JPMorgan Funds - Fundsquare

JPMorgan FundsSociété d’Investissement à Capital Variable, Luxembourg

audited annual report – 30 june 2008

JPMorgan FundsAudited Annual Report

As at 30 June 2008

Contents

Board of Directors 1Management and Administration 2Board of Directors’ Report 3Investment Managers’ Report 4Independent Auditor’s Report 5

Financial Statements and Statistical InformationCombined Statement of Net Assets 7Combined Statement of Operations and Changes in Net Assets 17Statement of Changes in the Number of Shares 27Statistical Information 36

Notes to the Financial Statements 45

Schedules of InvestmentJPMorgan Funds - Africa Equity Fund 52 JPMorgan Funds - Global Equity Fund (EUR) 157

JPMorgan Funds - America Equity Fund 53 JPMorgan Funds - Global Equity Fund (USD) 160

JPMorgan Funds - America Large Cap Fund 56 JPMorgan Funds - Global Focus Fund 162

JPMorgan Funds - America Micro Cap Fund 57 JPMorgan Funds - Global Life Sciences Fund 165

JPMorgan Funds - Brazil Alpha Plus Fund 58 JPMorgan Funds - Global Natural Resources Fund 166

JPMorgan Funds - Eastern Europe Equity Fund 60 JPMorgan Funds - Global Real Estate Securities Fund (EUR) 170

JPMorgan Funds - Emerging Europe, Middle East and Africa Equity Fund 62 JPMorgan Funds - Global Real Estate Securities Fund (USD) 172

JPMorgan Funds - Emerging Markets Alpha Plus Fund 64 JPMorgan Funds - Global Socially Responsible Fund 174

JPMorgan Funds - Emerging Markets Debt Fund 67 JPMorgan Funds - Highbridge Europe STEEP Fund 176

JPMorgan Funds - Emerging Markets Equity Fund 71 JPMorgan Funds - Highbridge US STEEP Fund 178

JPMorgan Funds - Emerging Markets Infrastructure Equity Fund 73 JPMorgan Funds - Japan Dynamic Fund 180

JPMorgan Funds - Emerging Markets Local Currency Debt Fund 75 JPMorgan Funds - JF Asia Alpha Plus Fund 181

JPMorgan Funds - Emerging Markets Small Cap Fund 77 JPMorgan Funds - JF Asia Pacific ex-Japan Equity Fund 183

JPMorgan Funds - EU Government Bond Fund 79 JPMorgan Funds - JF China Fund 185

JPMorgan Funds - Euro Liquid Reserve Fund 81 JPMorgan Funds - JF Greater China Fund 186

JPMorgan Funds - Euroland Equity Fund 83 JPMorgan Funds - JF Hong Kong Fund 187

JPMorgan Funds - Euroland Select Equity Fund 86 JPMorgan Funds - JF India Fund 188

JPMorgan Funds - Europe 130/30 Fund 88 JPMorgan Funds - JF Japan Alpha Plus Fund 189

JPMorgan Funds - Europe Aggregate Plus Bond Fund 91 JPMorgan Funds - JF Japan Equity Fund 191

JPMorgan Funds - Europe Balanced Fund (EUR) 96 JPMorgan Funds - JF Japan Small Cap Fund 192

JPMorgan Funds - Europe Convergence Equity Fund 100 JPMorgan Funds - JF Korea Equity Fund 193

JPMorgan Funds - Europe Dynamic Fund 101 JPMorgan Funds - JF Pacific Balanced Fund 195

JPMorgan Funds - Europe Dynamic Mega Cap Fund 103 JPMorgan Funds - JF Pacific Equity Fund 199

JPMorgan Funds - Europe Dynamic Small Cap Fund 105 JPMorgan Funds - JF Pacific Technology Fund 200

JPMorgan Funds - Europe Equity Fund 106 JPMorgan Funds - JF Singapore Fund 204

JPMorgan Funds - Europe Focus Fund 109 JPMorgan Funds - JF Taiwan Fund 205

JPMorgan Funds - Europe High Yield Bond Fund 112 JPMorgan Funds - Latin America Equity Fund 206

JPMorgan Funds - Europe Micro Cap Fund 116 JPMorgan Funds - Middle East Equity Fund 208

JPMorgan Funds - Europe Select 130/30 Fund 118 JPMorgan Funds - Russia Fund 210

JPMorgan Funds - Europe Small Cap Fund 121 JPMorgan Funds - Sterling Bond Fund 212

JPMorgan Funds - Europe Strategic Growth Fund 124 JPMorgan Funds - UK Equity Fund 215

JPMorgan Funds - Europe Strategic Growth Small Cap Fund 129 JPMorgan Funds - US 130/30 Fund 216

JPMorgan Funds - Europe Strategic Value Fund 131 JPMorgan Funds - US Aggregate Bond Fund 219

JPMorgan Funds - Europe Strategic Value Small Cap Fund 134 JPMorgan Funds - US Dynamic Fund 227

JPMorgan Funds - Europe Technology Fund 136 JPMorgan Funds - US Select 130/30 Fund 230

JPMorgan Funds - Germany Equity Fund 137 JPMorgan Funds - US Small Cap Growth Fund 233

JPMorgan Funds - Global Aggregate Bond Fund 138 JPMorgan Funds - US Strategic Growth Fund 235

JPMorgan Funds - Global Consumer Trends Fund 146 JPMorgan Funds - US Technology Fund 238

JPMorgan Funds - Global Convertibles Fund (EUR) 148 JPMorgan Funds - US Value Fund 239

JPMorgan Funds - Global Dynamic Fund 153

Appendix: Unaudited Additional DisclosuresFund Total Expense Ratios 241Summary of Investment Objectives of the Sub-Funds 250Performance and Volatility 255Interest Rate Received/(Charged) on Bank Accounts 264Sub-Fund Share Classes Subject to Taxe d’Abonnement Rate of 0.01% 264Portfolio Turnover Rate 265Historical Statements of Changes in the Number of Shares 266

For additional information, please consult www.jpmorganassetmanagement.com

No subscriptions can be received solely on the basis of this report. Subscriptions are only valid if made on the basis of the current prospectus, the current simplified prospectus,supplemented by the latest audited annual report and, if published thereafter, the latest unaudited semi-annual report.

The prospectus, the simplified prospectus, the unaudited semi-annual reports, as well as the audited annual reports can be obtained free of charge from the registered office of theSICAV and from paying agents & representatives.

JPMorgan FundsBoard of Directors

As at 30 June 2008

ChairmanIain O.S. SaundersBankerDuine, ArdfernArgyll PA31 8QNUnited Kingdom

DirectorsAndré ElvingerPartnerElvinger, Hoss & Prussen2, place Winston ChurchillL-2014 LuxembourgGrand Duchy of Luxembourg

Jean FrijnsProfessor, Finance and InvestmentsAntigonelaan 2NL-5631 LR EindhovenThe Netherlands

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

Registered OfficeEuropean Bank & Business Centre6, route de TrèvesL-2633 SenningerbergGrand Duchy of Luxembourg

Deputy ChairmanPierre JaansEconomist3, rue de KahlerL-8356 GarnichGrand Duchy of Luxembourg

Andrea L. HazenManaging DirectorJPMorgan Asset Management (UK) Limited20 Finsbury StreetLondon EC2Y 9AQUnited Kingdom

Robert Van der MeerProfessor of Finance9A Lange VijverbergNL-2513 AC The HagueThe Netherlands

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JPMorgan FundsManagement and Administration

As at 30 June 2008

Management Company, Registrar and Transfer Agent,Global Distributor and Domiciliary AgentJPMorgan Asset Management (Europe) S.à r.l.European Bank & Business Centre6, route de TrèvesL-2633 SenningerbergGrand Duchy of Luxembourg

Advisory CompanyJPMorgan Asset Management Advisory Company S.à r.l.European Bank & Business Centre6, route de TrèvesL-2633 SenningerbergGrand Duchy of Luxembourg

Investment ManagersJ.P. Morgan Investment Management Inc.245 Park AvenueNew York, NY 10167United States of America

JPMorgan Asset Management (Japan) LimitedTokyo Building7 - 3, Marunouchi 2 - Chome Chiyoda-kuTokyo 100 - 6432Japan

JPMorgan Asset Management (UK) Limited20 Finsbury StreetLondon EC2Y 9AQUnited Kingdom

JF Asset Management Limited21st Floor, Chater House8 Connaught RoadCentral, Hong Kong

JF Asset Management (Singapore) Limited168 Robinson Road17th Floor, Capital TowerSingapore 068912

Highbridge Capital Management LLC9 West 57th StreetNew York, NY 10019United States of America

Custodian, Corporate, Administrative Agent & Paying AgentJ.P. Morgan Bank Luxembourg S.A.European Bank & Business Centre6, route de TrèvesL-2633 SenningerbergGrand Duchy of Luxembourg

Independent AuditorPricewaterhouseCoopers S.à r.l.Réviseur d’entreprises400, route d’EschB.P. 1443L-1014 LuxembourgGrand Duchy of Luxembourg

Legal AdviserElvinger, Hoss & Prussen2, place Winston ChurchillL-2014 LuxembourgGrand Duchy of Luxembourg

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JPMorgan Funds

Board of Directors’ Report

As at 30 June 2008

The Board of Directors is pleased to present the Audited Annual Report for the year ended 30 June 2008.

The Fund

The Fund is a variable capital investment company, organised as a “Société Anonyme”, under the laws of the Grand Duchy of Luxembourg.The Fund is organized as an “umbrella” with a number of Sub-Funds, each of which has its own investment policy and restrictions.

At present, the Fund has issued shares in 79 Sub-Funds.

During the year, the total net assets of the Fund decreased from USD 89.6 billion to USD 57.6 billion at year end.

In response to a deterioration of the market conditions pertaining to a number of asset classes/debt instruments over the last year, wideningbid-ask spreads on asset-backed and corporate securities and a sharp decline in market liquidity, the regular pricing basis for the Sub-Funds -using the last available price for securities as supplied by independent price providers - had become an unreliable estimate of the realizable valueof those instruments. Inmanaging daily priced funds, the Board’s principle is to fairly value the portfolio to give equal treatment to Shareholdersand in this context, theManagement Company has implemented a special Fair Value Committee to address any valuation concerns arising fromcurrent market and liquidity events. The Committee considers on a daily basis current market information on the portfolios held, including lasttraded prices, taking into account view of the Senior Management on the reliability of such information; indirect exposure through Over TheCounter credit derivatives; the estimated timing of asset disposal to meet anticipated investor redemptions.

Further to the above, the pricing adjustments considered for JPMorganFunds -Global Aggregate BondFund, JPMorganFunds - SterlingBondFund and JPMorgan Funds - Europe Aggregate Plus Bond Fund are disclosed in note 2a).

During the year, the following Sub-Funds were launched:

• JPMorgan Funds - US Select 130/30 Fund on 5 July 2007;

• JPMorgan Funds - Euroland Select Equity Fund on 24 July 2007;

• JPMorgan Funds - US 130/30 Fund on 2 August 2007;

• JPMorgan Funds - JF Korea Equity Fund on 28 September 2007;

• JPMorgan Funds - Brazil Alpha Plus Fund on 18 October 2007;

• JPMorgan Funds - Emerging Markets Small Cap Fund on 15 November 2007;

• JPMorgan Funds - Europe Strategic Growth Small Cap Fund on 10 January 2008;

• JPMorgan Funds - Europe Strategic Value Small Cap Fund on 10 January 2008;

• JPMorgan Funds - Emerging Markets Local Currency Debt Fund on 24 January 2008;

• JPMorgan Funds - Highbridge Europe STEEP Fund on 7 February 2008;

• JPMorgan Funds - EU Government Bond Fund on 17 April 2008;

• JPMorgan Funds - Global Consumer Trends Fund on 21 April 2008;

• JPMorgan Funds - Emerging Markets Infrastructure Equity Fund on 28 April 2008;

• JPMorgan Funds - Africa Equity Fund on 14 May 2008;

• JPMorgan Funds - Highbridge US STEEP Fund on 16 May 2008.

The Fund qualifies as an Undertaking for Collective Investments in Transferable Securities under the amended EC Directive 85/611 of 20December 1985 and may therefore be offered for sale in European Union Member States, subject to registration in countries other than theGrand Duchy of 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 offer and distribution in the Grand Duchy of Luxembourg and in the followingjurisdictions:

Austria, Bahrain, Belgium, Bermuda, Chile, Denmark, Estonia, Finland, France, Germany, Greece, Hong Kong, Ireland, Italy, Korea, Macau,The Netherlands, Norway, Peru, Portugal, Singapore, Spain, Sweden, Switzerland, Taiwan and United Kingdom.

Responsibility of the Directors

The responsibility of the Directors of the Fund is governed exclusively by Luxembourg law. With respect to the annual accounts of the Fund,the duties of the Directors are governed by general corporate law and the law of 19 December 2002 on, inter alia, the accounting and annualaccounts of undertakings and by the law of 20 December 2002 relating to undertakings for collective investments.

Annual General MeetingThe next Annual General Meeting of the Company will be held on 19 November 2008.

Board of DirectorsLuxembourg, 2 October 2008

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JPMorgan Funds

Investment Managers’ Report

For the year ended 30 June 2008

Review

Global equities, alongwith all global financial markets, experienced high levels of volatility formost of the review period. Fears about the healthof the US economy, and consequently the global economy, dominated the period. Investor sentiment was dented by the financial marketturmoil sparked by the US subprime housing crisis, illiquid credit markets, large financial writedowns, fears of counterparty risk and concernsabout rising inflation.

During the period several large investment banks announced extremely large losses, some high profile hedge funds blew up, andUS investmentbank Bear Stearns suffered a crisis of confidence and was acquired by JPMorgan in a deal facilitated by the Federal Reserve (Fed). Meanwhile,commodity prices increased significantly and the high price of oil and agriculture products caused widespread concern.

The Fed was very active throughout the period and many of its actions were unprecedented not least its involvement in the emergency sale ofBear Stearns. In fact, policymakers threw everything in except the kitchen sink in an all-out effort to prevent a financial and economicmeltdown. TheFed cut interest rates by 3.25%, from5.25% in September 2007 to reach 2.0%by the end ofApril 2008. In addition, it introducednew lending facility measures to stimulate liquidity and address funding problems for the banking system. These measures were particularlyaimed at helping the increasingly distressed mortgage market. Meanwhile, the USGovernment also announced a fiscal stimulus for 2008 in theform of tax rebates totalling more than USD 100 billion, which US households began to receive in May and June.

TheBank ofEngland,meanwhile, raised interest rates by 0.25% in July 2007 to 5.75%, before embarking on an easing cycle fromDecember thatbrought interest rates down to 5.0% by the end of the review period. UK financial institutions also revealed large credit-related losses andtroubled mortgage lender Northern Rock was eventually nationalised.

In contrast, the European Central Bank (ECB) kept interest rates constant throughout the twelve-month period, at 4.0%, as economic dataremained relatively robust and monetary policymakers focussed on inflation risks.

Most major stock markets suffered a sharp correction after the summer of 2007, when the credit crunch significantly impacted markets andcredit liquidity shrank, but they then rebounded with some stock markets even reaching new highs before correcting again towards the end ofthe period as the credit crunch reasserted itself. The first quarter of 2008was negative formost stockmarkets, as weakUS economic data causedanalysts to speculate whether the US had entered recession. Investor sentiment remained subdued for the remainder of the period.

Rising commodity prices and strong demand from emerging economies such asChina benefitedmany emergingmarkets.Newoil reserveswerediscovered off the coast of Brazil, and both Brazil and Peru were awarded investment grade status from the ratings agencies. Growth in Chinaremained robust but investors began to fear overheating in the economy. The mainland China and Hong Kong stock markets performedextremely strongly in the first half of the review period, but sold off over the last fewmonths due to fears of a recession in the US, profit taking,risk aversion, volatility and fears for the economy.

The Japanese stock market underperformed global markets for most of the review period, as a combination of yen strength and high rawmaterial input prices led to doubts over the corporate earnings outlook. However, Gross Domestic Product (GDP) growth data for the fourthquarter 2007 and first quarter 2008 was surprisingly robust.

Global bond markets also experienced a volatile 12 months, against a backdrop of changing investor sentiment and sharp reversals in interestrate expectations. Bond markets rallied as the credit crunch took hold in the second half of 2007, which benefited defensive assets such assovereign bonds. However, towards the end of the review period, the prospect of potential interest rate increases caused bond markets to selloff.

Outlook

The risk to economic growth across both developed and emerging markets is the major issue for equities. It is unclear how long the economicdownturn will last, how bad it will get and which countries and companies will perform relatively better or worse than the average. In pastrecession cycles, a key factor for equity performance has been the likelihood of interest rate cuts and their magnitude and timing, thereforeinflation data will remain in the spotlight for central banks, debt markets and equity investors alike.

Another important issue is the ongoing financial crisis, as banks struggle to deal with bad loans, falling asset prices, higher financing costs, lowerfunds available for lending and faltering consumer demand. As seen with the recent collapse of Lehman Brothers, counterparty risk and risingloan losses continue to drive financial turbulence, making the availability and cost of borrowing both limited and expensive. These problemscame to a head in September, prompting the US government to announce plans for a “bad bank” and a coordinated injection ofUSD-denominated liquidity by several major central banks. These measures should help to reduce blockages in the financial system, but untilthe problems are visibly resolved further economic weakness and stock market volatility can be expected.

Investment Managers

2 October 2008

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

4

PricewaterhouseCoopersSociété à responsabilité limitéeRéviseur d’Entreprises400, route d’Esch

B.P. 1443

L-1014 Luxembourg

Telephone +352 494848-1

Facsimile +352 494848-2900

www.pwc.com/lu

[email protected]

Independent Auditor’s Report

To the Shareholders ofJPMorgan Funds

Following our appointment by the General Meeting of the Shareholders of the SICAV dated 19 December 2007, we have audited theaccompanying Financial Statements of JPMorgan Funds and of each of its Sub-Funds, which comprise the Combined Statement of Net Assetsand the Schedule of Investments as at 30 June 2008 and the Combined Statement of Operations and Changes in Net Assets for the year thenended and a summary of significant accounting policies and other explanatory notes to the Financial Statements.

Board of Directors of the SICAV’s responsibility for the Financial StatementsThe Board of Directors of the SICAV is responsible for the preparation and fair presentation of these Financial Statements in accordance withLuxembourg legal and regulatory requirements relating to the preparation of the Financial Statements. This responsibility includes: designing,implementing and maintaining internal control relevant to the preparation and fair presentation of Financial Statements that are free frommaterial misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimatesthat are reasonable in the circumstances.

Auditor’s responsibilityOur responsibility is to express an opinion on these Financial Statements based on our audit. We conducted our audit in accordance withInternational Standards on Auditing as adopted by the “Institut des Réviseurs d’Entreprises”. Those standards require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance whether the Financial Statements are free from materialmisstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the Financial Statements. Theprocedures selected depend on the Auditor’s judgment, including the assessment of the risks of material misstatement of the financialstatements, whether due to fraud or error. In making those risk assessments, the Auditor considers internal control relevant to the entity’spreparation and fair presentation of the Financial Statements in order to design audit procedures that are appropriate in the circumstances, butnot for the purpose of expressing an opinion on the effectiveness of the entity’s internal control.

An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by theBoard of Directors of the SICAV, as well as evaluating the overall presentation of the Financial Statements.

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

OpinionIn our opinion, these Financial Statements give a true and fair view of the financial position of JPMorgan Funds and of each of its Sub-Funds asof 30 June 2008 and of the results of its operations and changes in its net assets for the year then ended in accordancewith Luxembourg legal andregulatory requirements relating to the preparation of the Financial Statements.

Without qualifying our opinion, we draw attention to Note 2 a) to the Financial Statements relating to the valuation of certain assets. This noteexplains that, in the absence of a liquid market, the assets of certain Sub-Funds have been subject to a valuation process described therein. Thelist of the related Sub-Funds and their exposure as at 30 June 2008 to assets subject to such valuation process are further disclosed inNote 2 a) tothe Financial Statements.

Other matterSupplementary information included in the annual report has been reviewed in the context of our mandate but has not been subject to specificaudit 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 of the Financial Statements taken as a whole.

PricewaterhouseCoopers S.à r.l. Luxembourg, 2 October 2008Réviseur d’entreprisesRepresented by

John Parkhouse

R.C.S. Luxembourg B 65 477 - TVA LU17564447

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6

JPMorgan FundsCombined Statement of Net Assets

As at 30 June 2008

JPMorgan FundsCombined

USD

AfricaEquity

Fund (3)

USD

AmericaEquity

Fund

USD

AmericaLarge Cap

Fund

USD

AssetsInvestments in Securities at Market Value (1) 56,514,513,915 4,385,112 530,476,854 29,534,450Acquisition Cost: 55,501,245,042 4,747,248 582,353,584 30,519,193Investments in TBAs at Market Value (2) 27,463,885 - - -Cash at Bank 990,296,443 234,456 10,811,126 419,787Time Deposits and Cash Equivalents 235,745,731 - - -Amounts Receivable on Sale of Investments 449,816,542 - 7,644,216 -Amounts Receivable on Sale of TBAs (2) 25,671,824 - - -Amounts Receivable on Subscriptions 200,365,037 150,000 1,980,420 41,311Interest and Dividends Receivable, Net 128,595,034 5,174 553,268 31,687Tax Reclaims Receivable 4,789,813 - - -Fee Waiver 1,138,873 14,464 4,996 4,214Other Receivables 23,538 - 389 -Unrealised Net Gain on Forward Foreign Exchange Contracts 22,430,502 - - -Unrealised Net Gain on Financial Futures Contracts 9,099,328 - - -Option Contracts at Market Value 1,851,049 - - -Total Return Swaps at Market Value 9,469,550 - - -

Total Assets 58,621,271,064 4,789,206 551,471,269 30,031,449

LiabilitiesBank Overdraft 221,879,677 - - -Open Short Positions on TBAs (2) 24,681,116 - - -Amounts Payable on Purchase of Investments 180,167,758 - - -Amount Payable on Purchase of TBAs (2) 28,477,909 - - -Amounts Payable on Redemptions 454,483,902 - 893,611 174,639Management and Advisory Fees Payable 73,411,335 5,209 778,803 40,745Performance Fees 2,687,168 5,726 - -Other Payables 13,719,270 16,687 113,165 14,490Option Contracts at Market Value 3,713 - - -Unrealised Net Loss on Forward Foreign Exchange Contracts 2,077,383 - 71,335 -Unrealised Net Loss on Financial Futures Contracts 16,015,197 - - -Credit Default Swaps at Market Value 102,697 - - -Interest Rate Swaps at Market Value 346,732 - - -Total Return Swaps at Market Value 12,099,856 - - -Price Lock Swaps at Market Value 25,431 - - -

Total Liabilities 1,030,179,144 27,622 1,856,914 229,874

Total Net Assets 57,591,091,920 4,761,584 549,614,355 29,801,575

Historical Total Net Assets30 June 2007 89,568,991,703 - 753,695,199 43,630,54030 June 2006 63,483,121,497 - 827,863,368 41,129,00930 June 2005 34,719,610,938 - 1,503,287,228 58,998,92130 June 2004 23,129,291,606 - 1,745,071,816 152,412,467

(1) Please refer to note 2a).(2) Please refer to note 2k).(3) This Sub-Fund was launched on 14 May 2008.

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

7

JPMorgan FundsCombined Statement of Net Assets (continued)

As at 30 June 2008

AmericaMicro-Cap

Fund

USD

BrazilAlpha Plus

Fund (4)

USD

Eastern EuropeEquity

Fund

EUR

Emerging Europe,Middle East and

Africa EquityFundUSD

Emerging MarketsAlpha Plus

Fund

USD

Emerging MarketsDebt Fund

EUR

Emerging MarketsEquity Fund

USD

Emerging MarketsInfrastructure

Equity Fund (5)

USD

77,512,796 51,886,017 1,529,965,384 1,073,705,205 219,350,960 193,266,573 6,613,064,288 4,804,22797,585,026 50,673,443 1,313,628,938 961,384,228 230,936,673 219,722,191 4,731,427,508 5,027,029

- - - - - - - -2,188,569 2,398,742 41,144,341 3,163,907 33,177,501 10,243,629 14,362,047 3,621

- - - - - - - -11,518 427,300 7,863,318 8,412,639 8,342,466 - - -

- - - - - - - -3,336 342,939 5,894,994 15,076,564 119,008 439,909 13,353,078 -7,343 78,936 12,597,653 3,232,409 760,053 3,977,229 11,619,794 12,915

- - 37,916 15,920 - - 114,722 -8 31,324 - 50,274 - - - 26,021- - - - - - - -- - - - - 366,677 - -- - - - 1,130,389 175,495 - -- - - - 1,635,895 - - -- - - - 8,379,114 - - -

79,723,570 55,165,258 1,597,503,606 1,103,656,918 272,895,386 208,469,512 6,652,513,929 4,846,784

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

67,051 218,851 2,431,099 1,175,111 2,231,688 3,687,603 3,128,342 -- - - - - - - -

75,863 82,868 8,945,070 7,066,536 9,943,249 521,057 36,113,596 -110,528 74,799 2,076,281 1,408,805 415,160 200,224 7,409,783 7,591

457 50,463 - - - - - 9,71427,669 47,300 395,451 442,777 48,774 55,406 1,171,759 27,639

- 3,713 - - - - - -- - - - - - - -- 75,682 - - - - - -- - - - - - - -- - - - - - - -- - - - - - - -- - - - - - - -

281,568 553,676 13,847,901 10,093,229 12,638,871 4,464,290 47,823,480 44,944

79,442,002 54,611,582 1,583,655,705 1,093,563,689 260,256,515 204,005,222 6,604,690,449 4,801,840

211,101,103 - 1,411,797,493 599,428,235 375,656,648 251,870,653 6,821,647,444 -408,669,979 - 1,303,458,118 589,240,340 - 186,643,180 3,782,245,657 -342,001,754 - 1,057,799,924 320,585,885 - 137,498,590 1,571,057,734 -435,358,090 - 622,853,935 260,841,160 - 41,666,376 501,166,320 -

(4) This Sub-Fund was launched on 18 October 2007.(5) This Sub-Fund was launched on 28 April 2008.

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As at 30 June 2008

Emerging MarketsLocal CurrencyDebt Fund (6)

EUR

Emerging MarketsSmall Cap

Fund (7)

USD

EU GovernmentBond Fund (8)

EUR

Euro LiquidReserve Fund

EUR

EurolandEquity

Fund

EUR

EurolandSelect Equity

Fund (9)

EUR

Europe130/30Fund

EUR

EuropeAggregate Plus

Bond Fund

EUR

EuropeBalanced

Fund (EUR)

EUR

5,111,970 6,260,020 76,938,158 315,629,871 1,461,213,876 4,835,328 5,354,818 46,827,880 112,452,6105,412,959 7,414,109 79,204,513 315,642,726 1,631,344,385 5,845,019 6,134,549 54,631,475 125,216,991

- - - - - - - - -159,364 979,983 133,307 135,816 - 71,070 - 1,458,328 4,823,294

- - - 146,400,000 - - - 3,000,000 -- 32,821 89,229 - 32,034,391 20,233 - 128,414 3,765,428- - - - - - - - -

10,000 - 94,139 3,023,715 23,326,541 - - 506,017 79,30389,996 10,646 1,862,692 355,855 141,466 1,897 5,984 686,870 1,323,228

- - - - 298,636 668 266 - 11,7018,293 20,738 16,997 - - 9,351 34,045 13,493 -

- - 107 - - - - - -- - - - - - - 136,147 -- - - - 3,245,420 - - - 408,007- - - - - - - 71,238 -- - - - - - 454,679 - -

5,379,623 7,304,208 79,134,629 465,545,257 1,520,260,330 4,938,547 5,849,792 52,828,387 122,863,571

- - - - 64,757,789 - 74,385 - -- - - - - - - - -- - - - 20,475 19,107 23,030 1,777,483 -- - - - - - - - -- - 252,411 3,896,841 28,401,132 - 2,816 464,128 289,788

5,165 8,859 20,366 189,230 1,880,820 4,440 7,608 39,320 179,215- 38,624 - - - - 32,455 - -

9,987 22,911 28,416 78,713 291,208 10,590 37,364 21,833 36,866- - - - - - - - -

12,553 - - - - - - - 10,547- - 3,128 - - 1,660 - 282,065 -- - - - - - - 49,430 -- - - - - - - 138,306 -- - - - - - - - -- - - - - - - - -

27,705 70,394 304,321 4,164,784 95,351,424 35,797 177,658 2,772,565 516,416

5,351,918 7,233,814 78,830,308 461,380,473 1,424,908,906 4,902,750 5,672,134 50,055,822 122,347,155

- - - 99,718,976 4,685,250,845 - 7,504,635 174,653,253 157,292,381- - - 10,021,587 3,202,176,183 - - 173,312,859 77,878,440- - - - 1,690,787,425 - - 224,227,903 38,879,800- - - - 503,754,815 - - 170,847,940 29,781,967

(6) This Sub-Fund was launched on 24 January 2008.(7) This Sub-Fund was launched on 15 November 2007.(8) This Sub-Fund was launched on 17 April 2008.(9) This Sub-Fund was launched on 24 July 2007.

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As at 30 June 2008

EuropeConvergenceEquity Fund

EUR

Europe DynamicFund

EUR

Europe DynamicMega Cap

Fund

EUR

Europe DynamicSmall Cap

Fund

EUR

Europe EquityFund

EUR

Europe FocusFund

EUR

EuropeHigh YieldBond Fund

EUR

EuropeMicro Cap

Fund

EUR

297,142,715 633,436,381 553,521,278 28,333,313 1,891,663,109 28,316,547 53,878,969 66,639,064295,340,950 680,974,764 610,087,688 28,155,356 2,135,161,128 32,559,727 66,561,368 76,123,008

- - - - - - - -8,019,906 - 20,781,033 470,472 - 96,174 2,682,546 1,416,080

- - - - - - - -942,283 10,979,707 5,152,960 1,473,814 720,430 232,804 - 1,816,162

- - - - - - - -436,862 318,981 976,722 - 6,921,335 3,370 29,256 -1,113,000 345,734 985,427 34,964 2,463,949 57,555 1,169,482 47,83889,829 248,404 170,991 17,920 199,989 30,494 - 60,289

- - - 6,401 - 7,044 9,501 10,215- - - - 131 366 - 983- - - - - - 96,893 -- - - - - - - -- - - - - - - -- - - - - - - -

307,744,595 645,329,207 581,588,411 30,336,884 1,901,968,943 28,744,354 57,866,647 69,990,631

- 1,494,200 - - 12,325,587 - - -- - - - - - - -- 7,065,268 2,173,257 602,848 41,901 259,038 - 138,807- - - - - - - -

3,116,212 3,986,197 6,231,573 399,386 9,666,726 52,901 1,947,837 46,541457,256 797,643 808,859 32,950 2,324,092 14,477 45,075 98,143

- - - 148,336 - - - -106,297 104,334 125,503 17,016 287,702 12,713 26,511 34,526

- - - - - - - -- - - - - - - -- - - - - 4,950 - -- - - - - - - -- - - - - - - -- - - - - - - -- - - - - - - -

3,679,765 13,447,642 9,339,192 1,200,536 24,646,008 344,079 2,019,423 318,017

304,064,830 631,881,565 572,249,219 29,136,348 1,877,322,935 28,400,275 55,847,224 69,672,614

504,849,268 1,465,060,727 1,202,156,717 181,667,931 6,724,760,335 120,306,237 120,462,285 350,264,462368,646,238 1,376,855,052 249,542,128 210,032,447 6,201,107,870 11,481,518 56,405,091 177,092,335334,606,089 946,700,625 - 9,839,516 3,650,505,220 - 43,927,007 -110,261,661 763,499,657 - - 1,887,740,281 - 51,115,790 -

10


As at 30 June 2008

Europe Select130/30Fund

EUR

EuropeSmall Cap

Fund

EUR

Europe StrategicGrowth Fund

EUR

Europe StrategicGrowth

Small CapFund (10)

EUR

Europe StrategicValue Fund

EUR

Europe StrategicValue

Small CapFund (11)

EUR

EuropeTechnology

Fund

EUR

Germany EquityFund

EUR

GlobalAggregate

Bond Fund

USD

5,606,283 469,848,495 1,188,392,662 3,653,787 2,787,065,365 3,259,424 113,902,345 550,124,294 36,279,4206,965,411 495,832,577 1,182,995,031 3,616,425 3,273,018,244 3,515,731 131,629,289 583,713,538 35,878,877

- - - - - - - - 27,463,8857,406 - - 41,770 - 153,422 418,081 4,208,139 5,410,125

- - - - - - - - -12,214 1,980,231 979,499 - 20,812,960 2,257 205,134 - 97,025

- - - - - - - - 25,671,824- 1,158,084 3,685,563 - 1,654,901 - 197,603 508,230 36,539

10,011 668,511 933,614 2,785 2,092,554 7,032 78,682 - 433,118158 163,534 214,272 876 1,142,356 1,087 6,296 63,212 -

32,450 - - 16,878 - 22,126 2,947 - 28,651- - - 117 - - - - -- - - - - - - - -- - 1,016,970 - - - - - -- - - - - - - - 102,744

105,260 - - - - - - - -

5,773,782 473,818,855 1,195,222,580 3,716,213 2,812,768,136 3,445,348 114,811,088 554,903,875 95,523,331

- 1,266,360 49,357,034 - 3,756,248 - - - -- - - - - - - - 24,681,116

11,437 336,238 2,128,254 4,741 402,557 - 443,233 1,781,864 1,148,205- - - - - - - - 28,477,909- 2,321,405 12,392,476 - 9,693,362 - 521,017 1,532,228 150,233

7,735 694,838 1,473,737 6,200 4,259,683 5,920 157,745 774,357 30,629201 - - 7,177 - 11,591 - - -

34,294 98,398 230,868 18,117 406,551 23,310 43,088 96,410 35,315- - - - - - - - -- - - - - - - - 52,883- - - - - - - - 58,691- - - - - - - - 24,699- - - - - - - - 128,492- - - - - - - - -- - - - - - - - 25,431

53,667 4,717,239 65,582,369 36,235 18,518,401 40,821 1,165,083 4,184,859 54,813,603

5,720,115 469,101,616 1,129,640,211 3,679,978 2,794,249,735 3,404,527 113,646,005 550,719,016 40,709,728

7,487,132 1,383,590,469 2,862,619,054 - 9,169,138,960 - 203,196,335 754,261,152 50,010,254- 1,315,922,955 2,173,253,875 - 6,726,029,589 - 192,588,759 181,827,675 94,432,324- 760,956,406 830,688,334 - 4,238,897,967 - 190,544,916 52,725,188 407,603,770- 767,269,367 283,980,514 - 2,144,975,187 - 259,246,982 48,746,975 424,187,944

(10) This Sub-Fund was launched on 10 January 2008.(11) This Sub-Fund was launched on 10 January 2008.

11


As at 30 June 2008

GlobalConsumer Trends

Fund (12)

EUR

GlobalConvertiblesFund (EUR)

EUR

GlobalDynamic

Fund

USD

GlobalEquity

Fund (EUR)

EUR

GlobalEquity

Fund (USD)

USD

GlobalFocusFund

EUR

GlobalLife Sciences

Fund

USD

GlobalNatural

ResourcesFundEUR

3,169,907 1,714,818,338 1,869,649,929 58,239,766 163,101,138 335,630,357 30,412,264 1,861,387,3203,564,190 1,955,048,705 1,765,412,134 65,603,989 155,610,837 360,975,042 31,647,334 1,725,527,715

- - - - - - - -446,013 36,675,417 - 967,685 - 925,292 721,126 7,716,669

- - - - - - - -86,039 7,862,564 8,601,287 - - 5,283,807 - 17,072,320

- - - - - - - -- 1,910,095 7,320,799 - 13,498 536,921 654,127 2,631,643

11,540 6,373,166 2,401,414 131,264 346,506 579,552 15,407 643,996252 50,572 168,500 666 678 7,635 528 -

18,232 - - 10,493 13,987 - 27,260 -- - 8,335 191 - 946 - -- 12,857,711 137,206 365,577 - - - -- - - - - - - -- - - - - - - -- - - - - - - -

3,731,983 1,780,547,863 1,888,287,470 59,715,642 163,475,807 342,964,510 31,830,712 1,889,451,948

- - 1,451,352 - 243,895 - - -- - - - - - - -

71,964 20,251,143 3,069,066 415,775 - 4,922,645 - 3,240,963- - - - - - - -- 8,285,869 8,527,338 61,008 160,037 1,026,502 20,152 12,133,666

5,988 2,020,743 1,997,396 56,344 133,519 417,648 40,849 2,445,130- - - - - - - -

19,509 250,475 288,965 26,585 53,069 67,309 37,536 404,036- - - - - - - -- - - - - 633,569 - -- 7,430,770 - - - - - -- - - - - - - -- - - - - - - -- - - - - - - -- - - - - - - -

97,461 38,239,000 15,334,117 559,712 590,520 7,067,673 98,537 18,223,795

3,634,522 1,742,308,863 1,872,953,353 59,155,930 162,885,287 335,896,837 31,732,175 1,871,228,153

- 1,697,301,712 3,346,335,559 149,208,707 270,564,769 551,822,932 47,918,265 1,778,456,610- 1,149,704,455 2,325,259,734 130,915,285 251,794,930 107,907,690 60,967,159 943,442,736- 475,650,333 1,025,643,976 77,217,407 199,539,466 23,601,757 56,495,048 106,717,900- 328,088,146 811,491,469 226,562,884 101,899,099 37,914,516 70,563,912 -

(12) This Sub-Fund was launched on 21 April 2008.

12


As at 30 June 2008

Global RealEstate Securities

Fund (EUR)

EUR


Fund (USD)

USD

GlobalSocially

ResponsibleFundUSD

HighbridgeEurope STEEP

Fund (13)

EUR

HighbridgeUS STEEP

Fund (14)

USD

JapanDynamicFund (15)

JPY

JF AsiaAlpha Plus

Fund

USD

JF Asia Pacificex-Japan

Equity Fund (16)

USD

JF ChinaFund

USD

4,858,916 12,295,403 75,156,651 39,966,975 15,632,328 914,351,650 93,491,198 451,574,550 2,607,134,5495,912,924 14,050,483 77,871,082 39,966,975 15,581,482 907,894,016 105,806,584 482,947,548 2,495,353,038

- - - - - - - - -45,246 340,439 615,760 14,567,746 40,348,795 20,102,447 13,062,699 24,395,740 61,847,617

- - - - - - - - -194,773 211,807 - - - 15,864,165 - 7,649,825 31,808,541

- - - - - - - - -959 3,711 58,129 417,885 393,651 - - 354,527 5,345,886

24,489 60,565 136,177 142,023 30,490 876,990 130,590 654,193 11,670,3002,217 2,947 5,389 - - - - - -11,401 9,745 1,928 18,086 42,101 1,109,258 - - -

- - 2,667 - - - 2,114 - 1,01353,371 - - 2,048 - - - - -

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

5,191,372 12,924,617 75,976,701 55,114,763 56,447,365 952,304,510 106,686,601 484,628,835 2,717,807,906

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

103,124 258,457 800,108 - - 18,956,844 86,225 6,919,039 18,655,385- - - - - - - - -- - 6,441 121,324 53,535 - 343,446 1,373,755 13,934,350

6,128 3,061 98,245 45,595 51,412 1,182,242 147,216 610,724 4,042,048- - - 158,512 335,039 - - - -

13,092 11,978 27,350 29,356 54,554 1,424,523 72,650 131,400 692,873- - - - - - - - -- 15,367 - - 41,322 - - - -- - - - - - 113,700 - -- - - - - - - - -- - - - - - - - -- - - 5,774,448 2,239,183 - - - -- - - - - - - - -

122,344 288,863 932,144 6,129,235 2,775,045 21,563,609 763,237 9,034,918 37,324,656

5,069,028 12,635,754 75,044,557 48,985,528 53,672,320 930,740,901 105,923,364 475,593,917 2,680,483,250

22,851,772 21,580,292 54,795,054 - - 7,182,106,766 112,533,474 864,817,828 3,221,787,004- - 35,025,585 - - 27,194,449,831 46,475,242 738,412,667 1,156,132,290- - 31,173,533 - - - - 753,441,240 600,358,547- - 15,725,649 - - - - 832,076,718 602,532,383

(13) This Sub-Fund was launched on 7 February 2008.(14) This Sub-Fund was launched on 16 May 2008.(15) This Sub-Fund was renamed from JF Tokyo Alpha Plus Fund on 2 January 2008.(16) This Sub-Fund was renamed from JF Asia Equity Fund on 30 April 2008.

13


As at 30 June 2008

JF GreaterChinaFund

USD

JF Hong KongFund

USD

JF IndiaFund

USD

JF JapanAlpha Plus

Fund

USD

JF JapanEquity

Fund

USD

JF JapanSmall Cap

Fund

USD

JF KoreaEquity

Fund (17)

USD

JF PacificBalanced

Fund

USD

615,871,739 245,456,972 2,393,539,326 16,956,332 779,122,465 134,506,855 30,829,943 141,850,641597,363,960 281,528,565 2,082,983,734 17,362,265 798,018,147 137,397,475 33,831,713 147,519,219

- - - - - - - -7,918,219 11,810,511 99,055,690 5,030,583 31,908,134 4,740,277 6,536,002 9,330,378

- - - - - - - -4,176,538 981,008 50,431,851 1,857,290 23,856,377 2,726,176 601,843 3,553,835

- - - - - - - -1,557,395 272,393 6,429,052 5,262 984,949 753,062 59,606 65,2091,213,818 349,439 3,480,392 5,077 571,145 120,043 29,519 1,309,680

- - - - - - - -- 79,960 - 3,775 - - 15,217 28,160- - - - - - - 749- - - - - - - -- - - 3,877 - - - 318,487- - - - - - - -- - - - - - - -

630,737,709 258,950,283 2,552,936,311 23,862,196 836,443,070 142,846,413 38,072,130 156,457,139

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

3,847,811 489,339 - 786,788 30,624,725 1,375,039 145,737 4,197,578- - - - - - - -

3,085,113 819,379 14,485,051 11,462 4,197,691 1,438,075 807,479 100,530880,094 360,830 4,532,861 29,545 1,115,200 177,327 47,855 201,661

- - - - - - - -196,311 169,514 838,661 11,630 166,985 52,510 27,639 112,591

- - - - - - - -- - - - - - 271 111,178- - - - - - 236,867 -- - - - - - - -- - - - - - - -- - - - - - - -- - - - - - - -

8,009,329 1,839,062 19,856,573 839,425 36,104,601 3,042,951 1,265,848 4,723,538

622,728,380 257,111,221 2,533,079,738 23,022,771 800,338,469 139,803,462 36,806,282 151,733,601

684,910,511 108,208,759 4,123,155,354 51,558,445 1,948,180,766 241,926,110 - 182,226,858476,255,116 69,447,599 2,682,021,036 185,379,443 3,851,032,031 254,241,348 - 207,569,440416,352,335 59,200,392 1,090,513,091 240,091,957 1,974,843,081 149,225,151 - 145,855,596365,924,945 57,440,697 476,864,953 - 2,425,759,755 213,410,325 - 110,741,277

(17) This Sub-Fund was launched on 28 September 2007.

14


As at 30 June 2008

JF PacificEquity

Fund

USD

JF PacificTechnology

Fund

USD

JF SingaporeFund

USD

JF TaiwanFund

USD

Latin AmericaEquity

Fund

USD

Middle EastEquity

Fund

USD

RussiaFund

USD

Sterling BondFund

GBP

UK EquityFund

GBP

851,184,648 40,775,469 576,001,027 1,025,017,310 2,108,424,479 701,977,222 1,551,488,789 108,504,406 96,339,807857,492,370 44,313,906 578,166,591 1,217,164,732 1,606,546,856 689,187,656 1,436,542,716 131,947,014 95,060,657

- - - - - - - - -45,786,443 3,344,365 21,581,076 44,643,886 16,641,395 7,155,546 83,698,115 1,236,739 -

- - - - - - - - -3,379,014 - 13,647,458 9,348,514 40,306,320 503,975 - - 6,561,407

- - - - - - - - -1,001,083 3,817,620 255,925 8,187,843 9,893,350 2,472,396 18,225,616 - 69,5491,388,039 70,860 160,292 428,387 2,739,710 415,355 10,058,895 2,720,832 403,114

- - - - - - 30,938 - -- 4,348 - 88,190 - 150,423 22,982 - -- - 42 - - - - - -- - - - - - - 43,733 -- - - - - - - - -- - - - - - - - -- - - - - - - - -

902,739,227 48,012,662 611,645,820 1,087,714,130 2,178,005,254 712,674,917 1,663,525,335 112,505,710 103,373,877

- - - - - - - - 5,148,149- - - - - - - - -

2,456,409 - - - - 160,209 4,740,156 - -- - - - - - - - -

6,085,233 3,763,745 7,247,993 5,085,793 83,345,648 1,519,166 25,747,952 68,076 596,7711,256,221 55,537 711,395 1,285,883 2,487,849 973,652 1,857,998 88,677 138,987

- - - - - - - - -198,185 22,446 196,705 473,779 616,902 427,710 471,242 22,187 22,625

- - - - - - - - -441,125 307,711 - - - - - - -253,460 - - - - - - 626,081 -

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

10,690,633 4,149,439 8,156,093 6,845,455 86,450,399 3,080,737 32,817,348 805,021 5,906,532

892,048,594 43,863,223 603,489,727 1,080,868,675 2,091,554,855 709,594,180 1,630,707,987 111,700,689 97,467,345

1,210,682,811 39,446,674 789,840,297 748,278,900 1,748,314,623 341,530,509 299,387,847 173,300,783 428,716,6831,562,304,523 51,718,815 163,904,802 434,243,842 767,332,573 265,944,060 117,766,371 252,728,711 432,500,3091,309,121,778 26,382,261 29,867,310 125,282,379 306,829,959 179,320,165 - 177,965,752 279,431,5681,344,425,582 29,459,730 10,847,678 75,218,570 158,274,848 11,261,116 - 83,875,835 282,985,851

15


As at 30 June 2008

US 130/30Fund (18)

USD

US AggregateBondFund

USD

US DynamicFund

USD

US Select130/30

Fund (19)

USD

USSmall Cap

GrowthFundUSD

USStrategicGrowth

FundUSD

US TechnologyFund

USD

US ValueFund

USD

12,435,430 362,060,769 1,997,466,213 952,614,401 45,743,533 614,619,857 138,538,549 846,625,17612,876,100 361,589,280 1,961,409,160 1,028,545,480 48,738,069 581,125,789 143,335,910 849,555,299

- - - - - - - -141,097 16,670,091 47,418,066 39,783,291 1,408,145 11,889,094 1,962,414 5,691,505

- - - - - - - -- - - 10,339,626 795,454 - - 7,938,154- - - - - - - -

17,304 3,896,781 2,753,152 1,572,579 741 2,870,647 751,867 2,721,65713,913 2,092,647 2,109,604 952,697 15,058 294,060 6,795 863,098

- - - - - - - -41,016 26,700 - - 646 - - -

- - - - - 3,746 - -27,942 - - 74,840 - 106,150 - 97,686

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

206,880 - - - - - - -

12,883,582 384,746,988 2,049,747,035 1,005,337,434 47,963,577 629,783,554 141,259,625 863,937,276

- - - - - - - -- - - - - - - -- - - 10,244,067 551,372 - - -- - - - - - - -- 372,955 17,064,883 1,849,775 43,674 5,306,608 767,786 7,561,791

17,437 201,087 2,539,795 783,176 69,352 696,471 158,103 1,072,4526,259 - - 1,675,551 - - - -44,821 80,026 280,176 159,934 16,871 96,603 42,170 143,118

- - - - - - - -- - - - - - - -- - 722,375 1,119,963 - - - -- - - - - - - -- - - - - - - -- - - 748,883 - - - -- - - - - - - -

68,517 654,068 20,607,229 16,581,349 681,269 6,099,682 968,059 8,777,361

12,815,065 384,092,920 2,029,139,806 988,756,085 47,282,308 623,683,872 140,291,566 855,159,915

- 254,010,752 7,549,424,048 - 67,473,188 584,352,217 65,053,721 1,776,712,510- 252,454,960 4,920,977,009 - 65,415,360 183,686,288 89,973,113 1,193,279,302- 200,223,292 1,205,344,952 - 62,087,458 17,074,486 104,719,465 61,421,956,477- 23,575,790 432,814,499 - 72,047,337 4,792,921 128,857,861 483,688,707

(18) This Sub-Fund was launched on 2 August 2007.(19) This Sub-Fund was launched on 5 July 2007.

16

JPMorgan FundsCombined Statement of Operations and Changes in Net Assets

For the Year Ended 30 June 2008

JPMorgan FundsCombined

USD

AfricaEquity

Fund (1)

USD

AmericaEquity

Fund

USD

AmericaLarge Cap

Fund

USD

Net Assets at the Beginning of the Year * 97,744,170,186 - 753,695,199 43,630,540

IncomeDividend Income, Net 1,593,020,384 17,392 10,674,019 593,825Interest Income, Net 146,289,737 2,907 20,918 -Securities Lending Income 98,737,758 - 805,540 28,224Bank Interest 34,243,141 - 1,239,708 47,134Other Income 3,786,020 - - -

Total Income 1,876,077,040 20,299 12,740,185 669,183

ExpensesManagement and Advisory Fees 1,218,032,888 9,904 13,504,891 623,470Custodian, Corporate, Administration and Domiciliary Agency Fees 39,053,108 4,098 82,452 13,818Registrar and Transfer Agency Fees 60,673,351 6,050 742,578 93,636Taxe d’abonnement 34,332,373 448 409,510 19,457Overdraft Interest 94,128 27 - -Net Interest on Swap Transactions 1,730,044 - - -Sundry Fees** 56,058,906 8,942 563,978 74,593

1,409,974,798 28,469 15,303,409 824,974Less: Fee Waiver 6,446,730 17,697 38,580 44,677

Total Expenses before Performance Fees 1,403,528,068 11,772 15,264,829 780,297

Performance Fees 2,687,168 5,726 - -

Total Expenses 1,406,215,236 17,498 15,264,829 780,297

Net Investment Income/(Loss) 469,861,804 2,801 (2,524,644) (111,114)

Net Realised Gain/(Loss) on Sale of Investments 4,112,765,627 - 16,171,597 2,031,323Net Realised Gain/(Loss) on Forward Foreign Exchange Contracts 309,612,125 45 1,765,545 -Net Realised Gain/(Loss) on Financial Futures Contracts (92,721,516) - - -Net Realised Gain/(Loss) on Foreign Exchange (20,430,672) (48,742) (6,635) -Net Realised Gain/(Loss) on Option Contracts (9,531,989) - - -Net Realised Gain/(Loss) on TBAs 4,083,345 - - -Net Realised Gain/(Loss) on Swaps (23,850,467) - - -

Net Realised Gain/(Loss) for the Year 4,279,926,453 (48,697) 17,930,507 2,031,323

Net Change in Unrealised Gain/(Loss) on Investments (17,809,755,800) (362,136) (185,022,405) (8,291,754)Net Change in Unrealised Gain/(Loss) on Forward Foreign Exchange Contracts 4,496,186 - (76,444) -Net Change in Unrealised Gain/(Loss) on Financial Futures Contracts (8,142,158) - - -Net Change in Unrealised Gain/(Loss) on Foreign Exchange (1,083,232) 64 15,293 -Net Change in Unrealised Gain/(Loss) on Option Contracts 97,671 - - -Net Change in Unrealised Gain/(Loss) on TBAs 304,563 - - -Net Change in Unrealised Gain/(Loss) on Swaps 635,076 - - -

Net Change in Unrealised Gain/(Loss) for the Year (17,813,447,694) (362,072) (185,083,556) (8,291,754)

Increase/(Decrease) in Net Assets as a Result of Operations (13,063,659,437) (407,968) (169,677,693) (6,371,545)

Movements in Share CapitalSubscriptions 55,107,735,053 5,169,552 808,847,256 40,300,107Redemptions (81,577,160,882) - (843,250,407) (47,757,527)Increase/(Decrease) in Net Assets as a Result of Movements in Share Capital (26,469,425,829) 5,169,552 (34,403,151) (7,457,420)

Dividend Distribution (619,993,000) - - -

Net Assets at the End of the Year 57,591,091,920 4,761,584 549,614,355 29,801,575

* The opening balance was combined using the foreign exchange rates as at 30 June 2008. The same net assets when combined using the foreign exchange rate ruling as at 30 June 2007 reflected afigure of USD 89,568,991,703.

** Sundry Fees are principally comprised of Directors’ fees, audit and tax related fees, registration, publication, mailing, printing, legal and marketing expenses.

(1) This Sub-Fund was launched on 14 May 2008.

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

17

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


AmericaMicro-Cap

Fund

USD

BrazilAlpha Plus

Fund (2)

USD

Eastern EuropeEquity

Fund

EUR

Emerging Europe,Middle East and

Africa EquityFundUSD

Emerging MarketsAlpha Plus

Fund

USD

Emerging MarketsDebt Fund

EUR

Emerging MarketsEquity Fund

USD

Emerging MarketsInfrastructure

Equity Fund (3)

USD

211,101,103 - 1,411,797,493 599,428,235 375,656,648 251,870,653 6,821,647,444 -

227,012 340,763 34,214,384 28,332,919 3,807,131 - 225,056,044 38,712- - - - 702,116 17,530,174 - 265

59,190 - 111,644 27,261 - 144,773 1,025,497 -124,343 41,064 1,998,852 607,152 710,728 180,551 1,970,022 811

- - - - - - 3,766,370 -

410,545 381,827 36,324,880 28,967,332 5,219,975 17,855,498 231,817,933 39,788

2,169,104 241,804 23,790,255 13,260,473 6,954,750 2,927,028 99,765,916 16,28931,049 68,466 1,751,215 1,104,171 552,249 51,676 7,033,804 5,320184,087 68,263 1,242,544 827,459 303,648 297,291 4,598,754 10,50756,974 10,845 691,429 417,786 209,429 96,917 3,187,722 600

- - 149 - 275 20 164 -- - - - - - - -

135,027 70,469 1,136,444 857,712 327,545 181,645 3,149,627 18,865

2,576,241 459,847 28,612,036 16,467,601 8,347,896 3,554,577 117,735,987 51,5817,209 162,751 60,039 54,816 7,311 23,497 78,337 31,817

2,569,032 297,096 28,551,997 16,412,785 8,340,585 3,531,080 117,657,650 19,764

457 50,463 - - - - - 9,714

2,569,489 347,559 28,551,997 16,412,785 8,340,585 3,531,080 117,657,650 29,478

(2,158,944) 34,268 7,772,883 12,554,547 (3,120,610) 14,324,418 114,160,283 10,310

15,170,451 817,244 262,878,273 98,097,974 43,084,105 (20,663,745) 810,511,285 7,896- 63 (488,282) (151,650) 37,482 22,949,861 289,743 1- - - - (2,535,844) 1,238,865 - -- (152,519) (1,265,576) 573,963 (845,266) (2,070,958) (4,647,788) 6,302- 141,880 - - 6,875,727 - - -- - - - - - - -- 221,860 - - (18,151,294) - - -

15,170,451 1,028,528 261,124,415 98,520,287 28,464,910 1,454,023 806,153,240 14,199

(57,751,994) 1,212,574 (235,942,841) (40,408,767) (38,575,749) (25,189,301) (804,722,485) (222,802)- - - - - (431,373) - -- (75,682) - - 1,130,389 282,090 - -- 264 (512,639) 1,836 (50,670) (59,439) (62,098) 133- (3,713) - - 9,773 - - -- - - - - - - -- - - - 11,339,305 - - -

(57,751,994) 1,133,443 (236,455,480) (40,406,931) (26,146,952) (25,398,023) (804,784,583) (222,669)

(44,740,487) 2,196,239 32,441,818 70,667,903 (802,652) (9,619,582) 115,528,940 (198,160)

29,099,878 69,427,054 1,374,651,496 1,051,445,286 275,879,128 219,164,667 4,518,629,444 5,000,000(116,018,492) (17,011,711) (1,234,004,515) (627,717,375) (390,385,059) (248,749,523) (4,832,262,158) -

(86,918,614) 52,415,343 140,646,981 423,727,911 (114,505,931) (29,584,856) (313,632,714) 5,000,000

- - (1,230,587) (260,360) (91,550) (8,660,993) (18,853,221) -

79,442,002 54,611,582 1,583,655,705 1,093,563,689 260,256,515 204,005,222 6,604,690,449 4,801,840

(2) This Sub-Fund was launched on 18 October 2007.


18



Emerging MarketsLocal CurrencyDebt Fund (4)

EUR

Emerging MarketsSmall Cap

Fund (5)

USD

EU GovernmentBond Fund (6)

EUR

Euro LiquidReserve Fund

EUR

EurolandEquity

Fund

EUR

EurolandSelect Equity

Fund (7)

EUR

Europe130/30Fund

EUR

EuropeAggregate Plus

Bond Fund

EUR

EuropeBalanced

Fund (EUR)

EUR

- - - 99,718,976 4,685,250,845 - 7,504,635 174,653,253 157,292,381

- 61,390 - - 71,232,423 170,207 206,308 - 2,609,196160,939 2,487 681,831 5,759,242 - - - 6,665,135 3,244,365

- - - 1,278 11,664,443 13,952 10,930 7,888 238,0693,391 7,005 276 8,374 725,630 3,759 10,421 88,618 167,218

- - - - - - - - -

164,330 70,882 682,107 5,768,894 83,622,496 187,918 227,659 6,761,641 6,258,848

26,525 52,439 40,768 1,418,804 49,872,432 74,611 162,313 1,137,223 2,825,0395,096 20,967 7,564 72,648 1,339,525 20,645 50,313 55,372 71,63713,980 28,291 21,343 810,050 1,940,343 28,119 31,194 190,871 191,9481,300 2,072 9,854 33,865 1,342,208 2,797 5,543 49,286 78,09057 - - - 6 - - 379 -- - - - - - - 547,780 -

32,813 73,373 16,528 195,331 1,553,689 39,391 93,732 193,383 131,736

79,771 177,142 96,057 2,530,698 56,048,203 165,563 343,095 2,174,294 3,298,45044,570 112,244 32,112 376,765 7,847 72,910 144,976 263,665 88

35,201 64,898 63,945 2,153,933 56,040,356 92,653 198,119 1,910,629 3,298,362

- 38,624 - - - - 32,455 - -

35,201 103,522 63,945 2,153,933 56,040,356 92,653 230,574 1,910,629 3,298,362

129,129 (32,640) 618,162 3,614,961 27,582,140 95,265 (2,915) 4,851,012 2,960,486

(105,840) (47,846) (733,819) (3,417) (166,057,072) (681,051) (1,791,464) (11,652,003) (11,376,646)4,342 336 - - 211,743 - 311 7,419,101 5,557,1887,791 - 62,063 - (6,789,387) (16,819) (41,682) (9,811,501) 1,092,182

(13,084) 38,635 (35) - (28,356) (61) (7,326) 3,645,860 (147,461)- - - - - - - 631,646 -- - - - - - - (1,190,479) -- - - - - - - (3,621,923) -

(106,791) (8,875) (671,791) (3,417) (172,663,072) (697,931) (1,840,161) (14,579,299) (4,874,737)

(300,989) (1,154,089) (2,266,355) 7,155,114 (846,581,330) (1,009,691) (841,486) (3,870,285) (20,342,554)(12,553) - - - - - - 85,777 (68,042)

- - (3,128) - 1,428,350 (1,660) - 408,745 391,159(1,975) 22 178 - (8,229) - (18) (538,256) (1,132)

- - - - - - - 12,040 -- - - - - - - 133,429 -- - - - - - 446,832 208,400 -

(315,517) (1,154,067) (2,269,305) 7,155,114 (845,161,209) (1,011,351) (394,672) (3,560,150) (20,020,569)

(293,179) (1,195,582) (2,322,934) 10,766,658 (990,242,141) (1,614,017) (2,237,748) (13,288,437) (21,934,820)

6,313,374 8,462,699 115,723,623 815,778,998 1,553,986,369 7,825,622 5,367,168 89,672,823 77,618,619(668,277) (33,303) (34,570,381) (464,884,159) (3,768,129,767) (1,308,855) (4,961,921) (198,852,811) (89,676,947)

5,645,097 8,429,396 81,153,242 350,894,839 (2,214,143,398) 6,516,767 405,247 (109,179,988) (12,058,328)

- - - - (55,956,400) - - (2,129,006) (952,078)

5,351,918 7,233,814 78,830,308 461,380,473 1,424,908,906 4,902,750 5,672,134 50,055,822 122,347,155

(4) This Sub-Fund was launched on 24 January 2008.(5) This Sub-Fund was launched on 15 November 2007.(6) This Sub-Fund was launched on 17 April 2008.

(7) This Sub-Fund was launched on 24 July 2007.

19



EuropeConvergenceEquity Fund

EUR

Europe DynamicFund

EUR

Europe DynamicMega Cap

Fund

EUR

Europe DynamicSmall Cap

Fund

EUR

Europe EquityFund

EUR

Europe FocusFund

EUR

EuropeHigh YieldBond Fund

EUR

EuropeMicro Cap

Fund

EUR

504,849,268 1,465,060,727 1,202,156,717 181,667,931 6,724,760,335 120,306,237 120,462,285 350,264,462

8,978,979 22,022,900 26,319,088 998,395 88,447,002 1,623,704 - 1,326,499- - - - - 20,281 5,733,074 -

51,559 2,157,099 2,116,011 - 9,452,120 - 51,769 -122,731 27,803 436,002 24,444 868,964 12,657 6,817 70,036

- - - - - - - -

9,153,269 24,207,802 28,871,101 1,022,839 98,768,086 1,656,642 5,791,660 1,396,535

7,112,421 15,076,007 15,154,822 1,310,910 53,734,030 738,500 759,714 2,748,176760,277 429,233 311,467 114,425 1,158,327 50,302 36,314 161,842382,038 553,656 663,983 94,964 2,002,518 95,366 136,129 148,462187,286 451,752 419,967 34,728 1,401,395 19,054 32,382 64,3122,854 70 206 19 - - - 2,073

- - - - - - - -227,635 553,990 567,275 93,952 1,487,279 84,799 93,533 104,596

8,672,511 17,064,708 17,117,720 1,648,998 59,783,549 988,021 1,058,072 3,229,46112,111 6,822 10,865 37,194 3,336 56,931 45,573 1,635

8,660,400 17,057,886 17,106,855 1,611,804 59,780,213 931,090 1,012,499 3,227,826

- - - 148,336 - - - -

8,660,400 17,057,886 17,106,855 1,760,140 59,780,213 931,090 1,012,499 3,227,826

492,869 7,149,916 11,764,246 (737,301) 38,987,873 725,552 4,779,161 (1,831,291)

61,353,229 (5,379,080) (81,966,348) (13,068,090) 100,179,472 (14,331,135) (6,331,739) (21,752,019)(51,345) (456,014) (361,799) (5,474) 367,179 3,499 1,214,594 (1,333)

- (849,740) (1,291,301) (7) (6,894,523) (853,796) - -(460,741) (378,452) (848,981) 5,784 (3,455,620) (62,950) (4,466) (14,101)

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

60,841,143 (7,063,286) (84,468,429) (13,067,787) 90,196,508 (15,244,382) (5,121,611) (21,767,453)

(143,776,807) (284,957,477) (171,430,178) (31,386,461) (1,277,347,952) (8,433,932) (9,296,078) (49,463,086)- - - - - - 38,579 -- - - - - (3,912) - -

81,241 (14,989) (19,903) (1,695) (33,738) 230 (1,030) (3,362)- - - - - - - -- - - - - - - -- - - - - - - -

(143,695,566) (284,972,466) (171,450,081) (31,388,156) (1,277,381,690) (8,437,614) (9,258,529) (49,466,448)

(82,361,554) (284,885,836) (244,154,264) (45,193,244) (1,148,197,309) (22,956,444) (9,600,979) (73,065,192)

182,674,739 20,146,451 629,704,431 64,860,622 883,895,620 62,430,570 137,481,533 641,419(298,069,350) (559,438,248) (1,013,787,156) (172,198,961) (4,523,290,366) (131,375,347) (191,118,393) (208,168,075)

(115,394,611) (539,291,797) (384,082,725) (107,338,339) (3,639,394,746) (68,944,777) (53,636,860) (207,526,656)

(3,028,273) (9,001,529) (1,670,509) - (59,845,345) (4,741) (1,377,222) -

304,064,830 631,881,565 572,249,219 29,136,348 1,877,322,935 28,400,275 55,847,224 69,672,614

20



Europe Select130/30Fund

EUR

EuropeSmall Cap

Fund

EUR

Europe StrategicGrowth Fund

EUR

Europe StrategicGrowth

Small CapFund (8)

EUR

Europe StrategicValue Fund

EUR

Europe StrategicValue

Small CapFund (9)

EUR

EuropeTechnology

Fund

EUR

Germany EquityFund

EUR

GlobalAggregate

Bond Fund

USD

7,487,132 1,383,590,469 2,862,619,054 - 9,169,138,960 - 203,196,335 754,261,152 50,010,254

271,355 14,594,659 33,041,454 50,566 155,088,483 100,575 2,863,739 14,424,601 -515 - - - - - - - 3,090,750

14,990 1,752,559 3,949,518 - 16,929,178 - 349,950 1,465,181 2,13611,951 234,076 315,749 5,346 1,181,123 4,156 91,602 91,502 66,075

- - - - - - - - -

298,811 16,581,294 37,306,721 55,912 173,198,784 104,731 3,305,291 15,981,284 3,158,961

168,831 13,867,259 34,200,454 43,444 87,640,323 43,267 2,728,718 13,763,567 557,54227,575 439,950 784,900 26,527 1,363,589 24,303 79,484 174,708 85,00731,980 694,122 1,517,028 13,732 3,141,600 13,730 287,130 632,113 142,6375,460 348,908 944,808 1,053 2,131,982 1,024 77,692 316,540 27,857

- - - - 846 23 173 - 31- - - - - - - - 270,993

89,758 541,149 1,021,176 23,264 1,999,985 22,763 153,066 395,990 249,044

323,604 15,891,388 38,468,366 108,020 96,278,325 105,110 3,326,263 15,282,918 1,333,111118,400 12,894 7,636 55,885 811 53,164 5,687 13,238 389,268

205,204 15,878,494 38,460,730 52,135 96,277,514 51,946 3,320,576 15,269,680 943,843

201 - - 7,177 - 11,591 - - -

205,405 15,878,494 38,460,730 59,312 96,277,514 63,537 3,320,576 15,269,680 943,843

93,406 702,800 (1,154,009) (3,400) 76,921,270 41,194 (15,285) 711,604 2,215,118

(1,548,388) (91,857,713) (194,370,017) (90,094) 64,487,972 (105,353) 12,822,822 (4,538,140) 468,38686 1,554 45,489 (14) (179,846) 321 (2,954) - 1,649,649

(55,750) - (4,270,651) - (10,564,415) - (1,024,005) - (3,305,460)(7,624) (123,900) 529,706 5,547 (3,209,589) 3,548 (4,388) - 161,391

- - - - - - - - 233,071- - - - - - - - 729,245- - - - - - - - (1,525,241)

(1,611,676) (91,980,059) (198,065,473) (84,561) 50,534,122 (101,484) 11,791,475 (4,538,140) (1,588,959)

(1,418,284) (242,216,615) (397,595,221) 37,362 (1,982,479,197) (256,307) (70,181,682) (157,381,560) 313,240- - - - - - - - 35,350- - 906,593 - - - 67,563 - 27,31630 (18,451) (13,819) 177 (52,700) (22) (1,251) - 6,729- - - - - - - - 72,612- - - - - - - - (45,239)

112,608 - - - - - - - (22,866)

(1,305,646) (242,235,066) (396,702,447) 37,539 (1,982,531,897) (256,329) (70,115,370) (157,381,560) 387,142

(2,823,916) (333,512,325) (595,921,929) (50,422) (1,855,076,505) (316,619) (58,339,180) (161,208,096) 1,013,301

5,882,883 398,977,989 1,363,617,311 5,000,000 1,009,772,774 5,000,000 109,616,669 895,151,176 92,185,906(4,825,984) (979,947,316) (2,493,724,768) (1,269,600) (5,443,922,186) (1,278,854) (140,827,819) (933,291,917) (100,875,940)

1,056,899 (580,969,327) (1,130,107,457) 3,730,400 (4,434,149,412) 3,721,146 (31,211,150) (38,140,741) (8,690,034)

- (7,201) (6,949,457) - (85,663,308) - - (4,193,299) (1,623,793)

5,720,115 469,101,616 1,129,640,211 3,679,978 2,794,249,735 3,404,527 113,646,005 550,719,016 40,709,728

(8) This Sub-Fund was launched on 10 January 2008.


