04.21/8.375% 4,418,253 0.213,240,000 Qtel International Finance 21.02.23/3.250% 3,118,662 0.146,660,000 Shenzhen International

Holdings 20.04.17/4.375% 6,921,698 0.32

14,458,613 0.67

CHILE8,970,000 Cencosud 20.01.23/4.875% 9,055,753 0.425,490,000 Sociedad Quimica y Minera de

Chile 03.04.23/3.625% 5,192,387 0.24

14,248,140 0.66

SRI LANKA12,410,000 Bank of Ceylon 03.05.17/6.875% 13,270,509 0.62

13,270,509 0.62

NIGERIA5,290,000 Access Bank 24.06.21/9.250%* 5,425,001 0.251,777,000 Fidelity Bank 09.05.18/6.875% 1,689,465 0.08

6,095,000 Zenith Bank 22.04.19/6.250% 6,085,370 0.29

13,199,836 0.62

INDONESIA12,035,000 Bank Rakyat Indonesia Persero 28.03.18/2.950% 11,920,126 0.56

11,920,126 0.56

CROATIA11,070,000 Hrvatska Elektroprivreda 09.11.17/6.000% 11,783,074 0.55

11,783,074 0.55

CZECH REPUBLIC5,120,000 EP Energy 01.05.18/4.375% 7,463,931 0.352,750,000 EP Energy 01.11.19/5.875% 4,266,658 0.20

11,730,589 0.55

80

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

As at 30 June 2014

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

GEORGIA8,840,000 Bank of Georgia 05.07.17/7.750% 9,524,083 0.44

9,524,083 0.44

ISRAEL8,320,000 Israel Electric 15.01.19/7.250% 9,480,515 0.44

9,480,515 0.44

COSTA RICA8,890,000 Banco de Costa Rica 12.08.18/5.250% 9,139,942 0.43

9,139,942 0.43

CHINA8,430,000 China Uranium Development 08.10.18/3.500% 8,692,089 0.41

8,692,089 0.41

PARAGUAY7,470,000 Banco Regional SAECA 24.01.19/8.125% 8,276,424 0.39

8,276,424 0.39

PHILIPPINES7,810,000 SM Investments 17.10.19/4.250% 7,901,768 0.37

7,901,768 0.37

ISLE OF MAN8,050,000 AngloGold Ashanti Holdings 01.08.22/5.125% 7,868,271 0.37

7,868,271 0.37

Total Bonds 1,701,881,573 79.36


1,701,881,573 79.36


Bonds

MEXICO13,544,000 Alfa 25.03.44/6.875% 14,727,813 0.6914,057,000 Mexichem 19.09.42/6.750% 15,089,698 0.7015,960,000 Mexico Generadora de Energia 06.12.32/5.500% 16,357,324 0.76

6,210,000 Petroleos Mexicanos 23.01.45/6.375% 7,204,345 0.34

53,379,180 2.49

CHILE3,870,000 AES Gener 15.08.21/5.250% 4,133,973 0.207,530,000 Banco de Credito e Inversiones 13.09.17/3.000% 7,776,532 0.366,000,000 Colbun 21.01.20/6.000% 6,692,700 0.313,450,000 E.CL 15.01.21/5.625% 3,774,559 0.18

10,690,000 Embotelladora Andina 01.10.23/5.000% 11,409,009 0.534,960,000 Sociedad Quimica y Minera de

Chile 21.04.20/5.500% 5,413,493 0.2513,820,000 Telefonica Chile 12.10.22/3.875% 13,650,221 0.64

52,850,487 2.47

NETHERLANDS9,290,000 FBN Finance 07.08.20/8.250%* 9,708,050 0.45

14,190,000 Listrindo Capital 21.02.19/6.950% 15,336,055 0.714,341,000 VTR Finance 15.01.24/6.875% 4,646,433 0.22

29,690,538 1.38

LUXEMBOURG11,670,000 Evraz Group 24.04.17/7.400% 12,085,452 0.5616,490,000 Severstal OAO Via Steel Capital 17.10.22/5.900% 16,258,480 0.76

28,343,932 1.32

PERU9,920,000 Corporacion Lindley 23.11.21/6.750% 11,007,232 0.515,406,000 Ferreycorp 26.04.20/4.875% 5,561,260 0.279,070,000 Minsur 07.02.24/6.250% 9,920,993 0.46

26,489,485 1.24

UNITED KINGDOM15,890,000 Afren 09.12.20/6.625% 16,517,258 0.77

16,517,258 0.77

PANAMA6,400,000 Banco de Credito del

Peru/Panama 24.04.27/6.125%* 6,840,160 0.327,310,000 Global Bank 05.10.17/4.750% 7,552,363 0.35

14,392,523 0.67

BERMUDA4,970,000 Digicel 15.04.21/6.000% 5,143,105 0.248,170,000 Digicel Group 30.09.20/8.250% 8,905,504 0.42

14,048,609 0.66

TURKEY12,770,000 Turkiye Garanti Bankasi 17.10.19/4.750% 12,893,869 0.60

12,893,869 0.60

UNITED STATES OF AMERICA11,100,000 Cemex Finance 01.04.24/6.000% 11,570,585 0.54

11,570,585 0.54

UNITED ARAB EMIRATES9,451,000 Dolphin Energy 15.12.21/5.500% 10,769,745 0.50

10,769,745 0.50

CAYMAN ISLANDS4,050,000 Banco Continental 18.01.17/5.750% 4,421,021 0.205,520,000 Industrial Senior Trust 01.11.22/5.500% 5,527,204 0.26

9,948,225 0.46

HONG KONG9,030,000 Bangkok Bank/Hong Kong 03.10.18/3.300% 9,209,832 0.43

9,209,832 0.43

SINGAPORE8,410,000 Oro Negro Drilling Pte 24.01.19/7.500% 8,536,066 0.40

8,536,066 0.40

SOUTH KOREA8,430,000 KT 22.04.19/2.625% 8,437,191 0.39

8,437,191 0.39

INTERNATIONAL AGENCIES7,130,000 Banco Latinoamericano de

Comercio Exterior 04.04.17/3.750% 7,408,070 0.35

7,408,070 0.35

COLOMBIA7,310,000 Banco GNB Sudameris 02.05.18/3.875% 7,263,691 0.34

7,263,691 0.34

CROATIA4,920,000 Agrokor 01.02.20/8.875% 5,540,068 0.26

5,540,068 0.26

PARAGUAY2,230,000 Banco Continental 15.10.17/8.875% 2,439,063 0.11

2,439,063 0.11

Total Bonds 329,728,417 15.38

Investment Funds

LUXEMBOURG5,520 JPMorgan Liquidity Funds - US Dollar Liquidity Fund

(JPM US Dollar Liquidity X (acc)) 78,400,729 3.66

78,400,729 3.66



408,129,146 19.04


Cash 7,499,009 0.35


Total Net Assets 2,144,425,070 100.00

* Variable coupon rates are those quoted as at 30 June 2014.

81


As at 30 June 2014

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets


Fixed Income SecuritiesCayman Islands 16.64Mexico 8.05British Virgin Islands 5.96Luxembourg 5.44Netherlands 4.99South Korea 3.98Hong Kong 3.52Singapore 3.35Peru 3.35Chile 3.13Turkey 3.07United Arab Emirates 2.78Brazil 2.25United States of America 2.12Kazakhstan 1.85Thailand 1.67India 1.67Colombia 1.60Argentina 1.59United Kingdom 1.57Panama 1.51Bermuda 1.33Malaysia 1.27Canada 1.05Morocco 0.87South Africa 0.86Croatia 0.81Ireland 0.72Azerbaijan 0.71Austria 0.70Sweden 0.67Sri Lanka 0.62Nigeria 0.62Indonesia 0.56Czech Republic 0.55Paraguay 0.50Georgia 0.44Israel 0.44Costa Rica 0.43China 0.41Philippines 0.37Isle of Man 0.37International Agencies 0.35Total Fixed Income Securities 94.74Investment FundsLuxembourg 3.66Total Investment Funds 3.66Cash and Other Assets/(Liabilities) 1.60

Total 100.00


Fixed Income SecuritiesCayman Islands 15.07Mexico 7.48Luxembourg 6.60British Virgin Islands 5.33Chile 4.67Netherlands 4.28Peru 4.24South Korea 3.99Hong Kong 3.04United Arab Emirates 3.01Turkey 2.77Canada 2.03Bermuda 1.94Colombia 1.91United Kingdom 1.88Singapore 1.77International Agencies 1.74Panama 1.55Brazil 1.48Ireland 1.43Sri Lanka 1.35Thailand 1.26South Africa 1.10Kazakhstan 1.02United States of America 2.07Austria 0.90Croatia 0.85Malaysia 0.81Czech Republic 0.78Argentina 0.68India 0.60Israel 0.59Georgia 0.58Indonesia 0.57Costa Rica 0.56Isle of Man 0.48Philippines 0.47Nigeria 0.47Dominican Republic 0.46Azerbaijan 0.46China 0.39Jersey 0.25Paraguay 0.16Total Fixed Income Securities 93.07Investment FundsLuxembourg 5.38Total Investment Funds 5.38Cash and Other Assets/(Liabilities) 1.55

Total 100.00

82


As at 30 June 2014

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

JPMorgan Funds - Emerging Markets Corporate Bond FundSchedule of Investments - Outstanding Financial Futures Contracts (Expressed in USD)

As at 30 June 2014

ExpirationDate


NotionalValue


Bond Futures

Sep-14 1,502 US 2 Year Note Future USD 329,771,142 (11,733)Sep-14 (2,582) US 5 Year Note Future USD (308,195,992) (127,680)Sep-14 (744) US 10 Year Note Future USD (93,005,813) 66,402Sep-14 (171) US Long Bond Future USD (23,386,922) (37,922)

Total (110,933)

As at 30 June 2014, the counterparty Goldman Sachs held the following collateral in favour of the Sub-Fund:- Cash: USD 4,003,785.




AmountSold


16-Jul-14 AUD 2,627,089 USD 2,454,770 12,26716-Jul-14 CHF 23,391,398 USD 25,987,411 316,76316-Jul-14 EUR 801,240,439 USD 1,085,730,532 9,134,88216-Jul-14 GBP 5,908,387 USD 9,909,307 165,40716-Jul-14 USD 141,031 AUD 150,186 (5)16-Jul-14 USD 78,814 CHF 70,586 (561)16-Jul-14 USD 82,612,297 EUR 60,950,289 (674,018)16-Jul-14 USD 21,727 GBP 12,826 (144)

Total 8,954,591



Bank of America Merrill Lynch 4,131,222Barclays (340,112)Citibank 34,851Crédit Suisse 73,278Deutsche Bank (10,310)Goldman Sachs 799,213HSBC 33,544Morgan Stanley 4,246,639National Australia Bank 1RBC (9,950)Société Générale 43,134State Street Bank (233,617)UBS 163,750Westpac Banking 22,948Total 8,954,591

83


Bonds

VENEZUELA10,150,000 Petroleos de Venezuela 28.10.15/5.000% 9,620,627 0.506,563,700 Petroleos de Venezuela 12.04.17/5.250% 5,635,068 0.29

28,966,900 Petroleos de Venezuela 02.11.17/8.500% 27,171,242 1.4026,058,079 Petroleos de Venezuela 15.11.26/6.000% 17,064,003 0.8814,968,400 Petroleos de Venezuela 12.04.27/5.375% 9,410,708 0.4916,045,000 Petroleos de Venezuela 17.05.35/9.750% 13,338,529 0.69

2,351,500 Venezuela (Republic of) 09.12.20/6.000% 1,824,588 0.0910,851,000 Venezuela (Republic of) 07.05.23/9.000% 9,401,578 0.499,091,900 Venezuela (Republic of) 13.10.24/8.250% 7,418,308 0.386,506,000 Venezuela (Republic of) 21.04.25/7.650% 5,075,331 0.262,940,000 Venezuela (Republic of) 07.05.28/9.250% 2,495,178 0.13

108,455,160 5.60

RUSSIA8,000,000 Russia (Republic of) 04.04.17/3.250% 8,290,800 0.431,800,000 Russia (Republic of) 16.01.19/3.500% 1,831,635 0.09

315,755,000 Russia (Republic of) 20.07.22/7.600% 8,996,580 0.46162,690,000 Russia (Republic of) 16.08.23/7.000% 4,424,531 0.23

17,800,000 Russia (Republic of) 16.09.23/4.875% 18,448,632 0.9533,171,687 Russia (Republic of) 31.03.30/7.500%* 38,508,182 1.997,800,000 Russia (Republic of) 16.09.43/5.875% 8,333,715 0.43

88,834,075 4.58

INDONESIA10,430,000 Pertamina Persero 23.05.21/5.250% 10,783,890 0.568,500,000 Pertamina Persero 03.05.22/4.875% 8,451,890 0.443,476,000 Pertamina Persero 27.05.41/6.500% 3,475,565 0.183,240,000 Indonesia (Republic of) 04.03.19/11.625% 4,414,905 0.232,076,000 Indonesia (Republic of) 13.03.20/5.875% 2,312,093 0.125,270,000 Indonesia (Republic of) 15.04.23/3.375% 4,907,240 0.24

10,785,000 Indonesia (Republic of) 15.01.24/5.875% 11,924,813 0.6219,399,000 Indonesia (Republic of) 12.10.35/8.500% 25,834,424 1.3311,890,000 Indonesia (Republic of) 15.01.44/6.750% 13,705,960 0.712,300,000 Pertamina Persero PT 03.05.42/6.000% 2,154,651 0.11

87,965,431 4.54

HUNGARY3,670,000 Magyar Export-Import Bank 12.02.18/5.500% 3,943,158 0.202,870,000 Magyar Fejlesztesi Bank 21.10.20/6.250% 3,177,520 0.168,144,000 Hungary (Government of) 29.01.20/6.250% 9,228,333 0.48

10,290,000 Hungary (Government of) 29.03.21/6.375% 11,764,042 0.617,458,000 Hungary (Government of) 21.02.23/5.375% 8,029,283 0.41

11,946,000 Hungary (Government of) 22.11.23/5.750% 13,184,442 0.6928,580,000 Hungary (Government of) 25.03.24/5.375% 30,666,626 1.58

4,418,000 Hungary (Government of) 29.03.41/7.625% 5,662,948 0.29

85,656,352 4.42

BRAZIL2,740 Brazil (Republic of) 01.01.15/10.000% 1,235,800 0.07

39,149 Brazil (Republic of) 01.01.17/10.000% 17,187,727 0.894,244,444 Brazil (Republic of) 15.01.18/8.000% 4,747,305 0.24

49,081 Brazil (Republic of) 01.01.23/10.000% 19,984,567 1.031,870,000 Brazil (Republic of) 05.01.23/2.625% 1,729,095 0.09

17,910,000 Brazil (Republic of) 10.01.28/10.250% 8,580,893 0.448,860,000 Brazil (Republic of) 20.01.34/8.250% 12,323,374 0.6411,830,000 Brazil (Republic of) 20.01.37/7.125% 15,004,580 0.77

80,793,341 4.17

TURKEY1,640,000 Export Credit Bank of Turkey 04.11.16/5.375% 1,723,050 0.093,720,000 Turkey (Republic of) 14.07.17/7.500% 4,239,033 0.219,479,000 Turkey (Republic of) 03.04.18/6.750% 10,716,246 0.559,010,000 Turkey (Republic of) 11.03.19/7.000% 10,395,738 0.546,425,000 Turkey (Republic of) 05.06.20/7.000% 7,508,576 0.39

2,400,000 Turkey (Republic of) 30.03.21/5.625% 2,620,044 0.144,925,000 Turkey (Republic of) 26.09.22/6.250% 5,574,213 0.299,000,000 Turkey (Republic of) 22.03.24/5.750% 9,837,495 0.514,500,000 Turkey (Republic of) 05.02.25/7.375% 5,476,725 0.28

652,000 Turkey (Republic of) 15.01.30/11.875% 1,118,131 0.0650,000 Turkey (Republic of) 14.02.34/8.000% 65,974 0.00

16,433,000 Turkey (Republic of) 14.01.41/6.000% 17,602,044 0.91

76,877,269 3.97

COLOMBIA6,420,000 Colombia (Republic of) 27.01.17/7.375% 7,380,592 0.38

10,860,000 Colombia (Republic of) 18.03.19/7.375% 13,248,657 0.6811,870,000 Colombia (Republic of) 12.07.21/4.375% 12,767,372 0.663,560,000 Colombia (Republic of) 26.02.24/4.000% 3,676,946 0.19

200,000 Colombia (Republic of) 21.05.24/8.125% 269,530 0.014,618,000 Colombia (Republic of) 28.01.33/10.375% 7,331,075 0.38

10,414,000 Colombia (Republic of) 18.09.37/7.375% 14,179,182 0.736,967,000 Colombia (Republic of) 18.01.41/6.125% 8,345,421 0.443,630,000 Ecopetrol 28.05.45/5.875% 3,752,512 0.19

70,951,287 3.66

LEBANON2,720,000 Lebanon (Republic of) 20.03.17/9.000% 3,052,207 0.17

14,800,000 Lebanon (Republic of) 09.03.20/6.375% 15,572,338 0.8044,344,000 Lebanon (Republic of) 12.04.21/8.250% 51,063,668 2.63

69,688,213 3.60

PHILIPPINES521,000 Power Sector Assets & Liabilities

Management 27.05.19/7.250% 626,523 0.034,930,000 Power Sector Assets & Liabilities

Management 02.12.24/7.390% 6,355,929 0.331,090,000 Philippine (Republic of) 21.01.24/4.200% 1,153,362 0.063,020,000 Philippines (Republic of) 17.06.19/8.375% 3,847,571 0.204,490,000 Philippines (Republic of) 20.01.20/6.500% 5,369,120 0.27

500,000 Philippines (Republic of) 16.03.25/10.625% 786,942 0.04650,000 Philippines (Republic of) 02.02.30/9.500% 1,019,408 0.05

23,470,000 Philippines (Republic of) 14.01.31/7.750% 32,525,547 1.682,630,000 Philippines (Republic of) 15.01.32/6.375% 3,261,857 0.17

10,431,000 Philippines (Republic of) 23.10.34/6.375% 13,176,231 0.68

68,122,490 3.51

ARGENTINA30,305,000 Argentina (Republic of) 03.10.15/7.000% 29,457,824 1.5210,915,000 Argentina (Republic of) 17.04.17/7.000% 10,237,561 0.53

3,497,528 Argentina (Republic of) 02.06.17/8.750% 3,230,334 0.1715,174,775 Argentina (Republic of) 31.12.38/2.500%* 7,426,535 0.381,094,000 Provincia de Buenos Aires 05.10.15/11.750% 1,087,715 0.064,100,000 Provincia de Buenos Aires 18.04.28/9.625% 3,565,011 0.184,900,000 Provincia de Cordoba 17.08.17/12.375% 4,737,883 0.241,010,000 Argentina (Republic of) 07.05.24/8.750% 945,658 0.055,538,050 Argentina (Republic of) 31.12.33/8.280% 4,661,100 0.24

65,349,621 3.37

UKRAINE7,900,000 Ukraine (Government of) 21.11.16/6.580% 7,599,800 0.39

15,000,000 Ukraine (Government of) 24.07.17/9.250% 15,225,375 0.7911,900,000 Ukraine (Government of) 23.09.20/7.750% 11,407,280 0.585,399,000 Ukraine (Government of) 23.02.21/7.950% 5,181,069 0.27

10,500,000 Ukraine (Government of) 28.11.22/7.800% 9,968,175 0.5111,400,000 Ukraine (Government of) 17.04.23/7.500% 10,770,663 0.56

60,152,362 3.10

MEXICO1,763,000 Cemex 15.01.21/7.250% 1,942,138 0.102,980,000 Comision Federal de

Electricidad 15.01.24/4.875% 3,180,897 0.1614,300,000 Grupo Televisa 14.05.43/7.250% 985,864 0.054,730,000 Metalsa 24.04.23/4.900% 4,628,447 0.241,800,000 Petroleos Mexicanos 18.01.24/4.875% 1,931,184 0.106,782,000 Mexico (United Mexican States) 02.10.23/4.000% 7,138,055 0.37

537,300 Mexico (United Mexican States) 05.12.24/10.000% 5,552,784 0.292,000,000 Mexico (United Mexican States) 27.09.34/6.750% 2,593,300 0.13

113,000 Mexico (United Mexican States) 20.11.36/10.000% 1,215,283 0.062,109,000 Mexico (United Mexican States) 13.11.42/7.750% 18,459,299 0.96

700,000 Petroleos Mexicanos 18.01.24/4.875% 750,921 0.049,160,000 Petroleos Mexicanos 23.01.45/6.375% 10,626,699 0.55

59,004,871 3.05

PERU2,900,000 Compania Minera Milpo 28.03.23/4.625% 2,870,623 0.152,180,000 Consorcio Transmantaro 07.05.23/4.375% 2,129,555 0.114,100,000 Peru (Republic of) 30.03.19/7.125% 5,003,435 0.265,120,000 Peru (Republic of) 21.11.33/8.750% 7,825,024 0.40

30,920,000 Peru (Republic of) 14.03.37/6.550% 38,891,176 2.01

56,719,813 2.93

84

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

As at 30 June 2014

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

KAZAKHSTAN6,550,000 KazMunayGas National 02.07.18/9.125% 7,911,941 0.41

800,000 KazMunayGas National 05.05.20/7.000% 913,760 0.052,970,000 KazMunayGas National 09.04.21/6.375% 3,320,519 0.17

15,625,000 KazMunayGas National 30.04.23/4.400% 15,376,094 0.799,927,000 KazMunayGas National 30.04.43/5.750% 9,579,158 0.497,860,000 Samruk-Energy 20.12.17/3.750% 7,957,425 0.414,050,000 Zhaikmunai 13.11.19/7.125% 4,396,619 0.23

49,455,516 2.55

SOUTH AFRICA8,255,000 Eskom Holdings 26.01.21/5.750% 8,483,994 0.447,330,000 Eskom Holdings 06.08.23/6.750% 7,870,148 0.415,700,000 South Africa (Republic of) 27.05.19/6.875% 6,602,595 0.3312,165,000 South Africa (Republic of) 09.03.20/5.500% 13,318,485 0.696,800,000 South Africa (Republic of) 17.01.24/4.665% 6,946,132 0.363,870,000 South Africa (Republic of) 16.09.25/5.875% 4,313,154 0.22

47,534,508 2.45

ROMANIA5,836,000 Romania (Republic of) 07.02.22/6.750% 6,979,564 0.364,580,000 Romania (Republic of) 22.08.23/4.375% 4,710,072 0.25

14,200,000 Romania (Republic of) 22.01.24/4.875% 15,128,680 0.7810,610,000 Romania (Republic of) 22.01.44/6.125% 12,097,575 0.62

38,915,891 2.01

PANAMA3,955,000 Panama (Republic of) 30.09.27/8.875% 5,669,374 0.296,446,000 Panama (Republic of) 01.04.29/9.375% 9,597,707 0.509,535,000 Panama (Republic of) 26.01.36/6.700% 11,797,608 0.61

13,524,000 Panama (Republic of) 29.04.53/4.300% 11,846,213 0.61

38,910,902 2.01

PAKISTAN852,000 Pakistan (Government of) 31.03.16/7.125% 882,135 0.05

14,400,000 Pakistan (Government of) 01.06.17/6.875% 14,917,248 0.777,300,000 Pakistan (Government of) 15.04.19/7.250% 7,502,903 0.39

14,070,000 Pakistan (Government of) 15.04.24/8.250% 14,597,625 0.75

37,899,911 1.96

CROATIA8,425,000 Hrvatska Elektroprivreda 09.11.17/6.000% 8,967,696 0.461,300,000 Hrvatska Elektroprivreda 144A 09.11.17/6.000% 1,383,037 0.079,500,000 Croatia (Republic of) 27.04.17/6.250% 10,315,290 0.53

10,532,000 Croatia (Republic of) 05.11.19/6.750% 11,841,865 0.624,012,000 Croatia (Republic of) 14.07.20/6.625% 4,490,953 0.23

36,998,841 1.91

SRI LANKA2,030,000 Bank of Ceylon 03.05.17/6.875% 2,170,760 0.112,220,000 National Savings Bank 18.09.18/8.875% 2,531,089 0.132,110,000 Sri Lanka (Republic of) 14.01.19/6.000% 2,230,048 0.12

8,443,000 Sri Lanka (Republic of) 04.10.20/6.250% 8,971,954 0.467,580,000 Sri Lanka (Republic of) 27.07.21/6.250% 8,032,033 0.41

10,296,000 Sri Lanka (Republic of) 25.07.22/5.875% 10,603,078 0.55

34,538,962 1.78

LITHUANIA9,600,000 Lithuania (Republic of) 11.02.20/7.375% 11,767,200 0.6115,820,000 Lithuania (Republic of) 01.02.22/6.625% 19,182,225 0.992,925,000 Lithuania (Republic of) 09.03.21/6.125% 3,429,051 0.17

34,378,476 1.77

ECUADOR24,631,000 Ecuador (Republic of) 15.12.15/9.375% 26,258,740 1.356,750,000 Ecuador (Republic of) 20.06.24/7.950% 6,933,499 0.36

33,192,239 1.71

POLAND13,712,000 Poland (Government of) 23.03.22/5.000% 15,272,974 0.793,873,000 Poland (Government of) 17.03.23/3.000% 3,762,329 0.19

11,005,000 Poland (Republic of) 22.01.24/4.000% 11,458,076 0.59

30,493,379 1.57

SERBIA7,519,000 Serbia (Republic of) 21.11.17/5.250% 7,868,709 0.41

2,080,000 Serbia (Republic of) 03.12.18/5.875% 2,221,544 0.1111,056,000 Serbia (Republic of) 25.02.20/4.875% 11,241,741 0.584,000,000 Serbia (Republic of) 28.09.21/7.250% 4,580,860 0.23

1,651,577 Serbia (Republic of) 01.11.24/6.750%* 1,677,655 0.09

27,590,509 1.42

DOMINICAN REPUBLIC11,313,436 Dominican Republic 23.01.18/9.040% 12,482,510 0.643,170,000 Dominican Republic 28.01.24/6.600% 3,463,827 0.186,731,000 Dominican Republic 18.04.24/5.875% 7,022,553 0.373,830,000 Dominican (Republic of) 30.04.44/7.450% 4,097,506 0.21

27,066,396 1.40

EL SALVADOR4,090,000 El Salvador (Republic of) 01.12.19/7.375% 4,539,062 0.235,654,000 El Salvador (Republic of) 24.01.23/7.750% 6,386,730 0.329,588,000 El Salvador (Republic of) 30.01.25/5.875% 9,408,225 0.492,346,000 El Salvador (Republic of) 10.04.32/8.250% 2,679,894 0.142,299,000 El Salvador (Republic of) 15.06.35/7.650% 2,446,170 0.13

25,460,081 1.31

JAMAICA1,292,000 Jamaica (Government of) 20.06.17/10.625% 1,480,632 0.08

13,947,000 Jamaica (Government of) 24.06.19/8.000% 14,923,290 0.773,470,000 Jamaica (Government of) 17.10.25/9.250% 3,952,989 0.201,140,000 Jamaica (Government of) 15.03.39/8.000% 1,104,210 0.06

21,461,121 1.11

IVORY COAST19,795,000 Cote D’Ivoire 31.12.32/5.750%* 19,252,221 0.99

19,252,221 0.99

MOROCCO5,900,000 OCP 25.04.44/6.875% 6,196,387 0.324,915,000 Morocco (Government of) 11.12.22/4.250% 4,950,314 0.264,321,000 Morocco (Government of) 11.12.42/5.500% 4,264,741 0.222,330,000 Morocco (Government of) 19.06.24/3.500% 3,138,680 0.16

18,550,122 0.96

URUGUAY9,466,111 Uruguay (Republic of) 15.01.33/7.875% 12,855,925 0.663,114,445 Uruguay (Republic of) 21.03.36/7.625% 4,201,231 0.22

17,057,156 0.88

CAYMAN ISLANDS3,710,000 Agromercantil Senior Trust 10.04.19/6.250% 3,898,987 0.204,610,000 China State Construction

Finance Cayman I 02.04.18/3.125% 4,629,247 0.243,130,000 Country Garden Holdings 10.01.23/7.500% 3,018,916 0.163,500,046 Odebrecht Offshore Drilling

Finance 01.10.22/6.750% 3,746,939 0.19

15,294,089 0.79

ICELAND13,644,000 Iceland (Republic of) 11.05.22/5.875% 15,077,439 0.78

15,077,439 0.78

COSTA RICA1,690,000 Banco de Costa Rica 12.08.18/5.250% 1,737,514 0.093,141,000 Instituto Costarricense de

Electricidad 10.11.21/6.950% 3,416,686 0.186,200,000 Costa Rica (Government of) 04.04.44/7.000% 6,451,255 0.331,209,000 Costa Rica (Republic of) 01.08.20/9.995% 1,554,254 0.081,900,000 Costa Rica (Republic of) 26.01.23/4.250% 1,814,814 0.09

14,974,523 0.77

BELARUS8,222,000 Belarus (Republic of) 03.08.15/8.750% 8,497,108 0.445,777,000 Belarus (Republic of) 26.01.18/8.950% 6,250,830 0.32

14,747,938 0.76

85

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

As at 30 June 2014

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

NETHERLANDS8,031,000 Kazakhstan Temir Zholy Finance 10.07.42/6.950% 8,837,272 0.46

500,000 Majapahit Holding 07.08.19/8.000% 590,880 0.032,218,000 Petrobras Global Finance 17.03.24/6.250% 2,363,490 0.121,736,000 Petrobras Global Finance 17.03.44/7.250% 1,916,023 0.10

13,707,665 0.71

HONDURAS4,027,000 Honduras (Republic of) 16.12.20/8.750% 4,484,125 0.238,669,000 Honduras (Republic of) 15.03.24/7.500% 9,026,683 0.47

13,510,808 0.70

LUXEMBOURG2,724,000 Sistema International Funding 17.05.19/6.950% 2,878,737 0.154,780,000 Severstal OAO Via Steel Capital 17.10.22/5.900% 4,712,889 0.253,000,000 Gazprom OAO Via Gaz Capital 19.07.22/4.950% 2,994,270 0.152,800,000 Gazprom OAO Via Gaz Capital 06.02.28/4.950% 2,597,826 0.13

13,183,722 0.68

VIETNAM10,650,000 Vietnam (Republic of) 29.01.20/6.750% 12,077,846 0.62

12,077,846 0.62

MALAYSIA8,610,000 Petronas Capital 12.08.19/5.250% 9,788,106 0.50

9,788,106 0.50

ARMENIA8,030,000 Armenia (Republic of) 30.09.20/6.000% 8,507,705 0.44

8,507,705 0.44

IRELAND3,400,000 Metalloinvest Finance 17.04.20/5.625% 3,313,504 0.174,420,000 RZD Capital 05.04.22/5.700% 4,606,524 0.24

7,920,028 0.41

CHILE8,882,000 Chile (Republic of) 30.10.42/3.625% 7,838,587 0.40

7,838,587 0.40

BERMUDA2,400,000 Bermuda (Government of) 03.01.23/4.138% 2,424,984 0.124,580,000 Digicel Group 30.09.20/8.250% 4,992,315 0.26

7,417,299 0.38

MONGOLIA1,090,000 Mongolia (Government of) 05.01.18/4.125% 1,019,199 0.057,085,000 Mongolia (Government of) 05.12.22/5.125% 6,165,898 0.32

7,185,097 0.37

GABONESE REPUBLIC6,276,133 Gabonese (Republic of) 12.12.24/6.375% 6,893,987 0.36

6,893,987 0.36

BOLIVIA4,140,000 Bolivia (Government of) 22.08.23/5.950% 4,398,025 0.222,420,000 Bolivia (Government of) 29.10.22/4.875% 2,453,432 0.13

6,851,457 0.35

ZAMBIA6,050,000 Zambia (Republic of) 14.04.24/8.500% 6,745,176 0.35

6,745,176 0.35

INDIA6,500,000 Export-Import Bank of India 14.01.23/4.000% 6,471,172 0.33

6,471,172 0.33

EGYPT5,874,000 Egypt (Republic of) 29.04.20/5.750% 6,123,381 0.32

6,123,381 0.32

GUATEMALA4,400,000 Guatemala (Republic of) 06.06.22/5.750% 4,756,730 0.25

850,000 Guatemala (Republic of) 13.02.28/4.875% 837,641 0.04

5,594,371 0.29

GEORGIA4,549,000 Georgian Railway 11.07.22/7.750% 5,134,001 0.26

5,134,001 0.26

NIGERIA3,050,000 Nigeria (Federal Republic of) 12.07.23/6.375% 3,300,313 0.17

227,605,000 Nigeria (Republic of) 29.06.19/16.000% 1,635,975 0.08

4,936,288 0.25

UNITED KINGDOM3,530,000 Fresnillo 13.11.23/5.500% 3,702,158 0.191,230,000 Kyiv Finance 11.07.16/9.375% 1,131,090 0.06

4,833,248 0.25

UNITED STATES OF AMERICA1,613,000 Cemex Finance 12.10.22/9.375% 1,900,574 0.101,250,000 Citigroup 26.05.15/24.000% 583,125 0.031,775,000 US Treasury (i) 30.09.14/0.250% 1,775,867 0.09

4,259,566 0.22

BELIZE5,981,500 Belize (Government of) 20.02.38/5.000%* 4,192,314 0.22

4,192,314 0.22

UNITED ARAB EMIRATES1,550,000 Dubai Electricity & Water

Authority 21.10.20/7.375% 1,887,551 0.101,221,000 Dubai (Government of) 30.01.43/5.250% 1,141,879 0.05

3,029,430 0.15

AZERBAIJAN3,018,000 State Oil Co. of the Azerbaijan

Republic 13.03.23/4.750% 3,019,207 0.16

3,019,207 0.16

PARAGUAY2,765,000 Paraguay (Republic of) 25.01.23/4.625% 2,815,765 0.15

2,815,765 0.15

SINGAPORE1,650,000 TBG Global 03.04.18/4.625% 1,682,200 0.09

1,682,200 0.09

TRINIDAD & TOBAGO1,010,000 Trinidad & Tobago (Republic of) 16.01.24/4.375% 1,097,668 0.06

1,097,668 0.06

Total Bonds 1,752,236,599 90.41


1,752,236,599 90.41


Bonds

MEXICO2,764,000 Mexichem 19.09.42/6.750% 2,967,057 0.15

960,000 Petroleos Mexicanos 18.07.18/2.248%* 1,004,386 0.05450,000 Petroleos Mexicanos 18.07.18/3.500% 473,179 0.02

17,020,000 Petroleos Mexicanos 21.01.21/5.500% 19,068,697 0.9819,840,000 Petroleos Mexicanos 24.11.21/7.650% 1,662,620 0.09

25,175,939 1.29

UNITED STATES OF AMERICA1,550,000 Citigroup 15.11.32/0.000% 1,496,355 0.08

14,239,000 Pemex Project Funding MasterTrust 15.06.35/6.625% 16,825,728 0.87

18,322,083 0.95

IRAQ14,146,000 Iraq (Republic of) 15.01.28/5.800% 12,738,473 0.66

12,738,473 0.66

NETHERLANDS8,300,000 Northern Lights III for Republic

of Angola 16.08.19/7.000% 9,090,119 0.47

9,090,119 0.47

86


As at 30 June 2014

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

COSTA RICA1,759,000 Banco Nacional de Costa Rica 01.11.23/6.250% 1,812,069 0.107,085,000 Instituto Costarricense de

Electricidad 15.05.43/6.375% 6,283,226 0.32

8,095,295 0.42

BRAZIL2,770,000 Caixa Economica Federal 06.11.17/2.375% 2,715,625 0.145,629,000 Caixa Economica Federal 07.11.22/3.500% 5,119,660 0.26

7,835,285 0.40

COLOMBIA4,790,000 Banco GNB Sudameris 02.05.18/3.875% 4,759,655 0.24

4,759,655 0.24

KENYA3,750,000 Kenya (Republic of) 24.06.24/6.875% 3,907,875 0.20

3,907,875 0.20

UNITED KINGDOM3,690,000 Afren 09.12.20/6.625% 3,835,663 0.20

3,835,663 0.20

BERMUDA3,470,000 Digicel 15.04.21/6.000% 3,590,860 0.18

3,590,860 0.18

TANZANIA2,845,000 Tanzania (United Republic of) 09.03.20/6.332%* 3,044,378 0.16

3,044,378 0.16

PERU3,210,000 Transportadora de Gas del Peru 30.04.28/4.250% 3,035,874 0.16

3,035,874 0.16

UNITED ARAB EMIRATES1,820,000 Dolphin Energy 15.12.21/5.500% 2,073,954 0.11

2,073,954 0.11

PARAGUAY1,590,000 Banco Continental 15.10.17/8.875% 1,739,063 0.09

1,739,063 0.09

Total Bonds 107,244,516 5.53

Investment Funds



41,208,950 2.13



148,453,466 7.66


Cash 20,377,408 1.05


Total Net Assets 1,937,999,335 100.00

* Variable coupon rates are those quoted as at 30 June 2014.(i) Security partially or totally held as collateral against futures positions by the broker.


Fixed Income SecuritiesVenezuela 5.60Russia 4.58Brazil 4.57Indonesia 4.54Hungary 4.42Mexico 4.34Turkey 3.97Colombia 3.90Lebanon 3.60Philippines 3.52Argentina 3.37Ukraine 3.10Peru 3.08Kazakhstan 2.55South Africa 2.45Romania 2.01Panama 2.01Pakistan 1.96Croatia 1.91Sri Lanka 1.78Lithuania 1.77Ecuador 1.71Poland 1.57Serbia 1.42Dominican Republic 1.40El Salvador 1.31Costa Rica 1.19Netherlands 1.18United States of America 1.17Jamaica 1.11Ivory Coast 0.99Morocco 0.96Uruguay 0.88Cayman Islands 0.79Iceland 0.78Belarus 0.76Honduras 0.70Luxembourg 0.68Iraq 0.66Vietnam 0.62Bermuda 0.56Malaysia 0.50United Kingdom 0.45Armenia 0.44Ireland 0.41Chile 0.40Mongolia 0.37Gabonese Republic 0.36Bolivia 0.35Zambia 0.35India 0.33Egypt 0.32Guatemala 0.29Georgia 0.26United Arab Emirates 0.26Nigeria 0.25Paraguay 0.24Belize 0.22Kenya 0.20Tanzania 0.16Azerbaijan 0.16Singapore 0.09Trinidad & Tobago 0.06Total Fixed Income Securities 95.94Investment FundsLuxembourg 2.13Total Investment Funds 2.13Cash and Other Assets/(Liabilities) 1.93

Total 100.00

87


As at 30 June 2014

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets


Fixed Income SecuritiesIndonesia 5.16Mexico 5.09Hungary 4.47Argentina 4.22Turkey 4.14Philippines 3.75Colombia 3.69Brazil 3.63Kazakhstan 3.55Russia 3.49Lebanon 3.40Ukraine 3.16South Africa 2.84Venezuela 2.83Lithuania 2.70Peru 2.30Croatia 2.25Sri Lanka 2.00El Salvador 1.80Netherlands 1.59Serbia 1.53Ireland 1.35Panama 1.31Iraq 1.22Dominican Republic 1.22Romania 1.21Ivory Coast 1.12Costa Rica 1.07Pakistan 0.99Azerbaijan 0.98Ecuador 0.98Belarus 0.95Georgia 0.90Vietnam 0.89Uruguay 0.86United States of America 0.79Cayman Islands 0.79Morocco 0.76Bermuda 0.74Poland 0.72Luxembourg 0.72Malaysia 0.67United Kingdom 0.66Honduras 0.63Bolivia 0.62Iceland 0.52United Arab Emirates 0.45Mongolia 0.44Guatemala 0.40Egypt 0.40Nigeria 0.39Canada 0.38Slovakia 0.37Armenia 0.29Singapore 0.28Slovenia 0.25Paraguay 0.24Tanzania 0.21Ghana 0.18Bahrain 0.08Trinidad and Tobago 0.07Belize 0.06Total Fixed Income Securities 94.75Investment FundsLuxembourg 4.52Total Investment Funds 4.52Cash and Other Assets/(Liabilities) 0.73

Total 100.00

88


As at 30 June 2014

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

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

As at 30 June 2014

ExpirationDate


NotionalValue


Bond Futures

Sep-14 537 US 5 Year Note Future USD 64,098,082 (49,536)Sep-14 (475) US 10 Year Note Future USD (59,378,711) (310,741)Sep-14 (36) US Long Bond Future USD (4,923,563) (68,063)

Total (428,340)

As at 30 June 2014, the counterparty J.P. Morgan held the following collateral in favour of the Sub-Fund:- Cash: USD 886,771.- Securities: 710,000 US Treasury 30.09.14/0.250% (refer to the Schedule of Investments).




AmountSold


16-Jul-14 AUD 2,469,116 USD 2,311,565 7,12316-Jul-14 CAD 469,055 USD 431,126 7,89616-Jul-14 CNH 1,316,540 USD 209,964 1,88216-Jul-14 EUR 656,590,861 USD 889,570,845 7,636,27316-Jul-14 GBP 10,053,565 USD 16,858,388 284,49416-Jul-14 NZD 260,184 USD 220,878 6,27116-Jul-14 USD 24,500 AUD 26,191 (95)16-Jul-14 USD 2,182 CAD 2,373 (39)16-Jul-14 USD 3,658 CNH 22,824 (14)16-Jul-14 USD 29,587,643 EUR 21,771,216 (161,918)16-Jul-14 USD 254,016 GBP 150,344 (2,344)16-Jul-14 USD 3,731 NZD 4,312 (33)19-Aug-14 CNH 7,145 USD 1,147 -17-Sep-14 CAD 18,587,639 USD 17,290,344 79,81417-Sep-14 CLP 9,191,000,000 USD 16,441,860 66,24217-Sep-14 COP 32,254,480,000 USD 16,907,079 125,73817-Sep-14 INR 999,603,160 USD 16,668,387 (345,334)17-Sep-14 MXN 462,249,196 USD 35,511,036 (57,640)17-Sep-14 MYR 61,187,294 USD 18,978,689 (40,391)17-Sep-14 PLN 55,824,543 USD 18,221,134 40,07817-Sep-14 RUB 655,073,709 USD 18,682,795 238,02717-Sep-14 SGD 48,279,812 USD 38,629,470 60,72017-Sep-14 TRY 34,373,903 USD 16,148,217 (210,736)17-Sep-14 USD 35,752,746 AUD 38,495,352 (235,247)17-Sep-14 USD 16,994,413 CAD 18,587,639 (375,746)17-Sep-14 USD 16,480,186 CLP 9,191,000,000 (27,916)17-Sep-14 USD 16,940,378 COP 32,254,480,000 (92,439)17-Sep-14 USD 16,495,263 MXN 215,362,157 (22,494)17-Sep-14 USD 34,443,530 RUB 1,232,994,545 (1,169,668)17-Sep-14 USD 16,668,567 THB 544,312,059 (60,115)17-Sep-14 USD 16,108,488 TRY 34,373,903 171,00617-Sep-14 USD 37,451,992 ZAR 407,892,558 (481,174)17-Sep-14 ZAR 201,264,572 USD 18,409,748 307,44130-Sep-14 EUR 2,180,242 USD 2,954,442 25,62230-Sep-14 RUB 162,120,500 USD 4,589,398 79,96430-Sep-14 USD 2,957,649 EUR 2,180,242 (22,415)30-Sep-14 USD 4,613,297 RUB 162,120,500 (56,065)

Total 5,776,768



Barclays (286,272)Citibank (29,245)Crédit Suisse 3,790,665Deutsche Bank 3,409,995Goldman Sachs (308,350)HSBC (945,932)RBC 67,217Société Générale (19,497)State Street Bank 18,464UBS 257,832Westpac Banking (178,109)Total 5,776,768

89


Shares

INDIA1,487,698 ACC 36,247,703 0.706,465,197 Ambuja Cements 23,767,603 0.463,517,000 Asian Paints 34,760,196 0.681,870,960 HDFC Bank ADR 87,139,962 1.69

12,332,009 Housing Development Finance 202,685,267 3.94877,234 Infosys 47,544,769 0.92834,882 Infosys ADR 45,117,023 0.88

17,588,940 ITC 95,454,585 1.852,823,370 Kotak Mahindra Bank 41,471,725 0.811,834,990 Larsen & Toubro 52,028,801 1.013,421,070 Mahindra & Mahindra 65,370,483 1.276,971,200 Mahindra & Mahindra Financial Services 32,717,933 0.643,752,478 Tata Consultancy Services 150,772,161 2.93

915,078,211 17.78

SOUTH AFRICA3,952,050 Bidvest Group 105,012,402 2.041,249,023 Capitec Bank Holdings 26,171,558 0.51

17,877,527 FirstRand 68,321,759 1.331,296,500 Imperial Holdings 24,637,067 0.48

676,472 Massmart Holdings 8,398,535 0.161,805,190 Mr Price Group 30,627,950 0.594,999,422 MTN Group 105,408,422 2.053,815,841 Remgro 82,797,839 1.61

5,646,679 RMB Holdings 27,988,123 0.545,977,970 Shoprite Holdings 86,516,432 1.681,536,840 Tiger Brands 44,400,705 0.86

610,280,792 11.85

BRAZIL14,366,355 AMBEV ADR 100,636,317 1.958,533,270 CCR 69,768,753 1.353,786,396 Cielo 78,858,919 1.535,356,181 Itau Unibanco Holding Preference Shares 77,709,085 1.51

1,520,460 Lojas Renner 49,039,421 0.962,024,000 Marcopolo 3,956,926 0.087,339,168 Marcopolo Preference Shares 14,464,613 0.28

2,946,830 Ultrapar Participações 70,075,099 1.3641,110 Ultrapar Participações ADR 977,390 0.02

68,988 Vale ADR 908,917 0.025,611,126 Vale Preference Shares ADR 66,407,676 1.29

4,123,942 Weg 52,068,369 1.01

584,871,485 11.36

TAIWAN13,362,000 Delta Electronics 96,861,749 1.889,596,000 President Chain Store 76,710,808 1.49

32,205,006 Taiwan Semiconductor Manufacturing 136,676,639 2.653,472,816 Taiwan Semiconductor Manufacturing ADR 73,988,345 1.44

384,237,541 7.46

RUSSIA1,850,270 Lukoil ADR 110,405,611 2.14

171,210 Magnit 44,373,928 0.861,105,324 Magnit Registered Shares GDR 65,214,116 1.27

3,407,300 Mobile Telesystems 30,254,136 0.591,569,650 Mobile Telesystems ADR 30,702,354 0.59


360,006,140 6.99

CAYMAN ISLANDS424,630 Baidu ADR 79,293,283 1.54

60,250,000 Geely Automobile Holdings 21,144,306 0.4110,272,400 Sands China 77,766,490 1.514,476,400 Tencent Holdings 68,382,987 1.32

17,666,000 Tingyi Cayman Island Holding 49,404,307 0.9715,665,200 Wynn Macau 61,494,179 1.19

357,485,552 6.94

HONG KONG26,957,800 AIA Group 135,735,934 2.6460,016,000 CNOOC 107,866,265 2.0948,983,500 Sun Art Retail Group 55,774,027 1.08

299,376,226 5.81

SOUTH KOREA11,059 Hyundai Mobis 3,100,782 0.06

620,631 Hyundai Motor 140,592,546 2.73224,859 Samsung Electronics GDR 145,090,270 2.82

288,783,598 5.61

UNITED KINGDOM1,916,700 Anglo American 46,708,928 0.912,094,370 SABMiller 121,346,261 2.363,723,470 Standard Chartered 76,213,709 1.47

244,268,898 4.74

INDONESIA119,426,100 Astra International 74,043,175 1.4437,883,700 Bank Central Asia 34,991,693 0.6885,695,666 Bank Rakyat Indonesia Persero 74,726,187 1.4510,018,900 Unilever Indonesia 24,825,406 0.48

208,586,461 4.05

MEXICO7,639,400 Fibra Uno Administracion 26,527,780 0.527,339,800 Fibra Uno Administracion 25,487,421 0.496,992,832 Grupo Financiero Banorte - O Shares 50,123,248 0.976,603,100 Mexichem 27,447,372 0.53

18,344,432 Wal-Mart de Mexico - V Shares 48,744,524 0.95

178,330,345 3.46

BERMUDA483,800 Credicorp 75,269,604 1.461,656,121 Jardine Matheson Holdings 98,249,378 1.91

173,518,982 3.37

THAILAND10,300,200 Advanced Info Service (Foreign) 70,012,149 1.36

3,581,300 Siam Cement - NVDR 49,789,343 0.9710,116,200 Siam Commercial Bank (Foreign) 52,623,574 1.02

172,425,066 3.35

TURKEY15,195,879 KOC Holding 74,640,520 1.4512,681,449 Turkiye Garanti Bankasi 49,682,552 0.96

124,323,072 2.41

CHINA9,798,000 Tsingtao Brewery - H Shares* 76,482,185 1.484,602,000 Wumart Stores - H Shares* 3,583,368 0.07

80,065,553 1.55

MALAYSIA7,562,300 Public Bank 46,089,757 0.89

46,089,757 0.89

CHILE1,692,341 Banco Santander Chile ADR 44,762,419 0.87

44,762,419 0.87

PAPUA NEW GUINEA2,811,800 Oil Search 25,547,657 0.50

25,547,657 0.50

Total Shares 5,098,037,755 98.99


5,098,037,755 98.99

90

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

As at 30 June 2014

Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets


Investment Funds



16,600,000 0.32



16,600,000 0.32


Cash 15,617,902 0.31


Total Net Assets 5,150,075,527 100.00



SharesFinancials 31.86Consumer Staples 17.90Information Technology 14.50Consumer Discretionary 12.17Industrials 6.78Materials 5.97Energy 4.73Telecommunication Services 4.59Investment Funds 0.49Luxembourg 0.32Total Shares 99.31Cash and Other Assets/(Liabilities) 0.69

Total 100.00


SharesFinancials 29.83Consumer Staples 20.25Information Technology 14.87Consumer Discretionary 11.41Industrials 9.04Materials 6.02Telecommunication Services 4.82Energy 3.75Investment Companies 0.14Total Shares 100.13Bank Overdraft and Other Assets/(Liabilities) (0.13)

Total 100.00

91

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

As at 30 June 2014

Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets

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

As at 30 June 2014



AmountSold


16-Jul-14 EUR 32,241,123 USD 43,681,209 375,09316-Jul-14 USD 829,685 EUR 609,982 (3,834)

Total 371,259



Barclays 879Citibank 5,395Crédit Suisse (1,483)Deutsche Bank (65)Goldman Sachs 1,034HSBC 66Morgan Stanley 363,747RBC 176State Street Bank (481)UBS 1,991Total 371,259

92


Bonds

BRAZIL85,640 Brazil (Republic of) 01.01.15/0.000% 36,817,625 1.07

179,700 Brazil (Republic of) 01.01.15/10.000% 81,048,645 2.37585,191 Brazil (Republic of) 01.01.17/10.000% 256,918,518 7.51

209,000 Brazil (Republic of) 01.01.21/10.000% 86,791,928 2.5439,850 Brazil (Republic of) 15.08.22/6.000% 45,628,422 1.3334,563 Brazil (Republic of) 01.01.23/10.000% 14,073,197 0.41

16,052,000 Brazil (Republic of) 05.01.24/8.500% 7,099,293 0.21

528,377,628 15.44

RUSSIA4,264,000 Russia (Republic of) 15.07.15/6.880% 124,259 0.00

16,000 Russia (Republic of) 20.01.16/7.350% 467 0.008,498,000 Russia (Republic of) 03.08.16/6.900% 245,375 0.01

2,265,060,000 Russia (Republic of) 15.03.18/7.500% 65,584,113 1.921,214,780,000 Russia (Republic of) 27.02.19/7.500% 35,041,188 1.022,540,770,000 Russia (Republic of) 15.05.19/6.700% 70,776,869 2.07

925,000,000 Russia (Republic of) 11.12.19/6.800% 25,775,392 0.75813,500,000 Russia (Republic of) 14.04.21/7.600% 23,318,338 0.68

4,237,895,000 Russia (Republic of) 20.07.22/7.600% 120,747,291 3.539,600,000 Russia (Republic of) 25.01.23/7.000% 262,652 0.01

635,000,000 Russia (Republic of) 16.08.23/7.000% 17,269,515 0.50

359,145,459 10.49

MEXICO57,340,000 Grupo Televisa 14.05.43/7.250% 3,953,107 0.1116,320,000 Mexico (United Mexican

States) 18.12.14/9.500% 129,583,606 3.7823,500 Mexico (United Mexican

States) 16.06.16/6.250% 191,335 0.0120,800 Mexico (United Mexican

States) 15.12.16/7.250% 174,070 0.011,870,000 Mexico (United Mexican

States) 14.12.17/7.750% 16,127,588 0.471,840,000 Mexico (United Mexican






States) 18.11.38/8.500% 173,612 0.006,244,200 Mexico (United Mexican

States) 13.11.42/7.750% 54,653,178 1.60

330,838,400 9.66

SOUTH AFRICA2,735,000 South Africa (Republic of) 15.09.15/13.500% 277,612 0.01

407,000,000 South Africa (Republic of) 15.09.17/8.250% 39,362,559 1.15556,930,000 South Africa (Republic of) 31.03.21/6.750% 49,199,611 1.44749,100,000 South Africa (Republic of) 28.02.23/7.750% 68,814,899 2.01

3,759,000 South Africa (Republic of) 21.12.26/10.500% 413,587 0.01743,348,002 South Africa (Republic of) 28.02.31/7.000% 59,066,861 1.72189,200,697 South Africa (Republic of) 31.03.36/6.250% 13,250,377 0.39919,284,033 South Africa (Republic of) 28.02.48/8.750% 83,542,834 2.44

313,928,340 9.17

TURKEY13,000,000 Turkey (Republic of) 07.01.15/6.500% 6,077,672 0.18

8 Turkey (Republic of) 11.02.15/4.500% 5 0.0010,000 Turkey (Republic of) 17.06.15/10.000% 4,794 0.00

520,000 Turkey (Republic of) 27.01.16/9.000% 247,884 0.01207,200,000 Turkey (Republic of) 08.03.17/9.000% 99,431,398 2.91

81,166,000 Turkey (Republic of) 15.01.20/10.500% 41,655,704 1.2253,449,000 Turkey (Republic of) 12.01.22/9.500% 26,348,010 0.7717,864,905 Turkey (Republic of) 23.02.22/3.000% 10,686,758 0.3148,072,602 Turkey (Republic of) 14.09.22/8.500% 22,423,613 0.65119,970,585 Turkey (Republic of) 08.03.23/7.100% 51,155,946 1.49

258,031,784 7.54

POLAND240,000,000 Poland (Government of) 25.04.15/5.500% 80,853,358 2.36

740,000 Poland (Government of) 24.10.15/6.250% 255,227 0.01118,070,000 Poland (Government of) 25.04.16/5.000% 40,541,662 1.1859,195,000 Poland (Government of) 25.10.17/5.250% 21,013,145 0.61

570,000 Poland (Government of) 25.04.18/3.750% 193,774 0.01181,951,000 Poland (Government of) 23.09.22/5.750% 69,987,227 2.0564,000,000 Poland (Government of) 25.10.23/4.000% 21,997,226 0.6448,000,000 Poland (Government of) 25.04.29/5.750% 19,395,654 0.57

254,237,273 7.43

THAILAND606,900,000 Thailand (Government of) 22.05.15/3.625% 18,950,359 0.55

591,175,000 Thailand (Government of) 16.06.17/3.250% 18,590,959 0.54611,431,000 Thailand (Government of) 08.03.19/3.450% 19,047,263 0.56

1,776,630,000 Thailand (Government of) 13.06.19/3.875% 56,618,416 1.651,815,989,000 Thailand (Government of) 17.12.21/3.650% 56,281,384 1.65

261,000,000 Thailand (Government of) 16.06.23/3.625% 7,980,759 0.23977,390,000 Thailand (Government of) 17.12.27/3.580% 29,115,496 0.85212,100,000 Thailand (Government of) 12.03.28/1.250% 6,041,272 0.18165,800,000 Thailand (Government of) 22.06.29/4.875% 5,632,784 0.17

218,258,692 6.38

INDONESIA150,052,000,000 Indonesia (Republic of) 15.06.15/9.500% 12,993,048 0.38150,063,000,000 Indonesia (Republic of) 15.09.16/7.375% 12,645,545 0.3772,200,000,000 Indonesia (Republic of) 15.11.20/11.000% 7,019,021 0.20

1,215,000,000 Indonesia (Republic of) 15.06.21/12.800% 128,578 0.00380,932,000,000 Indonesia (Republic of) 15.07.21/8.250% 32,565,364 0.95

2,736,000,000 Indonesia (Republic of) 15.05.22/7.000% 215,581 0.01133,800,000,000 Indonesia (Republic of) 15.05.23/5.625% 9,508,773 0.28508,600,000,000 Indonesia (Republic of) 15.03.24/8.375% 43,641,784 1.27

43,300,000,000 Indonesia (Republic of) 15.09.26/8.375% 3,622,035 0.1129,636,000,000 Indonesia (Republic of) 15.05.28/6.125% 1,982,527 0.06


159,600,000,000 Indonesia (Republic of) 15.07.31/9.500% 14,304,091 0.422,464,000,000 Indonesia (Republic of) 15.06.32/8.250% 196,612 0.00


201,910,180 5.90

HUNGARY24,530,000 Hungary (Government of) 24.08.15/7.750% 115,064 0.00

3,886,690,000 Hungary (Government of) 12.02.16/5.500% 18,054,944 0.5313,419,000,000 Hungary (Government of) 22.12.16/5.500% 63,325,665 1.855,294,880,000 Hungary (Government of) 24.11.17/6.750% 26,273,583 0.77

8,210,000 Hungary (Government of) 20.12.18/5.500% 39,655 0.004,850,310,000 Hungary (Government of) 24.06.19/6.500% 24,477,372 0.714,557,620,000 Hungary (Government of) 12.11.20/7.500% 24,339,268 0.712,580,000,000 Hungary (Government of) 24.11.23/6.000% 12,911,562 0.38

169,537,113 4.95

COLOMBIA344,000,000 Colombia (Republic of) 22.10.15/12.000% 200,163 0.01

50,000,000,000 Colombia (Republic of) 24.07.20/11.000% 32,833,236 0.9663,424,000,000 Colombia (Republic of) 14.04.21/7.750% 38,937,882 1.1419,876,000,000 Colombia (Republic of) 21.03.23/4.375% 9,667,151 0.28

34,000,000,000 Colombia (Republic of) 24.07.24/10.000% 22,580,386 0.668,207,000,000 Colombia (Republic of) 28.06.27/9.850% 5,695,587 0.177,600,000,000 Empresas Publicas de

Medellin 01.02.21/8.375% 4,305,105 0.12

114,219,510 3.34

CHILE1,250,000 Chile (Republic of) 01.07.17/3.000% 57,499,556 1.68

2,521,500,000 Chile (Republic of) 05.08.20/5.500% 4,821,079 0.14

62,320,635 1.82

ROMANIA44,290,000 Romania (Republic of) 26.10.15/5.800% 14,396,528 0.42

310,000 Romania (Republic of) 26.07.17/5.900% 104,733 0.0049,050,000 Romania (Republic of) 29.04.20/5.750% 16,925,446 0.4933,490,000 Romania (Republic of) 26.04.23/5.850% 11,505,597 0.34

42,932,304 1.25

PHILIPPINES450,000,000 Philippines (Republic of) 14.01.36/6.250% 11,155,117 0.33

800,000 Philippines (Republic of) 24.10.37/6.125% 21,061 0.00

11,176,178 0.33

UNITED STATES OF AMERICA4,225,000 Citigroup 26.05.15/24.000% 1,970,963 0.06

8,918,000,000 Citigroup 27.07.20/11.000% 6,315,108 0.18

8,286,071 0.24

93

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

As at 30 June 2014

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

UNITED KINGDOM8,920,000 Standard Bank 28.10.15/21.000% 4,739,196 0.142,510,000 Standard Bank 07.06.17/26.000% 1,101,890 0.033,390,000 Standard Bank 07.06.17/26.000%* 1,388,205 0.04

7,229,291 0.21

NIGERIA12,300,000 Nigeria (Federal Republic of) 27.04.17/15.100% 82,064 0.00

892,000,000 Nigeria (Federal Republic of) 29.06.19/16.000% 6,411,500 0.1911,680,000 Nigeria (Federal Republic of) 27.01.22/16.390% 87,003 0.00

6,580,567 0.19

CHINA1,300,000 China (People’s Republic of) 19.07.14/2.380% 209,471 0.02

209,471 0.02

Total Bonds 2,887,218,896 84.36


2,887,218,896 84.36


Bonds

MALAYSIA95,400,000 Malaysia (Government of) 27.02.15/3.741% 29,827,192 0.87

851,000 Malaysia (Government of) 15.09.16/4.262% 270,039 0.0158,200,000 Malaysia (Government of) 31.10.17/3.314% 17,999,206 0.53

600,000 Malaysia (Government of) 07.02.18/4.240% 190,556 0.01110,500,000 Malaysia (Government of) 28.09.18/3.580% 34,319,077 1.0067,400,000 Malaysia (Government of) 31.10.19/3.654% 20,920,763 0.6150,430,000 Malaysia (Government of) 29.11.19/4.378% 16,168,351 0.4775,800,000 Malaysia (Government of) 31.03.20/3.492% 23,170,721 0.6834,500,000 Malaysia (Government of) 31.07.20/3.889% 10,758,058 0.32133,770,000 Malaysia (Government of) 15.07.21/4.160% 42,214,704 1.2351,800,000 Malaysia (Government of) 30.09.21/4.048% 16,277,847 0.4825,500,000 Malaysia (Government of) 15.03.23/3.480% 7,644,393 0.2239,400,000 Malaysia (Government of) 15.07.24/4.181% 12,426,755 0.3627,940,000 Malaysia (Government of) 15.04.26/4.392% 8,889,131 0.2642,200,000 Malaysia (Government of) 15.03.27/3.892% 12,687,835 0.37

190,000 Malaysia (Government of) 15.04.32/4.127% 56,627 0.0046,400,000 Malaysia (Government of) 15.04.33/3.844% 13,395,077 0.39

267,216,332 7.81

MEXICO119,060,000 Petroleos Mexicanos 24.11.21/7.650% 9,977,394 0.29

22,830 Mexico (United MexicanStates) 03.06.27/7.500% 200,080 0.01

4,636,600 Mexico (United MexicanStates) 31.05.29/8.500% 43,801,491 1.28

84,102 Mexico (United MexicanStates) 15.11.40/4.000% 3,775,184 0.11

57,754,149 1.69

NIGERIA3,356,809,000 Nigeria (Federal Republic of) 30.05.18/10.700% 20,207,434 0.595,382,859,000 Nigeria (Federal Republic of) 23.07.30/10.000% 28,207,041 0.82

48,414,475 1.41

PERU14,142,000 Peru (Republic of) 12.08.20/7.840% 5,806,209 0.1637,135,000 Peru (Republic of) 12.08.31/6.950% 14,306,202 0.42

42,030,000 Peru (Republic of) 12.08.37/6.900% 15,648,323 0.46

35,760,734 1.04

BRAZIL80,489 Brazil Treasury Bill 01.01.16/0.000% 31,075,651 0.91

31,075,651 0.91

UNITED STATES OF AMERICA8,400,000 Citigroup 15.04.28/0.000% 7,972,104 0.232,850,000 Citigroup 30.11.32/0.000% 2,751,362 0.08

10,723,466 0.31

PHILIPPINES1,030,000 Philippines (Republic of) 03.03.21/7.375% 28,827 0.00

28,827 0.00

CHILE5,000,000 Chile (Republic of) 01.02.21/6.000% 10,006 0.00

10,006 0.00

Total Bonds 450,983,640 13.17

Investment Funds

LUXEMBOURG100,000 JPMorgan Funds - Asia Local Currency Debt Fund

(JPM Asia Local Currency Debt X (acc) - USD) 9,769,000 0.29

9,769,000 0.29


Total Transferable Securities Dealt in onAnother Regulated Market

460,752,640 13.46


Cash 31,288,106 0.91


Total Net Assets 3,422,593,288 100.00


94

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

As at 30 June 2014

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets


Fixed Income SecuritiesBrazil 16.35Mexico 11.35Russia 10.49South Africa 9.17Malaysia 7.81Turkey 7.54Poland 7.43Thailand 6.38Indonesia 5.90Hungary 4.95Colombia 3.34Chile 1.82Nigeria 1.60Romania 1.25Peru 1.04United States of America 0.55Philippines 0.33United Kingdom 0.21China 0.02Total Fixed Income Securities 97.53Investment FundsLuxembourg 0.29Total Investment Funds 0.29Cash and Other Assets/(Liabilities) 2.18

Total 100.00


Fixed Income SecuritiesSouth Africa 11.03Russia 10.57Brazil 9.37Turkey 7.99Poland 7.81Mexico 7.80Indonesia 7.39Malaysia 6.95Thailand 6.09Hungary 5.92Nigeria 3.31Colombia 2.07Peru 2.02Chile 1.99United States of America 0.97India 0.87Romania 0.84United Kingdom 0.42Hong Kong 0.14Argentina 0.04China 0.01Philippines 0.00Total Fixed Income Securities 93.60Investment FundsLuxembourg 0.29Total Investment Funds 0.29Cash and Other Assets/(Liabilities) 6.11

Total 100.00

95

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

As at 30 June 2014

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 USD)

As at 30 June 2014



AmountSold


16-Jul-14 AUD 57,332,724 USD 53,539,885 299,92616-Jul-14 BRL 282,503,918 USD 123,608,648 3,992,80116-Jul-14 COP 138,962,197,690 USD 71,878,854 1,861,01916-Jul-14 EUR 358,112,687 USD 489,173,198 174,53916-Jul-14 HUF 1,340,976,346 EUR 4,391,249 (83,148)16-Jul-14 HUF 27,598,283,037 USD 123,194,314 (1,411,261)16-Jul-14 IDR 1,154,037,305,150 USD 99,110,226 (2,024,530)16-Jul-14 INR 2,861,623,252 USD 46,546,207 921,55216-Jul-14 MXN 2,732,035,797 USD 209,420,333 994,65716-Jul-14 MYR 478,033,172 USD 147,461,287 1,244,92016-Jul-14 PEN 59,107,097 USD 20,984,373 113,38816-Jul-14 PHP 250,575,803 USD 5,716,993 17,84316-Jul-14 PLN 427,038,226 USD 140,515,520 (275,401)16-Jul-14 RON 267,824,051 USD 82,884,792 550,12116-Jul-14 RUB 4,478,237,618 USD 125,181,590 6,112,26016-Jul-14 THB 1,850,674,172 USD 56,763,970 260,95516-Jul-14 TRY 10,835,835 EUR 3,697,894 36,92416-Jul-14 TRY 402,459,708 USD 188,584,093 464,87016-Jul-14 USD 3,909,213 AUD 4,172,062 (8,672)16-Jul-14 USD 356,792,445 BRL 805,404,642 (6,992,949)16-Jul-14 USD 60,411,826 COP 116,974,850,382 (1,660,527)16-Jul-14 USD 314,696,535 EUR 229,323,704 1,334,18016-Jul-14 USD 114,334,109 HUF 25,554,204,893 1,570,96616-Jul-14 USD 65,160,119 IDR 753,122,596,228 1,802,17516-Jul-14 USD 46,705,129 INR 2,861,623,252 (762,631)16-Jul-14 USD 271,071,000 MXN 3,515,016,787 352,65016-Jul-14 USD 80,521,691 MYR 260,100,843 (390,288)16-Jul-14 USD 5,789,739 PHP 253,648,481 (15,420)16-Jul-14 USD 58,997,784 PLN 179,858,050 (67,922)16-Jul-14 USD 60,056,232 RON 195,594,512 (877,097)16-Jul-14 USD 229,374,289 RUB 8,001,120,210 (5,204,120)16-Jul-14 USD 39,997,901 THB 1,303,306,011 (160,939)16-Jul-14 USD 105,450,453 TRY 225,812,407 (621,287)16-Jul-14 USD 70,991,276 ZAR 751,572,610 350,49016-Jul-14 ZAR 93,148,606 EUR 6,471,315 (87,716)16-Jul-14 ZAR 1,856,705,589 USD 174,343,174 169,76217-Jul-14 USD 54,582,879 CLP 30,167,957,073 39,78617-Sep-14 CAD 72,177,156 USD 67,139,667 309,92317-Sep-14 CLP 17,766,798,067 USD 31,783,181 128,04917-Sep-14 COP 61,453,927,408 USD 32,212,778 239,56617-Sep-14 INR 1,883,636,000 USD 31,409,638 (650,742)17-Sep-14 MXN 1,741,430,371 USD 133,740,099 (176,599)17-Sep-14 MYR 217,829,426 USD 67,564,958 (143,794)17-Sep-14 PLN 195,997,974 USD 63,973,749 140,71117-Sep-14 RUB 2,324,573,793 USD 66,297,173 844,65717-Sep-14 SGD 170,080,192 USD 136,044,129 253,73017-Sep-14 TRY 139,994,365 USD 65,644,705 (736,229)17-Sep-14 USD 97,800,327 AUD 105,375,596 (711,729)17-Sep-14 USD 65,945,169 CAD 72,177,156 (1,504,421)17-Sep-14 USD 31,857,267 CLP 17,766,798,067 (53,963)17-Sep-14 USD 32,276,222 COP 61,453,927,408 (176,122)17-Sep-14 USD 65,971,015 MXN 861,317,573 (89,961)17-Sep-14 USD 130,640,385 RUB 4,644,359,096 (3,504,965)17-Sep-14 USD 63,136,854 THB 2,062,239,078 (243,224)17-Sep-14 USD 65,604,933 TRY 139,994,365 696,45717-Sep-14 USD 129,204,083 ZAR 1,407,474,591 (1,688,148)17-Sep-14 ZAR 671,321,565 USD 61,406,043 1,025,476

Total (4,019,452)



ANZ Banking Group 5Bank of America Merrill Lynch 399,835Barclays 1,288,848BNP Paribas (358,551)Citibank 87,135Crédit Suisse (2,443,758)Deutsche Bank 637,766Goldman Sachs (1,972,620)HSBC (3,596,125)Morgan Stanley 719,008National Australia Bank 32,595RBC 295,305Société Générale (563,702)State Street Bank 2,086,808Toronto Dominion (266)UBS (1,266,065)Westpac Banking 634,330Total (4,019,452)

96

JPMorgan Funds - Emerging Markets Local Currency Debt FundSchedule of Investments - Outstanding Credit Default Swaps (Expressed in USD)

As at 30 June 2014

TerminationDate Counterparty Referenced Obligation

ProtectionBuyer/Seller Currency Nominal

MarketValue


20-Jun-16 Barclays Mexico (United Mexican States) 5.950% 19/03/2019 Buyer USD 50,000,000 (776,963) (776,963)20-Jun-16 Barclays Mexico (United Mexican States) 5.950% 19/03/2019 Buyer USD 50,000,000 (776,962) (776,962)20-Jun-19 Citigroup Russia (Republic of) 7.500% 31/03/2020 Buyer USD 28,000,000 887,130 887,130

Total (666,795) (666,795)

As at 30 June 2014, the Sub-Fund has pledged the following assets as collateral to the following counterparties for an amount of:- Barclays Bank: Cash: EUR 1,320,000

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

TerminationDate Counterparty Description Currency Nominal

MarketValue


04-Jan-16 Bank of America Receive fixed rate 0.000% BRL 269,000,000 1,854,041 1,854,041Pay floating rate BRL CPI

10-Mar-16 Citigroup Pay fixed rate 3.595% MYR 269,300,000 211,278 211,278Receive floating KLIBOR

11-Mar-16 Bank of America Pay fixed rate 3.005% PLN 253,500,000 (783,370) (783,370)Receive floating WIBOR

13-Mar-16 Bank of America Pay fixed rate 4.020% CLP 39,600,000,000 (472,970) (472,970)Receive floating CLICP

24-Apr-16 Bank of America Pay fixed rate 6.920% ZAR 835,000,000 (389,187) (389,187)Receive floating JIBAR

28-Apr-16 Citigroup Pay fixed rate 3.140% HUF 17,500,000,000 (962,322) (962,322)Receive floating BUBOR

08-May-16 Citigroup Pay fixed rate 6.710% ZAR 846,650,000 (27,864) (27,864)Receive floating JIBAR

09-May-16 Citigroup Pay fixed rate 3.765% MYR 242,000,000 (29,354) (29,354)Receive floating KLIBOR

12-May-16 Deutsche Bank Pay fixed rate 2.980% HUF 16,935,000,000 (745,005) (745,005)Receive floating BUBOR

02-Jan-17 Bank of America Receive fixed rate 0.000% BRL 124,750,000 1,171,811 1,171,811Pay floating rate BRL CPI

02-Jan-17 Bank of America Receive fixed rate 0.000% BRL 122,000,000 (102,068) (102,068)Pay floating rate BRL CPI

21-Sep-17 JPMorgan Chase & Co. Receive fixed rate 5.140% MXN 28,000,000 59,584 59,584Pay floating rate MXN TIIE

04-Jan-21 Deutsche Bank Pay fixed rate 0.000% BRL 114,300,000 (192,753) (192,753)Receive floating BRL CPI

Total (408,179) (408,179)

As at 30 June 2014, the Sub-Fund has received the following assets as collateral from the following counterparties for an amount of:- Bank of America Cash: USD 1,050,000

As at 30 June 2014, the Sub-Fund has pledged the following assets as collateral to the following counterparties for an amount of:- Deutsche Bank: Cash: EUR 720,000

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

ExpirationDate Counterparty Security Description

PutCurrency

ContractSize

CallCurrency

ContractSize

MarketValue


01-Jul-14 Deutsche Bank Vanilla ZAR/USD, Call Option, Strike Price 11.139 ZAR 602,864,646 USD 54,121,972 36 (815,041)08-Jul-14 Deutsche Bank Vanilla ZAR/USD, Call Option, Strike Price 11.020 ZAR 1,239,088,800 USD 112,440,000 46,089 (1,651,755)01-Aug-14 Citigroup Vanilla TRY/USD, Call Option, Strike Price 2.224 TRY 128,778,496 USD 57,904,000 133,831 (543,646)01-Aug-14 Citigroup Vanilla ZAR/USD, Call Option, Strike Price 11.024 ZAR 638,333,696 USD 57,904,000 240,084 (521,354)01-Dec-14 Citigroup Vanilla BRL/USD, Put Option, Strike Price 2.270 USD 80,881,000 BRL 183,599,870 1,890,219 353,480

Total 2,310,259 (3,178,316)

97


Shares

SOUTH KOREA670,800 Hankook Tire 39,969,605 1.44

1,652,288 Kia Motors 92,328,939 3.32190,380 LG Chem 55,731,299 2.01567,800 LG Electronics 41,659,239 1.50

73,730 Samsung Electronics Preference Shares 77,263,503 2.7896,892 Samsung Electronics Registered Shares GDR 62,519,563 2.25211,220 Samsung Fire & Marine Insurance 53,796,398 1.94

427,520 Shinhan Financial Group 19,728,443 0.712,007,878 SK Telecom ADR 51,783,174 1.86

382,980 S-Oil 21,552,086 0.77

516,332,249 18.58

BRAZIL6,718,800 AMBEV 47,283,943 1.70

14,473 AMBEV (Receipts) 101,297 0.005,407,200 Banco do Brasil 61,243,665 2.205,692,323 Companhia Energética de Minas Gerais Preference

Shares 41,738,366 1.50734,190 Embraer ADR 26,280,331 0.95

3,795,241 Itau Unibanco Holding Preference Shares 55,062,498 1.981,080,980 Lojas Renner 34,864,866 1.268,005,922 MRV Engenharia e Participações 26,818,350 0.973,762,605 Vale ADR 49,572,321 1.78

342,965,637 12.34

CHINA5,364,500 Anhui Conch Cement - H Shares* 18,462,953 0.66

100,082,600 Bank of China - H Shares* 44,937,127 1.6226,841,867 China Merchants Bank - H Shares* 52,918,016 1.9020,101,000 China Shenhua Energy - H Shares* 58,223,926 2.0914,720,000 Great Wall Motor - H Shares* 54,745,018 1.9766,551,000 Industrial & Commercial Bank of China - H Shares* 42,117,354 1.525,385,000 Ping An Insurance Group Co. of China - H Shares* 41,669,994 1.50

313,074,388 11.26

TAIWAN3,797,000 Asustek Computer 42,304,016 1.52

34,961,000 Fubon Financial Holding 50,452,658 1.8216,570,700 Hon Hai Precision Industry 55,455,751 2.002,520,000 MediaTek 42,568,138 1.53

25,703,000 Siliconware Precision Industries 42,148,410 1.522,715,000 Simplo Technology 16,794,892 0.60


312,895,155 11.26

CAYMAN ISLANDS37,852,000 Belle International Holdings 41,902,853 1.5159,535,000 Geely Automobile Holdings 20,893,382 0.7513,358,000 MGM China Holdings 46,361,897 1.67

6,571,600 Sands China 49,749,841 1.793,296,000 Tencent Holdings 50,350,801 1.8111,104,800 Wynn Macau 43,592,202 1.57

252,850,976 9.10

INDIA3,534,000 Bharti Airtel 19,730,397 0.71

889,160 HCL Technologies 22,241,211 0.801,419,040 Infosys ADR 76,684,922 2.762,466,200 Mahindra & Mahindra 47,124,638 1.695,583,520 Tata Motors 40,011,741 1.44

205,792,909 7.40

RUSSIA1,660,564 Lukoil ADR 99,085,854 3.569,035,708 Sberbank of Russia ADR 91,079,937 3.28

190,165,791 6.84

TURKEY3,233,103 Arcelik 19,688,963 0.71996,800 Ford Otomotiv Sanayi 12,434,169 0.44

4,173,936 KOC Holding 20,501,924 0.741,910,988 Tofas Turk Otomobil Fabrikasi 11,907,659 0.431,038,346 Tupras Turkiye Petrol Rafinerileri 24,302,600 0.87

88,835,315 3.19

HONG KONG16,894,000 China Overseas Land & Investment 41,022,260 1.4817,724,000 Lenovo Group 24,057,193 0.8716,303,500 Sun Art Retail Group 18,563,636 0.67

83,643,089 3.01

UNITED KINGDOM1,481,100 Anglo American 36,093,595 1.30

2,648,300 Tullow Oil 38,580,308 1.39

74,673,903 2.69

THAILAND8,038,600 Kasikornbank - NVDR 50,427,099 1.816,976,000 Total Access Communication - NVDR 24,246,116 0.87

74,673,215 2.69

SOUTH AFRICA1,014,800 Bidvest Group 26,964,888 0.972,327,874 Mr Price Group 39,496,125 1.42

66,461,013 2.39

INDONESIA33,433,700 Astra International 20,728,612 0.75

162,450,200 Telekomunikasi Indonesia Persero 33,709,615 1.21

54,438,227 1.96

QATAR1,060,798 Qatar National Bank 47,742,612 1.72

47,742,612 1.72


39,376,807 1.42

BERMUDA174,865 Credicorp 27,205,497 0.98

27,205,497 0.98

POLAND1,484,340 Eurocash 19,753,954 0.71

19,753,954 0.71

Total Shares 2,710,880,737 97.54


2,710,880,737 97.54


Investment Funds



61,100,000 2.20



61,100,000 2.20

98

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

As at 30 June 2014

Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets

Other Transferable Securities

Shares

BERMUDA5,104,000 Peace Mark Holdings** 66 0.00

66 0.00

BRAZIL5,100,000 Banco Nacional Preference Shares** 0 0.00

0 0.00

Total Shares 0 0.00

Total Other Transferable Securities 66 0.00


Cash 19,059,960 0.68


Total Net Assets 2,779,326,593 100.00

* Hong Kong Registered Shares.** This Security is fair valued.


SharesFinancials 25.18Consumer Discretionary 23.13Information Technology 22.13Materials 7.85Energy 6.60Telecommunication Services 4.66Consumer Staples 4.05Industrials 2.44Investment Companies 2.20Utilities 1.50Total Shares 99.74Cash and Other Assets/(Liabilities) 0.26

Total 100.00


SharesFinancials 31.06Consumer Discretionary 20.65Information Technology 14.22Telecommunication Services 11.47Energy 6.26Materials 5.23Consumer Staples 5.08Industrials 3.33Utilities 1.20Investment Companies 1.08Total Shares 99.58Cash and Other Assets/(Liabilities) 0.42

Total 100.00

99

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

As at 30 June 2014

Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets

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

As at 30 June 2014



AmountSold


07-Jul-14 EUR 6,507,218 USD 8,881,901 9,64107-Jul-14 USD 165,968 EUR 122,196 (1,003)16-Jul-14 CHF 3,743,922 USD 4,172,543 37,58416-Jul-14 SGD 3,613,207 USD 2,890,028 5,51516-Jul-14 USD 281,855 CHF 252,322 (1,887)16-Jul-14 USD 167,535 SGD 209,466 (327)

Total 49,523



Barclays 547Citibank 757Crédit Suisse 48,088Deutsche Bank 3Goldman Sachs 1,001HSBC (207)Morgan Stanley 208RBC 469Société Générale 946State Street Bank (1,149)Toronto Dominion (1,105)Westpac Banking (35)Total 49,523

100


Shares and Warrants

INDIA394,466 Amara Raja Batteries 3,086,618 0.68

1,013,682 Berger Paints India 4,891,659 1.08376,249 Colgate-Palmolive India 9,438,636 2.09319,429 Container Corp.of India 6,418,813 1.42562,666 Gruh Finance 1,880,705 0.42146,191 Havells India 2,833,781 0.63

1,007,060 IndusInd Bank 9,683,933 2.15555,955 Kajaria Ceramics 4,930,254 1.09758,545 Mahindra & Mahindra Financial Services 3,560,079 0.79260,700 Persistent Systems 4,687,935 1.05

2,043,011 Petronet LNG 5,979,399 1.32223,596 Shriram Transport Finance 3,355,057 0.74635,603 Supreme Industries 5,524,959 1.23

78,051 TTK Prestige 4,599,585 1.02244,918 United Breweries 2,854,115 0.63392,035 Whirlpool of India 2,189,392 0.48

75,914,920 16.82

SOUTH AFRICA676,631 AVI 3,921,491 0.87326,961 Capitec Bank Holdings 6,851,018 1.52212,068 Cashbuild 2,578,117 0.57493,770 City Lodge Hotels 5,821,333 1.29

1,653,524 Clicks Group 9,835,579 2.182,024,710 Clover Industries 3,233,599 0.72480,000 EOH Holdings 4,079,448 0.90380,990 Famous Brands 3,546,698 0.78419,649 Foschini Group 4,388,774 0.97634,576 Holdsport 2,440,079 0.54614,344 JSE 5,552,898 1.23263,097 Oceana Group 2,154,464 0.48507,693 Pick n Pay Stores 2,757,984 0.61279,622 Spar Group 3,291,089 0.73

60,452,571 13.39

CAYMAN ISLANDS158,861 Bitauto Holdings ADR 7,723,822 1.71

1,452,000 Chailease Holding 3,646,287 0.819,759,000 China Lesso Group 5,238,008 1.169,803,000 Greatview Aseptic Packaging 6,678,215 1.482,481,000 Haitian International Holdings 5,777,919 1.284,072,400 Hopefluent Group Holdings 1,169,090 0.263,186,000 Minth Group 6,170,125 1.373,535,000 Pacific Textiles Holdings 4,440,101 0.981,754,500 Stella International Holdings 4,748,132 1.053,787,000 Tao Heung Holdings 2,145,000 0.484,891,400 Uni-President China Holdings 3,732,978 0.834,633,000 Yingde Gases Group 5,033,173 1.11

56,502,850 12.52

BRAZIL1,071,430 Alpargatas Preference Shares 5,637,571 1.25540,076 Arezzo Industria e Comercio 7,341,957 1.62642,335 Iochpe-Maxion 5,726,705 1.27890,951 LPS Brasil Consultoria de Imoveis 4,112,050 0.91

2,714,346 Marcopolo Preference Shares 5,349,648 1.18362,480 Totvs 6,389,355 1.42437,213 Valid Solucoes e Servicos de Seguranca em Meios de

Pagamento e Identificacao 7,617,414 1.69

42,174,700 9.34

TAIWAN827,000 Advantech 7,033,349 1.56845,000 Chicony Electronics 2,279,005 0.50884,000 Merida Industry 5,853,178 1.30879,000 Pacific Hospital Supply 2,347,159 0.52534,991 Simplo Technology 3,309,435 0.73713,000 Taiwan FamilyMart 5,055,171 1.12

1,883,000 Yungtay Engineering 4,495,343 1.00

30,372,640 6.73

TURKEY952,731 Cimsa Cimento Sanayi VE Tica 6,161,060 1.36231,210 Ford Otomotiv Sanayi 2,884,133 0.64

681,450 TAV Havalimanlari Holding 5,402,090 1.20208,061 Turk Traktor ve Ziraat Makineleri 6,653,854 1.47

21,101,137 4.67

BERMUDA1,778,000 Cafe de Coral Holdings 5,998,890 1.336,768,000 Giordano International 3,986,287 0.884,968,000 Midland Holdings 2,493,439 0.553,572,000 Pacific Basin Shipping 2,219,092 0.50

14,697,708 3.26

THAILAND1,816,900 Dynasty Ceramic (Foreign) 3,255,466 0.727,822,000 LPN Development (Foreign) 4,882,722 1.08

21,795,800 Thai Reinsurance (Foreign) 2,425,488 0.542,840,400 Tisco Financial Group (Foreign) 3,600,846 0.80

14,164,522 3.14

INDONESIA47,262,100 Ace Hardware Indonesia 3,498,312 0.777,989,000 Harum Energy 1,568,486 0.359,539,270 Hero Supermarket 2,194,716 0.498,775,700 Hexindo Adiperkasa 2,720,430 0.60

11,834,100 Vale Indonesia 3,546,237 0.79

13,528,181 3.00

SOUTH KOREA94,539 KEPCO Plant Service & Engineering 6,459,854 1.43131,482 Youngone 5,898,501 1.31

12,358,355 2.74

KENYA296,190 British American Tobacco Kenya 2,154,571 0.48

1,706,117 East African Breweries 5,488,822 1.217,923,400 Equity Bank 4,289,955 0.95

11,933,348 2.64


61,582 First Cash Financial Services 3,502,168 0.78

11,284,505 2.50

POLAND83,506 Alior Bank 2,262,850 0.50

564,091 Eurocash 7,507,059 1.66

9,769,909 2.16

NETHERLANDS135,499 ASM International 5,609,837 1.24148,706 Nostrum Oil & Gas 1,899,432 0.42120,400 Yamamah Saudi Cement -

Warrants 19.06.18 2,026,463 0.45

9,535,732 2.11

MEXICO33,516 Grupo Aeroportuario del Sureste ADR 4,290,718 0.95

388,905 Promotora y Operadora de Infraestructura 5,173,856 1.15

9,464,574 2.10

SRI LANKA2,824,314 Commercial Bank of Ceylon 3,011,989 0.671,806,500 John Keells Holdings 3,081,774 0.68

6,093,763 1.35

CHILE1,163,400 Forus 4,677,197 1.04

4,677,197 1.04

MALAYSIA3,282,900 Padini Holdings 2,009,000 0.451,819,500 Top Glove 2,586,739 0.57

4,595,739 1.02

CYPRUS425,095 Global Ports Investments Registered Shares GDR 4,548,517 1.01

4,548,517 1.01

UNITED KINGDOM448,735 International Personal Finance 4,516,890 1.00

4,516,890 1.00

101

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

As at 30 June 2014

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

LUXEMBOURG442,959 O’Key Group Registered Shares GDR 4,029,820 0.89

4,029,820 0.89

HONG KONG301,200 Hong Kong Aircraft Engineering 3,491,729 0.77

3,491,729 0.77

PHILIPPINES865,400 Jollibee Foods 3,477,054 0.77

3,477,054 0.77

LITHUANIA354,220 BLOM Bank SAL Registered Shares GDR 3,285,391 0.73

3,285,391 0.73

ZIMBABWE2,252,970 Delta /Zimbabwe 2,906,331 0.64

2,906,331 0.64

UNITED ARAB EMIRATES3,171,215 Aramex 2,590,298 0.57

2,590,298 0.57

NIGERIA5,398,483 UAC of Nigeria 2,057,291 0.46

2,057,291 0.46

EGYPT384,230 Commercial International Bank Egypt Registered

Shares GDR 1,876,579 0.41

1,876,579 0.41

CURACAO73,436 Yamamah Saudi Cement -

Warrants 25.03.15 1,235,906 0.27

1,235,906 0.27

CHINA1,252,000 Wumart Stores - H Shares* 974,875 0.22

974,875 0.22

RUSSIA27,718 Sollers 485,167 0.11

485,167 0.11



444,098,199 98.38


Investment Funds



4,601,928 1.02



4,601,928 1.02


Shares

BERMUDA374,000 Peace Mark Holdings** 5 0.00

5 0.00

Total Shares 5 0.00



Cash 6,838,309 1.51



* Hong Kong Registered Shares.** This security is fair valued.


