JPMorgan Funds. Audited Annual Report 30 June 2009

JPMorgan Funds Audited Annual Report 30 June 2009

This report is an abridged version the audited annual report established in conformity with the Luxembourg Law 20 December 2002 on Undertakings for Collective Investment as amended. The complete version is available on request from the Company s registered fice in Luxembourg and from JPMorgan Funds (Asia) Limited. This report does not constitute an fer shares. Subscriptions are only valid if made on the basis the current Hong Kong Offering Document which is available free charge on request, supplemented by the most recent audited annual report the Fund and any subsequent unaudited semi-annual report, from JPMorgan Funds (Asia) Limited. Certain the sub-funds the Fund are not authorised for fer or distribution in or from Hong Kong. Accordingly, no reference is made to these sub-funds in this audited annual report. The attention 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 those sub-funds which are not registered in Hong Kong

JPMorgan Funds Audited Annual Report Contents Board Directors 1 Management and Administration 2 Board Directors Report 3 Investment Managers Report 4 Independent Auditor s Report 5 Financial Statements and Statistical Information Combined Statement 6 Combined Statement Operations and Changes in 11 Statement Changes in the Number Shares 16 Statistical Information 22 Notes to the Financial Statements 28 Schedules Investment JPMorgan Funds - America Equity Fund 35 JPMorgan Funds - Global Natural Resources Fund 87 JPMorgan Funds - Eastern Europe Equity Fund 38 JPMorgan Funds - Global Real Estate Securities Fund (USD) 90 JPMorgan Funds - Emerging Europe, Middle East and Africa Equity Fund 40 JPMorgan Funds - JF China Fund 92 JPMorgan Funds - Emerging s Debt Fund 42 JPMorgan Funds - JF Greater China Fund 95 JPMorgan Funds - Emerging s Equity Fund 45 JPMorgan Funds - JF Hong Kong Fund 96 JPMorgan Funds - Emerging s Local Currency Debt Fund 47 JPMorgan Funds - JF India Fund 97 JPMorgan Funds - Emerging Middle East Equity Fund 49 JPMorgan Funds - JF Japan Equity Fund 98 JPMorgan Funds - Euroland Equity Fund 50 JPMorgan Funds - JF Japan Small Cap Fund 99 JPMorgan Funds - Euroland Select Equity Fund 54 JPMorgan Funds - JF Pacific Balanced Fund 100 JPMorgan Funds - Europe Dynamic Fund 57 JPMorgan Funds - JF Pacific Technology Fund 104 JPMorgan Funds - Europe Dynamic Mega Cap Fund 60 JPMorgan Funds - JF Singapore Fund 106 JPMorgan Funds - Europe Equity Fund 63 JPMorgan Funds - JF Taiwan Fund 107 JPMorgan Funds - Europe Small Cap Fund 66 JPMorgan Funds - Latin America Equity Fund 108 JPMorgan Funds - Europe Technology Fund 69 JPMorgan Funds - Russia Fund 110 JPMorgan Funds - Germany Equity Fund 70 JPMorgan Funds - US Aggregate Bond Fund 112 JPMorgan Funds - Global Convertibles Fund (EUR) 71 JPMorgan Funds - US Dynamic Fund 123 JPMorgan Funds - Global Dynamic Fund 75 JPMorgan Funds - US Small Cap Growth Fund 124 JPMorgan Funds - Global Equity Fund (USD) 79 JPMorgan Funds - US Strategic Growth Fund 126 JPMorgan Funds - Global Focus Fund 82 JPMorgan Funds - US Technology Fund 129 JPMorgan Funds - Global Life Sciences Fund 85 JPMorgan Funds - US Fund 130 Appendix: Unaudited Additional Disclosures Fund Total Expense Ratios 133 Summary Investment Objectives the Sub-Funds 139 Performance and Volatility 141 Interest Rate Received/(Charged) on Bank Accounts 147 Sub-Fund Share Classes Subject to Taxe d Abonnement Rate 0.01 147 Portfolio Turnover Rate 148 Historical Statements Changes in the Number Shares 149

JPMorgan Funds Board Directors Chairman Iain O.S. Saunders Banker Duine, Ardfern Argyll PA31 8QN United Kingdom Directors Jacques Elvinger Partner Elvinger, Hoss & Prussen 2, place Winston Churchill L-2014 Luxembourg Grand Duchy Luxembourg Jean Frijns Pressor, Finance and Investments Antigonelaan 2 NL-5631 LR Eindhoven The herlands Deputy Chairman Pierre Jaans Economist 3, rue de Kahler L-8356 Garnich Grand Duchy Luxembourg Andrea L. Hazen Managing DirectorF JPMorgan Asset Management (UK) Limited 20 Finsbury Street London EC2Y 9AQ United Kingdom Robert Van der Meer Pressor Finance 9A Lange Vijverberg NL-2513 AC The Hague The herlands Berndt May Managing Director JPMorgan Asset Management (Europe) S.à r.l. Austrian Branch Führichgasse 8 A-1010 Vienna Austria Changes to the Composition the Board Directors On 31 December 2008, Mr André Elvinger resigned from the Board Directors. Mr Jacques Elvinger was co-opted as a Director on 1 January 2009. Registered Office European Bank & Business Centre 6, route de Trèves L-2633 Senningerberg Grand Duchy Luxembourg 1

JPMorgan Funds 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 Advisory Company JPMorgan Asset Management Advisory Company S.à r.l. European Bank & Business Centre 6, route de Trèves L-2633 Senningerberg Grand Duchy Luxembourg Investment Managers J.P. Morgan Investment Management Inc. 245 Park Avenue New York, NY 10167 United States America JPMorgan Asset Management (Japan) Limited Tokyo Building 7-3, Marunouchi 2 - Chome Chiyoda-ku Tokyo 100-6432 Japan JPMorgan Asset Management (UK) Limited 20 Finsbury Street London EC2Y 9AQ United Kingdom JF Asset Management Limited 21st Floor, Chater House 8 Connaught Road, Central Hong Kong JPMorgan Asset Management (Singapore) Limited (previously named JF Asset Management (Singapore) Limited) 168 Robinson Road 17th Floor, Capital Tower Singapore 068912 Highbridge Capital Management LLC 9 West 57th Street New York, NY 10019 United States America Custodian, Corporate, Administrative Agent & Paying Agent J.P. Morgan Bank Luxembourg S.A. European Bank & Business Centre 6, route de Trèves L-2633 Senningerberg Grand Duchy Luxembourg Independent Auditor PricewaterhouseCoopers S.à r.l. Réviseur d entreprises 400, route d Esch B.P. 1443 L-1014 Luxembourg Grand Duchy Luxembourg Legal Adviser Elvinger, Hoss & Prussen 2, place Winston Churchill L-2014 Luxembourg Grand Duchy Luxembourg 2