21



GlobalConsumer Trends

Fund (10)

EUR

GlobalConvertiblesFund (EUR)

EUR

GlobalDynamic

Fund

USD

GlobalEquity

Fund (EUR)

EUR

GlobalEquity

Fund (USD)

USD

GlobalFocusFund

EUR

GlobalLife Sciences

Fund

USD

GlobalNatural

ResourcesFundEUR

- 1,697,301,712 3,346,335,559 149,208,707 270,564,769 551,822,932 47,918,265 1,778,456,610

35,140 3,441,454 51,342,775 1,627,993 4,094,823 9,025,817 186,435 12,645,1284,578 25,442,856 - - - 218,093 14,370 105,004

- - 3,836,529 134,693 385,160 539,571 25,261 -2,242 3,455,462 306,291 19,812 27,856 101,796 16,172 511,962

- - - - - - - -

41,960 32,339,772 55,485,595 1,782,498 4,507,839 9,885,277 242,238 13,262,094

14,415 27,160,981 35,509,279 921,077 2,326,767 8,484,680 593,797 32,045,0408,005 313,390 574,268 59,346 75,048 282,049 30,324 664,5466,806 1,237,292 1,479,770 124,580 184,567 622,872 263,608 1,620,425454 913,192 1,058,152 42,044 96,796 237,079 17,859 946,570113 - 113 39 38 7,771 439 29,107- - - - - - - -

9,319 936,991 1,239,609 83,127 251,609 327,319 138,712 1,356,289

39,112 30,561,846 39,861,191 1,230,213 2,934,825 9,961,770 1,044,739 36,661,97721,509 5,253 4,412 47,805 42,739 30,783 303,194 2,977

17,603 30,556,593 39,856,779 1,182,408 2,892,086 9,930,987 741,545 36,659,000

- - - - - - - -

17,603 30,556,593 39,856,779 1,182,408 2,892,086 9,930,987 741,545 36,659,000

24,357 1,783,179 15,628,816 600,090 1,615,753 (45,710) (499,307) (23,396,906)

11,649 (32,508,495) 264,237,460 (2,948,305) 15,144,954 (124,732,321) 155,376 242,118,49973 150,148,180 3,594,822 7,284,952 (39,186) (14,073,079) (3,963) 14,930- 2,594,695 (191,603) 11,183 - (1,750,152) - 1

(4,122) 1,847,337 367,064 (201,798) 109,060 (49,509) 37,404 754,351- (11,237,282) - - - - - -- - - - - - - -- - - - - - - -

7,600 110,844,435 268,007,743 4,146,032 15,214,828 (140,605,061) 188,817 242,887,781

(394,283) (281,774,249) (582,622,369) (18,014,904) (39,038,193) (55,331,827) (4,057,860) (282,948,352)- 4,656,211 137,206 (168,281) - (891,268) - -- (7,866,475) - - - - - -

(3,152) 121,248 74,110 (2,570) (1,993) (4,776) (20,442) 67,662- - - - - - - -- - - - - - - -- - - - - - - -

(397,435) (284,863,265) (582,411,053) (18,185,755) (39,040,186) (56,227,871) (4,078,302) (282,880,690)

(365,478) (172,235,651) (298,774,494) (13,439,633) (22,209,605) (196,878,642) (4,388,792) (63,389,815)

4,000,000 2,026,287,744 1,075,704,042 107,795,562 42,048,308 676,986,242 12,663,372 2,061,895,678- (1,808,929,210) (2,238,838,585) (184,073,416) (126,909,443) (694,946,080) (24,460,671) (1,905,734,320)

4,000,000 217,358,534 (1,163,134,543) (76,277,854) (84,861,135) (17,959,838) (11,797,299) 156,161,358

- (115,732) (11,473,169) (335,290) (608,742) (1,087,616) - -

3,634,522 1,742,308,863 1,872,953,353 59,155,930 162,885,287 335,896,837 31,732,175 1,871,228,153


22




Fund (EUR)

EUR


Fund (USD)

USD

GlobalSocially

ResponsibleFundUSD

HighbridgeEurope STEEP

Fund (11)

EUR

HighbridgeUS STEEP

Fund (12)

USD

JapanDynamicFund (13)

JPY

JF AsiaAlpha Plus

Fund

USD

JF Asia Pacificex-Japan

Equity Fund (14)

USD

JF ChinaFund

USD

22,851,772 21,580,292 54,795,054 - - 7,182,106,766 112,533,474 864,817,828 3,221,787,004

320,492 532,841 1,323,787 - - 24,596,805 3,140,166 20,746,575 65,232,8541,372 1,013 - 441,188 86,139 - - 10,365 35,61714,420 17,633 - - - - - 69,869 -11,298 17,388 17,380 8,811 2,412 - 111,813 463,515 617,215

- - - - - - - - -

347,582 568,875 1,341,167 449,999 88,551 24,596,805 3,251,979 21,290,324 65,885,686

159,162 88,949 943,026 148,876 66,068 35,102,651 2,234,160 10,486,810 67,166,77257,393 65,845 48,040 9,361 2,163 3,165,670 171,552 746,601 1,981,05141,206 52,425 87,864 24,856 18,711 5,620,693 123,144 648,732 3,041,9003,858 3,045 30,327 8,252 6,697 842,726 71,662 293,505 1,897,860

- 733 - 1,207 - - 2 2 -- - - 350,704 41,288 - - - -

57,236 71,259 84,294 45,430 33,335 7,188,696 168,140 615,152 2,473,434

318,855 282,256 1,193,551 588,686 168,262 51,920,436 2,768,660 12,790,802 76,561,017120,395 153,846 10,418 51,585 45,195 7,565,161 879 61,436 1,093

198,460 128,410 1,183,133 537,101 123,067 44,355,275 2,767,781 12,729,366 76,559,924

- - - 158,512 335,039 - - - -

198,460 128,410 1,183,133 695,613 458,106 44,355,275 2,767,781 12,729,366 76,559,924

149,122 440,465 158,034 (245,614) (369,555) (19,758,470) 484,198 8,560,958 (10,674,238)

(3,989,629) (3,314,996) 344,213 5,483 (145) (570,183,937) 12,067,924 143,508,926 969,760,810727,773 (208,506) 4,324 6,950 227,666 - (229) (48,028) 71

- - - - - - 39,145 210,968 -5,363 12,755 41,512 4,967 (245,359) - (326,476) 281,961 (449,538)

- - - - - - - - -- - - - - - - - -- - - 965,296 (203,767) - - - -

(3,256,493) (3,510,747) 390,049 982,696 (221,605) (570,183,937) 11,780,364 143,953,827 969,311,343

(485,575) (1,192,253) (9,470,777) - 50,846 (427,314,949) (25,740,439) (174,177,229) (992,829,924)47,915 (8,811) - 2,048 (41,322) - - - -

- - - - - - (113,700) (37,800) -(2,645) (2,680) (2,462) - 162 - (4,308) (31,648) (5,001)

- - - - - - - - -- - - - - - - - -- - - (5,774,448) (2,239,183) - - - -

(440,305) (1,203,744) (9,473,239) (5,772,400) (2,229,497) (427,314,949) (25,858,447) (174,246,677) (992,834,925)

(3,547,676) (4,274,026) (8,925,156) (5,035,318) (2,820,657) (1,017,257,356) (13,593,885) (21,731,892) (34,197,820)

4,499,561 9,059,315 49,444,202 61,211,277 57,135,695 2,017,276,475 175,483,912 366,266,074 4,134,631,601(18,715,074) (13,729,827) (20,269,543) (7,190,431) (642,718) (7,251,384,984) (168,500,137) (719,051,299) (4,625,458,327)

(14,215,513) (4,670,512) 29,174,659 54,020,846 56,492,977 (5,234,108,509) 6,983,775 (352,785,225) (490,826,726)

(19,555) - - - - - - (14,706,794) (16,279,208)

5,069,028 12,635,754 75,044,557 48,985,528 53,672,320 930,740,901 105,923,364 475,593,917 2,680,483,250

(11) This Sub-Fund was launched on 7 February 2008.(12) This Sub-Fund was launched on 16 May 2008.(13) This Sub-Fund was renamed from JF Tokyo Alpha Plus Fund on 2 January 2008.

(14) This Sub-Fund was renamed from JF Asia Equity Fund on 30 April 2008.

23



JF GreaterChinaFund

USD

JF Hong KongFund

USD

JF IndiaFund

USD

JF JapanAlpha Plus

Fund

USD

JF JapanEquity

Fund

USD

JF JapanSmall Cap

Fund

USD

JF KoreaEquity

Fund (15)

USD

JF PacificBalanced

Fund

USD

684,910,511 108,208,759 4,123,155,354 51,558,445 1,948,180,766 241,926,110 - 182,226,858

23,274,022 6,093,887 28,299,327 379,095 18,246,828 1,906,246 206,446 2,273,554- - 71,271 - 28,755 - 2,982 4,887,699

19,708 - - - 1,121,764 - - 95,15986,394 275,882 1,078,406 20,435 86,200 81,703 55,001 249,499

- - - - - - - 19,650

23,380,124 6,369,769 29,449,004 399,530 19,483,547 1,987,949 264,429 7,525,561

12,870,882 4,696,361 77,421,456 520,861 21,280,545 2,338,960 188,760 3,115,666707,892 252,815 - 22,717 295,030 77,100 92,015 160,738675,375 344,267 3,344,246 61,916 1,111,238 279,248 50,740 202,232374,981 151,901 1,954,870 15,478 561,798 77,219 8,389 91,574

- - 227 - 2,446 11 - -- - - - - - - -

601,981 624,498 11,732,434 70,900 744,373 163,257 59,981 357,526

15,231,111 6,069,842 94,453,233 691,872 23,995,430 2,935,795 399,885 3,927,73614,444 207,562 29,055 33,216 10,623 17,511 162,549 40,227

15,216,667 5,862,280 94,424,178 658,656 23,984,807 2,918,284 237,336 3,887,509

- - - - - - - -

15,216,667 5,862,280 94,424,178 658,656 23,984,807 2,918,284 237,336 3,887,509

8,163,457 507,489 (64,975,174) (259,126) (4,501,260) (930,335) 27,093 3,638,052

148,732,191 (1,844,750) 1,016,597,775 (939,280) (184,186,240) (27,432,454) 242,377 (4,027,539)(769) (4,005) (203,778) (4,477) (85,102) (72,433) 1,083 1,259,854

- - (2,840,851) (721,258) - - 28,258 1,580,563(93,956) (61,114) (5,531,519) 83,490 5,389,035 443,210 (316,867) 414,447

- - - - - - (46,790) -- - - - - - - -- - - - - - - -

148,637,466 (1,909,869) 1,008,021,627 (1,581,525) (178,882,307) (27,061,677) (91,939) (772,675)

(176,644,542) (53,356,763) (1,558,710,365) (5,423,471) (80,669,854) (19,492,184) (3,001,770) (15,310,365)- - - - - - (271) 174,753- - 44,695 3,877 - - (236,867) 304,195

3,271 7,850 (226,552) 25,866 365,741 45,214 (4,286) 60,187- - - - - - - -- - - - - - - -- - - - - - - -

(176,641,271) (53,348,913) (1,558,892,222) (5,393,728) (80,304,113) (19,446,970) (3,243,194) (14,771,230)

(19,840,348) (54,751,293) (615,845,769) (7,234,379) (263,687,680) (47,438,982) (3,308,040) (11,905,853)

630,189,443 475,177,007 2,919,392,055 4,493,599 620,106,417 164,295,045 51,628,381 151,110,057(666,527,394) (270,614,100) (3,793,163,424) (25,794,894) (1,504,261,034) (218,978,711) (11,514,059) (169,697,461)

(36,337,951) 204,562,907 (873,771,369) (21,301,295) (884,154,617) (54,683,666) 40,114,322 (18,587,404)

(6,003,832) (909,152) (100,458,478) - - - - -

622,728,380 257,111,221 2,533,079,738 23,022,771 800,338,469 139,803,462 36,806,282 151,733,601


24



JF PacificEquity

Fund

USD

JF PacificTechnology

Fund

USD

JF SingaporeFund

USD

JF TaiwanFund

USD

Latin AmericaEquity

Fund

USD

Middle EastEquity

Fund

USD

RussiaFund

USD

Sterling BondFund

GBP

UK EquityFund

GBP

1,210,682,811 39,446,674 789,840,297 748,278,900 1,748,314,623 341,530,509 299,387,847 173,300,783 428,716,683

24,632,633 1,474,807 17,286,824 53,682,317 44,772,244 41,422,667 15,446,098 - 6,684,55036,016 - 22,078 - - - - 8,733,613 -454,239 9,359 - - 1,360,839 - - 2,517 30,602362,595 62,870 742,503 215,545 512,111 433,353 1,490,218 51,620 346,818

- - - - - - - - -

25,485,483 1,547,036 18,051,405 53,897,862 46,645,194 41,856,020 16,936,316 8,787,750 7,061,970

17,814,656 819,472 11,132,187 12,856,512 29,742,444 9,885,389 13,223,577 1,364,882 3,725,476679,431 106,405 397,538 1,521,401 1,604,522 1,622,543 912,175 36,003 36,6231,003,946 134,737 744,088 713,428 1,674,580 690,482 887,642 110,553 189,498520,529 26,490 274,314 394,330 789,110 314,092 421,079 65,654 97,777

- - - 1 - 11,670 - - -- - - - - - - - -

588,167 97,621 577,850 850,246 1,416,590 701,208 452,377 111,609 132,942

20,606,729 1,184,725 13,125,977 16,335,918 35,227,246 13,225,384 15,896,850 1,688,701 4,182,316246 149,979 34 78,437 17,953 619,880 91,929 12,047 1,704

20,606,483 1,034,746 13,125,943 16,257,481 35,209,293 12,605,504 15,804,921 1,676,654 4,180,612

- - - - - - - - -

20,606,483 1,034,746 13,125,943 16,257,481 35,209,293 12,605,504 15,804,921 1,676,654 4,180,612

4,879,000 512,290 4,925,462 37,640,381 11,435,901 29,250,516 1,131,395 7,111,096 2,881,358

115,515,381 2,582,289 40,451,498 25,203,840 401,648,426 17,464,652 73,460,799 (5,679,261) 9,735,0055,965,486 7,443 (1,269) (1,026) (182,367) 31,466 50,884 (31,665) -(1,186,416) - - 195,120 - - - (7,325,801) (659,960)(4,076,941) 36,786 300,500 (835,529) (3,610,742) (199,086) 20,926 (1,626,559) (1,755)

- - - - - - - (358) -- - - - - - - 2,623,720 -- - - - - - - - -

116,217,510 2,626,518 40,750,729 24,562,405 397,855,317 17,297,032 73,532,609 (12,039,924) 9,073,290

(221,068,056) (8,513,238) (185,446,878) (278,966,440) (142,100,706) (32,449,890) 68,330,655 (10,559,000) (45,707,926)(441,125) (307,711) - - - - - 35,033 -(551,258) - - - - - - 52,699 (57,585)293,150 29,967 91,427 57,330 11,708 6,264 11,233 (92,077) 1,229

- - - - - - - - -- - - - - - - 69,826 -- - - - - - - - -

(221,767,289) (8,790,982) (185,355,451) (278,909,110) (142,088,998) (32,443,626) 68,341,888 (10,493,519) (45,764,282)

(100,670,779) (5,652,174) (139,679,260) (216,706,324) 267,202,220 14,103,922 143,005,892 (15,422,347) (33,809,634)

422,152,251 93,955,068 973,454,630 2,125,689,850 2,156,649,321 949,812,212 2,044,237,799 15,197,333 95,494,004(632,698,685) (82,562,905) (1,017,233,598) (1,558,200,006) (2,077,695,419) (593,105,665) (855,923,551) (54,240,494) (386,310,685)

(210,546,434) 11,392,163 (43,778,968) 567,489,844 78,953,902 356,706,547 1,188,314,248 (39,043,161) (290,816,681)

(7,417,004) (1,323,440) (2,892,342) (18,193,745) (2,915,890) (2,746,798) - (7,134,586) (6,623,023)

892,048,594 43,863,223 603,489,727 1,080,868,675 2,091,554,855 709,594,180 1,630,707,987 111,700,689 97,467,345

25



US 130/30Fund (16)

USD

US AggregateBondFund

USD

US DynamicFund

USD

US Select130/30

Fund (17)

USD

USSmall Cap

GrowthFundUSD

USStrategicGrowth

FundUSD

US TechnologyFund

USD

US ValueFund

USD

- 254,010,752 7,549,424,048 - 67,473,188 584,352,217 65,053,721 1,776,712,510

134,014 - 53,326,449 6,898,396 109,096 5,109,343 443,328 20,350,795- 15,697,763 - - - - - -- - 5,988,010 36,678 17,164 292,642 48,242 2,199,385

12,891 655 2,745,000 337,692 49,026 395,879 79,677 633,622- - - - - - - -

146,905 15,698,418 62,059,459 7,272,766 175,286 5,797,864 571,247 23,183,802

193,688 2,202,384 64,415,873 5,056,003 1,006,479 8,352,622 1,913,354 18,275,82912,251 33,946 361,102 89,668 27,324 84,249 31,292 106,40641,295 313,134 2,927,038 371,733 100,624 467,012 266,777 958,2956,560 157,015 1,715,089 230,336 28,185 282,926 67,349 514,888

- - - - - 6,765 - -- - - - - - - -

132,494 337,317 1,790,775 430,053 88,639 418,228 165,025 641,382

386,288 3,043,796 71,209,877 6,177,793 1,251,251 9,611,802 2,443,797 20,496,800151,397 235,211 - 71,917 12,612 30,523 21,604 23,181

234,891 2,808,585 71,209,877 6,105,876 1,238,639 9,581,279 2,422,193 20,473,619

6,259 - - 1,675,551 - - - -

241,150 2,808,585 71,209,877 7,781,427 1,238,639 9,581,279 2,422,193 20,473,619

(94,245) 12,889,833 (9,150,418) (508,661) (1,063,353) (3,783,415) (1,850,946) 2,710,183

(1,071,449) 6,360,696 146,176,466 (6,910,740) 4,612,860 (56,454,557) (14,844,326) 128,957,110859,981 - (1,016,042) 3,904,170 46 4,222,032 36 3,261,552

- - (4,899,891) (1,301,242) - - - -(23,873) - 4,810,438 (423,618) 145 306,301 1,503 43,588

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

(235,341) 6,360,696 145,070,971 (4,731,430) 4,613,051 (51,926,224) (14,842,787) 132,262,250

(440,670) 4,428,954 (1,169,079,498) (75,931,079) (12,947,348) (11,256,412) (13,982,180) (329,682,798)27,942 - - 74,840 - (220,313) - (70,336)

- - (579,350) (1,119,963) - - - -9 - 40,332 7,075 (11) (1,341) (2,203) (24,153)- - - - - - - -- - - - - - - -

206,880 - - (748,883) - - - -

(205,839) 4,428,954 (1,169,618,516) (77,718,010) (12,947,359) (11,478,066) (13,984,383) (329,777,287)

(535,425) 23,679,483 (1,033,697,963) (82,958,101) (9,397,661) (67,187,705) (30,678,116) (194,804,854)

14,446,721 555,437,801 1,225,166,257 1,256,382,519 30,080,965 755,023,531 256,454,814 522,262,241(1,096,231) (445,953,196) (5,711,260,358) (184,668,334) (40,874,184) (648,504,171) (150,538,853) (1,249,009,982)

13,350,490 109,484,605 (4,486,094,101) 1,071,714,185 (10,793,219) 106,519,360 105,915,961 (726,747,741)

- (3,081,920) (492,178) - - - - -

12,815,065 384,092,920 2,029,139,806 988,756,085 47,282,308 623,683,872 140,291,566 855,159,915


26

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


Shares Outstandingat the Beginning

of the Year

Shares Subscribed Shares Redeemed Shares Outstandingat the Endof the Year

JPMorgan Funds - Africa Equity Fund (1)JPM Africa Equity A (acc) - USD - 168,633.643 - 168,633.643JPM Africa Equity D (acc) - USD - 200,000.000 - 200,000.000JPM Africa Equity I (acc) - USD - 150,000.000 - 150,000.000

JPMorgan Funds - America Equity FundJPM America Equity A (acc) - USD 2,191,194.046 1,861,941.178 2,346,770.784 1,706,364.440JPM America Equity A (dist) - USD 5,556,809.994 6,155,489.821 7,563,243.945 4,149,055.870JF America Equity A (dist) - USD 545,513.798 139,885.913 256,324.648 429,075.063JPM America Equity A (acc) - EUR (hedged) 26,946.066 3,034,915.062 2,908,163.840 153,697.288JPM America Equity B (acc) - USD 218,747.201 171,696.173 71,346.872 319,096.502JPM America Equity C (acc) - EUR (hedged) - 1,228,367.361 457,360.374 771,006.987JPM America Equity C (acc) - USD 7,078,336.652 8,687,126.741 5,103,564.353 10,661,899.040JPM America Equity D (acc) - EUR (hedged) 26,490.066 697,535.845 296,899.981 427,125.930JPM America Equity D (acc) - EUR 9,557.871 10,025.680 10,972.538 8,611.013JPM America Equity D (acc) - USD 1,932,601.590 1,781,750.541 1,995,837.837 1,718,514.294JPM America Equity X (acc) - USD 994,178.673 139,430.407 222,237.396 911,371.684

JPMorgan Funds - America Large Cap FundJPM America Large Cap A (acc) - USD 335,908.279 334,087.083 398,987.229 271,008.133JPM America Large Cap A (dist) - USD 2,949,629.026 2,847,643.614 3,674,527.748 2,122,744.892JPM America Large Cap B (acc) - USD 112,091.757 174,139.692 30,991.511 255,239.938JPM America Large Cap C (acc) - USD - 3,384.487 - 3,384.487JPM America Large Cap D (acc) - USD 459,732.645 304,762.460 364,062.442 400,432.663JPM America Large Cap X (acc) - USD - 500.000 - 500.000

JPMorgan Funds - America Micro Cap FundJPM America Micro Cap A (acc) - USD 3,708,190.884 467,846.387 3,025,758.999 1,150,278.272JPM America Micro Cap A (dist) - USD 1,080,853.310 169,138.618 613,405.605 636,586.323JF America Micro Cap A (dist) - USD 123,062.631 49,729.507 106,152.707 66,639.431JPM America Micro Cap D (acc) - USD 1,080,076.610 218,263.773 623,269.702 675,070.681JPM America Micro Cap X (acc) - USD 15,487.006 163,318.536 15,487.007 163,318.535

JPMorgan Funds - Brazil Alpha Plus Fund (2)JPM Brazil Alpha Plus A (acc) - USD - 2,621,694.968 626,365.610 1,995,329.358JPM Brazil Alpha Plus B (acc) - USD - 931,314.964 9,007.001 922,307.963JPM Brazil Alpha Plus C (acc) - USD - 841,929.640 841,929.640 -JPM Brazil Alpha Plus D (acc) - USD - 1,829,148.951 58,693.348 1,770,455.603JPM Brazil Alpha Plus I (acc) - USD - 150,000.000 - 150,000.000

JPMorgan Funds - Eastern Europe Equity FundJPM Eastern Europe Equity A (acc) - EUR 1,990,154.670 10,552,981.598 6,308,057.957 6,235,078.311JPM Eastern Europe Equity A (dist) - EUR 14,158,698.977 6,188,365.601 6,919,280.667 13,427,783.911JF Eastern Europe Equity A (dist) - EUR 4,941,761.225 8,867,801.932 7,626,266.750 6,183,296.407JPM Eastern Europe Equity B (acc) - EUR 144,210.260 1,183,776.962 144,948.394 1,183,038.828JPM Eastern Europe Equity C (acc) - EUR 665,006.999 3,750,400.703 1,749,454.274 2,665,953.428JPM Eastern Europe Equity D (acc) - EUR 2,960,822.863 1,862,565.609 2,317,993.228 2,505,395.244JPM Eastern Europe Equity I (acc) - EUR 11,758,308.150 12,199,652.761 12,364,906.925 11,593,053.986JPM Eastern Europe Equity X (acc) - EUR 3,280,799.944 519,319.333 1,181,354.026 2,618,765.251

JPMorgan Funds - Emerging Europe Middle East and Africa Equity FundJPM Emerging Europe Middle East and Africa Equity A (acc)- USD 3,196,718.829 7,109,770.973 4,323,932.081 5,982,557.721JPM Emerging Europe Middle East and Africa Equity A (dist) - USD 5,364,321.982 9,368,795.215 4,819,125.043 9,913,992.154JPM Emerging Europe Middle East and Africa Equity B (acc) - USD 218,329.200 641,124.356 266,629.268 592,824.288JPM Emerging Europe Middle East and Africa Equity C (acc) - USD 166,213.626 3,216,981.031 1,512,577.654 1,870,617.003JPM Emerging Europe Middle East and Africa Equity D (acc) - USD 1,377,014.173 1,676,638.683 937,820.668 2,115,832.188JPM Emerging Europe Middle East and Africa Equity I (acc) - USD 7,040,033.000 - 4,813,308.485 2,226,724.515

JPMorgan Funds - Emerging Markets Alpha Plus FundJPM Emerging Markets Alpha Plus A (acc) - USD 19,494,071.733 13,489,330.653 19,242,548.146 13,740,854.240JPM Emerging Markets Alpha Plus A (dist) - USD 6,839,557.721 4,969,357.353 7,242,553.445 4,566,361.629JPM Emerging Markets Alpha Plus D (acc) - USD 176,073.632 167,398.792 178,042.438 165,429.986

JPMorgan Funds - Emerging Markets Debt FundJPM Emerging Markets Debt A (acc) - EUR 7,143,981.300 2,805,703.851 7,176,119.922 2,773,565.229JPM Emerging Markets Debt A (inc) - EUR 10,669,542.531 10,662,758.199 11,034,942.829 10,297,357.901JPM Emerging Markets Debt C (acc) - EUR 653,748.769 3,194,239.281 1,344,655.376 2,503,332.674JPM Emerging Markets Debt D (acc) - EUR 4,948,144.105 3,079,792.680 4,862,880.249 3,165,056.536JPM Emerging Markets Debt I (Inc) - EUR 250,000.001 2,187,667.059 138,000.001 2,299,667.059JPM Emerging Markets Debt X (acc) - EUR 5,656.002 - - 5,656.002

JPMorgan Funds - Emerging Markets Equity FundJPM Emerging Markets Equity A (acc) - USD 32,964,443.994 20,471,139.646 31,467,859.293 21,967,724.347JPM Emerging Markets Equity A (dist) - USD 109,167,399.640 60,256,627.857 65,943,994.899 103,480,032.598JPM Emerging Markets Equity A (dist) - GBP 280,266.023 358,434.567 60,572.027 578,128.563JPM Emerging Markets Equity A (acc) - EUR 29,008,138.308 16,437,227.226 24,733,095.823 20,712,269.711JPM Emerging Markets Equity B (acc) - USD 3,238,645.574 1,400,882.274 1,442,297.553 3,197,230.295JPM Emerging Markets Equity C (acc) - USD 25,223,090.798 42,309,004.985 28,613,938.291 38,918,157.492JPM Emerging Markets Equity D (acc) - USD 4,225,337.866 3,037,218.901 3,305,566.134 3,956,990.633JPM Emerging Markets Equity D (acc) - EUR 250,830.893 847,626.836 405,374.331 693,083.398JPM Emerging Markets Equity I (acc) - USD 21,773,521.677 9,910,809.358 9,132,103.111 22,552,227.924JPM Emerging Markets Equity I (inc) - EUR 1,637,800.000 672,433.579 1,315,300.000 994,933.579JPM Emerging Markets Equity X (acc) - USD 33,891,049.355 11,950,842.109 12,005,188.262 33,836,703.202JPM Emerging Markets Equity X (inc) - EUR 17,940,341.373 507,101.223 6,424,048.374 12,023,394.222

(1) This Sub-Fund was launched on 14 May 2008.(2) This Sub-Fund was launched on 18 October 2007.

27




of the Year


JPMorgan Funds - Emerging Markets Infrastructure Equity Fund (3)JPM Emerging Markets Infrastructure Equity A (acc) - USD - 250,000.000 - 250,000.000JPM Emerging Markets Infrastructure Equity D (acc) - USD - 250,000.000 - 250,000.000

JPMorgan Funds - Emerging Markets Local Currency Debt Fund (4)JPM Emerging Markets Local Currency Debt A (acc) - EUR - 121,134.020 - 121,134.020JPM Emerging Markets Local Currency Debt A (acc) - USD - 135,977.116 - 135,977.116JPM Emerging Markets Local Currency Debt B (acc) - USD - 138,508.350 69,254.176 69,254.174JPM Emerging Markets Local Currency Debt D (acc) - EUR - 120,076.900 - 120,076.900JPM Emerging Markets Local Currency Debt D (acc) - USD - 118,966.689 - 118,966.689

JPMorgan Funds - Emerging Markets Small Cap Fund (5)JPM Emerging Markets Small Cap A (acc) - USD - 385,325.161 1,853.802 383,471.359JPM Emerging Markets Small Cap A (dist) - GBP - 99,029.775 - 99,029.775JPM Emerging Markets Small Cap A (acc) - EUR - 202,889.817 9.000 202,880.817JPM Emerging Markets Small Cap B (acc) - USD - 85,187.000 - 85,187.000JPM Emerging Markets Small Cap D (acc) - USD - 104,737.604 1,795.143 102,942.461

JPMorgan Funds - EU Government Bond Fund (6)JPM EU Government Bond B (acc) - EUR - 3,357,989.761 141,766.144 3,216,223.617JPM EU Government Bond C (acc) - EUR - 8,237,567.436 3,391,667.583 4,845,899.853

JPMorgan Funds - Euro Liquid Reserve FundJPM Euro Liquid Reserve A (acc) - EUR 108,599.181 1,196,850.631 448,594.396 856,855.416JPM Euro Liquid Reserve D (acc) - EUR 866,611.558 6,648,565.370 4,014,691.132 3,500,485.796

JPMorgan Funds - Euroland Equity FundJPM Euroland Equity A (acc) - EUR 42,972,831.964 18,763,585.885 49,572,486.164 12,163,931.685JPM Euroland Equity A (dist) - EUR 45,084,048.473 13,721,796.983 40,438,544.154 18,367,301.302JF Euroland Equity A (dist) - USD 25,155,026.703 4,740,470.229 19,632,182.800 10,263,314.132JPM Euroland Equity A (inc) - EUR - 4,827,291.001 3,470,342.001 1,356,949.000JPM Euroland Equity B (acc) - EUR - 199,700.740 19,782.841 179,917.899JPM Euroland Equity C (acc) - EUR 21,047,520.302 15,759,168.635 20,808,357.641 15,998,331.296JPM Euroland Equity D (acc) - EUR 26,818,488.143 6,613,671.456 24,589,703.160 8,842,456.439JPM Euroland Equity I (acc) - EUR 19,998,524.767 7,630,293.472 18,263,694.237 9,365,124.002JPM Euroland Equity X (acc) - EUR - 947,661.001 4,750.001 942,911.000

JPMorgan Funds - Euroland Select Equity Fund (7)JPM Euroland Select Equity A (acc) - EUR - 258,809.734 76,763.052 182,046.682JPM Euroland Select Equity A (dis) - EUR - 1,639.125 - 1,639.125JPM Euroland Select Equity D (acc) - EUR - 254,696.099 75,149.652 179,546.447JPM Euroland Select Equity X (acc) - EUR - 270,460.000 - 270,460.000

JPMorgan Funds - Europe 130/30 FundJPM Europe 130/30 A (acc) - EUR 371,996.101 372,296.578 351,498.041 392,794.638JPM Europe 130/30 A (acc) - USD - 348.676 - 348.676JPM Europe 130/30 A (dist) - EUR - 63,041.868 - 63,041.868JPM Europe 130/30 A (dist) - GBP - 486.331 - 486.331JPM Europe 130/30 D (acc) - EUR 371,996.101 16,196.282 195,943.255 192,249.128JPM Europe 130/30 D (acc) - USD - 348.676 - 348.676JPM Europe 130/30 X (acc) - EUR - 99,650.136 18,061.584 81,588.552

JPMorgan Funds - Europe Aggregate Plus Bond FundJPM Europe Aggregate Plus Bond A (acc) - EUR 6,627,178.217 1,808,585.392 7,826,287.793 609,475.816JPM Europe Aggregate Plus Bond A (inc) - EUR 10,615,345.591 5,476,642.362 11,896,246.985 4,195,740.968JPM Europe Aggregate Plus Bond B (acc) - EUR 17,973.757 - 17,973.757 -JPM Europe Aggregate Plus Bond C (acc) - EUR 8,456.381 506,417.245 14,886.740 499,986.886JPM Europe Aggregate Plus Bond D (acc) - EUR 4,063,727.126 3,430,622.990 5,401,694.455 2,092,655.661JPM Europe Aggregate Plus Bond X (acc) - EUR 88,171.002 3,900.000 14,881.000 77,190.002

JPMorgan Funds - Europe Balanced Fund (EUR)JPM Europe Balanced (EUR) A (acc) - EUR 417,712.342 3,754,544.969 782,395.531 3,389,861.780JPM Europe Balanced (EUR) A (dist) - EUR 6,894,461.212 996,060.234 3,047,299.107 4,843,222.339JPM Europe Balanced (EUR) B (acc) - EUR - 3,282.675 1,384.288 1,898.387JPM Europe Balanced (EUR) D (acc) - EUR 7,608,389.311 1,927,565.612 4,855,953.876 4,680,001.047

JPMorgan Funds - Europe Convergence Equity FundJPM Europe Convergence Equity A (acc) - EUR 2,149,096.781 4,723,550.426 3,212,054.477 3,660,592.730JPM Europe Convergence Equity A (dist) - EUR 11,167,050.299 1,675,694.206 5,799,292.576 7,043,451.929JPM Europe Convergence Equity C (acc) - EUR 222,991.540 1,431,882.752 799,934.344 854,939.948JPM Europe Convergence Equity D (acc) - EUR 2,870,158.020 573,461.672 1,721,741.134 1,721,878.558

(3) This Sub-Fund was launched on 28 April 2008.(4) This Sub-Fund was launched on 24 January 2008.(5) This Sub-Fund was launched on 15 November 2007.(6) This Sub-Fund was launched on 17 April 2008.(7) This Sub-Fund was launched on 24 July 2007.

28




of the Year


JPMorgan Funds - Europe Dynamic FundJPM Europe Dynamic A (acc) - EUR 10,688,150.400 134,456.727 5,421,095.364 5,401,511.763JPM Europe Dynamic A (dist) - EUR 42,017,150.420 557,085.132 16,673,400.571 25,900,834.981JF Europe Dynamic A (dist) - EUR 1,730,901.036 71,365.920 1,068,164.953 734,102.003JPM Europe Dynamic A (dist) - GBP 120,464.129 673.678 24,697.326 96,440.481JPM Europe Dynamic B (acc) - EUR 1,631,360.921 119,174.258 848,361.688 902,173.491JPM Europe Dynamic C (acc) - EUR 12,076,185.768 241,271.483 5,110,351.936 7,207,105.315JPM Europe Dynamic D (acc) - EUR 3,440,024.289 9,165.451 1,582,809.761 1,866,379.979JPM Europe Dynamic D (acc) - USD 35,610.148 - 6,726.597 28,883.551JPM Europe Dynamic I (acc) - EUR 1,071,473.018 - 1,071,473.018 -JPM Europe Dynamic X (acc) - EUR 5,522,740.871 18,297.846 3,257,857.480 2,283,181.237

JPMorgan Funds - Europe Dynamic Mega Cap FundJPM Europe Dynamic Mega Cap A (acc) - EUR 63,662,036.480 35,092,381.990 61,940,808.083 36,813,610.387JPM Europe Dynamic Mega Cap A (dist) - EUR 10,692,583.596 3,537,235.794 9,112,540.277 5,117,279.113JPM Europe Dynamic Mega Cap A (inc) - EUR 76,161.785 21,729.497 72,762.013 25,129.269JPM Europe Dynamic Mega Cap A (acc) - USD - 31,962.969 31,009.881 953.088JPM Europe Dynamic Mega Cap B (acc) - EUR 1,300,628.206 1,078,207.587 1,122,168.644 1,256,667.149JPM Europe Dynamic Mega Cap C (acc) - EUR 6,436,424.137 8,594,429.377 7,604,880.821 7,425,972.693JPM Europe Dynamic Mega Cap D (acc) - EUR 2,191,730.452 1,126,256.266 1,990,989.665 1,326,997.053JPM Europe Dynamic Mega Cap D (acc) - USD - 353.858 - 353.858JPM Europe Dynamic Mega Cap I (acc) - EUR 495,773.834 - - 495,773.834JPM Europe Dynamic Mega Cap X (acc) - EUR 3,535,355.286 1,497,782.590 3,119,684.329 1,913,453.547

JPMorgan Funds - Europe Dynamic Small Cap FundJPM Europe Dynamic Small Cap A (acc) - EUR 5,797,932.988 1,495,472.803 6,146,519.112 1,146,886.679JPM Europe Dynamic Small Cap A (dist) - EUR 267,520.678 64,348.969 121,536.816 210,332.831JPM Europe Dynamic Small Cap D (acc) - EUR 97,517.650 48,715.938 78,311.089 67,922.499JPM Europe Dynamic Small Cap X (acc) - EUR 2,042,466.663 1,855,667.761 3,395,956.551 502,177.873

JPMorgan Funds - Europe Equity FundJPM Europe Equity A (acc) - EUR 56,934,402.918 17,763,955.447 52,928,401.806 21,769,956.559JPM Europe Equity A (dist) - EUR 78,036,988.331 8,813,393.106 62,164,714.972 24,685,666.465JPM Europe Equity A (acc) - USD 12,734,719.548 4,964,712.997 9,255,981.308 8,443,451.237JF Europe Equity A (dist) - USD 1,960,279.228 302,743.213 1,090,849.928 1,172,172.513JPM Europe Equity B (acc) - EUR 1,367,233.985 369,923.268 987,390.278 749,766.975JPM Europe Equity C (acc) - EUR 31,649,396.900 5,802,498.860 19,563,665.183 17,888,230.577JPM Europe Equity D (acc) - EUR 19,971,892.952 2,166,730.171 15,052,142.371 7,086,480.752JPM Europe Equity D (acc) - USD 276,853.062 50,586.330 234,857.404 92,581.988JPM Europe Equity I (acc) - EUR 2,802,081.207 144,021.000 2,946,102.207 -JPM Europe Equity I (inc) - EUR 10,000,000.000 - - 10,000,000.000JPM Europe Equity X (acc) - EUR 20,825,434.506 1,855,487.347 9,819,155.725 12,861,766.128

JPMorgan Funds - Europe Focus FundJPM Europe Focus A (acc) - EUR 5,622,397.142 4,343,446.474 9,715,774.892 250,068.724JPM Europe Focus A (dis) - EUR 45,358.562 21,959.269 39,897.031 27,420.800JPM Europe Focus A (acc) - USD - 348.676 - 348.676JPM Europe Focus B (acc) - EUR - 105,278.413 - 105,278.413JPM Europe Focus C (acc) - EUR 1,505,000.000 163,643.440 1,639,054.359 29,589.081JPM Europe Focus D (acc) - EUR 731,409.410 394,420.403 677,604.341 448,225.472JPM Europe Focus D (acc) - USD - 348.676 - 348.676JPM Europe Focus X (acc) - EUR 2,397,165.000 457,809.435 126,596.808 2,728,377.627

JPMorgan Funds - Europe High Yield Bond FundJPM Europe High Yield Bond A (acc) - EUR 1,472,615.427 3,904,047.086 3,913,556.406 1,463,106.107JPM Europe High Yield Bond A (inc) - EUR 10,756,335.442 8,439,960.810 11,284,331.503 7,911,964.749JPM Europe High Yield Bond D (acc) - EUR 9,428,085.301 7,709,834.024 14,549,847.151 2,588,072.174JPM Europe High Yield Bond C (acc) - EUR - 1,191,208.857 877,189.060 314,019.797JPM Europe High Yield Bond X (acc) - EUR - 372,374.395 334,267.022 38,107.373

JPMorgan Funds - Europe Micro Cap FundJPM Europe Micro Cap A (acc) - EUR 4,053,391.654 1,741.913 3,834,295.203 220,838.364JPM Europe Micro Cap A (dist) - EUR 12,247,101.143 30,194.999 6,722,975.595 5,554,320.547JPM Europe Micro Cap D (acc) - EUR 3,822,052.072 8,350.221 3,053,318.969 777,083.324

JPMorgan Funds - Europe Select 130/30 FundJPM Europe Select 130/30 A (acc) - EUR 371,996.100 332,978.958 247,715.583 457,259.475JPM Europe Select 130/30 A (dist) - GBP - 586.331 - 586.331JPM Europe Select 130/30 A (acc) - USD - 348.676 - 348.676JPM Europe Select 130/30 D (acc) - EUR 371,996.100 188,041.757 329,562.571 230,475.286JPM Europe Select 130/30 D (acc) - USD - 348.676 - 348.676JPM Europe Select 130/30 X (acc) - EUR - 107,335.143 19,595.225 87,739.918

JPMorgan Funds - Europe Small Cap FundJPM Europe Small Cap A (acc) - EUR 5,087,078.651 1,557,693.592 4,662,525.394 1,982,246.849JPM Europe Small Cap A (dist) - EUR 15,761,936.577 5,569,625.818 11,809,405.297 9,522,157.098JF Europe Small Cap A (dist) - EUR 8,172,130.049 1,611,509.375 6,923,630.909 2,860,008.515JPM Europe Small Cap A (dist) - GBP 42,515.278 20,973.777 12,142.419 51,346.636JPM Europe Small Cap B (acc) - EUR 320,421.789 132,786.373 269,046.157 184,162.005JPM Europe Small Cap C (acc) - EUR 2,072,883.841 815,730.486 2,110,666.628 777,947.699JPM Europe Small Cap D (acc) - EUR 8,062,946.098 4,124,991.677 9,282,487.769 2,905,450.006JPM Europe Small Cap I (acc) - EUR 6,039,332.774 224,008.790 5,600,213.485 663,128.079JPM Europe Small Cap X (acc) - EUR 1,839,550.124 140,806.171 1,906,671.477 73,684.818

29




of the Year


JPMorgan Funds - Europe Strategic Growth FundJPM Europe Strategic Growth A (acc) - EUR 59,013,609.635 31,339,214.948 67,126,446.673 23,226,377.910JPM Europe Strategic Growth A (dist) - EUR 101,494,122.779 43,645,293.096 94,127,272.493 51,012,143.382JPM Europe Strategic Growth A (dist) - GBP 102,488.614 6,323.119 64,621.659 44,190.074JPM Europe Strategic Growth B (acc) - EUR 1,451,568.877 1,023,090.077 1,476,492.893 998,166.061JPM Europe Strategic Growth C (acc) - EUR 26,389,883.097 15,814,555.114 23,406,088.199 18,798,350.012JPM Europe Strategic Growth D (acc) - EUR 18,439,700.275 5,545,235.699 16,274,489.556 7,710,446.418JPM Europe Strategic Growth I (inc) - EUR 280,000.000 84,000.000 - 364,000.000JPM Europe Strategic Growth I (acc) - EUR 960,953.311 8,014,622.623 5,080,584.622 3,894,991.312JPM Europe Strategic Growth X (acc) - EUR 3,671,714.102 852,545.108 2,544,942.694 1,979,316.516

JPMorgan Funds - Europe Strategic Growth Small Cap Fund (8)JPM Europe Strategic Growth Small Cap A (acc) - EUR - 250,000.000 61,156.070 188,843.930JPM Europe Strategic Growth Small Cap D (acc) - EUR - 250,000.000 61,333.334 188,666.666

JPMorgan Funds - Europe Strategic Value FundJPM Europe Strategic Value A (acc) - EUR 57,131,296.717 15,277,143.351 55,419,545.722 16,988,894.346JPM Europe Strategic Value A (dist) - EUR 328,831,753.444 32,843,686.709 192,986,220.286 168,689,219.867JPM Europe Strategic Value A (dist) - GBP 46,512.465 2,396.714 22,792.577 26,116.602JPM Europe Strategic Value B (acc) - EUR 1,141,494.355 760,700.521 1,046,483.545 855,711.331JPM Europe Strategic Value C (acc) - EUR 28,575,829.232 4,405,145.503 27,916,970.219 5,064,004.516JPM Europe Strategic Value D (acc) - EUR 49,338,136.002 4,444,527.117 39,829,493.229 13,953,169.890JPM Europe Strategic Value I (acc) - EUR 9,441,809.443 6,105,585.890 12,859,228.095 2,688,167.238JPM Europe Strategic Value I (inc) - EUR 294,000.000 - 98,000.000 196,000.000JPM Europe Strategic Value X (acc) - EUR 7,308,747.656 139,060.593 3,908,553.550 3,539,254.699

JPMorgan Funds - Europe Strategic Value Small Cap Fund (9)JPM Europe Strategic Value Small Cap A (acc) - EUR - 250,000.000 62,020.079 187,979.921JPM Europe Strategic Value Small Cap D (acc) - EUR - 250,000.000 62,201.071 187,798.929

JPMorgan Funds - Europe Technology FundJPM Europe Technology A (acc) - EUR 917,862.632 1,422,380.973 1,592,159.801 748,083.804JPM Europe Technology A (dist) - EUR 15,076,000.250 7,254,999.109 10,621,691.314 11,709,308.045JF Europe Technology A (dist) - EUR 3,092,449.304 1,214,406.140 2,568,503.281 1,738,352.163JPM Europe Technology A (dist) - GBP 41,116.112 3,183.827 3,472.004 40,827.935JPM Europe Technology B (acc) - EUR - 171,593.006 1,550.493 170,042.513JPM Europe Technology C (acc) - EUR - 1,298.453 - 1,298.453JPM Europe Technology D (acc) - EUR 2,444,720.330 1,375,932.619 1,659,233.594 2,161,419.355JPM Europe Technology X (acc) - EUR - 54,491.963 10,592.757 43,899.206

JPMorgan Funds - Germany Equity FundJPM Germany Equity A (acc) - EUR 13,284,231.227 11,823,755.506 20,934,908.752 4,173,077.981JPM Germany Equity A (dist) - EUR 21,682,657.703 27,340,414.270 24,063,702.252 24,959,369.721JF Germany Equity A (dist) - EUR 1,389,733.822 173,054.273 701,911.452 860,876.643JPM Germany Equity B (acc) - EUR - 190,305.981 102,467.279 87,838.702JPM Germany Equity C (acc) - EUR - 8,149,867.811 6,956,861.384 1,193,006.427JPM Germany Equity D (acc) - EUR 69,517,709.875 58,353,084.378 85,486,587.094 42,384,207.159JPM Germany Equity I (acc) - EUR - 13,154,831.917 - 13,154,831.917JPM Germany Equity X (acc) - EUR - 144,199.407 41,860.001 102,339.406

JPMorgan Funds - Global Aggregate Bond FundJPM Global Aggregate Bond A (acc) - USD 425,136.684 1,665,554.286 1,769,022.956 321,668.014JPM Global Aggregate Bond A (inc) - USD 2,306,034.591 2,127,593.446 2,365,305.798 2,068,322.239JPM Global Aggregate Bond C (acc) - USD 59,184.700 1,444,098.243 1,474,285.943 28,997.000JPM Global Aggregate Bond D (acc) - USD 1,185,061.672 2,373,419.101 2,605,207.827 953,272.946JPM Global Aggregate Bond X (acc) - USD 124,073.985 - 124,073.985 -

JPMorgan Funds - Global Consumer Trends Fund (10)JPM Global Consumer Trends A (acc) - EUR - 200,000.000 - 200,000.000JPM Global Consumer Trends D (acc) - EUR - 200,000.000 - 200,000.000

JPMorgan Funds - Global Convertibles Fund (EUR)JPM Global Convertibles (EUR) A (acc) - EUR 22,739,773.672 47,551,178.354 39,605,157.328 30,685,794.698JPM Global Convertibles (EUR) A (dist) - EUR 71,209,071.433 75,790,634.882 65,243,555.883 81,756,150.432JF Global Convertibles (EUR) A (dist) - USD 1,316,415.195 1,239,236.902 1,594,667.728 960,984.369JPM Global Convertibles (EUR) B (acc) - EUR 921,800.158 2,233,331.022 853,818.744 2,301,312.436JPM Global Convertibles (EUR) C (acc) - EUR 15,122,443.099 15,183,266.536 16,922,953.146 13,382,756.489JPM Global Convertibles (EUR) D (acc) - EUR 21,577,849.173 22,723,792.405 27,102,755.288 17,198,886.290JPM Global Convertibles (EUR) I (acc) - EUR 2,958,183.000 4,640,058.819 3,697,435.000 3,900,806.819JPM Global Convertibles (EUR) I (inc) - EUR 445,121.951 4,892.161 200,014.112 250,000.000JPM Global Convertibles (EUR) X (acc) - EUR 7,075,220.836 2,413,547.991 496,197.759 8,992,571.068

(8) This Sub-Fund was launched on 10 January 2008.(9) This Sub-Fund was launched on 10 January 2008.(10) This Sub-Fund was launched on 21 April 2008.

30




of the Year


JPMorgan Funds - Global Dynamic FundJPM Global Dynamic A (acc) - USD 24,734,189.407 11,658,097.163 21,355,064.720 15,037,221.850JPM Global Dynamic A (dist) - USD 87,225,996.484 14,213,747.035 58,156,747.640 43,282,995.879JPM Global Dynamic A (dist) - GBP 696,710.287 126,531.343 162,820.632 660,420.998JPM Global Dynamic A (acc) - EUR 486,634.532 1,034,212.348 336,734.180 1,184,112.700JPM Global Dynamic A (acc) - EUR (hedged) - 5,068,764.838 1,639,145.827 3,429,619.011JPM Global Dynamic A (inc) - EUR 1,318,548.207 716,859.063 531,659.503 1,503,747.767JF Global Dynamic A (dist) - USD 986,786.811 379,260.204 611,494.247 754,552.768JPM Global Dynamic B (acc) - USD 6,591,232.975 1,366,041.412 2,961,146.652 4,996,127.735JPM Global Dynamic C (acc) - USD 18,173,767.079 10,261,014.632 14,197,285.812 14,237,495.899JPM Global Dynamic C (acc) - EUR 5,527,880.001 5,943,878.383 7,029,390.107 4,442,368.277JPM Global Dynamic C (acc) - EUR (hedged) - 1,189,681.375 131,941.467 1,057,739.908JPM Global Dynamic D (acc) - USD 17,195,849.561 6,893,170.774 18,563,312.492 5,525,707.843JPM Global Dynamic D (acc) - EUR 117,107.159 455,505.921 140,207.243 432,405.837JPM Global Dynamic D (acc) - EUR (hedged) - 230,289.113 65,968.534 164,320.579JPM Global Dynamic I (acc) - USD 1,952,030.000 2,360,721.000 147,664.000 4,165,087.000JPM Global Dynamic X (acc) - USD 15,714,116.158 6,838,672.909 7,900,310.241 14,652,478.826JPM Global Dynamic X (acc) - EUR 17,330,026.813 3,131,664.676 676,423.207 19,785,268.282

JPMorgan Funds - Global Equity Fund (EUR)JPM Global Equity (EUR) A (acc) - EUR 969,919.453 1,014,459.959 1,902,504.178 81,875.234JPM Global Equity (EUR) A (dist) - EUR 640,459.203 64,807.484 168,805.001 536,461.686JPM Global Equity (EUR) C (acc) - EUR 7,449,840.519 7,619,951.399 12,222,312.263 2,847,479.655JPM Global Equity (EUR) D (acc) - EUR 347,961.632 115,765.703 135,458.570 328,268.765

JPMorgan Funds - Global Equity Fund (USD)JPM Global Equity (USD) A (acc) - USD 495,167.946 259,900.948 161,057.109 594,011.785JPM Global Equity (USD) A (dist) - USD 993,988.692 329,550.949 816,195.037 507,344.604JF Global Equity (USD) A (dist) - USD 1,154,323.423 135,680.311 397,297.875 892,705.859JPM Global Equity (USD) C (acc) - USD 8,546,952.921 1,144,655.578 2,128,672.567 7,562,935.932JPM Global Equity (USD) D (acc) - USD 2,727,654.479 204,614.874 2,771,282.393 160,986.960JPM Global Equity (USD) X (acc) - USD 1,492,766.925 376,932.185 1,866,741.176 2,957.934

JPMorgan Funds - Global Focus FundJPM Global Focus A (acc) - EUR 8,422,853.847 27,035,798.249 22,771,327.479 12,687,324.617JPM Global Focus A (acc) - EUR (hedged) - 282,062.719 89,764.850 192,297.869JPM Global Focus A (dist) - EUR 7,363,973.928 3,823,720.501 8,389,408.565 2,798,285.864JF Global Focus A (dist) - USD 808,944.047 1,288,384.815 1,210,720.077 886,608.785JPM Global Focus C (acc) - EUR 10,362,304.599 4,158,308.432 11,805,464.370 2,715,148.661JPM Global Focus D (acc) - EUR 3,245,375.975 1,564,825.743 2,195,108.720 2,615,092.998JPM Global Focus D (acc) - EUR (hedged) - 229,483.215 84,239.095 145,244.120JPM Global Focus X (acc) - EUR 1,373,337.858 4,030,396.820 769,418.193 4,634,316.485

JPMorgan Funds - Global Life Sciences FundJPM Global Life Sciences A (acc) - USD 88,440.995 61,933.187 26,399.954 123,974.228JPM Global Life Sciences A (dist) - USD 3,712,953.024 286,003.422 1,327,340.232 2,671,616.214JPM Global Life Sciences A (dist) - GBP 17,408.642 259.060 2,026.911 15,640.791JF Global Life Sciences A (dist) - USD 2,272,401.738 1,403,790.098 1,908,439.648 1,767,752.188JPM Global Life Sciences D (acc) - USD 918,917.842 503,788.707 792,995.901 629,710.648

JPMorgan Funds - Global Natural Resources FundJPM Global Natural Resources A (acc) - EUR 41,767,627.278 33,789,968.880 39,628,453.226 35,929,142.932JPM Global Natural Resources A (dist) - EUR 13,647,983.718 27,249,774.909 21,250,971.031 19,646,787.596JPM Global Natural Resources A (acc) - USD 1,581,451.050 11,491,360.377 4,280,544.668 8,792,266.759JPM Global Natural Resources B (acc) - EUR 1,759,842.669 807,277.332 358,168.125 2,208,951.876JPM Global Natural Resources C (acc) - EUR 5,481,915.183 11,266,390.209 9,823,526.348 6,924,779.044JPM Global Natural Resources C (acc) - USD 224,985.925 4,366,231.723 2,587,291.208 2,003,926.440JPM Global Natural Resources D (acc) - EUR 12,113,309.446 12,143,278.114 11,829,186.277 12,427,401.283JPM Global Natural Resources D (acc) - USD 2,437.992 326,268.363 44,256.322 284,450.033JPM Global Natural Resources X (acc) - EUR 6,653,023.256 1,154,580.088 2,089,030.703 5,718,572.641

JPMorgan Funds - Global Real Estate Securities Fund (EUR)JPM Global Real Estate Securities A (acc) - EUR 1,313,151.212 278,132.740 1,338,764.535 252,519.417JPM Global Real Estate Securities A (inc) - EUR 162,782.172 9,069.699 164,924.154 6,927.717JPM Global Real Estate Securities C (acc) - EUR 48,000.000 - 48,000.000 -JPM Global Real Estate Securities D (acc) - EUR 365,993.029 119,678.981 284,008.190 201,663.820JPM Global Real Estate Securities X (acc) - EUR 144,301.002 38,102.224 1,761.127 180,642.099

JPMorgan Funds - Global Real Estate Securities Fund (USD)JPM Global Real Estate Securities A (acc) - USD 478,630.025 666,460.139 923,035.544 222,054.620JPM Global Real Estate Securities C (acc) - USD - 10,208.269 - 10,208.269JPM Global Real Estate Securities D (acc) - USD 251,368.884 125,723.765 341,074.184 36,018.465JPM Global Real Estate Securities X (acc) - USD 1,181,531.621 - - 1,181,531.621

JPMorgan Funds - Global Socially Responsible FundJPM Global Socially Responsible A (acc) - USD 1,233,569.552 2,276,815.644 199,554.846 3,310,830.350JPM Global Socially Responsible A (dist) - USD 3,887,419.330 2,325,776.351 1,905,090.463 4,308,105.218JPM Global Socially Responsible D (acc) - USD 433,841.068 199,452.196 191,993.645 441,299.619

JPMorgan Funds - Highbridge Europe STEEP Fund (11)JPM Highbridge Europe STEEP A (acc) - EUR - 1,791,201.747 287,429.640 1,503,772.107JPM Highbridge Europe STEEP A (acc) - USD - 344,375.601 - 344,375.601JPM Highbridge Europe STEEP A (inc) - EUR - 341,973.900 - 341,973.900JPM Highbridge Europe STEEP B (acc) - EUR - 137,942.785 67,490.001 70,452.784JPM Highbridge Europe STEEP C (acc) - EUR - 2,788,601.001 335,330.935 2,453,270.066JPM Highbridge Europe STEEP D (acc) - EUR - 396,562.854 1,233.620 395,329.234

(11) This Sub-Fund was launched on 7 February 2008.

31




of the Year


JPMorgan Funds - Highbridge US STEEP Fund (12)JPM Highbridge US STEEP A (acc) - USD - 3,957,453.076 66,907.101 3,890,545.975JPM Highbridge US STEEP A (inc) - EUR - 400,772.248 - 400,772.248JPM Highbridge US STEEP A (acc) - EUR - 400,772.248 - 400,772.248JPM Highbridge US STEEP B (acc) - USD - 205,851.000 - 205,851.000JPM Highbridge US STEEP D (acc) - EUR - 400,772.248 - 400,772.248JPM Highbridge US STEEP D (acc) - USD - 400,000.000 - 400,000.000JPM Highbridge US STEEP X (acc) - USD - 12,299.411 - 12,299.411

JPMorgan Funds - Japan Dynamic Fund (13)JPM Japan Dynamic A (acc) - JPY 5,411,056.343 1,974,445.112 6,378,202.298 1,007,299.157JPM Japan Dynamic A (dist) - JPY 1,957,506.667 563,447.332 2,037,579.219 483,374.780

JPMorgan Funds - JF Asia Alpha Plus FundJF Asia Alpha Plus A (acc) - USD 6,032,052.467 7,315,645.765 7,448,379.535 5,899,318.697JF Asia Alpha Plus A (dist) - USD - 1,341,200.001 1,312,200.001 29,000.000JF Asia Alpha Plus X (acc) - USD - 188,038.089 - 188,038.089

JPMorgan Funds - JF Asia Pacific ex-Japan Equity Fund (14)JF Asia Pacific ex-Japan Equity A (acc) - USD 3,964,356.350 1,170,847.321 3,877,166.652 1,258,037.019JF Asia Pacific ex-Japan Equity A (dist) - USD 11,755,217.325 4,149,054.167 8,834,068.576 7,070,202.916JF Asia Pacific ex-Japan Equity A (dist) - GBP 41,815.931 19,244.340 35,253.012 25,807.259JF Asia Pacific ex-Japan Equity C (acc) - USD 351,056.824 545,734.833 297,929.014 598,862.643JF Asia Pacific ex-Japan Equity D (acc) - USD 1,892,918.234 2,326,488.062 1,481,785.304 2,737,620.992JF Asia Pacific ex-Japan Equity D (acc) - EUR 28,235.415 335,020.804 294,076.086 69,180.133JF Asia Pacific ex-Japan Equity I (acc) - USD 8,820,227.823 3,326,177.257 7,596,157.181 4,550,247.899JF Asia Pacific ex-Japan Equity X (acc) - USD 675,608.450 39,137.379 366,663.742 348,082.087

JPMorgan Funds - JF China FundJF China A (acc) - USD 7,902,918.355 19,679,632.577 20,512,918.070 7,069,632.862JF China A (dist) - USD 52,677,602.379 45,874,580.494 54,826,092.689 43,726,090.184JF China B (acc) - USD 3,668,428.746 2,284,604.532 3,265,941.919 2,687,091.359JF China C (acc) - USD 1,622,684.681 3,312,910.326 3,800,602.358 1,134,992.649JF China D (acc) - USD 13,270,860.357 11,353,443.441 13,271,632.691 11,352,671.107JF China I (acc) - USD 1,092,531.648 3,453,232.549 - 4,545,764.197JF China X (acc) - USD 1,988,434.020 1,431,166.906 2,205,746.866 1,213,854.060

JPMorgan Funds - JF Greater China FundJF Greater China A (acc) - USD 2,070,027.410 14,463,196.276 8,717,443.716 7,815,779.970JF Greater China A (dist) - USD 16,249,905.785 5,065,464.895 10,724,074.240 10,591,296.440JF Greater China B (acc) - USD 91,170.918 46,179.139 12,017.958 125,332.099JF Greater China C (acc) - USD 2,454,760.132 2,891,278.386 1,150,015.548 4,196,022.970JF Greater China D (acc) - USD 5,395,962.087 2,671,373.513 3,749,048.799 4,318,286.801JF Greater China X (acc) - USD 78,703.253 141,086.887 120,762.029 99,028.111

JPMorgan Funds - JF Hong Kong FundJF Hong Kong A (acc) - USD 654,358.069 2,988,062.717 2,994,273.649 648,147.137JF Hong Kong A (dist) - USD 1,898,747.303 5,803,900.584 3,058,570.892 4,644,076.995JF Hong Kong B (acc) - USD 2,086.452 113,425.886 50,358.553 65,153.785JF Hong Kong C (acc) - USD 9,057.970 538,122.227 124,336.450 422,843.747JF Hong Kong D (acc) - USD 466,442.543 2,091,249.704 1,401,312.666 1,156,379.581

JPMorgan Funds - JF India FundJF India A (acc) - USD 18,175,863.193 29,979,430.234 26,346,162.974 21,809,130.453JF India A (dist) - USD 31,577,360.078 16,085,059.724 23,905,063.587 23,757,356.215JF India B (acc) - USD 3,334,335.510 2,162,097.130 4,919,597.948 576,834.692JF India C (acc) - USD 4,380,103.562 2,386,828.223 3,872,037.398 2,894,894.387JF India D (acc) - USD 19,754,087.276 8,816,860.251 12,358,212.671 16,212,734.856JF India X (acc) - USD 1,933,309.331 312,635.540 141,490.711 2,104,454.160

JPMorgan Funds - JF Japan Alpha Plus FundJF Japan Alpha Plus A (acc) - USD 1,168,316.439 245,789.813 613,985.321 800,120.931JF Japan Alpha Plus A (dist) - USD 2,386,472.707 128,583.563 1,283,912.582 1,231,143.688JF Japan Alpha Plus D (acc) - USD 8,084.351 5,128.770 6,370.833 6,842.288

JPMorgan Funds - JF Japan Equity FundJF Japan Equity A (acc) - USD 27,629,484.424 8,370,471.810 26,750,616.536 9,249,339.698JF Japan Equity A (dist) - USD 38,052,750.371 14,537,248.698 31,956,997.814 20,633,001.255JF Japan Equity A (dist) - GBP 309,902.137 125,309.572 106,721.094 328,490.615JF Japan Equity A (acc) - EUR 559,509.869 352,254.755 517,151.527 394,613.097JF Japan Equity A (acc) - JPY 3,183,969.279 704,391.909 1,888,436.618 1,999,924.570JF Japan Equity B (acc) - USD 1,961,007.027 1,030,100.486 1,792,820.573 1,198,286.940JF Japan Equity C (acc) - USD 6,238,789.679 3,918,543.843 4,196,961.796 5,960,371.726JF Japan Equity D (acc) - USD 12,825,840.456 3,568,009.150 10,001,526.046 6,392,323.560JF Japan Equity D (acc) - EUR 386,748.454 24,758.017 338,895.522 72,610.949JF Japan Equity I (acc) - USD 6,047,526.635 175,983.437 5,174,007.931 1,049,502.141JF Japan Equity J (dist) - USD 3,604,049.932 324,103.485 2,019,622.983 1,908,530.434JF Japan Equity X (acc) - USD 1,232,669.008 65,097.192 914,698.150 383,068.050

(12) This Sub-Fund was launched on 16 May 2008.(13) This Sub-Fund was renamed from JF Tokyo Alpha Plus Fund on 2 January 2008.(14) This Sub-Fund was renamed from JF Asia Equity Fund on 30 April 2008.

