JPMorgan Private Bank Funds I. Société d Investissement à Capital Variable, Luxembourg (R.C.S. No. B )

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1 JPMorgan Private Bank Funds I Société d Investissement à Capital Variable, Luxembourg (R.C.S. No. B ) Unaudited Semi-Annual Report 30 September 2010

2 JPMorgan Private Bank Funds I Unaudited Semi-Annual Report Contents Board Directors 1 Management and Administration 2 Financial Statements and Statistical Information Combined Statement 3 Combined Statement Operations and Changes in 4 Statement Changes in the Number Shares 5 Statistical Information 6 Notes to the Unaudited Financial Statements 7-10 Schedule Investments JPMorgan Private Bank Funds I - Access Balanced Fund (EUR) JPMorgan Private Bank Funds I - Diversified Fixed Income Fund (EUR) JPMorgan Private Bank Funds I - Diversified Fixed Income Fund (GBP) JPMorgan Private Bank Funds I - Diversified Fixed Income Fund (USD) JPMorgan Private Bank Funds I - International Currency Fixed Income Fund JPMorgan Private Bank Funds I - Islamic Global Dynamic Equity Fund Appendix: Unaudited Additional Disclosures Fund Expense Ratios and Capped Expense Ratios 27 Summary Investment Objectives the Sub-Funds 27 Performance and Volatility 28 Interest Rate Received/(Charged) on Bank Accounts 28 Sub-Fund Share Classes Subject to Taxe d Abonnement Rate Portfolio Turnover Ratio 29 Historical Statement Changes in the Number Shares No subscriptions can be received solely on the basis this report. Subscriptions are only valid if made on the basis the current prospectus, the current simplified prospectus, supplemented by the latest audited annual report and, if published thereafter, the latest unaudited semi-annual report. The current prospectus, the current simplified prospectus, the unaudited semi-annual reports, as well as the audited annual reports can be obtained free charge from the registered fice the SICAV and from the principal local paying agent.

3 JPMorgan Private Bank Funds I Board Directors Chairman Jacques Elvinger Partner Elvinger, Hoss & Prussen 2, place Winston Churchill L-2014 Luxembourg Grand Duchy Luxembourg Directors Alain Feis Interinvest S.A. 17, rue Antoine Jans L-1820 Luxembourg Grand Duchy Luxembourg Jean Fuchs Fuchs & Associés Finance 12, boulevard Royal L-2449 Luxembourg Grand Duchy Luxembourg Benoît Dumont Managing Director J.P. Morgan (Suisse) S.A. 8, rue de la Confédération CH-1204 Geneva Switzerland Registered Office European Bank & Business Centre 6, route de Trèves L-2633 Senningerberg Grand Duchy Luxembourg 1

4 JPMorgan Private Bank Funds I Management and Administration Management Company, Registrar and Transfer Agent, Global Distributor and Domiciliary Agent JPMorgan Asset Management (Europe) S.à r.l. European Bank & Business Centre 6, route de Trèves L-2633 Senningerberg Grand Duchy Luxembourg Investment Managers J.P. Morgan International Bank Limited 125 London Wall London EC2Y 5AJ United Kingdom JPMorgan Asset Management (UK) Limited 20 Finsbury Street London EC2Y 9AQ United Kingdom JPMorgan Chase Bank National Association 125 London Wall London EC2Y 5AJ United Kingdom Custodian, Corporate and Administrative Agent J.P. Morgan Bank Luxembourg S.A. European Bank & Business Centre 6, route de Trèves L-2633 Senningerberg Grand Duchy Luxembourg Auditor PricewaterhouseCoopers S.à r.l. 400, Route d Esch B.P L-1014 Luxembourg Grand Duchy Luxembourg Legal Adviser Elvinger, Hoss & Prussen 2, place Winston Churchill L-2014 Luxembourg Grand Duchy Luxembourg 2

5 JPMorgan Private Bank Funds I Combined Statement JPMorgan Private Bank Funds I Combined USD Access Balanced Fund (EUR) EUR Diversified Fixed Income Fund (EUR) EUR Diversified Fixed Income Fund (GBP) GBP Diversified Fixed Income Fund (USD) USD International Currency Fixed Income Fund USD Islamic Global Dynamic Equity Fund USD Investments in Securities at 1,891,704, ,711, ,946,799 42,558, ,817, ,518,947 26,811,998 Acquisition Cost: 1,826,248, ,009, ,081,994 40,579, ,713, ,772,250 23,899,965 Cash at Bank 21,616,740 4,027,841 1,195,366 81,537 2,105,884 11,988, ,278 Time Deposits and Cash Equivalents 9,500, ,500,000 - Amounts Receivable on Sale Investments 3,487,364 2,453, ,654 Amounts Receivable on Subscriptions 24,300,044-1,158,862 21,000 22,029, ,701 - Interest and Dividends Receivable, 16,612, ,774, ,762 2,248,947 2,001,139 34,331 Tax Reclaims Receivable 21,164 13, ,669 Fee Waiver (1) 5, ,009 3,516 Other Receivables Unrealised Gain on Forward Foreign Exchange Contracts 13,979, ,816 9,206, ,113 - Unrealised Gain on Financial Futures Contracts 9, , Total 1,981,236, ,748, ,281,639 42,901, ,202, ,360,068 27,271,446 Liabilities Amounts Payable on Purchase Investments 16,186,370 2,444, ,014,912 1,653, ,458 Amounts Payable on Redemptions 5,657,106-3,329,767 2,500 1,080,362 34,497 - Income Cleansing Payable (2) 9, ,759 Management and Advisory Fees Payable 909, , ,854 8, , ,452 24,695 Other Payables 212,783 12,384 71,586 6,088 50,677 28,682 9,381 Unrealised Loss on Forward Foreign Exchange Contracts 5,685, ,156 5,231, Unrealised Loss on Financial Futures Contracts 14,358-10, Total Liabilities 28,675,697 2,726,795 3,592, ,262 17,528,596 1,822, ,293 Total 1,952,560, ,021, ,688,987 42,596, ,673, ,537,579 27,041,153 Historical Total 31 March ,560,545, ,423, ,707,629 36,775, ,213, ,208,971 23,633, March ,310,416, ,586,076 39,959, ,148,839-24,118, March ,542,958, ,599,102 41,037, ,717,049-84,056, March ,684,119-37,390,961-59,873,908-49,467,758 (1) Please refer to Note 3 a). (2) Please refer to Note 11. The accompanying notes form an integral part these Financial Statements. 3