Shares and WarrantsConsumer Discretionary 27.99Industrials 18.84Financials 17.57Consumer Staples 11.04Information Technology 10.83Materials 9.85Utilities 1.32Investment Companies 1.02Health Care 0.52Energy 0.42Total Shares and Warrants 99.40Cash and Other Assets/(Liabilities) 0.60

Total 100.00


Shares and WarrantsConsumer Discretionary 29.57Industrials 21.11Financials 17.13Consumer Staples 13.20Information Technology 7.89Materials 8.67Utilities 1.36Health Care 0.53Energy 0.49Total Shares and Warrants 99.95Cash and Other Assets/(Liabilities) 0.05

Total 100.00

102

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

As at 30 June 2014

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets


Shares and Warrants

TURKEY1,200,970 Akbank 4,433,471 1.48

195,610 Akcansa Cimento 1,186,618 0.40766,047 Anadolu Hayat Emeklilik 1,719,852 0.57980,990 Arcelik 5,974,037 1.99135,800 Aselsan Elektronik Sanayi Ve Ticaret 599,852 0.20451,520 BIM Birlesik Magazalar 10,424,274 3.48130,900 Cimsa Cimento Sanayi VE Tica 846,496 0.28175,330 Coca-Cola Icecek 4,326,663 1.44598,510 Dogus Otomotiv Servis ve Ticaret 2,354,673 0.79

1,005,200 Emlak Konut Gayrimenkul Yatirim Ortakligi 1,257,447 0.42680,858 Enka Insaat Ve Sanayi 1,852,598 0.62472,260 Eregli Demir ve Celik Fabrikalari 848,884 0.28144,391 Ford Otomotiv Sanayi 1,801,146 0.60

2,225,050 Haci Omer Sabanci Holding 10,394,540 3.475,325,830 Kardemir Karabuk Demir Celik Sanayi ve Ticaret - D

Shares 4,930,859 1.651,686,181 KOC Holding 8,282,339 2.76242,020 Migros Ticaret 2,306,283 0.77358,377 TAV Havalimanlari Holding 2,840,979 0.95246,324 Tupras Turkiye Petrol Rafinerileri 5,765,240 1.92

92,790 Turk Traktor ve Ziraat Makineleri 2,967,453 0.991,761,480 Turkcell Iletisim Hizmetleri 10,976,052 3.665,324,953 Turkiye Garanti Bankasi 20,861,753 6.961,700,565 Turkiye Halk Bankasi 12,759,846 4.264,979,547 Turkiye Is Bankasi - C Shares 13,455,382 4.49

441,975 Ulker Biskuvi Sanayi 3,680,695 1.231,418,940 Yapi ve Kredi Bankasi 3,078,693 1.03

139,926,125 46.69

UNITED ARAB EMIRATES2,420,220 Abu Dhabi Commercial Bank 4,714,843 1.577,863,830 Aldar Properties 6,648,114 2.225,485,208 Aramex 4,480,403 1.49

395,095 DP World 7,645,088 2.551,545,020 Dubai Islamic Bank 2,717,499 0.916,679,396 Emaar Properties 15,330,894 5.12

567,750 Emirates NBD 1,263,711 0.421,636,046 First Gulf Bank 7,038,098 2.351,480,600 Ras Al Khaimah Ceramics 1,350,471 0.45

51,189,121 17.08

QATAR127,140 Gulf International Services 3,232,106 1.08169,807 Industries Qatar 7,852,279 2.62744,610 Masraf Al Rayan 9,275,412 3.09

78,174 Qatar Electricity & Water 3,702,990 1.24470,720 Qatar Gas Transport Nakilat 2,621,504 0.87268,900 Qatar National Bank 12,102,199 4.04

38,786,490 12.94

KUWAIT304,890 Kuwait Foods Americana 3,082,428 1.03

1,341,000 Kuwait Projects Holding 3,306,119 1.102,295,000 Mobile Telecommunications 5,088,240 1.705,017,978 National Bank of Kuwait 17,177,541 5.73

28,654,328 9.56

UNITED KINGDOM65,340 Hikma Pharmaceuticals 1,865,855 0.62

129,900 HSBC Bank - Warrants 24.11.14 2,428,740 0.81317,830 HSBC Bank - Warrants 18.07.16 5,042,087 1.69

9,336,682 3.12

SWITZERLAND130,728 Al Rajhi Bank - Warrants 23.09.15 2,348,371 0.7854,070 Almarai - Warrants 23.09.15 1,010,974 0.3466,160 Almarai - Warrants 14.09.16 1,237,027 0.4143,610 Credit Suisse/Nassau 22.02.16 952,025 0.32

149,036 Credit Suisse/Nassau 11.03.16 2,866,077 0.96

8,414,474 2.81

EGYPT1,229,060 Commercial International Bank Egypt Registered

Shares GDR 6,002,729 2.00

6,002,729 2.00

CURACAO349,130 Alinma Bank - Warrants 29.04.15 1,696,423 0.5639,900 Saudi Airlines Catering -

Warrants 29.04.15 1,825,624 0.61142,420 Yamamah Saudi Cement -

Warrants 25.03.15 2,396,886 0.80

5,918,933 1.97

SAUDI ARABIA29,900 HSBC Bank - Warrant 07.01.16 652,730 0.2228,795 Jarir Marketing - Warrants 02.03.17 1,509,002 0.50

208,913 Samba Financial Group -Warrants 02.03.17 2,208,210 0.74

4,369,942 1.46

NETHERLANDS84,677 Al Tayyar Travel Group -

Warrants 08.05.18 2,673,278 0.8923,240 Fawaz Abdulaziz Alhokair & Co. -

Warrants 24.01.17 1,201,111 0.40

3,874,389 1.29

LITHUANIA193,310 BLOM Bank SAL Registered Shares GDR 1,792,950 0.60

1,792,950 0.60

MOROCCO3,333 Societe Des Brasseries du Maroc 911,873 0.30

911,873 0.30



299,178,036 99.82


Bank Overdraft (2,311,488) (0.77)



103

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

As at 30 June 2014

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets


Fixed Income SecuritiesSwitzerland 0.32Total Fixed Income Securities 0.32Shares and WarrantsFinancials 55.38Industrials 8.96Telecommunication Services 8.78Consumer Staples 8.25Materials 6.03Consumer Discretionary 4.67Energy 3.00Utilities 2.11Information Technology 1.70Health Care 0.62Total Shares and Warrants 99.50Cash and Other Assets/(Liabilities) 0.18

Total 100.00


Fixed Income SecuritiesOman 0.09Total Fixed Income Securities 0.09Shares and WarrantsFinancials 56.28Telecommunication Services 10.11Industrials 9.95Materials 6.77Consumer Discretionary 6.44Consumer Staples 5.73Utilities 2.60Health Care 0.55Energy 0.48Investment Companies 0.41Total Shares and Warrants 99.32Cash and Other Assets/(Liabilities) 0.59

Total 100.00

104

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

As at 30 June 2014

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

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

As at 30 June 2014



AmountSold


01-Jul-14 USD 1,072,725 QAR 3,908,065 (743)03-Jul-14 USD 696,537 QAR 2,537,240 (391)

Total (1,134)



JPMorgan (1,134)Total (1,134)

105


Bonds

NETHERLANDS2,400,000 Cooperatieve Centrale

Raiffeisen-Boerenleenbank/Netherlands 14.11.14/0.435% 2,400,000 2.12

1,500,000 Cooperatieve CentraleRaiffeisen-Boerenleenbank/Netherlands 30.01.15/0.445% 1,500,000 1.33

1,000,000 Cooperatieve CentraleRaiffeisen-Boerenleenbank/Netherlands 17.04.15/0.457% 1,000,000 0.88

500,000 Cooperatieve CentraleRaiffeisen-Boerenleenbank/Netherlands 30.06.15/0.358% 500,000 0.44

3,000,000 Netherlands (Kingdom of) 31.07.14/0.000% 2,999,759 2.661,500,000 Netherlands (Kingdom of) 06.01.15/0.000% 1,499,449 1.33

9,899,208 8.76

GERMANY2,000,000 FMS Wertmanagement 14.07.14/2.250% 2,001,527 1.771,500,000 German Treasury Bill 12.11.14/0.000% 1,499,330 1.331,200,000 German Treasury Bill 29.04.15/0.000% 1,198,392 1.06

4,699,249 4.16

Total Bonds 14,598,457 12.92


14,598,457 12.92


Bonds

FRANCE1,500,000 French Treasury Bill 30.10.14/0.000% 1,499,471 1.33

1,499,471 1.33

Total Bonds 1,499,471 1.33

Commercial Paper

FRANCE2,000,000 Antalis 09.07.14/0.000% 1,999,849 1.771,000,000 Banque Fédérative du Crédit

Mutuel 01.08.14/0.000% 999,725 0.881,000,000 Banque Fédérative du Crédit

Mutuel 03.11.14/0.000% 998,856 0.881,000,000 Crédit Agricole/Australia 07.07.14/0.000% 999,955 0.891,000,000 GDF Suez 07.07.14/0.045% 1,000,000 0.891,000,000 Unedic 14.11.14/0.000% 999,094 0.882,000,000 Unedic 26.08.14/0.000% 1,999,301 1.771,500,000 Unedic 03.12.14/0.000% 1,498,549 1.33

10,495,329 9.29

GERMANY3,000,000 DZ Bank 23.09.14/0.000% 2,998,112 2.654,000,000 FMS Wertmanagement 24.10.14/0.194% 4,000,000 3.543,000,000 Wertmanagement Anstalt des

oeffentlichen Rechts 12.08.14/0.184% 3,000,000 2.66

9,998,112 8.85

SWEDEN1,500,000 Nordea Bank 04.08.14/0.000% 1,499,639 1.332,000,000 Nordea Bank 08.09.14/0.000% 1,998,966 1.771,000,000 Nordea Bank 06.10.14/0.000% 999,166 0.881,500,000 Svenska Handelsbanken 07.08.14/0.000% 1,499,584 1.33

5,997,355 5.31

CHINA1,000,000 Bank Of China/Sydney 11.07.14/0.000% 999,767 0.891,000,000 Bank Of China/Sydney 10.09.14/0.000% 998,465 0.881,000,000 Bank Of China/Sydney 30.09.14/0.000% 998,284 0.882,500,000 China Construction Bank 07.07.14/0.000% 2,499,688 2.21

5,496,204 4.86

AUSTRIA1,000,000 KA Finanz 04.03.15/0.000% 998,295 0.882,000,000 KA Finanz 26.08.14/0.000% 1,999,301 1.771,000,000 KA Finanz 10.09.14/0.000% 999,567 0.881,500,000 KA Finanz 30.09.14/0.000% 1,498,826 1.33

5,495,989 4.86

UNITED STATES OF AMERICA1,000,000 General Electric Capital 14.10.14/0.000% 999,242 0.882,000,000 MetLife 16.10.14/0.000% 1,997,864 1.771,000,000 Metlife Short Term Funding 08.08.14/0.000% 999,673 0.881,000,000 Sheffield Receivables 09.07.14/0.000% 999,956 0.89

4,996,735 4.42

IRELAND1,000,000 Matchpoint Finance 15.07.14/0.000% 999,922 0.891,000,000 Matchpoint Finance 18.08.14/0.000% 999,720 0.882,000,000 Opusalpha Funding 17.07.14/0.000% 1,999,813 1.77

3,999,455 3.54

NETHERLANDS1,500,000 Bank Nederlandse Gemeenten 09.07.14/0.000% 1,499,917 1.331,000,000 Propertize 01.10.14/0.000% 999,260 0.88

2,499,177 2.21

FINLAND2,000,000 Pohjola Bank 14.11.14/0.000% 1,997,436 1.77

1,997,436 1.77

CHANNEL ISLANDS1,500,000 Rhein-Main Securitisation 09.07.14/0.000% 1,499,887 1.33

1,499,887 1.33

JAPAN1,000,000 Mitsubishi UFJ Securities 16.07.14/0.000% 999,875 0.89

999,875 0.89

Total Commercial Paper 53,475,554 47.33

Certificates of Deposit

JAPAN1,000,000 Bank of Tokyo-Mitsubishi 10.07.14/0.000% 999,955 0.891,500,000 Mitsubishi UFJ Trust & Banking 16.07.14/0.000% 1,499,806 1.331,000,000 Mitsubishi UFJ Trust & Banking 07.08.14/0.000% 999,641 0.891,000,000 Norinchukin Bank 04.09.14/0.000% 999,477 0.881,000,000 Norinchukin Bank 08.09.14/0.000% 999,464 0.881,000,000 Norinchukin Bank 25.09.14/0.000% 999,606 0.881,500,000 Sumitomo Mitsui Banking 05.08.14/0.000% 1,499,599 1.331,500,000 Sumitomo Mitsui Banking 11.08.14/0.000% 1,499,454 1.331,000,000 Sumitomo Mitsui Banking 12.09.14/0.000% 999,554 0.88

10,496,556 9.29

UNITED KINGDOM1,000,000 Crédit Suisse/London 05.08.14/0.000% 999,699 0.881,000,000 Crédit Suisse/London 27.10.14/0.000% 999,345 0.881,000,000 Mizuho Bank/Londan 14.07.14/0.000% 999,892 0.891,000,000 Mizuho Bank/Londan 25.07.14/0.000% 999,787 0.891,500,000 Mizuho Bank/Londan 13.08.14/0.000% 1,499,427 1.331,000,000 Standard Chartered Bank 31.07.14/0.000% 999,713 0.88

6,497,863 5.75

SWEDEN2,000,000 Svenska Handelsbanken 05.08.14/0.000% 1,999,476 1.77

1,999,476 1.77

HONG KONG2,000,000 Standard Chartered Bank Hong

Kong 14.08.14/0.000% 1,999,292 1.77

1,999,292 1.77

BELGIUM1,000,000 Dexia Credit 26.09.14/0.000% 999,710 0.89

999,710 0.89

106

JPMorgan Funds - Euro Money Market FundSchedule of Investments (Market Value Expressed in EUR)

As at 30 June 2014

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

FRANCE1,000,000 BPCE 01.10.14/0.000% 999,438 0.88

999,438 0.88

SINGAPORE1,000,000 Oversea-Chinese Banking 17.11.14/0.000% 998,959 0.88

998,959 0.88

Total Certificates of Deposit 23,991,294 21.23


78,966,319 69.89


Cash Equivalents

Time Deposits

FRANCE10,200,000 BRED Banque Populaire 01.07.14/0.050% 10,200,000 9.0310,200,000 BRED Banque Populaire 02.07.14/0.010% 10,200,000 9.03

20,400,000 18.06

UNITED KINGDOM5,600,000 Lloyds Bank 07.07.14/0.000% 5,600,000 4.96

5,600,000 4.96

NETHERLANDS3,700,000 ING Bank 01.07.14/0.000% 3,700,000 3.27

3,700,000 3.27

Total Time Deposits 29,700,000 26.29

Total Cash Equivalents 29,700,000 26.29

Total Investments plus Total Cash Equivalents 123,264,776 109.10

Cash 26,037 0.02




Fixed Income SecuritiesGermany 13.01France 11.50Netherlands 10.97Japan 10.18Sweden 7.08United Kingdom 5.75China 4.86Austria 4.86United States of America 4.42Ireland 3.54Hong Kong 1.77Finland 1.77Channel Islands 1.33Belgium 0.89Singapore 0.88Total Fixed Income Securities 82.81Cash Equivalents, Cash and Other Assets/(Liabilities) 17.19

Total 100.00


Fixed Income SecuritiesGermany 13.18France 10.26Japan 5.98United States of America 5.98Sweden 5.13Ireland 5.13Australia 5.13Austria 4.27China 3.43Supranational 3.42Netherlands 3.08New Zealand 2.57United Kingdom 2.57Hong Kong 2.56Singapore 2.56Finland 1.71Norway 1.71Luxembourg 0.85Total Fixed Income Securities 79.52Cash Equivalents, Cash and Other Assets/(Liabilities) 20.48

Total 100.00

107

JPMorgan Funds - Euro Money Market FundSchedule of Investments (Market Value Expressed in EUR) (continued)

As at 30 June 2014

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets


Shares and Rights

GERMANY13,047 Aareal Bank 438,771 0.1514,137 Adler Modemaerkte 179,116 0.06

49,555 Allianz Registered Shares 6,051,904 2.0614,809 Amadeus Fire 818,197 0.2897,035 BASF 8,282,908 2.8172,103 Bayer Registered Shares 7,457,253 2.5332,278 Bayerische Motoren Werke 2,988,297 1.011,634 Bijou Brigitte 113,244 0.04

61,584 Comdirect Bank 468,162 0.1610,306 Continental 1,743,260 0.59

7,732 CTS Eventim 161,483 0.05146,508 Daimler Registered Shares 9,994,043 3.3927,000 Deutsche Annington Immobilien 583,875 0.2043,820 Deutsche Beteiligungs 945,417 0.3258,168 Deutsche Boerse 3,307,142 1.12

256,769 Deutsche Post Registered Shares 6,789,614 2.31242,405 Deutsche Telekom Registered Shares 3,119,752 1.06

33,172 Duerr 2,145,399 0.736,011 E.ON 90,466 0.03

14,351 Fielmann 1,515,466 0.51139,821 Freenet 3,255,033 1.1137,873 GFT Technologies 375,454 0.1312,982 Hannover Rueckversicherung Registered Shares 852,982 0.2965,826 Henkel & Co. Non Voting Preference Shares 5,521,485 1.87

6,703 Hornbach Baumarkt 217,127 0.074,175 Hornbach Holding Preference Shares 312,895 0.11

10,800 Jenoptik 127,953 0.0485,182 K+S Registered Shares 2,051,183 0.7081,068 Merck 5,154,709 1.7533,743 Muenchener Rueckversicherungs Registered Shares 5,468,053 1.8647,089 Porsche Automobil Holding Preference Shares 3,584,415 1.2212,310 SAP 699,393 0.2456,138 Siemens Registered Shares 5,422,369 1.844,979 Sixt 146,706 0.05

16,623 Vib Vermoegen 229,356 0.087,532 Volkswagen Non Voting Preference Shares 1,440,495 0.49

16,524 Wincor Nixdorf 682,772 0.23

92,736,149 31.49

FRANCE9,630 Akka Technologies 250,524 0.0991,573 BNP Paribas 4,524,622 1.547,017 Boiron 445,685 0.15

21,097 Bonduelle 453,058 0.1522,187 Cap Gemini 1,156,276 0.395,289 Cegid Group 164,805 0.065,393 Christian Dior 787,243 0.27

65,597 Coface 732,063 0.25343,230 Crédit Agricole 3,550,714 1.20

14,579 Danone 793,899 0.2796,333 Electricite de France 2,229,146 0.7654,117 Elior SCA 786,591 0.279,685 Euler Hermès Group 844,968 0.29

316,490 GDF Suez 6,366,196 2.166,831 Imerys 420,755 0.14

14,599 Interparfums 397,385 0.1314,500 IPSOS 398,460 0.14

5,777 Le Belier 151,213 0.05632,410 Natixis 2,955,252 1.00

7,163 Norbert Dentressangle 759,887 0.26370,443 Orange 4,282,321 1.4526,608 Pernod Ricard 2,341,770 0.80

7,717 Publicis Groupe 478,377 0.168,526 Rallye 342,127 0.123,465 Renault 229,695 0.08

41,466 Safran 1,983,630 0.67110,166 Sanofi 8,586,338 2.9217,096 SEB 1,100,470 0.3772,335 Société Générale 2,776,941 0.9416,659 Sopra Group 1,322,975 0.45

3,977 Stef 227,047 0.088,139 Synergie 155,577 0.05

154,664 Technicolor Registered Shares 916,539 0.3157,224 Technip 4,584,501 1.56

92,928 Thalès 4,104,630 1.39192,534 Total 10,125,363 3.4419,406 Valeo 1,913,626 0.65

116,544 Vinci 6,389,525 2.1720,012 Vivendi 359,916 0.12

80,390,110 27.30

SPAIN11,424 Adveo Group International 199,577 0.0773,693 Amadeus IT Holding - A Shares 2,229,766 0.76

710,301 Banco de Sabadell 1,764,033 0.60953,210 Banco Santander 7,275,852 2.47355,890 Bankia 505,186 0.17285,594 BBVA 2,662,164 0.90

39,331 Bolsas y Mercados Españoles 1,364,786 0.46556,153 CaixaBank 2,501,854 0.8583,695 Duro Felguera 408,013 0.14

7,763 Enagas 181,945 0.06183,597 Gas Natural SDG 4,244,304 1.44

52,321 Grifols - B Shares 1,671,656 0.57279,680 Iberdrola 1,563,411 0.53

21,810 Obrascon Huarte Lain 699,719 0.2447,288 Papeles y Cartones de Europa 191,635 0.07

375,051 Prosegur Cia de Seguridad 1,970,893 0.6727,574 Red Eléctrica 1,839,737 0.63

147,706 Repsol 2,848,879 0.96171,618 Telefonica 2,158,954 0.73

179,368 Tubacex 654,693 0.22

36,937,057 12.54

ITALY307,019 Ascopiave 612,656 0.21

71,279 Assicurazioni Generali 1,141,533 0.39123,524 Azimut Holding 2,315,457 0.78

51,991 Danieli & C Officine Meccaniche 1,204,631 0.4181,374 De’ Longhi 1,271,062 0.43

118,401 Delclima 175,470 0.06872,624 Enel 3,739,194 1.27329,413 ENI 6,560,260 2.23109,261 Esprinet 827,652 0.2877,054 Gtech 1,376,184 0.47

4,541 Industria Macchine Automatiche 155,143 0.051,576,001 Intesa Sanpaolo 3,566,490 1.21

10,810 Reply 601,847 0.20973,154 Telecom Italia 901,870 0.31270,166 UniCredit 1,648,013 0.56

26,097,462 8.86

NETHERLANDS391,058 Aegon 2,496,319 0.8563,041 Airbus Group 3,092,003 1.0582,874 AMG Advanced Metallurgical 591,886 0.20

589,495 ING Groep - CVA 6,061,482 2.0683,936 Koninklijke Ahold 1,156,009 0.3999,550 Koninklijke Philips 2,303,089 0.78

5,279 Nutreco 170,433 0.06158,189 Reed Elsevier 2,641,361 0.9014,616 Sligro Food Group 446,665 0.1553,940 TomTom 308,429 0.10122,730 Unilever - CVA 3,931,042 1.34

23,198,718 7.88

BELGIUM69,591 Anheuser-Busch InBev 5,858,866 1.993,882 Belgacom 94,410 0.03

89,139 bpost 1,639,712 0.5611,031 Colruyt 409,112 0.14

33,058 Delhaize Group 1,626,784 0.5548,819 Elia System Operator 1,804,350 0.619,678 KBC Groep 385,668 0.13

12,502 Melexis 403,127 0.14

12,222,029 4.15

108

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

As at 30 June 2014

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

FINLAND33,218 Aktia Bank 308,263 0.11

576,371 Citycon 1,541,792 0.52576,371 Citycon - Rights 02.07.14 2,058 0.00

4,619 Metso 128,963 0.0451,915 Neste Oil 739,270 0.25

49,369 Sampo - A Shares 1,819,495 0.6245,681 Sponda 177,014 0.06

261,552 Stora Enso - R Shares 1,871,405 0.643,991 Tieto 85,886 0.03

374,541 UPM-Kymmene 4,683,635 1.59

11,357,781 3.86

LUXEMBOURG173,902 ArcelorMittal 1,882,489 0.6416,820 RTL Group 1,369,737 0.46

3,252,226 1.10

AUSTRIA51,605 S IMMO 304,805 0.1057,036 UNIQA Insurance Group 533,115 0.1843,692 Voestalpine 1,514,911 0.52

2,352,831 0.80

IRELAND31,462 CRH 588,811 0.2028,411 Origin Enterprises 234,916 0.08

40,065 Ryanair Holdings 278,352 0.09242,672 Total Produce 270,579 0.09

1,372,658 0.46

PORTUGAL35,452 Portucel 120,413 0.0441,530 Portugal Telecom Registered Shares 112,380 0.04

102,571 Sonaecom 180,576 0.06

413,369 0.14



290,330,390 98.58


Investment Funds

LUXEMBOURG4,201,407 JPMorgan Liquidity Funds - Euro Liquidity Fund (JPM

Euro Liquidity X (flex dist)) 4,201,407 1.43



4,201,407 1.43


Shares

AUSTRIA25,270 Immofinanz* 0 0.00

0 0.00

Total Shares 0 0.00



Cash 940,242 0.32



* This Security is fair valued.


SharesFinancials 24.48Industrials 13.96Consumer Discretionary 12.30Energy 8.44Consumer Staples 8.01Health Care 7.92Utilities 7.70Materials 7.35Telecommunication Services 4.91Information Technology 3.51Investment Companies 1.43Total Shares 100.01Cash and Other Assets/(Liabilities) (0.01)

Total 100.00


SharesFinancials 24.47Industrials 14.20Consumer Discretionary 12.72Consumer Staples 8.03Energy 7.89Materials 7.05Utilities 6.78Telecommunication Services 5.92Health Care 5.77Information Technology 5.53Investment Companies 0.60Total Shares 98.96Cash and Other Assets/(Liabilities) 1.04

Total 100.00

109

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

As at 30 June 2014

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

JPMorgan Funds - Euroland Equity FundSchedule of Investments - Outstanding Financial Futures Contracts (Expressed in EUR)

As at 30 June 2014

ExpirationDate


NotionalValue


Equity Futures

Sep-14 100 DJ Euro Stoxx 50 Index Future EUR 3,230,500 5,500

Total 5,500

As at 30 June 2014, the counterparty Goldman Sachs held the following collateral in favour of the Sub-Fund:- Cash: EUR 329,000.

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



AmountSold


16-Jul-14 CHF 260,589 EUR 214,227 22316-Jul-14 EUR 6,889 CHF 8,381 (9)16-Jul-14 EUR 6,194 GBP 4,956 1016-Jul-14 EUR 12,790 USD 17,380 7016-Jul-14 GBP 142,931 EUR 178,608 (251)16-Jul-14 USD 496,693 EUR 366,058 (2,569)

Total (2,526)



Barclays 21Citibank (2,564)Deutsche Bank 7State Street Bank 14Toronto Dominion (2)UBS (2)Total (2,526)

110


Shares

UNITED KINGDOM358,549 Anglo American 6,394,738 0.42741,528 Ashtead Group 8,067,919 0.53289,854 AstraZeneca 15,697,699 1.03

2,328,462 Aviva 14,784,806 0.971,355,440 Barratt Developments 6,318,485 0.42

582,141 BHP Billiton 13,780,987 0.906,709,798 BP 43,044,197 2.82

602,218 British American Tobacco 26,225,747 1.725,327,751 BT Group 25,676,865 1.691,623,284 Compass Group 20,432,074 1.341,114,259 Countrywide 7,231,552 0.47

1,383,069 Crest Nicholson Holdings 5,968,265 0.39274,306 easyJet 4,681,712 0.31

1,402,269 Foxtons Group 5,234,676 0.34900,239 GlaxoSmithKline 17,575,433 1.15

5,401,826 HSBC Holdings 39,922,191 2.621,265,984 Jupiter Fund Management 6,309,131 0.414,090,457 Legal & General Group 11,479,072 0.7523,918,336 Lloyds Banking Group 22,202,403 1.46

204,677 Next 16,502,267 1.08577,156 Persimmon 9,148,270 0.60851,756 Persimmon - Interim Crest Entitlements 744,141 0.05625,593 Prudential 10,466,482 0.69312,159 Reckitt Benckiser Group 19,957,212 1.31

450,514 Rio Tinto 17,465,730 1.142,344,411 Royal Bank of Scotland Group 9,642,666 0.631,071,759 Sports Direct International 9,453,769 0.62

7,334,029 Taylor Wimpey 10,448,660 0.691,251,502 Tesco 4,455,919 0.291,828,272 TUI Travel 9,143,284 0.60

418,456,352 27.44

FRANCE344,040 AXA 5,994,037 0.39239,410 Cap Gemini 12,476,852 0.82462,907 Compagnie de Saint-Gobain 19,035,893 1.25170,883 Compagnie Générale des Etablissements Michelin 14,997,546 0.98542,340 Crédit Agricole 5,610,507 0.37129,836 Danone 7,070,219 0.47906,555 GDF Suez 18,235,354 1.19

67,677 Kering 10,863,850 0.712,654,269 Natixis 12,403,399 0.812,049,926 Orange 23,697,145 1.56

738,691 Peugeot 7,885,526 0.5244,793 Renault 2,969,328 0.20

195,872 Sanofi 15,266,264 1.00370,705 Société Générale 14,231,365 0.93188,321 Technip 15,087,337 0.99

329,584 Thalès 14,557,725 0.95821,121 Total 43,182,753 2.83

243,565,100 15.97

GERMANY113,403 Allianz Registered Shares 13,849,341 0.91218,188 Bayer Registered Shares 22,566,094 1.48276,476 Bayerische Motoren Werke 25,596,148 1.6869,909 Continental 11,825,107 0.77

423,236 Daimler Registered Shares 28,871,044 1.89171,704 Deutsche Bank Registered Shares 4,411,505 0.29154,592 Hannover Rueckversicherung Registered Shares 10,157,467 0.67

1,395,906 Infineon Technologies 12,748,112 0.84580,372 K+S Registered Shares 13,975,358 0.92266,398 Merck 16,938,917 1.11125,172 Muenchener Rueckversicherungs Registered Shares 20,284,123 1.33

692,882 Nordex 11,210,831 0.74715,438 ThyssenKrupp 15,281,756 1.00

207,715,803 13.63

SWITZERLAND461,709 Nestlé Registered Shares 26,130,335 1.71458,984 Novartis Registered Shares 30,319,630 1.99137,954 Roche Holding - Genussschein 30,123,084 1.97225,054 SFS Group 12,773,929 0.84

58,625 Swiss Life Holding Registered Shares 10,179,146 0.67

109,526,124 7.18

SPAIN929,091 Acerinox 12,015,470 0.79

3,803,183 Bankia 5,398,618 0.351,948,731 Gamesa Tecnologica 17,764,632 1.17

260,671 Grifols 10,428,795 0.692,744,464 Iberdrola 15,341,554 1.01

713,480 Repsol 13,761,245 0.901,828,708 Telefonica 23,005,147 1.50

97,715,461 6.41

NETHERLANDS1,434,323 Aegon 9,156,001 0.60

775,747 Delta Lloyd 14,318,350 0.941,317,548 ING Groep - CVA 13,547,687 0.89893,629 Royal Dutch Shell - A Shares 26,880,360 1.76371,626 Unilever - CVA 11,903,181 0.78

75,805,579 4.97

DENMARK4,090 AP Moller - Maersk - B Shares 7,435,962 0.49

372,319 GN Store Nord 7,787,803 0.51651,873 Novo Nordisk - B Shares 21,923,924 1.44287,297 Pandora 16,122,676 1.06362,480 Vestas Wind Systems 13,469,658 0.88

66,740,023 4.38

JERSEY3,265,840 Glencore Xstrata 13,314,339 0.873,388,061 Henderson Group 10,184,505 0.67

534,461 Shire 30,674,271 2.01

54,173,115 3.55

ITALY4,944,889 Enel 21,188,849 1.39

662,932 ENI 13,202,291 0.87

34,391,140 2.26

SWEDEN850,294 Electrolux - B Shares 15,605,272 1.02681,547 Swedbank - A Shares 13,162,710 0.87519,775 Telefonaktiebolaget LM Ericsson - B Shares 4,583,923 0.30

33,351,905 2.19

NORWAY674,985 Statoil 15,167,323 1.00418,082 Yara International 15,312,505 1.00

30,479,828 2.00

BELGIUM341,577 Anheuser-Busch InBev 28,757,368 1.89

28,757,368 1.89

FINLAND2,698,140 Nokia 14,974,677 0.98

893,934 UPM-Kymmene 11,178,645 0.74

26,153,322 1.72

Total Shares 1,426,831,120 93.59


1,426,831,120 93.59


Investment Funds

LUXEMBOURG84,762,150 JPMorgan Liquidity Funds - Euro Liquidity Fund

(JPM Euro Liquidity X (flex dist)) 84,762,150 5.56

84,762,150 5.56



84,762,150 5.56

111

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

As at 30 June 2014

Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets


Shares


0 0.00

Total Shares 0 0.00



Cash 10,106,983 0.66


Total Net Assets 1,524,495,249 100.00



SharesFinancials 19.03Consumer Discretionary 14.62Health Care 13.87Energy 12.79Materials 9.87Consumer Staples 8.17Investment Companies 5.56Telecommunication Services 4.75Utilities 3.59Information Technology 3.45Industrials 3.45Total Shares 99.15Cash and Other Assets/(Liabilities) 0.85

Total 100.00


SharesFinancials 19.07Industrials 18.44Consumer Discretionary 17.40Health Care 8.95Energy 7.86Investment Companies 5.41Materials 5.35Telecommunication Services 5.14Consumer Staples 3.42Information Technology 3.15Utilities 0.58Total Shares 94.77Cash and Other Assets/(Liabilities) 5.23

Total 100.00

112

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

As at 30 June 2014

Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets

JPMorgan Funds - Europe Dynamic FundSchedule of Investments - Outstanding Financial Futures Contracts (Expressed in EUR)

As at 30 June 2014

ExpirationDate


NotionalValue


Equity Futures

Sep-14 1,418 DJ Euro Stoxx 50 Index Future EUR 45,808,490 77,990Sep-14 275 FTSE 100 Index Future GBP 22,986,415 (62,638)

Total 15,352

As at 30 June 2014, the counterparty Goldman Sachs held the following collateral in favour of the Sub-Fund:- Cash: EUR 5,796,124.




AmountSold


07-Jul-14 AUD 71,978,980 EUR 48,985,760 517,10607-Jul-14 AUD 392,872 GBP 218,337 (2,291)07-Jul-14 AUD 377,553 NOK 2,114,991 7,92207-Jul-14 AUD 329,249 SEK 2,076,795 (151)07-Jul-14 CHF 299,891 AUD 355,317 2,41707-Jul-14 DKK 23,771 SGD 5,424 707-Jul-14 DKK 6,509,230 USD 1,188,622 3,17407-Jul-14 EUR 3,898,178 AUD 5,666,205 1,29907-Jul-14 EUR 16,846,070 CHF 20,578,368 (88,042)07-Jul-14 EUR 10,103,077 DKK 75,391,949 (8,970)07-Jul-14 EUR 84,578,710 GBP 68,738,894 (1,207,528)07-Jul-14 EUR 2,438,367 HKD 25,690,101 12,94207-Jul-14 EUR 3,099,888 NOK 25,343,665 83,36007-Jul-14 EUR 3,572,404 SEK 32,474,788 29,25107-Jul-14 EUR 9,299 SGD 15,796 3407-Jul-14 EUR 2,757,701 USD 3,746,798 15,63107-Jul-14 GBP 2,733,451 AUD 4,942,278 12,34507-Jul-14 GBP 309,384 EUR 384,129 1,98207-Jul-14 GBP 3,785,126 HKD 49,677,637 33,73207-Jul-14 GBP 22,711 SGD 48,155 10107-Jul-14 GBP 6,778,037 USD 11,476,703 59,84807-Jul-14 HKD 684,018,772 EUR 64,852,924 (274,095)07-Jul-14 HKD 6,686,669 GBP 513,809 (9,940)07-Jul-14 HKD 4,230,952 NOK 3,280,889 8,94007-Jul-14 HKD 3,461,832 SEK 3,008,086 (1,362)07-Jul-14 SGD 4,868 DKK 21,377 (12)07-Jul-14 SGD 888,681 EUR 519,961 1,23807-Jul-14 SGD 19,814 GBP 9,389 (97)07-Jul-14 SGD 8,955 NOK 42,910 14507-Jul-14 USD 1,051,352 DKK 5,770,923 (4,608)07-Jul-14 USD 187,055,712 EUR 137,455,391 (559,859)07-Jul-14 USD 3,736,599 GBP 2,225,519 (42,844)07-Jul-14 USD 145,461 HKD 1,127,848 (26)07-Jul-14 USD 1,456,807 NOK 8,754,169 24,19107-Jul-14 USD 1,376,925 SEK 9,272,970 (4,031)08-Aug-14 CHF 371,340 HKD 3,223,204 1,42108-Aug-14 EUR 836,664 AUD 1,215,214 3,05708-Aug-14 EUR 385,967 HKD 4,072,608 1,59108-Aug-14 EUR 4,284 SGD 7,292 808-Aug-14 EUR 949,091 USD 1,291,885 3,75208-Aug-14 GBP 232,838 AUD 421,974 1,00408-Aug-14 GBP 254,372 HKD 3,353,937 784

Total (1,376,574)



Citibank (693,164)Crédit Suisse (10,291)Deutsche Bank 11,269Goldman Sachs (259,689)HSBC (43,658)RBC 50,754State Street Bank 16,189UBS (447,984)Total (1,376,574)

113


Shares

UNITED KINGDOM43,790 Admiral Group 844,121 0.2297,011 Anglo American 1,730,196 0.4774,767 Antofagasta 710,361 0.1969,540 AstraZeneca 3,766,096 1.0144,276 Awilco Drilling 744,534 0.20578,211 Barclays 1,544,157 0.41

363,026 Barratt Developments 1,692,273 0.455,956 Bellway 116,670 0.03

1,544,455 BP 9,907,873 2.65209,695 British American Tobacco 9,131,922 2.45237,141 British Sky Broadcasting Group 2,683,714 0.72

1,526,530 BT Group 7,357,045 1.9743,868 Dart Group 112,513 0.03

387,257 Debenhams 334,221 0.0981,368 easyJet 1,388,747 0.37

145,943 GlaxoSmithKline 2,849,256 0.76396,411 Hammerson 2,865,852 0.77

1,085,424 HSBC Holdings 8,021,825 2.15459,744 IG Group Holdings 3,352,408 0.90154,159 Imperial Tobacco Group 5,074,618 1.3650,961 Interserve 382,097 0.10

2,092,876 ITV 4,669,083 1.256,294,667 Lloyds Banking Group 5,843,079 1.57

269,923 Lookers 446,794 0.12225,498 Mecom Group 429,547 0.12

76,370 Next 6,157,400 1.6524,466 Persimmon 387,801 0.1024,466 Persimmon - Interim Crest Entitlements 21,375 0.01

168,438 Poundland Group 661,890 0.18196,254 Rio Tinto 7,608,464 2.04

16,475 Rolls-Royce Holdings 219,398 0.0695,371 Standard Chartered 1,428,664 0.3865,798 Stock Spirits Group 245,337 0.0759,760 Trinity Mirror 112,530 0.03

338,669 TUI Travel 1,693,701 0.45146,212 Unilever 4,850,428 1.30

1,440,162 Vodafone Group 3,510,841 0.9477,987 Xchanging 145,636 0.04

103,042,467 27.61

GERMANY46,865 Allianz Registered Shares 5,723,388 1.5363,419 BASF 5,413,446 1.4511,479 Bayerische Motoren Werke 1,062,726 0.287,750 Continental 1,310,912 0.35

88,416 Daimler Registered Shares 6,031,297 1.6212,091 Deutsche Beteiligungs 260,863 0.0737,721 Deutsche Boerse 2,144,627 0.57

98,749 Deutsche Euroshop 3,565,826 0.96137,930 Deutsche Post Registered Shares 3,647,214 0.9846,912 Duerr 3,034,034 0.81

5,491 Fielmann 579,850 0.15200,437 Freenet 4,666,173 1.25

32,734 Hannover Rueckversicherung Registered Shares 2,150,787 0.582,360 Henkel & Co. Non Voting Preference Shares 197,957 0.0522,212 Krones 1,604,928 0.4310,972 Merck 697,655 0.1927,937 Muenchener Rueckversicherungs Registered Shares 4,527,191 1.2120,013 Porsche Automobil Holding Preference Shares 1,523,390 0.4137,604 ProSiebenSat.1 Media Registered Shares 1,224,292 0.3310,847 Siemens Registered Shares 1,047,712 0.28

7,931 Sixt 233,687 0.067,857 Software 209,153 0.068,014 Volkswagen Non Voting Preference Shares 1,532,678 0.418,608 Wincor Nixdorf 355,683 0.10

52,745,469 14.13

FRANCE57,116 BNP Paribas 2,822,102 0.7682,725 Coface 923,211 0.25141,515 Crédit Agricole 1,463,973 0.3936,099 Danone 1,965,771 0.5347,090 Electricite de France 1,089,663 0.2972,373 Elior SCA 1,051,942 0.28

175,330 GDF Suez 3,526,763 0.9516,588 Interparfums 451,525 0.126,760 L’Oréal 854,126 0.23

24,266 Metropole Television 361,078 0.10

768,399 Natixis 3,590,729 0.963,651 Norbert Dentressangle 387,316 0.11

19,742 Orange 228,218 0.0616,542 Pernod Ricard 1,455,861 0.3923,262 Rallye 933,446 0.2552,530 Safran 2,512,904 0.6727,306 Sanofi 2,128,230 0.574,804 Stef 274,260 0.07

153,065 Technicolor Registered Shares 907,063 0.2415,471 Technip 1,239,459 0.332,945 Tessi 294,500 0.08

102,362 Thalès 4,521,330 1.21199,079 Total 10,469,565 2.8124,479 Valeo 2,413,874 0.6446,361 Vinci 2,541,742 0.68

48,408,651 12.97

SWITZERLAND21,642 Actelion Registered Shares 1,995,516 0.548,091 Bobst Group Registered Shares 308,102 0.08

11,496 Cembra Money Bank 529,526 0.14250,768 Crédit Suisse Group Registered Shares 5,247,646 1.41

1,572 Forbo Holding Registered Shares 1,215,333 0.3367,925 GAM Holding 940,439 0.25

3,538 Georg Fischer Registered Shares 1,850,931 0.5038,210 Implenia Registered Shares 1,860,636 0.5022,920 Kardex Registered Shares 835,534 0.2365,554 Kudelski - Bearer Shares 837,485 0.2211,890 Lonza Group Registered Shares 938,310 0.25

169 Metall Zug Registered Shares 360,956 0.1085,745 Nestlé Registered Shares 4,852,722 1.30191,813 Novartis Registered Shares 12,670,810 3.39

5,168 Orior 235,814 0.0612,358 PSP Swiss Property Registered Shares 846,600 0.2341,420 Roche Holding - Genussschein 9,044,306 2.42

1,953 Swiss Life Holding Registered Shares 339,102 0.0978,897 UBS Registered Shares 1,057,940 0.28

8,681 Zurich Insurance Group 1,903,764 0.51

47,871,472 12.83

NETHERLANDS243,213 Aegon 1,552,550 0.4248,855 Airbus Group 2,396,216 0.6522,336 BE Semiconductor Industries 287,185 0.08

329,215 ING Groep - CVA 3,385,153 0.91374,933 Koninklijke Ahold 5,163,765 1.38

85,150 Koninklijke Philips 1,969,945 0.52428,106 Royal Dutch Shell - B Shares 13,554,111 3.63

49,156 Wolters Kluwer 1,060,909 0.28

29,369,834 7.87

SPAIN12,252 Acerinox 158,449 0.04

422 Acerinox 5,458 0.0082,318 Amadeus IT Holding - A Shares 2,490,737 0.67

824,950 Banco de Sabadell 2,048,763 0.55645,923 CaixaBank 2,905,685 0.78

2,189 CaixaBank 9,847 0.0010,744 Endesa 303,249 0.0851,350 Ferrovial 835,079 0.22

200,275 Gas Natural SDG 4,629,857 1.2426,521 Grifols - B Shares 847,346 0.23

741,820 Iberdrola 4,146,774 1.1112,495 Red Eléctrica 833,666 0.22

145,081 Repsol 2,798,250 0.75186,138 Tubacex 679,404 0.19

22,692,564 6.08

SWEDEN25,752 Duni 296,091 0.08

97,904 JM 2,645,544 0.71417,146 Nordea Bank 4,305,816 1.15

203,949 Securitas - B Shares 1,767,482 0.47354,623 Skandinaviska Enskilda Banken - A Shares 3,456,338 0.93

7,809 Svenska Handelsbanken - A Shares 278,326 0.08188,177 Swedbank - A Shares 3,634,261 0.9765,472 Swedish Match 1,655,585 0.45

119,943 Telefonaktiebolaget LM Ericsson - B Shares 1,057,784 0.28

19,097,227 5.12

114

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

As at 30 June 2014

Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets

ITALY239,488 Ascopiave 477,898 0.13227,209 Assicurazioni Generali 3,638,752 0.97

92,616 Azimut Holding 1,736,087 0.47464,467 Enel 1,990,241 0.53

68,868 ENI 1,371,506 0.3745,602 Gtech 814,452 0.22

830,432 Intesa Sanpaolo 1,879,268 0.505,877 Reply 327,202 0.09

2,375,122 Telecom Italia 2,201,144 0.59313,773 UniCredit 1,914,015 0.5149,519 Vittoria Assicurazioni 475,011 0.13

16,825,576 4.51

FINLAND20,021 Aktia Bank 185,795 0.0520,308 Sampo - A Shares 748,451 0.20

284,265 Sponda 1,101,527 0.30409,265 UPM-Kymmene 5,117,859 1.37

7,153,632 1.92

BELGIUM33,650 Anheuser-Busch InBev 2,832,994 0.7621,184 Colruyt 785,662 0.2129,589 Delhaize Group 1,456,075 0.39

5,074,731 1.36

DENMARK868 AP Moller - Maersk - B Shares 1,578,097 0.42

3,971 Dfds 254,724 0.076,999 Pandora 392,773 0.111,431 Ringkjoebing Landbobank 223,316 0.06

17,249 Schouw & Co 614,247 0.16207,063 TDC 1,569,153 0.42

4,632,310 1.24

JERSEY65,617 Shire 3,765,950 1.01

3,765,950 1.01

LUXEMBOURG146,124 ArcelorMittal 1,581,792 0.4212,840 RTL Group 1,045,625 0.28

2,627,417 0.70

AUSTRIA7,613 OMV 250,011 0.072,858 Semperit Holding 125,380 0.03

89,172 UNIQA Insurance Group 833,491 0.2239,932 Voestalpine 1,384,542 0.37

2,593,424 0.69

ISLE OF MAN652,704 Lamprell 1,272,853 0.34

1,272,853 0.34

NORWAY36,740 DNB 488,781 0.13

488,781 0.13

IRELAND51,829 Origin Enterprises 428,548 0.11

428,548 0.11

GIBRALTAR199,036 888 Holdings 298,406 0.08

298,406 0.08

Total Shares 368,389,312 98.70


368,389,312 98.70


Investment Funds

1,900,971 JPMorgan Liquidity Funds - Euro Liquidity Fund (JPMEuro Liquidity X (flex dist)) 1,900,971 0.51

1,900,971 0.51



1,900,971 0.51


Shares


0 0.00

Total Shares 0 0.00



Cash 2,420,578 0.65

Other Assets/(Liabilities) 533,311 0.14




SharesFinancials 26.18Consumer Discretionary 11.53Consumer Staples 11.16Energy 11.15Health Care 10.12Industrials 9.72Materials 6.96Telecommunication Services 5.23Utilities 4.55Information Technology 2.10Investment Companies 0.51Total Shares 99.21Cash and Other Assets/(Liabilities) 0.79

Total 100.00


SharesFinancials 23.22Industrials 12.55Consumer Staples 11.11Energy 10.24Consumer Discretionary 10.00Health Care 9.34Telecommunication Services 7.10Materials 6.71Investment Companies 3.56Utilities 3.44Information Technology 1.03Total Shares 98.30Cash and Other Assets/(Liabilities) 1.70

Total 100.00

115

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

As at 30 June 2014

Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets

JPMorgan Funds - Europe Equity FundSchedule of Investments - Outstanding Financial Futures Contracts (Expressed in EUR)

As at 30 June 2014

ExpirationDate


NotionalValue


Equity Futures

Sep-14 31 DJ Euro Stoxx 50 Index Future EUR 1,001,455 1,705Sep-14 13 FTSE 100 Index Future GBP 1,086,631 (2,961)

Total (1,256)





AmountSold


16-Jul-14 EUR 3,901 USD 5,297 2516-Jul-14 USD 214,617 EUR 158,435 (1,376)

Total (1,351)



Citibank 8Crédit Suisse (6)Deutsche Bank (1,363)Toronto Dominion 10Total (1,351)

116


Shares

UNITED KINGDOM462,797 Afren 830,022 0.76

37,509 Associated British Foods 1,425,726 1.3145,378 Bank of Georgia Holdings 1,318,754 1.21

188,856 Brammer 1,086,021 1.00260,718 BT Group 1,256,519 1.16

248,094 Debenhams 214,117 0.20244,476 Direct Line Insurance Group 821,550 0.75164,402 Domino’s Pizza Group 1,069,536 0.98118,197 Fenner 524,209 0.4847,895 InterContinental Hotels Group 1,430,756 1.3246,217 International Personal Finance 340,471 0.31

620,257 ITV 1,383,757 1.2797,033 Kingfisher 437,552 0.40

1,346,314 Lloyds Banking Group 1,249,728 1.15118,258 Meggitt 745,356 0.68

200,000 Nahl Group 511,400 0.47121,546 Northgate 796,420 0.73363,100 Partnership Assurance Group 583,466 0.5454,094 Persimmon 857,422 0.7954,094 Persimmon - Interim Crest Entitlements 47,259 0.04112,833 Poundland Group 443,386 0.41

1,757,944 Premier Foods 1,157,363 1.0676,670 Prudential 1,282,727 1.1829,938 SABMiller 1,269,475 1.16

285,508 Salamander Energy 491,744 0.45507,404 SIG 1,189,934 1.09503,973 Stock Spirits Group 1,879,132 1.73788,070 Taylor Wimpey 1,122,749 1.03

24,744 Travis Perkins 506,164 0.4793,592 WH Smith 1,244,029 1.14

27,516,744 25.27

FRANCE183,756 Altran Technologies 1,425,671 1.3122,056 BNP Paribas 1,089,787 1.0042,334 Electricite de France 979,609 0.9024,529 Gaztransport Et Technigaz 1,169,788 1.0816,870 Lafarge 1,068,377 0.9813,576 Sanofi 1,058,113 0.9718,371 Schneider Electric 1,268,701 1.17

30,622 Société Générale 1,175,579 1.082,748,053 Solocal Group 1,909,897 1.75

12,218 Sopra Group 970,292 0.8927,587 Thalès 1,218,518 1.12

13,334,332 12.25

GERMANY93,467 Adler Modemaerkte 1,184,227 1.0913,331 Bayer Registered Shares 1,378,759 1.27

20,073 Daimler Registered Shares 1,369,280 1.268,374 HeidelbergCement 520,277 0.4817,167 Henkel & Co. 1,266,152 1.16

35,486 Metro 1,132,358 1.0417,079 Porsche Automobil Holding Preference Shares 1,300,053 1.19

124,655 Sky Deutschland 832,134 0.7641,406 Telefonica Deutschland Holding 251,811 0.23

9,235,051 8.48

SWITZERLAND17,232 Compagnie Financiere Richemont Registered Shares 1,325,138 1.2142,101 Crédit Suisse Group Registered Shares 881,018 0.81

220,945 Logitech International Registered Shares 2,086,330 1.9217,660 Lonza Group Registered Shares 1,393,655 1.28

8,124 Roche Holding - Bearer Shares 1,732,309 1.59589 Sika - Bearer Shares 1,755,051 1.61

9,173,501 8.42

BELGIUM42,572 Ageas 1,244,380 1.1433,470 Arseus 1,395,030 1.2815,454 Barco 901,045 0.8367,912 bpost 1,249,241 1.15

150,067 Econocom Group 1,043,716 0.969,314 Kinepolis Group 1,291,153 1.19

363,595 MDxHealth 1,344,029 1.2363,494 ThromboGenics 604,431 0.55

9,073,025 8.33

NETHERLANDS173,408 Aegon 1,106,950 1.02

29,351 Airbus Group 1,439,593 1.3216,827 ASML Holding 1,145,666 1.0548,234 Koninklijke Philips 1,115,894 1.02

379,580 PostNL 1,307,653 1.2084,097 SBM Offshore 988,560 0.9134,385 Ziggo 1,164,448 1.07

8,268,764 7.59

SWEDEN147,901 Byggmax Group 897,671 0.82573,969 Eniro 2,782,224 2.56110,179 Nordea Bank 1,137,277 1.04

4,817,172 4.42

SPAIN41,525 Distribuidora Internacional de Alimentacion 280,917 0.26

110,727 Let’s GOWEX* 2,199,592 2.02991,548 Liberbank 697,554 0.64

59,156 Repsol 1,140,971 1.051,516 Repsol RFD 29,240 0.02

4,348,274 3.99

ITALY13,549 Banca Generali 270,777 0.2565,542 ENI 1,305,269 1.2090,873 Moncler 1,082,297 0.99

232,051 UniCredit 1,415,511 1.30

4,073,854 3.74

DENMARK52,928 Danske Bank 1,100,707 1.0120,653 OW Bunker 495,158 0.4610,791 Royal UNIBREW 1,236,044 1.14

2,831,909 2.61

GREECE191,405 Ellaktor 787,632 0.7251,049 Folli Follie 1,485,271 1.3744,125 JUMBO 520,454 0.48

2,793,357 2.57

JERSEY273,000 Glencore 1,112,980 1.02130,984 Highland Gold Mining 108,100 0.10

22,297 Petrofac 334,637 0.3118,034 Shire 1,035,024 0.95

2,590,741 2.38

FINLAND200,761 Nokia 1,114,224 1.02185,575 Outokumpu 1,357,945 1.25

2,472,169 2.27

PORTUGAL196,642 CTT-Correios de Portugal 1,411,791 1.30242,169 Portugal Telecom Registered Shares 655,309 0.60

2,067,100 1.90

IRELAND36,658 DCC 1,625,342 1.49

1,625,342 1.49

NORWAY1,945,104 Norske Skogindustrier 1,136,978 1.05

23,361 Petroleum Geo-Services 180,564 0.16

1,317,542 1.21

ISLE OF MAN129,548 Playtech 994,774 0.92

994,774 0.92

CYPRUS108,430 Global Ports Investments Registered Shares GDR 849,106 0.78

849,106 0.78

117

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

As at 30 June 2014

Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets

AUSTRIA7,564 Andritz 318,841 0.29

318,841 0.29

GUERNSEY142,902 Burford Capital 214,915 0.20

214,915 0.20

AUSTRALIA146,732 International Ferro Metals 14,632 0.01

14,632 0.01

Total Shares 107,931,145 99.12


107,931,145 99.12


Investment Funds

LUXEMBOURG950,081 JPMorgan Liquidity Funds - Euro Liquidity Fund (JPM

Euro Liquidity X (flex dist)) 950,081 0.87

950,081 0.87

Total Investment Funds 950,081 0.87


950,081 0.87


Shares

BELGIUM16,646 Nyrstar** 2 0.00

2 0.00

Total Shares 2 0.00



Cash 444,935 0.41



* Please refer to Note 15.** This Security is fair valued.


SharesConsumer Discretionary 26.77Financials 14.63Industrials 13.33Consumer Staples 8.86Information Technology 8.61Health Care 7.84Materials 7.78Energy 5.32Telecommunication Services 5.08Utilities 0.90Investment Companies 0.87Total Shares 99.99Cash and Other Assets/(Liabilities) 0.01

Total 100.00


Shares and RightsConsumer Discretionary 25.49Financials 15.45Industrials 12.31Information Technology 9.55Health Care 8.72Materials 8.28Consumer Staples 6.46Telecommunication Services 4.95Energy 4.74Utilities 0.91Total Shares and Rights 96.86Cash and Other Assets/(Liabilities) 3.14

Total 100.00

118

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

As at 30 June 2014

Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets

JPMorgan Funds - Europe Focus FundSchedule of Investments - Outstanding Financial Futures Contracts (Expressed in EUR)

As at 30 June 2014

ExpirationDate


NotionalValue


Equity Futures

Sep-14 27 DJ Euro Stoxx 50 Index Future EUR 872,235 2,232

Total 2,232

As at 30 June 2014, the counterparty J.P. Morgan held the following collateral in favour of the Sub-Fund:- Cash: EUR 60,952.

119


Shares and Rights

UNITED KINGDOM914,590 Advanced Computer Software Group 1,312,703 0.22

2,152,000 Amerisur Resources 1,708,882 0.29585,000 Ashtead Group 6,364,875 1.08122,000 Bank of Georgia Holdings 3,545,505 0.60120,000 Bellway 2,350,632 0.40245,000 Berendsen 2,976,762 0.51360,000 Bodycote 3,081,132 0.52542,617 Brewin Dolphin Holdings 2,112,277 0.36

2,165,000 Cable & Wireless Communications 1,351,316 0.23520,000 Capital & Counties Properties 2,117,366 0.36818,467 Card Factory 2,097,929 0.36615,000 Carphone Warehouse Group 2,477,327 0.42165,000 Close Brothers Group 2,638,002 0.45280,000 Countrywide 1,817,203 0.31200,000 CSR 1,464,621 0.25

118,152 Dart Group 303,036 0.05138,164 Dialog Semiconductor 3,480,697 0.59

3,778,500 Dixons Retail 2,333,175 0.40408,700 Foxtons Group 1,525,679 0.26142,000 Go-Ahead Group 4,197,626 0.71777,000 Grainger 2,036,975 0.35214,000 Greene King 2,255,566 0.38531,000 Halfords Group 3,145,316 0.54

2,971,000 Hays 5,435,990 0.93817,000 HellermannTyton Group 3,144,185 0.54119,600 Hikma Pharmaceuticals 2,499,530 0.43

1,434,900 Home Retail Group 3,153,719 0.541,070,000 Howden Joinery Group 4,131,865 0.70

369,200 International Personal Finance 2,719,817 0.46364,000 Interserve 2,729,212 0.46195,000 Iomart Group 539,076 0.09

77,630 Jardine Lloyd Thompson Group 996,012 0.17365,952 Jazztel 3,812,305 0.65140,800 JD Sports Fashion 710,738 0.12480,000 Laird 1,689,699 0.29

1,116,000 Man Group 1,463,195 0.25313,000 Micro Focus International 3,385,948 0.58138,000 Ocado Group 637,011 0.11500,000 Pace 2,214,092 0.38680,700 Poundland Group 2,674,863 0.46217,000 Provident Financial 6,168,224 1.05

1,840,000 Quintain Estates & Development 2,026,631 0.34400,000 Restaurant Group 2,961,691 0.50

81,300 Rightmove 2,186,146 0.37339,000 Savills 2,656,002 0.45560,000 Senior 1,984,945 0.34390,000 Soco International 1,981,806 0.34919,000 Songbird Estates 2,874,630 0.49503,000 St Ives 1,365,430 0.23515,000 TalkTalk Telecom Group 2,087,687 0.36882,250 Taylor Wimpey 1,256,926 0.2175,000 Ted Baker 1,697,075 0.29

115,000 Telecom Plus 1,904,631 0.321,581,800 Thomas Cook Group 2,644,456 0.451,275,000 Topps Tiles 1,694,735 0.291,100,000 Trinity Mirror 2,071,343 0.35

120,000 TUI Travel 600,126 0.10494,000 Utilitywise 1,821,908 0.31345,000 WH Smith 4,585,754 0.78

143,202,005 24.37

SWEDEN105,260 AF- B Shares 1,379,663 0.23137,107 BETSSON 3,452,054 0.59291,687 Bilia - A Shares 6,460,845 1.10

249,964 BillerudKorsnas 2,640,835 0.45496,228 Bufab Holding 3,438,201 0.59429,004 Byggmax Group 2,603,800 0.44365,118 Fastighets Balder - B Shares 3,620,378 0.6254,768 Hexpol 3,622,888 0.62

682,317 Husqvarna - B Shares 3,875,102 0.66256,846 JM 6,940,446 1.18394,100 Lindab International 3,371,310 0.57161,393 Loomis - B Shares 3,614,466 0.62164,367 NCC - B Shares 4,133,918 0.70154,883 Nibe Industrier - B Shares 3,545,565 0.60

640,094 Peab 3,649,273 0.62215,896 Recipharm - B Shares 2,179,027 0.37

309,688 Scandi Standard 1,588,175 0.27189,768 Trelleborg - B Shares 2,945,449 0.50

63,061,395 10.73

GERMANY307,881 Aareal Bank 10,354,038 1.76

16,481 Amadeus Fire 910,575 0.1669,729 Bechtle 4,347,254 0.74

195,361 CTS Eventim 4,080,114 0.69107,844 Deutsche Euroshop 3,894,247 0.66153,693 Drillisch 4,473,235 0.76375,540 Freenet 8,742,571 1.49

91,612 Grammer 3,724,257 0.6355,097 Hornbach Holding Preference Shares 4,129,245 0.7089,725 Jungheinrich Preference Shares 4,634,745 0.7968,426 KION Group 2,163,117 0.37

208,273 Sixt 6,136,764 1.0540,635 Takkt 549,792 0.09217,342 Wacker Neuson 3,705,138 0.63

61,845,092 10.52

SWITZERLAND25,339 Autoneum Holding 3,719,892 0.6389,053 Bossard Holding Registered Shares - A Shares 7,778,835 1.3241,460 Bucher Industries Registered Shares 10,324,765 1.7610,685 Burckhardt Compression Holding 4,152,336 0.71

597 Conzzeta 1,893,846 0.3226,665 Daetwyler Holding 2,961,151 0.50

4,701 Forbo Holding Registered Shares 3,634,403 0.6269,962 SFS Group 3,971,001 0.6823,866 Straumann Holding Registered Shares 4,029,981 0.69141,253 Temenos Group Registered Shares 3,998,547 0.68

46,464,757 7.91

ITALY119,793 Banca Generali 2,394,063 0.41430,178 Banca Popolare dell’Emilia Romagna 2,819,817 0.48430,178 Banca Popolare dell’Emilia

Romagna - Rights 18.07.14 261,978 0.04153,356 Brembo 4,104,573 0.70559,657 Credito Emiliano 3,711,925 0.63194,009 Danieli & C Officine Meccaniche 4,495,189 0.76531,848 Datalogic 4,841,146 0.82270,547 De’ Longhi 4,225,944 0.72401,337 Esprinet 3,040,128 0.52301,583 MARR 4,095,497 0.70

13,769 Reply 766,589 0.13711,126 Societa Iniziative Autostradali e Servizi 6,640,139 1.13

1,061,920 Sogefi 4,215,822 0.72

45,612,810 7.76

FRANCE111,822 Alten 3,912,931 0.67

862,901 Altran Technologies 6,694,817 1.1487,981 Faiveley Transport 4,661,233 0.79

124,601 Haulotte Group 1,601,123 0.2747,335 Montupet 2,977,371 0.5057,134 Sopra Group 4,537,297 0.77

759,311 Technicolor Registered Shares 4,499,677 0.77543,838 UBISOFT Entertainment 7,212,651 1.23

36,097,100 6.14

FINLAND297,639 Cramo 5,263,746 0.90212,381 Huhtamaki 4,058,601 0.69425,013 Sanitec 4,057,761 0.69524,323 Tieto 11,283,431 1.92

24,663,539 4.20

BELGIUM75,950 Ackermans & van Haaren 6,984,362 1.19

118,979 Arseus 4,959,045 0.8465,886 Compagnie d’Entreprises CFE 5,025,784 0.85

198,237 Ontex Group 3,737,759 0.64

20,706,950 3.52

120

JPMorgan Funds - Europe Small Cap FundSchedule of Investments (Market Value Expressed in EUR)

As at 30 June 2014

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

SPAIN284,875 Acerinox 3,684,146 0.63

9,823 Acerinox 127,036 0.0296,146 Bolsas y Mercados Españoles 3,336,266 0.57

1,393,356 Sacyr 6,449,148 1.10115,004 Tecnicas Reunidas 5,195,881 0.88

18,792,477 3.20

LUXEMBOURG180,699 APERAM 4,478,173 0.76

20,229 Eurofins Scientific 4,514,607 0.77594,208 SAF-Holland 6,806,653 1.16

15,799,433 2.69

NETHERLANDS179,686 Aalberts Industries 4,294,046 0.73159,837 IMCD Group 3,577,152 0.60

994,569 Koninklijke BAM Groep 3,575,973 0.61595,404 Koninklijke Wessanen 2,564,107 0.44

14,011,278 2.38

JERSEY432,000 Beazley 1,362,752 0.23291,000 Cape 1,073,229 0.18

1,000,000 Henderson Group 3,005,998 0.51510,000 Kentz 5,895,769 1.01800,000 Regus 1,817,203 0.31

13,154,951 2.24

DENMARK97,860 NKT Holding 4,922,761 0.8471,572 Royal UNIBREW 8,198,141 1.39

13,120,902 2.23

NORWAY621,428 Borregaard 3,266,250 0.56350,516 Salmar 4,475,412 0.76187,925 TGS Nopec Geophysical 4,373,803 0.74

12,115,465 2.06

AUSTRIA30,948 AMS 3,753,843 0.6448,374 Flughafen Wien 3,285,804 0.5642,829 Schoeller-Bleckmann Oilfield Equipment 4,013,720 0.68

11,053,367 1.88

MALTA198,808 Unibet Group SDR 7,201,918 1.23

7,201,918 1.23

PORTUGAL475,767 CTT-Correios de Portugal 3,415,769 0.58

3,030,591 Sonae 3,624,587 0.62

7,040,356 1.20

GREECE585,983 JUMBO 6,911,669 1.18

6,911,669 1.18

ISRAEL1,180,000 Plus500 6,864,777 1.17

6,864,777 1.17

FAROE ISLANDS401,261 Bakkafrost 5,672,682 0.97

5,672,682 0.97

CYPRUS873,055 ProSafe 5,228,022 0.89

5,228,022 0.89

IRELAND1,070,000 Greencore Group 3,487,513 0.59

3,487,513 0.59

BERMUDA1,942,421 Archer 2,537,907 0.43

2,537,907 0.43

CAYMAN ISLANDS190,000 Phoenix Group Holdings 1,525,964 0.26

1,525,964 0.26



586,172,329 99.75


Investment Funds

LUXEMBOURG3,732 JPMorgan Liquidity Funds - Euro Liquidity Fund (JPM

Euro Liquidity X (flex dist)) 3,732 0.00

3,732 0.00

Total Investment Funds 3,732 0.00


3,732 0.00


Shares


0 0.00

Total Shares 0 0.00



Cash 15,388 0.00




121

JPMorgan Funds - Europe Small Cap FundSchedule of Investments (Market Value Expressed in EUR) (continued)

As at 30 June 2014

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets


SharesIndustrials 28.19Consumer Discretionary 22.32Financials 14.29Information Technology 9.62Materials 8.21Consumer Staples 5.83Energy 4.38Telecommunication Services 3.81Health Care 3.10Investment Companies 0.00Total Shares 99.75Cash Equivalents, Cash and Other Assets/(Liabilities) 0.25

Total 100.00


SharesConsumer Discretionary 29.32Industrials 26.45Financials 19.82Information Technology 5.98Materials 4.73Telecommunication Services 3.95Consumer Staples 2.97Health Care 2.05Energy 1.68Investment Companies 1.60Total Shares 98.55Cash and Other Assets/(Liabilities) 1.45

Total 100.00

122

JPMorgan Funds - Europe Small Cap FundSchedule of Investments (Market Value Expressed in EUR) (continued)

As at 30 June 2014

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets


Shares and Rights

UNITED KINGDOM81,469 Ashtead Group 886,393 0.3832,260 Associated British Foods 1,226,210 0.5333,612 Atkins (WS) 549,131 0.2439,492 Aviva 250,758 0.1118,664 Bank of Georgia Holdings 542,404 0.2373,179 Barratt Developments 341,129 0.1521,722 Bellway 425,503 0.18

36,204 Berendsen 439,880 0.19183,459 Brewin Dolphin Holdings 714,161 0.31130,175 British American Tobacco 5,668,938 2.4578,126 British Sky Broadcasting Group 884,148 0.3889,032 Britvic 810,057 0.35

487,552 BT Group 2,349,736 1.0264,570 Capita 923,947 0.4034,753 Cenkos Securities 90,653 0.04

182,245 Chesnara 730,134 0.3122,353 Close Brothers Group 357,377 0.15

151,307 Compass Group 1,904,482 0.8246,628 Computacenter 349,173 0.1588,580 Crest Nicholson Holdings 382,243 0.16

322,961 Darty 385,950 0.1713,027 Derwent London 433,376 0.1950,356 easyJet 859,450 0.3796,613 Foxtons Group 360,657 0.1631,809 Go-Ahead Group 940,298 0.4083,951 Great Portland Estates 673,195 0.2961,127 Halfords Group 362,079 0.16

60,455 Hargreaves Lansdown 941,271 0.41449,238 Hays 821,963 0.35

96,239 HellermannTyton Group 370,371 0.1651,294 Hikma Pharmaceuticals 1,071,997 0.46

179,080 Home Retail Group 393,594 0.17143,314 Howden Joinery Group 553,415 0.2443,497 IG Group Holdings 317,176 0.14

507,691 ITV 1,132,629 0.4941,556 James Fisher & Sons 729,224 0.3127,777 Jardine Lloyd Thompson Group 356,386 0.1534,282 Jazztel 357,133 0.1540,708 JD Sports Fashion 205,488 0.0976,642 Jupiter Fund Management 381,951 0.1627,260 Land Securities Group 352,304 0.15

4,098,522 Lloyds Banking Group 3,804,489 1.6434,935 London Stock Exchange Group 876,393 0.38

451,904 Lookers 748,021 0.32150,645 Marshalls 325,739 0.14

72,947 Mecom Group 138,955 0.0623,189 Next 1,869,634 0.81

266,042 OneSavings Bank 552,849 0.2483,138 Pace 368,150 0.1633,591 Persimmon 532,438 0.2333,591 Persimmon - Interim Crest Entitlements 29,347 0.01

207,123 Photo-Me International 358,354 0.1590,736 Poundland Group 356,554 0.1514,602 Provident Financial 415,062 0.18191,522 Prudential 3,204,258 1.3847,729 Reckitt Benckiser Group 3,051,451 1.32

173,830 Reed Elsevier 2,039,906 0.8872,185 Restaurant Group 534,474 0.2313,702 Rightmove 368,445 0.1616,807 Schroders 524,412 0.23

224,578 Skyepharma 685,312 0.30123,167 Smith & Nephew 1,597,942 0.6915,297 Staffline Group 172,018 0.07

274,766 Taylor Wimpey 391,454 0.17281,606 Topps Tiles 374,312 0.16100,291 TSB Banking Group 352,200 0.1540,000 UK Mail Group 295,795 0.1338,844 WH Smith 516,316 0.2221,917 Whitbread 1,205,771 0.52

106,327 Workspace Group 763,051 0.33

58,279,466 25.13

SWITZERLAND18,535 Actelion Registered Shares 1,709,033 0.7416,910 Adecco Registered Shares 1,014,419 0.44

674 APG SGA 160,636 0.072,424 Autoneum Holding 355,855 0.156,051 Bobst Group Registered Shares 230,420 0.104,200 Bossard Holding Registered Shares - A Shares 366,873 0.162,814 Bucher Industries Registered Shares 700,769 0.304,992 Burkhalter Holding 336,232 0.15

870 Comet Holding Registered Shares 452,641 0.19800 Flughafen Zuerich Registered Shares 356,809 0.15

1,343 Forbo Holding Registered Shares 1,038,290 0.456,854 Geberit Registered Shares 1,751,546 0.76

925 Givaudan Registered Shares 1,130,734 0.4919,232 Kardex Registered Shares 701,091 0.3010,394 Lonza Group Registered Shares 820,252 0.35

175 Metall Zug Registered Shares 373,771 0.16150,413 Nestlé Registered Shares 8,512,596 3.6753,220 Novartis Registered Shares 3,515,614 1.5246,501 Roche Holding - Genussschein 10,153,772 4.387,604 Schweizerische National-Versicherungs-Gesellschaft

Registered Shares 379,663 0.166,688 SFS Group 379,607 0.16

500 Sika - Bearer Shares 1,489,857 0.644,255 Swiss Life Holding Registered Shares 738,802 0.32

25,248 Temenos Group Registered Shares 714,713 0.31

37,383,995 16.12

GERMANY15,628 Aareal Bank 525,570 0.2312,024 Amadeus Fire 664,326 0.2956,928 Bayer Registered Shares 5,887,778 2.5417,796 Bayerische Motoren Werke 1,647,554 0.7146,262 Comdirect Bank 351,684 0.1513,751 Continental 2,325,982 1.00

40,082 CTS Eventim 837,113 0.3642,665 Daimler Registered Shares 2,910,393 1.2696,093 Deutsche Post Registered Shares 2,540,939 1.1024,277 Drillisch 706,582 0.306,002 Duerr 388,179 0.179,686 Fielmann 1,022,842 0.44

16,582 Freenet 386,029 0.1815,559 Fuchs Petrolub Preference Shares 510,880 0.2153,240 GFT Technologies 527,795 0.23

9,210 Grammer 374,409 0.1623,037 Henkel & Co. Non Voting Preference Shares 1,932,344 0.83

128,735 Infineon Technologies 1,175,672 0.5133,470 Jenoptik 396,536 0.1713,546 K+S Registered Shares 326,188 0.146,402 Leoni 373,493 0.16

11,444 Merck 727,667 0.312,597 Muenchener Rueckversicherungs Registered Shares 420,844 0.186,638 Nemetschek 469,273 0.20

23,498 Nordex 380,198 0.1631,724 Sixt 934,748 0.4024,243 United Internet Registered Shares 780,503 0.34

29,525,521 12.73

FRANCE20,711 Accor 786,966 0.349,920 Alten 347,126 0.156,186 Assystem 138,226 0.0611,413 Boiron 724,897 0.318,746 Cegid Group 272,525 0.124,187 Euler Hermès Group 365,295 0.16

69,848 Groupe Eurotunnel Registered Shares 690,727 0.3018,713 Groupe Fnac 711,000 0.31

49,104 Haulotte Group 630,986 0.276,506 Imerys 400,737 0.17

19,500 Interparfums 530,790 0.2311,395 Jacquet Metal Service 175,540 0.0825,536 Legrand 1,145,162 0.4920,964 L’Oréal 2,648,801 1.14

4,778 MGI Coutier 695,008 0.309,861 Montupet 620,257 0.27

124,582 Natixis 582,172 0.2524,914 NextRadioTV 573,271 0.256,590 Norbert Dentressangle 699,100 0.30

44,383 Peugeot 473,789 0.20911 Pharmagest Inter@ctive 91,610 0.04

15,493 Plastic Omnium 356,145 0.1525,538 Safran 1,221,674 0.5333,587 Schneider Electric 2,319,518 1.0010,923 Sodexo 859,422 0.378,728 Sopra Group 693,134 0.306,208 Stef 354,415 0.15

14,204 Synergie 271,509 0.12175,147 Technicolor Registered Shares 1,037,921 0.4511,494 Thalès 507,690 0.2214,794 Valeo 1,458,836 0.636,080 Vicat 386,050 0.166,860 Vinci 376,099 0.16

23,146,398 9.98

123

JPMorgan Funds - Europe Strategic Growth FundSchedule of Investments (Market Value Expressed in EUR)

As at 30 June 2014

Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets

NETHERLANDS30,037 Aalberts Industries 717,809 0.3145,464 Airbus Group 2,229,896 0.9613,600 Arcadis 341,768 0.1554,373 BE Semiconductor Industries 699,101 0.3016,146 Brunel International 344,152 0.1514,382 Exact Holding 373,825 0.1617,626 IMCD Group 394,470 0.17

217,242 Unilever - CVA 6,958,261 3.0047,648 USG People 531,871 0.23

12,591,153 5.43

SWEDEN14,857 Avanza Bank Holding 450,258 0.2032,374 Bilia - A Shares 717,082 0.3167,465 Bufab Holding 467,443 0.2061,201 Byggmax Group 371,454 0.1644,881 Clas Ohlson - B Shares 666,005 0.2962,881 Duni 722,992 0.31

100,745 Fastighets Balder - B Shares 998,951 0.4367,000 Hennes & Mauritz - B Shares 2,139,072 0.9227,636 JM 746,775 0.3216,565 Loomis - B Shares 370,980 0.16

45,984 Nibe Industrier - B Shares 1,052,661 0.46162,550 Scandi Standard 833,606 0.3636,372 Skandinaviska Enskilda Banken - A Shares 354,500 0.1518,797 Vitrolife 229,199 0.10

10,120,978 4.37

DENMARK16,147 Coloplast - B Shares 1,065,869 0.465,239 NKT Holding 263,543 0.11

153,006 Novo Nordisk - B Shares 5,145,929 2.2215,123 OW Bunker 362,575 0.16

19,699 Pandora 1,105,478 0.4813,948 Schouw & Co. 496,696 0.2133,534 Vestas Wind Systems 1,246,114 0.54

9,686,204 4.18

BELGIUM61,399 Anheuser-Busch InBev 5,169,182 2.2320,658 bpost 380,004 0.1636,000 Euronav 326,592 0.1428,540 Exmar 339,840 0.15

1,117 Kinepolis Group 154,844 0.0725,862 Melexis 833,920 0.3611,842 Telenet Group Holding 492,775 0.21

7,697,157 3.32

ITALY74,536 ACEA 794,926 0.34

181,140 Ascopiave 361,465 0.1652,783 Autogrill 344,937 0.1518,620 Azimut Holding 349,032 0.1530,143 Brembo 806,777 0.35

143,220 Cementir Holding 802,390 0.355,797 Cosmo Pharmaceuticals 721,037 0.31

90,971 Esprinet 689,105 0.3014,420 Industria Macchine Automatiche 492,659 0.2138,453 Moncler 457,975 0.208,063 Reply 448,908 0.19

84,931 Unipol Gruppo Finanziario 346,009 0.1575,930 Vittoria Assicurazioni 728,359 0.31

7,343,579 3.17

SPAIN34,360 Amadeus IT Holding - A Shares 1,039,648 0.4561,510 Bankinter 349,807 0.1511,404 Bolsas y Mercados Españoles 395,719 0.1753,369 CIE Automotive 547,032 0.2427,586 Ferrovial 448,617 0.2017,612 Gas Natural SDG 407,145 0.17

33,426 Grifols 1,337,291 0.5813,430 Grupo Catalana Occidente 355,626 0.1535,372 Let’s GOWEX* 702,665 0.3012,061 Red Eléctrica 804,710 0.355,300 Vidrala 194,351 0.08

6,582,611 2.84

JERSEY114,791 Beazley 362,110 0.16

280,377 Henderson Group 842,813 0.3685,422 Kentz 987,507 0.4357,667 Shire 3,309,677 1.42

5,502,107 2.37

FINLAND20,720 Elisa 468,479 0.2018,813 Huhtamaki 359,516 0.16

239,696 Nokia 1,330,313 0.5718,000 Orion - B Shares 489,150 0.2121,827 Sampo - A Shares 804,434 0.3574,526 Sanitec 711,528 0.31

4,163,420 1.80

NORWAY38,530 ABG Sundal Collier Holding 25,366 0.0184,363 Borregaard 443,415 0.1927,052 DNB 359,894 0.16

170,982 Hexagon Composites 747,041 0.3214,000 Leroy Seafood Group 371,256 0.16173,973 Protector Forsikring 726,971 0.3249,568 Veidekke 404,959 0.17

3,078,902 1.33

IRELAND16,470 DCC 730,247 0.3152,529 Grafton Group 377,628 0.16

286,269 Greencore Group 933,053 0.40699,827 Independent News & Media 108,823 0.05

38,926 Origin Enterprises 321,860 0.1463,547 Ryanair Holdings 441,493 0.20

2,913,104 1.26

AUSTRIA2,900 AMS 351,756 0.1511,350 Flughafen Wien 770,949 0.344,582 Semperit Holding 201,012 0.09

29,304 Zumtobel 497,435 0.21

1,821,152 0.79

LUXEMBOURG31,206 APERAM 773,363 0.34

102,082 B&M European Value Retail 351,005 0.15

1,124,368 0.49

ISLE OF MAN156,460 Optimal Payments 774,263 0.33

774,263 0.33

ISRAEL103,948 Plus500 604,729 0.26

604,729 0.26

PORTUGAL380,739 Sonae 455,364 0.20

455,364 0.20

BERMUDA24,414 Avance Gas Holding 457,043 0.20

457,043 0.20

GREECE34,046 JUMBO 401,573 0.17

401,573 0.17

SINGAPORE21,496 XP Power 394,248 0.17

394,248 0.17

UNITED STATES OF AMERICA4,847 Autoliv 376,291 0.16

376,291 0.16

124

JPMorgan Funds - Europe Strategic Growth FundSchedule of Investments (Market Value Expressed in EUR) (continued)

As at 30 June 2014

Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets

LIBERIA9,257 Royal Caribbean Cruises 374,529 0.16

374,529 0.16

MALTA9,247 Unibet Group SDR 334,977 0.14

334,977 0.14



225,133,132 97.10


Cash 1,195,230 0.51



* Please refer to Note 15.


Shares and RightsConsumer Discretionary 20.06Consumer Staples 16.81Health Care 16.74Industrials 15.64Financials 12.63Materials 5.31Information Technology 4.86Telecommunication Services 2.36Energy 1.50Utilities 1.19Total Shares and Rights 97.10Cash and Other Assets/(Liabilities) 2.90

Total 100.00


SharesIndustrials 21.24Financials 20.33Consumer Discretionary 20.24Health Care 12.43Consumer Staples 7.95Information Technology 7.85Materials 4.43Telecommunication Services 2.42Energy 1.72Investment Companies 0.44Utilities 0.32Total Shares 99.37Cash and Other Assets/(Liabilities) 0.63

Total 100.00

125

JPMorgan Funds - Europe Strategic Growth FundSchedule of Investments (Market Value Expressed in EUR) (continued)

As at 30 June 2014

Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets

JPMorgan Funds - Europe Strategic Growth FundSchedule of Investments - Outstanding Financial Futures Contracts (Expressed in EUR)

As at 30 June 2014

ExpirationDate


NotionalValue


Equity Futures

Sep-14 65 DJ Euro Stoxx 50 Index Future EUR 2,099,825 4,775Sep-14 26 FTSE 100 Index Future GBP 2,173,261 (10,977)

Total (6,202)


126


Shares

UNITED KINGDOM245,626 Aberdeen Asset Management 1,384,274 0.06175,566 Admiral Group 3,384,312 0.16

2,259,695 Afren 4,052,739 0.19537,002 Alent 2,453,008 0.12330,113 Amec 5,007,946 0.24829,013 AstraZeneca 44,897,076 2.11

2,051,000 Aviva 13,023,032 0.61187,092 Awilco Drilling 3,146,093 0.15

2,228,228 BAE Systems 12,013,939 0.5653,259 Bank of Georgia Holdings 1,547,787 0.07

1,498,000 BHP Billiton 35,462,059 1.66138,599 Bovis Homes Group 1,372,184 0.06

12,091,000 BP 77,565,283 3.632,459,109 Brit 7,444,253 0.35

104,115 British American Tobacco 4,534,062 0.21454,872 British Sky Broadcasting Group 5,147,766 0.24

3,445,200 BT Group 16,603,992 0.78158,737 Close Brothers Group 2,537,870 0.12

1,142,414 Cobham 4,464,964 0.211,024,929 Connect Group 2,360,110 0.11

183,396 Daily Mail & General Trust - A Shares 1,923,843 0.09336,465 Dart Group 862,966 0.04

1,012,217 Direct Line Insurance Group 3,401,507 0.165,473,911 Dixons Retail 3,380,069 0.16

113,782 easyJet 1,941,972 0.09460,594 esure Group 1,519,061 0.071,011,148 GKN 4,577,247 0.22405,861 GlaxoSmithKline 7,923,654 0.3766,266 Go-Ahead Group 1,958,873 0.09131,892 Greene King 1,390,145 0.07

584,902 Halfords Group 3,464,598 0.16546,725 Hammerson 3,952,547 0.19885,876 Hays 1,620,873 0.08

10,465,580 HSBC Holdings 77,345,861 3.62734,584 Imperial Tobacco Group 24,181,096 1.13333,694 Intermediate Capital Group 1,619,677 0.08314,823 Interserve 2,360,491 0.11515,266 John Wood Group 5,218,697 0.24

2,399,879 Kcom Group 2,744,387 0.133,687,881 Legal & General Group 10,349,320 0.487,031,742 Lloyds Banking Group 6,527,276 0.312,682,941 Man Group 3,517,622 0.17

485,993 Micro Focus International 5,257,338 0.25361,691 Mitchells & Butlers 1,751,280 0.08

1,050,695 Mitie Group 4,136,654 0.19337,604 Mondi 4,483,232 0.21

1,429,855 National Express Group 4,674,686 0.223,408,626 Old Mutual 8,425,511 0.391,080,939 Pace 4,786,597 0.22

487,484 Paragon Group of Companies 2,135,549 0.101,265,457 Premier Farnell 3,227,484 0.15

165,806 Prudential 2,774,017 0.132,020,242 QinetiQ Group 5,200,432 0.241,800,877 Quintain Estates & Development 1,983,539 0.09

431,647 Rexam 2,863,347 0.13895,430 Rio Tinto 34,714,434 1.63351,173 Rolls-Royce Holdings 4,676,572 0.22

365,674 Savills 2,864,988 0.131,239,333 Spirit Pub 1,148,488 0.05340,000 Stagecoach Group 1,605,728 0.08364,251 Synthomer 1,060,387 0.05595,042 Tate & Lyle 5,081,647 0.24

1,051,004 Thomas Cook Group 1,757,070 0.081,462,365 Trinity Mirror 2,753,690 0.13600,000 TT Electronics 1,539,817 0.08

1,274,559 TUI Travel 6,374,136 0.30905,911 Vesuvius 5,183,458 0.24

17,211,565 Vodafone Group 41,958,527 1.97378,843 WH Smith 5,035,596 0.24

587,638,735 27.54

FRANCE184,355 ABC Arbitrage 942,054 0.04225,711 Alstom 6,040,026 0.28

109,606 Alten 3,835,388 0.1884,336 Assystem 1,884,488 0.09

1,159,014 AXA 20,192,921 0.95745,000 BNP Paribas 36,810,450 1.72

175,215 CNP Assurances 2,654,069 0.12435,739 Coface 4,862,847 0.23

167,645 Compagnie Générale des Etablissements Michelin 14,713,363 0.69809,771 Crédit Agricole 8,377,081 0.39

95,327 Eiffage 4,722,261 0.2222,817 Euler Hermès Group 1,990,669 0.09

161,385 Faurecia 4,446,964 0.211,119,831 GDF Suez 22,525,401 1.06

86,042 Groupe Steria 1,648,135 0.08316,932 Metropole Television 4,715,948 0.2249,713 Montupet 3,126,948 0.15

855,211 Natixis 3,996,401 0.191,529,950 Orange 17,686,222 0.82

103,297 Rallye 4,145,050 0.19128,923 Renault 8,546,306 0.40

605,000 Sanofi 47,153,700 2.21140,713 SCOR 3,557,928 0.17286,731 Société Générale 11,007,603 0.52913,048 Technicolor Registered Shares 5,410,722 0.25

72,425 Thalès 3,199,012 0.151,352,256 Total 71,115,143 3.33322,406 UBISOFT Entertainment 4,275,910 0.20

51,064 Valeo 5,035,421 0.24383,728 Vinci 21,037,888 0.99

56,579 Wendel 5,911,091 0.28

355,567,410 16.66

GERMANY51,082 Aareal Bank 1,717,888 0.08

320,000 Allianz Registered Shares 39,080,000 1.83621,070 BASF 53,014,535 2.49101,803 BayWa 4,161,452 0.2067,610 CENTROTEC Sustainable 1,230,840 0.0630,908 Continental 5,228,088 0.24

433,500 Daimler Registered Shares 29,571,203 1.3961,270 Deutsche Beteiligungs 1,321,900 0.06

2,377,515 Deutsche Telekom Registered Shares 30,598,618 1.4369,983 Duerr 4,526,151 0.21

218,437 Freenet 5,085,213 0.2453,944 Hannover Rueckversicherung Registered Shares 3,544,391 0.17

123,435 Indus Holding 4,491,491 0.2171,545 KION Group 2,261,716 0.11

43,450 Krones 3,139,480 0.1558,278 Leoni 3,399,939 0.16

104,784 Merck 6,662,691 0.31121,264 Muenchener Rueckversicherungs Registered Shares 19,650,831 0.92115,417 Porsche Automobil Holding Preference Shares 8,785,542 0.41

282,091 ProSiebenSat.1 Media Registered Shares 9,184,178 0.43400,386 RWE 12,598,145 0.59537,100 Siemens Registered Shares 51,878,489 2.43102,401 Sixt 3,017,245 0.14154,804 Software 4,120,882 0.19

75,579 Talanx 1,911,771 0.09134,601 Volkswagen Non Voting Preference Shares 25,742,441 1.2185,020 Wincor Nixdorf 3,513,026 0.16

339,438,146 15.91

NETHERLANDS1,519,583 Aegon 9,700,258 0.45

150,229 BinckBank 1,386,539 0.06185,641 Delta Lloyd 3,426,469 0.16

1,487,526 ING Groep - CVA 15,295,486 0.72925,200 Koninklijke Ahold 12,742,317 0.60

1,387,905 PostNL 4,781,333 0.223,940,300 Royal Dutch Shell - B Shares 124,752,426 5.85

410,782 Wolters Kluwer 8,865,703 0.42

180,950,531 8.48

SWITZERLAND81,356 Adecco Registered Shares 4,880,487 0.23

108,578 Ascom Holding Registered Shares 1,337,996 0.0616,000 Autoneum Holding 2,348,880 0.1184,765 Baloise Holding Registered Shares 7,296,159 0.3493,767 Cembra Money Bank 4,319,069 0.20

3,777 Forbo Holding Registered Shares 2,920,047 0.14369,233 GAM Holding 5,112,127 0.24

8,869 Georg Fischer Registered Shares 4,639,883 0.2214,068 Helvetia Holding Registered Shares 4,718,883 0.2279,906 Implenia Registered Shares 3,891,022 0.1855,859 Kardex Registered Shares 2,036,305 0.1014,986 Komax Holding Registered Shares 1,823,895 0.09

247,401 Kudelski - Bearer Shares 3,160,670 0.1515,645 Kuoni Reisen Holding Registered - B Shares 4,394,944 0.20

517,245 Logitech International Registered Shares 4,884,218 0.2360,371 Lonza Group Registered Shares 4,764,233 0.2242,302 Orior 1,930,227 0.09

127

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

As at 30 June 2014

Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets

51,472 Schweizerische National-Versicherungs-GesellschaftRegistered Shares 2,569,963 0.12

47,507 Swiss Life Holding Registered Shares 8,248,711 0.39288,919 Swiss Re 18,764,489 0.88

25,268 Swisscom Registered Shares 10,755,173 0.506,047 Valora Holding Registered Shares 1,135,787 0.05

112,955 Zurich Insurance Group 24,771,295 1.16

130,704,463 6.12

SWEDEN166,196 Betsson 4,184,451 0.19

407,704 Electrolux - B Shares 7,482,508 0.35520,124 Eniro 2,521,219 0.12357,422 FinnvedenBulten 3,085,825 0.14

348,000 Hemfosa Fastigheter 4,281,264 0.20201,900 Intrum Justitia 4,378,443 0.2060,250 JM 1,628,065 0.08

343,072 Klovern 1,270,871 0.06320,900 Lindab International 2,745,124 0.13166,756 NCC - B Shares 4,194,002 0.20175,645 Nolato - B Shares 2,898,728 0.14

2,325,100 Nordea Bank 23,999,877 1.12763,784 Securitas - B Shares 6,619,178 0.31

1,085,643 Skandinaviska Enskilda Banken - A Shares 10,581,234 0.50478,923 Skanska - B Shares 7,963,920 0.37340,011 Svenska Handelsbanken - A Shares 12,118,584 0.57618,282 Swedbank - A Shares 11,940,874 0.56

111,894,167 5.24

ITALY4,742,652 A2A 4,002,798 0.19

292,253 ACEA 3,116,878 0.151,270,652 Ascopiave 2,535,586 0.12900,000 Assicurazioni Generali 14,413,500 0.68350,000 Atlantia 7,278,250 0.34

72,425 Danieli & C Officine Meccaniche 1,678,087 0.085,170,768 Enel 22,156,741 1.04

533,663 Esprinet 4,042,497 0.19637,160 Fiat 4,579,588 0.21241,719 Gtech 4,317,101 0.20

4,092,832 Iren 4,610,575 0.21187,159 Mediobanca 1,359,242 0.06216,215 Pirelli & C. 2,531,878 0.12

1,742,549 Snam 7,712,522 0.3647,846 Societa Cattolica di Assicurazioni 783,478 0.04182,738 Societa Iniziative Autostradali e Servizi 1,706,316 0.08

14,568,865 Telecom Italia 13,501,696 0.631,054,665 UnipolSai 2,465,807 0.12

102,792,540 4.82

SPAIN83,720 Acciona 5,541,008 0.26

260,948 ACS Actividades de Construccion y Servicios 8,703,921 0.41240,705 Cie Automotive 2,467,226 0.12351,204 Enagas 8,231,344 0.39173,874 Endesa 4,907,594 0.23

444,708 Gas Natural SDG 10,280,537 0.48176,912 Grupo Catalana Occidente 4,684,630 0.22

4,036,212 Iberdrola 22,562,425 1.06371,075 Indra Sistemas 4,849,950 0.23

2,196,954 Mapfre 6,408,515 0.30825,307 Prosegur Cia de Seguridad 4,336,988 0.20145,158 Red Eléctrica 9,684,942 0.45

1,006,215 Sacyr 4,657,266 0.22382,617 Tubacex 1,396,552 0.06

98,712,898 4.63

BELGIUM300,600 Ageas 8,786,538 0.41285,963 Belgacom 6,954,620 0.33272,135 bpost 5,005,923 0.24155,603 Delhaize Group 7,657,224 0.36257,468 Econocom Group 1,790,690 0.0889,298 Elia System Operator 3,300,454 0.15

192,956 KBC Groep 7,689,297 0.36

41,184,746 1.93

FINLAND133,014 Cramo 2,352,353 0.11

414,300 Sampo - A Shares 15,269,027 0.72282,155 Sanitec 2,693,842 0.13

342,078 Sponda 1,325,552 0.06

805,521 Stora Enso - R Shares 5,763,503 0.27222,216 Tieto 4,782,088 0.22

669,742 UPM-Kymmene 8,375,124 0.39

40,561,489 1.90

DENMARK5,255 AP Moller - Maersk - B Shares 9,554,030 0.45

76,286 Auriga Industries - B Shares 2,862,393 0.1367,316 Dfds 4,318,050 0.20

115,254 Schouw & Co 4,104,260 0.19188,168 Spar Nord Bank 1,520,608 0.07

1,197,039 TDC 9,071,333 0.4385,318 Topdanmark 1,893,882 0.0916,697 Tryg 1,230,050 0.06

34,554,606 1.62

AUSTRIA300,000 Austria Technologie & Systemtechnik 2,956,050 0.14

152,187 CA Immobilien Anlagen 2,104,366 0.101,821,127 Immofinanz 4,675,744 0.22

212,793 Polytec Holding 1,733,731 0.08108,790 RHI 2,664,811 0.11217,008 S IMMO 1,281,758 0.07209,413 UNIQA Insurance Group 1,957,383 0.09194,898 Voestalpine 6,757,601 0.32

24,131,444 1.13

NORWAY817,185 DNB 10,871,658 0.51151,864 SpareBank 1 Nord Norge 639,105 0.03156,894 SpareBank 1 SMN 1,010,956 0.05497,483 Storebrand 2,047,117 0.09100,000 Yara International 3,662,560 0.17

18,231,396 0.85

LUXEMBOURG752,913 ArcelorMittal 8,150,283 0.38369,031 SAF-Holland 4,227,250 0.20

12,377,533 0.58

PORTUGAL1,508,933 EDP - Energias de Portugal 5,517,414 0.261,137,677 REN - Redes Energeticas Nacionais SGPS 3,058,076 0.14

8,575,490 0.40

JERSEY253,877 Atrium European Real Estate 1,118,455 0.05

640,000 UBM 5,315,818 0.25

6,434,273 0.30

ISLE OF MAN611,508 Playtech 4,695,651 0.22

4,695,651 0.22

FAROE ISLANDS274,802 Bakkafrost 3,884,914 0.18

3,884,914 0.18

MALTA95,154 Unibet Group SDR 3,447,001 0.16

3,447,001 0.16

IRELAND37,786 DCC 1,675,356 0.0865,886 FBD Holdings 993,890 0.05

2,669,246 0.13

BERMUDA294,792 Catlin Group 1,965,632 0.09

1,965,632 0.09

CANADA771,681 Ithaca Energy 1,459,125 0.07

1,459,125 0.07

Total Shares 2,111,871,436 98.96


2,111,871,436 98.96

128

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

As at 30 June 2014

Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets


Investment Funds

LUXEMBOURG17,990,959 JPMorgan Liquidity Funds - Euro Liquidity Fund (JPM

Euro Liquidity X (flex dist)) 17,990,959 0.85

17,990,959 0.85


Transferable Securities Dealt in on AnotherRegulated Market

17,990,959 0.85


Shares


0 0.00

Total Shares 0 0.00



Cash 785,654 0.04


Total Net Assets 2,134,010,575 100.00



SharesFinancials 27.88Energy 13.70Industrials 12.45Consumer Discretionary 11.71Materials 8.73Telecommunication Services 7.26Utilities 6.88Health Care 5.00Consumer Staples 2.81Information Technology 2.54Investment Companies 0.85Total Shares 99.81Cash and Other Assets/(Liabilities) 0.19

Total 100.00


SharesFinancials 32.14Energy 11.63Consumer Discretionary 10.43Industrials 9.20Materials 7.95Telecommunication Services 7.70Health Care 7.18Utilities 5.71Consumer Staples 3.48Information Technology 2.13Investment Companies 1.31Total Shares 98.86Cash and Other Assets/(Liabilities) 1.14

Total 100.00

129

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

As at 30 June 2014

Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets


Shares and Rights

GERMANY11,911 Bechtle 742,591 0.47

256,852 GFT Technologies 2,546,302 1.60875,617 Infineon Technologies 7,996,572 5.0491,798 Jenoptik 1,087,577 0.6821,446 Merck 1,363,644 0.86

133,393 Nordex 2,158,299 1.36144,071 SAP 8,185,394 5.1562,569 Softing 1,021,439 0.6452,868 Software 1,407,346 0.89

134,384 United Internet Registered Shares 4,326,493 2.7222,907 Wincor Nixdorf 946,517 0.60

31,782,174 20.01

UNITED KINGDOM36,871 Accesso Technology Group 233,541 0.15

927,548 Advanced Computer Software Group 1,331,301 0.84335,533 ARM Holdings 3,691,472 2.3264,656 Betfair Group 805,546 0.51

490,650 BT Group 2,364,666 1.49168,445 Dialog Semiconductor 4,243,551 2.67

1,110,035 Innovation Group 469,308 0.30215,173 Iomart Group 594,845 0.3792,631 Jazztel 964,983 0.61

138,374 Micro Focus International 1,496,892 0.94100,321 Nanoco Group 132,251 0.08

266,264 Pace 1,179,066 0.74473,717 Sage Group 2,282,763 1.44384,941 Servelec Group 1,261,747 0.79223,117 TalkTalk Telecom Group 904,463 0.57

21,956,395 13.82

FRANCE2,034,892 Alcatel-Lucent 5,382,289 3.39

10,804 Atos 659,584 0.4236,109 Blue Solutions 1,245,399 0.78

115,598 Cap Gemini 6,024,390 3.79268,901 SOITEC 607,716 0.38268,901 SOITEC - Rights 11.07.14 50,822 0.03421,398 Technicolor Registered Shares 2,497,205 1.5854,589 Teleperformance 2,416,928 1.52

18,884,333 11.89

SWEDEN44,720 AddTech - B Shares 608,721 0.38131,218 Byggmax Group 796,415 0.5064,411 CDON Group 178,162 0.11

190,778 Hexagon - B Shares 4,493,209 2.8311,748 HMS Networks 207,661 0.1345,207 Nolato - B Shares 746,066 0.47

1,083,772 Telefonaktiebolaget LM Ericsson - B Shares 9,557,843 6.02

16,588,077 10.44

FINLAND2,682,004 Nokia 14,885,122 9.37

14,885,122 9.37

NETHERLANDS117,853 ASML Holding 8,024,022 5.0592,821 BE Semiconductor Industries 1,193,446 0.7514,448 Bravofly Rumbo Group 370,350 0.2314,455 Gemalto 1,091,425 0.69

399,904 STMicroelectronics 2,614,972 1.65

13,294,215 8.37

SPAIN434,589 Abengoa - B Shares 1,669,256 1.05314,585 Amadeus IT Holding - A Shares 9,518,556 5.99206,159 Gamesa Tecnologica 1,879,345 1.19

13,067,157 8.23

SWITZERLAND12,779 Kardex Registered Shares 465,851 0.2917,195 Leonteq 3,039,362 1.91

142,020 Logitech International Registered Shares 1,341,060 0.85106,989 Temenos Group Registered Shares 3,028,612 1.91

4,288 U-Blox 415,844 0.26

8,290,729 5.22

AUSTRIA22,344 AMS 2,710,219 1.7189,306 Austria Technologie & Systemtechnik 879,977 0.5561,443 Zumtobel 1,042,995 0.66

4,633,191 2.92

ITALY42,064 Ei Towers 1,662,159 1.0564,851 ERG 732,492 0.45

138,685 Esprinet 1,050,539 0.6612,530 Reply 697,608 0.44

4,142,798 2.60

DENMARK63,055 Vestas Wind Systems 2,343,107 1.48

2,343,107 1.48

BRITISH VIRGIN ISLANDS925,259 SafeCharge International Group 2,251,853 1.42

2,251,853 1.42

NORWAY101,550 Atea 844,753 0.53345,823 IDEX 192,264 0.12

1,362,476 REC Silicon 575,818 0.37

1,612,835 1.02

PORTUGAL254,295 ZON OPTIMUS 1,208,537 0.76

1,208,537 0.76

BELGIUM31,486 Melexis 1,015,266 0.64

1,015,266 0.64

ISLE OF MAN186,692 Optimal Payments 923,870 0.57

923,870 0.57



156,879,659 98.76


Cash 201,091 0.13



130

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

As at 30 June 2014

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets


Shares and RightsInformation Technology 75.47Industrials 7.48Consumer Discretionary 6.61Energy 3.29Telecommunication Services 2.67Financials 1.91Health Care 0.86Materials 0.47Total Shares and Rights 98.76Cash and Other Assets/(Liabilities) 1.24

Total 100.00


SharesInformation Technology 72.72Consumer Discretionary 7.57Industrials 5.57Telecommunication Services 4.80Energy 2.91Financials 2.15Health Care 1.92Consumer Staples 1.08Materials 0.52Total Shares 99.24Cash and Other Assets/(Liabilities) 0.76

Total 100.00

131

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

As at 30 June 2014

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

JPMorgan Funds - Europe Technology FundSchedule of Investments - Outstanding Forward Foreign Exchange Contracts (Expressed in EUR)

As at 30 June 2014



AmountSold


07-Jul-14 CHF 11,986 USD 13,389 6507-Jul-14 EUR 23,693 CHF 28,933 (117)07-Jul-14 EUR 6,373 DKK 47,554 (6)07-Jul-14 EUR 47,822 GBP 38,866 (683)07-Jul-14 EUR 3,963 NOK 32,404 10607-Jul-14 EUR 35,113 SEK 319,503 25307-Jul-14 EUR 111,570 USD 151,625 60407-Jul-14 GBP 11,634 USD 19,739 7307-Jul-14 USD 63,449 CHF 56,858 (354)07-Jul-14 USD 11,987 DKK 65,728 (43)07-Jul-14 USD 1,119,086 EUR 822,531 (3,534)07-Jul-14 USD 104,503 GBP 62,338 (1,319)07-Jul-14 USD 7,906 NOK 47,225 16507-Jul-14 USD 85,082 SEK 567,354 36608-Aug-14 EUR 8,829 USD 12,021 3308-Aug-14 SEK 48,555 USD 7,198 28

Total (4,363)



Citibank (688)Crédit Suisse (797)RBC 242State Street Bank (27)UBS (653)Westpac Banking (2,440)Total (4,363)

132


Bonds

UNITED STATES OF AMERICA19,000 AES 15.10.17/8.000% 22,215 0.00

500,000 AES 01.06.20/8.000% 602,605 0.0211,665,000 Aetna 15.11.22/2.750% 11,281,513 0.3710,365,000 Air Lease 01.04.21/3.875% 10,605,157 0.35

2,555,000 Allegheny Technologies 15.08.23/5.875% 2,805,237 0.09600,000 Ally Financial 01.12.17/6.250% 672,579 0.02

10,240,000 Altria Group 09.08.22/2.850% 9,862,144 0.325,550,000 Altria Group 09.08.42/4.250% 5,137,246 0.17

300,000 American Axle & Manufacturing 15.03.21/6.250% 323,676 0.012,170,000 American International Group 16.01.18/5.850% 2,473,279 0.08

165,000 American International Group 15.08.20/3.375% 172,074 0.01220,000 American International Group 15.12.20/6.400% 265,396 0.01

11,365,000 American International Group 01.06.22/4.875% 12,658,223 0.427,325,000 Anheuser-Busch InBev

Worldwide 15.01.20/5.375% 8,429,537 0.282,165,000 Anheuser-Busch InBev

Worldwide 15.07.22/2.500% 2,077,534 0.071,000,000 Arch Coal 15.06.21/7.250% 734,365 0.023,000,000 AT&T 17.12.21/2.650% 4,380,685 0.14

15,900,000 AT&T 15.12.42/4.300% 15,066,681 0.491,300,000 AT&T 01.06.43/4.250% 2,070,222 0.075,185,000 AT&T 15.06.44/4.800% 5,278,278 0.17

5,090,000 Baltimore Gas & Electric 15.08.22/2.800% 4,996,929 0.165,555,000 Baltimore Gas & Electric 01.07.23/3.350% 5,642,674 0.19

26,375,000 Bank of America 09.10.15/1.500% 26,612,902 0.8732,850,000 Bank of America 22.03.17/3.875% 35,027,134 1.1515,300,000 Bank of America 10.01.19/1.875% 21,463,772 0.707,665,000 Bank of America 11.01.23/3.300% 7,561,714 0.255,925,000 Bank of America 21.01.44/5.000% 6,263,554 0.215,480,000 Berkshire Hathaway 11.02.43/4.500% 5,607,136 0.182,805,000 Burlington Northern Santa Fe 01.03.41/5.050% 3,046,258 0.102,015,000 Burlington Northern Santa Fe 15.03.43/4.450% 2,010,114 0.071,675,000 Burlington Northern Santa Fe 01.04.44/4.900% 1,789,335 0.066,194,000 Capital One Bank USA 15.02.23/3.375% 6,143,798 0.201,000,000 Case New Holland 01.12.17/7.875% 1,168,165 0.042,340,000 CF Industries 01.06.43/4.950% 2,359,235 0.083,895,000 CF Industries 15.03.44/5.375% 4,164,339 0.142,200,000 Cigna 15.02.42/5.375% 2,494,140 0.089,215,000 Citigroup 15.01.16/1.250% 9,267,525 0.305,360,000 Citigroup 25.07.16/1.700% 5,428,367 0.18

20,900,000 Citigroup 10.01.17/4.450% 22,517,451 0.743,435,000 Citigroup 01.05.18/1.750% 3,414,064 0.11

11,830,000 Citigroup 26.09.18/2.500% 12,030,223 0.393,550,000 Citigroup 02.08.19/5.000% 5,730,484 0.192,005,000 Citigroup 13.09.43/6.675% 2,494,501 0.082,365,000 Citigroup 06.05.44/5.300% 2,467,286 0.081,000,000 Constellation Brands 01.09.16/7.250% 1,118,440 0.041,275,000 Continental Rubber of

America 144A 15.09.19/4.500% 1,355,943 0.049,550,000 CVS Caremark 01.12.22/2.750% 9,221,146 0.303,105,000 CVS Caremark 05.12.43/5.300% 3,518,710 0.129,735,000 DCP Midstream Operating 15.03.23/3.875% 9,860,435 0.322,652,000 DirecTV Holdings 18.11.33/5.200% 4,806,455 0.16

11,640,000 Discover Bank/Greenwood 21.02.18/2.000% 11,688,655 0.387,605,000 Discover Bank/Greenwood 08.08.23/4.200% 8,017,115 0.26

10,570,000 Dominion Resources 15.08.19/5.200% 12,070,623 0.4015,622,000 Duke Energy 15.08.22/3.050% 15,553,029 0.512,825,000 Duke Energy 15.04.24/3.750% 2,898,902 0.102,500,000 Duke Realty 15.02.17/5.950% 2,773,812 0.094,060,000 Duke Realty 15.02.21/3.875% 4,214,828 0.14

500,000 El Paso 01.06.18/7.250% 571,200 0.021,680,000 Energy Transfer Partners 01.02.42/6.500% 1,993,211 0.072,305,000 Energy Transfer Partners 01.10.43/5.950% 2,588,181 0.085,975,000 Enterprise Products Operating 15.08.42/4.850% 6,165,214 0.203,890,000 Enterprise Products Operating 15.03.44/4.850% 4,010,668 0.131,555,000 FedEx 15.01.44/5.100% 1,680,115 0.06

1,000,000 Fidelity National InformationServices 15.07.20/7.875% 1,059,060 0.03

2,190,000 Ford Motor 15.01.43/4.750% 2,219,444 0.076,175,000 Ford Motor Credit 20.09.22/4.250% 6,580,203 0.222,661,000 Freeport-McMoRan Copper &

Gold 15.03.43/5.450% 2,757,275 0.093,900,000 General Electric 09.10.42/4.125% 3,853,668 0.135,170,000 General Electric 11.03.44/4.500% 5,383,702 0.18

29,325,000 General Electric Capital 16.09.20/4.375% 32,253,248 1.069,955,000 General Electric Capital 14.01.38/5.875% 12,017,278 0.39

22,010,000 Goldman Sachs Group 22.01.18/2.375% 22,401,448 0.7410,220,000 Goldman Sachs Group 19.07.18/2.900% 10,558,946 0.359,655,000 Goldman Sachs Group 31.01.19/2.625% 9,794,901 0.324,899,000 Goldman Sachs Group 19.08.20/2.625% 7,065,514 0.238,925,000 Goldman Sachs Group 22.01.23/3.625% 8,960,923 0.292,530,000 Goldman Sachs Group 01.10.37/6.750% 3,040,870 0.10

1,000,000 HCA 15.02.20/6.500% 1,125,725 0.041,000,000 HCA 15.02.22/7.500% 1,157,325 0.042,250,000 HCP 01.02.21/5.375% 2,556,607 0.082,960,000 HCP 01.08.22/3.150% 2,902,206 0.10

405,000 HealthSouth 15.09.22/7.750% 444,994 0.012,025,000 Hewlett-Packard 15.09.41/6.000% 2,330,572 0.08

14,035,000 HSBC USA 23.06.24/3.500% 14,094,228 0.464,041,000 International Business Machines 01.08.23/3.375% 4,090,381 0.137,445,000 International Business Machines 12.02.24/3.625% 7,646,611 0.253,965,000 Interpublic Group 15.04.24/4.200% 4,079,212 0.138,160,000 ITC Holdings 15.06.24/3.650% 8,133,276 0.27

10,175,000 Kimco Realty 01.05.21/3.200% 10,203,693 0.33235,000 Kinder Morgan Energy Partners 01.09.22/3.950% 239,233 0.01

2,490,000 Kinder Morgan Energy Partners 15.08.42/5.000% 2,456,597 0.0810,860,000 Kinder Morgan Energy Partners 01.03.43/5.000% 10,765,138 0.352,890,000 Kroger 01.08.43/5.150% 3,103,874 0.101,000,000 L Brands 01.04.21/6.625% 1,137,215 0.043,705,000 Liberty Property 15.06.23/3.375% 3,591,238 0.123,180,000 Liberty Property 15.02.24/4.400% 3,335,470 0.114,970,000 Macy’s Retail Holdings 15.02.43/4.300% 4,664,718 0.156,045,000 McKesson 15.03.44/4.883% 6,333,346 0.212,700,000 MetLife 15.12.36/6.400% 3,016,831 0.103,175,000 MetLife 13.08.42/4.125% 3,081,036 0.102,375,000 Mississippi Power 15.03.42/4.250% 2,321,764 0.08