JPMorgan Funds Board Directors Report The Board Directors is pleased to present the Audited Annual Report for the year ended 30 June 2009. The Fund The Fund is a variable capital investment company, organised as a Société Anonyme, under the laws the Grand Duchy Luxembourg.The Board Directors has appointed JPMorgan Asset Management (Europe) S.à r.l. as Management Company the Fund. The Fund is organized as an umbrella with a number Sub-Funds, each which has its own investment policy and restrictions. At present, the Fund has issued shares in 84 Sub-Funds. JPMorgan Funds - Middle East Equity Fund changed its name to JPMorgan Funds - Emerging Middle East Equity Fund on 15 June 2009. During the year, the total net assets the Fund decreased from USD 57.6 billion to USD 34.6 billion at year end. The Fund qualifies as an Undertaking for Collective Investments in Transferable Securities under the amended EC Directive 85/611 20 December 1985 and may therefore be fered for sale in European Union Member States, subject to registration in countries other than the Grand Duchy Luxembourg.In addition, applications to register the Fund and its Sub-Funds may be made in other countries. The Fund and the Sub-Funds are currently registered for fer and distribution in the Grand Duchy Luxembourg and in the following jurisdictions: Austria, Bahrain, Belgium, Chile, Cyprus, Denmark, Estonia, Finland, France, Germany, Greece, Hong Kong, Ireland, Italy, Korea, Macau, The herlands, Norway, Peru, Poland, Portugal, Singapore, Spain, Sweden, Switzerland, Taiwan and the United Kingdom. Fair Valuation The fair valuation process which had been in place since August 2007 ceased on 17 April 2009. Single Swing Pricing As a pre-requisite to Swing Pricing, the Fund converted from a last traded to a mid-pricing valuation basis on 23 March 2009. From 21 April 2009 onwards, a Swing Pricing Adjustment, as described in note 2 b), may be applied to the NAV per Share the relevant Sub-Funds. Responsibility the Directors The responsibility the Directors the Fund is governed exclusively by Luxembourg law.with respect to the annual accounts the Fund, the duties the Directors are governed by general corporate law and the law 19 December 2002 on, inter alia, the accounting and annual accounts undertakings and by the law 20 December 2002 relating to undertakings for collective investments. Changes to the Board Directors On 31 December 2008, Mr André Elvinger resigned as a Director the Fund.The Board would like to take this opportunity to thank Mr Elvinger for his service to the Fund. Mr Jacques Elvinger was co-opted as a Director with effect from 1 January 2009 and his appointment will be approved by Shareholders at the forthcoming Annual General Meeting. Annual General Meeting The next Annual General Meeting the Company will be held on 18 November 2009. Board Directors Luxembourg, 1 October 2009 3

JPMorgan Funds Investment Managers Report For the year ended 30 June 2009 Review The year under review was a turbulent one for investors, as the repercussions the continued credit crisis resounded through the global financial system and then through the global economy.risk assets plummeted for most the year as bad newsflow shocks, tight credit conditions and rapidly deteriorating economic data caused high levels volatility and risk aversion. Government bond yields plunged as investors fled to quality. A new downward leg in the financial crisis commenced in September 2008.Equity prices tumbled before the US government rescued mortgage giants Fannie Mae and Freddie Mac, then, just one week later, the collapse investment banking giant Lehman Brothers and the sale Merrill Lynch to Bank America sent shockwaves through the global financial system. The slew bad news continued into October and many financial institutions required government support.global stock markets fell significantly and fixed income spreads reached record wides.meanwhile, the US Congress passed the USD 700 billion Troubled Asset Relief Program, designed to buy bad debt from banks, and the UK, European and US authorities announced plans to inject capital into struggling financial institutions and provide short-term lending support. In November, global stock markets fell further.the US government announced an emergency rescue package for Citigroup, and the US Fed also announced the USD 800 billion Term Asset Backed Securities Loan Facility, to buy mortgage debt and support consumer loans.elsewhere, the British government cut VAT from 17.5 to 15 and China unveiled a USD 568 billion fiscal stimulus plan. December was more positive for risk assets, with global equities bouncing from the lows reached in November.However, the gains did not last and global stock markets declined significantly in January, February and early March as the financial crisis rumbled on, credit conditions remained tight and economic data deteriorated rapidly. In mid March, stock markets finally rallied significantly after several large banks announced better than expected performance for the start the year. Equity investors responded positively to US Treasury Secretary Timothy Geithner's plan to remove toxic assets from banks' balance sheets, while the Federal Reserve and the Bank England provided further support when they announced quantitative easing policies, through which they would attempt to boost lending and bring down long-term borrowing costs. In fixed income markets, the end the economic and market freefall encouraged investors to buy riskier assets and sell government bonds, while increased supply also weighed on the government bond market. The equity market rally continued through the spring and into early June, with investors drawing comfort from possible green shoots among economic data releases. A note caution crept in at the end the year amid fears that optimism over the likelihood a swift recovery had been overdone. By the end the period, aggressive interest rate cuts meant that rates in the eurozone were down to 1.0, UK base rates reached just 0.5 and US interest rates were in a 0-0.25 range. While the European Central Bank stopped short joining the US and UK in implementing full quantitative easing, it announced in May that it had decided in principle to spend up to EUR 60 billion buying up euro-denominated covered bonds to pump funds into the regional economy. Outlook Economic data has continued to suggest that the trough in activity has been passed and the business cycle has turned.surveys have continued to improve and in some instances have significantly beaten expectations.the better outlook for sentiment in the corporate sector has been mirrored by improving consumer confidence. Earnings momentum has improved dramatically over the past few months.the ratio analysts upgrading their earnings forecasts compared to those downgrading has bottomed in almost all the markets that we track.this suggests that, while we can expect to continue to see prits declining, the pace prit weakness has ameliorated.further green shoots may even result in analysts rushing to raise their numbers, leading to firmer improvements in earnings momentum. Following such a strong equity rally and with equity valuations reasonable but not compelling, it now remains to see whether liquidity will continue to drive a further re-rating equities and revival in risk appetite.we identify three factors that could derail markets.first, if central banks decide prematurely to remove their stimulus; second, if bond yields - particularly real yields - rise significantly from here; and third, if the dollar comes under significant pressure. A stronger economic recovery would push bond yields higher, but headwinds to that recovery are formidable: weak consumer balance sheets, rising unemployment, tight credit conditions (especially to the consumer), rising loan losses and weak final demand. Investment Managers 1 October 2009 The information contained in this report is historical and not necessarily indicative future performance. 4

Independent Auditor s Report To the Shareholders JPMorgan Funds PricewaterhouseCoopers Société à responsabilité limitée Réviseur d Entreprises 400, route d Esch B.P. 1443 L-1014 Luxembourg Telephone +352 494848-1 Facsimile +352 494848-2900 www.pwc.com/lu info@lu.pwc.com Following our appointment by the General Meeting the Shareholders the SICAV dated 19 November 2008, we have audited the accompanying Financial Statements JPMorgan Funds and each its Sub-Funds which comprise the Combined Statement and the Schedule Investments as at 30 June 2009 and the Combined Statement Operations and Changes in for the year then ended, and a summary significant accounting policies and other explanatory notes to the Financial Statements. Board Directors the SICAV s responsibility for the Financial Statements The Board Directors the SICAV is responsible for the preparation and fair presentation these Financial Statements in accordance with Luxembourg legal and regulatory requirements relating to the preparation the Financial Statements.This responsibility includes: designing, implementing and maintaining internal control relevant to the preparation and fair presentation Financial Statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances. Auditor s responsibility 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 as adopted by the Institut des Réviseurs d Entreprises.Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance 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 the Auditor s judgment, including the assessment the risks material misstatement the Financial Statements, whether due to fraud or error.in making those risk assessments, the Auditor considers internal control relevant to the entity s preparation and fair presentation the Financial Statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose expressing an opinion on the effectiveness the entity s internal control. An audit also includes evaluating the appropriateness accounting policies used and the reasonableness accounting estimates made by the Board Directors the SICAV, as well as evaluating the overall presentation the Financial Statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, these Financial Statements give a true and fair view the financial position JPMorgan Funds and each its Sub-Funds as 30 June 2009, and the results their operations and changes in their net assets for the year then ended in accordance with Luxembourg legal and regulatory requirements relating to the preparation the Financial Statements. Other matter Supplementary information included in the annual report has been reviewed in the context our mandate but has not been subject to specific audit procedures carried out in accordance with the standards described above.consequently, we express no opinion on such information.however, we have no observation to make concerning such information in the context the Financial Statements taken as a whole. PricewaterhouseCoopers S.à r.l. Luxembourg, 1 October 2009 Réviseur d entreprises Represented by John Parkhouse R.C.S. Luxembourg B 65 477 - TVA LU17564447 5