6 JPMorgan Private Bank Funds I Combined Statement Operations and Changes in For the Period from 1 April 2010 to 30 September 2010 JPMorgan Private Bank Funds I Combined USD Access Balanced Fund (EUR) EUR Diversified Fixed Income Fund (EUR) EUR Diversified Fixed Income Fund (GBP) GBP Diversified Fixed Income Fund (USD) USD Genesis Fund (3) EUR International Currency Fixed Income Fund USD Islamic Global Dynamic Equity Fund USD at the Beginning the Period * 1,571,511, ,423, ,707,629 36,775, ,213,334 62,657, ,208,971 23,633,540 Income Dividend Income, 804, , ,024 25, ,480 Interest Income, 13,633,097 6,822 5,252, ,000 2,990,719-2,850,030 - Bank Interest 5,640 1, , Other Income 36,605 26, Total Income 14,479, ,950 5,252, ,416 2,990, ,137 2,875, ,480 Expenses Management and Advisory Fees 5,108,345 1,417, ,244 51, ,838 68, , ,337 Custodian, Corporate, Administration and Domiciliary Agency Fees 753, , ,353 25, ,103 13, ,085 42,960 Registrar and Transfer Agency Fees 128,863 10,975 49,995 5,373 18,759-18, Taxe d abonnement 483,595 57, ,105 9, ,869-46,481 4,905 Overdraft Interest 1, Income Cleansing (1) 59, ,844 Sundry Fees** 404,362 44, ,835 8,307 84,127 9,110 35,371 4,995 6,940,234 1,662,718 1,524,532 99,905 1,245,250 90, , ,391 Less: Fee Waiver (2) 305,941 41,516 44,883 17,868 15,103 45,645 63,780 18,921 Total Expenses 6,634,293 1,621,202 1,479,649 82,037 1,230,147 44, , ,470 Investment Income/(Loss) 7,845,609 (1,468,252) 3,772, ,379 1,760, ,544 2,126,557 (24,990) Realised Gain/(Loss) on Sale Investments (14,306,394) 171,129 1,918, ,100 (1,397,328) (10,520,661) (2,464,160) 238,713 Realised Gain/(Loss) on Forward Foreign Exchange Contracts (16,305,069) (5,957) (12,684,498) 490,369 (134,605) (413,963) 914,917 2,243 Realised Gain/(Loss) on Financial Futures Contracts 1,526, ,470 56, , Realised Gain/(Loss) on Foreign Exchange (446,275) (326,563) (172,799) 9, ,689 28,871 (104,073) (9,083) Realised Gain/(Loss) for the Period (29,531,704) (161,391) (10,323,213) 1,068,346 (640,468) (10,905,753) (1,653,316) 231,873 Change in Unrealised Gain/(Loss) on Investments 44,809,486 (545,469) 11,675,050 8,046 15,128,040 7,310,640 4,501,840 33,823 Change in Unrealised Gain/(Loss) on Forward Foreign Exchange Contracts 4,073, ,465 7,758,736 (409,855) (7,208,034) 129, ,067 - Change in Unrealised Gain/(Loss) on Financial Futures Contracts 200,806-63,355 16,221 88, Change in Unrealised Gain/(Loss) on Foreign Exchange 147,618 (10,025) (24,913) 2, ,410 (2,742) 90, Change in Unrealised Gain/(Loss) for the Period 49,231,495 (7,029) 19,472,228 (382,772) 8,112,301 7,437,300 5,021,460 34,395 Increase/(Decrease) in as a Result Operations 27,545,400 (1,636,672) 12,921, ,953 9,232,405 (3,213,909) 5,494, ,278 Movements in Share Capital Subscriptions 909,561, ,766, ,469,887 14,018, ,158,626-83,173,927 4,190,726 Redemptions (555,379,364) (8,531,596) (182,275,302) (8,933,392) (173,853,750) (59,443,738) (25,339,082) (1,024,391) Increase/(Decrease) in as a Result Movements in Share Capital 354,181,856 97,235, ,194,585 5,084,681 45,304,876 (59,443,738) 57,834,845 3,166,335 Dividend Distribution (677,591) - (135,006) (263,718) (76,908) - (938) - at the End the Period 1,952,560, ,021, ,688,987 42,596, ,673, ,537,579 27,041,153 (1) Please refer to note 11. (2) Please refer to note 3 a). (3) This Sub-Fund became dormant on 16 July * The opening balance was combined using the foreign exchange rates as at 30 September The same net assets when combined using the foreign exchange rate ruling as at 31 March 2010 reflected a figure USD 1,560,545,858. ** Sundry Fees are principally comprised Directors fees, audit and tax related fees and expenses, registration, publication, mailing and printing fees, as well as legal and marketing expenses. The accompanying notes form an integral part these Financial Statements. 4

