JPMorgan Funds. Audited Annual Report 30 June 2011

JPMorgan Funds Audited Annual Report 30 June 2011

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 full version is available on request from the Company s registered fice in Luxembourg or the Singapore Representative*. This report does not constitute an fer or sale or invitation for subscription or purchase shares, which must be accompanied with the relevant current Singapore prospectus (which is not valid without the relevant current Luxembourg prospectus) and the relevant product highlights sheets. These documents are available free charge on request from appointed Singapore distributors or the Singapore Representative. Certain the sub-funds the Fund are not authorised for fer or distribution in or to Singapore. 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 authorised for fer or distribution in or to Singapore. * The Singapore Representative is JPMorgan Asset Management (Singapore) Limited, 168 Robinson Road, 17th Floor, Capital Tower, Singapore 068912, telephone number: (65) 6882 1328.

JPMorgan Funds Audited Annual Report Contents (continued) Board Directors 1 Management and Administration 2 Board Directors Report 3 Investment Managers Report 4 Audit Report 5 Financial Statements and Statistical Information Combined Statement 7 Combined Statement Operations and Changes in 12 Statement Changes in the Number 16 Statistical Information 20 Notes to the Financial Statements 24 Schedules Investment JPMorgan Funds - Africa Equity Fund 30 JPMorgan Funds - America Large Cap Fund 32 JPMorgan Funds - Asia Pacific Bond Fund 33 JPMorgan Funds - Brazil Alpha Plus Fund 36 JPMorgan Funds - Eastern Europe Equity Fund 38 JPMorgan Funds - Emerging Europe, Middle East and Africa Equity Fund 40 JPMorgan Funds - Emerging s Equity Fund 42 JPMorgan Funds - Emerging s Infrastructure Equity Fund 44 JPMorgan Funds - Emerging s Local Currency Debt Fund 46 JPMorgan Funds - Emerging Middle East Equity Fund 50 JPMorgan Funds - Global Consumer Trends Fund 51 JPMorgan Funds - Global Dynamic Fund 53 JPMorgan Funds - Global Mining Fund 57 JPMorgan Funds - Global Natural Resources Fund 58 JPMorgan Funds - JF ASEAN Equity Fund 61 JPMorgan Funds - JF Asia Pacific ex-japan Equity Fund 62 JPMorgan Funds - JF China Fund 65 JPMorgan Funds - JF Greater China Fund 66 JPMorgan Funds - JF India Fund 67 JPMorgan Funds - JF Korea Equity Fund 68 JPMorgan Funds - JF Pacific Technology Fund 70 JPMorgan Funds - JF Singapore Fund 71 JPMorgan Funds - Latin America Equity Fund 72 JPMorgan Funds - Russia Fund 73 JPMorgan Funds - US Small Cap Growth Fund 74 Appendix: Unaudited Additional Disclosures Fund Total Expense Ratios 76 Summary Investment Objectives the Sub-Funds 81 Performance and Volatility 83 Interest Rate Received/(Charged) on Bank Accounts 88 Sub-Fund Share Classes Subject to Taxe d abonnement Rate 0.01 88 Portfolio Turnover Ratio 88 Historical Statements Changes in the Number 89

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 James B. Broderick Managing Director JPMorgan Asset Management (UK) Limited 20 Finsbury Street London EC2Y 9AQ United Kingdom Robert Van der Meer Pressor Finance 12 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 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 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 JPMorgan Asset Management (Taiwan) Limited 17th Floor, 65 Tun Hwa South Road Section 2, Taipei Taiwan JF Asset Management Limited 21st Floor, Chater House 8 Connaught Road, Central Hong Kong JPMorgan 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 Auditor PricewaterhouseCoopers S.à r.l. 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 2011. 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 117 Sub-Funds. During the year, the following Sub-Fund was launched: - JPMorgan Funds - Global Mining Fund on 8 February 2011. During the year, the total net assets the Fund increased from USD 44.1 billion to USD 61.6 billion at year end. The Fund qualifies as an Undertaking for Collective Investment in Transferable Securities under the amended EC Directive 85/611 20 December 1985 and from 1 July2011 the Fund is subject to the law 17 December 2010. The Fund maytherefore 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 maybe 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, Jersey, Korea, Macau, The herlands, Norway, Peru, Poland, Portugal, Singapore, Spain, Sweden, Switzerland, Taiwan and the United Kingdom. Responsibility the Directors The responsibility the Directors the Fund is governed exclusivelybyluxembourg law. With respect to the annual accounts the Fund, the duties the Directors are governed bygeneral corporate law and the law 19 December 2002 on, inter alia, the accounting and annual accounts undertakings and by the law 17 December 2010 relating to undertakings for collective investment. Change in the Board Directors Earlier this year Ms Andrea L. Hazen informed the Board her intention to retire from the Board Directors and it was agreed that this would be effective from 31 March 2011. Ms Hazen had been a Director the Companysince September 2005 and the Board would like to take this opportunityto record their thanks for her services. In addition, the Board would like to advise that with effect from 31 March 2011 Mr James B. Broderick was co-opted as a Director and his appointment will be approved by Shareholders at the forthcoming Annual General Meeting. ALFI Code Conduct Following its introduction the Board Directors has adopted the ALFI Code Conduct (the Code ) which sets out principles good governance. The Board Directors considers that the Fund has been in compliance with the Code in all material aspects throughout the financial year ended 30 June 2011. Annual General Meeting The next Annual General Meeting the Company will be held on 16 November 2011. Board Directors Luxembourg, 4 October 2011 3