6,000,000 Mondelez International 11.12.14/5.375% 10,421,496 0.3418,095,000 Morgan Stanley 22.03.17/4.750% 19,706,631 0.6512,525,000 Morgan Stanley 27.04.17/5.550% 13,921,976 0.469,870,000 Morgan Stanley 25.04.18/2.125% 9,977,731 0.334,095,000 Morgan Stanley 24.01.19/2.500% 4,153,477 0.143,050,000 Morgan Stanley 10.08.20/5.375% 5,053,877 0.177,750,000 Morgan Stanley 31.03.21/2.375% 10,945,843 0.36

315,000 Nisource Finance 15.02.23/3.850% 323,738 0.015,020,000 Nisource Finance 15.02.44/4.800% 5,065,557 0.174,955,000 Noble Energy 15.11.43/5.250% 5,444,381 0.182,000,000 Nucor 01.08.43/5.200% 2,135,100 0.073,355,000 Omnicom Group 01.05.22/3.625% 3,431,511 0.118,245,000 Oracle 15.10.22/2.500% 7,894,752 0.264,815,000 Pacific Gas & Electric Co. 15.02.44/4.750% 5,106,572 0.179,035,000 Pacificorp 01.02.22/2.950% 9,138,451 0.302,000,000 Peabody Energy 15.11.21/6.250% 2,006,200 0.072,170,000 Pfizer 15.06.43/4.300% 2,189,367 0.07

13,360,000 Philip Morris International 04.03.43/4.125% 12,855,526 0.424,337,000 Phillips 66 01.04.22/4.300% 4,684,090 0.151,025,000 Phillips 66 01.05.42/5.875% 1,230,031 0.045,360,000 Plains All American Pipeline 15.01.20/5.750% 6,223,094 0.204,300,000 Plains All American Pipeline 01.02.21/5.000% 4,831,738 0.164,269,000 PPL Capital Funding 15.06.22/4.200% 4,553,956 0.151,800,000 PPL Capital Funding 01.12.22/3.500% 1,830,969 0.063,380,000 Progress Energy 01.04.22/3.150% 3,389,126 0.115,997,000 ProLogis 18.01.22/3.000% 8,727,302 0.291,000,000 Reynolds Group Issuer 15.04.19/9.000% 1,060,900 0.034,305,000 Rowan 15.01.44/5.850% 4,627,488 0.15

13,440,000 Sempra Energy 01.10.22/2.875% 13,156,550 0.43150,000 Service Corp. International 15.06.17/7.000% 168,404 0.01

1,295,000 South Carolina Electric & Gas 01.06.64/4.500% 1,310,558 0.042,920,000 Southern Power 15.09.41/5.150% 3,201,722 0.111,565,000 Southern Power 15.07.43/5.250% 1,742,322 0.061,085,000 Spectra Energy Partners 25.09.18/2.950% 1,126,648 0.04

150,000 Sprint Capital 15.03.32/8.750% 174,416 0.014,945,000 Sunoco Logistics Partners

Operations 01.04.44/5.300% 5,196,107 0.172,074,000 Tenet Healthcare 01.06.20/4.750% 2,127,416 0.072,500,000 Time Warner 29.03.41/6.250% 3,010,325 0.107,420,000 Time Warner 01.06.44/4.650% 7,310,889 0.242,880,000 Time Warner Cable 02.06.31/5.750% 5,596,883 0.185,070,000 Ventas Realty 01.06.21/4.750% 5,563,539 0.184,185,000 Verizon Communications 15.09.16/2.500% 4,319,066 0.14

10,510,000 Verizon Communications 15.09.20/4.500% 11,589,640 0.383,900,000 Verizon Communications 01.11.22/2.450% 3,657,869 0.123,840,000 Verizon Communications 15.09.23/5.150% 4,303,488 0.147,020,000 Verizon Communications 15.09.33/6.400% 8,591,076 0.287,270,000 Verizon Communications 01.11.42/3.850% 6,422,791 0.219,055,000 Verizon Communications 15.09.43/6.550% 11,396,487 0.372,800,000 Wal-Mart Stores 15.04.21/4.250% 3,096,128 0.108,205,000 Wal-Mart Stores 11.04.43/4.000% 7,865,026 0.262,680,000 Wal-Mart Stores 22.04.44/4.300% 2,699,658 0.092,710,000 Weingarten Realty Investors 15.01.24/4.450% 2,836,568 0.092,925,000 WellPoint 15.07.18/2.300% 2,978,250 0.104,055,000 WellPoint 15.01.44/5.100% 4,396,978 0.155,580,000 Wells Fargo & Co. 13.02.23/3.450% 5,558,489 0.187,255,000 Wells Fargo & Co. 02.11.43/5.375% 7,989,605 0.26

3,900,000 Western Gas Partners 01.07.22/4.000% 4,046,699 0.139,560,000 Williams Partners 15.01.45/4.900% 9,500,059 0.31

951,348,734 31.22

133

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

As at 30 June 2014

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

UNITED KINGDOM7,758,000 Abbey National Treasury

Services 14.01.19/2.000% 10,979,413 0.367,441,000 Anglian Water Osprey Financing 31.01.18/7.000% 13,848,696 0.45

822,000 Anglian Water ServicesFinancing 22.02.26/4.500% 1,405,982 0.05

797,000 Anglian Water ServicesFinancing 05.10.27/4.500% 1,413,139 0.05

5,230,000 Barclays Bank 30.03.22/6.625% 8,917,223 0.291,650,000 Boparan Finance 30.04.18/9.875% 3,035,205 0.101,341,000 BP Capital Markets 28.09.21/2.177% 1,915,587 0.06

14,345,000 BP Capital Markets 06.05.22/3.245% 14,533,852 0.485,442,000 British Telecommunications 07.12.16/8.500% 10,713,217 0.351,775,000 British Telecommunications 14.02.19/2.350% 1,789,067 0.063,527,000 British Telecommunications 10.06.19/1.125% 4,829,053 0.166,626,000 Credit Suisse/London 29.11.19/1.375% 9,116,823 0.305,847,000 Direct Line Insurance Group 27.04.42/9.250%* 12,700,259 0.427,050,000 Eversholt Funding 02.12.25/6.359% 14,387,358 0.478,562,000 FCE Bank 24.06.21/1.875% 11,768,437 0.397,750,000 Firstgroup 29.11.22/5.250% 14,182,348 0.471,900,000 GlaxoSmithKline Capital 18.12.45/4.250% 3,212,535 0.112,395,800 Great Rolling Stock 05.04.31/6.500% 4,929,325 0.166,695,000 Hammerson 01.07.22/2.000% 9,144,941 0.302,979,000 Hammerson 23.02.26/6.000% 5,976,267 0.206,000,000 HSBC Holdings 30.03.22/4.000% 6,389,190 0.21

10,000,000 HSBC Holdings 10.01.24/3.375%* 14,468,693 0.472,950,000 Imperial Tobacco Finance 28.09.26/5.500% 5,624,697 0.181,072,000 Imperial Tobacco Finance 07.06.32/4.875% 1,867,163 0.061,750,000 Ineos Finance 144A 15.02.19/8.375% 1,917,239 0.069,580,000 Legal & General Group 08.06.25/4.000%* 13,317,030 0.443,031,000 Legal & General Group 23.07.41/10.000%* 6,944,020 0.231,706,000 Legal & General Group 27.06.64/5.500%* 2,875,433 0.097,325,000 Lloyds Bank 24.03.20/6.500% 12,177,826 0.404,175,000 Lloyds Bank 29.05.20/6.963%* 7,409,542 0.24

2,600,000 Lloyds Bank 06.04.23/9.625% 6,023,848 0.203,500,000 Lloyds Bank 09.07.25/5.750%* 6,468,328 0.211,299,000 Manchester Airport Group

Funding 02.04.24/4.125% 2,249,431 0.07925,000 Manchester Airport Group

Funding 31.03.34/4.750% 1,633,129 0.059,685,000 National Express Group 13.01.17/6.250% 18,036,468 0.591,600,000 Nationwide Building Society 22.07.20/6.750% 2,686,968 0.09

16,072,000 Nationwide Building Society 20.03.23/4.125%* 23,395,410 0.775,900,000 Nationwide Building Society 31.12.49/6.875%* 10,329,102 0.344,599,000 NGG Finance 18.06.76/4.250%* 6,704,034 0.223,200,000 Northern Gas Networks Finance 30.06.27/4.875% 5,868,494 0.196,353,000 Prudential 29.05.39/11.375%* 14,466,688 0.479,300,000 RBS 09.04.18/6.934% 14,744,002 0.481,970,000 RBS 11.01.21/6.125% 2,320,581 0.087,925,000 Rio Tinto Finance USA 21.08.22/2.875% 7,730,956 0.25

11,500,000 Royal Bank of Scotland 20.01.17/4.875% 17,289,452 0.572,000,000 RSA Insurance Group 20.05.39/9.375%* 4,145,827 0.146,352,000 Standard Life 04.12.42/5.500%* 11,438,937 0.382,628,000 Western Power Distribution

West Midlands 17.10.24/3.875% 4,486,334 0.15

391,807,549 12.86

FRANCE6,500,000 Alstom 08.07.19/3.000% 9,548,801 0.318,300,000 Arkema 25.10.17/4.000% 12,454,460 0.413,000,000 Arkema 30.04.20/3.850% 4,635,676 0.153,600,000 Banque Federative du Credit

Mutuel 18.03.24/2.625% 5,088,114 0.175,200,000 Banque Fédérative du Crédit

Mutuel 24.02.21/2.625% 7,555,772 0.2511,040,000 BNP Paribas 28.01.19/2.000% 15,591,542 0.51

2,512,000 BNP Paribas 13.01.21/2.250% 3,549,074 0.125,100,000 BPCE 22.05.19/1.375% 7,012,123 0.237,800,000 BPCE 18.07.23/4.625% 12,016,133 0.392,300,000 BPCE 08.07.26/2.750%* 3,120,377 0.106,800,000 Casino Guichard Perrachon 09.03.20/3.994% 10,542,431 0.354,250,000 Cie de St-Gobain 15.11.24/5.625% 8,235,398 0.273,408,000 Compagnie de Saint-Gobain 28.03.22/3.625% 5,298,953 0.174,065,000 Crédit Agricole 144A 19.09.33/8.125%* 4,643,470 0.154,500,000 GDF Suez 19.05.20/1.375% 6,213,597 0.206,500,000 Imerys 26.11.20/2.500% 9,294,547 0.319,600,000 Lafarge 30.09.20/4.750% 14,882,829 0.4911,325,000 Orange 12.05.16/5.000% 20,424,248 0.67

155,000 Orange 14.09.21/4.125% 166,293 0.013,300,000 Orange 13.01.42/5.375% 3,614,177 0.127,060,000 Orange 06.02.44/5.500% 7,857,604 0.264,900,000 Pernod Ricard 22.06.20/2.000% 6,866,624 0.232,900,000 RCI Banque 09.05.19/3.000% 4,971,373 0.164,645,000 Renault 18.09.17/4.625% 6,948,007 0.23

615,000 Renault 05.03.21/3.125% 882,533 0.035,300,000 Schneider Electric 06.09.21/2.500% 7,723,901 0.25

12,800,000 Société des AutoroutesParis-Rhin-Rhone 12.01.17/5.000% 19,297,850 0.63

6,315,000 Total Capital International 17.02.22/2.875% 6,305,464 0.213,350,000 Veolia Environnement 29.10.37/6.125% 6,778,822 0.22

231,520,193 7.60

NETHERLANDS3,600,000 ABN Amro Bank 26.11.20/2.125% 5,125,739 0.173,850,000 ABN Amro Bank 27.04.21/6.375% 6,435,962 0.219,071,000 Aegon 25.04.44/4.000%* 12,524,971 0.413,100,000 Allianz Finance II 08.07.41/5.750%* 4,964,908 0.166,847,000 BMW Finance 14.01.19/3.250% 10,341,815 0.341,060,000 British American Tobacco

Holdings 06.03.29/3.125% 1,520,090 0.057,600,000 Coca-Cola HBC Finance 18.06.20/2.375% 10,820,024 0.36

13,500,000 Cooperatieve CentraleRaiffeisen-Boerenleenbank 22.01.19/1.750% 19,124,938 0.63

7,536,000 Cooperatieve CentraleRaiffeisen-Boerenleenbank/Netherlands 26.05.26/2.500%* 10,222,638 0.33

7,500,000 Deutsche Telekom InternationalFinance 08.04.22/6.500% 15,412,126 0.50

4,394,000 EDP Finance 15.04.19/2.625% 6,081,444 0.2010,173,000 Enel Finance International 14.09.22/5.000% 16,888,917 0.552,250,000 Enel Finance International 14.08.24/5.625% 4,320,646 0.141,800,000 Enel Finance International 14.09.40/5.750% 3,356,541 0.11

13,100,000 Gas Natural Fenosa Finance 11.04.22/3.875% 20,472,767 0.671,200,000 Iberdrola International 01.02.21/3.500% 1,834,341 0.062,700,000 Iberdrola International 24.10.22/2.500% 3,853,367 0.137,554,000 ING Bank 13.12.19/1.250% 10,311,209 0.342,450,000 KBC Internationale

Financieringsmaatschappij 16.03.16/5.000% 3,598,372 0.125,886,000 KBC Internationale

Financieringsmaatschappij 27.03.17/4.500% 8,860,878 0.299,000,000 Repsol International Finance 28.05.20/2.625% 13,066,500 0.432,050,000 RWE Finance 06.07.39/6.125% 4,147,210 0.141,950,000 Schaeffler Finance 15.02.17/7.750% 3,048,120 0.101,400,000 UPC Holding 15.09.22/6.375% 2,091,227 0.07

198,424,750 6.51

ITALY3,622,000 Assicurazioni Generali 14.01.20/2.875% 5,263,509 0.188,200,000 Assicurazioni Generali 12.12.42/7.750%* 14,082,071 0.46

12,685,000 Atlantia 26.02.21/2.875% 18,694,009 0.6112,778,000 Banco Popolare 14.03.19/3.500% 18,120,449 0.60

893,000 Enel 10.01.74/6.500%* 1,348,015 0.041,459,000 Enel 15.01.75/5.000%* 2,102,087 0.072,801,000 Enel 10.09.75/7.750%* 5,309,047 0.173,191,000 Eni 22.11.21/2.625% 4,659,332 0.15

3,400,000 Eni 29.01.29/3.625% 5,146,017 0.1710,000,000 Intesa Sanpaolo 23.09.19/5.000% 15,094,358 0.50

3,500,000 Intesa Sanpaolo 13.09.23/6.625% 5,845,157 0.1911,900,000 Snam 24.04.19/1.500% 16,443,748 0.542,910,000 UniCredit 19.04.21/6.125% 4,609,358 0.158,025,000 UniCredit 31.10.22/6.950% 13,375,876 0.44

130,093,033 4.27

SPAIN9,200,000 Banco Bilbao Vizcaya

Argentaria A 31.12.49/9.000%* 10,336,292 0.3410,400,000 Bankia 17.01.19/3.500% 15,113,419 0.506,900,000 BBVA 10.02.16/4.750% 10,056,249 0.33

10,900,000 BBVA Subordinated Capital 11.04.24/3.500%* 15,341,264 0.5010,000,000 CaixaBank 14.11.23/5.000%* 14,812,037 0.495,400,000 Santander International Debt 25.03.17/1.375% 7,455,903 0.243,750,000 Santander Issuances 27.07.19/7.300%* 6,477,495 0.214,400,000 Telefonica Emisiones 20.01.20/4.710% 7,006,868 0.235,800,000 Telefonica Emisiones 26.03.21/3.961% 8,982,754 0.309,100,000 Telefonica Emisiones 23.01.23/3.987% 14,135,658 0.46

109,717,939 3.60

SWEDEN13,900,000 Nordea Bank 17.02.21/2.000% 19,676,674 0.65

8,171,000 Skandinaviska Enskilda Banken 12.09.22/4.000%* 11,974,650 0.399,823,000 Skandinaviska Enskilda Banken 28.05.26/2.500%* 13,464,075 0.446,200,000 Svenska Handelsbanken 17.07.17/3.375% 9,170,396 0.3013,077,000 Svenska Handelsbanken 15.01.24/2.656%* 18,446,829 0.616,338,000 Swedbank 05.12.22/3.000%* 9,092,395 0.303,479,000 Swedbank 26.02.24/2.375%* 4,831,125 0.16

86,656,144 2.85

134

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

As at 30 June 2014

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

JERSEY5,546,000 Gatwick Funding 23.01.24/5.250% 10,453,690 0.349,000,000 Heathrow Funding 20.03.20/6.000% 17,156,715 0.561,820,000 Heathrow Funding 03.12.26/6.750% 3,907,335 0.13

8,900,000 Porterbrook Rail Finance 20.04.19/5.500% 16,666,623 0.558,250,000 UBS/Jersey 16.09.19/4.500%* 11,357,179 0.374,047,000 UBS/Jersey 21.06.21/5.250%* 7,278,262 0.24

66,819,804 2.19

DENMARK4,093,000 Danske Bank 09.12.15/4.000% 7,218,773 0.23

16,100,000 Danske Bank 04.10.23/3.875%* 23,674,690 0.781,479,000 Danske Bank 19.05.26/2.750%* 2,037,651 0.077,300,000 Danske Bank 31.12.49/5.750%* 10,395,650 0.34

43,326,764 1.42

AUSTRALIA5,015,000 BHP Billiton Finance USA 30.09.43/5.000% 5,540,346 0.18

8,900,000 Commonwealth Bank ofAustralia 07.12.18/2.250% 15,058,896 0.50

7,169,000 National Australia Bank 12.11.20/2.000% 10,183,267 0.332,838,000 Sydney Airport Finance 23.04.24/2.750% 4,047,399 0.134,500,000 Westpac Banking 25.05.18/4.125% 6,942,410 0.23

41,772,318 1.37

GERMANY4,800,000 Allianz 17.10.42/5.625%* 7,688,717 0.256,480,000 Bayer Ag 01.07.75/3.000%* 8,953,397 0.304,860,000 Daimler 02.12.16/1.625% 8,274,492 0.275,050,000 Daimler 24.01.22/2.250% 7,255,546 0.245,800,000 Trionista Holdco 30.04.20/5.000% 8,317,054 0.27

40,489,206 1.33

SWITZERLAND7,450,000 Crédit Suisse 18.09.25/5.750%* 11,371,197 0.375,230,000 UBS 22.05.23/4.750%* 5,364,463 0.183,847,000 UBS 15.05.24/5.125% 3,865,562 0.1311,765,000 UBS 12.02.26/4.750%* 17,142,228 0.56

37,743,450 1.24

LUXEMBOURG5,350,000 ArcelorMittal 25.03.19/3.000% 7,436,086 0.241,950,000 Capsugel Finance 01.08.19/9.875% 2,880,927 0.105,700,000 CNH Industrial Finance Europe 18.03.19/2.750% 7,909,358 0.262,109,000 Holcim Finance Luxembourg 22.01.24/3.000% 3,087,541 0.107,000,000 Michelin Luxembourg 20.06.19/2.750% 10,301,999 0.34

31,615,911 1.04

NORWAY16,505,000 DNB Bank 08.03.22/4.750%* 24,498,979 0.802,087,000 DNB Bank 26.09.23/3.000%* 3,000,341 0.10

27,499,320 0.90

CANADA65,000 Barrick Gold 01.04.22/3.850% 64,810 0.00

3,210,000 Barrick Gold 01.04.42/5.250% 3,138,048 0.108,585,000 Cenovus Energy 15.08.22/3.000% 8,402,097 0.271,805,000 Cenovus Energy 15.09.42/4.450% 1,779,342 0.064,630,000 Suncor Energy 01.06.18/6.100% 5,372,791 0.182,685,000 Teck Resources 01.02.23/3.750% 2,613,888 0.09

21,370,976 0.70

IRELAND2,700,000 Aquarius and Investments for

Zurich Insurance 02.10.43/4.250%* 4,006,256 0.137,850,000 Cloverie for Swiss Reinsurance 01.09.42/6.625%* 13,674,297 0.45

17,680,553 0.58

MEXICO9,717,000 America Movil 16.07.22/3.125% 9,553,706 0.31

3,860,000 America Movil 16.07.42/4.375% 3,647,507 0.12

13,201,213 0.43

BELGIUM7,480,000 KBC Groep 31.12.49/5.625%* 10,317,668 0.34

10,317,668 0.34

JAPAN4,570,000 Sumitomo Mitsui Banking 16.12.20/2.250% 6,524,900 0.22

6,524,900 0.22

CURACAO5,815,000 Teva Pharmaceutical Finance 18.12.22/2.950% 5,597,606 0.18

5,597,606 0.18

CAYMAN ISLANDS2,860,000 Transocean 15.10.22/3.800% 2,827,425 0.091,720,000 Vale Overseas 11.01.22/4.375% 1,767,524 0.06

4,594,949 0.15

BRAZIL2,335,000 Vale 11.09.42/5.625% 2,286,712 0.08

2,286,712 0.08

Total Bonds 2,470,409,692 81.08


2,470,409,692 81.08


Bonds

UNITED STATES OF AMERICA2,985,000 21st Century Fox America 01.10.43/5.400% 3,330,678 0.114,200,000 AbbVie 06.11.22/2.900% 4,068,813 0.132,534,000 AbbVie 06.11.42/4.400% 2,463,010 0.082,801,000 Allstate 15.08.53/5.750%* 3,010,711 0.109,630,000 Amazon.com 29.11.22/2.500% 9,168,145 0.307,369,785 American Airlines 2013-1 Class A

Pass Through Trust 144A 15.07.25/4.000% 7,549,423 0.258,840,000 Amgen 22.05.24/3.625% 8,896,797 0.292,168,000 Amgen 15.06.42/5.650% 2,487,791 0.08

150,000 Amkor Technology 01.10.22/6.375% 160,647 0.0116,050,000 Apple 06.05.21/2.850% 16,215,235 0.534,020,000 Apple 04.05.43/3.850% 3,692,370 0.123,805,000 Bank of America 15.06.16/0.511%* 3,788,087 0.12

12,035,000 Bank of America 31.12.49/5.125%* 11,966,521 0.392,415,000 Berkshire Hathaway Energy 15.11.43/5.150% 2,702,252 0.09

2,000,000 Caesars EntertainmentOperating 15.02.20/9.000% 1,676,230 0.06

1,400,000 CCO Holdings 01.06.20/7.375% 1,533,483 0.054,525,000 Cisco Systems 01.03.19/2.125% 4,561,766 0.156,110,000 Cisco Systems 15.01.20/4.450% 6,779,076 0.223,758,000 Citigroup 09.06.16/0.501%* 3,726,132 0.121,755,000 Citigroup 07.11.43/4.950% 1,870,812 0.069,655,000 Citigroup 31.12.49/6.300%* 9,859,879 0.321,500,000 Claire’s Stores 144A 15.03.19/9.000% 1,569,375 0.052,000,000 Clear Channel Worldwide

Holdings 15.11.22/6.500% 2,163,310 0.073,725,000 Comcast 01.03.44/4.750% 3,933,358 0.13

800,689 Continental Airlines 2009-2Class A Pass Through Trust 10.11.19/7.250% 936,806 0.03

3,130,440 CVS Pass Through Trust 144A 10.01.36/4.704% 3,336,243 0.11730,266 CVS Pass-Through Trust 10.01.30/6.943% 883,301 0.03

6,680,000 Daimler Finance NorthAmerica 144A 11.01.18/1.875% 6,730,835 0.22

1,047,473 Delta Air Lines 2007-1 Class APass Through Trust 10.08.22/6.821% 1,242,565 0.04

2,880,000 DirecTV Holdings 15.03.42/5.150% 3,011,184 0.102,000,000 DISH DBS 01.09.19/7.875% 2,378,210 0.082,615,000 EnLink Midstream Partners 01.04.44/5.600% 2,904,703 0.101,000,000 EP Energy 01.05.19/6.875% 1,067,410 0.043,040,000 Express Scripts Holding 15.06.19/2.250% 3,028,858 0.1013,055,000 Express Scripts Holding 15.11.21/4.750% 14,454,888 0.472,335,000 Express Scripts Holding 15.02.22/3.900% 2,451,003 0.081,000,000 First Data 144A 15.08.20/8.875% 1,111,250 0.048,005,000 FirstEnergy Transmission 144A 15.07.44/5.450% 8,080,647 0.272,145,000 Ford Motor Credit 03.02.17/4.250% 2,302,314 0.081,875,000 Fresenius Medical Care US

Finance II 144A 31.07.19/5.625% 2,053,125 0.07250,000 GCI 15.11.19/8.625% 265,000 0.01

5,000,000 General Electric Capital 31.12.49/6.250%* 5,575,900 0.183,830,000 General Motors 144A 02.10.43/6.250% 4,366,200 0.146,700,000 General Motors Financial 15.05.16/2.750% 6,818,758 0.222,700,000 General Motors Financial 15.05.18/3.250% 2,747,007 0.097,580,000 Gilead Sciences 01.04.44/4.800% 8,010,165 0.26

14,035,000 Goldman Sachs Group 31.12.49/5.700%* 14,521,383 0.481,250,000 Hanesbrands 15.12.20/6.375% 1,356,513 0.04

135


As at 30 June 2014

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

2,500,000 Hertz 15.10.20/5.875% 2,632,600 0.092,000,000 Hexion US Finance 01.02.18/8.875% 2,083,410 0.074,810,000 Kansas Gas & Electric 144A 15.07.44/4.300% 4,763,487 0.164,225,000 Metropolitan Life Global

Funding I 144A 10.01.23/3.000% 4,194,424 0.143,940,000 Monongahela Power 144A 15.12.43/5.400% 4,508,562 0.159,790,000 Morgan Stanley 31.12.49/5.450%* 9,972,926 0.333,300,000 Mylan 24.06.18/2.600% 3,354,067 0.112,000,000 Mylan 144A 15.07.20/7.875% 2,214,060 0.079,615,000 NBCUniversal Enterprise 144A 15.04.18/1.662% 9,633,076 0.323,195,000 NBCUniversal Media 15.01.43/4.450% 3,214,665 0.11

260,000 Nisource Finance 01.12.21/4.450% 280,466 0.013,490,000 Prudential Financial 15.06.43/5.625%* 3,748,522 0.125,385,000 Prudential Financial 15.08.43/5.100% 5,867,119 0.196,826,000 Prudential Financial 15.03.44/5.200%* 6,943,475 0.231,200,000 Reynolds Group Issuer 15.04.19/7.125% 1,257,492 0.049,910,000 SABMiller Holdings 144A 15.01.17/2.450% 10,212,899 0.349,880,000 SABMiller Holdings 144A 15.01.22/3.750% 10,240,571 0.341,200,000 Sabre 144A 15.05.19/8.500% 1,335,060 0.043,455,000 Samsung Electronics America

144A 10.04.17/1.750% 3,484,955 0.11560,000 Scotts Miracle-Gro 15.12.20/6.625% 607,600 0.01

1,500,000 Sprint Communications 144A 15.11.18/9.000% 1,824,825 0.05205,000 US Treasury 15.08.20/2.625% 213,168 0.01225,000 US Treasury 15.05.40/4.375% 268,576 0.01300,000 Vail Resorts 01.05.19/6.500% 315,938 0.01

2,050,000 Valeant PharmaceuticalsInternational 144A 15.07.22/7.250% 2,231,938 0.07

4,345,000 Viacom 01.09.43/5.850% 4,973,808 0.164,474,000 Voya Financial 15.07.22/5.500% 5,108,972 0.173,556,000 Voya Financial 15.05.53/5.650%* 3,636,010 0.129,225,000 Wells Fargo & Co. 31.12.49/7.980%* 10,520,144 0.352,150,000 Windstream 01.10.21/7.750% 2,350,638 0.08

338,801,622 11.12

CANADA9,980,000 Bank of Montreal 09.04.18/1.450% 9,897,815 0.322,000,000 Bombardier 144A 15.03.20/7.750% 2,260,950 0.074,135,000 Canadian Oil Sands 144A 01.04.42/6.000% 4,828,977 0.162,180,000 Cenovus Energy 15.09.43/5.200% 2,395,548 0.099,420,000 Enbridge 01.10.23/4.000% 9,787,097 0.32

400,000 Videotron 15.12.15/6.375% 401,000 0.0116,475,000 Xstrata Finance Canada 144A 25.10.22/4.250% 16,865,210 0.552,930,000 Xstrata Finance Canada 144A 25.10.42/5.550% 3,054,525 0.10

49,491,122 1.62

UNITED KINGDOM2,220,000 Barclays Bank 15.05.24/3.750% 2,232,254 0.07

14,450,000 Crédit Agricole/London 144A 15.04.24/3.875% 14,653,962 0.485,845,000 PPL WEM Holdings 144A 01.05.21/5.375% 6,578,279 0.22

23,464,495 0.77

FRANCE4,100,000 BPCE 15.04.24/4.000% 4,186,203 0.145,700,000 Electricite de France 144A 22.01.44/4.875% 6,076,713 0.206,615,000 Total Capital 28.01.21/4.125% 7,211,144 0.23

17,474,060 0.57



9,990,000 EDP Finance 144A 14.01.21/5.250% 10,588,501 0.351,000,000 NXP 144A 15.02.21/5.750% 1,056,250 0.04

15,998,849 0.53

AUSTRALIA8,975,000 Australia & New Zealand

Banking Group 144A 19.03.24/4.500% 9,233,615 0.30

9,233,615 0.30

ITALY8,195,000 Intesa Sanpaolo 12.01.24/5.250% 8,971,845 0.30

8,971,845 0.30

LUXEMBOURG6,855,000 Actavis Funding 144A 15.06.44/4.850% 6,883,894 0.231,000,000 Intelsat Jackson Holdings 15.10.20/7.250% 1,084,095 0.03

7,967,989 0.26

SWEDEN6,205,000 Skandinaviska Enskilda Banken

144A 20.11.18/2.375% 6,297,579 0.21

6,297,579 0.21

BERMUDA2,000,000 Aircastle 15.04.20/7.625% 2,337,480 0.08

2,337,480 0.08

CAYMAN ISLANDS1,000,000 UPCB Finance III 144A 01.07.20/6.625% 1,068,200 0.031,000,000 UPCB Finance V 144A 15.11.21/7.250% 1,105,740 0.04

2,173,940 0.07

IRELAND1,200,000 Ardagh Packaging Finance 144A 15.10.17/7.375% 1,267,230 0.04

1,267,230 0.04

Total Bonds 483,479,826 15.87

Investment Funds

LUXEMBOURG214,532 JPMorgan Investment Funds - Global High Yield

Bond Fund (JPM Global High Yield Bond X (acc) -USD) 29,165,625 0.96

1,303 JPMorgan Liquidity Funds - US Dollar Liquidity Fund(JPM US Dollar Liquidity X (acc)) 18,500,657 0.60

47,666,282 1.56



531,146,108 17.43


Cash 29,384,174 0.97


Total Net Assets 3,046,849,191 100.00


136


As at 30 June 2014

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets


Fixed Income SecuritiesUnited States of America 42.34United Kingdom 13.63France 8.17Netherlands 7.04Italy 4.57Spain 3.60Sweden 3.06Canada 2.32Jersey 2.19Australia 1.67Denmark 1.42Germany 1.33Luxembourg 1.30Switzerland 1.24Norway 0.90Ireland 0.62Mexico 0.43Belgium 0.34Cayman Islands 0.22Japan 0.22Curacao 0.18Bermuda 0.08Brazil 0.08Total Fixed Income Securities 96.95Investment FundsLuxembourg 1.56Total Investment Funds 1.56Cash and Other Assets/(Liabilities) 1.49

Total 100.00


Fixed Income SecuritiesUnited States of America 47.00United Kingdom 12.07France 7.92Netherlands 5.52Sweden 3.63Canada 2.91Jersey 2.53Spain 2.09Germany 2.02Italy 1.94Luxembourg 1.06Norway 0.98Denmark 0.96Ireland 0.81Switzerland 0.65Mexico 0.57Australia 0.49Finland 0.35Japan 0.22Curacao 0.20Cayman Islands 0.19Bermuda 0.08Brazil 0.07Total Fixed Income Securities 94.26Investment FundsLuxembourg 3.89Total Investment Funds 3.89Cash and Other Assets/(Liabilities) 1.85

Total 100.00

137


As at 30 June 2014

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

JPMorgan Funds - Global Corporate Bond FundSchedule of Investments - Outstanding Financial Futures Contracts (Expressed in USD)

As at 30 June 2014

ExpirationDate


NotionalValue


Bond Futures

Sep-14 394 Canada 10 Year Bond Future CAD 50,084,653 (38,735)Sep-14 56 Euro Buxl 30 Year Bond Future EUR 10,309,172 22,189Sep-14 (1,416) Euro-Bobl Future EUR (247,818,092) (99,439)Sep-14 (1,138) Euro-Bund Future EUR (228,537,364) (443,364)Sep-14 141 Euro-Schatz Future EUR 21,318,264 261Sep-14 26 Japan 10 Year Bond Future JPY 37,355,364 (23,082)Sep-14 (56) Japan Mini 10 Year Bond Future JPY (8,045,218) 3,314Sep-14 (475) Long Gilt Future GBP (89,124,788) 171,348Sep-14 (288) Short Gilt Future GBP (50,828,162) 24,557Sep-14 704 US 2 Year Note Future USD 154,566,501 (3,946)Sep-14 (525) US 5 Year Note Future USD (62,665,723) (39,642)Sep-14 (2,391) US 10 Year Note Future USD (298,893,681) 224,110Sep-14 (128) US Long Bond Future USD (17,506,000) (282,659)Sep-14 (433) US Ultra Bond Future USD (64,591,422) 53,012

Total (432,076)

As at 30 June 2014, the counterparty J.P. Morgan held the following collateral in favour of the Sub-Fund:- Cash: USD 17,005,087.




AmountSold


03-Jul-14 GBP 962,901 USD 1,620,171 21,89903-Jul-14 USD 1,030,508,215 EUR 757,310,619 (4,270,708)03-Jul-14 USD 370,275,640 GBP 221,314,117 (7,139,480)16-Jul-14 CHF 2,069,157 USD 2,305,780 21,03616-Jul-14 EUR 1,002,465,651 USD 1,356,475,121 13,357,09916-Jul-14 GBP 496,752,761 USD 842,669,388 4,370,90016-Jul-14 JPY 12,585,644,766 USD 123,352,785 771,58816-Jul-14 NOK 8,052,718 USD 1,338,625 (29,432)16-Jul-14 SEK 393,619,569 USD 58,978,551 (303,854)16-Jul-14 USD 9,786 CHF 8,772 (79)16-Jul-14 USD 59,478,855 EUR 43,837,828 (423,914)16-Jul-14 USD 39,606,024 GBP 23,354,651 (217,268)16-Jul-14 USD 646,582 JPY 65,962,194 (3,962)16-Jul-14 USD 232,755 NOK 1,396,099 5,78016-Jul-14 USD 449,118 SEK 3,000,906 1,78905-Aug-14 EUR 6,000,000 USD 8,157,450 41,96605-Aug-14 USD 73,769,291 EUR 54,194,633 (291,429)05-Aug-14 USD 13,099,167 GBP 7,700,856 (29,748)

Total 5,882,183



ANZ Banking Group 4,435,639Bank of America Merrill Lynch 1,950,841Barclays (16,152)Citibank (124,404)Crédit Suisse 54,197Deutsche Bank 60,923Goldman Sachs (1,872,225)HSBC (2,333,919)Morgan Stanley 160RBC (107,266)Société Générale 19,588State Street Bank (597,306)Toronto Dominion 4,755,566UBS (80,891)Westpac Banking (262,568)Total 5,882,183

138

JPMorgan Funds - Global Corporate Bond FundSchedule of Investments - Outstanding Credit Default Swaps (Expressed in USD)

As at 30 June 2014

TerminationDate Counterparty Referenced Obligation

ProtectionBuyer/Seller Currency Nominal

MarketValue


20-Jun-19 Credit Suisse iTraxx Europe Series 21 Version 1 Buyer EUR 52,200,000 (1,376,645) (1,376,645)

Total (1,376,645) (1,376,645)

As at 30 June 2014, the Sub-Fund has pledged the following assets as collateral to the following counterparties for an amount of:- Credit Suisse: Cash: USD 1,530,000

139


Shares

UNITED STATES OF AMERICA331,032 Adobe Systems 17,588,756 1.28

1,480,382 Alcoa 15,996,898 1.172,287,091 Bank of America 25,634,743 1.88

51,315 Biogen Idec 11,918,406 0.87543,872 Bristol-Myers Squibb 19,489,961 1.44447,246 Comcast - A Shares 17,582,093 1.28365,543 CVS Caremark 20,269,154 1.49614,232 eBay 22,447,398 1.65392,435 Fluor 21,995,810 1.61467,409 General Motors 12,538,882 0.92

43,622 Google - A Shares 18,633,322 1.3737,631 Google - C Shares 15,832,297 1.16

197,184 Humana 18,546,882 1.36370,985 Johnson & Johnson 28,512,559 2.09164,714 Lam Research 8,138,177 0.60324,327 Lowe’s 11,240,289 0.82314,282 MetLife 12,732,242 0.93

1,048,817 Morgan Stanley 24,390,112 1.79315,494 Paccar 14,518,848 1.06

67,235 Time 1,185,635 0.09510,666 Time Warner 26,109,229 1.92474,764 TJX 18,415,443 1.35326,623 United Continental Holdings 9,993,175 0.73373,308 UnitedHealth Group 22,400,448 1.64530,449 Verizon Communications 19,057,467 1.41234,549 VF 10,750,892 0.79

445,919,118 32.70

UNITED KINGDOM2,322,340 APR Energy 18,666,105 1.371,247,566 BG Group 19,140,170 1.402,325,477 HSBC Holdings 17,186,436 1.26706,998 InterContinental Hotels Group 21,119,988 1.55232,491 Liberty Global - A Shares 7,503,662 0.55185,274 Liberty Global - C Shares 5,735,660 0.42

1,092,585 Prudential 18,279,491 1.34632,609 SABMiller 26,824,824 1.97

1,029,684 Tullow Oil 10,978,196 0.814,376,055 Vodafone Group 10,667,991 0.78

156,102,523 11.45

JAPAN439,400 Daikin Industries 20,271,812 1.49

3,549,000 Hitachi 19,023,925 1.39437,500 Japan Airlines 17,671,598 1.30

3,341,800 Mitsubishi UFJ Financial Group 14,981,998 1.10378,000 Mitsui Fudosan 9,316,504 0.68

2,050,900 ORIX 24,844,721 1.82807,700 Ricoh 7,032,262 0.52

1,780,000 Sekisui Chemical 15,060,705 1.10

128,203,525 9.40

FRANCE804,601 AXA 14,018,161 1.03286,713 Compagnie de Saint-Gobain 11,790,355 0.87

209,560 Publicis Groupe 12,990,624 0.95445,734 Schneider Electric 30,782,390 2.26244,837 Sodexo 19,263,775 1.4189,096 Unibail-Rodamco 18,968,538 1.39

107,813,843 7.91

FINLAND461,900 Nokian Renkaat 13,184,936 0.97

4,846,986 Outokumpu 35,467,820 2.602,902,248 UPM-Kymmene 36,292,611 2.66

84,945,367 6.23

GERMANY338,620 Bayer Registered Shares 35,021,774 2.57

85,287 Continental 14,426,296 1.06197,279 Daimler Registered Shares 13,457,387 0.99148,462 Henkel & Co. Non Voting Preference Shares 12,452,993 0.91

75,358,450 5.53

CANADA1,309,193 First Quantum Minerals 20,118,021 1.48

953,230 InterOil 45,049,568 3.30142,137 Methanex 6,440,048 0.47

71,607,637 5.25

JERSEY1,323,322 Petrofac 19,860,613 1.46

391,254 Shire 22,455,205 1.64

42,315,818 3.10

SWITZERLAND283,817 ACE 21,531,690 1.58115,026 Compagnie Financiere Richemont Registered Shares 8,845,479 0.65

30,377,169 2.23

BELGIUM222,314 Solvay 28,078,258 2.06

28,078,258 2.06

SOUTH AFRICA768,765 Bidvest Group 14,949,969 1.09

1,005,857 Mr Price Group 12,489,923 0.92

27,439,892 2.01

IRELAND245,426 Accenture - A Shares 14,624,472 1.07

1,785,938 Ryanair Holdings 12,407,804 0.91

27,032,276 1.98

NETHERLANDS ANTILLES300,645 Schlumberger 25,855,761 1.90

25,855,761 1.90

INDIA303,421 ICICI Bank ADR 11,037,589 0.81

2,616,931 ITC 10,393,885 0.76632,487 Yes Bank 4,177,590 0.31

25,609,064 1.88

NETHERLANDS267,458 ASML Holding 18,209,878 1.34

18,209,878 1.34

SWEDEN960,042 Electrolux - B Shares 17,619,455 1.29

17,619,455 1.29

TAIWAN9,731,000 Siliconware Precision Industries 11,678,401 0.86

11,678,401 0.86

CANADA79,055 Canadian Pacific Railway 10,521,373 0.77

10,521,373 0.77

SOUTH KOREA9,606 Samsung Electronics 9,180,323 0.67

9,180,323 0.67

HONG KONG912,000 Hutchison Whampoa 9,141,360 0.67

9,141,360 0.67

140

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

As at 30 June 2014

Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets

NORWAY422,396 Telenor 7,002,335 0.50

7,002,335 0.50

Total Shares 1,360,011,826 99.73


1,360,011,826 99.73


Cash 5,477,741 0.40


Total Net Assets 1,363,726,217 100.00


SharesConsumer Discretionary 20.33Industrials 11.87Health Care 11.61Materials 11.31Financials 10.56Information Technology 8.87Energy 8.87Consumer Staples 6.22Diversified Banks 6.03Telecommunication Services 2.69Utilities 1.37Total Shares 99.73Cash and Other Assets/(Liabilities) 0.27

Total 100.00


SharesConsumer Discretionary 23.20Financials 14.80Industrials 12.01Health Care 9.97Materials 9.84Information Technology 8.81Energy 8.17Consumer Staples 6.98Investment Companies 3.21Utilities 1.77Telecommunication Services 1.20Total Shares 99.96Cash and Other Assets/(Liabilities) 0.04

Total 100.00

141

JPMorgan Funds - Global Focus FundSchedule of Investments (Market Value Expressed in EUR) (continued)

As at 30 June 2014

Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets

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

As at 30 June 2014



AmountSold


03-Jul-14 AUD 63,569,488 EUR 42,317,193 1,415,70803-Jul-14 CAD 55,859,408 EUR 36,569,920 1,706,67003-Jul-14 CHF 43,084 CAD 52,117 (258)03-Jul-14 CHF 53,746,412 EUR 44,153,738 74,19203-Jul-14 CHF 56,117 GBP 37,459 (573)03-Jul-14 CHF 67,853 JPY 7,723,280 8103-Jul-14 CHF 269,303 USD 301,313 1,09203-Jul-14 EUR 43,741,331 AUD 63,569,488 8,43003-Jul-14 EUR 38,351,722 CAD 56,277,455 (211,327)03-Jul-14 EUR 44,460,704 CHF 54,042,627 (10,981)03-Jul-14 EUR 66,728,387 GBP 55,281,536 (2,266,477)03-Jul-14 EUR 11,252,710 HKD 119,885,349 (67,314)03-Jul-14 EUR 64,856,355 JPY 9,105,576,515 (877,299)03-Jul-14 EUR 10,817,872 NOK 89,323,866 184,34403-Jul-14 EUR 6,765,066 SEK 61,431,041 62,24503-Jul-14 EUR 30,466 SGD 51,989 (25)03-Jul-14 EUR 171,050,744 USD 233,974,835 (185,473)03-Jul-14 GBP 28,746 CHF 43,517 6703-Jul-14 GBP 55,290,249 EUR 68,972,207 33,52903-Jul-14 HKD 118,922,639 EUR 11,176,635 52,48603-Jul-14 JPY 6,336,060,969 EUR 44,497,410 1,242,96003-Jul-14 NOK 89,323,866 EUR 10,642,132 (8,603)03-Jul-14 SEK 49,203,117 EUR 5,497,522 (128,906)03-Jul-14 SGD 13,852,673 EUR 7,971,743 152,78103-Jul-14 USD 107,619 CHF 96,625 (751)03-Jul-14 USD 229,553,812 EUR 166,559,815 1,440,84307-Jul-14 EUR 5,500,671 AUD 8,087,224 (61,241)07-Jul-14 EUR 9,458,624 CAD 14,025,395 (150,929)07-Jul-14 EUR 6,430,614 CHF 7,855,336 (33,608)07-Jul-14 EUR 16,866,337 GBP 13,707,626 (240,800)07-Jul-14 EUR 2,453,486 HKD 25,879,371 10,19107-Jul-14 EUR 17,405,686 JPY 2,424,810,621 (96,358)07-Jul-14 EUR 327,057 NOK 2,673,912 8,79507-Jul-14 EUR 3,206,211 SEK 29,176,833 22,88007-Jul-14 EUR 602,305 SGD 1,029,804 (1,660)07-Jul-14 EUR 99,696,357 USD 135,671,613 405,95105-Aug-14 CHF 46,589 AUD 55,670 14805-Aug-14 CHF 7,597,512 EUR 6,251,991 1,00905-Aug-14 CHF 80,376 GBP 52,943 10305-Aug-14 CHF 48,605 JPY 5,545,166 (20)05-Aug-14 CHF 269,360 USD 301,149 1,32405-Aug-14 EUR 194,186 AUD 282,896 8605-Aug-14 EUR 322,052 CAD 470,164 21005-Aug-14 EUR 571,464 GBP 458,605 (669)05-Aug-14 EUR 90,925 HKD 962,709 6305-Aug-14 EUR 561,818 JPY 77,778,215 43605-Aug-14 EUR 8,902 NOK 75,013 (15)05-Aug-14 EUR 93,845 SEK 861,558 (109)05-Aug-14 EUR 30,498 SGD 51,989 1205-Aug-14 USD 55,820 CHF 49,847 (179)08-Aug-14 EUR 1,441,120 USD 1,964,954 3,26108-Oct-14 AUD 63,286,591 EUR 43,238,883 (19,988)08-Oct-14 CAD 41,160,724 EUR 28,204,544 (79,163)08-Oct-14 CHF 46,458,462 EUR 38,242,138 7,18408-Oct-14 EUR 63,484,918 GBP 50,913,423 19,47408-Oct-14 EUR 7,421,125 NOK 62,701,311 (12,399)08-Oct-14 GBP 2,416,595 EUR 3,009,983 2,39108-Oct-14 HKD 31,357,117 EUR 2,971,386 (12,582)08-Oct-14 JPY 578,014,665 EUR 4,164,800 8,25808-Oct-14 USD 147,249,161 EUR 107,867,254 (142,160)

Total 2,257,337



Barclays 1,066,868BNP Paribas (173,640)Citibank (310,208)Crédit Suisse (222,333)Deutsche Bank (1,965,518)Goldman Sachs 11,373HSBC (1,517)Morgan Stanley 10,265National Australia Bank (40,614)RBC 493,323State Street Bank 2,906,890Toronto Dominion 351,718UBS 397,281Westpac Banking (266,551)Total 2,257,337

142


Shares

UNITED STATES OF AMERICA781,723 Abbott Laboratories 31,964,653 1.35522,832 Aegerion Pharmaceuticals 17,067,851 0.72401,718 Aetna 33,107,589 1.40339,212 Alexion Pharmaceuticals 53,122,295 2.24399,214 Align Technology 22,346,004 0.94258,471 Allergan 44,248,943 1.87351,859 Alnylam Pharmaceuticals 22,277,953 0.94633,671 Aratana Therapeutics 9,612,789 0.41117,556 athenahealth 15,016,016 0.63

313,494 Biogen Idec 99,488,888 4.20365,466 BioMarin Pharmaceutical 22,711,885 0.96

2,449,171 Biota Pharmaceuticals 6,943,400 0.293,249,379 Boston Scientific 41,445,829 1.752,363,127 Bristol-Myers Squibb 115,710,514 4.891,026,888 Celgene 88,486,939 3.74

545,488 CVS Caremark 41,328,898 1.751,659,080 CytRx 6,910,068 0.291,045,587 Derma Sciences 11,977,199 0.51

437,252 Epizyme 12,957,963 0.551,051,482 GenMark Diagnostics 14,095,116 0.59

654,652 Gilead Sciences 54,954,762 2.32371,791 Healthcare Corp. of America 37,179 0.00

290,021 Humana 37,273,499 1.57396,163 InterMune 17,470,788 0.74

1,782,479 Johnson & Johnson 187,187,032 7.90900,771 LDR Holding 22,429,198 0.95227,564 McKesson 42,869,644 1.81

1,200,944 MEI Pharma 7,151,622 0.302,940,479 MiMedx Group 20,377,519 0.86

293,178 Pacira Pharmaceuticals 26,922,536 1.14675,283 Portola Pharmaceuticals 19,816,180 0.84195,655 Puma Biotechnology 12,348,765 0.52

639,898 Receptos 27,086,882 1.141,297,847 Sorrento Therapeutics 8,929,187 0.38

254,812 Stryker 21,495,940 0.912,283,776 TG Therapeutics 22,289,654 0.94

623,826 UnitedHealth Group 51,147,494 2.16890,197 Verastem 8,163,107 0.34292,919 Vertex Pharmaceuticals 27,699,885 1.17

2,583,221 XenoPort 12,321,964 0.52

1,338,793,629 56.53

SWITZERLAND763,233 Novartis Registered Shares 68,889,809 2.91456,733 Roche Holding - Genussschein 136,269,608 5.75

205,159,417 8.66

UNITED KINGDOM914,755 AstraZeneca 67,691,321 2.86

2,059,273 GlaxoSmithKline 54,933,038 2.32487,480 Hikma Pharmaceuticals 13,920,521 0.59

1,777,304 Smith & Nephew 31,506,469 1.33

168,051,349 7.10

GERMANY569,666 Bayer Registered Shares 80,503,973 3.40

125,161 MorphoSys 11,752,321 0.50

92,256,294 3.90

JAPAN595,800 Otsuka Holdings 18,454,372 0.78542,700 Suzuken 20,209,051 0.85

1,011,000 ZERIA Pharmaceutical 24,149,312 1.02

62,812,735 2.65

JERSEY725,157 Shire 56,867,189 2.40

56,867,189 2.40

FRANCE776,916 DBV Technologies 20,270,535 0.86

1,447,316 Flamel Technologies ADR 21,586,718 0.91

41,857,253 1.77

IRELAND101,474 Actavis 22,706,837 0.96127,181 Perrigo 18,570,970 0.78

41,277,807 1.74

BELGIUM1,046,940 Ablynx 13,014,136 0.55

297,560 UCB 25,209,994 1.06

38,224,130 1.61

ISRAEL871,639 Alcobra 14,896,311 0.63

1,128,817 Mazor Robotics ADR 19,099,584 0.81

33,995,895 1.44

DENMARK572,418 Genmab 24,159,785 1.02

24,159,785 1.02

SWEDEN1,561,605 Swedish Orphan Biovitrum 20,796,581 0.88

20,796,581 0.88

CANADA1,166,222 Novadaq Technologies 18,986,094 0.80

18,986,094 0.80

INDIA383,549 Dr Reddy’s Laboratories ADR 16,565,481 0.70

16,565,481 0.70

SPAIN3,121,382 Zeltia 12,613,719 0.53

12,613,719 0.53

ITALY611,473 Newron Pharmaceuticals 10,897,430 0.46

10,897,430 0.46

PORTUGAL1,786,748 Espirito Santo Saude SGPS 9,282,114 0.39

9,282,114 0.39

Total Shares 2,192,596,902 92.58


2,192,596,902 92.58


Investment Funds



110,425,000 4.66



110,425,000 4.66


Cash 18,463,091 0.78


Total Net Assets 2,368,406,670 100.00

143

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

As at 30 June 2014

Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets


SharesHealth Care 90.20Investment Companies 4.66Consumer Staples 1.75Information Technology 0.63Total Shares 97.24Cash and Other Assets/(Liabilities) 2.76

Total 100.00


SharesHealth Care 94.61Investment Companies 2.20Consumer Staples 1.91Information Technology 1.30Materials 0.40Total Shares 100.42Cash and Other Assets/(Liabilities) (0.42)

Total 100.00

144

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

As at 30 June 2014

Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets

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

As at 30 June 2014



AmountSold


03-Jul-14 AUD 33,814,197 USD 31,203,403 582,32703-Jul-14 CAD 30,290,389 USD 27,521,905 838,68703-Jul-14 CHF 73,782,753 USD 83,291,649 (330,355)03-Jul-14 EUR 78,109,224 USD 108,163,961 (1,436,580)03-Jul-14 GBP 42,824,922 USD 72,810,310 220,60803-Jul-14 JPY 6,182,219,119 USD 60,400,254 581,26703-Jul-14 SEK 44,701,170 USD 6,649,822 14,59403-Jul-14 USD 31,767,525 AUD 33,814,197 (18,204)03-Jul-14 USD 28,328,101 CAD 30,290,389 (32,491)03-Jul-14 USD 82,934,972 CHF 73,782,753 (26,322)03-Jul-14 USD 107,339,671 EUR 78,109,224 612,29003-Jul-14 USD 72,195,179 GBP 42,824,922 (835,739)03-Jul-14 USD 25,790,674 JPY 2,638,169,263 (232,276)03-Jul-14 USD 6,815,668 SEK 44,701,170 151,25105-Sep-14 AUD 33,814,197 USD 31,624,559 14,36905-Sep-14 CAD 30,290,389 USD 28,284,244 30,55305-Sep-14 CHF 76,569,332 USD 86,011,552 130,29305-Sep-14 EUR 34,810,042 USD 47,536,803 38,80605-Sep-14 GBP 24,948,554 USD 42,441,453 81,72605-Sep-14 JPY 517,820,515 USD 5,109,896 (1,631)05-Sep-14 USD 32,435,056 CHF 28,909,041 (88,124)05-Sep-14 USD 17,070,428 EUR 12,513,848 (32,508)05-Sep-14 USD 90,652,336 GBP 53,287,881 (173,372)05-Sep-14 USD 5,038,449 JPY 510,458,876 2,80605-Sep-14 USD 6,645,315 SEK 44,701,170 (14,530)

Total 77,445



Barclays (304,200)BNP Paribas (1,048,565)Citibank 351,621Commonwealth Bank of Australia 2,806Crédit Suisse 209,225Deutsche Bank 1,111,190Goldman Sachs (124,293)HSBC (139,579)National Australia Bank (186,738)Société Générale (589,396)State Street Bank 12Toronto Dominion 582,327UBS 366,777Westpac Banking (153,742)Total 77,445

145


Shares and Warrants

CANADA545,900 Africa Oil 2,772,739 0.34181,500 Alpha Exploration/Canada 25,807 0.00

2,175,300 Asanko Gold 3,823,452 0.463,239,500 Augusta Resource 7,447,656 0.919,412,045 Aureus Mining 2,936,744 0.36

669,592 B2Gold 1,401,750 0.172,511,700 Banro 843,360 0.10756,800 Bellatrix Exploration 4,711,456 0.57

1,616,251 Calvalley Petroleums - A Shares 1,628,078 0.20314,600 Cameco 4,493,759 0.55

2,136,700 Capstone Mining 3,697,039 0.45611,500 Cenovus Energy 14,417,273 1.75

1,855,404 Denison Mines 1,671,912 0.203,899,100 Duluth Metals 1,576,396 0.191,905,900 Dundee Precious Metals 6,262,357 0.761,236,800 Eldorado Gold 6,708,100 0.823,083,433 First Quantum Minerals 47,382,296 5.762,686,000 Fission 3.0 161,051 0.026,574,285 Fission Uranium 5,248,360 0.64

230,500 Franco-Nevada 9,468,790 1.15712,700 Goldcorp 14,287,492 1.74

452,400 HudBay Minerals 3,048,920 0.3716,780,300 Ivernia 1,523,578 0.18

336,520 Kennady Diamonds 1,301,739 0.162,101,300 Kinross Gold 6,170,041 0.75

212,900 Kinross Gold - Warrants 17.09.14 3,283 0.002,132,492 Loncor Resources 171,702 0.02

6,982,000 Lucara Diamond 12,319,872 1.506,882,200 Lundin Mining 27,093,584 3.29

830,100 Lundin Mining SDR 3,262,046 0.4017,462,600 Marengo Mining 149,578 0.02

131,200 MEG Energy 3,445,602 0.421,724,900 Mountain Province Diamonds 5,957,219 0.721,575,800 New Gold 7,132,192 0.871,566,100 North Arrow 794,146 0.104,431,000 OceanaGold 9,587,728 1.167,800,000 Panoro Minerals 2,338,416 0.281,508,184 Parex Resources 12,985,718 1.58

308,248 Peyto Exploration & Development 8,453,304 1.0311,547,300 Platinum Group Metals 9,970,114 1.21

57,100 PrairieSky Royalty 1,514,832 0.18806,400 Reservoir Minerals 3,365,247 0.41

6,793,105 Romarco Minerals 3,933,455 0.481,936,000 Sarama Resources 232,163 0.03

619,700 Silver Wheaton 11,531,357 1.405,521,422 Strata-X Energy 1,120,640 0.14

164,700 Suncor Energy 5,116,540 0.62530,856 Teck Resources - B Shares 8,624,966 1.05220,300 Tourmaline Oil 8,483,231 1.03

2,907,600 Trevali Mining 2,141,866 0.265,242,000 WesternZagros Resources 4,148,854 0.50

306,887,800 37.30

UNITED STATES OF AMERICA277,000 Anadarko Petroleum 22,172,083 2.70453,300 Cabot Oil & Gas 11,287,880 1.37350,000 ConocoPhillips 21,970,097 2.67

79,500 Continental Resources 9,209,486 1.128,749,100 Energizer Resources 794,380 0.101,766,800 Freeport-McMoRan Copper & Gold - B Shares 46,368,836 5.632,021,500 Gran Tierra Energy 11,725,999 1.42648,600 Stillwater Mining 8,185,942 0.99

131,714,703 16.00

UNITED KINGDOM10,159,920 Amara Mining 2,884,787 0.3511,488,772 Amerisur Resources 9,123,121 1.111,185,200 Antofagasta 11,260,586 1.381,439,100 BHP Billiton 34,067,723 4.14

4,073,400 Ferrexpo 6,654,857 0.804,106,033 Firestone Diamonds 1,979,397 0.248,785,658 Hurricane Energy 5,510,010 0.67

319,061 IGAS Energy 512,700 0.067,232,189 Mwana Africa 189,553 0.021,721,670 Papua Mining 483,476 0.06

51,685,000 Pathfinder Minerals 209,648 0.034,211,300 President Energy 1,754,202 0.211,025,200 Rio Tinto 39,745,416 4.83

114,375,476 13.90

JERSEY10,704,265 Glencore Xstrata 43,639,680 5.304,288,100 Highland Gold Mining 3,538,935 0.431,674,782 Minera IRL 237,767 0.03

236,100 Randgold Resources ADR 14,330,533 1.74

61,746,915 7.50

AUSTRALIA2,438,437 African Petroleum 201,320 0.02

9,043,400 Alumina 8,384,049 1.028,064,800 Armour Energy 873,912 0.112,250,000 Armour Energy - Warrants 31.08.14 0 0.005,200,420 Base Resources 1,207,551 0.155,201,700 Beach Energy 6,021,347 0.73

4,000,000 Beadell Resources 1,671,859 0.20357,200 BHP Billiton 8,825,111 1.07438,301 Cape Lambert Resources 23,370 0.00

2,101,133 Equatorial Resources 509,572 0.062,571,300 Fortescue Metals Group 7,704,318 0.94

4,590,685 Gascoyne Resources 363,219 0.043,621,312 Gryphon Minerals 404,867 0.05

1,264,942 Kalnorth Gold Mines 7,833 0.006,152,380 Mawson West 1,696,907 0.211,452,150 Papillon Resources 1,883,285 0.23

60,137,149 Peninsula Energy 972,308 0.127,104,433 Rex Minerals 1,527,470 0.191,235,100 Sandfire Resources NL 5,289,745 0.641,312,790 Sayona Mining 3,161 0.00

17,291,990 Sino Gas & Energy Holdings 1,933,266 0.231,510,000 Sirius Resources 3,371,203 0.41

10,854,406 Sundance Resources 631,039 0.088,962,283 Tiger Resources 1,957,743 0.241,221,800 Western Areas 3,879,405 0.479,076,323 Wolf Minerals 1,869,115 0.23

10,075,102 World Titanium Resources 311,929 0.04

61,524,904 7.48

BERMUDA6,840,000 Aquarius Platinum 2,016,833 0.2510,574,894 Petra Diamonds 25,716,892 3.12

3,825,927 Sylvania Platinum 322,316 0.04

28,056,041 3.41

NORWAY7,393,700 DNO International 20,465,042 2.49

20,465,042 2.49

NETHERLANDS1,898,481 Nostrum Oil & Gas 17,747,211 2.16

17,747,211 2.16

BRITISH VIRGIN ISLANDS1,257,300 Gem Diamonds 2,259,662 0.28

31,148,803 Sable Mining Africa 2,313,132 0.2820,029,172 Sierra Rutile 12,374,004 1.50

16,946,798 2.06

SWEDEN925,900 Lundin Petroleum 13,663,992 1.66

13,663,992 1.66

RUSSIA926,169 MMC Norilsk Nickel ADR 13,387,080 1.63

13,387,080 1.63

IRELAND31,573,358 Kenmare Resources 6,058,679 0.7313,836,336 Ormonde Mining 669,168 0.08

1,071,808 Providence Resources 1,859,404 0.23

8,587,251 1.04

CAYMAN ISLANDS2,470,470 Endeavour Mining 1,308,771 0.161,878,750 Leaf Clean Energy 879,311 0.11

9,784,900 Tethys Petroleum CAD 2,195,922 0.271,065,200 Tethys Petroleum GBP 242,625 0.03

4,626,629 0.57

146

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

As at 30 June 2014

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

SOUTH AFRICA419,000 Impala Platinum Holdings 3,078,574 0.37

3,078,574 0.37

INDONESIA28,140,965 Timah Persero 2,175,911 0.26

2,175,911 0.26

ISLE OF MAN2,577,277 3Legs Resources 767,974 0.09

767,974 0.09

NEW ZEALAND15,163,565 Bathurst Resources 474,686 0.06

474,686 0.06

FALKLAND ISLANDS2,761,703 Argos Resources 452,396 0.05

452,396 0.05



806,679,383 98.03


Investment Funds

LUXEMBOURG9,062,995 JPMorgan Liquidity Funds - Euro

Liquidity Fund(JPM Euro Liquidity X (flex dist)) 31.12.49/0.041% 9,062,995 1.10

9,062,995 1.10



9,062,995 1.10


Shares and Warrants

CANADA4,374,550 Energizer Resources - Warrants* 14.01.17 0 0.002,285,000 Global Atomic Fuels* 1,988,562 0.245,500,000 Northern Star Mining CAD* 0 0.001,000,000 Northern Star Mining* 0 0.00

155,480 Pan American Silver - Warrants* 07.12.14 0 0.001,750,000 Redox Diamonds* 0 0.00

968,000 Sarama Resources - Warrants* 16.10.14 0 0.002,600,000 Tsar Emerald* 0 0.00

1,988,562 0.24

UNITED KINGDOM178,805 Jordan Energy and Mining* 294,436 0.04

2,450,000 Mitra Energy* 179 0.00761,300 Norseman Gold AUD* 0 0.00

2,033,191 Norseman Gold GBP* 0 0.004,619,200 Target Resources* 0 0.00

294,615 0.04

CAYMAN ISLANDS3,000,000 Real Gold Mining* 0 0.00

0 0.00

AUSTRALIA275,000 Altus Renewables* 0 0.00

1,555,221 Archipelago Metals* 0 0.0019,394,000 International Petroleum* 0 0.0013,781,300 Kagara* 0 0.007,464,641 Swan Gold Mining* 0 0.00

667,252 Windimurra Vanadium* 0 0.00

0 0.00


Total Other Transferable Securities 2,283,177 0.28


Cash 5,380,641 0.65





Shares and WarrantsDiversified Metals and Mining 45.44Oil and Gas Exploration and Production 25.39Gold 12.57Precious Metals and Minerals 9.07Integrated Oil and Gas 2.37Steel 2.03Investment Funds 1.10Aluminium 1.02Energy 0.28Oil and Gas Drilling 0.11Investment Companies 0.03Total Shares and Warrants 99.41Cash and Other Assets/(Liabilities) 0.59

Total 100.00


Shares and WarrantsMaterials 66.68Energy 31.61Investment Companies 1.03Consumer Discretionary 0.50Consumer Staples 0.35Financials 0.03Total Shares and Warrants 100.20Cash and Other Assets/(Liabilities) (0.20)

Total 100.00

147

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

As at 30 June 2014

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets


Bonds

JAPAN6,865,000,000 Japan (Government of) 20.03.15/0.500% 67,940,306 4.925,010,000,000 Japan (Government of) 20.06.16/0.400% 49,733,251 3.612,750,000,000 Japan (Government of) 20.09.16/0.400% 27,318,900 1.981,300,000,000 Japan (Government of) 20.12.18/0.200% 12,853,964 0.931,360,000,000 Japan (Government of) 20.03.19/0.200% 13,442,461 0.97

3,080,000 Mizuho Bank 144A 16.04.19/2.450% 3,110,538 0.23

174,399,420 12.64

UNITED STATES OF AMERICA1,440,000 Aetna 15.11.17/1.500% 1,445,162 0.112,030,000 Air Lease 15.01.19/3.375% 2,087,378 0.151,255,000 American Express 22.05.18/1.550% 1,249,070 0.094,235,000 American International Group 18.05.17/5.450% 4,721,856 0.344,050,000 Bank of America 12.07.16/3.750% 4,265,014 0.314,000,000 Bank of America 11.01.18/2.000% 4,027,680 0.291,430,000 BioMed Realty 01.05.19/2.625% 1,439,574 0.11

700,000 BMW US Capital 20.07.16/1.250% 970,030 0.071,545,000 Capital One Bank USA 21.11.18/2.150% 1,554,919 0.111,305,000 Capital One Financial 15.07.16/3.150% 1,361,415 0.102,645,000 Capital One Financial 24.04.19/2.450% 2,668,051 0.191,360,000 Citigroup 15.06.16/3.953% 1,435,426 0.10

565,000 Citigroup 10.01.17/4.450% 608,725 0.041,000,000 Citigroup 15.08.17/6.000% 1,131,015 0.083,595,000 Citigroup 21.11.17/6.125% 4,109,606 0.301,925,000 Citigroup 26.09.18/2.500% 1,957,581 0.141,045,000 ConAgra Foods 25.01.18/1.900% 1,046,426 0.08

755,000 DCP Midstream Operating 01.10.15/3.250% 776,672 0.06960,000 Duke Energy 15.06.18/2.100% 971,144 0.07

1,040,000 Duke Realty 15.02.17/5.950% 1,153,906 0.082,920,000 El Paso Natural Gas 15.04.17/5.950% 3,296,750 0.24

770,000 Enterprise Products Operating 15.10.14/5.600% 781,431 0.062,695,000 Ford Motor Credit 06.12.17/1.724% 2,699,568 0.203,255,000 Ford Motor Credit 01.10.18/2.875% 3,364,531 0.245,560,000 General Electric Capital 12.07.16/1.500% 5,641,537 0.411,550,000 General Electric Capital 27.04.17/2.300% 1,599,701 0.121,725,000 Goldman Sachs Group 01.09.17/6.250% 1,966,621 0.14

5,440,000 Goldman Sachs Group 22.01.18/2.375% 5,536,750 0.401,540,000 Kinder Morgan Energy

Partners 15.02.15/5.625% 1,585,276 0.122,565,000 Kinder Morgan Energy

Partners 01.02.19/2.650% 2,600,500 0.191,835,000 Morgan Stanley 22.03.17/4.750% 1,998,434 0.151,270,000 Morgan Stanley 27.04.17/5.550% 1,411,649 0.10

865,000 Morgan Stanley 28.08.17/6.250% 986,558 0.072,475,000 Morgan Stanley 25.04.18/2.125% 2,502,015 0.18

540,000 ONEOK Partners 01.02.16/3.250% 559,267 0.041,355,000 ONEOK Partners 01.10.17/2.000% 1,372,825 0.10

825,000 ONEOK Partners 15.09.18/3.200% 859,361 0.061,080,000 Philip Morris International 16.05.16/2.500% 1,119,107 0.081,375,000 Phillips 66 01.05.17/2.950% 1,438,807 0.111,750,000 PPL Capital Funding 01.06.18/1.900% 1,742,527 0.131,500,000 Prudential Financial 20.09.14/5.100% 1,515,008 0.111,355,000 Simon Property Group 01.03.17/5.875% 1,515,095 0.111,435,000 Toyota Motor Credit 05.10.17/1.250% 1,435,552 0.102,265,000 Ventas Realty 17.04.17/1.250% 2,266,017 0.161,615,000 Ventas Realty 15.02.18/2.000% 1,629,971 0.12

6,670,000 Verizon Communications 09.06.17/1.350% 6,673,935 0.48

97,079,443 7.04

ITALY2,800,000 Italy (Republic of) 01.08.15/3.750% 3,961,194 0.298,800,000 Italy (Republic of) 01.12.15/2.750% 12,402,766 0.909,900,000 Italy (Republic of) 15.04.16/3.750% 14,292,353 1.0311,700,000 Italy (Republic of) 01.11.17/3.500% 17,298,566 1.2517,200,000 Italy (Republic of) 01.06.18/3.500% 25,609,806 1.866,100,000 Italy (Republic of) 01.05.19/2.500% 8,779,561 0.64

82,344,246 5.97

SPAIN3,000,000 Banco Santander 29.07.16/4.500% 4,423,435 0.323,000,000 BBVA 10.02.16/4.750% 4,372,282 0.326,500,000 Spain (Kingdom of) 31.01.16/3.150% 9,262,241 0.676,000,000 Spain (Kingdom of) 31.10.16/4.250% 8,883,681 0.647,000,000 Spain (Kingdom of) 30.07.18/4.100% 10,723,342 0.78

17,500,000 Spain (Kingdom of) 31.10.18/3.750% 26,495,303 1.926,000,000 Spain (Kingdom of) 30.04.19/2.750% 8,756,271 0.64

72,916,555 5.29

FRANCE1,600,000 BNP Paribas 28.01.19/2.000% 2,259,644 0.163,270,000 Caisse d’Amortissement de la

Dette Sociale 30.01.17/1.125% 3,293,658 0.245,800,000 Caisse d’Amortissement de la

Dette Sociale 07.03.18/3.250% 8,758,793 0.636,300,000 Cie de Financement Foncier 11.03.19/1.125% 8,801,327 0.64

16,200,000 France (Government of) 25.04.16/3.250% 23,409,522 1.707,500,000 France (Government of) 25.10.16/5.000% 11,407,430 0.833,500,000 France (Government of) 25.05.18/1.000% 4,904,184 0.36

900,000 HSBC France 03.12.18/1.625% 1,266,726 0.091,080,000 Total Capital International 28.06.17/1.550% 1,092,749 0.081,200,000 Unedic 29.04.16/0.375% 1,646,567 0.12

66,840,600 4.85

UNITED KINGDOM830,000 Barclays Bank 23.02.15/2.750% 842,023 0.06

5,112,000 Barclays Bank 04.04.17/1.500% 8,707,048 0.632,300,000 Barclays Bank 20.02.19/2.500% 2,333,350 0.182,040,000 BP Capital Markets 10.05.18/1.375% 2,021,263 0.151,660,000 British Telecommunications 14.02.19/2.350% 1,673,272 0.121,634,000 British Telecommunications 10.06.19/1.125% 2,237,219 0.16

750,000 Imperial Tobacco Finance 15.09.14/7.250% 1,039,158 0.081,388,000 Lloyds Bank 10.10.18/1.875% 1,970,556 0.146,436,000 Nationwide Building Society 25.06.19/0.750% 8,811,390 0.645,000,000 Network Rail Infrastructure

Finance 27.11.15/4.875% 8,999,345 0.656,700,000 Royal Bank of Scotland 20.01.17/4.875% 10,072,985 0.736,800,000 UK Treasury 22.07.18/1.250% 11,351,911 0.82

60,059,520 4.36

INTERNATIONAL AGENCIES9,227,000 European Financial Stability

Facility 22.01.19/1.250% 13,024,231 0.943,000,000 European Investment Bank 03.03.17/3.125% 4,427,682 0.32

2,010,000,000 European Investment Bank 20.06.17/1.400% 20,646,779 1.501,261,421 European Stability Mechanism 15.10.18/1.250% 1,783,855 0.13

39,882,547 2.89

AUSTRALIA3,000,000 ANZ Banking Group 04.09.18/1.375% 4,229,111 0.315,000,000 Australia (Commonwealth of) 15.02.17/6.000% 5,102,260 0.377,100,000 Commonwealth Bank of

Australia 22.01.19/1.375% 9,995,878 0.7210,000,000 New South Wales Treasury 01.04.16/6.000% 9,931,672 0.72

29,258,921 2.12

CANADA5,899,000 Bank of Montreal 07.05.19/1.000% 8,180,454 0.592,900,000 Bank of Nova Scotia 02.04.19/1.000% 4,025,268 0.298,300,000 RBC 19.06.19/0.750% 11,357,171 0.83

23,562,893 1.71

MEXICO3,045,000 America Movil 08.09.16/2.375% 3,134,934 0.231,445,000 Mexico (United Mexican


States) 14.12.17/7.750% 3,880,970 0.28

19,108,762 1.38

GERMANY10,000,000 Erste Abwicklungsanstalt 27.02.17/1.000% 10,012,700 0.726,000,000 KFW 07.09.16/2.000% 8,534,918 0.62

18,547,618 1.34

BELGIUM4,200,000 Belgium (Kingdom of) 22.06.18/1.250% 5,936,850 0.438,600,000 KBC Bank 25.02.19/1.000% 11,940,063 0.87

17,876,913 1.30

NETHERLANDS700,000 Aegon 18.07.17/3.000% 1,018,985 0.07

1,750,000 Cooperatieve CentraleRaiffeisen-Boerenleenbank 22.01.19/1.750% 2,479,159 0.18

5,780,000 Netherlands (Kingdom of) 15.07.17/4.500% 8,926,811 0.653,600,000 Propertize 27.02.17/0.500% 4,951,089 0.36

17,376,044 1.26

148

JPMorgan Funds - Global Short Duration Bond FundSchedule of Investments (Market Value Expressed in USD)

As at 30 June 2014

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

UNITED KINGDOM5,854,000 ANZ New Zealand

Int’l/London 02.10.18/1.500% 8,275,322 0.604,700,000 ASB Finance/London 01.11.18/1.500% 6,624,028 0.48

14,899,350 1.08

SWITZERLAND7,391,000 Credit Suisse/Guernsey 12.03.19/1.000% 10,242,465 0.74

10,242,465 0.74

SWEDEN1,347,000 Svenska Handelsbanken 15.01.24/2.656%* 1,900,121 0.14

309,000 Swedbank 09.02.17/3.375% 452,420 0.0342,000,000 Sweden (Kingdom of) 12.07.16/3.000% 6,584,344 0.48

8,936,885 0.65

NEW ZEALAND4,055,000 Westpac Securities NZ 24.06.19/0.875% 5,550,422 0.40

5,550,422 0.40

BRITISH VIRGIN ISLANDS5,470,000 TSMC Global 144A 03.04.18/1.625% 5,398,217 0.39

5,398,217 0.39

POLAND16,000,000 Poland (Government of) 25.01.16/0.000% 5,067,631 0.37

5,067,631 0.37

AUSTRIA2,800,000 Austria (Republic of) 20.02.17/3.200% 4,133,789 0.30

4,133,789 0.30

IRELAND500,000 GE Capital European Funding 04.04.16/3.750% 721,964 0.05

1,700,000 Ireland (Republic of) 18.10.18/4.500% 2,697,861 0.20

3,419,825 0.25

SOUTH KOREA2,675,000 Korea Development Bank 22.01.17/0.853%* 2,682,022 0.19

2,682,022 0.19

SOUTH AFRICA24,100,000 South Africa (Republic of) 15.09.15/13.500% 2,446,234 0.18

2,446,234 0.18

CAYMAN ISLANDS1,125,000 Hutchison Whampoa

International 11 144A 13.01.17/3.500% 1,183,072 0.09

1,183,072 0.09

JERSEY1,120,000 Heathrow Funding 144A 25.06.15/2.500% 1,138,500 0.08

1,138,500 0.08

DENMARK4,600,000 Denmark (Kingdom of) 15.11.17/4.000% 950,855 0.07

950,855 0.07

QATAR200,000 Qatar (State of) 20.01.15/4.000% 203,902 0.01

203,902 0.01

Total Bonds 785,506,651 56.95


785,506,651 56.95


Bonds

UNITED STATES OF AMERICA4,194 ACE Securities Home Equity

Loan Trust 2005-HE4 M1 25.07.35/0.652%* 4,194 0.00430,000 Aegis Asset Backed Securities

Trust 2004-3 A1 25.09.34/0.872%* 422,645 0.036,096,000 Air Lease 01.04.17/5.625% 6,704,655 0.493,140,000 American Express 22.05.18/0.818%* 3,161,289 0.23

136,674 Asset Backed FundingCertificates 2005-OPT1 A2C 25.07.35/0.512%* 134,392 0.01

3,315,000 AT&T 27.11.18/1.137%* 3,383,239 0.254,860,000 Banc of America Commercial

Mortgage Trust 2006-2 AM 10.05.45/5.954%* 5,303,881 0.383,296,500 Banc of America Commercial

Mortgage Trust 2006-1 A1A 10.09.45/5.378%* 3,496,425 0.253,604,221 Banc of America Commercial

Mortgage Trust 2006-4 A14 10.07.46/5.617%* 3,922,675 0.284,410,000 Bank of America 01.04.19/1.105%* 4,431,102 0.323,777,855 Bank of America Auto Trust

2012-1 A3 15.06.16/0.780% 3,784,417 0.272,505,000 BB&T 01.02.19/2.250% 2,530,751 0.183,320,801 Bear Stearns Commercial

Mortgage Securities Trust2006-PW11 A1A 11.03.39/5.605%* 3,530,361 0.26

6,875,000 Bear Stearns CommercialMortgage Securities Trust2006-PW11 A4 11.03.39/5.605%* 7,276,995 0.53

3,648,000 Bear Stearns CommercialMortgage Securities Trust2006-PW13 AM 11.09.41/5.582%* 3,965,613 0.29

3,635,000 Bear Stearns CommercialMortgage Securities Trust2006-PW14 A4 11.12.38/5.201% 3,950,820 0.29

6,500,000 Bear Stearns CommercialMortgage Securities Trust2006-PWR12 AM 11.09.38/5.937%* 7,015,707 0.51

4,462,418 Bear Stearns CommercialMortgage Securities Trust2006-TOP22 A4 12.04.38/5.757%* 4,745,484 0.34

5,242,990 Bear Stearns CommercialMortgage Securities Trust2007-PWR18 A1A 11.06.50/5.602% 5,865,045 0.43

3,865,000 CD 2006-CD2 MortgageTrust A4 15.01.46/5.480%* 4,082,373 0.30

3,450,000 Citigroup CommercialMortgage Trust 2006-C5 A4 15.10.49/5.431% 3,744,937 0.27

574,556 Continental Airlines 1998-1Class A Pass Through Trust 15.09.17/6.648% 614,774 0.04

3,377 Credit Suisse First BostonMortgage Securities 2004-32A1 25.04.19/5.000% 3,467 0.00

2,725,000 Crédit Suisse Mortgage capitalTrust 15.04.27/1.050%* 2,729,028 0.20

6,240,000 Credit Suisse MortgageCapital Trust 2006-C1 A4 15.02.39/5.609%* 6,593,468 0.48

32,660 Credit-Based Asset Servicingand Securitization 2005-CB4AF4 25.07.35/4.824%* 32,533 0.00




1,525,000 DirecTV Holdings 15.03.17/2.400% 1,570,483 0.1111,176 Equity One Mortgage

Pass-Through Trust 2004-3AF4 25.07.34/5.100%* 11,717 0.00

500,000 Express Scripts Holding 21.11.14/2.750% 504,560 0.041,695,000 Express Scripts Holding 15.05.16/3.125% 1,765,478 0.131,145,000 Express Scripts Holding 15.11.16/3.500% 1,209,984 0.09

2,450,000 Express Scripts Holding 15.06.19/2.250% 2,441,021 0.1883,701 Fannie Mae Pool No: 254803 01.07.18/5.000% 88,423 0.01107,131 Fannie Mae Pool No: 254865 01.09.18/4.500% 113,609 0.01

1,618,557 Fannie Mae Pool No: 255031 01.12.18/4.500% 1,716,429 0.12194,741 Fannie Mae Pool No: 710643 01.05.23/5.000% 216,249 0.0289,790 Fannie Mae Pool No: 735646 01.07.20/4.500% 95,220 0.01

506,328 Fannie Mae Pool No: 745440 01.07.20/4.500% 536,945 0.04447,349 Fannie Mae Pool No: 803899 01.12.19/5.000% 472,583 0.03182,936 Fannie Mae Pool No: 888148 01.02.37/2.270%* 194,201 0.01422,414 Fannie Mae Pool No: 889183 01.09.21/5.500% 447,297 0.03205,390 Fannie Mae Pool No: 889197 01.11.21/4.500% 217,810 0.02532,637 Fannie Mae Pool No: 889568 01.03.20/5.500% 564,013 0.04

1,607,577 Fannie Mae Pool No: AE0019 01.07.20/5.000% 1,698,255 0.125,191,039 Fannie Mae REMICS

2010-31 AP 25.02.40/4.500% 5,540,122 0.402,852,636 Fannie Mae REMICS

2010-45 GD 25.04.33/5.000% 3,095,836 0.223,879,229 Fifth Third Auto 2013-1 A2 15.03.16/0.590% 3,882,297 0.28

5,000,000 Ford Motor Credit 15.04.16/4.207% 5,283,000 0.381,934,633 Freddie Mac REMICS 2690 TG 15.04.32/4.500% 1,998,726 0.15

350,983 Freddie Mac REMICS 3626 MA 15.02.30/5.000% 356,856 0.0313,324,416 Freddie Mac REMICS 3747 HK 15.07.37/2.500% 13,628,932 0.993,346,752 Freddie Mac REMICS 3790 AP 15.01.37/4.500% 3,599,243 0.26

10,388,348 Freddie Mac REMICS 4221 HJ 15.07.23/1.500% 10,355,211 0.75915,087 Ginnie Mae 2009-127 PL 20.10.38/4.250% 970,643 0.07

149

JPMorgan Funds - Global Short Duration Bond FundSchedule of Investments (Market Value Expressed in USD) (continued)

As at 30 June 2014

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

1,492,964 Ginnie Mae 2009-13 MA 16.03.34/4.500% 1,554,444 0.11623,006 Ginnie Mae 2009-55 LD 20.08.38/4.000% 644,851 0.05781,792 Ginnie Mae 2010-167 KW 20.09.36/5.000% 807,464 0.06

1,461,797 Ginnie Mae 2010-50 AD 20.12.34/4.500% 1,551,606 0.115,843,850 Ginnie Mae 2010-93 GD 20.02.39/4.500% 6,273,980 0.453,495,000 Glencore Funding 144A 29.04.19/3.125% 3,568,745 0.261,180,000 Goldman Sachs Group 30.04.18/1.425%* 1,200,184 0.09

20,821 Greenwich Capital CommercialFunding 2005-GG3 A3 10.08.42/4.569% 20,801 0.00

2,000,000 Greenwich Capital CommercialFunding 2005-GG3 AJ 10.08.42/4.859%* 2,035,264 0.15

3,576,168 Honda Auto ReceivablesOwner Trust 2012-2 A3 16.02.16/0.700% 3,580,638 0.26

6,503,029 Honda Auto ReceivablesOwner Trust 2012-4 A3 18.08.16/0.520% 6,509,126 0.47

6,982,260 Hyundai Auto ReceivablesTrust 2013-C A2 15.06.16/0.570% 6,990,059 0.51

4,451,000 ING US 15.02.18/2.900% 4,611,904 0.336,505,000 Jackson National Life Global

Funding 144A 16.04.19/2.300% 6,546,105 0.471,520,000 Kraft Foods Group 05.06.17/2.250% 1,560,827 0.11

3,900,000 Kroger 17.10.16/0.756%* 3,911,135 0.28634,466 LB-UBS Commercial Mortgage

Trust 2004-C8 A6 15.12.29/4.799%* 640,851 0.054,350,000 LB-UBS Commercial Mortgage

Trust 2005-C7 AM 15.11.40/5.263%* 4,594,594 0.336,240,281 LB-UBS Commercial Mortgage

Trust 2006-C3 A1A 15.03.39/5.641%* 6,682,167 0.484,930,000 LB-UBS Commercial Mortgage

Trust 2006-C6 A4 15.09.39/5.372% 5,340,267 0.393,250,000 LB-UBS Commercial Mortgage

Trust 2006-C6 AM 15.09.39/5.413% 3,537,879 0.26965,000 LG&E and KU Energy 15.11.15/2.125% 978,332 0.07

9,725,000 Mercedes Benz Auto LeaseTrust 2014-A A2A 15.06.16/0.480% 9,732,707 0.71

1,080,416 Merrill Lynch Mortgage Trust2005-CKI1 A6 12.11.37/5.457%* 1,125,729 0.08

3,705,000 Merrill Lynch Mortgage Trust2006-C1 A4 12.05.39/5.862%* 3,957,872 0.29

3,675,000 Metropolitan Life GlobalFunding I 144A 10.04.19/2.300% 3,715,781 0.27

8,891,775 ML-CFC Commercial MortgageTrust 2006-2 A4 12.06.46/6.066%* 9,575,984 0.69

9,135,000 ML-CFC Commercial MortgageTrust 2006-4 A3 12.12.49/5.172% 9,839,002 0.71

4,437,117 ML-CFC Commercial MortgageTrust 2007-5 A4 12.08.48/5.378% 4,792,606 0.35

118,211 Morgan Stanley ABS Capital ITrust 2004-SD2 A 25.04.34/0.602%* 116,255 0.01

5,000,000 Morgan Stanley Capital I Trust2006-HQ10 AM 12.11.41/5.360% 5,437,773 0.39

3,142,111 Morgan Stanley Capital I Trust2006-HQ8 A4 12.03.44/5.598%* 3,307,192 0.24

3,700,000 Morgan Stanley Capital I Trust2006-T21 A4 12.10.52/5.162%* 3,876,059 0.28

2,091,050 Morgan Stanley Re-REMICTrust 2010-GG10 A4A 15.08.45/5.997%* 2,309,162 0.17

10,316 Park Place Securities2005-WHQ3 M1 25.06.35/0.572%* 10,319 0.00

3,250,000 Penske Truck Leasing 144A 15.06.19/2.500% 3,252,665 0.242,780,000 Pricoa Global Funding I 144A 29.05.18/1.600% 2,726,613 0.201,775,000 Pricoa Global Funding I 144A 16.05.19/2.200% 1,779,526 0.13

319,911 RAMP Trust 2004-RS11 M1 25.11.34/1.082%* 316,125 0.0258,965 RFMSI Trust 2006-S12 2A2 25.12.36/6.000% 58,543 0.00

3,125,000 SABMiller Holdings 144A 01.08.18/0.915%* 3,145,791 0.232,130,000 Samsung Electronics

America 144A 10.04.17/1.750% 2,148,467 0.161,385,000 SES Global Americas

Holdings 144A 25.03.19/2.500% 1,395,813 0.1056,141 Structured Asset Securities

2005-WF4 A4 25.11.35/0.512%* 56,101 0.003,249,656 Toyota Auto Receivables

Owner Trust 2013-B A2 15.02.16/0.480% 3,251,234 0.24125,000 US Treasury 10.07.14/0.000% 124,971 0.01845,000 US Treasury 02.10.14/0.000% 844,903 0.06

13,560,000 US Treasury 31.07.15/0.250% 13,576,156 0.981,935,000 US Treasury 31.10.15/0.250% 1,936,814 0.14

235,000 US Treasury 31.12.15/0.250% 235,018 0.023,535,000 US Treasury 31.03.16/0.375% 3,535,621 0.261,501,000 US Treasury 15.08.16/0.625% 1,504,518 0.11


1,140,000 US Treasury 15.05.17/0.875% 1,141,024 0.085,279,000 US Treasury 30.04.18/0.625% 5,151,562 0.374,020,000 Volkswagen Group of America

Finance 144A 23.05.19/2.125% 4,016,985 0.29

338,565 Wachovia Bank CommercialMortgage Trust 2005-C21 A4 15.10.44/5.414%* 353,655 0.03

6,691,599 Wachovia Bank CommercialMortgage Trust 2006-C25 A1A 15.05.43/5.899%* 7,223,331 0.52

1,775,000 Wachovia Bank CommercialMortgage Trust 2006-C25 A5 15.05.43/5.904%* 1,917,856 0.14

4,130,000 Wells Fargo & Co. 20.07.16/0.758%* 4,143,546 0.3016,924 Wells Fargo Mortgage Backed

Securities Trust 2005-2 2A1 25.04.20/4.750% 17,624 0.00

388,586,396 28.17

CANADA30,578,000 Canada (Government of) 01.08.16/1.000% 28,564,700 2.073,830,000 Canadian Imperial Bank of

Commerce 18.07.16/1.350% 3,872,973 0.284,830,000 Enbridge 01.10.16/0.885%* 4,859,622 0.353,170,000 National Bank of Canada 07.11.17/1.450% 3,164,830 0.23

710,000 Xstrata Finance Canada 144A 15.01.17/3.600% 745,642 0.065,535,000 Xstrata Finance Canada 144A 25.10.17/2.700% 5,680,737 0.41

46,888,504 3.40

FRANCE10,000,000 Agence Francaise

Developpement 03.10.16/1.125% 10,076,050 0.734,600,000 AUTO ABS FCT Compartiment

2013-2 A 27.01.23/0.953%* 6,294,983 0.465,905,000 BPCE 25.04.16/1.479%* 5,988,703 0.432,150,000 BPCE 10.12.18/2.500% 2,184,766 0.162,700,000 FCT Factoring Asset

Securitisation Transaction 1 A1 13.06.16/1.229%* 3,725,786 0.27323,149 Titrisocram 2012-1 A 25.03.22/1.075%* 443,597 0.03

28,713,885 2.08

UNITED KINGDOM4,400,000 Barclays Bank 144A 04.12.17/6.050% 4,981,108 0.361,795,000 BAT International

Finance 144A 07.06.17/2.125% 1,834,723 0.131,138,114 E-CARAT 2 A 18.10.21/1.040%* 1,943,357 0.14

2,364,749 E-CARAT 3 A 18.03.22/0.960%* 4,037,189 0.29239,374 Granite Master Issuer 2006-4

A7 20.12.54/0.333%* 325,571 0.021,870,000 HSBC Bank 144A 15.05.18/1.500% 1,854,703 0.14

45,995 Motor 2012 12X A2 25.02.20/1.243%* 78,492 0.01645,914 Motor 2013-1X A2 25.02.21/1.093%* 1,103,458 0.08

3,570,220 Motor 2014-1X A2 25.08.21/0.993%* 6,092,957 0.441,245,000 Nationwide Building

Society 144A 25.02.15/4.650% 1,277,264 0.092,015,000 Turbo Finance 4 A 20.01.21/1.074%* 3,440,754 0.25

26,969,576 1.95

AUSTRALIA5,200,000 Commonwealth Bank of

Australia 18.06.19/2.000% 5,198,830 0.384,240,000 Commonwealth Bank of

Australia/New York 13.03.19/2.250% 4,283,630 0.313,730,000 Westpac Banking 30.07.18/0.965%* 3,778,509 0.271,670,000 Westpac Banking 17.01.19/0.836%* 1,679,903 0.126,700,000 Westpac Banking 21.05.19/2.000% 6,695,645 0.49

21,636,517 1.57

SWEDEN4,610,000 Nordea Bank 144A 20.03.17/3.125% 4,847,807 0.361,900,000 Skandinaviska Enskilda

Banken 144A 19.03.18/1.750% 1,900,513 0.132,055,000 Skandinaviska Enskilda

Banken 144A 20.11.18/2.375% 2,085,661 0.15590,000 Svenska Handelsbanken 12.07.16/3.125% 617,866 0.04

2,175,000 Swedbank 144A 29.09.17/2.125% 2,215,803 0.16

11,667,650 0.84

NETHERLANDS5,320,000 ABN Amro Bank 144A 30.10.18/2.500% 5,409,403 0.391,150,000 Deutsche Telekom

International Finance 144A 06.03.17/2.250% 1,178,647 0.093,480,000 Volkswagen International

Finance 144A 20.11.17/1.600% 3,501,315 0.25

10,089,365 0.73

LUXEMBOURG5,690,000 Actavis 144A 15.06.17/1.300% 5,670,939 0.412,000,000 Pentair Finance 15.09.17/1.875% 2,022,078 0.15

7,693,017 0.56

150


As at 30 June 2014

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

IRELAND3,055,000 Perrigo 144A 08.11.18/2.300% 3,049,776 0.22

661,772 SCF Rahoituspalvelut 2013-1 A 25.05.21/0.802% 907,343 0.07

3,957,119 0.29

NORWAY1,870,000 DNB Bank 144A 03.04.17/3.200% 1,969,849 0.14

1,969,849 0.14

Total Bonds 548,171,878 39.73

Investment Funds

LUXEMBOURG1,646 JPMorgan Liquidity Funds - US Dollar Liquidity

Fund (JPM US Dollar Liquidity X (acc)) 23,377,382 1.69

23,377,382 1.69



571,549,260 41.42


Cash 7,094,546 0.51


Total Net Assets 1,379,529,025 100.00



Fixed Income SecuritiesUnited States of America 35.21Japan 12.64United Kingdom 7.39France 6.93Italy 5.97Spain 5.29Canada 5.11Australia 3.69International Agencies 2.89Netherlands 1.99Sweden 1.49Mexico 1.38Germany 1.34Belgium 1.30Switzerland 0.74Luxembourg 0.56Ireland 0.54New Zealand 0.40British Virgin Islands 0.39Poland 0.37Austria 0.30South Korea 0.19South Africa 0.18Norway 0.14Cayman Islands 0.09Jersey 0.08Denmark 0.07Qatar 0.01Total Fixed Income Securities 96.68Investment FundsLuxembourg 1.69Total Bonds 1.69Cash and Other Assets/(Liabilities) 1.63

Total 100.00


Fixed Income SecuritiesUnited States of America 30.00Japan 13.28United Kingdom 9.14France 6.44Italy 5.92Germany 5.18Spain 4.74Canada 4.63International Agencies 3.51Sweden 2.76Australia 2.08Norway 1.78Mexico 1.68Netherlands 1.59Belgium 0.80New Zealand 0.60Ireland 0.48British Virgin Islands 0.47Poland 0.45Austria 0.37South Africa 0.23Luxembourg 0.18Israel 0.16Cayman Islands 0.11Jersey 0.10Denmark 0.09Qatar 0.02Total Fixed Income Securities 96.79Investment FundsLuxembourg 2.95Total Investment Funds 2.95Cash Equivalents, Cash and Other Assets/(Liabilities) 0.26

Total 100.00

151


As at 30 June 2014

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

JPMorgan Funds - Global Short Duration Bond FundSchedule of Investments - Outstanding Financial Futures Contracts (Expressed in USD)

As at 30 June 2014

ExpirationDate


NotionalValue


Bond Futures

Sep-14 (903) Euro-Bobl Future EUR (158,036,538) (67,861)Sep-14 813 Euro-Schatz Future EUR 122,920,201 2,777Sep-14 584 US 2 Year Note Future USD 128,219,938 (58,750)Sep-14 (1,432) US 5 Year Note Future USD (170,928,218) 124,781

Total 947

As at 30 June 2014, the counterparty J.P. Morgan held the following collateral in favour of the Sub-Fund:- Cash: USD 1,828,079.