7 JPMorgan Private Bank Funds I Statement Changes in the Number Shares For the Period from 1 April 2010 to 30 September 2010 Shares Outstanding at the Beginning the Period Shares Subscribed Shares Redeemed Shares Outstanding at the End the Period JPMorgan Private Bank Funds I - Access Balanced Fund (EUR) JPM Access Balanced Fund (EUR) A (acc) 788, , , ,560, JPM Access Balanced Fund (EUR) B (acc) 188, , , , JPM Access Balanced Fund (EUR) C (acc) 422, , , , JPMorgan Private Bank Funds I - Diversified Fixed Income Fund (EUR) JPM Diversified Fixed Income Fund (EUR) A (acc) 379, , , , JPM Diversified Fixed Income Fund (EUR) A (inc) 37, , , , JPM Diversified Fixed Income Fund (EUR) B (acc) 716, , , , JPM Diversified Fixed Income Fund (EUR) C (acc) 3,542, ,049, ,061, ,531, JPM Diversified Fixed Income Fund (EUR) X (acc) 50, , , , JPMorgan Private Bank Funds I - Diversified Fixed Income Fund (GBP) JPM Diversified Fixed Income Fund (GBP) A (acc) 21, , , JPM Diversified Fixed Income Fund (GBP) A (dist) 25, , , JPM Diversified Fixed Income Fund (GBP) C (dist) 292, , , , JPMorgan Private Bank Funds I - Diversified Fixed Income Fund (USD) JPM Diversified Fixed Income Fund (USD) A (acc) 1,559, , , ,673, JPM Diversified Fixed Income Fund (USD) A (inc) 44, , , , JPM Diversified Fixed Income Fund (USD) B (acc) 413, , , , JPM Diversified Fixed Income Fund (USD) C (acc) 1,201, ,239, , ,489, JPM Diversified Fixed Income Fund (USD) C (inc) 8, , , JPMorgan Private Bank Funds I - Genesis Fund (1) JPM Genesis C (acc) - EUR 664, , JPMorgan Private Bank Funds I - International Currency Fixed Income Fund JPM International Currency Fixed Income A (acc) - USD 879, , , ,191, JPM International Currency Fixed Income A (inc) - USD 6, , , JPM International Currency Fixed Income C (acc) - USD 463, , , , JPMorgan Private Bank Funds I - Islamic Global Dynamic Equity Fund JPM Islamic Global Dynamic Equity Fund (USD) A (acc) 127, , , , JPM Islamic Global Dynamic Equity Fund (USD) B (acc) 53, , JPM Islamic Global Dynamic Equity Fund (USD) Inst (acc) 72, , (1) This Sub-Fund became dormant on 16 July The accompanying notes form an integral part these Financial Statements. 5

8 JPMorgan Private Bank Funds I Statistical Information Asset per Share in Share Class Currency 30 September March March March March 2007 JPMorgan Private Bank Funds I - Access Balanced Fund (EUR) (1) JPM Access Balanced Fund (EUR) A (acc) JPM Access Balanced Fund (EUR) B (acc) JPM Access Balanced Fund (EUR) C (acc) JPMorgan Private Bank Funds I - Diversified Fixed Income Fund (EUR) JPM Diversified Fixed Income Fund (EUR) A (acc) JPM Diversified Fixed Income Fund (EUR) A (inc) JPM Diversified Fixed Income Fund (EUR) B (acc) JPM Diversified Fixed Income Fund (EUR) C (acc) JPM Diversified Fixed Income Fund (EUR) X (acc) JPMorgan Private Bank Funds I - Diversified Fixed Income Fund (GBP) JPM Diversified Fixed Income Fund (GBP) A (acc) JPM Diversified Fixed Income Fund (GBP) A (dist) JPM Diversified Fixed Income Fund (GBP) C (dist) JPMorgan Private Bank Funds I - Diversified Fixed Income Fund (USD) JPM Diversified Fixed Income Fund (USD) A (acc) JPM Diversified Fixed Income Fund (USD) A (inc) JPM Diversified Fixed Income Fund (USD) B (acc) JPM Diversified Fixed Income Fund (USD) C (acc) JPM Diversified Fixed Income Fund (USD) C (inc) JPM Diversified Fixed Income Fund (USD) X (acc)* JPMorgan Private Bank Funds I - Genesis Fund (1) JPM Genesis C (acc) - EUR JPMorgan Private Bank Funds I - International Currency Fixed Income Fund JPM International Currency Fixed Income A (acc) - USD JPM International Currency Fixed Income A (inc) - USD JPM International Currency Fixed Income C (acc) - USD JPMorgan Private Bank Funds I - Islamic Global Dynamic Equity Fund JPM Islamic Global Dynamic Equity Fund (USD) A (acc) JPM Islamic Global Dynamic Equity Fund (USD) B (acc) JPM Islamic Global Dynamic Equity Fund (USD) C (acc)* JPM Islamic Global Dynamic Equity Fund (USD) Inst (acc) * Share Class inactive as at end the period. (1) This Sub-Fund became dormant on 16 July The accompanying notes form an integral part these Financial Statements. 6