JPMorgan Funds Investment Managers Report For the Year Ended 30 June 2011 Review Global stock markets made strong gains over the 12 months to the end June 2011, with the MSCI World Index rising 10.8 in euro terms against a backdrop strong corporate prits growth (source: FactSet). In contrast, government bond investors experienced losses in euro terms, with the JPMorgan Global Bond Index down 6.9 in euro terms. Returns were negative in the period as the environment was poor for bonds, with developed markets experiencing a disappointinglyweak recovery, rising inflationary pressures and expectations for rising interest rates. Bond markets were also impacted byongoing eurozone sovereign debt concerns. In peripheral Europe, the JPMorgan Ireland Index fell 22.9 and the JPMorgan Portugal Index was down 21.5 as both countries required bailouts in the period from the European Union (EU) and the International Monetary Fund (IMF). Core European markets were also hurt, with the JPMorgan GermanyIndex losing 1.0 and the JPMorgan France Index down 0.4 (source for government bond indices: J.P. Morgan). The review period began well for equities with a strong second-quarter 2010 corporate earnings season. However, the positive market sentiment quickly faded over the summer as the macroeconomic outlook became increasinglyuncertain and investors waited to see if central banks would introduce more stimulus measures. With the US economic recoverylooking fragile, Ben Bernanke, chairman the US Federal Reserve ( Fed ), talked the need for a second round quantitative easing (QE2). In September and October markets rallied as investors changed allocation priorities towards equities in anticipation QE2. On 3 November, the Fed announced a larger-than-expected USD 600 billion asset purchase package, which was well received by the market. The global stock market rallyfaltered in late November, when eurozone sovereign debt and Chinese inflation concerns undermined investor confidence. A bailout for Ireland from the EU and IMF calmed nerves, helping global markets to regain their upward momentum towards the end 2010. Sentiment was further supported in early2011 bystrong leading economic indicators from the developed world and generallygood fourth-quarter 2010 corporate earnings results. Geopolitical instability in North Africa and the Middle East came to the fore in February, with political protests breaking out in Tunisia and Egypt. In March, violence escalated and civil unrest spread to Bahrain and Libya, resulting in disruption to oil production, which triggered a sharp rise in oil prices. Developed country bond investors feared that high oil prices would add to existing inflationary pressures, resulting in earlier-than-expected interest rate rises. In the eurozone, the European Central Bank raised interest rates by0.25 to 1.25 in April in an attempt to bring inflation back below its 2 target making it the first major developed market central bank to tighten policy. In emerging markets, central banks in China, Brazil, Korea, India and Thailand also raised their keylending rates over the review period in an effort to combat rising prices. However, despite inflation rising sharply, the Bank England and US Fed kept policy unchanged as economic growth remained weak. s succumbed to further uncertaintywhen a massive earthquake, measuring 9.0 in magnitude, hit Japan on 11 March. Concerns about the repercussions the earthquake, particularly on production lines and manufacturing supply chains, resulted in losses for markets globally. volatilitycontinued as the eurozone sovereign debt crisis re-emerged towards the end the review period. A swift rescue package from the EU and IMF for Portugal reassured investors, but in May investor concerns turned to Greece, where a debt default became increasingly likely. The Greek parliament eased investor concerns in late June byapproving a new five-year package additional spending cuts, tax increases and state asset sales, paving the wayfor the EU and IMF to release the next tranche bailout funds. However, markets remain volatile as European politicians search for a comprehensive solution to the crisis. Meanwhile, the impact higher oil prices, the Japanese earthquake and tighter monetarypolicystarted to come through in economic data. In China, investors began to worryabout a hard landing for the economyas industrial data stened. Meanwhile, US economic data pointed towards a slowdown, with manufacturing activity weakening in April and May, unemployment rising and the housing market continuing to struggle. The period drew to a close with reassurance from Fed ficials that the exit from QE2, starting on the 30 June, should be gradual and flexible. Outlook The recent weakness in global economic data has led investors to question whether we are experiencing a st patch or if this is the beginning renewed downturn. It seems most likely we are seeing a mid-cycle st patch and that growth will pick up again later in the year and into 2012 as Greece receives another tranche bailout money from the EU and IMF, oil prices stabilise and Japanese supply constraints ease. In the US, the Fed is expected to keep interest rate policyunchanged through 2011 and probably2012 in order to support economic growth. Monetary conditions also remain broadlyaccommodative in the eurozone and Japan, and interest rates in the UK look to staylower for longer as it is likelythe Bank England will want to delay a rate increase given the economy is just beginning to feel the full force the government s fiscal austerity measures. On global stock markets sentiment is likelyto remain subdued while uncertaintyremains over the course the global economy in particular the outlook for the US and China. Middle East and eurozone debt concerns will also continue to weigh on confidence. However, globally, valuations do not look stretched given expectations for firm corporate earnings growth in 2011. Investment Managers 4 October 2011 The information contained in this report is historical and not necessarily indicative future performance. 4

Audit Report To the Shareholders JPMorgan Funds Following our appointment bythe General Meeting the Shareholders dated 17 November 2010, 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 2011 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. Responsibility the Board Directors the SICAV 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 and for such internal control as the Board Directors the SICAV determines is necessaryto enable the preparation financial statements that are free from material misstatement, whether due to fraud or error. Responsibility the Réviseur d entreprises agréé Our responsibilityis 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 for Luxembourg bythe Commission de Surveillance du Secteur Financier. Those standards require that we complywith 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 judgment the Réviseur d entreprises agréé, including the assessment the risks material misstatement the financial statements, whether due to fraud or error. In making those risk assessments, the Réviseur d entreprises agréé 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 bythe 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, the financial statementsgive a true and fair view the financial position JPMorganFunds and each its Sub-Funds as 30 June 2011, 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 matters Supplementaryinformation 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, 4 October 2011 Represented by Régis Malcourant PricewaterhouseCoopers S.à r.l., 400 Route d Esch, B.P. 1443, L-1014 Luxembourg T: +352 494848 1, F: +352 494848 2900, www.pwc.lu Cabinet de révision agréé. Expert-comptable (autorisation gouvernementale n 00123693) R.C.S. LuxembourgB 65 477 - Capital social EUR 516 950 - TVA LU17564447 5

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JPMorgan Funds Combined Statement JPMorgan Funds Combined USD Africa Equity Fund USD Investments in Securities at 59,884,992,033 454,766,399 Acquisition Cost: 52,153,042,044 425,537,263 Investment in TBAs at (1) 111,956,009 - Cash at Bank 1,464,852,257 1,088,787 Time Deposits and Cash Equivalents 281,485,786 - Amounts Receivable on Sale Investments 439,281,897 72,082 Amounts Receivable on Sale TBAs (1) 35,822,116 - Amounts Receivable on Subscriptions 192,724,504 828,656 Interest and Dividends Receivable, 237,118,427 413,697 Tax Reclaims Receivable 5,945,184 - Fee Waiver (2) 1,143,690 17,681 Other Receivables 1,620,848 1,226 Unrealised Gain on Forward Foreign Exchange Contracts 69,387,481 - Unrealised Gain on Financial Futures Contracts 1,691,417 - Derivatives Instruments at 3,899,597 - Total 62,731,921,246 457,188,528 Liabilities Bank Overdraft 31,186,876 - Open Short Positions on TBAs (1) 5,197,656 - Amounts Payable on Purchase Investments 639,290,292 - Amounts Payable on Purchase TBAs (1) 143,075,403 - Amounts Payable on Redemptions 178,648,434 939,722 Management and Advisory Fees Payable 64,843,838 595,823 Performance Fees 4,589,491 - Other Payables 12,690,025 149,658 Unrealised Loss on Forward Foreign Exchange Contracts 24,855,034 - Unrealised Loss on Financial Futures Contracts 1,684,088 - Derivatives Instruments at 45,991,261 - Total Liabilities 1,152,052,398 1,685,203 Total 61,579,868,848 455,503,325 Historical Total 30 June 2010 44,088,150,386 175,314,359 30 June 2009 34,590,007,431 8,958,743 30 June 2008 57,591,091,920 4,761,584 30 June 2007 89,568,991,703 - (1) Please refer to Note 2l). (2) Please refer to Note 7a). The accompanying notes form an integral part these Financial Statements. 7