32




of the Year


JPMorgan Funds - JF Japan Small Cap FundJF Japan Small Cap A (acc) - USD 3,332,087.303 1,056,319.940 3,868,471.657 519,935.586JF Japan Small Cap A (dist) - USD 11,451,005.591 14,595,981.170 12,151,313.946 13,895,672.815JF Japan Small Cap B (acc) - USD 400,669.936 692,077.872 463,196.416 629,551.392JF Japan Small Cap C (acc) - USD 2,376,527.162 820,000.000 2,382,870.412 813,656.750JF Japan Small Cap D (acc) - USD 2,029,923.613 246,423.382 1,223,813.996 1,052,532.999JF Japan Small Cap X (acc) - USD 3,147,490.170 - 2,607,388.719 540,101.451

JPMorgan Funds - JF Korea Equity Fund (15)JF Korea Equity A (acc) - USD - 3,414,217.775 127,662.315 3,286,555.460JF Korea Equity A (dis) - USD - 214,396.750 - 214,396.750JF Korea Equity A (acc) - EUR - 236,128.976 1,008.310 235,120.666JF Korea Equity B (acc) - USD - 260,000.000 - 260,000.000JF Korea Equity C (acc) - USD - 895,252.539 885,175.298 10,077.241JF Korea Equity D (acc) - USD - 230,217.652 43,314.724 186,902.928JF Korea Equity X (acc) - USD - 27,500.000 - 27,500.000

JPMorgan Funds - JF Pacific Balanced FundJF Pacific Balanced A (acc) - USD 238,925.383 1,847,007.971 1,689,502.914 396,430.440JF Pacific Balanced A (dist) - USD 5,341,840.387 3,168,239.650 4,338,532.770 4,171,547.267JF Pacific Balanced B (acc) - USD - 505,300.000 - 505,300.000JF Pacific Balanced D (acc) - USD 1,777,866.786 1,322,096.070 1,207,021.956 1,892,940.900

JPMorgan Funds - JF Pacific Equity FundJF Pacific Equity A (acc) - USD 1,584,582.371 5,786,331.003 3,583,075.202 3,787,838.172JF Pacific Equity A (dist) - USD 14,502,667.016 1,662,160.218 4,962,402.349 11,202,424.885JF Pacific Equity A (dist) - GBP 45,201.722 432.483 1,169.348 44,464.857JF Pacific Equity A (acc) - EUR 472,520.055 552,585.773 617,098.598 408,007.230JF Pacific Equity B (acc) - USD 15,679.473 984,317.287 17,257.868 982,738.892JF Pacific Equity C (acc) - USD 3,721,261.158 5,186,384.605 5,158,476.658 3,749,169.105JF Pacific Equity D (acc) - USD 2,837,051.351 7,018,780.029 6,761,082.560 3,094,748.820JF Pacific Equity D (acc) - EUR 46,626.153 2,500.000 19,208.104 29,918.049JF Pacific Equity I (acc) - USD 3,096,442.665 - 2,648,315.653 448,127.012

JPMorgan Funds - JF Pacific Technology FundJF Pacific Technology A (acc) - USD 218,152.054 2,802,441.637 2,685,443.715 335,149.976JF Pacific Technology A (dist) - USD 2,728,818.978 2,529,796.545 3,013,744.715 2,244,870.808JF Pacific Technology A (dist) - GBP 6,574.362 466.917 598.393 6,442.886JF Pacific Technology B (acc) - USD - 1,302,293.964 17,990.972 1,284,302.992JF Pacific Technology C (acc) - USD - 14,638.211 - 14,638.211JF Pacific Technology D (acc) - USD 293,272.166 318,302.775 265,792.094 345,782.847

JPMorgan Funds - JF Singapore FundJF Singapore A (acc) - USD 4,871,014.952 5,559,621.748 8,447,662.640 1,982,974.060JF Singapore A (dist) - USD 10,018,420.534 8,371,018.097 12,173,743.611 6,215,695.020JF Singapore B (acc) - USD 1,012,393.668 1,066,141.992 905,258.144 1,173,277.516JF Singapore C (acc) - USD 978,679.692 58,471.545 1,019,661.813 17,489.424JF Singapore D (acc) - USD 3,443,146.659 1,798,572.911 3,134,419.345 2,107,300.225JF Singapore I (acc) - USD 2,815,581.493 23,501,775.230 9,352,380.754 16,964,975.969JF Singapore X (acc) - USD 26,647.112 - - 26,647.112

JPMorgan Funds - JF Taiwan FundJF Taiwan A (acc) - USD 12,131,269.525 32,415,549.071 29,333,868.789 15,212,949.807JF Taiwan A (dist) - USD 16,672,424.746 66,152,452.273 48,360,699.710 34,464,177.309JF Taiwan B (acc) - USD 30,296.352 715,967.966 146,135.300 600,129.018JF Taiwan C (acc) - USD 650,352.670 6,392,830.303 3,509,558.691 3,533,624.282JF Taiwan D (acc) - USD 2,077,957.623 2,283,312.917 1,715,276.553 2,645,993.987JF Taiwan I (acc) - USD 13,679,303.195 17,636,644.046 9,579,503.437 21,736,443.804JF Taiwan X (acc) - USD 137,846.885 149,374.584 95,779.952 191,441.517

JPMorgan Funds - Latin America Equity FundJPM Latin America Equity A (acc) - USD 5,293,247.986 13,984,912.586 12,085,768.486 7,192,392.086JPM Latin America Equity A (dist) - USD 8,876,389.837 7,813,652.470 8,289,443.283 8,400,599.024JF Latin America Equity A (dist) - USD 6,398,082.075 17,011,320.421 15,527,988.278 7,881,414.218JPM Latin America Equity B (acc) - USD 2,646,728.225 1,299,949.016 1,810,822.950 2,135,854.291JPM Latin America Equity C (acc) - USD 1,752,290.374 3,421,620.669 3,126,566.510 2,047,344.533JPM Latin America Equity D (acc) - USD 4,835,423.310 4,204,090.339 3,874,767.756 5,164,745.893JPM Latin America Equity I (acc) - USD 24,322,260.984 7,456,035.600 9,445,790.533 22,332,506.051JPM Latin America Equity X (acc) - USD 2,670,787.978 767,243.719 578,104.267 2,859,927.430

JPMorgan Funds - Middle East Equity FundJPM Middle East Equity A (acc) - USD 2,030,248.251 9,090,504.486 5,366,201.712 5,754,551.025JPM Middle East Equity A (dist) - USD 8,616,103.551 21,928,923.871 13,268,410.329 17,276,617.093JPM Middle East Equity B (acc) - USD 560,810.234 218,204.201 292,896.424 486,118.011JPM Middle East Equity C (acc) - USD - 2,890,824.627 1,861,319.397 1,029,505.230JPM Middle East Equity D (acc) - USD 3,135,784.213 2,229,235.795 2,398,237.375 2,966,782.633

JPMorgan Funds - Russia FundJPM Russia A (acc) - USD 5,742,019.484 36,972,376.257 20,146,291.020 22,568,104.721JPM Russia A (dist) - USD 5,960,202.819 13,633,800.563 8,988,882.236 10,605,121.146JPM Russia B (acc) - USD 962,540.079 6,997,054.551 2,400,845.570 5,558,749.060JPM Russia C (acc) - USD - 15,374,598.547 3,802,761.168 11,571,837.379JPM Russia D (acc) - USD 5,081,896.575 12,663,017.237 7,085,439.957 10,659,473.855JPM Russia I (acc) - USD - 40,701,687.838 2,302,627.559 38,399,060.279


33




of the Year


JPMorgan Funds - Sterling Bond FundJPM Sterling Bond A (acc) - GBP 599,456.246 986,788.238 827,324.042 758,920.442JPM Sterling Bond A (dist) - GBP 153,538,499.591 3,297,790.095 40,748,648.172 116,087,641.514JPM Sterling Bond D (acc) - GBP 1,231,058.596 252,692.018 704,055.126 779,695.488JPM Sterling Bond X (acc) - GBP 96,462.929 - 96,462.929 -

JPMorgan Funds - UK Equity FundJPM UK Equity A (acc) - GBP 3,986,802.894 858,817.530 3,552,352.794 1,293,267.630JPM UK Equity A (dist) - GBP 28,776,130.087 7,419,110.647 27,994,436.965 8,200,803.769JPM UK Equity C (acc) - GBP 2,297,109.382 1,197,596.484 2,683,290.392 811,415.474JPM UK Equity D (acc) - GBP 5,647,377.766 116,532.778 5,348,602.004 415,308.540

JPMorgan Funds - US 130/30 Fund (16)JPM US 130/30 A (acc) - USD - 346,780.313 83,153.309 263,627.004JPM US 130/30 A (acc) - EUR (hedged) - 290,260.582 9,526.572 280,734.010JPM US 130/30 D (acc) - USD - 297,188.997 20,848.536 276,340.461JPM US 130/30 D (acc) - EUR (hedged) - 276,073.062 4,637.136 271,435.926JPM US 130/30 X (acc) - USD - 286,346.884 - 286,346.884

JPMorgan Funds - US Aggregate Bond FundJPM US Aggregate Bond A (acc) - USD 1,820,355.397 18,158,301.967 8,110,867.784 11,867,789.580JPM US Aggregate Bond A (inc) - USD 6,898,969.081 12,482,885.594 13,639,908.380 5,741,946.295JPM US Aggregate Bond B (acc) - USD 1,759,737.185 1,397,129.616 541,340.081 2,615,526.720JPM US Aggregate Bond C (acc) - USD 2,016,264.732 5,817,728.723 4,386,377.296 3,447,616.159JPM US Aggregate Bond D (acc) - USD 1,693,954.341 3,787,333.428 3,065,509.883 2,415,777.886JPM US Aggregate Bond X (acc) - USD 8,735,947.234 6,574,668.250 8,513,737.913 6,796,877.571

JPMorgan Funds - US Dynamic FundJPM US Dynamic A (acc) - USD 143,261,125.337 23,041,184.357 128,721,384.568 37,580,925.126JPM US Dynamic A (dist) - USD 149,804,709.411 25,745,966.951 124,411,485.807 51,139,190.555JPM US Dynamic A (acc) - EUR 12,660,864.667 2,883,415.032 10,346,335.732 5,197,943.967JPM US Dynamic B (acc) - USD 8,481,744.694 1,269,192.754 6,904,987.182 2,845,950.266JPM US Dynamic C (acc) - USD 77,489,094.609 12,446,926.303 67,706,222.762 22,229,798.150JPM US Dynamic D (acc) - USD 9,950,985.050 2,619,362.962 7,663,557.690 4,906,790.322JPM US Dynamic D (acc) - EUR 93,162.319 54,410.715 80,193.860 67,379.174JPM US Dynamic I (acc) - USD 9,774,094.418 12,038,792.332 14,933,541.392 6,879,345.358JPM US Dynamic I (inc) - EUR 32,407,618.093 3,430,268.850 16,059,975.583 19,777,911.360JPM US Dynamic X (acc) - USD 24,900,201.909 995,913.373 16,068,779.100 9,827,336.182

JPMorgan Funds - US Select 130/30 Fund (17)JPM US Select 130/30 A (acc) - USD - 46,765,329.035 7,241,199.109 39,524,129.926JPM US Select 130/30 A (acc) - EUR (hedged) - 4,469,461.612 2,680,826.740 1,788,634.872JPM US Select 130/30 A (dist) - USD - 4,215,998.869 323,565.847 3,892,433.022JPM US Select 130/30 A (dist) - GBP - 91,798.853 2,630.001 89,168.852JPM US Select 130/30 B (acc) - USD - 852,527.357 63,028.001 789,499.356JPM US Select 130/30 C (acc) - USD - 27,390,700.378 4,084,321.811 23,306,378.567JPM US Select 130/30 D (acc) - USD - 447,957.713 304,418.778 143,538.935JPM US Select 130/30 D (acc) - EUR (hedged) - 613,240.921 567,818.501 45,422.420JPM US Select 130/30 I (inc) - USD - 6,080,000.001 - 6,080,000.001JPM US Select 130/30 X (acc) - USD - 37,804,091.812 3,829,714.836 33,974,376.976

JPMorgan Funds - US Small Cap Growth FundJPM US Small Cap Growth A (acc) - USD 247,401.752 1,283,552.332 1,479,373.386 51,580.698JPM US Small Cap Growth A (dist) - USD 474,191.237 43,039.344 112,658.119 404,572.462JPM US Small Cap Growth A (dist) - GBP 150.903 854.644 854.644 150.903JPM US Small Cap Growth B (acc) - USD - 77,159.748 - 77,159.748JPM US Small Cap Growth D (acc) - USD 1,986,086.238 735,491.786 1,053,784.571 1,667,793.453JPM US Small Cap Growth X (acc) - USD - 500.010 - 500.010

JPMorgan Funds - US Strategic Growth FundJPM US Strategic Growth A (acc) - USD 11,130,631.323 12,440,460.422 15,425,211.003 8,145,880.742JPM US Strategic Growth A (acc) - EUR (hedged) 3,375,084.945 6,643,531.361 7,548,850.985 2,469,765.321JPM US Strategic Growth A (dist) - USD 31,032,613.212 44,069,842.024 32,391,056.067 42,711,399.169JPM US Strategic Growth A (dist) - GBP 3,954.670 23,752.794 9,867.056 17,840.408JPM US Strategic Growth B (acc) - USD 1,735,426.034 1,308,202.457 1,696,291.517 1,347,336.974JPM US Strategic Growth C (acc) - USD 2,972,578.845 11,672,890.866 3,616,874.507 11,028,595.204JPM US Strategic Growth C (acc) - EUR (hedged) - 1,589,675.969 594,899.942 994,776.027JPM US Strategic Growth D (acc) - USD 436,263.924 374,401.025 391,238.266 419,426.683JPM US Strategic Growth D (acc) - EUR (hedged) 26,490.066 49,566.378 55,218.689 20,837.755JPM US Strategic Growth X (acc) - USD 8,617,309.686 3,609,143.452 6,172,580.369 6,053,872.769

JPMorgan Funds - US Technology FundJPM US Technology A (acc) - USD 388,244.856 5,843,079.353 5,027,118.462 1,204,205.747JPM US Technology A (dist) - GBP 33,371.059 752.779 3,124.447 30,999.391JF US Technology A (dist) - USD 3,935,202.391 9,475,198.647 8,589,470.384 4,820,930.654JPM US Technology A (dist) - USD 7,506,545.980 16,106,213.843 7,668,698.223 15,944,061.600JPM US Technology C (acc) - USD - 19,518.980 - 19,518.980JPM US Technology D (acc) - USD 2,796,854.394 4,767,532.794 4,723,260.504 2,841,126.684JPM US Technology I (acc) - USD - 2,100,000.002 2,100,000.002 -JPM US Technology X (acc) - USD - 3,126,853.579 - 3,126,853.579


34




of the Year


JPMorgan Funds - US Value FundJPM US Value A (acc) - USD 27,746,806.522 11,740,630.869 25,906,567.044 13,580,870.347JPM US Value A (dist) - USD 54,218,371.671 13,252,368.723 40,501,900.069 26,968,840.325JF US Value A (dist) - USD 178,063.555 152,033.116 178,864.964 151,231.707JPM US Value A (dist) - GBP 58,596.671 7,496.456 16,029.828 50,063.299JPM US Value A (acc) - EUR (hedged) 1,442,636.034 1,340,983.616 1,445,726.692 1,337,892.958JPM US Value B (acc) - USD 505,584.866 194,330.536 498,996.329 200,919.073JPM US Value C (acc) - USD 14,466,805.702 7,500,375.759 10,117,737.805 11,849,443.656JPM US Value D (acc) - USD 6,939,158.126 2,080,807.362 5,040,033.493 3,979,931.995JPM US Value D (acc) - EUR (hedged) 239,224.570 450,050.777 337,676.072 351,599.275JPM US Value X (acc) - USD 7,707,216.974 385,886.385 1,068,787.686 7,024,315.673

The accompanying notes form an integral part of these financial statements.

35

JPMorgan FundsStatistical Information (continued)

Net Asset Value per Share in Share Class Currency

30 June 2008 30 June 2007 30 June 2006 30 June 2005 30 June 2004

JPMorgan Funds - Africa Equity Fund (1)JPM Africa Equity A (acc) - USD 9.18 - - - -JPM Africa Equity D (acc) - USD 9.17 - - - -JPM Africa Equity I (acc) - USD 9.19 - - - -

JPMorgan Funds - America Equity FundJPM America Equity A (acc) - USD 10.68 13.02 10.35 10.11 -JPM America Equity A (dist) - USD 81.24 99.09 78.70 77.43 71.71JF America Equity A (dist) - USD 43.59 53.17 42.23 41.53 38.55JPM America Equity A (acc) - EUR (hedged) 6.87 11.28 - - -JPM America Equity B (acc) - USD 11.97 14.50 11.43 11.09 -JPM America Equity C (acc) - USD 12.16 14.67 11.53 11.13 -JPM America Equity C (acc) - EUR (hedged) 6.50 - - - -JPM America Equity D (acc) - USD 10.09 12.39 9.92 9.76 9.12JPM America Equity D (acc) - EUR (hedged) 6.82 11.26 - - -JPM America Equity D (acc) - EUR 6.12 8.78 7.42 - -JPM America Equity X (acc) - USD 11.59 13.88 10.83 10.39 -

JPMorgan Funds - America Large Cap FundJPM America Large Cap A (acc) - USD 10.91 12.68 10.63 10.05 8.65JPM America Large Cap A (dist) - USD 9.72 11.29 9.47 9.04 -JPM America Large Cap B (acc) - USD 10.40 11.99 10.00 - -JPM America Large Cap C (acc) - USD 9.77 - - - -JPM America Large Cap D (acc) - USD 8.80 10.30 8.71 8.30 8.02JPM America Large Cap X (acc) - USD 9.29 - - - -

JPMorgan Funds - America Micro Cap FundJPM America Micro Cap A (acc) - USD 9.00 12.84 11.64 10.33 -JPM America Micro Cap A (dist) - USD 91.47 130.55 118.35 105.08 92.77JF America Micro Cap A (dist) - USD 13.42 19.15 17.37 15.42 13.42JPM America Micro Cap D (acc) - USD 12.71 18.33 16.78 15.05 13.61JPM America Micro Cap X (acc) - USD 8.45 13.82 12.29 10.72 -

JPMorgan Funds - Brazil Alpha Plus Fund (2)JPM Brazil Alpha Funds A (acc) - USD 11.03 - - - -JPM Brazil Alpha Funds B (acc) - USD 12.49 - - - -JPM Brazil Alpha Funds D (acc) - USD 10.97 - - - -JPM Brazil Alpha Funds I (acc) - USD 11.11 - - - -

JPMorgan Funds - Eastern Europe Equity FundJPM Eastern Europe Equity A (acc) - EUR 23.45 22.69 16.87 10.96 -JPM Eastern Europe Equity A (dist) - EUR 57.97 56.17 42.84 27.93 21.54JF Eastern Europe Equity A (dist) - EUR 38.79 37.55 28.58 18.63 14.37JPM Eastern Europe Equity B (acc) - EUR 11.15 10.72 9.66 - -JPM Eastern Europe Equity C (acc) - EUR 22.75 21.83 16.05 10.33 -JPM Eastern Europe Equity D (acc) - EUR 40.86 39.92 29.96 19.66 15.31JPM Eastern Europe Equity I (acc) - EUR 14.94 14.33 10.56 - -JPM Eastern Europe Equity X (acc) - EUR 26.62 25.31 18.49 11.80 -

JPMorgan Funds - Emerging Europe Middle East and Africa Equity FundJPM Emerging Europe Middle East and Africa Equity A (acc)- USD 25.17 22.14 15.67 10.40 -JPM Emerging Europe Middle East and Africa Equity A (dist) - USD 73.66 64.84 46.84 31.30 24.37JPM Emerging Europe Middle East and Africa Equity B (acc) - USD 15.52 13.57 9.57 12.67 -JPM Emerging Europe Middle East and Africa Equity C (acc) - USD 26.60 23.20 16.27 10.70 -JPM Emerging Europe Middle East and Africa Equity D (acc) - USD 54.19 48.15 34.42 23.07 18.41JPM Emerging Europe Middle East and Africa Equity I (acc) - USD 17.55 15.30 10.73 - -JPM Emerging Europe Middle East and Africa Equity X (acc) - USD* - - 9.77 10.49 -

JPMorgan Funds - Emerging Markets Alpha Plus FundJPM Emerging Markets Alpha Plus A (acc) - USD 14.09 14.17 - - -JPM Emerging Markets Alpha Plus A (dist) - USD 14.08 14.17 - - -JPM Emerging Markets Alpha Plus D (acc) - USD 13.93 14.15 - - -

JPMorgan Funds - Emerging Markets Debt FundJPM Emerging Markets Debt A (acc) - EUR 9.88 10.29 11.59 10.82 -JPM Emerging Markets Debt A (inc) - EUR 9.06 10.21 10.10 - -JPM Emerging Markets Debt C (acc) - EUR 9.68 9.99 - - -JPM Emerging Markets Debt D (acc) - EUR 11.63 12.19 13.83 13.01 11.03JPM Emerging Markets Debt I (Inc) - EUR 9.65 9.97 - - -JPM Emerging Markets Debt X (acc) - EUR 9.51 9.77 - - -

JPMorgan Funds - Emerging Markets Equity FundJPM Emerging Markets Equity A (acc) - USD 21.69 21.35 14.59 10.79 -JPM Emerging Markets Equity A (dist) - USD 31.22 30.84 21.53 16.11 11.67JPM Emerging Markets Equity A (dist) - GBP 26.05 25.56 19.12 14.88 10.63JPM Emerging Markets Equity A (acc) - EUR 10.96 12.60 9.11 - -JPM Emerging Markets Equity B (acc) - USD 23.06 22.56 15.36 11.32 -JPM Emerging Markets Equity C (acc) - USD 22.60 22.06 14.95 10.97 -JPM Emerging Markets Equity D (acc) - USD 34.67 34.47 23.79 17.78 12.92JPM Emerging Markets Equity D (acc) - EUR 7.99 9.28 6.78 - -JPM Emerging Markets Equity I (acc) - USD 15.13 14.76 - - -JPM Emerging Markets Equity I (inc) - EUR 9.38 10.85 7.81 - -JPM Emerging Markets Equity X (acc) - USD 25.44 24.61 16.54 12.02 -JPM Emerging Markets Equity X (inc) - EUR 10.20 11.75 8.53 - -

(1) This Sub-Fund was launched on 14 May 2008.(2) This Sub-Fund was launched on 18 October 2007.

36




JPMorgan Funds - Emerging Markets Infrastructure Equity Fund (3)JPM Emerging Markets Infrastructure Equity A (acc) - USD 9.61 - - - -JPM Emerging Markets Infrastructure Equity D (acc) - USD 9.60 - - - -

JPMorgan Funds - Emerging Markets Local Currency Debt Fund (4)JPM Emerging Markets Local Currency Debt A (acc) - EUR 9.47 - - - -JPM Emerging Markets Local Currency Debt A (acc) - USD 14.94 - - - -JPM Emerging Markets Local Currency Debt B (acc) - USD 15.04 - - - -JPM Emerging Markets Local Currency Debt D (acc) - EUR 9.45 - - - -JPM Emerging Markets Local Currency Debt D (acc) - USD 14.91 - - - -

JPMorgan Funds - Emerging Markets Small Cap Fund (5)JPM Emerging Markets Small Cap A (acc) - USD 8.20 - - - -JPM Emerging Markets Small Cap A (dist) - GBP 4.12 - - - -JPM Emerging Markets Small Cap A (acc) - EUR 5.21 - - - -JPM Emerging Markets Small Cap B (acc) - USD 9.02 - - - -JPM Emerging Markets Small Cap D (acc) - USD 8.17 - - - -

JPMorgan Funds - EU Government Bond Fund (6)JPM EU Government Bond B (acc) - EUR 9.81 - - - -JPM EU Government Bond C (acc) - EUR 9.76 - - - -

JPMorgan Funds - Euro Liquid Reserve FundJPM Euro Liquid Reserve A (acc) - EUR 104.79 100.98 10.02 - -JPM Euro Liquid Reserve D (acc) - EUR 106.15 102.39 - - -

JPMorgan Funds - Euroland Equity FundJPM Euroland Equity A (acc) - EUR 12.11 16.66 13.04 10.69 -JPM Euroland Equity A (dist) - EUR 42.16 59.30 47.29 39.46 32.76JF Euroland Equity A (dist) - USD 11.87 14.29 10.77 8.48 7.11JPM Euroland Equity A (inc) - EUR 7.49 - - - -JPM Euroland Equity B (acc) - EUR 9.72 - - - -JPM Euroland Equity C (acc) - EUR 14.63 19.92 15.42 12.51 -JPM Euroland Equity D (acc) - EUR 9.46 13.11 10.34 8.54 7.22JPM Euroland Equity I (acc) - EUR 9.50 12.92 - - -JPM Euroland Equity X (acc) - EUR 7.85 - - - -

JPMorgan Funds - Euroland Select Equity Fund (7)JPM Euroland Select Equity A (acc) - EUR 7.51 - - - -JPM Euroland Select Equity A (dis) - EUR 8.13 - - - -JPM Euroland Select Equity D (acc) - EUR 7.46 - - - -JPM Euroland Select Equity X (acc) - EUR 8.07 - - - -

JPMorgan Funds - Europe 130/30 FundJPM Europe 130/30 A (acc) - EUR 7.72 10.09 - - -JPM Europe 130/30 A (acc) - USD 13.34 - - - -JPM Europe 130/30 A (dist) - EUR 7.61 - - - -JPM Europe 130/30 A (dist) - GBP 6.02 - - - -JPM Europe 130/30 D (acc) - EUR 7.65 10.09 - - -JPM Europe 130/30 D (acc) - USD 13.28 - - - -JPM Europe 130/30 X (acc) - EUR 8.34 - - - -

JPMorgan Funds - Europe Aggregate Plus Bond FundJPM Europe Aggregate Plus Bond A (acc) - EUR 8.76 10.13 10.01 10.31 -JPM Europe Aggregate Plus Bond A (inc) - EUR 4.98 6.02 6.23 6.67 6.38JPM Europe Aggregate Plus Bond B (acc) - EUR* - 10.24 10.09 10.36 -JPM Europe Aggregate Plus Bond C (acc) - EUR 8.57 9.86 - - -JPM Europe Aggregate Plus Bond D (acc) - EUR 9.01 10.46 10.38 10.73 11.35JPM Europe Aggregate Plus Bond X (acc) - EUR 8.62 9.88 - - -

JPMorgan Funds - Europe Balanced Fund (EUR)JPM Europe Balanced (EUR) A (acc) - EUR 10.97 12.58 11.37 10.45 -JPM Europe Balanced (EUR) A (dist) - EUR 7.25 8.46 7.88 7.39 6.83JPM Europe Balanced (EUR) B (acc) - EUR 9.05 - - - -JPM Europe Balanced (EUR) D (acc) - EUR 10.69 12.32 11.18 10.33 9.55

JPMorgan Funds - Europe Convergence Equity FundJPM Europe Convergence Equity A (acc) - EUR 16.71 20.45 13.40 10.93 -JPM Europe Convergence Equity A (dist) - EUR 25.40 31.39 20.77 17.03 11.49JPM Europe Convergence Equity C (acc) - EUR 14.43 17.50 11.45 10.83 -JPM Europe Convergence Equity D (acc) - EUR 30.01 37.09 24.54 20.22 13.78

(3) This Sub-Fund was launched on 28 April 2008.(4) This Sub-Fund was launched on 24 January 2008.(5) This Sub-Fund was launched on 15 November 2007.(6) This Sub-Fund was launched on 17 April 2008.(7) This Sub-Fund was launched on 24 July 2007.

37




JPMorgan Funds - Europe Dynamic FundJPM Europe Dynamic A (acc) - EUR 13.68 17.91 13.89 10.76 9.06JPM Europe Dynamic A (dist) - EUR 13.38 17.74 14.02 10.99 -JF Europe Dynamic A (dist) - EUR 15.22 20.19 15.94 12.49 10.34JPM Europe Dynamic A (dist) - GBP 16.02 18.08 14.68 11.27 9.26JPM Europe Dynamic B (acc) - EUR 16.32 21.24 16.41 12.66 -JPM Europe Dynamic C (acc) - EUR 16.61 21.53 16.55 12.71 -JPM Europe Dynamic D (acc) - EUR 13.30 17.59 13.78 10.78 8.93JPM Europe Dynamic D (acc) - USD 23.40 26.48 19.62 14.52 -JPM Europe Dynamic I (acc) - EUR* - 13.24 - - -JPM Europe Dynamic X (acc) - EUR 16.88 21.71 16.55 12.60 -

JPMorgan Funds - Europe Dynamic Mega Cap FundJPM Europe Dynamic Mega Cap A (acc) - EUR 10.84 14.01 11.17 - -JPM Europe Dynamic Mega Cap A (dist) - EUR 9.07 11.91 9.51 - -JPM Europe Dynamic Mega Cap A (inc) - EUR 9.32 12.20 9.74 - -JPM Europe Dynamic Mega Cap A (acc) - USD 13.10 - - - -JPM Europe Dynamic Mega Cap B (acc) - EUR 9.52 12.23 9.71 - -JPM Europe Dynamic Mega Cap C (acc) - EUR 10.35 13.26 10.48 - -JPM Europe Dynamic Mega Cap D (acc) - EUR 9.72 12.69 10.21 - -JPM Europe Dynamic Mega Cap D (acc) - USD 12.57 - - - -JPM Europe Dynamic Mega Cap I (acc) - EUR 9.70 12.41 - - -JPM Europe Dynamic Mega Cap X (acc) - EUR 10.35 13.14 10.30 - -

JPMorgan Funds - Europe Dynamic Small Cap FundJPM Europe Dynamic Small Cap A (acc) - EUR 17.73 24.82 17.45 12.19 -JPM Europe Dynamic Small Cap A (dist) - EUR 10.90 15.27 10.76 - -JPM Europe Dynamic Small Cap D (acc) - EUR 11.61 16.42 11.65 - -JPM Europe Dynamic Small Cap X (acc) - EUR 11.38 15.72 10.87 - -

JPMorgan Funds - Europe Equity FundJPM Europe Equity A (acc) - EUR 11.25 15.52 12.71 10.54 -JPM Europe Equity A (dist) - EUR 38.17 53.65 44.85 37.79 32.40JPM Europe Equity A (acc) - USD 17.00 20.08 12.18 10.24 -JF Europe Equity A (dist) - USD 48.75 58.63 46.30 36.79 31.82JPM Europe Equity B (acc) - EUR 13.19 18.08 14.72 12.14 -JPM Europe Equity C (acc) - EUR 13.43 18.32 14.85 12.18 -JPM Europe Equity D (acc) - EUR 9.18 12.75 10.53 8.79 7.57JPM Europe Equity D (acc) - USD 14.11 16.79 13.11 - -JPM Europe Equity I (acc) - EUR* - 12.34 10.00 - -JPM Europe Equity I (inc) - EUR 7.33 10.16 - - -JPM Europe Equity X (acc) - EUR 13.51 18.30 14.73 12.00 -

JPMorgan Funds - Europe Focus FundJPM Europe Focus A (acc) - EUR 8.81 12.39 9.56 - -JPM Europe Focus A (dist) - EUR 8.19 11.61 - - -JPM Europe Focus A (acc) - USD 12.84 - - - -JPM Europe Focus B (acc) - EUR 8.92 - - - -JPM Europe Focus C (acc) - EUR 8.05 10.48 - - -JPM Europe Focus D (acc) - EUR 8.61 12.23 9.53 - -JPM Europe Focus D (acc) - USD 12.77 - - - -JPM Europe Focus X (acc) - EUR 7.67 10.60 - - -

JPMorgan Funds - Europe High Yield Bond FundJPM Europe High Yield Bond A (acc) - EUR 10.22 11.38 10.56 10.06 -JPM Europe High Yield Bond A (inc) - EUR 2.53 - - - -JPM Europe High Yield Bond C (acc) - EUR 9.48 - - - -JPM Europe High Yield Bond D (acc) - EUR 6.78 7.58 7.08 6.78 7.61JPM Europe High Yield Bond X (acc) - EUR 9.11 - - - -

JPMorgan Funds - Europe Micro Cap FundJPM Europe Micro Cap A (acc) - EUR 10.64 17.45 11.56 - -JPM Europe Micro Cap A (dist) - EUR 10.69 17.55 11.66 - -JPM Europe Micro Cap D (acc) - EUR 10.19 16.90 11.29 - -

JPMorgan Funds - Europe Select 130/30 FundJPM Europe Select 130/30 A (acc) - EUR 7.33 10.06 - - -JPM Europe Select 130/30 A (acc) - USD 12.98 - - - -JPM Europe Select 130/30 A (dist) - GBP 5.69 - - - -JPM Europe Select 130/30 D (acc) - EUR 7.26 10.06 - - -JPM Europe Select 130/30 D (acc) - USD 12.92 - - - -JPM Europe Select 130/30 X (acc) - EUR 7.82 - - - -

JPMorgan Funds - Europe Small Cap FundJPM Europe Small Cap A (acc) - EUR 13.13 18.98 14.34 10.97 -JPM Europe Small Cap A (dist) - EUR 37.64 54.43 41.42 31.92 24.31JPM Europe Small Cap A (dist) - GBP 14.71 18.20 14.24 10.73 8.16JF Europe Small Cap A (dist) - EUR 11.09 16.04 12.21 9.41 7.16JPM Europe Small Cap B (acc) - EUR 14.06 20.21 15.20 11.51 -JPM Europe Small Cap C (acc) - EUR 14.31 20.50 15.34 11.63 -JPM Europe Small Cap D (acc) - EUR 10.65 15.55 11.87 9.17 7.01JPM Europe Small Cap I (acc) - EUR 9.33 13.36 - - -JPM Europe Small Cap X (acc) - EUR 16.02 22.76 16.89 12.70 -

38




JPMorgan Funds - Europe Strategic Growth FundJPM Europe Strategic Growth A (acc) - EUR 13.02 16.87 13.18 10.68 -JPM Europe Strategic Growth A (dist) - EUR 8.21 10.72 8.48 6.93 5.89JPM Europe Strategic Growth A (dist) - GBP 12.13 13.45 10.94 8.77 7.43JPM Europe Strategic Growth B (acc) - EUR 15.41 19.83 15.40 12.40 -JPM Europe Strategic Growth C (acc) - EUR 13.27 17.03 13.18 10.57 -JPM Europe Strategic Growth D (acc) - EUR 8.78 11.46 9.02 7.36 6.31JPM Europe Strategic Growth I (inc) - EUR 10.78 13.97 10.81 - -JPM Europe Strategic Growth I (acc) - EUR 10.56 13.55 - - -JPM Europe Strategic Growth X (acc) - EUR 15.06 19.17 14.71 11.72 -

JPMorgan Funds - Europe Strategic Growth Small Cap Fund (8)JPM Europe Strategic Growth Small Cap A (acc) - EUR 9.77 - - - -JPM Europe Strategic Growth Small Cap D (acc) - EUR 9.73 - - - -

JPMorgan Funds - Europe Strategic Value FundJPM Europe Strategic Value A (acc) - EUR 10.84 15.67 12.75 10.58 -JPM Europe Strategic Value A (dist) - EUR 13.54 19.92 16.47 13.91 11.82JPM Europe Strategic Value A (dist) - GBP 16.37 20.48 17.32 14.38 12.33JPM Europe Strategic Value B (acc) - EUR 12.86 18.46 14.93 12.32 -JPM Europe Strategic Value C (acc) - EUR 13.03 18.64 15.02 12.34 -JPM Europe Strategic Value D (acc) - EUR 12.76 18.59 15.24 12.74 10.85JPM Europe Strategic Value I (acc) - EUR 8.68 12.42 - - -JPM Europe Strategic Value I (inc) - EUR 8.99 13.20 10.65 - -JPM Europe Strategic Value X (acc) - EUR 12.62 17.92 14.33 11.69 -

JPMorgan Funds - Europe Strategic Value Small Cap Fund (9)JPM Europe Strategic Value Small Cap A (acc) - EUR 9.08 - - - -JPM Europe Strategic Value Small Cap D (acc) - EUR 9.04 - - - -

JPMorgan Funds - Europe Technology FundJPM Europe Technology A (acc) - EUR 11.19 15.62 11.99 10.46 -JPM Europe Technology A (dist) - EUR 7.46 10.42 8.09 7.06 7.21JF Europe Technology A (dist) - EUR 4.05 5.66 4.41 3.84 3.92JPM Europe Technology A (dist) - GBP 5.68 6.75 5.39 4.58 4.66JPM Europe Technology B (acc) - EUR 8.88 - - - -JPM Europe Technology C (acc) - EUR 9.85 - - - -JPM Europe Technology D (acc) - EUR 4.03 5.68 4.40 3.88 4.00JPM Europe Technology X (acc) - EUR 7.64 - - - -

JPMorgan Funds - Germany Equity FundJPM Germany Equity A (acc) - EUR 14.99 18.59 12.95 10.64 -JPM Germany Equity A (dist) - EUR 8.33 10.48 7.43 6.20 5.43JF Germany Equity A (dist) - EUR 21.11 26.54 18.82 15.69 13.64JPM Germany Equity B (acc) - EUR 8.30 - - - -JPM Germany Equity C (acc) - EUR 9.05 - - - -JPM Germany Equity D (acc) - EUR 2.79 3.50 2.46 2.04 1.79JPM Germany Equity I (acc) - EUR 9.97 - - - -JPM Germany Equity X (acc) - EUR 8.50 - - - -

JPMorgan Funds - Global Aggregate Bond FundJPM Global Aggregate Bond A (acc) - USD 10.29 10.22 9.83 9.90 -JPM Global Aggregate Bond A (inc) - USD 12.05 - - - -JPM Global Aggregate Bond B (acc) - USD* - - 9.68 9.72 -JPM Global Aggregate Bond C (acc) - USD 10.27 10.15 9.71 9.75 -JPM Global Aggregate Bond D (acc) - USD 12.78 12.75 12.31 12.44 12.20JPM Global Aggregate Bond X (acc) - USD* - 10.31 9.81 9.79 -

JPMorgan Funds - Global Consumer Trends Fund (10)JPM Global Consumer Trends A (acc) - EUR 9.09 - - - -JPM Global Consumer Trends D (acc) - EUR 9.08 - - - -

JPMorgan Funds - Global Convertibles Fund (EUR)JPM Global Convertibles (EUR) A (acc) - EUR 11.64 12.66 11.28 10.13 -JPM Global Convertibles (EUR) A (dist) - EUR 10.45 11.37 10.13 9.09 9.51JF Global Convertibles (EUR) A (dist) - USD 18.77 17.52 14.80 12.60 13.24JPM Global Convertibles (EUR) B (acc) - EUR 11.95 12.93 11.48 10.24 -JPM Global Convertibles (EUR) C (acc) - EUR 12.16 13.13 11.61 10.35 -JPM Global Convertibles (EUR) D (acc) - EUR 10.27 11.23 10.06 9.07 9.47JPM Global Convertibles (EUR) I (acc) - EUR 9.70 10.47 - - -JPM Global Convertibles (EUR) I (inc) - EUR 9.53 10.55 - - -JPM Global Convertibles (EUR) X (acc) - EUR 12.44 13.32 11.69 10.33 -

(8) This Sub-Fund was launched on 10 January 2008.(9) This Sub-Fund was launched on 10 January 2008.(10) This Sub-Fund was launched on 21 April 2008.

39




JPMorgan Funds - Global Dynamic FundJPM Global Dynamic A (acc) - USD 13.33 15.38 12.18 10.20 -JPM Global Dynamic A (dist) - USD 15.93 18.51 14.76 12.47 10.95JF Global Dynamic A (dist) - USD 14.79 17.19 13.71 11.58 10.18JPM Global Dynamic A (acc) - EUR 6.32 8.52 - - -JPM Global Dynamic A (acc) - EUR (hedged) 5.87 8.52 - - -JPM Global Dynamic A (dist) - GBP 11.45 13.24 11.48 10.05 8.73JPM Global Dynamic A (inc) - EUR 6.61 8.99 7.55 - -JPM Global Dynamic B (acc) - USD 15.70 18.01 14.21 11.85 -JPM Global Dynamic C (acc) - USD 16.00 18.29 14.35 11.90 -JPM Global Dynamic C (acc) - EUR 5.50 9.91 - - -JPM Global Dynamic C (acc) - EUR (hedged) 6.61 9.91 - - -JPM Global Dynamic D (acc) - USD 15.34 17.88 14.31 12.10 10.73JPM Global Dynamic D (acc) - EUR 6.30 8.57 7.25 - -JPM Global Dynamic D (acc) - EUR (hedged) 5.88 8.57 7.25 - -JPM Global Dynamic I (acc) - USD 8.92 10.19 - - -JPM Global Dynamic X (acc) - USD 14.92 16.91 13.16 10.82 -JPM Global Dynamic X (acc) - EUR 6.26 11.20 - - -

JPMorgan Funds - Global Equity Fund (EUR)JPM Global Equity (EUR) A (acc) - EUR 10.91 13.26 11.73 10.42 -JPM Global Equity (EUR) A (dist) - EUR 47.51 58.31 51.57 46.32 44.43JPM Global Equity (EUR) C (acc) - EUR 10.75 12.91 11.29 - -JPM Global Equity (EUR) D (acc) - EUR 6.57 8.03 7.16 6.41 6.18

JPMorgan Funds - Global Equity Fund (USD)JF Global Equity (USD) A (dist) - USD 41.62 47.24 41.04 35.64 32.39JPM Global Equity (USD) A (acc) - USD 12.11 13.64 11.77 10.15 -JPM Global Equity (USD) A (dist) - USD 23.85 27.07 23.51 20.43 18.56JPM Global Equity (USD) B (acc) - USD* - - 10.30 - -JPM Global Equity (USD) C (acc) - USD 13.84 15.42 13.16 11.23 -JPM Global Equity (USD) D (acc) - USD 10.71 12.16 10.57 9.19 8.41JPM Global Equity (USD) X (acc) - USD 10.52 11.65 9.87 - -

JPMorgan Funds - Global Focus FundJPM Global Focus A (acc) - EUR 11.95 16.84 13.25 11.10 -JPM Global Focus A (acc) - EUR (hedged) 7.83 - - - -JPM Global Focus A (dist) - EUR 16.20 22.95 18.14 15.26 13.35JF Global Focus A (dist) - USD 13.03 15.78 - - -JPM Global Focus C (acc) - EUR 9.20 12.84 10.02 - -JPM Global Focus D (acc) - EUR 15.73 22.39 17.80 15.06 13.26JPM Global Focus D (acc) - EUR (hedged) 7.59 22.39 17.80 15.06 13.26JPM Global Focus X (acc) - EUR 13.57 18.78 14.53 11.95 -

JPMorgan Funds - Global Life Sciences FundJPM Global Life Sciences A (acc) - USD 10.82 12.19 11.35 10.71 -JPM Global Life Sciences A (dist) - USD 7.06 7.96 7.40 6.99 7.50JPM Global Life Sciences A (dist) - GBP 3.56 3.99 4.03 3.92 4.16JF Global Life Sciences A (dist) - USD 4.85 5.47 - - -JPM Global Life Sciences D (acc) - USD 4.52 5.14 4.83 4.61 5.00

JPMorgan Funds - Global Natural Resources FundJPM Global Natural Resources A (acc) - EUR 23.03 23.52 16.78 11.32 -JPM Global Natural Resources A (dist) - EUR 19.84 20.26 14.46 9.75 -JPM Global Natural Resources A (acc) - USD 22.26 19.45 - - -JPM Global Natural Resources B (acc) - EUR 14.10 14.31 10.17 - -JPM Global Natural Resources C (acc) - EUR 20.49 20.73 14.65 9.80 -JPM Global Natural Resources C (acc) - USD 17.56 11.26 - - -JPM Global Natural Resources D (acc) - EUR 15.90 16.41 11.82 - -JPM Global Natural Resources D (acc) - USD 15.61 10.20 - - -JPM Global Natural Resources X (acc) - EUR 23.50 23.58 16.53 10.96 -

JPMorgan Funds - Global Real Estate Securities Fund (EUR)JPM Global Real Estate Securities A (acc) - EUR 8.29 11.43 - - -JPM Global Real Estate Securities A (inc) - EUR 8.16 11.42 - - -JPM Global Real Estate Securities C (acc) - EUR* - 9.50 - - -JPM Global Real Estate Securities D (acc) - EUR 8.17 11.35 - - -JPM Global Real Estate Securities X (acc) - EUR 7.04 9.53 - - -

JPMorgan Funds - Global Real Estate Securities Fund (USD)JPM Global Real Estate Securities A (acc) - USD 8.94 11.64 - - -JPM Global Real Estate Securities C (acc) - USD 9.13 - - - -JPM Global Real Estate Securities D (acc) - USD 8.82 11.57 - - -JPM Global Real Estate Securities X (acc) - USD 8.67 11.09 - - -

JPMorgan Funds - Global Socially Responsible FundJPM Global Socially Responsible A (acc) - USD 12.02 14.03 11.47 10.05 -JPM Global Socially Responsible A (dist) - USD 7.38 8.62 7.05 6.23 5.79JPM Global Socially Responsible D (acc) - USD 7.81 9.21 7.61 6.73 6.32

40




JPMorgan Funds - Highbridge Europe STEEP Fund (11)JPM Highbridge Europe STEEP A (acc) - EUR 9.46 - - - -JPM Highbridge Europe STEEP A (acc) - USD 14.91 - - - -JPM Highbridge Europe STEEP A (inc) - EUR 9.45 - - - -JPM Highbridge Europe STEEP B (acc) - EUR 8.86 - - - -JPM Highbridge Europe STEEP C (acc) - EUR 9.75 - - - -JPM Highbridge Europe STEEP D (acc) - EUR 9.43 - - - -

JPMorgan Funds - Highbridge US STEEP Fund (12)JPM Highbridge US STEEP A (acc) - USD 9.41 - - - -JPM Highbridge US STEEP A (inc) - EUR 5.95 - - - -JPM Highbridge US STEEP A (acc) - EUR 5.95 - - - -JPM Highbridge US STEEP B (acc) - USD 9.38 - - - -JPM Highbridge US STEEP D (acc) - EUR 5.94 - - - -JPM Highbridge US STEEP D (acc) - USD 9.38 - - - -JPM Highbridge US STEEP X (acc) - USD 9.59 - - - -

JPMorgan Funds - Japan Dynamic Fund (13)JPM Japan Dynamic A (acc) - JPY 620.55 969.95 904.66 - -JPM Japan Dynamic A (dist) - JPY 632.34 987.81 920.98 - -JPM Japan Dynamic X (acc) - JPY* - - 927.36 - -

JPMorgan Funds - JF Asia Alpha Plus FundJF Asia Alpha Plus A (acc) - USD 17.62 18.66 12.00 - -JF Asia Alpha Plus A (dist) - USD 7.38 - - - -JF Asia Alpha Plus X (acc) - USD 9.27 - - - -

JPMorgan Funds - JF Asia Pacific ex-Japan Equity Fund (14)JF Asia Pacific ex-Japan Equity A (acc) - USD 16.75 18.32 12.48 10.30 -JF Asia Pacific ex-Japan Equity A (dist) - USD 44.77 50.37 35.13 29.79 24.73JF Asia Pacific ex-Japan Equity A (dist) - GBP 13.98 15.72 11.92 10.52 8.52JF Asia Pacific ex-Japan Equity B (acc) - USD* - - 10.51 10.64 -JF Asia Pacific ex-Japan Equity C (acc) - USD 20.49 22.21 14.92 12.20 -JF Asia Pacific ex-Japan Equity D (acc) - USD 19.13 21.08 14.47 12.03 10.40JF Asia Pacific ex-Japan Equity D (acc) - EUR 7.31 9.41 6.83 - -JF Asia Pacific ex-Japan Equity I (acc) - USD 14.36 15.55 10.50 - -JF Asia Pacific ex-Japan Equity X (acc) - USD 18.61 20.00 13.40 10.87 -

JPMorgan Funds - JF China FundJF China A (acc) - USD 27.17 27.28 14.96 10.34 -JF China A (dist) - USD 45.08 45.51 25.16 17.47 16.64JF China B (acc) - USD 19.93 19.90 10.87 - -JF China C (acc) - USD 26.93 26.79 14.56 9.97 -JF China D (acc) - USD 33.99 34.45 19.08 13.33 12.80JF China I (acc) - USD 9.78 12.05 - - -JF China X (acc) - USD 11.15 11.01 - - -

JPMorgan Funds - JF Greater China FundJF Greater China A (acc) - USD 18.40 18.92 11.97 10.09 -JF Greater China A (dist) - USD 25.64 26.80 17.50 14.96 13.18JF Greater China B (acc) - USD 16.01 16.37 10.30 - -JF Greater China C (acc) - USD 19.28 19.66 12.32 10.29 -JF Greater China D (acc) - USD 28.37 29.46 18.81 16.01 14.16JF Greater China X (acc) - USD 19.75 19.98 12.42 10.30 -

JPMorgan Funds - JF Hong Kong FundJF Hong Kong A (acc) - USD 16.44 16.33 11.52 10.31 -JF Hong Kong A (dist) - USD 44.76 44.79 31.96 28.96 23.59JF Hong Kong B (acc) - USD 14.77 14.57 10.25 - -JF Hong Kong C (acc) - USD 17.17 16.91 11.79 10.46 -JF Hong Kong D (acc) - USD 26.27 26.36 18.78 16.99 13.94

JPMorgan Funds - JF India FundJF India A (acc) - USD 19.31 24.64 15.58 11.16 -JF India A (dist) - USD 57.65 76.86 48.95 35.08 22.46JF India B (acc) - USD 25.21 31.98 20.13 14.37 -JF India C (acc) - USD 19.98 25.25 15.80 11.21 -JF India D (acc) - USD 38.51 49.54 31.57 22.81 14.72JF India X (acc) - USD 21.68 27.17 16.87 11.88 -

JPMorgan Funds - JF Japan Alpha Plus FundJF Japan Alpha Plus A (acc) - USD 9.61 12.12 11.71 9.88 -JF Japan Alpha Plus A (dist) - USD 12.39 15.62 15.10 12.74 -JF Japan Alpha Plus D (acc) - USD 11.91 15.17 14.82 12.62 -

(11) This Sub-Fund was launched on 7 February 2008.(12) This Sub-Fund was launched on 16 May 2008.(13) This Sub-Fund was renamed from JF Tokyo Alpha Plus Fund on 2 January 2008.(14) This Sub-Fund was renamed from JF Asia Equity Fund on 30 April 2008.

41




JPMorgan Funds - JF Japan Equity FundJF Japan Equity A (acc) - USD 9.85 12.26 12.25 9.65 -JF Japan Equity A (dist) - USD 24.96 31.07 31.05 24.44 24.38JF Japan Equity A (dist) - GBP 6.42 7.94 8.63 6.99 6.88JF Japan Equity A (acc) - EUR 5.22 7.60 8.03 - -JF Japan Equity A (acc) - JPY 781.00 1,134.00 1,049.00 - -JF Japan Equity B (acc) - USD 11.11 13.72 13.63 10.66 -JF Japan Equity C (acc) - USD 11.24 13.86 13.71 10.69 -JF Japan Equity D (acc) - EUR 4.31 6.32 6.73 - -JF Japan Equity D (acc) - USD 8.27 10.37 10.44 8.28 8.34JF Japan Equity I (acc) - USD 8.21 10.11 - - -JF Japan Equity J (dist) - USD 13.37 16.64 16.63 13.09 13.08JF Japan Equity X (acc) - USD 11.09 13.56 13.32 10.30 -

JPMorgan Funds - JF Japan Small Cap FundJF Japan Small Cap A (acc) - USD 8.54 11.27 12.75 10.13 -JF Japan Small Cap A (dist) - USD 8.16 10.76 12.17 9.67 10.64JF Japan Small Cap B (acc) - USD 7.77 10.20 11.49 - -JF Japan Small Cap C (acc) - USD 5.87 7.67 8.59 - -JF Japan Small Cap D (acc) - USD 6.59 8.78 10.03 8.05 8.95JF Japan Small Cap X (acc) - USD 10.04 13.02 14.47 11.30 -

JPMorgan Funds - JF Korea Equity Fund (15)JF Korea Equity A (acc) - USD 8.67 - - - -JF Korea Equity A (acc) - EUR 5.49 - - - -JF Korea Equity A (dis) - USD 9.05 - - - -JF Korea Equity B (acc) - USD 9.14 - - - -JF Korea Equity C (acc) - USD 10.34 - - - -JF Korea Equity D (acc) - USD 8.60 - - - -JF Korea Equity X (acc) - USD 9.58 - - - -

JPMorgan Funds - JF Pacific Balanced FundJF Pacific Balanced A (acc) - USD 13.38 14.10 11.48 10.02 -JF Pacific Balanced A (dist) - USD 25.64 27.03 22.45 19.89 18.90JF Pacific Balanced B (acc) - USD 9.42 - - - -JF Pacific Balanced D (acc) - USD 18.33 19.40 15.86 13.91 13.23

JPMorgan Funds - JF Pacific Equity FundJF Pacific Equity A (acc) - USD 13.36 14.76 12.22 9.90 -JF Pacific Equity A (dist) - USD 64.47 71.83 59.82 48.91 43.34JF Pacific Equity A (dist) - GBP 10.39 11.51 10.42 8.85 7.74JF Pacific Equity A (acc) - EUR 7.53 9.72 8.50 - -JF Pacific Equity B (acc) - USD 13.86 15.21 12.43 10.01 -JF Pacific Equity C (acc) - USD 13.66 14.95 12.25 9.83 -JF Pacific Equity D (acc) - USD 13.99 15.59 12.99 10.61 9.42JF Pacific Equity D (acc) - EUR 5.93 7.72 6.80 - -JF Pacific Equity I (acc) - USD 11.16 12.21 - - -

JPMorgan Funds - JF Pacific Technology FundJF Pacific Technology A (acc) - USD 15.08 16.33 12.15 9.97 -JF Pacific Technology A (dist) - USD 10.26 11.52 8.72 7.25 6.79JF Pacific Technology A (dist) - GBP 9.59 10.67 8.88 7.68 7.08JF Pacific Technology B (acc) - USD** 8.47 - 8.52 - -JF Pacific Technology C (acc) - USD 9.85 - - - -JF Pacific Technology D (acc) - USD 13.43 14.68 11.03 9.14 8.57

JPMorgan Funds - JF Singapore FundJF Singapore A (acc) - USD 22.98 27.70 15.57 11.07 -JF Singapore A (dist) - USD 31.65 38.49 21.83 15.73 11.38JF Singapore B (acc) - USD 15.86 19.01 10.65 - -JF Singapore C (acc) - USD 22.91 27.33 15.28 10.78 -JF Singapore D (acc) - USD 41.07 50.02 28.40 20.42 14.89JF Singapore I (acc) - USD 15.04 17.96 10.34 - -JF Singapore X (acc) - USD 15.79 18.71 - - -

JPMorgan Funds - JF Taiwan FundJF Taiwan A (acc) - USD 14.46 17.16 12.75 10.67 -JF Taiwan A (dist) - USD 14.78 18.40 14.57 12.99 11.41JF Taiwan B (acc) - USD 8.93 12.95 9.59 - -JF Taiwan C (acc) - USD 16.44 19.35 14.24 11.83 -JF Taiwan D (acc) - USD 13.17 15.78 11.84 10.01 8.82JF Taiwan I (acc) - USD 11.54 13.58 - - -JF Taiwan X (acc) - USD 11.32 13.21 9.66 - -

JPMorgan Funds - Latin America Equity FundJPM Latin America Equity A (acc) - USD 32.95 28.71 17.18 11.15 -JPM Latin America Equity A (dist) - USD 62.93 55.03 33.32 22.00 13.90JF Latin America Equity A (dist) - USD 45.52 39.82 24.11 15.93 9.95JPM Latin America Equity B (acc) - USD 19.52 16.90 10.07 - -JPM Latin America Equity C (acc) - USD 36.30 31.36 18.58 11.97 -JPM Latin America Equity D (acc) - USD 50.97 44.86 27.11 17.78 11.28JPM Latin America Equity I (acc) - USD 21.08 18.21 10.80 - -JPM Latin America Equity X (acc) - USD 40.95 35.06 20.62 13.15 -


42




JPMorgan Funds - Middle East Equity FundJPM Middle East Equity A (acc) - USD 19.69 17.46 11.88 11.02 -JPM Middle East Equity A (dist) - USD 28.96 25.97 18.26 17.09 11.30JPM Middle East Equity B (acc) - USD 20.19 17.79 12.07 11.07 -JPM Middle East Equity C (acc) - USD 9.46 - - - -JPM Middle East Equity D (acc) - USD 25.77 23.08 15.87 14.88 9.81

JPMorgan Funds - Russia FundJPM Russia A (acc) - USD 23.55 18.40 12.89 - -JPM Russia A (dist) - USD 23.17 18.11 12.99 - -JPM Russia B (acc) - USD 15.44 12.00 8.37 - -JPM Russia C (acc) - USD 10.67 - - - -JPM Russia D (acc) - USD 18.50 14.61 10.34 - -JPM Russia I (acc) - USD 11.64 - - - -

JPMorgan Funds - Sterling Bond FundJPM Sterling Bond A (acc) - GBP 9.08 10.24 10.54 10.57 -JPM Sterling Bond A (dist) - GBP 0.84 1.00 1.07 1.14 1.64JPM Sterling Bond D (acc) - GBP 9.17 10.40 10.77 10.85 9.91JPM Sterling Bond X (acc) - GBP* - 10.45 10.64 10.56 -

JPMorgan Funds - UK Equity FundJPM UK Equity A (acc) - GBP 11.76 13.59 12.63 10.44 -JPM UK Equity A (dist) - GBP 8.33 9.96 9.61 8.13 7.15JPM UK Equity C (acc) - GBP 12.96 14.84 13.67 11.20 -JPM UK Equity D (acc) - GBP 8.21 9.55 8.94 7.44 8.27

JPMorgan Funds - US 130/30 Fund (16)JPM US 130/30 A (acc) - USD 8.81 - - - -JPM US 130/30 A (acc) - EUR (hedged) 6.48 - - - -JPM US 130/30 D (acc) - USD 8.74 - - - -JPM US 130/30 D (acc) - EUR (hedged) 6.42 - - - -JPM US 130/30 X (acc) - USD 8.59 - - - -

JPMorgan Funds - US Aggregate Bond FundJPM US Aggregate Bond A (acc) - USD 11.41 10.63 10.13 10.27 -JPM US Aggregate Bond A (inc) - USD 11.94 11.53 11.37 11.87 11.41JPM US Aggregate Bond B (acc) - USD 11.30 10.48 9.96 - -JPM US Aggregate Bond C (acc) - USD 11.34 10.50 9.96 - -JPM US Aggregate Bond D (acc) - USD 12.92 12.05 11.52 11.72 11.18JPM US Aggregate Bond X (acc) - USD 11.81 10.88 10.27 10.32 -

JPMorgan Funds - US Dynamic FundJPM US Dynamic A (acc) - USD 11.19 14.04 11.74 10.48 -JPM US Dynamic A (dist) - USD 15.41 19.34 16.18 14.43 12.26JPM US Dynamic A (acc) - EUR 5.92 8.68 7.68 - -JPM US Dynamic B (acc) - USD 12.49 15.58 12.98 11.54 -JPM US Dynamic C (acc) - USD 13.56 16.86 13.97 12.34 -JPM US Dynamic D (acc) - USD 14.72 18.67 15.77 14.21 12.19JPM US Dynamic D (acc) - EUR 5.66 8.39 7.50 - -JPM US Dynamic I (acc) - USD 9.67 12.01 9.95 - -JPM US Dynamic I (inc) - EUR 5.14 10.09 - - -JPM US Dynamic X (acc) - USD 13.78 16.98 13.96 12.23 -

JPMorgan Funds - US Select 130/30 Fund (17)JPM US Select 130/30 A (acc) - USD 8.88 - - - -JPM US Select 130/30 A (dist) - USD 9.03 - - - -JPM US Select 130/30 A (acc) - EUR (hedged) 6.55 - - - -JPM US Select 130/30 A (dist) - GBP 4.73 - - - -JPM US Select 130/30 B (acc) - USD 9.59 - - - -JPM US Select 130/30 C (acc) - USD 8.58 - - - -JPM US Select 130/30 D (acc) - USD 8.81 - - - -JPM US Select 130/30 D (acc) - EUR (hedged) 6.48 - - - -JPM US Select 130/30 I (inc) - USD 9.73 - - - -JPM US Select 130/30 X (acc) - USD 9.27 - - - -

JPMorgan Funds - US Small Cap Growth FundJPM US Small Cap Growth A (acc) - USD 11.75 13.85 11.89 10.37 -JPM US Small Cap Growth A (dist) - USD 80.90 95.41 81.93 71.48 66.30JPM US Small Cap Growth A (dist) - GBP 6.22 7.30 6.81 6.10 5.58JPM US Small Cap Growth B (acc) - USD 8.40 - - - -JPM US Small Cap Growth D (acc) - USD 7.97 9.47 8.19 7.20 6.74JPM US Small Cap Growth X (acc) - USD 9.66 - - - -

JPMorgan Funds - US Strategic Growth FundJPM US Strategic Growth A (acc) - USD 12.16 13.56 11.35 10.44 -JPM US Strategic Growth A (acc) - EUR (hedged) 7.36 11.08 - - -JPM US Strategic Growth A (dist) - USD 6.52 7.27 6.08 5.59 5.56JPM US Strategic Growth A (dist) - GBP 4.74 5.25 4.77 4.52 4.43JPM US Strategic Growth B (acc) - USD 11.33 12.54 10.43 - -JPM US Strategic Growth C (acc) - USD 10.80 11.91 9.87 - -JPM US Strategic Growth C (acc) - EUR (hedged) 6.11 - - - -JPM US Strategic Growth D (acc) - USD 6.18 6.94 5.86 5.43 5.44JPM US Strategic Growth D (acc) - EUR (hedged) 7.28 11.06 - - -JPM US Strategic Growth X (acc) - USD 11.66 12.77 10.50 - -


43




JPMorgan Funds - US Technology FundJPM US Technology A (acc) - USD 11.04 12.61 10.80 10.27 -JPM US Technology A (dist) - USD 5.58 6.38 5.46 5.19 5.32JF US Technology A (dist) - USD 1.62 1.85 1.58 1.50 1.54JPM US Technology A (dist) - GBP 1.18 2.68 1.24 1.22 1.23JPM US Technology C (acc) - USD 9.60 - - - -JPM US Technology D (acc) - USD 1.52 1.75 1.52 1.46 1.51JPM US Technology X (acc) - USD 8.18 - - - -

JPMorgan Funds - US Value FundJPM US Value A (acc) - USD 11.31 13.54 11.29 10.42 -JPM US Value A (dist) - USD 14.22 17.03 14.19 13.19 11.53JF US Value A (dist) - USD 12.49 14.96 12.46 11.58 10.13JPM US Value A (dist) - GBP 10.25 12.20 11.05 10.64 9.18JPM US Value A (acc) - EUR (hedged) 7.11 11.48 - - -JPM US Value B (acc) - USD 12.53 14.90 12.33 11.30 -JPM US Value C (acc) - USD 12.94 15.32 12.63 11.53 -JPM US Value D (acc) - USD 13.57 16.37 13.75 12.78 11.27JPM US Value D (acc) - EUR (hedged) 7.02 11.42 - - -JPM US Value X (acc) - USD 12.30 14.47 11.85 10.74 -

* Share Class inactive.** Share Class reactivated during the year.The accompanying notes form an integral part of these financial statements.

44

1. Organisation

JPMorgan Funds (the “SICAV”) is an investment company incorporated on 14April 1969 under the nameMulti Trust Fund S.A.. The name of the SICAVwas changed to FlemingInternational Fund on 3 July 1984, to Fleming Flagship Fund on 19October 1988, to Fleming Funds on 2 June 2000, to JPMorgan Fleming Funds on 19November 2001 and thento JPMorgan Funds on 12 September 2005.

It is organized under the Luxembourg Law of 20 December 2002 on Undertakings for Collective Investment as amended, Part I, as a Société Anonyme qualifying as a “Sociétéd’Investissement à Capital Variable” (SICAV). As at 30 June 2008, it comprises 79 Sub-Funds, each relating to a separate investment portfolio consisting of securities, cash andother instruments.

On 12 September 2005, JPMorgan Asset Management (Europe) S.à r.l. was appointed by the SICAV to act as Management Company. The Articles of Incorporation were alsomodified so the SICAV complies with UCITS III regulations.

The SICAV is registered with the Registre de Commerce et des Sociétés of Luxembourg, under number B 8478.

Each Sub-Fundmay contain A, B, C, D, I, J andXClasses of Shares, whichmay differ in theminimum subscription amount, minimum holding amount, currency and/or eligibilityrequirements, the fees and expenses, and the dividend policy applicable to them. In addition, each Sub-Fund may contain Classes of Shares named either “JPM” or “JF”.

Within each Sub-Fund, individual Classes of Shares may have a currency of denomination that differs from the currency of denomination of the Sub-Fund. The currency ofdenomination for each Class of Share is indicated by a suffix on the name of the Share Class.

During the year, the following new Sub-Funds were launched:

- JPMorgan Funds - US Select 130/30 Fund on 5 July 2007;- JPMorgan Funds - Euroland Select Equity Fund on 24 July 2007;- JPMorgan Funds - US 130/30 Fund on 2 August 2007;- JPMorgan Funds - JF Korea Equity Fund on 28 September 2007;- JPMorgan Funds - Brazil Alpha Plus Fund on 18 October 2007;- JPMorgan Funds - Emerging Markets Small Cap Fund on 15 November 2007;- JPMorgan Funds - Europe Strategic Growth Small Cap Fund 10 January 2008;- JPMorgan Funds - Europe Strategic Value Small Cap Fund 10 January 2008;- JPMorgan Funds - Emerging Markets Local Currency Debt Fund on 24 January 2008;- JPMorgan Funds - Highbridge Europe STEEP Fund on 7 February 2008;- JPMorgan Funds - EU Government Bond Fund on 17 April 2008;- JPMorgan Funds - Global Consumer Trends Fund on 21 April 2008;- JPMorgan Funds - Emerging Markets Infrastructure Equity Fund on 28 April 2008;- JPMorgan Funds - Africa Equity Fund on 14 May 2008;- JPMorgan Funds - Highbridge US STEEP Fund on 16 May 2008.

On 2 January 2008, JPMorgan Funds - JF Tokyo Alpha Plus Fund was renamed JPMorgan Funds - Japan Dynamic Fund.

On 30 April 2008, JPMorgan Funds - JF Asia Equity Fund was renamed JPMorgan Funds - JF Asia Pacific ex-Japan Equity Fund.

2. Significant Accounting Policies

The Financial Statements are prepared in accordance with Luxembourg regulations relating to Undertakings for Collective Investments.

a) Investment Valuation

Transferable securities which are admitted to an official exchange listing or dealt in on another regulated market are valued on the basis of the latest available price prevailing at thetime of calculating the net asset value.

If securities are listed or dealt in on several exchanges ormarkets, the latest available price, or if appropriate, the average price on the principal exchange ormarketwill be applied.

Transferable securities not admitted to an official exchange listing nor dealt in on another regulatedmarket are valued at the latest available price. Those securities forwhich no priceis available or for which the latest available price is not representative are valued on the basis of their reasonably foreseeable sales price determined with prudence and in good faithby the Board of Directors.

Securities issued by any open-ended investment funds are valued at the latest available price or net asset value, as reported or provided by such funds or their agents.

Liquid assets and money market instruments may be valued at nominal values plus any accrued interest or on an amortised cost basis.

Inmanaging the daily priced funds, theBoard’s principle is to ensure that portfolios are appropriately valued to give equal treatment to Shareholders and in this context theManagementCompany has implemented a special Fair Value Committee (FVC) to address valuation concerns arising from the current market and liquidity events. The Committee considers on adaily basis; current market information on the portfolio of securities held, including last traded prices, taking into account Senior Management views on the reliability of suchinformation, indirect exposure through Over the Counter credit derivatives, and the estimated timing of asset disposal to meet anticipated investor redemptions.

As at 30 June 2008, the FVC considered Fair Value Adjustments for the JPMorgan Funds - Global Aggregate Bond Fund, JPMorgan Funds - Sterling Bond Fund and JPMorganFunds - Europe Aggregate Plus Bond Fund on 6%, 13% and 17% respectively of the Sub-Funds’ portfolio of securities resulting in a Pricing Adjustment of -0.25%, -0.30% and-1.20% respectively of the Net Asset Value of these Sub-Funds.

The Financial Statements are presented on the basis of the net asset value calculated on 30 June 2008. In accordance with the prospectus, the net asset values were calculated usingthe latest exchange rates known at the time of calculation.

b) Realised and Unrealised Gains and Losses on Investments

Realised and unrealised gains and losses on sales and holdings of investments are calculated on the average book cost. The associated foreign exchangemovement between the dateof purchase and date of sale of investments is included in realised gains and losses on investments in the Combined Statement of Operations and Changes in Net Assets.

c) Income Recognition

Interest income is accrued daily and includes the amortisation of premiums and accretion of discounts. Bank interest income is recognised on an accrual basis. Dividend income isaccrued on the ex-dividend date. This income is shown net of any withholding taxes, except where the withholding tax has been received or is receivable.

d) Conversion of Foreign Currencies

The books and records of each Sub-Fund are denominated in the base currency of the corresponding Sub-Fund. Amounts denominated in other currencies are translated into thebase currency on the following basis: (i) investment valuations and other assets and liabilities initially expressed in other currencies are converted each business day into the basecurrency using currency exchange rates prevailing on each such business day; (ii) purchases and sales of foreign investments, income and expenses are converted into the basecurrency using currency exchange rates prevailing on the respective dates of such transactions.

Net realised and unrealised gains or losses on foreign exchange transactions represent: (i) foreign exchange gains and losses from the sale and holding of foreign currencies andforeign cash equivalents; (ii) gains and losses between trade date and settlement date on securities transactions and forward foreign exchange contracts; and (iii) gains and lossesarising from the difference between amounts of dividends and interest recorded and the amounts actually received.

The resulting gains and losses on translation are included inNetRealisedGain/Loss onForeignExchange in theCombined Statement ofOperations andChanges inNetAssets.