9 JPMorgan Private Bank Funds I Notes to the Unaudited Financial Statements 1. Organisation JPMorgan Private Bank Funds I ( the SICAV ) is an investment company organised under Part I the Law 20 December 2002 as amended on Undertakings for Collective Investment in Transferable Securities as a Société Anonyme qualifying as a Société d Investissement à Capital Variable (SICAV). The SICAV was incorporated on 16 February 2006 for an unlimited period time. The SICAV is registered with the Registre de Commerce et des Sociétés Luxembourg, under number B Significant Accounting Policies The Financial Statements are presented in accordance with Luxembourg regulations relating to Undertakings for Collective Investment. a) Investment Valuation The value securities and/or financial derivative instruments which are quoted or dealt in on any stock exchange shall be based on the latest available price on the relevant stock exchange. Securities and/or financial derivative instruments dealt in on another regulated market are valued on the basis the latest available price on such market. In the event that any the securities held in the SICAV s portfolio on the Valuation Date are not quoted or dealt in on a stock exchange or another Regulated, or for any such securities, no price quotation is available, or if the price as determined pursuant to sub-paragraph is not in the opinion the Directors representative the fair market value the relevant securities, the value such securities shall be determined based on the reasonably foreseeable sales price determined prudently and in good faith. Shares or units in other collective investment schemes are valued at the last available price. Liquid assets and money market instruments may be valued at nominal value plus any accrued interest or on an amortised cost basis. All other assets, where practice allows, may be valued in the same manner. The Financial Statements are presented on the basis the net asset values the Sub-Funds calculated on 30 September 2010, except for JPMorgan Private Bank Funds I - Access Balanced Fund (EUR) on 28 September 2010 (due to a weekly Asset calculation frequency). b) Realised and Unrealised Gains and Losses on Investments Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Realised gains and losses on sales investments are calculated on the average book cost. The associated foreign exchange movement between the date purchase and date sale investments is included in realised gains and losses on investments. Unrealised gains and losses on holdings investments are calculated on the total book cost and include the associated unrealised gains and losses on foreign exchange. c) Conversion Foreign Currencies The books and records each Sub-Fund are denominated in the base currency the corresponding Sub-Fund. Amounts denominated in other currencies are translated into the base currency on the following basis: (i) investment valuations and other assets and liabilities initially expressed in other currencies are converted each business day into the base currency using currency exchange rates prevailing on each such business day; (ii) purchases and sales foreign investments, income and expenses are converted into the base currency using currency exchange rates prevailing on the respective dates such transactions. realised and unrealised gains or losses on foreign exchange represent: (i) foreign exchange gains and losses from the sale and holding foreign currencies and instruments; (ii) gains and losses between trade date and settlement date on securities transactions and forward foreign exchange contracts; and (iii) gains and losses arising from the difference between amounts dividends and interest recorded and the amounts actually received. The resulting gains and losses on translation are included in the Combined Statement Operations and Changes in. The reference currency the combined statements is USD. The principal exchange rates applied as at 30 September 2010 are as follows: 1 USD = EUR 1 USD = GBP d) Investment Income Interest income is accrued daily and includes the amortisation premiums and accretion discounts. Bank interest income is recognised on an accrual basis, except for JPMorgan Private Bank Funds I - Islamic Global Dynamic Equity Fund, which is not allowed to be charged with debit interest nor allowed to receive credit interest. Dividend income is accrued on the ex-dividend date. This income is shown net any withholding taxes and adjusted accordingly when tax reclaims apply. Dividends concerning JPMorgan Private Bank Funds I - Islamic Global Dynamic Equity Fund are subject to a cleansing process explained in note 11. e) Forward Foreign Exchange Contracts Unrealised gains or losses on outstanding forward foreign exchange contracts are valued on the basis currency exchange rates prevailing at the relevant valuation date. The changes in such amounts are included in the Combined Statement Operations and Changes in under Change in Unrealised Gain/(Loss) on Forward Foreign Exchange Contracts. When a contract is closed, the Realised Gain/(Loss) is recorded under Realised Gain/(Loss) on Forward Foreign Exchange Contracts in the Combined Statement Operations and Changes in. Unrealised Gains or Losses are recorded under Unrealised Gain/(Loss) on Forward Foreign Exchanges Contracts in the Combined Statement. f) Financial Futures Contracts on Securities Regulated financial futures contracts are valued at the exchange quoted settlement price. Initial margin deposits are made upon entering into the contracts and can be either in cash or securities. During the period the contracts are open, changes in the value the contracts are recognised as unrealised gains and losses by marking-to-market on a daily basis to reflect the market value the contracts at the end each business day s trading. Variation margin payments are made or received, depending upon whether losses or gains are incurred. When a contract is closed, the SICAVrecords a realised gain or loss equal to the difference between the proceeds from, or cost, the closing transaction and the initial cost the contract in Realised Gain/(Loss) on Financial Futures Contracts in the Combined Statement Operations and Changes in. Unrealised gains or losses are recorded under Unrealised Gain/(Loss) on Financial Futures Contracts in the Combined Statement. 7

10 JPMorgan Private Bank Funds I Notes to the Unaudited Financial Statements (continued) 3. Fees and Expenses a) Annual Management and Advisory Fees The SICAVpays to the Management Company an Annual Management and Advisory Fee calculated as a percentage the average daily net assets each Sub-Fund or Share Class under its management. The Annual Management and Advisory Fees are payable monthly in arrears at the following rate: JPM Access Balanced Fund (EUR) A (acc) 1.50 JPM Access Balanced Fund (EUR) B (acc) 1.20 JPM Access Balanced Fund (EUR) C (acc) 0.90 JPM Diversified Fixed Income Fund (EUR) A (acc) 0.70 JPM Diversified Fixed Income Fund (EUR) A (inc) 0.70 JPM Diversified Fixed Income Fund (EUR) B (acc) 0.45 JPM Diversified Fixed Income Fund (EUR) C (acc) 0.20 JPM Diversified Fixed Income Fund (EUR) X (acc) Nil (1) JPM Diversified Fixed Income Fund (GBP) A (acc) 0.70 JPM Diversified Fixed Income Fund (GBP) A (dist) 0.70 JPM Diversified Fixed Income Fund (GBP) C (dist) 0.20 JPM Diversified Fixed Income Fund (USD) A (acc) 0.70 JPM Diversified Fixed Income Fund (USD) A (inc) 0.70 JPM Diversified Fixed Income Fund (USD) B (acc) 0.45 JPM Diversified Fixed Income Fund (USD) C (acc) 0.20 JPM Diversified Fixed Income Fund (USD) C (inc) 0.20 JPM Diversified Fixed Income Fund (USD) X (acc)* Nil (1) JPM Genesis C (acc) - EUR (2) 0.40 JPM International Currency Fixed Income A (acc) - USD 0.80 JPM International Currency Fixed Income A (inc) - USD 0.80 JPM International Currency Fixed Income C (acc) - USD 0.50 JPM Islamic Global Dynamic Equity Fund (USD) A (acc) 1.50 JPM Islamic Global Dynamic Equity Fund (USD) B (acc) 1.30 JPM Islamic Global Dynamic Equity Fund (USD) Inst (acc) 0.65 (1) The Annual Management and Advisory Fees the X Class Shares are administratively levied and collected by the Management Company or the appropriate JPMorgan Chase & Co entity directly from the Shareholders. (2) This Sub-Fund became dormant on 16 July * Share Class inactive as at the end the period. Sub-Funds may invest in UCITS and other UCIs managed by the Management Company, the Investment Manager or any other member JPMorgan Chase & Co. The avoidance a double-charge the Annual Management and Advisory Fee on such assets is achieved by either a) excluding the assets from the net assets on which the Annual Management and Advisory Fee is calculated; or b) investing in UCITS or UCIs via classes that do not accrue an Annual Management and Advisory Fee or other equivalent fees payable to the relevant Investment Manager s group; or c) the Annual Management and Advisory Fee being netted f by a rebate to the SICAVor Sub-Fund the Annual Management and Advisory Fee (or equivalent) charged to the underlying UCITS or UCIs; or d) charging only the difference between the Annual Management and Advisory Fee the SICAVor Sub-Fund and the Annual Management and Advisory Fee (or equivalent) charged to the underlying UCITS or UCIs. For the period from 1 April 2010 to 30 September 2010, the Sub-Funds (except JPMorgan Private Bank Funds I - Islamic Global Dynamic Equity Fund) invested in institutional share classes (bearing no management fees) UCITS managed by members JPMorgan Chase & Co. For all A and B share classes, the fees and expenses charged to the SICAVare set at a fixed percentage the total net assets each Class Shares. This fixed percentage covers all fees and expenses connected with the management the SICAV, including Management and Advisory fees, taxes, and other operating costs; it does not cover taxes paid on investments or extraordinary costs. No other costs are charged to the SICAV, and the Management Company absorbs any difference that may arise between the actual fees and expenses related to the operations the SICAVand the fixed percentage as set out in the Appendix. Such differences are presented in the Financial Statements as Fee Waiver. To the extent that these fees and expenses are less than the fixed percentage, the excess is paid to the Investment Manager and included within Management and Advisory Fees. The fixed annual rates fees for each class shares are shown in the Appendix. b) Operating and Administrative Expenses The JPMorgan Private Bank Funds I - Genesis Fund Sub-Fund bears the following Operating and Administrative Expenses, which exclude Transaction Fees and Taxe d abonnement: 0.30 where the net assets are EUR 35,000,000 or less 0.15 where the net assets are EUR 35,000,000 to EUR 49,999, where the net assets are EUR 50,000,000 to EUR 64,999, where the net assets are EUR 65,000,000 to EUR 79,999, where the net assets are EUR 80,000,000 to EUR 94,999, where the net assets are greater than EUR 94,999,999 8