JPMorgan Funds Combined Statement JPMorgan Funds Combined USD America Equity Fund USD Eastern Europe Equity Fund EUR Emerging Europe, Middle East and Africa Equity Fund USD Emerging s Debt Fund EUR Investments in Securities at (1) 33,719,950,752 331,470,919 513,044,562 413,643,923 128,283,266 Acquisition Cost: 34,534,119,661 377,813,678 834,859,958 549,359,507 136,582,782 Investments in TBAs at (2) 3,426,875 - - - - Cash at Bank 891,840,404 6,154,982 1,359,358 418,833 10,582,235 Time Deposits and Cash Equivalents 137,799,144 - - - - Amounts Receivable on Sale Investments 211,841,413-1,103,216 867,257 59,656 Amounts Receivable on Sale TBAs (2) 379,814 - - - - Amounts Receivable on Subscriptions 152,559,465 423,623 916,980 1,783,565 2,191,640 Interest and Dividends Receivable, 104,779,793 390,061 3,672,613 1,389,390 2,907,618 Tax Reclaims Receivable 4,709,189 - - 5,337 - Fee Waiver (3) 2,427,576 28,969 111,916 32,405 15,769 Other Receivables 153,375-3,146 21,357 - Unrealised Gain on Forward Foreign Exchange Contracts 19,838,912 144,064 - - - Unrealised Gain on Financial Futures Contracts 691,341 - - - 112,443 Derivatives Instruments at 7,001,351 - - - - Total 35,257,399,404 338,612,618 520,211,791 418,162,067 144,152,627 Liabilities Bank Overdraft 77,123,872 - - 1,684,852 - Amounts Payable on Purchase Investments 383,089,540-798,792 2,732,893 509 Amount Payable on Purchase TBAs (2) 3,762,302 - - - - Amounts Payable on Redemptions 131,801,398 222,247 1,019,831 924,687 197,963 Management and Advisory Fees Payable 37,748,298 358,645 954,404 537,052 127,713 Performance Fees 12,953,199 - - - - Other Payables 10,948,531 124,309-180,623 56,712 Unrealised Loss on Forward Foreign Exchange Contracts 5,894,420 - - - 38,276 Unrealised Loss on Financial Futures Contracts 1,881,963 - - - - Derivatives Instruments at 2,188,450 - - - - Total Liabilities 667,391,973 705,201 2,773,027 6,060,107 421,173 Total 34,590,007,431 337,907,417 517,438,764 412,101,960 143,731,454 Historical Total 30 June 2008 57,591,091,920 549,614,355 1,583,655,705 1,093,563,689 204,005,222 30 June 2007 89,568,991,703 753,695,199 1,411,797,493 599,428,235 251,870,653 30 June 2006 63,483,121,497 827,863,368 1,303,458,118 589,240,340 186,643,180 30 June 2005 34,719,610,938 1,503,287,228 1,057,799,924 320,585,885 137,498,590 30 June 2004 23,129,291,606 1,745,071,816 622,853,935 260,841,160 41,666,376 (1) Please refer to note 2a). (2) Please refer to note 2l). (3) Please refer to Note 7a). The accompanying notes form an integral part these Financial Statements. 6

JPMorgan Funds Combined Statement (continued) Emerging s Equity Fund USD Emerging s Local Currency Debt Fund EUR Emerging Middle East Equity Fund (4) USD Euroland Equity Fund EUR Euroland Select Equity Fund EUR Europe Dynamic Fund EUR Europe Dynamic Mega Cap Fund EUR Europe Equity Fund EUR Europe Small Cap Fund EUR 4,660,992,571 78,295,003 299,419,677 422,514,574 7,343,201 260,549,834 304,505,548 530,588,095 220,971,139 4,071,738,921 79,707,048 360,778,351 543,888,433 7,624,544 248,319,335 293,185,223 651,221,628 215,056,760 - - - - - - - - - 19,580,102 6,840,987 10,328,014-72,005 739,853 21,658,855-5,625,955 - - - - - - - - - - 5,616-12,976 28,034 16,955,802 5,502,084 50,367 6,385,630 - - - - - - - - - 9,027,317-929,622 358,313-200,321 79,403 566,457 276,846 10,995,521 1,359,915 575,210 199,995 4,106 465,263 935,273 887,926 423,824 11,197-3,962 419,647 13,963 171,549 317,240 273,527 110,973-21,329 87,139 42,440 22,457 40,842 22,150 2,731 19,801 1,279 - - 9-4 - 562 605 - - - - - - - - - - - - - - - 2,748 - - - - - - - - - - - 4,700,607,987 86,522,850 311,343,624 423,547,954 7,483,766 279,123,468 333,023,301 532,369,665 233,814,773 - - 995,528 6,543,353 - - - 326,012-14,862,936-973,638 145,715 38,205 17,698,949 18,174,990 1,282,683 5,273,643 - - - - - - - - - 9,629,877-518,617 2,494,275-648,933 284,842 556,953 556,838 4,053,308 770 409,194 466,885 4,506 288,872 339,536 600,557 286,659 - - - - - - - - - 933,456 33,241 200,153 167,327 23,955 113,709 113,027 173,747 93,477 - - - - - - - - - - - - 58,460 385 8,617 - - - - - - - - - - - - 29,479,577 34,011 3,097,130 9,876,015 67,051 18,759,080 18,912,395 2,939,952 6,210,617 4,671,128,410 86,488,839 308,246,494 413,671,939 7,416,715 260,364,388 314,110,906 529,429,713 227,604,156 6,604,690,449 5,351,918 709,594,180 1,424,908,906 4,902,750 631,881,565 572,249,219 1,877,322,935 469,101,616 6,821,647,444-341,530,509 4,685,250,845-1,465,060,727 1,202,156,717 6,724,760,335 1,383,590,469 3,782,245,657-265,944,060 3,202,176,183-1,376,855,052 249,542,128 6,201,107,870 1,315,922,955 1,571,057,734-179,320,165 1,690,787,425-946,700,625-3,650,505,220 760,956,406 501,166,320-11,261,116 503,754,815-763,499,657-1,887,740,281 767,269,367 (4) This Sub-Fund was renamed from Middle East Equity Fund on 15 June 2009. 7