The reference currency of the Combined Statements is USD. The principal exchange rates applied as at 30 June 2008 are as follows:1 USD = 0.63373364 EUR1 USD = 105.76500000 JPY1 USD = 0.50141650 GBP

45

JPMorgan FundsNotes to the Financial Statements

As at 30 June 2008

e) Forward Foreign Exchange Contracts

Unrealised gains or losses on outstandingForwardForeignExchangeContracts are valued on the basis of currency exchange rates prevailing at the relevant valuation date. The changesin such amounts are included in “Net Change in Unrealised Gain/Loss on Forward Foreign Exchange Contracts” in the Combined Statement of Operations and Changes in NetAssets. Unrealised gains or losses are recorded under Net Change in Unrealised Gain/(Loss) on Forward Foreign Exchange Contracts in the Combined Statement of Net Assets.

f) Financial Futures Contracts on Securities and Indices

Regulated financial futures contracts are valued at the exchange quoted settlement price. Initial margin deposits are made upon entering into the contracts and can be either in cash orsecurities.During the period the contracts are open, changes in the value of the contracts are recognised as unrealised gains and losses by “marking-to-market” on a daily basis to reflect themarket value of the contracts at the end of each business day’s trading. Variation margin payments are made or received, depending upon whether losses or gains are incurred. When acontract is closed, the SICAV records a realised gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the initial cost of the contract.

g) Option Contracts

Options purchased are recorded as investments; optionswritten or sold are recorded as liabilities.When the exercise of an option results in a cash settlement, the difference betweenthe premium and the settlement proceeds is accounted for as a realised gain or loss.When securities are acquired or delivered upon exercise of an option, the acquisition cost or saleproceeds are adjusted by the amount of the premium.When an option is closed, the difference between the premium and the cost to close the position is accounted for as a realisedgain or loss. When an option expires, the premium is accounted for as a realised gain for options written or as a realised loss for options purchased.

The SICAV writes options on securities, futures and interest rate swaps (“swaptions ”). These options are settled in cash and subject the SICAV to unlimited risk of loss. TheSICAV, however, is not subject to credit risk on written options as the counterparty has already performed its obligation by paying the premium at the inception of the contract. Asof 30 June 2008, the SICAV had written options contracts outstanding as listed on its Schedule of Investments.

h) Total Return Swaps

The SICAVmay enter into swap contracts in which the SICAV and the counterparty agree to exchange payments where one or both parties pay the returns generated by a security,instrument, basket or index thereof. The paymentsmade by the SICAV to the counterparty and vice versa are calculated by reference to a specific security, index, or instruments andan agreed upon notional amount. Any such underlying security or instrumentmust be a transferable security and any such indexmust be an index of a regulatedmarket. The value ofthe underlying securities shall be taken into account for the calculation of the investment and borrowing powers applicable to individual issuers. The relevant indices include, but arenot limited to, currencies, interest rates, prices and total return on interest rates indices, fixed income indices and stock indices.

Unrealised gains or losses are recorded under “Total Return Swaps at Market Value” in the Combined Statement of Net Assets. The changes in such amounts are included in theCombined Statement of Operations and Changes in Net Assets under “Net Change in Unrealised Gain/(Loss) on Total Return Swaps”. When a contract is closed, the RealisedGain/(Loss) is recorded under “Net Realised Gain/(Loss) on Total Return Swaps” in the Combined Statement of Operations and Changes in Net Assets.

JPMorgan Funds - Emerging Markets Alpha Plus Fund, JPMorgan Funds - Europe 130/30 Fund, JPMorgan Funds - Europe Select 130/30 Fund, JPMorgan Funds - HighbridgeEurope STEEPFund, JPMorgan Funds -HighbridgeUS STEEPFund, JPMorgan Funds - US 130/30 Fund and JPMorgan Funds - US Select 130/30 Fund have each entered intoTotal Return Swaps (long/short, together “the Swaps”) on a basket of securities with Morgan Stanley, UBS or Merrill Lynch acting as Prime Broker. The Swaps are comprised ofpositions in a diversified selection of stocks which is continuously monitored and amended by the Investment Manager.

i) Interest Rate Swaps

An interest rate swap is a bilateral agreement in which each of the parties agree to exchange a series of interest payments for another series of interest payments (usuallyfixed/floating) based on a notional amount that serves as a computation basis and that is usually not exchanged.

The market values are recorded under “Interest Rate Swaps at Market Value” in the Combined Statement of Net Assets.

j) Credit Default Swaps

ACredit Default Swap is a credit derivative transaction in which two parties enter into an agreement, whereby one party pays the other a fixed periodic coupon for the specified lifeof the agreement. The other party makes no payments unless a credit event, relating to a predetermined reference asset, occurs. If such an event occurs, the party will then make apayment to the first party, and the swapwill terminate. The value of the underlying securities shall be taken into account for the calculation of the investment and borrowing powersapplicable to individual issuers.

The market values are recorded under “Credit Default Swaps at Market Value” in the Combined Statement of Net Assets.

k) To Be Announced Securities (“TBA”)

TBAs are related tomortgage backed securities issued by government sponsored agencies. These agencies usually pool mortgage loans and sell interests in the pools created. TBAsrelate to future pools of these agencies that are bought and sold for future settlement for which either the interest rate or the maturity date is not yet fixed. TBAs are separatelydisclosed in the Schedule of Investments.

The Sub-Funds may enter into Dollar Rolls, principally using To Be Announced (“TBA”) Securities, in which the Sub-Funds sell mortgage-backed securities for delivery in thecurrent month and simultaneously contract to repurchase similar, but not identical, securities at an agreed-upon price on a fixed date. The Sub-Funds account for suchDollar Rollsas purchases and sales and receive compensation as consideration for entering into the commitment to repurchase. The Sub-Funds must maintain liquid securities having a valuenot less than the repurchase price (including accrued interest) for such Dollar Rolls. The market value of the securities that the Sub-Funds are required to purchase may declinebelow the agreed upon repurchase price of those securities.

The Sub-Funds had TBADollar Rolls outstanding as of 30 June 2008, which are included in Amounts Receivable on Sale of TBAs and Amounts Payable on Purchase of TBAs inthe Combined Statement of Net Assets.

l) Price Lock Swaps

The SICAVmay enter into swap contracts in which the SICAV and the counterparty agree to exchange payments where one or both parties pay the price difference generated on asecurity, instrument, basket or index thereof. The payments made by the SICAV to the counterparty and vice versa are calculated by the price difference (current asset price andlocked price) of a specific security, index, or other instruments and an agreed upon notional amount. Any such underlying security or instrumentmust be a transferable security andany such indexmust be an index of a regulatedmarket. The value of the underlying securities shall be taken into account for the calculation of the investment and borrowing powersapplicable to individual issuers. The relevant indices include, but are not limited to, currencies, interest rates, and other asset prices.

The market values are recorded under “Price Lock Swaps at Market Value” in the Combined Statement of Net Assets.

m) Forward Rate Agreements

AForward Rate Agreement is a forward contract in which one party pays a fixed interest rate, and receives a floating interest rate equal to a reference rate (the underlying rate). Thepayments are calculated over a notional amount over a certain period, and netted. The reference rate is fixed one or two days before the termination date, dependent on the marketconvention for the particular currency.

The market values are recorded under “Forward Rate Agreements at Market Value” in the Combined Statement of Net Assets.

n) Consolidation of Mauritian Subsidiary

All income, expenses, receivables, payables and investments of Flagship Indian Investment Company (Mauritius) Limited (the “Subsidiary”), a wholly-owned subsidiary of JPMorganFunds, are consolidated into theCombined Statement ofNetAssets and theCombined Statement ofOperations andChanges inNetAssets of JPMorganFunds - JF India Fund. Securitiesowned by the Subsidiary are individually disclosed in the Schedule of Investments of JPMorgan Funds - JF India Fund. Intercompany balances are eliminated on consolidation.

The use of the Mauritius Subsidiary and the tax treatment it is afforded, is based on the law and practice currently in force in the relevant countries, as understood by the Board ofDirectors. It is subject to any future changes and such changes may adversely affect the returns of the Sub-Fund. This includes any circumstances where the India/Mauritius DoubleTaxation Treaty may not be applied or ceases to be applied, resulting from, inter alia, any future ruling by the Indian tax authorities. Should the treaty not be applied, or cease to beapplied, interest on securities listed on an Indian stock exchangewould be subject to tax at amaximumrate of 20%.Capital gains ondisposal of such investmentswould be subject to taxat rates of 0 to 30% in respect of listed securities depending on the length of time the relevant investment has been held.

46

JPMorgan FundsNotes to the Financial Statements (continued)

As at 30 June 2008

3. Value of Financial Instruments and Associated Risks

The SICAV entered into forward foreign exchange contracts, financial futures contracts, options and swaps which, to varying degrees, represent a market risk in excess of theamount reflected on the Combined Statement ofNet Assets. The amount of the contracts represents the extent of the SICAV’s participation in these financial instruments.Marketrisks associated with such contracts arise due to the possible movements in foreign exchange rates, indices, and security values underlying these instruments.

Investment in fixed income securities is subject to interest rate, sector, security and credit risks. High yield bonds are lower-rated securities and will usually offer higher yields tocompensate for the reduced creditworthiness or increased risk of default that these securities carry.

Other market and credit risks include the possibility that there may be an illiquid market for the contracts, that a change in the value of the contracts may not directly correlate withchanges in the value of the underlying currencies, indices, or securities, or that the counterparty to a contract defaults on its obligation to performunder the terms of the contract.

In emerging and less developedmarkets, inwhich someof theSub-Fundswill invest, the legal, judicial and regulatory infrastructure is still developingbut there ismuch legal uncertaintybothfor localmarket participants and their overseas counterparts. Somemarketsmay carry higher risks for investorswho should therefore ensure that, before investing, they understand the risksinvolved and are satisfied that an investment is suitable as part of their portfolio. In somemarkets there may be no secure method of delivery against payment which would minimise theexposure to counterparty risk. It may be necessary to make payment on a purchase or delivery on a sale before receipt of the securities or, as the case may be, sale proceeds.

4. Distribution Policy

During the year from 1 July 2007 to 30 June 2008, the SICAV paid dividends as follows:

Class Currency Dividend Amount per Share Payment DateJF Eastern Europe Equity A (dist) - EUR EUR 0.02 28.09.07

JPM Eastern Europe Equity A (dist) - EUR EUR 0.08 28.09.07

JPM Emerging Europe, Middle East and Africa Equity A (dist) - USD USD 0.05 28.09.07

JPM Emerging Markets Alpha Plus A (dist) - USD USD 0.01 28.09.07

JPM Emerging Markets Debt A (inc) - EUR EUR 0.74 28.09.07

JPM Emerging Markets Debt I (inc) - EUR EUR 0.01 28.09.07

JPM Emerging Markets Equity A (dist) - GBP GBP 0.07 28.09.07

JPM Emerging Markets Equity A (dist) - USD USD 0.11 28.09.07

JPM Emerging Markets Equity I (inc) - EUR EUR 0.15 28.09.07

JPM Emerging Markets Equity X (inc) - EUR EUR 0.21 28.09.07

JF Euroland Equity A (dist) - USD USD 0.29 28.09.07

JPM Euroland Equity A (dist) - EUR EUR 1.18 28.09.07

JPM Europe Aggregate Plus Bond A (inc) - EUR EUR 0.25 28.09.07

JPM Europe Balanced (EUR) A (dist) - EUR EUR 0.14 28.09.07

JPM Europe Convergence Equity A (dist) - EUR EUR 0.29 28.09.07

JF Europe Dynamic A (dist) - EUR EUR 0.24 28.09.07

JPM Europe Dynamic A (dist) - EUR EUR 0.21 28.09.07

JPM Europe Dynamic A (dist) - GBP GBP 0.22 28.09.07

JPM Europe Dynamic Mega Cap A (dist) - EUR EUR 0.18 28.09.07

JPM Europe Dynamic Mega Cap A (inc) - EUR EUR 0.14 28.09.07

JF Europe Equity A (dist) - USD USD 0.99 28.09.07

JPM Europe Equity A (dist) - EUR EUR 0.91 28.09.07

JPM Europe Equity I (inc) - EUR EUR 0.15 28.09.07

JPM Europe Focus A (dist) - EUR EUR 0.09 28.09.07

JPM Europe High Yield Bond A (dist) - EUR EUR 0.17 28.09.07

JPM Europe Small Cap A (dist) - GBP GBP 0.10 28.09.07

JPM Europe Strategic Growth A (dist) - EUR EUR 0.07 28.09.07

JPM Europe Strategic Growth A (dist) - GBP GBP 0.08 28.09.07

JPM Europe Strategic Growth I (inc) - EUR EUR 0.13 28.09.07

JPM Europe Strategic Value A (dist) - EUR EUR 0.31 28.09.07

JPM Europe Strategic Value A (dist) - GBP GBP 0.32 28.09.07

JPM Europe Strategic Value I (inc) - EUR EUR 0.31 28.09.07

JF Germany Equity A (dist) - EUR EUR 0.34 28.09.07

JPM Germany Equity A (dist) - EUR EUR 0.14 28.09.07

JPM Global Aggregate Bond A (inc) - USD USD 0.48 28.09.07

JPM Global Convertibles (EUR) I (inc) - EUR EUR 0.26 28.09.07

JF Global Dynamic A (dist) - USD USD 0.12 28.09.07

JPM Global Dynamic A (dist) - GBP GBP 0.10 28.09.07

JPM Global Dynamic A (dist) - USD USD 0.13 28.09.07

JPM Global Dynamic A (inc) - EUR EUR 0.07 28.09.07

JPM Global Equity (EUR) A (dist) - EUR EUR 0.38 28.09.07

JF Global Equity (USD) A (dist) - USD USD 0.35 28.09.07

JPM Global Equity (USD) A (dist) - USD USD 0.20 28.09.07

JPM Global Focus A (dist) - EUR EUR 0.12 28.09.07

JF Global Focus A (dist) - USD USD 0.07 28.09.07

JF Asia Pacific ex-Japan Equity A (dist) - GBP GBP 0.55 28.09.07

JF Asia Pacific ex-Japan Equity A (dist) - USD USD 1.48 28.09.07

JF China A (dist) - USD USD 0.31 28.09.07

JF Greater China A (dist) - USD USD 0.50 28.09.07

JF Hong Kong A (dist) - USD USD 0.39 28.09.07

JF India A (dist) - USD USD 3.49 28.09.07

JF Latin America Equity A (dist) - USD USD 0.15 28.09.07

JF Pacific Equity A (dist) - GBP GBP 0.09 28.09.07

JF Pacific Equity A (dist) - USD USD 0.56 28.09.07

JF Pacific Technology A (dist) - GBP GBP 0.35 28.09.07

JF Pacific Technology A (dist) - USD USD 0.42 28.09.07

JF Singapore A (dist) - USD USD 0.31 28.09.07

JF Taiwan A (dist) - USD USD 0.87 28.09.07

JPM Global Real Estate Securities (EUR) A (inc) - EUR EUR 0.12 28.09.07

47


As at 30 June 2008

Class Currency Dividend Amount per Share Payment DateJPM Latin America Equity A (dist) - USD USD 0.20 28.09.07

JPM Middle East Equity A (dist) - USD USD 0.29 28.09.07

JPM Sterling Bond A (dist) - GBP GBP 0.05 28.09.07

JPM UK Equity A (dist) - GBP GBP 0.31 28.09.07

JPM US Aggregate Bond A (dist) - USD USD 0.43 28.09.07

JPM US Dynamic I (inc) - EUR EUR 0.01 28.09.07

It is intended that all those Classes of Shares with the suffix “(dist)” will distribute at least 85% of the net investment income attributable to such Classes of Shares, computedbroadly in accordance with the definition of net taxable income under United Kingdom corporation tax principles (subject to the application of any de minimis threshold) so thatthese Classes of Shares of the SICAV continue to qualify as “distributing” for the purposes of United Kingdom tax legislation relating to offshore Sub-Funds.

Classes of Shareswith the suffix “(inc)”may pay dividends butwill not qualify as “distributing” for the purposes ofUnitedKingdom tax legislation relating to offshore Funds.Those Classes of Shares with the suffix “(acc)” will not normally pay dividends.

5. Taxation

Under current law and practice in theGrandDuchy of Luxembourg, the SICAV is not liable to any income tax, nor are dividends distributed by the SICAV liable to anywithholdingtax. However, the SICAV, with the exception of those Share Classes identified in the Appendix, is liable to an asset based tax of 0.05% per annum, such tax being payable quarterlyand calculated on the total net assets of each Sub-Fund at the end of the relevant quarter. For the Sub-Funds’ Share Classes identified in the Appendix, the rate is 0.01%per annum.No tax is payable on the portion of assets invested in other undertakings for collective investment subject to such tax.

No stamp duty or other tax is payable on the issue of shares in the SICAV in theGrandDuchy of Luxembourg.No tax is payable on realised or unrealised capital appreciation of theassets of the SICAV in the GrandDuchy of Luxembourg. Although the SICAV’s realised capital gains, whether short or long-term, are not expected to become taxable in anothercountry, the shareholdersmust be aware and recognise that such a possibility is not totally excluded. The regular income of the SICAV from some of its securities, as well as interestearned on its cash deposits in certain countries, may be subject to withholding taxes at varying rates, which normally cannot be recovered.

6. Fees and Expenses

a) All Sub-Funds - Share Classes A (acc), A (acc) - (hedged), A (dist), A (inc), B (acc), D (acc), D (acc) - (hedged) and J (dist)

The fees and expenses charged to these Classes of shares are set at a fixed percentage of the total net assets of each Class of shares. This fixed percentage covers all fees and expensesconnected with the management of these Classes of shares, including Investment Management Fees, Shareholder Servicing Fees and Other Operating and Administrative Expenses,which include but are not limited toCustody, Registrar andTransferAgent Fees; it does not cover taxes paid on investments, the taxe d’abonnement, the interest, extraordinary costs orperformance fees, if any.

No other costs are charged to these Classes of shares, and the InvestmentManager absorbs any difference that may arise between the actual costs of the operations of these Classesof shares and the fixed percentage. To the extent that the actual operating costs are less than the fixed percentage, the excess is paid to the InvestmentManager and included within“InvestmentManagement Fees”. To the extent that actual operating costs exceed the fixed percentage, the amount borne by the InvestmentManagerwill be separately disclosed asa “Fee Waiver’’ in the Combined Statement of Net Assets and the Combined Statement of Operations and Changes in Net Assets.

This fixed annual rate of fees and expenses is categorised as a Total Expense Ratio. The fixed annual rates of fees for each Class of shares are shown in the Appendix.

b) All Sub-Funds - Share Classes C (acc), C (acc) - (hedged), I (acc) and I (inc)

Themaximum total fees and expenses to be borne by shareholders on theseClasses of shares of any Sub-Fundwill not exceed a capped percentage of the total net assets attributable to thatClass. These capped fees and expenses comprise Investment Management Fees plus other Operating and Administrative Expenses including but not limited to Custody, Fiduciary,Accounting, Transfer Agency Fees and Taxes; it does not cover performance fees, if any.

This capped annual rate of fees and expenses is categorised as a Capped Expense Ratio. The capped annual rates of fees for each Class of shares are shown in the Appendix.

c) All Sub-Funds - Share Classes X (acc) and X (inc)

The Annual Management Fee that would normally be payable in respect of the X (acc) and X (inc) Share Classes are administratively levied and collected by the Global Distributordirectly from the shareholder or through the relevant J.P.Morgan Chase & Co entity.

ThemaximumOperating and Administrative Expenses to be borne by the Class X (acc) and X (inc) shareholders of any Sub-Fund will not exceed a capped percentage of the totalnet assets attributable to that Class, as set out in the Appendix.

Sub-Fundsmay invest inUCITS and otherUCIsmanaged by theManagement Company, the InvestmentManager or any othermember of JPMorganChase&Co. The avoidance of adouble-charge of the Annual Management and Advisory Fee on such assets is achieved by either a) excluding the assets from the net assets on which the Annual Management andAdvisory Fee is calculated; or b) investing in UCITS or UCIs via classes that do not accrue an Annual Management and Advisory Fee or other equivalent fees payable to the relevantInvestmentManager’s group; or c) theAnnualManagement andAdvisory Fee being netted off by a rebate to the SICAVor Sub-Fund of theAnnualManagement andAdvisory Fee (orequivalent) charged to the underlying UCITS or UCIs; or d) charging only the difference between the Annual Management and Advisory Fee of the SICAV or Sub-Fund and theAnnual Management and Advisory Fee (or equivalent) charged to the underlying UCITS or UCIs.

d) Performance Fees

Pursuant to the InvestmentManagementAgreement, as set out in theAppendix to theProspectus, the InvestmentManager is entitled to receive fromthenet assets of certain Sub-FundsorClasses, an annual performance-based incentive fee (the “Performance Fees”) equal to the given percentage (the “Performance Fees Rate”, as set out in theAppendixV to the Prospectus)of the Share Class Return (as defined below) in excess of the Benchmark Return and the High Water Mark Return where applicable (the “Excess Return”). On each Valuation Day, anaccrual for the previous Valuation Day’s Performance Fees is made, when appropriate, and the final Performance Fees are payable annually. Pursuant to the provisions of the relevantInvestment Management Agreement, the Investment Manager may be entitled to receive the Performance Fees from the Management Company.

Performance Fees Accruals

If the Share Class Return exceeds the Benchmark Return and the cumulative Share Class Return exceeds the HighWater Mark Return (as set out in Appendix V to the Prospectus), thePerformance Fees accrual is increased by the Performance Fees Ratemultiplied by the Excess Returnmultiplied by the previous ValuationDay’s Adjusted net asset value for that Class. Ifthe Share Class Return does not exceed the Benchmark Return, the Performance Fees accrual is reduced (but not below zero) by the Performance Fees Rate multiplied by the negativeExcess Returnmultiplied by the previous ValuationDay’s Adjusted net asset value for that Class. Following a period of negative Excess Returnwhereby the Performance Fees accrual hasbeen reduced to zero, no new Performance Fees are accrued until such time as the cumulative Share Class Return exceeds the greater of the HighWater Mark Return and the cumulativeBenchmarkReturn since the beginningof theCompany accounting year. ThePerformanceFees accruedon anyValuationDay are reflected in theNetAssetValue per Share on thebasis ofwhich subscriptions and redemptions may be accepted.

The Performance Fees are accrued daily and paid at the end of the financial year. Performance Fees are recorded separately in the Combined Statement of Operations and Changesin Net Assets.

48


As at 30 June 2008

As of 30 June 2008, the Performance Fees rate and the benchmarks are as follows:

Sub-Fund Applicable ShareClasses

Performance FeeRate

Performance Benchmark

Africa Equity Fund All 10% Morgan Stanley Capital International (MSCI) Emerging and Frontier Markets AfricaIndex (Total Return Net)

JF Asia Alpha Plus Fund All 10% Morgan Stanley Capital International (MSCI) All Countries Far East ex-Japan Index(Total Return Net)

Brazil Alpha Plus Fund All 10% Morgan Stanley Capital International (MSCI) Brazil 10/40 (Total Return Net)

Europe Dynamic Small Cap Fund All 10% HSBC Smaller Pan-European (Total Return Net)

JF Japan Alpha Plus Fund All 10% Tokyo Stock Price Index (TOPIX) (Total Return Net)

Emerging Markets Alpha Plus Fund All 10% Morgan Stanley Capital International (MSCI) Emerging Markets (Total Return Net)

Emerging Markets Infrastructure Equity Fund All 10% Morgan Stanley Capital International (MSCI) Emerging Markets (Total Return Net),limited to seven sectors: Energy, Materials (excluding Fertilizers & AgriculturalChemicals, Metal & Glass Containers, Paper Packaging, and Gold), Capital Goods(excluding Trading Companies & Distributors), Transportation, Real Estate (excludingResidential REITs and Retail REITs), Telecommunication Services and Utilities.

Emerging Markets Local Currency Debt Fund All 10% JPMorgan Global Bond Index – Emerging Markets Global Index (Total Return Gross)

Emerging Markets Small Cap Fund All 10% Morgan Stanley Capital International (MSCI) Emerging Markets Small Cap Index (TotalReturn Net)

America Micro Cap Fund All 10% Russell Micro Cap Index (Total Return Net)

Europe Micro Cap Fund All 10% HSBC Smaller Pan-European Index (Total Return Net)

Europe Focus Fund All 10% Morgan Stanley Capital International (MSCI) Europe (Total Return Net)

Europe 130/30 Fund All 10% Morgan Stanley Capital International (MSCI) Europe (Total Return Net)

Europe Select 130/30 Fund All 10% Morgan Stanley Capital International (MSCI) Europe (Total Return Net)

Europe Strategic Growth Small Cap Fund All 10% Morgan Stanley Capital International (MSCI) Europe Small Cap Growth Index (TotalReturn Net)

Europe Strategic Value Small Cap Fund All 10% Morgan Stanley Capital International (MSCI) Europe Small Cap Value Index (TotalReturn Net)

Japan Dynamic Fund All 10% Tokyo Stock Price Index (TOPIX) (Total Return Net)

US 130/30 Fund All, except EURhedged

10% Standard & Poor’s (S&P) Rating Group 500 Index (Total Return Net)

US 130/30 Fund EUR hedged 10% Standard & Poor’s (S&P) Rating Group 500 Index, (Total Return Net) hedged intoEUR

US Select 130/30 Fund All, except EURhedged

10% Standard & Poor’s (S&P) Rating Group 500 Index (Total Return Net)

US Select 130/30 Fund EUR hedged 10% Standard & Poor’s (S&P) Rating Group 500 Index, (Total Return Net) hedged intoEUR

Highbridge Europe STEEP Fund All 20% Morgan Stanley Capital International (MSCI) Europe (Total Return Net)

Highbridge US STEEP Fund All 20% Standard & Poor’s (S&P) Rating Group 500 Index (Total Return Net)

7. Transactions with Connected Parties

All transactions with connected parties were carried out on an arm’s length basis.

JPMorgan Chase & Co. and its affiliates are counterparties for all securities lending activity and for certain forward foreign exchange contracts and financial futures contracts. TheManagement Company, Registrar, Global Distributor, Transfer and Domiciliary Agent, Advisory Company, Investment Managers, Custodian, Corporate, Administrative andPaying Agent and other related Agents of the SICAV are considered as connected parties.

8. Securities Lending

The SICAV may lend portions of its securities portfolio to third parties. Such lending may only be effected via recognised clearing houses, or through the intermediary of primefinancial institutions that specialise in such activities and in themodus specified by them. Such transactions may not be entered into for longer than 30 days. If the loan of securitiesexceeds 50%of the securities portfolio of the Sub-Fund concerned, it may only be effected on condition that it is possible to terminate the loan contract with immediate effect. TheDirectors will ensure that revenues arising from securities lending arrangements and the division thereof are in accordance with usual market practice and that the Sub-Fund retainsan appropriate share thereof. Prior to 1 April 2008, 65% of any incremental income earned from securities lending was accrued to the applicable Sub-Fund, with the remainingincome payable to the relevant parties which arrange the transaction. From1st April 2008 the applicable percentage changed to 70%. The income earned from the securities lendingprogram is detailed in the Combined Statement of Operations and Changes in Net Assets.

As at 30 June 2008, the SICAV valuation of securities on loan dealt with the Custodian was USD 4,277,483,272 as detailed below and received collateral as security with a marketvalue of USD 5,909,552,802.

Market Value (USD)

JPMorgan Funds - America Equity Fund 47,123,180

JPMorgan Funds - America Large Cap Fund 2,165,074

JPMorgan Funds - America Micro Cap Fund 2,962,103

JPMorgan Funds - Eastern Europe Equity Fund 74,280,968

JPMorgan Funds - Emerging Europe, Middle East and Africa Equity Fund 24,058,559

JPMorgan Funds - Emerging Markets Debt Fund 19,310,505

JPMorgan Funds - Emerging Markets Equity Fund 100,084,318

JPMorgan Funds - Euro Liquid Reserve Fund 2,804,254

JPMorgan Funds - Euroland Equity Fund 597,244,658

JPMorgan Funds - Euroland Select Equity Fund 1,049,023

JPMorgan Funds - Europe 130/30 Fund 985,805

JPMorgan Funds - Europe Aggregate Plus Bond Fund 8,066,000

JPMorgan Funds - Europe Balanced (EUR) Fund 26,191,652

JPMorgan Funds - Europe Convergence Equity Fund 13,802,706

JPMorgan Funds - Europe Dynamic Fund 186,853,872

JPMorgan Funds - Europe Dynamic Mega Cap Fund 81,569,758

JPMorgan Funds - Europe Equity Fund 508,181,199

49


As at 30 June 2008

Market Value (USD)

JPMorgan Funds - Europe High Yield Bond Fund 19,863,309

JPMorgan Funds - Europe Select 130/30 Fund 1,107,989

JPMorgan Funds - Europe Small Cap Fund 147,159,539

JPMorgan Funds - Europe Strategic Growth Fund 322,598,063

JPMorgan Funds - Europe Strategic Value Fund 648,042,342

JPMorgan Funds - Europe Technology Fund 59,752,391

JPMorgan Funds - Germany Equity Fund 218,483,220

JPMorgan Funds - Global Aggregate Bond Fund 1,912,199

JPMorgan Funds - Global Dynamic Fund 217,233,737

JPMorgan Funds - Global Equity Fund (USD) 14,060,239

JPMorgan Funds - Global Focus Fund 60,252,546

JPMorgan Funds - Global Life Sciences Funds 5,495,340

JPMorgan Funds - Global Real Estate Securities Fund (USD) 1,947,275

JPMorgan Funds - JF Asia Pacific ex-Japan Equity Fund 60,224,112

JPMorgan Funds - JF Japan Equity Fund 182,683,611

JPMorgan Funds - JF Pacific Balanced Fund 20,836,957

JPMorgan Funds - JF Pacific Equity Fund 109,534,919

JPMorgan Funds - JF Pacific Technology Fund 3,955,680

JPMorgan Funds - Latin America Equity Fund 218,602,205

JPMorgan Funds - Sterling Bond Fund 2,638,118

JPMorgan Funds - UK Equity Fund 10,975,905

JPMorgan Funds - US Dynamic Fund 149,557,147

JPMorgan Funds - US Small Cap Growth Fund 1,283,509

JPMorgan Funds - US Strategic Growth Fund 18,730,647

JPMorgan Funds - US Technology Fund 4,131,927

JPMorgan Funds - US Value Fund 79,686,712

9. Information for Swiss Registered Shareholders

J.P.Morgan (Suisse) S.A., was authorised by the Federal Banking Commission as Swiss representative of the SICAV and acts also as paying agent. The Prospectus, the articles, theannual and semi-annual reports of the SICAV, as well as the list of the purchases and sales which the SICAV has undertaken during the financial period and all informationaccording to the SFA Directive in relation to the transparency of management fees, may be obtained, on simple request and free of charge, at the head office of the Swissrepresentative, J.P.Morgan (Suisse) S.A., 8, rue de la Confédération, CH-1204 Geneva, Switzerland.

Payments/compensations (trailer fees) can be paid out from the management fee for the distribution/marketing of the investment fund to distributors. Reimbursements/rebatescan be granted out of the management fee to institutional investors who hold the Sub-Fund shares for the economic benefit of third parties.

10. Information for German Registered Shareholders

A list, specifying for each investment within each Sub-Fund the total purchases and sales which occurred during the period under review, may be obtained free of charge uponrequest at the registered office of the SICAV and at the office of the German paying and information agent, J.P. Morgan AG, Junghofstraße 14, D-60311 Frankfurt am Main.Additional information on investments within each Sub-Fund’s portfolio is available to shareholders at the registered office of the SICAV and at the office of the German payingand information agent.

11. Authorization of Sub-Funds in Hong Kong

The following Sub-Funds are authorized in Hong Kong and available to Hong Kong Residents:

JPMorgan Funds - America Equity Fund

JPMorgan Funds - Eastern Europe Equity Fund

JPMorgan Funds - Emerging Europe, Middle East and Africa Equity Fund

JPMorgan Funds - Emerging Markets Debt Fund

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

JPMorgan Funds - Euroland Equity Fund

JPMorgan Funds - Euroland Select Equity Fund

JPMorgan Funds - Europe Dynamic Fund

JPMorgan Funds - Europe Dynamic Mega Cap Fund

JPMorgan Funds - Europe Equity Fund

JPMorgan Funds - Europe Small Cap Fund

JPMorgan Funds - Europe Technology Fund

JPMorgan Funds - Germany Equity Fund

JPMorgan Funds - Global Convertibles Fund (EUR)

JPMorgan Funds - Global Dynamic Fund

JPMorgan Funds - Global Equity Fund (USD)

JPMorgan Funds - Global Focus Fund

JPMorgan Funds - Global Life Sciences Fund

JPMorgan Funds - Global Natural Resources Fund

JPMorgan Funds - Global Real Estate Securities Fund (USD)

JPMorgan Funds - JF China Fund

JPMorgan Funds - JF Greater China Fund

JPMorgan Funds - JF Hong Kong Fund

JPMorgan Funds - JF India Fund

JPMorgan Funds - JF Japan Equity Fund

JPMorgan Funds - JF Japan Small Cap Fund

JPMorgan Funds - JF Pacific Balanced Fund

50


As at 30 June 2008

JPMorgan Funds - JF Pacific Technology Fund

JPMorgan Funds - JF Singapore Fund

JPMorgan Funds - JF Taiwan Fund

JPMorgan Funds - Latin America Equity Fund

JPMorgan Funds - Middle East Equity Fund

JPMorgan Funds - Russia Fund

JPMorgan Funds - US Aggregate Bond Fund

JPMorgan Funds - US Dynamic Fund

JPMorgan Funds - US Small Cap Growth Fund

JPMorgan Funds - US Strategic Growth Fund

JPMorgan Funds - US Technology Fund

JPMorgan Funds - US Value Fund

12. Significant Changes during the Year

The following benchmark index changes have occurred during the year:

- the benchmark index for JPMorganFunds -EuropeTechnology Fund has been changed fromMorgan StanleyEurotec Index to theMSCIEurope IMI IT 10/40 Indexwith effectfrom 1 April 2008,

- the benchmark index for JPMorgan Funds - JF Asia Equity Fund has been changed from MSCI AC Far East ex Japan Total Return Net to MSCI All Countries Asia Pacificex-Japan (Total Return Net) with effect from 30 April 2008,

- the benchmark index for JPMorgan Funds - JF Japan Small Cap Fund has been changed from Japan TSE 2nd Section (Total Return Net) to S&P/Citigroup Japan ExtendedMarket Index (Total Return Net) with effect from 1 May 2008,

- the benchmark index for JPMorgan Funds - EuropeDynamic Small CapFund has been changed fromHSBCSmaller Pan-European Index (Total ReturnGross) toHSBCSmallerPan-European Index (Total Return Net) with effect from 1 May 2008,

- the benchmark index for JPMorgan Funds - Europe Strategic Growth Fund has been changed from FTSE World Europe Index (Total Return Net) to MSCI Europe GrowthIndex (Total Return Net) with effect from 1 June 2008,

- the benchmark index for JPMorgan Funds - Europe Strategic Value Fund has been changed from FTSEWorld Europe Index (Total Return Net) to MSCI Europe Value Index(Total Return Net) with effect from 1 June 2008.

13. Subsequent Events

With effect from 1 July 2008, the Operating & Administrative Expenses were changed from a capped rate to a fixed fee for C Classes.

The Board of Directors of JPMorgan Funds has decided to merge several Sub-Funds:

- JPMorgan Funds - Global Equity Fund (EUR) has been merged into JPMorgan Funds - Global Equity Fund (USD) on 17 July 2008,

- JPMorgan Funds - Global Real Estate Securities Fund (EUR) has been merged into JPMorgan Funds - Global Real Estate Securities Fund (USD) on 31 July 2008.

With effect from 1 August 2008, the following benchmark index changes have occurred:

- the benchmark index for JPMorgan Funds - JF China Fund has been changed fromBNPParibas China Index (Price Index) toMorgan Stanley Capital International (MSCI) China10/40 Capped Index (Total Return Net),

- the benchmark index for JPMorgan Funds - Europe Convergence Equity Fund has been changed fromHSBCMajor Eastern Europe ex Russia (Price Index) to Morgan StanleyCapital International (MSCI) Custom Converging Europe 10/40 Index (Total Return Net),

- the benchmark index for JPMorgan Funds - JF India Fund has been changed fromMSCI India Index (Total Return Net) to Morgan Stanley Capital International (MSCI) India10/40 Capped Index (Total Return Net)

In addition to the above, JPMorgan Funds - US Growth Alpha Plus was launched on 4 September 2008.

14. Directors’ Fees

The only remuneration paid to Directors is an annual fee. This is waived by Mr Berndt May and Ms Andrea L. Hazen.

The total Directors’ fees for the year amount to EUR 168,197.19, of which the Chairman is due EUR 36,042.74.

51


As at 30 June 2008

Transferable Securities Admitted to an Official Exchange Listing

Shares

SOUTH AFRICA49,830 African Bank Investments 151,842 3.198,350 ArcelorMittal South Africa 243,196 5.1116,280 Aveng 120,956 2.5480,940 DRDGOLD 65,096 1.3759,670 FirstRand 101,844 2.143,990 Impala Platinum Holdings 162,225 3.4012,890 Massmart Holdings 100,591 2.1112,580 MTN Group 204,035 4.2912,850 Murray & Roberts Holdings 142,683 3.004,600 Naspers - N Shares 101,297 2.136,240 Remgro 150,157 3.152,730 Sasol 163,621 3.4322,620 Standard Bank Group 221,077 4.64

1,928,620 40.50

CANADA1,350 Addax Petroleum 64,878 1.367,190 Anvil Mining 67,631 1.426,330 Banro 42,173 0.8915,530 Equinox Minerals 69,744 1.4631,190 First Calgary Petroleums 70,806 1.4910,030 First Uranium 61,181 1.299,860 Moto Goldmines 35,619 0.7521,140 Platinum Group Metals 58,737 1.2313,580 Red Back Mining 113,798 2.399,530 Verenex Energy 77,132 1.62

661,699 13.90

EGYPT1,940 Commercial International Bank 31,129 0.65470 Egyptian Financial & Industrial 30,491 0.643,210 Egyptian Financial Group-Hermes Holding 29,603 0.622,900 El Ezz Steel Rebars 44,160 0.934,180 National Societe General Bank 29,770 0.632,130 Orascom Construction Industries 146,704 3.088,580 Orascom Telecom Holding 111,587 2.348,490 Telecom Egypt 26,099 0.55

449,543 9.44

NIGERIA114,800 Benue Cement 47,430 0.99180,400 Dangote Sugar Refinery 48,591 1.02335,000 Diamond Bank 45,642 0.966,109 Guaranty Trust Bank GDR 69,433 1.4641,800 Guinness Nigeria 43,617 0.92108,700 Nigerian Breweries 46,108 0.97220,500 United Bank for Africa 59,318 1.24123,500 Zenith International Bank 45,733 0.96

405,872 8.52

AUSTRALIA53,240 Centamin Egypt 61,324 1.2922,910 International Ferro Metals 57,342 1.2018,600 Mantra Resources 68,127 1.4374,410 Mintails 22,891 0.4830,000 Terramin Australia 95,174 2.00

304,858 6.40

MOROCCO80 Attijariwafa Bank 35,937 0.7640 Banque Marocaine du Commerce Exterieur 16,979 0.3650 Brasseries Maroc 13,353 0.28260 Douja Promotion Groupe Addoha 77,114 1.622,610 Maroc Telecom 67,263 1.41110 ONA 28,197 0.59

238,843 5.02

JERSEY12,870 Heritage Oil 87,525 1.84

87,525 1.84

BERMUDA41,630 Petra Diamonds 86,761 1.82

86,761 1.82

BRITISH VIRGIN ISLANDS1,590 Gem Diamonds 34,406 0.72

179,820 Niger Uranium 49,759 1.05

84,165 1.77

UNITED KINGDOM20,700 Afren 69,975 1.47

69,975 1.47

KENYA400,000 Safaricom 45,225 0.95

45,225 0.95

SWITZERLAND190 Orascom Development Holding 22,026 0.46

22,026 0.46

Total Shares 4,385,112 92.09

Total Transferable Securities Admitted to anOfficial Exchange Listing

4,385,112 92.09

Total Investments 4,385,112 92.09

Cash 234,456 4.92

Other Assets/(Liabilities) 142,016 2.99

Total Net Assets 4,761,584 100.00

Allocation of Portfolio as at 30 June 2008 % ofNet Assets

SharesMaterials 31.86Financials 23.43Energy 11.21Telecommunication Services 9.54Industrials 8.62Consumer Discretionary 4.24Consumer Staples 3.19

Total Shares 92.09Cash and Other Assets/(Liabilities) 7.91

Total 100.00

Allocation of Portfolio as at 31 December 2007 (Unaudited)

Not applicable: Sub-Fund launched on 14 May 2008

52

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

As at 30 June 2008

Quantity/Nominal

Value

Name of Securities MarketValue

%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets


Shares

UNITED STATES OF AMERICA102,098 Aetna 4,131,906 0.7665,000 Aflac 4,106,700 0.75297,200 Altria Group 6,110,432 1.11163,400 American Electric Power 6,491,882 1.18125,500 American Express 4,758,960 0.8741,500 Apache 5,753,975 1.0539,100 Apple 6,615,329 1.20159,600 AT&T 5,260,416 0.9559,500 Baker Hughes 5,299,070 0.9678,800 Ball 3,728,816 0.68238,600 Bank of America 5,774,120 1.0581,000 Baxter International 5,130,540 0.9375,100 Cablevision Systems - A Shares 1,701,766 0.3176,200 Capital One Financial 2,891,790 0.53150,800 Cardinal Health 7,716,436 1.40118,236 Chevron 11,663,981 2.12655,100 Cisco Systems 15,348,993 2.79374,000 Citigroup 6,227,100 1.1355,800 Clorox 2,910,528 0.53420,100 Comcast Special - A Shares 7,700,433 1.40206,300 Community Health Systems 6,828,530 1.2477,800 ConocoPhillips 7,261,074 1.32423,300 Corning 9,820,560 1.7951,350 Devon Energy 6,073,165 1.1031,400 Dover 1,502,804 0.27127,200 Edison International 6,419,784 1.17541,200 El Paso 11,608,740 2.1164,900 Exxon Mobil 5,657,333 1.03265,400 Freddie Mac 4,477,298 0.81144,600 General Electric 3,814,548 0.70174,600 Genworth Financial - A Shares 3,099,150 0.564,100 Google - A Shares 2,179,683 0.40

216,100 Hanesbrands 5,918,979 1.0881,000 Hartford Financial Services Group 5,384,880 0.98331,800 Hewlett-Packard 14,615,790 2.66254,200 Home Depot 5,996,578 1.09518,100 Intel 11,092,521 2.0297,300 International Business Machines 11,531,996 2.1077,100 J.C. Penney 2,791,020 0.5161,200 Johnson & Johnson 3,902,112 0.71270,700 Johnson Controls 7,771,797 1.4171,000 Lexmark International - A Shares 2,387,020 0.4498,700 Marathon Oil 5,099,829 0.93338,200 Merck & Co. 12,719,702 2.3154,100 Merrill Lynch & Co. 1,730,659 0.32681,300 Microsoft 18,978,293 3.45153,700 Molson Coors Brewing - B Shares 8,359,743 1.52184,300 Morgan Stanley 6,649,544 1.21674,600 News - A Shares 10,226,936 1.86184,100 Norfolk Southern 11,217,213 2.04109,800 Oshkosh 2,261,880 0.4178,000 PG&E 3,015,480 0.5594,400 Paccar 3,923,264 0.71276,100 Philip Morris International 13,727,692 2.5034,800 Polo Ralph Lauren 2,152,380 0.3936,200 PPG Industries 2,063,762 0.38153,300 Procter & Gamble 9,309,909 1.6985,200 Prudential Financial 5,386,344 0.98177,100 Qualcomm 7,990,752 1.4568,600 Questar 4,810,918 0.88116,700 Raytheon 6,513,027 1.19142,000 Rohm & Haas 6,662,640 1.21127,000 Royal Caribbean Cruises 2,837,180 0.52320,700 Safeway 9,111,087 1.66315,300 Schering-Plough 6,145,197 1.12293,900 Spirit Aerosystems Holdings - A Shares 5,619,368 1.02365,700 TD Ameritrade Holding 6,619,170 1.20165,500 Travelers 7,280,345 1.32209,600 United Technologies 12,804,464 2.33187,950 UnitedHealth Group 4,822,797 0.88402,000 Verizon Communications 14,005,680 2.55121,300 WABCO Holdings 5,544,623 1.01356,700 Wal-Mart Stores 20,167,818 3.67118,600 Williams 4,766,534 0.8656,700 Wyeth 2,647,323 0.48225,100 Wyndham Worldwide 3,966,262 0.72202,300 Xcel Energy 4,003,517 0.7345,000 Zions Bancorporation 1,422,000 0.26

514,021,867 93.51

MEXICO179,460 Cemex ADR Participation Certificates 4,394,975 0.80

4,394,975 0.80

CANADA31,800 Research In Motion 3,798,192 0.69

3,798,192 0.69

MARSHALL ISLANDS58,700 Teekay 2,647,957 0.48

2,647,957 0.48

SWITZERLAND45,900 Novartis ADR 2,523,582 0.47

2,523,582 0.47

Total Shares 527,386,573 95.95


527,386,573 95.95

Transferable Securities Dealt in on Another Regulated Market

Convertible Bonds

UNITED STATES OF AMERICA2,975,000 Liberty Media 30.03.23/3.125% 3,090,281 0.57

3,090,281 0.57

Total Convertible Bonds 3,090,281 0.57

Total Transferable Securities Dealt in on AnotherRegulated Market

3,090,281 0.57


Cash 10,811,126 1.97

Other Assets/(Liabilities) 8,326,375 1.51



Fixed Income SecuritiesUnited States of America 0.57

Total Fixed Income Securities 0.57SharesInformation Technology 18.99Consumer Discretionary 15.09Financials 11.97Health Care 10.30Energy 9.39Consumer Staples 9.01Industrials 8.03Utilities 6.60Telecommunication Services 3.50Materials 3.07


Total 100.00

53

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

As at 30 June 2008

Quantity/Nominal

Value

Name of Securities Maturity/Coupon

MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Allocation of Portfolio as at 31 December 2007 (Unaudited) % ofNet Assets

SharesInformation Technology 19.79Financials 15.42Consumer Discretionary 14.62Health Care 11.06Industrials 9.28Consumer Staples 8.14Utilities 6.46Energy 6.18Materials 3.62Telecommunication Services 2.99


Total 100.00

54

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

As at 30 June 2008

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

55

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

As at 30 June 2008

SettlementDate Currency

AmountPurchased Currency

AmountSold

UnrealisedGain/(Loss)

15-Jul-08 EUR 17,478,348 USD 27,422,333 138,47615-Jul-08 USD 12,776,977 EUR 8,235,882 (209,811)

Total (71,335)


Shares

UNITED STATES OF AMERICA6,800 Abbott Laboratories 360,876 1.214,700 Affiliated Computer Services - A Shares 247,549 0.8341,400 Altria Group 851,184 2.863,500 AmerisourceBergen 137,550 0.461,900 Apple 321,461 1.082,000 Assurant 134,740 0.4517,200 AT&T 566,912 1.9020,300 Bank of America 491,260 1.657,300 Bank of New York Mellon 270,903 0.913,200 Baxter International 202,688 0.6810,200 Boeing 673,710 2.261,600 Cardinal Health 81,872 0.277,700 Caterpillar 566,489 1.905,100 CenturyTel 182,937 0.6110,100 Chevron 996,365 3.3410,600 Chubb 524,806 1.7612,600 Cisco Systems 295,218 0.9910,300 Citigroup 171,495 0.571,250 Coca-Cola 65,025 0.226,800 ConocoPhillips 634,644 2.1319,600 Corning 454,720 1.5313,000 CVS Caremark 518,050 1.743,900 Dominion Resources 182,013 0.6122,500 Duke Energy 384,750 1.296,600 Edison International 333,102 1.123,700 Embarq 170,459 0.577,000 EMC/Massachusetts 102,130 0.3424,400 Exxon Mobil 2,126,948 7.141,000 FirstEnergy 81,160 0.275,000 General Dynamics 415,350 1.39500 Google - A Shares 265,815 0.893,700 Hartford Financial Services Group 245,976 0.8321,000 Hewlett-Packard 925,050 3.1010,000 Intel 214,100 0.728,800 International Business Machines 1,042,976 3.503,000 Johnson & Johnson 191,280 0.645,700 Johnson Controls 163,647 0.551,500 Lincoln National 68,385 0.237,300 Lockheed Martin 723,576 2.433,800 Marathon Oil 196,346 0.661,300 Mastercard - A Shares 356,616 1.2013,600 McDonald’s 755,888 2.544,900 Medco Health Solutions 234,073 0.8022,200 Merck & Co. 834,942 2.804,900 Merrill Lynch & Co. 156,751 0.5310,600 MetLife 564,026 1.8935,050 Microsoft 976,353 3.286,050 Morgan Stanley 218,284 0.7319,000 News - A Shares 288,040 0.977,000 Norfolk Southern 426,510 1.433,800 Occidental Petroleum 340,898 1.147,500 Omnicom Group 332,850 1.1231,650 Oracle 669,081 2.2511,800 Pfizer 205,792 0.699,000 Philip Morris International 447,480 1.504,600 PNC Financial Services Group 261,464 0.8811,800 Procter & Gamble 716,614 2.4011,950 Safeway 339,500 1.1428,000 Schering-Plough 545,720 1.833,300 SunTrust Banks 117,051 0.394,700 Symantec 91,297 0.3110,800 TD Ameritrade Holding 195,480 0.665,500 Texas Instruments 155,155 0.5115,700 Time Warner 227,336 0.767,800 United Technologies 476,502 1.601,500 UnitedHealth Group 38,490 0.1310,300 Unum 213,313 0.7213,900 US Bancorp 390,729 1.315,000 Valero Energy 202,250 0.6811,600 Verizon Communications 404,144 1.367,600 Wachovia 113,620 0.38

11,200 Walt Disney 352,800 1.173,600 WellPoint 174,204 0.5921,150 Wells Fargo & Co. 497,659 1.675,900 Wyeth 275,471 0.923,000 Xilinx 75,510 0.258,000 Yum! Brands 279,040 0.94

29,534,450 99.10

Total Shares 29,534,450 99.10


29,534,450 99.10


Cash 419,787 1.41

Other Assets/(Liabilities) (152,662) (0.51)



SharesInformation Technology 19.58Financials 15.56Energy 15.09Industrials 12.21Health Care 11.02Consumer Staples 9.86Consumer Discretionary 8.05Telecommunication Services 4.44Utilities 3.29


Total 100.00


SharesInformation Technology 18.01Financials 15.52Health Care 13.70Energy 12.93Industrials 10.15Consumer Staples 9.10Consumer Discretionary 8.06Telecommunication Services 5.53Utilities 2.66


Total 100.00

56

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

As at 30 June 2008

Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets


Shares

UNITED STATES OF AMERICA240,300 Alloy 1,682,100 2.1235,200 Altra Holdings 594,176 0.7570,000 American Physicians Service Group 1,553,300 1.9646,588 Approach Resources 1,291,885 1.63468,300 Ashworth 1,695,246 2.1355,300 Atlantic Premium Brands 47,558 0.0618,474 Benihana 122,113 0.15101,588 Benihana - A Shares 670,481 0.84372,900 Callidus Software 1,905,519 2.4076,000 Carrols Restaurant Group 413,440 0.5235,244 Concur Technologies 1,191,247 1.5091,050 Cornell 2,187,931 2.75265,428 Cuisine Solutions 530,856 0.6715,100 Darwin Professional Underwriters 472,630 0.5987,500 DemandTec 703,500 0.88171,700 Enzo Biochem 2,048,381 2.5821,500 Equinix 1,922,530 2.42385,115 Five Star Quality Care 1,898,617 2.3949,310 Forward Air 1,687,388 2.1278,250 Gaylord Entertainment 1,884,260 2.3745,600 Genoptix 1,447,344 1.8215,000 GMX Resources 1,099,500 1.38107,000 Great Wolf Resorts 481,500 0.6159,000 Greenfield Online 885,590 1.1219,700 Horizon Financial 121,549 0.1516,650 Illumina 1,480,518 1.8665,250 Interface - A Shares 832,590 1.0562,800 Interline Brands 947,652 1.1949,401 IPC The Hospitalist 949,487 1.2035,550 J&J Snack Foods 989,356 1.2458,837 Knight Transportation 1,047,887 1.3266,100 Knot 630,594 0.7992,477 Liquidity Services 1,067,185 1.3410,850 Lufkin Industries 914,004 1.15274,172 Magma Design Automation 1,702,608 2.1439,800 Marten Transport 625,258 0.79126,000 Meadowbrook Insurance Group 672,840 0.85146,655 Mercury Computer Systems 1,143,909 1.44190,800 Microvision 568,584 0.7233,600 Monarch Casino & Resort 391,440 0.4914,144 Myriad Genetics 647,229 0.8163,600 Neutral Tandem 1,092,648 1.3886,309 NMT Medical 403,063 0.5159,834 Nobel Learning Communities 842,463 1.06351,974 PDF Solutions 2,217,436 2.79116,500 Physicians Formula Holdings 1,119,565 1.41214,100 Power Medical Interventions 1,121,884 1.4131,800 ProAssurance 1,546,752 1.9511,333 RBC Bearings 375,462 0.4729,174 RLI 1,463,660 1.8427,000 Ruby Tuesday 153,900 0.1921,065 Scansource 567,702 0.7295,300 Scientific Learning 368,811 0.46336,108 Shoe Pavilion 80,666 0.10104,200 Smith & Wesson Holding 535,588 0.6897,014 Somaxon Pharmaceuticals 450,145 0.57271,600 Soundbite Communications 950,600 1.20502,600 Spark Networks 2,123,485 2.67412,300 Summer Infant 1,717,230 2.1681,300 SumTotal Systems 364,224 0.4614,599 Susser Holdings 141,756 0.1865,800 Switch & Data Facilities Co. 1,131,102 1.42789,004 Synergetics USA 2,134,256 2.692,218,568 Think Partnership 1,020,541 1.2964,980 thinkorswim Group 486,700 0.6141,130 Unica 338,089 0.4357,600 Vocus 1,847,232 2.33464,100 Wet Seal - A Shares 2,195,193 2.76773,271 Youbet.com 951,123 1.2083,160 Zep 1,246,568 1.57

72,137,626 90.80

CANADA32,450 FirstService - Preference Shares 608,438 0.7739,550 FirstService 574,662 0.72347,300 Imax 2,344,275 2.9599,500 MDC Partners - A Shares 681,575 0.86

4,208,950 5.30

ISRAEL248,127 BluePhoenix Solutions 1,166,197 1.47

1,166,197 1.47

Total Shares 77,512,773 97.57


77,512,773 97.57

Other Transferable Securities

Shares

UNITED STATES OF AMERICA225,900 Caliber Learning Network 23 0.00

23 0.00

Total Shares 23 0.00

Convertible Bonds

UNITED STATES OF AMERICA16,303 Caliber Learnings - A Shares 31.12.49/0.000% 0 0.00

0 0.00

Total Convertible Bonds 0 0.00

Total Other Transferable Securities 23 0.00


Cash 2,188,569 2.75




SharesInformation Technology 29.87Consumer Discretionary 18.20Health Care 15.84Industrials 12.48Financials 7.34Consumer Staples 5.54Energy 4.16Materials 2.76Telecommunication Services 1.38


Total 100.00


SharesInformation Technology 20.33Consumer Discretionary 19.21Industrials 17.48Health Care 17.25Financials 11.11Consumer Staples 3.56Energy 3.55Materials 2.90Telecommunication Services 1.19


Total 100.00

57

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

As at 30 June 2008

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets


Shares

BRAZIL31,412 All America Latina Logistica 405,055 0.74122,309 Banco Bradesco ADR 2,487,765 4.5671,047 Banco Itau Holding Financeira ADR 1,435,860 2.63104,541 Bovespa Holding 1,298,850 2.3869,626 Bradespar Preference Shares 1,883,897 3.45300 Brasil Brokers Participacoes 268,864 0.49

87,921 Companhia Energética de Minas Gerais - CEMIGADR 2,145,272 3.93

36,590 Companhia Siderúrgica Nacional ADR 1,624,596 2.97122,694 Companhia Vale do Rio Doce ADR 3,666,097 6.7121,791 Companhia de Bebidas das Americas ADR 1,376,537 2.52279,134 Confab Industrial Preference Shares 1,217,320 2.2355,090 Datasul 748,061 1.3795,750 Estacio Participaçes 1,517,076 2.7886,110 Fertilizantes Heringer 1,234,659 2.26111,632 Gerdau ADR 2,642,329 4.8417,462 Gerdau Preference Shares 413,088 0.7661,106 GVT Holding 1,497,311 2.742,128 Investimentos Itau 13,406 0.02

295,766 Investimentos Itau Preference Shares 1,855,903 3.4035,100 JBS 178,842 0.33112,687 Localiza Rent A CAR 1,276,316 2.3462,605 Lojas Renner 1,229,197 2.2517,116 Lupatech 628,297 1.15149,011 Marcopolo Preference Shares 615,250 1.1271,400 MMX Mineracao e Metalicos 2,196,234 4.0260,942 NET Servicos de Comunicacao ADR 779,448 1.43550 OGX Petroleo e Gas Participacoes 447,958 0.82

16,397 Perdigao ADR 894,948 1.6470,420 Petroleo Brasileiro ADR 4,071,684 7.4647,529 Randon Participacoes Preference Shares 453,325 0.8378,749 Redecard 1,472,544 2.70173,431 Sadia Preference Shares 1,229,737 2.259,311 Unibanco - Uniao de Bancos Brasileiros GDR 1,179,611 2.1669,162 Usinas Siderurgicas de Minas Gerais Preference A

Shares 3,464,501 6.3486,712 Vivo Participacoes Preference Shares 549,551 1.0176,733 Weg 962,503 1.76

49,361,892 90.39

BERMUDA41,206 Dufry South America BDR 904,973 1.65

904,973 1.65

Total Shares 50,266,865 92.04


50,266,865 92.04


Investment Funds

LUXEMBOURG1,619,152 JPMorgan Liquidity Funds - US Dollar Liquidity Fund

(JPM US Dollar Liquidity X (dist.)) 1,619,152 2.97

1,619,152 2.97

Total Investment Funds 1,619,152 2.97


1,619,152 2.97


Cash 2,398,742 4.39




SharesMaterials 27.91Financials 21.78Industrials 11.00Energy 8.28Consumer Discretionary 7.29Consumer Staples 6.74Utilities 3.93Telecommunication Services 3.75Investment Companies 2.96Information Technology 1.37


Total 100.00


SharesMaterials 23.08Financials 20.53Industrials 8.81Energy 8.53Consumer Discretionary 6.34Consumer Staples 5.91Telecommunication Services 3.22Investment Companies 2.74Utilities 2.24Information Technology 1.77Health Care 1.37


Total 100.00

58

JPMorgan Funds - Brazil Alpha Plus FundSchedule of Investments (Market Value Expressed in USD)

As at 30 June 2008

Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets

JPMorgan Funds - Brazil Alpha Plus FundSchedule of Investments - Outstanding Option on Futures Contracts (Expressed in USD)

As at 30 June 2008

ExpirationDate

Number ofContracts Security Description Currency

MarketValue


19-Jul-08 (600) The American Depository Receipt of Gerdau, Call Option, Strike Price 27.5 USD (3,709) 35,89119-Jul-08 (80) Unibanco GDR, Call Option, Strike Price 165 USD (4) 18,556

Total (3,713) 54,447

Schedule of Investments - Outstanding Financial Futures Contracts (Expressed in USD)

ExpirationDate


NotionalValue


Equity Futures

Aug-08 (80) Bovespa Index Future USD (75,682) (75,682)

Total (75,682)

59


Shares

RUSSIA47,864 Aeroflot - Russian International Airlines Registered

Shares GDR 10,081,193 0.63763,090 Chelyabinsk Zink Plant 4,110,564 0.26531,265 Chelyabinsk Zink Plant GDR 2,642,942 0.171,742,674 Cherkizovo Group Registered Shares GDR 16,764,657 1.066,054,734 Comstar United Telesystems GDR 39,291,787 2.481,692,000 DIXY Group 16,084,160 1.021,959,436 Gazpromneft ADR 49,856,684 3.166,356,000 Lenenergo 7,737,578 0.496,290,882 Magnit Registered Shares GDR 43,056,830 2.725,922,023 Magnitogorsk Iron & Steel Works Registered Shares

GDR 65,414,532 4.132,684,209 Mechel ADR 84,033,033 5.317,507,485 MMC Norilsk Nickel ADR 119,990,349 7.571,826,774 Mobile Telesystems ADR 89,489,293 5.65363,890 Novolipetsk Steel Registered Shares GDR 13,089,157 0.83221,240 OAO Pharmacy Chain 36.6 5,643,341 0.3541,824 Open Investments 9,809,924 0.62

1,271,976 RBC Information Systems 6,851,799 0.43384,898 RBC Information Systems ADR 8,537,298 0.544,933,167 RTM 6,076,200 0.3872,362,501 Sberbank 145,830,193 9.20215,699 Severstal 3,595,097 0.231,088,213 Severstal Registered Shares GDR 17,958,152 1.13704,516 Severstal-Avto 26,342,054 1.661,559,850 Sistema JSFC Registered Shares GDR 29,734,965 1.881,871,550 Sistema-Hals Registered Shares GDR 8,183,843 0.522,995,539 Sitronics Registered Shares GDR 11,940,771 0.76674,574 Tatneft Registered Shares GDR 64,445,661 4.07

906,592,057 57.25

TURKEY4,717,361 Eregli Demir ve Celik Fabrikalari 24,127,949 1.528,495,050 KOC Holding 14,658,803 0.931,321,300 Reysas Logistics 3,447,299 0.222,296,737 Tekfen Holding 11,153,861 0.701,526,100 Tupras Turkiye Petrol Rafine 21,879,232 1.383,542,151 Turk Telekomunikasyon 7,466,436 0.471,030,293 Turkcell Iletisim Hizmet ADR 9,441,387 0.6011,930,600 Turkiye Garanti Bankasi 17,381,910 1.104,673,660 Turkiye Halk Bankasi 13,883,887 0.8812,768,100 Turkiye Is Bankasi - C Shares 26,517,857 1.67

149,958,621 9.47

POLAND115,800 Bank Pekao 5,683,107 0.36279,400 Bank Pekao Registered Shares GDR 13,712,413 0.87722,255 KGHM Polska Miedz 21,655,488 1.37513,673 KGHM Polska Miedz GDR 31,088,293 1.962,522,200 Powszechna Kasa Oszczednosci Bank Polski 34,734,150 2.192,280,160 Telekomunikacja Polska 14,299,123 0.902,594,952 Telekomunikacja Polska GDR 16,609,535 1.05

137,782,109 8.70

IRELAND8,266,450 Dragon Oil 46,910,874 2.96

46,910,874 2.96

CZECH REPUBLIC701,816 CEZ 39,482,811 2.49

39,482,811 2.49

LUXEMBOURG412,256 Evraz Group Registered Shares GDR 30,632,793 1.93784,143 Kernel Holding 8,749,399 0.56

39,382,192 2.49

AUSTRIA407,640 Raiffeisen International Bank Holding 32,725,339 2.07

32,725,339 2.07

UNITED STATES OF AMERICA1,740,600 BMB Munai 6,618,461 0.411,099,100 CTC Media 17,190,524 1.09

23,808,985 1.50

KAZAKHSTAN673,601 Halyk Savings Bank of Kazakhstan Registered Shares

GDR 6,531,319 0.41804,590 Kazkommertsbank Registered Shares GDR 7,954,374 0.50821,713 Zhaikmunai Registered Shares GDR 7,811,208 0.49

22,296,901 1.40

BERMUDA1,360,430 EastPharma Registered Shares GDR 5,991,944 0.3817,601,051 West Siberian Resources SDR 15,251,180 0.96

21,243,124 1.34

CAYMAN ISLANDS1,236,754 Eurasia Drilling Registered Shares GDR 20,378,088 1.29

20,378,088 1.29

CYPRUS3,381,000 Urals Energy 7,349,906 0.46902,552 XXI Century Investments Public 11,977,596 0.76

19,327,502 1.22

JERSEY959,093 KazakhGold Group Registered Shares GDR 13,396,121 0.85

13,396,121 0.85

NETHERLANDS553,100 A&D Pharma Holding GDR 1,725,672 0.112,712,200 AMTEL Vredestein Registered Shares GDR 3,437,625 0.22343,571 Efes Breweries International GDR 6,259,809 0.39

11,423,106 0.72

MALAYSIA42,197 Steppe Cement 167,997 0.01

167,997 0.01

Total Shares 1,484,875,827 93.76

Investment Funds

UNITED KINGDOM2,695,083 JPMorgan Russian Securities 26,620,075 1.68

26,620,075 1.68



1,511,495,902 95.44


Investment Funds

LUXEMBOURG15,050,000 JPMorgan Liquidity Funds - Euro Liquidity Fund

(JPM Euro Liquidity X (dist.)) 15,050,000 0.95

15,050,000 0.95


Total Transferable Securities Dealt in onAnother Regulated Market

15,050,000 0.95


Shares

RUSSIA1,623,519 Aeroflot - Russian International Airlines 3,419,482 0.22

3,419,482 0.22

Total Shares 3,419,482 0.22

Total Other Transferable Securities 3,419,482 0.22

Total Investments 1,529,965,384 96.61

Cash 41,144,341 2.60


Total Net Assets 1,583,655,705 100.00

60

JPMorgan Funds - Eastern Europe Equity FundSchedule of Investments (Market Value Expressed in EUR)

As at 30 June 2008

Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets


SharesMaterials 27.27Financials 23.72Energy 15.18Telecommunication Services 13.03Consumer Staples 5.19Utilities 2.98Consumer Discretionary 2.97Investment Companies 2.63Information Technology 1.73Industrials 1.07Health Care 0.84


Total 100.00


SharesFinancials 35.40Materials 22.23Energy 10.25Telecommunication Services 9.36Utilities 7.18Consumer Discretionary 3.30Consumer Staples 2.23Information Technology 1.78Industrials 1.65Health Care 1.62Investment Companies 1.41


Total 100.00

61

JPMorgan Funds - Eastern Europe Equity FundSchedule of Investments (Market Value Expressed in EUR) (continued)

As at 30 June 2008

Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets


Shares and Warrants

RUSSIA203,680 Chelyabinsk Zink Plant 1,731,280 0.1635,283 Chelyabinsk Zink Plant GDR 276,972 0.03513,061 Cherkizovo Group Registered Shares GDR 7,788,266 0.711,210,545 Comstar United Telesystems GDR 12,395,981 1.13688,010 DIXY Group 10,320,150 0.95296,059 Gazpromneft ADR 11,886,769 1.092,394,000 Lenenergo 4,598,736 0.42475,118 Magnit OAO 22,211,766 2.03

760 Magnit OAO Registered Shares GDR 8,208 0.002,048,811 Magnitogorsk Iron & Steel Works Registered Shares

GDR 35,710,776 3.27475,857 Mechel ADR 23,507,336 2.151,875,760 MMC Norilsk Nickel ADR 47,306,667 4.33322,530 Mobile Telesystems ADR 24,931,569 2.2819,503 Novolipetsk Steel Registered Shares GDR 1,107,770 0.1092,499 Novolipetsk Steel Registered Shares GDR 5,249,318 0.4856,060 OAO Pharmacy Chain 36.6 2,256,415 0.209,433 Open Investments 3,491,268 0.32

352,645 RBC Information Systems 2,997,482 0.27109,095 RBC Information Systems ADR 3,818,325 0.351,686,835 RTM 3,278,477 0.3022,849,183 Sberbank 72,660,402 6.63154,298 Severstal 4,058,037 0.37528,111 Severstal Registered Shares GDR 13,752,010 1.26171,656 Severstal-Avto 10,127,704 0.93303,535 Sistema JSFC Registered Shares GDR 9,130,333 0.84792,497 Sistema-Hals Registered Shares GDR 5,468,229 0.50859,711 Sitronics Registered Shares GDR 5,407,582 0.49184,638 Tatneft Registered Shares GDR 27,834,179 2.55

373,312,007 34.14

SOUTH AFRICA2,442,901 African Bank Investments 7,444,028 0.68413,228 African Rainbow Minerals 14,666,128 1.3466,530 Anglo Platinum 11,525,163 1.05115,808 AngloGold Ashanti ADR 3,936,314 0.36627,449 ArcelorMittal South Africa 18,274,630 1.671,611,651 Aveng 11,974,122 1.09772,068 Distribution and Warehousing Network 1,232,013 0.114,215,207 FirstRand 7,194,490 0.66763,444 Impala Platinum Holdings 31,040,069 2.84646,967 Massmart Holdings 5,048,777 0.462,618,398 MTN Group 42,467,826 3.88414,791 Naspers - N Shares 9,134,150 0.847,728,815 Netcare 7,301,201 0.67703,462 Sasol 42,161,561 3.861,360,580 Standard Bank Group 13,297,675 1.223,410,350 Steinhoff International Holdings 7,061,541 0.65

233,759,688 21.38

ISRAEL2,257,600 Bank Hapoalim 9,928,324 0.91

8,950 Israel 13,854,621 1.271,665,556 Israel Chemicals 38,435,908 3.511,158,242 Teva Pharmaceutical Industries ADR 52,624,725 4.81

114,843,578 10.50

TURKEY1,784,631 Eregli Demir ve Celik Fabrikalari 14,403,332 1.323,122,566 KOC Holding 8,502,320 0.78464,600 Reysas Logistics 1,912,713 0.18867,583 Tekfen Holding 6,648,417 0.61575,162 Tupras Turkiye Petrol Rafine 13,011,654 1.191,253,454 Turk Telekomunikasyon 4,169,154 0.38230,415 Turkcell Iletisim Hizmet ADR 3,331,801 0.312,734,232 Turkiye Garanti Bankasi 6,285,847 0.571,898,900 Turkiye Halk Bankasi 8,901,215 0.812,530,459 Turkiye Is Bankasi - C Shares 8,292,867 0.76

75,459,320 6.91

POLAND29,016 Bank Pekao 2,247,026 0.2055,820 Bank Pekao Registered Shares GDR 4,322,854 0.39420,347 KGHM Polska Miedz 19,887,428 1.8263,101 KGHM Polska Miedz GDR 6,026,146 0.55265,028 Powszechna Kasa Oszczednosci Bank Polski 5,759,200 0.53625,960 Telekomunikacja Polska 6,194,181 0.57

44,436,835 4.06

UNITED ARAB EMIRATES1,417,480 Arabtec Holding 6,251,801 0.573,639,540 Depa 5,168,147 0.477,641,537 DP World 6,571,722 0.604,317,798 Emaar Properties 12,754,552 1.17

30,746,222 2.81


28,250,242 2.58

UNITED KINGDOM158,043 Anglo American 11,056,191 1.011,234,621 Hikma Pharmaceuticals 12,311,332 1.13

23,367,523 2.14

NETHERLANDS ANTILLES2,037,780 Merrill Lynch - Aldar Properties

- Warrants 12.01.10 6,900,127 0.63100,136 Merrill Lynch - Commercial

Bank of Qatar - Warrants 25.04.10 4,070,346 0.37760,837 Merrill Lynch - First Gulf Bank -

Warrants 07.10.10 5,530,573 0.5195,272 Merrill Lynch - Qatar National

Bank - Warrants 26.07.10 6,005,197 0.55

22,506,243 2.06


13,738,210 1.26

BERMUDA481,832 EastPharma Registered Shares GDR 3,348,732 0.316,789,451 West Siberian Resources SDR 9,283,094 0.85

12,631,826 1.16

CAYMAN ISLANDS468,891 Eurasia Drilling Registered Shares GDR 12,191,166 1.11

12,191,166 1.11


12,090,290 1.11

KAZAKHSTAN307,157 Halyk Savings Bank of Kazakhstan Registered Shares

GDR 4,699,502 0.43316,605 Zhaikmunai Registered Shares GDR 4,749,075 0.43

9,448,577 0.86

EGYPT133,017 Orascom Telecom Holding Registered Shares GDR 8,552,993 0.78

8,552,993 0.78


5,518,155 0.50

LUXEMBOURG295,361 Kernel Holding 5,200,311 0.48

5,200,311 0.48

GERMANY169,095 Deutsche Bank - Arab Bank -

Warrants 22.01.18 5,171,896 0.47

5,171,896 0.47

ISLE OF MAN1,305,055 Kazakhstan Kagazy Registered Shares GDR 4,371,934 0.40

4,371,934 0.40

UNITED STATES OF AMERICA161,600 CTC Media 3,988,288 0.36

3,988,288 0.36

62

JPMorgan Funds - Emerging Europe, Middle East and Africa Equity FundSchedule of Investments (Market Value Expressed in USD)

As at 30 June 2008

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

BRITISH VIRGIN ISLANDS1,802,373 European Minerals 1,761,190 0.16

1,761,190 0.16


112,822 0.01

Total Shares and Warrants 1,041,459,316 95.24


1,041,459,316 95.24


Investment Funds

LUXEMBOURG32,245,889 JPMorgan Liquidity Funds - US Dollar Liquidity

Fund (JPM US Dollar Liquidity X (dist.)) 32,245,889 2.94

32,245,889 2.94



32,245,889 2.94


Cash 3,163,907 0.29


Total Net Assets 1,093,563,689 100.00


Shares and WarrantsMaterials 28.69Financials 23.74Energy 14.04Telecommunication Services 10.17Health Care 7.12Consumer Staples 3.69Consumer Discretionary 3.35Investment Companies 2.94Industrials 2.91Information Technology 1.11Utilities 0.42

Total Shares and Warrants 98.18Cash and Other Assets/(Liabilities) 1.82

Total 100.00


Shares and WarrantsFinancials 31.29Materials 17.37Telecommunication Services 12.80Health Care 8.96Energy 8.21Industrials 5.96Consumer Discretionary 5.93Investment Companies 2.94Utilities 2.67Consumer Staples 1.59Information Technology 1.44


Total 100.00

63

JPMorgan Funds - Emerging Europe, Middle East and Africa Equity FundSchedule of Investments (Market Value Expressed in USD) (continued)

As at 30 June 2008

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets


Shares and Warrants

BRAZIL272,753 All America Latina Logistica 3,517,130 1.35259,748 Cia Vale do Rio Doce ADR 7,761,270 2.98316,320 Localiza Rent A CAR 3,582,704 1.38222,500 MMX Mineracao e Metalicos 6,844,006 2.63

54 OGX Petroleo e Gas Participacoes 43,981 0.01190,720 Petroleo Brasileiro ADR 11,027,430 4.2424,222 Unibanco - Uniao de Bancos Brasileiros GDR 3,068,685 1.1859,140 Usinas Siderurgicas de Minas Gerais Preference A

Shares 2,962,474 1.14371,715 Weg 4,662,619 1.79

43,470,299 16.70

RUSSIA52,050 LUKOIL ADR 5,126,925 1.9747,083 Magnitogorsk Iron & Steel Works Registered Shares

GDR 820,657 0.32106,124 Mobile Telesystems ADR 8,203,385 3.1553,145 OAO Gazprom ADR 3,098,354 1.19

2,914,890 Sberbank 9,269,350 3.56

26,518,671 10.19

HONG KONG102,963 China Mobile ADR 6,870,721 2.641,694,000 China Overseas Land & Investment 2,675,754 1.0344,851 CNOOC ADR 7,750,701 2.98

1,844,000 Fushan International Energy Group 1,418,516 0.54

18,715,692 7.19

INDIA366,430 Bharti Airtel 6,154,096 2.36236,726 Jain Irrigation Systems 2,688,903 1.0349,440 Larsen & Toubro 2,515,114 0.97211,255 Ranbaxy Laboratories 2,572,987 0.99548,890 Suzlon Energy 2,760,107 1.06

16,691,207 6.41

SOUTH AFRICA396,488 MTN Group 6,430,643 2.47101,666 Sasol 6,093,289 2.34

12,523,932 4.81

UNITED ARAB EMIRATES3,281,701 DP World 2,822,263 1.083,046,700 Emaar Properties 8,999,794 3.46

11,822,057 4.54

MEXICO152,371 America Movil SAB ADR - L Shares 7,988,812 3.0852,238 Desarrolladora Homex SAB ADR 3,122,788 1.20

11,111,600 4.28

CHINA1,432,000 China National Building Material - H Shares * 2,753,952 1.0610,506,000 Industrial & Commercial Bank of China - H Shares * 7,179,376 2.76

9,933,328 3.82

ISRAEL207,762 Teva Pharmaceutical Industries ADR 9,439,666 3.63

9,439,666 3.63

TURKEY115,314 BIM Birlesik Magazalar 4,300,832 1.66129,880 Tupras Turkiye Petrol Rafine 2,938,222 1.13

7,239,054 2.79

NETHERLANDS366,500 BNP Paribas - Parkson Retail

Group - Warrants 18.05.09 2,673,690 1.03183,687 Morgan Stanley - Warrants 19.09.08 4,040,180 1.55

6,713,870 2.58

EGYPT46,460 Orascom Construction Industries GDR 6,353,405 2.44

6,353,405 2.44

UNITED KINGDOM308,200 Hikma Pharmaceuticals 3,073,293 1.183,451,200 Itacare Capital Investments 3,261,384 1.25

6,334,677 2.43

SOUTH KOREA10,270 Lotte Shopping 3,055,497 1.189,810 Samsung Electronics GDR 144A 2,874,330 1.10

5,929,827 2.28

BERMUDA1,571,800 Noble Group 2,715,080 1.044,098,000 Peace Mark Holdings 2,847,694 1.10

5,562,774 2.14

GERMANY2,506,162 Deutsche Bank - FU JI Food and

Catering Services Holdings -Warrants 31.10.08 3,887,939 1.49

3,887,939 1.49

LUXEMBOURG27,570 Evraz Group Registered Shares GDR 3,232,583 1.24

3,232,583 1.24

TAIWAN278,894 Taiwan Semiconductor Manufacturing ADR 3,039,945 1.17

3,039,945 1.17

SINGAPORE737,000 Wilmar International 2,741,167 1.05

2,741,167 1.05

CAYMAN ISLANDS37,000 Parkson Retail Group 269,921 0.10

269,921 0.10

Total Shares and Warrants 211,531,614 81.28


211,531,614 81.28


Investment Funds



7,819,346 3.00



7,819,346 3.00


Cash 33,177,501 12.75



* Hong Kong Registered Shares.