JPMorgan Funds Combined Statement (continued) America Large Cap Fund USD Asia Pacific Bond Fund USD Brazil Alpha Plus Fund USD Eastern Europe Equity Fund EUR Emerging Europe, Middle East and Africa Equity Fund USD Emerging s Equity Fund USD Emerging s Infrastructure Equity Fund USD Emerging s Local Currency Debt Fund EUR 175,154,868 25,409,634 663,291,566 1,009,993,851 790,051,043 8,950,285,400 199,190,596 690,272,626 154,992,297 24,685,544 602,694,128 912,533,313 679,807,538 6,283,865,864 185,997,139 701,537,020 - - - - - - - - 359,817 1,241,643 60,355,324 5,692,219 1,568,587 91,209,916 4,139,575 112,842,614 - - - - - - - - - - 202,546-78,810 922,775 1,851,466 - - - - - - - - - 287,141-2,337,184 1,248,674 875,178 6,108,133 494,641 6,581,919 142,195 308,088 1,415,005 8,473,530 3,093,060 28,509,446 389,319 10,312,482 4,905 - - 192,931 88,274-15,922 - - 8,110 - - - - - - - - 23,661 - - 3,047-39,710-28,353 - - - - - - - 1,264 - - - - - - - - 236,000 - - - - 954,020 175,948,926 26,997,092 727,861,286 1,025,601,205 795,754,952 9,077,038,717 206,081,519 821,003,371 - - - - - - - 13,414,764 - - - - - - - - - 400,000 7,374,882 - - 3,432,549-31,040,193 - - - - - - - - 493,979-1,415,036 5,079,835 2,566,695 7,206,640 225,734 7,250,021 184,166 16,607 888,474 1,328,306 952,971 7,961,369 272,183 440,921 - - 467 - - - 39,410 80,393 33,360 12,381 160,763 210,696 178,125 1,363,091 54,227 163,895 - - - - - - - 2,062,039 - - - - - - - - - - - - - - - - 711,505 428,988 9,839,622 6,618,837 3,697,791 19,963,649 591,554 54,452,226 175,237,421 26,568,104 718,021,664 1,018,982,368 792,057,161 9,057,075,068 205,489,965 766,551,145 84,456,730 9,675,813 288,795,857 941,639,605 619,492,702 6,562,754,178 66,178,907 474,595,650 67,845,478-57,567,211 517,438,764 412,101,960 4,671,128,410 10,052,996 86,488,839 29,801,575-54,611,582 1,583,655,705 1,093,563,689 6,604,690,449 4,801,840 5,351,918 43,630,540 - - 1,411,797,493 599,428,235 6,821,647,444 - - 8

JPMorgan Funds Combined Statement (continued) Emerging Middle East Equity Fund USD Global Consumer Trends Fund EUR Global Dynamic Fund USD Global Mining Fund (3) EUR Global Natural Resources Fund EUR JF ASEAN Equity Fund USD JF Asia Pacific ex-japan Equity Fund USD JF China Fund USD 363,662,398 149,908,717 1,265,849,067 2,281,673 3,068,269,495 291,166,891 409,934,200 3,457,631,317 336,475,556 154,564,203 1,055,400,194 2,533,077 2,635,606,981 276,710,792 379,967,588 2,927,226,626 - - - - - - - - 5,060,638 1,551,398 3,823,555 127,350 971,075 15,308,460 6,378,438 72,550,548 - - - - - - - - - 1,197,431 12,152,929 1,933 9,976,030 2,703,955 2,487,581 25,317,921 - - - - - - - - 516,335 2,156,264 403,077 57,603 8,952,832 89,101 31,643 14,413,130 266,632 258,647 1,411,122 523 1,309,568 453,881 2,202,210 11,662,051-2,527 112,867 - - - - - 11,402-2,486 2,036 - - 202-1,415-19,583 885 1,072 1,805-1,419 - - - - - - 330,587 - - - - - - - - - - - - - - - - - 369,518,820 155,074,984 1,283,774,686 2,472,003 3,089,480,072 309,724,093 421,364,861 3,581,576,386 - - 889,298-1,508-395,794 294,361 - - - - - - - - 137,823 2,574,781 15,041,424 84,536 5,636,044 14,159,016 4,525,374 31,124,119 - - - - - - - - 541,575 291,282 1,264,031-12,000,767 216,392 496,441 3,546,605 459,102 166,865 894,768 3,116 4,215,804 323,327 455,588 5,027,555 - - - - - - - - 138,937 43,791 268,489 3,117 471,045 78,728 102,577 513,719 - - 12,349 - - - - - - - - - - - - - - - - - - - - - 1,277,437 3,076,719 18,370,359 90,769 22,325,168 14,777,463 5,975,774 40,506,359 368,241,383 151,998,265 1,265,404,327 2,381,234 3,067,154,904 294,946,630 415,389,087 3,541,070,027 316,270,641 53,019,318 1,135,055,214-1,912,587,338 50,180,087 466,045,617 3,435,434,476 308,246,494 5,996,185 1,174,912,544-1,018,336,433-324,166,004 3,277,872,788 709,594,180 3,634,522 1,872,953,353-1,871,228,153-475,593,917 2,680,483,250 341,530,509-3,346,335,559-1,778,456,610-864,817,828 3,221,787,004 (3) This Sub-Fund was launched on 8 February 2011. 9

JPMorgan Funds Combined Statement (continued) JF Greater China Fund USD JF India Fund USD JF Korea Equity Fund USD JF Pacific Technology Fund USD JF Singapore Fund USD Latin America Equity Fund USD Russia Fund USD US Small Cap Growth Fund USD 851,229,493 2,647,458,047 203,083,247 28,771,672 176,937,007 1,481,985,114 2,587,641,760 115,568,220 714,997,472 1,655,452,712 202,145,575 27,138,356 159,192,505 1,197,556,818 2,158,707,490 103,267,363 - - - - - - - - 8,732,410 106,640,228 15,962,483 1,470,097 8,290,552 47,791,529 215,239 1,387,279 - - - - - - - - 4,463,295 2,249,198 927,493 543,100 5,814,512 1,625,833 11,420,770 1,830,913 - - - - - - - - 1,363,076 1,576,821 9,600,115 65,111 26,038 2,191,572 3,988,054 198,043 3,797,007 11,182,082 196,727 131,057 375,711 1,818,589 22,521,954 26,874 - - - - - - 425,120 - - - 3,576 8,354 - - - - - - 139 - - - - 809 - - 362,855 - - - - - - - 395,322 - - - - - - - - - - - - - 869,585,281 2,769,106,376 230,531,957 30,989,391 191,443,820 1,535,412,637 2,626,212,897 119,012,138 - - - - - - - 850 - - - - - - - - 8,447,854 1,512,542 10,953,604 889,451 737,625 21,517,628-1,441,867 - - - - - - - - 1,957,055 6,561,904 168,246 100,686 3,609,999 5,587,337 2,057,562 550,884 1,190,038 4,089,054 206,889 39,246 278,826 1,881,544 2,963,000 146,158 - - - - - - - - 176,493 787,015 59,423 17,876 48,838 292,375 437,799 32,725 - - - - - - - - - - - - - - - - - - - - - - - - 11,771,440 12,950,515 11,388,162 1,047,259 4,675,288 29,278,884 5,458,361 2,172,484 857,813,841 2,756,155,861 219,143,795 29,942,132 186,768,532 1,506,133,753 2,620,754,536 116,839,654 684,691,268 2,637,009,261 32,973,452 60,914,568 175,447,667 1,290,637,333 2,035,560,908 46,434,212 568,509,936 2,084,541,872 11,522,686 27,012,528 198,367,313 921,144,836 771,414,461 29,100,734 622,728,380 2,533,079,738 36,806,282 43,863,223 603,489,727 2,091,554,855 1,630,707,987 47,282,308 684,910,511 4,123,155,354-39,446,674 789,840,297 1,748,314,623 299,387,847 67,473,188 10