JPMorgan Funds Combined Statement (continued) Europe Technology Fund EUR Germany Equity Fund EUR Global Convertibles Fund (EUR) EUR Global Dynamic Fund USD Global Equity Fund (USD) USD Global Focus Fund EUR Global Life Sciences Fund USD Global Natural Resources Fund EUR Global Real Estate Securities Fund (USD) USD 70,128,216 318,476,249 1,859,544,391 1,179,038,477 230,961,401 303,349,099 20,644,331 1,006,284,091 13,382,561 65,524,342 396,294,613 1,893,155,359 1,231,233,422 274,531,586 306,366,671 21,632,945 1,265,061,352 16,688,494 - - - - - - - - - 158,158 174,579 103,372,642 503,478 2,301,731 28,677,423 147,239 39,833,197 271,960 - - - - - - - - - 512,077-13,212,319 1,942,402-1,487,581 863,111 2,583,253 - - - - - - - - - - 20,502 183,427 14,722,396 421,474 24,603 5,211,720-4,802,302 25,636 8,530 130 6,782,009 2,035,854 462,655 765,672 13,189 581,938 80,733 4,118 455,331 50,572 109,352 13,574 50,283 3,483-16,315 13,788-43,705 33,262 47,055 54,853 28,914-40,879 4 - - 12,870 - - - 27,089 59 - - 12,545,958 123,917 299,609 - - - - - - - - - - - - - - - - - - - - - - 70,845,393 319,289,716 2,010,273,992 1,184,221,086 234,110,628 339,596,631 21,700,267 1,054,111,870 13,818,143 - - - 1,446,137 - - - - - 413,163-56,926,377 6,282,971-3,427,785 532,870 26,833,988 28,842 - - - - - - - - - 81,637 162,083 11,023,759 310,180 13,018 301,257 21,824 7,384,947-90,277 386,082 1,644,051 957,417 139,393 342,968 26,722 1,254,798 6,877 - - - - - - - - - 36,558 85,809 549,746 311,837 88,781 141,426 36,067 301,704 39,028 - - - - - 3,882,295 - - 32,719 - - 622,498 - - 64,356 - - - - - - - - - - - - 621,635 633,974 70,766,431 9,308,542 241,192 8,160,087 617,483 35,775,437 107,466 70,223,758 318,655,742 1,939,507,561 1,174,912,544 233,869,436 331,436,544 21,082,784 1,018,336,433 13,710,677 113,646,005 550,719,016 1,742,308,863 1,872,953,353 162,885,287 335,896,837 31,732,175 1,871,228,153 12,635,754 203,196,335 754,261,152 1,697,301,712 3,346,335,559 270,564,769 551,822,932 47,918,265 1,778,456,610 21,580,292 192,588,759 181,827,675 1,149,704,455 2,325,259,734 251,794,930 107,907,690 60,967,159 943,442,736-190,544,916 52,725,188 475,650,333 1,025,643,976 199,539,466 23,601,757 56,495,048 106,717,900-259,246,982 48,746,975 328,088,146 811,491,469 101,899,099 37,914,516 70,563,912 - - 8

JPMorgan Funds Combined Statement (continued) JF China Fund USD JF Greater China Fund USD JF Hong Kong Fund USD JF India Fund USD JF Japan Equity Fund USD JF Japan Small Cap Fund USD JF Pacific Balanced Fund USD JF Pacific Technology Fund USD JF Singapore Fund USD 3,072,626,637 562,843,198 207,809,508 1,990,354,030 352,279,762 51,923,872 125,474,679 25,349,643 191,611,601 2,601,203,193 516,180,333 215,222,393 1,585,444,259 347,388,975 47,989,033 124,283,921 26,789,479 213,898,400 - - - - - - - - - 181,555,246 3,301,117 3,581,572 98,805,474 3,349,243 1,098,100 12,453,834 1,500,291 4,930,048 - - - - - - - - - 3,897,270 3,896,498 1,605,093-8,108,465 238,206 2,901,655 247,203 2,202,736 - - - - - - - - - 57,357,034 2,156,990 163,017 5,191,411 912,684 262,593 329,422 449,232 68,609 13,932,209 1,716,037 249,277 4,550,147 280,791 69,687 930,955 28,489 42,165 - - - - - - - - - - 30,217 66,095-3,701 32,938 28,801 30,685 34,507 9,372 - - - - - 2,365 - - - - - - - - - - - 336,660 - - - - - - - - - - - - - - - - - 3,329,714,428 573,944,057 213,474,562 2,098,901,062 364,934,646 53,625,396 142,121,711 27,605,543 198,889,666 - - - - - - - - - 28,252,162 3,863,723 513,635 7,399,463 7,333,815 751,028 9,045,698 491,082 - - - - - - - - - - 18,595,915 622,297 114,802 3,003,133 305,416 53,196 109,991 27,047 159,950 4,080,702 738,472 278,442 3,195,103 443,267 52,739 168,832 31,166 266,370 - - - - - - - - - 912,861 209,629 135,962 761,491 117,033 46,879 71,682 38,189 96,033 - - - - - - 271,286 5,531 - - - - - - - 329,018 - - - - - - - - - - - 51,841,640 5,434,121 1,042,841 14,359,190 8,199,531 903,842 9,996,507 593,015 522,353 3,277,872,788 568,509,936 212,431,721 2,084,541,872 356,735,115 52,721,554 132,125,204 27,012,528 198,367,313 2,680,483,250 622,728,380 257,111,221 2,533,079,738 800,338,469 139,803,462 151,733,601 43,863,223 603,489,727 3,221,787,004 684,910,511 108,208,759 4,123,155,354 1,948,180,766 241,926,110 182,226,858 39,446,674 789,840,297 1,156,132,290 476,255,116 69,447,599 2,682,021,036 3,851,032,031 254,241,348 207,569,440 51,718,815 163,904,802 600,358,547 416,352,335 59,200,392 1,090,513,091 1,974,843,081 149,225,151 145,855,596 26,382,261 29,867,310 602,532,383 365,924,945 57,440,697 476,864,953 2,425,759,755 213,410,325 110,741,277 29,459,730 10,847,678 9

JPMorgan Funds Combined Statement (continued) JF Taiwan Fund USD Latin America Equity Fund USD Russia Fund USD US Aggregate Bond Fund USD US Dynamic Fund USD US Small Cap Growth Fund USD US Strategic Growth Fund USD US Technology Fund USD US Fund USD 397,945,769 919,445,918 758,995,425 611,073,255 765,439,403 28,629,763 92,642,220 34,348,778 615,068,585 400,738,463 871,715,303 1,096,291,816 604,868,232 725,024,470 31,849,588 96,777,019 39,502,043 769,065,705 - - - - - - - - - 5,977,577 10,248,777 6,555,075 22,110,792 7,661,853 474,489 471,099 292,984 19,034,316 - - - - - - - - - 5,165,955-3,895,226 28,292 33,412,559 118,123 13,121,241 - - - - - - - - - - - 565,989 3,166,702 1,632,993 2,272,584 166,938 13,267 48,690 203,242 1,151,728 293,956 3,870,739 3,281,535 4,706,864 595,130 5,238 85,019 2,800 682,499 - - 55,195 - - - - 8,957-108,245 37,372-50,477-18,243 37,824 26,795 16,642 - - - - 5-65 - - - - - - - - 51,359-361,542 - - - - - - - - - - 27,500 - - - - - - - 410,057,491 936,797,008 774,415,449 640,242,264 807,275,888 29,259,123 106,457,517 34,883,556 636,315,312 - - - - - - - - - 569,764 9,691,728 751,125 2,212,255 30,909,173 46,973 8,945,086 - - - - - - - - - - - 4,507,614 4,576,824 1,101,289 17,237,726 4,032,984 45,667 3,816,040 56,924 1,159,462 504,461 1,081,044 1,134,478 342,571 841,346 38,212 85,371 45,640 576,823 - - - - - - - - - 248,568 302,576 14,096 143,870 163,211 27,537 62,803 38,258 181,716 - - - - - - - - - - - - - - - - - - - - - - - - - - - 5,830,407 15,652,172 3,000,988 19,936,422 35,946,714 158,389 12,909,300 140,822 1,918,001 404,227,084 921,144,836 771,414,461 620,305,842 771,329,174 29,100,734 93,548,217 34,742,734 634,397,311 1,080,868,675 2,091,554,855 1,630,707,987 384,092,920 2,029,139,806 47,282,308 623,683,872 140,291,566 855,159,915 748,278,900 1,748,314,623 299,387,847 254,010,752 7,549,424,048 67,473,188 584,352,217 65,053,721 1,776,712,510 434,243,842 767,332,573 117,766,371 252,454,960 4,920,977,009 65,415,360 183,686,288 89,973,113 1,193,279,302 125,282,379 306,829,959-200,223,292 1,205,344,952 62,087,458 17,074,486 104,719,465 61,421,956,477 75,218,570 158,274,848-23,575,790 432,814,499 72,047,337 4,792,921 128,857,861 483,688,707 10

