JPMorgan US Value Equity Off-shore Fund - JP Morgan Asset ...

Portfolio at a glanceAs at 31 May 2013Top 5 overweights 1Fund Weight % DifferenceWells Fargo 4.1 1.8AutoZone 1.6 1.6Kohl's 1.7 1.5Capital One Financial 1.9 1.5Loews 1.6 1.4Top 5 underweights 1FundWeight% DifferenceGeneral Electric* 0.0 -2.9JPMorgan Chase2 0.0 -2.4Berkshire Hathaway 0.9 -1.5Goldman Sachs* 0.0 -0.9Occidental Petroleum* 0.0 -0.9Top 10 Holdings %Exxon Mobil 4.1Wells Fargo 4.1Chevron 2.8AT&T 2.4Bank of America 2.4Pfizer 2.3Johnson & Johnson 2.0Capital One Financial 1.9Procter & Gamble 1.9Merck 1.9Source: Wilshire, J.P. Morgan Asset Management. 1 Relative to the Russell 1000 Value Index.*Indicates stock not held in the Fund as of 31 May 2013.The above portfolio characteristics are shown for illustrative purposes only and are subject to change without notice. 2 Due to regulatory reasons, the portfolio is unable to hold JPMorgan Chase.The stocks mentioned above are meant for illustration purposes only and should not be construed as stock recommendation. They may or may not necessarily form part of the portfolios of any fundsof JPMorgan Mutual Fund. Also, the same should not be construed as an investment advice.25