JPMorgan Funds - Global Short Duration Bond FundSchedule of Investments - Outstanding Forward Foreign Exchange Contracts (Expressed in USD) (continued)

As at 30 June 2014



AmountSold


03-Jul-14 AUD 37,903,231 USD 35,499,446 130,02203-Jul-14 CAD 4,624,604 AUD 4,582,355 22,50603-Jul-14 CAD 8,539,784 MXN 101,064,398 204,45003-Jul-14 CAD 4,366,203 NZD 4,743,862 (58,536)03-Jul-14 CAD 39,397,679 USD 36,696,029 191,62903-Jul-14 CHF 8,791,145 USD 9,831,846 52,91403-Jul-14 CLP 4,422,506,672 USD 7,968,480 39,64903-Jul-14 COP 15,520,158,559 USD 8,139,588 104,92203-Jul-14 DKK 5,569,486 USD 1,016,702 4,01003-Jul-14 EUR 1,489,000 CHF 1,813,970 (5,077)03-Jul-14 EUR 2,683,096 GBP 2,183,101 (56,777)03-Jul-14 EUR 6,039,042 NOK 50,131,364 97,24803-Jul-14 EUR 567,746,567 USD 772,468,256 3,292,92503-Jul-14 GBP 2,199,250 CAD 4,041,782 (33,818)03-Jul-14 GBP 2,553,000 EUR 3,137,617 66,52903-Jul-14 GBP 160,459,901 USD 269,109,729 4,528,45203-Jul-14 INR 474,780,131 USD 8,091,004 (189,758)03-Jul-14 JPY 20,314,347,685 USD 199,304,357 1,076,73503-Jul-14 MXN 103,993,224 AUD 8,699,705 (160,767)03-Jul-14 MXN 105,342,086 CAD 8,799,222 (117,583)03-Jul-14 MXN 34,953,435 USD 2,707,552 (12,918)03-Jul-14 MXN 51,167,856 ZAR 41,178,059 65,38203-Jul-14 NOK 51,748,818 EUR 6,350,807 (260,142)03-Jul-14 NOK 24,194,227 NZD 4,787,504 (249,259)03-Jul-14 NOK 49,371,362 SEK 54,699,689 (124,283)03-Jul-14 NOK 23,763,140 USD 3,980,572 (115,236)03-Jul-14 NZD 9,531,367 USD 8,278,049 53,23603-Jul-14 PLN 24,667,693 USD 8,088,497 19,74103-Jul-14 RUB 560,564,491 USD 16,398,617 86,87903-Jul-14 SEK 32,051,135 EUR 3,532,584 (48,429)03-Jul-14 SEK 26,555,012 NOK 23,763,140 93,70303-Jul-14 SEK 117,697,147 USD 17,523,013 24,24203-Jul-14 SGD 20,298,634 USD 16,200,439 66,45703-Jul-14 THB 264,101,604 USD 8,142,237 (1,165)03-Jul-14 USD 22,781,094 AUD 24,621,171 (363,086)03-Jul-14 USD 40,612,066 CAD 44,087,267 (666,407)03-Jul-14 USD 7,785,722 CHF 6,977,175 (59,410)03-Jul-14 USD 7,997,300 CLP 4,422,506,672 (10,830)03-Jul-14 USD 8,207,382 COP 15,520,158,559 (37,128)03-Jul-14 USD 1,021,043 DKK 5,569,486 33203-Jul-14 USD 387,299,459 EUR 284,059,444 (835,500)03-Jul-14 USD 50,896,006 GBP 30,287,223 (753,911)03-Jul-14 USD 7,886,713 INR 474,780,131 (14,534)03-Jul-14 USD 199,293,134 JPY 20,314,347,685 (1,087,958)03-Jul-14 USD 11,104,417 MXN 144,002,624 2,95403-Jul-14 USD 12,251,979 NOK 75,183,043 22,63103-Jul-14 USD 8,089,362 PLN 24,667,693 (18,877)03-Jul-14 USD 15,953,970 RUB 560,564,491 (531,525)03-Jul-14 USD 18,310,754 SEK 121,603,605 181,09303-Jul-14 USD 16,233,583 SGD 20,298,634 (33,313)03-Jul-14 USD 8,071,442 THB 264,101,604 (69,630)03-Jul-14 USD 14,814,224 ZAR 157,746,647 (46,588)03-Jul-14 ZAR 41,510,486 MXN 50,389,579 25,93403-Jul-14 ZAR 157,414,220 USD 14,796,263 33,23205-Aug-14 CAD 8,818,781 USD 8,211,897 37,70805-Aug-14 EUR 2,553,859 USD 3,470,653 19,37205-Aug-14 GBP 32,564 USD 55,240 27705-Aug-14 INR 474,780,131 USD 7,848,903 (13,602)05-Aug-14 MYR 26,505,050 USD 8,244,184 (12,898)05-Aug-14 NOK 75,183,043 USD 12,237,600 (24,431)05-Aug-14 NZD 4,704,064 NOK 25,328,847 (15,956)05-Aug-14 PLN 9,526,925 USD 3,121,402 2,878

152

JPMorgan Funds - Global Short Duration Bond FundSchedule of Investments - Outstanding Forward Foreign Exchange Contracts (Expressed in USD) (continued)

As at 30 June 2014



AmountSold


05-Aug-14 SEK 25,146,166 NOK 22,839,180 37,30805-Aug-14 SGD 5,105,828 JPY 415,937,131 (10,963)05-Aug-14 SGD 20,298,634 USD 16,234,024 32,63205-Aug-14 USD 35,416,400 AUD 37,903,231 (122,804)05-Aug-14 USD 32,884,473 CAD 35,287,999 (125,993)05-Aug-14 USD 9,834,266 CHF 8,791,145 (53,409)05-Aug-14 USD 1,016,884 DKK 5,569,486 (4,026)05-Aug-14 USD 395,377,505 EUR 290,597,884 (1,744,639)05-Aug-14 USD 48,178,396 GBP 28,401,356 (242,063)05-Aug-14 USD 191,193,776 JPY 19,486,335,789 (1,010,126)05-Aug-14 USD 8,201,904 MXN 106,782,224 (10,685)05-Aug-14 USD 8,253,144 NZD 9,531,367 (51,450)05-Aug-14 USD 8,211,699 RUB 280,487,010 28,41205-Aug-14 USD 14,243,530 SEK 95,961,368 (57,226)05-Aug-14 USD 8,128,079 THB 264,101,604 (3,046)05-Aug-14 USD 10,722,694 ZAR 114,207,415 27,292

Total 1,207,924



ANZ Banking Group (1,094,786)Barclays (121,070)Citibank 3,457,788Commonwealth Bank of Australia (5,168)Crédit Suisse (1,362,233)Deutsche Bank (110,604)Goldman Sachs 21,573HSBC (429,744)Morgan Stanley (316)National Australia Bank 266RBC 37,495Société Générale 1,541State Street Bank 1,464,470UBS (338,294)Westpac Banking (312,994)Total 1,207,924

153


Shares

UNITED STATES OF AMERICA12,733 Amazon.com 4,122,372 1.13

54,046 Anadarko Petroleum 5,911,011 1.62111,581 Baxter International 8,096,317 2.22

562,469 Boston Scientific 7,174,292 1.97172,947 Cabot Oil & Gas 5,884,522 1.62

46,112 Capital One Financial 3,817,151 1.05186,580 Cisco Systems 4,626,251 1.27275,638 Citigroup 12,990,819 3.57

97,652 Cognizant Technology Solutions - A Shares 4,783,971 1.31113,806 Comcast - A Shares 6,113,089 1.68139,978 eBay 6,989,801 1.9269,020 Fluor 5,285,897 1.45102,739 Freeport-McMoRan Copper & Gold - B Shares 3,684,221 1.01

8,901 Google - A Shares 5,195,113 1.4313,022 Google - C Shares 7,485,957 2.05

89,005 Hartford Financial Services Group 3,181,484 0.87105,504 Johnson & Johnson 11,079,503 3.04

26,195 KLA-Tencor 1,877,920 0.5166,875 Lam Research 4,514,731 1.24131,401 Lululemon Athletica 5,242,243 1.4467,803 MetLife 3,753,235 1.03

154,846 Microsoft 6,519,791 1.7983,928 Owens Corning 3,268,576 0.90121,543 Pfizer 3,617,727 0.9981,405 QUALCOMM 6,451,753 1.77

380,731 Teradyne 7,422,351 2.0478,648 Time 1,895,023 0.5292,907 Time Warner 6,490,483 1.78176,107 United Continental Holdings 7,362,153 2.0228,621 United Technologies 3,313,453 0.9163,381 UnitedHealth Group 5,196,608 1.4373,773 Verizon Communications 3,621,517 0.99

176,969,335 48.57

UNITED KINGDOM142,630 APR Energy 1,566,427 0.43

2,893,125 Barclays 10,557,079 2.90302,389 BG Group 6,338,985 1.74397,813 Premier Oil 2,262,159 0.62384,756 Standard Chartered 7,875,364 2.16

1,911,473 Vodafone Group 6,367,069 1.75

34,967,083 9.60

FRANCE364,172 AXA 8,669,389 2.3830,133 Kering 6,609,316 1.8235,419 Renault 3,208,158 0.8889,145 Sanofi 9,493,555 2.6131,775 Technip 3,478,331 0.95

31,458,749 8.64

SWITZERLAND34,512 ACE 3,577,514 0.9855,334 Compagnie Financiere Richemont Registered Shares 5,814,186 1.6099,101 Novartis Registered Shares 8,944,908 2.46

221,276 UBS Registered Shares 4,054,210 1.11

22,390,818 6.15

CHINA3,755,190 China Merchants Bank - H Shares* 7,403,256 2.03

11,328,000 Industrial & Commercial Bank of China - H Shares* 7,169,019 1.971,691,200 Sinopharm Group - H Shares* 4,680,473 1.28

19,252,748 5.28

JAPAN102,800 KDDI 6,267,885 1.72222,200 Komatsu 5,155,259 1.4187,600 Sumitomo Mitsui Financial Group 3,666,886 1.01

15,090,030 4.14


9,982,106 2.74

HONG KONG1,066,000 China Overseas Land & Investment 2,588,477 0.71

24,402 CNOOC ADR 4,367,104 1.2020,490,000 Emperor Watch & Jewellery 1,387,934 0.38

8,343,515 2.29

CAYMAN ISLANDS3,011,000 Country Garden Holdings 1,192,660 0.332,548,000 KWG Property Holding 1,459,654 0.40

143,367 Phoenix New Media ADR 1,542,629 0.42454,800 Sands China 3,443,032 0.95

7,637,975 2.10

SOUTH KOREA10,495 Hyundai Motor 2,377,449 0.653,826 Samsung Electronics 4,996,106 1.37

7,373,555 2.02

ISRAEL138,470 Teva Pharmaceutical Industries ADR 7,296,677 2.00

7,296,677 2.00

GERMANY24,958 Bayer Registered Shares 3,527,011 0.9713,329 Volkswagen Non Voting Preference Shares 3,483,137 0.95

7,010,148 1.92

NETHERLANDS73,935 NXP Semiconductor 4,834,240 1.33

4,834,240 1.33

JERSEY795,984 Glencore Xstrata 4,434,049 1.22

4,434,049 1.22

CANADA104,766 MEG Energy 3,759,440 1.03

3,759,440 1.03

Total Shares 360,800,468 99.03


360,800,468 99.03


Investment Funds



2,318,941 0.64



363,119,409 99.67


Cash 885,052 0.24

Other Assets/(Liabilities) 317,940 0.09



154

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

As at 30 June 2014

Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets


SharesFinancials 22.50Health Care 18.97Information Technology 18.85Consumer Discretionary 16.12Energy 8.78Industrials 5.79Telecommunication Services 4.46Materials 3.13Investment Companies 0.64Utilities 0.43Total Shares 99.67Cash and Other Assets/(Liabilities) 0.33

Total 100.00


SharesFinancials 26.66Health Care 18.56Information Technology 17.47Energy 11.60Consumer Discretionary 8.93Industrials 5.41Materials 3.28Consumer Staples 2.97Investment Companies 1.92Telecommunication Services 1.26Total Shares 98.06Cash and Other Assets/(Liabilities) 1.94

Total 100.00

155

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

As at 30 June 2014

Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets

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

As at 30 June 2014



AmountSold


25-Jul-14 EUR 481,982 HKD 5,086,619 2,53925-Jul-14 EUR 58,993,731 USD 80,356,506 259,12925-Jul-14 USD 1,008,934 CAD 1,082,364 (3,869)25-Jul-14 USD 5,244,007 CHF 4,683,947 (23,653)25-Jul-14 USD 671,360 EUR 493,245 (2,665)25-Jul-14 USD 10,561,247 GBP 6,204,031 (16,762)25-Jul-14 USD 8,337,544 HKD 64,630,560 1,19725-Jul-14 USD 3,973,769 JPY 404,875,373 (19,496)

Total 196,420



Citibank 256,713Crédit Suisse 4,955Deutsche Bank (26,318)State Street Bank (22,168)UBS (16,762)Total 196,420

156


Shares and Warrants


1,628,000 Asustek Computer 18,138,251 1.241,543,000 China Steel Chemical 9,984,087 0.685,275,000 Chipbond Technology 9,263,837 0.634,714,000 Delta Electronics 34,172,002 2.34

24,265,053 E.Sun Financial Holding 15,538,376 1.0621,074,000 Fubon Financial Holding 30,412,154 2.0829,978,630 Innolux 14,027,702 0.96

1,312,000 Intai Technology 8,709,034 0.60351,000 Largan Precision 27,941,556 1.91734,000 MediaTek 12,398,815 0.85

1,212,000 MediaTek - Warrants 14.11.14 21,088,800 1.441,666,000 Merida Industry 11,030,988 0.752,050,000 President Chain Store 16,387,782 1.125,871,420 Ruentex Development 10,645,463 0.735,316,000 Sino-American Silicon Products 9,638,432 0.66

401,000 St Shine Optical 9,895,433 0.6826,848,610 Taiwan Semiconductor Manufacturing 113,944,328 7.80

401,805,586 27.49

CHINA86,568,000 Agricultural Bank of China - H Shares* 38,143,063 2.6140,696,000 China Cinda Asset Management - H Shares* 20,162,781 1.38102,663,780 China Construction Bank - H Shares* 77,489,096 5.3026,812,000 China Eastern Airlines - H Shares* 8,250,591 0.5613,625,000 China Longyuan Power Group - H Shares* 14,775,484 1.0137,982,899 China Minsheng Banking - H Shares* 34,427,217 2.369,538,000 China Oilfield Services - H Shares* 22,901,882 1.576,574,400 China Pacific Insurance Group - H Shares* 23,178,417 1.59

43,920,200 China Petroleum & Chemical - H Shares* 41,962,065 2.8714,331,371 China Vanke - H Shares* 25,369,349 1.736,504,450 Chongqing Changan Automobile - B Shares 12,798,171 0.879,037,600 Haitong Securities - H Shares* 14,004,371 0.964,214,000 Ping An Insurance Group Co. of China - H Shares* 32,608,608 2.23

366,071,095 25.04

CAYMAN ISLANDS4,176,000 AAC Technologies Holdings 27,169,014 1.868,315,000 China Conch Venture Holdings 18,280,973 1.251,122,298 E-House China Holdings ADR 9,859,388 0.68

40,508,000 GCL-Poly Energy Holdings 13,510,419 0.92523,520 iKang Healthcare Group ADR 9,164,217 0.63392,051 JD.com ADR 10,893,137 0.75

5,727,500 Lifestyle International Holdings 11,225,103 0.775,393,200 MGM China Holdings 18,718,295 1.287,586,500 Phoenix Healthcare Group 11,452,355 0.783,263,400 Sands China 24,705,343 1.69

12,656,000 Sino Biopharmaceutical 10,295,538 0.7018,938,000 Sunac China Holdings 10,738,916 0.73

6,479,485 Tencent Holdings 98,982,785 6.775,648,000 Tingyi Cayman Island Holding 15,795,060 1.0814,512,000 Want Want China Holdings 20,820,902 1.42

152,138 YY ADR 11,484,898 0.79

323,096,343 22.10

HONG KONG14,343,000 AIA Group 72,218,820 4.94

7,278,500 BOC Hong Kong Holdings 21,129,629 1.452,342,000 Cheung Kong Holdings 41,593,990 2.84

14,688,000 China Everbright International 20,997,612 1.443,848,000 China Merchants Holdings International 12,039,662 0.823,732,000 China Overseas Land & Investment 9,062,097 0.62

10,260,000 China Unicom Hong Kong 15,858,849 1.0810,358,000 CNOOC 18,616,348 1.2716,474,000 CSPC Pharmaceutical Group 13,146,382 0.904,203,000 Galaxy Entertainment Group 33,594,500 2.302,474,000 Hutchison Whampoa 33,883,415 2.32

292,141,304 19.98

BERMUDA23,742,000 Beijing Enterprises Water Group 15,821,771 1.084,996,000 China Resources Gas Group 15,712,111 1.081,825,000 HongKong Land Holdings 12,191,000 0.832,415,500 Orient Overseas International 11,874,067 0.81

55,598,949 3.80

BRITISH VIRGIN ISLANDS42,452,000 Tianhe Chemicals Group 11,420,147 0.79

11,420,147 0.79

Total Shares and Warrants 1,450,133,424 99.20


1,450,133,424 99.20


Cash 8,211,109 0.56


Total Net Assets 1,461,829,033 100.00



Shares and WarrantsFinancials 37.26Information Technology 24.96Consumer Discretionary 11.44Energy 7.64Industrials 6.40Health Care 4.29Consumer Staples 2.50Utilities 2.16Materials 1.47Telecommunication Services 1.08Total Shares and Warrants 99.20Cash and Other Assets/(Liabilities) 0.80

Total 100.00


Shares and WarrantsFinancials 39.70Information Technology 20.23Consumer Discretionary 13.28Energy 7.81Industrials 5.04Consumer Staples 4.55Utilities 3.75Telecommunication Services 2.52Materials 2.35Health Care 0.51Total Shares and Warrants 99.74Cash and Other Assets/(Liabilities) 0.26

Total 100.00

157

JPMorgan Funds - Greater China FundSchedule of Investments (Market Value Expressed in USD)

As at 30 June 2014

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets


Shares

INDONESIA61,537,900 Adaro Energy 6,086,309 1.7327,182,700 Arwana Citramulia 2,321,593 0.662,771,900 Astra Agro Lestari 6,596,561 1.86

35,256,400 Astra International 21,858,671 6.2136,295,000 Bank Central Asia 33,524,272 9.5330,789,300 Bank Mandiri Persero 25,224,890 7.1737,909,900 Bank Negara Indonesia Persero 15,245,504 4.3331,015,400 Bank Rakyat Indonesia Persero 27,045,272 7.6831,319,300 Bank Tabungan Negara Persero 2,740,934 0.78

78,324,800 Bekasi Fajar Industrial Estate 2,784,808 0.79105,459,300 Elnusa 5,626,572 1.60

41,195,655 Express Transindo Utama 4,361,075 1.24835,000 Gudang Garam 3,751,513 1.07

3,504,400 Indo Tambangraya Megah 7,973,951 2.274,080,100 Indofood CBP Sukses Makmur 3,445,972 0.98

29,467,200 Jasa Marga Persero 14,820,597 4.21117,445,100 Kalbe Farma 16,420,519 4.67

5,370,000 Matahari Department Store 6,245,371 1.77252,626,200 Pakuwon Jati 7,447,732 2.12168,436,400 Panin Financial 3,452,555 0.98

31,395,700 Perusahaan Gas Negara Persero 14,731,217 4.195,931,000 Semen Indonesia Persero 7,535,697 2.14

319,897,200 Sri Rejeki Isman 4,816,672 1.3743,965,534 Surya Citra Media 13,248,998 3.76

154,846,100 Telekomunikasi Indonesia Persero 32,131,709 9.136,274,100 Tower Bersama Infrastructure 4,247,124 1.212,426,600 Unilever Indonesia 6,012,769 1.718,888,400 United Tractors 17,291,331 4.91

122,475,800 Wijaya Karya Beton 7,722,536 2.1927,395,900 Wijaya Karya Persero 5,112,900 1.45

329,825,624 93.71

SINGAPORE2,960,000 First Resources 5,669,271 1.61

5,669,271 1.61

Total Shares 335,494,895 95.32


335,494,895 95.32


Cash Equivalents

Time Deposits

HONG KONG16,063,080 Standard Chartered Bank/Hong

Kong 02.07.14/0.150% 16,063,080 4.57

16,063,080 4.57




Cash 2,763,604 0.79




SharesFinancials 33.38Industrials 14.66Consumer Discretionary 13.11Telecommunication Services 10.34Consumer Staples 7.23Materials 6.14Health Care 4.67Utilities 4.19Energy 1.60Total Shares 95.32Cash Equivalents, Cash and Other Assets/(Liabilities) 4.68

Total 100.00


SharesFinancials 31.67Materials 16.98Consumer Discretionary 12.38Consumer Staples 10.18Telecommunication Services 9.98Health Care 4.92Industrials 4.33Utilities 3.87Total Shares 94.31Cash and Other Assets/(Liabilities) 5.69

Total 100.00

158

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

As at 30 June 2014

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets


Shares

JAPAN130,900 3-D Matrix 557,961,250 0.64383,400 AEON Financial Service 1,015,051,500 1.17473,500 Asahi Intecc 1,968,576,250 2.27185,800 ASKUL 506,212,100 0.58938,900 Casio Computer 1,379,244,100 1.59274,300 Coca-Cola East Japan 706,322,500 0.82231,600 COOKPAD 571,357,200 0.6654,200 Cosmos Pharmaceutical 579,398,000 0.67

276,700 CyberAgent 1,133,086,500 1.3139,300 CYBERDYNE 408,916,500 0.47

392,300 Daiichikosho 1,139,239,200 1.32273,600 Daikin Industries 1,748,440,800 2.02640,900 Digital Garage 1,064,214,450 1.23221,900 Don Quijote Holdings 1,251,516,000 1.45135,200 Fanuc 2,362,282,000 2.73941,600 Fuji Heavy Industries 2,642,600,400 3.05709,700 Fuji Media Holdings 1,248,007,450 1.4499,800 Hikari Tsushin 762,971,000 0.88

367,000 HIS 1,201,925,000 1.391,232 Industrial & Infrastructure Fund Investment 1,118,040,000 1.29

447,300 Infomart 1,040,643,450 1.20655,700 Kakaku.com 1,163,539,650 1.3435,400 KDDI 218,807,400 0.2550,700 Keyence 2,240,813,250 2.59

600,000 Kikkoman 1,264,800,000 1.46540,000 Kubota 775,980,000 0.90

1,725,700 Leopalace21 900,815,400 1.041,219,900 M3 1,968,308,650 2.27

5,442,000 Mazda Motor 2,587,671,000 2.99240,800 MISUMI Group 671,350,400 0.76

1,616,000 Mitsubishi Electric 2,020,000,000 2.335,716,800 Mitsubishi UFJ Financial Group 3,550,132,800 4.10

739,600 MonotaRO 2,071,249,800 2.39109,100 Murata Manufacturing 1,034,922,600 1.19298,300 Next 253,256,700 0.29146,600 Nidec 911,925,300 1.05303,300 Nihon M&A Center 876,233,700 1.01

9,894,000 Nippon Sheet Glass 1,409,895,000 1.63503,000 Nippon Shinyaku 1,485,862,000 1.72401,900 Omron 1,714,103,500 1.98121,800 Ono Pharmaceutical 1,087,674,000 1.26

1,581,500 ORIX 2,653,757,000 3.06242,400 Otsuka 1,190,184,000 1.37411,500 Park24 758,188,750 0.8848,900 PeptiDream 392,178,000 0.45

128,400 Pigeon 686,298,000 0.791,172,500 Rakuten 1,535,975,000 1.771,797,000 Sanwa Holdings 1,279,464,000 1.48

656,100 Sega Sammy Holdings 1,307,279,250 1.51211,300 Seria 982,545,000 1.13

2,305,600 Seven Bank 956,824,000 1.1094,100 Shimano 1,058,625,000 1.22

4,432,000 Shinsei Bank 1,010,496,000 1.17175,500 SHO-BOND Holdings 811,248,750 0.94373,800 SoftBank 2,818,452,000 3.26450,600 Sohgo Security Services 1,095,633,900 1.27

1,642,200 Sumitomo Electric Industries 2,341,777,200 2.70808,800 Sumitomo Mitsui Financial Group 3,432,142,800 3.96561,000 Sumitomo Realty & Development 2,438,947,500 2.82302,700 Sysmex 1,151,016,750 1.33

2,884,000 Taiheiyo Cement 1,178,114,000 1.36304,900 Tokyo Individualized Educational Institute 111,440,950 0.13363,000 Tokyo Tatemono 339,768,000 0.39973,100 Tokyu Fudosan Holdings 777,020,350 0.90170,000 Unicharm 1,025,610,000 1.18

2,307,600 Yahoo Japan 1,078,803,000 1.251,044,900 Yumeshin Holdings 996,834,600 1.15

86,021,970,600 99.30

Total Shares 86,021,970,600 99.30


86,021,970,600 99.30


Cash 650,341,154 0.75


Total Net Assets 86,629,515,275 100.00


SharesConsumer Discretionary 22.94Financials 21.00Industrials 19.87Information Technology 16.68Health Care 8.14Consumer Staples 4.92Telecommunication Services 4.39Materials 1.36Total Shares 99.30Cash and Other Assets/(Liabilities) 0.70

Total 100.00


SharesConsumer Discretionary 27.01Financials 24.48Industrials 14.83Information Technology 13.53Health Care 7.77Telecommunication Services 6.12Consumer Staples 3.43Materials 1.78Total Shares 98.95Cash and Other Assets/(Liabilities) 1.05

Total 100.00

159

JPMorgan Funds - Japan Equity FundSchedule of Investments (Market Value Expressed in JPY)

As at 30 June 2014

Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets

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

As at 30 June 2014



AmountSold


16-Jul-14 EUR 4,284,387 JPY 592,603,725 1,011,45316-Jul-14 GBP 338,932 JPY 58,589,999 9,69216-Jul-14 JPY 19,957,399 EUR 143,846 27,05416-Jul-14 JPY 1,237,739 GBP 7,184 (4,386)16-Jul-14 JPY 246,645,816 USD 2,425,752 685,67716-Jul-14 USD 73,551,550 JPY 7,500,480,799 (42,689,422)

Total (40,959,932)



Citibank 1,123,264Crédit Suisse (36,889,209)Goldman Sachs (11,772)HSBC (2,223,559)RBC 2,249Toronto Dominion (425,786)UBS (2,536,807)Westpac Banking 1,688Total (40,959,932)

160


Shares

BRAZIL10,005,155 AMBEV ADR 70,086,111 4.711,786,850 Anhanguera Educacional Participações 14,560,809 0.981,983,900 Arteris 16,333,024 1.105,317,483 Banco Bradesco ADR 78,512,636 5.281,808,790 Banco do Estado do Rio Grande do Sul Preference B

Shares 8,627,155 0.582,554,310 BB Seguridade Participações 37,302,010 2.515,451,100 BM&F Bovespa 28,842,911 1.94

732,700 Cielo 15,259,875 1.02385,526 Companhia Brasileira de Distribuicao Grupo Pao de

Acucar Preference Shares 18,022,457 1.212,709,750 Embraer 24,238,533 1.632,084,580 Estacio Participacoes 27,714,343 1.861,545,250 Gerdau Preference Shares 9,031,365 0.611,954,110 Iochpe-Maxion 17,421,769 1.17

7,502,876 Itau Unibanco Holding Preference Shares 108,853,982 7.318,848,108 Itausa - Investimentos Itau Preference Shares 34,736,630 2.33

994,670 Linx 23,799,711 1.601,589,620 Localiza Rent a Car 26,210,055 1.76

912,864 Lojas Renner 29,442,618 1.981,991,884 LPS Brasil Consultoria de Imoveis 9,193,241 0.624,762,240 Marcopolo Preference Shares 9,385,799 0.63

999,410 Mills Estruturas e Servicos de Engenharia 11,734,432 0.79758,480 Multiplan Empreendimentos Imobiliarios 17,747,524 1.19

5,200,300 Odontoprev 22,302,838 1.509,219,330 Petroleo Brasileiro 66,972,498 4.501,706,400 Petroleo Brasileiro Preference Shares 13,316,979 0.893,062,563 Randon Participações Preference Shares 8,592,013 0.58

870,620 Souza Cruz 9,075,047 0.613,284,670 Suzano Bahia Sul Papel e Celulose Preference

Shares 12,433,353 0.83933,010 Totvs 16,445,962 1.11785,320 Transmissora Alianca de Energia Eletrica 6,997,919 0.47776,340 Ultrapar Participações 18,461,229 1.24932,160 Valid Solucoes e Servicos de Seguranca em Meios de

Pagamento e Identificacao 16,240,708 1.09853,420 Via Varejo 9,377,710 0.63

1,484,872 Weg 18,747,806 1.26

856,021,052 57.52

MEXICO11,855,250 Alfa - A Shares 32,790,339 2.201,803,789 America Movil ADR - L Shares 37,419,603 2.512,819,726 Cemex ADR Participation Certificates 37,375,468 2.51

14,185,618 Compartamos 27,074,128 1.826,280,000 Concentradora Fibra Hotelera Mexicana 11,194,141 0.755,595,300 Fibra Uno Administracion 19,429,653 1.30

353,333 Fomento Economico Mexicano ADR 33,289,269 2.241,751,460 Gruma - B Shares 20,640,640 1.393,898,310 Grupo Aeroportuario del Centro Norte 15,307,114 1.03

164,208 Grupo Aeroportuario del Sureste ADR 21,021,908 1.413,566,299 Grupo Financiero Banorte - O Shares 25,562,532 1.722,729,490 Infraestructura Energetica Nova 15,302,021 1.038,979,882 Mexichem 37,327,037 2.512,054,260 Promotora y Operadora de Infraestructura 27,329,157 1.84

361,063,010 24.26

BERMUDA306,970 Credicorp 47,758,393 3.21386,220 Wilson Sons BDR 5,902,092 0.40

53,660,485 3.61

CHILE71,705,060 CFR Pharmaceuticals 23,483,991 1.582,750,850 SACI Falabella 24,888,168 1.67

48,372,159 3.25

PANAMA246,902 Copa Holdings - A Shares 35,158,845 2.36360,840 Intergroup Financial Services 11,772,405 0.79

46,931,250 3.15

UNITED STATES OF AMERICA532,670 First Cash Financial Services 30,292,943 2.04

30,292,943 2.04

SPAIN2,477,230 Cemex Latam Holdings 24,413,014 1.64

24,413,014 1.64

CANADA558,903 Pacific Rubiales Energy 11,091,505 0.74

11,091,505 0.74

PERU575,260 Grana y Montero ADR 9,949,122 0.67

9,949,122 0.67

UNITED KINGDOM3,514,572 JPMorgan Brazil Investment Trust 4,143,059 0.28

4,143,059 0.28

Total Shares 1,445,937,599 97.16


1,445,937,599 97.16


Investment Funds



23,109,324 1.55

MEXICO979,600 Fibra Uno Administracion 3,401,656 0.23

3,401,656 0.23



26,510,980 1.78


Cash 28,420,563 1.91


Total Net Assets 1,488,223,299 100.00

161

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

As at 30 June 2014

Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets


SharesFinancials 34.76Industrials 19.72Consumer Staples 10.16Materials 9.34Consumer Discretionary 8.70Energy 6.13Information Technology 2.71Telecommunication Services 2.51Investment Companies 1.83Health Care 1.58Utilities 1.50Total Shares 98.94Cash and Other Assets/(Liabilities) 1.06

Total 100.00


SharesFinancials 35.31Industrials 20.78Consumer Staples 10.73Materials 10.73Consumer Discretionary 9.36Telecommunication Services 4.19Energy 3.14Investment Companies 2.04Health Care 1.69Information Technology 1.14Utilities 0.87Total Shares 99.98Cash and Other Assets/(Liabilities) 0.02

Total 100.00

162

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

As at 30 June 2014

Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets


Shares

RUSSIA4,257,900 Alrosa AO 5,141,626 1.05

16,095 Bashneft 1,147,458 0.241,367,172 Cherkizovo Group Registered Shares GDR 16,508,602 3.351,123,193 DIXY Group 13,379,251 2.72

3,006,705 Gazprom ADR 26,108,723 5.30747,640 Lukoil ADR 44,611,679 9.06152,615 Magnit 39,554,506 8.03

4,218,640 Mechel Preference Shares 3,114,743 0.631,892,652 Mechel Preference Shares ADR 686,843 0.14

598,405 MegaFon Registered Shares GDR 18,915,582 3.841,442,928 MMC Norilsk Nickel ADR 28,497,828 5.792,495,076 Mobile Telesystems 22,154,307 4.50

11,990,530 Moscow Exchange MICEX-RTS 23,793,631 4.833,495,540 Mostotrest 11,174,804 2.27

181,267 NovaTek Registered Shares GDR 22,613,058 4.59442,765 Phosagro Registered Shares GDR 5,479,217 1.11

10,754,797 Sberbank of Russia 26,395,294 5.361,823,625 Sberbank of Russia ADR 18,382,140 3.731,630,880 Severstal Registered Shares GDR 13,291,672 2.70

440,346 Sistema JSFC Registered Shares GDR 13,646,323 2.77631,906 Sollers 11,060,683 2.25

9,014,750 Surgutneftegas Preference Shares 7,338,139 1.4946,267 Tatneft ADR 1,780,817 0.36

2,886,889 Tatneft Preference Shares 11,138,008 2.26641,485 TMK Registered Shares GDR 6,224,008 1.26

392,138,942 79.63

CYPRUS359,000 MD Medical Group Investments - Registered

Shares GDR 3,320,750 0.67193,770 QIWI ADR 7,754,675 1.57

2,071,350 Ros Agro Registered Shares GDR 12,847,548 2.611,058,614 TCS Group Holding Registered Shares GDR 6,960,387 1.42

30,883,360 6.27

BRITISH VIRGIN ISLANDS166,610 Luxoft Holding 6,005,458 1.22126,900 Mail.ru Group Registered Shares GDR 4,475,763 0.91

10,481,221 2.13


10,225,170 2.08

GUERNSEY1,990,855 Etalon Group Registered Shares GDR 8,688,091 1.76

8,688,091 1.76

NETHERLANDS629,556 Nostrum Oil & Gas 8,041,364 1.63

8,041,364 1.63


6,396,659 1.30


5,344,659 1.09


4,387,933 0.89

JERSEY2,185,100 Highland Gold Mining 2,464,056 0.50

2,464,056 0.50

Total Shares 479,051,455 97.28


479,051,455 97.28


Investment Funds



2,700,000 0.55



2,700,000 0.55


Cash 4,971,794 1.01




SharesEnergy 26.02Consumer Staples 18.79Financials 17.10Telecommunication Services 12.41Materials 11.92Consumer Discretionary 3.82Industrials 3.53Information Technology 3.02Health Care 0.67Investment Companies 0.55Total Shares 97.83Cash and Other Assets/(Liabilities) 2.17

Total 100.00


SharesEnergy 31.77Consumer Staples 21.39Financials 15.99Telecommunication Services 12.48Materials 9.81Industrials 3.78Consumer Discretionary 2.47Information Technology 1.07Investment Companies 1.03Total Shares 99.79Cash and Other Assets/(Liabilities) 0.21

Total 100.00

163

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

As at 30 June 2014

Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets


Bonds

UNITED STATES OF AMERICA129,000 ABB Finance USA 08.05.17/1.625% 130,667 0.01175,000 ABB Finance USA 08.05.22/2.875% 173,757 0.0281,000 ABB Finance USA 08.05.42/4.375% 82,636 0.01

182,000 ACE INA Holdings 23.11.15/2.600% 186,885 0.02177,000 Actavis 01.10.22/3.250% 173,976 0.02507,000 ADT 15.07.22/3.500% 465,408 0.05192,000 ADT 15.06.23/4.125% 179,087 0.02300,000 Aetna 15.12.37/6.750% 396,743 0.04147,000 Aetna 15.05.42/4.500% 150,087 0.01150,000 AGL Capital 15.08.19/5.250% 169,131 0.02262,000 AGL Capital 15.09.21/3.500% 272,550 0.03550,000 AGL Capital 15.03.41/5.875% 671,140 0.07167,000 AGL Capital 01.06.43/4.400% 169,794 0.02179,000 Alabama Power 15.05.38/6.125% 230,928 0.0295,000 Alabama Power 01.03.39/6.000% 121,106 0.01

325,000 Allstate 15.06.23/3.150% 326,311 0.03238,000 American Electric Power 15.12.17/1.650% 239,357 0.02400,000 American Express 19.03.18/7.000% 475,272 0.05701,000 American Express 02.12.22/2.650% 683,356 0.07250,000 American Express Centurion

Bank 13.09.17/6.000% 285,710 0.03194,000 American Express Credit 24.03.17/2.375% 200,538 0.02125,000 American Water Capital 15.10.37/6.593% 165,787 0.02100,000 Anadarko Petroleum 15.03.19/8.700% 128,749 0.01

75,000 Anheuser-Busch 01.04.36/5.750% 89,931 0.01510,000 Anheuser-Busch InBev

Worldwide 15.01.19/7.750% 630,985 0.06200,000 ANR Pipeline 01.11.21/9.625% 282,209 0.03112,000 Aon 30.09.15/3.500% 115,781 0.01182,000 Aon 27.05.16/3.125% 189,315 0.0297,000 Aon 30.09.40/6.250% 121,588 0.01

200,000 Apache 15.09.18/6.900% 239,758 0.0283,000 Apache 15.04.22/3.250% 85,415 0.01

307,000 Apache 15.04.43/4.750% 322,786 0.03100,000 Appalachian Power 01.10.35/5.800% 119,476 0.01150,000 Archer-Daniels-Midland 01.10.32/5.935% 182,096 0.0225,000 Arizona Public Service 15.05.15/4.650% 25,912 0.00

210,000 Arizona Public Service 01.09.41/5.050% 236,891 0.02148,000 Arizona Public Service 01.04.42/4.500% 153,937 0.02129,000 Arrow Electronics 01.03.18/3.000% 133,196 0.0195,000 Arrow Electronics 01.03.23/4.500% 99,333 0.01

731,000 Arrow Electronics 15.01.27/7.500% 902,357 0.09498,000 Associates Corp of North

America 01.11.18/6.950% 593,785 0.06565,000 AT&T 12.02.16/0.900% 566,319 0.0660,000 AT&T 15.06.16/5.625% 65,542 0.01

305,000 AT&T 01.02.18/5.500% 344,937 0.03500,000 AT&T 15.05.21/4.450% 548,833 0.05700,000 AT&T 15.01.38/6.300% 848,663 0.08385,000 AT&T 01.09.40/5.350% 418,670 0.04541,000 AT&T 15.12.42/4.300% 512,646 0.05278,000 AT&T 15.06.45/4.350% 263,766 0.03586,000 Atmos Energy 15.03.19/8.500% 749,918 0.07619,000 Baltimore Gas & Electric 15.08.22/2.800% 607,682 0.06295,000 Bank of America 15.07.14/5.450% 295,640 0.0340,000 Bank of America 15.01.15/5.000% 40,934 0.00

350,000 Bank of America 15.03.17/5.300% 384,797 0.04515,000 Bank of America 28.08.17/6.400% 588,395 0.06315,000 Bank of America 01.12.17/5.750% 355,822 0.04

400,000 Bank of America 11.01.18/2.000% 402,768 0.04290,000 Bank of America 25.04.18/6.875% 341,810 0.03

1,650,000 Bank of America 01.07.20/5.625% 1,901,039 0.19325,000 Bank of America 05.01.21/5.875% 379,496 0.04

1,700,000 Bank of America 13.05.21/5.000% 1,897,234 0.19150,000 Bank of New York Mellon 15.01.15/3.100% 152,215 0.02696,000 Bank of New York Mellon 17.01.17/2.400% 721,359 0.07275,000 Bank of New York Mellon 15.01.20/4.600% 307,330 0.03287,000 Bank of New York Mellon 23.09.21/3.550% 300,981 0.03200,000 Baxter International 15.03.15/4.625% 206,019 0.02250,000 BB&T 30.04.19/6.850% 303,289 0.0350,000 Becton Dickinson & Co. 15.05.19/5.000% 56,666 0.01

500,000 Berkshire Hathaway 15.08.21/3.750% 534,530 0.05450,000 Berkshire Hathaway Energy 01.04.36/6.125% 557,064 0.06100,000 Berkshire Hathaway Finance 15.01.40/5.750% 120,613 0.01540,000 Berkshire Hathaway Finance 15.05.42/4.400% 544,593 0.05312,000 Berkshire Hathaway Finance 15.05.43/4.300% 310,883 0.03215,000 BlackRock 10.12.14/3.500% 218,093 0.02105,000 BlackRock 15.09.17/6.250% 120,976 0.01150,000 Boeing 15.08.24/7.950% 210,420 0.0260,000 Boeing 15.02.33/6.125% 76,969 0.01

685,000 Branch Banking & Trust 15.09.16/5.625% 752,968 0.07395,000 Bunge Finance 15.06.19/8.500% 495,133 0.05

161,000 Bunge NA Finance 01.04.17/5.900% 178,458 0.02147,000 Burlington Northern Santa Fe 01.09.20/3.600% 154,974 0.0280,000 Burlington Northern Santa Fe 15.09.21/3.450% 83,227 0.01

250,000 Burlington Northern Santa Fe 15.08.30/7.950% 350,610 0.03700,000 Burlington Northern Santa Fe 01.05.40/5.750% 831,947 0.08500,000 Burlington Resources 15.03.25/8.200% 681,487 0.07146,000 Cameron International 30.04.15/1.600% 147,283 0.01440,000 Capital One Bank USA 15.02.23/3.375% 436,434 0.04455,000 Capital One Financial 06.11.15/1.000% 456,074 0.05312,000 Capital One Financial 15.07.21/4.750% 346,549 0.03208,000 Caterpillar 26.06.17/1.500% 210,125 0.02184,000 Caterpillar 26.06.22/2.600% 179,436 0.0270,000 Caterpillar Financial Services 15.03.16/5.500% 75,648 0.01

250,000 Caterpillar Financial Services 01.10.18/7.050% 302,788 0.03135,000 CBS 15.05.19/8.875% 174,738 0.0258,000 CBS 15.04.20/5.750% 67,137 0.01

125,000 CBS 15.02.21/4.300% 134,431 0.01350,000 CBS 30.07.30/7.875% 468,489 0.05150,000 CBS 15.05.33/5.500% 163,626 0.02125,000 CBS 15.10.40/5.900% 142,029 0.01350,000 Centel Capital 15.10.19/9.000% 426,186 0.04150,000 CenterPoint Energy 01.05.18/6.500% 175,526 0.0240,000 CenterPoint Energy Resources 01.11.17/6.125% 45,776 0.0064,000 Citigroup 12.08.14/6.375% 64,408 0.01

340,000 Citigroup 21.11.17/6.125% 388,669 0.04875,000 Citigroup 22.05.19/8.500% 1,117,826 0.11

1,350,000 Citigroup 09.08.20/5.375% 1,545,224 0.15288,000 Citigroup 13.09.25/5.500% 321,359 0.03500,000 Citigroup 15.01.28/6.625% 622,020 0.06

15,000 Citigroup 15.06.32/6.625% 18,037 0.00179,000 Citigroup 30.01.42/5.875% 214,120 0.02360,000 Cleveland Electric Illuminating 01.11.17/7.880% 431,743 0.04325,000 CNA Financial 15.12.14/5.850% 332,566 0.03298,000 CNA Financial 15.08.20/5.875% 347,127 0.03200,000 Coca-Cola 15.03.19/4.875% 226,763 0.02110,000 Comerica 16.09.15/3.000% 113,159 0.01350,000 CommonWealth REIT 15.01.18/6.650% 390,842 0.04450,000 CommonWealth REIT 15.09.20/5.875% 489,402 0.05162,000 ConAgra Foods 25.01.16/1.300% 163,268 0.02186,000 ConAgra Foods 15.03.18/2.100% 186,765 0.0235,000 Connecticut Light & Power 01.05.18/5.650% 39,653 0.00

400,000 ConocoPhillips 15.01.20/6.000% 475,776 0.05150,000 Consumers Energy 15.04.20/5.650% 175,350 0.02116,000 Consumers Energy 15.05.22/2.850% 115,813 0.01250,000 Countrywide Financial 15.05.16/6.250% 272,735 0.03275,000 CSX 01.05.17/7.900% 323,301 0.03300,000 CSX 01.02.19/7.375% 367,557 0.04

54,000 CSX 01.06.21/4.250% 58,758 0.01100,000 CSX 15.04.41/5.500% 115,503 0.01164,000 CSX 15.03.44/4.100% 155,267 0.02145,000 CVS Caremark 15.09.39/6.125% 179,780 0.02

400,000 CVS Caremark 15.05.41/5.750% 476,762 0.05400,000 Daimler Finance North America 18.01.31/8.500% 607,298 0.06447,000 Deere & Co. 08.06.22/2.600% 437,617 0.04198,000 Deere & Co. 09.06.42/3.900% 188,910 0.02141,000 Delmarva Power & Light 01.06.42/4.000% 136,730 0.01355,000 Devon Energy 15.01.19/6.300% 418,428 0.04261,000 Devon Energy 15.05.42/4.750% 270,392 0.0360,000 Devon Financing 30.09.31/7.875% 83,860 0.01

200,000 Dominion Resources 30.11.17/6.000% 228,234 0.02150,000 Dominion Resources 15.01.19/8.875% 192,362 0.02635,000 Dominion Resources 01.08.33/5.250% 714,257 0.07111,000 Dominion Resources 01.08.41/4.900% 117,842 0.01

203,000 Dow Chemical 15.11.20/4.250% 220,598 0.02298,000 Dow Chemical 15.11.21/4.125% 319,435 0.03

65,000 Dow Chemical 01.11.29/7.375% 86,971 0.01138,000 DTE Electric 15.06.22/2.650% 135,688 0.01203,000 Duke Energy 15.09.21/3.550% 212,360 0.02100,000 Duke Energy Carolinas 15.10.32/6.450% 127,255 0.01240,000 Duke Energy Carolinas 15.01.38/6.000% 306,305 0.03107,000 Duke Energy Carolinas 15.12.41/4.250% 108,603 0.0120,000 Duke Energy Florida 15.06.18/5.650% 22,856 0.00

336,000 Duke Energy Florida 01.03.33/5.900% 403,051 0.0485,000 Duke Energy Ohio 01.04.19/5.450% 97,905 0.0155,000 Duke Energy Progress 15.01.19/5.300% 62,921 0.01

222,000 Duke Energy Progress 15.09.21/3.000% 226,426 0.02189,000 Duke Energy Progress 15.05.42/4.100% 187,116 0.02287,000 Duke Realty 15.03.20/6.750% 342,486 0.03141,000 Eaton 02.11.17/1.500% 141,174 0.01

400,000 Eaton 01.04.24/7.625% 510,570 0.05200,000 Ecolab 08.12.21/4.350% 219,246 0.02231,000 EI du Pont de Nemours & Co. 15.01.16/1.950% 236,031 0.02265,000 EI du Pont de Nemours & Co. 15.07.18/6.000% 309,482 0.03150,000 EI du Pont de Nemours & Co. 15.12.36/5.600% 177,664 0.02125,000 EI du Pont de Nemours & Co. 15.01.41/4.900% 135,766 0.01

500,000 EMC/Massachusetts 01.06.18/1.875% 503,320 0.05

164

JPMorgan Funds - US Aggregate Bond FundSchedule of Investments (Market Value Expressed in USD)

As at 30 June 2014

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

700,000 EMC/Massachusetts 01.06.23/3.375% 707,805 0.07300,000 EOG Resources 01.02.21/4.100% 325,514 0.03233,000 EOG Resources 15.03.23/2.625% 224,604 0.02365,000 ERP Operating 01.08.16/5.375% 398,786 0.04600,000 ERP Operating 15.12.21/4.625% 660,417 0.07200,000 Exelon Generation 01.10.17/6.200% 227,942 0.02360,000 Exelon Generation 01.10.20/4.000% 379,253 0.04

1,150,000 Federal Home Loan Banks 15.07.36/5.500% 1,468,711 0.15485,000 Florida Power & Light 01.10.33/5.950% 611,101 0.06404,000 Fluor 15.09.21/3.375% 416,456 0.04705,000 Ford Motor Credit 12.06.17/3.000% 735,396 0.07400,000 Ford Motor Credit 12.03.19/2.375% 401,968 0.04464,000 Ford Motor Credit 20.09.22/4.250% 494,448 0.05808,000 Freeport-McMoRan Copper &

Gold 01.03.17/2.150% 823,986 0.08433,000 Freeport-McMoRan Copper &

Gold 15.03.23/3.875% 432,634 0.04187,000 Freeport-McMoRan Copper &

Gold 15.03.43/5.450% 193,766 0.02630,000 Gap 12.04.21/5.950% 724,910 0.07212,000 General Electric 09.10.22/2.700% 208,244 0.02230,000 General Electric Capital 11.12.15/1.000% 231,639 0.02364,000 General Electric Capital 20.11.17/1.600% 366,690 0.04665,000 General Electric Capital 01.05.18/5.625% 761,718 0.08260,000 General Electric Capital 11.12.19/2.100% 260,350 0.03885,000 General Electric Capital 08.01.20/5.500% 1,027,259 0.10975,000 General Electric Capital 16.09.20/4.375% 1,072,359 0.11680,000 General Electric Capital 07.01.21/4.625% 757,687 0.08

83,000 General Electric Capital 11.02.21/5.300% 94,657 0.011,100,000 General Electric Capital 17.10.21/4.650% 1,223,701 0.12

605,000 General Electric Capital 15.03.32/6.750% 798,316 0.08100,000 General Electric Capital 14.01.38/5.875% 120,716 0.01

10,000 Genworth Holdings 15.06.34/6.500% 12,099 0.0050,000 Georgia Power 01.02.39/5.950% 61,865 0.01

271,000 Goldman Sachs Group 01.08.15/3.700% 279,473 0.03333,000 Goldman Sachs Group 23.11.15/1.600% 336,686 0.03150,000 Goldman Sachs Group 18.01.18/5.950% 170,615 0.02

1,380,000 Goldman Sachs Group 15.02.19/7.500% 1,686,512 0.171,163,000 Goldman Sachs Group 15.03.20/5.375% 1,317,214 0.13

871,000 Goldman Sachs Group 15.06.20/6.000% 1,015,738 0.10308,000 Goldman Sachs Group 27.07.21/5.250% 346,204 0.03300,000 Goldman Sachs Group 01.10.37/6.750% 360,578 0.04288,000 Great Plains Energy 01.06.21/4.850% 317,454 0.03571,000 Halliburton 01.08.23/3.500% 586,388 0.06

400,000 Halliburton 15.09.39/7.450% 576,030 0.06125,000 HCP 01.02.19/3.750% 133,196 0.01397,000 HCP 01.02.20/2.625% 396,587 0.04368,000 HCP 01.02.21/5.375% 418,147 0.04140,000 Hess 01.10.29/7.875% 192,676 0.02300,000 Hewlett-Packard 01.12.20/3.750% 313,151 0.03251,000 Hewlett-Packard 01.06.21/4.300% 268,136 0.03

484,000 Hewlett-Packard 15.09.41/6.000% 557,036 0.0625,000 Historic TW 15.06.18/6.875% 29,718 0.00

215,000 Historic TW 01.02.23/9.150% 297,631 0.03280,000 Historic TW 15.05.29/6.625% 355,289 0.04200,000 Home Depot 01.03.16/5.400% 215,763 0.02200,000 Home Depot 01.04.21/4.400% 222,903 0.02210,000 Indiana Michigan Power 15.03.19/7.000% 254,638 0.0350,000 Ingersoll-Rand 15.11.27/6.391% 59,545 0.01

350,000 International Business Machines 15.10.18/7.625% 433,099 0.04125,000 International Business Machines 01.08.27/6.220% 157,617 0.02169,000 International Business Machines 20.06.42/4.000% 162,437 0.02186,000 Jefferies Group 09.11.15/3.875% 193,218 0.02520,000 Jefferies Group 15.07.19/8.500% 651,383 0.0640,000 Jersey Central Power & Light 01.02.19/7.350% 48,220 0.0045,000 John Deere Capital 03.04.18/5.350% 50,984 0.01

300,000 John Deere Capital 17.04.19/2.250% 304,109 0.03300,000 Johnson Controls 30.03.20/5.000% 338,313 0.03500,000 Johnson Controls 01.12.41/5.250% 548,525 0.05380,000 Kansas City Power & Light 15.03.23/3.150% 379,065 0.04213,000 Kellogg 17.05.17/1.750% 215,697 0.0230,000 Kerr-McGee 01.07.24/6.950% 38,414 0.00

1,250,000 Kerr-McGee 15.09.31/7.875% 1,758,294 0.17165,000 KeyBank 01.11.17/5.700% 183,546 0.02280,000 KeyCorp 24.03.21/5.100% 317,647 0.03

15,000 Kimberly-Clark 01.11.18/7.500% 18,480 0.00120,000 Kimberly-Clark 01.03.22/2.400% 116,919 0.0180,000 Kohl’s 15.12.17/6.250% 92,055 0.01

200,000 Kroger 15.01.17/2.200% 204,873 0.02200,000 Kroger 15.08.17/6.400% 229,409 0.02150,000 Kroger 15.01.20/6.150% 175,715 0.02

1,000,000 Kroger 01.04.31/7.500% 1,317,881 0.13114,000 Kroger 15.07.40/5.400% 125,726 0.01100,000 Lincoln National 24.06.21/4.850% 111,181 0.01191,000 Lincoln National 15.03.22/4.200% 203,418 0.02250,000 Lowe’s 15.05.37/7.110% 333,884 0.03

100,000 Macy’s Retail Holdings 15.07.17/7.450% 117,159 0.01479,000 Macy’s Retail Holdings 15.02.23/2.875% 459,840 0.0580,000 Macy’s Retail Holdings 15.01.42/5.125% 84,808 0.01

200,000 Magellan Midstream Partners 15.07.19/6.550% 237,849 0.02125,000 Marathon Oil 01.11.15/0.900% 125,372 0.01250,000 Marathon Oil 01.10.17/6.000% 285,319 0.03135,000 McKesson 04.12.15/0.950% 135,487 0.01208,000 Morgan Stanley 24.07.15/4.000% 215,173 0.02250,000 Morgan Stanley 09.01.17/5.450% 275,378 0.03290,000 Morgan Stanley 28.12.17/5.950% 330,181 0.03

1,200,000 Morgan Stanley 13.05.19/7.300% 1,467,564 0.15442,000 Morgan Stanley 24.07.20/5.500% 507,712 0.05277,000 Morgan Stanley 25.01.21/5.750% 322,384 0.03200,000 Morgan Stanley 28.07.21/5.500% 229,834 0.02970,000 Mosaic 15.11.21/3.750% 1,009,462 0.10

37,000 Mosaic 15.11.41/4.875% 37,706 0.00300,000 Nabors Industries 15.02.18/6.150% 342,284 0.03180,000 Nevada Power 01.08.18/6.500% 212,947 0.02200,000 Nevada Power 15.03.19/7.125% 244,929 0.02120,000 Nevada Power 15.05.41/5.450% 142,915 0.01196,000 NextEra Energy Capital Holdings 01.06.15/1.200% 197,144 0.02185,000 NextEra Energy Capital Holdings 01.03.19/6.000% 215,185 0.02250,000 Nisource Finance 15.02.23/3.850% 256,935 0.03628,000 Nisource Finance 01.02.42/5.800% 717,729 0.07203,000 Nordstrom 15.10.21/4.000% 217,424 0.02

4,000 Norfolk Southern 17.05.25/5.590% 4,550 0.00600,000 Norfolk Southern 15.03.05/6.000% 710,246 0.07834,000 Norfolk Southern 23.05.11/6.000% 984,583 0.10200,000 Northrop Grumman Systems 15.02.31/7.750% 275,491 0.03

90,000 Nucor 01.08.23/4.000% 93,202 0.01181,000 Occidental Petroleum 15.02.17/1.750% 184,189 0.0260,000 Ohio Power 01.05.18/6.050% 69,017 0.01

240,000 Ohio Power 01.03.33/6.600% 307,447 0.03250,000 Oracle 15.04.18/5.750% 287,795 0.03424,000 Oracle 15.01.19/2.375% 432,650 0.04100,000 Oracle 08.07.19/5.000% 113,863 0.01235,000 Oracle 15.04.38/6.500% 304,638 0.03379,000 Oracle 08.07.39/6.125% 473,900 0.05

97,000 Oracle 15.07.40/5.375% 111,483 0.01328,000 PACCAR Financial 15.03.17/1.600% 332,152 0.03200,000 Pacific Gas & Electric 30.11.17/5.625% 226,257 0.02

85,000 Pacific Gas & Electric 15.09.21/3.250% 87,386 0.01400,000 Pacific Gas & Electric 01.03.34/6.050% 492,370 0.05150,000 Pacific Gas & Electric 15.04.42/4.450% 152,545 0.02500,000 PacifiCorp 15.06.21/3.850% 536,972 0.05

50,000 Parker Hannifin 15.05.18/5.500% 56,595 0.01150,000 Peco Energy 01.03.18/5.350% 168,657 0.0282,000 PepsiCo 25.08.14/0.800% 82,063 0.0114,000 PepsiCo 01.11.18/7.900% 17,459 0.00

173,000 Phillips 66 01.05.17/2.950% 181,028 0.0290,000 Pioneer Natural Resources 15.07.16/5.875% 98,182 0.01

100,000 Pitney Bowes 15.03.18/5.600% 111,323 0.01500,000 PNC Bank 07.12.17/6.000% 572,962 0.06250,000 PNC Bank 01.04.18/6.875% 295,026 0.03540,000 PNC Bank 01.11.22/2.700% 520,736 0.05

50,000 PNC Funding 15.11.15/5.250% 53,084 0.01120,000 PNC Funding 19.09.16/2.700% 124,567 0.01100,000 PNC Funding 10.06.19/6.700% 120,765 0.01100,000 PNC Funding 08.02.20/5.125% 114,108 0.01400,000 PNC Funding 11.08.20/4.375% 439,576 0.04200,000 Potomac Electric Power 15.11.37/6.500% 269,516 0.03300,000 PPG Industries 15.08.19/7.400% 366,271 0.04

60,000 PPG Industries 01.05.21/9.000% 78,622 0.01258,000 PPL Electric Utilities 01.09.22/2.500% 251,695 0.02134,000 Principal Financial Group 15.11.17/1.850% 134,906 0.01650,000 Principal Life Global

Funding I 144A 15.03.15/5.050% 670,693 0.07234,000 Progress Energy 15.01.21/4.400% 255,169 0.03350,000 Progress Energy 01.04.22/3.150% 350,945 0.03150,000 Progress Energy 01.03.31/7.750% 212,004 0.02251,000 ProLogis 15.08.23/4.250% 262,359 0.03110,000 Prudential Financial 20.09.14/5.100% 111,101 0.0155,000 PSEG Power 01.12.15/5.500% 58,687 0.0135,000 PSEG Power 15.04.31/8.625% 50,411 0.0025,000 Public Service Co of Colorado 01.08.18/5.800% 28,710 0.0093,000 Public Service Co of Colorado 15.11.20/3.200% 96,725 0.01

135,000 Public Service Co of Colorado 01.08.38/6.500% 182,259 0.02147,000 Public Service Co of Oklahoma 01.02.21/4.400% 161,254 0.02300,000 Public Service Co of Oklahoma 15.11.37/6.625% 390,029 0.04

55,000 Public Service Electric & Gas 01.05.18/5.300% 62,455 0.0150,000 Public Service Electric & Gas 01.11.39/5.375% 59,632 0.01

444,000 Qwest 01.12.21/6.750% 514,003 0.05376,000 Republic Services 01.06.22/3.550% 387,665 0.04

7,100,000 Residual Funding Principal Strip 15.10.20/0.000% 6,176,957 0.612,000,000 Residual Funding Principal Strip 15.01.21/0.000% 1,725,986 0.17

135,000 Ryder System 01.03.16/3.600% 141,147 0.01

165

JPMorgan Funds - US Aggregate Bond FundSchedule of Investments (Market Value Expressed in USD) (continued)

As at 30 June 2014

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

235,000 Ryder System 01.06.17/3.500% 248,758 0.02218,000 San Diego Gas & Electric 15.11.41/3.950% 211,801 0.02100,000 Sempra Energy 01.06.16/6.500% 110,530 0.01

1,113,000 Sempra Energy 15.02.19/9.800% 1,477,174 0.15115,000 Sempra Energy 15.10.39/6.000% 142,288 0.01165,000 Simon Property Group 15.08.14/5.625% 166,061 0.02

13,000 Simon Property Group 01.02.15/4.200% 13,162 0.00200,000 Simon Property Group 30.05.18/6.125% 232,874 0.02150,000 Simon Property Group 01.02.20/5.650% 175,368 0.02100,000 Simon Property Group 01.03.21/4.375% 110,105 0.01350,000 Simon Property Group 01.12.21/4.125% 379,861 0.04233,000 Southern 01.09.16/1.950% 238,557 0.02135,000 Southern California Edison 15.08.18/5.500% 154,372 0.0236,000 Southern California Edison 01.06.21/3.875% 38,736 0.0071,000 Southern Power 15.09.41/5.150% 77,850 0.01

250,000 SouthTrust Bank 15.05.25/7.690% 306,858 0.03225,000 Southwestern Public Service 01.12.18/8.750% 286,405 0.0350,000 Spectra Energy Capital 15.08.14/5.668% 50,334 0.00

250,000 Spectra Energy Capital 15.07.18/6.750% 288,616 0.03100,000 Spectra Energy Capital 01.10.19/8.000% 125,577 0.01199,000 Spectra Energy Capital 01.03.20/5.650% 224,725 0.02406,000 Spectra Energy Capital 15.09.38/7.500% 523,519 0.05276,000 State Street 15.05.23/3.100% 270,636 0.03100,000 SunTrust Bank/Atlanta 15.03.18/7.250% 118,469 0.01150,000 SunTrust Banks 11.09.17/6.000% 170,230 0.02350,000 Tennessee Valley Authority 01.04.36/5.880% 448,977 0.04500,000 Tennessee Valley Authority 15.09.39/5.250% 599,465 0.06178,000 Tennessee Valley Authority 15.09.60/4.625% 188,244 0.02280,000 Time Warner 29.03.21/4.750% 310,379 0.03200,000 Time Warner 15.04.31/7.625% 274,879 0.03130,000 Time Warner 15.11.36/6.500% 159,153 0.02200,000 Time Warner 15.03.40/6.200% 238,252 0.02

89,000 Time Warner 29.03.41/6.250% 107,168 0.01250,000 Time Warner 15.10.41/5.375% 272,279 0.03450,000 Time Warner Cable 01.04.19/8.250% 569,439 0.06400,000 Time Warner Cable 01.05.37/6.550% 498,964 0.05197,000 Time Warner Cable 01.09.41/5.500% 219,703 0.02200,000 Tosco 01.01.27/7.800% 279,562 0.03250,000 Tosco 15.02.30/8.125% 366,895 0.04700,000 Toyota Motor Credit 12.01.17/2.050% 718,977 0.07

50,000 Travelers 15.05.18/5.800% 57,495 0.01100,000 UBS/Stamford 20.12.17/5.875% 114,336 0.01244,000 UBS/Stamford 25.04.18/5.750% 279,739 0.03365,000 UBS/Stamford 04.08.20/4.875% 410,333 0.04350,000 Union Carbide 01.06.25/7.500% 444,549 0.04650,000 Union Carbide 01.10.96/7.750% 799,885 0.08

75,000 Union Pacific 15.01.15/4.875% 76,838 0.01107,000 Union Pacific 15.01.23/2.950% 106,308 0.01130,000 Union Pacific 15.06.42/4.300% 130,675 0.01143,000 United Parcel Service 01.10.22/2.450% 138,483 0.01100,000 United Parcel Service of

America 01.04.20/8.375% 130,674 0.01134,000 United Technologies 01.06.17/1.800% 136,732 0.01500,000 United Technologies 01.02.19/6.125% 590,373 0.06426,000 United Technologies 01.06.22/3.100% 432,539 0.04144,000 UnitedHealth Group 15.02.23/2.750% 139,627 0.01300,000 UnitedHealth Group 15.03.23/2.875% 293,328 0.03450,000 UnitedHealth Group 15.11.37/6.625% 590,713 0.06200,000 US Bancorp 24.05.21/4.125% 217,247 0.0240,000 Valero Energy 15.04.32/7.500% 52,472 0.0148,000 Verizon Communications 15.09.16/2.500% 49,538 0.01

1,475,000 Verizon Communications 01.12.30/7.750% 2,017,394 0.20423,000 Verizon Communications 15.09.33/6.400% 517,667 0.05300,000 Verizon Communications 15.02.38/6.400% 366,156 0.04500,000 Verizon Maryland 15.06.33/5.125% 509,447 0.05300,000 Verizon New England 15.11.29/7.875% 382,807 0.04

15,000 Verizon New York 01.04.32/7.375% 18,590 0.00250,000 Verizon Pennsylvania 01.12.28/6.000% 272,296 0.03200,000 Verizon Pennsylvania 15.12.30/8.350% 260,416 0.03140,000 Virginia Electric and Power 15.09.17/5.950% 160,830 0.02250,000 Virginia Electric and Power 30.04.18/5.400% 284,344 0.0394,000 Virginia Electric and Power 15.01.22/2.950% 94,796 0.0160,000 Wal-Mart Stores 01.09.35/5.250% 69,199 0.01

100,000 Waste Management 11.03.19/7.375% 122,269 0.01107,000 Waste Management 30.06.20/4.750% 119,383 0.01100,000 Waste Management 15.05.32/7.750% 142,136 0.01233,000 WellPoint 15.07.18/2.300% 237,242 0.02423,000 WellPoint 15.05.22/3.125% 421,350 0.04224,000 WellPoint 15.01.23/3.300% 223,544 0.02344,000 WellPoint 15.05.42/4.625% 349,157 0.03500,000 Wells Fargo & Co. 11.12.17/5.625% 568,290 0.06

1,000,000 Wells Fargo & Co. 01.04.21/4.600% 1,114,465 0.11284,000 Wells Fargo & Co. 15.01.44/5.606% 323,297 0.03

17,000 Wisconsin Electric Power 15.09.21/2.950% 17,309 0.0025,000 Wyeth 01.02.24/6.450% 31,009 0.00

550,000 Xcel Energy 01.07.36/6.500% 721,130 0.0768,000 Xcel Energy 15.09.41/4.800% 73,192 0.01

200,000 Xerox 01.02.17/6.750% 226,697 0.02425,000 Xerox 15.12.19/5.625% 488,484 0.0570,000 Xerox 15.05.21/4.500% 75,634 0.01

148,000 Zoetis 01.02.18/1.875% 148,224 0.0286,000 Zoetis 01.02.43/4.700% 87,654 0.01

145,759,124 14.44

CANADA250,000 Alberta Energy 01.11.31/7.375% 328,593 0.03500,000 Bank of Nova Scotia 12.01.17/2.550% 518,953 0.05150,000 Canadian Natural Resources 01.02.18/5.900% 171,170 0.0270,000 Canadian Natural Resources 15.01.32/7.200% 91,945 0.01

150,000 Canadian Natural Resources 30.06.33/6.450% 187,534 0.02200,000 Canadian Natural Resources 15.03.38/6.250% 249,032 0.02150,000 Canadian Pacific Railway 15.10.31/7.125% 198,241 0.02166,000 Cenovus Energy 15.08.22/3.000% 162,463 0.02300,000 Cenovus Energy 15.11.39/6.750% 390,255 0.04150,000 ConocoPhillips Canada Funding

Co. I 15.10.16/5.625% 166,155 0.0230,000 Encana 15.05.19/6.500% 35,794 0.00

100,000 Encana 15.08.34/6.500% 123,255 0.01130,000 Petro-Canada 15.05.18/6.050% 150,426 0.01100,000 Petro-Canada 15.07.33/5.350% 112,302 0.01200,000 Petro-Canada 15.05.38/6.800% 264,814 0.03709,000 Placer Dome 15.10.35/6.450% 784,849 0.08120,000 Potash Corp of Saskatchewan 15.05.19/6.500% 143,577 0.01

800,000 RBC 27.07.18/2.200% 815,252 0.08180,000 Rogers Communications 01.05.32/8.750% 252,879 0.02200,000 Suncor Energy 01.06.18/6.100% 232,086 0.02505,000 Suncor Energy 01.12.34/5.950% 605,907 0.06350,000 Suncor Energy 01.06.39/6.850% 466,464 0.05540,000 Talisman Energy 01.06.19/7.750% 668,366 0.07255,000 Talisman Energy 01.02.37/5.850% 279,836 0.03260,000 Talisman Energy 01.02.38/6.250% 300,074 0.03628,000 Thomson Reuters 30.09.21/3.950% 656,185 0.07431,000 Toronto-Dominion Bank 14.07.16/2.500% 446,464 0.04150,000 TransCanada PipeLines 15.08.18/6.500% 178,232 0.02330,000 TransCanada PipeLines 15.01.19/7.125% 401,740 0.04140,000 TransCanada PipeLines 15.10.37/6.200% 175,118 0.02

9,557,961 0.95

UNITED KINGDOM100,000 Barclays Bank 10.07.14/5.200% 100,092 0.01643,000 BP Capital Markets 05.05.17/1.846% 656,561 0.06263,000 BP Capital Markets 06.11.17/1.375% 263,469 0.03310,000 BP Capital Markets 11.03.21/4.742% 347,144 0.03615,000 BP Capital Markets 06.05.22/3.245% 623,096 0.06200,000 British Telecommunications 22.06.15/2.000% 202,677 0.02

45,000 British Telecommunications 15.12.30/9.625% 72,023 0.01700,000 Deutsche Bank/London 11.01.16/3.250% 726,551 0.07400,000 Deutsche Bank/London 01.09.17/6.000% 454,944 0.04

50,000 Diageo Capital 15.07.20/4.828% 56,426 0.01139,000 HSBC Holdings 05.04.21/5.100% 158,251 0.02

1,000,000 HSBC Holdings 14.01.22/4.875% 1,123,375 0.11986,000 HSBC Holdings 30.03.22/4.000% 1,050,026 0.10550,000 HSBC Holdings 14.01.42/6.100% 695,437 0.07364,000 Rio Tinto Finance USA 21.08.17/1.625% 367,813 0.04200,000 Rio Tinto Finance USA 22.03.22/3.500% 205,112 0.02500,000 Vodafone Group 19.02.18/1.500% 496,700 0.05

7,599,697 0.75

CAYMAN ISLANDS363,000 Hutchison Whampoa

International 12 II 144A 08.11.22/3.250% 356,907 0.0470,000 Noble Holding International 15.03.22/3.950% 71,490 0.0146,000 Noble Holding International 15.03.42/5.250% 47,434 0.00

300,000 Petrobras International Finance 15.03.19/7.875% 350,588 0.03510,000 Petrobras International Finance 27.01.21/5.375% 530,046 0.05200,000 Petrobras International Finance 27.01.41/6.750% 206,350 0.02400,000 Transocean 15.11.20/6.500% 463,220 0.05124,000 Transocean 15.12.21/6.375% 143,495 0.01263,000 Transocean 15.10.22/3.800% 260,004 0.03125,000 Transocean 15.04.31/7.500% 151,502 0.0295,000 Transocean 15.12.41/7.350% 119,946 0.01

2,700,982 0.27

166


As at 30 June 2014

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

FRANCE1,010,000 Orange 01.03.31/9.000% 1,524,383 0.15

226,000 Total Capital International 25.01.16/0.750% 226,936 0.02350,000 Total Capital International 17.02.17/1.500% 354,625 0.03375,000 Total Capital International 28.06.17/1.550% 379,427 0.04166,000 Total Capital International 17.02.22/2.875% 165,749 0.02

2,651,120 0.26

MEXICO274,000 America Movil 08.09.16/2.375% 282,093 0.03307,000 America Movil 16.07.22/3.125% 301,841 0.03300,000 America Movil 30.03.40/6.125% 355,173 0.03232,000 Mexico (United Mexican States) 02.10.23/4.000% 244,180 0.02648,000 Mexico (United Mexican States) 08.03.44/4.750% 662,596 0.07566,000 Mexico (United Mexican States) 12.10.10/5.750% 604,590 0.06

2,450,473 0.24

NETHERLANDS92,000 Koninklijke Philips 11.03.18/5.750% 105,012 0.01

786,000 Koninklijke Philips 15.03.22/3.750% 824,451 0.08100,000 Koninklijke Philips 01.06.26/7.200% 125,665 0.01504,000 Petrobras Global Finance 20.05.23/4.375% 485,470 0.05184,000 Shell International Finance 28.06.15/3.100% 188,993 0.02230,000 Shell International Finance 25.03.20/4.375% 255,665 0.03280,000 Shell International Finance 15.12.38/6.375% 370,336 0.04

2,355,592 0.24

NORWAY183,000 Statoil 17.08.17/3.125% 193,576 0.02300,000 Statoil 15.04.19/5.250% 343,550 0.03183,000 Statoil 23.01.22/3.150% 186,941 0.02261,000 Statoil 17.01.23/2.450% 250,167 0.03160,000 Statoil 23.11.41/4.250% 161,271 0.02

1,135,505 0.12

JAPAN160,000 Nippon Telegraph & Telephone 18.07.17/1.400% 160,910 0.02130,000 Nomura Holdings 04.03.15/5.000% 133,628 0.01560,000 Nomura Holdings 19.01.16/4.125% 586,132 0.06192,000 Nomura Holdings 04.03.20/6.700% 231,571 0.02

1,112,241 0.11

BERMUDA178,000 Weatherford

International/Bermuda 15.04.22/4.500% 189,145 0.02534,000 Weatherford

International/Bermuda 01.03.39/9.875% 831,879 0.0862,000 Weatherford

International/Bermuda 15.04.42/5.950% 69,919 0.01

1,090,943 0.11

GERMANY300,000 Deutsche Telekom International

Finance 08.07.19/6.000% 352,320 0.03465,000 Deutsche Telekom International

Finance 15.06.30/8.750% 681,813 0.07

1,034,133 0.10

SPAIN170,000 Telefonica Emisiones 20.06.16/6.421% 187,264 0.02231,000 Telefonica Emisiones 27.04.18/3.192% 241,053 0.02260,000 Telefonica Emisiones 15.07.19/5.877% 300,905 0.03113,000 Telefonica Emisiones 16.02.21/5.462% 128,202 0.01

857,424 0.08

AUSTRALIA55,000 BHP Billiton Finance USA 29.03.17/5.400% 61,421 0.0167,000 Rio Tinto Finance USA 02.11.20/3.500% 69,895 0.01

550,000 Rio Tinto Finance USA 20.09.21/3.750% 578,012 0.05

709,328 0.07

INTERNATIONAL AGENCIES577,000 Corporacion Andina de Fomento 15.01.16/3.750% 605,868 0.06

605,868 0.06

SWEDEN442,000 Stadshypotek 144A 02.10.19/1.875% 436,809 0.04

436,809 0.04

SOUTH AFRICA200,000 South Africa (Republic of) 16.09.25/5.875% 222,902 0.02

222,902 0.02

Total Bonds 180,280,102 17.86


180,280,102 17.86


Bonds

UNITED STATES OF AMERICA100,000 21st Century Fox America 18.05.18/7.250% 120,262 0.01300,000 21st Century Fox America 26.04.23/8.875% 404,611 0.04

15,000 21st Century Fox America 20.01.24/7.750% 19,184 0.00480,000 21st Century Fox America 15.07.24/9.500% 655,356 0.07170,000 21st Century Fox America 30.10.25/7.700% 224,321 0.02200,000 21st Century Fox America 30.11.28/7.625% 254,152 0.03250,000 21st Century Fox America 15.12.34/6.200% 305,344 0.03200,000 21st Century Fox America 15.11.37/6.650% 253,997 0.03395,797 A10 Securitization 2012-1 A 15.04.24/3.492% 397,026 0.04

604,886 Aames Mortgage InvestmentTrust 2005-3 M1 25.08.35/0.682%* 572,505 0.06

435,000 AbbVie 144A 06.11.22/2.900% 420,311 0.04258,000 ADT 15.07.42/4.875% 214,833 0.02650,000 AIG SunAmerica Global

Financing X 144A 15.03.32/6.900% 866,306 0.0941,062 Alternative Loan Trust

2004-18CB 2A4 25.09.34/5.700% 41,463 0.0073,633 Alternative Loan Trust

2004-28CB 3A1 25.01.35/6.000% 72,603 0.011,272,631 Alternative Loan Trust

2004-2CB 1A9 25.03.34/5.750% 1,289,107 0.131,805,046 Alternative Loan Trust

2005-20CB 3A8 25.07.35/4.598%* 226,033 0.02434,328 Alternative Loan Trust



2005-J1 1A4 25.02.35/4.948%* 30,284 0.002,691 Alternative Loan Trust

Resecuritization 2005-5R A1 25.12.18/5.250% 2,696 0.00173,442 American Credit Acceptance

Receivables Trust 2012-2A 15.07.16/1.890% 173,846 0.02347,850 American Credit Acceptance

Receivables Trust 2012-3 A 15.11.16/1.640% 348,598 0.03356,146 American General Mortgage

Loan Trust 2009-1 A7 25.09.48/5.750%* 357,255 0.04340,000 American Honda Finance 144A 11.09.17/1.500% 342,106 0.03165,000 American Honda Finance 144A 01.10.18/7.625% 202,839 0.02715,000 American Municipal Power-Ohio 15.02.50/7.499% 988,287 0.1076,699 AmeriCredit Automobile

Receivables Trust 2011-4 A3 09.05.16/1.170% 76,717 0.01169,953 AmeriCredit Automobile




Receivables Trust 2012-4 A2 08.04.16/0.490% 87,256 0.01190,000 Amgen 01.02.19/5.700% 219,872 0.02

81,000 Amgen 15.03.20/4.500% 87,833 0.01500,000 Amgen 15.11.21/3.875% 529,043 0.05228,000 Amgen 01.02.39/6.400% 284,290 0.03237,000 Amgen 15.03.40/5.750% 275,005 0.03300,000 Amgen 01.10.41/4.950% 314,597 0.03126,000 Amgen 15.06.42/5.650% 144,586 0.01250,000 Anadarko Holding 15.05.28/7.150% 321,179 0.03

1,307,000 Apple 03.05.23/2.400% 1,238,350 0.12105,439 Ascentium Equipment

Receivables 2012-1A A 15.09.19/1.830% 105,410 0.011,197,886 ASG Resecuritization Trust

2009-3 A65 26.03.37/2.071%* 1,199,888 0.12439,945 ASG Resecuritization Trust

2009-4 A60 28.06.37/6.000% 449,649 0.04701,467 Asset Backed Funding

Certificates 2005-AQ1 A4 25.06.35/4.926% 711,325 0.07690,000 Atmos Energy 15.01.43/4.150% 682,948 0.07375,000 BAE Systems Holdings 144A 15.08.15/5.200% 392,290 0.04330,000 BAE Systems Holdings 144A 01.06.19/6.375% 380,778 0.04

1,047,312 Banc of America AlternativeLoan Trust 2003-7 1CB1 25.09.33/5.500% 1,097,369 0.11

165,646 Banc of America AlternativeLoan Trust 2003-7 2A4 25.09.18/5.000% 168,283 0.02

167


As at 30 June 2014

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

217,489 Banc of America AlternativeLoan Trust 2004-1 1A1 25.02.34/6.000% 233,344 0.02

300,000 Banc of America CommercialMortgage Trust 2006-1 A4 10.09.45/5.372%* 316,627 0.03

178,661 Banc of America Funding2004-2 1CB1 20.09.34/5.750% 194,299 0.02

51,617 Banc of America Funding2004-2 30PO 20.09.34/0.000% 44,351 0.00

100,412 Banc of America Funding2004-C 1A1 20.12.34/5.114%* 100,334 0.01

398,092 Banc of America Funding2005-6 2A7 25.10.35/5.500% 399,711 0.04

78,900 Banc of America Funding2005-7 30PO 25.11.35/0.000% 59,772 0.01

1,175,213 Banc of America Funding2005-E 4A1 20.03.35/2.682%* 1,182,787 0.12

500,000 Banc of America Merrill LynchCommercial Mortgage2005-3 AM 10.07.43/4.727% 513,525 0.05

10,268 Banc of America Merrill LynchCommercial Mortgage2005-6 ASB 10.09.47/5.349%* 10,271 0.00

459,116 Banc of America MortgageSecurities 2003-3 1A7 25.05.33/5.500% 488,324 0.05

54,342 Banc of America MortgageSecurities 2003-6 2A1 25.08.18/0.602%* 53,753 0.01

13,388 Banc of America MortgageSecurities 2003-8 APO 25.11.33/0.000% 10,863 0.00





1,201,710 Banc of America MortgageSecurities 2004-6 1A3 25.05.34/5.500% 1,272,341 0.13

178,062 Banc of America MortgageSecurities 2004-7 15IO 25.08.19/4.716%* 13,181 0.00


46,513 Banc of America MortgageSecurities 2004-9 XPO 25.11.34/0.000% 42,082 0.00

151,675 Banc of America MortgageSecurities 2004-J 3A1 25.11.34/2.913%* 152,442 0.02

89,666 BCAP Trust 2011-RR2 3A3 21.11.35/2.707%* 89,822 0.01278,409 Bear Stearns Adjustable Rate

Mortgage Trust 2003-4 3A1 25.07.33/2.294%* 281,297 0.0340,388 Bear Stearns Adjustable Rate

Mortgage Trust 2003-7 3A 25.10.33/2.431%* 40,789 0.00145,478 Bear Stearns Adjustable Rate

Mortgage Trust 2004-2 14A 25.05.34/2.983%* 146,497 0.01220,081 Bear Stearns Adjustable Rate

Mortgage Trust 2005-5 A1 25.08.35/2.150%* 224,171 0.02457,145 Bear Stearns Adjustable Rate

Mortgage Trust 2006-1 A1 25.02.36/2.369%* 461,356 0.05315,315 Bear Stearns Alt-A Trust

2005-2 1A1 25.03.35/0.652%* 308,409 0.0364,330 Bear Stearns Asset Backed

Securities Trust 2006-SD1 A 25.04.36/0.522%* 61,973 0.0147,003 Bear Stearns Commercial

Mortgage Securities Trust2004-PWR4 A3 11.06.41/5.468%* 47,020 0.00

15,638,304 Bear Stearns CommercialMortgage Securities Trust2005-PWR8 X1 11.06.41/0.932%* 79,865 0.01

52,351,102 Bear Stearns CommercialMortgage Securities Trust2007-T26 X1 12.01.45/0.298%* 271,493 0.03

149,000 Boston Gas 144A 15.02.42/4.487% 152,748 0.0250,000 Burlington Northern Santa Fe 15.03.18/5.750% 57,353 0.01

100,000 Burlington Northern Santa Fe 01.08.28/6.700% 123,502 0.01165,000 Capital One Financial 15.06.23/3.500% 165,507 0.02

600,000 Cargill 144A 06.03.19/7.350% 723,431 0.07435,732 CarMax Auto Owner Trust

2011-1 A4 15.09.16/2.160% 439,253 0.04100,000 CBS 01.09.23/7.875% 127,738 0.01700,000 CD 2005-CD1 Mortgage Trust AJ 15.07.44/5.401%* 733,882 0.07

44,128,117 CD 2007-CD4 Mortgage Trust XC 11.12.49/0.559%* 377,251 0.04784,000 Celgene 15.08.22/3.250% 782,236 0.08

70,000 CenterPoint Energy Resources 15.01.21/4.500% 76,943 0.01250,000 CenterPoint Energy Resources 15.01.41/5.850% 305,537 0.03316,722 Centex Home Equity 2004-D AF4 25.06.32/4.680%* 328,316 0.03

100,000 Charles Schwab 01.09.22/3.225% 101,185 0.01403,215 Chase Funding Trust 2003-4 1A5 25.05.33/5.416%* 424,095 0.04305,991 Chase Funding Trust 2003-6 1A7 25.11.34/4.277%* 310,017 0.03419,706 Chase Mortgage Finance

2004-S3 2A5 25.03.34/5.500% 440,160 0.041,922,693 Chase Mortgage Finance

2007-A1 1A3 25.02.37/2.602%* 1,936,965 0.19

189,839 Chase Mortgage Finance2007-A1 2A1 25.02.37/2.498%* 191,264 0.02




44,786 CHL Mortgage Pass-ThroughTrust 2003-26 1A6 25.08.33/3.500% 45,519 0.00

5,812 CHL Mortgage Pass-ThroughTrust 2003-J7 4A3 25.08.18/9.576%* 6,125 0.00

655,333 CHL Mortgage Pass-ThroughTrust 2004-3 A26 25.04.34/5.500% 687,659 0.07

327,667 CHL Mortgage Pass-ThroughTrust 2004-3 A4 25.04.34/5.750% 340,619 0.03


96,584 CHL Mortgage Pass-ThroughTrust 2004-7 2A1 25.06.34/2.477%* 95,687 0.01


73,208 CHL Mortgage Pass-ThroughTrust 2004-J8 1A2 25.11.19/4.750% 75,255 0.01

560,577 CHL Mortgage Pass-ThroughTrust 2005-22 2A1 25.11.35/2.564%* 476,151 0.05

80,000 Cisco Systems 22.02.16/5.500% 86,437 0.01140,000 Cisco Systems 15.01.20/4.450% 155,331 0.02400,000 Cisco Systems 15.02.39/5.900% 486,682 0.05100,000 Cisco Systems 15.01.40/5.500% 116,606 0.01986,989 Citicorp Mortgage Securities

2004-3 A5 25.05.34/5.250% 1,060,852 0.11112,913 Citicorp Mortgage Securities

2005-3 2A2 25.04.20/5.000% 113,637 0.01377,767 Citicorp Mortgage Securities

2006-4 1A2 25.08.36/6.000% 387,927 0.04600,000 Citigroup Commercial Mortgage

Trust 2005-C3 AM 15.05.43/4.830%* 616,865 0.06500,000 Citigroup Commercial Mortgage

Trust 2006-C5 A4 15.10.49/5.431% 542,745 0.0599,172 Citigroup Mortgage Loan Trust

2003-1 2A5 25.10.33/5.250% 101,517 0.01219,016 Citigroup Mortgage Loan Trust


2003-UP3 A3 25.09.33/7.000% 6,325 0.00117,116 Citigroup Mortgage Loan Trust

2004-UST1 A3 25.08.34/2.206%* 118,084 0.01268,543 Citigroup Mortgage Loan Trust


2008-AR4 1A1A 25.11.38/2.748%* 463,564 0.05285,000 City of Los Angeles Department

of Airports 15.05.39/6.582% 356,281 0.04207,031 CNH Equipment Trust 2011-A A4 17.10.16/2.040% 208,528 0.02

1,500,000 COBALT CMBS CommercialMortgage Trust 2006-C1 AM 15.08.48/5.254% 1,552,691 0.15

13,345,127 COBALT CMBS CommercialMortgage Trust 2006-C1 IO 15.08.48/0.979%* 230,497 0.02

250,000 Comcast 15.01.17/6.500% 284,344 0.03693,000 Comcast 15.01.33/4.250% 710,994 0.07480,000 Comcast 15.03.37/6.450% 612,996 0.06650,000 Commercial Mortgage Trust

2005-LP5 A4 10.05.43/4.982%* 665,711 0.072,595,222 Commercial Mortgage Trust

2012-CR XA 15.08.45/2.087%* 278,798 0.03173,000 Consolidated Edison Co. of New

York 15.06.40/5.700% 208,628 0.02252,825 Continental Airlines 2007-1

Class A Pass Through Trust 19.04.22/5.983% 285,294 0.03205,987 Continental Airlines 2012-2 Class

A Pass Through Trust 29.10.24/4.000% 212,553 0.02375,000 COX Communications 144A 15.12.22/3.250% 365,651 0.04

75,000 COX Communications 144A 01.03.39/8.375% 105,283 0.0184,229 Credit Suisse First Boston

Mortgage Securities 2003-1 DB1 25.02.33/6.692%* 85,397 0.01392,139 Credit Suisse First Boston

Mortgage Securities2003-21 1A4 25.09.33/5.250% 410,171 0.04

132,494 Credit Suisse First BostonMortgage Securities 2003-21 AP 25.09.33/0.000% 123,665 0.01

183,716 Credit Suisse First BostonMortgage Securities2003-23 2A5 25.10.18/5.000% 186,038 0.02

256,805 Credit Suisse First BostonMortgage Securities2003-27 5A4 25.11.33/5.250% 263,468 0.03



168


As at 30 June 2014

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

476,851 Credit Suisse First BostonMortgage Securities 2004-4 2A4 25.09.34/5.500% 525,575 0.05





700,000 Credit Suisse Mortgage CapitalTrust 2006-C2 A3 15.03.39/5.858%* 744,081 0.07

300,000 Credit Suisse Mortgage CapitalTrust 2010-16 A3 25.06.50/3.590%* 298,556 0.03

55,365 Credit-Based Asset Servicingand Securitization2006-CB1 AF2 25.01.36/3.535%* 41,318 0.00

110,000 CRH America 30.09.16/6.000% 121,872 0.01850,000 Daimler Finance North

America 144A 11.01.17/2.950% 888,174 0.09327,000 Daimler Finance North

America 144A 11.01.18/1.875% 329,488 0.03218,000 Danaher 23.06.21/3.900% 234,291 0.02188,726 Deutsche Mortgage Securities

2004-1 3A6 25.12.33/4.740%* 195,673 0.02400,000 DirecTV Holdings 15.02.21/4.600% 435,912 0.04243,000 DirecTV Holdings 01.03.21/5.000% 271,079 0.03700,000 DirecTV Holdings 15.08.40/6.000% 805,998 0.08614,000 Discovery Communications 15.06.21/4.375% 662,752 0.07187,000 Discovery Communications 15.05.42/4.950% 189,769 0.02845,000 Duke Energy Carolinas 15.06.20/4.300% 934,232 0.09146,000 Eaton 02.11.32/4.000% 145,377 0.01475,000 eBay 15.10.20/3.250% 494,204 0.06335,000 Ecolab 08.12.17/1.450% 335,144 0.0389,000 ERAC USA Finance 144A 15.04.16/1.400% 89,715 0.01

460,000 ERAC USA Finance 144A 15.10.37/7.000% 602,769 0.0696,000 ERAC USA Finance 144A 15.03.42/5.625% 109,000 0.01114,000 Exelon Generation 01.10.41/5.750% 125,354 0.01363,244 Fannie Mae Grantor Trust

2000-T6 A1 25.06.30/7.500% 421,167 0.04769,065 Fannie Mae Grantor Trust




2004-T2 1A4 25.11.43/7.500% 684,098 0.07389,439 Fannie Mae Grantor Trust

2004-T3 PT1 25.01.44/8.858%* 456,607 0.05287,605 Fannie Mae Interest Strip 293 1 01.12.24/0.000% 267,599 0.03308,731 Fannie Mae Interest Strip 300 1 01.09.24/0.000% 298,860 0.03130,118 Fannie Mae Interest Strip 339 18 25.07.18/4.500% 8,330 0.00243,831 Fannie Mae Interest Strip 383 32 25.01.38/6.000% 48,705 0.01

1,794,113 Fannie Mae Interest Strip 412 F2 25.08.42/0.652%* 1,796,140 0.1812,636 Fannie Mae Pool No: 252409 01.03.29/6.500% 14,560 0.0081,725 Fannie Mae Pool No: 254305 01.05.22/6.500% 92,202 0.01

137,336 Fannie Mae Pool No: 255052 01.11.23/4.000% 145,824 0.01216,043 Fannie Mae Pool No: 255441 01.06.19/3.500% 228,837 0.02283,964 Fannie Mae Pool No: 255843 01.09.35/5.500% 317,640 0.03120,028 Fannie Mae Pool No: 256648 01.01.22/7.500% 132,527 0.01166,070 Fannie Mae Pool No: 257055 01.12.27/6.500% 187,423 0.02301,527 Fannie Mae Pool No: 257172 01.04.38/5.500% 332,442 0.0375,149 Fannie Mae Pool No: 257183 01.03.38/7.000% 80,725 0.01

166,995 Fannie Mae Pool No: 257209 01.05.38/5.500% 181,680 0.02173,159 Fannie Mae Pool No: 257415 01.09.38/7.000% 185,236 0.02


2,726,281 Fannie Mae Pool No: 464756 01.04.20/4.350% 3,030,885 0.301,432,970 Fannie Mae Pool No: 464799 01.01.21/4.380% 1,599,477 0.16

1,000,000 Fannie Mae Pool No: 465721 01.10.20/4.040% 1,091,210 0.111,000,000 Fannie Mae Pool No: 466893 01.01.21/4.050% 1,091,699 0.112,906,055 Fannie Mae Pool No: 467155 01.01.21/4.460% 3,256,576 0.32

982,750 Fannie Mae Pool No: 467264 01.02.21/4.330% 1,094,413 0.112,857,361 Fannie Mae Pool No: 467390 01.03.21/4.160% 3,154,452 0.31

2,000,000 Fannie Mae Pool No: 467755 01.04.21/4.250% 2,192,729 0.221,487,351 Fannie Mae Pool No: 467772 01.04.21/4.380% 1,661,530 0.17992,465 Fannie Mae Pool No: 468058 01.05.21/4.390% 1,109,519 0.11


963,781 Fannie Mae Pool No: 468571 01.07.26/4.450% 1,039,097 0.103,000,000 Fannie Mae Pool No: 468667 01.07.21/3.940% 3,251,130 0.32


2,500,000 Fannie Mae Pool No: 469074 01.12.21/3.830% 2,673,397 0.272,000,000 Fannie Mae Pool No: 469204 01.09.21/3.890% 2,176,257 0.22

2,000,000 Fannie Mae Pool No: 469321 01.10.21/3.590% 2,127,238 0.214,000,000 Fannie Mae Pool No: 470124 01.01.22/3.120% 4,153,971 0.413,000,000 Fannie Mae Pool No: 470243 01.01.17/1.990% 2,997,894 0.301,403,968 Fannie Mae Pool No: 470623 01.03.22/0.951%* 1,404,158 0.141,420,000 Fannie Mae Pool No: 470624 01.02.22/3.000% 1,462,845 0.141,500,000 Fannie Mae Pool No: 471054 01.04.22/0.921%* 1,512,405 0.151,448,077 Fannie Mae Pool No: 471177 01.05.22/2.940% 1,483,714 0.152,897,529 Fannie Mae Pool No: 471274 01.05.22/2.860% 2,953,646 0.29



21,116 Fannie Mae Pool No: 555791 01.12.22/6.500% 23,822 0.001,502 Fannie Mae Pool No: 583745 01.06.16/6.000% 1,589 0.0015,112 Fannie Mae Pool No: 598559 01.08.31/6.500% 17,045 0.00


1,687 Fannie Mae Pool No: 627139 01.03.17/6.500% 1,754 0.00771 Fannie Mae Pool No: 637095 01.03.17/7.500% 779 0.00

39,833 Fannie Mae Pool No: 650236 01.12.32/5.000% 43,013 0.0011,181 Fannie Mae Pool No: 665775 01.09.17/5.500% 11,658 0.002,222 Fannie Mae Pool No: 666358 01.08.17/6.000% 2,351 0.003,842 Fannie Mae Pool No: 668811 01.11.17/6.000% 4,065 0.005,372 Fannie Mae Pool No: 674349 01.03.33/6.000% 6,047 0.00



60,208 Fannie Mae Pool No: 722985 01.07.33/2.277%* 64,122 0.0131,960 Fannie Mae Pool No: 725171 01.01.19/4.000% 33,913 0.00

496 Fannie Mae Pool No: 725382 01.01.16/8.000% 500 0.0015,379 Fannie Mae Pool No: 725704 01.08.34/6.000% 17,308 0.00


28,992 Fannie Mae Pool No: 730536 01.08.18/4.000% 30,763 0.00119,307 Fannie Mae Pool No: 735332 01.08.34/2.277%* 126,891 0.0146,451 Fannie Mae Pool No: 735911 01.08.20/6.500% 49,630 0.0039,792 Fannie Mae Pool No: 740822 01.09.18/5.500% 42,136 0.00

236,088 Fannie Mae Pool No: 745148 01.01.36/5.000% 261,947 0.03186,485 Fannie Mae Pool No: 745406 01.03.21/6.000% 197,295 0.02425,335 Fannie Mae Pool No: 745445 01.01.36/2.362%* 453,551 0.0479,459 Fannie Mae Pool No: 745446 01.04.33/2.406%* 84,882 0.0168,715 Fannie Mae Pool No: 748306 01.11.33/6.500% 77,508 0.0148,958 Fannie Mae Pool No: 754922 01.09.33/5.500% 54,578 0.0180,174 Fannie Mae Pool No: 755973 01.11.28/8.000% 95,656 0.0130,099 Fannie Mae Pool No: 755994 01.10.28/8.000% 34,763 0.0051,931 Fannie Mae Pool No: 766610 01.01.34/2.299%* 55,126 0.01

55,665 Fannie Mae Pool No: 771959 01.02.34/5.500% 61,221 0.01228,219 Fannie Mae Pool No: 775902 01.04.30/8.500% 266,077 0.03309,975 Fannie Mae Pool No: 777132 01.06.34/2.420%* 331,183 0.03

79,971 Fannie Mae Pool No: 781309 01.07.34/2.417%* 80,758 0.0121,591 Fannie Mae Pool No: 787741 01.08.30/9.000% 24,751 0.00


79,212 Fannie Mae Pool No: 790235 01.08.34/2.265%* 85,521 0.0130,675 Fannie Mae Pool No: 791961 01.09.34/1.687%* 32,006 0.009,964 Fannie Mae Pool No: 796815 01.09.19/5.500% 10,551 0.00

261,738 Fannie Mae Pool No: 801342 01.09.34/2.186%* 278,530 0.03275,143 Fannie Mae Pool No: 810896 01.01.35/1.899%* 290,135 0.03173,005 Fannie Mae Pool No: 816597 01.02.35/2.200%* 183,674 0.02

71,236 Fannie Mae Pool No: 823660 01.05.35/2.220%* 75,331 0.01187,313 Fannie Mae Pool No: 843026 01.09.35/1.910%* 197,440 0.02

257,093 Fannie Mae Pool No: 843028 01.09.35/1.910%* 270,993 0.03182,600 Fannie Mae Pool No: 847108 01.10.35/6.500% 204,968 0.02339,397 Fannie Mae Pool No: 849251 01.01.36/2.142%* 360,343 0.04506,874 Fannie Mae Pool No: 851432 01.10.35/2.590%* 543,569 0.05

42,218 Fannie Mae Pool No: 852874 01.04.20/4.000% 44,798 0.00199,055 Fannie Mae Pool No: 870770 01.07.36/6.500% 224,528 0.02310,430 Fannie Mae Pool No: 872502 01.06.36/2.261%* 334,809 0.03193,233 Fannie Mae Pool No: 884066 01.06.36/2.551%* 208,442 0.02141,693 Fannie Mae Pool No: 886558 01.08.36/2.390%* 153,408 0.02410,596 Fannie Mae Pool No: 888366 01.04.37/7.000% 458,862 0.05231,779 Fannie Mae Pool No: 888408 01.03.37/6.000% 257,418 0.03351,139 Fannie Mae Pool No: 888605 01.07.35/2.172%* 374,060 0.04

620,470 Fannie Mae Pool No: 888796 01.09.37/6.000% 696,208 0.071,495,064 Fannie Mae Pool No: 888829 01.06.37/5.832% 1,711,334 0.17


540,859 Fannie Mae Pool No: 889573 01.03.23/6.500% 592,849 0.06258,533 Fannie Mae Pool No: 889757 01.02.38/5.000% 286,851 0.0368,183 Fannie Mae Pool No: 890087 01.11.17/7.000% 70,261 0.01211,758 Fannie Mae Pool No: 894672 01.10.36/8.000% 242,251 0.02

156,864 Fannie Mae Pool No: 896463 01.10.34/2.505%* 166,556 0.02

169


As at 30 June 2014

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

56,566 Fannie Mae Pool No: 900177 01.08.36/7.500% 64,810 0.01211,300 Fannie Mae Pool No: 900197 01.10.36/2.700%* 227,474 0.02156,310 Fannie Mae Pool No: 905694 01.12.36/2.393%* 169,008 0.02


1,583,420 Fannie Mae Pool No: 920843 01.03.36/2.875%* 1,686,313 0.17357,916 Fannie Mae Pool No: 920954 01.01.37/1.823%* 382,574 0.04


1,835,926 Fannie Mae Pool No: 932355 01.12.39/6.000% 2,042,559 0.20225,877 Fannie Mae Pool No: 933032 01.10.37/6.000% 246,974 0.02140,718 Fannie Mae Pool No: 945870 01.08.37/6.500% 158,725 0.02334,232 Fannie Mae Pool No: 946338 01.09.37/7.000% 367,687 0.04435,719 Fannie Mae Pool No: 960150 01.11.37/6.000% 490,388 0.0560,030 Fannie Mae Pool No: 961192 01.01.38/7.000% 67,729 0.01128,551 Fannie Mae Pool No: 966946 01.01.38/2.428%* 137,035 0.01

688,416 Fannie Mae Pool No: 976871 01.08.36/6.500% 776,511 0.08534,831 Fannie Mae Pool No: 995149 01.10.38/6.500% 603,272 0.06820,123 Fannie Mae Pool No: 995456 01.02.24/6.500% 908,814 0.09145,195 Fannie Mae Pool No: 995505 01.01.38/8.000% 170,151 0.0243,314 Fannie Mae Pool No: 995783 01.11.37/8.000% 49,789 0.00

616,774 Fannie Mae Pool No: AA0922 01.09.36/6.000% 694,160 0.07402,537 Fannie Mae Pool No: AA1019 01.11.36/6.000% 453,043 0.04550,769 Fannie Mae Pool No: AC3407 01.10.39/5.500% 616,087 0.06503,408 Fannie Mae Pool No: AD0133 01.08.24/5.000% 531,803 0.05301,752 Fannie Mae Pool No: AD0364 01.05.23/5.000% 318,773 0.03321,106 Fannie Mae Pool No: AD0753 01.01.39/7.000% 363,196 0.04

406,395 Fannie Mae Pool No: AD8548 01.01.33/5.500% 441,911 0.04569,782 Fannie Mae Pool No: AE0346 01.05.37/6.000% 628,184 0.06

1,799,794 Fannie Mae Pool No: AL0569 01.06.21/4.274% 1,979,933 0.202,884,715 Fannie Mae Pool No: AL0602 01.07.21/4.317% 3,204,846 0.32834,005 Fannie Mae Pool No: AL2606 01.03.42/4.000% 876,210 0.09

1,487,091 Fannie Mae Pool No: AM0811 01.12.22/2.420% 1,460,005 0.142,000,000 Fannie Mae Pool No: AM1061 01.10.22/0.541%* 2,019,546 0.207,855,983 Fannie Mae Pool No: AM1361 01.12.22/2.370% 7,656,100 0.76

3,000,000 Fannie Mae Pool No: AM1547 01.12.20/2.000% 2,938,164 0.292,000,000 Fannie Mae Pool No: AM1591 01.12.22/2.380% 1,958,942 0.192,000,000 Fannie Mae Pool No: AM1762 01.12.22/2.390% 1,959,693 0.191,948,976 Fannie Mae Pool No: AM1769 01.12.22/2.340% 1,902,303 0.19

3,000,000 Fannie Mae Pool No: AM1778 01.12.22/2.400% 2,937,254 0.292,000,000 Fannie Mae Pool No: AM2333 01.02.23/2.450% 1,930,810 0.192,000,000 Fannie Mae Pool No: AM3244 01.05.23/2.520% 1,933,854 0.192,000,000 Fannie Mae Pool No: AM3646 01.07.23/2.640% 1,943,449 0.191,000,000 Fannie Mae Pool No: AM3990 01.07.23/3.740% 1,071,723 0.114,000,000 Fannie Mae Pool No: AM4011 01.07.23/3.670% 4,223,190 0.42

905,614 Fannie Mae Pool No: AO9352 01.07.42/4.000% 955,158 0.093,724,550 Fannie Mae Pool No: AQ9999 01.02.43/3.000% 3,659,009 0.36

946,398 Fannie Mae Pool No: FN0005 01.11.20/3.375% 1,003,955 0.10749,259 Fannie Mae Pool No: MA0406 01.05.30/4.500% 822,145 0.08669,770 Fannie Mae Pool No: MA0948 01.11.31/5.000% 751,516 0.07

1,935,443 Fannie Mae Pool No: MA1463 01.06.43/3.500% 1,976,351 0.20200,000 Fannie Mae Principal Strip 15.05.30/0.000% 110,074 0.01128,026 Fannie Mae REMICS 1992-145 ZB 25.08.22/8.000% 145,165 0.01465,314 Fannie Mae REMICS 1992-69 Z 25.05.22/8.000% 532,066 0.05256,714 Fannie Mae REMICS 1993-136 ZB 25.07.23/6.792%* 285,805 0.03335,986 Fannie Mae REMICS 1993-141 Z 25.08.23/7.000% 376,348 0.04182,086 Fannie Mae REMICS 1993-203 PL 25.10.23/6.500% 203,278 0.02

21,258 Fannie Mae REMICS 1993-25 J 25.03.23/7.500% 23,963 0.00260,284 Fannie Mae REMICS 1993-99 Z 25.07.23/7.000% 288,629 0.03258,190 Fannie Mae REMICS 1994-63 PK 25.04.24/7.000% 297,078 0.03216,387 Fannie Mae REMICS 1996-4 SA 25.02.24/8.348%* 45,195 0.00

340,794 Fannie Mae REMICS 1996-48 Z 25.11.26/7.000% 382,833 0.0435,963 Fannie Mae REMICS 1997-39 PD 20.05.27/7.500% 42,087 0.00