11 JPMorgan Private Bank Funds I Notes to the Unaudited Financial Statements (continued) The JPMorgan Private Bank Funds I - Access Balanced Fund (EUR), JPMorgan Private Bank Funds I - Diversified Fixed Income Fund (EUR), JPMorgan Private Bank Funds I - Diversified Fixed Income Fund (GBP), JPMorgan Private Bank Funds I - Diversified Fixed Income Fund (USD), JPMorgan Private Bank Funds I - International Currency Fixed Income Fund and JPMorgan Private Bank Funds I - Islamic Global Dynamic Equity Fund Sub-Funds bear the following Operating and Administrative Expenses, which include Transaction Fees and Taxe d abonnement: JPM Access Balanced Fund (EUR) A (acc) 0.20 JPM Access Balanced Fund (EUR) B (acc) 0.20 JPM Access Balanced Fund (EUR) C (acc) 0.15 (1) JPM Diversified Fixed Income Fund (EUR) A (acc) 0.20 JPM Diversified Fixed Income Fund (EUR) A (inc) 0.20 JPM Diversified Fixed Income Fund (EUR) B (acc) 0.20 JPM Diversified Fixed Income Fund (EUR) C (acc) 0.15 (1) JPM Diversified Fixed Income Fund (EUR) X (acc) 0.10 (1) JPM Diversified Fixed Income Fund (GBP) A (acc) 0.20 JPM Diversified Fixed Income Fund (GBP) A (dist) 0.20 JPM Diversified Fixed Income Fund (GBP) C (dist) 0.15 (1) JPM Diversified Fixed Income Fund (USD) A (acc) 0.20 JPM Diversified Fixed Income Fund (USD) A (inc) 0.20 JPM Diversified Fixed Income Fund (USD) B (acc) 0.20 JPM Diversified Fixed Income Fund (USD) C (acc) 0.15 (1) JPM Diversified Fixed Income Fund (USD) C (inc) 0.15 (1) JPM Diversified Fixed Income Fund (USD) X (acc) 0.10 (1) JPM International Currency Fixed Income A (acc) - USD 0.20 JPM International Currency Fixed Income A (inc) - USD 0.20 JPM International Currency Fixed Income C (acc) - USD 0.15 (1) JPM Islamic Global Dynamic Equity Fund (USD) A (acc) 0.40 JPM Islamic Global Dynamic Equity Fund (USD) B (acc) 0.20 JPM Islamic Global Dynamic Equity Fund (USD) Inst (acc) 0.15 (1) (1) This is a maximum figure. If the actual Operating and Administrative Expenses are below the stated maximum percentage, only the actual expenses will be charged. 4. Transactions with Connected Parties All transactions with connected parties were carried out on an arm s length basis. J.P. Morgan Chase & Co. and its affiliates are counterparties for certain forward foreign exchange contracts and financial futures contracts. The Management Company, Registrar, Global Distributor, Transfer and Domiciliary Agent, Investment Managers, Custodian, Corporate, Administrative Agent and other related Agents the SICAV are considered as connected parties. 5. Distribution Policy It is intended that all those Classes Shares with the suffix (dist) will distribute at least 85 the net investment income attributable to such Classes Shares, computed broadly in accordance with the definition net taxable income under United Kingdom corporation tax principles (subject to the application any de minimis threshold) so that these Classes Shares the SICAVcontinue to qualify as distributing for the purposes United Kingdom tax legislation relating to fshore funds. Classes Shares with the suffix (inc) may pay dividends but will not qualify as distributing for the purposes United Kingdom tax legislation relating to fshore funds. Those Classes Shares with the suffix (acc) will not normally pay dividends. During the period from 1 April 2010 to 30 September 2010, the SICAV paid interim dividends as follows: Class Currency Dividend Amount per Share Payment Date JPM Diversified Fixed Income Fund (EUR) A (inc) EUR /06/2010 JPM Diversified Fixed Income Fund (GBP) A (dist) GBP /06/2010 JPM Diversified Fixed Income Fund (GBP) C (dist) GBP /06/2010 JPM Diversified Fixed Income Fund (USD) A (inc) USD /06/2010 JPM Diversified Fixed Income Fund (USD) C (inc) USD /06/2010 JPM International Currency Fixed Income A (inc) - USD USD /06/ Taxation Under current law and practice in the Grand Duchy Luxembourg, the SICAVis not liable to any income tax, nor are dividends distributed by the SICAVliable to any withholding tax. However, the SICAV, with the exception those Share Classes identified in the Appendix, is liable to an asset based tax 0.05 per annum, such tax being payable quarterly and calculated on the total net assets each Sub-Fund at the end the relevant quarter. For the Sub-Funds Share Classes identified in the Appendix, the rate is 0.01 per annum. No tax is payable on the portion assets invested in other undertakings for collective investment subject to such tax. No stamp duty or other tax is payable on the issue shares in the SICAVin the Grand Duchy Luxembourg. No tax is payable on realised or unrealised capital appreciation the assets the SICAVin the Grand Duchy 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. The regular income the SICAVfrom some its securities, as well as interest earned on its cash deposits in certain countries, may be subject to withholding taxes at varying rates, which normally cannot be recovered. 7. Statement Changes in Investments A list, specifying for each investment within the existing Sub-Funds the total purchases and sales which occurred during the period under review, may be obtained free charge upon request at the registered fice the SICAV. Additional information on investments within that Sub-Fund s portfolio is available to Shareholders at the registered fice the SICAV. 9