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JPMorgan Funds Combined Statement Operations and Changes in For the Year Ended 30 June 2011 JPMorgan Funds Combined USD Africa Equity Fund USD at the Beginning the Year * 46,888,368,692 175,314,359 Income Dividend Income, 888,784,789 10,761,554 Interest Income, 373,085,264 19,339 Securities Lending Income 17,087,568 - Bank Interest 1,244,302 11,704 Interest on Swap Transactions 20,642,948 - Other Income 23,492 - Total Income 1,300,868,363 10,792,597 Expenses Management and Advisory Fees 760,204,144 6,546,614 Custodian, Corporate, Administration and Domiciliary Agency Fees 59,981,193 1,258,265 Registrar and Transfer Agency Fees 42,886,673 569,798 Taxe d abonnement 26,160,880 210,219 Overdraft Interest 706,970 15,025 Interest on Swap Transactions 9,743,523 - Sundry Fees** 37,559,498 87,933 937,242,881 8,687,854 Less: Fee Waiver (1) 15,422,097 651,078 Total Expenses before Performance Fees 921,820,784 8,036,776 Performance Fees 4,589,490 - Total Expenses 926,410,274 8,036,776 Investment Income/(Loss) 374,458,089 2,755,821 Realised Gain/(Loss) on Sale Investments 3,260,363,454 9,449,237 Realised Gain/(Loss) on Forward Foreign Exchange Contracts 472,278,373 (287,265) Realised Gain/(Loss) on Financial Futures Contracts 12,836,471 - Realised Gain/(Loss) on Foreign Exchange (25,125,999) (1,645,611) Realised Gain/(Loss) on TBAs 2,820,205 - Realised Gain/(Loss) on Derivatives Instruments 202,520,600 - Realised Gain/(Loss) for the Year 3,925,693,104 7,516,361 Change in Unrealised Gain/(Loss) on Investments 4,100,056,524 30,796,427 Change in Unrealised Gain/(Loss) on Forward Foreign Exchange Contracts 46,871,370 - Change in Unrealised Gain/(Loss) on Financial Futures Contracts 6,356,573 - Change in Unrealised Gain/(Loss) on Foreign Exchange 1,891,944 1,540 Change in Unrealised Gain/(Loss) on TBAs (463,273) - Change in Unrealised Gain/(Loss) on Derivatives Instruments 12,393,215 - Change in Unrealised Gain/(Loss) for the Year 4,167,106,353 30,797,967 Increase/(Decrease) in as a Result Operations 8,467,257,546 41,070,149 Movements in Share Capital Subscriptions 47,103,861,553 657,478,757 Redemptions (40,719,232,170) (418,355,578) Increase/(Decrease) in as a Result Movements in Share Capital 6,384,629,383 239,123,179 Dividend Distribution (160,386,773) (4,362) at the End the Year 61,579,868,848 455,503,325 (1) Please refer to Note 7a). * The opening balance was combined using the foreign exchange rates as at 30 June 2011. The same net assets when combined using the foreign exchange rate ruling as at 30 June 2010 reflected a figure USD 44,088,150,386. ** Sundry Fees are principally comprised Directors fees, audit and tax related fees and expenses, registration, publication, mailing, printing, legal and marketing expenses. The accompanying notes form an integral part these Financial Statements. 12

JPMorgan Funds Combined Statement Operations and Changes in (continued) For the Year Ended 30 June 2011 America Large Cap Fund USD Asia Pacific Bond Fund USD Brazil Alpha Plus Fund USD Eastern Europe Equity Fund EUR Emerging Europe, Middle East and Africa Equity Fund USD Emerging s Equity Fund USD Emerging s Infrastructure Equity Fund USD Emerging s Local Currency Debt Fund EUR 84,456,730 9,675,813 288,795,857 941,639,605 619,492,702 6,562,754,178 66,178,907 474,595,650 2,139,399-14,392,317 21,985,300 19,329,665 168,090,440 3,543,717-4,169 1,003,817 42,018 103,959 27,927 344,497 5,253 41,622,576 1,180 852 - - - - - 25,090 244-257 120,101 42,636 47,939 1,658 58,058 - - - - - - - - - - - - - - - - 2,144,992 1,004,669 14,434,592 22,209,360 19,400,228 168,482,876 3,550,628 41,705,724 1,962,853 174,755 7,919,717 17,238,009 11,999,053 94,906,729 2,387,736 4,265,149 135,795 109,872 731,459 1,397,483 1,257,480 6,813,636 282,196 763,994 169,524 49,771 427,374 831,016 656,266 4,711,931 234,066 405,588 74,390 13,264 254,628 520,635 381,665 3,295,966 85,460 232,493 - - 21,757 1,686 2,210 7,869 1,903 7,338 - - - - - - - 75,902 30,866 5,086 4,789,028 588,962 490,559 3,425,946 723,423 283,154 2,373,428 352,748 14,143,963 20,577,791 14,787,233 113,162,077 3,714,784 6,033,618 28,057 131,600 28,128 62,050 63,292 255 72,311 159,030 2,345,371 221,148 14,115,835 20,515,741 14,723,941 113,161,822 3,642,473 5,874,588 - - 467 - - - 39,410 80,392 2,345,371 221,148 14,116,302 20,515,741 14,723,941 113,161,822 3,681,883 5,954,980 (200,379) 783,521 318,290 1,693,619 4,676,287 55,321,054 (131,255) 35,750,744 12,493,681 521,389 21,033,759 33,753,813 48,687,836 159,687,214 9,362,621 12,335,013 12,134 65,388 (406,367) (79,876) (10,979) 1,929,466 15,321 9,432,313-18,664 - - - - - (130,520) 12,342 (72,472) 736,546 843,307 (459,728) 2,306,212 (60,414) (6,117,004) - - - - - - - - - - 169,450 - - - - (1,278,059) 12,518,157 532,969 21,533,388 34,517,244 48,217,129 163,922,892 9,317,528 14,241,743 19,082,849 808,965 46,833,896 44,713,500 121,287,422 1,394,324,796 12,221,351 (40,303,665) - 384,100 - - - - - (1,911,610) - 1,264 - - - - - 121,940 - (616) 15,349 (14,165) 35,914 500,654 47,029 (580,169) - - - - - - - - - - (355,377) - - - - 278,447 19,082,849 1,193,713 46,493,868 44,699,335 121,323,336 1,394,825,450 12,268,380 (42,395,057) 31,400,627 2,510,203 68,345,546 80,910,198 174,216,752 1,614,069,396 21,454,653 7,597,430 200,193,965 25,831,136 833,555,099 652,246,990 504,919,048 4,371,701,219 212,371,917 912,471,302 (140,813,901) (11,449,048) (472,674,683) (655,814,425) (505,740,806) (3,477,553,692) (94,515,512) (624,147,610) 59,380,064 14,382,088 360,880,416 (3,567,435) (821,758) 894,147,527 117,856,405 288,323,692 - - (155) - (830,535) (13,896,033) - (3,965,627) 175,237,421 26,568,104 718,021,664 1,018,982,368 792,057,161 9,057,075,068 205,489,965 766,551,145 13