187,352 Fannie Mae REMICS 1997-50 SK 25.05.23/6.848%* 32,610 0.008,184 Fannie Mae REMICS 1998-36 ZB 18.07.28/6.000% 9,164 0.00

1,339,804 Fannie Mae REMICS 1998-44 ZA 20.07.28/6.500% 1,509,637 0.15165,612 Fannie Mae REMICS 1998-58 PC 25.10.28/6.500% 185,999 0.02

9,240 Fannie Mae REMICS 2001-44 PD 25.09.31/7.000% 10,476 0.005,187 Fannie Mae REMICS 2001-7 PF 25.03.31/7.000% 5,965 0.00

241,411 Fannie Mae REMICS 2001-79 BA 25.03.45/7.000% 282,447 0.03925,576 Fannie Mae REMICS 2001-81 HE 25.01.32/6.500% 1,026,600 0.10

28,192 Fannie Mae REMICS 2002-2 MG 25.02.17/6.000% 29,524 0.0031,967 Fannie Mae REMICS 2002-3 OG 25.02.17/6.000% 33,261 0.00

508,763 Fannie Mae REMICS 2002-30 Z 25.05.32/6.000% 564,389 0.0637,436 Fannie Mae REMICS 2002-47 PE 25.08.17/5.500% 38,941 0.00

114,824 Fannie Mae REMICS 2002-5 SE 25.02.32/15.300%* 156,781 0.02772,102 Fannie Mae REMICS 2002-50 ZA 25.05.31/6.000% 855,380 0.08109,125 Fannie Mae REMICS 2002-63 KC 25.10.17/5.000% 114,707 0.01

2,416,497 Fannie Mae REMICS 2003-105 AZ 25.10.33/5.500% 2,620,909 0.2682,470 Fannie Mae REMICS 2003-116 SB 25.11.33/7.448%* 18,050 0.00

532,391 Fannie Mae REMICS 2003-119 FH 25.12.33/0.652%* 536,450 0.05476,532 Fannie Mae REMICS 2003-130 CS 25.12.33/13.796%* 555,279 0.06142,200 Fannie Mae REMICS 2003-32 KC 25.05.18/5.000% 149,477 0.01345,356 Fannie Mae REMICS 2003-33 IA 25.05.33/6.500% 69,700 0.01335,559 Fannie Mae REMICS 2003-35 IU 25.05.33/6.000% 67,590 0.0193,852 Fannie Mae REMICS 2003-44 IU 25.06.33/7.000% 19,397 0.00

29,551 Fannie Mae REMICS 2003-52 SX 25.10.31/22.494%* 43,650 0.0040,609 Fannie Mae REMICS 2003-80 SY 25.06.23/7.498%* 3,675 0.0022,132 Fannie Mae REMICS 2004-10 SC 25.02.34/27.992%* 31,074 0.00

26,982 Fannie Mae REMICS 2004-25 SA 25.04.34/19.107%* 38,025 0.00317,919 Fannie Mae REMICS 2004-46 EP 25.03.34/0.000% 305,035 0.03273,683 Fannie Mae REMICS 2004-46 SK 25.05.34/16.082%* 352,662 0.03

2,596,615 Fannie Mae REMICS 2004-50 VZ 25.07.34/5.500% 2,836,848 0.28591,110 Fannie Mae REMICS 2004-61 FH 25.11.32/0.952%* 603,837 0.0673,889 Fannie Mae REMICS 2004-61 SH 25.11.32/23.380%* 114,811 0.01

104,599 Fannie Mae REMICS 2004-74 SW 25.11.31/15.192%* 145,191 0.01771,377 Fannie Mae REMICS 2005-109 PC 25.12.35/6.000% 851,904 0.08

1,060,534 Fannie Mae REMICS 2005-122 SC 25.06.35/22.568%* 1,457,497 0.14705,000 Fannie Mae REMICS 2005-3 CE 25.08.34/5.500% 738,216 0.07271,100 Fannie Mae REMICS 2005-45 DC 25.06.35/23.753%* 409,181 0.04270,734 Fannie Mae REMICS 2005-56 S 25.07.35/6.558%* 47,970 0.00202,697 Fannie Mae REMICS 2005-56 TP 25.08.33/17.694%* 269,478 0.03

52,061 Fannie Mae REMICS 2005-57 DC 25.12.34/21.281%* 63,711 0.01449,220 Fannie Mae REMICS 2005-67 EY 25.08.25/5.500% 497,741 0.05356,096 Fannie Mae REMICS 2005-74 CS 25.05.35/19.602%* 496,970 0.05356,096 Fannie Mae REMICS 2005-74 SK 25.05.35/19.712%* 498,132 0.05460,353 Fannie Mae REMICS 2005-75 SV 25.09.35/23.592%* 676,453 0.07405,931 Fannie Mae REMICS 2005-76 PZ 25.09.35/5.500% 465,130 0.05428,314 Fannie Mae REMICS 2005-84 MB 25.10.35/5.750% 479,462 0.05

1,360,000 Fannie Mae REMICS 2005-84 XH 25.10.35/5.750% 1,575,368 0.16238,543 Fannie Mae REMICS 2005-84 XM 25.10.35/5.750% 259,985 0.03214,354 Fannie Mae REMICS 2005-90 ES 25.10.35/16.495%* 278,224 0.03106,975 Fannie Mae REMICS 2005-90 PO 25.09.35/0.000% 104,205 0.01201,562 Fannie Mae REMICS 2006-11 PS 25.03.36/24.009%* 309,644 0.03

83,712 Fannie Mae REMICS 2006-110 PO 25.11.36/0.000% 74,825 0.0129,533 Fannie Mae REMICS 2006-111 EO 25.11.36/0.000% 26,493 0.00

272,373 Fannie Mae REMICS 2006-113 PO 25.07.36/0.000% 268,113 0.03337,792 Fannie Mae REMICS 2006-124 HB 25.11.36/5.950%* 344,285 0.03315,806 Fannie Mae REMICS 2006-15 OP 25.03.36/0.000% 282,819 0.03

92,901 Fannie Mae REMICS 2006-22 AO 25.04.36/0.000% 84,550 0.01253,821 Fannie Mae REMICS 2006-27 OH 25.04.36/0.000% 245,231 0.02165,494 Fannie Mae REMICS 2006-33 LS 25.05.36/29.466%* 297,294 0.03283,751 Fannie Mae REMICS 2006-36 PO 25.05.36/0.000% 268,359 0.0363,073 Fannie Mae REMICS 2006-44 GO 25.06.36/0.000% 59,174 0.01

164,516 Fannie Mae REMICS 2006-44 P 25.12.33/0.000% 154,580 0.02464,787 Fannie Mae REMICS 2006-53 US 25.06.36/6.428%* 81,368 0.01

1,000,000 Fannie Mae REMICS 2006-53 WE 25.06.36/6.000% 1,143,528 0.1194,445 Fannie Mae REMICS 2006-58 AP 25.07.36/0.000% 89,057 0.01

199,955 Fannie Mae REMICS 2006-58 PO 25.07.36/0.000% 178,593 0.0255,886 Fannie Mae REMICS 2006-59 QO 25.01.33/0.000% 55,553 0.01

324,822 Fannie Mae REMICS 2006-60 DO 25.04.35/0.000% 318,267 0.0346,939 Fannie Mae REMICS 2006-62 PS 25.07.36/38.988%* 82,261 0.0158,427 Fannie Mae REMICS 2006-65 QO 25.07.36/0.000% 54,800 0.01

99,040 Fannie Mae REMICS 2006-72 TO 25.08.36/0.000% 93,444 0.01501,147 Fannie Mae REMICS 2006-77 PC 25.08.36/6.500% 568,354 0.06132,875 Fannie Mae REMICS 2006-79 DF 25.08.36/0.502%* 133,032 0.0196,133 Fannie Mae REMICS 2006-79 DO 25.08.36/0.000% 90,055 0.01

2,917,922 Fannie Mae REMICS 2006-8 WN 25.03.36/6.548%* 523,486 0.05795,797 Fannie Mae REMICS 2006-8 WQ 25.03.36/0.000% 751,559 0.07474,447 Fannie Mae REMICS 2006-85 MZ 25.09.36/6.500% 532,872 0.05

751,172 Fannie Mae REMICS 2006-94 GI 25.10.26/6.498%* 105,427 0.01107,007 Fannie Mae REMICS 2006-95 SG 25.10.36/25.592%* 160,000 0.0220,326 Fannie Mae REMICS 2007-1 SD 25.02.37/38.088%* 22,467 0.00

486,871 Fannie Mae REMICS 2007-106 A7 25.10.37/6.020%* 539,867 0.05681,837 Fannie Mae REMICS 2007-108 AN 25.11.37/8.302%* 819,236 0.08158,343 Fannie Mae REMICS 2007-108 SA 25.12.37/6.208%* 25,966 0.00

1,698,062 Fannie Mae REMICS 2007-109 PI 25.12.37/6.198%* 229,420 0.021,600,000 Fannie Mae REMICS 2007-114 A6 27.10.37/0.352%* 1,596,473 0.16

515,434 Fannie Mae REMICS 2007-116 HI 25.01.38/1.561%* 43,229 0.0035,161 Fannie Mae REMICS 2007-15 NO 25.03.22/0.000% 34,633 0.0077,104 Fannie Mae REMICS 2007-16 FC 25.03.37/0.902%* 79,128 0.01147,171 Fannie Mae REMICS 2007-2 HF 25.08.36/0.502%* 147,353 0.01148,721 Fannie Mae REMICS 2007-29 SG 25.04.37/22.160%* 211,151 0.02152,157 Fannie Mae REMICS 2007-42 AO 25.05.37/0.000% 140,339 0.01

2,000,000 Fannie Mae REMICS 2007-42 B 25.05.37/6.000% 2,207,786 0.22429,383 Fannie Mae REMICS 2007-48 PO 25.05.37/0.000% 399,569 0.04541,481 Fannie Mae REMICS 2007-53 SH 25.06.37/5.948%* 75,695 0.01167,673 Fannie Mae REMICS 2007-54 FA 25.06.37/0.552%* 168,034 0.02

1,163,605 Fannie Mae REMICS 2007-60 AX 25.07.37/6.998%* 198,834 0.02733,023 Fannie Mae REMICS 2007-65 KI 25.07.37/6.468%* 94,151 0.0184,673 Fannie Mae REMICS 2007-7 SG 25.08.36/6.348%* 17,021 0.00

562,805 Fannie Mae REMICS 2007-71 GB 25.07.37/6.000% 632,103 0.061,720,486 Fannie Mae REMICS 2007-72 EK 25.07.37/6.248%* 252,261 0.02

641,308 Fannie Mae REMICS 2007-76 AZ 25.08.37/5.500% 696,253 0.071,355,681 Fannie Mae REMICS 2007-76 ZG 25.08.37/6.000% 1,493,215 0.15

759,013 Fannie Mae REMICS 2007-84 PG 25.12.36/6.000% 798,896 0.0894,327 Fannie Mae REMICS 2007-85 SL 25.09.37/15.770%* 119,897 0.01

737,494 Fannie Mae REMICS 2007-88 VI 25.09.37/6.388%* 123,372 0.011,058,541 Fannie Mae REMICS 2007-92 YS 25.06.37/5.628%* 130,028 0.01

555,699 Fannie Mae REMICS 2008-1 BI 25.02.38/5.758%* 73,691 0.01142,173 Fannie Mae REMICS 2008-10 XI 25.03.38/6.078%* 19,286 0.00

246,404 Fannie Mae REMICS 2008-16 IS 25.03.38/6.048%* 34,139 0.00

170


As at 30 June 2014

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

68,631 Fannie Mae REMICS 2008-18 SP 25.03.38/13.696%* 84,020 0.01221,847 Fannie Mae REMICS 2008-19 IC 25.03.23/5.000% 15,668 0.00198,881 Fannie Mae REMICS 2008-28 QS 25.04.38/20.244%* 272,340 0.03362,742 Fannie Mae REMICS 2008-46 HI 25.06.38/1.776%* 36,385 0.0093,320 Fannie Mae REMICS 2008-47 SI 25.06.23/6.348%* 9,728 0.00

246,499 Fannie Mae REMICS 2008-53 CI 25.07.38/7.048%* 48,325 0.00583,038 Fannie Mae REMICS 2008-56 AC 25.07.38/5.000% 632,116 0.06654,457 Fannie Mae REMICS 2008-76 GF 25.09.23/0.802%* 657,961 0.07322,292 Fannie Mae REMICS 2008-80 SA 25.09.38/5.698%* 40,703 0.00301,333 Fannie Mae REMICS 2008-81 SB 25.09.38/5.698%* 37,898 0.00386,115 Fannie Mae REMICS 2009-103 MB 25.12.39/2.397%* 393,555 0.04599,537 Fannie Mae REMICS 2009-112 ST 25.01.40/6.098%* 83,109 0.01290,968 Fannie Mae REMICS 2009-113 AO 25.01.40/0.000% 274,283 0.03671,408 Fannie Mae REMICS 2009-17 QS 25.03.39/6.498%* 86,860 0.01177,291 Fannie Mae REMICS 2009-18 IO 25.03.24/5.000% 14,670 0.00

239,478 Fannie Mae REMICS 2009-52 PI 25.07.39/5.000% 45,154 0.00954,682 Fannie Mae REMICS 2009-59 HB 25.08.39/5.000% 1,032,498 0.10349,591 Fannie Mae REMICS 2009-6 GS 25.02.39/6.398%* 69,576 0.01

83,184 Fannie Mae REMICS 2009-63 P 25.03.37/5.000% 90,206 0.012,133,255 Fannie Mae REMICS 2009-69 GL 25.09.39/5.000% 2,293,166 0.23328,044 Fannie Mae REMICS 2009-69 PO 25.09.39/0.000% 297,340 0.03105,500 Fannie Mae REMICS 2009-79 UA 25.03.38/7.000% 120,891 0.01313,021 Fannie Mae REMICS 2009-84 WS 25.10.39/5.748%* 41,815 0.00

366,050 Fannie Mae REMICS 2009-86 IP 25.10.39/5.500% 65,483 0.01745,836 Fannie Mae REMICS 2009-86 OT 25.10.37/0.000% 636,890 0.06667,497 Fannie Mae REMICS 2009-86 UI 25.10.14/4.000% 4,566 0.00414,376 Fannie Mae REMICS 2010-1 WA 25.02.40/6.191%* 452,110 0.04

2,000,000 Fannie Mae REMICS 2010-111 AM 25.10.40/5.500% 2,284,996 0.232,561,672 Fannie Mae REMICS 2010-125 SA 25.11.40/4.288%* 263,446 0.03

695,302 Fannie Mae REMICS 2010-23 KS 25.02.40/6.948%* 99,914 0.013,050,000 Fannie Mae REMICS 2010-26 B 25.03.25/5.500% 3,398,007 0.34

509,493 Fannie Mae REMICS 2010-35 SB 25.04.40/6.268%* 66,303 0.011,382,489 Fannie Mae REMICS 2010-40 FJ 25.04.40/0.752%* 1,389,234 0.141,264,404 Fannie Mae REMICS 2010-43 FD 25.05.40/0.752%* 1,276,812 0.131,028,209 Fannie Mae REMICS 2010-49 SC 25.03.40/12.356%* 1,220,713 0.12

419,152 Fannie Mae REMICS 2010-61 WA 25.06.40/5.970%* 468,334 0.052,486,627 Fannie Mae REMICS 2010-68 SA 25.07.40/4.848%* 314,461 0.033,490,261 Fannie Mae REMICS 2011-118 LB 25.11.41/7.000% 4,001,396 0.403,470,641 Fannie Mae REMICS 2011-118 MT 25.11.41/7.000% 3,997,337 0.404,491,328 Fannie Mae REMICS 2011-118 NT 25.11.41/7.000% 5,220,089 0.521,659,304 Fannie Mae REMICS 2011-30 LS 25.04.41/2.020%* 132,946 0.011,242,826 Fannie Mae REMICS 2011-39 ZA 25.11.32/6.000% 1,400,042 0.14

745,020 Fannie Mae REMICS 2011-43 WA 25.05.51/5.834%* 812,626 0.082,368,704 Fannie Mae REMICS 2011-47 ZA 25.07.38/5.500% 2,561,956 0.253,607,766 Fannie Mae REMICS 2012-137 CF 25.08.41/0.452%* 3,573,170 0.352,543,192 Fannie Mae REMICS 2012-58 FA 25.03.39/0.652%* 2,555,296 0.25

960,914 Fannie Mae REMICS 2013-92 PO 25.09.43/0.000% 731,953 0.07140,345 Fannie Mae REMICS G92-43 Z 25.07.22/7.500% 159,620 0.02257,309 Fannie Mae REMICS G92-61 Z 25.10.22/7.000% 296,152 0.03

14,706 Fannie Mae REMICS G93-1 KA 25.01.23/7.900% 16,629 0.0050,603 Fannie Mae REMICS G93-17 SH 25.04.23/29.757%* 87,994 0.01

184,100 Fannie Mae Whole Loan2001-W4 AF6 25.01.32/5.610%* 190,517 0.02

2,079,824 Fannie Mae Whole Loan2002-W10 IO 25.08.42/0.951%* 48,976 0.00

157,234 Fannie Mae Whole Loan2002-W6 2A1 25.06.42/6.474%* 180,319 0.02

14,673 Fannie Mae Whole Loan2003-W4 2A 25.10.42/6.376%* 16,393 0.00

5,781,248 Fannie Mae Whole Loan2003-W6 4T 25.09.42/0.550%* 115,375 0.01

151,915 Fannie Mae Whole Loan2003-W8 3F1 25.05.42/0.552%* 152,882 0.02

123,258 Fannie Mae Whole Loan2004-W1 2A2 25.12.33/7.000% 143,013 0.01




1,787,816 Fannie Mae Whole Loan2005-W3 2AF 25.03.45/0.372%* 1,785,267 0.18

468,654 Fannie Mae Whole Loan2006-W3 2A 25.09.46/6.000% 529,053 0.05

53,422 Fannie Mae Whole Loan2007-W7 1A4 25.07.37/38.268%* 80,595 0.01

1,508,639 Fannie Mae Whole Loan2009-W1 A 25.12.49/6.000% 1,698,570 0.17

1,732,000 Fannie Mae-Aces 2011-M2 A2 25.04.21/3.645% 1,861,412 0.184,050,000 Fannie Mae-Aces 2011-M2 A3 25.04.21/3.764% 4,355,692 0.43

630,887 Fannie Mae-Aces 2011-M8 A2 25.08.21/2.922% 646,368 0.062,504,000 Fannie Mae-Aces 2013-M7 A2 27.12.22/2.280% 2,411,099 0.24

25,034 FHLMC Structured Pass ThroughSecurities T-41 3A 25.07.32/6.732%* 28,747 0.00

519,058 FHLMC Structured Pass ThroughSecurities T-42 A5 25.02.42/7.500% 607,682 0.06

32,364 FHLMC Structured Pass ThroughSecurities T-54 2A 25.02.43/6.500% 38,282 0.00

44,595 FHLMC Structured Pass ThroughSecurities T-54 3A 25.02.43/7.000% 54,075 0.01

1,385,094 FHLMC Structured Pass ThroughSecurities T-56 A5 25.05.43/5.231% 1,497,894 0.15

991,171 FHLMC Structured Pass ThroughSecurities T-76 2A 25.10.37/3.548%* 974,585 0.10

85,837 FHLMC-GNMA 24 J 25.11.23/6.250% 95,725 0.01372,004 FHLMC-GNMA 29 L 25.04.24/7.500% 423,285 0.04100,000 Fifth Third Bancorp 15.01.17/5.450% 109,749 0.01

3,000,000 Financing Fico 05.04.19/0.000% 2,754,699 0.2729,107 First Horizon Mortgage

Pass-Through Trust 2003-7 2A1 25.09.18/4.500% 29,909 0.00372,057 First Horizon Mortgage

Pass-Through Trust2004-AR7 2A2 25.02.35/2.554%* 374,137 0.04

131,887 First Horizon MortgagePass-Through Trust 2005-AR12A2 25.04.35/2.575%* 132,618 0.01

417,000 Ford Motor Credit 09.05.16/1.474%* 423,528 0.04282,612 Freddie Mac Gold Pool No:

A61376 01.07.32/6.500% 318,071 0.03355,010 Freddie Mac Gold Pool No:

A88871 01.01.31/7.000% 410,786 0.04203,387 Freddie Mac Gold Pool No:

B11402 01.12.18/3.500% 214,796 0.02295,595 Freddie Mac Gold Pool No:

B90491 01.01.32/7.500% 350,497 0.03332,660 Freddie Mac Gold Pool No:

C75791 01.01.33/5.500% 370,863 0.0414,582 Freddie Mac Gold Pool No:



E01403 01.04.18/6.000% 9,584 0.0016,467 Freddie Mac Gold Pool No:

G01448 01.08.32/7.000% 18,982 0.00337,536 Freddie Mac Gold Pool No:




G05671 01.08.38/5.500% 798,723 0.086,391,345 Freddie Mac Gold Pool No:

G06493 01.05.41/4.500% 6,909,643 0.6879,195 Freddie Mac Gold Pool No:





J15254 01.10.17/6.000% 7,104 0.00441,284 Freddie Mac Gold Pool No:

L10151 01.02.33/6.000% 492,098 0.05414,933 Freddie Mac Gold Pool No:



P50201 01.01.34/5.500% 70,174 0.01832 Freddie Mac Gold Pool No:

P60089 01.12.14/7.000% 840 0.003,429 Freddie Mac Gold Pool No:

P60090 01.03.16/7.000% 3,504 0.001,425,183 Freddie Mac Gold Pool No:

U90673 01.01.43/4.000% 1,508,534 0.154,483,328 Freddie Mac Gold Pool No:




U99051 01.06.43/3.500% 5,831,706 0.58192,981 Freddie Mac Gold Pool No:

Z40024 01.04.36/5.500% 215,143 0.0293,097 Freddie Mac Non Gold Pool No:

1A1082 01.07.36/2.094%* 98,982 0.01245,878 Freddie Mac Non Gold Pool No:



1A1097 01.10.36/2.192%* 404,234 0.04

171


As at 30 June 2014

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

111,844 Freddie Mac Non Gold Pool No:1B1665 01.04.34/2.303%* 118,750 0.01

216,888 Freddie Mac Non Gold Pool No:1B3485 01.07.37/2.602%* 232,247 0.02

846,110 Freddie Mac Non Gold Pool No:1G2557 01.06.36/2.511%* 907,057 0.09

113,112 Freddie Mac Non Gold Pool No:1J1399 01.12.36/2.861%* 122,385 0.01





646,946 Freddie Mac Non Gold Pool No:1K0046 01.10.36/2.480%* 692,863 0.07

320,550 Freddie Mac Non Gold Pool No:1L1286 01.05.36/2.375%* 340,445 0.03

388,812 Freddie Mac Non Gold Pool No:1N0189 01.08.36/2.000%* 410,426 0.04




233,535 Freddie Mac Non Gold Pool No:1Q0007 01.12.35/2.506%* 250,922 0.02

163,704 Freddie Mac Non Gold Pool No:1Q0737 01.11.36/2.421%* 174,276 0.02

979,459 Freddie Mac Non Gold Pool No:1Q0739 01.03.37/2.312%* 1,046,012 0.10

1,045 Freddie Mac Non Gold Pool No:555325 01.06.17/8.750% 1,050 0.00

249,061 Freddie Mac Non Gold Pool No:782760 01.11.36/2.375%* 265,739 0.03









133,106 Freddie Mac REMICS 1081 K 15.05.21/7.000% 148,160 0.01166,603 Freddie Mac REMICS 1142 IA 15.10.21/7.000% 185,811 0.02

61,842 Freddie Mac REMICS 1578 K 15.09.23/6.900% 69,549 0.018,348 Freddie Mac REMICS 1609 LG 15.11.23/17.005%* 8,956 0.00

446,241 Freddie Mac REMICS 1621 J 15.11.23/6.400% 494,620 0.0586,023 Freddie Mac REMICS 1863 Z 15.07.26/6.500% 95,027 0.01

241,933 Freddie Mac REMICS 1927 ZA 15.01.27/6.500% 269,074 0.03126,973 Freddie Mac REMICS 2033 J 15.06.23/5.600% 136,588 0.01

27,221 Freddie Mac REMICS 2061 Z 15.06.28/6.500% 30,220 0.0036,323 Freddie Mac REMICS 2075 PH 15.08.28/6.500% 40,825 0.00

158,989 Freddie Mac REMICS 2110 PG 15.01.29/6.000% 176,679 0.02641,107 Freddie Mac REMICS 2165 PE 15.06.29/6.000% 712,242 0.0749,592 Freddie Mac REMICS 2169 TB 15.06.29/7.000% 56,997 0.01

192,392 Freddie Mac REMICS 2172 QC 15.07.29/7.000% 217,685 0.0233,339 Freddie Mac REMICS 2259 ZM 15.10.30/7.000% 38,375 0.00

141,053 Freddie Mac REMICS 2283 K 15.12.23/6.500% 157,869 0.02104,881 Freddie Mac REMICS 2344 ZD 15.08.31/6.500% 120,419 0.01

15,263 Freddie Mac REMICS 2355 BP 15.09.16/6.000% 15,864 0.0013,323 Freddie Mac REMICS 2360 PG 15.09.16/6.000% 13,910 0.0014,081 Freddie Mac REMICS 2366 MD 15.10.16/6.000% 14,677 0.0070,011 Freddie Mac REMICS 2388 EZ 15.06.31/8.500% 82,166 0.01

103,289 Freddie Mac REMICS 2388 FB 15.01.29/0.752%* 104,746 0.0132,543 Freddie Mac REMICS 2410 NG 15.02.32/6.500% 37,151 0.0039,457 Freddie Mac REMICS 2416 SH 17.02.32/15.692%* 53,749 0.01

196,447 Freddie Mac REMICS 2423 TB 15.03.32/6.500% 221,133 0.0217,573 Freddie Mac REMICS 2424 OG 15.03.17/6.000% 18,461 0.0022,438 Freddie Mac REMICS 2425 OB 15.03.17/6.000% 23,580 0.0032,418 Freddie Mac REMICS 2434 TC 15.04.32/7.000% 36,336 0.0033,978 Freddie Mac REMICS 2453 BD 15.05.17/6.000% 36,013 0.00

567,163 Freddie Mac REMICS 2483 HZ 15.08.32/4.500% 597,136 0.0657,092 Freddie Mac REMICS 2484 LZ 15.07.32/6.500% 64,554 0.0133,706 Freddie Mac REMICS 2503 BH 15.09.17/5.500% 35,626 0.0089,722 Freddie Mac REMICS 2537 TE 15.12.17/5.500% 95,113 0.01

142,823 Freddie Mac REMICS 2544 HC 15.12.32/6.000% 158,795 0.02403,005 Freddie Mac REMICS 2549 ZG 15.01.18/5.000% 420,488 0.04

330,270 Freddie Mac REMICS 2571 SY 15.12.32/18.236%* 499,594 0.05141,453 Freddie Mac REMICS 2575 ME 15.02.33/6.000% 157,149 0.02

1,275,515 Freddie Mac REMICS 2619 AE 15.05.23/5.000% 1,398,296 0.1494,744 Freddie Mac REMICS 2631 SA 15.06.33/14.572%* 122,120 0.0165,008 Freddie Mac REMICS 2636 Z 15.06.18/4.500% 68,307 0.0139,543 Freddie Mac REMICS 2650 PO 15.12.32/0.000% 39,378 0.00

132,554 Freddie Mac REMICS 2650 SO 15.12.32/0.000% 131,289 0.0160,290 Freddie Mac REMICS 2671 S 15.09.33/14.480%* 77,412 0.01

285,250 Freddie Mac REMICS 2684 PO 15.01.33/0.000% 285,426 0.0341,134 Freddie Mac REMICS 2694 BA 15.06.31/4.000% 43,201 0.00

468,205 Freddie Mac REMICS 2695 DG 15.10.18/4.000% 489,570 0.05151,271 Freddie Mac REMICS 2720 PC 15.12.23/5.000% 163,013 0.02

164,315 Freddie Mac REMICS 2725 SC 15.11.33/8.849%* 187,873 0.021,000,000 Freddie Mac REMICS 2733 SB 15.10.33/7.873%* 1,159,596 0.11

56,873 Freddie Mac REMICS 2777 KO 15.02.33/0.000% 56,770 0.019,948 Freddie Mac REMICS 2780 JG 15.04.19/4.500% 10,224 0.00

413,011 Freddie Mac REMICS 2783 AT 15.04.19/4.000% 433,230 0.04121,576 Freddie Mac REMICS 2835 BO 15.12.28/0.000% 121,294 0.0127,417 Freddie Mac REMICS 2840 JO 15.06.23/0.000% 27,454 0.00

295,544 Freddie Mac REMICS 2934 EC 15.02.20/0.000% 294,054 0.03787,446 Freddie Mac REMICS 2945 ZB 15.03.35/5.500% 888,742 0.09

3,001,113 Freddie Mac REMICS 2949 YZ 15.03.35/5.500% 3,251,828 0.32141,425 Freddie Mac REMICS 2967 S 15.04.25/32.990%* 222,581 0.0214,072 Freddie Mac REMICS 2971 GC 15.07.18/5.000% 14,076 0.00

100,040 Freddie Mac REMICS 2979 AS 15.03.34/23.717%* 121,919 0.01267,931 Freddie Mac REMICS 2990 SL 15.06.34/23.937%* 376,195 0.04

63,351 Freddie Mac REMICS 2990 WP 15.06.35/16.636%* 76,303 0.0143,243 Freddie Mac REMICS 3022 SY 15.08.25/16.496%* 53,980 0.01

418,948 Freddie Mac REMICS 3029 SP 15.09.35/28.134%* 613,166 0.061,169,277 Freddie Mac REMICS 3035 Z 15.09.35/5.850% 1,311,991 0.13

14,830 Freddie Mac REMICS 3047 OB 15.12.33/5.500% 14,881 0.00200,000 Freddie Mac REMICS 3047 OD 15.10.35/5.500% 225,723 0.02

73,468 Freddie Mac REMICS 3051 DP 15.10.25/27.360%* 108,101 0.01700,000 Freddie Mac REMICS 3064 OE 15.11.35/5.500% 769,491 0.08360,824 Freddie Mac REMICS 3064 SG 15.11.35/19.494%* 492,125 0.05

47,665 Freddie Mac REMICS 3068 AO 15.01.35/0.000% 47,665 0.001,000,000 Freddie Mac REMICS 3074 BH 15.11.35/5.000% 1,092,007 0.11

400,522 Freddie Mac REMICS 3077 TO 15.04.35/0.000% 384,719 0.041,100,872 Freddie Mac REMICS 3085 WF 15.08.35/0.952%* 1,119,133 0.11

59,980 Freddie Mac REMICS 3117 EO 15.02.36/0.000% 52,561 0.01380,291 Freddie Mac REMICS 3117 OG 15.02.36/0.000% 363,727 0.0468,786 Freddie Mac REMICS 3117 OK 15.02.36/0.000% 64,503 0.01

393,062 Freddie Mac REMICS 3122 OH 15.03.36/0.000% 378,082 0.0418,920 Freddie Mac REMICS 3134 PO 15.03.36/0.000% 17,355 0.0084,467 Freddie Mac REMICS 3138 PO 15.04.36/0.000% 79,092 0.01

593,200 Freddie Mac REMICS 3143 BC 15.02.36/5.500% 659,230 0.07224,244 Freddie Mac REMICS 3151 PO 15.05.36/0.000% 205,966 0.02512,233 Freddie Mac REMICS 3152 MO 15.03.36/0.000% 482,027 0.05330,525 Freddie Mac REMICS 3153 EO 15.05.36/0.000% 310,057 0.03146,590 Freddie Mac REMICS 3171 MO 15.06.36/0.000% 139,078 0.01

1,394,809 Freddie Mac REMICS 3181 AZ 15.07.36/6.500% 1,606,759 0.1648,157 Freddie Mac REMICS 3194 SA 15.07.36/6.948%* 9,219 0.00

293,566 Freddie Mac REMICS 3200 PO 15.08.36/0.000% 275,547 0.031,266,536 Freddie Mac REMICS 3202 HI 15.08.36/6.498%* 209,859 0.021,034,956 Freddie Mac REMICS 3218 BE 15.09.35/6.000% 1,074,786 0.11

184,768 Freddie Mac REMICS 3219 DI 15.04.36/6.000% 37,650 0.00590,466 Freddie Mac REMICS 3220 Z 15.09.36/6.000% 640,953 0.06173,429 Freddie Mac REMICS 3232 ST 15.10.36/6.548%* 26,300 0.00116,357 Freddie Mac REMICS 3260 CS 15.01.37/5.988%* 17,171 0.0068,296 Freddie Mac REMICS 3275 FL 15.02.37/0.592%* 68,472 0.0130,389 Freddie Mac REMICS 3287 PM 15.10.35/6.000% 30,656 0.00

414,884 Freddie Mac REMICS 3288 LO 15.03.37/0.000% 391,277 0.04174,031 Freddie Mac REMICS 3316 JO 15.05.37/0.000% 157,739 0.02296,150 Freddie Mac REMICS 3385 SN 15.11.37/5.848%* 35,007 0.00545,298 Freddie Mac REMICS 3387 SA 15.11.37/6.268%* 65,231 0.01416,872 Freddie Mac REMICS 3393 JO 15.09.32/0.000% 371,701 0.04915,904 Freddie Mac REMICS 3404 SC 15.01.38/5.848%* 121,495 0.01

1,193,688 Freddie Mac REMICS 3422 AI 15.01.38/0.250%* 16,981 0.00215,342 Freddie Mac REMICS 3424 PI 15.04.38/6.648%* 31,373 0.00432,127 Freddie Mac REMICS 3453 B 15.05.38/5.500% 471,258 0.05834,514 Freddie Mac REMICS 3455 SE 15.06.38/6.048%* 110,437 0.01200,917 Freddie Mac REMICS 3461 LZ 15.06.38/6.000% 221,577 0.02

1,432,044 Freddie Mac REMICS 3461 Z 15.06.38/6.000% 1,636,302 0.16292,775 Freddie Mac REMICS 3481 SJ 15.08.38/5.698%* 38,553 0.00862,565 Freddie Mac REMICS 3501 CB 15.01.39/5.500% 963,608 0.10123,807 Freddie Mac REMICS 3505 SA 15.01.39/5.848%* 16,906 0.00420,128 Freddie Mac REMICS 3511 SA 15.02.39/5.848%* 58,151 0.01330,041 Freddie Mac REMICS 3549 FA 15.07.39/1.352%* 335,941 0.03715,641 Freddie Mac REMICS 3578 VZ 15.08.36/5.500% 774,815 0.08177,572 Freddie Mac REMICS 3607 AO 15.04.36/0.000% 162,696 0.02133,179 Freddie Mac REMICS 3607 BO 15.04.36/0.000% 122,022 0.0185,061 Freddie Mac REMICS 3607 EO 15.02.33/0.000% 85,061 0.01

655,760 Freddie Mac REMICS 3607 PO 15.05.37/0.000% 564,242 0.0698,113 Freddie Mac REMICS 3611 PO 15.07.34/0.000% 91,940 0.01

2,000,000 Freddie Mac REMICS 3614 QB 15.12.24/4.000% 2,112,305 0.21271,434 Freddie Mac REMICS 3621 BO 15.01.40/0.000% 237,719 0.02

172


As at 30 June 2014

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

356,679 Freddie Mac REMICS 3621 PO 15.01.40/0.000% 313,150 0.03300,000 Freddie Mac REMICS 3632 BS 15.02.40/16.994%* 415,923 0.04

3,235,432 Freddie Mac REMICS 3659 VE 15.03.26/5.000% 3,538,275 0.35626,950 Freddie Mac REMICS 3671 QO 15.12.36/0.000% 544,164 0.05

1,000,000 Freddie Mac REMICS 3684 CY 15.06.25/4.500% 1,083,578 0.111,166,741 Freddie Mac REMICS 3687 MA 15.02.37/4.500% 1,236,971 0.12566,454 Freddie Mac REMICS 3688 CU 15.11.21/6.722%* 606,113 0.06

1,395,005 Freddie Mac REMICS 3688 NI 15.04.32/5.000% 137,818 0.01927,279 Freddie Mac REMICS 3704 DT 15.11.36/7.500% 1,066,578 0.11905,220 Freddie Mac REMICS 3704 ET 15.12.36/7.500% 1,095,536 0.11

1,776,648 Freddie Mac REMICS 3710 FL 15.05.36/0.652%* 1,787,287 0.181,264,089 Freddie Mac REMICS 3714 IP 15.08.40/5.000% 242,828 0.021,233,650 Freddie Mac REMICS 3739 LI 15.03.34/4.000% 84,322 0.011,566,571 Freddie Mac REMICS 3740 SC 15.10.40/5.848%* 268,425 0.03

2,051,488 Freddie Mac REMICS 3747 HI 15.07.37/4.500% 211,385 0.02531,497 Freddie Mac REMICS 3756 IP 15.08.35/4.000% 11,980 0.00

1,272,383 Freddie Mac REMICS 3759 HI 15.08.37/4.000% 157,902 0.02817,931 Freddie Mac REMICS 3760 GI 15.10.37/4.000% 80,542 0.01

750,748 Freddie Mac REMICS 3772 IO 15.09.24/3.500% 43,926 0.001,413,337 Freddie Mac REMICS 3779 IH 15.11.34/4.000% 116,562 0.011,930,232 Freddie Mac REMICS 3795 EI 15.10.39/5.000% 307,971 0.03

495,363 Freddie Mac REMICS 3798 BF 15.06.24/0.452%* 496,865 0.051,793,402 Freddie Mac REMICS 3800 AI 15.11.29/4.000% 196,539 0.021,929,625 Freddie Mac REMICS 3802 LS 15.01.40/1.939%* 134,923 0.011,107,623 Freddie Mac REMICS 3852 QN 15.05.41/5.500%* 1,156,092 0.111,114,832 Freddie Mac REMICS 3852 TP 15.05.41/5.500%* 1,182,724 0.12

2,103,380 Freddie Mac REMICS 3856 DB 15.05.21/3.500% 2,198,690 0.22758,766 Freddie Mac REMICS 3957 B 15.11.41/4.000% 795,085 0.08

1,126,967 Freddie Mac REMICS 3966 BF 15.10.40/0.652%* 1,131,415 0.113,812,440 Freddie Mac REMICS 3966 NA 15.12.41/4.000% 3,936,262 0.396,393,471 Freddie Mac REMICS 4048 FJ 15.07.37/0.552%* 6,395,853 0.631,248,563 Freddie Mac REMICS 4073 MF 15.08.39/0.602%* 1,256,632 0.121,313,622 Freddie Mac REMICS 4085 FB 15.01.39/0.552%* 1,310,948 0.131,688,183 Freddie Mac REMICS 4087 FA 15.05.39/0.602%* 1,699,190 0.17

218,783 Freddie Mac Strips 233 11 15.09.35/5.000% 36,830 0.00548,820 Freddie Mac Strips 233 13 15.09.35/5.000% 92,274 0.01

1,094,712 Freddie Mac Strips 239 S30 15.08.36/7.548%* 220,983 0.02113,179 Freddie Mac Strips 243 16 15.11.20/4.500% 9,140 0.00

6,309,363 Freddie Mac Strips 262 35 15.07.42/3.500% 6,476,785 0.645,365,478 Freddie Mac Strips 264 F1 15.07.42/0.702%* 5,391,885 0.534,470,553 Freddie Mac Strips 267 F5 15.08.42/0.652%* 4,478,408 0.441,821,681 Freddie Mac Strips 270 F1 15.08.42/0.652%* 1,824,643 0.18

1,000,000 GE Capital CommercialMortgage 2005-C1 AJ 10.06.48/4.826%* 1,018,380 0.10

500,000 GE Capital CommercialMortgage 2005-C1 B 10.06.48/4.846%* 506,643 0.05

178,516 Ginnie Mae 1994-7 PQ 16.10.24/6.500% 204,943 0.02514,106 Ginnie Mae 1998-17 S 16.07.28/8.348%* 104,514 0.01262,201 Ginnie Mae 1999-10 ZC 20.04.29/6.500% 295,342 0.03132,196 Ginnie Mae 2000-10 ZP 16.02.30/7.500% 152,589 0.02

438,666 Ginnie Mae 2001-21 PE 16.05.31/6.500% 500,773 0.05159,540 Ginnie Mae 2001-22 PS 17.03.31/20.607%* 248,506 0.0269,588 Ginnie Mae 2001-51 SA 16.10.31/31.842%* 117,155 0.01

1,500,000 Ginnie Mae 2001-53 PB 20.11.31/6.500% 1,747,493 0.17136,866 Ginnie Mae 2001-53 SR 20.10.31/7.997%* 7,253 0.00

91,055 Ginnie Mae 2002-40 UK 20.06.32/6.500% 103,931 0.01185,950 Ginnie Mae 2002-41 SY 16.06.32/7.348%* 41,705 0.0084,054 Ginnie Mae 2002-45 QE 20.06.32/6.500% 96,002 0.0124,381 Ginnie Mae 2002-47 PG 16.07.32/6.500% 27,960 0.003,836 Ginnie Mae 2002-69 PO 20.02.32/0.000% 3,836 0.006,693 Ginnie Mae 2002-69 SC 20.02.32/16.163%* 6,787 0.00

3,724,961 Ginnie Mae 2003-10 PZ 20.02.33/5.500% 4,064,184 0.40163,803 Ginnie Mae 2003-67 SD 20.08.33/16.273%* 235,940 0.02

1,500,000 Ginnie Mae 2003-70 LG 20.08.33/5.000% 1,669,465 0.174,245,550 Ginnie Mae 2003-75 ZX 16.09.33/6.000% 4,747,983 0.47

77,372 Ginnie Mae 2004-15 SA 20.12.32/19.242%* 84,443 0.01718,166 Ginnie Mae 2004-90 SI 20.10.34/5.947%* 109,521 0.01

256,309 Ginnie Mae 2004-94 TS 20.10.34/18.004%* 362,467 0.04165,443 Ginnie Mae 2005-35 FL 20.03.32/0.503%* 165,630 0.02157,387 Ginnie Mae 2005-66 SP 16.08.35/20.328%* 228,651 0.02

446,085 Ginnie Mae 2005-68 DP 17.06.35/16.068%* 561,857 0.061,141,287 Ginnie Mae 2005-68 KI 20.09.35/6.147%* 171,156 0.02

88,018 Ginnie Mae 2005-7 JM 18.05.34/16.386%* 100,416 0.011,616,318 Ginnie Mae 2005-72 AZ 20.09.35/5.500% 1,832,586 0.18162,644 Ginnie Mae 2006-22 AO 20.05.36/0.000% 140,798 0.01

1,670,620 Ginnie Mae 2006-33 Z 20.07.36/6.500% 1,931,923 0.19329,186 Ginnie Mae 2006-38 SW 20.06.36/6.347%* 38,605 0.00

1,530,583 Ginnie Mae 2006-57 PZ 20.10.36/5.565% 1,732,083 0.17399,061 Ginnie Mae 2006-59 SD 20.10.36/6.547%* 65,687 0.01426,521 Ginnie Mae 2006-65 SA 20.11.36/6.647%* 71,154 0.01317,866 Ginnie Mae 2007-16 NS 20.04.37/22.740%* 464,567 0.05570,355 Ginnie Mae 2007-17 JI 16.04.37/6.658%* 93,058 0.01

2,218,556 Ginnie Mae 2007-26 SW 20.05.37/6.047%* 337,608 0.03152,037 Ginnie Mae 2007-27 MI 20.09.36/5.500% 9,709 0.00342,622 Ginnie Mae 2007-27 SA 20.05.37/6.047%* 52,742 0.01234,414 Ginnie Mae 2007-36 SE 16.06.37/6.318%* 34,258 0.00

537,321 Ginnie Mae 2007-40 SB 20.07.37/6.597%* 86,549 0.01819,111 Ginnie Mae 2007-40 SN 20.07.37/6.527%* 137,939 0.01

321,368 Ginnie Mae 2007-42 SB 20.07.37/6.597%* 52,755 0.01327,231 Ginnie Mae 2007-50 AI 20.08.37/6.622%* 51,727 0.01547,981 Ginnie Mae 2007-53 ES 20.09.37/6.397%* 86,641 0.01163,999 Ginnie Mae 2007-53 SW 20.09.37/19.746%* 226,379 0.02361,786 Ginnie Mae 2007-57 QA 20.10.37/6.347%* 52,067 0.01217,038 Ginnie Mae 2007-6 LD 20.03.36/5.500% 222,544 0.02373,358 Ginnie Mae 2007-67 SI 20.11.37/6.357%* 53,980 0.01

693,460 Ginnie Mae 2007-73 MI 20.11.37/5.847%* 100,806 0.01465,419 Ginnie Mae 2007-74 SL 16.11.37/6.388%* 71,920 0.01336,529 Ginnie Mae 2007-76 SA 20.11.37/6.377%* 48,885 0.00933,395 Ginnie Mae 2007-76 SD 20.11.37/5.647%* 124,462 0.01521,842 Ginnie Mae 2007-79 SY 20.12.37/6.397%* 75,745 0.01

905,467 Ginnie Mae 2007-81 SB 20.12.37/6.497%* 147,593 0.01294,591 Ginnie Mae 2008-25 SB 20.03.38/6.747%* 48,126 0.00541,659 Ginnie Mae 2008-32 PI 16.10.37/5.500% 75,222 0.01271,491 Ginnie Mae 2008-40 SA 16.05.38/6.248%* 51,090 0.01127,508 Ginnie Mae 2008-41 SA 20.05.38/6.187%* 18,519 0.0082,272 Ginnie Mae 2008-60 PO 20.01.38/0.000% 81,595 0.01

1,109,682 Ginnie Mae 2008-76 US 20.09.38/5.747%* 154,838 0.02351,278 Ginnie Mae 2008-93 AS 20.12.38/5.547%* 46,426 0.00911,610 Ginnie Mae 2008-95 DS 20.12.38/7.147%* 156,611 0.02

670,549 Ginnie Mae 2009-10 SA 20.02.39/5.797%* 94,507 0.01372,793 Ginnie Mae 2009-10 SL 16.03.34/6.348%* 31,294 0.00884,232 Ginnie Mae 2009-102 SM 16.06.39/6.248%* 92,440 0.01412,354 Ginnie Mae 2009-104 AB 16.08.39/7.000% 477,960 0.05972,657 Ginnie Mae 2009-106 AS 16.11.39/6.248%* 144,995 0.01261,204 Ginnie Mae 2009-14 NI 20.03.39/6.500% 57,495 0.01914,793 Ginnie Mae 2009-22 SA 20.04.39/6.117%* 132,213 0.01993,314 Ginnie Mae 2009-31 ST 20.03.39/6.197%* 130,943 0.01827,762 Ginnie Mae 2009-31 TS 20.03.39/6.147%* 108,047 0.01217,797 Ginnie Mae 2009-33 TI 20.05.39/6.000% 44,064 0.00719,809 Ginnie Mae 2009-42 SC 20.06.39/5.927%* 104,692 0.01379,418 Ginnie Mae 2009-6 SA 16.02.39/5.948%* 54,353 0.01853,965 Ginnie Mae 2009-64 SN 16.07.39/5.948%* 115,899 0.01315,416 Ginnie Mae 2009-79 OK 16.11.37/0.000% 297,297 0.03755,873 Ginnie Mae 2010-129 AW 20.04.37/6.125%* 851,161 0.08538,308 Ginnie Mae 2010-130 CP 16.10.40/7.000% 634,050 0.06300,554 Ginnie Mae 2010-14 AO 20.12.32/0.000% 288,312 0.03359,284 Ginnie Mae 2010-14 BO 20.11.35/0.000% 312,346 0.03299,925 Ginnie Mae 2010-14 CO 20.08.35/0.000% 258,830 0.03505,227 Ginnie Mae 2010-14 QP 20.12.39/6.000% 542,561 0.05733,430 Ginnie Mae 2010-157 OP 20.12.40/0.000% 603,149 0.06

3,666,540 Ginnie Mae 2010-H17 XQ 20.07.60/5.240%* 4,143,338 0.416,112,003 Ginnie Mae 2011-137 WA 20.07.40/5.524%* 6,865,402 0.681,415,187 Ginnie Mae 2011-163 WA 20.12.38/5.834%* 1,572,167 0.16

1,735,034 Ginnie Mae 2012-138 PT 16.11.42/3.941%* 1,778,463 0.182,460,097 Ginnie Mae 2012-141 WC 20.01.42/3.753%* 2,566,630 0.254,515,818 Ginnie Mae 2012-H10 FA 20.12.61/0.702%* 4,526,186 0.452,559,943 Ginnie Mae 2012-H15 FA 20.05.62/0.602%* 2,565,479 0.252,191,981 Ginnie Mae 2012-H21 CF 20.05.61/0.852%* 2,207,074 0.223,911,936 Ginnie Mae 2012-H21 DF 20.05.61/0.802%* 3,933,978 0.397,728,128 Ginnie Mae 2012-H22 FD 20.01.61/0.622%* 7,737,606 0.771,667,865 Ginnie Mae 2012-H24 FA 20.03.60/0.602%* 1,671,189 0.173,850,994 Ginnie Mae 2012-H24 FG 20.04.60/0.582%* 3,859,258 0.382,428,296 Ginnie Mae 2012-H26 JA 20.10.61/0.702%* 2,436,770 0.241,939,550 Ginnie Mae 2012-H26 MA 20.07.62/0.702%* 1,945,738 0.193,701,172 Ginnie Mae 2012-H27 FB 20.10.62/0.652%* 3,707,770 0.37

4,642,882 Ginnie Mae 2012-H28 FA 20.09.62/0.732%* 4,663,185 0.461,828,580 Ginnie Mae 2012-H30 JA 20.01.60/0.632%* 1,833,211 0.183,143,028 Ginnie Mae 2012-H30 PA 20.11.59/0.602%* 3,149,300 0.312,654,636 Ginnie Mae 2012-H31 FD 20.12.62/0.492%* 2,637,078 0.265,128,274 Ginnie Mae 2013-H01 FA 20.01.63/1.650% 5,109,723 0.512,867,437 Ginnie Mae 2013-H01 JA 20.01.63/0.472%* 2,843,270 0.282,872,766 Ginnie Mae 2013-H01 TA 20.01.63/0.652%* 2,878,260 0.291,976,440 Ginnie Mae 2013-H03 FA 20.08.60/0.452%* 1,975,841 0.201,429,669 Ginnie Mae 2013-H07 HA 20.03.63/0.562%* 1,423,674 0.14

71,938 Ginnie Mae I pool No: 456388 15.03.28/7.500% 77,862 0.0115,446 Ginnie Mae I pool No: 465505 15.06.28/7.500% 16,718 0.0068,623 Ginnie Mae I pool No: 530795 15.01.23/6.500% 78,011 0.01

193,273 Ginnie Mae I pool No: 569568 15.01.32/6.500% 218,852 0.024,316 Ginnie Mae I pool No: 591882 15.07.32/6.500% 4,888 0.00



269,501 Ginnie Mae I Pool No: 781328 15.09.31/7.000% 321,123 0.031,348 Ginnie Mae I pool No: 781570 15.01.16/8.000% 1,376 0.007,151 Ginnie Mae I pool No: 781614 15.06.33/7.000% 8,149 0.00

62,577 Ginnie Mae I pool No: 781648 15.08.33/6.000% 70,487 0.01364,372 Ginnie Mae I pool No: 782507 15.10.24/9.500% 411,619 0.04402,967 Ginnie Mae I pool No: 782615 15.06.35/7.000% 475,418 0.05411,583 Ginnie Mae I pool No: 783123 15.04.33/5.500% 460,137 0.05

250,895 Ginnie Mae II pool No: 4189 20.07.38/6.500% 276,163 0.03109,698 Ginnie Mae II pool No: 4217 20.08.38/6.500% 117,444 0.01

173


As at 30 June 2014

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

127,406 Ginnie Mae II pool No: 4285 20.11.38/6.000% 137,729 0.01678,675 Ginnie Mae II pool No: 748766 20.01.39/6.500% 765,524 0.08

1,200,068 Ginnie Mae II pool No: 783389 20.08.39/6.000% 1,343,888 0.13972,353 Ginnie Mae II pool No: 783444 20.09.39/5.500% 1,084,326 0.11

1,277,390 GMAC Commercial MortgageSecurities 2006-C1 A4 10.11.45/5.238%* 1,329,609 0.13

238,301 GMAC Mortgage Loan Trust2003-AR1 A4 19.10.33/2.922%* 238,486 0.02

849,796 GMAC Mortgage Loan Trust2003-AR2 2A4 19.12.33/2.856%* 857,775 0.09

648,023 GMAC Mortgage Loan Trust2004-J5 A7 25.01.35/6.500% 685,779 0.07

60,897 GMAC Mortgage Loan Trust2004-J6 1A1 25.01.20/5.000% 63,187 0.01

547,248 GMAC Mortgage Loan Trust2005-AR3 3A4 19.06.35/2.802%* 544,826 0.05

200,000 Greenwich Capital CommercialFunding 2005-GG3 AJ 10.08.42/4.859%* 203,526 0.02

1,675,192 Greenwich Capital CommercialFunding 2006-GG7 A4 10.07.38/6.015%* 1,804,586 0.18

650,000 GS Mortgage Securities Trust2006-GG6 A4 10.04.38/5.553%* 687,278 0.07

167,042 GSMPS Mortgage Loan Trust2004-4 1AF 25.06.34/0.552%* 146,573 0.01

66,148 GSMPS Mortgage Loan Trust2005-RP1 1AF 25.01.35/0.502%* 56,087 0.01

286,027 GSMPS Mortgage Loan Trust2005-RP2 1AF 25.03.35/0.502%* 252,569 0.03

1,255,242 GSMPS Mortgage Loan Trust2006-RP2 1AS2 25.04.36/5.896%* 168,492 0.02

797,412 GSR Mortgage Loan Trust2003-7F 1A4 25.06.33/5.250% 823,907 0.08



224,966 Hyundai Auto Receivables Trust2010-B A4 15.03.17/1.630% 226,412 0.02

93,469 Impac Secured Assets CMNOwner Trust 2003-2 A1 25.08.33/5.500% 98,390 0.01

4,278 Impac Secured Assets CMNOwner Trust 2004-3 1A4 25.11.34/0.952%* 4,193 0.00

360,459 Impac Secured Assets CMNOwner Trust 2006-2 2A1 25.08.36/0.502%* 356,656 0.04

7,364 Indymac Index Mortgage LoanTrust 2004-AR7 A1 25.09.34/1.032%* 6,367 0.00

230,000 Ingersoll-Rand Global Holding 15.06.23/4.250% 242,122 0.02564,000 Intel 15.12.32/4.000% 562,615 0.06250,000 Intuit 15.03.17/5.750% 278,850 0.03167,000 John Deere Capital 15.10.21/3.150% 171,537 0.02872,000 John Deere Owner Trust

2012-B A4 15.01.19/0.690% 872,902 0.09356,422 John Sevier Combined Cycle

Generation 15.01.42/4.626% 372,256 0.04750,000 JP Morgan Chase Commercial

Mortgage Securities2005-CB11 AJ 12.08.37/5.567%* 774,833 0.08

862,515 JP Morgan Chase CommercialMortgage Securities2006-CB15 A4 12.06.43/5.814%* 929,809 0.09

973,042 JP Morgan Chase CommercialMortgage Securities2006-CB16 A4 12.05.45/5.552% 1,046,804 0.10

985,301 JP Morgan Chase CommercialMortgage Securities2006-LDP8 A4 15.05.45/5.399% 1,062,103 0.11

10,447,983 JP Morgan Chase CommercialMortgage Securities2006-LDP8 X 15.05.45/0.725%* 108,189 0.01

147,915 JP Morgan Chase CommercialMortgage Securities2006-LDP9 A3SF 15.05.47/0.307%* 147,454 0.01

98,946 JP Morgan Mortgage Trust2004-A3 4A1 25.07.34/2.505%* 102,580 0.01




241,756 JP Morgan ResecuritizationTrust 2009-7 14A1 27.07.37/2.199%* 243,529 0.02



184,734 JP Morgan ResecuritizationTrust 2009-8 A1 20.04.36/4.794%* 190,871 0.02

471,000 Kraft Foods Group 06.06.22/3.500% 483,434 0.05200,000 Kraft Foods Group 26.01.39/6.875% 260,471 0.03

19,192,218 LB-UBS Commercial MortgageTrust 2006-C1 XCL 15.02.41/0.531%* 93,466 0.01

550,000 LB-UBS Commercial MortgageTrust 2007-C1 AM 15.02.40/5.455% 601,966 0.06

821,883 LB-UBS Commercial MortgageTrust 2007-C2 A3 15.02.40/5.430% 902,169 0.09

648,144 Lehman Mortgage Trust 2008-21A6 25.03.38/6.000% 592,482 0.06

258,000 Liberty Mutual Group 144A 01.06.21/5.000% 283,951 0.03100,725 Long Beach Mortgage Loan

Trust 2006-WL2 2A3 25.01.36/0.352%* 95,780 0.01233,041 Macquarie Equipment Funding

Trust 2012-A A2 20.04.15/0.610% 232,981 0.02560,000 Manufacturers & Traders Trust 04.12.17/6.625% 650,432 0.06145,000 MassMutual Global Funding II

144A 14.04.16/3.125% 151,153 0.01316,000 MassMutual Global

Funding II 144A 17.10.22/2.500% 304,308 0.03500,707 MASTR Adjustable Rate

Mortgages Trust 2004-13 2A1 21.04.34/2.642%* 508,002 0.051,553,616 MASTR Adjustable Rate

Mortgages Trust 2004-13 3A7 21.11.34/2.636%* 1,591,298 0.1647,204 MASTR Adjustable Rate

Mortgages Trust 2004-3 4A2 25.04.34/2.327%* 44,769 0.0049,733 MASTR Alternative Loan Trust

2004-10 1A1 25.09.19/4.500% 50,859 0.0197,060 MASTR Alternative Loan Trust






2005-6 3A1 25.11.20/5.500% 272,295 0.0330,026 MASTR Asset Securitization

Trust 2003-2 1A1 25.03.18/5.000% 30,295 0.00407,255 MASTR Asset Securitization

Trust 2004-4 1A6 26.12.33/5.250% 427,543 0.04664,530 MASTR Reperforming Loan

Trust 2005-2 1A1F 25.05.35/0.502%* 563,174 0.06210,315 MASTR Seasoned Securitization

Trust 2004-2 A1 25.08.32/6.500% 235,735 0.02680,017 MASTR Seasoned Securitization

Trust 2004-2 A2 25.08.32/6.500% 775,087 0.08175,000 Medco Health Solutions 15.09.15/2.750% 178,745 0.02

800,000 Medco Health Solutions 15.09.20/4.125% 858,732 0.0999,743 Merrill Lynch Mortgage

Investors Trust 2003-A4 2A 25.07.33/2.583%* 103,171 0.01667,392 Merrill Lynch Mortgage

Investors Trust 2004-1 2A1 25.12.34/2.146%* 657,877 0.07281,718 Merrill Lynch Mortgage

Investors Trust 2004-A4 A2 25.08.34/2.467%* 291,691 0.03450,000 Merrill Lynch Mortgage Trust

2005-LC1 AJ 12.01.44/5.548%* 474,657 0.05300,000 Metropolitan Life Global

Funding I 144A 11.01.16/3.125% 311,028 0.03853,000 Metropolitan Life Global

Funding I 144A 10.01.18/1.500% 847,353 0.08338,000 Microsoft 15.11.22/2.125% 322,712 0.03594,000 Microsoft 01.05.23/2.375% 568,847 0.06112,000 Microsoft 01.10.40/4.500% 116,083 0.01

300,000 MidAmerican Energy 15.07.17/5.950% 341,395 0.03125,000 MidAmerican Energy 15.03.18/5.300% 141,684 0.01388,203 ML-CFC Commercial Mortgage

Trust 2006-1 A4 12.02.39/5.651%* 411,341 0.0414,524,574 ML-CFC Commercial Mortgage

Trust 2006-4 XC 12.12.49/0.260%* 170,773 0.02215,946 Morgan Stanley Capital I Trust

2004-HQ4 A7 14.04.40/4.970% 215,925 0.0233,333,682 Morgan Stanley Capital I Trust

2006-IQ12 X1 15.12.43/0.682%* 355,604 0.04442,000 Morgan Stanley Capital I Trust

2011-C3 A3 15.07.49/4.054% 475,816 0.0578,760 Morgan Stanley Mortgage Loan

Trust 2004-3 1A 25.05.19/5.000% 80,512 0.01612,338 Morgan Stanley Mortgage Loan

Trust 2004-3 4A 25.04.34/5.689%* 651,313 0.063,193,574 Morgan Stanley Re-REMIC Trust

2012-XA A 27.07.49/2.000% 3,211,522 0.3275,544 MortgageIT Trust 2005-1 1A1 25.02.35/0.472%* 74,270 0.01

600,000 Nabors Industries 15.09.21/4.625% 648,531 0.06154,000 National Oilwell Varco 01.12.17/1.350% 153,738 0.02500,000 National Semiconductor 15.06.17/6.600% 577,395 0.06570,000 NBCUniversal Media 01.04.21/4.375% 628,126 0.06566,000 NBCUniversal Media 30.04.40/6.400% 724,712 0.07

2,583,744 NCUA Guaranteed Notes2010-C1 APT 29.10.20/2.650% 2,654,457 0.26

174


As at 30 June 2014

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

45,000 Nevada Power 15.09.40/5.375% 52,953 0.01350,000 New York Life Global

Funding 144A 04.05.15/3.000% 356,912 0.04175,000 New York State Dormitory

Authority 15.03.40/5.600% 212,331 0.0260,000 Niagara Mohawk Power 144A 15.08.19/4.881% 67,147 0.01

180,000 Nisource Finance 01.12.21/4.450% 194,169 0.02486,000 Nissan Motor Acceptance 144A 15.03.18/1.800% 485,721 0.05

6,964 Nomura Asset Acceptance CorpAlternative Loan Trust Series2003-A1 A1 25.05.33/5.500% 7,219 0.00



42,000 Norfolk Southern 15.02.23/2.903% 40,888 0.00716,000 Ohio State University 01.06.11/4.800% 732,575 0.07465,000 Oncor Electric Delivery 01.09.18/6.800% 553,231 0.05150,000 Oncor Electric Delivery 01.09.22/7.000% 191,811 0.02100,000 Oracle 15.01.16/5.250% 107,184 0.01400,000 Pacific Life Insurance 144A 15.06.39/9.250% 610,762 0.06275,000 Pacificorp 15.01.19/5.500% 316,868 0.0345,000 Pacificorp 15.08.34/5.900% 54,254 0.01

802,354 Park Place Securities2004-MCW1 M1 25.10.34/1.090%* 799,221 0.08

50,000 PC Financial Partnership 15.11.14/5.000% 50,817 0.01350,000 Penske Truck Leasing 144A 11.07.22/4.875% 383,230 0.04650,000 Port Authority of New York &

New Jersey 01.11.40/5.647% 773,689 0.081,615,000 Port Authority of New York &

New Jersey 01.10.62/4.458% 1,648,253 0.16215,000 Precision Castparts 20.12.15/0.700% 215,383 0.02255,956 Procter & Gamble - Esop 01.01.21/9.360% 322,466 0.03531,777 Provident Funding Mortgage

Loan Trust 2005-1 2A1 25.05.35/2.495%* 544,379 0.051,050,000 Prudential Insurance of

America 144A 01.07.25/8.300% 1,433,068 0.14150,000 PSEG Power 15.09.21/4.150% 158,530 0.02135,000 Public Service Electric & Gas 01.05.15/2.700% 137,613 0.0143,320 RALI Trust 2001-QS19 A2 25.12.16/6.000% 43,923 0.00

685,306 RALI Trust 2003-QR19 CB4 25.10.33/5.750% 717,715 0.072,290,511 RALI Trust 2003-QS13 A2 25.07.33/4.000% 2,174,563 0.22

248,164 RALI Trust 2003-QS13 A5 25.07.33/0.802%* 233,795 0.02125,674 RALI Trust 2003-QS14 A1 25.07.18/5.000% 128,211 0.01721,323 RALI Trust 2003-QS15 A6 25.08.33/5.500% 755,012 0.07

459,854 RALI Trust 2003-QS19 A1 25.10.33/5.750% 488,156 0.05301,400 RALI Trust 2004-QS3 CB 25.03.19/5.000% 310,020 0.03555,637 RAMP Trust 2004-SL2 A3 25.10.31/7.000% 590,020 0.06377,815 RAMP Trust 2005-EFC5 A3 25.10.35/0.492%* 375,740 0.04

1,146,215 RAMP Trust 2006-RZ1 A3 25.03.36/0.452%* 1,099,339 0.111,220 RASC Trust 2002-KS4 AIIB 25.07.32/0.652%* 1,053 0.00

142,737 Residential Asset SecuritizationTrust 2003-A13 A3 25.01.34/5.500% 148,006 0.01

229,188 RFMSI Trust 2003-S4 A4 25.03.33/5.750% 236,280 0.0251,658 RFMSI Trust 2004-S6 2A6 25.06.34/0.000% 46,251 0.00

112,440 RFMSI Trust 2005-SA4 1A1 25.09.35/2.814%* 95,030 0.01274,000 Ryder System 01.03.17/2.500% 282,231 0.03377,134 Salomon Brothers Mortgage

Securities VII 2003-HYB1 A 25.09.33/2.618%* 386,703 0.043,105 Salomon Brothers Mortgage

Securities VII 2003-UP2 PO1 25.12.18/0.000% 2,739 0.00229,545 Saxon Asset Securities Trust

2003-1 AF6 25.06.33/4.795%* 232,835 0.02494,425 Sequoia Mortgage Trust 10 1A 20.10.27/0.953%* 487,812 0.05461,018 Sequoia Mortgage Trust

2003-1 1A 20.04.33/0.913%* 464,295 0.05281,288 Sequoia Mortgage Trust

2004-12 A3 20.01.35/0.645%* 259,394 0.03450,000 Southern California Edison 15.03.39/6.050% 572,290 0.06178,000 Spectra Energy Capital 15.03.23/3.300% 169,775 0.02532,149 Structured Adjustable Rate

Mortgage Loan Trust2004-16 3A2 25.11.34/2.491%* 506,677 0.05

193,172 Structured Adjustable RateMortgage Loan Trust2004-6 5A4 25.06.34/2.398%* 192,603 0.02

516,213 Structured Asset MortgageInvestments II Trust2004-AR5 1A1 19.10.34/0.485%* 494,827 0.05

919,479 Structured Asset MortgageInvestments II Trust 2005-AR5A3 19.07.35/0.405%* 894,892 0.09

95,780 Structured Asset Securities2002-23XS A7 25.11.32/6.580%* 99,934 0.01

277,638 Structured Asset Securities2002-AL1 A3 25.02.32/3.450% 274,938 0.03

151,663 Structured Asset Securities2003-29 1A1 25.09.18/4.750% 155,504 0.02

137,701 Structured Asset Securities2003-33H 1A1 25.10.33/5.500% 141,357 0.01

871,085 Structured Asset Securities2003-34A 3A3 25.11.33/2.468%* 867,872 0.09

523,552 Structured Asset Securities2004-5H A4 25.12.33/5.540% 540,983 0.05

637,777 Structured Asset Securities2004-6XS A5B 25.03.34/5.550%* 664,832 0.07

116,737 Structured Asset Securities2005-6 4A1 25.05.35/5.000% 118,500 0.01

115,693 Structured Asset Securities2007-OSI A2 25.06.37/0.242%* 111,079 0.01

394,000 TCI Communications 15.02.26/7.875% 551,973 0.05554,000 Texas Eastern

Transmission 144A 15.10.22/2.800% 533,896 0.05404,549 TIAA Seasoned Commercial

Mortgage Trust 2007-C4 A3 15.08.39/5.564%* 411,060 0.04250,000 Travelers Life & Annuity Global

Funding I 144A 15.08.14/5.125% 251,351 0.02277,000 Union Pacific 15.02.24/3.646% 287,441 0.03128,411 Union Pacific Railroad Co 2003

Pass Through Trust 02.01.24/4.698% 141,941 0.01200,000 United Parcel Service of

America 01.04.30/8.375%* 292,251 0.03469,000 UnitedHealth Group 15.11.21/3.375% 487,622 0.05


100,000 US Treasury 15.02.21/7.875% 136,633 0.01100,000 US Treasury 15.11.28/5.250% 127,766 0.01

1,000,000 US Treasury 15.01.29/2.500% 1,391,572 0.14200,000 US Treasury 15.02.31/0.000% 115,739 0.01

2,085,000 US Treasury 15.11.31/0.000% 1,169,921 0.12400,000 US Treasury 15.05.37/5.000% 517,156 0.05500,000 US Treasury 15.05.38/4.500% 605,430 0.06380,000 US Treasury (Strip) 15.11.17/0.000% 366,199 0.04

1,880,000 US Treasury (Strip) 15.08.18/0.000% 1,774,262 0.186,350,000 US Treasury (Strip) 15.08.19/0.000% 5,805,401 0.58

500,000 US Treasury (Strip) 15.02.20/0.000% 449,326 0.041,953,000 US Treasury (Strip) 15.05.20/0.000% 1,740,380 0.171,100,000 US Treasury (Strip) 15.08.20/0.000% 970,805 0.10

14,330,000 US Treasury (Strip) 15.02.21/0.000% 12,434,771 1.2321,025,000 US Treasury (Strip) 15.05.21/0.000% 18,077,503 1.794,500,000 US Treasury (Strip) 15.08.21/0.000% 3,832,890 0.38

200,000 US Treasury (Strip) 15.11.21/0.000% 168,595 0.021,920,000 US Treasury (Strip) 15.02.22/0.000% 1,603,642 0.16

4,000,000 US Treasury (Strip) 15.05.22/0.000% 3,309,678 0.33200,000 US Treasury (Strip) 15.05.24/0.000% 153,365 0.02450,000 US Treasury (Strip) 15.11.24/0.000% 337,703 0.03100,000 US Treasury (Strip) 15.08.26/0.000% 69,854 0.01


390,000 US Treasury (Strip) 15.05.27/0.000% 264,114 0.031,000,000 US Treasury (Strip) 15.08.27/0.000% 669,985 0.071,650,000 US Treasury (Strip) 15.11.27/0.000% 1,093,679 0.111,700,000 US Treasury (Strip) 15.05.28/0.000% 1,102,827 0.11

200,000 US Treasury (Strip) 15.08.28/0.000% 128,371 0.011,500,000 US Treasury (Strip) 15.11.28/0.000% 952,953 0.093,276,000 US Treasury (Strip) 15.02.29/0.000% 2,058,379 0.20

4,900,000 US Treasury (Strip) 15.08.29/0.000% 3,014,947 0.303,000,000 US Treasury (Strip) 15.11.29/0.000% 1,827,649 0.186,950,000 US Treasury (Strip) 15.02.30/0.000% 4,189,795 0.423,400,000 US Treasury (Strip) 15.05.30/0.000% 2,028,529 0.202,200,000 US Treasury (Strip) 15.08.30/0.000% 1,299,382 0.131,000,000 US Treasury (Strip) 15.11.30/0.000% 584,356 0.063,110,000 US Treasury (Strip) 15.05.31/0.000% 1,780,373 0.181,525,000 US Treasury (Strip) 15.02.32/0.000% 847,085 0.08


300,000 US Treasury (Strip) 15.02.33/0.000% 160,142 0.024,650,000 US Treasury (Strip) 15.05.33/0.000% 2,458,352 0.241,600,000 US Treasury (Strip) 15.08.33/0.000% 837,612 0.081,500,000 US Treasury (Strip) 15.11.33/0.000% 777,809 0.081,500,000 US Treasury (Strip) 15.02.34/0.000% 770,300 0.08

300,000 US Treasury (Strip) 15.05.34/0.000% 152,619 0.021,500,000 US Treasury (Strip) 15.08.34/0.000% 755,610 0.071,600,000 US Treasury (Strip) 15.11.34/0.000% 798,482 0.081,515,000 US Treasury (Strip) 15.02.35/0.000% 748,755 0.07

2,600,000 US Treasury (Strip) 15.05.35/0.000% 1,272,843 0.1372,514 Vendee Mortgage Trust 1998-1 2E 15.03.28/7.000% 84,406 0.01

567,548 Vendee Mortgage Trust 1998-2 1G 15.06.28/6.750% 649,537 0.06142,000 Viacom 27.02.15/1.250% 142,800 0.01100,000 Viacom 01.03.21/4.500% 109,015 0.01404,000 Viacom 15.12.21/3.875% 423,408 0.04250,000 Viacom 15.06.22/3.125% 247,881 0.02175,000 Viacom 27.02.42/4.500% 167,353 0.02282,806 Wachovia Bank Commercial

Mortgage Trust 2004-C11 A5 15.01.41/5.215%* 283,363 0.03

175


As at 30 June 2014

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

917,121 WaMu Mortgage Pass ThroughCertificates 2003-AR11 A6 25.10.33/2.427%* 932,712 0.09



53,117 WaMu Mortgage Pass ThroughCertificates 2003-AR8 A 25.08.33/2.414%* 53,979 0.01

582,135 WaMu Mortgage Pass ThroughCertificates 2003-AR9 1A6 25.09.33/2.417%* 595,833 0.06

356,622 WaMu Mortgage Pass ThroughCertificates 2003-S1 A5 25.04.33/5.500% 368,071 0.04


268,897 WaMu Mortgage Pass ThroughCertificates 2003-S3 1A4 25.06.33/5.500% 278,792 0.03



738,267 WaMu Mortgage Pass ThroughCertificates 2004-CB1 3A2 25.06.34/5.500% 773,605 0.08

306,542 WaMu Mortgage Pass ThroughCertificates 2004-CB3 4A 25.10.19/6.000% 322,897 0.03

642,621 WaMu Mortgage Pass ThroughCertificates 2004-RS2 A4 25.11.33/5.000% 661,406 0.07




1,133,319 Washington Mutual AlternativeMortgage Pass-ThroughCertificates 2005-3 CX 25.05.35/5.500% 247,607 0.02

362,869 Washington Mutual AlternativeMortgage Pass-ThroughCertificates 2005-4 CB7 25.06.35/5.500% 340,236 0.03

90,555 Washington Mutual MSCMortgage Pass-Through CTFS2003-MS2 1A1 25.02.33/5.750% 95,801 0.01

550,000 WEA Finance/WT FinanceAust 144A 02.09.19/6.750% 670,577 0.07

351,600 Wells Fargo Mortgage BackedSecurities Trust 2004-4 A9 25.05.34/5.500% 363,839 0.04

164,901 Wells Fargo Mortgage BackedSecurities Trust 2004-EE 3A1 25.12.34/2.561%* 168,104 0.02

1,594,083 Wells Fargo Mortgage BackedSecurities Trust 2004-P 2A1 25.09.34/2.613%* 1,635,249 0.16

437,700 Wells Fargo Mortgage BackedSecurities Trust 2005-AR8 2A1 25.06.35/2.615%* 442,716 0.04

345,948 Wells Fargo Mortgage BackedSecurities Trust 2007-9 1A8 25.07.37/5.500% 350,558 0.03

1,094,296 Wells Fargo Reremic Trust2012-IO A 20.08.21/1.750% 1,094,734 0.11

170,000 Xerox 15.03.17/2.950% 177,283 0.02

773,711,953 76.67

ISRAEL1,652,000 Israel (State of) 15.03.19/0.000% 1,513,455 0.151,361,000 Israel (State of) 15.09.19/0.000% 1,224,410 0.12

2,000,000 Israel (State of) 01.11.23/0.000% 1,506,406 0.153,500,000 Israel (State of) 01.11.24/0.000% 2,512,622 0.251,300,000 Israel (State of) 15.11.26/0.000% 848,962 0.081,680,000 Israel (State of) 18.09.33/5.500% 2,103,792 0.21

9,709,647 0.96

AUSTRALIA350,000 ANZ Banking Group 144A 01.03.16/3.250% 365,197 0.04350,000 FBG Finance 144A 15.06.15/5.125% 364,525 0.04350,000 Macquarie Group 144A 01.08.14/7.300% 351,901 0.03930,000 Macquarie Group 144A 13.08.19/7.625% 1,128,536 0.11

1,000,000 National Australia Bank 144A 20.06.17/2.000% 1,023,170 0.10

3,233,329 0.32

NETHERLANDS158,000 Cooperatieve Centrale

Raiffeisen-Boerenleenbank/Netherlands 13.10.15/2.125% 161,320 0.02





299,000 Deutsche Telekom InternationalFinance 144A 06.03.17/2.250% 306,448 0.03

350,000 Enel Finance International 144A 07.10.19/5.125% 394,252 0.04230,000 Heineken 144A 01.10.17/1.400% 230,144 0.02100,000 Siemens

Financieringsmaatschappij 144A 17.10.16/5.750% 111,026 0.01

2,739,514 0.27

INTERNATIONAL AGENCIES1,700,000 African Development Bank 01.09.19/8.800% 2,182,941 0.22

2,182,941 0.22

CANADA627,000 Bank of Montreal 11.09.17/1.400% 628,125 0.06484,000 Caisse Centrale Desjardins du

Quebec 144A 24.03.16/2.550% 500,398 0.05450,000 CDP Financial 144A 25.11.19/4.400% 500,866 0.0540,000 Husky Energy 15.06.19/6.150% 46,498 0.01

270,000 Province of Quebec Canada 30.01.26/6.350% 339,330 0.03124,000 Total Capital Canada 15.01.16/0.606%* 124,620 0.01

2,139,837 0.21

NORWAY568,000 DNB Boligkreditt 144A 14.10.15/2.100% 580,027 0.05

1,005,000 Sparebank 1 Boligkreditt 144A 15.11.19/1.750% 984,794 0.10189,000 Statoil 17.01.18/1.200% 187,756 0.02

1,752,577 0.17

UNITED KINGDOM300,000 Barclays Bank 144A 04.12.17/6.050% 339,621 0.03392,000 HSBC Bank 144A 15.05.18/1.500% 388,793 0.04360,000 Schlumberger Oilfield 144A 15.01.21/4.200% 394,025 0.04

1,122,439 0.11

SINGAPORE359,000 Oversea-Chinese Banking 144A 13.03.15/1.625% 361,829 0.04

361,829 0.04

CAYMAN ISLANDS300,000 Hutchison Whampoa

International 11 144A 13.01.22/4.625% 323,607 0.03

323,607 0.03

LUXEMBOURG210,000 Schlumberger Investment 144A 14.09.21/3.300% 217,454 0.02

217,454 0.02

FRANCE149,000 Total Capital 28.01.21/4.125% 162,423 0.02

162,423 0.02

JAPAN114,000 Bank of Tokyo-Mitsubishi 144A 22.01.15/3.850% 116,076 0.02

116,076 0.02

Total Bonds 797,773,626 79.06

Commercial Paper

UNITED STATES OF AMERICA1,700,000 Financing Fico 26.09.19/0.000% 1,348,083 0.131,150,000 Tennessee Valley Authority

Principal Strip 01.11.25/0.000% 749,478 0.08

2,097,561 0.21


Investment Funds



27,283,974 2.70



827,155,161 81.97

176


As at 30 June 2014

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets


Bonds

UNITED STATES OF AMERICA768,393 Academic Loan Funding Trust

2012-1A A1** 27.12.22/0.952%* 774,756 0.0859,286 American Airlines 2011-1 Class A

Pass Through Trust** 31.01.21/5.250% 64,955 0.01223,357 ASG Resecuritization Trust

2009-1 A60** 26.06.37/2.059%* 223,357 0.02184,901 Delta Air Lines 2010-2 Class A

Pass Through Trust** 23.05.19/4.950% 202,004 0.0269,291 Delta Air Lines 2011-1 Class A

Pass Through Trust** 15.04.19/5.300% 76,718 0.01320,155 Delta Air Lines 2012-1 Class A

Pass Through Trust** 07.05.20/4.750% 348,969 0.02312,118 Fannie Mae Pool No: 745418** 01.04.36/5.500% 349,134 0.04

872,300 Fannie Mae REMICS2007-101 A2** 27.06.36/0.402%* 871,585 0.09

1,579,642 Indymac Index Mortgage LoanTrust 2005-AR11 A7** 25.08.35/0.000%* 494 0.00

50,000 PNC Funding** 01.02.17/5.625% 55,323 0.01

2,967,295 0.30

Total Bonds 2,967,295 0.30

Total Other Transferable Securities 2,967,295 0.30




Total Net Assets 1,009,131,738 100.00

* Variable coupon rates are those quoted as at 30 June 2014.** This Security is fair valued.


Fixed Income SecuritiesUnited States of America 91.62Canada 1.16Israel 0.96United Kingdom 0.86Netherlands 0.51Australia 0.39Cayman Islands 0.30Norway 0.29France 0.28International Agencies 0.28Mexico 0.24Japan 0.13Bermuda 0.11Germany 0.10Spain 0.08Sweden 0.04Singapore 0.04South Africa 0.02Luxembourg 0.02Total Fixed Income Securities 97.43Investment FundsLuxembourg 2.70Total Investment Funds 2.70Bank Overdraft and Other Assets/(Liabilities) (0.13)

Total 100.00


Fixed Income SecuritiesUnited States of America 93.79Canada 1.01United Kingdom 0.87Israel 0.69Australia 0.45Netherlands 0.44International Agencies 0.34Norway 0.26France 0.22Cayman Islands 0.23Mexico 0.17Sweden 0.15Germany 0.10Bermuda 0.09Japan 0.09Spain 0.06Luxembourg 0.03Singapore 0.04South Africa 0.02Total Fixed Income Securities 99.05Investment FundsLuxembourg 0.86Total Investment Funds 0.86Bank Overdraft and Other Assets/(Liabilities) 0.09

Total 100.00

177


As at 30 June 2014

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

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

As at 30 June 2014



AmountSold


07-Jul-14 EUR 10,809,633 USD 14,710,433 59,98007-Jul-14 USD 1,052,343 EUR 773,633 (4,759)16-Jul-14 SGD 18,620,631 USD 14,890,859 31,29816-Jul-14 USD 1,890,848 SGD 2,368,992 (7,609)08-Aug-14 EUR 19,237 USD 26,197 9208-Aug-14 USD 164,225 EUR 120,480 (421)

Total 78,581



Barclays (307)Citibank (571)Crédit Suisse (303)Deutsche Bank (2,320)Goldman Sachs (45)HSBC (761)RBC 270State Street Bank 2,712UBS 80,067Westpac Banking (161)Total 78,581

178


Bonds

UNITED STATES OF AMERICA2,000,000 Federal Home Loan Banks 17.09.14/0.100% 1,999,980 0.572,000,000 Federal Home Loan Banks 25.07.14/0.125% 2,000,031 0.572,000,000 Federal Home Loan Banks 29.01.15/0.125% 1,999,396 0.572,000,000 Federal Home Loan Banks 13.03.15/0.125% 1,999,231 0.562,000,000 Metropolitan Life Global

Funding I 144A 07.12.14/0.457% 2,000,000 0.57

9,998,638 2.84

Total Bonds 9,998,638 2.84

Commercial Paper

UNITED STATES OF AMERICA8,700,000 Apple 10.07.14/0.000% 8,699,891 2.471,000,000 Apple 13.08.14/0.000% 999,904 0.281,000,000 Apple 12.09.14/0.000% 999,797 0.28

10,000,000 Chevron 08.07.14/0.000% 9,999,883 2.842,000,000 Kells Funding 04.11.14/0.000% 1,998,390 0.572,000,000 MetLife 29.10.14/0.000% 1,998,533 0.577,000,000 Natixis 31.07.14/0.000% 6,998,483 1.992,000,000 Nieuw Amsterdam Receivables 28.07.14/0.000% 1,999,685 0.571,900,000 Private Eep. Funding 06.02.15/0.000% 1,896,981 0.548,000,000 Regency Markets No.1 15.07.14/0.000% 7,999,596 2.274,000,000 United Overseas Bank 14.10.14/0.000% 3,997,200 1.133,018,000 Versailles 04.09.14/0.000% 3,016,856 0.86

4,000,000 Victory Receivables 23.07.14/0.000% 3,999,609 1.13

54,604,808 15.50

GERMANY8,000,000 Deutsche Bank Financial 05.09.14/0.000% 7,995,453 2.274,000,000 Erste Abwicklungsanstalt 04.09.14/0.000% 3,998,917 1.142,000,000 KfW - Kreditanstalt fuer

Wiederaufbau 08.08.14/0.000% 1,999,704 0.578,000,000 NRW BANK 02.07.14/0.000% 7,999,972 2.27

21,994,046 6.25

AUSTRALIA2,000,000 Commonwealth Bank of

Australia 23.03.15/0.233% 2,000,000 0.572,000,000 Commonwealth Bank of

Australia 23.04.15/0.236% 2,000,000 0.572,000,000 Commonwealth Bank Of

Australia 13.05.15/0.238% 2,000,000 0.571,000,000 Queensland Treasury 28.08.14/0.000% 999,694 0.282,000,000 Westpac Banking 22.08.14/0.260% 1,999,986 0.57

10,000,000 Westpac Banking 26.09.14/0.000% 9,992,629 2.832,000,000 Westpac Banking 03.10.14/0.000% 1,998,329 0.57

20,990,638 5.96

UNITED KINGDOM1,500,000 Barclays Bank 15.09.14/0.000% 1,499,145 0.425,000,000 Barclays Bank 16.09.14/0.000% 4,996,792 1.425,004,000 Barclays Bank 17.10.14/0.000% 5,000,247 1.422,000,000 HSBC Bank 19.05.15/0.236% 2,000,000 0.57

13,496,184 3.83

NETHERLANDS8,000,000 N.V. Bank Nederlandse 21.10.14/0.000% 7,993,653 2.272,000,000 N.V. Bank Nederlandse 03.03.15/0.000% 1,997,074 0.57

9,990,727 2.84

SWEDEN8,000,000 Skandinaviska Enskilda Banken 11.07.14/0.000% 7,999,389 2.27

7,999,389 2.27

JAPAN5,000,000 Sumitomo Mitsui Banking 14.08.14/0.000% 4,998,411 1.42

4,998,411 1.42

HONG KONG4,000,000 Bank Of China/Hong Kong 23.09.14/0.000% 3,994,867 1.13

3,994,867 1.13

SINGAPORE1,000,000 DBS Bank 10.09.14/0.000% 999,546 0.282,000,000 DBS Bank 21.11.14/0.000% 1,998,054 0.57

2,997,600 0.85

CANADA1,000,000 Caisse des Dépôts et

Consignations 26.11.14/0.000% 999,178 0.291,000,000 Caisse des Dépôts et

Consignations 30.12.14/0.000% 998,938 0.28

1,998,116 0.57


Certificates of Deposit

UNITED STATES OF AMERICA2,000,000 Bank of Nova Scotia/Houston 02.04.15/0.311% 2,000,000 0.573,000,000 Canadian Imperial Bank of

Commerce/New York 15.06.17/0.242% 3,000,000 0.853,000,000 Chiba Bank/New York 18.07.14/0.220% 3,000,000 0.853,000,000 Crédit Suisse/New York 01.08.14/0.210% 3,000,000 0.854,000,000 Crédit Suisse/New York 24.10.14/0.244% 4,000,000 1.142,000,000 National Bank of Canada/New

York 30.09.14/0.250% 2,000,000 0.574,000,000 State Street 08.09.14/0.200% 4,000,000 1.138,000,000 Toronto Dominion Bank/New

York 14.07.14/0.170% 8,000,000 2.274,000,000 Toronto-Dominion Bank/ New

York 18.05.15/0.212% 4,000,000 1.132,000,000 Wells Fargo Bank 05.09.14/0.230% 2,000,000 0.572,000,000 Wells Fargo Bank 16.09.14/0.232% 2,000,000 0.572,000,000 Wells Fargo Bank 16.06.15/0.250% 2,000,000 0.57

39,000,000 11.07

JAPAN3,000,000 Mitsubishi UFJ Trust and Bank 09.07.14/0.000% 2,999,840 0.853,300,000 Norinchukin Bank 03.07.14/0.150% 3,300,000 0.943,500,000 Shizuoka Bank 29.07.14/0.200% 3,500,000 0.992,000,000 Sumitomo Mitsui Banking 05.08.14/0.260% 2,000,000 0.572,000,000 Sumitomo Mitsui Banking 03.09.14/0.000% 1,999,041 0.573,000,000 Sumitomo Mitsui Trust 12.08.14/0.000% 2,999,195 0.854,000,000 Sumitomo Mitsui Trust 05.09.14/0.000% 3,998,278 1.13

20,796,354 5.90



5,400,000 ING Bank 01.08.14/0.260% 5,400,000 1.535,000,000 ING Bank 08.08.14/0.260% 5,000,000 1.42

12,400,000 3.52

CANADA4,000,000 Bank of Montreal 07.08.14/0.220% 4,000,000 1.132,000,000 Bank of Nova Scotia 26.01.15/0.250% 2,000,000 0.57

6,000,000 1.70

UNITED KINGDOM2,000,000 HSBC Bank 16.01.15/0.350% 2,000,000 0.572,000,000 HSBC Bank 14.04.15/0.320% 2,000,000 0.57

4,000,000 1.14

CHINA4,000,000 Bank Of China 19.09.14/0.000% 3,992,992 1.14

3,992,992 1.14

AUSTRALIA3,000,000 Commonwealth Bank Of

Australia 19.02.15/0.000% 2,995,349 0.85

2,995,349 0.85

Total Certificates of Deposit 89,184,695 25.32


242,248,119 68.78


179

JPMorgan Funds - US Dollar Money Market FundSchedule of Investments (Market Value Expressed in USD)

As at 30 June 2014

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Cash Equivalents

Time Deposits

FRANCE7,000,000 Natixis 02.07.14/0.120% 7,000,000 1.99

7,000,000 1.99

CANADA6,000,000 Bank of Montreal 03.07.14/0.060% 6,000,000 1.70

6,000,000 1.70

NETHERLANDS4,000,000 ING Bank 02.07.14/0.100% 4,000,000 1.14

4,000,000 1.14




Cash 93,925,065 26.67




Fixed Income SecuritiesUnited States of America 29.41Japan 7.32Australia 6.81Netherlands 6.36Germany 6.25United Kingdom 4.97Canada 2.27Sweden 2.27China 1.14Hong Kong 1.13Singapore 0.85Total Fixed Income Securities 68.78Cash Equivalents, Cash and Other Assets/(Liabilities) 31.22

Total 100.00

Allocation of Portfolio as at 31 December 2013 (Unaudited)

Not applicable: Sub-Fund launched on 6 June 2014

180

JPMorgan Funds - US Dollar Money Market FundSchedule of Investments (Market Value Expressed in USD) (continued)

As at 30 June 2014

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets


Shares

UNITED STATES OF AMERICA123,807 3D Systems 7,404,897 0.50

208,900 Adobe Systems 15,166,140 1.0253,900 Affiliated Managers Group 11,042,493 0.74

203,200 Alexion Pharmaceuticals 31,822,136 2.1315,500 Alliance Data Systems 4,385,802 0.2991,000 Amazon.com 29,461,705 1.97

203,800 AmerisourceBergen 14,795,880 0.99139,800 Amphenol - A Shares 13,440,372 0.90293,000 Apple 27,139,125 1.82103,700 Biogen Idec 32,909,713 2.2036,900 BlackRock 11,725,528 0.79

646,000 Cabot Oil & Gas 21,980,150 1.47463,400 Celgene 39,931,178 2.68

89,000 Cerner 4,552,350 0.3021,800 Chipotle Mexican Grill 12,962,825 0.87

231,600 Cognizant Technology Solutions - A Shares 11,346,084 0.76159,100 Colgate-Palmolive 10,863,348 0.73671,700 Comcast - A Shares 36,080,365 2.42163,900 Costco Wholesale 18,963,230 1.27169,100 CVS Caremark 12,811,861 0.86637,000 Delta Air Lines 24,916,255 1.67130,600 Ecolab 14,469,174 0.97845,500 Facebook - A Shares 57,202,302 3.83200,700 Flowserve 14,885,919 1.00129,900 FMC Technologies 7,857,001 0.53155,500 Fortune Brands Home & Security 6,133,697 0.41142,600 Gap 5,893,658 0.38681,300 Gilead Sciences 57,191,728 3.8366,800 Google - A Shares 38,988,154 2.6176,200 Google - C Shares 43,805,094 2.94

565,000 Home Depot 45,660,475 3.06265,500 Honeywell International 24,655,657 1.6576,000 Illumina 13,401,840 0.90

130,900 JB Hunt Transport Services 9,668,929 0.65149,600 Kansas City Southern 16,126,880 1.0883,400 Keurig Green Mountain 10,445,850 0.70

295,900 Las Vegas Sands 22,384,835 1.5052,800 LinkedIn - A Shares 8,870,664 0.59

190,800 Marathon Petroleum 15,117,084 1.01664,200 MasterCard - A Shares 48,536,415 3.25113,900 McKesson 21,457,052 1.44123,300 Monsanto 15,324,341 1.03237,800 Moody’s 20,851,493 1.40

35,100 Netflix 15,611,427 1.0590,000 Pioneer Natural Resources 20,600,550 1.3885,300 PPG Industries 17,916,412 1.2073,300 Precision Castparts 18,582,283 1.2538,500 priceline.com 46,557,280 3.1273,700 QUALCOMM 5,841,094 0.3977,300 Regeneron Pharmaceuticals 21,784,300 1.4641,600 Roper Industries 6,102,512 0.41

390,700 Salesforce.com 22,816,880 1.53136,600 Sherwin-Williams 28,262,540 1.89

57,100 Splunk 3,113,092 0.21348,100 Starbucks 27,083,921 1.82484,400 TD Ameritrade Holding 15,212,582 1.02

91,200 Tesla Motors 22,060,368 1.48171,100 Time Warner 11,953,046 0.80

286,500 Union Pacific 28,856,280 1.93139,200 Vertex Pharmaceuticals 13,163,448 0.88163,500 Visa - A Shares 34,314,563 2.30275,300 Walt Disney 23,557,421 1.58

1,296,019,678 86.84

NETHERLANDS312,357 ASML Holding Registered Shares 29,053,886 1.95251,400 LyondellBasell Industries - A Shares 24,464,991 1.64

53,518,877 3.59

UNITED KINGDOM453,350 ARM Holdings ADR 20,423,418 1.37357,100 Liberty Global - C Shares 15,105,330 1.01

35,528,748 2.38

CANADA257,800 Valeant Pharmaceuticals International 32,928,794 2.21

32,928,794 2.21

BRITISH VIRGIN ISLANDS345,100 Michael Kors Holdings 30,710,449 2.06

30,710,449 2.06

JERSEY237,300 Delphi Automotive 16,221,828 1.09

16,221,828 1.09

SINGAPORE207,200 Avago Technologies 14,874,888 1.00

14,874,888 1.00


8,832,566 0.59

Total Shares 1,488,635,828 99.76


1,488,635,828 99.76


Investment Funds

LUXEMBOURG7,127,301 JPMorgan Liquidity Funds - US

Dollar Liquidity Fund(JPM US Dollar Liquidity X (dist)) 31.12.49/0.224% 7,127,301 0.48

7,127,301 0.48



7,127,301 0.48


Cash 1,025,288 0.07


Total Net Assets 1,492,211,371 100.00


SharesConsumer Discretionary 25.48Information Technology 23.96Health Care 18.72Industrials 12.93Materials 7.14Financials 4.85Energy 4.39Consumer Staples 2.29Investment Companies 0.48Total Shares 100.24Cash and Other Assets/(Liabilities) (0.24)

Total 100.00


SharesConsumer Discretionary 29.71Information Technology 24.81Health Care 14.86Industrials 11.40Materials 6.83Energy 4.41Consumer Staples 3.97Financials 3.85Investment Companies 0.13Total Shares 99.97Cash and Other Assets/(Liabilities) 0.03

Total 100.00

181

JPMorgan Funds - US Growth FundSchedule of Investments (Market Value Expressed in USD)

As at 30 June 2014

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

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

As at 30 June 2014



AmountSold


16-Jul-14 EUR 79,538,950 USD 107,924,635 762,39716-Jul-14 USD 7,970,796 EUR 5,877,857 (61,078)

Total 701,319



Barclays 1,916Citibank 753,555Crédit Suisse 2,420Deutsche Bank (4,213)National Australia Bank (23)RBC (17)Société Générale (21,682)State Street Bank (17,400)Toronto Dominion (16,533)UBS 2,514Westpac Banking 782Total 701,319

182


Shares

UNITED STATES OF AMERICA271,106 Advent Software 8,843,478 1.2539,550 Allegiant Travel 4,694,387 0.66

229,078 Allison Transmission Holdings 7,102,563 1.00243,670 Altra Industrial Motion 8,940,252 1.26635,675 American Eagle Outfitters 7,106,847 1.00

97,101 Anixter International 9,576,101 1.35203,769 Approach Resources 4,580,727 0.64146,603 Ascent Capital Group - A Shares 9,465,423 1.33749,101 Associated Banc-Corp 13,487,563 1.90124,100 BankUnited 4,165,417 0.59283,533 Brinker International 13,816,563 1.95144,372 Brunswick 6,074,452 0.86

1,418,550 Career Education 6,915,431 0.98468,485 Chico’s FAS 7,896,315 1.11

50,438 Cimarex Energy 7,215,156 1.02350,649 Cinemark Holdings 12,286,741 1.73332,490 Comfort Systems USA 5,256,667 0.74261,972 CoreLogic 7,859,160 1.11

24,153 Cracker Barrel Old Country Store 2,392,475 0.34588,732 Crocs 8,695,572 1.23352,740 Dana Holding 8,545,127 1.20654,230 Douglas Dynamics 11,422,856 1.61160,771 Drew Industries 7,975,045 1.1247,200 Factset Research Systems 5,600,044 0.7954,805 FEI 4,968,895 0.70117,470 First Financial Bancorp 1,994,641 0.28

406,070 First Horizon National 4,826,142 0.68264,219 First of Long Island 10,214,707 1.44109,397 First Republic Bank/San Francisco 6,004,801 0.85115,162 Forward Air 5,432,767 0.77

154,665 Generac Holdings 7,631,171 1.08204,230 Glacier Bancorp 5,783,794 0.81150,663 Greenhill & Co. 7,252,163 1.02188,833 Hanger 5,828,331 0.82190,380 HealthSouth 6,799,422 0.96290,678 Herman Miller 8,846,785 1.25266,917 HFF - A Shares 9,914,632 1.40

71,620 Hittite Microwave 5,584,211 0.79102,690 Iberiabank 7,086,123 1.00

80,510 IDEXX Laboratories 10,727,152 1.51164,726 Imperva 4,123,915 0.5893,694 J&J Snack Foods 8,762,263 1.23

444,620 Janus Capital Group 5,586,650 0.79298,834 Jarden 17,510,178 2.47264,752 KAR Auction Services 8,453,531 1.19325,850 Knight Transportation 7,727,533 1.09106,416 Magellan Health Services 6,634,506 0.94296,380 Malibu Boats - A Shares 5,923,154 0.83260,714 Marcus & Millichap 6,713,386 0.95

42,159 MICROS Systems 2,855,218 0.4066,186 Mid-America Apartment Communities 4,839,851 0.68

119,600 Moelis & Co. 3,905,538 0.55377,883 Monarch Casino & Resort 5,672,024 0.80285,061 Monotype Imaging Holdings 8,060,100 1.1384,065 Morningstar 5,973,659 0.8470,991 MWI Veterinary Supply 10,112,313 1.42

418,724 National CineMedia 7,168,555 1.01200,654 National Retail Properties 7,438,244 1.05

36,055 NetSuite 3,112,448 0.44223,036 NN 5,744,292 0.81204,526 NorthWestern 10,540,247 1.49225,634 Omnicell 6,441,851 0.91119,210 Papa John’s International 5,013,973 0.71131,400 Patrick Industries 5,870,952 0.83213,368 Patterson-UTI Energy 7,369,731 1.04379,470 Ply Gem Holdings 3,802,289 0.54200,945 Pool 11,446,832 1.61302,189 Portland General Electric 10,371,126 1.46301,303 ProAssurance 13,307,047 1.87295,600 Q2 Holdings 4,163,526 0.59

1,172,533 Quiksilver 4,180,080 0.59143,066 RBC Bearings 9,114,735 1.29

74,378 Regal-Beloit 5,747,932 0.81635,257 Resolute Energy 5,342,511 0.75323,160 Rexnord 9,179,360 1.29408,832 RLJ Lodging Trust 11,755,964 1.66501,839 Rovi 11,793,217 1.66116,900 ScanSource 4,386,088 0.62148,200 ServiceMaster Global Holdings 2,771,340 0.39262,150 Silgan Holdings 13,212,360 1.86140,978 Spectrum Brands Holdings 12,043,046 1.70