64

JPMorgan Funds - Emerging Markets Alpha Plus FundSchedule of Investments (Market Value Expressed in USD)

As at 30 June 2008

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets


Shares and WarrantsFinancials 15.83Energy 13.86Telecommunication Services 13.70Industrials 11.17Materials 10.94Health Care 5.80Consumer Discretionary 5.00Investment Companies 3.00Consumer Staples 2.71Information Technology 2.27


Total 100.00


Shares and WarrantsFinancials 29.35Industrials 22.54Consumer Staples 8.24Consumer Discretionary 7.95Health Care 7.95Energy 7.24Telecommunication Services 4.85Investment Companies 2.96Utilities 2.37Information Technology 2.26Materials 2.23


Total 100.00

65

JPMorgan Funds - Emerging Markets Alpha Plus FundSchedule of Investments (Market Value Expressed in USD) (continued)

As at 30 June 2008

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

JPMorgan Funds - Emerging Markets Alpha Plus FundSchedule of Investments - Outstanding Option on Futures Contracts (Expressed in USD)

As at 30 June 2008

ExpirationDate


MarketValue


17-Jul-08 1,529 Taiwan Stock Exchange, Call Option, Strike Price 345 USD 7,047 (284,043)30-Jul-08 90 Hang Seng Index, Put Option, Strike Price 22000 USD 461,438 120,49113-Aug-08 291 Sao Paulo Stock Exchange Bovespa Future Index, Put Option, Strike Price 66,000 USD 648,870 177,54921-Aug-08 420 Taiwan Stock Exchange, Put Option, Strike Price 7,800 USD 224,580 (16,487)18-Sep-08 156 FTSE/JSE Shareholder Weighted TOP40 Index, Put Option, Strike Price 29,000 USD 293,960 17,077

Total 1,635,895 14,587


ExpirationDate


NotionalValue


Equity Futures

Jul-08 (280) H-Shares Index Future HKD (21,350,821) 665,923Jul-08 (1,167) SGX CNX Nifty Index Future USD (9,242,640) 464,466

Total 1,130,389

Schedule of Investments - Outstanding Total Return Swaps (Expressed in USD) (please refer to note 2h)

TerminationDate Counterparty Sub-Fund Pays Sub-Fund Receives Currency

NotionalAmount

MarketValue


24-Jul-08 Merrill Lynch Emerging Markets Small Cap Index Quarterly Return of USD LIBOR 3 months+ 350bps

USD29,292 1,332,718 1,332,718

15-Aug-08 UBS MSCI Emerging Market Mid Cap exIndia Gross Return Index

Quarterly Return of USD LIBOR 3 months+ 320bps

USD302,000 4,311,658 4,311,658

22-Aug-08 UBS MSCI 16 Country Basket Quarterly Return of USD LIBOR 3 months+ 175bps

USD13,200 1,582,797 1,582,797

22-Aug-08 UBS MSCI 16 Country Basket Quarterly Return of USD LIBOR 3 months+ 175bps

USD13,000 486,238 486,238

15-Aug-08 UBS MSCI Emerging Market Mid Cap exIndia Gross Return Index

Quarterly Return of USD LIBOR 3 months+ 320bps

USD146,000 665,703 665,703

Total 8,379,114 8,379,114

66


Bonds

BRAZIL930,000 Banco Nacional de

Desenvolvimento Economico eSocial 16.06.18/6.369% 589,400 0.29

5,500,000 Brazil (Republic of) 15.01.18/8.000% 3,881,840 1.90900,000 Brazil (Republic of) 14.10.19/8.875% 715,089 0.35

14,134,000 Brazil (Republic of) 05.01.22/12.500% 5,592,448 2.743,080,000 Brazil (Republic of) 04.02.25/8.750% 2,463,102 1.211,512,000 Brazil (Republic of) 15.05.27/10.125% 1,367,838 0.679,661,000 Brazil (Republic of) 06.03.30/12.250% 10,421,415 5.115,213,000 Brazil (Republic of) 20.01.34/8.250% 4,091,905 2.016,198,000 Brazil (Republic of) 20.01.37/7.125% 4,365,840 2.142,400,000 Brazil (Republic of) 17.08.40/11.000% 2,012,383 0.99

35,501,260 17.41

VENEZUELA4,857,900 Petroleos de Venezuela 12.04.17/5.250% 2,122,874 1.043,369,000 Venezuela (Republic of) 15.08.18/13.625% 2,591,949 1.273,352,800 Venezuela (Republic of) 07.05.23/9.000% 1,864,496 0.923,661,000 Venezuela (Republic of) 21.04.25/7.650% 1,817,333 0.898,641,200 Venezuela (Republic of) 07.05.28/9.250% 4,857,680 2.389,889,000 Venezuela (Republic of) 13.01.34/9.375% 5,624,625 2.76

18,878,957 9.26

RUSSIA5,330,000 Russia (Republic of) 24.06.28/12.750% 5,986,644 2.9415,843,725 Russia (Republic of) 31.03.30/7.500%* 11,261,149 5.52

17,247,793 8.46

LUXEMBOURG2,970,000 ALROSA Finance 17.11.14/8.875% 1,987,263 0.982,550,000 Gaz Capital 13.02.18/6.605% 2,297,391 1.133,465,000 Gaz Capital 16.08.37/7.288% 2,015,124 0.998,134,895 Gazprom International 01.02.20/7.201% 5,167,576 2.531,855,000 RSHB Capital SA for OJSC

Russian Agricultural Bank 16.05.13/7.175% 1,175,617 0.581,410,000 RSHB Capital SA for OJSC

Russian Agricultural Bank 14.01.14/7.125% 884,606 0.432,120,000 RSHB Capital SA for OJSC

Russian Agricultural Bank 29.05.18/7.750% 1,317,355 0.653,000,000 VTB Capital 30.06.35/6.250% 1,756,672 0.86

16,601,604 8.15

ARGENTINA7,500,000 Argentina (Republic of) 03.08.12/3.092%* 2,554,976 1.256,495,000 Argentina (Republic of) 03.01.16/2.000%* 1,688,911 0.835,811,004 Argentina (Republic of) 04.02.18/2.000%* 1,349,008 0.668,790,993 Argentina (Republic of) 31.12.33/5.830%* 1,915,609 0.944,150,916 Argentina (Republic of) 31.12.33/8.280% 2,028,831 0.997,060,000 Argentina (Republic of) 15.12.35/1.262%* 549,268 0.2723,365,000 Argentina (Republic of) 15.12.35/0.000%* 1,480,719 0.7311,765,000 Argentina (Republic of) 31.12.38/0.630%* 798,417 0.391,020,000 Argentina Nobac 10.02.10/11.258%* 218,587 0.11

12,584,326 6.17

UNITED KINGDOM2,950,000 Barclays Bank 07.04.10/0.000%* 1,573,757 0.771,955,000 CSFB (City of Kiev Ukraine) 26.11.12/8.250% 1,209,658 0.599,138,000 CSFB International (EXIM

Ukraine) 07.09.11/7.650% 5,655,408 2.77682,000 CSFB International (EXIM

Ukraine) 04.10.12/6.800% 404,142 0.203,520,000 Deutsche Bank 20.07.18/0.000%* 2,862,489 1.40

11,705,454 5.73

IRELAND64,000,000 Depfa Bank 15.06.15/0.000% 1,999,030 0.9780,884,632 Red Arrow International

Leasing 30.06.12/8.375% 2,174,462 1.077,165,000 TransCapitalInvest Ltd for

OJSC AK Transneft 05.03.14/5.670% 4,274,884 2.10

8,448,376 4.14

BAHAMAS17,020,000 Crédit Suisse 19.01.11/0.000%* 8,028,168 3.94

8,028,168 3.94

PERU4,326,970 IIRSA Norte Finance 30.05.24/8.750% 3,084,915 1.502,600,000 Peru (Republic of) 21.07.25/7.350% 1,853,753 0.911,730,000 Peru (Republic of) 21.11.33/8.750% 1,419,785 0.702,522,000 Peru (Republic of) 14.03.37/6.550% 1,625,047 0.80

7,983,500 3.91

PHILIPPINES5,204,000 Philippines (Republic of) 15.01.14/8.250% 3,561,786 1.744,500,000 Philippines (Republic of) 14.01.31/7.750% 2,973,003 1.46

6,534,789 3.20

UNITED STATES OF AMERICA15,265,000 HSBC Bank 01.01.17/0.000%* 5,314,189 2.60255,000 Lehman Brothers Holdings 03.01.12/10.000% 94,909 0.05

5,409,098 2.65

MEXICO500,000 United Mexican States 19.12.13/8.000% 29,554 0.018,690,000 United Mexican States 18.12.14/9.500% 548,952 0.2819,000,000 United Mexican States 05.12.24/10.000% 1,251,281 0.615,000,000 United Mexican States 11.01.40/6.050% 3,085,649 1.51

4,915,436 2.41

ECUADOR5,300,000 Ecuador (Republic of) 15.08.30/10.000%* 3,269,780 1.60

3,269,780 1.60

URUGUAY26,540,000 Uruguay (Republic of) 14.09.18/5.000% 1,106,629 0.5465,500,000 Uruguay (Republic of) 26.06.37/3.700% 2,093,276 1.03

3,199,905 1.57

NETHERLANDS4,980,000 KazMunaiGaz Finance 02.07.18/9.125% 3,146,461 1.54

3,146,461 1.54

GABONESE REPUBLIC2,775,000 Gabonese (Republic of) 12.12.17/8.200% 1,837,748 0.90

1,837,748 0.90

UKRAINE2,085,000 Ukraine (Government of) 21.11.16/6.580% 1,168,588 0.571,200,000 Ukraine (Government of) 14.11.17/6.750% 667,816 0.33

1,836,404 0.90

COSTA RICA2,181,000 Costa Rica (Republic of) 01.08.20/9.995% 1,817,558 0.89

1,817,558 0.89

GUATEMALA2,275,000 Guatemala (Republic of) 06.10.34/8.125% 1,658,006 0.81

1,658,006 0.81

COLOMBIA3,261,000,000 Colombia (Republic of) 22.10.15/12.000% 1,068,531 0.53

630,000 Colombia (Republic of) 27.01.17/7.375% 436,003 0.21

1,504,534 0.74

INTERNATIONAL AGENCIES37,732,000 International Bank for

Reconstruction & Development 15.04.17/3.400% 1,228,572 0.60

1,228,572 0.60

EGYPT9,500,000 Arab Republic of Egypt 18.07.12/8.750% 1,090,317 0.53

1,090,317 0.53

TURKEY2,000,000 Turkey (Republic of) 17.03.36/6.875% 1,053,646 0.52

1,053,646 0.52

GUATEMALA1,050,000 Guatemala (Republic of) 08.11.11/10.250% 754,081 0.37

754,081 0.37

67

JPMorgan Funds - Emerging Markets Debt FundSchedule of Investments (Market Value Expressed in EUR)

As at 30 June 2008

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

CAYMAN ISLANDS1,065,000 Petrobras International Finance 01.03.18/5.875% 653,002 0.32

653,002 0.32

GERMANY987,000 Dresdner (EXIM Ukraine) 23.09.09/7.750% 631,018 0.31

631,018 0.31

PANAMA865,000 Panama (Republic of) 15.03.15/7.250% 593,541 0.29

593,541 0.29

EL SALVADOR869,000 El Salvador (Republic of) 15.06.35/7.650% 575,497 0.28

575,497 0.28

BERMUDA1,020,000 BW Group 28.06.17/6.625% 557,935 0.27

557,935 0.27

DOMINICAN REPUBLIC417,160 Dominican Republic 144A 23.01.18/9.040% 273,621 0.13

273,621 0.13

BARBADOS423,000 Barbados (Government of) 05.12.35/6.625% 262,255 0.13

262,255 0.13

TRINIDAD & TOBAGO412,000 Trinidad & Tobago (Republic

of) 17.05.27/5.875% 251,960 0.12

251,960 0.12

Total Bonds 180,034,602 88.25


180,034,602 88.25


Bonds

TRINIDAD & TOBAGO2,000,000 National Gas Co. of Trinidad &

Tobago 15.01.36/6.050% 1,161,602 0.57

1,161,602 0.57

PERU5,323,000 Peru (Republic of) 12.08.37/6.900% 1,078,780 0.53

1,078,780 0.53

IRAQ2,140,000 Iraq (Republic of) 15.01.28/5.800% 983,916 0.48

983,916 0.48

UNITED STATES OF AMERICA740,000 US Treasury 31.12.09/3.250% 474,605 0.23

474,605 0.23

VENEZUELA96,000 Venezuela (Republic of) 15.09.27/9.250% 57,176 0.03

57,176 0.03

Total Bonds 3,756,079 1.84


3,756,079 1.84


Bonds

UNITED STATES OF AMERICA915,000 Citigroup Funding 17.07.08/0.000% 610,419 0.301,900,000 Citigroup Funding 09.10.08/0.000% 1,368,802 0.67985,000 Citigroup Funding 08.01.09/0.000% 652,499 0.321,490,000 Citigroup Funding 17.12.10/0.000%* 977,123 0.481,360,000 Citigroup Funding 07.03.11/0.000%* 837,228 0.411,660,000 Citigroup Funding 03.10.11/0.000%* 907,243 0.446,100,000 Citigroup Funding 12.03.12/0.000%* 3,406,521 1.67785,000 Citigroup Funding 20.06.12/0.000%* 481,164 0.24350,000 Morgan Stanley 144A 05.01.22/12.150% 234,893 0.12

9,475,892 4.65

Total Bonds 9,475,892 4.65



Cash 10,243,629 5.02



* Variable coupon rates are those quoted as at 30 June 2008.


Fixed Income SecuritiesBrazil 17.41Venezuela 9.29Russia 8.46Luxembourg 8.15United States of America 7.53Argentina 6.17United Kingdom 5.73Peru 4.44Ireland 4.14Bahamas 3.94Philippines 3.20Mexico 2.41Ecuador 1.60Uruguay 1.57Netherlands 1.54Guatemala 1.18Gabonese Republic 0.90Ukraine 0.90Costa Rica 0.89Colombia 0.74Trinidad & Tobago 0.69International Agencies 0.60Egypt 0.53Turkey 0.52Iraq 0.48Cayman Islands 0.32Germany 0.31Panama 0.29El Salvador 0.28Bermuda 0.27Dominican Republic 0.13Barbados 0.13

Total Fixed Income Securities 94.74Cash and Other Assets/(Liabilities) 5.26

Total 100.00

68

JPMorgan Funds - Emerging Markets Debt FundSchedule of Investments (Market Value Expressed in EUR) (continued)

As at 30 June 2008

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets


Fixed Income SecuritiesBrazil 12.56Argentina 11.16Venezuela 9.97United States of America 9.61Luxembourg 7.46United Kingdom 6.48Ireland 4.81Russia 4.80Bahamas 4.79Mexico 2.88Netherlands 2.64Peru 2.63Philippines 2.48Colombia 2.16Ukraine 2.02Guatemala 1.27Costa Rica 0.93Uruguay 0.76Trinidad & Tobago 0.71Turkey 0.64Gabonese Republic 0.56Ghana 0.38Cayman Islands 0.35Germany 0.33Bermuda 0.33Barbados 0.31Egypt 0.31El Salvador 0.28Dominican Republic 0.16


Total 100.00

69

JPMorgan Funds - Emerging Markets Debt FundSchedule of Investments (Market Value Expressed in EUR) (continued)

As at 30 June 2008

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

JPMorgan Funds - Emerging Markets Debt FundSchedule of Investments - Outstanding Forward Foreign Exchange Contracts (Expressed in EUR)

As at 30 June 2008



AmountSold


31-Jul-08 EUR 2,714,177 TRY 5,370,000 (30,845)30-Sep-08 EUR 172,000,000 USD 269,524,000 397,522

Total 366,677

Schedule of Investments - Outstanding Financial Futures Contracts (Expressed in EUR)

ExpirationDate


NotionalValue


Bond Futures

Sep-08 (146) US 5 Year Note Future USD (10,225,471) (102,695)Sep-08 274 US 10 Year Note Future USD 19,792,591 210,173Sep-08 44 US Long Bond Future USD 3,232,398 68,017

Total 175,495

70


Shares

BRAZIL7,032,656 Banco Itau Holding Financeira Preference Shares 142,316,792 2.15722,814 Companhia de Bebidas das Americas Preference

Shares ADR 45,660,160 0.6915,431,542 Companhia Vale do Rio Doce ADR 461,094,475 6.982,499,856 Gol Linhas Aereas Inteligentes ADR 28,373,366 0.4311,497,564 Petroleo Brasileiro ADR 664,789,151 10.07

1,342,233,944 20.32

SOUTH AFRICA17,027,223 African Bank Investments 51,885,492 0.7917,569,566 FirstRand 29,987,630 0.454,536,342 Impala Platinum Holdings 184,438,375 2.795,573,901 Massmart Holdings 43,497,405 0.6610,017,415 MTN Group 162,472,563 2.4630,327,777 Netcare 28,649,826 0.438,866,702 RMB Holdings 24,562,442 0.373,789,421 Sasol 227,116,612 3.4420,357,800 Steinhoff International Holdings 42,153,282 0.64

794,763,627 12.03

SOUTH KOREA751,539 Hyundai Mobis 60,797,854 0.921,036,334 Hyundai Motor 70,276,709 1.061,562,602 Kookmin Bank 92,233,814 1.40322,840 KT&G 27,751,289 0.422,401,637 KT&G 144A GDR 102,189,654 1.55209,874 POSCO 109,046,281 1.65460,721 Samsung Electronics Registered Shares GDR 144A 134,991,253 2.04191,230 Shinsegae 102,829,503 1.56

700,116,357 10.60

INDIA3,103,591 ACC 37,977,345 0.579,683,737 Ambuja Cements GDR 16,462,353 0.257,747,063 Bharti Airtel 130,109,889 1.973,458,294 Housing Development Finance 158,226,312 2.401,432,010 Indiabulls Real Estate 9,086,569 0.131,827,589 Indiabulls Real Estate Registered Shares GDR 11,567,019 0.181,677,084 Infosys Technologies 67,825,346 1.031,199,180 Infosys Technologies ADR 51,360,879 0.783,207,778 Reliance Capital 67,438,407 1.026,612,174 Zee Entertainment Enterprises Ltd 30,793,685 0.47

580,847,804 8.80

MEXICO4,392,099 America Movil ADR - L Shares 230,277,751 3.482,820,814 Cemex ADR Participation Certificates 69,081,735 1.051,468,424 Fomento Economico Mexicano ADR 65,153,973 0.9923,791,419 Grupo Financiero Banorte - O Shares 110,360,428 1.6722,628,131 Wal-Mart de Mexico - V Shares 90,389,605 1.37

565,263,492 8.56

RUSSIA1,540,682 Gazprom OAO ADR 89,821,761 1.362,279,286 Mechel ADR 112,596,728 1.7042,548,902 Sberbank 135,305,508 2.051,995,289 Vimpel-Communications ADR 59,778,858 0.91

397,502,855 6.02

TAIWAN28,952,453 HON HAI Precision Industry 142,615,872 2.166,003,765 President Chain Store 19,979,580 0.3142,941,297 Taiwan Semiconductor Manufacturing 91,966,534 1.397,101,111 Taiwan Semiconductor Manufacturing ADR 77,402,110 1.17

331,964,096 5.03

CHINA14,328,000 Anhui Conch Cement - H Shares * 95,799,223 1.4535,269,500 China Merchants Bank - H Shares * 110,786,665 1.6728,448,000 China National Building Material - H Shares * 54,709,797 0.8310,986,000 Tsingtao Brewery - H Shares * 22,367,230 0.34

283,662,915 4.29

HONG KONG20,027,500 China Mobile 269,097,786 4.07

269,097,786 4.07

BERMUDA7,773,800 Esprit Holdings 80,731,028 1.22

114,672,000 GOME Electrical Appliances Holdings 54,397,785 0.8214,752,000 Li & Fung 44,446,838 0.6810,872,826 Yue Yuen Industrial Holdings 25,816,985 0.39

205,392,636 3.11

UNITED ARAB EMIRATES47,111,723 DP World 40,516,082 0.6238,083,128 Emaar Properties 112,495,593 1.70

153,011,675 2.32

EGYPT953,669 Orascom Construction Industries 65,683,874 0.995,027,175 Orascom Telecom Holding 65,381,107 0.99

131,064,981 1.98

INDONESIA76,950,033 Bank Rakyat Indonesia 42,513,830 0.641,813,297 Telekomunikasi Indonesia ADR 58,043,637 0.8826,408,000 Unilever Indonesia 19,310,367 0.29

119,867,834 1.81

LUXEMBOURG1,402,802 Tenaris ADR 102,951,639 1.56

102,951,639 1.56


99,023,930 1.50

CAYMAN ISLANDS54,586,000 Agile Property Holdings 47,589,625 0.7236,336,000 Shimao Property Holdings 41,694,834 0.63

89,284,459 1.35

TURKEY7,026,420 Akbank 24,287,303 0.376,762,615 Anadolu Efes Biracilik Ve Malt Sanayii 58,989,916 0.89

83,277,219 1.26

ISRAEL1,727,658 Teva Pharmaceutical Industries ADR 78,496,141 1.19

78,496,141 1.19

HUNGARY399,439 OTP Bank Registered Shares GDR 32,554,279 0.503,700 Richter Gedeon 802,356 0.01

167,228 Richter Gedeon GDR 35,703,178 0.54

69,059,813 1.05

UNITED KINGDOM853,212 Anglo American 59,794,342 0.91

59,794,342 0.91

CHILE1,244,012 BSCH Chile ADR 53,380,555 0.81

53,380,555 0.81

MALAYSIA3,810,700 British American Tobacco Malaysia 51,606,266 0.78

51,606,266 0.78

ARGENTINA1,316,169 Banco Macro ADR 22,282,741 0.34

22,282,741 0.34

Total Shares 6,583,947,107 99.69


6,583,947,107 99.69

71

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

As at 30 June 2008

Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets


Investment Funds



29,117,181 0.44



29,117,181 0.44


Cash 14,362,047 0.22

Other Assets/(Liabilities) (22,735,886) (0.35)

Total Net Assets 6,604,690,449 100.00



SharesFinancials 21.49Materials 18.18Energy 14.87Telecommunication Services 14.76Consumer Discretionary 8.73Information Technology 8.57Consumer Staples 7.32Industrials 3.60Health Care 2.17Investment Companies 0.44

Total Shares 100.13Cash and Other Assets/(Liabilities) (0.13)

Total 100.00


SharesFinancials 23.86Telecommunication Services 16.88Materials 15.58Energy 10.67Consumer Discretionary 9.70Consumer Staples 7.58Information Technology 7.34Industrials 3.46Health Care 2.98Utilities 1.23Investment Companies 0.75

Total Shares 100.03Bank Overdraft and Other Assets/(Liabilities) (0.03)

Total 100.00

72

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

As at 30 June 2008

Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets


Shares and Warrants

BRAZIL775 Brasil Telecom Participaçoes ADR 55,939 1.161,172 Cia Energetica de Minas Gerais Preference Shares 28,608 0.591,466 Cía Siderúrgica Nacional ADR 65,090 1.368,907 Cia Vale do Rio Doce ADR 320,474 6.672,536 Cia de Transmissao de Energia Eletrica Paulista

Preference Shares 81,619 1.703,276 Eletropaulo Metropolitana Eletricidade de Sao Paulo

Preference B Shares 76,470 1.595,244 Petroleo Brasileiro ADR 370,803 7.732,437 Tele Norte Leste Participaçoes ADR 61,461 1.281,399 Usinas Siderurgicas de Minas Gerais Preference A

Shares 70,079 1.46

1,130,543 23.54

RUSSIA3,253 Gazpromneft ADR 130,608 2.72714 LUKOIL ADR 70,329 1.46507 Mechel ADR 25,046 0.521,807 MMC Norilsk Nickel ADR 45,573 0.95831 Mobile Telesystems ADR 64,236 1.341,270 Novolipetsk Steel Registered Shares GDR 72,072 1.503,680 Gazprom OAO ADR 214,544 4.472,762 Raspadskaya 26,108 0.542,515 Severstal Registered Shares GDR 65,491 1.372,533 Surgutneftegaz ADR 28,040 0.58562 Tatneft Registered Shares GDR 84,721 1.7614 Transneft Preference Shares 19,180 0.40

2,110 Vimpel-Communications ADR 63,216 1.32

909,164 18.93

HONG KONG15,500 China Mobile 208,264 4.337,000 Citic Pacific 25,802 0.5439,000 CNOOC 67,103 1.4098,000 Shougang Concord International Enterprises 32,040 0.67

333,209 6.94

INDIA3,610 Bharat Petroleum 18,813 0.3910,291 Hindustan Petroleum 42,199 0.885,780 Indian Oil 44,725 0.931,265 Oil & Natural Gas 24,008 0.502,498 Orbit Corporation 17,776 0.3712,690 Petronet LNG 16,784 0.35721 Sesa GOA 56,836 1.183,137 Tata Steel 54,571 1.14

275,712 5.74

SOUTH AFRICA722 African Rainbow Minerals 25,625 0.532,029 ArcelorMittal South Africa 59,095 1.231,515 Impala Platinum Holdings 61,597 1.281,453 Kumba Iron Ore 58,670 1.221,085 Sasol 65,029 1.36

270,016 5.62

SOUTH KOREA840 Korea Gas 61,135 1.28481 Korea Line 80,856 1.681,290 KT 55,136 1.15

197,127 4.11

TAIWAN2,395 Chunghwa Telecom ADR 61,072 1.2723,852 Feng Hsin Iron & Steel 61,929 1.293,660 Formosa Plastics 8,827 0.1832,000 Tung Ho Steel Enterprise 57,463 1.20

189,291 3.94

CHINA20,000 BYD - H Shares * 25,642 0.5320,000 China COSCO Holdings - H Shares * 48,822 1.0218,000 China Shipping Development - H Shares * 54,002 1.1384,000 China Telecom 45,663 0.95

174,129 3.63

POLAND1,312 KGHM Polska Miedz 62,073 1.2916,335 Polskie Gornictwo Naftowe I Gazownictwo 25,146 0.526,291 Telekomunikacja Polska 62,253 1.30

149,472 3.11

THAILAND2,500 Banpu - NVDR 39,450 0.823,100 PTT (Foreign) 27,980 0.5814,600 PTT Aromatics & Refining (Foreign) 10,036 0.213,300 PTT Exploration & Production (Foreign) 19,035 0.4042,200 Thoresen Thai Agencies (Foreign) 51,710 1.08

148,211 3.09

CZECH REPUBLIC815 CEZ 72,350 1.512,003 Telefonica O2 Czech Republic 64,310 1.34

136,660 2.85

INDONESIA88,500 Bumi Resources 78,616 1.6431,000 Tambang Batubara Bukit Asam 55,075 1.14

133,691 2.78

ISRAEL1,020 Cellcom Israel 34,882 0.7338,145 Oil Refineries 28,319 0.592,817 Partner Communications 67,233 1.40

130,434 2.72

TURKEY2,405 Tupras Turkiye Petrol Rafine 54,407 1.1312,825 Turkcell Iletisim Hizmet 73,710 1.54

128,117 2.67

MEXICO652 America Movil ADR - L Shares 34,184 0.71

25,014 Grupo Mexico - B Shares 57,628 1.203,476 Mexichem 28,657 0.60

120,469 2.51

SWITZERLAND2,305 UBS London - Formosa Plastics

Corp - Warrants 29.03.10 5,559 0.1133,000 UBS London - Taiwan Cellular

Corp - Warrants 01.04.10 61,433 1.2828,000 UBS London - Hung Poo

Construction - Warrants 29.04.10 38,333 0.80

105,325 2.19

GERMANY35,000 Deutsche Bank - Evergreen

Marine - Warrants 30.01.17 27,792 0.5837,000 Deutsche Bank - Far Eastern

Textile - Warrants 01.04.17 48,216 1.00

76,008 1.58

LUXEMBOURG590 Evraz Group Registered Shares GDR 69,178 1.45

69,178 1.45

PHILIPPINES1,018 Philippine Long Distance Telephone ADR 53,740 1.12

53,740 1.12

MALAYSIA54,300 Telekom Malaysia 52,846 1.10

52,846 1.10

73

JPMorgan Funds - Emerging Markets Infrastructure Equity FundSchedule of Investments (Market Value Expressed in USD)

As at 30 June 2008

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

EGYPT688 Mobinil-Egyptian Mobile Services 20,885 0.43

20,885 0.43



4,804,227 100.05


Cash 3,621 0.08





Shares and WarrantsMaterials 32.43Energy 27.40Telecommunication Services 22.47Utilities 7.42Industrials 6.02Financials 2.73Consumer Discretionary 1.58

Total Shares and Warrants 100.05Cash and Other Assets/(Liabilities) (0.05)

Total 100.00


Not applicable: Sub-Fund launched on 28 April 2008

74

JPMorgan Funds - Emerging Markets Infrastructure Equity FundSchedule of Investments (Market Value Expressed in USD) (continued)

As at 30 June 2008

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets


Bonds

BRAZIL15,000 Brazil (Republic of) 01.01.10/10.000% 55,791 1.04205,000 Brazil (Republic of) 01.01.12/10.000% 710,510 13.291,580,000 Brazil (Republic of) 01.01.17/10.000% 523,419 9.7815,000 Brazil (Republic of) 15.05.17/0.000% 95,107 1.78

1,384,827 25.89

MEXICO5,000,000 United Mexican States 19.12.13/8.000% 295,535 5.524,100,000 United Mexican States 18.12.14/9.500% 258,999 4.843,900,000 United Mexican States 05.12.24/10.000% 256,842 4.80

811,376 15.16

TURKEY1,415,000 Turkey (Republic of) 07.03.12/16.000% 636,372 11.8960,000 Turkey (Republic of) 26.09.12/14.000% 24,780 0.46

661,152 12.35

HUNGARY46,000,000 Hungary (Government of) 12.02.09/9.500% 195,761 3.6613,500,000 Hungary (Government of) 12.10.10/6.750% 53,968 1.0137,000,000 Hungary (Government of) 12.06.12/7.250% 145,969 2.73

395,698 7.40

GERMANY380,000 Deutsche Bank/London 20.07.18/0.000%* 309,019 5.77

309,019 5.77

COLOMBIA729,000,000 Colombia (Republic of) 22.10.15/12.000% 238,871 4.46

238,871 4.46

ARGENTINA759,887 Argentina (Republic of) 04.02.18/2.000%* 176,406 3.30197,471 Argentina (Republic of) 31.12.33/5.830%* 43,030 0.80

219,436 4.10

SOUTH AFRICA1,100,000 South Africa (Republic of) 31.08.10/13.000% 90,959 1.701,050,000 South Africa (Republic of) 15.09.15/13.500% 96,503 1.80

187,462 3.50

EGYPT1,400,000 Arab Republic of Egypt 18.07.12/8.750% 160,678 3.00

160,678 3.00

IRELAND4,664,569 Red Arrow International Leasing 30.06.12/8.375% 125,400 2.34

125,400 2.34

POLAND420,000 Poland (Government of) 24.10.15/6.250% 122,734 2.29

122,734 2.29

Total Bonds 4,616,653 86.26


4,616,653 86.26


Bonds

PERU845,000 Peru (Republic of) 12.08.37/6.900% 171,251 3.20

171,251 3.20

UNITED STATES OF AMERICA15,000 US Treasury 31.12.09/3.250% 9,620 0.18

9,620 0.18

Total Bonds 180,871 3.38


180,871 3.38


Bonds

UNITED STATES OF AMERICA156,000 Citigroup Funding 19.10.09/0.000%* 107,487 2.01110,000 Citigroup Funding 17.12.10/0.000%* 72,137 1.3570,000 Citigroup Funding 30.05.11/0.000%* 42,267 0.79151,000 Citigroup Funding 20.06.12/0.000%* 92,555 1.73

314,446 5.88


Total Other Transferable Securities 314,446 5.88


Cash 159,364 2.98





Fixed Income SecuritiesBrazil 25.89Mexico 15.16Turkey 12.35Hungary 7.40United States of America 6.06Germany 5.77Colombia 4.46Argentina 4.10South Africa 3.50Peru 3.20Egypt 3.00Ireland 2.34Poland 2.29


Total 100.00


Not applicable: Sub-Fund launched on 24 January 2008

75

JPMorgan Funds - Emerging Markets Local Currency Debt FundSchedule of Investments (Market Value Expressed in EUR)

As at 30 June 2008

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

JPMorgan Funds - Emerging Markets Local Currency Debt FundSchedule of Investments - Outstanding Forward Foreign Exchange Contracts (Expressed in EUR)

As at 30 June 2008



AmountSold


31-Jul-08 USD 535,922 TRY 690,000 (12,553)

Total (12,553)

76


Shares, Warrants and Rights

CAYMAN ISLANDS196,000 China Milk Products Group 102,290 1.41340,000 Chinasoft International 48,822 0.67196,000 Delta Networks 60,310 0.8394,000 FU JI Food and Catering Services Holdings 145,826 2.02800,000 Heng Tai Consumables Group 102,568 1.4219,000 Himax Technologies ADR 98,040 1.3688,000 HKR International 44,904 0.62456,000 Kingdee International Software Group 93,542 1.29328,000 Samson Holding 49,202 0.68879,000 Semiconductor Manufacturing International 50,150 0.6971,500 Stella International Holdings 128,155 1.7896,000 Truly International Holdings 89,480 1.24206,000 United Laboratories 128,095 1.77

1,141,384 15.78

BERMUDA2,020,000 China LotSynergy Holdings 77,695 1.0788,000 Clear Media 76,721 1.0631,379 Laep Investments BDR 54,148 0.7591,000 People’s Food Holdings 68,896 0.9530,000 Petra Diamonds 62,523 0.8624,000 Shui On Construction and Materials 55,018 0.7645,000 Sino Techfibre 18,358 0.25338,000 Sinolink Worldwide Holdings 48,969 0.69382,000 SRE Group 41,140 0.57249,000 Synear Food Holdings 79,617 1.10

583,085 8.06

SOUTH KOREA15,000 Daou Technology 95,272 1.321,600 GS Home Shopping 103,610 1.432,690 NCSoft 131,032 1.818,846 People & Telecommunication 55,847 0.772,300 Shinsegae Engineering & Construction 58,214 0.8110,470 SL 62,400 0.8615,290 Ssangyong Motor 57,611 0.80

563,986 7.80

BRAZIL10,023 Fertilizantes Heringer 143,711 1.9913,530 Klabin Segall 84,051 1.1610,490 Localiza Rent A CAR 118,812 1.644,170 Odontoprev 107,256 1.482,537 Totvs 84,341 1.17

538,171 7.44

TAIWAN71,000 Compal Electronics 76,731 1.0575,000 Coretronic 79,325 1.1025,000 MJC Probe 58,567 0.8127,000 Simplo Technology 134,333 1.86146,000 Universal Scientific Industrial 76,488 1.06

425,444 5.88

INDIA13,130 Aurobindo Pharma 83,024 1.1519,224 Birla 75,383 1.048,900 Eicher Motors 57,012 0.7933,000 Jyoti Structures 79,378 1.1012,802 Nucleus Software Exports 64,494 0.8951,195 Peninsula Land 60,976 0.84

420,267 5.81

RUSSIA7,537 DIXY Group 113,055 1.5631 Open Investments 11,473 0.16

11,579 RBC Information Systems 98,422 1.3613,349 Sitronics Registered Shares GDR 83,965 1.161,937 Veropharm 107,126 1.48

414,041 5.72

MEXICO76,415 Alsea 100,068 1.3936,580 Corporacion GEO - B Shares 121,780 1.6830,000 Grupo Aeroportuario del Pacifico - B Shares 87,884 1.21

309,732 4.28

SINGAPORE187,200 Food Empire Holdings 82,561 1.14251,000 Hi-P International 102,396 1.4178,000 KS Energy Services 108,361 1.50

293,318 4.05

SOUTH AFRICA45,000 African Bank Investments 137,124 1.8926,896 Distribution and Warehousing Network 42,919 0.5911,634 Massmart Holdings 90,789 1.26

270,832 3.74

TURKEY33,314 Anadolu Cam Sanayii 58,662 0.8140,821 Global Yatirim Holding 25,624 0.3522,233 Reysas Logistics 91,531 1.27104,000 Turk Ekonomi Bankasi 89,023 1.23104,000 Turk Ekonomi Bankasi - Rights 11.07.08 2,544 0.04

267,384 3.70

BRITISH VIRGIN ISLANDS218,476 European Minerals 213,484 2.95

213,484 2.95

HONG KONG89,000 Techtronic Industries 74,968 1.0467,200 Tian An China Investment 47,559 0.669,200 Tian An China Investment -

Warrants 01.02.10 217 0.00

122,744 1.70


121,812 1.68

ARGENTINA4,122 Banco Patagonia BDR 50,954 0.7010,126 BBVA Banco Frances ADR 52,655 0.73

103,609 1.43

KAZAKHSTAN19,000 Alliance Bank Registered Shares GDR 97,470 1.35

97,470 1.35

GEORGIA3,483 Bank of Georgia Registered Shares GDR 81,851 1.13

81,851 1.13

PANAMA2,787 Copa Holdings - A Shares 77,451 1.07

77,451 1.07

CYPRUS20,961 Urals Energy 71,902 0.99

71,902 0.99

UNITED STATES OF AMERICA4,994 China Security & Surveillance Technology 66,370 0.92

66,370 0.92

UNITED KINGDOM58,530 Max Petroleum 64,785 0.90

64,785 0.90

77

JPMorgan Funds - Emerging Markets Small Cap FundSchedule of Investments (Market Value Expressed in USD)

As at 30 June 2008

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

CHINA68,000 Qingling Motors - H Shares * 10,898 0.15

10,898 0.15

Total Shares, Warrants and Rights 6,260,020 86.54


6,260,020 86.54


Cash 979,983 13.55





Shares, Warrants and RightsInformation Technology 19.50Consumer Discretionary 17.64Financials 11.60Consumer Staples 10.35Materials 9.94Industrials 8.62Health Care 4.40Energy 3.39Utilities 1.10

Total Shares, Warrants and Rights 86.54Cash and Other Assets/(Liabilities) 13.46

Total 100.00


Shares and WarrantsInformation Technology 22.53Consumer Discretionary 17.96Financials 16.65Industrials 12.04Consumer Staples 11.50Materials 6.32Health Care 4.60Investment Companies 2.78Energy 1.24


Total 100.00

78

JPMorgan Funds - Emerging Markets Small Cap FundSchedule of Investments (Market Value Expressed in USD) (continued)

As at 30 June 2008

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets


Bonds

GERMANY5,490,000 Germany (Federal Republic of) 04.07.10/5.250% 5,554,851 7.058,200,000 Germany (Federal Republic of) 04.01.11/5.250% 8,324,263 10.564,310,000 Germany (Federal Republic of) 04.01.13/4.500% 4,276,542 5.425,840,000 Germany (Federal Republic of) 04.01.15/3.750% 5,556,576 7.052,390,000 Germany (Federal Republic of) 04.01.17/3.750% 2,247,061 2.851,550,000 Germany (Federal Republic of) 04.01.30/6.250% 1,811,835 2.303,000,000 Germany (Federal Republic of) 04.01.31/5.500% 3,217,497 4.08925,000 Germany (Federal Republic of) 04.07.39/4.250% 835,911 1.06

31,824,536 40.37

ITALY6,600,000 Italy (Republic of) 01.02.13/4.750% 6,532,317 8.295,280,000 Italy (Republic of) 01.08.17/5.250% 5,354,039 6.793,340,000 Italy (Republic of) 01.11.27/6.500% 3,787,176 4.80

15,673,532 19.88

FRANCE4,110,000 France (Government of) 25.04.10/5.500% 4,164,149 5.292,960,000 France (Government of) 25.10.23/4.250% 2,726,771 3.462,615,000 France (Government of) 25.10.38/4.000% 2,216,126 2.812,680,000 France (Government of) 12.07.12/4.500% 2,651,938 3.37

11,758,984 14.93

BELGIUM7,750,000 Belgium (Kingdom of) 28.03.18/4.000% 7,188,741 9.12

7,188,741 9.12

SPAIN4,990,000 Spain (Government of) 31.01.13/6.150% 5,253,312 6.66

5,253,312 6.66

GREECE3,435,000 Greece (Republic of) 22.10.22/5.900% 3,619,424 4.59

3,619,424 4.59

Total Bonds 75,318,529 95.55


75,318,529 95.55


Bonds

FRANCE110,000 French Treasury Bill 31.07.08/0.000% 109,095 0.13

109,095 0.13


Investment Funds

LUXEMBOURG113 JPMorgan Liquidity Funds - Euro Liquidity Fund

(JPM Euro Liquidity X (acc)) 1,510,534 1.92

1,510,534 1.92



1,619,629 2.05


Cash 133,307 0.17




Fixed Income SecuritiesGermany 40.37Italy 19.88France 15.06Belgium 9.12Spain 6.66Greece 4.59

Total Fixed Income Securities 95.68Investment FundsLuxembourg 1.92

Total Investment Funds 1.92Cash and Other Assets/(Liabilities) 2.40

Total 100.00



79

JPMorgan Funds - EU Government Bond FundSchedule of Investments (Market Value Expressed in EUR)

As at 30 June 2008

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

JPMorgan Funds - EU Government Bond FundSchedule of Investments - Outstanding Financial Futures Contracts (Expressed in EUR)

As at 30 June 2008

ExpirationDate


NotionalValue


Bond Futures

Sep-08 (12) Euro-Bund Future EUR (1,325,760) 22,440Sep-08 20 Long Gilt Future GBP 2,639,248 (25,568)

Total (3,128)

80


Bonds

FRANCE1,000,000 Credit Agricole 29.06.09/4.955%* 997,565 0.221,000,000 Dexia Credit Local 13.04.09/4.744%* 994,609 0.212,500,000 GE Capital FCC 18.06.10/5.447%* 2,502,750 0.542,000,000 Société Générale 15.12.08/5.048%* 2,000,000 0.435,000,000 Société Générale 15.04.09/4.897%* 5,000,000 1.08

11,494,924 2.48

UNITED KINGDOM1,500,000 Bank of Scotland 13.10.08/4.844%* 1,498,512 0.321,500,000 Bank of Scotland 29.07.09/5.067%* 1,499,886 0.333,000,000 Barclays Bank 16.01.09/4.953%* 2,998,395 0.652,000,000 RBS 24.09.08/5.109%* 1,999,960 0.432,000,000 RBS 21.11.08/5.038%* 1,999,840 0.43

9,996,593 2.16

IRELAND1,000,000 Allied Irish Banks 29.09.08/5.055%* 996,712 0.224,000,000 GE Capital European Funding 07.08.09/5.157%* 4,003,000 0.861,000,000 GE Capital European Funding 18.09.09/4.995%* 995,408 0.22

5,995,120 1.30

SWEDEN2,000,000 Nordea Bank 26.08.08/4.877%* 2,000,200 0.431,000,000 Svenska Handelsbanken 10.11.08/4.855%* 999,511 0.221,000,000 Swedbank Hypotek 05.12.08/4.854%* 999,578 0.22

3,999,289 0.87

UNITED STATES OF AMERICA1,500,000 Citigroup Funding 02.09.08/4.900%* 1,496,645 0.322,000,000 Merrill Lynch & Co. 08.09.08/4.966%* 2,006,500 0.44

3,503,145 0.76

NETHERLANDS1,000,000 Caixa Finance 10.07.08/4.842%* 999,876 0.222,500,000 Toyota Motor Finance

Netherlands 10.11.08/4.835%* 2,500,213 0.54

3,500,089 0.76

DENMARK1,500,000 Danske Bank 04.07.08/4.736%* 1,499,976 0.33

1,499,976 0.33

CANADA1,000,000 Bank of Nova Scotia 02.11.08/4.857%* 999,872 0.22

999,872 0.22

PORTUGAL1,000,000 Caixa Geral de Depositos 16.11.08/4.773%* 996,700 0.22

996,700 0.22

SPAIN900,000 Banco de Credito Local de

España 24.02.09/4.895%* 894,121 0.19

894,121 0.19

FINLAND500,000 Pohjola Bank 11.10.08/4.495%* 501,150 0.11

501,150 0.11

Total Bonds 43,380,979 9.40


43,380,979 9.40


Commercial Paper

UNITED KINGDOM3,000,000 Amstel Euro Funding 15.07.08/0.000% 2,994,410 0.653,500,000 Amstel Euro Funding 21.07.08/0.000% 3,490,627 0.762,500,000 Amstel Euro Funding 12.08.08/0.000% 2,485,842 0.542,500,000 Amstel Euro Funding 30.09.08/0.000% 2,468,124 0.538,000,000 Banco De Sabadell 30.09.08/0.000% 7,900,756 1.714,000,000 Cancara Asset Securitisation 16.07.08/0.000% 3,992,253 0.86

3,000,000 Honda Finance 31.07.08/0.000% 2,987,782 0.654,000,000 Lake Constance Funding 11.07.08/0.000% 3,994,720 0.863,000,000 Lake Constance Funding 18.07.08/0.000% 2,993,255 0.654,000,000 Nationwide Building Society 15.09.08/0.000% 3,958,569 0.866,000,000 Rheingold Securitisation 04.09.08/0.000% 5,946,937 1.293,500,000 Scaldis Capital 21.07.08/0.000% 3,491,207 0.765,000,000 Scaldis Capital 21.07.08/0.000% 4,987,377 1.081,000,000 Scaldis Capital 30.07.08/0.000% 996,450 0.225,000,000 Thames Asset Global

Securitisation 21.07.08/0.000% 4,987,406 1.08

57,675,715 12.50

IRELAND4,000,000 Allied Irish Banks 15.08.08/0.000% 3,978,957 0.863,500,000 Banesto Financial Products 04.07.08/0.000% 3,498,641 0.764,000,000 Bank ok Ireland 05.08.08/0.000% 3,981,294 0.863,000,000 Ebbets Funding 08.07.08/0.000% 2,997,148 0.653,000,000 Irish Life & Permanent 28.07.08/0.000% 2,989,488 0.652,000,000 Irish Life & Permanent 11.08.08/0.000% 1,989,337 0.432,000,000 Matchpoint Finance 11.08.08/0.000% 1,988,962 0.436,000,000 Matchpoint Finance Public 25.07.08/0.000% 5,981,035 1.295,000,000 Sanpaolo Imi Bank/Ireland 12.08.08/0.000% 4,972,197 1.084,000,000 Totta 02.12.08/0.000% 3,917,542 0.85

36,294,601 7.86

UNITED STATES OF AMERICA4,000,000 Dexia Financial Products 14.07.08/0.000% 3,993,248 0.875,000,000 Fairway Finance 10.07.08/0.000% 4,994,134 1.082,000,000 Galleon Capital 21.07.08/0.000% 1,994,514 0.435,000,000 Galleon Capital 14.08.08/0.000% 4,969,473 1.073,000,000 Lexington Parker Capital 16.07.08/0.000% 2,994,247 0.656,000,000 Procter & Gamble 29.07.08/0.000% 5,977,853 1.304,000,000 Procter & Gamble 27.08.08/0.000% 3,970,656 0.861,000,000 Sheffield Receivable 18.07.08/0.000% 997,745 0.22

29,891,870 6.48

AUSTRALIA2,000,000 Abel Funding 28.07.08/0.000% 1,992,592 0.432,000,000 Abel Funding 01.08.08/0.000% 1,991,489 0.437,000,000 Bank of Scotland/Sydney 11.08.08/0.000% 6,961,974 1.513,000,000 Calyon Australia 16.07.08/0.000% 2,994,458 0.655,000,000 Deutsche/Australia 14.07.08/0.000% 4,991,997 1.093,000,000 ING Bank/Kent Street 17.10.08/0.000% 2,958,086 0.643,000,000 St. George Bank 14.07.08/0.000% 2,994,983 0.652,500,000 Suncorp-Metway 09.07.08/0.000% 2,497,481 0.54

27,383,060 5.94

SWEDEN5,000,000 Nordea Bank 11.07.08/0.000% 4,993,576 1.085,000,000 Stadshypotek 23.09.08/0.000% 4,942,971 1.075,000,000 Svenska Handelsbanken 03.07.08/0.000% 4,998,712 1.084,000,000 Swedbank Mortgage 18.07.08/0.000% 3,991,079 0.87

18,926,338 4.10

BELGIUM6,000,000 DNI ENI Coordination Center 16.07.08/0.000% 5,988,940 1.304,000,000 ENI Coordination Center 01.07.08/0.000% 4,000,000 0.87

9,988,940 2.17

NETHERLANDS5,000,000 ABN Amro Bank 02.07.08/0.000% 4,999,359 1.084,000,000 ING Bank 17.11.08/0.000% 3,927,073 0.85

8,926,432 1.93

MALTA4,000,000 BMW Finance 16.07.08/0.000% 3,992,627 0.874,000,000 BMW Finance 04.07.08/0.000% 3,998,525 0.86

7,991,152 1.73

FRANCE3,000,000 LMA 16.07.08/0.000% 2,994,272 0.655,000,000 LMA 17.07.08/4.600% 4,989,817 1.08

7,984,089 1.73

CAYMAN ISLANDS4,000,000 Silver Tower Funding 07.07.08/0.000% 3,996,936 0.87

3,996,936 0.87

Total Commercial Paper 209,059,133 45.31

81

JPMorgan Funds - Euro Liquid Reserve FundSchedule of Investments (Market Value Expressed in EUR)

As at 30 June 2008

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Certificates of Deposit

FRANCE3,000,000 Banque Fédérative du Crédit

Mutuel 15.09.08/0.000% 2,969,112 0.649,500,000 Caisse Nationale Des Caisses 04.08.08/0.000% 9,458,260 2.059,000,000 Dexia Credit Local 15.07.08/0.000% 8,984,055 1.954,000,000 Natixis 01.07.08/0.000% 4,000,000 0.873,500,000 Natixis 26.11.08/0.000% 3,431,217 0.743,000,000 Société Générale 24.07.08/0.000% 2,991,970 0.65

31,834,614 6.90

UNITED KINGDOM4,000,000 Bank of Scotland 25.07.08/0.000% 3,988,683 0.866,000,000 BSCH/Ludgate Hill 10.11.08/0.000% 5,895,908 1.284,000,000 Lloyds Tsb Bank 14.07.08/4.440% 4,000,000 0.87

13,884,591 3.01

IRELAND2,000,000 Allied Irish Banks 04.07.08/0.000% 1,999,221 0.434,000,000 Bank of Ireland 25.07.08/0.000% 3,988,658 0.861,500,000 Depfa Bank 24.07.08/0.000% 1,495,981 0.33

7,483,860 1.62

CANADA2,000,000 Toronto-Dominion Bank 08.09.08/4.370% 2,000,019 0.435,000,000 Toronto-Dominion Bank 28.11.08/4.890% 5,000,190 1.09

7,000,209 1.52

NETHERLANDS3,000,000 ING Bank 04.08.08/0.000% 2,986,485 0.65

2,986,485 0.65

Total Certificates of Deposit 63,189,759 13.70


272,248,892 59.01


Cash Equivalents

Time Deposits

UNITED KINGDOM30,900,000 Barclays Bank 01.07.08/3.880% 30,900,000 6.7033,500,000 RBS 01.07.08/4.100% 33,500,000 7.26

64,400,000 13.96

CANADA46,000,000 RBC 01.07.08/4.000% 46,000,000 9.97

46,000,000 9.97

NETHERLANDS36,000,000 ING Bank Amsterdam 01.07.08/4.100% 36,000,000 7.80

36,000,000 7.80

Total Time Deposits 146,400,000 31.73

Total Cash Equivalents 146,400,000 31.73

Total Investments plus Total Cash Equivalents 462,029,871 100.14

Cash 135,816 0.03





Fixed Income SecuritiesUnited Kingdom 17.67France 11.11Ireland 10.78United States of America 7.24Australia 5.94Sweden 4.97Netherlands 3.34Belgium 2.17Canada 1.74Malta 1.73Cayman Islands 0.87Denmark 0.33Portugal 0.22Spain 0.19Finland 0.11

Total Fixed Income Securities 68.41Cash Equivalents, Cash and Other Assets/(Liabilities) 31.59

Total 100.00


Fixed Income SecuritiesUnited Kingdom 16.35Ireland 6.49United States of America 6.16France 5.83Sweden 4.00Australia 3.68Netherlands 2.52Spain 2.49Cayman Islands 1.84Portugal 1.00Denmark 0.84Germany 0.67Luxembourg 0.67Jersey 0.67Italy 0.48Canada 0.34Finland 0.17

Total Fixed Income Securities 54.20Cash Equivalents, Cash and Other Assets/(Liabilities) 45.80

Total 100.00

82

JPMorgan Funds - Euro Liquid Reserve FundSchedule of Investments (Market Value Expressed in EUR) (continued)

As at 30 June 2008

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets


Shares

FRANCE6,520 1000mercis 156,415 0.013,384 Acadomia 103,246 0.012,652 AdenClassifieds 38,454 0.0010,186 Air Liquide 846,457 0.06132,292 Alstom 19,260,392 1.353,199 Areva 2,373,594 0.16

244,025 Arkema 8,711,693 0.614,990 Audika 143,463 0.017,589 Avenir Telecom 9,183 0.0030,560 BioMerieux 2,207,654 0.15831,761 BNP Paribas 47,535,141 3.34246,138 Bouygues 10,364,871 0.7359,832 Bureau Veritas 2,243,700 0.159,418 Business & Decision 101,149 0.01

115,413 Casino Guichard Perrachon 8,307,428 0.58103,738 CNP Assurances 7,435,940 0.524,821 Devoteam 101,771 0.012,873 Faiveley 119,230 0.01

1,207,962 France Télécom 22,800,283 1.60710,780 Gaz de France 28,942,962 2.0328,493 Homair 95,167 0.0164,555 IMS-Intl Metal Service 1,387,287 0.10162,510 Lafarge 15,613,961 1.10133,837 Lagardère 4,823,485 0.3410,455 LeGuide.com 141,247 0.0114,659 LISI 833,218 0.0623,433 Oberthur Technologies 102,637 0.0110,742 Outremer Telecom 74,872 0.018,304 Parrot 93,337 0.01

483,216 Peugeot 16,641,959 1.1789,205 Rallye 3,342,511 0.23129,796 Renault 6,794,821 0.481,819 Rubis 98,753 0.01

503,874 Sanofi-Aventis 21,223,173 1.48394,558 Thalès 14,227,761 0.991,647,575 Total 88,721,914 6.22128,657 Unibail-Rodamco 18,745,325 1.3210,955 Vallourec 2,417,659 0.17

1,614,387 Vivendi 38,729,144 2.72114,707 Wendel 7,375,660 0.52

403,286,917 28.30

GERMANY61,991 Allianz Registered Shares 6,872,322 0.48

1,077,128 BASF 46,962,781 3.302,623 Bauer 159,898 0.0173,669 Bayerische Motoren Werke 2,240,274 0.1663,335 Bechtle 1,134,963 0.08195,938 Bilfinger Berger 10,758,956 0.76744,791 Daimler Registered Shares 28,994,714 2.035,021 Demag Cranes 151,634 0.0163,868 Deutsche Bank Registered Shares 3,486,554 0.25221,657 Deutsche Boerse 15,786,411 1.11188,881 Deutsche Lufthansa 2,574,448 0.18501,323 Deutsche Post 8,236,737 0.58321,203 E.ON 41,146,104 2.8932,078 Fuchs Petrolub Preference Shares 1,927,888 0.148,176 Gerry Weber International 163,356 0.01

317,938 Gildemeister 5,621,144 0.39479,606 Hannover Rueckversicherung Registered Shares 14,934,931 1.0547,626 Jungheinrich Preference Shares 843,933 0.0629,405 K+S 10,545,809 0.74136,722 Kloeckner & Co. 4,941,133 0.35210,151 Leoni 5,684,585 0.40147,755 MAN 10,427,070 0.7321,783 Manz Automation 3,566,966 0.25326,711 Muenchener Rueckversicherungs Registered Shares 36,179,976 2.5487,213 Norddeutsche Affinerie 3,000,127 0.2121,336 Phoenix Solar 1,025,408 0.0765,929 Porsche Automobil Holding Preference Shares 6,445,219 0.458,835 Roth & Rau 1,197,143 0.0859,385 Salzgitter 6,907,069 0.48126,867 SAP 4,229,746 0.30255,045 Siemens Registered Shares 17,970,471 1.26152,460 Suedzucker 1,759,388 0.12654,536 ThyssenKrupp 26,135,622 1.83171,337 Vivacon 1,064,003 0.0821,365 Volkswagen 3,845,914 0.27

336,922,697 23.65

SPAIN3,817,208 BBVA 46,760,798 3.285,382,097 BSCH 62,324,683 4.37

7,798 Construcciones y Auxiliar de Ferrocarriles 2,137,042 0.15131,776 Corporacion Financiera Alba 4,882,301 0.3423,846 Laboratorios Farmaceuticos Rovi 224,152 0.02

1,040,393 Mapfre 3,152,391 0.22107,162 Prosegur Companhia de Seguridad Registered Shares 2,955,528 0.21141,078 Red Electrica de España 5,822,289 0.41152,972 Repsol YPF 3,853,365 0.27137,242 Tecnicas Reunidas 7,253,240 0.513,761,007 Telefonica 63,523,408 4.46450,105 Tubacex 3,429,800 0.24178,799 Tubos Reunidos - B Shares 702,680 0.05100,290 Union Fenosa 3,695,687 0.26

210,717,364 14.79

ITALY11,494 Ansaldo STS 108,733 0.01

1,541,466 Assicurazioni Generali 37,257,233 2.61204,972 Brembo 1,358,964 0.10639,406 Buzzi Unicem 10,096,221 0.713,566 Cobra Automotive Technologies 16,564 0.0081,505 Danieli & Co. 1,925,148 0.148,421 DiaSorin 110,989 0.01