JPMorgan Funds Combined Statement Operations and Changes in For the Year Ended 30 June 2009 JPMorgan Funds Combined USD America Equity Fund USD Eastern Europe Equity Fund EUR Emerging Europe, Middle East and Africa Equity Fund USD Emerging s Debt Fund EUR at the Beginning the Year * 54,684,004,135 549,614,355 1,583,655,705 1,093,563,689 204,005,222 Income Dividend Income, 786,589,345 6,457,190 10,501,013 12,690,716 - Interest Income, 143,430,843 201,934 31,210 1,206 10,935,708 Securities Lending Income 34,454,766 253,244 135,938 27,823 68,314 Bank Interest 10,960,428 158,070 465,777 154,581 95,947 Interest on Swap Transactions 161,405 - - - - Other Income 275,231 - - - - Total Income 975,872,018 7,070,438 11,133,938 12,874,326 11,099,969 Expenses Management and Advisory Fees 444,502,093 5,087,664 9,037,689 7,395,192 1,447,233 Custodian, Corporate, Administration and Domiciliary Agency Fees 37,916,215 246,826 1,576,317 938,224 141,765 Registrar and Transfer Agency Fees 28,856,219 392,656 643,072 483,812 160,378 Taxe d abonnement 13,739,567 177,809 249,405 204,927 55,282 Overdraft Interest 51,103 - - 129 - Interest on Swap Transactions 3,775 - - - - Sundry Fees** 25,289,766 387,667 540,157 567,797 71,535 Less: Fee Waiver (1) 12,910,298 106,592 337,567 157,614 28,384 Total Expenses before Performance Fees 537,448,440 6,186,030 11,709,073 9,432,467 1,847,809 Performance Fees 12,955,991 - - - - Total Expenses 550,404,431 6,186,030 11,709,073 9,432,467 1,847,809 Investment Income/(Loss) 425,467,587 884,408 (575,135) 3,441,859 9,252,160 Realised Gain/(Loss) on Sale Investments (12,145,398,653) (134,511,409) (267,569,097) (262,388,104) (32,214,022) Realised Gain/(Loss) on Forward Foreign Exchange Contracts (204,408,836) (3,250,720) (276,410) 814,213 (27,065,578) Realised Gain/(Loss) on Financial Futures Contracts (50,994,410) - - - 53,878 Realised Gain/(Loss) on Foreign Exchange (7,902,877) 62,190 4,200,031 667,508 5,020,106 Realised Gain/(Loss) on TBAs (164,386) - - - - Realised Gain/(Loss) on Derivatives Instruments 20,160,969 - - - - Realised Gain/(Loss) for the Year (12,388,708,193) (137,699,939) (263,645,476) (260,906,383) (54,205,616) Change in Unrealised Gain/(Loss) on Investments (2,018,226,926) 5,533,971 (538,151,842) (248,036,561) 18,156,102 Change in Unrealised Gain/(Loss) on Forward Foreign Exchange Contracts (4,140,699) 215,399 - - (404,953) Change in Unrealised Gain/(Loss) on Financial Futures Contracts 5,021,160 - - - (63,052) Change in Unrealised Gain/(Loss) on Foreign Exchange 264,646 (18,291) 525,696 (109,590) (35,640) Change in Unrealised Gain/(Loss) on TBAs 78,487 - - - - Change in Unrealised Gain/(Loss) on Derivatives Instruments 1,315,966 - - - - Change in Unrealised Gain/(Loss) for the Year (2,015,687,366) 5,731,079 (537,626,146) (248,146,151) 17,652,457 Increase/(Decrease) in as a Result Operations (13,978,927,972) (131,084,452) (801,846,757) (505,610,675) (27,300,999) Movements in Share Capital Subscriptions 20,961,717,909 150,431,823 306,501,177 217,902,655 130,327,148 Redemptions (26,667,085,499) (231,054,309) (561,761,225) (383,507,507) (158,742,793) Increase/(Decrease) in as a Result Movements in Share Capital (5,705,367,590) (80,622,486) (255,260,048) (165,604,852) (28,415,645) Dividend Distribution (409,701,142) - (9,110,136) (10,246,202) (4,557,124) at the End the Year 34,590,007,431 337,907,417 517,438,764 412,101,960 143,731,454 (1) Please refer to Note 7a). * The opening balance was combined using the foreign exchange rates as at 30 June 2009.The same net assets when combined using the foreign exchange rate ruling as at 30 June 2008 reflected a figure USD 57,591,091,920. ** Sundry Fees are principally comprised Directors fees, audit and tax related fees, registration, publication, mailing, printing, legal and marketing expenses. The accompanying notes form an integral part these Financial Statements. 11

JPMorgan Funds Combined Statement Operations and Changes in (continued) For the Year Ended 30 June 2009 Emerging s Equity Fund USD Emerging s Local Currency Debt Fund EUR Emerging Middle East Equity Fund (2) USD Euroland Equity Fund EUR Euroland Select Equity Fund EUR Europe Dynamic Fund EUR Europe Dynamic Mega Cap Fund EUR Europe Equity Fund EUR Europe Small Cap Fund EUR 6,604,690,449 5,351,918 709,594,180 1,424,908,906 4,902,750 631,881,565 572,249,219 1,877,322,935 469,101,616 109,697,388-10,790,471 20,145,944 196,493 11,462,921 14,578,849 29,555,163 6,979,585 13,602 6,178,612 1,538 2,866 203 30,345 55,159 1,371 3,165 327,651-53,897 3,556,059 9,773 887,512 960,704 3,153,366 797,537 177,466 49,233 55,473 242,894 3,245 164,823 474,149 424,897 131,423 - - - - - - - - - - - - - - - - - - 110,216,107 6,227,845 10,901,379 23,947,763 209,714 12,545,601 16,068,861 33,134,797 7,911,710 42,329,146 20,204 5,914,719 9,548,021 41,507 4,638,003 5,550,091 11,244,288 4,281,708 3,854,365 190,386 1,074,041 560,203 76,279 352,895 315,298 599,899 367,525 2,425,202 60,327 423,517 572,348 29,347 268,703 317,006 621,163 316,106 1,402,943 8,160 167,093 264,816 1,360 144,357 173,644 321,942 121,422 246-2,696 - - 2,574 1,431 - - - - - - - - - - - 2,004,623 40,249 477,122 449,074 4,700 187,036 233,164 475,940 179,556 181,377 177,288 498,289 123,641 99,587 73,588 51,103 63,566 28,496 51,835,148 142,038 7,560,899 11,270,821 53,606 5,519,980 6,539,531 13,199,666 5,237,821-1,242 - - - - - - - 51,835,148 143,280 7,560,899 11,270,821 53,606 5,519,980 6,539,531 13,199,666 5,237,821 58,380,959 6,084,565 3,340,480 12,676,942 156,108 7,025,621 9,529,330 19,935,131 2,673,889 (307,301,188) (2,600,908) (159,687,013) (437,833,995) (1,834,692) (224,133,909) (239,682,095) (580,590,079) (195,009,816) (3,030,138) (900,515) 163,532 (115,292) 68 (10,361) (258,754) 117,439 (17,673) - (140,821) - 10,896,197 (33,705) (2,149,094) 1,704,700 (13,718,634) - (3,446,610) 772,716 (489,297) (19,184) (168) (99,952) 1,059,226 (869,982) 238,105 - - - - - - - - - - - - - - - - - - (313,777,936) (2,869,528) (160,012,778) (427,072,274) (1,868,497) (226,393,316) (237,176,923) (595,061,256) (194,789,384) (1,292,383,130) (1,111,056) (74,148,240) 48,756,650 728,348 59,768,882 67,886,735 122,864,486 31,898,461-12,553 - - - - - - - - - - (3,303,880) 1,275 (8,617) 2,748 - - 156,389 (5,284) (3,091) 1,036 - (1,644) - 18,484 (155) - - - - - - - - - - - - - - - - - - (1,292,226,741) (1,103,787) (74,151,331) 45,453,806 729,623 59,758,621 67,889,483 122,882,970 31,898,306 (1,547,623,718) 2,111,250 (230,823,629) (368,941,526) (982,766) (159,609,074) (159,758,110) (452,243,155) (160,217,189) 2,320,193,580 109,267,655 200,161,702 196,987,379 5,164,260 177,807,291 202,660,104 246,983,523 42,747,473 (2,655,675,241) (30,241,984) (349,549,908) (813,873,704) (1,667,211) (385,293,064) (300,178,417) (1,125,290,883) (120,807,409) (335,481,661) 79,025,671 (149,388,206) (616,886,325) 3,497,049 (207,485,773) (97,518,313) (878,307,360) (78,059,936) (50,456,660) - (21,135,851) (25,409,116) (318) (4,422,330) (861,890) (17,342,707) (3,220,335) 4,671,128,410 86,488,839 308,246,494 413,671,939 7,416,715 260,364,388 314,110,906 529,429,713 227,604,156 (2) This Sub-Fund was renamed from Middle East Equity Fund on 15 June 2009. 12