620,488 Taminco 14,364,297 2.0283,860 Team 3,355,658 0.47141,369 Tidewater 7,882,735 1.11185,996 Toro 11,707,518 1.65405,550 Umpqua Holdings 7,232,984 1.02401,384 Waste Connections 19,396,882 2.73

92,970 WellCare Health Plans 7,055,493 0.99162,782 West Pharmaceutical Services 6,803,474 0.96

279,960 Western Alliance Bancorp 6,692,444 0.9449,593 Zillow - A Shares 7,080,641 1.00

694,553,790 97.89

BERMUDA266,100 Freescale Semiconductor 6,250,689 0.88

6,250,689 0.88

Total Shares 700,804,479 98.77


700,804,479 98.77


Cash 11,456,066 1.61




SharesConsumer Discretionary 23.87Industrials 20.39Financials 19.48Information Technology 10.68Materials 6.37Health Care 6.18Consumer Staples 5.40Energy 3.45Utilities 2.95Total Shares 98.77Cash and Other Assets/(Liabilities) 1.23

Total 100.00


SharesConsumer Discretionary 23.42Industrials 20.83Financials 17.76Information Technology 11.73Materials 5.96Consumer Staples 4.85Energy 4.34Health Care 3.76Utilities 2.59Total Shares 95.24Cash and Other Assets/(Liabilities) 4.76

Total 100.00

183

JPMorgan Funds - US Smaller Companies FundSchedule of Investments (Market Value Expressed in USD)

As at 30 June 2014

Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets

JPMorgan Funds - US Smaller Companies FundSchedule of Investments - Outstanding Forward Foreign Exchange Contracts (Expressed in USD)

As at 30 June 2014



AmountSold


16-Jul-14 EUR 1,151,621 USD 1,567,984 5,66316-Jul-14 USD 17,455 EUR 12,830 (76)

Total 5,587



Citibank 5,524Crédit Suisse 120State Street Bank (57)Total 5,587

184


Shares

UNITED STATES OF AMERICA224,100 Adobe Systems 16,269,660 3.1869,500 Alliance Data Systems 19,665,372 3.8532,245 Amazon.com 10,439,480 2.04

144,200 Amphenol - A Shares 13,863,388 2.7172,100 Apple 6,678,262 1.31

723,500 Applied Materials 16,260,662 3.18172,110 Aruba Networks 3,048,929 0.6083,500 Aspen Technology 3,843,087 0.75

215,400 Autodesk 12,095,787 2.36101,700 Cavium 4,988,385 0.98256,500 Ciena 5,507,055 1.08197,700 Cognizant Technology Solutions - A Shares 9,685,323 1.89147,000 CommVault Systems 7,168,455 1.4080,950 Cornerstone OnDemand 3,724,509 0.7395,500 DealerTrack Technologies 4,306,572 0.8448,600 Demandware 3,350,970 0.65

502,000 Electronic Arts 17,984,150 3.51429,089 EMC/Massachusetts 11,327,950 2.21

82,400 F5 Networks 9,209,848 1.80203,900 Facebook - A Shares 13,794,854 2.70223,000 Fortinet 5,503,640 1.08

37,640 Google - C Shares 21,638,107 4.2392,400 Guidewire Software 3,738,504 0.7369,300 Imperva 1,734,925 0.34

239,600 Lam Research 16,175,396 3.16255,700 MasterCard - A Shares 18,685,278 3.65218,300 Maxim Integrated Products 7,377,449 1.44231,600 Microsoft 9,751,518 1.9116,800 Netflix 7,472,136 1.4679,700 NetSuite 6,880,103 1.35

106,800 Nimble Storage 3,318,810 0.6558,900 Palo Alto Networks 4,952,607 0.97

8,970 priceline.com 10,847,242 2.1245,400 Proto Labs 3,704,640 0.72

137,400 QUALCOMM 10,889,637 2.13309,500 Ruckus Wireless 3,645,910 0.71204,488 Salesforce.com 11,942,099 2.33148,500 SanDisk 15,356,385 3.00172,800 ServiceNow 10,671,264 2.09180,100 Skyworks Solutions 8,367,446 1.6486,200 SolarWinds 3,319,562 0.65

146,900 Splunk 8,008,988 1.5752,500 Tableau Software - A Shares 3,686,025 0.72

287,200 TD Ameritrade Holding 9,019,516 1.7671,300 TripAdvisor 7,776,335 1.5274,600 Trulia 3,587,141 0.70

189,700 Veeva Systems - A Shares 4,777,595 0.93137,400 VeriFone Systems 5,026,779 0.98117,900 VMware - A Shares 11,399,751 2.23125,200 Workday - A Shares 11,204,148 2.19261,140 Xilinx 12,321,891 2.4141,000 Yelp 3,166,840 0.62

459,160,365 89.76

NETHERLANDS253,000 NXP Semiconductor 16,542,405 3.23

16,542,405 3.23

SINGAPORE164,590 Avago Technologies 11,815,916 2.31

11,815,916 2.31

UNITED KINGDOM258,979 ARM Holdings ADR 11,667,004 2.28

11,667,004 2.28

SWITZERLAND124,200 TE Connectivity 7,684,254 1.50

7,684,254 1.50

Total Shares 506,869,944 99.08


506,869,944 99.08


Cash 4,882,343 0.95




SharesInformation Technology 81.96Industrials 7.50Consumer Discretionary 7.14Financials 1.76Materials 0.72Total Shares 99.08Cash and Other Assets/(Liabilities) 0.92

Total 100.00


SharesInformation Technology 76.71Consumer Discretionary 8.37Industrials 8.30Financials 3.58Materials 0.63Total Shares 97.59Cash and Other Assets/(Liabilities) 2.41

Total 100.00

185

JPMorgan Funds - US Technology FundSchedule of Investments (Market Value Expressed in USD)

As at 30 June 2014

Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets


Shares

UNITED STATES OF AMERICA282,780 Albemarle 20,138,178 0.51

36,612 Alleghany 15,854,827 0.401,324,400 Ally Financial 32,176,298 0.81

375,100 American Electric Power 20,823,676 0.521,087,185 American International Group 59,403,788 1.49

316,300 Ameriprise Financial 37,897,485 0.95993,550 AT&T 35,186,573 0.88

67,420 AutoZone 35,954,075 0.90492,400 Ball 30,782,386 0.77

4,741,378 Bank of America 72,614,204 1.82224,720 Baxter International 16,305,683 0.41734,400 Bed Bath & Beyond 42,070,104 1.06

1,070,300 Best Buy 33,564,608 0.84660,600 Bristol-Myers Squibb 32,346,279 0.81947,200 Capital One Financial 78,409,216 1.97707,180 Chevron 92,085,444 2.31386,740 Chubb 35,678,699 0.90

2,033,800 Cisco Systems 50,428,071 1.271,117,597 Citigroup 52,672,347 1.32285,500 Coach 9,734,122 0.25973,720 Coca-Cola 41,125,064 1.03590,971 ConocoPhillips 50,687,583 1.27336,840 CVS Caremark 25,520,683 0.64967,200 Delta Air Lines 37,832,028 0.95734,040 Devon Energy 59,064,529 1.48827,300 DISH Network - A Shares 53,534,583 1.35520,600 Dover 46,877,427 1.18616,200 Dr Pepper Snapple Group 36,056,943 0.91488,300 Duke Energy 35,982,827 0.91470,700 Edison International 27,204,106 0.68286,200 Emerson Electric 18,989,370 0.48541,900 Expedia 42,658,368 1.07

1,556,230 Exxon Mobil 157,140,324 3.95700,100 Gannett 21,657,593 0.54986,300 Gap 40,763,779 1.02175,900 Genuine Parts 15,406,201 0.39306,100 Hanesbrands 30,160,033 0.76990,000 Hewlett-Packard 33,556,050 0.84626,800 Hilton Worldwide Holdings 14,403,864 0.36394,730 Home Depot 31,900,105 0.80311,200 Honeywell International 28,899,588 0.73

170,000 Humana 21,848,400 0.55357,130 Illinois Tool Works 31,489,938 0.79181,980 International Business Machines 32,920,182 0.83984,270 Johnson & Johnson 103,363,114 2.60878,700 Kimco Realty 20,109,049 0.50

1,059,900 Kinder Morgan/Delaware 38,310,085 0.961,104,840 Kohl’s 59,009,504 1.48

521,100 Kroger 25,794,450 0.651,446,930 Loews 63,397,238 1.59

343,320 M&T Bank 42,544,214 1.07316,400 Marriott International - A Shares 20,308,134 0.51540,200 Marsh & McLennan 27,985,061 0.70261,900 Martin Marietta Materials 34,574,728 0.87615,700 MasterCard - A Shares 44,992,278 1.13161,700 McDonald’s 16,292,084 0.41

1,230,902 Merck & Co. 71,269,226 1.79798,420 Microsoft 33,617,474 0.84468,600 NextEra Energy 47,520,726 1.20391,340 Northeast Utilities 18,338,192 0.46453,800 Northern Trust 29,317,749 0.74673,800 Old Republic International 11,090,748 0.28338,600 PetSmart 20,217,806 0.51

3,059,980 Pfizer 91,080,305 2.29501,285 Phillips 66 40,456,206 1.02

462,700 PNC Financial Services Group 41,309,856 1.04141,086 PPG Industries 29,633,703 0.75

849,900 Procter & Gamble 67,205,843 1.69535,300 Prudential Financial 47,839,761 1.20408,930 QUALCOMM 32,409,747 0.81497,100 Rayonier 17,458,152 0.44165,699 Rayonier Advanced Materials 6,122,578 0.15268,400 Regency Centers 14,812,996 0.37285,200 Rock-Tenn - A Shares 30,020,152 0.75497,900 Sempra Energy 51,873,712 1.30592,500 Southwestern Energy 26,603,250 0.67891,830 SunTrust Banks 35,820,352 0.90475,570 T Rowe Price Group 40,292,668 1.01586,300 Texas Instruments 28,010,483 0.70588,458 Time 14,178,896 0.35525,270 Time Warner 36,695,362 0.92

481,900 Travelers 45,197,401 1.14142,100 TreeHouse Foods 11,359,474 0.28601,600 Twenty-First Century Fox - B Shares 20,673,984 0.52176,000 Union Pacific 17,726,720 0.44425,500 United Technologies 49,260,135 1.24535,090 UnitedHealth Group 43,872,029 1.10792,500 Unum 27,626,550 0.70

1,189,800 US Bancorp 51,470,748 1.291,009,300 Verizon Communications 49,546,537 1.25

329,545 Vornado Realty Trust 35,066,883 0.88216,850 Walgreen 16,046,900 0.40323,170 Walt Disney 27,653,657 0.70

3,072,328 Wells Fargo & Co. 161,312,582 4.051,032,500 Weyerhaeuser 33,736,938 0.85

278,110 WR Berkley 12,788,888 0.32

3,723,020,939 93.51

IRELAND762,000 XL Group 24,772,620 0.62

24,772,620 0.62

CANADA144,800 Valeant Pharmaceuticals International 18,495,304 0.46

18,495,304 0.46

MARSHALL ISLANDS232,310 Teekay 14,454,328 0.36

14,454,328 0.36

Total Shares 3,780,743,191 94.95


3,780,743,191 94.95


Investment Funds



190,818,746 4.79



190,818,746 4.79


Cash 5,127,943 0.13


Total Net Assets 3,981,989,997 100.00

186

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

As at 30 June 2014

Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets


SharesFinancials 29.35Consumer Discretionary 14.74Energy 10.70Health Care 10.01Industrials 6.57Utilities 6.03Information Technology 6.02Consumer Staples 5.60Investment Companies 4.79Materials 3.80Telecommunication Services 2.13Total Shares 99.74Cash and Other Assets/(Liabilities) 0.26

Total 100.00


SharesFinancials 28.61Consumer Discretionary 16.52Energy 11.38Health Care 10.12Industrials 6.63Utilities 6.52Investment Companies 6.47Information Technology 5.86Consumer Staples 5.78Materials 3.31Telecommunication Services 1.63Total Shares 102.83Cash and Other Assets/(Liabilities) (2.83)

Total 100.00

187

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

As at 30 June 2014

Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets

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

As at 30 June 2014



AmountSold


16-Jul-14 EUR 202,872,327 USD 274,875,366 2,342,16216-Jul-14 USD 13,069,838 EUR 9,623,744 (80,652)

Total 2,261,510



Barclays 7,866Crédit Suisse 3,511Deutsche Bank (5,576)Goldman Sachs (2,470)HSBC (21,066)Morgan Stanley 2,300,486National Australia Bank 64RBC 1,556Société Générale 1,676State Street Bank (32,987)UBS 8,459Westpac Banking (9)Total 2,261,510

188

1. Fund Total Expense Ratios*** (continued)For the

yearended

30 Jun 14

For theyear

ended30 Jun 14#

For theyear

ended30 Jun 13

For theyear

ended30 Jun 12

CappedExpense

Ratio30 Jun 14

InceptionDate

JPMorgan Funds - Africa Equity FundJPM Africa Equity A (acc) - EUR 1.90% 1.91% 1.90% 1.90% - 09-Dec-08JPM Africa Equity A (acc) - USD 1.90% 1.90% 1.90% 1.90% - 14-May-08JPM Africa Equity A (dist) - GBP 1.90% 1.90% 1.90% 1.90% - 24-Jul-08JPM Africa Equity A (dist) - USD 1.90% 1.90% - - - 11-Dec-13JPM Africa Equity A (inc) - EUR 1.90% 1.91% 1.90% 1.90% - 21-Dec-10JPM Africa Equity B (acc) - EUR 1.15% 1.15% - - - 06-Aug-13JPM Africa Equity B (acc) - USD 1.15% 1.20% 1.15% 1.15% - 11-Aug-08JPM Africa Equity B (dist) - GBP 1.15% 1.85% - - - 14-Apr-14JPM Africa Equity C (acc) - USD 0.95% 1.02% 0.95% 0.95% - 24-Nov-09JPM Africa Equity C (dist) - GBP 0.95% 1.01% 0.95% - - 26-Sep-12JPM Africa Equity D (acc) - EUR 2.65% 2.66% 2.65% 2.65% - 11-Jun-10JPM Africa Equity D (acc) - USD 2.65% 2.65% 2.65% 2.65% - 14-May-08JPM Africa Equity I (acc) - USD 0.91% 0.97% 0.91% 0.85% 0.91% 14-May-08JPM Africa Equity T (acc) - EUR 2.65% 2.66% 2.65% - - 19-Oct-12

JPMorgan Funds - America Equity FundJPM America Equity A (acc) - AUD 1.90% - - - - 22-Jul-13JPM America Equity A (acc) - AUD (hedged) 1.90% - - - - 04-Nov-13JPM America Equity A (acc) - EUR 1.90% - 1.90% - - 07-May-13JPM America Equity A (acc) - EUR (hedged) 1.90% - 1.90% 1.90% - 15-Mar-07JPM America Equity A (acc) - HKD 1.90% - 1.90% - - 06-Feb-13JPM America Equity A (acc) - USD 1.90% - 1.90% 1.90% - 01-Apr-05JPM America Equity A (dist) - USD 1.90% - 1.90% 1.90% - 16-Nov-88JPMorgan America Equity A (dist) - USD 1.90% - 1.90% 1.90% - 01-Jun-01JPM America Equity B (acc) - USD 1.15% - 1.15% 1.15% - 26-Aug-04JPM America Equity B (dist) - USD 1.15% - - - - 24-Jul-13JPM America Equity C (acc) - EUR (hedged) 0.85% - 0.85% 0.85% - 28-Jan-08JPM America Equity C (acc) - USD 0.85% - 0.85% 0.85% - 26-Aug-04JPM America Equity C (dist) - USD 0.85% - 0.85% - - 26-Sep-12JPM America Equity D (acc) - EUR 2.65% - 2.65% 2.65% - 08-May-06JPM America Equity D (acc) - EUR (hedged) 2.65% - 2.65% 2.65% - 15-Mar-07JPM America Equity D (acc) - USD 2.65% - 2.65% 2.65% - 13-Oct-00JPM America Equity I (acc) - USD 0.72% - 0.81% - 0.81% 26-Oct-12JPM America Equity I (dist) - USD 0.81% - - - 0.81% 14-Jan-14JPM America Equity X (acc) - USD 0.08% - 0.11% 0.14% 0.15% 24-Nov-04

JPMorgan Funds - Asia Pacific Income FundJPMorgan Asia Pacific Income A (acc) - HKD 1.90% - 1.90% - - 06-Feb-13JPMorgan Asia Pacific Income A (acc) - USD 1.90% - 1.90% 1.90% - 31-Mar-05JPMorgan Asia Pacific Income A (dist) - USD 1.90% - 1.90% 1.90% - 15-Jun-01JPMorgan Asia Pacific Income A (irc) - AUD (hedged) 1.90% - - - - 07-Oct-13JPMorgan Asia Pacific Income A (irc) - CAD (hedged) 1.90% - - - - 07-Oct-13JPMorgan Asia Pacific Income A (irc) - EUR (hedged) 1.90% - - - - 27-Nov-13JPMorgan Asia Pacific Income A (irc) - GBP (hedged) 1.90% - - - - 27-Nov-13JPMorgan Asia Pacific Income A (irc) - NZD (hedged) 1.90% - - - - 27-Nov-13JPMorgan Asia Pacific Income A (irc) - RMB (hedged) 1.90% - - - - 17-Mar-14JPMorgan Asia Pacific Income A (mth) - HKD 1.90% - 1.90% 1.90% - 25-May-12JPMorgan Asia Pacific Income A (mth) - SGD 1.90% - 1.90% - - 19-Sep-12JPMorgan Asia Pacific Income A (mth) - SGD (hedged) 1.90% - 1.90% - - 14-Mar-13JPMorgan Asia Pacific Income A (mth) - USD 1.90% - 1.90% 1.90% - 25-May-12JPMorgan Asia Pacific Income B (acc) - USD 1.15% - 1.15% 1.15% - 10-Sep-07JPMorgan Asia Pacific Income B (mth) - USD 1.15% - 1.15% - - 05-Jul-12JPMorgan Asia Pacific Income C (dist) - USD 1.00% - 1.00% - - 26-Sep-12JPMorgan Asia Pacific Income D (acc) - USD 2.35% - 2.35% 2.35% - 22-Jun-01JPMorgan Asia Pacific Income D (mth) - USD 2.35% - 2.35% - - 05-Jul-12JPMorgan Asia Pacific Income X (acc) - USD 0.09% - 0.13% - 0.20% 04-Feb-13

JPMorgan Funds - Asia Pacific Strategic Equity Fund (1)JPM Asia Pacific Strategic Equity A (acc) - EUR 1.90% - 1.90% 1.90% - 09-Sep-09JPM Asia Pacific Strategic Equity A (acc) - SGD 1.90% - - - - 12-Sep-13JPM Asia Pacific Strategic Equity A (acc) - USD 1.90% - 1.90% 1.90% - 09-Sep-09JPM Asia Pacific Strategic Equity A (dist) - GBP 1.90% - - - - 13-Sep-13JPM Asia Pacific Strategic Equity A (dist) - USD 1.90% - 1.90% 1.90% - 07-Apr-11JPM Asia Pacific Strategic Equity B (acc) - EUR 1.15% - 1.15% 1.15% - 13-May-11JPM Asia Pacific Strategic Equity B (acc) - USD 1.15% - - - - 13-Sep-13JPM Asia Pacific Strategic Equity B (dist) - USD 1.15% - - - - 13-Sep-13JPM Asia Pacific Strategic Equity C (acc) - EUR 0.95% - 0.95% 0.95% - 19-Apr-11JPM Asia Pacific Strategic Equity C (acc) - USD 0.95% - - - - 13-Sep-13JPM Asia Pacific Strategic Equity D (acc) - EUR 2.65% - - - - 13-Sep-13JPM Asia Pacific Strategic Equity D (acc) - USD 2.65% - - - - 13-Sep-13JPM Asia Pacific Strategic Equity X (acc) - USD 0.14% - 0.14% 0.04% 0.15% 02-Dec-10


189

JPMorgan FundsAppendix - Unaudited Additional Disclosures


yearended

30 Jun 14

For theyear

ended30 Jun 14#

For theyear

ended30 Jun 13

For theyear

ended30 Jun 12

CappedExpense

Ratio30 Jun 14

InceptionDate

JPMorgan Funds - Brazil Equity FundJPM Brazil Equity A (acc) - EUR 1.90% - 1.90% 1.90% - 28-Mar-11JPM Brazil Equity A (acc) - SGD 1.90% - 1.90% 1.90% - 09-Aug-10JPM Brazil Equity A (acc) - USD 1.90% - 1.90% 1.90% - 18-Oct-07JPM Brazil Equity A (dist) - USD 1.90% - 1.90% 1.90% - 24-Nov-09JPM Brazil Equity B (acc) - USD 1.15% - 1.15% 1.15% - 28-Jan-08JPM Brazil Equity C (acc) - USD 1.10% - 1.10% 1.10% - 19-Mar-08JPM Brazil Equity D (acc) - EUR 2.90% - 2.90% 2.90% - 13-Jul-10JPM Brazil Equity D (acc) - USD 2.90% - 2.90% 2.90% - 18-Oct-07JPM Brazil Equity I (acc) - EUR* - - 1.02% 1.03% 1.06% 18-Jun-10JPM Brazil Equity I (acc) - USD 1.01% - 1.02% 1.03% 1.06% 18-Oct-07JPM Brazil Equity T (acc) - EUR 2.90% - 2.90% 2.90% - 21-Feb-11

JPMorgan Funds - China FundJPMorgan China A (acc) - SGD 1.90% - 1.90% 1.90% - 14-Dec-09JPMorgan China A (acc) - USD 1.90% - 1.90% 1.90% - 31-Mar-05JPMorgan China A (dist) - HKD 1.90% - 1.90% 1.90% - 20-Sep-10JPMorgan China A (dist) - USD 1.90% - 1.90% 1.90% - 04-Jul-94JPMorgan China B (acc) - USD 1.15% - 1.15% 1.15% - 21-Feb-06JPMorgan China B (dist) - USD 1.15% - - - - 08-Aug-13JPMorgan China C (acc) - USD 1.00% - 1.00% 1.00% - 01-Feb-05JPMorgan China C (dist) - USD 1.00% - 1.00% - - 26-Sep-12JPMorgan China D (acc) - EUR 2.90% - 2.90% 2.90% - 13-Jul-10JPMorgan China D (acc) - USD 2.90% - 2.90% 2.90% - 13-Oct-00JPMorgan China I (acc) - USD** 0.96% - - 0.87% 0.96% 26-Feb-07JPMorgan China I (dist) - USD 0.96% - - - 0.96% 09-Oct-13JPMorgan China T (acc) - EUR 2.90% - 2.90% 2.90% - 21-Feb-11JPMorgan China X (acc) - USD 0.20% - 0.12% 0.13% 0.20% 18-May-07

JPMorgan Funds - Eastern Europe Equity FundJPM Eastern Europe Equity A (acc) - EUR 1.95% - 1.95% 1.95% - 31-Mar-05JPM Eastern Europe Equity A (acc) - USD 1.95% - 1.95% 1.95% - 10-Jun-11JPM Eastern Europe Equity A (dist) - EUR 1.95% - 1.95% 1.95% - 04-Jul-94JPMorgan Eastern Europe Equity A (dist) - EUR 1.95% - 1.95% 1.95% - 15-Jun-01JPM Eastern Europe Equity B (acc) - EUR 1.20% - 1.20% 1.20% - 20-Mar-06JPM Eastern Europe Equity B (dist) - EUR 1.20% - 1.20% - - 19-Apr-13JPM Eastern Europe Equity C (acc) - EUR 1.10% - 1.10% 1.10% - 25-Feb-05JPM Eastern Europe Equity D (acc) - EUR 2.95% - 2.95% 2.95% - 13-Oct-00JPM Eastern Europe Equity I (acc) - EUR 1.04% - 1.06% 1.02% 1.06% 26-Jun-06JPM Eastern Europe Equity X (acc) - EUR 0.15% - 0.18% 0.18% 0.20% 09-Nov-04

JPMorgan Funds - Emerging Europe, Middle East and Africa Equity FundJPM 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% - 1.95% 1.95% - 09-Aug-10JPM Emerging Europe, Middle East and Africa Equity A (acc) - USD 1.95% - 1.95% 1.95% - 31-Mar-05JPM Emerging Europe, Middle East and Africa Equity A (dist) - USD 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% - 03-Sep-04JPM Emerging Europe, Middle East and Africa Equity B (dist) - USD 1.20% - - - - 24-Jul-13JPM Emerging Europe, Middle East and Africa Equity C (acc) - USD 1.10% - 1.10% 1.10% - 01-Feb-05JPM Emerging Europe, Middle East and Africa Equity D (acc) - EUR 2.95% - 2.95% 2.95% - 13-Jul-10JPM Emerging Europe, Middle East and Africa Equity D (acc) - USD 2.95% - 2.95% 2.95% - 13-Oct-00JPM Emerging Europe, Middle East and Africa Equity I (acc) - USD 1.01% - 1.04% 1.06% 1.06% 26-Jun-06JPM Emerging Europe, Middle East and Africa Equity T (acc) - EUR 2.95% - 2.95% 2.95% - 16-Feb-11JPM Emerging Europe, Middle East and Africa Equity X (acc) - USD 0.16% - 0.19% 0.19% 0.20% 08-Feb-05

190

JPMorgan FundsAppendix - Unaudited Additional Disclosures (continued)


yearended

30 Jun 14

For theyear

ended30 Jun 14#

For theyear

ended30 Jun 13

For theyear

ended30 Jun 12

CappedExpense

Ratio30 Jun 14

InceptionDate

JPMorgan Funds - Emerging Markets Corporate Bond FundJPM Emerging Markets Corporate Bond A (acc) - CHF (hedged) 1.40% - - - - 13-Jun-14JPM Emerging Markets Corporate Bond A (acc) - EUR (hedged) 1.40% - 1.40% 1.40% - 14-Jul-10JPM Emerging Markets Corporate Bond A (acc) - USD 1.40% - 1.40% 1.40% - 14-Jul-10JPM Emerging Markets Corporate Bond A (acc) - USD - Duration (hedged) 1.40% - - - - 30-Apr-14JPM Emerging Markets Corporate Bond A (div) - EUR (hedged) 1.40% - 1.40% 1.40% - 02-Dec-11JPM Emerging Markets Corporate Bond A (inc) - EUR (hedged) 1.40% - 1.40% 1.40% - 21-Mar-12JPM Emerging Markets Corporate Bond A (irc) - AUD (hedged) 1.40% - - - - 17-Jul-13JPM Emerging Markets Corporate Bond A (mth) - USD 1.40% - 1.40% - - 17-Oct-12JPM Emerging Markets Corporate Bond B (acc) - EUR (hedged) 0.85% - 0.85% - - 17-Jan-13JPM Emerging Markets Corporate Bond B (acc) - USD 0.85% - 0.85% 0.85% - 21-Oct-10JPM Emerging Markets Corporate Bond B (inc) - EUR (hedged) 0.85% - - - - 26-Sep-13JPM Emerging Markets Corporate Bond B (mth) - USD 0.85% - - - - 10-Jul-14JPM Emerging Markets Corporate Bond C (acc) - EUR 0.70% - - - - 06-Feb-14JPM Emerging Markets Corporate Bond C (acc) - EUR (hedged) 0.70% - 0.70% - - 09-Jul-12JPM Emerging Markets Corporate Bond C (acc) - USD 0.70% - 0.70% 0.70% - 24-Sep-10JPM Emerging Markets Corporate Bond C (acc) - USD - Duration (hedged) 0.70% - - - - 30-Apr-14JPM Emerging Markets Corporate Bond C (dist) - GBP (hedged) 0.70% - - - - 07-Apr-14JPM Emerging Markets Corporate Bond C (dist) - USD 0.70% - - - - 10-Apr-14JPM Emerging Markets Corporate Bond C (div) - EUR (hedged) 0.70% - 0.70% - - 19-Apr-13JPM Emerging Markets Corporate Bond D (acc) - EUR (hedged) 1.90% - 1.90% 1.90% - 27-Aug-10JPM Emerging Markets Corporate Bond D (div) - EUR (hedged) 1.90% - 1.90% 1.90% - 02-Dec-11JPM Emerging Markets Corporate Bond I (acc) - EUR 0.60% - - - 0.66% 08-Nov-13JPM Emerging Markets Corporate Bond I (dist) - CHF (hedged) 0.60% - - - 0.66% 26-Nov-13JPM Emerging Markets Corporate Bond T (acc) - EUR (hedged) 1.90% - 1.90% - - 04-Jul-12JPM Emerging Markets Corporate Bond X (acc) - EUR (hedged) 0.11% - - - 0.15% 29-Jan-14JPM Emerging Markets Corporate Bond X (acc) - USD** 0.15% - - 0.14% 0.15% 13-Jul-11JPM Emerging Markets Corporate Bond X (inc) - EUR (hedged) 0.15% - - - 0.15% 14-Apr-14JPM Emerging Markets Corporate Bond Y (acc) - EUR (hedged) 0.15% - 0.15% - 0.15% 08-Mar-13JPM Emerging Markets Corporate Bond Y (acc) - USD 0.09% - 0.11% - 0.15% 04-Feb-13

JPMorgan Funds - Emerging Markets Debt FundJPM Emerging Markets Debt A (acc) - EUR (hedged) 1.55% - 1.55% 1.55% - 31-Mar-05JPM Emerging Markets Debt A (acc) - GBP (hedged)* 1.55% - 1.55% - - 14-Jan-13JPM Emerging Markets Debt A (acc) - USD 1.55% - 1.55% 1.55% - 09-Apr-10JPM Emerging Markets Debt A (dist) - GBP 1.55% - - - - 24-Jan-14JPM Emerging Markets Debt A (inc) - EUR (hedged) 1.55% - 1.55% 1.55% - 14-Mar-97JPM Emerging Markets Debt A (inc) - USD 1.55% - 1.55% 1.55% - 16-May-12JPM Emerging Markets Debt A (irc) - AUD (hedged) 1.55% - 1.55% - - 12-Mar-13JPM Emerging Markets Debt A (irc) - CAD (hedged) 1.55% - 1.55% - - 19-Mar-13JPM Emerging Markets Debt A (irc) - NZD (hedged) 1.55% - 1.55% - - 14-Mar-13JPM Emerging Markets Debt A (irc) - RMB (hedged) 1.55% - - - - 17-Mar-14JPM Emerging Markets Debt A (mth) - EUR (hedged) 1.55% - 1.55% 1.55% - 17-Sep-08JPM Emerging Markets Debt A (mth) - HKD 1.55% - 1.55% 1.55% - 01-Feb-12JPM Emerging Markets Debt A (mth) - USD 1.55% - 1.55% 1.55% - 22-Feb-10JPM Emerging Markets Debt B (acc) - EUR (hedged) 1.10% - 1.10% 1.10% - 24-Sep-09JPM Emerging Markets Debt B (acc) - USD 1.10% - 1.10% 1.10% - 20-Apr-12JPM Emerging Markets Debt B (inc) - EUR (hedged) 1.10% - - - - 13-Aug-13JPM Emerging Markets Debt C (acc) - EUR (hedged) 0.70% - 0.70% 0.70% - 21-Jun-06JPM Emerging Markets Debt C (acc) - USD* 0.70% - 0.70% 0.70% - 18-Jan-12JPM Emerging Markets Debt C (dist) - USD 0.70% - 0.70% 0.70% - 29-May-12JPM Emerging Markets Debt C (mth) - USD* 0.70% - 0.70% - - 03-Aug-12JPM Emerging Markets Debt D (acc) - EUR (hedged) 2.25% - 2.25% 2.25% - 13-Oct-00JPM Emerging Markets Debt I (acc) - EUR (hedged) 0.61% - 0.65% - 0.66% 31-May-13JPM Emerging Markets Debt I (acc) - USD 0.66% - - - 0.66% 16-Oct-13JPM Emerging Markets Debt I (dist) - USD 0.66% - - - 0.66% 17-Oct-13JPM Emerging Markets Debt I (inc) - EUR (hedged) 0.61% - 0.63% 0.66% 0.66% 14-Jun-07JPM Emerging Markets Debt X (acc) - EUR (hedged) 0.11% - 0.13% 0.15% 0.15% 21-May-07JPM Emerging Markets Debt X (acc) - GBP (hedged) 0.12% - 0.13% 0.15% 0.15% 14-Oct-11JPM Emerging Markets Debt X (dist) - USD 0.15% - 0.13% - 0.15% 24-Jul-12

191



yearended

30 Jun 14

For theyear

ended30 Jun 14#

For theyear

ended30 Jun 13

For theyear

ended30 Jun 12

CappedExpense

Ratio30 Jun 14

InceptionDate

JPMorgan Funds - Emerging Markets Equity FundJPM Emerging Markets Equity A (acc) - EUR 1.90% - 1.90% 1.90% - 20-Sep-05JPM Emerging Markets Equity A (acc) - EUR (hedged) 1.90% - 1.90% 1.90% - 10-Aug-11JPM Emerging Markets Equity A (acc) - SGD 1.90% - 1.90% 1.90% - 14-Dec-09JPM Emerging Markets Equity A (acc) - USD 1.90% - 1.90% 1.90% - 31-Mar-05JPM Emerging Markets Equity A (dist) - GBP 1.90% - 1.90% 1.90% - 13-Oct-00JPM Emerging Markets Equity A (dist) - USD 1.90% - 1.90% 1.90% - 13-Apr-94JPM Emerging Markets Equity B (acc) - EUR 1.15% - - - - 08-Aug-13JPM Emerging Markets Equity B (acc) - USD 1.15% - 1.15% 1.15% - 22-Dec-04JPM Emerging Markets Equity B (dist) - GBP 1.15% - - - - 01-Oct-13JPM Emerging Markets Equity B (dist) - USD 1.15% - - - - 24-Jul-13JPM Emerging Markets Equity C (acc) - EUR 1.10% - 1.10% - - 24-Jan-13JPM Emerging Markets Equity C (acc) - EUR (hedged) 1.10% - 1.10% - - 14-Jun-13JPM Emerging Markets Equity C (acc) - USD 1.10% - 1.10% 1.10% - 01-Feb-05JPM Emerging Markets Equity C (dist) - GBP 1.10% - 1.10% - - 26-Sep-12JPM Emerging Markets Equity C (dist) - USD 1.10% - 1.10% 1.10% - 24-Feb-11JPM Emerging Markets Equity D (acc) - EUR 2.90% - 2.90% 2.90% - 08-May-06JPM Emerging Markets Equity D (acc) - EUR (hedged)* 2.90% - 2.90% - - 15-Apr-13JPM Emerging Markets Equity D (acc) - USD 2.90% - 2.90% 2.90% - 13-Oct-00JPM Emerging Markets Equity I (acc) - EUR 0.96% - 0.99% 1.02% 1.06% 28-Apr-09JPM Emerging Markets Equity I (acc) - EUR (hedged) 0.96% - 0.99% - 1.06% 02-Jul-12JPM Emerging Markets Equity I (acc) - SGD* - - - - 1.06% 16-Oct-13JPM Emerging Markets Equity I (acc) - USD 0.96% - 0.98% 1.01% 1.06% 27-Jun-06JPM Emerging Markets Equity I (dist) - GBP 1.06% - - - 1.06% 11-Oct-13JPM Emerging Markets Equity I (dist) - USD 1.06% - - - 1.06% 09-Oct-13JPM Emerging Markets Equity I (inc) - EUR 0.96% - 0.98% 1.02% 1.06% 30-May-06JPM Emerging Markets Equity T (acc) - EUR 2.65% - - - - 22-Oct-13JPM Emerging Markets Equity X (acc) - EUR 0.15% - 0.15% 0.17% 0.20% 23-Feb-11JPM Emerging Markets Equity X (acc) - EUR (hedged) 0.15% - - - 0.20% 22-May-14JPM Emerging Markets Equity X (acc) - USD 0.17% - 0.17% 0.17% 0.20% 23-Nov-04JPM Emerging Markets Equity X (dist) - USD 0.12% - 0.14% 0.16% 0.20% 10-Feb-09JPM Emerging Markets Equity X (inc) - EUR 0.11% - 0.14% 0.16% 0.20% 19-Dec-05

JPMorgan Funds - Emerging Markets Local Currency Debt FundJPM Emerging Markets Local Currency Debt A (acc) - EUR 1.40% - 1.40% 1.40% - 24-Jan-08JPM Emerging Markets Local Currency Debt A (acc) - SGD 1.40% - 1.40% 1.40% - 21-Sep-11JPM Emerging Markets Local Currency Debt A (acc) - USD 1.40% - 1.40% 1.40% - 24-Jan-08JPM Emerging Markets Local Currency Debt A (dist) - GBP 1.40% - 1.40% 1.40% - 13-Aug-10JPM Emerging Markets Local Currency Debt A (div) - EUR 1.40% - 1.40% 1.40% - 23-May-12JPM Emerging Markets Local Currency Debt A (inc) - EUR 1.40% - 1.40% 1.40% - 27-Dec-10JPM Emerging Markets Local Currency Debt A (irc) - AUD (hedged) 1.40% - - - - 17-Jul-13JPM Emerging Markets Local Currency Debt A (mth) - USD 1.40% - 1.40% 1.40% - 20-Nov-09JPM Emerging Markets Local Currency Debt B (acc) - EUR 0.85% - 0.85% 0.85% - 11-Apr-11JPM Emerging Markets Local Currency Debt B (acc) - USD 0.85% - 0.85% 0.85% - 14-Feb-08JPM Emerging Markets Local Currency Debt B (inc) - EUR 0.85% - - - - 20-Jan-14JPM Emerging Markets Local Currency Debt B (mth) - USD 0.85% - 0.85% - - 19-Jul-12JPM Emerging Markets Local Currency Debt C (acc) - EUR 0.70% - 0.70% 0.70% - 01-Oct-10JPM Emerging Markets Local Currency Debt C (acc) - SEK 0.70% - - - - 19-Jun-14JPM Emerging Markets Local Currency Debt C (acc) - USD 0.70% - 0.70% 0.70% - 09-Mar-10JPM Emerging Markets Local Currency Debt C (dist) - GBP 0.70% - 0.70% - - 26-Sep-12JPM Emerging Markets Local Currency Debt C (div) - EUR 0.70% - - - - 05-Nov-13JPM Emerging Markets Local Currency Debt C (mth) - USD* 0.70% - 0.70% - - 14-Dec-12JPM Emerging Markets Local Currency Debt D (acc) - EUR 1.90% - 1.90% 1.90% - 24-Jan-08JPM Emerging Markets Local Currency Debt D (acc) - USD 1.90% - 1.90% 1.90% - 24-Jan-08JPM Emerging Markets Local Currency Debt D (div) - EUR 1.90% - 1.90% 1.90% - 19-Apr-10JPM Emerging Markets Local Currency Debt D (mth) - USD 1.90% - 1.90% - - 19-Jul-12JPM Emerging Markets Local Currency Debt I (acc) - EUR 0.64% - 0.66% 0.66% 0.66% 26-Oct-10JPM Emerging Markets Local Currency Debt I (acc) - EUR (hedged) 0.64% - 0.66% - 0.66% 15-Apr-13JPM Emerging Markets Local Currency Debt I (acc) - USD 0.64% - 0.65% 0.66% 0.66% 10-Aug-11JPM Emerging Markets Local Currency Debt I (inc) - EUR 0.64% - 0.65% 0.66% 0.66% 24-Nov-11JPM Emerging Markets Local Currency Debt T (acc) - EUR 1.90% - 1.90% 1.90% - 03-Jun-11JPM Emerging Markets Local Currency Debt T (div) - EUR 1.90% - 1.90% 1.90% - 21-Feb-11JPM Emerging Markets Local Currency Debt X (acc) - EUR* - - 0.14% 0.15% 0.15% 01-Oct-08JPM Emerging Markets Local Currency Debt X (acc) - EUR (hedged) 0.14% - 0.14% - 0.15% 09-Nov-12JPM Emerging Markets Local Currency Debt X (acc) - USD 0.13% - 0.14% 0.15% 0.15% 01-Jul-08JPM Emerging Markets Local Currency Debt Y (acc) - EUR 0.14% - 0.15% - 0.15% 08-Mar-13JPM Emerging Markets Local Currency Debt Y (acc) - GBP 0.14% - 0.14% 0.15% 0.15% 14-Oct-11

192



yearended

30 Jun 14

For theyear

ended30 Jun 14#

For theyear

ended30 Jun 13

For theyear

ended30 Jun 12

CappedExpense

Ratio30 Jun 14

InceptionDate

JPMorgan Funds - Emerging Markets Opportunities FundJPM Emerging Markets Opportunities A (acc) - CHF (hedged) 1.90% - 1.90% - - 04-Jan-13JPM Emerging Markets Opportunities A (acc) - EUR 1.90% - 1.90% 1.90% - 25-Apr-12JPM Emerging Markets Opportunities A (acc) - SGD 1.90% - 1.90% - - 04-Jan-13JPM Emerging Markets Opportunities A (acc) - SGD (hedged) 1.90% - 1.90% - - 29-Jan-13JPM Emerging Markets Opportunities A (acc) - USD 1.90% - 1.90% 1.90% - 31-Jul-90JPM Emerging Markets Opportunities A (dist) - EUR 1.90% - 1.90% 1.90% - 07-Jun-12JPM Emerging Markets Opportunities A (dist) - GBP 1.90% - 1.90% - - 05-Dec-12JPM Emerging Markets Opportunities A (dist) - USD 1.90% - 1.90% - - 25-Mar-13JPM Emerging Markets Opportunities A (inc) - EUR 1.90% - 1.90% - - 10-Apr-13JPM Emerging Markets Opportunities B (acc) - EUR 1.15% - - - - 24-Sep-13JPM Emerging Markets Opportunities B (acc) - USD 1.15% - 1.15% 1.15% - 31-Jul-90JPM Emerging Markets Opportunities B (dist) - EUR** 1.15% - - - - 28-Aug-13JPM Emerging Markets Opportunities B (dist) - GBP 1.15% - 1.15% - - 23-Jan-13JPM Emerging Markets Opportunities B (dist) - USD 1.15% - - - - 09-Apr-14JPM Emerging Markets Opportunities C (acc) - EUR 1.10% - - - - 05-Jun-14JPM Emerging Markets Opportunities C (acc) - PLN 1.10% - 1.10% 1.10% - 12-Jan-12JPM Emerging Markets Opportunities C (acc) - USD 1.10% - 1.10% 1.10% - 03-Mar-97JPM Emerging Markets Opportunities C (dist) - GBP 1.10% - 1.10% - - 05-Mar-13JPM Emerging Markets Opportunities C (dist) - USD 1.10% - 1.10% - - 19-Apr-13JPM Emerging Markets Opportunities D (acc) - EUR 2.65% - 2.65% - - 07-Jun-13JPM Emerging Markets Opportunities D (acc) - PLN 2.65% - 2.65% 2.65% - 12-Jan-12JPM Emerging Markets Opportunities D (acc) - USD 2.65% - 2.65% - - 09-Jul-12JPM Emerging Markets Opportunities I (acc) - EUR 0.98% - 1.04% - 1.06% 06-Jul-12JPM Emerging Markets Opportunities I (acc) - USD 0.98% - 1.03% 1.06% 1.06% 26-Feb-10JPM Emerging Markets Opportunities T (acc) - EUR 2.65% - 2.65% - - 19-Oct-12JPM Emerging Markets Opportunities X (acc) - EUR 0.13% - 0.19% - 0.20% 08-Mar-13JPM Emerging Markets Opportunities X (acc) - EUR (hedged) 0.16% - - - 0.20% 22-May-14JPM Emerging Markets Opportunities X (acc) - GBP 0.13% - 0.17% - 0.20% 30-Nov-12JPM Emerging Markets Opportunities X (acc) - USD 0.13% - 0.17% 0.19% 0.20% 06-Apr-98JPM Emerging Markets Opportunities X (dist) - AUD 0.20% - - - 0.20% 15-Oct-13

JPMorgan Funds - Emerging Markets Small Cap FundJPM Emerging Markets Small Cap A (acc) - EUR 1.90% 1.91% 1.90% 1.90% - 15-Nov-07JPM Emerging Markets Small Cap A (acc) - USD 1.90% 1.94% 1.90% 1.90% - 15-Nov-07JPM Emerging Markets Small Cap A (dist) - GBP 1.90% 1.95% 1.90% 1.90% - 15-Nov-07JPM Emerging Markets Small Cap B (acc) - EUR 1.15% 1.95% - - - 24-Jul-13JPM Emerging Markets Small Cap B (acc) - USD 1.15% 1.37% 1.15% 1.15% - 03-Jun-08JPM Emerging Markets Small Cap C (acc) - EUR 1.10% 1.32% 1.10% 1.10% - 06-Jul-11JPM Emerging Markets Small Cap C (acc) - USD 1.10% 1.22% 1.10% 1.10% - 07-Dec-07JPM Emerging Markets Small Cap D (acc) - EUR 2.90% 2.90% 2.90% 2.90% - 11-Jun-10JPM Emerging Markets Small Cap D (acc) - USD 2.90% 2.90% 2.90% 2.90% - 15-Nov-07JPM Emerging Markets Small Cap I (acc) - USD 1.02% 1.03% 1.06% 1.05% 1.06% 09-Mar-11JPM Emerging Markets Small Cap T (acc) - EUR 2.90% 2.91% 2.90% - - 04-Jul-12JPM Emerging Markets Small Cap Y (acc) - EUR 0.20% 0.20% 0.20% - - 08-Mar-13

JPMorgan Funds - Emerging Middle East Equity FundJPM 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% - 1.95% 1.95% - 09-Aug-10JPM Emerging Middle East Equity A (acc) - USD 1.95% - 1.95% 1.95% - 31-Mar-05JPM Emerging Middle East Equity A (dist) - USD 1.95% - 1.95% 1.95% - 18-May-98JPM Emerging Middle East Equity B (acc) - USD 1.20% - 1.20% 1.20% - 19-Apr-05JPM Emerging Middle East Equity B (dist) - USD 1.20% - - - - 30-Jul-13JPM Emerging Middle East Equity C (acc) - USD 1.10% - 1.10% 1.10% - 21-Jan-08JPM Emerging Middle East Equity D (acc) - EUR 2.95% - 2.95% 2.95% - 13-Jul-10JPM Emerging Middle East Equity D (acc) - USD 2.95% - 2.95% 2.95% - 13-Oct-00JPM Emerging Middle East Equity I (acc) - USD 1.05% - 1.06% 1.03% 1.06% 08-Dec-10

JPMorgan Funds - Euro Money Market FundJPM Euro Money Market A (acc) - EUR 0.65% - 0.65% 0.65% - 22-May-06JPMorgan Euro Money Market A (acc) - EUR 0.47% - - - - 07-Jan-14JPM Euro Money Market C (acc) - EUR** 0.26% - - - - 15-Nov-13JPM Euro Money Market D (acc) - EUR 0.75% - 0.75% 0.75% - 30-Aug-06

JPMorgan Funds - Euroland Equity FundJPM Euroland Equity A (acc) - CHF (hedged) 1.90% - - - - 12-Dec-13JPM Euroland Equity A (acc) - EUR 1.90% - 1.90% 1.90% - 31-Mar-05JPM Euroland Equity A (acc) - GBP (hedged) 1.90% - - - - 12-Dec-13JPM Euroland Equity A (acc) - USD (hedged) 1.90% - - - - 12-Dec-13JPM Euroland Equity A (dist) - EUR 1.90% - 1.90% 1.90% - 30-Nov-88JPMorgan Euroland Equity A (dist) - USD 1.90% - 1.90% 1.90% - 01-Jun-01JPM Euroland Equity A (inc) - EUR 1.90% - 1.90% 1.90% - 18-Oct-07JPM Euroland Equity B (acc) - EUR 1.15% - 1.15% 1.15% - 23-Jan-08JPM Euroland Equity B (dist) - EUR 1.15% - 1.15% - - 15-Feb-13JPM Euroland Equity C (acc) - EUR 0.85% - 0.85% 0.85% - 09-Sep-04JPM Euroland Equity D (acc) - EUR 2.65% - 2.65% 2.65% - 13-Oct-00JPM Euroland Equity I (acc) - EUR* - - - - 0.81% 28-Jun-06JPM Euroland Equity X (acc) - EUR 0.14% - 0.14% 0.15% 0.15% 03-Aug-07

193



yearended

30 Jun 14

For theyear

ended30 Jun 14#

For theyear

ended30 Jun 13

For theyear

ended30 Jun 12

CappedExpense

Ratio30 Jun 14

InceptionDate

JPMorgan Funds - Europe Dynamic FundJPM Europe Dynamic A (acc) - AUD (hedged) 1.90% - - - - 22-Nov-13JPM Europe Dynamic A (acc) - EUR 1.90% - 1.90% 1.90% - 31-Mar-05JPM Europe Dynamic A (acc) - HKD (hedged) 1.90% - - - - 22-Nov-13JPM Europe Dynamic A (acc) - SGD (hedged) 1.90% - - - - 19-May-14JPM Europe Dynamic A (acc) - USD 1.90% - - - - 23-Oct-13JPM Europe Dynamic A (acc) - USD (hedged) 1.90% - - - - 22-Nov-13JPM Europe Dynamic A (dist) - EUR 1.90% - 1.90% 1.90% - 08-Dec-00JPMorgan Europe Dynamic A (dist) - EUR 1.90% - 1.90% 1.90% - 27-May-04JPM Europe Dynamic A (dist) - GBP 1.90% - 1.90% 1.90% - 08-Dec-00JPM Europe Dynamic A (inc) - EUR 1.90% - - - - 23-Oct-13JPM Europe Dynamic B (acc) - EUR 1.15% - 1.15% 1.15% - 26-Aug-04JPM Europe Dynamic B (acc) - USD 1.15% - - - - 03-Dec-13JPM Europe Dynamic B (acc) - USD (hedged) 1.15% - - - - 15-Apr-14JPM Europe Dynamic B (dist) - EUR 1.15% - - - - 24-Jul-13JPM Europe Dynamic B (dist) - GBP 1.15% - - - - 01-Oct-13JPM Europe Dynamic C (acc) - EUR 1.00% - 1.00% 1.00% - 26-Aug-04JPM Europe Dynamic D (acc) - EUR 2.90% - 2.90% 2.90% - 08-Dec-00JPM Europe Dynamic D (acc) - USD (hedged) 2.90% - - - - 14-May-14JPM Europe Dynamic D (acc) - USD** 2.90% - - - - 01-Oct-04JPM Europe Dynamic I (acc) - EUR 0.90% - 0.95% 0.95% 0.96% 12-Jul-06JPM Europe Dynamic I (acc) - USD 0.96% - - - 0.96% 14-Jan-14JPM Europe Dynamic I (dist) - EUR 0.96% - - - 0.96% 10-Oct-13JPM Europe Dynamic I (dist) - GBP 0.96% - - - 0.96% 25-Nov-13JPM Europe Dynamic T (acc) - EUR 2.90% - 2.90% 2.90% - 16-Feb-11JPM Europe Dynamic X (acc) - EUR** 0.13% - 0.15% 0.15% 0.15% 25-Oct-04

JPMorgan Funds - Europe Equity FundJPM Europe Equity A (acc) - EUR 1.90% - 1.90% 1.90% - 31-Mar-05JPM Europe Equity A (acc) - USD 1.90% - 1.90% 1.90% - 13-Oct-00JPM Europe Equity A (acc) - USD (hedged) 1.90% - - - - 11-Apr-14JPM Europe Equity A (dist) - EUR 1.90% - 1.90% 1.90% - 01-Dec-88JPMorgan Europe Equity A (dist) - USD 1.90% - 1.90% 1.90% - 29-Dec-00JPM Europe Equity B (acc) - EUR 1.15% - 1.15% 1.15% - 26-Aug-04JPM Europe Equity B (acc) - USD 1.15% - - - - 03-Dec-13JPM Europe Equity B (acc) - USD (hedged) 1.15% - - - - 11-Apr-14JPM Europe Equity B (dist) - EUR 1.15% - - - - 24-Jul-13JPM Europe Equity C (acc) - EUR 0.85% - 0.85% 0.85% - 26-Aug-04JPM Europe Equity C (dist) - USD 0.85% - 0.85% - - 15-Mar-13JPM Europe Equity D (acc) - EUR 2.65% - 2.65% 2.65% - 13-Oct-00JPM Europe Equity D (acc) - USD 2.65% - 2.65% 2.65% - 27-Jun-06JPM Europe Equity D (acc) - USD (hedged) 2.65% - - - - 16-May-14JPM Europe Equity X (acc) - EUR 0.14% - 0.13% 0.15% 0.15% 14-Sep-04

JPMorgan Funds - Europe Focus FundJPM Europe Focus A (acc) - EUR 1.90% 2.11% 1.90% 1.90% - 13-Mar-06JPM Europe Focus A (acc) - USD 1.90% 2.40% 1.90% 1.90% - 20-Dec-07JPM Europe Focus A (dist) - EUR 1.90% 2.83% 1.90% 1.90% - 17-Nov-06JPM Europe Focus B (acc) - EUR** 1.15% 1.15% 1.15% 1.15% - 23-May-08JPM Europe Focus C (acc) - EUR 1.00% 2.12% 1.00% 1.00% - 12-Apr-07JPM Europe Focus D (acc) - EUR 2.90% 2.91% 2.90% 2.90% - 13-Mar-06JPM Europe Focus D (acc) - USD 2.90% 3.32% 2.90% 2.90% - 20-Dec-07JPM Europe Focus T (acc) - EUR 2.90% 3.59% 2.90% 2.90% - 16-Feb-11JPM Europe Focus X (acc) - EUR 0.15% 0.69% 0.15% 0.15% 0.15% 30-Mar-07

JPMorgan Funds - Europe Small Cap FundJPM Europe Small Cap A (acc) - EUR 1.90% - 1.90% 1.90% - 31-Mar-05JPM Europe Small Cap A (acc) - USD 1.90% - - - - 29-Oct-13JPM Europe Small Cap A (dist) - EUR 1.90% - 1.90% 1.90% - 18-Apr-94JPMorgan Europe Small Cap A (dist) - EUR 1.90% - 1.90% 1.90% - 13-Oct-00JPM Europe Small Cap A (dist) - GBP 1.90% - 1.90% 1.90% - 13-Oct-00JPM Europe Small Cap B (acc) - EUR 1.15% - 1.15% 1.15% - 26-Aug-04JPM Europe Small Cap B (dist) - EUR 1.15% - - - - 24-Jul-13JPM Europe Small Cap C (acc) - EUR 1.00% - 1.00% 1.00% - 26-Aug-04JPM Europe Small Cap D (acc) - EUR 2.90% - 2.90% 2.90% - 13-Oct-00JPM Europe Small Cap I (acc) - EUR 0.94% - 0.94% 0.96% 0.96% 27-Jun-06

JPMorgan Funds - Europe Strategic Growth FundJPM Europe Strategic Growth A (acc) - EUR 1.90% - 1.90% 1.90% - 31-Mar-05JPM Europe Strategic Growth A (dist) - EUR 1.90% - 1.90% 1.90% - 14-Feb-00JPM Europe Strategic Growth A (dist) - GBP 1.90% - 1.90% 1.90% - 13-Oct-00JPM Europe Strategic Growth B (acc) - EUR 1.15% - 1.15% 1.15% - 26-Aug-04JPM Europe Strategic Growth B (dist) - EUR 1.15% - - - - 20-Aug-13JPM Europe Strategic Growth C (acc) - EUR 0.95% - 0.95% 0.95% - 01-Mar-05JPM Europe Strategic Growth D (acc) - EUR 2.65% - 2.65% 2.65% - 13-Oct-00JPM Europe Strategic Growth X (acc) - EUR* - - - - 0.15% 23-Nov-04

194



yearended

30 Jun 14

For theyear

ended30 Jun 14#

For theyear

ended30 Jun 13

For theyear

ended30 Jun 12

CappedExpense

Ratio30 Jun 14

InceptionDate

JPMorgan Funds - Europe Strategic Value FundJPM Europe Strategic Value A (acc) - EUR 1.90% - 1.90% 1.90% - 31-Mar-05JPM Europe Strategic Value A (dist) - EUR 1.90% - 1.90% 1.90% - 14-Feb-00JPM Europe Strategic Value A (dist) - GBP 1.90% - 1.90% 1.90% - 13-Oct-00JPM Europe Strategic Value B (acc) - EUR 1.15% - 1.15% 1.15% - 26-Aug-04JPM Europe Strategic Value B (dist) - EUR 1.15% - - - - 08-Aug-13JPM Europe Strategic Value C (acc) - EUR 0.95% - 0.95% 0.95% - 01-Sep-04JPM Europe Strategic Value D (acc) - EUR 2.65% - 2.65% 2.65% - 13-Oct-00

JPMorgan Funds - Europe Technology FundJPM Europe Technology A (acc) - EUR 1.90% - 1.90% 1.90% - 31-Mar-05JPM Europe Technology A (acc) - USD (hedged)** 1.90% - - - - 03-Mar-14JPM Europe Technology A (dist) - EUR 1.90% - 1.90% 1.90% - 08-Nov-99JPMorgan Europe Technology A (dist) - EUR 1.90% - 1.90% 1.90% - 15-Jun-01JPM Europe Technology A (dist) - GBP 1.90% - 1.90% 1.90% - 13-Oct-00JPM Europe Technology B (acc) - EUR 1.15% - 1.15% 1.15% - 23-May-08JPM Europe Technology B (dist) - EUR 1.15% - - - - 24-Jul-13JPM Europe Technology C (acc) - EUR 1.05% - 1.05% - - 20-Jun-08JPM Europe Technology D (acc) - EUR 2.90% - 2.90% 2.90% - 13-Oct-00JPM Europe Technology X (acc) - EUR* - - 0.19% 0.19% 0.20% 09-Aug-07

JPMorgan Funds - Global Corporate Bond FundJPM Global Corporate Bond A (acc) - CHF (hedged) 1.00% - 1.00% - - 25-Sep-12JPM Global Corporate Bond A (acc) - EUR (hedged) 1.00% - 1.00% 1.00% - 27-Feb-09JPM Global Corporate Bond A (acc) - EUR (hedged) & Duration (hedged) 1.00% - 1.00% - - 11-Jul-12JPM Global Corporate Bond A (acc) - NOK (hedged) 1.00% - - - - 19-May-14JPM Global Corporate Bond A (acc) - SEK (hedged) 1.00% - 1.00% 1.00% - 19-Aug-09JPM Global Corporate Bond A (acc) - USD 1.00% - 1.00% 1.00% - 27-Feb-09JPM Global Corporate Bond A (acc) - USD - Duration (hedged) 1.00% - 1.00% - - 16-Apr-13JPM Global Corporate Bond A (dist) - EUR (hedged) 1.00% - 1.00% 1.00% - 04-Jun-12JPM Global Corporate Bond A (dist) - GBP (hedged) 1.00% - 1.00% 1.00% - 16-Apr-09JPM Global Corporate Bond A (dist) - USD 1.00% - 1.00% - - 08-Aug-12JPM Global Corporate Bond A (div) - EUR (hedged) 1.00% - 1.00% 1.00% - 16-Mar-12JPM Global Corporate Bond A (inc) - EUR (hedged) 1.00% - 1.00% - - 20-Aug-12JPM Global Corporate Bond A (inc) - EUR (hedged) & Duration (hedged) 1.00% - 1.00% - - 20-Aug-12JPM Global Corporate Bond A (mth) - SGD 1.00% - 1.00% 1.00% - 27-Jun-12JPM Global Corporate Bond A (mth) - USD 1.00% - 1.00% 1.00% - 03-Sep-10JPM Global Corporate Bond B (acc) - EUR (hedged) 0.65% - 0.65% 0.65% - 04-May-11JPM Global Corporate Bond B (acc) - GBP (hedged)* 0.65% - 0.65% 0.65% - 14-May-12JPM Global Corporate Bond B (acc) - SEK (hedged) 0.65% - - - - 11-Jun-14JPM Global Corporate Bond B (acc) - SEK (hedged) & Duration (hedged) 0.65% - - - - 11-Jun-14JPM Global Corporate Bond B (acc) - USD 0.65% - 0.65% 0.65% - 16-May-11JPM Global Corporate Bond B (acc) - USD - Duration (hedged) 0.65% - - - - 01-Apr-14JPM Global Corporate Bond B (div) - EUR (hedged) 0.65% - - - - 30-Jul-13JPM Global Corporate Bond B (mth) - USD 0.65% - 0.65% 0.65% - 08-Jun-12JPM Global Corporate Bond C (acc) - EUR (hedged) 0.55% - 0.55% 0.55% - 15-Jul-09JPM Global Corporate Bond C (acc) - EUR (hedged) & Duration (hedged) 0.55% - 0.55% 0.55% - 29-May-12JPM Global Corporate Bond C (acc) - USD 0.55% - 0.55% 0.55% - 18-Aug-11JPM Global Corporate Bond C (acc) - USD - Duration (hedged) 0.55% - 0.55% 0.55% - 13-May-11JPM Global Corporate Bond C (dist) - EUR (hedged) 0.55% - 0.55% 0.55% - 23-Apr-12JPM Global Corporate Bond C (dist) - GBP (hedged) 0.55% - 0.55% 0.55% - 02-May-12JPM Global Corporate Bond C (dist) - GBP (hedged) & Duration (hedged) 0.55% - 0.55% - - 06-Jun-13JPM Global Corporate Bond C (dist) - USD 0.55% - 0.55% - - 20-Aug-12JPM Global Corporate Bond D (acc) - EUR (hedged) 1.40% - 1.40% 1.40% - 27-Feb-09JPM Global Corporate Bond D (acc) - EUR (hedged) & Duration (hedged) 1.40% - 1.40% - - 23-Aug-12JPM Global Corporate Bond D (acc) - USD 1.40% - 1.40% 1.40% - 27-Feb-09JPM Global Corporate Bond D (acc) - USD - Duration (hedged) 1.40% - 1.40% - - 30-Jul-12JPM Global Corporate Bond D (div) - EUR (hedged) 1.40% - 1.40% 1.40% - 19-Apr-10JPM Global Corporate Bond D (mth) - USD 1.40% - 1.40% 1.40% - 08-Jun-12JPM Global Corporate Bond I (acc) - CHF (hedged) 0.51% - - - 0.51% 18-Oct-13JPM Global Corporate Bond I (acc) - EUR (hedged) 0.51% - - - 0.51% 07-Oct-13JPM Global Corporate Bond I (acc) - EUR (hedged) & Duration (hedged) 0.51% - - - 0.51% 18-Oct-13JPM Global Corporate Bond I (acc) - SEK (hedged)* - - - 0.51% 0.51% 18-Nov-11JPM Global Corporate Bond I (acc) - JPY (hedged) 0.50% - 0.51% - 0.51% 28-Feb-13JPM Global Corporate Bond I (acc) - USD 0.50% - 0.51% - 0.51% 09-Sep-10JPM Global Corporate Bond I (acc) - USD - Duration (hedged) 0.51% - - - 0.51% 08-Oct-13JPM Global Corporate Bond I (dist) - GBP (hedged) 0.51% - - - 0.51% 15-Oct-13JPM Global Corporate Bond I (dist) - USD 0.51% - - - 0.51% 17-Oct-13JPM Global Corporate Bond T (acc) - EUR (hedged) 1.40% - 1.40% 1.40% - 03-Jun-11JPM Global Corporate Bond T (div) - EUR (hedged) 1.40% - 1.40% 1.40% - 18-Feb-11JPM Global Corporate Bond X (acc) - EUR (hedged) 0.10% - 0.10% - 0.10% 20-Nov-12JPM Global Corporate Bond X (acc) - GBP (hedged) 0.10% - 0.10% - 0.10% 13-Mar-13

195



yearended

30 Jun 14

For theyear

ended30 Jun 14#

For theyear

ended30 Jun 13

For theyear

ended30 Jun 12

CappedExpense

Ratio30 Jun 14

InceptionDate

JPMorgan Funds - Global Focus FundJPM Global Focus A (acc) - CHF (hedged) 1.90% - 1.90% 1.90% - 31-Aug-10JPM Global Focus A (acc) - EUR 1.90% - 1.90% 1.90% - 31-Mar-05JPM Global Focus A (acc) - EUR (hedged) 1.90% - 1.90% 1.90% - 11-Jul-07JPM Global Focus A (dist) - EUR 1.90% - 1.90% 1.90% - 23-May-03JPMorgan Global Focus A (dist) - USD 1.90% - 1.90% 1.90% - 04-Dec-06JPM Global Focus B (acc) - EUR 1.15% - 1.15% 1.15% - 01-Dec-04JPM Global Focus B (dist) - EUR 1.15% - - - - 13-Aug-13JPM Global Focus B (dist) - USD 1.15% - - - - 06-Aug-13JPM Global Focus C (acc) - EUR 1.00% - 1.00% 1.00% - 20-Jan-06JPM Global Focus C (acc) - EUR (hedged) 1.00% - 1.00% 1.00% - 17-Mar-09JPM Global Focus C (acc) - USD** 1.00% - - 1.00% - 20-Apr-10JPM Global Focus D (acc) - EUR 2.90% - 2.90% 2.90% - 23-May-03JPM Global Focus D (acc) - EUR (hedged) 2.90% - 2.90% 2.90% - 11-Jul-07JPM Global Focus I (acc) - EUR 0.87% - 0.91% 0.95% 0.96% 07-Sep-10JPM Global Focus I (acc) - EUR (hedged)* - - - 0.95% 0.96% 28-Jul-10JPM Global Focus I (acc) - USD 0.87% - 0.90% 0.95% 0.96% 27-Jun-11JPM Global Focus T (acc) - EUR 2.90% - 2.90% 2.90% - 16-Feb-11JPM Global Focus X (acc) - EUR 0.07% - 0.10% 0.15% 0.15% 24-Nov-04

JPMorgan Funds - Global Healthcare FundJPM Global Healthcare A (acc) - EUR 1.90% - 1.90% - - 01-Feb-13JPM Global Healthcare A (acc) - USD 1.90% - 1.90% 1.90% - 02-Oct-09JPM Global Healthcare A (dist) - GBP 1.90% - 1.90% 1.90% - 16-Oct-09JPM Global Healthcare A (dist) - USD 1.90% - 1.90% 1.90% - 02-Oct-09JPMorgan Global Healthcare A (dist) - USD 1.90% - 1.90% 1.90% - 16-Oct-09JPM Global Healthcare B (acc) - EUR 1.15% - - - - 26-Mar-14JPM Global Healthcare B (acc) - USD 1.15% - 1.15% 1.15% - 02-Oct-09JPM Global Healthcare B (dist) - USD 1.15% - - - - 06-Aug-13JPM Global Healthcare C (acc) - USD 1.05% - 1.05% 1.05% - 02-Oct-09JPM Global Healthcare C (dist) - USD 1.05% - - - - 08-Jul-13JPM Global Healthcare D (acc) - EUR 2.90% - - - - 06-Feb-14JPM Global Healthcare D (acc) - USD 2.90% - 2.90% 2.90% - 02-Oct-09JPM Global Healthcare I (acc) - USD 1.01% - - - 1.01% 18-Oct-13JPM Global Healthcare T (acc) - EUR 2.90% - 2.90% - - 19-Oct-12JPM Global Healthcare X (acc) - JPY 0.08% - - - 0.20% 26-Jul-13

JPMorgan Funds - Global Natural Resources FundJPM Global Natural Resources A (acc) - EUR 1.90% - 1.90% 1.90% - 21-Dec-04JPM Global Natural Resources A (acc) - GBP 1.90% - 1.90% - - 18-Jun-13JPM Global Natural Resources A (acc) - SGD 1.90% - 1.90% 1.90% - 14-Dec-09JPM Global Natural Resources A (acc) - USD 1.90% - 1.90% 1.90% - 12-Sep-06JPM Global Natural Resources A (dist) - EUR 1.90% - 1.90% 1.90% - 14-Mar-05JPM Global Natural Resources B (acc) - EUR 1.15% - 1.15% 1.15% - 22-Apr-05JPM Global Natural Resources B (acc) - USD 1.15% - - - - 08-Aug-13JPM Global Natural Resources B (dist) - EUR 1.15% - - - - 13-Aug-13JPM Global Natural Resources C (acc) - EUR 1.05% - 1.05% 1.05% - 14-Mar-05JPM Global Natural Resources C (acc) - USD 1.05% - 1.05% 1.05% - 05-Apr-07JPM Global Natural Resources D (acc) - EUR 2.90% - 2.90% 2.90% - 05-Dec-05JPM Global Natural Resources D (acc) - USD 2.90% - 2.90% 2.90% - 08-Jun-07JPM Global Natural Resources I (acc) - EUR 0.89% - 0.91% 0.95% 1.01% 29-Feb-12JPM Global Natural Resources I (acc) - USD* - - - - 1.01% 14-Oct-13JPM Global Natural Resources I (dist) - EUR 0.98% - - - 1.01% 11-Oct-13JPM Global Natural Resources X (acc) - EUR 0.20% - 0.12% 0.13% 0.20% 19-Apr-05JPM Global Natural Resources X (dist) - AUD 0.20% - - - 0.20% 20-Dec-13

JPMorgan Funds - Global Short Duration Bond FundJPM Global Short Duration Bond A (acc) - EUR (hedged) 0.80% - 0.80% 0.80% - 21-Jul-09JPM Global Short Duration Bond A (acc) - USD 0.80% - 0.80% 0.80% - 21-Jul-09JPM Global Short Duration Bond B (acc) - EUR (hedged) 0.50% - 0.50% 0.50% - 07-Dec-10JPM Global Short Duration Bond B (acc) - USD 0.50% - 0.50% 0.50% - 23-Jun-10JPM Global Short Duration Bond C (acc) - EUR (hedged) 0.45% - 0.45% 0.45% - 19-Apr-11JPM Global Short Duration Bond C (acc) - USD 0.45% - 0.45% 0.45% - 07-May-10JPM Global Short Duration Bond C (dist) - EUR (hedged) 0.45% - 0.45% - - 17-Jun-13JPM Global Short Duration Bond C (dist) - GBP (hedged) 0.45% - 0.45% 0.45% - 28-Oct-09JPM Global Short Duration Bond C (dist) - USD 0.45% - 0.45% - - 17-Jun-13JPM Global Short Duration Bond D (acc) - EUR (hedged) 1.10% - 1.10% 1.10% - 28-Dec-10JPM Global Short Duration Bond I (acc) - EUR (hedged) 0.41% - - - 0.41% 16-Oct-13JPM Global Short Duration Bond I (acc) - USD 0.41% - - - 0.41% 07-Oct-13JPM Global Short Duration Bond I (dist) - EUR (hedged) 0.41% - - - 0.41% 18-Oct-13JPM Global Short Duration Bond I (dist) - GBP (hedged) 0.41% - - - 0.41% 16-Oct-13JPM Global Short Duration Bond I (dist) - USD 0.41% - - - 0.41% 18-Oct-13JPM Global Short Duration Bond X (acc) - EUR (hedged) 0.09% - 0.10% 0.10% 0.10% 05-Aug-11JPM Global Short Duration Bond X (acc) - GBP (hedged) 0.09% - - - 0.10% 18-Mar-14JPM Global Short Duration Bond X (acc) - USD 0.09% - 0.10% 0.10% 0.10% 30-Sep-10JPM Global Short Duration Bond X (dist) - GBP (hedged) - - 0.10% 0.10% 0.10% 24-May-11

196



yearended

30 Jun 14

For theyear

ended30 Jun 14#

For theyear

ended30 Jun 13

For theyear

ended30 Jun 12

CappedExpense

Ratio30 Jun 14

InceptionDate

JPMorgan Funds - Global Unconstrained Equity FundJPM Global Unconstrained Equity A (acc) - EUR 1.90% - 1.90% 1.90% - 14-Jun-11JPM Global Unconstrained Equity A (acc) - EUR (hedged) 1.90% - 1.90% 1.90% - 17-Jul-08JPM Global Unconstrained Equity A (acc) - USD 1.90% - 1.90% 1.90% - 31-Mar-05JPM Global Unconstrained Equity A (dist) - EUR (hedged) 1.90% - 1.90% 1.90% - 17-Jul-08JPM Global Unconstrained Equity A (dist) - USD 1.90% - 1.90% 1.90% - 16-Nov-88JPMorgan Global Unconstrained Equity A (dist) - USD 1.90% - 1.90% 1.90% - 01-Jun-01JPM Global Unconstrained Equity C (acc) - EUR (hedged) 0.80% - 0.80% 0.80% - 17-Jul-08JPM Global Unconstrained Equity C (acc) - USD 0.80% - 0.80% 0.80% - 13-Sep-04JPM Global Unconstrained Equity D (acc) - EUR (hedged) 2.65% - 2.65% 2.65% - 17-Jul-08JPM Global Unconstrained Equity D (acc) - USD 2.65% - 2.65% 2.65% - 13-Oct-00JPM Global Unconstrained Equity I (acc) - JPY* - - - - 0.76% 30-Jun-14JPM Global Unconstrained Equity X (acc) - EUR 0.12% - 0.14% 0.15% 0.15% 25-Jun-09JPM Global Unconstrained Equity X (acc) - EUR (hedged) 0.15% - 0.15% 0.15% 0.15% 25-Oct-11JPM Global Unconstrained Equity X (acc) - USD 0.15% - 0.15% 0.15% 0.15% 21-Mar-06JPM Global Unconstrained Equity X (dist) - AUD 0.15% - - - 0.15% 20-Dec-13

JPMorgan Funds - Greater China FundJPMorgan Greater China A (acc) - SGD 1.90% - 1.90% 1.90% - 14-Dec-09JPMorgan Greater China A (acc) - USD 1.90% - 1.90% 1.90% - 31-Mar-05JPMorgan Greater China A (dist) - HKD 1.90% - 1.90% 1.90% - 20-Sep-10JPMorgan Greater China A (dist) - USD 1.90% - 1.90% 1.90% - 18-May-01JPMorgan Greater China B (acc) - USD 1.15% - 1.15% 1.15% - 10-Feb-06JPMorgan Greater China B (dist) - USD 1.15% - - - - 30-Jul-13JPMorgan Greater China C (acc) - USD 1.00% - 1.00% 1.00% - 01-Feb-05JPMorgan Greater China C (dist) - USD** 1.00% - - - - 24-Jan-14JPMorgan Greater China D (acc) - EUR 2.90% - 2.90% 2.90% - 13-Jul-10JPMorgan Greater China D (acc) - USD 2.90% - 2.90% 2.90% - 25-May-01JPMorgan Greater China I (acc) - USD 0.87% - 0.91% 0.94% 0.96% 28-Jun-06JPMorgan Greater China I (dist) - USD 0.96% - - - 0.96% 10-Oct-13JPMorgan Greater China T (acc) - EUR 2.90% - 2.90% 2.90% - 21-Feb-11

JPMorgan Funds - Indonesia Equity FundJPMorgan Indonesia Equity A (acc) - USD 1.90% - 1.90% 1.90% - 15-Mar-12JPMorgan Indonesia Equity B (acc) - USD 1.15% - 1.15% - - 16-May-13JPMorgan Indonesia Equity C (acc) - USD 0.95% - 0.95% - - 03-May-13JPMorgan Indonesia Equity D (acc) - EUR 2.65% - 2.65% - - 04-Oct-12JPMorgan Indonesia Equity D (acc) - USD 2.65% - 2.65% - - 14-Sep-12JPMorgan Indonesia Equity X (acc) - JPY - - 0.01% - 0.15% 26-Mar-13

JPMorgan Funds - Japan Equity Fund (2)JPMorgan Japan Equity A (acc) - EUR 1.90% - 1.90% 1.90% - 12-Jun-06JPMorgan Japan Equity A (acc) - EUR (hedged) 1.90% - - - - 06-Dec-13JPMorgan Japan Equity A (acc) - JPY 1.90% - 1.90% 1.90% - 11-Jan-06JPMorgan Japan Equity A (acc) - USD 1.90% - 1.90% 1.90% - 31-Mar-05JPMorgan Japan Equity A (acc) - USD (hedged) 1.90% - - - - 06-Dec-13JPMorgan Japan Equity A (dist) - GBP 1.90% - 1.90% 1.90% - 13-Oct-00JPMorgan Japan Equity A (dist) - GBP (hedged) 1.90% - - - - 06-Dec-13JPMorgan Japan Equity A (dist) - SGD 1.90% - - - - 12-Mar-14JPMorgan Japan Equity A (dist) - USD 1.90% - 1.90% 1.90% - 16-Nov-88JPMorgan Japan Equity B (acc) - EUR 1.15% - - - - 08-Aug-13JPMorgan Japan Equity B (acc) - USD 1.15% - 1.15% 1.15% - 26-Aug-04JPMorgan Japan Equity B (dist) - GBP 1.15% - - - - 25-Jul-13JPMorgan Japan Equity B (dist) - USD 1.15% - - - - 30-Jul-13JPMorgan Japan Equity C (acc) - USD 0.95% - 0.95% 0.95% - 26-Aug-04JPMorgan Japan Equity C (acc) - USD (hedged) 0.95% - - - - 21-Feb-14JPMorgan Japan Equity C (dist) - USD 0.95% - 0.95% - - 04-Jan-13JPMorgan Japan Equity D (acc) - EUR 2.65% - 2.65% 2.65% - 08-May-06JPMorgan Japan Equity D (acc) - USD 2.65% - 2.65% 2.65% - 13-Oct-00JPMorgan Japan Equity I (acc) - USD 0.85% - 0.91% - 0.91% 27-Jun-06JPMorgan Japan Equity J (dist) - USD 1.90% - 1.90% 1.90% - 02-Apr-02JPMorgan Japan Equity X (acc) - USD 0.15% - 0.15% 0.15% 0.15% 24-Nov-04


197



yearended

30 Jun 14

For theyear

ended30 Jun 14#

For theyear

ended30 Jun 13

For theyear

ended30 Jun 12

CappedExpense

Ratio30 Jun 14

InceptionDate

JPMorgan Funds - Latin America Equity FundJPM Latin America Equity A (acc) - EUR 1.90% - 1.90% - - 04-Oct-12JPM Latin America Equity A (acc) - SGD 1.90% - 1.90% 1.90% - 09-Aug-10JPM Latin America Equity A (acc) - USD 1.90% - 1.90% 1.90% - 31-Mar-05JPM Latin America Equity A (dist) - USD 1.90% - 1.90% 1.90% - 13-May-92JPMorgan Latin America Equity A (dist) - USD 1.90% - 1.90% 1.90% - 13-Oct-00JPM Latin America Equity B (acc) - EUR 1.15% - - - - 01-Oct-13JPM Latin America Equity B (acc) - USD 1.15% - 1.15% 1.15% - 08-Mar-06JPM Latin America Equity B (dist) - USD 1.15% - 1.15% - - 19-Apr-13JPM Latin America Equity C (acc) - EUR 1.10% - - - - 21-Nov-13JPM Latin America Equity C (acc) - USD 1.10% - 1.10% 1.10% - 13-Jan-05JPM Latin America Equity D (acc) - EUR 2.90% - 2.90% 2.90% - 13-Jul-10JPM Latin America Equity D (acc) - USD 2.90% - 2.90% 2.90% - 13-Oct-00JPM Latin America Equity I (acc) - EUR 0.96% - - - 1.06% 18-Nov-13JPM Latin America Equity I (acc) - JPY 0.96% - 1.06% - 1.06% 26-Apr-13JPM Latin America Equity I (acc) - USD 0.96% - 0.99% 1.03% 1.06% 26-Jun-06JPM Latin America Equity I (dist) - USD 1.06% - - - 1.06% 10-Oct-13JPM Latin America Equity T (acc) - EUR 2.90% - 2.90% 2.90% - 21-Feb-11JPM Latin America Equity X (acc) - USD 0.12% - 0.14% 0.17% 0.20% 09-Nov-04

JPMorgan Funds - Russia FundJPM Russia A (acc) - USD 1.90% - 1.90% 1.90% - 22-Nov-05JPM Russia A (dist) - USD 1.90% - 1.90% 1.90% - 17-Nov-05JPM Russia B (acc) - USD 1.15% - 1.15% 1.15% - 04-May-06JPM Russia B (dist) - USD 1.15% - - - - 08-Aug-13JPM Russia C (acc) - USD 1.10% - 1.10% 1.10% - 13-Nov-07JPM Russia D (acc) - EUR 2.90% - - - - 06-Feb-14JPM Russia D (acc) - USD 2.90% - 2.90% 2.90% - 27-Jan-06JPM Russia I (acc) - USD 0.98% - 1.03% 0.96% 1.06% 25-Aug-06JPM Russia T (acc) - EUR 2.90% - 2.90% - - 22-Oct-12

JPMorgan Funds - US Aggregate Bond FundJPM US Aggregate Bond A (acc) - EUR (hedged) 1.10% - 1.10% 1.10% - 03-Oct-11JPM US Aggregate Bond A (acc) - USD 1.10% - 1.10% 1.10% - 31-Mar-05JPM US Aggregate Bond A (div) - USD 1.10% - 1.10% - - 30-Apr-12JPM US Aggregate Bond A (inc) - USD 1.10% - 1.10% 1.10% - 15-Sep-00JPM US Aggregate Bond A (mth) - HKD 1.10% - 1.10% - - 12-Sep-12JPM US Aggregate Bond A (mth) - SGD 1.10% - 1.10% 1.10% - 18-Jan-12JPM US Aggregate Bond A (mth) - SGD (hedged) 1.10% - 1.10% 1.10% - 18-Jan-12JPM US Aggregate Bond A (mth) - USD 1.10% - 1.10% 1.10% - 06-Apr-10JPM US Aggregate Bond B (acc) - EUR (hedged) 0.75% - 0.75% - - 02-Nov-12JPM US Aggregate Bond B (acc) - USD 0.75% - 0.75% 0.75% - 08-Dec-05JPM US Aggregate Bond B (mth) - USD 0.75% - 0.75% 0.75% - 08-Jun-12JPM US Aggregate Bond C (acc) - USD 0.60% - 0.60% 0.60% - 13-Jul-05JPM US Aggregate Bond C (dist) - GBP (hedged)* 0.60% - 0.60% - - 29-Jan-13JPM US Aggregate Bond D (acc) - EUR (hedged) 1.35% - 1.35% 1.35% - 02-Nov-10JPM US Aggregate Bond D (acc) - USD 1.35% - 1.35% 1.35% - 13-Oct-00JPM US Aggregate Bond I (acc) - USD 0.55% - 0.56% 0.56% 0.56% 17-Jun-11JPM US Aggregate Bond I (inc) - USD 0.56% - - - 0.56% 10-Oct-13JPM US Aggregate Bond I (mth) - USD 0.53% - 0.56% - 0.56% 14-May-13JPM US Aggregate Bond X (acc) - EUR (hedged)* - - 0.10% - 0.10% 03-Jun-13JPM US Aggregate Bond X (acc) - USD 0.08% - 0.09% 0.10% 0.10% 30-Mar-05JPM US Aggregate Bond X (dist) - GBP (hedged)* - - 0.10% 0.10% 0.10% 05-Dec-11JPM US Aggregate Bond X (dist) - USD 0.10% - - - 0.10% 06-Nov-13JPM US Aggregate Bond C (inc) - USD 0.60% - - - - 14-Mar-14

JPMorgan Funds - US Dollar Money Market Fund (3)JPM US Dollar Money Market A (acc) - USD 0.65% - - - - 06-Jun-14JPMorgan US Dollar Money Market A (acc) - USD 0.47% - - - - 06-Jun-14


198



yearended

30 Jun 14

For theyear

ended30 Jun 14#

For theyear

ended30 Jun 13

For theyear

ended30 Jun 12

CappedExpense

Ratio30 Jun 14

InceptionDate

JPMorgan Funds - US Growth FundJPM US Growth A (acc) - EUR (hedged) 1.90% - 1.90% 1.90% - 15-Mar-07JPM US Growth A (acc) - USD 1.90% - 1.90% 1.90% - 31-Mar-05JPM US Growth A (dist) - GBP 1.90% - 1.90% 1.90% - 20-Oct-00JPM US Growth A (dist) - USD 1.90% - 1.90% 1.90% - 20-Oct-00JPM US Growth B (acc) - EUR (hedged) 1.15% - 1.15% - - 05-Feb-13JPM US Growth B (acc) - USD 1.15% - 1.15% 1.15% - 22-Sep-05JPM US Growth B (dist) - USD 1.15% - 1.15% - - 06-Dec-12JPM US Growth C (acc) - EUR (hedged) 0.85% - 0.85% 0.85% - 06-Dec-07JPM US Growth C (acc) - USD 0.85% - 0.85% 0.85% - 08-Mar-06JPM US Growth C (dist) - GBP 0.85% - 0.85% 0.85% - 21-Jan-11JPM US Growth C (dist) - USD 0.85% - 0.85% 0.85% - 14-Jul-11JPM US Growth D (acc) - EUR (hedged) 2.65% - 2.65% 2.65% - 15-Mar-07JPM US Growth D (acc) - USD 2.65% - 2.65% 2.65% - 20-Oct-00JPM US Growth I (acc) - EUR (hedged) 0.81% - - - 0.81% 15-Oct-13JPM US Growth I (acc) - JPY 0.70% - 0.81% - 0.81% 26-Apr-13JPM US Growth I (acc) - USD 0.81% - - - 0.81% 03-Oct-13JPM US Growth I (dist) - GBP 0.81% - - - 0.81% 10-Oct-13JPM US Growth I (dist) - USD 0.81% - - - 0.81% 10-Oct-13JPM US Growth P (dist) - USD 0.55% - - - - 26-Sep-13JPM US Growth T (acc) - EUR (hedged) 2.65% - 2.65% - - 22-Oct-12JPM US Growth X (acc) - USD 0.06% - 0.09% 0.13% 0.15% 22-Sep-05JPM US Growth X (dist) - USD 0.10% - 0.13% 0.14% 0.15% 23-May-11

JPMorgan Funds - US Smaller Companies FundJPM US Smaller Companies A (acc) - USD 1.90% 1.91% 1.90% 1.90% - 31-Mar-05JPM US Smaller Companies A (dist) - USD 1.90% 1.91% 1.90% 1.90% - 16-Nov-88JPMorgan US Smaller Companies A (dist) - USD 1.90% 1.91% 1.90% 1.90% - 20-Jun-03JPM US Smaller Companies B (acc) - USD 1.15% 1.15% 1.15% 1.15% - 13-Feb-12JPM US Smaller Companies B (dist) - USD 1.15% 1.15% 1.15% - - 03-Jun-13JPM US Smaller Companies C (acc) - USD 0.95% 0.95% 0.95% - - 12-Apr-13JPM US Smaller Companies C (dist) - USD 0.95% 1.56% - - - 10-Oct-13JPM US Smaller Companies D (acc) - USD 2.90% 2.90% 2.90% 2.90% - 13-Oct-00JPM US Smaller Companies I (acc) - EUR (hedged) 0.91% 1.96% - - 0.91% 05-Jun-14JPM US Smaller Companies I (acc) - USD 0.86% 0.88% - - 0.91% 31-Mar-14JPM US Smaller Companies I (dist) - USD 0.86% 0.88% - - 0.91% 31-Mar-14JPM US Smaller Companies P (dist) - USD* 1.40% - - - - 11-Sep-13JPM US Smaller Companies X (acc) - USD 0.09% 0.08% 0.11% 0.14% 0.15% 09-Dec-04

JPMorgan Funds - US Technology FundJPM US Technology A (acc) - EUR 1.90% - 1.90% 1.90% - 11-Jun-10JPM US Technology A (acc) - SGD 1.90% - 1.90% 1.90% - 18-Jan-12JPM US Technology A (acc) - USD 1.90% - 1.90% 1.90% - 31-Mar-05JPM US Technology A (dist) - GBP 1.90% - 1.90% 1.90% - 13-Oct-00JPM US Technology A (dist) - USD 1.90% - 1.90% 1.90% - 05-Dec-97JPMorgan US Technology A (dist) - USD 1.90% - 1.90% 1.90% - 13-Oct-00JPM US Technology B (acc) - USD 1.15% - 1.15% 1.15% - 10-Jul-08JPM US Technology B (dist) - USD 1.15% - 1.15% - - 06-Dec-12JPM US Technology C (acc) - USD 1.05% - 1.05% 1.05% - 20-Jun-08JPM US Technology C (dist) - USD 1.05% - 1.05% - - 13-Dec-12JPM US Technology D (acc) - EUR 2.90% - 2.90% 2.90% - 11-Dec-09JPM US Technology D (acc) - USD 2.90% - 2.90% 2.90% - 13-Oct-00JPM US Technology I (acc) - EUR* - - - - 1.01% 11-Oct-13JPM US Technology I (acc) - USD** 1.01% - - - 1.01% 20-Sep-07JPM US Technology I (dist) - USD 1.01% - - - 1.01% 10-Oct-13JPM US Technology X (acc) - USD - - - - 0.20% 08-Oct-07

199



yearended

30 Jun 14

For theyear

ended30 Jun 14#

For theyear

ended30 Jun 13

For theyear

ended30 Jun 12

CappedExpense

Ratio30 Jun 14

InceptionDate

JPMorgan Funds - US Value FundJPM US Value A (acc) - EUR (hedged) 1.90% - 1.90% 1.90% - 13-Nov-06JPM US Value A (acc) - SGD 1.90% - - - - 11-Jun-14JPM US Value A (acc) - USD 1.90% - 1.90% 1.90% - 31-Mar-05JPM US Value A (dist) - GBP 1.90% - 1.90% 1.90% - 20-Oct-00JPM US Value A (dist) - USD 1.90% - 1.90% 1.90% - 20-Oct-00JPMorgan US Value A (dist) - USD 1.90% - 1.90% 1.90% - 27-May-04JPM US Value B (acc) - EUR (hedged) 1.15% - 1.15% - - 01-Feb-13JPM US Value B (acc) - USD 1.15% - 1.15% 1.15% - 11-Oct-04JPM US Value B (dist) - USD 1.15% - 1.15% - - 12-Jun-13JPM US Value C (acc) - EUR (hedged) 0.85% - 0.85% 0.85% - 07-Jan-09JPM US Value C (acc) - USD 0.85% - 0.85% 0.85% - 01-Sep-04JPM US Value C (dist) - GBP 0.85% - 0.85% - - 30-Jan-13JPM US Value D (acc) - EUR (hedged) 2.65% - 2.65% 2.65% - 13-Nov-06JPM US Value D (acc) - USD 2.65% - 2.65% 2.65% - 20-Oct-00JPM US Value I (acc) - EUR (hedged) 0.81% - - - 0.81% 11-Oct-13JPM US Value I (acc) - USD 0.70% - 0.74% 0.78% 0.81% 05-May-11JPM US Value I (dist) - GBP 0.81% - - - 0.81% 11-Oct-13JPM US Value I (dist) - USD 0.81% - - - 0.81% 10-Oct-13JPM US Value X (acc) - EUR (hedged)* - - - 0.15% 0.15% 17-Nov-11JPM US Value X (acc) - USD 0.05% - 0.08% 0.13% 0.15% 24-Nov-04

# These figures include the Performance Fees, where applicable.* Share Class inactive at the end of the year.** Share Class reactivated during the year.*** Expense ratios are calculated in accordance with the guidelines dated 16 May 2008 issued by the Swiss Funds & Asset Management Association. The Total Expense Ratio (“TER”) represents the totaloperating costs as a percentage of the Fund’s average daily net assets. The total operating cost comprises investment management and advisory fees, custodian fees, taxe d’abonnement and otherexpenses, as summarised in the Combined Statement of Operations. Overdraft interest and Performance Fees are excluded from the calculation. The capped expense ratios and total expense ratios forsome share classes may have changed over the previous five years. All details concerning these changes have been disclosed in previous years’ Financial Statements.All TER figures are annualised.

200


JPMorgan Funds - Africa Equity Fund

Seeks to provide long-term capital growth by investing primarily in a portfolio of African companies.

JPMorgan Funds - America Equity Fund

Seeks to provide long-term capital growth by investing primarily in a concentrated portfolio of US companies.

JPMorgan Funds - Asia Pacific Income Fund

Seeks to provide income and long term capital growth by investing primarily in income generating securities of countries in the Asia Pacific region (excludingJapan).

JPMorgan Funds - Asia Pacific Strategic Equity Fund

Seeks to provide long-term capital growth by investing primarily in companies in the Asia Pacific Basin (excluding Japan).

JPMorgan Funds - Brazil Equity Fund

Seeks to provide long term capital growth by investing primarily in a concentrated portfolio of Brazilian companies.

JPMorgan Funds - China Fund

Seeks to provide long-term capital growth by investing primarily in companies of the People’s Republic of China.

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 Corporate Bond Fund

Seeks to achieve a return in excess of corporate bond markets of emerging market countries by investing primarily in emerging market corporate debtsecurities, using financial derivative instruments where appropriate.

JPMorgan Funds - Emerging Markets Debt Fund

Seeks to achieve a return in excess of the bond markets of emerging countries by investing primarily in emerging market debt securities, including corporatesecurities and securities issued in local currencies, using financial derivative instruments where appropriate.

JPMorgan Funds - Emerging Markets Equity Fund

Seeks to provide long-term capital growth by investing primarily in emerging market companies.

JPMorgan Funds - Emerging Markets Local Currency Debt Fund

Seeks to achieve a return in excess of government bond markets of emerging markets countries by investing primarily in emerging market local currencydebt securities, using financial derivative instruments where appropriate.

JPMorgan Funds - Emerging Markets Opportunities Fund

Seeks to provide long-term capital growth by investing primarily in an aggressively managed portfolio of emerging market companies.

JPMorgan Funds - Emerging Markets Small Cap Fund

Seeks to provide long-term capital growth by investing primarily in small capitalisation emerging market companies.

JPMorgan Funds - Emerging Middle East Equity Fund

Seeks to provide long-term capital growth by investing primarily in companies of the emerging markets of the Middle East region.

JPMorgan Funds - Euro Money Market Fund

Seeks to achieve a return in the Reference Currency in line with prevailing money market rates whilst aiming to preserve capital consistent with such ratesand to maintain a high degree of liquidity by investing in EUR denominated short term debt securities.

JPMorgan Funds - Euroland Equity Fund

Seeks to provide long-term capital growth by investing primarily in companies of countries which are part of the Euro-zone (the “Euroland Countries”).

JPMorgan Funds - Europe Dynamic Fund

Seeks to maximise long-term capital growth by investing primarily in an aggressively managed portfolio of European companies.

201


2. Summary of Investment Objectives of the Sub-Funds

JPMorgan Funds - Europe Equity Fund

Seeks to provide long-term capital growth by investing primarily in European companies.

JPMorgan Funds - Europe Focus Fund

Seeks to provide superior long-term capital growth by investing primarily in an aggressively managed portfolio of large, medium and small Europeancompanies.

JPMorgan Funds - Europe Small Cap Fund

Seeks to provide long-term capital growth by investing primarily in small capitalisation European companies.

JPMorgan Funds - Europe Strategic Growth Fund

Seeks to provide long-term capital growth by investing primarily in a growth style biased portfolio of European companies.

JPMorgan Funds - Europe Strategic Value Fund

Seeks to provide long-term capital growth by investing primarily in a value style biased portfolio of European companies.

JPMorgan Funds - Europe Technology Fund

Seeks to provide long-term capital growth by investing primarily in technology (including media and telecommunication) related European companies.

JPMorgan Funds - Global Corporate Bond Fund

Seeks to achieve a return in excess of global corporate bond markets by investing primarily in global investment grade corporate debt securities, usingfinancial derivative instruments where appropriate.

JPMorgan Funds - Global Focus Fund

Seeks to provide superior long-term capital growth by investing primarily in an aggressively managed portfolio of large, medium and small companies,globally, that the Investment Manager believes to be attractively valued and to have significant profit growth or earnings recovery potential.

JPMorgan Funds - Global Healthcare Fund

Seeks to achieve a return by investing primarily in pharmaceutical, biotechnology, healthcare services, medical technology and life sciences companies(“Healthcare Companies”), globally.

JPMorgan Funds - Global 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 - Global Short Duration Bond Fund

Seeks to achieve a return in excess of global short duration bond markets by investing primarily in global investment grade short-term debt securities, usingfinancial derivative instruments where appropriate.

JPMorgan Funds - Global Unconstrained Equity Fund

Seeks to provide long-term capital growth by investing primarily in an aggressively managed portfolio of companies, globally.

JPMorgan Funds - 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 - Indonesia Equity Fund

Seeks to provide long-term capital growth by investing primarily in a portfolio of Indonesian companies.

JPMorgan Funds - Japan Equity Fund

Seeks to provide long-term capital growth by investing primarily in Japanese 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.

JPMorgan Funds - US Aggregate Bond Fund

Seeks to achieve a return in excess of US bond markets by investing primarily in US investment grade debt securities.

202


2. Summary of Investment Objectives of the Sub-Funds (continued)

JP Morgan Funds - US Dollar Money Market Fund

Seeks to achieve a return in the Reference Currency in line with prevailing money market rates whilst aiming to preserve capital consistent with such ratesand to maintain a high degree of liquidity by investing in USD denominated short-term debt securities.

JPMorgan Funds - US Growth Fund

Seeks to provide long-term capital growth by investing primarily in a growth style biased portfolio of US companies.

JPMorgan Funds - US Smaller Companies Fund

Seeks to provide long-term capital growth by investing primarily in small and micro capitalisation US companies.

JPMorgan Funds - US Technology Fund

Seeks to provide long-term capital growth by investing primarily in technology, media and telecommunications related US companies.

JPMorgan Funds - US Value Fund

Seeks to provide long-term capital growth by investing primarily in a value style biased portfolio of US companies.

203


2. Summary of Investment Objectives of the Sub-Funds (continued)

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.The performance data does not take into account the commissions and costs incurred on the issue and redemption of units.

Volatility

The standard deviation (D) of the price is calculated on a daily basis throughout each Fund’s financial period. The details below relate to the year from 1 July 2013 to 30 June 2014.