5,883,291 Enel 35,829,242 2.512,409,265 ENI 57,075,488 4.001,816,843 Fiat 18,840,662 1.32162,645 Finmeccanica 2,693,401 0.19149,271 Fondiaria-Sai 3,122,749 0.2235,538 Gruppo Coin 112,922 0.01

1,089,965 IFIL - Investments 4,485,206 0.31348,342 Istituto Finanziario Industriale 4,410,010 0.3132,571 Landi Renzo 127,597 0.0126,906 MARR 172,198 0.017,214 Reply 142,116 0.01

143,822 Screen Service Broadcasting Technologies 78,311 0.01151,019 Trevi Finanziaria 2,408,753 0.17

180,372,507 12.66

NETHERLANDS70,640 Bateman Litwin 130,350 0.01238,041 Boskalis Westminster - CVA 8,043,405 0.561,377,820 ING Groep - CVA 27,673,515 1.9476,394 Koninklijke KPN 834,222 0.06428,377 Koninklijke Philips Electronics 9,248,659 0.65428,958 Koninklijke DSM 16,017,292 1.1262,880 Nutreco Holding 2,659,824 0.1963,927 Smit Internationale 3,964,113 0.28377,642 SNS Reaal 4,595,903 0.326,638 Unit 4 Agresso 105,345 0.01

73,272,628 5.14

FINLAND212,091 Konecranes 5,569,510 0.39275,300 Metso 7,925,887 0.552,430,373 Nokia 37,330,529 2.62153,640 Nokian Renkaat 4,698,311 0.33215,546 Outokumpu 4,839,008 0.34233,035 Pohjola Bank 2,586,689 0.18119,087 Wartsila 4,796,824 0.34139,981 YIT 2,229,897 0.16

69,976,655 4.91

BELGIUM27,288 Ackermans & van Haaren 1,753,254 0.12749,677 Belgacom 20,597,376 1.4513,954 Colruyt 2,336,876 0.1614,761 Compagnie d’Entreprises CFE 917,396 0.0632,289 Delhaize Group 1,376,480 0.10160,981 Euronav 4,909,921 0.3422,052 EVS Broadcast Equipement 1,240,866 0.0923,681 Gimv 982,762 0.07326,530 KBC Groep 22,974,651 1.61

57,089,582 4.00

83

JPMorgan Funds - Euroland Equity FundSchedule of Investments (Market Value Expressed in EUR)

As at 30 June 2008

Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets

PORTUGAL489,659 Banco Espirito Santo Registered Shares 4,906,383 0.343,172,353 Energias de Portugal 10,452,903 0.743,611,672 Portugal Telecom Registered Shares 25,949,863 1.82146,246 Semapa-Sociedade de Investimento e Gestao 1,172,893 0.08569,824 Teixeira Duarte - Engenharia Construcoes 529,936 0.04

43,011,978 3.02

LUXEMBOURG549,299 ArcelorMittal 34,599,837 2.43

34,599,837 2.43

GREECE139,591 Alpha Bank 2,680,147 0.1957,238 Coca Cola Hellenic Bottling 990,217 0.07360,603 National Bank of Greece 10,320,458 0.7299,645 OPAP 2,210,126 0.16419,644 Piraeus Bank 7,243,055 0.51

21 Sprider Stores 47 0.00

23,444,050 1.65

AUSTRIA100,042 Immofinanz 660,277 0.0516,685 OMV 833,416 0.065,182 Raiffeisen International Bank Holding 416,011 0.03

198,017 Verbund - Oesterreichische Elektrizitaetswirtschafts -A Shares 11,166,179 0.78

13,075,883 0.92

UNITED KINGDOM28,448 Aero Inventory 202,103 0.0131,200 Brammer 108,639 0.0163,000 Cape 223,348 0.028,683 Chemring Group 257,348 0.0147,800 Connaught 256,759 0.0257,433 Fenner 178,024 0.0144,900 Game Group 162,443 0.0123,154 Imperial Energy 271,570 0.0275,504 International Personal Finance 264,814 0.0218,868 Interserve 109,517 0.0159,700 ITE Group 126,197 0.0133,600 JKX Oil & Gas 219,340 0.0277,359 PV Crystalox Solar 190,657 0.01107,652 Record 141,502 0.0135,100 Regal Petroleum 114,677 0.01158,727 Royal Dutch Shell - A Shares 4,133,251 0.29177,242 Senior 221,774 0.017,900 Spirax-Sarco Engineering 106,637 0.0115,965 WSP Group 105,531 0.01

7,394,131 0.52

IRELAND39,705 FBD Holdings 710,720 0.05293,337 Glanbia 1,361,964 0.1055,068 IFG Group 98,572 0.0199,351 Kerry Group - A Shares 1,878,827 0.1394,309 Paddy Power 1,848,456 0.1266,406 United Drug 231,093 0.02

6,129,632 0.43

SWEDEN9,839 AF - B Shares 175,187 0.0160,842 HIQ International 167,158 0.018,831 Hoganas - B Shares 91,917 0.0127,851 KNOW IT 160,394 0.0112,550 Lindab International 157,481 0.019,259 Peab 40,310 0.0027,107 Peab Industri - B Shares 156,109 0.01

948,556 0.06

ISLE OF MAN47,718 Eros International 167,361 0.0132,100 Lamprell 232,268 0.02

399,629 0.03

SWITZERLAND17,450 Ascom Holding Registered Shares 108,642 0.01196 Gurit Holding - Bearer Shares 117,024 0.01

225,666 0.02

NORWAY16,163 ODIM 173,300 0.01

173,300 0.01

DENMARK5,914 Auriga Industries - B Shares 172,864 0.01

172,864 0.01

Total Shares 1,461,213,876 102.55


1,461,213,876 102.55


Bank Overdraft (64,757,789) (4.54)


Total Net Assets 1,424,908,906 100.00


SharesFinancials 29.04Materials 13.30Industrials 12.11Energy 11.22Consumer Discretionary 10.87Utilities 9.62Telecommunication Services 9.40Information Technology 3.85Health Care 1.69Consumer Staples 1.45


Total 100.00


SharesFinancials 28.16Industrials 13.32Consumer Discretionary 12.21Utilities 9.66Materials 9.30Energy 8.86Telecommunication Services 6.44Information Technology 5.90Consumer Staples 2.97Health Care 2.46Investment Companies 0.47


Total 100.00

84

JPMorgan Funds - Euroland Equity FundSchedule of Investments (Market Value Expressed in EUR) (continued)

As at 30 June 2008

Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets

JPMorgan Funds - Euroland Equity FundSchedule of Investments - Outstanding Financial Futures Contracts (Expressed in EUR)

As at 30 June 2008

ExpirationDate


NotionalValue


Equity Futures

Sep-08 (1,603) DJ Euro Stoxx 50 Index Future EUR (53,924,920) 3,245,420

Total 3,245,420

85


Shares

FRANCE833 Alstom 121,276 2.482,963 Arkema 105,779 2.161,550 Atos Origin 55,118 1.121,639 AXA 30,690 0.632,001 BNP Paribas 114,357 2.3350 Bourbon 1,953 0.04

2,113 Bouygues 88,978 1.82553 Carrefour 19,698 0.401,862 Compagnie Générale des Etablissements Michelin - B

Shares 84,032 1.711,211 Lafarge 116,353 2.373,039 Rhodia Registered Shares 35,222 0.723,630 Sanofi-Aventis 152,896 3.121,814 Société Générale 99,861 2.045,894 Total 317,392 6.476,359 Vivendi 152,552 3.11

1,496,157 30.52

GERMANY3,309 Bayer 175,410 3.581,800 Demag Cranes 54,360 1.1149 Deutsche Bank Registered Shares 2,675 0.05

1,742 E.ON 223,150 4.552,439 Henkel KGaA 57,829 1.183,659 Lanxess 94,512 1.931,431 MAN 100,986 2.061,167 Muenchener Rueckversicherungs Registered Shares 129,234 2.64534 Rheinmetall 24,222 0.491,844 RWE Non Voting Preference Shares 117,592 2.4045 Siemens Registered Shares 3,171 0.06

1,149 ThyssenKrupp 45,880 0.941,501 Wincor Nixdorf 65,894 1.34

1,094,915 22.33

SPAIN8,719 BBVA 106,808 2.1815,700 BSCH 181,806 3.7118,363 Iberdrola 155,718 3.181,900 Telefonica 32,091 0.652,847 Union Fenosa 104,912 2.14

581,335 11.86

NETHERLANDS1,107 Akzo Nobel 48,110 0.98100 Eriks Group - CVA 4,187 0.097,778 ING Groep - CVA 156,221 3.197,656 Koninklijke Ahold 65,191 1.3310,185 Koninklijke KPN 111,220 2.27605 Smit Internationale 37,516 0.764,761 TNT 103,933 2.12

526,378 10.74

ITALY7,885 Azimut Holding 43,880 0.895,390 Banco Popolare Scarl 60,098 1.232,677 Credito Emiliano 14,938 0.30286 ENI 6,775 0.149,577 Fiat 99,313 2.0327,190 Intesa Sanpaolo 98,020 2.005,649 Mediobanca 60,614 1.246,518 UniCredit 25,045 0.51

408,683 8.34

FINLAND13,402 Nokia 205,855 4.2021,892 Ruukki Group 50,789 1.031,080 YIT 17,204 0.35

273,848 5.58

AUSTRIA2,433 OMV 121,528 2.485,787 Telekom Austria 79,745 1.63

201,273 4.11

GREECE1,241 Alpha Bank 23,827 0.491,719 Coca Cola Hellenic Bottling 29,739 0.613,683 Corinth Pipeworks 14,732 0.30

1,780 EFG Eurobank Ergasias 26,878 0.55951 National Bank of Greece 27,218 0.551,579 Piraeus Bank 27,254 0.55

149,648 3.05

PORTUGAL8,083 Portugal Telecom Registered Shares 58,076 1.18

58,076 1.18

LUXEMBOURG400 ArcelorMittal 25,188 0.51

25,188 0.51

IRELAND1,000 Paddy Power 19,600 0.40

19,600 0.40

BELGIUM22 Fortis 227 0.00

227 0.00

Total Shares 4,835,328 98.62


4,835,328 98.62


Cash 71,070 1.45




SharesFinancials 26.20Materials 13.19Utilities 12.27Industrials 11.55Energy 9.13Consumer Discretionary 7.25Information Technology 6.66Telecommunication Services 5.73Consumer Staples 3.52Health Care 3.12


Total 100.00


SharesFinancials 27.00Consumer Discretionary 11.82Utilities 11.55Materials 10.92Energy 9.66Telecommunication Services 8.60Industrials 7.52Information Technology 5.59Health Care 4.06Consumer Staples 3.27


Total 100.00

86

JPMorgan Funds - Euroland Select Equity FundSchedule of Investments (Market Value Expressed in EUR)

As at 30 June 2008

Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets

JPMorgan Funds - Euroland Select Equity FundSchedule of Investments - Outstanding Financial Futures Contracts (Expressed in EUR)

As at 30 June 2008

ExpirationDate


NotionalValue


Equity Futures

Sep-08 2 DJ Euro Stoxx 50 Index Future EUR 67,280 (1,660)

Total (1,660)

87


Shares and Rights

UNITED KINGDOM5,717 Aero Inventory 40,615 0.721,904 AstraZeneca 51,041 0.901,543 BG Group 25,235 0.444,176 BHP Billiton 100,915 1.781,287 Big Yellow Group 4,668 0.0822,361 BP 164,413 2.9032,327 Chaucer Holdings 32,890 0.5812,346 Computacenter 19,427 0.343,404 Dunelm Group 5,830 0.101,091 Eurasian Natural Resources 18,450 0.334,321 Fiberweb 2,247 0.042,866 Game Group 10,369 0.18204 GlaxoSmithKline 2,865 0.05

39,996 HMV Group 63,820 1.133,861 HSBC Holdings 37,819 0.668,689 Inchcape 34,703 0.613,107 Intermediate Capital Group 53,327 0.944,089 Interserve 23,734 0.421,640 Investec 6,348 0.111,239 Keller Group 9,803 0.1719,336 Legal & General Group 24,365 0.4316,515 Lloyds TSB Group 64,602 1.148,849 Managment Consulting Group 3,243 0.0639,819 Melrose 75,993 1.341,452 Morgan Sindall 13,819 0.248,922 Morse 5,638 0.108,130 Prudential 54,460 0.967,016 PV Crystalox Solar 17,291 0.3023,936 RBS 64,513 1.1423,939 Regus Group 24,507 0.431,510 Rio Tinto 114,604 2.02971 Royal Dutch Shell - A Shares 25,268 0.45891 Savills 2,489 0.04

15,556 Sportingbet 6,734 0.122,311 Telecom Plus 8,325 0.153,940 Unilever 70,762 1.253,763 Vanco 3,056 0.05819 Vedanta Resources 22,576 0.407,316 Vodafone Group 13,713 0.24576 Wellstream Holdings 9,500 0.176,179 Wincanton 22,413 0.40

1,356,390 23.91

FRANCE441 Affine 13,975 0.25419 Alstom 61,002 1.08521 Altran Technologies 2,766 0.05521 Altran Technologies - Rights 07.07.08 52 0.0020 Areva 14,840 0.26881 Arkema 31,452 0.55503 Audika 14,461 0.252,850 Avenir Telecom 3,449 0.061,392 BNP Paribas 79,553 1.40324 Boiron 6,742 0.1299 CA Ile de France 5,965 0.11511 Devoteam 10,787 0.194,489 France Télécom 84,730 1.491,604 Gaz de France 65,315 1.1518 Groupe Crit 305 0.01

2,313 IMS-Intl Metal Service 49,706 0.88161 Peugeot 5,545 0.10684 Renault 35,807 0.632,108 Sanofi-Aventis 88,789 1.57276 STEF-TFE 11,564 0.20364 Thalès 13,126 0.232,773 Total 149,326 2.6340 Touax 1,270 0.02

3,284 Vivendi 78,783 1.39867 Wendel 55,748 0.98

885,058 15.60

GERMANY706 Altana 7,681 0.14651 Augusta Technologie 8,587 0.152,050 BASF 89,380 1.58209 Bayer Schering Pharma 21,730 0.38541 Bechtle 9,695 0.17233 Bilfinger Berger 12,794 0.23

1,276 Daimler Registered Shares 49,675 0.881,406 Deutsche Beteiligungs 22,679 0.402,184 Deutsche Lufthansa 29,768 0.52227 E.ON 29,079 0.51416 Gesco 20,987 0.37833 Kloeckner & Co. 30,105 0.531,584 Leoni 42,847 0.76

9 MAN 635 0.01311 Manz Automation 50,926 0.90758 Merck KGAA 68,046 1.20651 Muenchener Rueckversicherungs Registered Shares 72,092 1.27385 Norddeutsche Affinerie 13,244 0.23182 Phoenix Solar 8,747 0.1531 Roth & Rau 4,201 0.07490 SMA Solar Technology 26,974 0.481,534 ThyssenKrupp 61,253 1.08285 Vivacon 1,770 0.03152 XING 5,052 0.09

687,947 12.13

ITALY3,099 Assicurazioni Generali 74,903 1.32143 Biesse 1,549 0.03580 Carraro 2,668 0.05

12,379 Enel 75,388 1.3316 Engineering Ingegneria Informatica 357 0.01

4,479 ENI 106,108 1.874,892 Fiat 50,730 0.893,401 Finmeccanica 56,321 0.99675 IFI-Istituto Finanziario Industriale 8,546 0.151,011 MARR 6,470 0.1112,468 Premuda 17,742 0.31658 Prima Industrie 11,094 0.20658 Prima Industrie - Rights 11.07.08 692 0.018,134 Recordati 40,284 0.716,722 Terna Rete Elettrica Nazionale 17,998 0.321,138 Trevi Finanziaria 18,151 0.32

489,001 8.62

SPAIN178 Baron de Ley 8,663 0.152,225 BBVA 27,256 0.489,722 BSCH 112,581 1.9881 Construcciones y Auxiliar de Ferrocarriles 22,198 0.39

1,227 Corporacion Financiera Alba 45,460 0.80290 Pescanova 8,677 0.15389 Promotora de Informaciones 2,610 0.05269 Red Electrica de España 11,102 0.202,904 Repsol 73,152 1.296,544 Telefonica 110,528 1.95520 Tubacex 3,962 0.07

426,189 7.51

SWITZERLAND167 Adecco Registered Shares 5,266 0.09117 Basler Kantonalbank Participation Certificates 8,428 0.154 Bell Holding Registered Shares 4,688 0.08

146 Daetwyler Holding - Bearer Shares 6,690 0.1210 Galenica Registered Shares 2,280 0.0490 Kuoni Reisen Holding Registered - B Shares 27,694 0.4939 Meyer Burger Technology 7,394 0.13

1,237 Mobilezone Holding - Bearer Shares 5,545 0.10960 Nestlé Registered Shares 27,529 0.49421 Novartis Registered Shares 14,704 0.26256 Roche Holding - Genussschein 28,960 0.51199 Swiss Life Holding Registered Shares 33,452 0.59187 Syngenta Registered Shares 37,983 0.66141 Valartis Group - Bearer Shares 5,087 0.0911 Vetropack Holding - Bearer Shares 16,436 0.29263 Winterthur Technologie Registered - A Shares 10,152 0.18284 Zurich Financial Services 45,795 0.81

288,083 5.08

SWEDEN4,677 Acando 6,623 0.1279 B&B Tools - B Shares 1,171 0.02

3,886 BE Group 23,714 0.424,547 Kinnevik Investment 53,934 0.952,119 Klovern 4,411 0.081,646 KNOW IT 9,479 0.162,273 NCC - B Shares 21,557 0.38

88

JPMorgan Funds - Europe 130/30 FundSchedule of Investments (Market Value Expressed in EUR)

As at 30 June 2008

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

581 Note 3,684 0.0611,663 Peab 50,776 0.904,487 Peab Industri - B Shares 25,841 0.46

201,190 3.55

BELGIUM920 Ackermans & Van Haaren 59,110 1.0492 Atenor Group 3,873 0.0735 Belgacom 962 0.0211 D’ieteren 1,931 0.031 Distrigaz - New D Shares 6,689 0.12

600 Econocom Group 4,872 0.091,111 Euronav 33,886 0.60704 KBC Groep 49,533 0.8749 Omega Pharma 1,311 0.02349 Recticel 3,036 0.0531 Sipef 14,911 0.27

180,114 3.18

NETHERLANDS2,798 New World Resources - A Shares 63,336 1.124,787 Plaza Centers 9,393 0.17377 Randstad Holding 8,335 0.15898 Smit Internationale 55,685 0.981,419 SNS Reaal 17,269 0.30

154,018 2.72

DENMARK313 Auriga Industries - B Shares 9,149 0.161,503 Jyske Bank Registered Shares 57,132 1.011,287 Novo Nordisk - B Shares 53,753 0.9579 PER Aarsleff - B Shares 7,150 0.13

1,410 TK Development 11,532 0.20

138,716 2.45

LUXEMBOURG983 ArcelorMittal 61,929 1.0959 Millicom International Cellular SDR 3,872 0.07

1,512 Oriflame Cosmetics SDR 61,273 1.08

127,074 2.24

NORWAY597 DnB NOR 4,838 0.09405 Kongsberg Gruppen 19,440 0.342,630 Sparebank 1 SR Bank 15,214 0.27835 StatoilHydro 19,832 0.341,182 Yara International 66,093 1.17

125,417 2.21

GREECE15,826 Alapis Holding Industrial and Commercial SA of

Pharmaceutical Chemical & Organisation 27,537 0.49319 Alfa-Beta Vassilopoulos 14,419 0.25188 Bank of Greece 17,381 0.31865 National Bank of Greece 24,756 0.44950 Thessaloniki Water Supply & Sewage 5,852 0.10

89,945 1.59

FINLAND416 Konecranes 10,924 0.19272 Metso 7,831 0.14521 Nokia 8,003 0.14700 Orion - B Shares 8,960 0.16988 Outokumpu 22,181 0.393,021 PKC Group 21,026 0.37

78,925 1.39

AUSTRIA1,346 OMV 67,233 1.19746 Polytec Holding 6,930 0.12

74,163 1.31


23,167 0.40

PORTUGAL1,456 Galp Energia - B Shares 20,282 0.36

20,282 0.36

GIBRALTAR3,819 888 Holdings 6,939 0.12

6,939 0.12

BERMUDA739 Hardy Underwriting Bermuda 2,200 0.04

2,200 0.04

Total Shares and Rights 5,354,818 94.41


5,354,818 94.41


Bank Overdraft (74,385) (1.31)




Shares and RightsFinancials 23.49Industrials 14.56Materials 13.88Energy 11.90Consumer Discretionary 9.28Health Care 7.61Telecommunication Services 3.97Utilities 3.73Consumer Staples 3.72Information Technology 2.27

Total Shares and Rights 94.41Bank Overdraft and Other Assets/(Liabilities) 5.59

Total 100.00


SharesFinancials 25.32Industrials 12.64Consumer Discretionary 10.43Energy 10.06Materials 8.73Health Care 6.08Consumer Staples 5.20Information Technology 5.11Telecommunication Services 3.93Utilities 3.83


Total 100.00

89

JPMorgan Funds - Europe 130/30 FundSchedule of Investments (Market Value Expressed in EUR) (continued)

As at 30 June 2008

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

JPMorgan Funds - Europe 130/30 FundSchedule of Investments - Outstanding Total Return Swaps (Expressed in EUR) (please refer to note 2h)

As at 30 June 2008

Counterparty Description CurrencyMarket

Value


UBS Swap on Basket of Securities - Long DKK (68,548) (68,548)UBS Swap on Basket of Securities - Long SEK 10,518 10,518UBS Swap on Basket of Securities - Long GBP 338,901 338,901UBS Swap on Basket of Securities - Long CHF 100,363 100,363UBS Swap on Basket of Securities - Long NOK 17,682 17,682UBS Swap on Basket of Securities - Long EUR 55,763 55,763

Total 454,679 454,679

90


Bonds

UNITED STATES OF AMERICA400,000 BA Credit Card Trust 17.09.13/5.450% 393,620 0.80670,000 CL Capital Trust I 26.04.12/7.047%* 645,763 1.29455,000 Corrections Corp of Amercia 01.05.11/7.500% 289,672 0.58400,000 Countrywide Financial 17.02.11/5.125% 444,891 0.891,550,000 Countrywide Home Loans 24.11.08/5.305%* 1,519,000 3.03500,000 Dean Holding 15.05.09/6.625% 315,380 0.63550,000 Eurohypo Capital Funding Trust 1 23.05.13/6.445%* 476,913 0.95500,000 Ford Motor Credit 28.10.09/7.375% 299,412 0.60680,000 GMAC 14.01.09/5.850% 389,182 0.78310,000 Merrill Lynch & Co. 12.12.14/5.750% 341,340 0.68500,000 MGM Mirage 01.10.09/6.000% 313,166 0.63300,000 Procter & Gamble 12.05.14/4.500% 286,962 0.571,000,000 Qwest 01.09.11/7.875% 641,431 1.282,300,000 UBS Preferred Funding Trust II 26.06.11/7.247%* 1,453,474 2.901,200,000 Wachovia Capital Trust III 15.03.42/5.800%* 547,861 1.09

8,358,067 16.70

ICELAND2,000,000 Glitnir Banki 08.08.08/5.297%* 1,997,050 3.99600,000 Kaupthing Bank 29.06.09/5.105%* 549,000 1.10900,000 Landsbanki Islands 23.03.15/4.652%* 513,000 1.02

3,059,050 6.11

POLAND1,200,000 Poland (Government of) 05.02.13/4.500% 1,158,635 2.32900,000 Poland (Government of) 01.02.16/3.625% 796,343 1.59

1,954,978 3.91

ITALY250,000 Intesa Sanpaolo 02.03.20/3.750%* 212,265 0.42740,000 Italy (Republic of) 01.08.17/5.250% 750,377 1.501,120,000 Italy (Republic of) 01.02.37/4.000% 894,169 1.79

1,856,811 3.71

GREECE1,720,000 Greece (Republic of) 22.10.22/5.900% 1,812,346 3.62

1,812,346 3.62

CANADA2,430,000 Canada Housing Trust No 1 15.12.12/4.550% 1,560,082 3.12

1,560,082 3.12

SPAIN772,000 Bancaja Emisiones Unipersonal 17.11.14/4.625%* 515,139 1.03200,000 BBVA International Preferred

Unipersonal 19.07.12/7.093%* 226,416 0.45650,000 Cam International Issues

Unipersonal 29.09.16/5.355%* 529,796 1.06240,000 Santander Perpetual Unipersonal 10.12.14/4.375%* 199,867 0.40

1,471,218 2.94

BAHRAIN580,000 BBK 28.06.17/3.551%* 313,809 0.621,100,000 GFH Sukuk 26.07.12/4.157%* 649,634 1.30800,000 Golden Belt 1 Sukuk 15.05.12/3.678%* 448,531 0.90

1,411,974 2.82

UNITED KINGDOM130,000 AWG 21.08.23/6.875%* 166,809 0.34170,000 Clerical Medical Finance 05.11.19/7.375%* 190,309 0.38400,000 Legal & General Group 08.06.25/4.000%* 335,907 0.67300,000 Old Mutual 24.03.20/6.376%* 300,563 0.60400,000 Standard Chartered Bank 03.02.17/3.625%* 355,190 0.71

1,348,778 2.70

FRANCE300,000 Autoroutes du Sud de la France 04.07.22/5.625% 274,279 0.54400,000 France Télécom 28.01.13/7.250% 418,858 0.84850,000 Wendel 09.08.17/4.375% 559,003 1.12

1,252,140 2.50

NETHERLANDS200,000 ASML Holding 13.06.17/5.750% 166,113 0.33490,000 ING Verzekeringen 21.06.21/6.250%* 478,932 0.96200,000 Siemens Financieringsmaatschappij 14.09.66/6.125%* 225,212 0.45

870,257 1.74

HUNGARY900,000 Hungary (Government of) 04.07.17/4.375% 813,405 1.62

813,405 1.62

LUXEMBOURG550,000 Euroclear Finance 2 15.06.15/4.235%* 440,975 0.88250,000 Glencore Finance Europe 11.10.13/5.250% 224,298 0.45

665,273 1.33

SWEDEN6,050,000 Sweden (Kingdom of) 08.10.12/5.500% 658,609 1.32

658,609 1.32

SINGAPORE1,050,000 DBS Bank 16.05.17/5.125%* 648,632 1.30

648,632 1.30

BELGIUM700,000 Fortis Bank 26.09.11/6.500%* 647,208 1.29

647,208 1.29

AUSTRALIA450,000 QBE Insurance Group 28.09.09/5.625% 558,635 1.12

558,635 1.12

BRITISH VIRGIN ISLANDS650,000 C10 - EUR Capital 30.06.17/6.277%* 503,750 1.01

503,750 1.01

NORWAY550,000 Kommunal Landspensjonskasse 11.04.16/5.250%* 467,977 0.93

467,977 0.93

BRAZIL390,000 Banco Bradesco 15.04.14/8.000% 421,980 0.84

421,980 0.84

IRELAND650,000 Hypo Real Estate International

Trust I 14.06.17/5.864%* 411,762 0.82

411,762 0.82

CAYMAN ISLANDS400,000 SMFG Preferred Capital GBP 1 25.01.17/6.164%* 401,187 0.80

401,187 0.80

JERSEY300,000 QBE Capital Funding 18.07.16/6.857%* 327,030 0.65

327,030 0.65

SOUTH AFRICA270,000 South Africa (Republic of) 05.04.16/4.500% 232,443 0.46

232,443 0.46

Total Bonds 31,713,592 63.36


31,713,592 63.36


Bonds

UNITED KINGDOM900,000 Aire Valley Mortgages 2006-1X

2B2 20.09.66/5.192%* 810,255 1.61768,485 Business Mortgage Finance 6 A2 15.08.40/5.046%* 728,832 1.461,570,000 UK Treasury 07.12.42/4.500% 1,940,522 3.88

3,479,609 6.95

UNITED STATES OF AMERICA1,501,555 Countrywide Alternative Loan

Trust 2006-J5 1A1 25.09.36/6.500% 786,802 1.571,190,000 Deutsche Bank Capital Funding

Trust I 30.06.09/7.872%* 759,037 1.52863,000 Huntsman 15.10.10/11.625% 567,589 1.13

2,113,428 4.22

91

JPMorgan Funds - Europe Aggregate Plus Bond FundSchedule of Investments (Market Value Expressed in EUR)

As at 30 June 2008

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

IRELAND500,000 Magellan Mortgages 2 B 18.07.36/5.324%* 474,036 0.95800,000 Titan Europe/Ireland 2006-4FSX

A1 03.09.13/5.808%* 1,001,839 2.00

1,475,875 2.95

FRANCE452,000 French Treasury Bill (i) 31.07.08/0.000% 443,273 0.89149,000 French Treasury Bill (i) 31.07.08/0.000% 146,194 0.29140,000 French Treasury Bill (i) 31.07.08/0.000% 138,537 0.28

728,004 1.46

JERSEY1,100,000 QBE Capital Funding II 144A 01.06.17/6.797%* 590,507 1.18

590,507 1.18

LUXEMBOURG516,788 EMC 4A 30.04.13/5.058%* 493,489 0.98

493,489 0.98

SWITZERLAND800,000 Swiss Re Capital 144A 25.05.16/6.854%* 455,330 0.91

455,330 0.91

Total Bonds 9,336,242 18.65

Investment Funds

LUXEMBOURG0*** JPMorgan Investment Funds - Europe Corporate

Bond Fund (JPM Europe Corporate Bond X (acc)(EUR)) 1 0.00

24,996 JPMorgan Investment Funds - Global High YieldBond Fund (JPM Global High Yield Bond X (acc) -EUR(hedged)) 2,512,839 5.03

0*** JPMorgan Investment Strategies Funds - ManagedCurrency Fund (Euro) (JPM Managed Currency(Euro) Class X ) 3 0.00

203 JPMorgan Investment Strategies Funds - RV4 Fund(Euro) (JPM RV 4 (Euro) X ) 2,049,235 4.09

28,156 JPMorgan Portfolio Strategies Funds II - DistressedDebt Fund (JPM Distressed Debt Fund X - USD) 1,823,933 3.64

6,386,011 12.76



15,722,253 31.41


Cash Equivalent

Time Deposits

NETHERLANDS2,000,000 ING Bank Amsterdam 01.07.08/3.750% 2,000,000 3.99

2,000,000 3.99

CANADA1,000,000 RBC 01.07.08/3.500% 1,000,000 1.99

1,000,000 1.99

Total Time Deposits 3,000,000 5.98

Total Cash Equivalent 3,000,000 5.98

Pricing Adjustment** (607,965) (1.21)

Total Investments plus Total Cash Equivalent 49,827,880 99.54

Cash 1,458,328 2.91



* Variable coupon rates are those quoted as at 30 June 2008.** Please refer to Note 2 a).***Fractional Shares rounded to 0.(i) Security partially or totally held as collateral against futures positions by the broker.


Fixed Income SecuritiesUnited States of America 20.92United Kingdom 9.65Iceland 6.11France 3.96Poland 3.91Ireland 3.77Italy 3.71Greece 3.62Canada 3.12Spain 2.94Bahrain 2.82Luxembourg 2.31Jersey 1.83Netherlands 1.74Hungary 1.62Sweden 1.32Singapore 1.30Belgium 1.29Australia 1.12British Virgin Islands 1.01Norway 0.93Switzerland 0.91Brazil 0.84Cayman Islands 0.80South Africa 0.46Pricing Adjustment (1.21)


Total Investment Funds 12.76Cash Equivalent, Cash and Other Assets/(Liabilities) 6.44

Total 100.00


Fixed Income SecuritiesUnited States of America 18.28United Kingdom 8.34Italy 7.28France 5.89Spain 4.15South Africa 4.11Poland 3.28Iceland 2.93Greece 2.68Ireland 2.31Netherlands 2.07Sweden 1.54Germany 1.53Canada 1.51Hungary 1.41Bahrain 1.39Belgium 1.29Singapore 1.25Jersey 1.23Luxembourg 1.20Cayman Islands 1.03Brazil 0.61United Arab Emirates 0.58British Virgin Islands 0.58South Korea 0.55Australia 0.45Cyprus 0.44Hong Kong 0.39Norway 0.38International Agencies 0.33India 0.32



Total 100.00

92

JPMorgan Funds - Europe Aggregate Plus Bond FundSchedule of Investments (Market Value Expressed in EUR) (continued)

As at 30 June 2008

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

JPMorgan Funds - Europe Aggregate Plus Bond FundSchedule of Investments - Outstanding Forward Foreign Exchange Contracts (Expressed in EUR)

As at 30 June 2008



AmountSold


24-Jul-08 AUD 448,558 JPY 46,107,652 (4,245)24-Jul-08 CAD 124,798 USD 122,773 23324-Jul-08 CAD 643,260 EUR 407,632 (4,920)24-Jul-08 CHF 285,618 USD 273,876 4,31524-Jul-08 CHF 867,683 EUR 538,612 2,39224-Jul-08 EUR 328,307 JPY 54,963,237 (1,841)24-Jul-08 EUR 358,224 CHF 579,695 (3,218)24-Jul-08 EUR 2,037,802 NZD 4,200,714 9,75724-Jul-08 EUR 12,626,615 USD 19,625,839 174,42324-Jul-08 EUR 212,471 ZAR 2,688,195 (3,874)24-Jul-08 EUR 7,692,546 GBP 6,093,445 (4,119)24-Jul-08 GBP 400,000 EUR 506,124 (882)24-Jul-08 JPY 268,489,385 EUR 1,602,750 9,98824-Jul-08 JPY 48,489,486 USD 456,591 1,56524-Jul-08 NOK 11,164,441 EUR 1,397,645 (7,472)24-Jul-08 NZD 661,351 USD 498,144 3,22924-Jul-08 NZD 489,284 JPY 39,934,377 (3,655)24-Jul-08 SEK 4,420,916 EUR 470,563 (3,447)24-Jul-08 USD 130,000 SEK 790,231 (1,014)24-Jul-08 USD 2,847,444 EUR 1,839,987 (33,342)24-Jul-08 USD 254,506 GBP 129,340 (1,891)24-Jul-08 ZAR 2,688,195 USD 334,415 4,165

Total 136,147

Schedule of Investments - Outstanding Option on Futures Contracts (Expressed in EUR)

ExpirationDate


MarketValue


11-Jul-08 44 1 Year Euro$ MIDCV, Call Option, Strike Price 96.000 USD 19,693 5,75111-Jul-08 (88) 1 Year Euro$ MIDCV, Call Option, Strike Price 96.250 USD (19,519) (5,577)11-Jul-08 44 1 Year Euro$ MIDCV, Call Option, Strike Price 96.500 USD 3,834 1,04624-Jul-08 (37) Euro-Schatz Put Option, Strike Price 101.600 EUR (370) 1,48024-Jul-08 37 Euro-Schatz Put Option, Strike Price 102.000 EUR 1,480 (3,700)25-Jul-08 28 US 2 Year Note Future, Call Option, Strike Price 106.750 USD 2,218 (4,090)25-Jul-08 (14) US 2 Year Note Future, Call Option, Strike Price 107.250 USD (555) 2,01022-Aug-08 (6) Euro-Bund Put Option, Strike Price 106.000 EUR (120) 48022-Aug-08 6 Euro-Bund Put Option, Strike Price 107.50 EUR 600 (1,170)15-Sep-08 (13) 3 Month Bank Accept Future, Call Option, Strike Price 96.250 CAD (10,876) (4,981)15-Sep-08 (13) 3 Month Bank Accept Future, Put Option, Strike Price 95.750 CAD (102) 1,93115-Sep-08 37 90 Day Euro$ Future, Call Option, Strike Price 97.750 USD 733 (14,150)15-Sep-08 (37) 90 Day Euro$ Future, Call Option, Strike Price 98.500 USD (147) 5,76115-Sep-08 36 90 Day Euro$ Future, Put Option, Strike Price 96.750 USD 3,993 57015-Sep-08 (72) 90 Day Euro$ Future, Put Option, Strike Price 96.875 USD (9,696) 1,14115-Sep-08 36 90 Day Euro$ Future, Put Option, Strike Price 97.125 USD 9,696 (856)17-Sep-08 36 90 Day Sterling Future, Call Option, Strike Price 93.875 GBP 8,531 1,70617-Sep-08 (28) 90 Day Sterling Future, Call Option, Strike Price 94.000 GBP (3,539) 22117-Sep-08 36 90 Day Sterling Future, Call Option, Strike Price 94.125 GBP 1,991 (1,422)17-Sep-08 (44) 90 Day Sterling Future, Call Option, Strike Price 94.250 GBP (1,738) -15-Dec-08 35 3 Month Euro EURIBOR Future, Call Option, Strike Price 96.250 EUR 875 (17,062)15-Dec-08 (35) 3 Month Euro EURIBOR Future, Call Option, Strike Price 96.875 EUR - 10,50015-Dec-08 44 90 Day Euro$ Future, Call Option, Strike Price 96.625 USD 32,242 14,46515-Dec-08 (66) 90 Day Euro$ Future, Call Option, Strike Price 97.125 USD (20,652) (10,195)15-Dec-08 44 90 Day Euro$ Future, Call Option, Strike Price 97.375 USD 6,971 2,78817-Dec-08 39 3 Month Sterling LIBOR MIDCV, Call Option, Strike Price 94.500 GBP 13,863 (1,232)17-Dec-08 (78) 3 Month Sterling LIBOR MIDCV, Call Option, Strike Price 95.000 GBP (14,171) 3,69717-Dec-08 39 3 Month Sterling LIBOR MIDCV, Call Option, Strike Price 95.250 GBP 4,929 (1,848)17-Dec-08 28 90 Day Sterling Future, Call Option, Strike Price 95.375 GBP 1,106 (7,962)17-Dec-08 51 90 Day Sterling Future, Call Option, Strike Price 95.625 GBP 1,209 (18,129)17-Dec-08 (106) 90 Day Sterling Future, Call Option, Strike Price 96.125 GBP - 14,47918-Mar-09 35 90 Day Sterling Future, Call Option, Strike Price 94.375 GBP 14,930 (4,700)18-Mar-09 195 90 Day Sterling Future, Call Option, Strike Price 94.500 GBP 73,938 (12,370)18-Mar-09 (72) 90 Day Sterling Future, Call Option, Strike Price 95.000 GBP (14,219) 56918-Mar-09 (159) 90 Day Sterling Future, Call Option, Strike Price 95.125 GBP (27,632) 3,83918-Mar-09 (35) 90 Day Sterling Future, Call Option, Strike Price 95.375 GBP (4,424) 55318-Mar-09 36 90 Day Sterling Future, Call Option, Strike Price 95.500 GBP 4,266 569

Total 79,338 (35,888)

93

JPMorgan Funds - Europe Aggregate Plus Bond FundSchedule of Investments - Outstanding Swaptions (Expressed in EUR)

As at 30 June 2008

MaturityDate Counterparty

Long/Short Description Currency

NotionalAmount

MarketValue


21-Jul-08 ANZ Banking Long Interest Rate Swap 22/07/2009 Call Strike 8.000% AUD 3,075,000 1,924 (909)21-Jul-08 ANZ Banking Short Interest Rate Swap 22/07/2009 Call Strike 8.205% AUD (24,600,000) (5,300) 6,03005-Sep-08 ANZ Banking Long Interest Rate Swap 11/12/2008 Put Strike 7.250% AUD 42,700,000 710 (14,131)05-Sep-08 ANZ Banking Short Interest Rate Swap 11/12/2008 Put Strike 7.500% AUD (42,700,000) (2,406) 18,61805-Dec-08 ANZ Banking Long Interest Rate Swap 12/03/2009 Call Strike 8.000% AUD 39,500,000 17,989 (34,954)05-Dec-08 ANZ Banking Short Interest Rate Swap 12/03/2009 Call Strike 8.250% AUD (39,500,000) (11,733) 18,34905-Dec-08 ANZ Banking Short Interest Rate Swap 12/03/2009 Call Strike 8.375% AUD (39,500,000) (9,284) 13,578

Total (8,100) 6,581


ExpirationDate


NotionalValue


Bond Futures

Sep-08 32 Euro Buxl 30 Year Bond Future EUR 2,768,000 (26,240)Sep-08 104 Euro-Bobl Future EUR 10,995,920 (191,644)Sep-08 35 Euro-Bund Future EUR 3,866,800 (34,780)Sep-08 81 Euro-Schatz Future EUR 8,286,705 (20,510)Sep-08 1 Japan 10 Year Bond Future JPY 811,603 8,988Sep-08 2 Canada 10 Year Bond Future CAD 147,420 (413)Sep-08 (34) US 10 Year Note Future USD (2,456,015) (9,689)Sep-08 (23) Long Gilt Future GBP (3,035,135) 39,370Sep-08 (15) US 2 Year Note Future USD (2,006,807) (743)Sep-08 (177) US 5 Year Note Future USD (12,396,632) 14,021Dec-08 1 3 Month Bank Accept Future CAD 151,092 250Mar-09 (25) 3 Month Bank Accept Future CAD (3,771,424) (8,179)

Total Bond Futures(229,569)

Interest Rate Futures

Jul-08 (14) 30 Day Interbank Future AUD (1,950,742) (1,037)Sep-08 (10) 90 Day Bank Bill Future AUD (1,328,548) (3,031)Sep-08 (9) 3 Month Euro Swiss Franc Future CHF (1,360,062) 2,802Sep-08 (30) 90 Day Sterling Future GBP (4,450,461) (3,871)Dec-08 (5) 90 Day Bank Bill Future AUD (663,552) (1,371)Dec-08 (36) 3 Month Euro EURIBOR Future EUR (8,527,050) (2,425)Dec-08 9 3 Month Euro Swiss Franc Future CHF 1,356,700 (5,899)Dec-08 47 90 Day Euro$ Future USD 7,210,320 18,648Mar-09 72 90 Day Sterling Future GBP 10,668,594 9,542Jun-09 90 3 Month Euro Yen Future JPY 13,335,504 112Jun-09 140 90 Day Sterling Future GBP 20,753,335 (65,966)

Total Interest Rate Futures(52,496)

Total (282,065)

Schedule of Investments - Outstanding Credit Default Swaps (Expressed in EUR)

TerminationDate Counterparty Referenced Obligation

Protection Buyer/Seller Currency Nominal

MarketValue


20-Sep-08 Deutsche Bank Gecina 4.785% 25/01/2012 Seller EUR 1,050,000 (3,026) (3,026)20-Sep-08 Deutsche Bank Gecina 4.785% 25/01/2012 Seller EUR 1,350,000 (4,062) (4,062)20-Sep-08 UBS IKB Deutsche Industriebank 4.376% 22/07/2009 Seller EUR 1,450,000 (16,070) (16,070)20-Sep-08 Goldman Sachs Countrywide Home Loans 4.000% 22/03/2011 Seller USD 1,700,000 1,805 1,80520-Sep-08 Barclays IKB Deutsche Industriebank 4.376% 22/07/2009 Seller EUR 803,000 (8,595) (8,595)20-Dec-12 UBS Gas Natural Finance 6.125% 10/02/2010 Buyer EUR 2,400,000 16,393 16,39320-Dec-12 UBS Enel 4.250% 12/06/2013 Seller EUR 2,400,000 (40,096) (40,096)20-Sep-13 UBS France Telecom 7.250% 28/01/2013 Seller EUR 975,000 (5,077) (5,077)20-Sep-13 UBS British Telecommunications 5.750% 07/12/2028 Buyer EUR 975,000 9,298 9,298

Total (49,430) (49,430)

94

JPMorgan Funds - Europe Aggregate Plus Bond FundSchedule of Investments - Outstanding Interest Rate Swaps (Expressed in EUR) (continued)

As at 30 June 2008

TerminationDate Counterparty Description Currency

NotionalAmount

MarketValue


28-Jul-08 BNP Paribas Receive floating rate SEK STINA 12 months SEK 228,500,000 - -Pay fixed rate 4.480%

19-Feb-10 Merrill Lynch Receive fixed rate 3.530% CAD 10,003,330 (6,374) (6,374)Pay floating rate CAD CDOR 6 months

16-Jun-10 Citigroup Receive floating rate JPY TIBOR 6 months JPY 1,601,590,000 45,938 45,938Pay fixed rate 4.550%

15-Dec-10 Bank of Montreal Receive fixed rate 3.570% CAD 9,650,000 (20,629) (20,629)Pay floating rate CAD CDOR 6 months

26-Jan-11 BNP Paribas Receive fixed rate 3.853% CAD 4,000,000 2,444 2,444Pay floating rate CAD CDOR 6 months

23-Oct-11 UBS Receive floating rate NZD OIS 12 months NZD 59,850,000 8,067 8,067Pay fixed rate 7.4325%

23-Oct-11 Westpac Banking Receive floating rate NZD OIS 6 months NZD 9,800,000 254 254Pay fixed rate 8.300%

23-Oct-11 Westpac Banking Receive fixed rate 7.465% NZD 59,850,000 (5,735) (5,735)Pay floating rate NZD OIS 12 months

03-Nov-11 ANZ Banking Receive floating rate NZD NZFMZ 3 months NZD 3,750,000 7,027 7,027Pay fixed rate 7.565%


15-Dec-12 Bank of Montreal Receive floating rate CAD CDOR 6 months CAD 2,600,000 17,453 17,453Pay fixed rate 3.652%

19-Feb-13 Merrill Lynch Receive floating rate CAD CDOR 6 months CAD 3,850,614 (13,309) (13,309)Pay fixed rate 4.038%

23-Jun-13 Goldman Sachs Receive fixed rate 11.700% ZAR 12,800,000 10,353 10,353Pay floating rate ZAR JIBAR 3 months


26-Jan-14 BNP Paribas Receive floating rate CAD CDOR 6 months CAD 1,710,000 (8,464) (8,464)Pay fixed rate 4.550%

11-Jan-15 BNP Paribas Receive floating rate CAD CDOR 6 months CAD 3,320,000 (27,265) (27,265)Pay fixed rate 4.550%

03-Nov-15 ANZ Banking Receive floating rate NZD NZFMZ 3 months NZD 1,850,000 (7,048) (7,048)Pay fixed rate 7.408%

03-Aug-17 Credit Suisse Receive fixed rate 5.733% GBP 5,090,000 55,493 55,493Pay floating rate GBP LIBOR 6 months

11-Jan-20 BNP Paribas Receive fixed rate 4.760% CAD 930,000 13,173 13,173Pay floating rate CAD CDOR 6 months

11-Aug-21 Barclays Receive fixed rate 3.536% GBP 2,060,000 (222,959) (222,959)Pay floating rate GBP UKRPI 12 months

11-Aug-21 RBS Receive floating rate USD HICP 12 months USD 3,420,000 (1,652) (1,652)Pay fixed rate 3.000%

Total (138,306) (138,306)

95


Shares and Rights

UNITED KINGDOM11,460 3i Group 118,915 0.107,427 Aero Inventory 52,764 0.045,551 Anglo American 246,536 0.202,349 Antofagasta 19,535 0.0217,950 AstraZeneca 481,186 0.395,003 Aveva Group 96,998 0.0815,720 Aviva 98,547 0.0853,702 Balfour Beatty 287,613 0.2448,727 Beazley Group 68,668 0.0612,567 BETonSPORTS 2 0.0076,921 BG Group 1,258,019 1.0372,552 BHP Billiton 1,753,256 1.4322,305 Big Yellow Group 80,908 0.07269,936 BP 1,984,748 1.6218,460 British American Tobacco 402,466 0.3395,973 BT Group 240,657 0.2043,763 Carillion 184,325 0.1596,801 Centrica 378,659 0.314,992 Charter 54,071 0.0468,626 Chaucer Holdings 69,822 0.0623,393 Compass Group 111,686 0.0929,894 Cookson Group 236,141 0.1913,063 De La Rue 146,858 0.121,667 Diageo 19,447 0.0213,601 Game Group 49,207 0.046,097 GKN 17,088 0.0132,690 GlaxoSmithKline 459,026 0.38126,024 Hays 144,148 0.12133,362 HMV Group 212,800 0.1779,159 HSBC Holdings 775,372 0.6330,378 Inchcape 121,326 0.1015,327 Intermediate Capital Group 263,066 0.2212,840 Interserve 74,528 0.0670,085 Investec 271,275 0.2220,179 JKX Oil & Gas 131,728 0.1118,581 Keller Group 147,012 0.1228,149 Land Securities Group 439,734 0.36484,326 Legal & General Group 610,297 0.50248,877 Lloyds TSB Group 973,539 0.803,474 Man Group 27,091 0.0247,559 Melrose 90,765 0.0710,631 Micro Focus International 35,371 0.033,267 Morgan Sindall 31,092 0.037,854 Mouchel Group 41,220 0.032,466 National Express Group 29,219 0.027,273 Next 89,441 0.0743,932 Prudential 294,283 0.2426,023 PV Crystalox Solar 64,136 0.0510,170 QinetiQ 25,932 0.02123,506 RBS 332,878 0.271,534 Reckitt Benckiser Group 49,246 0.04

107,782 Regus Group 110,342 0.0910,773 Rio Tinto 817,632 0.6752,376 Royal Dutch Shell - A Shares 1,361,799 1.1115,706 Royal Dutch Shell - B Shares 399,196 0.338,217 Scottish & Southern Energy 145,914 0.127,489 Stagecoach Group 26,219 0.0218,431 Standard Chartered 329,853 0.2749,485 Unilever 888,742 0.735,929 Vedanta Resources 163,435 0.13

213,858 Vodafone Group 400,843 0.322,146 Weir Group 25,346 0.023,512 Wellstream Holdings 57,926 0.0537,872 WM Morrison Supermarkets 125,887 0.108,959 WSP Group 59,220 0.059,817 Xstrata 500,522 0.41

19,605,523 16.02

FRANCE2,560 Alstom 372,710 0.3075 Areva 55,648 0.05654 Arkema 23,348 0.022,357 Beneteau 32,974 0.031,243 BioMerieux 89,794 0.0725,148 BNP Paribas 1,437,208 1.17828 Bouygues 34,867 0.03611 Bureau Veritas 22,912 0.024,619 Casino Guichard Perrachon 332,476 0.278,493 Crédit Agricole 110,324 0.09

42,735 France Télécom 806,623 0.6619,380 Gaz de France 789,154 0.653,355 IMS-Intl Metal Service 72,099 0.063,236 Ipsen 104,717 0.09666 Lafarge 63,989 0.05

18,921 Peugeot 651,639 0.53661 Pierre & Vacances 42,317 0.033,464 Renault 181,340 0.15932 Sa des Ciments Vicat 46,581 0.04

17,522 Sanofi-Aventis 738,027 0.60795 SEB 29,383 0.021,262 Société Générale 69,473 0.062,081 Thalès 75,041 0.0623,952 Total 1,289,815 1.052,242 Unibail-Rodamco 326,659 0.27895 Vallourec 197,518 0.16

36,158 Vivendi 867,430 0.717,906 Wendel 508,356 0.42

9,372,422 7.66

GERMANY4,676 Allianz Registered Shares 518,381 0.424,526 Altana 49,243 0.0434,476 BASF 1,503,154 1.231,161 Bauer 70,775 0.065,939 Bayerische Motoren Werke 180,605 0.152,980 Bechtle 53,402 0.043,696 Bilfinger Berger 202,947 0.173,534 Daimler Registered Shares 137,579 0.113,289 Deutsche Bank Registered Shares 179,547 0.153,625 Deutsche Beteiligungs 58,471 0.051,108 Deutsche Boerse 78,912 0.0613,801 Deutsche Lufthansa 188,108 0.154,724 E.ON 605,144 0.499,344 Gildemeister 165,202 0.141,822 Hamburger Hafen und Logistik 91,100 0.0710,645 Hannover Rueckversicherung 331,485 0.27271 K+S 97,191 0.084,379 Kloeckner & Co. 158,257 0.131,198 KUKA 24,751 0.02330 KWS Saat 48,497 0.044,550 Leoni 123,077 0.104,209 MAN 297,029 0.241,026 Manz Automation 168,008 0.145,611 Merck KGaA 503,699 0.417,245 Muenchener Rueckversicherungs Registered Shares 802,311 0.665,280 Norddeutsche Affinerie 181,632 0.151,440 Phoenix Solar 69,206 0.063,521 Porsche Automobil Holding Preference Shares 344,213 0.28498 Roth & Rau 67,479 0.061,426 RWE 113,852 0.0927,622 ThyssenKrupp 1,102,946 0.906,333 Wirecard 53,261 0.04

8,569,464 7.00

SPAIN77,991 BBVA 955,390 0.78155,972 BSCH 1,806,156 1.48

350 Construcciones y Auxiliar de Ferrocarriles 95,918 0.087,605 Corporacion Financiera Alba 281,765 0.239,288 Grifols 187,153 0.154,438 Prosegur Companhia de Seguridad Registered Shares 122,400 0.1011,687 Repsol YPF 294,396 0.24111,514 Telefonica 1,883,471 1.544,297 Tubacex 32,743 0.0313,815 Tubos Reunidos - B Shares 54,293 0.047,025 Union Fenosa 258,871 0.21

5,972,556 4.88

ITALY26,363 Assicurazioni Generali 637,194 0.5213,234 Brembo 87,741 0.078,602 Buzzi Unicem 135,826 0.1111,708 Cementir Holding 49,554 0.042,886 Danieli & Co. 68,167 0.06

190,777 Enel 1,161,832 0.9574,743 ENI 1,770,662 1.4567,883 Fiat 703,947 0.582,542 Finmeccanica 42,096 0.037,552 Fondiaria-Sai 157,988 0.133,859 Indesit 26,820 0.0237,873 Intesa Sanpaolo 136,532 0.11

96

JPMorgan Funds - Europe Balanced Fund (EUR)Schedule of Investments (Market Value Expressed in EUR)

As at 30 June 2008

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

4,986 IFI-Istituto Finanziario Industriale Preference Shares 63,123 0.051,272 Prima Industrie 21,446 0.021,272 Prima Industrie - Rights 11.07.08 1,337 0.0019,241 Recordati 95,291 0.088,698 Trevi Finanziaria 138,733 0.1143,528 UniCredit 167,256 0.14

5,465,545 4.47

SWITZERLAND35,883 ABB Registered Shares 644,296 0.531,196 Adecco Registered Shares 37,715 0.03222 Banque Cantonale Vaudoise Registered Shares 45,334 0.041,019 Bucher Industries Registered Shares 168,755 0.14459 Galenica Registered Shares 104,663 0.09431 Helvetia Holding 105,121 0.092,812 Holcim Registered Shares 143,121 0.12232 Kuoni Reisen Holding Registered - B Shares 71,390 0.06112 Meyer Burger Technology 21,233 0.02

47,960 Nestlé Registered Shares 1,375,323 1.124,620 Novartis Registered Shares 161,364 0.13765 Partners Group Holding 67,108 0.05623 Roche Holding - Bearer Shares 78,312 0.061,591 Roche Holding - Genussschein 179,981 0.153,027 Sonova Holding Registered Shares 161,791 0.133,178 Syngenta Registered Shares 645,515 0.5327 Vetropack Holding - Bearer Shares 40,344 0.03

4,514 Zurich Financial Services 727,885 0.59

4,779,251 3.91

FINLAND1,724 Cramo - B Shares 18,223 0.016,096 Kone - B Shares 136,246 0.113,937 Konecranes 103,386 0.088,939 Metso 257,354 0.2158,301 Nokia 895,503 0.735,793 Nokian Renkaat 177,150 0.1511,316 Outokumpu 254,044 0.2114,281 Pohjola Bank 158,519 0.137,634 Wartsila 307,498 0.253,263 YIT 51,980 0.05

2,359,903 1.93

BELGIUM1,224 Ackermans & Van Haaren 78,642 0.0630,324 Belgacom 833,152 0.68387 Compagnie d’Entreprises CFE 24,052 0.021,846 Delhaize Group 78,695 0.068,232 Euronav 251,076 0.21432 InBev 18,973 0.02

14,331 KBC Groep 1,008,329 0.82

2,292,919 1.87

DENMARK2,401 Auriga Industries - B Shares 70,180 0.062,857 D/S Norden 196,515 0.162,422 D/S Torm 54,232 0.042,239 East Asiatic 96,367 0.085,660 Jyske Bank Registered Shares 215,148 0.1812,285 Novo Nordisk - B Shares 513,098 0.422,784 Sydbank 67,284 0.051,652 Vestas Wind Systems 137,331 0.11

1,350,155 1.10


Pharmaceutical Chemical & Organisation 96,579 0.0822,243 Alpha Bank 427,066 0.343,923 Coca Cola Hellenic Bottling 67,868 0.065,029 Michaniki 18,808 0.025,587 National Bank of Greece 159,900 0.1323,609 OPAP 523,648 0.432,515 Piraeus Bank 43,409 0.04

1,337,278 1.10

NETHERLANDS5,384 Boskalis Westminster - CVA 181,925 0.1522,877 ING Groep - CVA 459,485 0.3837,416 Koninklijke KPN 408,583 0.332,120 Smit Internationale 131,461 0.11

1,181,454 0.97

SWEDEN5,170 Axfood 111,448 0.098,248 BE Group 50,333 0.046,256 Betsson 46,440 0.042,062 JM 16,887 0.0121,278 Kinnevik Investment 252,388 0.2111,067 NCC - B Shares 104,958 0.0913,140 PA Resources 105,873 0.0814,907 Peab 64,899 0.054,377 Peab Industri - B Shares 25,207 0.027,359 Saab - B Shares 117,421 0.106,472 Wihlborgs Fastigheter 74,887 0.06

970,741 0.79

NORWAY14,154 DnB NOR 114,702 0.093,789 ODIM 40,626 0.039,297 Veidekke 41,612 0.0410,261 Yara International 573,760 0.47

770,700 0.63

AUSTRIA8,421 Immofinanz 55,579 0.057,902 OMV 394,705 0.321,420 Raiffeisen International Bank Holding 113,998 0.09985 Voestalpine 50,402 0.04

614,684 0.50

LUXEMBOURG4,470 ArcelorMittal 281,476 0.237,880 Oriflame Cosmetics SDR 319,332 0.26

600,808 0.49

PORTUGAL4,343 Banco Espirito Santo Registered Shares 43,517 0.0354,405 Energias de Portugal 179,264 0.1514,746 Portugal Telecom Registered Shares 105,950 0.097,116 Semapa-Sociedade de Investimento e Gestao 57,070 0.0450,658 Teixeira Duarte - Engenharia Construcoes 47,112 0.04

432,913 0.35

JERSEY11,380 Petrofac 104,708 0.09

104,708 0.09

BERMUDA9,836 Hiscox 25,889 0.02804 Vostok Gas 47,917 0.04

73,806 0.06


64,574 0.05


61,368 0.05

ISLE OF MAN4,455 Lamprell 32,235 0.03

32,235 0.03

UNITED STATES OF AMERICA676 Autoliv SDR 20,073 0.02

20,073 0.02


Bonds

GERMANY4,283,359 Germany (Federal Republic of) 04.07.13/3.750% 4,120,030 3.371,400,000 Germany (Federal Republic of) 20.06.16/6.000% 1,522,506 1.246,203,000 Germany (Federal Republic of) 04.01.28/5.625% 6,719,164 5.491,253,000 Germany (Federal Republic of) 04.07.28/4.750% 1,225,856 1.001,330,000 Germany (Federal Republic of) 04.07.34/4.750% 1,297,538 1.07

14,885,094 12.17

97

JPMorgan Funds - Europe Balanced Fund (EUR)Schedule of Investments (Market Value Expressed in EUR) (continued)

As at 30 June 2008

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

UNITED KINGDOM2,000,000 UK Treasury 07.03.12/5.000% 2,513,577 2.054,400,000 UK Treasury 07.09.14/5.000% 5,517,041 4.512,960,000 UK Treasury 07.06.32/4.250% 3,411,644 2.79

11,442,262 9.35

SPAIN8,940,000 Spain (Government of) 30.07.11/5.400% 9,073,930 7.42800,000 Spain (Government of) 31.01.29/6.000% 882,444 0.72

9,956,374 8.14

FRANCE4,250,000 France (Government of) 25.04.15/3.500% 3,946,329 3.231,820,000 France (Government of) 25.04.19/4.250% 1,730,686 1.41744,000 France (Government of) 25.04.29/5.500% 790,022 0.651,210,000 France (Government of) 25.04.35/4.750% 1,166,327 0.95

7,633,364 6.24

PORTUGAL371,000 Portugal Obrigaçoes do Tesouro 20.05.10/5.850% 377,534 0.31830,000 Portugal Obrigaçoes do Tesouro 15.04.21/3.850% 735,528 0.60

1,113,062 0.91

DENMARK6,000,000 Denmark (Kingdom of) 15.11.09/6.000% 814,743 0.67

814,743 0.67

SWEDEN3,600,000 Sweden (Government of) 15.03.11/5.250% 385,186 0.312,000,000 Sweden (Government of) 12.07.16/3.000% 189,445 0.15

574,631 0.46

Total Bonds 46,419,530 37.94


112,452,610 91.91


Cash 4,823,294 3.94




Fixed Income SecuritiesGermany 12.17United Kingdom 9.35Spain 8.14France 6.24Portugal 0.91Denmark 0.67Sweden 0.46

Total Fixed Income Securities 37.94Shares and RightsFinancials 14.57Energy 7.67Materials 7.37Industrials 5.93Consumer Discretionary 4.25Telecommunication Services 3.82Health Care 3.23Consumer Staples 3.22Utilities 2.97Information Technology 0.94

Total Shares and Rights 53.97Cash and Other Assets/(Liabilities) 8.09

Total 100.00


Fixed Income SecuritiesGermany 18.29United Kingdom 10.10France 7.16Spain 5.66Portugal 0.67Denmark 0.48Sweden 0.34

Total Fixed Income Securities 42.70SharesFinancials 15.04Industrials 7.59Energy 6.49Consumer Discretionary 5.61Materials 5.14Telecommunication Services 3.77Health Care 3.15Utilities 2.83Consumer Staples 2.31Information Technology 1.83


Total 100.00

98

JPMorgan Funds - Europe Balanced Fund (EUR)Schedule of Investments (Market Value Expressed in EUR) (continued)

As at 30 June 2008

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

JPMorgan Funds - Europe Balanced Fund (EUR)Schedule of Investments - Outstanding Forward Foreign Exchange Contracts (Expressed in EUR)

As at 30 June 2008



AmountSold


30-Jul-08 EUR 19,952,134 GBP 15,788,868 12,49530-Jul-08 EUR 819,425 DKK 6,111,501 10130-Jul-08 EUR 386,861 NOK 3,104,214 46430-Jul-08 EUR 1,404,320 SEK 13,177,834 11,97830-Jul-08 EUR 4,762,405 CHF 7,698,904 (39,818)30-Jul-08 GBP 979,358 EUR 1,238,677 (1,853)30-Jul-08 SEK 1,295,542 EUR 137,809 (925)26-Sep-08 EUR 549,194 DKK 4,096,001 16426-Sep-08 EUR 554,064 SEK 5,199,702 4,83526-Sep-08 EUR 12,403,915 GBP 9,834,555 1,70326-Sep-08 GBP 770,000 EUR 970,727 309

Total (10,547)


ExpirationDate


NotionalValue


Bond Futures

Sep-08 37 Euro-Bund Future EUR 4,087,760 (67,340)Sep-08 68 Long Gilt Future GBP 8,973,444 (174,467)


Equity Futures

Jul-08 31 AMX Index Future EUR 2,640,270 (175,460)Sep-08 (421) DJ Euro Stoxx 50 Index Future EUR (14,162,440) 980,930Sep-08 1 FTSE 100 Index Future GBP 71,106 (3,956)Sep-08 24 S&P MIB Index Future EUR 3,539,400 (151,700)

Total Equity Futures649,814

Total 408,007

99


Shares

POLAND61,400 Bank BPH 1,317,069 0.43166,487 Bank Pekao 8,170,668 2.69248,411 Bank Pekao Registered Shares GDR 12,191,533 4.01195,503 Bank Zachodni 7,815,731 2.5761,469 BRE Bank 6,416,696 2.11807,490 Cyfrowy Polsat 3,158,284 1.043,582,167 Eurocash 12,813,754 4.21541,735 Globe Trade Centre 4,900,354 1.6123,037 Grupa Kety 666,667 0.22205,000 Grupa Lotos 1,618,897 0.53348,982 KGHM Polska Miedz 10,463,584 3.44290,846 KGHM Polska Miedz GDR 17,602,454 5.79310,500 NG2 3,659,064 1.203,163,600 Polskie Gornictwo Naftowe I Gazownictwo SA 3,086,318 1.022,152,812 Powszechna Kasa Oszczednosci Bank Polski 29,647,171 9.752,052,713 Telekomunikacja Polska GDR 13,138,820 4.322,057,721 Trakcja Polska 3,026,529 1.00743,200 TVN 3,853,602 1.27

143,547,195 47.21

CZECH REPUBLIC527,115 CEZ 29,654,471 9.7588,691 Komercni Banka 13,077,046 4.30762,097 Telefonica O2 Czech Republic 15,506,638 5.10

58,238,155 19.15

TURKEY672,858 Eregli Demir ve Celik Fabrikalari 3,441,476 1.131,482,580 KOC Holding 2,558,296 0.84413,619 Tekfen Holding 2,008,697 0.66505,052 Tupras Turkiye Petrol Rafine 7,240,777 2.38765,243 Turk Telekomunikasyon 1,613,042 0.53193,990 Turkcell Iletisim Hizmet ADR 1,777,683 0.591,540,000 Turkiye Garanti Bankasi 2,243,654 0.74943,150 Turkiye Halk Bankasi 2,801,784 0.921,678,115 Turkiye Is Bankasi - C Shares 3,485,250 1.15

27,170,659 8.94

AUSTRIA122,372 Erste Bank der Oesterreichischen Sparkassen 4,867,958 1.6070,600 OMV 3,526,470 1.16187,183 Raiffeisen International Bank Holding 15,027,051 4.9468,110 Vienna Insurance Group 2,866,750 0.94

26,288,229 8.64

HUNGARY362,896 Magyar Telekom Telecommunications ADR 5,540,204 1.82105,700 OTP Bank 2,802,090 0.92163,423 OTP Bank Registered Shares GDR 8,440,682 2.7859,320 Richter Gedeon GDR 8,026,122 2.64

24,809,098 8.16

LUXEMBOURG678,000 Kernel Holding 7,565,065 2.49

7,565,065 2.49

SLOVENIA69,768 Krka dd Novo mesto 6,272,143 2.06

6,272,143 2.06

NETHERLANDS608,228 A&D Pharma Holding GDR 1,897,671 0.62

1,897,671 0.62

BERMUDA307,530 EastPharma Registered Shares GDR 1,354,500 0.45

1,354,500 0.45

Total Shares 297,142,715 97.72


297,142,715 97.72


Cash 8,019,906 2.64




SharesFinancials 45.45Telecommunication Services 12.36Materials 10.58Utilities 9.75Health Care 5.77Energy 5.09Consumer Staples 4.21Consumer Discretionary 3.51Industrials 1.00


Total 100.00


SharesFinancials 50.52Telecommunication Services 12.40Utilities 7.87Health Care 7.52Materials 6.27Consumer Staples 5.70Consumer Discretionary 4.60Energy 2.83Investment Companies 0.41


Total 100.00

100

JPMorgan Funds - Europe Convergence Equity FundSchedule of Investments (Market Value Expressed in EUR)

As at 30 June 2008

Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets


Shares

UNITED KINGDOM961,469 Amlin 3,007,590 0.4859,348 Anglo American 2,635,821 0.42403,096 AstraZeneca 10,805,809 1.71435,058 Aviva 2,727,326 0.43969,273 BG Group 15,852,163 2.51302,568 BHP Billiton 7,311,711 1.16667,367 BP 4,906,923 0.78436,394 British American Tobacco 9,514,282 1.51124,188 British Energy Group 1,112,843 0.18251,449 Cadbury 1,991,036 0.3245,411 Cairn Energy 1,856,707 0.29284,177 Charter 3,078,066 0.49587,930 Cookson Group 4,644,231 0.73313,831 Dana Petroleum 7,524,390 1.19323,545 De La Rue 3,637,381 0.57876,915 easyJet 2,961,988 0.47376,057 Eurasian Natural Resources 6,359,426 1.01623,382 Ferrexpo 3,110,173 0.49151,724 GlaxoSmithKline 2,130,475 0.341,324,925 Hays 1,515,472 0.242,571,617 HMV Group 4,103,419 0.6566,348 HSBC Holdings 649,887 0.10