12 JPMorgan Private Bank Funds I Notes to the Unaudited Financial Statements (continued) 8. St Commission Arrangements The Investment Managers the SICAVmay enter into st commission arrangements with brokers in respect services used to support investment decision-making for the benefit the SICAV. The investment related services received under st 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 stware 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 business with the brokers on behalf the SICAV and commission is paid on these transactions. 9. Information for German Registered Shareholders A list, specifying for each investment within each Sub-Fund the total purchases and sales which occurred during the period under review, may be obtained free charge upon request at the registered fice the SICAVand at the fice the German paying and information agent, J.P. Morgan AG, Junghstraße 14, D Frankfurt am Main. Additional information on investments within each Sub-Fund s portfolio is available to shareholders at the registered fice the SICAVand at the fice the German paying and information agent. 10. Information for Swiss Registered Shareholders J.P. Morgan (Suisse) S.A. was authorised by the Swiss Financial Supervisory Authority (FINMA) as Swiss Representative the SICAVand acts also as paying agent. The prospectus, the simplified prospectus, the articles incorporation, the annual and semi-annual reports the SICAV, as well as the list the purchases and sales which the SICAVhas undertaken during the financial period may be obtained, on simple request and free charge, at the head fice the Swiss Representative, J.P. Morgan (Suisse) S.A., 8 rue de la Confédération, CH-1211 Geneva, Switzerland. Payments/compensations (trailer fees) can be paid out from the management fee for the distribution/marketing the investment fund to distributors. Reimbursements/rebates can be granted out the management fee to institutional investors who hold the Sub-Fund shares for the economic benefit third parties. 11. Income Cleansing The JPMorgan Private Bank Funds I - Islamic Global Dynamic Equity Fund invests in a diversified portfolio equity securities within the Dow Jones Islamic World Index (the Islamic Index ). The Islamic Index was established in accordance with the Dow Jones Indexes s methodology and the Islamic investment guidelines set by the Islamic Index s Shari ah Supervisory Board. The Islamic Index is constructed from the universe the pool stocks contained in the Dow Jones Global Indexes. The components for the Islamic Index are selected by filtering this index universe through screens for business activities and financial ratios to remove stocks that are not suitable for Islamic investment purposes. The impure income cleansing is done quarterly upon receipt the impure income information provided by the Islamic Index. The Asset the Sub-Fund is adjusted to take into account the portion impure income received on the investments the Sub-Fund. 12. Signigficant Event Following a Redemption in Kind, the Sub-Fund JPMorgan Private Bank Funds I - Genesis Fund became dormant on 16 July Subsequent Event JPMorgan Private Bank Funds I - Access Balanced Fund (USD) was launched on 20 October

13 JPMorgan Private Bank Funds I - Access Balanced Fund (EUR) Schedule Investments ( Expressed in EUR) Name Securities Maturity/ Coupon Name Securities Maturity/ Coupon Transferable Securities Dealt in on Another Regulated Bonds UNITED KINGDOM 2,000,000 Barclays Bank / ,487, ,000,000 Goldman Sachs International / ,561, ,048, NETHERLANDS 1,800,000 Morgan Stanley / ,351, ,351, Total Bonds 4,400, Investment Funds LUXEMBOURG 26,470 Alken Fund - European Opportunities - R 3,012, ,783 Amundi Funds - US Opportunities 5,752, Amundi Funds - Volatility Euro Equities - I 1,186, ,406 Amundi Funds - Volatility Euro Equities - I 3,713, ,303 Amundi Funds - Volatility World Equities - I 2,441, ,435 BlueBay Funds - Emerging Corporate Bond Fund 7,463, ,770 BlueBay Funds - High Yield Bond Fund 11,730, ,631 BlueBay Funds - Investment Grade Bond Fund 6,215, ,266 Db X-Trackers - MSCI Asia TRN Index ETF 3,579, ,600 Franklin Templeton Investment Funds - Templeton Global Bond Fund - I EUR 8,086, ,189 Goldman Sachs Funds - Global High Yield Portfolio - I EUR Hedged 10,354, ,057 JPMorgan Funds - Emerging s Equity Fund (JPM Emerging s Equity X (acc) - USD) 2,999, ,940 JPMorgan Funds - Highbridge US STEEP Fund (JPM Highbridge US STEEP X (acc) - USD) 3,217, ,724 JPMorgan Funds - JF China Fund (JF China X (acc) - USD) 1,101, ,391 JPMorgan Investment Funds - Global Select Equity Fund (JPM Global Select Equity X (acc) - USD) 4,869, ,862 JPMorgan Investment Funds - Income Opportunity Fund (JPM Income Opportunity X (acc) - EUR (hedged)) 8,577, ,858 JPMorgan Investment Funds - JF Asia ex-japan Fund (JF Asia ex-japan X (acc) - USD) 6,369, ,361 JPMorgan Liquidity Funds - Euro Government Liquidity Fund (JPM Euro Government Liquidity Fund X (acc) - EUR) 13,814, ,037 JPMorgan Liquidity Funds - Euro Liquidity Fund (JPM Euro Liquidity X (acc)) 28,137, JPMorgan Liquidity Funds - US Dollar Liquidity Fund (JPM US Dollar Liquidity X (acc)) 1,253, ,153 Pictet Funds Lux - Emerging Local Currency Debt - I EUR 3,996, ,080 Schroder International Selection Fund - European Special Situations Fund - C 2,443, ,177 Schroder International Selection Fund - US Small & Mid-Cap Equity - C 3,603, ,893 SGAM Fund - Equities Japan Corealpha - B 4,310, JERSEY 38,818 ETFS Physical Gold 3,694, ,694, Total Investment Funds 217,952, Structured Products NETHERLANDS 3,040 JP Morgan Structured Products - Index Linked Certificate - S&P ,136, ,000 JP Morgan Structured Products - Currency Linked Certificate - EUR/USD , ,500 JP Morgan Structured Products - Index Linked Certificate - S&P ,580, ,000 JP Morgan Structured Products - Index Linked Certificate - DJ Euro Stoxx ,946, ,640 JP Morgan Structured Products - Index Linked Certificate - S&P GSCI ,836, ,519, UNITED KINGDOM 13,500 Morgan Stanley - Index Linked Certificate - S&P , ,000 HSBC Bank Structured Products - Index Linked Certificate - S&P ,192, ,500,000 HSBC Bank Structured Products - Index Linked Note - S&P ,427, ,000 HSBC Bank Structured Products - Index Linked Certificate - S&P ,410, ,075, UNITED STATES OF AMERICA 3,700,000 Morgan Stanley - Index Linked Note - S&P ,763, ,763, Total Structured Products 17,358, Total Transferable Securities Dealt in on Another Regulated 239,711, Total Investments 239,711, Cash 4,027, Other /(Liabilities) 282, Total 244,021, ,230, IRELAND 3,744,412 BNY Mellon Global Funds - Mellon Emerging s Debt Local Currency Fund - C EUR 4,371, ,279 GAM Star Fund - China Equity 1,186, ,266,057 GAM Star Fund - U.S. All Cap Equity - USD 7,805, ,550 ishares MSCI Emerging s 2,966, ,616 ishares S&P 500 Index Fund 3,553, ,962 ishares S&P 500 Index Fund 5,740, ,607 Marshall Wace UCITS Fund - MW Developed Europe TOPS Fund A EUR 3,148, ,095 Natixis International Funds Dublin I - Loomis Sayles Multisector Income Fund - D EUR 9,757, ,991 PIMCO Total Return Bond Fund I EUR 9,910, ,331 Traditional Funds - Global Emerging s Fund 2,809, ,249, UNITED KINGDOM 3,311,228 Investec Funds Series II - American Fund - A (acc) 5,914, ,761,639 Threadneedle Investment Funds ICVC - Asia Fund 4,242, ,156, GERMANY 56,457 ishares MDAX DE 4,621, ,621,