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 Volatility

JPMorgan Funds - Africa Equity FundJPM Africa Equity A (acc) - EUR 8.90% 7.57% 9.96% 15.52% 11.50% 8.40% MediumJPM Africa Equity A (acc) - USD 7.80% 6.65% 10.93% 21.06% 16.28% 6.07% MediumJPM Africa Equity A (dist) - GBP 5.26% 3.54% 5.13% 7.96% 10.83% 3.49% MediumJPM Africa Equity A (dist) - USD 7.88% 6.54% - - - - MediumJPM Africa Equity A (inc) - EUR 8.90% 7.54% 9.91% 15.41% 11.16% 8.12% MediumJPM Africa Equity B (acc) - EUR 9.10% 7.82% 10.48% - - - MediumJPM Africa Equity B (acc) - USD 8.01% 7.18% 11.65% 22.09% 17.23% 6.89% MediumJPM Africa Equity B (dist) - GBP*** - - - - - - MediumJPM Africa Equity C (acc) - USD 8.08% 7.34% 11.95% 22.36% 17.46% 7.11% MediumJPM Africa Equity C (dist) - GBP 5.42% 3.93% 5.74% 8.81% - - MediumJPM Africa Equity D (acc) - EUR 8.70% 7.12% 9.29% 14.62% 10.69% 7.54% MediumJPM Africa Equity D (acc) - USD 7.69% 6.22% 10.36% 20.15% 15.44% 5.27% MediumJPM Africa Equity I (acc) - USD 8.07% 7.19% 11.77% 22.24% 17.10% 6.93% MediumJPM Africa Equity T (acc) - EUR 8.69% 7.06% 9.22% 14.47% - - Medium

JPMorgan Funds - America Equity FundJPM America Equity A (acc) - AUD 1.25% -1.39% 13.80% - - - MediumJPM America Equity A (acc) - AUD (hedged) 3.53% 4.80% - - - - MediumJPM America Equity A (acc) - EUR 3.83% 4.46% 13.43% 18.99% - - MediumJPM America Equity A (acc) - EUR (hedged) 2.85% 3.63% 14.47% 24.88% 25.17% 17.42% MediumJPM America Equity A (acc) - HKD 2.63% 3.49% 14.43% 24.52% - - MediumJPM America Equity A (acc) - USD 2.85% 3.57% 14.50% 24.75% 25.53% 17.81% MediumJPM America Equity A (dist) - USD 2.85% 3.60% 14.54% 24.78% 25.51% 17.78% MediumJPMorgan America Equity A (dist) - USD 2.86% 3.61% 14.54% 24.80% 25.51% 17.79% MediumJPM America Equity B (acc) - USD 3.03% 4.01% 15.21% 25.74% 26.66% 18.97% MediumJPM America Equity B (dist) - USD 3.04% 3.99% 15.20% - - - MediumJPM America Equity C (acc) - EUR (hedged) 3.13% 4.11% 15.38% 26.22% 26.84% 19.00% MediumJPM America Equity C (acc) - USD 3.12% 4.17% 15.50% 26.16% 27.14% 19.42% MediumJPM America Equity C (dist) - USD 3.11% 4.14% 15.43% 26.10% - - MediumJPM America Equity D (acc) - EUR 3.62% 4.01% 12.74% 18.11% 18.91% 19.54% MediumJPM America Equity D (acc) - EUR (hedged) 2.70% 3.21% 13.84% 24.00% 24.06% 16.26% MediumJPM America Equity D (acc) - USD 2.64% 3.17% 13.84% 23.82% 24.37% 16.62% MediumJPM America Equity I (acc) - USD 3.15% 4.21% 15.55% 26.26% - - MediumJPM America Equity I (dist) - USD 3.12% - - - - - MediumJPM America Equity X (acc) - USD 3.34% 4.56% 16.11% 27.12% 28.25% 20.57% Medium

JPMorgan Funds - Asia Pacific Income FundJPMorgan Asia Pacific Income A (acc) - HKD 5.23% 5.90% 5.90% 8.96% - - MediumJPMorgan Asia Pacific Income A (acc) - USD 5.27% 5.92% 5.98% 9.12% 12.85% 5.84% MediumJPMorgan Asia Pacific Income A (dist) - USD 5.29% 5.92% 5.95% 8.80% 12.48% 5.40% MediumJPMorgan Asia Pacific Income A (irc) - AUD (hedged) 5.78% 6.84% - - - - MediumJPMorgan Asia Pacific Income A (irc) - CAD (hedged) 5.35% 6.02% - - - - MediumJPMorgan Asia Pacific Income A (irc) - EUR (hedged) 5.33% 5.90% - - - - MediumJPMorgan Asia Pacific Income A (irc) - GBP (hedged) 5.37% 5.99% - - - - MediumJPMorgan Asia Pacific Income A (irc) - NZD (hedged) 5.97% 7.05% - - - - MediumJPMorgan Asia Pacific Income A (mth) - HKD 5.22% 5.78% 5.78% 8.68% 12.42% - MediumJPMorgan Asia Pacific Income A (mth) - SGD 4.32% 4.49% 5.09% 7.02% - - MediumJPMorgan Asia Pacific Income A (mth) - SGD (hedged) 5.26% 5.78% 5.70% 8.71% - - MediumJPMorgan Asia Pacific Income A (mth) - USD 5.26% 5.80% 5.77% 8.79% 12.38% - MediumJPMorgan Asia Pacific Income B (acc) - USD 5.49% 6.30% 6.55% 9.94% 13.79% 6.72% MediumJPMorgan Asia Pacific Income B (mth) - USD 5.45% 6.15% 6.31% 9.53% - - MediumJPMorgan Asia Pacific Income C (dist) - USD 5.54% 6.41% 6.71% 9.81% - - MediumJPMorgan Asia Pacific Income D (acc) - USD 5.16% 5.70% 5.61% 8.58% 12.31% 5.32% MediumJPMorgan Asia Pacific Income D (mth) - USD 5.13% 5.57% 5.42% 8.32% - - MediumJPMorgan Asia Pacific Income X (acc) - USD 5.75% 6.87% 7.40% 11.10% - - MediumJPMorgan Asia Pacific Income A (irc) - RMB (hedged) 5.61% - - - - - Medium

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JPMorgan Funds - Asia Pacific Strategic Equity Fund (1)JPM Asia Pacific Strategic Equity A (acc) - EUR 7.59% 6.85% 9.80% 13.12% 11.34% 7.32% MediumJPM Asia Pacific Strategic Equity A (acc) - SGD 5.51% 4.60% 10.08% - - - MediumJPM Asia Pacific Strategic Equity A (acc) - USD 6.45% 5.92% 10.72% 18.52% 16.10% 5.01% MediumJPM Asia Pacific Strategic Equity A (dist) - GBP 3.86% 2.78% 4.86% - - - MediumJPM Asia Pacific Strategic Equity A (dist) - USD 6.50% 5.93% 10.76% 18.37% 15.78% 4.79% MediumJPM Asia Pacific Strategic Equity B (acc) - EUR 7.71% 7.21% 10.30% 13.93% 12.21% 8.21% MediumJPM Asia Pacific Strategic Equity B (acc) - USD 6.69% 6.33% 11.39% - - - MediumJPM Asia Pacific Strategic Equity B (dist) - USD 6.70% 6.33% 11.37% - - - MediumJPM Asia Pacific Strategic Equity C (acc) - EUR 7.76% 7.30% 10.47% 14.15% 12.46% 8.46% MediumJPM Asia Pacific Strategic Equity C (acc) - USD 6.75% 6.44% 11.55% - - - MediumJPM Asia Pacific Strategic Equity D (acc) - EUR 7.31% 6.40% 9.07% - - - MediumJPM Asia Pacific Strategic Equity D (acc) - USD 6.30% 5.54% 10.14% - - - MediumJPM Asia Pacific Strategic Equity X (acc) - USD 6.96% 6.86% 12.22% 20.67% 18.46% 7.10% Medium

JPMorgan Funds - Brazil Equity FundJPM Brazil Equity A (acc) - EUR 8.80% 9.94% 0.02% -0.80% -6.31% -8.61% HighJPM Brazil Equity A (acc) - SGD 6.92% 7.27% 0.41% 2.38% -3.52% -9.58% HighJPM Brazil Equity A (acc) - USD 7.69% 8.83% 0.98% 4.03% -2.91% -10.00% HighJPM Brazil Equity A (dist) - USD 7.81% 9.03% 1.05% 3.96% -2.77% -9.88% HighJPM Brazil Equity B (acc) - USD 7.94% 9.39% 1.56% 4.82% -2.15% -9.46% HighJPM Brazil Equity C (acc) - USD 8.06% 9.39% 1.59% 4.93% -2.10% -9.41% HighJPM Brazil Equity D (acc) - EUR 8.54% 9.41% -0.71% -1.77% -7.16% -9.34% HighJPM Brazil Equity D (acc) - USD 7.48% 8.38% 0.26% 2.92% -3.81% -10.68% HighJPM Brazil Equity I (acc) - EUR 9.02% 10.38% 0.65% 0.06% -5.54% -7.97% HighJPM Brazil Equity I (acc) - USD 8.02% 9.38% 1.63% 4.92% -2.03% -9.35% HighJPM Brazil Equity T (acc) - EUR 8.53% 9.38% -0.73% -1.80% -7.17% -9.35% High

JPMorgan Funds - China FundJPMorgan China A (acc) - SGD 1.74% -6.25% -1.68% 11.22% 8.56% -2.38% MediumJPMorgan China A (acc) - USD 2.56% -5.14% -1.09% 13.01% 9.45% -2.88% MediumJPMorgan China A (dist) - HKD 2.46% -5.19% -1.14% 12.97% 9.34% -2.94% MediumJPMorgan China A (dist) - USD 2.55% -5.14% -1.10% 13.05% 9.45% -2.89% MediumJPMorgan China B (acc) - USD 2.77% -4.78% -0.55% 13.86% 10.35% -2.19% MediumJPMorgan China B (dist) - USD 2.75% -4.79% -0.55% - - - MediumJPMorgan China C (acc) - USD 2.77% -4.74% -0.44% 14.04% 10.55% -2.05% MediumJPMorgan China C (dist) - USD 2.79% -4.72% -0.43% 14.09% - - MediumJPMorgan China D (acc) - EUR 3.27% -4.85% -2.79% 6.71% 4.05% -2.02% MediumJPMorgan China D (acc) - USD 2.29% -5.62% -1.84% 11.90% 8.29% -3.77% MediumJPMorgan China I (acc) - USD** 2.80% -4.70% - - - - MediumJPMorgan China I (dist) - USD 2.80% -4.70% - - - - MediumJPMorgan China T (acc) - EUR 3.28% -4.84% -2.78% 6.72% 4.06% -2.02% MediumJPMorgan China X (acc) - USD 2.99% -4.37% 0.14% 14.95% 11.54% -1.25% Medium

JPMorgan Funds - Eastern Europe Equity FundJPM Eastern Europe Equity A (acc) - EUR 12.26% -5.20% -5.15% -1.04% 1.66% -4.16% MediumJPM Eastern Europe Equity A (acc) - USD 11.18% -5.98% -4.27% 3.77% 5.69% -5.78% MediumJPM Eastern Europe Equity A (dist) - EUR 12.23% -5.22% -5.20% -0.96% 1.72% -4.13% MediumJPMorgan Eastern Europe Equity A (dist) - EUR 12.23% -5.22% -5.18% -0.97% 1.72% -4.13% MediumJPM Eastern Europe Equity B (acc) - EUR 12.55% -4.80% -4.59% -0.23% 2.40% -3.47% MediumJPM Eastern Europe Equity B (dist) - EUR 12.45% -4.86% -4.66% -0.24% - - MediumJPM Eastern Europe Equity C (acc) - EUR 12.49% -4.80% -4.59% -0.17% 2.49% -3.41% MediumJPM Eastern Europe Equity D (acc) - EUR 11.94% -5.70% -5.89% -2.02% 0.65% -5.01% MediumJPM Eastern Europe Equity I (acc) - EUR 12.48% -4.88% -4.62% -0.28% 2.47% -3.40% MediumJPM Eastern Europe Equity X (acc) - EUR 12.70% -4.39% -3.92% 0.75% 3.47% -2.59% Medium

JPMorgan Funds - Emerging Europe, Middle East and Africa Equity FundJPM Emerging Europe, Middle East and Africa Equity A (acc) - EUR 9.88% 0.72% 0.06% 5.66% 4.13% 0.94% MediumJPM Emerging Europe, Middle East and Africa Equity A (acc) - SGD* - - - - - - MediumJPM Emerging Europe, Middle East and Africa Equity A (acc) - USD 8.81% -0.14% 0.99% 10.73% 8.36% -0.98% MediumJPM Emerging Europe, Middle East and Africa Equity A (dist) - USD 8.81% -0.14% 1.00% 10.72% 8.27% -1.05% MediumJPM Emerging Europe, Middle East and Africa Equity B (acc) - USD 9.02% 0.22% 1.55% 11.58% 9.24% -0.26% MediumJPM Emerging Europe, Middle East and Africa Equity B (dist) - USD 9.03% 0.25% 1.56% - - - MediumJPM Emerging Europe, Middle East and Africa Equity C (acc) - USD 9.04% 0.30% 1.63% 11.71% 9.35% -0.14% MediumJPM Emerging Europe, Middle East and Africa Equity D (acc) - EUR 9.59% 0.20% -0.72% 4.56% 3.03% -0.09% MediumJPM Emerging Europe, Middle East and Africa Equity D (acc) - USD 8.57% -0.62% 0.25% 9.65% 7.20% -1.94% MediumJPM Emerging Europe, Middle East and Africa Equity I (acc) - USD 9.09% 0.34% 1.70% 11.78% 9.42% - MediumJPM Emerging Europe, Middle East and Africa Equity T (acc) - EUR 9.58% 0.19% -0.73% 4.55% 3.03% -0.09% MediumJPM Emerging Europe, Middle East and Africa Equity X (acc) - USD 9.36% 0.75% 2.36% 12.81% 10.45% 0.79% Medium


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JPMorgan Funds - Emerging Markets Corporate Bond FundJPM Emerging Markets Corporate Bond A (acc) - CHF (hedged)*** - - - - - - MediumJPM Emerging Markets Corporate Bond A (acc) - EUR (hedged) 3.21% 5.75% 7.69% 8.18% 6.83% 7.01% MediumJPM Emerging Markets Corporate Bond A (acc) - USD 3.16% 5.69% 7.70% 8.30% 7.09% 7.33% MediumJPM Emerging Markets Corporate Bond A (acc) - USD - Duration (hedged)*** - - - - - - MediumJPM Emerging Markets Corporate Bond A (div) - EUR (hedged) 3.18% 5.65% 7.49% 7.91% 6.50% - MediumJPM Emerging Markets Corporate Bond A (inc) - EUR (hedged) 3.21% 5.75% 7.69% 7.84% 6.63% - MediumJPM Emerging Markets Corporate Bond A (irc) - AUD (hedged) 3.73% 6.78% 9.31% - - - MediumJPM Emerging Markets Corporate Bond A (mth) - USD 3.14% 5.62% 7.52% 8.01% - - MediumJPM Emerging Markets Corporate Bond B (acc) - EUR (hedged) 3.35% 6.04% 8.12% 8.78% - - MediumJPM Emerging Markets Corporate Bond B (acc) - USD 3.29% 5.98% 8.14% 8.89% 7.73% 7.99% MediumJPM Emerging Markets Corporate Bond B (inc) - EUR (hedged) 3.35% 6.04% 8.13% - - - MediumJPM Emerging Markets Corporate Bond C (acc) - EUR 4.32% - - - - - MediumJPM Emerging Markets Corporate Bond C (acc) - EUR (hedged) 3.39% 6.13% 8.25% 8.96% - - MediumJPM Emerging Markets Corporate Bond C (acc) - USD 3.34% 6.07% 8.26% 9.06% 7.87% 8.13% MediumJPM Emerging Markets Corporate Bond C (acc) - USD - Duration (hedged)*** - - - - - - MediumJPM Emerging Markets Corporate Bond C (dist) - GBP (hedged)*** - - - - - - MediumJPM Emerging Markets Corporate Bond C (dist) - USD*** - - - - - - MediumJPM Emerging Markets Corporate Bond C (div) - EUR (hedged) 3.35% 6.02% 8.04% 8.64% - - MediumJPM Emerging Markets Corporate Bond D (acc) - EUR (hedged) 3.07% 5.49% 7.27% 7.63% 6.28% 6.43% MediumJPM Emerging Markets Corporate Bond D (div) - EUR (hedged) 3.05% 5.40% 7.10% 7.37% 6.01% - MediumJPM Emerging Markets Corporate Bond I (acc) - EUR 4.35% 6.99% - - - - MediumJPM Emerging Markets Corporate Bond I (dist) - CHF (hedged) 3.29% 5.95% - - - - MediumJPM Emerging Markets Corporate Bond T (acc) - EUR (hedged) 3.08% 5.49% 7.28% 7.63% - - MediumJPM Emerging Markets Corporate Bond X (acc) - EUR (hedged) 3.54% - - - - - MediumJPM Emerging Markets Corporate Bond X (acc) - USD** 3.48% 6.35% 8.48% - 0.71% - MediumJPM Emerging Markets Corporate Bond X (inc) - EUR (hedged)*** - - - - - - MediumJPM Emerging Markets Corporate Bond Y (acc) - EUR (hedged) 3.52% 6.40% 8.68% 9.54% - - MediumJPM Emerging Markets Corporate Bond Y (acc) - USD 3.49% 6.39% 8.76% 9.73% - - Medium

JPMorgan Funds - Emerging Markets Debt FundJPM Emerging Markets Debt A (acc) - EUR (hedged) 3.82% 7.27% 8.55% 9.08% 5.43% 6.30% MediumJPM Emerging Markets Debt A (acc) - GBP (hedged)* - - - - - - MediumJPM Emerging Markets Debt A (acc) - USD 3.79% 7.18% 8.58% 9.16% 5.67% 6.59% MediumJPM Emerging Markets Debt A (dist) - GBP 1.24% - - - - - MediumJPM Emerging Markets Debt A (inc) - EUR (hedged) 3.80% 7.20% 8.50% 8.58% 5.10% 5.79% MediumJPM Emerging Markets Debt A (inc) - USD 3.80% 7.16% 8.55% 8.65% 5.41% - MediumJPM Emerging Markets Debt A (irc) - AUD (hedged) 4.43% 8.14% 9.97% 10.80% - - MediumJPM Emerging Markets Debt A (irc) - CAD (hedged) 3.88% 7.34% 8.82% 9.45% - - MediumJPM Emerging Markets Debt A (irc) - NZD (hedged) 4.54% 8.37% 10.13% 11.09% - - MediumJPM Emerging Markets Debt A (irc) - RMB (hedged) 4.14% - - - - - MediumJPM Emerging Markets Debt A (mth) - EUR (hedged) 3.75% 7.04% 8.24% 8.58% 5.11% 5.73% MediumJPM Emerging Markets Debt A (mth) - HKD 3.70% 6.95% 8.27% 8.55% 5.30% - MediumJPM Emerging Markets Debt A (mth) - USD 3.81% 7.06% 8.26% 8.73% 5.36% 5.99% MediumJPM Emerging Markets Debt B (acc) - EUR (hedged) 3.92% 7.41% 8.82% 9.50% 5.88% 6.83% MediumJPM Emerging Markets Debt B (acc) - USD 3.90% 7.39% 8.91% 9.62% 6.17% - MediumJPM Emerging Markets Debt B (inc) - EUR (hedged) 3.94% 7.43% 8.83% - - - MediumJPM Emerging Markets Debt C (acc) - EUR (hedged) 4.09% 7.69% 9.20% 10.05% 6.36% 7.35% MediumJPM Emerging Markets Debt C (acc) - USD* - - - - - - MediumJPM Emerging Markets Debt C (dist) - USD 4.01% 7.61% 9.23% 9.45% 6.33% - MediumJPM Emerging Markets Debt C (mth) - USD* - - - - - - MediumJPM Emerging Markets Debt D (acc) - EUR (hedged) 3.65% 6.83% 7.88% 8.26% 4.63% 5.50% MediumJPM Emerging Markets Debt I (acc) - EUR (hedged) 4.05% 7.70% 9.23% 10.07% - - MediumJPM Emerging Markets Debt I (acc) - USD 4.03% 7.64% - - - - MediumJPM Emerging Markets Debt I (dist) - USD 4.01% 7.63% - - - - MediumJPM Emerging Markets Debt I (inc) - EUR (hedged) 4.15% 7.78% 9.35% 9.50% 6.02% 6.67% MediumJPM Emerging Markets Debt X (acc) - EUR (hedged) 4.20% 7.97% 9.65% 10.64% 7.01% - MediumJPM Emerging Markets Debt X (acc) - GBP (hedged) 4.22% 8.03% 9.84% 10.87% 7.31% - MediumJPM Emerging Markets Debt X (dist) - USD 4.16% 7.90% 9.69% 10.03% - - Medium

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JPMorgan Funds - Emerging Markets Equity FundJPM Emerging Markets Equity A (acc) - EUR 7.35% 7.43% 6.33% 5.41% 2.87% 0.92% MediumJPM Emerging Markets Equity A (acc) - EUR (hedged) 6.45% 6.71% 7.35% 10.64% 6.67% - MediumJPM Emerging Markets Equity A (acc) - SGD 5.44% 5.28% 6.69% 8.71% 6.14% -0.46% MediumJPM Emerging Markets Equity A (acc) - USD 6.33% 6.57% 7.37% 10.56% 7.00% -0.98% MediumJPM Emerging Markets Equity A (dist) - GBP 3.72% 3.45% 1.65% -1.34% 2.46% -2.97% MediumJPM Emerging Markets Equity A (dist) - USD 6.36% 6.61% 7.40% 10.56% 7.01% -0.98% MediumJPM Emerging Markets Equity B (acc) - EUR 7.57% 7.89% 6.94% - - - MediumJPM Emerging Markets Equity B (acc) - USD 6.57% 7.02% 7.96% 11.39% 7.89% -0.25% MediumJPM Emerging Markets Equity B (dist) - GBP 3.93% 3.81% 1.98% - - - MediumJPM Emerging Markets Equity B (dist) - USD 6.56% 7.00% 7.98% - - - MediumJPM Emerging Markets Equity C (acc) - EUR 7.59% 7.90% 6.98% 6.29% - - MediumJPM Emerging Markets Equity C (acc) - EUR (hedged) 6.67% 7.14% 8.00% 11.52% - - MediumJPM Emerging Markets Equity C (acc) - USD 6.60% 7.05% 8.02% 11.46% 7.93% -0.20% MediumJPM Emerging Markets Equity C (dist) - GBP 3.94% 3.84% 2.26% -0.57% - - MediumJPM Emerging Markets Equity C (dist) - USD 6.57% 7.03% 8.02% 11.31% 7.78% -0.31% MediumJPM Emerging Markets Equity D (acc) - EUR 7.08% 6.95% 5.61% 4.41% 1.80% -0.07% MediumJPM Emerging Markets Equity D (acc) - EUR (hedged)* - - - - - - MediumJPM Emerging Markets Equity D (acc) - USD 6.09% 6.09% 6.58% 9.47% 5.88% -1.94% MediumJPM Emerging Markets Equity I (acc) - EUR 7.67% 8.01% 7.09% 6.44% 3.88% 1.88% MediumJPM Emerging Markets Equity I (acc) - EUR (hedged) 6.70% 7.20% 8.10% 11.66% - - MediumJPM Emerging Markets Equity I (acc) - SGD* - - - - - - MediumJPM Emerging Markets Equity I (acc) - USD 6.60% 7.14% 8.16% 11.65% 8.08% -0.08% MediumJPM Emerging Markets Equity I (dist) - GBP 3.95% 3.86% - - - - MediumJPM Emerging Markets Equity I (dist) - USD 6.58% 7.06% - - - - MediumJPM Emerging Markets Equity I (inc) - EUR 7.66% 7.97% 7.14% 6.44% 3.78% 1.80% MediumJPM Emerging Markets Equity T (acc) - EUR 7.17% 7.08% - - - - MediumJPM Emerging Markets Equity X (acc) - EUR 7.84% 8.41% 7.73% 7.32% 4.75% 2.76% MediumJPM Emerging Markets Equity X (acc) - EUR (hedged)*** - - - - - - MediumJPM Emerging Markets Equity X (acc) - USD 6.81% 7.50% 8.75% 12.50% 9.02% 0.73% MediumJPM Emerging Markets Equity X (dist) - USD 6.85% 7.55% 8.85% 12.35% 8.81% 0.52% MediumJPM Emerging Markets Equity X (inc) - EUR 7.86% 8.44% 7.76% 7.22% 4.65% 2.58% Medium

JPMorgan Funds - Emerging Markets Local Currency Debt FundJPM Emerging Markets Local Currency Debt A (acc) - EUR 5.06% 6.61% 2.70% -1.37% -1.83% 1.63% MediumJPM Emerging Markets Local Currency Debt A (acc) - SGD 3.16% 3.92% 3.04% 1.72% 1.12% - MediumJPM Emerging Markets Local Currency Debt A (acc) - USD 4.06% 5.59% 3.71% 3.43% 1.94% -0.32% MediumJPM Emerging Markets Local Currency Debt A (dist) - GBP 1.45% 2.09% -1.82% -7.64% -2.06% -2.19% MediumJPM Emerging Markets Local Currency Debt A (div) - EUR 4.95% 6.32% 2.42% -1.65% -1.64% - MediumJPM Emerging Markets Local Currency Debt A (inc) - EUR 5.02% 6.56% 2.70% -1.48% -1.75% 1.66% MediumJPM Emerging Markets Local Currency Debt A (irc) - AUD (hedged) 4.54% 6.40% 4.80% - - - MediumJPM Emerging Markets Local Currency Debt A (mth) - USD 3.96% 5.35% 3.48% 3.12% 1.87% -0.43% MediumJPM Emerging Markets Local Currency Debt B (acc) - EUR 5.16% 6.86% 3.12% -0.83% -1.32% 2.20% MediumJPM Emerging Markets Local Currency Debt B (acc) - USD 4.19% 5.92% 4.19% 4.00% 2.51% 0.23% MediumJPM Emerging Markets Local Currency Debt B (inc) - EUR 5.15% - - - - - MediumJPM Emerging Markets Local Currency Debt B (mth) - USD 4.19% 5.72% 3.99% 3.87% - - MediumJPM Emerging Markets Local Currency Debt C (acc) - EUR 5.19% 6.93% 3.22% -0.69% -1.18% 2.36% MediumJPM Emerging Markets Local Currency Debt C (acc) - SEK*** - - - - - - MediumJPM Emerging Markets Local Currency Debt C (acc) - USD 4.17% 5.91% 4.24% 4.11% 2.65% 0.37% MediumJPM Emerging Markets Local Currency Debt C (dist) - GBP 1.62% 2.45% -1.32% -7.03% - - MediumJPM Emerging Markets Local Currency Debt C (div) - EUR 5.13% 6.69% - - - - MediumJPM Emerging Markets Local Currency Debt C (mth) - USD* - - - - - - MediumJPM Emerging Markets Local Currency Debt D (acc) - EUR 4.91% 6.34% 2.31% -1.85% -2.34% 1.09% MediumJPM Emerging Markets Local Currency Debt D (acc) - USD 3.93% 5.33% 3.33% 2.92% 1.40% -0.81% MediumJPM Emerging Markets Local Currency Debt D (div) - EUR 4.73% 6.02% 2.05% -2.15% -2.08% 1.28% MediumJPM Emerging Markets Local Currency Debt D (mth) - USD 3.88% 5.14% 3.09% 2.62% - - MediumJPM Emerging Markets Local Currency Debt I (acc) - EUR 5.22% 6.97% 3.28% -0.62% -1.13% 2.40% MediumJPM Emerging Markets Local Currency Debt I (acc) - EUR (hedged) 4.24% 5.99% 4.17% 4.02% - - MediumJPM Emerging Markets Local Currency Debt I (acc) - USD 4.21% 5.97% 4.28% 4.21% 2.71% - MediumJPM Emerging Markets Local Currency Debt I (inc) - EUR 5.21% 6.97% 3.27% -0.78% -1.11% - MediumJPM Emerging Markets Local Currency Debt T (acc) - EUR 4.89% 6.30% 2.32% -1.87% -2.33% 1.10% MediumJPM Emerging Markets Local Currency Debt T (div) - EUR 4.82% 6.07% 2.05% -2.11% -2.06% 1.30% MediumJPM Emerging Markets Local Currency Debt X (acc) - EUR* - - - - - - MediumJPM Emerging Markets Local Currency Debt X (acc) - EUR (hedged) 4.36% 6.26% 4.57% 4.55% - - MediumJPM Emerging Markets Local Currency Debt X (acc) - USD 4.26% 6.10% 4.57% 4.63% 3.19% 0.91% MediumJPM Emerging Markets Local Currency Debt Y (acc) - EUR 5.34% 7.24% 3.67% -0.13% - - MediumJPM Emerging Markets Local Currency Debt Y (acc) - GBP 1.76% 2.73% -0.92% -6.57% -1.03% - Medium

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JPMorgan Funds - Emerging Markets Opportunities FundJPM Emerging Markets Opportunities A (acc) - CHF (hedged) 5.29% 3.11% 4.41% 11.81% - - MediumJPM Emerging Markets Opportunities A (acc) - EUR 6.29% 3.90% 3.59% 6.72% 3.32% - MediumJPM Emerging Markets Opportunities A (acc) - SGD 4.38% 1.76% 3.93% 10.05% - - MediumJPM Emerging Markets Opportunities A (acc) - SGD (hedged) 5.30% 2.97% 4.48% 11.71% - - MediumJPM Emerging Markets Opportunities A (acc) - USD 5.29% 3.06% 4.60% 11.91% 7.50% 1.24% MediumJPM Emerging Markets Opportunities A (dist) - EUR 6.30% 3.91% 3.59% 6.68% 3.25% - MediumJPM Emerging Markets Opportunities A (dist) - GBP 2.68% - -0.98% -0.12% - - MediumJPM Emerging Markets Opportunities A (dist) - USD 5.28% 3.06% 4.60% 11.86% - - MediumJPM Emerging Markets Opportunities A (inc) - EUR 6.29% 3.90% 3.58% 6.70% - - MediumJPM Emerging Markets Opportunities B (acc) - EUR 6.48% 4.28% 4.16% - - - MediumJPM Emerging Markets Opportunities B (acc) - USD 5.48% 3.44% 5.19% 12.76% 8.37% 2.02% MediumJPM Emerging Markets Opportunities B (dist) - EUR** 6.50% 4.29% 4.17% - - - MediumJPM Emerging Markets Opportunities B (dist) - GBP 2.87% 0.37% -0.42% 0.62% - - MediumJPM Emerging Markets Opportunities B (dist) - USD*** - - - - - - MediumJPM Emerging Markets Opportunities C (acc) - EUR*** - - - - - - MediumJPM Emerging Markets Opportunities C (acc) - PLN 6.17% 4.47% 2.36% 2.91% 3.13% - MediumJPM Emerging Markets Opportunities C (acc) - USD 5.50% 3.47% 5.23% 12.82% 8.43% 2.08% MediumJPM Emerging Markets Opportunities C (dist) - GBP 2.89% 0.40% -0.38% 0.68% - - MediumJPM Emerging Markets Opportunities C (dist) - USD 5.50% 3.47% 5.23% 12.76% - - MediumJPM Emerging Markets Opportunities D (acc) - EUR 6.10% 3.53% 3.02% 5.93% - - MediumJPM Emerging Markets Opportunities D (acc) - PLN 5.77% 3.67% 1.18% 1.32% 1.50% - MediumJPM Emerging Markets Opportunities D (acc) - USD 5.09% 2.68% 4.02% 11.07% - - MediumJPM Emerging Markets Opportunities I (acc) - EUR 6.53% 4.38% 4.31% 7.71% - - MediumJPM Emerging Markets Opportunities I (acc) - USD 5.53% 3.53% 5.33% 12.95% 8.54% - MediumJPM Emerging Markets Opportunities T (acc) - EUR 6.09% 3.52% 3.02% 5.93% - - MediumJPM Emerging Markets Opportunities X (acc) - EUR 6.76% 4.82% 4.97% 8.62% - - MediumJPM Emerging Markets Opportunities X (acc) - EUR (hedged)*** - - - - - - MediumJPM Emerging Markets Opportunities X (acc) - GBP 3.14% 0.87% 0.35% 1.63% - - MediumJPM Emerging Markets Opportunities X (acc) - USD 5.75% 3.97% 5.99% 13.91% 9.54% 3.08% MediumJPM Emerging Markets Opportunities X (dist) - AUD 3.96% -1.16% - - - - Medium

JPMorgan Funds - Emerging Markets Small Cap FundJPM Emerging Markets Small Cap A (acc) - EUR 9.41% 9.96% 10.66% 8.86% 9.89% 3.55% MediumJPM Emerging Markets Small Cap A (acc) - USD 8.38% 9.07% 11.74% 14.20% 14.60% 1.52% MediumJPM Emerging Markets Small Cap A (dist) - GBP 5.67% 5.84% 5.84% 1.92% 9.48% -0.61% MediumJPM Emerging Markets Small Cap B (acc) - EUR 9.57% 10.36% 11.16% - - - MediumJPM Emerging Markets Small Cap B (acc) - USD 8.44% 9.40% 12.28% 15.03% 15.42% 2.19% MediumJPM Emerging Markets Small Cap C (acc) - EUR 9.54% 10.32% 11.27% 9.70% 10.69% - MediumJPM Emerging Markets Small Cap C (acc) - USD 8.51% 9.39% 12.32% 14.99% 15.38% 2.20% MediumJPM Emerging Markets Small Cap D (acc) - EUR 9.17% 9.40% 9.90% 7.86% 8.86% 2.58% MediumJPM Emerging Markets Small Cap D (acc) - USD 8.20% 8.52% 10.99% 13.12% 13.48% 0.61% MediumJPM Emerging Markets Small Cap I (acc) - USD 8.43% 9.43% 12.34% 15.06% 15.19% 2.12% MediumJPM Emerging Markets Small Cap T (acc) - EUR 9.17% 9.40% 9.90% 7.87% - - MediumJPM Emerging Markets Small Cap Y (acc) - EUR 9.90% 10.87% 12.13% 10.83% - - Medium

JPMorgan Funds - Emerging Middle East Equity FundJPM Emerging Middle East Equity A (acc) - EUR 5.44% 16.82% 13.04% 8.30% 12.60% 9.48% MediumJPM Emerging Middle East Equity A (acc) - SGD* - - - - - - MediumJPM Emerging Middle East Equity A (acc) - USD 4.44% 15.88% 14.16% 13.58% 18.69% 7.07% MediumJPM Emerging Middle East Equity A (dist) - USD 4.45% 15.84% 14.16% 13.30% 18.38% 6.69% MediumJPM Emerging Middle East Equity B (acc) - USD 4.63% 16.20% 14.77% 14.34% 19.73% 8.00% MediumJPM Emerging Middle East Equity B (dist) - USD 4.63% 16.27% 14.79% - - - MediumJPM Emerging Middle East Equity C (acc) - USD 4.66% 16.36% 14.90% 14.51% 19.85% 8.08% MediumJPM Emerging Middle East Equity D (acc) - EUR 5.16% 16.21% 12.21% 7.23% 11.31% 8.20% MediumJPM Emerging Middle East Equity D (acc) - USD 4.14% 15.26% 13.29% 12.41% 17.33% 5.89% MediumJPM Emerging Middle East Equity I (acc) - USD 4.67% 16.35% 14.93% 14.59% 19.96% 8.18% Medium

JPMorgan Funds - Euro Money Market FundJPM Euro Money Market A (acc) - EUR - - - - - 0.08% LowJPMorgan Euro Money Market A (acc) - EUR - - - - - - LowJPM Euro Money Market C (acc) - EUR** - - - - - - LowJPM Euro Money Market D (acc) - EUR - - - - - 0.06% Low

JPMorgan Funds - Euroland Equity FundJPM Euroland Equity A (acc) - CHF (hedged) 1.40% 6.52% - - - - MediumJPM Euroland Equity A (acc) - EUR 1.47% 6.63% 16.99% 29.10% 29.54% 9.50% MediumJPM Euroland Equity A (acc) - GBP (hedged) 1.51% 6.64% - - - - MediumJPM Euroland Equity A (acc) - USD (hedged) 1.46% 6.52% - - - - MediumJPM Euroland Equity A (dist) - EUR 1.49% 6.63% 17.01% 28.79% 28.93% 8.77% MediumJPMorgan Euroland Equity A (dist) - USD 0.58% 5.83% 18.17% 35.14% 35.07% 6.39% MediumJPM Euroland Equity A (inc) - EUR 1.48% 6.67% 17.13% 28.81% 29.06% 8.79% MediumJPM Euroland Equity B (acc) - EUR 1.66% 7.00% 17.61% 29.98% 30.69% 10.43% MediumJPM Euroland Equity B (dist) - EUR 1.67% 7.04% 17.67% 29.61% - - MediumJPM Euroland Equity C (acc) - EUR 1.77% 7.22% 17.95% 30.48% 31.25% 10.87% MediumJPM Euroland Equity D (acc) - EUR 1.37% 6.27% 16.44% 28.13% 28.33% 8.55% MediumJPM Euroland Equity I (acc) - EUR* - - - - - - MediumJPM Euroland Equity X (acc) - EUR 1.94% 7.55% 18.55% 31.36% 32.40% 11.82% Medium

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JPMorgan Funds - Europe Dynamic FundJPM Europe Dynamic A (acc) - AUD (hedged) -0.09% 3.96% - - - - MediumJPM Europe Dynamic A (acc) - EUR 0.51% 4.17% 15.03% 26.38% 29.40% 17.79% MediumJPM Europe Dynamic A (acc) - HKD (hedged) -0.84% 2.62% - - - - MediumJPM Europe Dynamic A (acc) - SGD (hedged)*** - - - - - - MediumJPM Europe Dynamic A (acc) - USD -0.45% 3.30% - - - - MediumJPM Europe Dynamic A (acc) - USD (hedged) -0.82% 2.73% - - - - MediumJPM Europe Dynamic A (dist) - EUR 0.45% 4.12% 15.00% 26.13% 28.99% 17.24% MediumJPMorgan Europe Dynamic A (dist) - EUR 0.50% 4.17% 15.08% 26.19% 29.01% 17.26% MediumJPM Europe Dynamic A (dist) - GBP -2.93% 0.23% 9.95% 18.09% 28.36% 11.53% MediumJPM Europe Dynamic A (inc) - EUR 0.50% 4.15% - - - - MediumJPM Europe Dynamic B (acc) - EUR 0.69% 4.54% 15.67% 27.32% 30.61% 18.97% MediumJPM Europe Dynamic B (acc) - USD -0.28% 3.72% - - - - MediumJPM Europe Dynamic B (acc) - USD (hedged)*** - - - - - - MediumJPM Europe Dynamic B (dist) - EUR 0.68% 4.54% 15.70% - - - MediumJPM Europe Dynamic B (dist) - GBP -2.73% 0.61% 10.05% - - - MediumJPM Europe Dynamic C (acc) - EUR 0.72% 4.59% 15.80% 27.47% 30.85% 19.16% MediumJPM Europe Dynamic D (acc) - EUR 0.28% 3.67% 14.20% 25.10% 27.84% 16.30% MediumJPM Europe Dynamic D (acc) - USD (hedged)*** - - - - - - MediumJPM Europe Dynamic D (acc) - USD** -0.70% 2.80% - - - - MediumJPM Europe Dynamic I (acc) - EUR 0.75% 4.67% 15.89% 27.54% 30.95% 19.26% MediumJPM Europe Dynamic I (acc) - USD -0.22% - - - - - MediumJPM Europe Dynamic I (dist) - EUR 0.72% 4.64% - - - - MediumJPM Europe Dynamic I (dist) - GBP -2.68% 0.70% - - - - MediumJPM Europe Dynamic T (acc) - EUR 0.24% 3.63% 14.18% 25.08% 27.83% 16.28% MediumJPM Europe Dynamic X (acc) - EUR** 0.94% 5.08% - - 3.33% - Medium

JPMorgan Funds - Europe Equity FundJPM Europe Equity A (acc) - EUR 2.17% 7.12% 15.69% 24.57% 25.65% 13.24% MediumJPM Europe Equity A (acc) - USD 1.16% 6.28% 16.81% 30.62% 31.60% 10.66% MediumJPM Europe Equity A (acc) - USD (hedged)*** - - - - - - MediumJPM Europe Equity A (dist) - EUR 2.14% 7.14% 15.71% 24.36% 25.09% 12.61% MediumJPMorgan Europe Equity A (dist) - USD 1.18% 6.26% 16.82% 30.33% 30.85% 9.98% MediumJPM Europe Equity B (acc) - EUR 2.34% 7.50% 16.37% 25.51% 26.80% 14.31% MediumJPM Europe Equity B (acc) - USD 1.34% 6.68% - - - - MediumJPM Europe Equity B (acc) - USD (hedged)*** - - - - - - MediumJPM Europe Equity B (dist) - EUR 2.34% 7.54% 16.39% - - - MediumJPM Europe Equity C (acc) - EUR 2.43% 7.65% 16.65% 25.90% 27.31% 14.76% MediumJPM Europe Equity C (dist) - USD 1.44% 6.81% 17.76% 31.68% - - MediumJPM Europe Equity D (acc) - EUR 1.88% 6.65% 15.07% 23.56% 24.48% 12.20% MediumJPM Europe Equity D (acc) - USD 1.00% 5.87% 16.17% 29.68% 30.38% 9.67% MediumJPM Europe Equity D (acc) - USD (hedged)*** - - - - - - MediumJPM Europe Equity X (acc) - EUR 2.58% 8.11% 17.29% 26.84% 28.38% 15.80% Medium

JPMorgan Funds - Europe Focus FundJPM Europe Focus A (acc) - EUR -1.14% 4.97% 16.28% 30.07% 32.72% 17.92% MediumJPM Europe Focus A (acc) - USD -2.58% 3.45% 16.71% 35.65% 38.18% 14.49% MediumJPM Europe Focus A (dist) - EUR -1.02% 5.08% 16.60% 30.21% 31.68% 16.96% MediumJPM Europe Focus B (acc) - EUR*** - - - - - - MediumJPM Europe Focus C (acc) - EUR -0.97% 5.43% 16.98% 31.11% 33.30% 18.73% MediumJPM Europe Focus D (acc) - EUR -1.30% 4.53% 15.87% 29.59% 31.67% 16.74% MediumJPM Europe Focus D (acc) - USD -2.49% 3.39% 16.34% 34.84% 37.31% 13.53% MediumJPM Europe Focus T (acc) - EUR -1.22% 4.62% 15.63% 29.05% 31.13% 16.43% MediumJPM Europe Focus X (acc) - EUR -0.52% 6.00% 17.93% 32.48% 35.15% 20.37% Medium

JPMorgan Funds - Europe Small Cap FundJPM Europe Small Cap A (acc) - EUR -3.18% 5.18% 15.38% 29.83% 33.55% 16.13% MediumJPM Europe Small Cap A (acc) - USD -4.11% 4.23% - - - - MediumJPM Europe Small Cap A (dist) - EUR -3.19% 5.22% 15.42% 29.77% 33.11% 15.70% MediumJPMorgan Europe Small Cap A (dist) - EUR -3.19% 5.28% 15.46% 29.84% 33.11% 15.69% MediumJPM Europe Small Cap A (dist) - GBP -6.46% 0.82% 10.35% 21.40% 32.43% 10.13% MediumJPM Europe Small Cap B (acc) - EUR -3.02% 5.60% 16.09% 30.90% 34.79% 17.27% MediumJPM Europe Small Cap B (dist) - EUR -3.01% 5.61% 16.06% - - - MediumJPM Europe Small Cap C (acc) - EUR -2.98% 5.69% 16.19% 31.04% 35.08% 17.49% MediumJPM Europe Small Cap D (acc) - EUR -3.43% 4.71% 14.53% 28.56% 31.87% 14.65% MediumJPM Europe Small Cap I (acc) - EUR -2.96% 5.71% 16.25% 31.10% 35.13% 17.54% MediumJPM Europe Small Cap X (acc) - EUR* - - - - - - Medium

JPMorgan Funds - Europe Strategic Growth FundJPM Europe Strategic Growth A (acc) - EUR 1.33% 8.34% 18.35% 27.69% 28.69% 16.23% MediumJPM Europe Strategic Growth A (dist) - EUR 1.38% 8.37% 18.39% 27.56% 28.50% 16.13% MediumJPM Europe Strategic Growth A (dist) - GBP -2.10% 3.80% 13.13% 19.43% 27.86% 10.39% MediumJPM Europe Strategic Growth B (acc) - EUR 1.50% 8.74% 18.98% 28.70% 29.94% 17.35% MediumJPM Europe Strategic Growth B (dist) - EUR 1.52% 8.75% 18.98% - - - MediumJPM Europe Strategic Growth C (acc) - EUR 1.58% 8.88% 19.16% 29.01% 30.18% 17.66% MediumJPM Europe Strategic Growth D (acc) - EUR 1.15% 7.98% 17.69% 26.78% 27.62% 15.17% MediumJPM Europe Strategic Growth X (acc) - EUR* - - - - - - Medium

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JPMorgan Funds - Europe Strategic Value FundJPM Europe Strategic Value A (acc) - EUR 3.09% 6.37% 15.58% 27.87% 26.11% 12.12% MediumJPM Europe Strategic Value A (dist) - EUR 3.05% 6.37% 15.50% 27.62% 25.58% 11.35% MediumJPM Europe Strategic Value A (dist) - GBP -0.45% 2.36% 10.44% 19.47% 24.98% 6.34% MediumJPM Europe Strategic Value B (acc) - EUR 3.30% 6.83% 16.20% 28.95% 27.29% 13.16% MediumJPM Europe Strategic Value B (dist) - EUR 3.29% 6.82% 16.22% - - - MediumJPM Europe Strategic Value C (acc) - EUR 3.35% 6.92% 16.45% 29.20% 27.58% 13.43% MediumJPM Europe Strategic Value D (acc) - EUR 2.88% 6.00% 14.92% 26.97% 24.95% 11.09% Medium

JPMorgan Funds - Europe Technology FundJPM Europe Technology A (acc) - EUR -0.09% 2.78% 12.33% 32.73% 30.79% 16.44% MediumJPM Europe Technology A (acc) - USD (hedged)** 4.52% - - - - - MediumJPM Europe Technology A (dist) - EUR -0.07% 2.84% 12.32% 32.69% 30.71% 16.18% MediumJPMorgan Europe Technology A (dist) - EUR - 2.77% 12.39% 32.77% 30.53% 16.10% MediumJPM Europe Technology A (dist) - GBP -3.49% -1.52% 7.28% 24.10% 29.89% 10.52% MediumJPM Europe Technology B (acc) - EUR 0.11% 3.19% 12.99% 33.74% 32.12% 17.63% MediumJPM Europe Technology B (dist) - EUR 0.08% 3.17% 12.92% - - - MediumJPM Europe Technology C (acc) - EUR 0.11% 3.23% 13.03% 33.87% - - MediumJPM Europe Technology D (acc) - EUR -0.26% 2.27% 11.50% 31.39% 29.30% 15.03% MediumJPM Europe Technology X (acc) - EUR* - - - - - - Medium

JPMorgan Funds - Global Corporate Bond FundJPM Global Corporate Bond A (acc) - CHF (hedged) 2.76% 4.72% 6.05% 7.39% - - MediumJPM Global Corporate Bond A (acc) - EUR (hedged) 2.83% 4.80% 6.28% 7.71% 4.69% 6.19% MediumJPM Global Corporate Bond A (acc) - EUR (hedged) & Duration (hedged) 1.08% 1.21% 3.67% 4.57% - - MediumJPM Global Corporate Bond A (acc) - NOK (hedged)*** - - - - - - MediumJPM Global Corporate Bond A (acc) - SEK (hedged) 2.99% 5.12% 6.78% 8.45% 5.71% 7.55% MediumJPM Global Corporate Bond A (acc) - USD 2.76% 4.74% 6.28% 7.70% 4.86% 6.29% MediumJPM Global Corporate Bond A (acc) - USD - Duration (hedged) 1.06% 1.14% 3.59% 4.36% - - MediumJPM Global Corporate Bond A (dist) - EUR (hedged) 2.84% 4.83% 6.28% 7.48% 4.56% - MediumJPM Global Corporate Bond A (dist) - GBP (hedged) 2.87% 4.88% 6.44% 7.82% 4.84% 6.09% MediumJPM Global Corporate Bond A (dist) - USD 2.79% 4.76% 6.25% 7.51% - - MediumJPM Global Corporate Bond A (div) - EUR (hedged) 2.83% 4.79% 6.16% 7.52% 4.48% - MediumJPM Global Corporate Bond A (inc) - EUR (hedged) 2.84% 4.84% 6.27% 7.49% - - MediumJPM Global Corporate Bond A (inc) - EUR (hedged) & Duration (hedged) 1.07% 1.19% 3.63% 4.43% - - MediumJPM Global Corporate Bond A (mth) - SGD 1.93% 3.48% 5.53% 5.84% 3.81% - MediumJPM Global Corporate Bond A (mth) - USD 2.79% 4.75% 6.17% 7.55% 4.64% 5.93% MediumJPM Global Corporate Bond B (acc) - EUR (hedged) 2.92% 5.01% 6.54% 8.07% 5.06% 6.62% MediumJPM Global Corporate Bond B (acc) - GBP (hedged)* - - - - - - MediumJPM Global Corporate Bond B (acc) - SEK (hedged)*** - - - - - - MediumJPM Global Corporate Bond B (acc) - SEK (hedged) & Duration (hedged)*** - - - - - - MediumJPM Global Corporate Bond B (acc) - USD 2.89% 4.96% 6.54% 8.09% 5.23% 6.71% MediumJPM Global Corporate Bond B (acc) - USD - Duration (hedged) 0.69% - - - - - MediumJPM Global Corporate Bond B (div) - EUR (hedged) 2.91% 4.97% 6.45% - - - MediumJPM Global Corporate Bond B (mth) - USD 2.81% 4.83% 6.31% 7.77% 4.90% - MediumJPM Global Corporate Bond C (acc) - EUR (hedged) 2.95% 5.07% 6.63% 8.19% 5.18% 6.74% MediumJPM Global Corporate Bond C (acc) - EUR (hedged) & Duration (hedged) 1.19% 1.44% 4.02% 5.05% 4.60% - MediumJPM Global Corporate Bond C (acc) - USD 2.92% 5.01% 6.63% 8.21% 5.34% - MediumJPM Global Corporate Bond C (acc) - USD - Duration (hedged) 1.17% 1.36% 3.93% 4.83% 4.61% 2.81% MediumJPM Global Corporate Bond C (dist) - EUR (hedged) 2.95% 5.07% 6.63% 7.93% 5.01% - MediumJPM Global Corporate Bond C (dist) - GBP (hedged) 2.99% 5.15% 6.79% 8.22% 5.37% - MediumJPM Global Corporate Bond C (dist) - GBP (hedged) & Duration (hedged) 1.23% 1.46% 4.07% 5.13% - - MediumJPM Global Corporate Bond C (dist) - USD 2.92% 5.02% 6.63% 7.98% - - MediumJPM Global Corporate Bond D (acc) - EUR (hedged) 2.71% 4.63% 5.95% 7.20% 4.24% 5.71% MediumJPM Global Corporate Bond D (acc) - EUR (hedged) & Duration (hedged) 0.97% 1.01% 3.36% 4.14% - - MediumJPM Global Corporate Bond D (acc) - USD 2.68% 4.55% 5.95% 7.32% 4.40% 5.81% MediumJPM Global Corporate Bond D (acc) - USD - Duration (hedged) 0.95% 0.94% 3.27% 3.94% - - MediumJPM Global Corporate Bond D (div) - EUR (hedged) 2.74% 4.61% 5.80% 7.13% 4.09% 5.42% MediumJPM Global Corporate Bond D (mth) - USD 2.68% 4.53% 5.85% 7.12% 4.22% - MediumJPM Global Corporate Bond I (acc) - CHF (hedged) 2.88% 4.97% - - - - MediumJPM Global Corporate Bond I (acc) - EUR (hedged) 2.97% 5.09% - - - - MediumJPM Global Corporate Bond I (acc) - EUR (hedged) & Duration (hedged) 1.19% 1.45% - - - - MediumJPM Global Corporate Bond I (acc) - JPY (hedged) 2.84% 4.91% 6.43% 7.98% - - MediumJPM Global Corporate Bond I (acc) - SEK (hedged)* - - - - - - MediumJPM Global Corporate Bond I (acc) - USD 2.92% 5.04% 6.65% 8.25% - - MediumJPM Global Corporate Bond I (acc) - USD - Duration (hedged) 1.19% 1.40% - - - - MediumJPM Global Corporate Bond I (dist) - GBP (hedged) 2.99% 5.15% - - - - MediumJPM Global Corporate Bond I (dist) - USD 2.93% 5.03% - - - - MediumJPM Global Corporate Bond T (acc) - EUR (hedged) 2.73% 4.63% 5.96% 7.27% 4.24% 5.73% MediumJPM Global Corporate Bond T (div) - EUR (hedged) 2.72% 4.58% 5.85% 7.09% 4.07% 5.43% MediumJPM Global Corporate Bond X (acc) - EUR (hedged) 3.06% 5.30% 6.99% 8.67% - - MediumJPM Global Corporate Bond X (acc) - GBP (hedged) 3.11% 5.37% 7.15% 8.96% - - Medium

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JPMorgan Funds - Global Focus FundJPM Global Focus A (acc) - CHF (hedged) 5.74% 5.92% 13.47% 22.89% 21.16% 8.66% MediumJPM Global Focus A (acc) - EUR 7.16% 7.56% 12.97% 19.87% 16.44% 10.19% MediumJPM Global Focus A (acc) - EUR (hedged) 5.86% 6.16% 13.69% 23.16% 21.13% 8.63% MediumJPM Global Focus A (dist) - EUR 7.13% 7.56% 12.98% 19.74% 16.31% 10.10% MediumJPMorgan Global Focus A (dist) - USD 6.14% 6.75% 14.12% 25.64% 21.54% 7.63% MediumJPM Global Focus B (acc) - EUR 7.38% 8.04% 13.67% 20.81% 17.48% 11.20% MediumJPM Global Focus B (dist) - EUR 7.36% 7.99% 13.63% - - - MediumJPM Global Focus B (dist) - USD 6.34% 7.11% 14.74% - - - MediumJPM Global Focus C (acc) - EUR 7.39% 8.03% 13.71% 20.91% 17.63% 11.38% MediumJPM Global Focus C (acc) - EUR (hedged) 6.08% 6.63% 14.51% 24.20% 22.37% 9.76% MediumJPM Global Focus C (acc) - USD** 6.38% 7.19% 8.04% - - - MediumJPM Global Focus D (acc) - EUR 6.87% 7.05% 12.13% 18.66% 15.12% 8.90% MediumJPM Global Focus D (acc) - EUR (hedged) 5.60% 5.60% 12.84% 21.86% 19.69% 7.38% MediumJPM Global Focus I (acc) - EUR 7.43% 8.14% 13.87% 21.10% 17.79% 11.51% MediumJPM Global Focus I (acc) - EUR (hedged)* - - - - - - MediumJPM Global Focus I (acc) - USD 6.41% 7.26% 14.98% 26.99% 23.11% 9.01% MediumJPM Global Focus T (acc) - EUR 6.89% 7.06% 12.16% 18.66% 15.13% 8.91% MediumJPM Global Focus X (acc) - EUR 7.64% 8.56% 14.61% 22.13% 18.92% 12.59% Medium

JPMorgan Funds - Global Healthcare FundJPM Global Healthcare A (acc) - EUR 4.81% 10.59% 18.45% 32.44% - - MediumJPM Global Healthcare A (acc) - USD 3.82% 9.68% 19.60% 38.87% 44.90% 35.71% MediumJPM Global Healthcare A (dist) - GBP 1.25% 6.43% 13.23% 23.89% 37.29% 31.46% MediumJPM Global Healthcare A (dist) - USD 3.82% 9.69% 19.60% 38.87% 44.90% 35.71% MediumJPMorgan Global Healthcare A (dist) - USD 3.82% 9.69% 19.60% 38.87% 44.90% 35.71% MediumJPM Global Healthcare B (acc) - EUR 4.99% - - - - - MediumJPM Global Healthcare B (acc) - USD 4.01% 10.10% 20.28% 39.93% 46.34% 37.28% MediumJPM Global Healthcare B (dist) - USD 4.00% 10.09% 20.27% - - - MediumJPM Global Healthcare C (acc) - USD 4.04% 10.15% 20.37% 40.06% 46.53% 37.49% MediumJPM Global Healthcare C (dist) - USD 4.04% 10.15% 20.37% - - - MediumJPM Global Healthcare D (acc) - EUR 4.53% - - - - - MediumJPM Global Healthcare D (acc) - USD 3.56% 9.14% 18.71% 37.49% 43.03% 33.67% MediumJPM Global Healthcare I (acc) - USD 4.05% 10.17% - - - - MediumJPM Global Healthcare T (acc) - EUR 4.54% 10.04% 17.57% 31.11% - - MediumJPM Global Healthcare X (acc) - JPY 2.37% 6.96% 25.80% - - - Medium

JPMorgan Funds - Global Natural Resources FundJPM Global Natural Resources A (acc) - EUR 8.52% 10.57% 8.36% 24.38% -6.06% -11.54% MediumJPM Global Natural Resources A (acc) - GBP 4.82% 6.37% 3.56% 16.30% - - MediumJPM Global Natural Resources A (acc) - SGD 6.61% 8.33% 8.80% 28.29% -3.34% -12.41% MediumJPM Global Natural Resources A (acc) - USD 7.46% 9.57% 9.38% 30.32% -2.67% -12.76% MediumJPM Global Natural Resources A (dist) - EUR 8.53% 10.53% 8.34% 24.36% -6.09% -11.54% MediumJPM Global Natural Resources B (acc) - EUR 8.70% 10.89% 8.95% 25.27% -5.42% -11.07% MediumJPM Global Natural Resources B (acc) - USD 7.68% 10.05% 10.02% - - - MediumJPM Global Natural Resources B (dist) - EUR 8.69% 10.94% 8.94% - - - MediumJPM Global Natural Resources C (acc) - EUR 8.73% 11.02% 8.99% 25.34% -5.35% -10.99% MediumJPM Global Natural Resources C (acc) - USD 7.72% 10.17% 10.17% 31.52% -1.80% -12.22% MediumJPM Global Natural Resources D (acc) - EUR 8.18% 9.93% 7.57% 23.00% -6.96% -12.19% MediumJPM Global Natural Resources D (acc) - USD 7.28% 9.16% 8.58% 28.98% -3.56% -13.36% MediumJPM Global Natural Resources I (acc) - EUR 8.77% 11.09% 9.18% 25.59% -5.19% - MediumJPM Global Natural Resources I (acc) - USD* - - - - - - MediumJPM Global Natural Resources I (dist) - EUR 8.76% 11.07% - - - - MediumJPM Global Natural Resources X (acc) - EUR 8.93% 11.47% 9.72% 26.40% -4.32% -10.27% MediumJPM Global Natural Resources X (dist) - AUD 6.17% 5.24% - - - - Medium

JPMorgan Funds - Global Short Duration Bond FundJPM Global Short Duration Bond A (acc) - EUR (hedged) 0.13% 0.53% 0.93% 1.33% 1.21% 1.56% MediumJPM Global Short Duration Bond A (acc) - USD 0.19% 0.56% 0.93% 1.31% 1.33% 1.61% MediumJPM Global Short Duration Bond B (acc) - EUR (hedged) 0.30% 0.79% 1.19% 1.65% 1.51% 1.87% MediumJPM Global Short Duration Bond B (acc) - USD 0.28% 0.76% 1.17% 1.68% 1.66% 1.92% MediumJPM Global Short Duration Bond C (acc) - EUR (hedged) 0.31% 0.81% 1.23% 1.71% 1.56% 1.93% MediumJPM Global Short Duration Bond C (acc) - USD 0.28% 0.75% 1.22% 1.69% 1.67% 1.96% MediumJPM Global Short Duration Bond C (dist) - EUR (hedged) 0.32% 0.81% 1.22% 1.71% - - MediumJPM Global Short Duration Bond C (dist) - GBP (hedged) 0.49% 0.98% 1.48% 2.10% 1.93% 2.14% MediumJPM Global Short Duration Bond C (dist) - USD 0.29% 0.82% 1.25% 1.76% - - MediumJPM Global Short Duration Bond D (acc) - EUR (hedged) 0.15% 0.49% 0.73% 1.05% 0.89% 1.24% MediumJPM Global Short Duration Bond I (acc) - EUR (hedged) 0.32% 0.84% - - - - MediumJPM Global Short Duration Bond I (acc) - USD 0.31% 0.82% - - - - MediumJPM Global Short Duration Bond I (dist) - EUR (hedged) 0.33% 0.83% - - - - MediumJPM Global Short Duration Bond I (dist) - GBP (hedged) 0.36% 0.94% - - - - MediumJPM Global Short Duration Bond I (dist) - USD 0.30% 0.81% - - - - MediumJPM Global Short Duration Bond X (acc) - EUR (hedged) 0.40% 0.98% 1.49% 2.07% 1.92% - MediumJPM Global Short Duration Bond X (acc) - GBP (hedged) 0.45% - - - - - MediumJPM Global Short Duration Bond X (acc) - USD 0.38% 0.96% 1.48% 2.10% 2.08% 2.35% MediumJPM Global Short Duration Bond X (dist) - GBP (hedged) 0.47% 1.15% 1.77% 2.43% 2.28% 2.56% Medium

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JPMorgan Funds - Global Unconstrained Equity FundJPM Global Unconstrained Equity A (acc) - EUR 5.71% 6.43% 12.04% 17.51% 16.94% 12.53% MediumJPM Global Unconstrained Equity A (acc) - EUR (hedged) 4.69% 5.37% 12.13% 19.29% 19.91% 10.24% MediumJPM Global Unconstrained Equity A (acc) - USD 4.73% 5.55% 13.11% 23.26% 22.25% 10.02% MediumJPM Global Unconstrained Equity A (dist) - EUR (hedged) 4.57% 5.30% 12.02% 19.34% 19.74% 10.03% MediumJPM Global Unconstrained Equity A (dist) - USD 4.73% 5.58% 13.15% 23.19% 22.08% 9.87% MediumJPMorgan Global Unconstrained Equity A (dist) - USD 4.71% 5.56% 13.12% 23.13% 22.05% 9.87% MediumJPM Global Unconstrained Equity C (acc) - EUR (hedged) 4.89% 5.93% 13.04% 20.68% 21.50% 11.71% MediumJPM Global Unconstrained Equity C (acc) - USD 4.99% 6.16% 14.05% 24.57% 23.82% 11.42% MediumJPM Global Unconstrained Equity D (acc) - EUR (hedged) 4.35% 4.77% 11.30% 18.34% 18.82% 9.26% MediumJPM Global Unconstrained Equity D (acc) - USD 4.50% 5.20% 12.57% 22.34% 21.17% 9.02% MediumJPM Global Unconstrained Equity I (acc) - JPY*** - - - - - - MediumJPM Global Unconstrained Equity X (acc) - EUR 6.18% 7.39% 13.54% 19.61% 19.34% 14.99% MediumJPM Global Unconstrained Equity X (acc) - EUR (hedged) 5.05% 6.20% 13.52% 21.43% 22.40% - MediumJPM Global Unconstrained Equity X (acc) - USD 5.15% 6.48% 14.58% 25.44% 24.71% 12.28% MediumJPM Global Unconstrained Equity X (dist) - AUD 3.40% 1.37% - - - - Medium

JPMorgan Funds - Greater China FundJPMorgan Greater China A (acc) - SGD 5.95% 1.49% 8.20% 15.77% 17.09% 4.53% MediumJPMorgan Greater China A (acc) - USD 6.86% 2.72% 8.82% 17.73% 18.11% 3.89% MediumJPMorgan Greater China A (dist) - HKD 6.78% 2.73% 8.75% 17.54% 17.88% 3.57% MediumJPMorgan Greater China A (dist) - USD 6.85% 2.73% 8.82% 17.63% 17.93% 3.70% MediumJPMorgan Greater China B (acc) - USD 7.05% 3.13% 9.47% 18.63% 19.15% 4.74% MediumJPMorgan Greater China B (dist) - USD 7.06% 3.13% 9.42% - - - MediumJPMorgan Greater China C (acc) - USD 7.11% 3.23% 9.55% 18.82% 19.37% 4.92% MediumJPMorgan Greater China C (dist) - USD** 7.11% - - - - - MediumJPMorgan Greater China D (acc) - EUR 7.61% 3.07% 6.97% 11.14% 11.91% 4.92% MediumJPMorgan Greater China D (acc) - USD 6.60% 2.24% 8.03% 16.55% 16.78% 2.80% MediumJPMorgan Greater China I (acc) - USD 7.14% 3.27% 9.66% 18.94% 19.49% 5.01% MediumJPMorgan Greater China I (dist) - USD 7.12% 3.24% - - - - MediumJPMorgan Greater China T (acc) - EUR 7.61% 3.08% 6.99% 11.15% 11.91% 4.93% Medium

JPMorgan Funds - Indonesia Equity FundJPMorgan Indonesia Equity A (acc) - USD -1.24% 15.75% 7.62% -15.59% 2.08% - HighJPMorgan Indonesia Equity B (acc) - USD -1.05% 16.18% 8.22% -14.95% - - HighJPMorgan Indonesia Equity C (acc) - USD -1.02% 16.28% 8.36% -14.80% - - HighJPMorgan Indonesia Equity D (acc) - EUR -0.75% 16.42% 5.99% -20.10% - - HighJPMorgan Indonesia Equity D (acc) - USD -1.43% 15.33% 7.02% -16.22% - - HighJPMorgan Indonesia Equity X (acc) - JPY -2.11% 12.55% 13.12% -11.96% - - High

JPMorgan Funds - Japan Equity Fund (2)JPMorgan Japan Equity A (acc) - EUR 5.62% -3.53% -5.50% 3.98% 12.60% 11.69% HighJPMorgan Japan Equity A (acc) - EUR (hedged) 2.64% -8.23% - - - - HighJPMorgan Japan Equity A (acc) - JPY 2.62% -8.02% -1.19% 11.36% 36.03% 20.07% HighJPMorgan Japan Equity A (acc) - USD 4.58% -4.57% -4.66% 8.88% 17.56% 9.13% HighJPMorgan Japan Equity A (acc) - USD (hedged) 2.63% -8.25% - - - - HighJPMorgan Japan Equity A (dist) - GBP 1.94% -7.67% -9.72% -2.77% 12.10% 6.45% HighJPMorgan Japan Equity A (dist) - GBP (hedged) 2.72% -8.14% - - - - HighJPMorgan Japan Equity A (dist) - SGD 3.68% - - - - - HighJPMorgan Japan Equity A (dist) - USD 4.58% -4.53% -4.68% 8.89% 17.47% 9.10% HighJPMorgan Japan Equity B (acc) - EUR 5.77% -3.27% -5.06% - - - HighJPMorgan Japan Equity B (acc) - USD 4.71% -4.22% -4.14% 9.67% 18.54% 10.10% HighJPMorgan Japan Equity B (dist) - GBP 2.19% -7.31% -9.24% - - - HighJPMorgan Japan Equity B (dist) - USD 4.77% -4.17% -4.14% - - - HighJPMorgan Japan Equity C (acc) - USD 4.87% -4.05% -3.97% 10.03% 18.90% 10.41% HighJPMorgan Japan Equity C (acc) - USD (hedged) 2.86% - - - - - HighJPMorgan Japan Equity C (dist) - USD 4.83% -4.07% -3.99% 9.94% - - HighJPMorgan Japan Equity D (acc) - EUR 5.32% -4.04% -6.13% 3.04% 11.69% 10.65% HighJPMorgan Japan Equity D (acc) - USD 4.38% -4.95% -5.29% 7.96% 16.47% 8.18% HighJPMorgan Japan Equity I (acc) - USD 4.85% -4.03% -3.93% 10.03% - - HighJPMorgan Japan Equity J (dist) - USD 4.52% -4.57% -4.70% 8.90% 17.45% 9.08% HighJPMorgan Japan Equity X (acc) - USD 5.05% -3.69% -3.46% 10.84% 19.95% 11.42% High


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JPMorgan Funds - Latin America Equity FundJPM Latin America Equity A (acc) - EUR 9.23% 7.38% 3.66% 3.36% - - MediumJPM Latin America Equity A (acc) - SGD 7.33% 4.71% 4.04% 6.62% 2.87% -3.10% MediumJPM Latin America Equity A (acc) - USD 8.18% 6.36% 4.67% 8.38% 3.69% -3.59% MediumJPM Latin America Equity A (dist) - USD 8.21% 6.39% 4.69% 8.35% 3.69% -3.59% MediumJPMorgan Latin America Equity A (dist) - USD 8.20% 6.37% 4.66% 8.33% 3.68% -3.60% MediumJPM Latin America Equity B (acc) - EUR 9.44% 7.77% 3.25% - - - MediumJPM Latin America Equity B (acc) - USD 8.38% 6.77% 5.22% 9.13% 4.50% -2.92% MediumJPM Latin America Equity B (dist) - USD 8.41% 6.77% 5.26% 9.15% - - MediumJPM Latin America Equity C (acc) - EUR 9.46% 7.80% - - - - MediumJPM Latin America Equity C (acc) - USD 8.43% 6.81% 5.29% 9.24% 4.57% -2.86% MediumJPM Latin America Equity D (acc) - EUR 8.96% 6.83% 2.89% 2.31% -1.19% -2.76% MediumJPM Latin America Equity D (acc) - USD 7.93% 5.85% 3.89% 7.30% 2.64% -4.46% MediumJPM Latin America Equity I (acc) - EUR 9.49% 7.87% - - - - MediumJPM Latin America Equity I (acc) - JPY 6.47% 3.00% 9.35% 11.93% - - MediumJPM Latin America Equity I (acc) - USD 8.49% 6.85% 5.42% 9.42% 4.71% -2.75% MediumJPM Latin America Equity I (dist) - USD 8.43% 6.81% - - - - MediumJPM Latin America Equity T (acc) - EUR 8.97% 6.84% 2.89% 2.32% -1.20% -2.76% MediumJPM Latin America Equity X (acc) - USD 8.69% 7.32% 6.07% 10.33% 5.63% -1.97% Medium

JPMorgan Funds - Russia FundJPM Russia A (acc) - USD 14.65% -9.75% -5.51% 5.52% 2.86% -9.63% HighJPM Russia A (dist) - USD 14.56% -9.70% -5.50% 5.59% 2.91% -9.62% HighJPM Russia B (acc) - USD 14.92% -9.39% -4.98% 6.37% 3.69% -9.08% HighJPM Russia B (dist) - USD 14.82% -9.40% -5.04% - - - HighJPM Russia C (acc) - USD 14.94% -9.33% -4.97% 6.33% 3.68% -9.07% HighJPM Russia D (acc) - EUR 15.40% - - - - - HighJPM Russia D (acc) - USD 14.30% -10.20% -6.30% 4.35% 1.80% -10.34% HighJPM Russia I (acc) - USD 14.93% -9.25% -4.85% 6.48% 3.81% -8.97% HighJPM Russia T (acc) - EUR 15.40% -9.46% -7.16% -0.42% - - High

JPMorgan Funds - US Aggregate Bond FundJPM US Aggregate Bond A (acc) - EUR (hedged) 1.76% 3.48% 3.28% 3.50% 0.87% - MediumJPM US Aggregate Bond A (acc) - USD 1.71% 3.40% 3.20% 3.47% 1.02% 3.18% MediumJPM US Aggregate Bond A (div) - USD 1.72% 3.42% 3.20% 3.46% - - MediumJPM US Aggregate Bond A (inc) - USD 1.70% 3.45% 3.28% 3.47% 0.95% 3.07% MediumJPM US Aggregate Bond A (mth) - HKD 1.56% 3.37% 3.15% 3.20% - - MediumJPM US Aggregate Bond A (mth) - SGD 0.91% 2.25% 2.61% 1.83% 0.24% - MediumJPM US Aggregate Bond A (mth) - SGD (hedged) 1.72% 3.40% 3.17% 3.34% 0.91% - MediumJPM US Aggregate Bond A (mth) - USD 1.76% 3.40% 3.25% 3.47% 1.00% 3.11% MediumJPM US Aggregate Bond B (acc) - EUR (hedged) 1.83% 3.64% 3.53% 3.85% - - MediumJPM US Aggregate Bond B (acc) - USD 1.82% 3.57% 3.50% 3.85% 1.38% 3.58% MediumJPM US Aggregate Bond B (mth) - USD 1.80% 3.59% 3.46% 3.79% 1.32% - MediumJPM US Aggregate Bond C (acc) - USD 1.86% 3.73% 3.66% 4.07% 1.56% 3.76% MediumJPM US Aggregate Bond C (dist) - GBP (hedged)* - - - - - - MediumJPM US Aggregate Bond C (inc) - USD 1.85% - - - - - MediumJPM US Aggregate Bond D (acc) - EUR (hedged) 1.69% 3.35% 3.08% 3.23% 0.61% 2.91% MediumJPM US Aggregate Bond D (acc) - USD 1.65% 3.35% 3.04% 3.29% 0.79% 2.94% MediumJPM US Aggregate Bond I (acc) - USD 1.87% 3.72% 3.67% 4.11% 1.59% 3.80% MediumJPM US Aggregate Bond I (inc) - USD 1.87% 3.71% - - - - MediumJPM US Aggregate Bond I (mth) - USD 1.86% 3.68% 3.62% 4.01% - - MediumJPM US Aggregate Bond X (acc) - EUR (hedged)* - - - - - - MediumJPM US Aggregate Bond X (acc) - USD 1.98% 3.97% 4.03% 4.61% 2.08% 4.34% MediumJPM US Aggregate Bond X (dist) - GBP (hedged)* - - - - - - MediumJPM US Aggregate Bond X (dist) - USD 2.02% 3.99% - - - - Medium

JPMorgan Funds - US Dollar Money Market Fund (3)JPM US Dollar Money Market A (acc) - USD - - - - - - LowJPMorgan US Dollar Money Market A (acc) - USD - - - - - - Low


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JPMorgan Funds - US Growth FundJPM US Growth A (acc) - EUR (hedged) 3.29% 2.24% 11.90% 24.50% 18.06% 13.63% MediumJPM US Growth A (acc) - USD 3.31% 2.28% 12.04% 24.40% 18.43% 14.18% MediumJPM US Growth A (dist) - GBP 0.77% -0.76% 6.20% 11.13% 12.92% 11.30% MediumJPM US Growth A (dist) - USD 3.20% 2.19% 11.98% 24.30% 18.42% 14.16% MediumJPM US Growth B (acc) - EUR (hedged) 3.49% 2.61% 12.58% 25.44% - - MediumJPM US Growth B (acc) - USD 3.52% 2.65% 12.69% 25.37% 19.48% 15.28% MediumJPM US Growth B (dist) - USD 3.49% 2.65% 12.68% 25.36% - - MediumJPM US Growth C (acc) - EUR (hedged) 3.60% 2.81% 12.84% 25.86% 19.46% 15.16% MediumJPM US Growth C (acc) - USD 3.57% 2.80% 12.97% 25.76% 19.89% 15.70% MediumJPM US Growth C (dist) - GBP 1.01% -0.25% 6.92% 12.18% 14.26% 12.68% MediumJPM US Growth C (dist) - USD 3.57% 2.84% 12.98% 25.79% 19.88% - MediumJPM US Growth D (acc) - EUR (hedged) 3.03% 1.82% 11.21% 23.48% 16.95% 12.59% MediumJPM US Growth D (acc) - USD 3.03% 1.80% 11.40% 23.37% 17.35% 13.11% MediumJPM US Growth I (acc) - EUR (hedged) 3.59% 2.80% - - - - MediumJPM US Growth I (acc) - JPY 1.71% -0.60% 17.31% 28.86% - - MediumJPM US Growth I (acc) - USD 3.61% 2.85% - - - - MediumJPM US Growth I (dist) - GBP 1.03% -0.22% - - - - MediumJPM US Growth I (dist) - USD 3.61% 2.86% - - - - MediumJPM US Growth P (dist) - USD 3.65% 2.96% 13.19% - - - MediumJPM US Growth T (acc) - EUR (hedged) 3.10% 1.84% 11.33% 23.56% - - MediumJPM US Growth X (acc) - USD 3.78% 3.21% 13.57% 26.77% 20.95% 16.83% MediumJPM US Growth X (dist) - USD 3.76% 3.19% 13.56% 26.57% 20.73% 16.64% Medium

JPMorgan Funds - US Smaller Companies FundJPM US Smaller Companies A (acc) - USD 0.94% 2.03% 12.77% 21.65% 24.33% 17.49% MediumJPM US Smaller Companies A (dist) - USD 0.98% 2.04% 12.76% 21.67% 24.32% 17.50% MediumJPMorgan US Smaller Companies A (dist) - USD 0.97% 2.01% 12.73% 21.65% 24.30% 17.49% MediumJPM US Smaller Companies B (acc) - USD 1.42% 2.45% 13.42% 22.64% 25.39% - MediumJPM US Smaller Companies B (dist) - USD 1.45% 2.40% 13.36% 22.55% - - MediumJPM US Smaller Companies C (acc) - USD 1.24% 2.54% 13.59% 22.89% - - MediumJPM US Smaller Companies C (dist) - USD 1.54% 2.49% - - - - MediumJPM US Smaller Companies D (acc) - USD 0.71% 1.52% 11.88% 20.45% 22.87% 15.99% MediumJPM US Smaller Companies I (acc) - EUR (hedged)*** - - - - - -JPM US Smaller Companies I (acc) - USD 1.20% - - - - - MediumJPM US Smaller Companies I (dist) - USD 1.23% - - - - - MediumJPM US Smaller Companies P (dist) - USD* - - - - - - MediumJPM US Smaller Companies X (acc) - USD 1.45% 2.95% 14.33% 23.89% 27.05% 20.30% Medium

JPMorgan Funds - US Technology FundJPM US Technology A (acc) - EUR 2.68% 6.07% 10.27% 20.13% 12.94% 10.28% MediumJPM US Technology A (acc) - SGD 0.87% 3.94% 10.67% 23.90% 16.85% - MediumJPM US Technology A (acc) - USD 1.70% 5.21% 11.32% 25.95% 17.85% 7.84% MediumJPM US Technology A (dist) - GBP -0.90% 1.84% 5.24% 12.12% 12.29% 5.15% MediumJPM US Technology A (dist) - USD 1.73% 5.27% 11.39% 26.01% 17.92% 7.84% MediumJPMorgan US Technology A (dist) - USD 1.88% 5.45% 11.52% 25.93% 18.00% 7.88% MediumJPM US Technology B (acc) - USD 1.89% 5.60% 11.98% 26.93% 18.90% 8.79% MediumJPM US Technology B (dist) - USD 1.89% 5.60% 11.98% 26.93% - - MediumJPM US Technology C (acc) - USD 1.97% 5.70% 12.10% 27.05% 19.08% 8.92% MediumJPM US Technology C (dist) - USD 1.93% 5.66% 12.06% 27.05% - - MediumJPM US Technology D (acc) - EUR 2.45% 5.56% 9.52% 18.98% 11.71% 9.02% MediumJPM US Technology D (acc) - USD 1.69% 4.78% 10.55% 24.87% 16.57% 6.63% MediumJPM US Technology I (acc) - EUR* - - - - - - MediumJPM US Technology I (acc) - USD** 1.93% 5.68% - - - - MediumJPM US Technology I (dist) - USD 1.93% 5.68% - - - - MediumJPM US Technology X (acc) - USD* - - - - - - Medium

JPMorgan Funds - US Value FundJPM US Value A (acc) - EUR (hedged) 4.10% 6.95% 16.40% 20.37% 22.77% 17.77% MediumJPM US Value A (acc) - SGD*** - - - - - - MediumJPM US Value A (acc) - USD 4.17% 6.99% 16.50% 20.26% 23.06% 18.09% MediumJPM US Value A (dist) - GBP 1.55% 3.82% 10.25% 7.32% 17.18% 14.87% MediumJPM US Value A (dist) - USD 4.13% 6.98% 16.43% 20.21% 23.03% 18.02% MediumJPMorgan US Value A (dist) - USD 4.10% 6.97% 16.46% 20.23% 23.00% 17.96% MediumJPM US Value B (acc) - EUR (hedged) 4.34% 7.38% 17.12% 21.34% - - MediumJPM US Value B (acc) - USD 4.35% 7.37% 17.14% 21.17% 24.16% 19.24% MediumJPM US Value B (dist) - USD 4.33% 7.38% 17.12% 21.19% - - MediumJPM US Value C (acc) - EUR (hedged) 4.41% 7.58% 17.41% 21.70% 24.32% 19.43% MediumJPM US Value C (acc) - USD 4.42% 7.51% 17.41% 21.52% 24.61% 19.69% MediumJPM US Value C (dist) - GBP 1.83% 4.34% 11.14% 8.41% - - MediumJPM US Value D (acc) - EUR (hedged) 3.93% 6.50% 15.82% 19.44% 21.67% 16.59% MediumJPM US Value D (acc) - USD 3.93% 6.58% 15.85% 19.36% 21.97% 16.93% MediumJPM US Value I (acc) - EUR (hedged) 4.45% 7.60% - - - - MediumJPM US Value I (acc) - USD 4.44% 7.59% 17.49% 21.70% 24.79% 19.87% MediumJPM US Value I (dist) - GBP 1.83% 4.36% - - - - MediumJPM US Value I (dist) - USD 4.42% 7.56% - - - - MediumJPM US Value X (acc) - EUR (hedged)* - - - - - - MediumJPM US Value X (acc) - USD 4.65% 7.98% 18.09% 22.56% 25.81% 20.93% Medium

* Share Class inactive at the end of the year.** Share Class reactivated during the year.*** No data is applicable for these Share Classes as they were launched or reactivated less than 3 months before the year end.

214


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 NameJPM Africa Equity I (acc) - USD JPM Global Corporate Bond I (acc) - JPY (hedged)JPM America Equity I (acc) - USD JPM Global Corporate Bond I (acc) - USDJPM America Equity I (dist) - USD JPM Global Corporate Bond I (acc) - USD - Duration (hedged)JPM America Equity X (acc) - USD JPM Global Corporate Bond I (dist) - GBP (hedged)JPM Asia Pacific Strategic Equity X (acc) - USD JPM Global Corporate Bond I (dist) - USDJPM Brazil Equity I (acc) - USD JPM Global Corporate Bond X (acc) - EUR (hedged)JPM Eastern Europe Equity I (acc) - EUR JPM Global Corporate Bond X (acc) - GBP (hedged)JPM Eastern Europe Equity X (acc) - EUR JPM Global Focus I (acc) - EURJPM Emerging Europe, Middle East and Africa Equity I (acc) - USD JPM Global Focus I (acc) - USDJPM Emerging Europe, Middle East and Africa Equity X (acc) - USD JPM Global Focus X (acc) - EURJPM Emerging Markets Corporate Bond I (acc) - EUR JPM Global Healthcare I (acc) - USDJPM Emerging Markets Corporate Bond I (dist) - CHF (hedged) JPM Global Healthcare X (acc) - JPYJPM Emerging Markets Corporate Bond X (acc) - EUR (hedged) JPM Global Natural Resources I (acc) - EURJPM Emerging Markets Corporate Bond X (acc) - USD JPM Global Natural Resources I (dist) - EURJPM Emerging Markets Corporate Bond X (inc) - EUR (hedged) JPM Global Natural Resources X (acc) - EURJPM Emerging Markets Corporate Bond Y (acc) - EUR (hedged) JPM Global Natural Resources X (dist) - AUDJPM Emerging Markets Corporate Bond Y (acc) - USD JPM Global Short Duration Bond I (acc) - EUR (hedged)JPM Emerging Markets Debt I (acc) - EUR (hedged) JPM Global Short Duration Bond I (acc) - USDJPM Emerging Markets Debt I (acc) - USD JPM Global Short Duration Bond I (dist) - EUR (hedged)JPM Emerging Markets Debt I (dist) - USD JPM Global Short Duration Bond I (dist) - GBP (hedged)JPM Emerging Markets Debt I (inc) - EUR (hedged) JPM Global Short Duration Bond I (dist) - USDJPM Emerging Markets Debt X (acc) - EUR (hedged) JPM Global Short Duration Bond X (acc) - EUR (hedged)JPM Emerging Markets Debt X (acc) - GBP (hedged) JPM Global Short Duration Bond X (acc) - GBP (hedged)JPM Emerging Markets Debt X (acc) - USD JPM Global Short Duration Bond X (acc) - USDJPM Emerging Markets Debt X (dist) - USD JPM Global Short Duration Bond X (dist) - GBP (hedged)JPM Emerging Markets Equity I (acc) - EUR JPM Global Unconstrained Equity I (acc) - JPYJPM Emerging Markets Equity I (acc) - EUR (hedged) JPM Global Unconstrained Equity X (acc) - EURJPM Emerging Markets Equity I (acc) - USD JPM Global Unconstrained Equity X (acc) - EUR (hedged)JPM Emerging Markets Equity I (dist) - GBP JPM Global Unconstrained Equity X (acc) - USDJPM Emerging Markets Equity I (dist) - USD JPM Global Unconstrained Equity X (dist) - AUDJPM Emerging Markets Equity I (inc) - EUR JPM Latin America Equity I (acc) - EURJPM Emerging Markets Equity X (acc) - EUR JPM Latin America Equity I (acc) - JPYJPM Emerging Markets Equity X (acc) - EUR (hedged) JPM Latin America Equity I (acc) - USDJPM Emerging Markets Equity X (acc) - USD JPM Latin America Equity I (dist) - USDJPM Emerging Markets Equity X (dist) - USD JPM Latin America Equity X (acc) - USDJPM Emerging Markets Equity X (inc) - EUR JPM Russia I (acc) - USDJPM Emerging Markets Local Currency Debt I (acc) - EUR JPM US Aggregate Bond I (acc) - USDJPM Emerging Markets Local Currency Debt I (acc) - EUR (hedged) JPM US Aggregate Bond I (inc) - USDJPM Emerging Markets Local Currency Debt I (acc) - USD JPM US Aggregate Bond I (mth) - USDJPM Emerging Markets Local Currency Debt I (inc) - EUR JPM US Aggregate Bond X (acc) - USDJPM Emerging Markets Local Currency Debt X (acc) - EUR (hedged) JPM US Aggregate Bond X (dist) - USDJPM Emerging Markets Local Currency Debt X (acc) - USD JPM US Growth I (acc) - EUR (hedged)JPM Emerging Markets Local Currency Debt Y (acc) - EUR JPM US Growth I (acc) - JPYJPM Emerging Markets Local Currency Debt Y (acc) - GBP JPM US Growth I (acc) - USDJPM Emerging Markets Opportunities I (acc) - EUR JPM US Growth I (dist) - GBPJPM Emerging Markets Opportunities I (acc) - USD JPM US Growth I (dist) - USDJPM Emerging Markets Opportunities X (acc) - EUR JPM US Growth X (acc) - USDJPM Emerging Markets Opportunities X (acc) - EUR (hedged) JPM US Growth X (dist) - USDJPM Emerging Markets Opportunities X (acc) - GBP JPM US Smaller Companies I (acc) - EUR (hedged)JPM Emerging Markets Opportunities X (acc) - USD JPM US Smaller Companies I (acc) - USDJPM Emerging Markets Opportunities X (dist) - AUD JPM US Smaller Companies I (dist) - USDJPM Emerging Markets Small Cap I (acc) - USD JPM US Smaller Companies X (acc) - USDJPM Emerging Markets Small Cap Y (acc) - EUR JPM US Technology I (acc) - USDJPM Emerging Middle East Equity I (acc) - USD JPM US Technology I (dist) - USDJPM Euro Money Market A (acc) - EUR JPM US Value I (acc) - EUR (hedged)JPM Euro Money Market C (acc) - EUR JPM US Value I (acc) - USDJPM Euro Money Market D (acc) - EUR JPM US Value I (dist) - GBPJPM Euroland Equity X (acc) - EUR JPM US Value I (dist) - USDJPM Europe Dynamic I (acc) - EUR JPM US Value X (acc) - USDJPM Europe Dynamic I (acc) - USD JPMorgan Asia Pacific Income X (acc) - USDJPM Europe Dynamic I (dist) - EUR JPMorgan China I (acc) - USDJPM Europe Dynamic I (dist) - GBP JPMorgan China I (dist) - USDJPM Europe Dynamic X (acc) - EUR JPMorgan China X (acc) - USDJPM Europe Equity X (acc) - EUR JPMorgan Euro Money Market A (acc) - EURJPM Europe Focus X (acc) - EUR JPMorgan Greater China I (acc) - USDJPM Europe Small Cap I (acc) - EUR JPMorgan Greater China I (dist) - USDJPM Global Corporate Bond I (acc) - CHF (hedged) JPMorgan Indonesia Equity X (acc) - JPYJPM Global Corporate Bond I (acc) - EUR (hedged) JPMorgan Japan Equity I (acc) - USDJPM Global Corporate Bond I (acc) - EUR (hedged) & Duration (hedged) JPMorgan Japan Equity X (acc) - USD

215


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 Funds & Asset Management 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 (%)JPMorgan Funds - Africa Equity Fund -

JPMorgan Funds - America Equity Fund -

JPMorgan Funds - Asia Pacific Income Fund 15.52

JPMorgan Funds - Asia Pacific Strategic Equity Fund (1) 12.87

JPMorgan Funds - Brazil Equity Fund -

JPMorgan Funds - China Fund 219.41

JPMorgan Funds - Eastern Europe Equity Fund 31.59

JPMorgan Funds - Emerging Europe, Middle East and Africa Equity Fund 68.23

JPMorgan Funds - Emerging Markets Corporate Bond Fund 215.69

JPMorgan Funds - Emerging Markets Debt Fund 139.39

JPMorgan Funds - Emerging Markets Equity Fund -

JPMorgan Funds - Emerging Markets Local Currency Debt Fund 116.05

JPMorgan Funds - Emerging Markets Opportunities Fund 30.28

JPMorgan Funds - Emerging Markets Small Cap Fund -

JPMorgan Funds - Emerging Middle East Equity Fund -

JPMorgan Funds - Euro Money Market Fund -

JPMorgan Funds - Euroland Equity Fund 46.22

JPMorgan Funds - Europe Dynamic Fund 137.45

JPMorgan Funds - Europe Equity Fund 42.06

JPMorgan Funds - Europe Focus Fund -

JPMorgan Funds - Europe Small Cap Fund 219.89

JPMorgan Funds - Europe Strategic Growth Fund 174.15

JPMorgan Funds - Europe Strategic Value Fund 0.43

JPMorgan Funds - Europe Technology Fund 106.57

JPMorgan Funds - Global Corporate Bond Fund 152.33

JPMorgan Funds - Global Focus Fund 22.97

JPMorgan Funds - Global Healthcare Fund -

JPMorgan Funds - Global Natural Resources Fund -

JPMorgan Funds - Global Short Duration Bond Fund 55.01

JPMorgan Funds - Global Unconstrained Equity Fund 134.96

JPMorgan Funds - Greater China Fund 47.37

JPMorgan Funds - Indonesia Equity Fund 94.66

JPMorgan Funds - Japan Equity Fund (2) -

JPMorgan Funds - Latin America Equity Fund -

JPMorgan Funds - Russia Fund -

JPMorgan Funds - US Aggregate Bond Fund -

JPMorgan Funds - US Dollar Money Market Fund (3) -

JPMorgan Funds - US Growth Fund -

JPMorgan Funds - US Smaller Companies Fund -

JPMorgan Funds - US Technology Fund -

JPMorgan Funds - US Value Fund -

(1) This Sub-Fund was renamed from Asia Pacific ex-Japan Behavioural Finance Equity Fund on 13 September 2013.(2) This Sub-Fund changed its currency to JPY on 2 December 2013.(3) This Sub-Fund was launched on 6 June 2014.

216


7. Calculation Method of the Risk Exposure

Global Exposure using the VaR Approach (continued)

Sub-Fund Name MarketRisk

Limit Max Min Avg Reference portfolio Model ConfidenceInterval

Holdingperiod

EffectiveObservation

Period

LeverageAverage over12 months to

30 Jun 2014**

usage of reg limitover last 12 months

to 30 Jun 2014*

JPMorgan Funds - AsiaPacific Income Fund Relative 200% 46.42% 38.06% 41.99%

50% MSCI All Country Asia Pacific ex Japan Index(Total Return Net) / 50% J.P. Morgan Asia CreditIndex (Total Return Gross)

MonteCarloSimulation

99% 20 days 500 days 27%

JPMorgan Funds -Emerging MarketsCorporate Bond Fund

Relative 200% 56.57% 40.54% 46.41% J.P. Morgan Corporate Emerging Markets BondIndex Broad Diversified (Total Return Gross)


99% 20 days 500 days 17%

JPMorgan Funds -Emerging Markets DebtFund

Relative 200% 58.20% 42.47% 47.93% J.P. Morgan Emerging Market Bond Index GlobalDiversified (Total Return Gross)


99% 20 days 500 days 53%

JPMorgan Funds -Emerging Markets LocalCurrency Debt Fund

Relative 200% 55.49% 46.61% 51.08% J.P. Morgan Government Bond Index - EmergingMarkets Global Diversified (Total Return Gross)


99% 20 days 500 days 210%

JPMorgan Funds -Global Corporate BondFund

Relative 200% 55.05% 48.40% 52.00% Barclays Global Aggregate Corporate Index(Total Return Gross) Hedged to USD


99% 20 days 500 days 82%

JPMorgan Funds -Global Short DurationBond Fund

Relative 200% 74.93% 37.23% 51.44% Barclays Global Aggregate 1-3 Years Index (TotalReturn Gross) Hedged to USD


99% 20 days 500 days 141%

JPMorgan Funds - USAggregate Bond Fund Relative 200% 56.15% 42.37% 49.92% Barclays US Aggregate Index (Total Return

Gross)


99% 20 days 500 days 0%

* versus regulatory limit.** Average leverage over the last 6 months - Leverage is defined as the sum of the absolute notional of all derivatives in the Sub-Fund.