1,382,740 International Power 7,457,997 1.181,253,280 Investec 4,851,012 0.77192,426 Kazakhmys 3,852,362 0.61599,836 Laird 2,968,058 0.47771,743 Legal & General Group 972,470 0.151,007,836 Lloyds TSB Group 3,942,382 0.621,075,746 Man Group 8,388,862 1.33348,321 National Express Group 4,127,234 0.65189,542 Premier Oil 3,921,591 0.62261,337 Prudential 1,750,592 0.281,610,175 QinetiQ 4,105,771 0.65919,659 RBS 2,478,700 0.3997,377 Reckitt Benckiser Group 3,126,067 0.49169,623 Rio Tinto 12,873,774 2.03783,289 Royal Dutch Shell - B Shares 19,908,670 3.155,112,058 RSA Insurance Group 8,044,022 1.27193,597 Severn Trent 3,151,539 0.501,542,233 Stagecoach Group 5,399,305 0.85358,498 Standard Chartered 6,415,908 1.021,489,572 Standard Life 3,911,206 0.621,171,220 Thomas Cook Group 3,404,666 0.542,620,049 Vodafone Group 4,910,873 0.78197,432 Wellstream Holdings 3,256,388 0.52579,937 WM Morrison Supermarkets 1,927,723 0.30128,565 Xstrata 6,554,911 1.04

233,139,202 36.90

GERMANY81,390 BASF 3,548,604 0.56179,511 Bayer 9,515,878 1.51118,146 Demag Cranes 3,568,009 0.56127,753 E.ON 16,365,159 2.59164,887 Gildemeister 2,915,202 0.46205,628 Hannover Rueckversicherung Registered Shares 6,403,256 1.0128,027 K+S 10,051,603 1.5996,415 MAN 6,804,007 1.08130,707 MTU Aero Engines Holding 2,693,871 0.4356,541 Muenchener Rueckversicherungs Registered Shares 6,261,350 0.9953,775 Phoenix Solar 2,584,427 0.4140,568 RWE 3,238,949 0.5153,405 Salzgitter 6,211,536 0.98202,345 SAP 6,746,182 1.07161,242 SGL Carbon 7,186,556 1.1426,611 Siemens Registered Shares 1,875,011 0.30128,698 Stada Arzneimittel 5,916,247 0.93

101,885,847 16.12

FRANCE67,943 Arkema 2,425,565 0.38184,753 BNP Paribas 10,558,634 1.67162,537 Cap Gemini 6,078,884 0.9666,147 Compagnie de Saint-Gobain 2,622,729 0.42362,697 France Télécom 6,845,906 1.08129,528 Gaz de France 5,274,380 0.8468,119 Renault 3,566,030 0.5696,027 Sanofi-Aventis 4,044,657 0.64333,881 SCOR 4,841,275 0.77

62,683 Société Générale 3,450,699 0.55112,414 Suez 4,832,678 0.76127,328 Total 6,856,613 1.09

61,398,050 9.72

SWITZERLAND595,920 Nestlé Registered Shares 17,088,878 2.70330,842 Novartis Registered Shares 11,555,404 1.8382,114 Roche Holding - Genussschein 9,289,103 1.4728,645 Swiss Life Holding Registered Shares 4,815,199 0.76332,048 UBS Registered Shares 4,411,608 0.7034,011 Zurich Financial Services 5,484,295 0.87

52,644,487 8.33

ITALY283,700 Buzzi Unicem 4,479,623 0.711,339,090 Enel 8,155,058 1.29539,480 ENI 12,780,281 2.02448,138 Fiat 4,647,191 0.74366,153 Mediobanca 3,928,822 0.62318,755 Prysmian 5,147,893 0.81

39,138,868 6.19

NETHERLANDS466,320 Aegon 3,889,109 0.6299,558 Fugro - CVA 5,393,057 0.85110,137 Gemalto 2,536,455 0.4081,703 Koninklijke Vopak 3,465,841 0.55201,711 New World Resources - A Shares 4,565,973 0.72299,855 Reed Elsevier 3,178,463 0.50107,561 Smit Internationale 6,669,858 1.06259,980 Unilever - CVA 4,678,340 0.74

34,377,096 5.44

NORWAY217,878 Petroleum Geo-Services 3,402,274 0.54958,082 Pronova BioPharma 2,042,570 0.32114,510 Telenor 1,370,543 0.22225,411 Yara International 12,604,211 1.99

19,419,598 3.07

SPAIN103,057 ACS Actividades de Construccion y Servicios 3,223,623 0.51192,043 Enagas 3,458,694 0.55163,738 Grifols 3,299,321 0.52470,446 Iberdrola 3,989,382 0.63124,181 Repsol YPF 3,128,119 0.50

17,099,139 2.71

AUSTRIA384,391 Immofinanz 2,536,981 0.40102,484 Intercell 3,197,501 0.51146,631 OMV 7,324,218 1.16

13,058,700 2.07

BERMUDA248,510 Frontline 11,107,367 1.76

11,107,367 1.76

GREECE186,737 Alpha Bank 3,585,350 0.5728,928 Coca Cola Hellenic Bottling 500,454 0.08242,906 Piraeus Bank 4,192,558 0.6695,340 Public Power 2,097,480 0.33

10,375,842 1.64


10,264,614 1.63

BELGIUM131,624 Euronav 4,014,532 0.6443,029 KBC Groep 3,027,520 0.48

7,042,052 1.12

SWEDEN151,228 Ssab Svenskt Stal - B Shares 2,740,611 0.43448,053 TeliaSonera 2,054,803 0.33

4,795,414 0.76

101

JPMorgan Funds - Europe Dynamic FundSchedule of Investments (Market Value Expressed in EUR)

As at 30 June 2008

Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets

PORTUGAL296,096 Galp Energia - B Shares 4,124,617 0.65

4,124,617 0.65

JERSEY381,075 Petrofac 3,506,307 0.55

3,506,307 0.55

FINLAND132,556 Konecranes 3,480,921 0.55

3,480,921 0.55

DENMARK46,177 D/S Norden 3,176,217 0.50

3,176,217 0.50

IRELAND478,096 Anglo Irish Bank 2,902,043 0.46

2,902,043 0.46

Total Shares 632,936,381 100.17


632,936,381 100.17


Investment Funds

LUXEMBOURG500,000 JPMorgan Liquidity Funds - Euro Liquidity Fund

(JPM Euro Liquidity X (dist.)) 500,000 0.08

500,000 0.08

Total Investment Funds 500,000 0.08


500,000 0.08


Bank Overdraft (1,494,200) (0.24)




SharesMaterials 18.82Financials 18.59Energy 16.42Industrials 13.26Utilities 9.36Health Care 8.27Consumer Staples 6.14Consumer Discretionary 4.00Information Technology 2.90Telecommunication Services 2.41Investment Companies 0.08


Total 100.00


SharesFinancials 16.01Industrials 14.12Materials 13.73Energy 11.22Telecommunication Services 9.77Health Care 8.50Consumer Staples 8.29Utilities 6.82Information Technology 5.89Consumer Discretionary 5.77Investment Companies 1.84


Total 100.00

102

JPMorgan Funds - Europe Dynamic FundSchedule of Investments (Market Value Expressed in EUR) (continued)

As at 30 June 2008

Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets


Shares and Rights

UNITED KINGDOM161,775 Anglo American 7,184,910 1.27517,466 AstraZeneca 13,871,730 2.421,619,226 Barclays 5,934,903 1.04346,977 Barclays - Rights 17.07.08 39,469 0.01412,962 BG Group 6,753,867 1.18313,533 BHP Billiton 7,576,686 1.322,349,153 BP 17,272,525 3.02178,921 British American Tobacco 3,900,844 0.6872,991 Cairn Energy 2,984,364 0.52312,486 Eurasian Natural Resources 5,284,390 0.92565,655 Ferrexpo 2,822,162 0.49734,523 GlaxoSmithKline 10,314,011 1.80742,948 HBOS 2,586,951 0.45297,179 HBOS - Rights 18.07.08 41,316 0.011,205,960 HSBC Holdings 11,812,525 2.06169,911 Imperial Tobacco Group 4,009,350 0.701,023,335 International Power 5,519,497 0.97145,692 Kazakhmys 2,916,749 0.511,349,261 Lloyds TSB Group 5,277,944 0.92954,237 Man Group 7,441,313 1.302,078,711 RBS 5,602,622 0.98101,365 Reckitt Benckiser Group 3,254,092 0.57158,372 Rio Tinto 12,019,864 2.10857,758 Royal Dutch Shell - B Shares 21,801,430 3.81105,401 Severn Trent 1,715,808 0.301,427,208 Standard Life 3,747,455 0.657,474,259 Vodafone Group 14,009,332 2.45516,999 WM Morrison Supermarkets 1,718,516 0.3064,331 Xstrata 3,279,928 0.57

190,694,553 33.32

GERMANY68,126 Allianz Registered Shares 7,552,448 1.3277,312 BASF 3,370,803 0.59110,864 Bayer 5,876,901 1.0398,740 Daimler Registered Shares 3,843,948 0.67180,963 E.ON 23,181,360 4.0525,017 K+S 8,972,097 1.5772,917 MAN 5,145,753 0.9049,085 Muenchener Rueckversicherungs Registered Shares 5,435,673 0.9550,907 Salzgitter 5,920,993 1.03260,354 SAP 8,680,202 1.52101,817 Siemens Registered Shares 7,174,026 1.25

85,154,204 14.88

SWITZERLAND203,122 Crédit Suisse Group Registered Shares 5,839,996 1.02903,580 Nestlé Registered Shares 25,911,478 4.53552,985 Novartis Registered Shares 19,314,251 3.38129,472 Roche Holding - Genussschein 14,646,452 2.5627,736 Swiss Life Holding Registered Shares 4,662,397 0.81493,979 UBS Registered Shares 6,563,032 1.1516,845 Zurich Financial Services 2,716,267 0.47

79,653,873 13.92

FRANCE329,820 BNP Paribas 18,849,213 3.29108,678 Cap Gemini 4,064,557 0.71484,656 France Télécom 9,147,882 1.6071,652 Gaz de France 2,917,669 0.5150,669 Renault 2,652,522 0.4685,545 Sanofi-Aventis 3,603,155 0.63108,959 Société Générale 5,998,193 1.05157,352 Suez 6,764,563 1.18294,080 Total 15,836,208 2.77

69,833,962 12.20

ITALY274,691 Buzzi Unicem 4,337,371 0.76797,887 Enel 4,859,132 0.85777,072 ENI 18,408,836 3.22342,558 Fiat 3,552,327 0.622,261,665 Intesa Sanpaolo 8,153,302 1.42326,428 Mediobanca 3,502,572 0.611,100,975 UniCredit 4,230,496 0.74

47,044,036 8.22

NETHERLANDS413,189 ING Groep - CVA 8,298,901 1.45183,281 New World Resources - A Shares 4,148,787 0.72231,774 Unilever - CVA 4,170,773 0.73

16,618,461 2.90

NORWAY196,620 Petroleum Geo-Services 3,070,319 0.54163,959 Yara International 9,168,026 1.60

12,238,345 2.14

SPAIN229,168 BBVA 2,807,308 0.50171,638 Enagas 3,091,200 0.5470,915 Repsol YPF 1,786,349 0.31183,801 Telefonica 3,104,399 0.54

10,789,256 1.89

AUSTRIA280,632 Immofinanz 1,852,171 0.33140,263 OMV 7,006,137 1.22

8,858,308 1.55


7,635,176 1.33

GREECE164,421 Alpha Bank 3,156,883 0.55233,869 Piraeus Bank 4,036,579 0.71

7,193,462 1.26

RUSSIA128,269 Uralkali GDR 5,885,279 1.03

5,885,279 1.03

PORTUGAL264,926 Galp Energia - B Shares 3,690,419 0.64

3,690,419 0.64

BELGIUM40,973 KBC Groep 2,882,860 0.50

2,882,860 0.50

IRELAND454,160 Anglo Irish Bank 2,756,751 0.49

2,756,751 0.49

SWEDEN143,046 Ssab Svenskt Staal - B Shares 2,592,333 0.46

2,592,333 0.46



553,521,278 96.73


Cash 20,781,033 3.63



103

JPMorgan Funds - Europe Dynamic Mega Cap FundSchedule of Investments (Market Value Expressed in EUR)

As at 30 June 2008

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets


Shares and RightsFinancials 24.78Materials 17.30Energy 17.23Health Care 10.79Utilities 8.40Consumer Staples 7.51Telecommunication Services 4.59Information Technology 2.23Industrials 2.15Consumer Discretionary 1.75


Total 100.00


SharesFinancials 22.60Telecommunication Services 13.04Energy 12.35Materials 11.19Health Care 9.92Consumer Staples 7.55Utilities 7.28Industrials 6.32Information Technology 5.31Consumer Discretionary 4.10


Total 100.00

104

JPMorgan Funds - Europe Dynamic Mega Cap FundSchedule of Investments (Market Value Expressed in EUR) (continued)

As at 30 June 2008

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets


Shares

UNITED KINGDOM95,500 Babcock International Group 741,105 2.5422,388 Chemring Group 663,539 2.28191,000 Game Group 691,014 2.37114,000 Hill & Smith Holdings 453,862 1.5669,974 Hyder Consulting 327,225 1.12164,000 International Personal Finance 575,195 1.97100,000 Interserve 580,440 1.9932,753 Premier Oil 677,654 2.33258,245 PV Crystalox Solar 636,465 2.19596,434 Senior 746,287 2.5672,801 Spectris 655,127 2.2545,000 Weir Group 531,496 1.8252,212 Wellstream Holdings 861,170 2.96

8,140,579 27.94

SPAIN30,650 Grifols 617,598 2.1238,713 Indra Sistemas 639,539 2.2067,673 Laboratorios Farmaceuticos Rovi 636,126 2.1821,914 Prosegur Companhia de Seguridad Registered Shares 604,388 2.0711,895 Tecnicas Reunidas 628,651 2.16

3,126,302 10.73

ITALY35,211 Ansaldo STS 333,096 1.1420,070 Buzzi Unicem 316,905 1.0916,208 Lottomatica 307,790 1.0686,492 Maire Tecnimont 368,023 1.2618,290 Prysmian 295,384 1.0161,406 Recordati 304,113 1.0412,862 Reply 253,381 0.8718,204 Trevi Finanziaria 290,354 1.0038,850 Zignago Vetro 183,178 0.63

2,652,224 9.10

NETHERLANDS26,187 Aalberts Industries 311,363 1.0710,023 Exact Holding 190,136 0.6512,314 Gemalto 283,591 0.977,495 Koninklijke Vopak 317,938 1.1013,703 SBM Offshore 318,732 1.095,091 Smit Internationale 315,693 1.0820,301 Unit 4 Agresso 322,177 1.11

2,059,630 7.07

GERMANY10,065 Bauer 613,562 2.1011,011 Krones 581,491 2.007,318 Vossloh 606,589 2.08

1,801,642 6.18

FRANCE13,861 Alten 319,496 1.1015,706 Ingenico 345,532 1.187,289 Rallye 273,119 0.945,942 Rubis 322,591 1.116,428 Sopra Group 321,143 1.101,190 Vilmorin & Cie 143,966 0.49

1,725,847 5.92

SWITZERLAND5,964 Bachem Holding Registered - B Shares 337,708 1.162,111 Bucher Industries Registered Shares 349,600 1.204,982 Dufry Group Registered Shares 287,997 0.9817,121 Temenos Group Registered Shares 334,171 1.15

1,309,476 4.49

FINLAND24,921 Konecranes 654,425 2.2520,975 Nokian Renkaat 641,416 2.20

1,295,841 4.45

DENMARK20,676 Auriga Industries - B Shares 604,352 2.088,933 FLSmidth & Co. 624,025 2.14

1,228,377 4.22

SWEDEN34,641 AF - B Shares 616,796 2.1215,944 Modern Times Group - B Shares 595,577 2.04

1,212,373 4.16

IRELAND29,981 Paddy Power 587,628 2.02172,610 United Drug 600,683 2.06

1,188,311 4.08

BELGIUM5,116 Ackermans & Van Haaren 328,703 1.132,973 Bekaert 290,432 1.0010,076 Euronav 307,318 1.05

926,453 3.18


Pharmaceutical Chemical & Organisation 284,897 0.9842,287 Hellenic Technodomiki Tev 342,525 1.18

627,422 2.16

BRITISH VIRGIN ISLANDS76,858 Playtech 533,783 1.83

533,783 1.83

AUSTRALIA318,409 International Ferro Metals 505,053 1.73

505,053 1.73

Total Shares 28,333,313 97.24


28,333,313 97.24


Cash 470,472 1.61




SharesIndustrials 37.18Information Technology 16.69Consumer Discretionary 14.97Health Care 9.54Energy 7.64Materials 7.63Financials 3.10Consumer Staples 0.49


Total 100.00


SharesIndustrials 32.08Consumer Discretionary 18.54Information Technology 14.55Health Care 12.51Energy 8.10Materials 4.93Financials 4.24Investment Companies 2.44Consumer Staples 1.91


Total 100.00

105

JPMorgan Funds - Europe Dynamic Small Cap FundSchedule of Investments (Market Value Expressed in EUR)

As at 30 June 2008

Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets


Shares and Rights

UNITED KINGDOM377,873 3i Group 3,921,003 0.21186,674 Aero Inventory 1,326,189 0.0738,014 Anglo American 1,688,315 0.09

1,437,396 AstraZeneca 38,532,327 2.051,186,937 Balfour Beatty 6,356,902 0.34809,676 Barclays 2,967,682 0.16173,502 Barclays - Rights 17.07.08 19,736 0.001,663,577 Beazley Group 2,344,369 0.111,621,451 BG Group 26,518,335 1.411,984,426 BHP Billiton 47,954,673 2.556,761,330 BP 49,713,766 2.6563,800 Brammer 222,152 0.01317,483 British American Tobacco 6,921,779 0.37174,088 BT Group 436,535 0.02129,000 Cape 457,331 0.02196,271 Charter 2,125,911 0.111,251,589 Chaucer Holdings 1,273,403 0.0717,870 Chemring Group 529,634 0.0397,700 Connaught 524,797 0.03

1,103,333 Cookson Group 8,715,549 0.46339,073 De La Rue 3,811,951 0.20205,517 Drax Group 1,919,554 0.10303,041 Eurasian Natural Resources 5,124,667 0.27117,583 Fenner 364,470 0.021,078,097 Firstgroup 7,010,538 0.3791,800 Game Group 332,121 0.02214,349 GlaxoSmithKline 3,009,842 0.162,548,616 Hays 2,915,151 0.163,038,597 HMV Group 4,848,558 0.262,179,789 HSBC Holdings 21,351,299 1.1447,144 Imperial Energy 552,946 0.03

1,221,302 Inchcape 4,877,736 0.26425,200 Intermediate Capital Group 7,297,955 0.391,131,765 International Personal Finance 3,969,423 0.21415,024 Interserve 2,408,965 0.13645,611 Investec 2,498,936 0.13122,200 ITE Group 258,313 0.01483,922 JKX Oil & Gas 3,159,031 0.17282,262 Kazakhmys 5,650,875 0.30405,090 Keller Group 3,205,044 0.1787,265 Kier Group 1,048,336 0.06948,247 Land Securities Group 14,813,173 0.79

12,758,009 Legal & General Group 16,076,304 0.864,873,532 Lloyds TSB Group 19,063,938 1.02133,224 Morgan Sindall 1,267,902 0.07129,966 Mouchel 682,099 0.04798,824 National Express Group 9,465,216 0.50925,910 National Grid 7,711,917 0.41180,490 Next 2,219,597 0.12127,316 Prudential 852,839 0.05721,712 PV Crystalox Solar 1,778,716 0.09

16,540,635 RBS 44,580,954 2.37131,531 Reckitt Benckiser Group 4,222,503 0.22220,174 Record 289,406 0.0271,900 Regal Petroleum 234,908 0.01

2,538,528 Regus Group 2,598,814 0.14444,896 Rio Tinto 33,766,003 1.80322,720 Royal Dutch Shell - A Shares 8,377,886 0.451,078,923 Royal Dutch Shell - A Shares 28,095,155 1.50391,304 Savills 1,092,986 0.06709,901 Scottish & Southern Energy 12,606,144 0.671,274,980 Segro 6,345,007 0.34362,792 Senior 453,943 0.0216,100 Spirax-Sarco Engineering 217,323 0.01

1,232,164 Stagecoach Group 4,313,764 0.23472,776 Tullett Prebon 2,587,328 0.141,885,614 Unilever 33,865,307 1.8019,946,810 Vodafone Group 37,387,183 1.99107,352 VT Group 852,075 0.05130,801 Wellstream Holdings 2,157,395 0.12431,779 WM Morrison Supermarkets 1,435,243 0.0832,639 WSP Group 215,748 0.01

587,792,875 31.30

FRANCE13,338 1000mercis 319,979 0.026,923 Acadomia 211,221 0.015,428 AdenClassifieds 78,706 0.007,616 Alstom 1,108,813 0.061,341 Areva - CI 994,995 0.0590,136 Arkema 3,217,855 0.17

12,319 Aubay 63,196 0.0010,215 Audika 293,681 0.0215,525 Avenir Telecom 18,785 0.0025,254 BioMerieux 1,824,349 0.10742,708 BNP Paribas 42,445,762 2.2661,976 Bouygues 2,609,809 0.1419,265 Business & Decision 206,906 0.0133,083 Casino Guichard Perrachon 2,381,314 0.129,870 Devoteam 208,356 0.015,881 Faiveley 244,061 0.0132,838 Foncière Des Régions 2,549,871 0.14483,378 Gaz de France 19,683,152 1.0566,798 Homair 223,105 0.0182,876 IMS-Intl Metal Service 1,781,005 0.09172,139 Lafarge 16,539,115 0.8821,353 LeGuide.com 288,479 0.0215,749 LISI 895,173 0.0547,972 Oberthur Technologies 210,117 0.0121,992 Outremer Telecom 153,284 0.0116,999 Parrot 191,069 0.01439,650 Peugeot 15,141,546 0.8190,865 Rallye 3,404,712 0.18118,774 Renault 6,217,819 0.333,723 Rubis 202,122 0.01

379,470 Sanofi-Aventis 15,983,276 0.851,281,999 Total 69,035,646 3.681,520,067 Vivendi 36,466,407 1.94184,406 Wendel 11,857,306 0.63

257,050,992 13.68

GERMANY95,784 Allianz Registered Shares 10,618,614 0.57433,286 Altana 4,714,152 0.25967,690 BASF 42,191,284 2.255,370 Bauer 327,355 0.0299,155 Bechtle 1,776,858 0.09185,756 Bilfinger Berger 10,199,862 0.54564,293 Daimler Registered Shares 21,967,926 1.1710,279 Demag Cranes 310,426 0.0264,019 Deutsche Beteiligungs 1,032,626 0.0612,278 Deutsche Boerse 874,439 0.05238,313 E.ON 30,527,895 1.6316,738 Gerry Weber International 334,425 0.02248,616 Gildemeister 4,395,531 0.23165,376 Hannover Rueckversicherung Registered Shares 5,149,809 0.2761,802 Jungheinrich Preference Shares 1,095,131 0.06184,250 Kloeckner & Co. 6,658,795 0.35195,881 Leoni 5,298,581 0.28127,286 MAN 8,982,573 0.4822,301 Manz Automation 3,651,789 0.20163,015 Muenchener Rueckversicherungs Registered Shares 18,052,281 0.96116,930 Norddeutsche Affinerie 4,022,392 0.2141,580 Porsche Automobil Holding Non Voting Preference

Shares 4,064,861 0.2210,242 Roth & Rau 1,387,791 0.07544,330 ThyssenKrupp 21,735,097 1.16254,832 Vivacon 1,582,507 0.08

210,953,000 11.24

SPAIN2,472,276 BBVA 30,285,381 1.614,456,685 BSCH 51,608,412 2.7511,186 Construcciones y Auxiliar de Ferrocarriles 3,065,523 0.17150,280 Corporacion Financiera Alba 5,567,874 0.30192,583 Grifols 3,880,547 0.2148,775 Laboratorios Farmaceuticos Rovi 458,485 0.02110,171 Prosegur Companhia de Seguridad Registered Shares 3,038,516 0.16269,914 Repsol YPF 6,799,134 0.37101,137 Tecnicas Reunidas 5,345,090 0.283,149,843 Telefonica 53,200,848 2.8373,387 Union Fenosa 2,704,311 0.14

165,954,121 8.84

ITALY23,529 Ansaldo STS 222,584 0.01

1,067,678 Assicurazioni Generali 25,805,777 1.37153,726 Benetton Group 1,121,431 0.06232,843 Brembo 1,543,749 0.08253,011 Buzzi Unicem 3,995,044 0.21265,346 Carraro 1,220,592 0.077,298 Cobra Automotive Technologies 33,899 0.0017,238 DiaSorin 227,197 0.01

4,369,157 Enel 26,608,166 1.422,055,083 ENI 48,684,916 2.59

106

JPMorgan Funds - Europe Equity FundSchedule of Investments (Market Value Expressed in EUR)

As at 30 June 2008

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

1,237,897 Fiat 12,836,992 0.68621,132 Finmeccanica 10,285,946 0.56445,432 Fondiaria-Sai 9,318,437 0.5072,639 Gruppo Coin 230,810 0.01377,253 Istituto Finanziario Industriale Preference Shares 4,776,023 0.2566,681 Landi Renzo 261,223 0.0155,042 MARR 352,269 0.02414,546 Recordati 2,053,039 0.1114,767 Reply 290,910 0.02293,961 Screen Service Broadcasting Technologies 160,062 0.01230,973 Trevi Finanziaria 3,684,019 0.20

153,713,085 8.19

SWITZERLAND506,184 ABB Registered Shares 9,088,774 0.48168,240 Adecco Registered Shares 5,305,305 0.2835,726 Ascom Holding Registered Shares 222,426 0.0116,877 Baloise Holding Registered Shares 1,116,941 0.067,185 Banque Cantonale Vaudoise Registered Shares 1,467,244 0.0820,518 Bucher Industries Registered Shares 3,397,960 0.184,809 Burckhardt Compression Holding 923,659 0.059,355 Galenica Registered Shares 2,133,158 0.11400 Gurit Holding - Bearer Shares 238,825 0.01

14,956 Helvetia Holding 3,647,759 0.19953 Hiestand Holding Registered Shares 1,044,257 0.069,996 Kuoni Reisen Holding Registered - B Shares 3,075,917 0.16

525,123 Logitech International Registered Shares 8,951,507 0.486,758 Meyer Burger Technology 1,281,171 0.07

594,280 Nestlé Registered Shares 17,041,848 0.9121,845 Partners Group Holding 1,916,305 0.1040,748 Roche Holding - Genussschein 4,609,596 0.2573,720 Swiss Life Holding Registered Shares 12,392,266 0.66183,979 Swiss Reinsurance Registered Shares 7,691,586 0.41118,812 Syngenta Registered Shares 24,133,065 1.29133,548 Zurich Financial Services 21,534,699 1.15

131,214,268 6.99

BELGIUM44,730 Ackermans & Van Haaren 2,873,902 0.15

1,024,056 Belgacom 28,135,939 1.5015,806 Compagnie d’Entreprises CFE 982,343 0.054,588 D’ieteren 805,469 0.04

172,312 Euronav 5,255,516 0.2927,098 EVS Broadcast Equipement 1,524,804 0.0833,091 InBev 1,453,357 0.08441,413 KBC Groep 31,057,819 1.65

72,089,149 3.84

FINLAND37,395 Kone - B Shares 835,778 0.04377,997 Metso 10,882,534 0.581,402,769 Nokia 21,546,532 1.15118,227 Nokian Renkaat 3,615,382 0.19437,088 Outokumpu 9,812,626 0.52465,863 Pohjola Bank 5,171,079 0.28282,374 Wartsila 11,374,025 0.61138,863 YIT 2,212,088 0.12

65,450,044 3.49

DENMARK67,667 Auriga Industries - B Shares 1,977,883 0.1150,887 D/S Norden 3,500,188 0.1962,568 East Asiatic 2,692,926 0.1434,561 FLSmidth & Co. 2,414,299 0.13126,921 Jyske Bank Registered Shares 4,824,515 0.26745,244 Novo Nordisk - B Shares 31,126,023 1.6518,131 Vestas Wind Systems 1,507,234 0.08

48,043,068 2.56

GREECE1,740,205 Alapis Holding Industrial and Commercial SA of

Pharmaceutical Chemical & Organisation 3,027,957 0.16913,530 Alpha Bank 17,539,776 0.93231,370 OPAP 5,131,787 0.28486,011 Piraeus Bank 8,388,550 0.45

6 Sprider Stores 14 0.00

34,088,084 1.82

NORWAY1,966,271 DnB NOR 15,934,368 0.85108,241 ODIM 1,160,562 0.06

190,425 Veidekke 852,308 0.05282,149 Yara International 15,776,806 0.84

33,724,044 1.80

LUXEMBOURG353,314 ArcelorMittal 22,255,505 1.18230,279 Oriflame Cosmetics SDR 9,331,913 0.50

31,587,418 1.68

PORTUGAL878,049 Banco Espirito Santo Registered Shares 8,798,051 0.472,550,000 Portugal Telecom Registered Shares 18,321,750 0.98429,949 Teixeira Duarte - Engenharia Construcoes 399,853 0.02

27,519,654 1.47

SWEDEN20,146 AF - B Shares 358,707 0.02106,545 B&B Tools - B Shares 1,579,017 0.08183,890 BE Group 1,122,176 0.06346,079 Betsson 2,569,050 0.14124,561 HIQ International 342,221 0.0218,077 Hoganas - B Shares 188,154 0.01323,182 JM 2,646,670 0.14496,427 Kinnevik Investment 5,888,338 0.3157,029 KNOW IT 328,430 0.0225,688 Lindab International 322,341 0.02474,111 NCC - B Shares 4,496,406 0.24361,050 Peab 1,571,866 0.0855,481 Peab Industri - B Shares 319,515 0.02261,041 Saab - B Shares 4,165,208 0.2246,887 Wihlborgs Fastigheter 542,522 0.03

26,440,621 1.41

NETHERLANDS136,182 Bateman Litwin 251,293 0.0182,541 Imtech 1,225,734 0.07121,949 Koninklijke BAM Groep 1,362,170 0.07218,968 Koninklijke DSM 8,176,265 0.44351,121 New World Resources - A Shares 7,948,049 0.4254,748 Smit Internationale 3,394,923 0.1813,589 Unit 4 Agresso 215,657 0.01

22,574,091 1.20

AUSTRIA131,784 OMV 6,582,611 0.3524,708 Voestalpine 1,264,308 0.07

7,846,919 0.42

JERSEY722,681 Petrofac 6,649,457 0.35

6,649,457 0.35

IRELAND54,999 FBD Holdings 984,482 0.05112,758 IFG Group 201,837 0.01179,435 Paddy Power 3,516,926 0.19135,732 United Drug 472,347 0.03

5,175,592 0.28

ISLE OF MAN96,750 Eros International 339,330 0.02222,185 Lamprell 1,607,675 0.08

1,947,005 0.10

BERMUDA702,732 Hiscox 1,849,622 0.10

1,849,622 0.10

Total Shares and Rights 1,891,663,109 100.76


1,891,663,109 100.76


Bank Overdraft (12,325,587) (0.66)


Total Net Assets 1,877,322,935 100.00

107

JPMorgan Funds - Europe Equity FundSchedule of Investments (Market Value Expressed in EUR) (continued)

As at 30 June 2008

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets


Shares and RightsFinancials 28.21Materials 15.31Energy 13.90Industrials 10.76Consumer Discretionary 7.82Telecommunication Services 7.33Health Care 5.73Utilities 5.42Consumer Staples 4.28Information Technology 2.00

Total Shares and Rights 100.76Bank Overdraft and Other Assets/(Liabilities) (0.76)

Total 100.00


Shares and WarrantsFinancials 25.89Industrials 13.86Energy 12.61Materials 10.24Consumer Discretionary 9.27Telecommunication Services 7.74Health Care 5.58Utilities 5.48Consumer Staples 4.84Information Technology 4.19Investment Companies 0.70

Total Shares and Warrants 100.40Bank Overdraft and Other Assets/(Liabilities) (0.40)

Total 100.00

108

JPMorgan Funds - Europe Equity FundSchedule of Investments (Market Value Expressed in EUR) (continued)

As at 30 June 2008

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets


Shares

UNITED KINGDOM31,716 Afren 67,945 0.2423,473 Balfour Beatty 125,715 0.44174,396 BBA Aviation 278,276 0.98158,270 Beazley Group 223,039 0.7924,958 BG Group 408,180 1.4494,677 BP 696,128 2.455,594 British American Tobacco 121,961 0.43

192,087 Cable & Wireless 364,893 1.2869,087 Central African Mining & Exploration 48,898 0.1789,749 Compass Group 428,491 1.5163,664 Cookson Group 502,901 1.77267,882 Galiform 143,887 0.51380,011 Hays 434,663 1.5337,642 HSBC Holdings 368,708 1.309,078 Imperial Tobacco Group 214,211 0.75

111,872 International Power 603,397 2.1211,975 Man Group 93,383 0.3322,005 Marks & Spencer Group 91,084 0.32228,429 RBS 615,671 2.1767,035 Robert Walters 107,177 0.3857,447 Royal Dutch Shell - A Shares 1,491,337 5.2517,095 Valiant Petroleum 229,457 0.8110,595 Vedanta Resources 292,055 1.03185,282 Vodafone Group 347,282 1.22127,508 WM Morrison Supermarkets 423,839 1.49

8,722,578 30.71

FRANCE2,348 Alstom 341,845 1.207,944 Atos Origin 282,489 1.005,030 BNP Paribas 287,465 1.0111,354 Bouygues 478,117 1.681,640 Carrefour 58,417 0.2110,129 Compagnie Générale des Etablissements Michelin - B

Shares 457,122 1.615,190 Lafarge 498,655 1.7616,711 Sanofi-Aventis 703,867 2.488,537 Société Générale 469,962 1.6518,460 Suez 793,595 2.7924,938 Vivendi 598,263 2.11

4,969,797 17.50

GERMANY15,608 Bayer 827,380 2.9111,184 Commerzbank 209,700 0.747,027 Demag Cranes 212,215 0.751,774 Deutsche Boerse 126,344 0.453,614 E.ON 462,953 1.6316,076 Gildemeister 284,224 1.001,667 Henkel KGaA 39,525 0.146,966 MAN 491,591 1.735,153 Muenchener Rueckversicherungs Registered Shares 570,643 2.018,805 RWE Non Voting Preference Shares 561,495 1.9834,391 United Internet Registered Shares 430,231 1.51

4,216,301 14.85

SWITZERLAND1,079 Georg Fischer Registered Shares 280,801 0.996,010 Nestlé Registered Shares 172,346 0.619,381 Roche Holding - Genussschein 1,061,221 3.743,599 Zurich Financial Services 580,341 2.04

2,094,709 7.38

ITALY19,493 Banco Popolare Scarl 217,347 0.7714,429 Buzzi Unicem 227,834 0.8042,645 Fiat 442,229 1.56126,328 Intesa Sanpaolo 455,412 1.6029,770 Mediobanca 319,432 1.12

1,662,254 5.85

NETHERLANDS11,243 Akzo Nobel 488,621 1.7253,114 Koninklijke KPN 580,005 2.04

1,068,626 3.76

JERSEY48,806 Shire 508,595 1.7970,176 United Business Media 478,507 1.69

987,102 3.48

GREECE46,683 Corinth Pipeworks 186,732 0.6621,972 EFG Eurobank Ergasias 331,777 1.1719,381 Piraeus Bank 334,516 1.18

853,025 3.01

SPAIN61,702 BSCH 714,509 2.5112,615 Iberdrola 106,975 0.38

821,484 2.89

NORWAY30,192 Cermaq 228,674 0.8046,540 Orkla 377,153 1.33

605,827 2.13

FINLAND17,708 Nokia 271,995 0.96134,102 Ruukki Group 311,117 1.09

583,112 2.05

SWEDEN13,930 Hennes & Mauritz - B Shares 474,714 1.67

474,714 1.67

AUSTRIA8,005 OMV 399,850 1.41

399,850 1.41

GIBRALTAR87,004 PartyGaming 283,980 1.00

283,980 1.00


276,486 0.97


191,702 0.68

Total Shares 28,211,547 99.34


28,211,547 99.34


Investment Funds

LUXEMBOURG105,000 JPMorgan Liquidity Funds - Euro Liquidity Fund

(JPM Euro Liquidity X (dist.)) 105,000 0.37

105,000 0.37

Total Investment Funds 105,000 0.37


105,000 0.37


Cash 96,174 0.34



109

JPMorgan Funds - Europe Focus FundSchedule of Investments (Market Value Expressed in EUR)

As at 30 June 2008

Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets


SharesFinancials 21.93Consumer Discretionary 13.96Energy 11.60Industrials 11.12Materials 9.07Utilities 8.90Health Care 8.01Consumer Staples 5.76Telecommunication Services 5.52Information Technology 3.47Investment Companies 0.37


Total 100.00


Fixed Income SecuritiesFrance 0.36

Total Fixed Income Securities 0.36SharesFinancials 16.86Consumer Discretionary 14.04Energy 12.83Materials 12.59Consumer Staples 8.19Utilities 7.31Health Care 7.17Industrials 6.64Information Technology 6.62Telecommunication Services 4.56Investment Companies 2.86


Total 100.00

110

JPMorgan Funds - Europe Focus FundSchedule of Investments (Market Value Expressed in EUR) (continued)

As at 30 June 2008

Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets

JPMorgan Funds - Europe Focus FundSchedule of Investments - Outstanding Financial Futures Contracts (Expressed in EUR)

As at 30 June 2008

ExpirationDate


NotionalValue


Equity Futures

Sep-08 3 DJ Euro Stoxx 50 Index Future EUR 100,920 (4,950)

Total (4,950)

111


Bonds

UNITED STATES OF AMERICA300,000 AGCO 15.04.14/6.875% 291,375 0.52200,000 Central European Distribution 25.07.12/8.000% 200,000 0.36500,000 Chesapeake Energy 15.01.17/6.250% 467,500 0.83750,000 Constellation Brands 01.09.16/7.250% 451,695 0.81500,000 El Paso 06.05.09/7.125% 505,000 0.90400,000 Ford Motor Credit 15.01.10/4.875% 340,000 0.61300,000 Fresenius Medical Care Capital

Trust V 15.06.11/7.375% 301,500 0.541,550,000 General Motors 03.07.13/7.250% 1,061,750 1.90500,000 General Motors 05.07.33/8.375% 270,878 0.49450,000 GMAC 14.09.09/4.750% 378,000 0.68200,000 GMAC 27.09.10/5.750% 148,000 0.271,400,000 GMAC 06.06.11/5.375% 925,050 1.66750,000 Huntsman International 15.11.13/6.875% 749,531 1.34750,000 Iron Mountain 01.01.16/6.625% 447,738 0.80500,000 Johnsondiversey 15.05.12/9.625% 497,500 0.89500,000 Kronos International 15.04.13/6.500% 335,119 0.60150,000 Levi Strauss & Co. 01.04.13/8.625% 137,062 0.251,000,000 MGM Mirage 01.06.16/7.500% 521,697 0.93400,000 Nalco 15.11.13/9.000% 397,000 0.71250,000 Nielsen Finance 01.08.14/9.000% 241,250 0.43230,000 Owens Brockway Glass

Container 01.12.14/6.750% 212,750 0.38150,000 Polypore 15.05.12/8.750% 140,625 0.25500,000 Travelport 01.09.16/10.875% 406,875 0.73500,000 Truvo Subsidiary 01.12.14/8.500% 353,750 0.63750,000 TRW Automotive 15.03.14/6.375% 641,250 1.15

10,422,895 18.66

UNITED KINGDOM250,000 Allied Domecq Financial Services 12.06.09/5.875% 249,481 0.451,250,000 CEVA Group 01.12.14/8.500% 900,000 1.62250,000 Eco-Bat Finance 31.01.13/10.125% 261,250 0.471,250,000 FCE Bank 16.01.12/7.125% 1,001,562 1.79850,000 FCE Bank 15.01.13/7.125% 668,418 1.20250,000 FKI 22.02.10/6.625% 245,000 0.442,250,000 Ineos Group Holdings 15.02.16/7.875% 1,465,313 2.62

1 JTI UK Finance 06.08.08/5.875% 1 0.00275,000 Ladbrokes Group Finance 17.07.09/6.500% 273,043 0.49750,000 Rexam 29.06.67/6.750%* 587,790 1.05250,000 TVN Finance 15.12.13/9.500% 264,375 0.47250,000 Virgin Media Finance 15.04.14/8.750% 230,625 0.41

6,146,858 11.01

LUXEMBOURG1,000,000 Beverage Packaging Holdings

Luxembourg II 15.12.16/8.000% 840,000 1.50500,000 Beverage Packaging Holdings

Luxembourg II 15.06.17/9.500% 375,000 0.67250,000 Cirsa Finance Luxembourg 15.05.14/8.750% 212,500 0.381,150,000 Codere Finance Luxembourg 15.06.15/8.250% 989,000 1.77300,000 Hellas Telecommunications

Luxembourg III 15.10.13/8.500% 256,500 0.462,000,000 Lighthouse International 30.04.14/8.000% 1,500,000 2.69195,000 Safilo Capital International 15.05.13/9.625% 177,450 0.321,450,000 Wind Acquisition Finance 01.12.15/9.750% 1,470,808 2.63

5,821,258 10.42

NETHERLANDS200,000 Clondalkin Industries 15.03.14/8.000% 161,000 0.291,000,000 Fresenius Finance 31.01.16/5.500% 920,000 1.65350,000 GMAC International Finance 21.05.10/5.750% 263,282 0.46350,000 Intergen 30.06.17/8.500% 355,250 0.64175,000 Magyar Telecom 15.08.12/10.750% 172,156 0.31750,000 New World Resources 15.05.15/7.375% 701,250 1.261,226,000 NXP / NXP Funding 15.10.15/8.625% 962,410 1.72250,000 OI European Group 31.03.17/6.875% 231,250 0.41750,000 Sensata Technologies 01.05.16/9.000% 626,250 1.12500,000 UPC Holding 15.01.14/7.750% 436,250 0.78550,000 UPC Holding 15.01.14/8.625% 489,500 0.88500,000 UPC Holding 01.11.16/8.000% 441,250 0.79

5,759,848 10.31

GERMANY1,000,000 Cognis 15.05.14/9.500% 852,500 1.52300,000 Escada 01.04.12/7.500% 242,250 0.43500,000 Evonik Degussa 10.12.13/5.125% 473,750 0.8590,000 Gerresheimer Holdings 01.03.15/7.875% 90,000 0.16750,000 Grohe Holding 01.10.14/8.625% 568,125 1.02250,000 Hornbach Baumarkt 15.11.14/6.125% 233,125 0.42250,000 Kabel Deutschland 01.07.14/10.750% 250,625 0.45250,000 TUI 16.05.11/6.625% 245,000 0.44850,000 TUI 10.12.12/5.125% 765,000 1.371,000,000 Unity Media 15.02.15/8.750% 905,000 1.62

4,625,375 8.28

DENMARK250,000 ISS Global 18.09.10/4.750% 235,000 0.42950,000 ISS Holding 15.05.16/8.875% 873,430 1.571,400,000 Nordic Telephone Co. Holdings 01.05.16/8.250% 1,281,000 2.29550,000 TDC 19.04.12/6.500% 530,701 0.95

2,920,131 5.23

SOUTH AFRICA400,000 Cell C 01.07.12/8.625% 403,524 0.721,000,000 Consol Glass 15.04.14/7.625% 760,000 1.36750,000 Foodcorp 15.06.12/8.875% 506,250 0.91153,040 New Reclamation Group 01.02.13/8.125% 138,501 0.251,000,000 Peermont Global 30.04.14/7.750% 797,500 1.43

2,605,775 4.67

FRANCE500,000 Alcatel-Lucent 07.04.14/6.375% 423,750 0.76400,000 Crown European Holdings 01.09.11/6.250% 380,168 0.681,050,000 Europcar Groupe 15.05.14/8.125% 708,750 1.28400,000 Remy Cointreau 15.01.12/5.200% 382,000 0.68500,000 SPCM 15.06.13/8.250% 466,250 0.83500,000 Thomson 25.09.15/5.750%* 157,500 0.28

2,518,418 4.51

LIBERIA1,500,000 Royal Caribbean Cruises 27.01.14/5.625% 1,193,015 2.14

1,193,015 2.14

ITALY750,000 Lottomatica 31.03.66/8.250%* 678,750 1.22

678,750 1.22

CANADA500,000 Bombardier 15.11.16/7.250% 473,750 0.85200,000 Mecachrome International 15.05.14/9.000% 171,000 0.30

644,750 1.15

AUSTRALIA500,000 FMG Finance Property 01.09.13/9.750% 541,250 0.97

541,250 0.97

JAPAN500,000 Softbank 15.10.13/7.750% 452,500 0.81

452,500 0.81

FINLAND600,000 M-real 01.04.13/7.250% 447,000 0.80

447,000 0.80

AUSTRIA500,000 Wienerberger 09.02.17/6.500%* 430,000 0.77

430,000 0.77

GREECE250,000 Antenna TV 15.02.15/7.250% 201,250 0.36200,000 Fage Dairy Industry 15.01.15/7.500% 123,000 0.22

324,250 0.58

BERMUDA250,000 Central European Media

Enterprises 15.05.12/8.250% 247,500 0.44

247,500 0.44

112

JPMorgan Funds - Europe High Yield Bond FundSchedule of Investments (Market Value Expressed in EUR)

As at 30 June 2008

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

LATVIA250,000 Parex Banka 05.05.11/5.625% 228,231 0.41

228,231 0.41

IRELAND200,000 Ono Finance II 16.05.14/8.000% 136,500 0.25

136,500 0.25

Total Bonds 46,144,304 82.63


46,144,304 82.63


Bonds

UNITED STATES OF AMERICA750,000 DIRECTTV Holdings 15.06.15/6.375% 447,397 0.801,000,000 HCA 15.11.16/9.250% 654,351 1.16350,000 Hertz 01.01.14/7.875% 303,625 0.54750,000 LVB Acquisition Merger Sub

144A 15.10.17/10.375% 502,496 0.901,000,000 MetroPCS Wireless 01.11.14/9.250% 613,833 1.10250,000 Nalco 15.11.11/7.750% 244,375 0.441,000,000 PolyOne 01.05.12/8.875% 640,046 1.15500,000 Rockwood Specialities Group 15.11.14/7.625% 466,563 0.841,750,000 Simmons 15.12.14/10.000%* 835,247 1.50750,000 Sungard Data Systems 15.08.15/10.250% 479,455 0.86

5,187,388 9.29

IRELAND750,000 Ardagh Glass Finance 15.06.17/7.125% 613,125 1.10500,000 Smurfit Kappa Funding 01.04.15/7.750% 449,165 0.80

1,062,290 1.90

CANADA750,000 Quebecor Media 15.03.16/7.750% 444,406 0.80500,000 Quebecor World Capital 144A 15.03.16/8.750% 158,433 0.28

602,839 1.08

BERMUDA750,000 Digicel 144A 01.09.12/9.250% 491,936 0.88

491,936 0.88

SWEDEN500,000 Stena 01.02.17/6.125% 390,000 0.70

390,000 0.70

Total Bonds 7,734,453 13.85

Investment Funds

LUXEMBOURG0** JPMorgan Liquidity Funds - Euro Enhanced Yield

Fund (JPM Euro Enhanced Yield X (acc)) 212 0.00

212 0.00

Total Investment Funds 212 0.00


7,734,665 13.85


Warrants

LUXEMBOURG2,000 Jazztel - Warrants 15.07.10 0 0.00

0 0.00

Total Warrants 0 0.00

Bonds

UNITED STATES OF AMERICA3,500,000 WinStar Communications 15.04.10/12.750% 0 0.00

0 0.00

Total Bonds 0 0.00



Cash 2,682,546 4.80



* Variable coupon rates are those quoted as at 30 June 2008.** Fractional Shares rounded to 0.


Fixed Income SecuritiesUnited States of America 27.95United Kingdom 11.01Luxembourg 10.42Netherlands 10.31Germany 8.28Denmark 5.23South Africa 4.67France 4.51Canada 2.23Ireland 2.15Liberia 2.14Bermuda 1.32Italy 1.22Australia 0.97Japan 0.81Finland 0.80Austria 0.77Sweden 0.70Greece 0.58Latvia 0.41

Total Fixed Income Securities 96.48WarrantsLuxembourg 0.00

Total Warrants 0.00Investment FundsLuxembourg 0.00


Total 100.00

113

JPMorgan Funds - Europe High Yield Bond FundSchedule of Investments (Market Value Expressed in EUR) (continued)

As at 30 June 2008

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets


Fixed Income SecuritiesUnited States of America 29.71Netherlands 8.41United Kingdom 8.40Luxembourg 7.81Germany 6.36France 5.75Denmark 4.55South Africa 3.68Canada 3.08Switzerland 2.00Liberia 1.46Ireland 1.33Austria 1.07Finland 0.87Australia 0.85Italy 0.78Japan 0.77Sweden 0.68Greece 0.59Bermuda 0.40Latvia 0.34

Total Fixed Income Securities 88.89WarrantsLuxembourg 0.00

Total Warrants 0.00Investment FundsLuxembourg 0.00


Total 100.00

114

JPMorgan Funds - Europe High Yield Bond FundSchedule of Investments (Market Value Expressed in EUR) (continued)

As at 30 June 2008

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

JPMorgan Funds - Europe High Yield Bond FundSchedule of Investments - Outstanding Forward Foreign Exchange Contracts (Expressed in EUR)

As at 30 June 2008



AmountSold


24-Jul-08 EUR 6,859,917 USD 10,660,164 96,26124-Jul-08 EUR 284,265 GBP 224,553 632

Total 96,893

115


Shares

UNITED KINGDOM192,399 Aero Inventory 1,366,862 1.96211,700 Brammer 737,141 1.06435,100 Cape 1,542,518 2.2158,462 Chemring Group 1,732,705 2.49309,000 Connaught 1,659,799 2.38396,720 Fenner 1,229,706 1.76324,400 Game Group 1,173,639 1.68139,685 Imperial Energy 1,638,347 2.35473,587 International Personal Finance 1,661,005 2.38128,060 Interserve 743,311 1.07412,700 ITE Group 872,386 1.25227,913 JKX Oil & Gas 1,487,810 2.14538,989 PV Crystalox Solar 1,328,381 1.91734,975 Record 966,082 1.39239,000 Regal Petroleum 780,848 1.121,128,714 Senior 1,412,301 2.0353,400 Spirax-Sarco Engineering 720,810 1.04108,553 WSP Group 717,549 1.03

21,771,200 31.25

FRANCE44,207 1000mercis 1,060,526 1.5221,837 Acadomia 666,247 0.9618,483 AdenClassifieds 268,004 0.3941,154 Aubay 211,120 0.3032,507 Audika 934,576 1.3454,693 Avenir Telecom 66,179 0.0963,854 Business & Decision 685,792 0.9933,229 Devoteam 701,464 1.0118,716 Faiveley 776,714 1.11187,315 Homair 625,632 0.9064,331 LeGuide.com 869,112 1.25152,657 Oberthur Technologies 668,638 0.9673,888 Outremer Telecom 514,999 0.7454,096 Parrot 608,039 0.8712,331 Rubis 669,450 0.96

9,326,492 13.39

ITALY77,944 Ansaldo STS 737,350 1.0624,633 Cobra Automotive Technologies 114,420 0.1657,105 DiaSorin 752,644 1.08232,341 Gruppo Coin 738,264 1.06211,406 Landi Renzo 828,183 1.19182,440 MARR 1,167,616 1.6846,993 Reply 925,762 1.33897,309 Screen Service Broadcasting Technologies 488,585 0.7072,055 Trevi Finanziaria 1,149,277 1.65

6,902,101 9.91

SWEDEN67,206 AF - B Shares 1,196,627 1.72401,682 HIQ International 1,103,587 1.5859,883 Hoganas - B Shares 623,291 0.89190,245 KNOW IT 1,095,622 1.5784,305 Lindab International 1,057,884 1.5262,886 Peab 273,780 0.39182,085 Peab Industri - B Shares 1,048,629 1.51

6,399,420 9.18

GERMANY17,621 Bauer 1,074,176 1.5432,632 Demag Cranes 985,486 1.4153,248 Gerry Weber International 1,063,895 1.5360,287 Gildemeister 1,065,874 1.53

4,189,431 6.01

IRELAND376,814 IFG Group 674,497 0.9768,668 Paddy Power 1,345,893 1.93434,998 United Drug 1,513,793 2.18

3,534,183 5.08

NETHERLANDS503,583 Bateman Litwin 929,249 1.3322,511 Smit Internationale 1,395,907 2.0045,003 Unit 4 Agresso 714,198 1.03

3,039,354 4.36

ISLE OF MAN397,802 Eros International 1,395,205 2.00215,489 Lamprell 1,559,225 2.24

2,954,430 4.24

SPAIN4,190 Construcciones y Auxiliar de Ferrocarriles 1,148,270 1.65

152,333 Laboratorios Farmaceuticos Rovi 1,431,930 2.05

2,580,200 3.70

SWITZERLAND113,180 Ascom Holding Registered Shares 704,647 1.011,275 Gurit Holding - Bearer Shares 761,255 1.09

1,465,902 2.10

NORWAY108,409 ODIM 1,162,363 1.67

1,162,363 1.67

DENMARK39,660 Auriga Industries - B Shares 1,159,248 1.67

1,159,248 1.67

Total Shares 64,484,324 92.56


64,484,324 92.56


Investment Funds



2,154,740 3.09



2,154,740 3.09


Cash 1,416,080 2.03




SharesIndustrials 31.71Consumer Discretionary 18.38Information Technology 15.34Energy 9.18Health Care 6.65Materials 5.82Financials 4.74Investment Companies 3.09Telecommunication Services 0.74


Total 100.00

116

JPMorgan Funds - Europe Micro Cap FundSchedule of Investments (Market Value Expressed in EUR)

As at 30 June 2008

Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets


SharesConsumer Discretionary 23.82Industrials 23.68Information Technology 22.75Health Care 7.03Energy 6.62Consumer Staples 4.35Financials 3.90Investment Companies 2.97Telecommunication Services 1.76


Total 100.00

117

JPMorgan Funds - Europe Micro Cap FundSchedule of Investments (Market Value Expressed in EUR) (continued)

As at 30 June 2008

Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets


Shares and Rights

UNITED KINGDOM19,545 Afren 41,871 0.72809 Anglo American 35,930 0.63

10,691 BAE Systems 59,319 1.0427,499 Beazley Group 38,753 0.685,672 BG Group 92,764 1.622,562 BHP Billiton 61,912 1.0814,133 BP 103,915 1.823,238 British American Tobacco 70,595 1.2323,505 Cable & Wireless 44,651 0.785,880 Capita Group 51,316 0.904,759 Centrica 18,616 0.3312,218 Compass Group 58,333 1.025,051 Cookson Group 39,899 0.7020,548 Galiform 11,037 0.19910 GlaxoSmithKline 12,778 0.225,573 Greene King 30,798 0.5434,543 Hays 39,511 0.693,776 HBOS 13,148 0.231,510 HBOS - Rights 18.07.08 210 0.004,250 Home Retail Group 11,696 0.207,810 HSBC Holdings 76,500 1.342,947 Imperial Tobacco Group 69,540 1.225,409 Informa 28,268 0.499,688 International Power 52,254 0.9112,309 Legal & General Group 15,511 0.279,189 Marks & Spencer Group 38,035 0.6635,781 RBS 96,438 1.69609 Rio Tinto 46,221 0.81

12,398 Robert Walters 19,822 0.354,050 Royal Dutch Shell - A Shares 105,139 1.843,126 Royal Dutch Shell - B Shares 79,453 1.394,539 Tesco 20,911 0.37432 Unilever 7,759 0.141,420 Valiant Petroleum 19,060 0.3317,315 Vodafone Group 32,454 0.5711,931 WM Morrison Supermarkets 39,659 0.69664 Xstrata 33,854 0.59

1,617,930 28.28

GERMANY119 Allianz Registered Shares 13,192 0.231,477 Bayer 78,296 1.371,069 Bilfinger Berger 58,699 1.03850 Commerzbank 15,938 0.281,189 Demag Cranes 35,908 0.63411 Deutsche Boerse 29,271 0.51876 E.ON 112,216 1.961,671 Hannover Rueckversicherung Registered Shares 52,035 0.911,668 Lanxess 43,084 0.75655 MAN 46,223 0.81565 Muenchener Rueckversicherungs Registered Shares 62,568 1.09937 Rheinmetall 42,502 0.741,563 RWE Non Voting Preference Shares 99,673 1.74505 SAP 16,837 0.29671 Siemens Registered Shares 47,279 0.831,288 ThyssenKrupp 51,430 0.903,543 United Internet Registered Shares 44,323 0.78296 Wincor Nixdorf 12,994 0.23

862,468 15.08

FRANCE433 Alstom 63,040 1.101,319 Arkema 47,088 0.82503 BNP Paribas 28,746 0.501,099 Bouygues 46,279 0.81331 Carrefour 11,790 0.21863 Compagnie Générale des Etablissements Michelin - B

Shares 38,947 0.68523 Lafarge 50,250 0.88507 PPR 35,688 0.62940 Publicis Groupe 19,420 0.341,108 Rémy Cointreau 38,148 0.671,784 Sanofi-Aventis 75,142 1.313,563 SCOR 51,664 0.90277 Sopra Group 13,839 0.241,966 Suez 84,518 1.482,503 Total 134,787 2.362,686 Vivendi 64,437 1.13

803,783 14.05

SWITZERLAND1,060 ABB Registered Shares 19,033 0.331,517 Adecco Registered Shares 47,837 0.83116 Georg Fischer Registered Shares 30,188 0.53905 Holcim Registered Shares 46,061 0.804,580 Nestlé Registered Shares 131,338 2.29935 Novartis Registered Shares 32,657 0.58962 Roche Holding - Genussschein 108,826 1.901 Sika - Bearer Shares 986 0.02

529 Swiss Reinsurance Registered Shares 22,116 0.39287 UBS Registered Shares 3,813 0.07355 Zurich Financial Services 57,244 1.00

500,099 8.74

NETHERLANDS1,064 Akzo Nobel 46,241 0.813,362 ING Groep - CVA 67,526 1.186,558 Koninklijke Ahold 55,841 0.983,724 Koninklijke KPN 40,666 0.71668 Smit Internationale 41,423 0.722,096 TNT 45,756 0.803,327 Vimetco Registered Shares GDR 17,901 0.31

315,354 5.51

ITALY2,895 Banco Popolare Scarl 32,279 0.562,375 Buzzi Unicem 37,501 0.664,397 Credito Emiliano 24,535 0.434,229 Fiat 43,855 0.7714,543 Intesa Sanpaolo 52,428 0.922,796 Mediobanca 30,001 0.5211,227 UniCredit 43,140 0.752,422 Unione di Banche Italiane 35,967 0.63

299,706 5.24

SPAIN1 Acciona 150 0.00

4,885 BBVA 59,841 1.057,056 BSCH 81,708 1.435,936 Telefonica 100,259 1.757,510 Tubacex 57,226 1.00

299,184 5.23

SWEDEN4,744 Elekta - B Shares 58,151 1.02673 Hennes & Mauritz - B Shares 22,935 0.403,724 Scania -B Shares 32,465 0.582,633 Skandinaviska Enskilda Banken - A Shares 30,953 0.542,269 Swedbank - A Shares 27,453 0.47221 Telefonaktiebolaget LM Ericsson - B Shares 1,443 0.02

173,400 3.03

AUSTRIA1,989 Intercell 62,057 1.081,165 OMV 58,192 1.022,646 Telekom Austria 36,462 0.64

156,711 2.74

FINLAND3,868 Nokia 59,412 1.041,070 Poyry 17,719 0.3118,750 Ruukki Group 43,500 0.76

120,631 2.11

GREECE801 Alpha Bank 15,379 0.272,470 Corinth Pipeworks 9,880 0.172,180 EFG Eurobank Ergasias 32,918 0.581,363 Piraeus Bank 23,525 0.412,653 Sidenor Steel Products Manufacturing 25,681 0.45

107,383 1.88

JERSEY4,707 Shire 49,050 0.867,050 United Business Media 48,072 0.84

97,122 1.70

118

JPMorgan Funds - Europe Select 130/30 FundSchedule of Investments (Market Value Expressed in EUR)

As at 30 June 2008

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

NORWAY4,135 DnB NOR 33,509 0.596,055 Orkla 49,069 0.85

82,578 1.44

DENMARK1,429 Novo Nordisk - B Shares 59,684 1.04

59,684 1.04


38,757 0.68


36,356 0.64

LUXEMBOURG558 ArcelorMittal 35,137 0.62

35,137 0.62



5,606,283 98.01


Cash 7,406 0.13




Shares and RightsFinancials 21.72Industrials 14.10Materials 11.86Energy 11.11Consumer Staples 8.65Consumer Discretionary 8.45Health Care 8.01Utilities 6.42Telecommunication Services 5.09Information Technology 2.60


Total 100.00


Fixed Income SecuritiesFrance 0.31

Total Fixed Income Securities 0.31SharesFinancials 20.14Consumer Discretionary 14.94Industrials 11.77Materials 9.19Energy 8.91Consumer Staples 8.11Utilities 7.19Health Care 7.09Telecommunication Services 5.89Information Technology 2.71


Total 100.00

119

JPMorgan Funds - Europe Select 130/30 FundSchedule of Investments (Market Value Expressed in EUR) (continued)

As at 30 June 2008

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

JPMorgan Funds - Europe Select 130/30 FundSchedule of Investments - Outstanding Total Return Swaps (Expressed in EUR) (please refer to note 2h)

As at 30 June 2008


Value


UBS Swap on Basket of Securities - Long DKK (27,863) (27,863)UBS Swap on Basket of Securities - Long EUR (226,534) (226,534)UBS Swap on Basket of Securities - Long CHF 151,205 151,205UBS Swap on Basket of Securities - Long GBP 172,998 172,998UBS Swap on Basket of Securities - Long SEK 17,205 17,205UBS Swap on Basket of Securities - Long NOK 18,249 18,249

Total 105,260 105,260

120


Shares

UNITED KINGDOM633,777 Aegis Group 851,086 0.18139,198 Aero Inventory 988,905 0.21359,023 Afren 769,131 0.17156,184 Aggreko 1,448,908 0.31137,148 Amec 1,540,988 0.33691,472 Aricom 712,263 0.154,735 Arriva 40,575 0.01

335,045 Ashmore Group 926,316 0.2076,932 Atkins (WS) 1,035,535 0.22149,542 Autonomy 1,699,147 0.3653,300 Aveva Group 1,033,382 0.23185,205 Babcock International Group 1,437,240 0.31402,401 Balfour Beatty 2,155,147 0.461,720,495 Beazley Group 2,424,579 0.52956,844 BETonSPORTS 121 0.00301,000 BlueBay Asset Management 829,908 0.18159,928 Britvic 582,642 0.1297,325 BSS Group 409,001 0.09437,517 Cape 1,551,086 0.33684,790 Carillion 2,884,269 0.62342,988 Charter 3,715,078 0.791,820,322 Chaucer Holdings 1,852,048 0.3931,539 Chemring Group 934,757 0.20320,925 Cookson Group 2,535,080 0.54101,480 Croda International 819,576 0.17109,271 Dana Petroleum 2,619,874 0.56338,555 Davis Service Group 1,910,552 0.41101,386 De La Rue 1,139,809 0.241,242,549 Dimension Data Holdings 714,551 0.15125,528 Enodis 502,137 0.111,464,470 FKI 1,545,522 0.33393,121 Game Group 1,422,263 0.30202,000 Halfords Group 679,112 0.141,323,747 Hays 1,514,125 0.32155,678 Hikma Pharmaceuticals 983,797 0.21500,440 HMV Group 798,531 0.1774,999 Hunting 820,409 0.17255,088 IG Group Holdings 1,078,436 0.23473,739 IMI 2,606,070 0.56196,698 Imperial Energy 2,307,045 0.49371,618 Inchcape 1,484,198 0.32166,783 Inmarsat 1,100,349 0.23128,183 Intermediate Capital Group 2,200,079 0.47255,790 International Personal Finance 897,129 0.19549,128 Interserve 3,187,358 0.68101,452 Intertek Group 1,269,416 0.27344,245 ITE Group 727,682 0.16160,148 JKX Oil & Gas 1,045,442 0.22300,060 Keller Group 2,374,054 0.51497,171 Ladbrokes 1,603,909 0.34819,268 Meggitt 2,174,470 0.461,424,587 Melrose 2,718,780 0.58329,405 Micro Focus International 1,095,990 0.23246,085 Mitie Group 657,037 0.14767,254 Morgan Crucible 1,878,837 0.40129,756 Morgan Sindall 1,234,897 0.26180,527 N Brown Group 416,402 0.09153,823 National Express Group 1,822,639 0.391,528,598 Northern Foods 1,173,675 0.25105,271 Northumbrian Water Group 415,783 0.0958,361 Peter Hambro Mining 950,051 0.20381,020 Premier Farnell 839,129 0.1859,647 Premier Oil 1,234,086 0.2637,854 Provident Financial 382,028 0.08452,876 QinetiQ 1,154,785 0.2583,459 Rathbone Brothers 982,044 0.21735,959 ROK 751,111 0.1682,469 Rotork 1,143,419 0.24305,092 RPS Group 1,156,034 0.25466,754 Savills 1,303,732 0.28626,773 Senior 784,248 0.17204,241 Serco Group 1,144,840 0.24511,603 Severfield-Rowen 1,561,559 0.3398,824 Shaftesbury 481,811 0.10147,088 Sibir Energy 1,535,555 0.3345,618 Soco International 1,135,823 0.2458,762 Spectris 528,792 0.11190,646 Speedy Hire 1,367,419 0.2954,109 Spirax-Sarco Engineering 730,380 0.16

987,850 Spirent Communications 814,666 0.17516,008 St James’s Place 1,431,526 0.31505,858 Stagecoach Group 1,770,992 0.38975,937 Taylor Nelson Sofres 2,880,161 0.61135,000 Tullett Prebon 738,805 0.16423,990 UK Coal 2,995,543 0.6460,044 Ultra Electronics Holdings 909,148 0.1993,089 Venture Production 1,023,001 0.22129,991 VT Group 1,031,766 0.22135,989 Weir Group 1,606,169 0.34122,874 Wellstream Holdings 2,026,649 0.43710,466 WH Smith 3,344,858 0.71176,029 Wincanton 638,520 0.14240,767 Wood Group (John) 1,485,756 0.3277,552 WSP Group 512,629 0.11

125,674,162 26.79

GERMANY124,694 Aixtron 813,005 0.1725,340 Bauer 1,544,726 0.33104,745 Bechtle 1,877,030 0.4020,495 Bilfinger Berger 1,125,380 0.2421,451 Centrotherm Photovoltaics 1,263,893 0.2796,819 Comdirect Bank 698,065 0.1597,589 Demag Cranes 2,947,188 0.6377,583 Deutsche Euroshop 1,903,111 0.41376,690 Deutz 2,192,336 0.4716,314 ElringKlinger 978,840 0.2124,313 Fielmann 1,129,339 0.2444,659 GEA Group 999,022 0.2131,185 Gerresheimer 1,027,858 0.2264,357 Gildemeister 1,137,832 0.2497,527 Kloeckner & Co. 3,524,626 0.7512,543 Krones 662,396 0.1439,362 KUKA 813,219 0.178,970 KWS Saat 1,318,231 0.28