14 JPMorgan Private Bank Funds I - Access Balanced Fund (EUR) Schedule Investments ( Expressed in EUR) (continued) Name Securities Maturity/ Coupon Name Securities Maturity/ Coupon Allocation Portfolio as at 30 September 2010 (Unaudited) Fixed Income Securities United Kingdom 1.25 herlands 0.55 Total Fixed Income Securities 1.80 Investment Funds Luxembourg Ireland United Kingdom 4.16 Germany 1.89 Jersey 1.52 Total Investment Funds Structured Products herlands 3.49 United Kingdom 2.49 United States America 1.13 Total Structured Products 7.11 Cash and Other /(Liabilities) 1.77 Total Allocation Portfolio as at 31 March 2010 Fixed Income Securities United Kingdom 1.00 Total Fixed Income Securities 1.00 Investment Funds Luxembourg Ireland United Kingdom 4.76 Germany 2.27 Jersey 1.90 Total Investment Funds Structured Products herlands 2.02 United Kingdom 1.76 Total Structured Products 3.78 Cash and Other /(Liabilities) 5.96 Total

15 JPMorgan Private Bank Funds I - Access Balanced Fund (EUR) Schedule Investments - Outstanding Forward Foreign Exchange Contracts (Expressed in EUR) Settlement Date Currency Amount Purchased Currency Amount Sold Unrealised Gain/ (Loss) 16-Nov-10 EUR 10,000,000 USD 12,757, , Nov-10 CHF 1,900,000 EUR 1,475,682 (39,338) Total 541,816 13

16 JPMorgan Private Bank Funds I - Diversified Fixed Income Fund (EUR) Schedule Investments ( Expressed in EUR) Name Securities Maturity/ Coupon Name Securities Maturity/ Coupon Transferable Securities Admitted to an Official Exchange Listing Bonds GERMANY 39,450,000 Germany (Federal Republic ) / ,587, ,850,000 Germany (Federal Republic ) / ,432, ,870,000 Germany (Federal Republic ) / ,090, ,400,000 Germany (Federal Republic ) / ,981, ,200,000 Germany (Federal Republic ) / ,539, ,750,000 KfW - Kreditanstalt fuer Wiederaufbau / ,135, ,766, FRANCE 40,400,000 France (Government ) / ,465, ,000,000 France (Government ) / ,291, ,757, NETHERLANDS 6,600,000 Fortis Bank Nederland / ,773, ,750,000 ING Bank / ,107, ,600,000 LeasePlan / ,283, ,300,000 herlands (Kingdom ) / ,665, ,530,000 herlands (Kingdom ) / ,216, ,700,000 NIBC Bank / ,083, ,128, JAPAN 1,825,800,000 Japan (Government ) / ,227, ,053,000,000 Japan (Government ) / ,328, ,509,650,000 Japan (Government ) / ,384, ,941, UNITED KINGDOM 910,000 Bank Scotland / , ,300,000 Coventry Building Society / ,522, ,000,000 Lloyds TSB Bank / ,109, ,770,000 Lloyds TSB Bank / ,276, ,650,000 RBS / ,694, ,000 UK Treasury / , ,545,000 UK Treasury / ,198, ,205,000 UK Treasury / ,590, ,411,000 West Bromwich Building Society / ,165, ,727,000 Yorkshire Building Society / ,193, ,336, AUSTRIA 14,300,000 Austria (Republic ) / ,294, ,760,000 Austria (Republic ) / ,619, Transferable Securities Dealt in on Another Regulated Bonds UNITED STATES OF AMERICA 13,650,000 US Treasury / ,435, ,400,000 US Treasury / ,259, ,200,000 US Treasury / ,194, ,900,000 US Treasury / ,278, ,000,000 US Treasury / ,948, ,800,000 US Treasury / ,076, ,970,000 US Treasury / ,873, ,100,000 US Treasury / ,490, ,550,000 US Treasury / ,493, ,200,000 US Treasury / ,540, ,850,000 US Treasury / ,018, ,500,000 US Treasury / ,434, ,044, FRANCE 540,000 French Treasury Bill (i) / , ,150,000 French Treasury Note / ,313, ,080,000 French Treasury Note / ,720, ,572, Total Bonds 194,617, Investment Funds LUXEMBOURG 154 JPMorgan Liquidity Funds - Euro Liquidity Fund (JPM Euro Liquidity X (acc)) 2,125, ,125, Total Investment Funds 2,125, Total Transferable Securities Dealt in on Another Regulated 657,946, Total Investments 657,946, Cash 1,195, Other /(Liabilities) 15,546, Total 674,688, (i) Security held as collateral against futures positions by the broker. 24,914, FINLAND 7,200,000 Finland (Government ) / ,028, ,028, INTERNATIONAL AGENCIES 5,500,000 European Investment Bank / ,170, ,170, UNITED STATES OF AMERICA 1,130,000 Goldman Sachs Group / ,160, ,160, Total Bonds 461,204, Total Transferable Securities Admitted to an Official Exchange Listing 461,204,