JPMorgan Funds Combined Statement Operations and Changes in (continued) For the Year Ended 30 June 2011 Emerging Middle East Equity Fund USD Global Consumer Trends Fund EUR Global Dynamic Fund USD Global Mining Fund (2) EUR Global Natural Resources Fund EUR JF ASEAN Equity Fund USD JF Asia Pacific ex-japan Equity Fund USD JF China Fund USD 316,270,641 53,019,318 1,135,055,214-1,912,587,338 50,180,087 466,045,617 3,435,434,476 13,430,751 2,322,019 21,779,139 11,429 21,454,034 4,096,299 10,211,972 58,455,877 11,057 5,262 13,427-631,306 10,853 2,053 18,466 - - 920,942 - - - - - 7,176 417 308 118 25,372 673 118,782 14,156 - - - - - - - - - - - - - - - - 13,448,984 2,327,698 22,713,816 11,547 22,110,712 4,107,825 10,332,807 58,488,499 6,123,457 1,293,646 12,849,791 15,850 47,246,689 2,408,400 6,091,956 62,423,973 1,399,988 125,448 767,880-1,284,326 424,896 592,285 2,123,451 451,721 171,282 680,310 11,491 2,045,501 196,359 376,490 2,047,345 198,953 56,710 449,037 612 1,476,249 92,922 194,748 1,777,970 4,332-3,090-803 - 1,234 21,241 - - - - - - - - 283,720 35,165 792,676 181 1,363,187 33,905 41,536 2,690,524 8,462,171 1,682,251 15,542,784 28,134 53,416,755 3,156,482 7,298,249 71,084,504 640,593 45,184 180,473 8,845 196 139,869 43,280 4,377 7,821,578 1,637,067 15,362,311 19,289 53,416,559 3,016,613 7,254,969 71,080,127 - - - - - - - - 7,821,578 1,637,067 15,362,311 19,289 53,416,559 3,016,613 7,254,969 71,080,127 5,627,406 690,631 7,351,505 (7,742) (31,305,847) 1,091,212 3,077,838 (12,591,628) (3,098,991) 2,714,673 130,157,466 (23,732) 92,157,469 11,978,573 62,400,947 375,003,938 (58,706) 27,481 2,012,928 3,686 (797,338) 123,674 694,220 (166,153) - - - - - - - - 6,446 (737,564) 767,499 (683) (7,471,138) (18,439) 609,667 2,581,814 - - - - - - - - - - - - - - - - (3,151,251) 2,004,590 132,937,893 (20,729) 83,888,993 12,083,808 63,704,834 377,419,599 24,031,799 (3,768,993) 200,555,580 (251,404) 156,393,452 12,733,101 37,556,988 148,736,198 - - 126,194 - - - 330,587 - - - - - - - - - 6,608 (43,057) (9,358) (356) (116,250) (79,973) 135,689 802,919 - - - - - - - - - - - - - - - - 24,038,407 (3,812,050) 200,672,416 (251,760) 156,277,202 12,653,128 38,023,264 149,539,117 26,514,562 (1,116,829) 340,961,814 (280,231) 208,860,348 25,828,148 104,805,936 514,367,088 422,863,582 162,268,632 252,115,863 3,103,497 3,848,233,559 315,054,222 162,125,476 1,913,294,894 (395,016,105) (62,172,856) (462,029,276) (442,032) (2,902,526,341) (96,115,827) (316,170,676) (2,322,026,431) 27,847,477 100,095,776 (209,913,413) 2,661,465 945,707,218 218,938,395 (154,045,200) (408,731,537) (2,391,297) - (699,288) - - - (1,417,266) - 368,241,383 151,998,265 1,265,404,327 2,381,234 3,067,154,904 294,946,630 415,389,087 3,541,070,027 (2) This Sub-Fund was launched on 8 February 2011. 14