Global Exposure using the Commitment Approach

JPMorgan Funds - Africa Equity FundJPMorgan Funds - America Equity FundJPMorgan Funds - Asia Pacific Strategic Equity FundJPMorgan Funds - Brazil Equity FundJPMorgan Funds - China FundJPMorgan Funds - Eastern Europe Equity FundJPMorgan Funds - Emerging Europe, Middle East and Africa Equity FundJPMorgan Funds - Emerging Markets Equity FundJPMorgan Funds - Emerging Markets Opportunities FundJPMorgan Funds - Emerging Markets Small Cap FundJPMorgan Funds - Emerging Middle East Equity FundJPMorgan Funds - Euro Money Market FundJPMorgan Funds - Euroland Equity FundJPMorgan Funds - Europe Dynamic FundJPMorgan Funds - Europe Equity FundJPMorgan Funds - Europe Focus FundJPMorgan Funds - Europe Small Cap FundJPMorgan Funds - Europe Strategic Growth FundJPMorgan Funds - Europe Strategic Value FundJPMorgan Funds - Europe Technology FundJPMorgan Funds - Global Focus FundJPMorgan Funds - Global Healthcare FundJPMorgan Funds - Global Natural Resources FundJPMorgan Funds - Global Unconstrained Equity FundJPMorgan Funds - Greater China FundJPMorgan Funds - Indonesia Equity FundJPMorgan Funds - Japan Equity FundJPMorgan Funds - Latin America Equity FundJPMorgan Funds - Russia FundJPMorgan Funds - US Dollar Money Market FundJPMorgan Funds - US Growth FundJPMorgan Funds - US Smaller Companies FundJPMorgan Funds - US Technology FundJPMorgan Funds - US Value Fund

217




of the Year


of the Year

8. Historical Statement of Changes in the Number of Shares for the year ended 30 June 2013 (continued)JPMorgan Funds - Africa Equity FundJPM Africa Equity A (acc) - EUR 2,724,852.578 2,337,930.021 1,814,921.961 3,247,860.638JPM Africa Equity A (acc) - USD 8,274,921.069 8,118,559.075 4,628,839.973 11,764,640.171JPM Africa Equity A (dist) - GBP 575,261.975 552,757.684 224,451.258 903,568.401JPM Africa Equity A (inc) - EUR 21,832.970 19,359.072 2,372.376 38,819.666JPM Africa Equity B (acc) - USD 369,950.717 694,130.358 185,145.457 878,935.618JPM Africa Equity C (acc) - USD 3,967,696.908 4,693,952.006 4,213,094.162 4,448,554.752JPM Africa Equity C (dist) - GBP - 5,533.918 174.073 5,359.845JPM Africa Equity D (acc) - EUR 195,752.367 132,152.998 71,743.762 256,161.603JPM Africa Equity D (acc) - USD 10,153,902.777 2,319,560.592 3,512,400.283 8,961,063.086JPM Africa Equity I (acc) - USD 161,119.612 3,578.278 77,066.577 87,631.313JPM Africa Equity T (acc) - EUR - 4,433.801 141.221 4,292.580

JPMorgan Funds - America Equity FundJPM America Equity A (acc) - EUR - 11,510.625 112.628 11,397.997JPM America Equity A (acc) - EUR (hedged) 505,919.346 779,188.718 636,725.498 648,382.566JPM America Equity A (acc) - HKD - 6,997.390 0.007 6,997.383JPM America Equity A (acc) - USD 1,916,883.042 5,324,262.755 1,842,369.108 5,398,776.689JPM America Equity A (dist) - USD 2,966,213.369 519,634.570 644,910.429 2,840,937.510JPMorgan America Equity A (dist) - USD ## 696,941.934 1,137,471.589 777,955.092 1,056,458.431JPM America Equity B (acc) - USD 37,415.158 1,065,026.989 416,030.320 686,411.827JPM America Equity C (acc) - EUR (hedged) 132,832.893 2,423,711.829 1,014,547.144 1,541,997.578JPM America Equity C (acc) - USD 8,136,440.083 3,845,535.633 2,663,974.591 9,318,001.125JPM America Equity C (dist) - USD - 6,691.932 - 6,691.932JPM America Equity D (acc) - EUR 66,194.541 228,671.973 232,072.071 62,794.443JPM America Equity D (acc) - EUR (hedged) 1,554,396.422 904,208.501 677,845.861 1,780,759.062JPM America Equity D (acc) - USD 2,109,711.473 833,723.113 1,351,938.751 1,591,495.835JPM America Equity I (acc) - USD - 510,427.881 - 510,427.881JPM America Equity X (acc) - USD 853,610.967 675,892.397 63,895.297 1,465,608.067

JPMorgan Funds - Asia Pacific Income Fund #JPMorgan Asia Pacific Income A (acc) - HKD ## - 9,134,572.974 119,162.430 9,015,410.544JPMorgan Asia Pacific Income A (acc) - USD ## 359,841.103 8,971,506.039 3,584,932.649 5,746,414.493JPMorgan Asia Pacific Income A (dist) - USD ## 2,523,759.110 19,781,118.745 10,632,728.314 11,672,149.541JPMorgan Asia Pacific Income A (mth) - HKD ## 75,135.477 969,297,486.051 306,900,484.577 662,472,136.951JPMorgan Asia Pacific Income A (mth) - SGD ## - 12,052,054.206 629,566.837 11,422,487.369JPMorgan Asia Pacific Income A (mth) - SGD (hedged) ## - 25,744,286.910 349,037.948 25,395,248.962JPMorgan Asia Pacific Income A (mth) - USD ## 1,148.907 36,776,115.702 14,174,477.998 22,602,786.611JPMorgan Asia Pacific Income B (acc) - USD ## 511,416.086 1,912,216.978 1,838,019.762 585,613.302JPMorgan Asia Pacific Income B (mth) - USD ## - 10.000 5.000 5.000JPMorgan Asia Pacific Income C (dist) - USD ## - 26,192.930 - 26,192.930JPMorgan Asia Pacific Income D (acc) - USD ## 1,090,346.952 432,381.594 277,185.852 1,245,542.694JPMorgan Asia Pacific Income D (mth) - USD ## - 176,462.216 7,731.887 168,730.329JPMorgan Asia Pacific Income X (acc) - USD ## - 459,126.600 33,284.866 425,841.734

JPMorgan Funds - Brazil Equity FundJPM Brazil Equity A (acc) - USD 32,371,024.460 17,854,141.996 20,914,907.469 29,310,258.987JPM Brazil Equity A (acc) - EUR 36,237.048 151,238.964 39,695.040 147,780.972JPM Brazil Equity A (acc) - SGD 57,476.088 24,175.061 65,355.520 16,295.629JPM Brazil Equity A (dist) - USD 491,744.086 750,639.307 715,953.561 526,429.832JPM Brazil Equity B (acc) - USD 2,657,967.330 864,512.816 1,643,262.555 1,879,217.591JPM Brazil Equity C (acc) - USD 1,413,973.605 1,171,370.187 1,777,796.053 807,547.739JPM Brazil Equity D (acc) - USD 6,752,477.306 1,254,413.502 2,391,824.919 5,615,065.889JPM Brazil Equity D (acc) - EUR 122,601.235 59,874.379 46,970.156 135,505.458JPM Brazil Equity I (acc) - USD 23,068,999.280 5,513,215.675 19,848,449.961 8,733,764.994JPM Brazil Equity I (acc) - EUR 90,500.000 40,000.000 65,000.000 65,500.000JPM Brazil Equity T (acc) - EUR 20,980.313 19,850.565 7,938.686 32,892.192

JPMorgan Funds - China Fund #JPMorgan China A (acc) - SGD ## 3,671.836 8,851.042 6,072.481 6,450.397JPMorgan China A (acc) - USD ## 12,692,743.987 5,987,027.591 8,508,092.974 10,171,678.604JPMorgan China A (dist) - HKD ## 2,549,518.433 7,649,818.715 1,749,818.357 8,449,518.791JPMorgan China A (dist) - USD ## 45,087,526.260 11,481,768.077 17,683,576.494 38,885,717.843JPMorgan China B (acc) - USD ## 644,794.628 334,682.589 287,807.900 691,669.317JPMorgan China C (acc) - USD ## 2,369,590.341 4,197,056.886 3,819,821.291 2,746,825.936JPMorgan China C (dist) - USD ## - 1,862.000 - 1,862.000JPMorgan China D (acc) - EUR ## 53,502.115 57,257.984 27,001.029 83,759.070JPMorgan China D (acc) - USD ## 7,182,996.439 1,883,754.375 3,398,750.052 5,668,000.762JPMorgan China I (acc) - USD* ## 368,951.592 - 368,951.592 -JPMorgan China T (acc) - EUR ## 6,916.369 22,746.147 4,595.532 25,066.984JPMorgan China X (acc) - USD ## 32,701.151 - 23,265.052 9,436.099

JPMorgan Funds - Eastern Europe Equity FundJPM Eastern Europe Equity A (acc) - EUR 5,174,559.387 1,094,215.341 2,094,436.574 4,174,338.154JPM Eastern Europe Equity A (acc) - USD 27,692.450 120,054.333 85,515.443 62,231.340JPM Eastern Europe Equity A (dist) - EUR 7,507,083.778 916,148.309 1,868,620.858 6,554,611.229JPMorgan Eastern Europe Equity A (dist) - EUR ## 4,630,219.089 824,221.874 1,722,682.315 3,731,758.648JPM Eastern Europe Equity B (acc) - EUR 1,183,891.452 1,788,388.325 1,378,780.046 1,593,499.731JPM Eastern Europe Equity B (dist) - EUR - 13,417.000 971.000 12,446.000JPM Eastern Europe Equity C (acc) - EUR 3,661,858.142 1,650,328.938 1,433,260.602 3,878,926.478JPM Eastern Europe Equity D (acc) - EUR 1,469,157.196 150,224.579 506,510.730 1,112,871.045JPM Eastern Europe Equity I (acc) - EUR 900.000 - 200.000 700.000JPM Eastern Europe Equity X (acc) - EUR 2,620,000.000 160,000.000 - 2,780,000.000

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8. Historical Statement of Changes in the Number of Shares for the year ended 30 June 2013 (continued)JPMorgan Funds - Emerging Europe, Middle East and Africa Equity FundJPM Emerging Europe, Middle East and Africa Equity A (acc) - EUR 426,463.448 239,013.697 161,085.026 504,392.119JPM Emerging Europe, Middle East and Africa Equity A (acc) - SGD 3,275.228 1,597.031 2,446.333 2,425.926JPM Emerging Europe, Middle East and Africa Equity A (acc) - USD 3,042,411.646 745,779.207 1,063,102.392 2,725,088.461JPM Emerging Europe, Middle East and Africa Equity A (dist) - USD 6,021,401.671 936,209.320 1,947,842.730 5,009,768.261JPM Emerging Europe, Middle East and Africa Equity B (acc) - USD 821,144.826 418,115.126 553,969.841 685,290.111JPM Emerging Europe, Middle East and Africa Equity C (acc) - USD 266,948.186 1,083,816.354 233,912.309 1,116,852.231JPM Emerging Europe, Middle East and Africa Equity D (acc) - EUR 27,467.668 21,493.467 15,008.230 33,952.905JPM Emerging Europe, Middle East and Africa Equity D (acc) - USD 1,316,264.699 120,353.263 494,683.345 941,934.617JPM Emerging Europe, Middle East and Africa Equity I (acc) - USD 171,730.754 342,344.025 70,712.664 443,362.115JPM Emerging Europe, Middle East and Africa Equity T (acc) - EUR 5,237.421 10,284.634 9,010.847 6,511.208JPM Emerging Europe, Middle East and Africa Equity X (acc) - USD 7,934,629.473 - - 7,934,629.473

JPMorgan Funds - Emerging Markets Corporate Bond FundJPM Emerging Markets Corporate Bond A (acc) - EUR (hedged) 521,869.466 3,177,707.839 2,121,373.436 1,578,203.869JPM Emerging Markets Corporate Bond A (acc) - USD 260,018.302 3,037,704.823 802,134.462 2,495,588.663JPM Emerging Markets Corporate Bond A (div) - EUR (hedged) 4,504.713 419,385.569 32,007.934 391,882.348JPM Emerging Markets Corporate Bond A (inc) - EUR (hedged) 31,023.000 821,374.884 165,455.522 686,942.362JPM Emerging Markets Corporate Bond A (mth) - USD - 1,234,172.431 543,760.563 690,411.868JPM Emerging Markets Corporate Bond B (acc) - EUR (hedged) - 82,032.843 8,024.955 74,007.888JPM Emerging Markets Corporate Bond B (acc) - USD 262,652.787 615,762.327 207,437.447 670,977.667JPM Emerging Markets Corporate Bond C (acc) - EUR (hedged) - 2,536,509.501 327,177.160 2,209,332.341JPM Emerging Markets Corporate Bond C (acc) - USD 150,218.734 2,132,652.810 631,902.822 1,650,968.722JPM Emerging Markets Corporate Bond C (div) - EUR (hedged) - 907,563.396 - 907,563.396JPM Emerging Markets Corporate Bond D (acc) - EUR (hedged) 130,790.891 494,027.570 161,551.893 463,266.568JPM Emerging Markets Corporate Bond D (div) - EUR (hedged) 18,145.586 830,445.355 112,735.968 735,854.973JPM Emerging Markets Corporate Bond T (acc) - EUR (hedged) - 888.826 12.558 876.268JPM Emerging Markets Corporate Bond X (acc) - USD* 6,786.000 - 6,786.000 -JPM Emerging Markets Corporate Bond Y (acc) - EUR (hedged) - 25,025.000 373.000 24,652.000JPM Emerging Markets Corporate Bond Y (acc) - USD - 304,500.000 - 304,500.000

JPMorgan Funds - Emerging Markets Debt FundJPM Emerging Markets Debt A (acc) - EUR (hedged) 3,730,939.022 5,590,563.043 6,187,991.230 3,133,510.835JPM Emerging Markets Debt A (acc) - GBP (hedged) - 34,814.000 - 34,814.000JPM Emerging Markets Debt A (acc) - USD 11,432,764.704 10,132,183.353 16,210,984.564 5,353,963.493JPM Emerging Markets Debt A (inc) - EUR (hedged) 6,025,767.636 8,984,674.483 4,512,742.006 10,497,700.113JPM Emerging Markets Debt A (inc) - USD 851,214.464 206,521.305 943,075.106 114,660.663JPM Emerging Markets Debt A (irc) - AUD (hedged) - 169,753.329 - 169,753.329JPM Emerging Markets Debt A (irc) - CAD (hedged) - 20,251.143 - 20,251.143JPM Emerging Markets Debt A (irc) - NZD (hedged) - 22,622.125 - 22,622.125JPM Emerging Markets Debt A (mth) - EUR (hedged) 964,634.852 2,096,339.149 1,650,568.657 1,410,405.344JPM Emerging Markets Debt A (mth) - HKD 1,191,718.124 7,208,180.283 2,594,147.582 5,805,750.825JPM Emerging Markets Debt A (mth) - USD 13,311,398.774 74,408,769.593 29,397,469.521 58,322,698.846JPM Emerging Markets Debt B (acc) - EUR (hedged) 1,500,116.555 732,961.283 1,734,853.880 498,223.958JPM Emerging Markets Debt B (acc) - USD 14,000.000 172,531.154 15,368.362 171,162.792JPM Emerging Markets Debt C (acc) - EUR (hedged) 2,267,760.196 7,828,737.746 7,208,757.357 2,887,740.585JPM Emerging Markets Debt C (acc) - USD 255,757.238 245,825.097 482,302.024 19,280.311JPM Emerging Markets Debt C (dist) - USD 145,025.851 134.760 145,025.852 134.759JPM Emerging Markets Debt C (mth) - USD - 1,074,254.331 972,466.202 101,788.129JPM Emerging Markets Debt D (acc) - EUR (hedged) 3,456,764.921 1,601,378.396 1,700,480.157 3,357,663.160JPM Emerging Markets Debt I (acc) - EUR (hedged) - 219,500.000 - 219,500.000JPM Emerging Markets Debt I (inc) - EUR (hedged) 885,161.782 6,205,902.084 - 7,091,063.866JPM Emerging Markets Debt X (acc) - EUR (hedged) 594,516.111 302,580.000 56,760.000 840,336.111JPM Emerging Markets Debt X (acc) - GBP (hedged) 31,538.117 123,607.652 26,038.189 129,107.580JPM Emerging Markets Debt X (dist) - USD - 24,701.333 20,970.001 3,731.332

JPMorgan Funds - Emerging Markets Equity FundJPM Emerging Markets Equity A (acc) - EUR 33,331,385.838 15,201,031.722 16,886,143.586 31,646,273.974JPM Emerging Markets Equity A (acc) - EUR (hedged) 39,930.253 352,828.136 244,179.852 148,578.537JPM Emerging Markets Equity A (acc) - SGD 303,318.703 66,534.107 102,982.850 266,869.960JPM Emerging Markets Equity A (acc) - USD 18,214,729.078 8,066,725.563 8,794,001.887 17,487,452.754JPM Emerging Markets Equity A (dist) - GBP 482,092.165 101,753.141 107,626.979 476,218.327JPM Emerging Markets Equity A (dist) - USD 57,958,400.909 8,538,089.468 32,284,846.513 34,211,643.864JPM Emerging Markets Equity B (acc) - USD 3,689,046.541 2,757,142.669 3,132,749.559 3,313,439.651JPM Emerging Markets Equity C (acc) - EUR - 26,351.000 16,644.000 9,707.000JPM Emerging Markets Equity C (acc) - EUR (hedged) - 179,476.990 559.739 178,917.251JPM Emerging Markets Equity C (acc) - USD 35,813,099.954 9,911,195.284 16,589,008.519 29,135,286.719JPM Emerging Markets Equity C (dist) - GBP - 1,118.966 - 1,118.966JPM Emerging Markets Equity C (dist) - USD 138,001.060 3,298,247.968 533,844.512 2,902,404.516JPM Emerging Markets Equity D (acc) - EUR 4,249,127.636 1,420,902.042 1,576,861.014 4,093,168.664JPM Emerging Markets Equity D (acc) - EUR (hedged) - 393.580 262.295 131.285JPM Emerging Markets Equity D (acc) - USD 4,084,187.644 642,548.568 1,990,267.640 2,736,468.572JPM Emerging Markets Equity I (acc) - EUR 3,749,267.828 368,328.227 - 4,117,596.055JPM Emerging Markets Equity I (acc) - EUR (hedged) - 118,161.101 - 118,161.101JPM Emerging Markets Equity I (acc) - USD 30,729,127.145 4,837,790.979 5,146,242.365 30,420,675.759JPM Emerging Markets Equity I (inc) - EUR 3,177,239.277 683,752.000 183,700.000 3,677,291.277JPM Emerging Markets Equity X (acc) - EUR 57,598.727 45,820.000 2,664.000 100,754.727JPM Emerging Markets Equity X (acc) - USD 40,301,964.497 8,522,444.308 4,663,190.735 44,161,218.070JPM Emerging Markets Equity X (dist) - USD 619,742.798 888,080.657 331,398.153 1,176,425.302JPM Emerging Markets Equity X (inc) - EUR 45,941,819.568 4,668,390.035 31,221,926.037 19,388,283.566

219



of the Year


of the Year

8. Historical Statement of Changes in the Number of Shares for the year ended 30 June 2013 (continued)JPMorgan Funds - Emerging Markets Local Currency Debt Fund (1)JPM Emerging Markets Local Currency Debt A (acc) - EUR 10,031,787.094 13,531,616.488 9,400,430.108 14,162,973.474JPM Emerging Markets Local Currency Debt A (acc) - SGD 46,309.585 197,244.062 12,183.566 231,370.081JPM Emerging Markets Local Currency Debt A (acc) - USD 4,788,808.139 10,541,302.331 7,648,951.674 7,681,158.796JPM Emerging Markets Local Currency Debt A (dist) - GBP 32,707.081 19,799.832 48,827.902 3,679.011JPM Emerging Markets Local Currency Debt A (div) - EUR 10.000 92,207.172 4,896.421 87,320.751JPM Emerging Markets Local Currency Debt A (inc) - EUR 227,195.986 2,473,750.301 97,106.927 2,603,839.360JPM Emerging Markets Local Currency Debt A (mth) - USD 8,618,989.698 75,940,591.646 22,640,006.947 61,919,574.397JPM Emerging Markets Local Currency Debt B (acc) - EUR 28,980.475 69,510.741 1,495.774 96,995.442JPM Emerging Markets Local Currency Debt B (acc) - USD 3,204,380.333 2,856,887.104 1,933,174.429 4,128,093.008JPM Emerging Markets Local Currency Debt B (mth) - USD - 10.000 - 10.000JPM Emerging Markets Local Currency Debt C (acc) - EUR 383,338.774 1,059,801.377 601,170.017 841,970.134JPM Emerging Markets Local Currency Debt C (acc) - USD 6,333,613.541 8,671,077.709 9,202,142.679 5,802,548.571JPM Emerging Markets Local Currency Debt C (dist) - GBP - 42,458.157 41,562.885 895.272JPM Emerging Markets Local Currency Debt C (mth) - USD - 200,976.744 94,573.959 106,402.785JPM Emerging Markets Local Currency Debt D (acc) - EUR 7,475,807.322 3,322,714.626 2,345,471.028 8,453,050.920JPM Emerging Markets Local Currency Debt D (acc) - USD 64,721.467 122,099.097 91,556.769 95,263.795JPM Emerging Markets Local Currency Debt D (div) - EUR 4,904,129.877 12,515,419.499 2,360,391.067 15,059,158.309JPM Emerging Markets Local Currency Debt D (mth) - USD - 7,709.767 10.000 7,699.767JPM Emerging Markets Local Currency Debt I (acc) - EUR 96,890.000 155,700.000 12,000.000 240,590.000JPM Emerging Markets Local Currency Debt I (acc) - EUR (hedged) - 381,600.000 - 381,600.000JPM Emerging Markets Local Currency Debt I (acc) - USD 603,910.578 299,723.289 604,177.538 299,456.329JPM Emerging Markets Local Currency Debt I (inc) - EUR 626,080.370 1,816,471.396 - 2,442,551.766JPM Emerging Markets Local Currency Debt T (acc) - EUR 17,881.824 32,787.706 9,230.547 41,438.983JPM Emerging Markets Local Currency Debt T (div) - EUR 154,035.965 341,350.031 56,572.739 438,813.257JPM Emerging Markets Local Currency Debt X (acc) - EUR 1,377,488.347 1,855,143.577 1,432,293.300 1,800,338.624JPM Emerging Markets Local Currency Debt X (acc) - EUR (hedged) - 585,300.000 - 585,300.000JPM Emerging Markets Local Currency Debt X (acc) - USD 21,385,105.104 1,041,280.000 2,072,431.000 20,353,954.104JPM Emerging Markets Local Currency Debt Y (acc) - EUR - 2,127,044.013 634.000 2,126,410.013JPM Emerging Markets Local Currency Debt Y (acc) - GBP*** 1,172,426.765 1,004,019.735 22,698.324 2,153,748.176

JPMorgan Funds - Emerging Markets Small Cap FundJPM Emerging Markets Small Cap A (acc) - EUR 6,920,413.894 1,804,692.744 3,943,385.926 4,781,720.712JPM Emerging Markets Small Cap A (acc) - USD 8,585,968.908 20,650,211.842 8,607,144.764 20,629,035.986JPM Emerging Markets Small Cap A (dist) - GBP 288,459.045 395,662.233 159,237.894 524,883.384JPM Emerging Markets Small Cap B (acc) - USD 898,629.441 579,432.695 754,143.259 723,918.877JPM Emerging Markets Small Cap C (acc) - EUR 297,866.247 300,000.000 - 597,866.247JPM Emerging Markets Small Cap C (acc) - USD 2,245,776.985 3,340,651.144 3,680,656.763 1,905,771.366JPM Emerging Markets Small Cap D (acc) - EUR 19,205.465 14,926.765 11,979.713 22,152.517JPM Emerging Markets Small Cap D (acc) - USD 4,624,670.570 748,795.020 1,591,429.248 3,782,036.342JPM Emerging Markets Small Cap I (acc) - USD** 82,415.265 289,946.408 82,415.265 289,946.408JPM Emerging Markets Small Cap T (acc) - EUR - 2,270.498 12.558 2,257.940JPM Emerging Markets Small Cap Y (acc) - EUR - 34,706.000 1,471.000 33,235.000

JPMorgan Funds - Emerging Middle East Equity FundJPM Emerging Middle East Equity A (acc) - EUR 385,131.610 279,792.870 282,848.581 382,075.899JPM Emerging Middle East Equity A (acc) - SGD 2,964.401 527.278 1,279.641 2,212.038JPM Emerging Middle East Equity A (acc) - USD 1,406,450.600 4,409,378.756 4,155,872.525 1,659,956.831JPM Emerging Middle East Equity A (dist) - USD 9,455,157.378 2,991,610.977 5,635,266.117 6,811,502.238JPM Emerging Middle East Equity B (acc) - USD 20,866.329 322,304.229 202,237.115 140,933.443JPM Emerging Middle East Equity C (acc) - USD 5,736,488.503 9,032,721.678 9,426,731.007 5,342,479.174JPM Emerging Middle East Equity D (acc) - EUR 21,684.170 19,973.187 11,050.979 30,606.378JPM Emerging Middle East Equity D (acc) - USD 1,500,886.508 236,578.392 551,232.484 1,186,232.416JPM Emerging Middle East Equity I (acc) - USD 58,834.201 15,043.969 31,229.048 42,649.122

JPMorgan Funds - Euro Money Market FundJPM Euro Money Market A (acc) - EUR 815,977.991 112,842.639 662,330.415 266,490.215JPM Euro Money Market D (acc) - EUR 576,536.570 108,618.066 408,109.674 277,044.962

JPMorgan Funds - Euroland Equity FundJPM Euroland Equity A (acc) - EUR 1,422,952.329 1,011,748.171 1,135,732.641 1,298,967.859JPM Euroland Equity A (dist) - EUR 2,641,448.804 397,731.447 781,321.325 2,257,858.926JPMorgan Euroland Equity A (dist) - USD ## 5,073,347.905 1,887,218.689 2,118,467.330 4,842,099.264JPM Euroland Equity A (inc) - EUR 5,590.965 35.000 1,253.473 4,372.492JPM Euroland Equity B (acc) - EUR 229,573.883 162,795.652 104,964.439 287,405.096JPM Euroland Equity B (dist) - EUR - 13,338.000 1,147.000 12,191.000JPM Euroland Equity C (acc) - EUR 2,242,139.979 270,389.356 270,909.696 2,241,619.639JPM Euroland Equity D (acc) - EUR 2,611,002.351 93,572.440 835,085.832 1,869,488.959JPM Euroland Equity X (acc) - EUR 1,823,144.000 503,654.000 532,287.000 1,794,511.000

JPMorgan Funds - Europe Dynamic FundJPM Europe Dynamic A (acc) - EUR 1,441,454.858 1,315,022.663 1,183,542.113 1,572,935.408JPM Europe Dynamic A (dist) - EUR 3,025,189.745 779,657.708 1,087,903.938 2,716,943.515JPM Europe Dynamic A (dist) - GBP 36,946.257 13,493.407 21,265.455 29,174.209JPMorgan Europe Dynamic A (dist) - EUR ## 257,844.023 277,807.133 221,808.277 313,842.879JPM Europe Dynamic B (acc) - EUR 318,056.535 302,782.856 66,792.672 554,046.719JPM Europe Dynamic C (acc) - EUR 1,788,468.499 404,985.158 1,088,176.585 1,105,277.072JPM Europe Dynamic D (acc) - EUR 931,233.637 347,397.531 446,455.182 832,175.986JPM Europe Dynamic I (acc) - EUR 2,064,100.000 - - 2,064,100.000JPM Europe Dynamic T (acc) - EUR 1,054.365 13,457.376 11,835.700 2,676.041JPM Europe Dynamic X (acc) - EUR* 216,506.000 40,045.000 256,551.000 -

(1) This Sub-Fund changed its currency to USD on 2 July 2012.***This Share Class was renamed from JPM Emerging Markets Local Currency Debt X (acc) - GBP on 5 November 2012.

220



of the Year


of the Year

8. Historical Statement of Changes in the Number of Shares for the year ended 30 June 2013 (continued)JPMorgan Funds - Europe Dynamic Mega Cap FundJPM Europe Dynamic Mega Cap A (acc) - EUR 2,921,799.035 767,609.457 936,670.989 2,752,737.503JPM Europe Dynamic Mega Cap A (acc) - USD 9,665.857 10,864.000 8,023.000 12,506.857JPM Europe Dynamic Mega Cap A (dist) - EUR 1,534,039.485 229,509.885 504,708.508 1,258,840.862JPM Europe Dynamic Mega Cap A (inc) - EUR 2,565.508 1,806.031 26.000 4,345.539JPM Europe Dynamic Mega Cap B (acc) - EUR 6,925.519 179,930.456 62,075.054 124,780.921JPM Europe Dynamic Mega Cap C (acc) - EUR 107,572.627 205,769.846 222,417.169 90,925.304JPM Europe Dynamic Mega Cap D (acc) - EUR 364,978.907 125,886.883 180,408.074 310,457.716JPM Europe Dynamic Mega Cap D (acc) - USD 353.857 5,973.710 - 6,327.567JPM Europe Dynamic Mega Cap T (acc) - EUR 188.111 11,189.844 10,621.820 756.135JPM Europe Dynamic Mega Cap X (acc) - EUR 112,477.262 14,427.207 48,229.868 78,674.601

JPMorgan Funds - Europe Equity FundJPM Europe Equity A (acc) - EUR 1,997,115.738 2,217,634.700 2,279,564.272 1,935,186.166JPM Europe Equity A (acc) - USD 2,360,391.189 288,362.245 1,081,753.245 1,567,000.189JPM Europe Equity A (dist) - EUR 5,121,295.365 235,741.459 768,619.359 4,588,417.465JPMorgan Europe Equity A (dist) - USD ## 824,131.083 141,906.440 271,901.798 694,135.725JPM Europe Equity B (acc) - EUR 319,130.359 36,504.713 204,905.482 150,729.590JPM Europe Equity C (acc) - EUR 6,364,964.481 768,588.740 5,402,398.842 1,731,154.379JPM Europe Equity C (dist) - USD - 1,477.190 - 1,477.190JPM Europe Equity D (acc) - EUR 2,468,047.037 398,818.673 1,063,574.267 1,803,291.443JPM Europe Equity D (acc) - USD 57,059.228 29,520.644 17,224.586 69,355.286JPM Europe Equity X (acc) - EUR 1,553,961.587 982,601.070 2,272,354.928 264,207.729

JPMorgan Funds - Europe Focus FundJPM Europe Focus A (acc) - EUR 1,038,485.892 620,106.801 713,433.390 945,159.303JPM Europe Focus A (acc) - USD 348.675 17,841.213 17,841.214 348.674JPM Europe Focus A (dist) - EUR 28,884.277 15,512.300 9,685.288 34,711.289JPM Europe Focus B (acc) - EUR 9,592.569 11,384.962 315.000 20,662.531JPM Europe Focus C (acc) - EUR 235.442 529,261.000 247,845.000 281,651.442JPM Europe Focus D (acc) - EUR 1,235,159.144 224,047.563 173,455.265 1,285,751.442JPM Europe Focus D (acc) - USD 348.675 8,200.495 1,492.165 7,057.005JPM Europe Focus T (acc) - EUR 1,343.338 9,281.439 5,004.751 5,620.026JPM Europe Focus X (acc) - EUR 61,663.576 22,653.306 41,450.163 42,866.719

JPMorgan Funds - Europe Small Cap FundJPM Europe Small Cap A (acc) - EUR 900,041.589 1,572,136.275 1,454,243.394 1,017,934.470JPM Europe Small Cap A (dist) - EUR 3,701,381.174 223,162.404 687,842.798 3,236,700.780JPM Europe Small Cap A (dist) - GBP 41,497.348 25,364.983 3,324.266 63,538.065JPMorgan Europe Small Cap A (dist) - EUR ## 1,578,842.350 448,311.984 750,825.533 1,276,328.801JPM Europe Small Cap B (acc) - EUR 55,058.024 182,658.499 195,963.240 41,753.283JPM Europe Small Cap C (acc) - EUR 10,924.085 1,143,484.134 848,995.818 305,412.401JPM Europe Small Cap D (acc) - EUR 1,139,840.280 174,232.972 340,926.999 973,146.253JPM Europe Small Cap I (acc) - EUR 85,375.831 - - 85,375.831

JPMorgan Funds - Europe Strategic Growth FundJPM Europe Strategic Growth A (acc) - EUR 1,751,734.491 1,922,856.528 1,696,181.443 1,978,409.576JPM Europe Strategic Growth A (dist) - EUR 17,379,294.248 2,707,414.266 8,406,262.464 11,680,446.050JPM Europe Strategic Growth A (dist) - GBP 20,253.203 5,089.528 3,092.616 22,250.115JPM Europe Strategic Growth B (acc) - EUR 239,583.462 83,980.095 64,018.799 259,544.758JPM Europe Strategic Growth C (acc) - EUR 118,480.084 4,611,301.074 2,468,970.416 2,260,810.742JPM Europe Strategic Growth D (acc) - EUR 1,668,637.405 203,440.625 439,718.552 1,432,359.478

JPMorgan Funds - Europe Strategic Value FundJPM Europe Strategic Value A (acc) - EUR 4,360,507.803 3,529,157.755 2,153,429.430 5,736,236.128JPM Europe Strategic Value A (dist) - EUR 82,024,889.097 16,253,094.829 20,175,404.397 78,102,579.529JPM Europe Strategic Value A (dist) - GBP 14,005.522 1,691.040 2,525.858 13,170.704JPM Europe Strategic Value B (acc) - EUR 357,930.849 249,168.800 18,811.215 588,288.434JPM Europe Strategic Value C (acc) - EUR 8,470,159.914 5,175,507.089 2,318,028.791 11,327,638.212JPM Europe Strategic Value D (acc) - EUR 3,531,140.744 131,826.351 848,757.008 2,814,210.087

JPMorgan Funds - Europe Technology FundJPM Europe Technology A (acc) - EUR 916,353.005 1,014,376.969 1,133,897.674 796,832.300JPM Europe Technology A (dist) - EUR 5,989,116.056 853,788.879 1,418,399.337 5,424,505.598JPM Europe Technology A (dist) - GBP 97,135.602 11,672.796 31,529.937 77,278.461JPMorgan Europe Technology A (dist) - EUR ## 2,197,603.349 250,562.076 1,672,783.369 775,382.056JPM Europe Technology B (acc) - EUR 43,043.255 1,073,101.039 1,096,933.545 19,210.749JPM Europe Technology C (acc) - EUR** - 72,586.593 12,397.919 60,188.674JPM Europe Technology D (acc) - EUR 1,679,628.920 338,012.795 608,989.992 1,408,651.723JPM Europe Technology X (acc) - EUR 17,221.019 - 16,858.519 362.500

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8. Historical Statement of Changes in the Number of Shares for the year ended 30 June 2013 (continued)JPMorgan Funds - Global Convertibles Fund (EUR)JPM Global Convertibles (EUR) A (acc) - CHF (hedged) 5,869,875.714 2,627,215.347 1,406,938.376 7,090,152.685JPM Global Convertibles (EUR) A (acc) - EUR 19,734,966.690 17,292,601.625 8,677,148.929 28,350,419.386JPM Global Convertibles (EUR) A (dist) - EUR 23,620,570.208 4,958,128.762 8,219,339.784 20,359,359.186JPMorgan Global Convertibles (EUR) A (dist) - USD ## 715,770.859 1,001,704.756 700,473.121 1,017,002.494JPM Global Convertibles (EUR) A (dist) - GBP (hedged) 1,246,574.082 738,616.949 558,356.163 1,426,834.868JPM Global Convertibles (EUR) B (acc) - CHF (hedged) 1,082,244.023 1,177,641.052 436,636.060 1,823,249.015JPM Global Convertibles (EUR) B (acc) - EUR 1,796,907.138 1,950,175.609 1,338,752.189 2,408,330.558JPM Global Convertibles (EUR) B (dist) - GBP (hedged) 234,238.874 54,792.332 67,912.619 221,118.587JPM Global Convertibles (EUR) C (acc) - CHF (hedged) 174,844.981 585,560.258 - 760,405.239JPM Global Convertibles (EUR) C (acc) - EUR 15,929,903.149 24,838,556.232 10,356,269.242 30,412,190.139JPM Global Convertibles (EUR) C (dist) - GBP (hedged) 123,087.682 25,558.655 124,096.860 24,549.477JPM Global Convertibles (EUR) C (dist) - USD - 5,000.000 2,302.000 2,698.000JPM Global Convertibles (EUR) D (acc) - EUR 8,142,358.023 1,349,364.602 3,546,395.840 5,945,326.785JPM Global Convertibles (EUR) I (acc) - CHF (hedged)* 1,308,642.847 - 1,308,642.847 -JPM Global Convertibles (EUR) I (acc) - EUR 7,592,463.999 20,373,600.000 18,771,264.000 9,194,799.999JPM Global Convertibles (EUR) I (inc) - EUR 250,090.196 - - 250,090.196JPM Global Convertibles (EUR) T (acc) - EUR - 1,751.220 10.000 1,741.220JPM Global Convertibles (EUR) X (acc) - CHF (hedged) 1,267,305.000 91,800.000 167,305.000 1,191,800.000JPM Global Convertibles (EUR) X (acc) - EUR 5,009,489.048 39,817.555 4,990,713.115 58,593.488JPM Global Convertibles (EUR) X (dist) - GBP (hedged)* 6,926.578 21,680.993 28,607.571 -

JPMorgan Funds - Global Corporate Bond FundJPM Global Corporate Bond A (acc) - CHF (hedged) - 25,826.012 10,192.000 15,634.012JPM Global Corporate Bond A (acc) - EUR (hedged) 24,748,570.276 32,726,359.432 41,777,356.167 15,697,573.541JPM Global Corporate Bond A (acc) - EUR (hedged) & Duration (hedged)** - 101,455.895 26,450.491 75,005.404JPM Global Corporate Bond A (acc) - SEK (hedged) 7,702,633.854 8,819,008.056 13,033,671.923 3,487,969.987JPM Global Corporate Bond A (acc) - USD 8,165,781.832 23,451,020.272 15,624,268.167 15,992,533.937JPM Global Corporate Bond A (acc) - USD - Duration (hedged) - 25,225.837 - 25,225.837JPM Global Corporate Bond A (dist) - EUR (hedged) 12.489 77,292.269 10,831.272 66,473.486JPM Global Corporate Bond A (dist) - GBP (hedged) 8,724,391.254 8,815,851.221 1,571,242.809 15,968,999.666JPM Global Corporate Bond A (dist) - USD - 7,057.652 4,725.865 2,331.787JPM Global Corporate Bond A (div) - EUR (hedged) 619,467.000 1,572,723.637 1,879,237.113 312,953.524JPM Global Corporate Bond A (inc) - EUR (hedged) - 12.315 - 12.315JPM Global Corporate Bond A (inc) - EUR (hedged) & Duration (hedged) - 12.315 - 12.315JPM Global Corporate Bond A (mth) - SGD 497.495 13,287.328 2,593.866 11,190.957JPM Global Corporate Bond A (mth) - USD 395,902.495 1,139,015.444 607,460.134 927,457.805JPM Global Corporate Bond B (acc) - EUR (hedged) 239,287.090 405,845.278 454,471.833 190,660.535JPM Global Corporate Bond B (acc) - GBP (hedged) 31,877.590 3,957.075 - 35,834.665JPM Global Corporate Bond B (acc) - USD 435,868.407 462,404.234 483,326.629 414,946.012JPM Global Corporate Bond B (mth) - USD 10.000 - 5.000 5.000JPM Global Corporate Bond C (acc) - EUR (hedged) 3,081,848.821 3,902,986.875 3,806,794.680 3,178,041.016JPM Global Corporate Bond C (acc) - EUR (hedged) & Duration (hedged) 99,736.584 3,233,165.147 1,133,938.208 2,198,963.523JPM Global Corporate Bond C (acc) - USD 402,463.584 795,544.286 733,124.626 464,883.244JPM Global Corporate Bond C (acc) - USD - Duration (hedged) 104,890.870 545,922.966 36,065.619 614,748.217JPM Global Corporate Bond C (dist) - EUR (hedged) 170,031.389 320,607.258 281,794.389 208,844.258JPM Global Corporate Bond C (dist) - GBP (hedged) 196,645.976 403,340.625 202,299.516 397,687.085JPM Global Corporate Bond C (dist) - GBP (hedged) & Duration (hedged) - 396,217.125 - 396,217.125JPM Global Corporate Bond C (dist) - USD - 536,049.049 195,906.890 340,142.159JPM Global Corporate Bond D (acc) - EUR (hedged) 10,154,185.851 9,416,923.501 9,799,850.441 9,771,258.911JPM Global Corporate Bond D (acc) - EUR (hedged) & Duration (hedged) - 59,789.414 7,221.025 52,568.389JPM Global Corporate Bond D (acc) - USD 2,951,393.962 3,276,547.823 1,995,280.690 4,232,661.095JPM Global Corporate Bond D (acc) - USD - Duration (hedged) - 352,849.880 50,957.924 301,891.956JPM Global Corporate Bond D (div) - EUR (hedged) 9,945,169.830 12,035,369.158 3,923,406.968 18,057,132.020JPM Global Corporate Bond D (mth) - USD 10.000 4,823.355 5.000 4,828.355JPM Global Corporate Bond I (acc) - JPY (hedged) - 1,082,719.792 - 1,082,719.792JPM Global Corporate Bond I (acc) - SEK (hedged)* 380,244.059 510,326.449 890,570.508 -JPM Global Corporate Bond I (acc) - USD** - 212,269.158 - 212,269.158JPM Global Corporate Bond T (acc) - EUR (hedged) 53,547.737 50,135.328 33,819.518 69,863.547JPM Global Corporate Bond T (div) - EUR (hedged) 230,090.740 544,984.902 123,751.588 651,324.054JPM Global Corporate Bond X (acc) - EUR (hedged) - 1,125,870.484 537,607.251 588,263.233JPM Global Corporate Bond X (acc) - GBP (hedged) - 3,729,673.281 - 3,729,673.281JPM Global Corporate Bond X (acc) - USD* - 68,757.000 68,757.000 -

JPMorgan Funds - Global Focus FundJPM Global Focus A (acc) - CHF (hedged) 35,435.523 25,331.247 10,502.851 50,263.919JPM Global Focus A (acc) - EUR 21,454,411.455 5,239,095.206 9,647,108.771 17,046,397.890JPM Global Focus A (acc) - EUR (hedged) 3,221,035.815 601,025.217 2,358,694.258 1,463,366.774JPM Global Focus A (dist) - EUR 13,798,397.627 826,951.121 3,437,073.322 11,188,275.426JPMorgan Global Focus A (dist) - USD ## 1,070,632.011 3,930,489.612 372,488.800 4,628,632.823JPM Global Focus B (acc) - EUR 2,126,578.545 5,453,943.290 2,423,857.923 5,156,663.912JPM Global Focus C (acc) - EUR 13,595,814.712 5,066,771.509 10,366,353.800 8,296,232.421JPM Global Focus C (acc) - EUR (hedged) 983,495.861 1,549,698.992 504,139.323 2,029,055.530JPM Global Focus C (acc) - USD* 1,772,015.292 - 1,772,015.292 -JPM Global Focus D (acc) - EUR 6,097,489.210 1,427,797.809 2,212,485.369 5,312,801.650JPM Global Focus D (acc) - EUR (hedged) 2,727,567.388 1,040,011.787 1,169,345.157 2,598,234.018JPM Global Focus I (acc) - EUR 727,492.713 482,108.095 311,927.249 897,673.559JPM Global Focus I (acc) - EUR (hedged)* 187,528.699 - 187,528.699 -JPM Global Focus I (acc) - USD 488,603.007 284,745.610 - 773,348.617JPM Global Focus T (acc) - EUR 27,770.532 40,025.781 19,547.997 48,248.316JPM Global Focus X (acc) - EUR 3,661,185.950 2,029,458.787 55,211.947 5,635,432.790

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8. Historical Statement of Changes in the Number of Shares for the year ended 30 June 2013 (continued)JPMorgan Funds - Global Natural Resources FundJPM Global Natural Resources A (acc) - EUR 28,007,499.037 5,457,889.138 15,214,586.945 18,250,801.230JPM Global Natural Resources A (acc) - GBP - 148,875.749 - 148,875.749JPM Global Natural Resources A (acc) - SGD 530,179.074 91,199.917 144,066.652 477,312.339JPM Global Natural Resources A (acc) - USD 54,362,835.434 19,095,923.273 29,787,147.907 43,671,610.800JPM Global Natural Resources A (dist) - EUR 18,986,433.451 3,645,062.946 7,725,114.489 14,906,381.908JPM Global Natural Resources B (acc) - EUR 1,786,132.307 2,104,266.475 1,648,965.048 2,241,433.734JPM Global Natural Resources C (acc) - EUR 2,266,590.361 3,514,611.942 4,802,236.360 978,965.943JPM Global Natural Resources C (acc) - USD 5,341,129.852 375,809.891 2,971,571.609 2,745,368.134JPM Global Natural Resources D (acc) - EUR 12,983,120.771 1,918,463.228 6,660,249.213 8,241,334.786JPM Global Natural Resources D (acc) - USD 578,546.605 52,930.217 236,786.912 394,689.910JPM Global Natural Resources I (acc) - EUR 183,145.780 92,998.612 92,998.612 183,145.780JPM Global Natural Resources X (acc) - EUR 2,397,619.508 1,570.358 2,361,210.336 37,979.530

JPMorgan Funds - Global Short Duration Bond FundJPM Global Short Duration Bond A (acc) - EUR (hedged) 5,715,958.791 4,799,822.074 6,008,189.496 4,507,591.369JPM Global Short Duration Bond A (acc) - USD 11,410,994.876 17,133,409.429 14,103,977.678 14,440,426.627JPM Global Short Duration Bond B (acc) - EUR (hedged) 257,398.407 114,105.020 215,146.820 156,356.607JPM Global Short Duration Bond B (acc) - USD 251,054.405 207,383.394 162,983.559 295,454.240JPM Global Short Duration Bond C (acc) - EUR (hedged) 240,459.886 900,692.367 228,988.630 912,163.623JPM Global Short Duration Bond C (acc) - USD 4,601,850.042 5,156,747.104 5,293,544.409 4,465,052.737JPM Global Short Duration Bond C (dist) - EUR (hedged) - 16,235.187 - 16,235.187JPM Global Short Duration Bond C (dist) - GBP (hedged) 2,600,812.802 1,053,275.625 1,223,691.755 2,430,396.672JPM Global Short Duration Bond C (dist) - USD - 16,415.364 - 16,415.364JPM Global Short Duration Bond D (acc) - EUR (hedged) 102,542.470 124,955.840 116,912.836 110,585.474JPM Global Short Duration Bond X (acc) - EUR (hedged) 548,689.187 1,878,281.799 722,007.633 1,704,963.353JPM Global Short Duration Bond X (acc) - USD 700,641.165 416,409.566 649,326.972 467,723.759JPM Global Short Duration Bond X (dist) - GBP (hedged) 8,774.869 25,785.519 34,550.303 10.085

JPMorgan Funds - Global Unconstrained Equity Fund (2)JPM Global Unconstrained Equity A (acc) - EUR 11,691.021 - 3,366.375 8,324.646JPM Global Unconstrained Equity A (acc) - EUR (hedged) 130,032.992 17,037.999 69,859.960 77,211.031JPM Global Unconstrained Equity A (acc) - USD 411,292.012 30,636.865 348,263.284 93,665.593JPM Global Unconstrained Equity A (dist) - EUR (hedged) 2,835,022.236 29,300.949 384,333.845 2,479,989.340JPM Global Unconstrained Equity A (dist) - USD 215,019.806 41,580.781 67,772.630 188,827.957JPMorgan Global Unconstrained Equity A (dist) - USD ## 976,279.095 165,568.993 183,776.780 958,071.308JPM Global Unconstrained Equity C (acc) - EUR (hedged) 5,762,390.087 90,631.670 - 5,853,021.757JPM Global Unconstrained Equity C (acc) - USD 5,303,351.272 287,910.000 - 5,591,261.272JPM Global Unconstrained Equity D (acc) - EUR (hedged) 220,556.438 80,604.151 106,373.710 194,786.879JPM Global Unconstrained Equity D (acc) - USD 132,492.330 25,314.424 34,756.695 123,050.059JPM Global Unconstrained Equity X (acc) - EUR 5,421,231.943 - 32,054.936 5,389,177.007JPM Global Unconstrained Equity X (acc) - EUR (hedged) 20,350.000 6,150.000 3,740.000 22,760.000JPM Global Unconstrained Equity X (acc) - USD 2,442.015 17,334.037 - 19,776.052

JPMorgan Funds - Greater China Fund #JPMorgan Greater China A (acc) - SGD ## 11,331.642 43,416.662 20,894.629 33,853.675JPMorgan Greater China A (acc) - USD ## 10,685,112.123 8,251,739.991 5,314,281.490 13,622,570.624JPMorgan Greater China A (dist) - HKD ## 1,863,534.211 1,418,318.687 624,234.191 2,657,618.707JPMorgan Greater China A (dist) - USD ## 11,613,543.451 8,494,840.454 7,096,659.219 13,011,724.686JPMorgan Greater China B (acc) - USD ## 129,650.143 1,173,453.852 346,778.562 956,325.433JPMorgan Greater China C (acc) - USD ## 2,578,939.030 2,040,650.378 1,807,799.211 2,811,790.197JPMorgan Greater China D (acc) - EUR ## 51,087.921 156,031.545 63,013.623 144,105.843JPMorgan Greater China D (acc) - USD ## 2,218,412.656 370,403.857 780,952.144 1,807,864.369JPMorgan Greater China I (acc) - USD ## 407,766.206 2,787,134.579 302,603.527 2,892,297.258JPMorgan Greater China T (acc) - EUR ## 6,373.161 25,903.076 7,125.976 25,150.261

JPMorgan Funds - Indonesia Equity Fund #JPMorgan Indonesia Equity A (acc) - USD ## 30,972.573 94,949.952 96,646.442 29,276.083JPMorgan Indonesia Equity B (acc) - USD ## - 7,672.369 - 7,672.369JPMorgan Indonesia Equity C (acc) - USD ## - 42,061.000 37,061.000 5,000.000JPMorgan Indonesia Equity D (acc) - EUR ## - 62,517.273 9,410.540 53,106.733JPMorgan Indonesia Equity D (acc) - USD ## - 17,603.125 1,431.805 16,171.320JPMorgan Indonesia Equity X (acc) - JPY ## - 5,270,209.245 - 5,270,209.245

JPMorgan Funds - Latin America Equity FundJPM Latin America Equity A (acc) - EUR - 25,449.864 8,516.568 16,933.296JPM Latin America Equity A (acc) - SGD 1,098.193 769.330 215.552 1,651.971JPM Latin America Equity A (acc) - USD 7,125,933.632 4,538,142.471 4,161,232.279 7,502,843.824JPM Latin America Equity A (dist) - USD 4,659,280.249 517,802.617 1,086,588.623 4,090,494.243JPMorgan Latin America Equity A (dist) - USD ## 7,375,070.015 2,401,782.715 3,922,588.170 5,854,264.560JPM Latin America Equity B (acc) - USD 2,651,489.110 1,895,013.502 2,005,260.269 2,541,242.343JPM Latin America Equity B (dist) - USD - 8,707.000 - 8,707.000JPM Latin America Equity C (acc) - USD 2,729,870.571 1,848,666.624 2,177,837.887 2,400,699.308JPM Latin America Equity D (acc) - EUR 38,187.751 34,620.322 21,895.153 50,912.920JPM Latin America Equity D (acc) - USD 2,661,867.482 117,088.097 837,790.061 1,941,165.518JPM Latin America Equity I (acc) - JPY - 1,710,723.065 - 1,710,723.065JPM Latin America Equity I (acc) - USD 19,519,586.311 8,277,626.191 7,915,168.818 19,882,043.684JPM Latin America Equity T (acc) - EUR 6,611.497 3,551.345 5,651.893 4,510.949JPM Latin America Equity X (acc) - USD 2,513,354.719 - 72,203.641 2,441,151.078

(2) This Sub-Fund was renamed from Global Equity Fund (USD) on 5 December 2012.

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of the Year

8. Historical Statement of Changes in the Number of Shares for the year ended 30 June 2013 (continued)JPMorgan Funds - Russia FundJPM Russia A (acc) - USD 26,949,694.657 4,863,073.999 10,277,818.049 21,534,950.607JPM Russia A (dist) - USD 35,348,531.921 26,036,524.125 33,231,985.978 28,153,070.068JPM Russia B (acc) - USD 1,323,558.430 4,136,494.912 3,081,065.772 2,378,987.570JPM Russia C (acc) - USD 3,790,621.512 2,045,411.916 2,530,492.231 3,305,541.197JPM Russia D (acc) - USD 10,005,310.615 1,740,537.138 3,994,440.627 7,751,407.126JPM Russia I (acc) - USD 53,763,293.263 22,973,838.799 28,048,284.348 48,688,847.714JPM Russia T (acc) - EUR - 2,931.375 72.965 2,858.410

JPMorgan Funds - US Aggregate Bond FundJPM US Aggregate Bond A (acc) - EUR (hedged) 190,120.664 208,822.544 205,942.730 193,000.478JPM US Aggregate Bond A (acc) - USD 53,235,058.363 40,668,560.045 43,589,765.569 50,313,852.839JPM US Aggregate Bond A (div) - USD** - 12,526.898 2,086.000 10,440.898JPM US Aggregate Bond A (inc) - USD 32,641,912.345 21,257,617.618 32,052,553.414 21,846,976.549JPM US Aggregate Bond A (mth) - HKD - 2,159,874.255 903,597.792 1,256,276.463JPM US Aggregate Bond A (mth) - SGD 2,110.093 271,575.078 68,108.775 205,576.396JPM US Aggregate Bond A (mth) - SGD (hedged) 36,822.900 5,513,712.180 1,221,174.149 4,329,360.931JPM US Aggregate Bond A (mth) - USD 27,141,894.916 48,304,973.341 52,429,791.693 23,017,076.564JPM US Aggregate Bond B (acc) - EUR (hedged) - 19,267.823 - 19,267.823JPM US Aggregate Bond B (acc) - USD 10,745,246.903 6,564,179.851 6,179,014.034 11,130,412.720JPM US Aggregate Bond B (mth) - USD 10.000 160,843.219 20,421.054 140,432.165JPM US Aggregate Bond C (acc) - USD 12,932,968.739 8,946,194.624 8,515,919.421 13,363,243.942JPM US Aggregate Bond C (dist) - GBP (hedged) - 15.763 - 15.763JPM US Aggregate Bond D (acc) - EUR (hedged) 65,242.792 140,881.267 98,869.393 107,254.666JPM US Aggregate Bond D (acc) - USD 3,225,658.183 2,427,059.095 2,641,525.057 3,011,192.221JPM US Aggregate Bond I (acc) - USD 235,948.000 7,386.856 200,788.991 42,545.865JPM US Aggregate Bond I (mth) - USD** - 1,266,488.839 - 1,266,488.839JPM US Aggregate Bond X (acc) - EUR (hedged) - 1,023,498.175 - 1,023,498.175JPM US Aggregate Bond X (acc) - USD 11,131,122.579 9,104,553.357 7,953,426.590 12,282,249.346JPM US Aggregate Bond X (dist) - GBP (hedged) 26,440.540 43,351.691 11,112.620 58,679.611

JPMorgan Funds - US Growth FundJPM US Growth A (acc) - EUR (hedged) 2,843,722.143 1,036,959.000 2,752,402.825 1,128,278.318JPM US Growth A (acc) - USD 38,082,118.159 9,383,326.235 18,535,028.517 28,930,415.877JPM US Growth A (dist) - GBP 261,871.468 22,853.761 89,707.838 195,017.391JPM US Growth A (dist) - USD 5,108,086.779 1,924,319.557 3,058,797.825 3,973,608.511JPM US Growth B (acc) - EUR (hedged) - 66,265.985 13,238.791 53,027.194JPM US Growth B (acc) - USD 2,909,810.278 3,391,343.446 1,644,654.242 4,656,499.482JPM US Growth B (dist) - USD - 51,126.541 - 51,126.541JPM US Growth C (acc) - EUR (hedged) 2,273,468.928 1,560,948.420 1,481,740.323 2,352,677.025JPM US Growth C (acc) - USD 18,949,262.828 4,564,251.049 5,396,400.006 18,117,113.871JPM US Growth C (dist) - GBP 338,791.506 57,996.538 79,310.753 317,477.291JPM US Growth C (dist) - USD 218,953.234 73,207.874 78,942.569 213,218.539JPM US Growth D (acc) - EUR (hedged) 582,631.288 125,747.792 496,494.648 211,884.432JPM US Growth D (acc) - USD 588,165.342 228,455.466 256,134.178 560,486.630JPM US Growth I (acc) - JPY - 5,374,218.203 - 5,374,218.203JPM US Growth T (acc) - EUR (hedged) - 1,077.328 72.32 1,005.008JPM US Growth X (acc) - USD 10,682,590.549 3,362,487.194 7,955,467.761 6,089,609.982JPM US Growth X (dist) - USD 31,378.006 7,096.603 9,870.943 28,603.666

JPMorgan Funds - US Smaller Companies FundJPM US Smaller Companies A (acc) - USD 7,719,392.351 24,137,972.760 8,743,374.009 23,113,991.102JPM US Smaller Companies A (dist) - USD 388,114.828 204,781.843 123,533.284 469,363.387JPMorgan US Smaller Companies A (dist) - USD ## 1,016,352.554 2,775,838.123 2,975,265.100 816,925.577JPM US Smaller Companies B (acc) - USD 9,886.756 461,694.423 207,160.409 264,420.770JPM US Smaller Companies B (dist) - USD - 2,172.386 - 2,172.386JPM US Smaller Companies C (acc) - USD - 425,735.815 2,670.000 423,065.815JPM US Smaller Companies D (acc) - USD 367,284.250 463,746.133 357,437.973 473,592.410JPM US Smaller Companies X (acc) - USD 322,057.769 1,520,422.863 848,754.585 993,726.047

JPMorgan Funds - US Technology FundJPM US Technology A (acc) - EUR 46,312.714 37,170.536 55,245.930 28,237.320JPM US Technology A (acc) - SGD 1,184.629 4,548.059 497.344 5,235.344JPM US Technology A (acc) - USD 3,433,543.028 1,516,555.385 1,794,006.608 3,156,091.805JPM US Technology A (dist) - GBP 486,760.716 186,099.013 97,866.524 574,993.205JPM US Technology A (dist) - USD 8,741,313.525 1,917,207.624 4,837,042.973 5,821,478.176JPMorgan US Technology A (dist) - USD ## 28,720,636.549 26,997,311.660 40,143,351.814 15,574,596.395JPM US Technology B (acc) - USD 95,366.226 94,917.168 31,497.095 158,786.299JPM US Technology B (dist) - USD - 8,944.378 - 8,944.378JPM US Technology C (acc) - USD 3,541,261.900 55,318.851 1,701,154.338 1,895,426.413JPM US Technology C (dist) - USD - 115,815.678 2,483.021 113,332.657JPM US Technology D (acc) - EUR 109,879.490 24,834.147 97,761.612 36,952.025JPM US Technology D (acc) - USD 8,760,741.641 2,558,045.125 5,079,754.850 6,239,031.916

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of the Year

8. Historical Statement of Changes in the Number of Shares for the year ended 30 June 2013 (continued)JPMorgan Funds - US Value FundJPM US Value A (acc) - EUR (hedged) 3,509,922.288 3,051,965.359 2,183,756.391 4,378,131.256JPM US Value A (acc) - USD 19,698,613.408 18,938,089.420 8,682,608.525 29,954,094.303JPM US Value A (dist) - GBP 308,641.442 249,596.969 65,922.784 492,315.627JPM US Value A (dist) - USD 11,929,415.632 18,734,814.208 6,406,998.936 24,257,230.904JPMorgan US Value A (dist) - USD ## 372,592.098 1,368,067.752 1,141,692.413 598,967.437JPM US Value B (acc) - EUR (hedged) - 110,656.245 7,498.000 103,158.245JPM US Value B (acc) - USD 1,252,921.325 2,292,248.013 617,329.997 2,927,839.341JPM US Value B (dist) - USD - 258,185.877 60.505 258,125.372JPM US Value C (acc) - EUR (hedged) 1,223,908.429 5,924,874.857 2,384,521.353 4,764,261.933JPM US Value C (acc) - USD 37,738,851.474 37,594,574.589 11,838,053.880 63,495,372.183JPM US Value C (dist) - GBP - 15.770 - 15.770JPM US Value D (acc) - EUR (hedged) 3,054,575.928 1,473,627.060 1,559,475.311 2,968,727.677JPM US Value D (acc) - USD 2,640,568.790 1,600,037.835 978,596.911 3,262,009.714JPM US Value I (acc) - USD 558,504.102 152,011.359 211,026.224 499,489.237JPM US Value X (acc) - EUR (hedged)* 7,444.000 2,822.000 10,266.000 -JPM US Value X (acc) - USD 8,787,777.630 3,898,786.232 5,336,302.802 7,350,261.060

# This Sub-Fund’s “JF” prefix was removed on 4 February 2013.## This Share Class changed prefix from “JF” to “JPMorgan” on 4 February 2013.

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

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

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9. Historical Statement of Changes in the Number of Shares for the year ended 30 June 2012 (continued)JPMorgan Funds - Africa Equity FundJPM Africa Equity A (acc) - USD 9,859,342.373 2,693,300.072 4,277,721.376 8,274,921.069JPM Africa Equity A (acc) - EUR 3,316,313.350 968,528.018 1,559,988.790 2,724,852.578JPM Africa Equity A (dist) - GBP 448,883.636 246,461.842 120,083.503 575,261.975JPM Africa Equity A (inc) - EUR 3,112.608 18,919.362 199.000 21,832.970JPM Africa Equity B (acc) - USD 734,311.535 120,977.477 485,338.295 369,950.717JPM Africa Equity C (acc) - USD 4,353,376.597 1,935,528.438 2,321,208.127 3,967,696.908JPM Africa Equity D (acc) - USD 11,909,970.516 1,626,324.681 3,382,392.420 10,153,902.777JPM Africa Equity D (acc) - EUR 236,526.198 42,963.284 83,737.115 195,752.367JPM Africa Equity I (acc) - USD 380,365.068 14,553.365 233,798.821 161,119.612

JPMorgan Funds - America Equity FundJPM America Equity A (acc) - USD 1,199,270.300 4,197,240.233 3,479,627.491 1,916,883.042JPM America Equity A (acc) - EUR (hedged) 484,449.530 254,061.993 232,592.177 505,919.346JPM America Equity A (dist) - USD 2,962,094.460 699,919.350 695,800.441 2,966,213.369JF America Equity A (dist) - USD 618,432.789 478,647.773 400,138.628 696,941.934JPM America Equity B (acc) - USD 293,541.678 91,594.841 347,721.361 37,415.158JPM America Equity C (acc) - USD 6,863,356.329 3,090,852.901 1,817,769.147 8,136,440.083JPM America Equity C (acc) - EUR (hedged) 1,218,831.471 1,276,160.723 2,362,159.301 132,832.893JPM America Equity D (acc) - EUR 115,419.942 52,173.153 101,398.554 66,194.541JPM America Equity D (acc) - USD 2,479,867.457 738,680.640 1,108,836.624 2,109,711.473JPM America Equity D (acc) - EUR (hedged) 1,404,591.926 1,058,482.380 908,677.884 1,554,396.422JPM America Equity X (acc) - USD 854,207.359 31,853.864 32,450.256 853,610.967

JPMorgan Funds - Brazil Equity Fund (1)JPM Brazil Equity A (acc) - USD 36,216,568.850 25,431,778.966 29,277,323.356 32,371,024.460JPM Brazil Equity A (acc) - EUR 1,488.598 50,211.915 15,463.465 36,237.048JPM Brazil Equity A (acc) - SGD 8,415.261 93,584.773 44,523.946 57,476.088JPM Brazil Equity A (dist) - USD 87,645.777 1,581,814.506 1,177,716.197 491,744.086JPM Brazil Equity B (acc) - USD 1,851,362.848 1,640,323.533 833,719.051 2,657,967.330JPM Brazil Equity C (acc) - USD 2,207,517.234 2,047,293.143 2,840,836.772 1,413,973.605JPM Brazil Equity D (acc) - USD 7,715,831.524 1,896,112.257 2,859,466.475 6,752,477.306JPM Brazil Equity D (acc) - EUR 96,615.212 65,871.304 39,885.281 122,601.235JPM Brazil Equity I (acc) - USD 8,933,042.727 31,513,772.374 17,377,815.821 23,068,999.280JPM Brazil Equity I (acc) - EUR 54,743.942 90,500.000 54,743.942 90,500.000JPM Brazil Equity T (acc) - EUR 5,939.980 22,643.315 7,602.982 20,980.313

JPMorgan Funds - Eastern Europe Equity FundJPM Eastern Europe Equity A (acc) - EUR 7,765,562.477 1,667,043.965 4,258,047.055 5,174,559.387JPM Eastern Europe Equity A (acc) - USD 35.951 61,169.020 33,512.521 27,692.450JPM Eastern Europe Equity A (dist) - EUR 9,901,522.785 987,248.294 3,381,687.301 7,507,083.778JF Eastern Europe Equity A (dist) - EUR 5,089,133.038 1,481,166.493 1,940,080.442 4,630,219.089JPM Eastern Europe Equity B (acc) - EUR 1,715,726.614 758,304.401 1,290,139.563 1,183,891.452JPM Eastern Europe Equity C (acc) - EUR 3,671,621.655 1,505,030.704 1,514,794.217 3,661,858.142JPM Eastern Europe Equity D (acc) - EUR 1,899,649.280 192,804.666 623,296.750 1,469,157.196JPM Eastern Europe Equity I (acc) - EUR 942,588.318 - 941,688.318 900.000JPM Eastern Europe Equity X (acc) - EUR 2,783,657.645 - 163,657.645 2,620,000.000

JPMorgan Funds - Emerging Europe, Middle East and Africa Equity FundJPM Emerging Europe, Middle East and Africa Equity A (acc) - USD 5,014,328.598 1,398,870.308 3,370,787.260 3,042,411.646JPM Emerging Europe, Middle East and Africa Equity A (acc) - EUR 489,791.929 70,761.897 134,090.378 426,463.448JPM Emerging Europe, Middle East and Africa Equity A (acc) - SGD 909.269 3,423.293 1,057.334 3,275.228JPM Emerging Europe, Middle East and Africa Equity A (dist) - USD 6,771,144.608 1,298,196.901 2,047,939.838 6,021,401.671JPM Emerging Europe, Middle East and Africa Equity B (acc) - USD 736,082.927 436,484.549 351,422.650 821,144.826JPM Emerging Europe, Middle East and Africa Equity C (acc) - USD 1,759,409.084 251,704.765 1,744,165.663 266,948.186JPM Emerging Europe, Middle East and Africa Equity D (acc) - USD 1,630,692.333 106,032.679 420,460.313 1,316,264.699JPM Emerging Europe, Middle East and Africa Equity D (acc) - EUR 26,111.103 12,353.625 10,997.060 27,467.668JPM Emerging Europe, Middle East and Africa Equity I (acc) - USD - 171,730.754 - 171,730.754JPM Emerging Europe, Middle East and Africa Equity T (acc) - EUR 837.831 5,207.014 807.424 5,237.421JPM Emerging Europe, Middle East and Africa Equity X (acc) - USD 9,789,429.473 200,300.000 2,055,100.000 7,934,629.473

JPMorgan Funds - Emerging Markets Debt Fund (2)JPM Emerging Markets Debt A (acc) - USD - 24,628,818.427 13,196,053.723 11,432,764.704JPM Emerging Markets Debt A (acc) - EUR (hedged) - 15,223,616.045 11,492,677.023 3,730,939.022JPM Emerging Markets Debt A (inc) - USD - 855,326.284 4,111.820 851,214.464JPM Emerging Markets Debt A (inc) - EUR (hedged) - 10,008,266.381 3,982,498.745 6,025,767.636JPM Emerging Markets Debt A (mth) - USD - 18,972,878.870 5,661,480.096 13,311,398.774JPM Emerging Markets Debt A (mth) - EUR (hedged) - 1,821,704.485 857,069.633 964,634.852JPM Emerging Markets Debt A (mth) - HKD - 1,227,101.255 35,383.131 1,191,718.124JPM Emerging Markets Debt B (acc) - USD - 14,000.000 - 14,000.000JPM Emerging Markets Debt B (acc) - EUR (hedged) - 3,651,224.967 2,151,108.412 1,500,116.555JPM Emerging Markets Debt C (acc) - USD - 281,827.238 26,070.000 255,757.238JPM Emerging Markets Debt C (acc) - EUR (hedged) - 10,818,527.134 8,550,766.938 2,267,760.196JPM Emerging Markets Debt C (dist) - USD - 145,025.851 - 145,025.851JPM Emerging Markets Debt D (acc) - EUR (hedged) - 5,986,255.765 2,529,490.844 3,456,764.921JPM Emerging Markets Debt I (inc) - EUR (hedged) - 885,161.782 - 885,161.782JPM Emerging Markets Debt X (acc) - EUR (hedged) - 660,016.111 65,500.000 594,516.111JPM Emerging Markets Debt X (acc) - GBP (hedged) - 31,538.117 - 31,538.117

(1) This Sub-Fund was renamed from Brazil Alpha Plus Fund on 16 August 2011.(2) This Sub-Fund changed its currency to USD on 4 July 2011.

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9. Historical Statement of Changes in the Number of Shares for the year ended 30 June 2012 (continued)JPMorgan Funds - Emerging Markets Equity FundJPM Emerging Markets Equity A (acc) - USD 26,189,654.693 5,866,821.966 13,841,747.581 18,214,729.078JPM Emerging Markets Equity A (acc) - EUR 44,448,714.367 9,674,533.748 20,791,862.277 33,331,385.838JPM Emerging Markets Equity A (acc) - EUR (hedged) - 205,348.539 165,418.286 39,930.253JPM Emerging Markets Equity A (acc) - SGD 366,911.082 35,574.475 99,166.854 303,318.703JPM Emerging Markets Equity A (dist) - USD 83,250,707.157 17,600,313.280 42,892,619.528 57,958,400.909JPM Emerging Markets Equity A (dist) - GBP 1,876,485.768 180,237.034 1,574,630.637 482,092.165JPM Emerging Markets Equity B (acc) - USD 2,833,902.572 2,310,822.335 1,455,678.366 3,689,046.541JPM Emerging Markets Equity C (acc) - USD 44,749,845.995 7,995,051.198 16,931,797.239 35,813,099.954JPM Emerging Markets Equity C (dist) - USD 270.876 158,962.757 21,232.573 138,001.060JPM Emerging Markets Equity D (acc) - USD 4,718,622.418 976,203.784 1,610,638.558 4,084,187.644JPM Emerging Markets Equity D (acc) - EUR 4,210,593.692 1,525,884.838 1,487,350.894 4,249,127.636JPM Emerging Markets Equity I (acc) - USD 41,803,209.446 3,257,651.403 14,331,733.704 30,729,127.145JPM Emerging Markets Equity I (acc) - EUR 1,942,978.492 1,806,289.336 - 3,749,267.828JPM Emerging Markets Equity I (inc) - EUR 2,663,741.055 2,482,756.000 1,969,257.778 3,177,239.277JPM Emerging Markets Equity X (acc) - USD 54,468,340.981 7,062,221.886 21,228,598.370 40,301,964.497JPM Emerging Markets Equity X (acc) - EUR 50,198.727 7,400.000 - 57,598.727JPM Emerging Markets Equity X (dist) - USD 1,549,668.677 231,839.666 1,161,765.545 619,742.798JPM Emerging Markets Equity X (inc) - EUR 50,096,683.194 1,352,071.056 5,506,934.682 45,941,819.568

JPMorgan Funds - Emerging Markets Local Currency Debt FundJPM Emerging Markets Local Currency Debt A (acc) - EUR 11,594,059.313 12,681,434.064 14,243,706.283 10,031,787.094JPM Emerging Markets Local Currency Debt A (acc) - SGD - 47,617.799 1,308.214 46,309.585JPM Emerging Markets Local Currency Debt A (acc) - USD 6,406,278.103 13,407,106.984 15,024,576.948 4,788,808.139JPM Emerging Markets Local Currency Debt A (dist) - GBP 1,203.185 32,128.141 624.245 32,707.081JPM Emerging Markets Local Currency Debt A (div) - EUR - 10.000 - 10.000JPM Emerging Markets Local Currency Debt A (div) - USD* - 302,353.722 302,353.722 -JPM Emerging Markets Local Currency Debt A (inc) - EUR 12,315.000 229,424.811 14,543.825 227,195.986JPM Emerging Markets Local Currency Debt A (mth) - USD 6,309,546.698 10,000,543.997 7,691,100.997 8,618,989.698JPM Emerging Markets Local Currency Debt B (acc) - EUR 10,034.720 18,950.481 4.726 28,980.475JPM Emerging Markets Local Currency Debt B (acc) - USD 3,063,952.431 1,809,075.794 1,668,647.892 3,204,380.333JPM Emerging Markets Local Currency Debt C (acc) - EUR 114,758.449 478,009.340 209,429.015 383,338.774JPM Emerging Markets Local Currency Debt C (acc) - USD 2,559,346.494 14,158,796.582 10,384,529.535 6,333,613.541JPM Emerging Markets Local Currency Debt D (acc) - EUR 7,229,085.414 2,807,330.154 2,560,608.246 7,475,807.322JPM Emerging Markets Local Currency Debt D (acc) - USD 14,413.242 60,121.817 9,813.592 64,721.467JPM Emerging Markets Local Currency Debt D (div) - EUR 1,786,028.339 3,826,503.325 708,401.787 4,904,129.877JPM Emerging Markets Local Currency Debt I (acc) - EUR 45,100.000 139,584.528 87,794.528 96,890.000JPM Emerging Markets Local Currency Debt I (acc) - USD - 1,092,845.086 488,934.508 603,910.578JPM Emerging Markets Local Currency Debt I (inc) - EUR - 626,080.370 - 626,080.370JPM Emerging Markets Local Currency Debt T (acc) - EUR 50.000 17,951.824 120.000 17,881.824JPM Emerging Markets Local Currency Debt T (div) - EUR 21,113.019 153,847.543 20,924.597 154,035.965JPM Emerging Markets Local Currency Debt X (acc) - EUR 303,791.070 1,075,683.572 1,986.295 1,377,488.347JPM Emerging Markets Local Currency Debt X (acc) - GBP - 1,199,056.120 26,629.355 1,172,426.765JPM Emerging Markets Local Currency Debt X (acc) - USD 16,366,245.618 5,472,781.486 453,922.000 21,385,105.104

JPMorgan Funds - Emerging Markets Small Cap FundJPM Emerging Markets Small Cap A (acc) - USD 17,331,927.046 6,141,101.586 14,887,059.724 8,585,968.908JPM Emerging Markets Small Cap A (acc) - EUR 8,374,106.013 4,626,889.119 6,080,581.238 6,920,413.894JPM Emerging Markets Small Cap A (dist) - GBP 300,770.785 151,986.232 164,297.972 288,459.045JPM Emerging Markets Small Cap B (acc) - USD 1,847,072.447 534,978.749 1,483,421.755 898,629.441JPM Emerging Markets Small Cap C (acc) - USD 5,733,295.846 3,299,826.597 6,787,345.458 2,245,776.985JPM Emerging Markets Small Cap C (acc) - EUR - 297,866.247 - 297,866.247JPM Emerging Markets Small Cap D (acc) - USD 5,067,829.145 2,382,799.945 2,825,958.520 4,624,670.570JPM Emerging Markets Small Cap D (acc) - EUR 12,379.596 12,466.685 5,640.816 19,205.465JPM Emerging Markets Small Cap I (acc) - USD 120,000.000 38,884.568 76,469.303 82,415.265

JPMorgan Funds - Emerging Middle East Equity FundJPM Emerging Middle East Equity A (acc) - USD 1,823,189.376 249,286.710 666,025.486 1,406,450.600JPM Emerging Middle East Equity A (acc) - EUR 537,666.086 71,110.611 223,645.087 385,131.610JPM Emerging Middle East Equity A (acc) - SGD 1,509.915 1,454.486 - 2,964.401JPM Emerging Middle East Equity A (dist) - USD 10,409,945.183 2,586,361.171 3,541,148.976 9,455,157.378JPM Emerging Middle East Equity B (acc) - USD 210,661.533 57,886.545 247,681.749 20,866.329JPM Emerging Middle East Equity C (acc) - USD 5,586,597.509 8,699,014.077 8,549,123.083 5,736,488.503JPM Emerging Middle East Equity D (acc) - USD 1,785,357.015 114,569.805 399,040.312 1,500,886.508JPM Emerging Middle East Equity D (acc) - EUR 18,604.197 8,402.136 5,322.163 21,684.170JPM Emerging Middle East Equity I (acc) - USD 80,746.623 1,489.023 23,401.445 58,834.201

JPMorgan Funds - Euro Money Market FundJPM Euro Money Market A (acc) - EUR 464,248.689 1,207,371.658 855,642.356 815,977.991JPM Euro Money Market D (acc) - EUR 801,243.630 759,375.553 984,082.613 576,536.570

JPMorgan Funds - Euroland Equity FundJPM Euroland Equity A (acc) - EUR 2,754,749.570 346,269.647 1,678,066.888 1,422,952.329JPM Euroland Equity A (dist) - EUR 10,483,999.399 1,878,949.049 9,721,499.644 2,641,448.804JF Euroland Equity A (dist) - USD 5,708,330.218 1,599,030.958 2,234,013.271 5,073,347.905JPM Euroland Equity A (inc) - EUR 6,851.138 - 1,260.173 5,590.965JPM Euroland Equity B (acc) - EUR 370,529.225 103,893.863 244,849.205 229,573.883JPM Euroland Equity C (acc) - EUR 4,148,458.742 946,106.794 2,852,425.557 2,242,139.979JPM Euroland Equity D (acc) - EUR 3,350,814.884 171,108.791 910,921.324 2,611,002.351JPM Euroland Equity X (acc) - EUR 1,345,026.000 831,484.000 353,366.000 1,823,144.000

227



of the Year


of the Year

9. Historical Statement of Changes in the Number of Shares for the year ended 30 June 2012 (continued)JPMorgan Funds - Europe Dynamic FundJPM Europe Dynamic A (acc) - EUR 2,792,518.489 1,501,530.874 2,852,594.505 1,441,454.858JPM Europe Dynamic A (dist) - EUR 4,735,826.992 349,562.864 2,060,200.111 3,025,189.745JPM Europe Dynamic A (dist) - GBP 29,243.812 11,978.530 4,276.085 36,946.257JF Europe Dynamic A (dist) - EUR 321,123.150 183,293.091 246,572.218 257,844.023JPM Europe Dynamic B (acc) - EUR 359,460.232 56,626.616 98,030.313 318,056.535JPM Europe Dynamic C (acc) - EUR 2,624,875.989 318,262.422 1,154,669.912 1,788,468.499JPM Europe Dynamic D (acc) - EUR 1,308,831.515 99,874.497 477,472.375 931,233.637JPM Europe Dynamic D (acc) - USD* 3,678.797 - 3,678.797 -JPM Europe Dynamic I (acc) - EUR 2,588,000.000 - 523,900.000 2,064,100.000JPM Europe Dynamic T (acc) - EUR 3,640.497 7,276.832 9,862.964 1,054.365JPM Europe Dynamic X (acc) - EUR - 216,506.000 - 216,506.000

JPMorgan Funds - Europe Dynamic Mega Cap FundJPM Europe Dynamic Mega Cap A (acc) - EUR 3,471,097.434 1,088,281.339 1,637,579.738 2,921,799.035JPM Europe Dynamic Mega Cap A (acc) - USD 353.856 9,319.046 7.045 9,665.857JPM Europe Dynamic Mega Cap A (dist) - EUR 1,738,800.518 223,364.640 428,125.673 1,534,039.485JPM Europe Dynamic Mega Cap A (inc) - EUR 2,528.059 37.449 - 2,565.508JPM Europe Dynamic Mega Cap B (acc) - EUR 6,925.519 - - 6,925.519JPM Europe Dynamic Mega Cap C (acc) - EUR 196,555.609 563,119.654 652,102.636 107,572.627JPM Europe Dynamic Mega Cap D (acc) - EUR 547,845.304 46,021.053 228,887.450 364,978.907JPM Europe Dynamic Mega Cap D (acc) - USD 2,706.798 - 2,352.941 353.857JPM Europe Dynamic Mega Cap T (acc) - EUR 360.805 2,048.727 2,221.421 188.111JPM Europe Dynamic Mega Cap X (acc) - EUR 155,716.794 9,532.607 52,772.139 112,477.262

JPMorgan Funds - Europe Equity FundJPM Europe Equity A (acc) - EUR 3,583,770.958 558,618.346 2,145,273.566 1,997,115.738JPM Europe Equity A (acc) - USD 3,369,515.027 111,902.975 1,121,026.813 2,360,391.189JPM Europe Equity A (dist) - EUR 6,415,083.753 679,030.712 1,972,819.100 5,121,295.365JF Europe Equity A (dist) - USD 877,823.831 151,804.926 205,497.674 824,131.083JPM Europe Equity B (acc) - EUR 548,918.926 37,338.465 267,127.032 319,130.359JPM Europe Equity C (acc) - EUR 7,932,405.489 256,377.861 1,823,818.869 6,364,964.481JPM Europe Equity D (acc) - EUR 3,097,298.390 125,281.739 754,533.092 2,468,047.037JPM Europe Equity D (acc) - USD 64,266.910 - 7,207.682 57,059.228JPM Europe Equity X (acc) - EUR 1,378,110.865 295,277.883 119,427.161 1,553,961.587

JPMorgan Funds - Europe Focus FundJPM Europe Focus A (acc) - EUR 656,415.448 797,234.469 415,164.025 1,038,485.892JPM Europe Focus A (acc) - USD 348.675 - - 348.675JPM Europe Focus A (dist) - EUR 25,753.766 878,261.195 875,130.684 28,884.277JPM Europe Focus B (acc) - EUR 10,959.634 9,810.644 11,177.709 9,592.569JPM Europe Focus C (acc) - EUR 835,428.446 209,398.352 1,044,591.356 235.442JPM Europe Focus D (acc) - EUR 1,365,580.572 110,400.610 240,822.038 1,235,159.144JPM Europe Focus D (acc) - USD 348.675 - - 348.675JPM Europe Focus T (acc) - EUR 1,255.143 378.671 290.476 1,343.338JPM Europe Focus X (acc) - EUR 41,450.163 20,213.413 - 61,663.576

JPMorgan Funds - Europe Small Cap FundJPM Europe Small Cap A (acc) - EUR 1,570,107.490 373,609.079 1,043,674.980 900,041.589JPM Europe Small Cap A (dist) - EUR 4,903,609.218 183,638.983 1,385,867.027 3,701,381.174JF Europe Small Cap A (dist) - EUR 1,932,383.461 285,536.226 639,077.337 1,578,842.350JPM Europe Small Cap A (dist) - GBP 58,418.586 11,634.727 28,555.965 41,497.348JPM Europe Small Cap B (acc) - EUR 63,299.550 86,923.693 95,165.219 55,058.024JPM Europe Small Cap C (acc) - EUR 103,818.261 77,000.000 169,894.176 10,924.085JPM Europe Small Cap D (acc) - EUR 1,686,730.728 79,743.797 626,634.245 1,139,840.280JPM Europe Small Cap I (acc) - EUR 85,375.831 - - 85,375.831

JPMorgan Funds - Europe Strategic Growth FundJPM Europe Strategic Growth A (acc) - EUR 4,581,129.895 2,859,605.868 5,689,001.272 1,751,734.491JPM Europe Strategic Growth A (dist) - EUR 27,958,648.916 2,820,625.546 13,399,980.214 17,379,294.248JPM Europe Strategic Growth A (dist) - GBP 24,929.505 511.150 5,187.452 20,253.203JPM Europe Strategic Growth B (acc) - EUR 199,325.619 301,742.610 261,484.767 239,583.462JPM Europe Strategic Growth C (acc) - EUR 7,688,787.124 2,423,753.048 9,994,060.088 118,480.084JPM Europe Strategic Growth D (acc) - EUR 2,677,956.217 187,319.468 1,196,638.280 1,668,637.405JPM Europe Strategic Growth X (acc) - EUR* 13,399.999 9,363.001 22,763.000 -

JPMorgan Funds - Europe Strategic Value FundJPM Europe Strategic Value A (acc) - EUR 9,098,879.782 2,207,887.655 6,946,259.634 4,360,507.803JPM Europe Strategic Value A (dist) - EUR 95,884,095.815 9,899,532.534 23,758,739.252 82,024,889.097JPM Europe Strategic Value A (dist) - GBP 18,148.045 1,595.574 5,738.097 14,005.522JPM Europe Strategic Value B (acc) - EUR 66,553.015 898,076.329 606,698.495 357,930.849JPM Europe Strategic Value C (acc) - EUR 9,908,026.731 2,439,189.893 3,877,056.710 8,470,159.914JPM Europe Strategic Value D (acc) - EUR 4,877,073.095 98,851.180 1,444,783.531 3,531,140.744JPM Europe Strategic Value X (acc) - EUR* - 6,280.000 6,280.000 -

JPMorgan Funds - Europe Technology FundJPM Europe Technology A (acc) - EUR 1,649,565.514 644,208.865 1,377,421.374 916,353.005JPM Europe Technology A (dist) - EUR 8,248,474.568 836,799.142 3,096,157.654 5,989,116.056JPM Europe Technology A (dist) - GBP 151,170.016 7,141.251 61,175.665 97,135.602JF Europe Technology A (dist) - EUR 1,517,263.701 1,431,704.224 751,364.576 2,197,603.349JPM Europe Technology B (acc) - EUR 143,662.403 91,547.285 192,166.433 43,043.255JPM Europe Technology D (acc) - EUR 2,770,555.073 247,955.028 1,338,881.181 1,679,628.920JPM Europe Technology X (acc) - EUR 17,221.019 - - 17,221.019

228



of the Year


of the Year

9. Historical Statement of Changes in the Number of Shares for the year ended 30 June 2012 (continued)JPMorgan Funds - Global Convertibles Fund (EUR)JPM Global Convertibles (EUR) A (acc) - EUR 29,637,265.654 11,219,133.210 21,121,432.174 19,734,966.690JPM Global Convertibles (EUR) A (acc) - CHF (hedged) 2,982,120.604 3,691,520.842 803,765.732 5,869,875.714JPM Global Convertibles (EUR) A (dist) - EUR 42,082,002.661 5,187,743.675 23,649,176.128 23,620,570.208JPM Global Convertibles (EUR) A (dist) - GBP (hedged) 1,556,814.044 381,396.515 691,636.477 1,246,574.082JF Global Convertibles (EUR) A (dist) - USD 1,233,630.165 377,167.757 895,027.063 715,770.859JPM Global Convertibles (EUR) B (acc) - EUR 1,909,958.771 1,947,706.586 2,060,758.219 1,796,907.138JPM Global Convertibles (EUR) B (acc) - CHF (hedged) 1,086,699.982 15,544.041 20,000.000 1,082,244.023JPM Global Convertibles (EUR) B (dist) - GBP (hedged) 300,287.391 101,146.821 167,195.338 234,238.874JPM Global Convertibles (EUR) C (acc) - EUR 30,931,290.166 13,717,294.953 28,718,681.970 15,929,903.149JPM Global Convertibles (EUR) C (acc) - CHF (hedged) 174,844.981 - - 174,844.981JPM Global Convertibles (EUR) C (dist) - GBP (hedged) 3,502,646.883 171,324.723 3,550,883.924 123,087.682JPM Global Convertibles (EUR) D (acc) - EUR 12,780,085.025 3,717,465.493 8,355,192.495 8,142,358.023JPM Global Convertibles (EUR) I (acc) - EUR 8,468,509.733 5,488,200.000 6,364,245.734 7,592,463.999JPM Global Convertibles (EUR) I (acc) - CHF (hedged) 1,308,642.847 - - 1,308,642.847JPM Global Convertibles (EUR) I (inc) - EUR 250,090.196 - - 250,090.196JPM Global Convertibles (EUR) X (acc) - EUR 5,426,524.652 229,125.892 646,161.496 5,009,489.048JPM Global Convertibles (EUR) X (acc) - CHF (hedged) 1,788,475.325 - 521,170.325 1,267,305.000JPM Global Convertibles (EUR) X (dist) - GBP (hedged) 3,236.968 7,213.496 3,523.886 6,926.578

JPMorgan Funds - Global Corporate Bond FundJPM Global Corporate Bond A (acc) - USD 5,950,961.320 8,797,431.582 6,582,611.070 8,165,781.832JPM Global Corporate Bond A (acc) - EUR (hedged) 4,359,460.821 30,575,582.444 10,186,472.989 24,748,570.276JPM Global Corporate Bond A (acc) - SEK (hedged) 6,132,065.274 4,849,693.688 3,279,125.108 7,702,633.854JPM Global Corporate Bond A (dist) - EUR (hedged) - 12.489 - 12.489JPM Global Corporate Bond A (dist) - GBP (hedged) 8,725,646.142 491,358.554 492,613.442 8,724,391.254JPM Global Corporate Bond A (div) - EUR (hedged) - 662,162.000 42,695.000 619,467.000JPM Global Corporate Bond A (mth) - USD 12,381.657 428,205.772 44,684.934 395,902.495JPM Global Corporate Bond A (mth) - SGD - 497.495 - 497.495JPM Global Corporate Bond B (acc) - USD 8,901.525 525,845.783 98,878.901 435,868.407JPM Global Corporate Bond B (acc) - EUR (hedged) 22,761.132 251,409.388 34,883.430 239,287.090JPM Global Corporate Bond B (acc) - GBP (hedged) - 31,877.590 - 31,877.590JPM Global Corporate Bond B (mth) - USD - 10.000 - 10.000JPM Global Corporate Bond C (acc) - USD - 469,898.809 67,435.225 402,463.584JPM Global Corporate Bond C (acc) - USD - Duration (hedged) 24,927.070 79,963.800 - 104,890.870JPM Global Corporate Bond C (acc) - EUR (hedged) 1,106,820.090 3,363,578.066 1,388,549.335 3,081,848.821JPM Global Corporate Bond C (acc) - EUR (hedged) & Duration (hedged) - 99,736.584 - 99,736.584JPM Global Corporate Bond C (dist) - EUR (hedged) - 170,031.389 - 170,031.389JPM Global Corporate Bond C (dist) - GBP (hedged) - 196,645.976 - 196,645.976JPM Global Corporate Bond D (acc) - USD 999,635.873 2,905,410.573 953,652.484 2,951,393.962JPM Global Corporate Bond D (acc) - EUR (hedged) 5,944,385.400 7,591,221.942 3,381,421.491 10,154,185.851JPM Global Corporate Bond D (div) - EUR (hedged) 2,366,821.069 8,493,103.944 914,755.183 9,945,169.830JPM Global Corporate Bond D (mth) - USD - 10.000 - 10.000JPM Global Corporate Bond I (acc) - SEK (hedged) - 380,244.059 - 380,244.059JPM Global Corporate Bond T (acc) - EUR (hedged) 72.717 55,138.546 1,663.526 53,547.737JPM Global Corporate Bond T (div) - EUR (hedged) 26,774.805 240,829.596 37,513.661 230,090.740

JPMorgan Funds - Global Equity Fund (USD)JPM Global Equity (USD) A (acc) - USD 482,335.062 11,528.776 82,571.826 411,292.012JPM Global Equity (USD) A (acc) - EUR 11,874.657 8,074.099 8,257.735 11,691.021JPM Global Equity (USD) A (acc) - EUR (hedged) 133,989.483 13,075.311 17,031.802 130,032.992JPM Global Equity (USD) A (dist) - USD 293,894.508 38,883.464 117,758.166 215,019.806JF Global Equity (USD) A (dist) - USD 1,002,702.705 141,273.835 167,697.445 976,279.095JPM Global Equity (USD) A (dist) - EUR (hedged) 2,973,136.813 85,461.047 223,575.624 2,835,022.236JPM Global Equity (USD) C (acc) - USD 5,303,351.272 - - 5,303,351.272JPM Global Equity (USD) C (acc) - EUR (hedged) 5,919,015.948 105,374.139 262,000.000 5,762,390.087JPM Global Equity (USD) D (acc) - USD 147,829.529 17,196.398 32,533.597 132,492.330JPM Global Equity (USD) D (acc) - EUR (hedged) 718,667.991 47,519.437 545,630.990 220,556.438JPM Global Equity (USD) X (acc) - USD 1,189.691 2,442.015 1,189.691 2,442.015JPM Global Equity (USD) X (acc) - EUR 5,448,761.344 - 27,529.401 5,421,231.943JPM Global Equity (USD) X (acc) - EUR (hedged) - 20,350.000 - 20,350.000

JPMorgan Funds - Global Focus FundJPM Global Focus A (acc) - EUR 28,238,972.875 6,374,379.002 13,158,940.422 21,454,411.455JPM Global Focus A (acc) - EUR (hedged) 5,870,426.318 3,067,537.775 5,716,928.278 3,221,035.815JPM Global Focus A (acc) - CHF (hedged) 46,480.303 19,127.073 30,171.853 35,435.523JPM Global Focus A (dist) - EUR 16,927,640.744 2,054,076.787 5,183,319.904 13,798,397.627JF Global Focus A (dist) - USD 1,849,867.482 422,476.089 1,201,711.560 1,070,632.011JPM Global Focus B (acc) - EUR 4,360,794.203 2,184,429.183 4,418,644.841 2,126,578.545JPM Global Focus C (acc) - EUR 19,319,550.994 8,332,730.168 14,056,466.450 13,595,814.712JPM Global Focus C (acc) - EUR (hedged) 2,150,890.786 2,948,220.200 4,115,615.125 983,495.861JPM Global Focus C (acc) - USD 2,193,193.197 108,415.164 529,593.069 1,772,015.292JPM Global Focus D (acc) - EUR 7,198,255.360 1,179,299.211 2,280,065.361 6,097,489.210JPM Global Focus D (acc) - EUR (hedged) 3,522,587.396 969,343.589 1,764,363.597 2,727,567.388JPM Global Focus I (acc) - EUR 746,798.186 292,380.000 311,685.473 727,492.713JPM Global Focus I (acc) - EUR (hedged) 187,528.699 187,528.699 187,528.699 187,528.699JPM Global Focus I (acc) - USD 402,080.697 86,522.310 - 488,603.007JPM Global Focus T (acc) - EUR 16,645.520 39,130.880 28,005.868 27,770.532JPM Global Focus X (acc) - EUR 892,193.804 3,561,724.691 792,732.545 3,661,185.950

229



of the Year


of the Year

9. Historical Statement of Changes in the Number of Shares for the year ended 30 June 2012 (continued)JPMorgan Funds - Global Natural Resources FundJPM Global Natural Resources A (acc) - EUR 43,211,406.088 13,384,281.374 28,588,188.425 28,007,499.037JPM Global Natural Resources A (acc) - SGD 619,038.316 87,955.191 176,814.433 530,179.074JPM Global Natural Resources A (acc) - USD 68,793,296.446 37,088,078.085 51,518,539.097 54,362,835.434JPM Global Natural Resources A (dist) - EUR 24,712,712.022 6,384,199.949 12,110,478.520 18,986,433.451JPM Global Natural Resources B (acc) - EUR 3,046,805.580 1,853,044.618 3,113,717.891 1,786,132.307JPM Global Natural Resources C (acc) - EUR 8,306,877.948 448,897.057 6,489,184.644 2,266,590.361JPM Global Natural Resources C (acc) - USD 9,331,357.647 681,989.545 4,672,217.340 5,341,129.852JPM Global Natural Resources D (acc) - EUR 16,368,601.882 4,053,765.303 7,439,246.414 12,983,120.771JPM Global Natural Resources D (acc) - USD 828,272.096 400,384.343 650,109.834 578,546.605JPM Global Natural Resources I (acc) - EUR - 183,145.780 - 183,145.780JPM Global Natural Resources X (acc) - EUR 4,184,648.650 13,117.356 1,800,146.498 2,397,619.508

JPMorgan Funds - Global Short Duration Bond FundJPM Global Short Duration Bond A (acc) - USD 23,242,027.088 20,718,903.812 32,549,936.024 11,410,994.876JPM Global Short Duration Bond A (acc) - EUR (hedged) 5,459,312.751 3,712,295.622 3,455,649.582 5,715,958.791JPM Global Short Duration Bond B (acc) - USD 247,397.618 209,229.166 205,572.379 251,054.405JPM Global Short Duration Bond B (acc) - EUR (hedged) 78,993.461 221,081.565 42,676.619 257,398.407JPM Global Short Duration Bond C (acc) - USD 17,473,577.610 4,641,910.098 17,513,637.666 4,601,850.042JPM Global Short Duration Bond C (acc) - EUR (hedged) 169,951.182 106,666.872 36,158.168 240,459.886JPM Global Short Duration Bond C (dist) - GBP (hedged) 4,122,550.835 634,438.442 2,156,176.475 2,600,812.802JPM Global Short Duration Bond D (acc) - EUR (hedged) 3,543.982 108,858.502 9,860.014 102,542.470JPM Global Short Duration Bond X (acc) - USD 440,246.644 1,768,754.969 1,508,360.448 700,641.165JPM Global Short Duration Bond X (acc) - EUR (hedged) - 1,163,951.182 615,261.995 548,689.187JPM Global Short Duration Bond X (dist) - GBP (hedged) 17,329.545 43,054.334 51,609.010 8,774.869

JPMorgan Funds - JF Asia Pacific Income Fund (3)JF Asia Pacific Income A (acc) - USD 448,863.091 105,366.830 194,388.818 359,841.103JF Asia Pacific Income A (dist) - USD 2,909,581.326 420,778.780 806,600.996 2,523,759.110JF Asia Pacific Income A (mth) - HKD - 75,135.477 - 75,135.477JF Asia Pacific Income A (mth) - USD - 1,148.907 - 1,148.907JF Asia Pacific Income B (acc) - USD 505,300.000 6,116.086 - 511,416.086JF Asia Pacific Income D (acc) - USD 1,166,332.773 349,032.575 425,018.396 1,090,346.952

JPMorgan Funds - JF China FundJF China A (acc) - USD 14,387,902.621 6,395,777.143 8,090,935.777 12,692,743.987JF China A (acc) - SGD 1,343.556 4,037.974 1,709.694 3,671.836JF China A (dist) - USD 48,360,613.460 17,014,787.821 20,287,875.021 45,087,526.260JF China A (dist) - HKD 1,447,697.986 6,849,599.878 5,747,779.431 2,549,518.433JF China B (acc) - USD 906,191.452 190,485.487 451,882.311 644,794.628JF China C (acc) - USD 4,142,212.911 2,023,704.787 3,796,327.357 2,369,590.341JF China D (acc) - USD 8,851,358.914 3,506,348.230 5,174,710.705 7,182,996.439JF China D (acc) - EUR 47,907.542 28,567.885 22,973.312 53,502.115JF China I (acc) - USD 17,525,248.878 - 17,156,297.286 368,951.592JF China T (acc) - EUR 817.824 21,288.889 15,190.344 6,916.369JF China X (acc) - USD 48,529.891 - 15,828.740 32,701.151

JPMorgan Funds - JF Greater China FundJF Greater China A (acc) - USD 11,664,063.172 5,703,676.694 6,682,627.743 10,685,112.123JF Greater China A (acc) - SGD 47,658.490 15,448.082 51,774.930 11,331.642JF Greater China A (dist) - USD 12,880,897.628 4,255,126.173 5,522,480.350 11,613,543.451JF Greater China A (dist) - HKD 1,397,905.372 1,171,866.492 706,237.653 1,863,534.211JF Greater China B (acc) - USD 280,502.578 35,931.492 186,783.927 129,650.143JF Greater China C (acc) - USD 2,039,911.544 1,416,733.384 877,705.898 2,578,939.030JF Greater China D (acc) - USD 2,857,604.951 274,050.541 913,242.836 2,218,412.656JF Greater China D (acc) - EUR 47,214.764 14,187.181 10,314.024 51,087.921JF Greater China I (acc) - USD 400,363.031 923,914.679 916,511.504 407,766.206JF Greater China T (acc) - EUR 2,421.459 6,708.664 2,756.962 6,373.161

JPMorgan Funds - JF Indonesia Equity Fund (4)JF Indonesia Equity A (acc) - USD - 30,972.573 - 30,972.573

JPMorgan Funds - Latin America Equity FundJPM Latin America Equity A (acc) - USD 8,360,048.519 5,011,822.086 6,245,936.973 7,125,933.632JPM Latin America Equity A (acc) - SGD 888.109 210.084 - 1,098.193JPM Latin America Equity A (dist) - USD 5,216,682.250 747,482.681 1,304,884.682 4,659,280.249JF Latin America Equity A (dist) - USD 8,091,091.376 3,478,968.016 4,194,989.377 7,375,070.015JPM Latin America Equity B (acc) - USD 3,167,177.221 1,880,546.633 2,396,234.744 2,651,489.110JPM Latin America Equity C (acc) - USD 2,829,066.095 1,726,023.673 1,825,219.197 2,729,870.571JPM Latin America Equity D (acc) - USD 3,399,236.297 305,110.088 1,042,478.903 2,661,867.482JPM Latin America Equity D (acc) - EUR 40,462.284 25,936.045 28,210.578 38,187.751JPM Latin America Equity I (acc) - USD 2,591,331.668 18,860,908.403 1,932,653.760 19,519,586.311JPM Latin America Equity T (acc) - EUR 2,818.919 5,729.593 1,937.015 6,611.497JPM Latin America Equity X (acc) - USD 2,470,043.424 69,889.337 26,578.042 2,513,354.719

JPMorgan Funds - Russia FundJPM Russia A (acc) - USD 39,846,700.793 11,755,263.305 24,652,269.441 26,949,694.657JPM Russia A (dist) - USD 35,491,741.973 29,856,552.395 29,999,762.447 35,348,531.921JPM Russia B (acc) - USD 2,272,697.969 2,198,551.116 3,147,690.655 1,323,558.430JPM Russia C (acc) - USD 4,216,816.951 3,822,080.727 4,248,276.166 3,790,621.512JPM Russia D (acc) - USD 12,425,587.864 1,994,053.423 4,414,330.672 10,005,310.615JPM Russia I (acc) - USD 142,047,750.247 23,319,645.576 111,604,102.560 53,763,293.263

(3) This Sub-Fund was renamed from JF Pacific Balanced Fund on 14 June 2012.(4) This Sub-Fund was launched on 15 March 2012.

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of the Year

9. Historical Statement of Changes in the Number of Shares for the year ended 30 June 2012 (continued)JPMorgan Funds - US Aggregate Bond FundJPM US Aggregate Bond A (acc) - USD 38,513,598.119 41,791,113.791 27,069,653.547 53,235,058.363JPM US Aggregate Bond A (acc) - EUR (hedged) - 572,446.017 382,325.353 190,120.664JPM US Aggregate Bond A (div) - USD* - 395,780.000 395,780.000 -JPM US Aggregate Bond A (inc) - USD 18,175,526.823 55,887,179.680 41,420,794.158 32,641,912.345JPM US Aggregate Bond A (mth) - USD 3,066,668.510 45,839,071.970 21,763,845.564 27,141,894.916JPM US Aggregate Bond A (mth) - SGD - 2,110.093 - 2,110.093JPM US Aggregate Bond A (mth) - SGD (hedged) - 36,822.900 - 36,822.900JPM US Aggregate Bond B (acc) - USD 10,673,901.165 8,972,556.374 8,901,210.636 10,745,246.903JPM US Aggregate Bond B (mth) - USD - 10.000 - 10.000JPM US Aggregate Bond C (acc) - USD 18,754,463.074 12,819,554.834 18,641,049.169 12,932,968.739JPM US Aggregate Bond D (acc) - USD 1,641,373.164 4,568,856.945 2,984,571.926 3,225,658.183JPM US Aggregate Bond D (acc) - EUR (hedged) 14,671.529 249,540.455 198,969.192 65,242.792JPM US Aggregate Bond I (acc) - USD 315,352.787 624,553.121 703,957.908 235,948.000JPM US Aggregate Bond X (acc) - USD 9,909,787.572 4,625,262.357 3,403,927.350 11,131,122.579JPM US Aggregate Bond X (dist) - GBP (hedged) - 27,035.689 595.149 26,440.540

JPMorgan Funds - US Dynamic FundJPM US Dynamic A (acc) - USD 6,624,877.578 1,426,213.673 4,414,662.197 3,636,429.054JPM US Dynamic A (acc) - EUR 1,942,808.277 170,104.170 509,324.699 1,603,587.748JPM US Dynamic A (dist) - USD 7,811,611.605 544,155.545 2,050,855.008 6,304,912.142JPM US Dynamic B (acc) - USD 925,867.305 349,632.030 1,148,008.858 127,490.477JPM US Dynamic C (acc) - USD 860,647.866 794,423.822 714,135.213 940,936.475JPM US Dynamic D (acc) - USD 1,035,624.890 73,711.288 235,486.605 873,849.573JPM US Dynamic D (acc) - EUR 34,602.832 64,518.905 68,946.852 30,174.885JPM US Dynamic I (inc) - EUR 167.161 - - 167.161JPM US Dynamic T (acc) - EUR 546.325 7,679.024 2,954.806 5,270.543JPM US Dynamic X (acc) - USD 140,289.015 9,297.440 68,924.929 80,661.526

JPMorgan Funds - US Growth FundJPM US Growth A (acc) - USD 21,226,027.679 27,425,486.088 10,569,395.608 38,082,118.159JPM US Growth A (acc) - EUR (hedged) 1,882,113.560 2,220,914.191 1,259,305.608 2,843,722.143JPM US Growth A (dist) - USD 3,275,353.830 14,752,880.633 12,920,147.684 5,108,086.779JPM US Growth A (dist) - GBP 1,993,462.367 474,579.321 2,206,170.220 261,871.468JPM US Growth B (acc) - USD 1,305,228.223 2,166,429.807 561,847.752 2,909,810.278JPM US Growth C (acc) - USD 9,209,157.697 21,743,312.207 12,003,207.076 18,949,262.828JPM US Growth C (acc) - EUR (hedged) 72,811.246 2,979,401.862 778,744.180 2,273,468.928JPM US Growth C (dist) - USD - 227,283.997 8,330.763 218,953.234JPM US Growth C (dist) - GBP 155,979.871 214,841.113 32,029.478 338,791.506JPM US Growth D (acc) - USD 389,308.723 577,190.797 378,334.178 588,165.342JPM US Growth D (acc) - EUR (hedged) 376,711.515 819,536.577 613,616.804 582,631.288JPM US Growth X (acc) - USD 6,012,534.122 5,824,409.237 1,154,352.810 10,682,590.549JPM US Growth X (dist) - USD 12,700.109 29,084.109 10,406.212 31,378.006

JPMorgan Funds - US Smaller Companies Fund (5)JPM US Smaller Companies A (acc) - USD 4,513,149.759 8,777,431.509 5,571,188.917 7,719,392.351JPM US Smaller Companies A (dist) - USD 364,290.688 149,878.679 126,054.539 388,114.828JF US Smaller Companies A (dist) - USD 1,806,526.028 4,005,926.630 4,796,100.104 1,016,352.554JPM US Smaller Companies B (acc) - USD - 20,486.756 10,600.000 9,886.756JPM US Smaller Companies D (acc) - USD 496,476.112 199,272.315 328,464.177 367,284.250JPM US Smaller Companies X (acc) - USD 329,380.099 240,682.591 248,004.921 322,057.769

JPMorgan Funds - US Technology FundJPM US Technology A (acc) - USD 1,784,777.651 3,561,847.848 1,913,082.471 3,433,543.028JPM US Technology A (acc) - EUR 73,029.102 30,405.894 57,122.282 46,312.714JPM US Technology A (acc) - SGD - 1,184.629 - 1,184.629JPM US Technology A (dist) - GBP 374,461.255 209,224.618 96,925.157 486,760.716JPM US Technology A (dist) - USD 8,656,922.851 5,344,503.832 5,260,113.158 8,741,313.525JF US Technology A (dist) - USD 35,212,251.455 57,501,260.384 63,992,875.290 28,720,636.549JPM US Technology B (acc) - USD 5,418.731 106,476.082 16,528.587 95,366.226JPM US Technology C (acc) - USD 165,593.919 4,976,855.220 1,601,187.239 3,541,261.900JPM US Technology D (acc) - USD 14,272,709.103 4,812,201.346 10,324,168.808 8,760,741.641JPM US Technology D (acc) - EUR 159,643.177 50,321.162 100,084.849 109,879.490JPM US Technology X (acc) - USD* 7,531.168 2,651.769 10,182.937 -

JPMorgan Funds - US Value FundJPM US Value A (acc) - USD 15,813,283.945 11,796,714.793 7,911,385.330 19,698,613.408JPM US Value A (acc) - EUR (hedged) 3,251,552.761 2,341,313.944 2,082,944.417 3,509,922.288JPM US Value A (dist) - USD 12,321,375.765 8,702,141.537 9,094,101.670 11,929,415.632JPM US Value A (dist) - GBP 31,779.948 351,418.851 74,557.357 308,641.442JF US Value A (dist) - USD 371,801.616 1,230,846.650 1,230,056.168 372,592.098JPM US Value B (acc) - USD 625,933.389 2,152,306.509 1,525,318.573 1,252,921.325JPM US Value C (acc) - USD 29,493,017.956 28,350,956.559 20,105,123.041 37,738,851.474JPM US Value C (acc) - EUR (hedged) 3,820,732.452 2,601,523.962 5,198,347.985 1,223,908.429JPM US Value D (acc) - EUR (hedged) 2,783,638.540 1,994,051.826 1,723,114.438 3,054,575.928JPM US Value D (acc) - USD 2,988,844.922 771,359.281 1,119,635.413 2,640,568.790JPM US Value I (acc) - USD 507,256.943 174,407.535 123,160.376 558,504.102JPM US Value X (acc) - USD 9,657,390.263 1,957,737.388 2,827,350.021 8,787,777.630JPM US Value X (acc) - EUR (hedged) - 7,444.000 - 7,444.000

(5) This Sub-Fund was renamed from US Small and Micro Cap Fund on 16 August 2011.

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

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