17 JPMorgan Private Bank Funds I - Diversified Fixed Income Fund (EUR) Schedule Investments ( Expressed in EUR) (continued) Name Securities Maturity/ Coupon Name Securities Maturity/ Coupon Allocation Portfolio as at 30 September 2010 (Unaudited) Fixed Income Securities Germany France United States America herlands Japan 9.92 United Kingdom 5.68 Austria 3.70 Finland 1.19 International Agencies 0.62 Total Fixed Income Securities Investment Funds Luxembourg 0.31 Total Investment Funds 0.31 Cash and Other /(Liabilities) 2.48 Total Allocation Portfolio as at 31 March 2010 Fixed Income Securities Germany United States America France Japan 9.08 herlands 6.57 United Kingdom 5.89 Austria 3.44 Finland 1.33 International Agencies 0.82 Spain 0.66 Total Fixed Income Securities Investment Funds Luxembourg 1.16 Total Investment Funds 1.16 Cash and Other /(Liabilities) 1.29 Total

18 JPMorgan Private Bank Funds I - Diversified Fixed Income Fund (EUR) Schedule Investments - Outstanding Financial Futures Contracts (Expressed in EUR) Expiration Date Number Contracts Security Description Currency Notional Unrealised Gain/ (Loss) Bond Futures Dec Euro-Bobl Future EUR 13,129,050 (36,560) Dec-10 (72) Euro-Bund Future EUR (9,444,240) (8,450) Dec-10 (108) Euro-Schatz Future EUR (11,777,400) 9,720 Dec Long Gilt Future GBP 13,780,923 (21,086) Dec-10 (64) US 2 Year Note Future USD (10,302,653) (14,089) Dec US 5 Year Note Future USD 19,197,662 60,020 Total (10,445) Schedule Investments - Outstanding Forward Foreign Exchange Contracts (Expressed in EUR) Settlement Date Currency Amount Purchased Currency Amount Sold Unrealised Gain/ (Loss) 15-Oct-10 EUR 35,001,132 GBP 28,972,412 1,491, Oct-10 EUR 68,555,871 JPY 7,616,557,213 1,667, Oct-10 EUR 145,215,749 USD 189,597,022 6,098, Oct-10 USD 4,300,000 EUR 3,205,499 (50,361) Total 9,206,562 16

19 JPMorgan Private Bank Funds I - Diversified Fixed Income Fund (GBP) Schedule Investments ( Expressed in GBP) Name Securities Maturity/ Coupon Name Securities Maturity/ Coupon Transferable Securities Admitted to an Official Exchange Listing Bonds UNITED KINGDOM 100,000 Bank Scotland / , ,000 Coventry Building Society / , ,000 Lloyds TSB Bank / , ,000 Lloyds TSB Bank / , ,000 RBS / , ,019,000 UK Treasury / ,329, ,914,000 UK Treasury / ,511, ,546,584 UK Treasury / ,802, ,075,000 UK Treasury / ,367, ,000 West Bromwich Building Society / , ,000 Yorkshire Building Society / , ,595, JAPAN 172,500,000 Japan (Government ) / ,325, ,000,000 Japan (Government ) / ,034, ,300,000 Japan (Government ) / ,036, ,396, NETHERLANDS 400,000 Fortis Bank Nederland / , ,000 ING Bank / , ,000 LeasePlan / , ,000 herlands (Kingdom ) / , ,000 herlands (Kingdom ) / , ,000 NIBC Bank / , ,748, GERMANY 510,000 Germany (Federal Republic ) / , ,570,000 Germany (Federal Republic ) / ,407, ,000 KfW - Kreditanstalt fuer Wiederaufbau / , ,562, FRANCE 930,000 France (Government ) / , , AUSTRIA 325,000 Austria (Republic ) / , ,000 Austria (Republic ) / , , INTERNATIONAL AGENCIES 500,000 European Investment Bank / , , FINLAND 110,000 Finland (Government ) / , , Total Bonds 35,978, Total Transferable Securities Admitted to an Official Exchange Listing 35,978, Transferable Securities Dealt in on Another Regulated Investment Funds LUXEMBOURG 1,600,000 JPMorgan Liquidity Funds - Sterling Liquidity Fund (JPM Sterling Liquidity X (dist)) 1,600, ,600, Total Investment Funds 1,600, Total Transferable Securities Dealt in on Another Regulated 6,580, Total Investments 42,558, Cash 81, Other /(Liabilities) (43,642) (0.10) Total 42,596, (i) Security held as collateral against futures positions by the broker. Allocation Portfolio as at 30 September 2010 (Unaudited) Fixed Income Securities United Kingdom Japan United States America 9.25 herlands 6.45 Germany 6.01 France 4.45 Austria 0.91 International Agencies 0.77 Finland 0.25 Total Fixed Income Securities Investment Funds Luxembourg 3.76 Total Investment Funds 3.76 Cash and Other /(Liabilities) 0.09 Total Allocation Portfolio as at 31 March 2010 Fixed Income Securities United Kingdom United States America Germany Japan 9.10 France 5.41 herlands 2.39 Austria 1.09 International Agencies 0.95 Finland 0.30 Total Fixed Income Securities Investment Funds Luxembourg 3.86 Total Investment Funds 3.86 Cash and Other /(Liabilities) 1.62 Total Bonds UNITED STATES OF AMERICA 85,000 US Treasury (i) / , ,060,000 US Treasury / , ,920,000 US Treasury / ,310, ,100,000 US Treasury / , ,000 US Treasury / , ,350,000 US Treasury / , ,939, FRANCE 390,000 French Treasury Note / , ,000 French Treasury Note / , ,040, Total Bonds 4,980,