JPMorgan Funds Combined Statement Operations and Changes in (continued) For the Year Ended 30 June 2011 JF Greater China Fund USD JF India Fund USD JF Korea Equity Fund USD JF Pacific Technology Fund USD JF Singapore Fund USD Latin America Equity Fund USD Russia Fund USD US Small Cap Growth Fund USD 684,691,268 2,637,009,261 32,973,452 60,914,568 175,447,667 1,290,637,333 2,035,560,908 46,434,212 21,884,301 36,414,967 1,170,983 981,176 5,794,639 33,346,682 46,491,131 235,980 2,234 74,894 35,369 630 6,469 46,698 110,294 1,691 - - - - - - - 57,945 1,577-2,106 301-134 443 - - - - - - - - - - - - - - - - - 21,888,112 36,489,861 1,208,458 982,107 5,801,108 33,393,514 46,601,868 295,616 13,765,184 54,232,318 1,447,808 611,190 3,735,152 23,065,956 34,607,287 1,277,328 929,730 5,575,945 291,115 151,820 288,633 1,473,847 4,241,192 137,012 559,452 2,015,506 159,154 102,612 260,659 1,084,567 1,525,155 145,726 413,131 1,518,748 61,267 18,137 105,815 712,338 864,511 46,883 575-102 503 298 14,869 5,345 - - - - - - - - - 409,199 1,511,405 23,103 10,475 97,791 5,509,898 1,477,337 17,666 16,077,271 64,853,922 1,982,549 894,737 4,488,348 31,861,475 42,720,827 1,624,615 4,604 2,759 151,367 133,217 5,637 2,042 879,851 37,264 16,072,667 64,851,163 1,831,182 761,520 4,482,711 31,859,433 41,840,976 1,587,351 - - - - - - - - 16,072,667 64,851,163 1,831,182 761,520 4,482,711 31,859,433 41,840,976 1,587,351 5,815,445 (28,361,302) (622,724) 220,587 1,318,397 1,534,081 4,760,892 (1,291,735) 97,516,077 204,570,833 17,399,785 4,094,265 35,544,957 206,728,903 164,121,479 10,599,362 4,063 12,179 270,221 (9,721) (27,430) 67,485 (3,821) 1,473-1,663,856 2,116,405 - - - - - 130,309 15,257 309,690 131,192 409,572 (56,709) 360,277 1,676 - - - - - - - - - - (141,964) - - 536,930 - - 97,650,449 206,262,125 19,954,137 4,215,736 35,927,099 207,276,609 164,477,935 10,602,511 76,460,716 109,926,062 2,368,527 4,105,488 7,770,308 79,858,810 535,150,919 12,987,370 - - 411,185 - - - - - - - 186,185 - - - - - 290 447,311 290,971 (7,604) 20,214 1,620,120 76,437 (305) - - - - - - - - - - - - - (745,230) - - 76,461,006 110,373,373 3,256,868 4,097,884 7,790,522 80,733,700 535,227,356 12,987,065 179,926,900 288,274,196 22,588,281 8,534,207 45,036,018 289,544,390 704,466,183 22,297,841 429,414,879 1,185,999,029 258,384,171 32,485,475 184,472,636 901,522,565 2,121,482,457 136,382,092 (434,450,699) (1,344,922,527) (94,800,208) (71,976,818) (216,069,847) (973,036,245) (2,240,755,012) (88,274,248) (5,035,820) (158,923,498) 163,583,963 (39,491,343) (31,597,211) (71,513,680) (119,272,555) 48,107,844 (1,768,507) (10,204,098) (1,901) (15,300) (2,117,942) (2,534,290) - (243) 857,813,841 2,756,155,861 219,143,795 29,942,132 186,768,532 1,506,133,753 2,620,754,536 116,839,654 15