JPMorgan Funds Combined Statement Operations and Changes in (continued) For the Year Ended 30 June 2009 Europe Technology Fund EUR Germany Equity Fund EUR Global Convertibles Fund (EUR) EUR Global Dynamic Fund USD Global Equity Fund (USD) USD Global Focus Fund EUR Global Life Sciences Fund USD Global Natural Resources Fund EUR Global Real Estate Securities Fund (USD) USD 113,646,005 550,719,016 1,742,308,863 1,872,953,353 162,885,287 335,896,837 31,732,175 1,871,228,153 12,635,754 1,351,991 10,347,624 5,071,626 29,252,545 3,917,689 6,280,985 299,807 6,817,797 670,387 8,087 2,109 26,558,821 1,257 978 126 7,216 293,801 248 201,356 910,251-1,761,574 277,199 394,161 19,974-8,383-18,788 546,720 43,054 6,589 14,895 391 94,940 4,032 - - - - - - - - - - - - - - - - - - 1,561,434 11,278,772 32,177,167 31,058,430 4,202,455 6,690,167 327,388 7,206,538 683,050 1,255,927 5,260,618 16,434,827 13,447,795 1,631,145 3,622,210 423,437 11,939,587 73,564 152,169 238,048 621,992 645,176 218,085 321,769 146,553 543,651 157,151 196,335 298,459 913,354 757,289 171,504 266,925 109,239 808,272 52,056 36,333 128,833 667,641 455,361 87,155 119,791 12,396 337,305 3,146 - - 15,970 251 198-280 2,244 - - - - - - - - - - 53,837 200,542 1,718,685 1,185,503 209,897 257,269 25,697 632,135 11,283 119,779 48,224 378,144 306,266 213,520 140,339 172,842 11,275 193,604 1,574,822 6,078,276 19,994,325 16,185,109 2,104,464 4,447,625 544,760 14,251,919 103,596 - - - - - - - - - 1,574,822 6,078,276 19,994,325 16,185,109 2,104,464 4,447,625 544,760 14,251,919 103,596 (13,388) 5,200,496 12,182,842 14,873,321 2,097,991 2,242,542 (217,372) (7,045,381) 579,454 (46,453,409) (110,839,997) (177,423,879) (441,704,275) (17,305,201) (74,159,797) (6,571,131) (312,989,785) (7,352,925) 362 - (115,307,647) (2,645,813) (5,258,816) 10,900,268 1,614 (644,871) (587,462) - - (36,929,559) - - 170,672 - - - (23,357) - 2,262,154 (107,828) (1,089,221) 555 21,562 (912,636) (75,395) - - - - - - - - - - - (646,182) - - - - - - (46,476,404) (110,839,997) (328,045,113) (444,457,916) (23,653,238) (63,088,302) (6,547,955) (314,547,292) (8,015,782) 22,330,818 (44,229,120) 206,619,399 (156,432,740) (51,060,486) 22,327,113 246,456 (394,636,866) (1,550,853) - - (311,753) (13,289) 299,609 (3,248,726) - - (17,352) - - 6,808,272 - - (64,356) - - - 97-28,986 29,289 5,752 (28,681) (352) 150,099 245 - - - - - - - - - - - - - - - - - - 22,330,915 (44,229,120) 213,144,904 (156,416,740) (50,755,125) 18,985,350 246,104 (394,486,767) (1,567,960) (24,158,877) (149,868,621) (102,717,367) (586,001,335) (72,310,372) (41,860,410) (6,519,223) (716,079,440) (9,004,288) 50,596,031 339,662,700 1,334,604,880 514,686,999 164,669,560 185,324,448 29,164,245 692,492,343 15,222,207 (68,010,483) (415,788,026) (1,029,810,543) (620,712,409) (21,024,576) (147,924,331) (33,294,129) (829,304,623) (5,142,996) (17,414,452) (76,125,326) 304,794,337 (106,025,410) 143,644,984 37,400,117 (4,129,884) (136,812,280) 10,079,211 (1,848,918) (6,069,327) (4,878,272) (6,014,064) (350,463) - (284) - - 70,223,758 318,655,742 1,939,507,561 1,174,912,544 233,869,436 331,436,544 21,082,784 1,018,336,433 13,710,677 13