JPMorgan Funds Statement Changes in the Number (continued) For the Year Ended 30 June 2011 Outstanding at the Beginning the Year Subscribed Redeemed Outstanding at the End the Year JPMorgan Funds - Africa Equity Fund JPM Africa Equity A (acc) - USD 5,015,795.757 13,008,680.192 8,165,133.576 9,859,342.373 JPM Africa Equity A (acc) - EUR 3,189,055.915 6,707,042.884 6,579,785.449 3,316,313.350 JPM Africa Equity A (dist) - GBP 176,236.534 407,345.304 134,698.202 448,883.636 JPM Africa Equity A (inc) - EUR - 3,260.608 148.000 3,112.608 JPM Africa Equity B (acc) - USD 567,248.174 2,344,159.357 2,177,095.996 734,311.535 JPM Africa Equity C (acc) - USD 811,985.179 8,157,277.023 4,615,885.605 4,353,376.597 JPM Africa Equity D (acc) - USD 5,966,506.996 12,038,724.241 6,095,260.721 11,909,970.516 JPM Africa Equity D (acc) - EUR 61.192 321,001.535 84,536.529 236,526.198 JPM Africa Equity I (acc) - USD - 458,259.486 77,894.418 380,365.068 JPMorgan Funds - America Large Cap Fund JPM America Large Cap A (acc) - USD 1,989,969.135 6,240,259.216 4,714,988.975 3,515,239.376 JPM America Large Cap A (acc) - EUR 352,927.417 57,972.855 340,125.149 70,775.123 JPM America Large Cap A (dist) - USD 3,352,867.721 1,903,211.737 1,172,943.858 4,083,135.600 JPM America Large Cap B (acc) - USD 174,178.979 700,363.454 471,231.251 403,311.182 JPM America Large Cap C (acc) - USD 2,229,600.816 7,177,406.940 4,946,145.632 4,460,862.124 JPM America Large Cap D (acc) - USD 1,506,718.445 1,496,484.850 941,707.750 2,061,495.545 JPM America Large Cap X (acc) - USD 5,451.282 1,298,843.799 115,338.000 1,188,957.081 JPMorgan Funds - Asia Pacific Bond Fund JPM Asia Pacific Bond A (acc) - USD 1,000,000.000 1,450,553.127 350,447.507 2,100,105.620 JPM Asia Pacific Bond C (acc) - USD - 97,352.703 71,352.703 26,000.000 JPMorgan Funds - Brazil Alpha Plus Fund JPM Brazil Alpha Plus A (acc) - USD 13,839,648.677 47,407,083.501 25,030,163.328 36,216,568.850 JPM Brazil Alpha Plus A (acc) - SGD - 8,965.951 550.690 8,415.261 JPM Brazil Alpha Plus A (dist) - USD 15,462.999 595,655.187 523,472.409 87,645.777 JPM Brazil Alpha Plus A (acc) - EUR - 1,488.598-1,488.598 JPM Brazil Alpha Plus B (acc) - USD 837,707.284 2,594,208.211 1,580,552.647 1,851,362.848 JPM Brazil Alpha Plus C (acc) - USD 2,821,030.557 1,979,484.078 2,592,997.401 2,207,517.234 JPM Brazil Alpha Plus D (acc) - USD 7,207,080.285 5,061,720.447 4,552,969.208 7,715,831.524 JPM Brazil Alpha Plus D (acc) - EUR - 126,365.078 29,749.866 96,615.212 JPM Brazil Alpha Plus I (acc) - USD 680.297 9,325,482.823 393,120.393 8,933,042.727 JPM Brazil Alpha Plus I (acc) - EUR 268,743.942 126,000.000 340,000.000 54,743.942 JPM Brazil Alpha Plus T (acc) - EUR - 5,939.980-5,939.980 JPMorgan Funds - Eastern Europe Equity Fund JPM Eastern Europe Equity A (acc) - EUR 7,196,215.446 8,458,000.353 7,888,653.322 7,765,562.477 JPM Eastern Europe Equity A (acc) - USD - 35.951-35.951 JPM Eastern Europe Equity A (dist) - EUR 10,330,900.900 3,456,733.434 3,886,111.549 9,901,522.785 JF Eastern Europe Equity A (dist) - EUR 5,694,000.629 4,108,593.161 4,713,460.752 5,089,133.038 JPM Eastern Europe Equity B (acc) - EUR 2,088,082.744 2,197,124.226 2,569,480.356 1,715,726.614 JPM Eastern Europe Equity C (acc) - EUR 1,713,371.654 3,015,690.689 1,057,440.688 3,671,621.655 JPM Eastern Europe Equity D (acc) - EUR 2,089,459.737 927,095.418 1,116,905.875 1,899,649.280 JPM Eastern Europe Equity I (acc) - EUR 1,796,727.879 2,940,427.709 3,794,567.270 942,588.318 JPM Eastern Europe Equity X (acc) - EUR 2,620,796.741 163,657.645 796.741 2,783,657.645 JPMorgan Funds - Emerging Europe, Middle East and Africa Equity Fund JPM Emerging Europe, Middle East and Africa Equity A (acc) - USD 4,230,049.115 4,987,088.229 4,202,808.746 5,014,328.598 JPM Emerging Europe, Middle East and Africa Equity A (acc) - EUR 210,787.683 492,856.863 213,852.617 489,791.929 JPM Emerging Europe, Middle East and Africa Equity A (acc) - SGD - 959.224 49.955 909.269 JPM Emerging Europe, Middle East and Africa Equity A (dist) - USD 7,849,670.573 3,658,693.688 4,737,219.653 6,771,144.608 JPM Emerging Europe, Middle East and Africa Equity B (acc) - USD 754,939.382 629,515.309 648,371.764 736,082.927 JPM Emerging Europe, Middle East and Africa Equity C (acc) - USD 1,813,484.930 2,122,461.700 2,176,537.546 1,759,409.084 JPM Emerging Europe, Middle East and Africa Equity D (acc) - USD 1,925,463.268 813,780.950 1,108,551.885 1,630,692.333 JPM Emerging Europe, Middle East and Africa Equity D (acc) - EUR - 40,247.499 14,136.396 26,111.103 JPM Emerging Europe, Middle East and Africa Equity T (acc) - EUR - 905.244 67.413 837.831 JPM Emerging Europe, Middle East and Africa Equity X (acc) - USD 5,000,000.000 5,226,929.473 437,500.000 9,789,429.473 JPMorgan Funds - Emerging s Equity Fund JPM Emerging s Equity A (acc) - USD 20,121,372.787 22,457,735.557 16,389,453.651 26,189,654.693 JPM Emerging s Equity A (acc) - EUR 48,460,214.624 31,808,449.247 35,819,949.504 44,448,714.367 JPM Emerging s Equity A (acc) - SGD 1,999.843 397,404.925 32,493.686 366,911.082 JPM Emerging s Equity A (dist) - USD 83,592,027.985 32,248,757.155 32,590,077.983 83,250,707.157 JPM Emerging s Equity A (dist) - GBP 1,695,180.515 1,095,930.047 914,624.794 1,876,485.768 JPM Emerging s Equity B (acc) - USD 2,159,975.057 2,807,262.245 2,133,334.730 2,833,902.572 JPM Emerging s Equity C (acc) - USD 54,752,485.863 32,465,123.795 42,467,763.663 44,749,845.995 JPM Emerging s Equity C (dist) - USD - 270.876-270.876 JPM Emerging s Equity D (acc) - USD 3,876,441.179 2,386,330.587 1,544,149.348 4,718,622.418 JPM Emerging s Equity D (acc) - EUR 2,395,472.001 4,180,072.358 2,364,950.667 4,210,593.692 JPM Emerging s Equity I (acc) - USD 8,494,658.792 39,368,914.908 6,060,364.254 41,803,209.446 JPM Emerging s Equity I (acc) - EUR 1,942,978.492 - - 1,942,978.492 JPM Emerging s Equity I (inc) - EUR 2,270,062.755 645,162.300 251,484.000 2,663,741.055 JPM Emerging s Equity X (acc) - USD 42,148,385.507 14,806,076.085 2,486,120.611 54,468,340.981 JPM Emerging s Equity X (acc) - EUR - 50,198.727-50,198.727 JPM Emerging s Equity X (dist) - USD 983,000.423 799,874.117 233,205.863 1,549,668.677 JPM Emerging s Equity X (inc) - EUR 45,085,625.651 5,905,704.910 894,647.367 50,096,683.194 JPMorgan Funds - Emerging s Infrastructure Equity Fund JPM Emerging s Infrastructure Equity A (acc) - USD 2,896,504.861 8,460,061.074 2,818,974.316 8,537,591.619 JPM Emerging s Infrastructure Equity A (acc) - EUR 1,220,150.169 2,601,053.080 1,188,505.689 2,632,697.560 JPM Emerging s Infrastructure Equity B (acc) - USD 866,178.160 2,275,769.255 1,980,878.189 1,161,069.226 JPM Emerging s Infrastructure Equity B (acc) - EUR - 50.173-50.173 JPM Emerging s Infrastructure Equity C (acc) - USD 277,649.426 1,852,313.094 1,056,916.441 1,073,046.079 JPM Emerging s Infrastructure Equity D (acc) - USD 2,052,417.760 2,211,084.443 760,097.466 3,503,404.737 JPM Emerging s Infrastructure Equity D (acc) - EUR 61.192 90,329.073 6,700.457 83,689.808 16

JPMorgan Funds Statement Changes in the Number (continued) For the Year Ended 30 June 2011 Outstanding at the Beginning the Year Subscribed Redeemed Outstanding at the End the Year JPMorgan Funds - Emerging s Local Currency Debt Fund JPM Emerging s Local Currency Debt A (acc) - EUR 7,461,578.810 20,219,971.017 16,087,490.514 11,594,059.313 JPM Emerging s Local Currency Debt A (acc) - USD 5,525,387.886 14,817,691.368 13,936,801.151 6,406,278.103 JPM Emerging s Local Currency Debt A (dist) - GBP - 1,203.185-1,203.185 JPM Emerging s Local Currency Debt A (mth) - USD 4,997,324.264 9,995,322.033 8,683,099.599 6,309,546.698 JPM Emerging s Local Currency Debt A (inc) - EUR - 12,315.000-12,315.000 JPM Emerging s Local Currency Debt B (acc) - EUR - 10,034.720-10,034.720 JPM Emerging s Local Currency Debt B (acc) - USD 493,573.091 3,953,077.093 1,382,697.753 3,063,952.431 JPM Emerging s Local Currency Debt C (acc) - EUR - 185,312.070 70,553.621 114,758.449 JPM Emerging s Local Currency Debt C (acc) - USD 744,031.123 3,606,268.047 1,790,952.676 2,559,346.494 JPM Emerging s Local Currency Debt D (acc) - EUR 3,033,679.382 7,258,113.974 3,062,707.942 7,229,085.414 JPM Emerging s Local Currency Debt D (acc) - USD 2,150.000 25,000.118 12,736.876 14,413.242 JPM Emerging s Local Currency Debt D (inc) - EUR 40,079.625 2,055,286.126 309,337.412 1,786,028.339 JPM Emerging s Local Currency Debt I (acc) - EUR - 244,795.224 199,695.224 45,100.000 JPM Emerging s Local Currency Debt T (acc) - EUR - 50.000-50.000 JPM Emerging s Local Currency Debt T (inc) - EUR - 21,113.019-21,113.019 JPM Emerging s Local Currency Debt X (acc) - EUR - 536,061.704 232,270.634 303,791.070 JPM Emerging s Local Currency Debt X (acc) - USD 14,338,603.643 2,236,249.801 208,607.826 16,366,245.618 JPMorgan Funds - Emerging Middle East Equity Fund JPM Emerging Middle East Equity A (acc) - USD 2,164,487.820 3,864,153.091 4,205,451.535 1,823,189.376 JPM Emerging Middle East Equity A (acc) - EUR 148,212.987 1,598,162.529 1,208,709.430 537,666.086 JPM Emerging Middle East Equity A (acc) - SGD - 1,559.870 49.955 1,509.915 JPM Emerging Middle East Equity A (dist) - USD 10,266,481.844 5,814,744.866 5,671,281.527 10,409,945.183 JPM Emerging Middle East Equity B (acc) - USD 248,533.471 422,569.802 460,441.740 210,661.533 JPM Emerging Middle East Equity C (acc) - USD 3,611,239.752 14,013,669.280 12,038,311.523 5,586,597.509 JPM Emerging Middle East Equity D (acc) - USD 1,939,619.749 900,969.123 1,055,231.857 1,785,357.015 JPM Emerging Middle East Equity D (acc) - EUR - 178,642.560 160,038.363 18,604.197 JPM Emerging Middle East Equity I (acc) - USD - 123,613.881 42,867.258 80,746.623 JPMorgan Funds - Global Consumer Trends Fund JPM Global Consumer Trends A (acc) - USD 91,418.548 1,561,938.587 34,760.329 1,618,596.806 JPM Global Consumer Trends A (acc) - EUR 2,038,506.854 6,563,430.642 1,845,688.953 6,756,248.543 JPM Global Consumer Trends B (acc) - USD - 34.600-34.600 JPM Global Consumer Trends B (acc) - EUR - 34.720-34.720 JPM Global Consumer Trends C (acc) - EUR 1,488,680.208 2,538,370.294 1,980,021.943 2,047,028.559 JPM Global Consumer Trends D (acc) - USD - 34.600-34.600 JPM Global Consumer Trends D (acc) - EUR 246,131.950 803,687.331 296,932.881 752,886.400 JPM Global Consumer Trends T (acc) - EUR - 12,284.426 145.226 12,139.200 JPMorgan Funds - Global Dynamic Fund JF Global Dynamic A (dist) - USD 630,249.857 123,161.673 88,935.898 664,475.632 JPM Global Dynamic A (acc) - CHF (hedged) - 8,063.792 417.000 7,646.792 JPM Global Dynamic A (acc) - EUR 1,094,373.077 278,112.947 167,469.068 1,205,016.956 JPM Global Dynamic A (acc) - EUR (hedged) 3,292,326.573 238,915.811 3,103,255.623 427,986.761 JPM Global Dynamic A (acc) - SGD 498.563 2,359.528-2,858.091 JPM Global Dynamic A (acc) - SGD (hedged) - 50,243.339-50,243.339 JPM Global Dynamic A (acc) - USD 7,271,951.747 2,115,428.609 3,234,940.188 6,152,440.168 JPM Global Dynamic A (dist) - GBP 657,023.536 118,729.607 167,699.894 608,053.249 JPM Global Dynamic A (dist) - USD 34,441,060.615 2,757,447.154 14,276,349.226 22,922,158.543 JPM Global Dynamic A (inc) - EUR 974,790.933 44,759.140 189,503.886 830,046.187 JPM Global Dynamic B (acc) - USD 1,221,325.842 1,125,554.032 617,445.813 1,729,434.061 JPM Global Dynamic C (acc) - EUR 4,836,061.129 326,491.582 498,926.563 4,663,626.148 JPM Global Dynamic C (acc) - EUR (hedged) 1,109,115.271 345,270.441 367,000.000 1,087,385.712 JPM Global Dynamic C (acc) - USD 15,501,972.044 3,271,504.064 8,198,998.701 10,574,477.407 JPM Global Dynamic D (acc) - EUR 246,298.029 77,256.218 86,452.187 237,102.060 JPM Global Dynamic D (acc) - EUR (hedged) 226,550.030 192,771.172 125,752.993 293,568.209 JPM Global Dynamic D (acc) - USD 4,552,351.073 308,216.953 3,518,299.528 1,342,268.498 JPM Global Dynamic I (acc) - EUR (hedged) - 330,854.246 29,832.200 301,022.046 JPM Global Dynamic I (acc) - USD 152,038.895 5,589,876.657 10,864.871 5,731,050.681 JPM Global Dynamic I (inc) - EUR 4,269,575.737 52,389.803-4,321,965.540 JPM Global Dynamic T (acc) - EUR (hedged) - 1,331.638-1,331.638 JPM Global Dynamic X (acc) - EUR 26,377,982.213 2,654,867.257-29,032,849.470 JPM Global Dynamic X (acc) - USD 6,149,032.055 33,643.318 1,126,445.793 5,056,229.580 JPMorgan Funds - Global Mining Fund (1) JPM Global Mining A (acc) - EUR - 15,492.879 4,497.198 10,995.681 JPM Global Mining A (acc) - USD - 3,164.132-3,164.132 JPM Global Mining B (acc) - EUR - 1,604.405-1,604.405 JPM Global Mining D (acc) - EUR - 11,126.975-11,126.975 JPM Global Mining T (acc) - EUR - 50.000-50.000 JPMorgan Funds - Global Natural Resources Fund JPM Global Natural Resources A (acc) - USD 26,451,139.044 112,717,920.263 70,375,762.861 68,793,296.446 JPM Global Natural Resources A (acc) - EUR 37,814,389.670 39,378,082.453 33,981,066.035 43,211,406.088 JPM Global Natural Resources A (acc) - SGD 16,104.229 637,611.100 34,677.013 619,038.316 JPM Global Natural Resources A (dist) - EUR 23,287,894.713 23,700,312.613 22,275,495.304 24,712,712.022 JPM Global Natural Resources B (acc) - EUR 1,626,273.337 3,611,006.427 2,190,474.184 3,046,805.580 JPM Global Natural Resources C (acc) - USD 5,551,376.057 9,743,820.499 5,963,838.909 9,331,357.647 JPM Global Natural Resources C (acc) - EUR 6,011,118.454 8,539,145.727 6,243,386.233 8,306,877.948 JPM Global Natural Resources D (acc) - USD 1,136,706.770 2,054,698.847 2,363,133.521 828,272.096 JPM Global Natural Resources D (acc) - EUR 14,691,065.674 16,932,154.595 15,254,618.387 16,368,601.882 JPM Global Natural Resources X (acc) - USD* - 17,517.215 17,517.215 - JPM Global Natural Resources X (acc) - EUR 5,089,717.594 3,689,693.947 4,594,762.891 4,184,648.650 (1) This Sub-Fund was launched on 8 February 2011. 17