JPMorgan Funds Combined Statement Operations and Changes in (continued) For the Year Ended 30 June 2009 JF China Fund USD JF Greater China Fund USD JF Hong Kong Fund USD JF India Fund USD JF Japan Equity Fund USD JF Japan Small Cap Fund USD JF Pacific Balanced Fund USD JF Pacific Technology Fund USD JF Singapore Fund USD 2,680,483,250 622,728,380 257,111,221 2,533,079,738 800,338,469 139,803,462 151,733,601 43,863,223 603,489,727 48,689,335 24,764,197 5,722,999 20,669,278 8,875,106 1,054,420 1,205,675 944,540 8,996,029 68,298 2,176-87,284 726 146 4,133,502 192 4,342 - - - - 348,654-66,688 17,424-642,485 45,608 24,122 1,158,825 28,017 1,607 67,678 5,329 90,199 - - - - - - - - - - - - - - - 34,135 4,219-49,400,118 24,811,981 5,747,121 21,915,387 9,252,503 1,056,173 5,507,678 971,704 9,090,570 35,120,544 7,161,248 2,850,304 31,968,904 7,366,294 1,088,577 1,723,544 384,907 3,522,021 1,422,671 588,111 238,508 3,525,693 338,517 126,658 175,267 137,169 279,860 1,535,282 383,298 172,233 1,460,853 476,142 157,037 123,009 86,234 268,712 1,058,088 221,259 86,417 857,250 211,127 31,720 54,974 12,702 80,161 - - - - - - - - - - - - - - - - - - 1,818,104 367,581 364,376 2,025,381 269,864 44,823 170,619 18,715 198,513 1,098 28,638 152,368 4,801 29,594 72,887 92,164 160,675 36,167 40,953,591 8,692,859 3,559,470 39,833,280 8,632,350 1,375,928 2,155,249 479,052 4,313,100 - - - - - - - - - 40,953,591 8,692,859 3,559,470 39,833,280 8,632,350 1,375,928 2,155,249 479,052 4,313,100 8,446,527 16,119,122 2,187,651 (17,917,893) 620,153 (319,755) 3,352,429 492,652 4,777,470 (552,790,238) (109,330,688) (61,294,525) (228,669,325) (252,657,424) (50,753,818) (23,900,388) (11,959,202) (182,442,152) 15,435 (311) 73 (6,933) 48,008 (285) 570,579 (73,556) 36,775 (2,276,160) - - 3,002,682 - - (1,796,909) - - (152,367) (636,936) 102,726 (5,958,670) 1,576,246 35,185 (337,903) 285,576 (607,751) - - - - - - - - - - - - - - - - - - (555,203,330) (109,967,935) (61,191,726) (231,632,246) (251,033,170) (50,718,918) (25,464,621) (11,747,182) (183,013,128) 359,641,933 28,155,086 28,658,708 94,354,179 23,786,469 6,825,459 6,859,336 2,098,601 (20,121,235) - - - - - - (160,108) 302,180-336,660 - - - - - (647,505) - - - (3,656) (8,316) 280,255 (335,195) (31,984) (39,868) (30,610) (76,154) - - - - - - - - - - - - - - - - - - 359,978,593 28,151,430 28,650,392 94,634,434 23,451,274 6,793,475 6,011,855 2,370,171 (20,197,389) (186,778,210) (65,697,383) (30,353,683) (154,915,705) (226,961,743) (44,245,198) (16,100,337) (8,884,359) (198,433,047) 2,154,026,672 204,677,910 62,960,339 640,228,590 141,444,702 30,830,586 33,253,311 7,240,274 85,701,424 (1,334,554,866) (178,684,906) (75,879,574) (933,850,758) (358,086,313) (73,667,296) (33,508,926) (14,820,480) (290,740,684) 819,471,806 25,993,004 (12,919,235) (293,622,168) (216,641,611) (42,836,710) (255,615) (7,580,206) (205,039,260) (35,304,058) (14,514,065) (1,406,582) 7 - - (3,252,445) (386,130) (1,650,107) 3,277,872,788 568,509,936 212,431,721 2,084,541,872 356,735,115 52,721,554 132,125,204 27,012,528 198,367,313 14

JPMorgan Funds Combined Statement Operations and Changes in (continued) For the Year Ended 30 June 2009 JF Taiwan Fund USD Latin America Equity Fund USD Russia Fund USD US Aggregate Bond Fund USD US Dynamic Fund USD US Small Cap Growth Fund USD US Strategic Growth Fund USD US Technology Fund USD US Fund USD 1,080,868,675 2,091,554,855 1,630,707,987 384,092,920 2,029,139,806 47,282,308 623,683,872 140,291,566 855,159,915 56,044,847 24,915,660 6,976,908-18,336,135 56,225 2,582,640 284,183 15,327,263 2,076 719 15,850 24,163,404 10,994 295 1,184 629 9,012-425,173 95,191-980,503 20,430 120,347 35,765 740,784 148,208 85,685 379,941-376,384 13,308 91,291 26,036 157,628 - - - - - - - - - - - - - - - - - - 56,195,131 25,427,237 7,467,890 24,163,404 19,704,016 90,258 2,795,462 346,613 16,234,687 6,995,054 13,113,143 7,983,244 2,924,922 15,503,834 515,420 2,846,612 727,862 8,448,508 818,294 932,119 1,401,135 258,560 412,450 90,735 226,070 110,061 319,143 391,469 808,462 628,510 321,192 775,766 71,835 222,115 151,441 569,639 193,379 329,179 185,642 198,020 417,799 14,709 88,630 17,507 303,732-1,348-1,269 - - - - - - - - - - - - - - 645,179 855,606 311,332 319,991 584,410 19,002 243,751 43,261 658,798 171,389 115,158 736,467 307,169 7,806 73,628 122,410 126,405 190,152 8,871,986 15,924,699 9,773,396 3,716,785 17,686,453 638,073 3,504,768 923,727 10,109,668 - - - - - - - - - 8,871,986 15,924,699 9,773,396 3,716,785 17,686,453 638,073 3,504,768 923,727 10,109,668 47,323,145 9,502,538 (2,305,506) 20,446,619 2,017,563 (547,815) (709,306) (577,114) 6,125,019 (523,003,299) (293,940,584) (430,072,848) 1,542,882 (603,429,413) (11,883,283) (128,310,281) (21,322,191) (126,656,733) (6,689) (71,466) (567) - (235,267) - (4,137,086) (2,198) (2,831,672) - (2,000) - - (13,186,608) - 272,023 - - (5,381,130) (3,038,342) (120,112) - 338,175 - (176,303) (543) 501,353 - - - - - - - - - - 323,359 - - - - - - - (528,391,118) (296,729,033) (430,193,527) 1,542,882 (616,513,113) (11,883,283) (132,351,647) (21,324,932) (128,987,052) 189,354,728 (454,147,008) (452,242,464) 5,733,534 4,357,880 (225,289) (37,628,867) (355,904) (151,066,997) - - - - - - (54,791) - 263,856 - - - - 722,375 - - - - (27,348) 69,599 (130,998) - 3,217 (114) (26,963) (13,096) (73,806) - - - - - - - - - - (37,500) - - - - - - - 189,327,380 (454,114,909) (452,373,462) 5,733,534 5,083,472 (225,403) (37,710,621) (369,000) (150,876,947) (291,740,593) (741,341,404) (884,872,495) 27,723,035 (609,412,078) (12,656,501) (170,771,574) (22,271,046) (273,738,980) 271,712,008 425,807,063 1,113,472,259 634,604,727 260,965,799 1,901,843 127,885,851 31,214,982 699,970,209 (630,608,204) (851,204,063) (1,087,620,435) (422,563,394) (907,905,828) (7,426,913) (487,249,566) (114,492,165) (646,985,427) (358,896,196) (425,397,000) 25,851,824 212,041,333 (646,940,029) (5,525,070) (359,363,715) (83,277,183) 52,984,782 (26,004,802) (3,671,615) (272,855) (3,551,446) (1,458,525) (3) (366) (603) (8,406) 404,227,084 921,144,836 771,414,461 620,305,842 771,329,174 29,100,734 93,548,217 34,742,734 634,397,311 15

JPMorgan Funds Statement Changes in the Number Shares (continued) For the Year Ended 30 June 2009 Shares Outstanding at the Beginning the Year Shares Subscribed Shares Redeemed Shares Outstanding at the End the Year JPMorgan Funds - America Equity Fund JF America Equity A (dist) - USD 429,075.063 272,901.258 218,729.245 483,247.076 JPM America Equity A (acc) - EUR (hedged) 153,697.288 370,674.213 428,323.183 96,048.318 JPM America Equity A (acc) - USD 1,706,364.440 798,588.299 740,154.130 1,764,798.609 JPM America Equity A (dist) - USD 4,149,055.870 633,457.866 1,433,770.224 3,348,743.512 JPM America Equity B (acc) - USD 319,096.502 376,052.975 477,058.837 218,090.640 JPM America Equity C (acc) - EUR (hedged) 771,006.987 3,110,632.255 3,412,281.283 469,357.959 JPM America Equity C (acc) - USD 10,661,899.040 5,310,831.653 7,691,256.785 8,281,473.908 JPM America Equity D (acc) - EUR 8,611.013 75,286.972 70,756.067 13,141.918 JPM America Equity D (acc) - EUR (hedged) 427,125.930 1,269,960.973 1,338,366.595 358,720.308 JPM America Equity D (acc) - USD 1,718,514.294 1,174,854.074 1,440,367.180 1,453,001.188 JPM America Equity X (acc) - USD 911,371.684 31,937.260 618,385.000 324,923.944 JPMorgan Funds - Eastern Europe Equity Fund JF Eastern Europe Equity A (dist) - EUR 6,183,296.407 3,195,997.578 4,376,890.125 5,002,403.860 JPM Eastern Europe Equity A (acc) - EUR 6,235,078.311 3,979,591.614 5,472,259.860 4,742,410.065 JPM Eastern Europe Equity A (dist) - EUR 13,427,783.911 4,589,333.187 7,472,035.548 10,545,081.550 JPM Eastern Europe Equity B (acc) - EUR 1,183,038.828 2,508,113.435 2,895,351.338 795,800.925 JPM Eastern Europe Equity C (acc) - EUR 2,665,953.428 615,965.778 2,610,282.787 671,636.419 JPM Eastern Europe Equity D (acc) - EUR 2,505,395.244 566,899.265 1,109,055.059 1,963,239.450 JPM Eastern Europe Equity I (acc) - EUR* 11,593,053.986 1,353,144.182 12,946,198.168 - JPM Eastern Europe Equity X (acc) - EUR 2,618,765.251-49,765.251 2,569,000.000 JPMorgan Funds - Emerging Europe, Middle East and Africa Equity Fund JPM Emerging Europe, Middle East and Africa Equity A (acc) - USD 5,982,557.721 1,205,317.140 5,015,928.032 2,171,946.829 JPM Emerging Europe, Middle East and Africa Equity A (acc) - EUR - 38,754.997-38,754.997 JPM Emerging Europe, Middle East and Africa Equity A (dist) - USD 9,913,992.154 3,136,186.630 5,138,288.649 7,911,890.135 JPM Emerging Europe, Middle East and Africa Equity B (acc) - USD 592,824.288 1,509,643.870 1,096,786.042 1,005,682.116 JPM Emerging Europe, Middle East and Africa Equity C (acc) - USD 1,870,617.003 2,668,949.227 3,629,147.803 910,418.427 JPM Emerging Europe, Middle East and Africa Equity D (acc) - USD 2,115,832.188 488,153.443 789,646.676 1,814,338.955 JPM Emerging Europe, Middle East and Africa Equity I (acc) - USD 2,226,724.514-1,732,712.175 494,012.339 JPMorgan Funds - Emerging s Debt Fund JPM Emerging s Debt A (acc) - EUR 2,773,565.229 5,589,136.855 3,373,987.204 4,988,714.880 JPM Emerging s Debt A (inc) - EUR 10,297,357.901 5,675,034.589 8,638,645.202 7,333,747.288 JPM Emerging s Debt A (mth) - EUR - 147,317.683 45,744.038 101,573.645 JPM Emerging s Debt C (acc) - EUR 2,503,332.674 3,943,745.502 3,839,945.807 2,607,132.369 JPM Emerging s Debt D (acc) - EUR 3,165,056.536 312,665.180 1,503,430.217 1,974,291.499 JPM Emerging s Debt I (inc) - EUR 2,299,667.059 847,601.127 2,291,195.312 856,072.874 JPM Emerging s Debt X (acc) - EUR* 5,656.002-5,656.002 - JPMorgan Funds - Emerging s Equity Fund JPM Emerging s Equity A (acc) - USD 21,967,724.347 13,733,754.857 15,170,970.153 20,530,509.051 JPM Emerging s Equity A (acc) - EUR 20,712,269.711 15,319,913.334 14,768,884.373 21,263,298.672 JPM Emerging s Equity A (dist) - USD 103,480,032.598 46,113,155.688 69,147,681.917 80,445,506.369 JPM Emerging s Equity A (dist) - GBP 578,128.563 117,072.734 168,528.972 526,672.325 JPM Emerging s Equity B (acc) - USD 3,197,230.295 3,841,360.538 3,455,937.558 3,582,653.275 JPM Emerging s Equity C (acc) - USD 38,918,157.492 21,611,569.648 21,911,361.970 38,618,365.170 JPM Emerging s Equity D (acc) - USD 3,956,990.633 1,876,982.371 2,615,124.877 3,218,848.127 JPM Emerging s Equity D (acc) - EUR 693,083.398 610,550.906 401,733.957 901,900.347 JPM Emerging s Equity I (acc) - USD 22,552,227.924 12,499,604.033 8,124,294.924 26,927,537.033 JPM Emerging s Equity I (acc) - EUR - 668,537.860-668,537.860 JPM Emerging s Equity I (inc) - EUR 994,933.579 1,402,510.802 532,669.000 1,864,775.381 JPM Emerging s Equity X (acc) - USD 33,836,703.202 10,407,204.829 7,137,282.880 37,106,625.151 JPM Emerging s Equity X (dist) - USD - 369,638.944 0.010 369,638.934 JPM Emerging s Equity X (inc) - EUR 12,023,394.222 29,152,826.172 1,677,059.000 39,499,161.394 JPMorgan Funds - Emerging s Local Currency Debt Fund JPM Emerging s Local Currency Debt A (acc) - USD 135,977.116 62,006.413 148,704.885 49,278.644 JPM Emerging s Local Currency Debt A (acc) - EUR 121,134.020 179,146.525 272,921.085 27,359.460 JPM Emerging s Local Currency Debt B (acc) - USD* 69,254.174 32,669.870 101,924.044 - JPM Emerging s Local Currency Debt D (acc) - USD 118,966.689 479.852 119,296.541 150.000 JPM Emerging s Local Currency Debt D (acc) - EUR 120,076.900 82,385.560 125,835.134 76,627.326 JPM Emerging s Local Currency Debt X (acc) - USD - 6,930,440.333-6,930,440.333 JPM Emerging s Local Currency Debt X (acc) - EUR - 3,820,000.001 2,510,000.001 1,310,000.000 JPMorgan Funds - Emerging Middle East Equity Fund (1) JPM Emerging Middle East Equity A (acc) - USD 5,754,551.025 3,305,427.862 7,120,298.132 1,939,680.755 JPM Emerging Middle East Equity A (acc) - EUR - 15,360.183-15,360.183 JPM Emerging Middle East Equity A (dist) - USD 17,276,617.093 5,974,537.588 10,774,613.522 12,476,541.159 JPM Emerging Middle East Equity B (acc) - USD 486,118.011 157,555.550 316,428.599 327,244.962 JPM Emerging Middle East Equity C (acc) - USD 1,029,505.230 1,885,870.827 621,873.476 2,293,502.581 JPM Emerging Middle East Equity D (acc) - USD 2,966,782.633 500,082.254 1,104,721.371 2,362,143.516 JPMorgan Funds - Euroland Equity Fund JPM Euroland Equity A (acc) - EUR 12,163,931.685 2,425,049.377 9,095,853.298 5,493,127.764 JPM Euroland Equity A (dist) - EUR 18,367,301.302 2,153,904.694 13,481,963.497 7,039,242.499 JF Euroland Equity A (dist) - USD 10,263,314.132 1,310,567.193 3,994,919.968 7,578,961.357 JPM Euroland Equity A (inc) - EUR 1,356,949.000 9,612.404 1,287,462.926 79,098.478 JPM Euroland Equity B (acc) - EUR 179,917.899 815,239.153 264,108.056 731,048.996 JPM Euroland Equity C (acc) - EUR 15,998,331.296 7,677,843.259 13,817,397.025 9,858,777.530 JPM Euroland Equity D (acc) - EUR 8,842,456.439 736,333.521 3,642,476.672 5,936,313.288 JPM Euroland Equity I (acc) - EUR 9,365,124.002 2,538.000 9,314,516.002 53,146.000 JPM Euroland Equity X (acc) - EUR 942,911.000 890,165.000 1,441,007.000 392,069.000 (1) This Sub-Fund was renamed from Middle East Equity Fund on 15 June 2009. 16