112,961 Leoni 3,055,595 0.653,873 Manz Automation 634,204 0.1454,197 Medion 541,428 0.1291,879 Norddeutsche Affinerie 3,160,638 0.6727,992 Phoenix Solar 1,345,296 0.29132,963 PVA TePla 918,774 0.203,985 REpower Systems Registered Shares 844,501 0.1831,871 SGL Carbon 1,420,490 0.3030,971 Sixt 773,036 0.16416 SMA Solar Technology 22,901 0.00

20,425 Solar Millennium 561,483 0.1231,132 Solarworld 924,620 0.2021,348 Stada Arzneimittel 981,368 0.21149,662 Tognum 2,572,690 0.5514,720 Vossloh 1,220,141 0.26117,261 Wirecard 986,165 0.21

45,919,427 9.79

ITALY141,647 ACEA 1,709,679 0.36215,285 Ansaldo STS 2,036,596 0.43321,256 Astaldi 1,699,444 0.36236,938 Banco di Desio e della Brianza 1,431,105 0.31161,559 Benetton Group 1,178,573 0.25156,019 Brembo 1,034,406 0.22177,404 Buzzi Unicem 2,801,209 0.6054,334 Carraro 249,936 0.05224,861 Cementir Holding 951,724 0.20760,160 CIR-Compagnie Industriali Riunite 1,336,361 0.28257,032 Cofide 182,236 0.04161,309 Danieli & Co. 3,810,119 0.8184,483 Danieli & Co. - RNC Shares 1,265,555 0.27133,368 ERG 2,021,859 0.44580,177 Immobiliare Grande Distribuzione 1,084,931 0.2363,944 Industria Macchine Automatiche 895,216 0.19183,499 Interpump Group 1,082,644 0.2387,765 Italcementi 917,144 0.2030,914 Lottomatica 587,057 0.13374,078 Maire Tecnimont 1,591,702 0.34128,746 MARR 823,974 0.18117,041 Prysmian 1,890,212 0.40326,507 Recordati 1,617,026 0.3421,944 Societa Cattolica di Assicurazioni 606,532 0.13299,702 Trevi Finanziaria 4,780,247 1.02

37,585,487 8.01

121

JPMorgan Funds - Europe Small Cap FundSchedule of Investments (Market Value Expressed in EUR)

As at 30 June 2008

Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets

FRANCE63,615 Alten 1,466,326 0.3131,241 Arkema 1,115,304 0.2453,305 Beneteau 745,737 0.1624,346 BioMerieux 1,758,755 0.3736,287 Bureau Veritas 1,360,763 0.2921,765 Ciments Français 2,263,560 0.48178,457 Derichebourg 992,221 0.2135,905 EDF Energies Nouvelles 1,520,577 0.32150,611 Etablissements Maurel et Prom 2,239,586 0.4851,770 Ingenico 1,138,940 0.2427,865 LISI 1,583,847 0.3428,880 Orpea 902,211 0.1988,697 Rallye 3,323,477 0.7119,687 Sa des Ciments Vicat 983,956 0.2192,064 SEB 3,402,685 0.7324,866 Sechilienne-Sidec 1,195,309 0.2517,936 Sperian Protection 1,362,957 0.2982,362 Téléperformance 1,917,387 0.4180,464 UBISOFT Entertainment 4,482,649 0.9610,041 Vilmorin & Cie 1,214,760 0.26

34,971,007 7.45

SPAIN39,273 Abengoa 781,533 0.17124,530 Amper 1,119,525 0.24149,138 Banco Pastor 1,339,259 0.29227,812 Cie Automotive 1,467,109 0.315,861 Construcciones y Auxiliar de Ferrocarriles 1,606,207 0.3453,721 Corporacion Financiera Alba 1,990,363 0.42133,225 Duro Felguera 815,337 0.17122,954 Grifols 2,477,523 0.5369,702 Grupo Catalana Occidente 1,248,363 0.2794,226 Indra Sistemas 1,556,613 0.34134,157 Laboratorios Farmaceuticos Rovi 1,261,076 0.27171,164 Promotora de Informaciones 1,148,510 0.2446,128 Prosegur Companhia de Seguridad Registered Shares 1,272,210 0.27115,226 Solaria Energia y Medio Ambiente 1,048,557 0.2236,996 Tecnicas Reunidas 1,955,239 0.42432,989 Tubacex 3,299,376 0.70566,082 Tubos Reunidos - B Shares 2,224,702 0.4756,997 Vidrala 1,116,571 0.24102,629 Viscofan 1,386,518 0.30209,582 Zeltia 953,598 0.20

30,068,189 6.41

SWITZERLAND437 Bobst Group Registered Shares 22,255 0.00

46,888 Bossard Holding - Bearer Shares 2,314,923 0.5010,916 Bucher Industries Registered Shares 1,807,785 0.391,149 Burckhardt Compression Holding 220,687 0.05

821,429 Clariant Registered Shares 5,155,042 1.107,881 Dufry Group Registered Shares 455,580 0.1036,854 EFG International Registered Shares 652,783 0.145,326 Galenica Registered Shares 1,214,452 0.2611,935 Helvetia Holding 2,910,939 0.62448 Jelmoli Holding - Bearer Shares 727,981 0.163,165 Kaba Holding Registered - B Shares 607,898 0.139,029 Kuoni Reisen Holding Registered - B Shares 2,778,357 0.5920,562 Partners Group Holding 1,803,757 0.3850,005 PSP Swiss Property Registered Shares 1,899,087 0.402,132 St. Galler Kantonalbank Registered Shares 607,931 0.13

171,769 Temenos Group Registered Shares 3,352,617 0.71

26,532,074 5.66

NETHERLANDS125,146 Aalberts Industries 1,487,986 0.3219,247 Advanced Metallurgical Group 1,040,878 0.22232,997 BinckBank 1,563,410 0.32103,822 Boskalis Westminster - CVA 3,508,145 0.7522,614 CSM 497,282 0.1152,411 Draka Holding 904,090 0.1970,510 Fugro - CVA 3,819,527 0.8145,589 Gemalto 1,049,915 0.2228,294 Grontmij - CVA 761,109 0.1646,281 Imtech 687,273 0.15120,442 Koninklijke BAM Groep 1,345,337 0.2924,422 Koninklijke Vopak 1,035,981 0.2227,757 Nutreco Holding 1,174,121 0.2544,693 OPG Groep - CVA 597,545 0.1347,208 Sligro Food Group 1,204,748 0.26

42,174 Smit Internationale 2,615,210 0.5695,114 Super de Boer 292,951 0.0672,029 Ten Cate 1,636,499 0.3549,696 Unit 4 Agresso 788,676 0.17

26,010,683 5.54

SWEDEN33,164 AF - B Shares 590,497 0.1365,562 B&B Tools - B Shares 971,641 0.21111,250 BE Group 678,896 0.14107,980 Billerud 515,742 0.1187,315 Elekta - B Shares 1,070,281 0.2363,342 Getinge - B Shares 987,267 0.21124,503 HIQ International 342,061 0.0751,947 Hoganas - B Shares 540,689 0.1186,878 Intrum Justitia 982,301 0.21226,271 KappAhl Holding 954,010 0.20141,030 Kinnevik Investment 1,672,819 0.3649,050 Lindab International 615,494 0.1329,705 Lundbergforetagen - B Shares 963,649 0.21125,377 Lundin Petroleum 1,169,186 0.2549,831 Meda - A Shares 400,188 0.0938,658 Modern Times Group - B Shares 1,444,042 0.3148,831 NCC - B Shares 463,107 0.10431,935 PA Resources 3,480,240 0.74407,819 Peab 1,775,479 0.38393,907 Peab Industri - B Shares 2,268,513 0.48153,033 Saab - B Shares 2,441,817 0.52101,229 Wihlborgs Fastigheter 1,171,305 0.25

25,499,224 5.44

GREECE1,928,762 Alapis Holding Industrial and Commercial SA of

Pharmaceutical Chemical & Organisation 3,356,046 0.724,104 Bank of Greece 379,415 0.0798,333 Folli - Follie Registered Shares 1,455,328 0.31194,930 GEK Group of Companies 1,481,468 0.3277,510 Hellenic Petroleum 675,887 0.14108,311 Hellenic Technodomiki Tev 877,319 0.19145,548 Intralot - Integrated Lottery Systems & Services 1,586,473 0.3492,338 JUMBO 1,652,850 0.35588,585 Michaniki 2,201,308 0.4795,327 Motor Oil Hellas Corinth Refineries 1,229,718 0.2673,277 Sarantis 828,030 0.18169,668 Sidenor Steel Products Manufacturing 1,642,386 0.35

17,366,228 3.70

BELGIUM40,978 Ackermans & Van Haaren 2,632,837 0.5644,414 Bekaert 4,338,804 0.9221,247 Compagnie d’Entreprises CFE 1,320,501 0.284,303 D’ieteren 755,435 0.16

113,542 Euronav 3,463,031 0.7421,956 Mobistar 1,117,341 0.2449,801 Umicore 1,554,289 0.34

15,182,238 3.24

NORWAY133,654 Blom 699,857 0.15262,246 Ementor 1,108,375 0.2482,465 Fred Olsen Energy 3,176,920 0.68695,818 Norse Energy 585,568 0.12153,434 Norwegian Energy 617,877 0.13176,232 ODIM 1,889,563 0.4081,118 Petroleum Geo-Services 1,266,698 0.27

4,184,806 Rocksource 939,131 0.20136,883 Scana Industrier 222,709 0.06102,781 Sevan Marine 811,138 0.1793,518 Songa Offshore 950,235 0.20108,872 TGS Nopec Geophysical 961,009 0.20299,989 Veidekke 1,342,697 0.29

14,571,777 3.11

FINLAND55,917 Cargotec - B Shares 1,263,724 0.2773,865 Elisa - A Shares 990,530 0.2147,661 Konecranes 1,251,578 0.2742,954 Nokian Renkaat 1,313,533 0.2821,342 Outotec 860,723 0.18227,464 Pohjola Bank 2,524,850 0.53

122

JPMorgan Funds - Europe Small Cap FundSchedule of Investments (Market Value Expressed in EUR) (continued)

As at 30 June 2008

Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets

53,864 Poyry 891,988 0.1937,907 Stockmann - B Shares 928,722 0.20157,703 Tietoenator 2,051,716 0.44134,740 YIT 2,146,408 0.46

14,223,772 3.03

DENMARK24,322 Alm Brand 790,821 0.1741,775 Auriga Industries - B Shares 1,221,069 0.2630,688 D/S Norden 2,110,829 0.45141,260 DSV 2,130,781 0.4531,005 East Asiatic 1,334,455 0.2837,326 FLSmidth & Co. 2,607,452 0.5646,058 Jyske Bank Registered Shares 1,750,754 0.3733,953 Sydbank 820,579 0.1779,789 TK Development 652,589 0.158,313 Topdanmark 796,950 0.17

14,216,279 3.03

IRELAND279,241 C&C Group 975,947 0.21238,383 DCC 3,792,674 0.81326,218 Glanbia 1,514,630 0.3273,538 Iaws Group 1,165,724 0.2566,357 Paddy Power 1,300,597 0.27398,865 United Drug 1,388,050 0.30

10,137,622 2.16

AUSTRIA64,542 Conwert Immobilien Invest 695,117 0.1424,987 Flughafen Wien 1,520,959 0.3296,589 Immofinanz 637,487 0.1451,619 Intercell 1,610,513 0.3440,319 Oesterreichische Post 980,558 0.2168,386 RHI 2,095,347 0.4525,193 Schoeller-Bleckmann Oilfield Equipment 1,677,350 0.36

9,217,331 1.96

PORTUGAL288,704 Jeronimo Martins SGPS 1,342,474 0.29150,320 Mota Engil SGPS 611,802 0.13171,621 Semapa-Sociedade de Investimento e Gestao 1,376,400 0.29626,804 Sonae Capital SGPS 808,577 0.17817,427 Teixeira Duarte - Engenharia Construcoes 760,207 0.16

4,899,460 1.04

BERMUDA38,373 Frontline 1,715,114 0.3713,634 Independent Tankers 15,298 0.0011,113 Vostok Gas 662,310 0.14

1,710,241 West Siberian Resources SDR 1,481,911 0.32

3,874,633 0.83

JERSEY90,435 Meinl European Land 634,854 0.14179,456 Petrofac 1,651,192 0.3533,413 Randgold Resources 979,742 0.21

3,265,788 0.70

CYPRUS1,078,974 Deep Sea Supply 2,502,085 0.54

2,807 Prosafe Production Public 9,869 0.00

2,511,954 0.54

LUXEMBOURG499,787 Colt Telecom Group 930,140 0.2031,669 Oriflame Cosmetics SDR 1,283,367 0.27

2,213,507 0.47

GUERNSEY430,922 Assura Group 528,297 0.1161,607 Mapeley 1,012,235 0.22

1,540,532 0.33

GIBRALTAR329,536 PartyGaming 1,075,601 0.23

1,075,601 0.23


781,179 0.17


674,641 0.14

CAYMAN ISLANDS35,194 Subsea 7 570,414 0.12

570,414 0.12

Total Shares 468,583,209 99.89


468,583,209 99.89


Investment Funds



1,265,286 0.27



1,265,286 0.27


Bank Overdraft (1,266,360) (0.27)




SharesIndustrials 37.83Financials 13.21Consumer Discretionary 11.91Energy 10.96Materials 9.31Information Technology 7.17Health Care 4.71Consumer Staples 3.69Investment Companies 0.27Telecommunication Services 0.65Utilities 0.45


Total 100.00


Shares and RightsIndustrials 34.99Financials 17.34Consumer Discretionary 14.57Materials 9.32Information Technology 7.99Energy 6.10Consumer Staples 4.16Health Care 3.07Investment Companies 1.56Utilities 1.33Telecommunication Services 0.32


Total 100.00

123

JPMorgan Funds - Europe Small Cap FundSchedule of Investments (Market Value Expressed in EUR) (continued)

As at 30 June 2008

Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets


Shares and Rights

UNITED KINGDOM839,669 Aegis Group 1,127,574 0.10672,051 Afren 1,439,727 0.13172,742 Aggreko 1,602,515 0.14272,425 Amec 3,060,954 0.27589,777 Anglo American 26,193,753 2.32397,121 Ashmore Group 1,097,941 0.09100,675 Atkins (WS) 1,355,125 0.12118,362 Autonomy 1,344,869 0.1270,174 Aveva Group 1,360,535 0.12166,482 Babcock International Group 1,291,944 0.111,812,139 BAE Systems 10,054,585 0.89982,949 BETonSPORTS 124 0.001,503,556 BG Group 24,590,198 2.18989,901 BHP Billiton 23,921,466 2.12241,555 BP 1,776,072 0.16708,113 British American Tobacco 15,438,312 1.37378,282 British Energy Group 3,389,769 0.30320,029 Britvic 1,165,915 0.10314,934 BSS Group 1,323,486 0.12317,951 Bunzl 2,628,125 0.231,757,287 Cable & Wireless 3,338,181 0.3075,451 Cairn Energy 3,084,945 0.27432,026 Capita Group 3,770,350 0.33321,483 Carillion 1,354,055 0.1249,195 Chemring Group 1,458,048 0.13711,863 Chloride Group 2,355,002 0.2147,469 Clarkson 578,956 0.05

1,011,351 Cobham 2,466,990 0.22565,109 Compass Group 2,698,018 0.24262,976 Connaught 1,412,580 0.13177,083 Cookson Group 1,398,830 0.12175,147 Croda International 1,414,528 0.1354,969 Dana Petroleum 1,317,933 0.1290,135 De La Rue 1,013,322 0.0981,278 Derwent London 1,043,698 0.09

1,221,968 Diageo 14,255,080 1.26158,102 Dignity 1,505,666 0.132,947,205 Dimension Data Holdings 1,694,845 0.15313,025 Emerald Energy 1,530,092 0.14217,422 Eurasian Natural Resources 3,676,781 0.33585,233 Fenner 1,814,036 0.16264,435 Ferrexpo 1,319,317 0.121,076,080 G4S 2,713,286 0.24359,313 Game Group 1,299,950 0.12327,016 Helical Bar 1,213,068 0.11276,713 Hikma Pharmaceuticals 1,748,669 0.15896,806 HMV Group 1,430,995 0.13144,683 Hochschild Mining 717,280 0.0664,635 Homeserve 1,374,048 0.12115,749 Hunting 1,266,171 0.11401,820 ICAP 2,727,181 0.24267,692 IG Group Holdings 1,131,722 0.10495,542 Imperial Tobacco Group 11,693,188 1.04225,088 Inmarsat 1,485,015 0.1364,536 Intermediate Capital Group 1,107,669 0.10435,370 International Personal Finance 1,526,967 0.14308,004 Interserve 1,787,778 0.16101,437 Intertek Group 1,269,228 0.11537,919 Invensys 1,772,758 0.16266,904 JKX Oil & Gas 1,742,343 0.15160,783 Johnson Matthey 3,732,995 0.3371,795 Lonmin 2,914,593 0.26939,053 Man Group 7,322,905 0.65872,595 Meggitt 2,316,009 0.21335,896 Melrose 641,047 0.06453,487 Mothercare 1,898,580 0.17230,673 Mouchel Group 1,210,639 0.101,577,927 Pace 1,690,187 0.1599,839 PayPoint 746,385 0.0765,195 Premier Oil 1,348,873 0.12

1,141,839 Prudential 7,648,722 0.68682,597 PV Crystalox Solar 1,682,314 0.15549,811 QinetiQ 1,401,958 0.12307,068 Reckitt Benckiser Group 9,857,719 0.86174,859 Renishaw 1,627,679 0.14438,071 Rio Tinto 33,248,010 2.94110,704 Rotork 1,534,893 0.13399,735 RPS Group 1,514,649 0.13148,181 Salamander Energy 590,881 0.05139,128 SDL 501,589 0.041,400,086 Senior 1,751,855 0.16

479,949 Serco Group 2,690,276 0.24510,513 Smith & Nephew 3,584,256 0.3254,497 Soco International 1,356,897 0.12101,180 Spirax-Sarco Engineering 1,365,759 0.121,815,894 Spirent Communications 1,497,542 0.131,320,578 Sportingbet 571,653 0.05214,870 SSL International 1,213,924 0.11597,750 Stagecoach Group 2,092,702 0.19670,684 Standard Chartered 12,002,987 1.06647,665 Thomas Cook Group 1,882,723 0.17709,209 TUI Travel 1,842,019 0.16254,131 Tullett Prebon 1,390,765 0.11398,744 Tullow Oil 4,775,090 0.4295,944 Ultra Electronics Holdings 1,452,723 0.1392,299 Vedanta Resources 2,544,256 0.2368,737 Victrex 647,225 0.06647,771 Vodafone Group 1,214,146 0.11156,961 VT Group 1,245,832 0.11114,863 Weir Group 1,356,649 0.1295,456 Wellstream Holdings 1,574,425 0.14256,874 WH Smith 1,209,357 0.11483,477 Wincanton 1,753,743 0.161,278,428 WM Morrison Supermarkets 4,249,523 0.38231,669 Wood Group (John) 1,429,612 0.12180,939 WSP Group 1,196,030 0.11297,187 Xstrata 15,152,135 1.33

373,146,289 33.03

SWITZERLAND1,221,955 ABB Registered Shares 21,940,783 1.94

9,311 Allreal Holding Registered Shares 748,384 0.0766,992 Ascom Holding Registered Shares 417,085 0.0437,367 Bucher Industries Registered Shares 6,188,302 0.5521,292 Burckhardt Compression Holding 4,089,529 0.3675,053 Dufry Group Registered Shares 4,338,620 0.384,531 Hiestand Holding Registered Shares 4,964,876 0.4410,386 Kardex - Bearer Shares 379,567 0.032,105 LEM Holding Registered Shares 418,066 0.04

404,751 Logitech International Registered Shares 6,899,586 0.6190,251 Lonza Group Registered Shares 7,911,454 0.7021,566 Meyer Burger Technology 4,088,449 0.362,146 Mobimo Holding Registered Shares 253,855 0.02

1,204,810 Nestlé Registered Shares 34,549,689 3.06494,050 Novartis Registered Shares 17,255,812 1.5321,147 Partners Group Holding 1,855,075 0.16111,941 PSP Swiss Property Registered Shares 4,251,289 0.38

261 Romande Energie Holding - Bearer Shares 391,290 0.03141,786 Schindler Holding - Participaton Certificates 6,730,926 0.605,908 Schweizerhall Holding Registered Shares 788,986 0.075,716 SGS Registered Shares 5,195,732 0.4633,652 Swiss Prime Site Registered Shares 1,259,178 0.1172,195 Syngenta Registered Shares 14,664,231 1.30311,096 Temenos Group Registered Shares 6,072,026 0.5412,821 Unique Zürich Airport Registered Shares 3,001,314 0.2719,119 Valiant Holding Registered Shares 2,318,760 0.2119,734 Valora Holding Registered Shares 3,326,482 0.281,355 Vetropack Holding - Bearer Shares 2,024,660 0.18

161,274 Von Roll Holding - Bearer Shares 1,079,380 0.109,572 Winterthur Technologie Registered - A Shares 369,484 0.03

167,772,870 14.85

GERMANY155,033 Adidas 6,181,166 0.55334,144 Aixtron 2,178,619 0.19164,983 Aleo Solar 1,780,167 0.1654,414 Bauer 3,317,077 0.2938,842 BayWa 1,618,935 0.14108,642 Beiersdorf 5,040,989 0.4578,437 Bilfinger Berger 4,306,976 0.3858,706 Centrotherm Photovoltaics 3,458,958 0.3183,424 Comdirect Bank 601,487 0.0579,608 Demag Cranes 2,404,162 0.2157,290 Duerr 1,473,499 0.1344,740 ElringKlinger 2,684,400 0.2437,036 Ersol Solar Energy 3,737,673 0.3335,927 Fielmann 1,668,809 0.15191,364 Fresenius Medical Care & Co. KGaA 6,680,517 0.5930,005 Fuchs Petrolub Preference Shares 1,803,301 0.16216,459 GEA Group 4,842,188 0.4355,182 Gerresheimer 1,818,799 0.1679,495 Gerry Weber International 1,588,310 0.14158,696 Gildemeister 2,805,745 0.2565,162 Hamburger Hafen und Logistik 3,258,100 0.2968,446 Hochtief 4,327,156 0.3825,764 K+S 9,240,001 0.82

124

JPMorgan Funds - Europe Strategic Growth FundSchedule of Investments (Market Value Expressed in EUR)

As at 30 June 2008

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

33,326 Kizoo 322,596 0.0391,915 Kloeckner & Co. 3,321,808 0.2926,842 Krones 1,417,526 0.1316,134 KWS Saat 2,371,053 0.2177,296 Linde 6,852,290 0.6125,814 Manz Automation 4,227,043 0.37102,958 Medigene 644,517 0.06236,398 Medion 2,361,616 0.2172,359 Merck KGAA 6,495,667 0.5878,249 Phoenix Solar 3,760,647 0.339,788 REpower Systems Registered Shares 2,074,273 0.1832,467 RWE 2,592,165 0.2375,461 SGL Carbon 3,363,297 0.30256,618 Singulus Technologies 1,796,326 0.1645,282 SMA Solar Technology 2,492,774 0.228,736 Solar Millennium 240,153 0.02

140,140 Solarworld 4,162,158 0.3818,465 Solon Fuer Solartechnik 1,089,804 0.1076,743 Stada Arzneimittel 3,527,876 0.3163,239 ThyssenKrupp 2,525,133 0.22257,308 United Internet Registered Shares 3,218,923 0.2881,787 Volkswagen 14,722,478 1.3035,584 Vossloh 2,949,558 0.2624,905 Wacker Chemie 3,311,120 0.29238,278 Wirecard 2,003,918 0.18

158,661,753 14.05

FRANCE47,173 Aeroports de Paris 2,787,924 0.25143,243 Air Liquide 11,903,493 1.0558,542 Alstom 8,523,130 0.75357,790 Altran Technologies 1,899,865 0.17357,790 Altran Technologies - Rights 07.07.08 35,779 0.003,036 Areva 2,252,651 0.2013,527 Audika 388,901 0.03161,279 Beneteau 2,256,293 0.2030,903 BioMerieux 2,232,433 0.2079,530 Bureau Veritas 2,982,375 0.2628,317 Casino Guichard Perrachon 2,038,258 0.19223,397 Derichebourg 1,242,087 0.1157,183 EDF Energies Nouvelles 2,421,700 0.216,057 Eramet 3,823,300 0.3416,814 Eurofins Scientific 916,195 0.08118,629 Eutelsat Communications 2,097,361 0.1995,960 Gaz de France 3,907,491 0.35229,157 Groupe Danone 10,181,446 0.9052,035 Hermes International 5,194,654 0.4634,822 Iliad 2,131,455 0.1994,869 Ingenico 2,087,118 0.1891,663 Klepierre 2,913,050 0.2783,721 Lafarge 8,043,914 0.7112,421 LISI 706,010 0.0663,638 Mercialys 1,809,865 0.1670,324 Orpea 2,196,922 0.1986,005 Pernod-Ricard 5,581,725 0.49405 Rubis 21,987 0.00

55,446 SEB 2,049,284 0.1741,721 Sechilienne-Sidec 2,005,528 0.1973,488 SeLoger.com 1,083,948 0.1032,815 Societe des Autoroutes Paris-Rhin-Rhone 1,975,463 0.1776,725 Sodexo 3,171,044 0.28248,414 Suez 10,679,318 0.9583,996 Technip 4,913,766 0.4353,481 Thalès 1,928,525 0.1743,191 UBISOFT Entertainment 2,406,171 0.2219,529 Vilmorin & Cie 2,362,618 0.21

125,153,047 11.08

SPAIN52,554 Abengoa 1,045,825 0.09179,886 Abertis Infraestructuras 2,734,267 0.2459,841 Amper 537,971 0.0510,462 Baron de Ley 509,186 0.0691,158 BSCH 1,055,610 0.094,069 Construcciones y Auxiliar de Ferrocarriles 1,115,109 0.10

139,158 Enagas 2,506,236 0.22109,571 Gamesa Corp Tecnologica 3,413,137 0.3069,001 Gas Natural SDG 2,546,137 0.2395,739 Grifols 1,929,141 0.17

1,598,148 Iberdrola 13,552,295 1.20112,097 Indra Sistemas 1,851,842 0.1639,748 Prosegur Companhia de Seguridad Registered Shares 1,096,250 0.1074,865 Red Electrica de España 3,089,679 0.2722,659 Tecnicas Reunidas 1,197,528 0.11

1,855,888 Telefonica 31,345,948 2.77

159,690 Tubacex 1,216,838 0.1184,103 Union Fenosa 3,099,196 0.27

73,842,195 6.54

NETHERLANDS153,783 Akzo Nobel 6,683,409 0.5859,691 Boskalis Westminster - CVA 2,016,959 0.1868,038 Fugro - CVA 3,685,618 0.33273,388 Funcom 1,250,903 0.11101,880 Gemalto 2,346,296 0.21989,058 Koninklijke KPN 10,800,513 0.9650,664 Koninklijke Vopak 2,149,167 0.1994,613 New World Resources - A Shares 2,141,680 0.1950,377 Nutreco Holding 2,130,947 0.19187,370 Qiagen 2,387,094 0.2153,486 Sligro Food Group 1,364,963 0.1230,892 Smit Internationale 1,915,613 0.17559,277 Super de Boer 1,722,573 0.1556,051 TKH Group - Dutch Certificates 776,306 0.0784,779 Unit 4 Agresso 1,345,443 0.12

42,717,484 3.78

ITALY486,860 Assicurazioni Generali 11,767,406 1.04211,526 Carraro 973,020 0.0924,964 Danieli & Co. 589,650 0.0596,144 Enel 585,517 0.0542,931 ENI 1,017,035 0.0953,505 ERG 811,136 0.07367,255 Fiat 3,808,434 0.34196,372 Finmeccanica 3,251,920 0.29161,976 IFIL - Investments 666,531 0.0587,216 Industria Macchine Automatiche 1,221,024 0.11158,621 Landi Renzo 621,398 0.0666,256 Lottomatica 1,258,201 0.11132,984 Maire Tecnimont 565,847 0.051,605,338 Pirelli & C. 699,927 0.0617,817 Prima Industrie 300,395 0.0317,817 Prima Industrie - Rights 11.07.08 18,726 0.0073,789 Prysmian 1,191,692 0.1123,265 Reply 458,321 0.04138,164 Saipem 4,092,418 0.36186,597 Saras 666,151 0.06310,114 Snam Rete Gas 1,338,142 0.12376,000 Terna Rete Elettrica Nazionale 1,006,740 0.0972,397 Trevi Finanziaria 1,154,732 0.10

38,064,363 3.37

FINLAND231,967 Fortum 7,388,149 0.65192,513 F-Secure 515,935 0.05212,317 Kone - B Shares 4,745,285 0.42144,616 Konecranes 3,797,616 0.33157,456 Nokian Renkaat 4,815,004 0.43150,473 Outokumpu 3,378,119 0.3085,745 Outotec 3,458,096 0.3147,545 Poyry 787,345 0.07516,854 Talvivaara Mining 2,438,237 0.22100,058 Technopolis 527,306 0.0414,696 Vacon 378,422 0.03269,456 YIT 4,292,434 0.38

36,521,948 3.23

SWEDEN57,527 AarhusKarlshamn 1,015,171 0.0937,220 AF - B Shares 662,716 0.06415,731 Atlas Copco - A Shares 3,876,842 0.3459,348 Avanza Bank Holding 583,230 0.0554,367 B&B Tools - B Shares 805,729 0.07112,754 Elekta - B Shares 1,382,105 0.12157,478 Getinge - B Shares 2,454,499 0.2290,301 Hakon Invest 973,293 0.09149,909 Hennes & Mauritz - B Shares 5,108,677 0.4521,082 Hexpol - B Shares 118,070 0.01120,680 Intrum Justitia 1,364,489 0.1252,552 KNOW IT 302,647 0.03227,878 Lundin Petroleum 2,125,045 0.1959,428 Modern Times Group - B Shares 2,219,890 0.20659,182 Net Insight - B Shares 351,761 0.03163,508 PA Resources 1,317,437 0.1259,335 Peab 258,321 0.02203,051 Peab Industri - B Shares 1,169,372 0.1083,678 Saab - B Shares 1,335,178 0.12235,785 Tele2 - B Shares 2,890,182 0.25

125

JPMorgan Funds - Europe Strategic Growth FundSchedule of Investments (Market Value Expressed in EUR) (continued)

As at 30 June 2008

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

1,203,646 Tricorona 1,322,766 0.12103,371 Wihlborgs Fastigheter 1,196,090 0.11

32,833,510 2.91

DENMARK26,204 Alm Brand 852,013 0.0841,888 Auriga Industries - B Shares 1,224,372 0.1165,138 Carlsberg - B Shares 3,995,698 0.3528,221 Coloplast - B Shares 1,564,642 0.14132,395 DSV 1,997,060 0.1820,594 East Asiatic 886,365 0.0837,664 FLSmidth & Co. 2,631,063 0.2347,799 Jyske Bank Registered Shares 1,816,933 0.16216,546 Novo Nordisk - B Shares 9,044,307 0.8088,630 Vestas Wind Systems 7,367,829 0.65

31,380,282 2.78

NORWAY150,734 Blom 789,294 0.08440,696 Kongsberg Automotive 1,065,906 0.09100,765 ODIM 1,080,404 0.10378,941 Pronova BioPharma 807,878 0.0795,941 Revus Energy 1,043,633 0.0992,045 Sevan Marine 726,410 0.0688,720 Songa Offshore 901,482 0.08314,344 StatoilHydro 7,465,833 0.66430,495 StepStone 810,444 0.07104,304 Yara International 5,832,322 0.52

20,523,606 1.82

LUXEMBOURG90,121 Acergy 1,286,499 0.11200,044 ArcelorMittal 12,597,901 1.12710,524 Colt Telecom Group 1,322,337 0.1251,467 Millicom International Cellular SDR 3,377,314 0.3028,348 Oriflame Cosmetics SDR 1,148,785 0.10

19,732,836 1.75


Pharmaceutical Chemical & Organisation 1,152,987 0.10228,209 Alpha Bank 4,381,613 0.39206,718 Anek Lines 345,219 0.03129,444 Athens Water Supply & Sewage 1,255,607 0.1126,532 Coca Cola Hellenic Bottling 459,004 0.04142,084 Euromedica 815,562 0.0761,039 Fourlis 1,135,325 0.1061,038 Frigoglass 942,427 0.08105,400 Heracles General Cement 1,741,208 0.1580,058 OPAP 1,775,686 0.1639,012 Piraeus Port Authority 865,286 0.08116,267 Sarantis 1,313,817 0.12

16,183,741 1.43

IRELAND239,242 C&C Group 836,151 0.07495,418 Glanbia 2,300,226 0.20152,895 Iaws Group 2,423,692 0.21115,254 Kerry Group - A Shares 2,179,568 0.19102,676 Paddy Power 2,012,450 0.18614,390 United Drug 2,138,077 0.20

11,890,164 1.05

AUSTRIA12,146 Flughafen Wien 739,327 0.0730,143 Intercell 940,462 0.0834,260 Oesterreichische Post 833,203 0.0718,484 OMV 923,276 0.0831,888 Raiffeisen International Bank Holding 2,559,969 0.239,603 Schoeller-Bleckmann Oilfield Equipment 639,368 0.0645,939 Verbund - Oesterreichische Elektrizitaetswirtschafts -

A Shares 2,590,500 0.2335,999 Wiener Staedtische Versicherung 1,515,198 0.13

10,741,303 0.95

BELGIUM5,853 Ackermans & Van Haaren 376,055 0.033,942 Bekaert 385,094 0.0310,454 Colruyt 1,750,731 0.156,814 Compagnie d’Entreprises 423,490 0.0424,396 Euronav 744,078 0.07713 Groupe Bruxelles Lambert (Strip) 14 0.00

20,460 Groupe Bruxelles Lambert 1,541,661 0.14

112,111 Hansen Transmissions International 380,807 0.03997 Sipef 479,557 0.05

71,935 Umicore 2,245,091 0.20

8,326,578 0.74

UNITED STATES OF AMERICA81,339 Synthes 7,099,839 0.63

7,099,839 0.63

PORTUGAL985,681 Energias de Portugal 3,247,819 0.2940,094 Galp Energia - B Shares 558,509 0.05132,198 Jeronimo Martins SGPS 614,721 0.0581,368 Portugal Telecom Registered Shares 584,629 0.05

5,005,678 0.44

JERSEY48,872 Randgold Resources 1,433,033 0.13215,800 Petrofac 1,985,596 0.17

3,418,629 0.30

BERMUDA75,000 Aquarius Platinum 782,504 0.0723,460 Frontline 1,048,565 0.0911,180 Independent Tankers Corp. 12,545 0.00

1,843,614 0.16

ISLE OF MAN195,976 Lamprell 1,418,034 0.13

1,418,034 0.13

GIBRALTAR712,037 888 Holdings 1,293,655 0.11

1,293,655 0.11

CAYMAN ISLANDS50,670 Subsea 7 821,244 0.07

821,244 0.07



1,188,392,662 105.20


Bank Overdraft (49,357,034) (4.37)


Total Net Assets 1,129,640,211 100.00


SharesMaterials 21.27Industrials 20.29Consumer Staples 13.27Consumer Discretionary 10.35Energy 9.60Financials 8.25Health Care 6.96Utilities 5.59Information Technology 4.76Telecommunication Services 4.86


Total 100.00

126


As at 30 June 2008

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets


Shares and WarrantsIndustrials 20.14Materials 15.20Consumer Staples 14.01Consumer Discretionary 12.92Financials 8.75Information Technology 8.50Energy 6.04Utilities 5.79Health Care 4.51Telecommunication Services 4.46


Total 100.00

127


As at 30 June 2008

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

JPMorgan Funds - Europe Strategic Growth FundSchedule of Investments - Outstanding Financial Futures Contracts (Expressed in EUR)

As at 30 June 2008

ExpirationDate


NotionalValue


Equity Futures

Sep-08 (808) DJ Euro Stoxx 50 Index Future EUR (27,181,120) 804,460Sep-08 (260) FTSE 100 Index Future GBP (18,487,629) 212,510

Total 1,016,970

128


Shares and Rights

UNITED KINGDOM3,289 Admiral Group 33,235 0.903,208 Aggreko 29,760 0.811,317 Amec 14,798 0.4010,008 Aricom 10,309 0.281,643 Arriva 14,079 0.3810,084 Ashmore Group 27,880 0.761,918 Atkins (WS) 25,817 0.702,724 Autonomy 30,951 0.841,345 Aveva Group 26,077 0.713,726 Babcock International Group 28,915 0.792,224 Balfour Beatty 11,911 0.323,948 Britvic 14,383 0.391,068 Cairn Energy 43,667 1.182,003 Carillion 8,437 0.2327,032 Central African Mining & Exploration 19,133 0.52773 Chemring Group 22,910 0.621,510 Dana Petroleum 36,204 0.982,355 De La Rue 26,476 0.721,989 Dignity 18,942 0.5131,362 Dimension Data Holdings 18,035 0.493,823 Ferrexpo 19,074 0.521,473 Firstgroup 9,579 0.267,269 Game Group 26,298 0.712,279 Hikma Pharmaceuticals 14,402 0.396,516 HMV Group 10,397 0.281,098 Homeserve 23,342 0.635,433 IG Group Holdings 22,969 0.621,908 Imperial Energy 22,379 0.613,558 Inmarsat 23,474 0.64662 Intermediate Capital Group 11,362 0.31927 Intertek Group 11,599 0.323,100 JKX Oil & Gas 20,237 0.554,370 Meggitt 11,599 0.32880 National Express Group 10,427 0.282,415 Northumbrian Water Group 9,538 0.261,435 Peter Hambro Mining 23,360 0.641,399 Premier Oil 28,945 0.794,288 QinetiQ 10,934 0.301,879 Rotork 26,052 0.715,590 RPS Group 21,181 0.581,097 Soco International 27,314 0.743,531 SSL International 19,949 0.545,071 Stagecoach Group 17,754 0.482,460 Venture Production 27,034 0.732,887 VT Group 22,915 0.622,945 Weir Group 34,783 0.951,736 Wellstream Holdings 28,633 0.784,873 Wood Group (John) 30,071 0.82

1,027,520 27.91

FRANCE3,594 Altran Technologies 19,084 0.523,594 Altran Technologies - Rights 07.07.08 359 0.011,062 Arkema 37,913 1.03488 BioMerieux 35,253 0.96971 Bureau Veritas 36,413 0.99811 EDF Energies Nouvelles 34,346 0.932,493 Etablissements Maurel et Prom 37,071 1.011,470 Eutelsat Communications 25,990 0.71444 Iliad 27,177 0.741,196 Ingenico 26,312 0.72440 Orpea 13,746 0.37656 Rallye 24,580 0.67346 Sechilienne-Sidec 16,632 0.45784 UBISOFT Entertainment 43,677 1.18

378,553 10.29

GERMANY2,432 Aixtron 15,857 0.43406 Bauer 24,750 0.67307 Bilfinger Berger 16,857 0.46247 Centrotherm Photovoltaics 14,553 0.401,991 Comdirect Bank 14,355 0.39175 ElringKlinger 10,500 0.29301 Fielmann 13,981 0.38984 GEA Group 22,012 0.601,340 Gildemeister 23,691 0.64203 Krones 10,720 0.29

128 KWS Saat 18,811 0.51619 Leoni 16,744 0.4669 Manz Automation 11,299 0.31

1,125 Medion 11,239 0.31524 Phoenix Solar 25,183 0.6861 REpower Systems Registered Shares 12,927 0.35719 SGL Carbon 32,046 0.87101 SMA Solar Technology 5,560 0.15489 Solar Millennium 13,443 0.37681 Solarworld 20,226 0.55317 Stada Arzneimittel 14,573 0.39135 Vossloh 11,190 0.302,057 Wirecard 17,299 0.47

377,816 10.27

ITALY1,417 ACEA 17,103 0.465,346 Astaldi 28,280 0.771,810 Benetton Group 13,204 0.36667 Carraro 3,068 0.086,940 Immobiliare Grande Distribuzione 12,978 0.36871 Industria Macchine Automatiche 12,194 0.331,696 Lottomatica 32,207 0.884,614 Maire Tecnimont 19,633 0.541,729 MARR 11,066 0.305,003 Recordati 24,777 0.67588 Societa Cattolica di Assicurazioni 16,252 0.444,436 Trevi Finanziaria 70,754 1.92

261,516 7.11

NETHERLANDS509 Advanced Metallurgical Group 27,527 0.75887 Boskalis Westminster - CVA 29,972 0.821,241 CSM 27,290 0.74348 Fugro - CVA 18,851 0.511,616 Gemalto 37,216 1.011,237 Imtech 18,369 0.51725 Nutreco Holding 30,668 0.832,248 Qiagen 28,640 0.78583 Sligro Food Group 14,878 0.40251 Smit Internationale 15,565 0.42

248,976 6.77

SPAIN779 Abengoa 15,502 0.42880 Amper 7,911 0.2140 Construcciones y Auxiliar de Ferrocarriles 10,962 0.30

2,555 Grifols 51,483 1.401,619 Laboratorios Farmaceuticos Rovi 15,219 0.41833 Prosegur Companhia de Seguridad Registered Shares 22,974 0.622,139 Solaria Energia y Medio Ambiente 19,465 0.531,189 SOS Cuetara 17,252 0.48792 Tecnicas Reunidas 41,857 1.144,934 Tubacex 37,597 1.02254 Viscofan 3,432 0.09

243,654 6.62

SWITZERLAND11 Bobst Group Registered Shares 560 0.02259 Bucher Industries Registered Shares 42,893 1.1735 Burckhardt Compression Holding 6,722 0.1878 Dufry Group Registered Shares 4,509 0.1262 Forbo Holding Registered Shares 17,467 0.47143 Galenica Registered Shares 32,607 0.892,885 Temenos Group Registered Shares 56,310 1.53

161,068 4.38

SWEDEN1,225 Elekta - B Shares 15,016 0.411,034 Getinge - B Shares 16,116 0.441,220 Intrum Justitia 13,794 0.372,006 Lundin Petroleum 18,707 0.51811 Meda - A Shares 6,513 0.18511 Modern Times Group - B Shares 19,088 0.522,239 PA Resources 18,040 0.491,816 Peab 7,906 0.211,080 Saab - B Shares 17,233 0.471,498 Wihlborgs Fastigheter 17,333 0.47

149,746 4.07

129

JPMorgan Funds - Europe Strategic Growth Small Cap FundSchedule of Investments (Market Value Expressed in EUR)

As at 30 June 2008

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

NORWAY17,657 Norse Energy 14,859 0.40739 ODIM 7,924 0.22

51,278 Rocksource 11,508 0.313,191 Sevan Marine 25,183 0.694,395 Songa Offshore 44,658 1.21

104,132 2.83

DENMARK667 Auriga Industries - B Shares 19,496 0.531,113 DSV 16,789 0.46687 East Asiatic 29,568 0.80305 FLSmidth & Co. 21,306 0.58372 Jyske Bank Registered Shares 14,140 0.38

101,299 2.75

IRELAND3,789 C&C Group 13,243 0.362,498 Glanbia 11,598 0.321,044 Iaws Group 16,549 0.451,075 Paddy Power 21,070 0.573,680 United Drug 12,806 0.35

75,266 2.05

AUSTRIA223 Flughafen Wien 13,574 0.371,050 Intercell 32,760 0.89485 Oesterreichische Post 11,795 0.32243 Schoeller-Bleckmann Oilfield Equipment 16,179 0.44

74,308 2.02

BERMUDA379 Frontline 16,940 0.46429 Vostok Gas 25,567 0.69

32,716 West Siberian Resources SDR 28,348 0.77

70,855 1.92

FINLAND780 Konecranes 20,483 0.56382 Nokian Renkaat 11,682 0.32351 Outotec 14,156 0.381,281 Poyry 21,213 0.58

67,534 1.84

JERSEY4,945 Petrofac 45,499 1.24628 Randgold Resources 18,414 0.50

63,913 1.74


Pharmaceutical Chemical & Organisation 26,813 0.732,942 Intralot - Integrated Lottery Systems & Services 32,068 0.87

58,881 1.60

PORTUGAL6,377 Jeronimo Martins SGPS 29,653 0.812,470 Mota Engil SGPS 10,053 0.2612,705 Sonae Capital SGPS 16,389 0.45

56,095 1.52

BELGIUM266 Ackermans & van Haaren 17,091 0.46215 Bekaert 21,003 0.57482 Euronav 14,701 0.40

52,795 1.43

LUXEMBOURG11,058 Colt Telecom Group 20,580 0.56534 Oriflame Cosmetics SDR 21,640 0.59

42,220 1.15


17,373 0.47

GIBRALTAR4,084 PartyGaming 13,330 0.36

13,330 0.36

CAYMAN ISLANDS428 Subsea 7 6,937 0.19

6,937 0.19



3,653,787 99.29


Cash 41,770 1.14




Shares and RightsIndustrials 30.63Energy 17.58Information Technology 11.33Health Care 9.80Consumer Discretionary 8.55Financials 7.32Consumer Staples 6.77Materials 6.03Utilities 0.72Telecommunication Services 0.56


Total 100.00



130

JPMorgan Funds - Europe Strategic Growth Small Cap FundSchedule of Investments (Market Value Expressed in EUR) (continued)

As at 30 June 2008

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets


Shares and Rights

UNITED KINGDOM1,355,677 Amlin 4,240,720 0.15853,766 Antofagasta 7,100,238 0.252,031,645 AstraZeneca 54,462,382 1.944,403,303 Aviva 27,603,769 0.996,027,722 Barclays 22,093,237 0.791,291,654 Barclays - Rights 17.07.08 146,925 0.013,344,723 Beazley Group 4,713,496 0.17755,413 BHP Billiton 18,254,943 0.65

22,758,209 BP 167,333,392 5.991,984,875 Cattles 3,349,057 0.12893,192 Cattles Registered Shares 1,509,895 0.05496,901 Charter 5,382,188 0.194,044,387 Chaucer Holdings 4,114,876 0.15647,611 Cookson Group 5,115,668 0.183,183,625 Elementis 3,108,340 0.115,605,274 Galiform 3,010,742 0.112,594,427 GKN 7,271,319 0.2647,801 Go-Ahead Group 1,113,449 0.04

13,282,410 HSBC Holdings 130,102,824 4.661,271,750 IMI 6,995,982 0.25670,621 Inchcape 2,678,381 0.10336,783 Intermediate Capital Group 5,780,402 0.21988,783 Interserve 5,739,292 0.21291,425 Kazakhmys 5,834,318 0.21725,916 Keller Group 5,743,397 0.21

10,572,608 Legal & General Group 13,322,491 0.488,681,261 Lloyds TSB Group 33,958,743 1.22494,999 Morgan Sindall 4,710,939 0.17596,179 National Express Group 7,064,088 0.259,702,833 Old Mutual 11,306,746 0.401,526,061 Prudential 10,222,471 0.3726,623,791 RBS 71,757,463 2.574,492,997 Regus Group 4,599,698 0.16640,800 ROK 653,993 0.024,148,926 Royal Dutch Shell - A Shares 107,707,084 3.853,644,050 Royal Dutch Shell - B Shares 92,619,949 3.316,993,002 RSA Insurance Group 11,003,761 0.39642,063 Speedy Hire 4,605,233 0.168,746,120 Sportingbet 3,786,031 0.14794,241 St James’s Place 2,203,408 0.082,731,469 Standard Life 7,172,085 0.261,778,131 Sthree 3,567,678 0.132,138,504 Thomas Cook Group 6,216,502 0.22349,815 Xstrata 17,835,384 0.64

917,112,979 32.82

FRANCE2,044,491 AXA 38,283,094 1.371,081,044 BNP Paribas 61,781,665 2.21659,135 Bouygues 27,756,175 0.9976,349 Ciments Français 7,940,296 0.28157,867 CNP Assurances 11,315,907 0.402,819,304 France Télécom 53,214,363 1.90152,302 Imerys 6,929,741 0.25193,887 IMS-Intl Metal Service 4,166,632 0.15198,057 Lafarge 19,029,317 0.68276,261 Peugeot 9,514,429 0.34469,271 Publicis Groupe 9,695,139 0.35192,807 Rallye 7,224,478 0.26193,003 Rexel 1,708,077 0.061,503,136 Sanofi-Aventis 63,312,088 2.27140,846 Schneider Electric 9,657,810 0.352,828,451 Total 152,312,086 5.461,948,890 Vivendi 46,753,871 1.67108,736 Wendel 6,991,725 0.25

537,586,893 19.24

GERMANY629,156 BASF 27,431,202 0.98442,755 Bayerische Motoren Werke 13,464,180 0.48113,056 Bechtle 2,025,963 0.07157,232 Continental 10,110,018 0.361,372,558 Daimler Registered Shares 53,433,683 1.91196,155 Deutsche Euroshop 4,811,682 0.171,628,258 Deutsche Post 26,752,279 0.96175,050 Deutsche Postbank 9,739,782 0.35363,377 Deutz 2,114,854 0.08

419,685 Hannover Rueckversicherung Registered Shares 13,068,991 0.4783,435 HeidelbergCement 7,661,836 0.27306,044 Kloeckner & Co. 11,060,430 0.40414,255 KUKA 8,558,508 0.31391,594 Leoni 10,592,618 0.38125,496 MAN 8,856,253 0.32372,627 Muenchener Rueckversicherungs Registered Shares 41,264,714 1.48405,355 Norddeutsche Affinerie 13,944,212 0.50552,417 Pfleiderer Registered Shares 4,789,455 0.1781,280 Porsche Automobil Holding Non Voting Preference

Shares 7,945,933 0.28279,810 Rheinmetall 12,692,182 0.45142,209 Salzgitter 16,540,329 0.5938,885 Sixt 970,570 0.03791,127 ThyssenKrupp 31,589,701 1.13662,295 Tognum 11,384,851 0.41

350,804,226 12.55

ITALY179,844 Biesse 1,947,710 0.07286,030 Brembo 1,896,379 0.07147,429 Buzzi Unicem 2,327,904 0.084,994,511 Enel 30,416,572 1.093,107,603 ENI 73,619,115 2.63590,087 Fiat 6,119,202 0.22161,890 Fondiaria-Sai 3,386,739 0.1223,415 GreenergyCapital 15,922 0.00896,378 IFIL - Investments 3,688,595 0.13370,961 Interpump Group 2,188,670 0.084,877,925 Intesa Sanpaolo 17,584,920 0.63140,435 Istituto Finanziario Industriale 1,777,907 0.06745,510 Mediobanca 7,999,322 0.29540,756 Recordati 2,678,094 0.10596,666 Saras 2,130,098 0.08514,949 Sogefi 1,528,111 0.057,000,360 UniCredit 26,898,883 0.96957,323 Unione di Banche Italiane 14,216,247 0.511,660,044 Unipol Gruppo Finanziario 2,453,545 0.092,283,388 Unipol Gruppo Finanziario Preference Shares 2,762,899 0.10

205,636,834 7.36

SPAIN145,502 Acerinox 2,122,874 0.07105,699 ACS Actividades de Construccion y Servicios 3,306,265 0.124,078,993 BBVA 49,967,664 1.797,000,430 BSCH 81,064,979 2.90

3,990 Construcciones y Auxiliar de Ferrocarriles 1,093,459 0.0428,365 Corporacion Financiera Alba 1,050,923 0.0457,226 Grupo Catalana Occidente 1,024,918 0.04918,037 Repsol YPF 23,125,352 0.83201,769 Telefonica 3,407,878 0.12285,633 Tubos Reunidos - B Shares 1,122,538 0.04

167,286,850 5.99

SWITZERLAND205,249 Baloise Holding Registered Shares 13,583,634 0.4911,725 Helvetia Holding 2,859,720 0.1049,894 Inficon Holding Registered Shares 5,094,409 0.1824,736 Kuoni Reisen Holding Registered - B Shares 7,611,632 0.27130,333 Swiss Life Holding Registered Shares 21,908,861 0.78815,357 Swiss Reinsurance Registered Shares 34,087,525 1.2270,800 Swisscom Registered Shares 14,986,969 0.54269,895 Zurich Financial Services 43,520,738 1.56

143,653,488 5.14

SWEDEN130,405 B&B Tools - B Shares 1,932,627 0.07319,681 BE Group 1,950,832 0.07274,550 Billerud 1,311,327 0.05757,735 Boliden 3,915,410 0.14209,194 Hoganas - B Shares 2,177,391 0.08681,216 Investor - B Shares 9,069,981 0.32611,739 KappAhl Holding 2,579,230 0.09232,931 Kinnevik Investment 2,762,897 0.09367,700 Klovern 765,439 0.03296,013 NCC - B Shares 2,807,348 0.102,898,308 Nordea Bank 25,879,283 0.93448,000 PA Resources 3,609,681 0.13482,364 Peab 2,100,018 0.08254,277 Peab Industri - B Shares 1,464,383 0.05

131

JPMorgan Funds - Europe Strategic Value FundSchedule of Investments (Market Value Expressed in EUR)

As at 30 June 2008

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

781,112 SKF - B Shares 7,676,217 0.27225,548 Ssab Svenskt Staal - A Shares 4,647,555 0.17727,685 Svenska Cellulosa - B Shares 6,497,572 0.23800,097 Svenska Handelsbanken - A Shares 11,963,275 0.431,012,286 Volvo - B Shares 7,755,186 0.28

100,865,652 3.61

NETHERLANDS260,754 Aalberts Industries 3,100,365 0.1123,085 Accell Group 504,407 0.02421,425 BinckBank 2,827,762 0.1043,536 Brunel International 612,116 0.02143,248 Draka Holding 2,471,028 0.0917,203 Eriks Group - CVA 720,290 0.035,487 Gamma Holding 196,160 0.01

105,106 Heijmans - CVA 1,603,918 0.062,137,048 ING Groep - CVA 42,922,609 1.5383,837 Kardan 670,696 0.02235,232 Koninklijke BAM Groep 2,627,541 0.09288,648 Koninklijke DSM 10,778,116 0.39168,285 New World Resources - A Shares 3,809,335 0.14324,111 Ordina 2,764,667 0.10251,310 Plaza Centers 493,116 0.0250,619 Smit Internationale 3,138,884 0.11389,121 SNS Reaal 4,735,603 0.17113,879 Ten Cate 2,587,331 0.09204,005 TKH Group - Dutch Certificates 2,825,469 0.10

89,389,413 3.20

BELGIUM30,722 Ackermans & Van Haaren 1,973,888 0.07688,578 Belgacom 18,918,681 0.68114,745 Compagnie Maritime Belge 4,390,144 0.161,599,943 Dexia 16,415,415 0.5815,623 D’ieteren 2,742,774 0.10370,098 KBC Groep 26,040,095 0.93

70,480,997 2.52

FINLAND122,085 Cargotec - B Shares 2,759,121 0.10247,425 Metso 7,123,366 0.25241,762 Outokumpu 5,427,557 0.19446,962 Pohjola Bank 4,961,278 0.18196,809 Rautaruukki 5,748,791 0.21716,245 Sampo - A Shares 11,467,082 0.41219,729 YIT 3,500,283 0.13

40,987,478 1.47

NORWAY928,725 DnB NOR 7,526,249 0.2738,599 Fred Olsen Energy 1,487,006 0.05842,908 Kongsberg Automotive 2,038,731 0.07498,913 Norsk Hydro 4,665,135 0.1746,969 Petroleum Geo-Services 733,444 0.03898,869 StatoilHydro 21,348,604 0.76153,346 TGS Nopec Geophysical 1,353,580 0.05

39,152,749 1.40

AUSTRIA952,329 Immofinanz 6,285,371 0.22241,167 OMV 12,046,292 0.4338,000 Palfinger 794,200 0.03111,643 RHI 3,420,742 0.12107,035 Voestalpine 5,476,981 0.20

28,023,586 1.00

LUXEMBOURG310,897 ArcelorMittal 19,582,052 0.7070,989 Orco Property Group 2,626,593 0.09

22,208,645 0.79

IRELAND1,006,451 Allied Irish Banks 9,712,252 0.35395,054 CRH 7,170,230 0.25179,842 FBD Holdings 3,219,172 0.12

20,101,654 0.72

DENMARK43,409 Alm Brand 1,411,428 0.0540,644 D/S Norden 2,795,638 0.1089,865 D/S Torm 2,012,214 0.07

74,998 Jyske Bank Registered Shares 2,850,820 0.10122,041 Sydbank 2,949,498 0.11145,875 TK Development 1,193,103 0.04

13,212,701 0.47

PORTUGAL503,618 Banco Espirito Santo Registered Shares 5,046,252 0.181,390,689 Portucel Empresa Produtora de Pasta e Papel 2,809,192 0.10211,661 Semapa-Sociedade de Investimento e Gestao 1,697,521 0.062,047,162 Sonae SGPS 1,596,786 0.06

11,149,751 0.40


Pharmaceutical Chemical & Organisation 808,595 0.0363,327 Alpha Bank 1,215,878 0.0471,518 EFG Eurobank Ergasias 1,079,922 0.0482,958 Folli - Follie Registered Shares 1,227,778 0.04161,497 Heracles General Cement 2,667,930 0.10208,603 Michaniki 780,175 0.0334,806 National Bank of Greece 996,148 0.0465,520 Piraeus Bank 1,130,875 0.04

9,907,301 0.36

BERMUDA1,327,024 Catlin Group 5,815,719 0.211,635,835 Griffin Mining 1,183,650 0.051,008,342 Hiscox 2,654,001 0.09

9,653,370 0.35

JERSEY786,150 United Business Media 5,360,496 0.19

5,360,496 0.19

CYPRUS612,719 Deep Sea Supply 1,420,864 0.05

1,420,864 0.05



2,783,995,927 99.63


Investment Funds



3,069,438 0.11



3,069,438 0.11


Bank Overdraft (3,756,248) (0.13)


Total Net Assets 2,794,249,735 100.00

132

JPMorgan Funds - Europe Strategic Value FundSchedule of Investments (Market Value Expressed in EUR) (continued)

As at 30 June 2008

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets


Shares and RightsFinancials 39.67Energy 23.60Industrials 9.75Materials 9.68Consumer Discretionary 8.14Health Care 4.34Telecommunication Services 3.24Utilities 1.09Investment Companies 0.11Information Technology 0.06Consumer Staples 0.06


Total 100.00


SharesFinancials 38.20Energy 22.00Consumer Discretionary 10.19Materials 8.86Industrials 8.47Telecommunication Services 4.47Utilities 3.18Investment Companies 2.52Health Care 2.40Consumer Staples 0.21Information Technology 0.19


Total 100.00

133

JPMorgan Funds - Europe Strategic Value FundSchedule of Investments (Market Value Expressed in EUR) (continued)

As at 30 June 2008

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets


Shares and Rights

UNITED KINGDOM11,453 Amlin 35,826 1.054,607 Axon Group 26,493 0.786,104 BlueBay Asset Management 16,830 0.499,077 Bodycote International 23,403 0.698,221 BSS Group 34,548 1.0113,457 Cape 47,708 1.407,375 Carillion 31,063 0.913,211 Charter 34,780 1.0213,872 Chaucer Holdings 14,114 0.4110,512 Enodis 42,050 1.248,589 Halfords Group 28,876 0.8524,036 Hays 27,493 0.815,122 IMI 28,176 0.837,406 Inchcape 29,579 0.871,037 Intermediate Capital Group 17,799 0.524,464 Keller Group 35,319 1.046,722 Ladbrokes 21,686 0.647,850 Meggitt 20,835 0.616,951 Millennium & Copthorne Hotels 28,420 0.8312,930 Morgan Crucible 31,663 0.931,772 Morgan Sindall 16,864 0.5011,669 N Brown Group 26,916 0.792,164 National Express Group 25,641 0.752,515 Provident Financial 25,382 0.7521,575 Regus Group 22,087 0.6516,214 Restaurant Group 25,462 0.753,954 Speedy Hire 28,360 0.838,079 St James’s Place 22,413 0.668,137 Taylor Nelson Sofres 24,014 0.712,511 Venture Production 27,595 0.81

821,395 24.13

ITALY6,819 Arnoldo Mondadori Editore 25,009 0.735,017 Astaldi 26,540 0.793,488 Banca Popolare dell’Etruria e del Lazio 22,515 0.662,846 Banco di Desio e della Brianza 17,190 0.513,924 Benetton Group 28,626 0.843,634 Brembo 24,093 0.711,609 Buzzi Unicem 25,406 0.755,290 Cementir Holding 22,390 0.654,170 Interpump Group 24,603 0.721,726 Italcementi 18,037 0.53466 Italmobiliare 23,235 0.679,150 Navigazione Montanari 23,561 0.70673 Prima Industrie 11,347 0.33673 Prima Industrie - Rights 11.07.08 707 0.021,779 Prysmian 28,731 0.855,803 Recordati 28,739 0.859,526 Saras 34,008 0.99

384,737 11.30

GERMANY1,218 Bechtle 21,827 0.64886 Deutsche Euroshop 21,734 0.643,845 Deutz 22,378 0.66372 Kloeckner & Co. 13,444 0.391,131 KUKA 23,366 0.691,437 Leoni 38,871 1.141,109 Norddeutsche Affinerie 38,150 1.12587 Rheinmetall 26,626 0.78482 Sixt 12,031 0.352,844 Tognum 48,888 1.44

267,315 7.85

FRANCE1,552 Avenir Telecom 1,878 0.06159 Bollore 19,724 0.575,428 GFI Informatique 22,038 0.65596 LISI 33,877 1.00566 Nexans 44,091 1.30403 Norbert Dentressangle 23,189 0.68998 Rallye 37,395 1.09639 SEB 23,617 0.69523 Sopra Group 26,129 0.77

231,938 6.81

SWITZERLAND73 Bobst Group Registered Shares 3,718 0.12942 EFG International Registered Shares 16,685 0.49344 EMS-Chemie Holding Registered Shares 29,598 0.8799 Forbo Holding Registered Shares 27,890 0.82129 Helvetia Holding 31,463 0.9212 Jelmoli Holding - Bearer Shares 19,500 0.57155 Kaba Holding Registered - B Shares 29,771 0.8797 Kuoni Reisen Holding Registered - B Shares 29,848 0.88147 St. Galler Kantonalbank Registered Shares 41,916 1.23

230,389 6.77


Pharmaceutical Chemical & Organisation 29,326 0.861,854 Babis Vovos International Construction 38,749 1.14464 Bank of Greece 42,897 1.261,981 Hellenic Petroleum 17,274 0.519,329 Michaniki 34,890 1.021,798 Motor Oil Hellas Corinth Refineries 23,194 0.68

186,330 5.47

SWEDEN623 AF - B Shares 11,093 0.332,208 BE Group 13,474 0.402,208 Billerud 10,546 0.311,651 Boliden 8,531 0.25798 Hoganas - B Shares 8,306 0.242,263 Kinnevik Investment 26,842 0.79725 Lindab International 9,098 0.271,120 NCC - B Shares 10,622 0.303,486 PA Resources 28,088 0.833,700 Peab 16,108 0.471,337 Saab - B Shares 21,333 0.631,161 Wihlborgs Fastigheter 13,434 0.39

177,475 5.21

NETHERLANDS1,106 Aalberts Industries 13,150 0.392,540 BinckBank 17,043 0.501,382 Brunel International 19,431 0.57783 Draka Holding 13,507 0.391,789 Koninklijke BAM Groep 19,983 0.59589 Smit Internationale 36,524 1.071,033 Ten Cate 23,470 0.692,038 TKH Group - Dutch Certificates 28,226 0.83

171,334 5.03

SPAIN1,849 Banco Pastor 16,604 0.49111 Construcciones y Auxiliar de Ferrocarriles 30,420 0.89620 Corporacion Financiera Alba 22,971 0.671,258 Grupo Catalana Occidente 22,531 0.661,405 Promotora de Informaciones 9,428 0.282,256 Solaria Energia y Medio Ambiente 20,530 0.601,634 Tubos Reunidos - B Shares 6,422 0.201,014 Vidrala 19,864 0.58

148,770 4.37

NORWAY4,067 Ementor 17,189 0.501,150 Fred Olsen Energy 44,303 1.302,009 Petroleum Geo-Services 31,372 0.921,874 TGS Nopec Geophysical 16,542 0.493,855 Veidekke 17,254 0.51

126,660 3.72

BELGIUM325 Ackermans & Van Haaren 20,881 0.60376 Bekaert 36,731 1.08283 Compagnie d’Entreprises CFE 17,588 0.52612 Gimv 25,398 0.75346 Mobistar 17,608 0.52

118,206 3.47

FINLAND805 Cargotec - B Shares 18,193 0.53967 Konecranes 25,393 0.752,634 Pohjola Bank 29,237 0.872,245 YIT 35,763 1.05

108,586 3.20

134

JPMorgan Funds - Europe Strategic Value Small Cap FundSchedule of Investments (Market Value Expressed in EUR)

As at 30 June 2008

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

DENMARK451 Alm Brand 14,664 0.44210 D/S Norden 14,445 0.42295 Jyske Bank Registered Shares 11,214 0.33781 Sydbank 18,875 0.551,224 TK Development 10,011 0.2968 Topdanmark 6,519 0.19

75,728 2.22

AUSTRIA1,679 Conwert Immobilien Invest 18,083 0.533,590 Immofinanz 23,694 0.70946 RHI 28,985 0.85

70,762 2.08

PORTUGAL9,159 Portucel Empresa Produtora de Pasta e Papel 18,501 0.543,012 Semapa-Sociedade de Investimento e Gestao 24,156 0.71

42,657 1.25

IRELAND2,159 DCC 34,350 1.01

34,350 1.01

CYPRUS7,955 Deep Sea Supply 18,447 0.542,339 ProSafe 14,639 0.43

33,086 0.97

BERMUDA7,334 Lancashire Holdings 28,457 0.84

28,457 0.84

GUERNSEY76 Mapeley 1,249 0.04

1,249 0.04



3,259,424 95.74


Cash 153,422 4.51




Shares and RightsIndustrials 36.32Financials 23.38Consumer Discretionary 13.74Materials 8.94Energy 7.56Information Technology 3.57Health Care 1.71Telecommunication Services 0.52


Total 100.00



135

JPMorgan Funds - Europe Strategic Value Small Cap FundSchedule of Investments (Market Value Expressed in EUR) (continued)

As at 30 June 2008

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets


Shares

UNITED KINGDOM130,020 Aggreko 1,206,186 1.063,294,197 ARM Holdings 3,580,603 3.15177,481 Autonomy 2,016,600 1.7747,741 Aveva Group 925,604 0.81332,306 Babcock International Group 2,578,782 2.27285,136 BETonSPORTS 36 0.004,580 Communisis 3,676 0.00

143,416 Cookson Group 1,132,885 1.003,904,009 Dimension Data Holdings 2,245,072 1.98465,331 Laird 2,302,512 2.031,943,846 Logica 2,653,345 2.34534,250 M&C Saatchi 668,479 0.59380,168 Micro Focus International 1,264,888 1.111,271,677 Pace 1,362,149 1.20533,455 Premier Farnell 1,174,840 1.0350,395 Rotork 698,718 0.62

1,165,047 Sage Group 3,062,774 2.702,055,183 Spirent Communications 1,694,881 1.49212,686 Telecity Group 719,069 0.631,023 Temple Capital Partners 0 0.00

529,657 Vodafone Group 992,759 0.87

30,283,858 26.65

FRANCE1,553,151 Alcatel-Lucent 5,917,505 5.2155,526 Alten 1,279,874 1.13177,619 Cap Gemini 6,642,951 5.8581,653 Dassault Systèmes 3,142,007 2.7641,589 Devoteam 877,944 0.7739,249 Eutelsat Communications 693,922 0.61149,656 France Télécom 2,824,757 2.4965,581 Ingenico 1,442,782 1.2653,930 IPSOS 1,096,936 0.97232,926 Oberthur Technologies 1,020,216 0.9034,588 Téléperformance 805,209 0.70136,598 Thomson 446,675 0.3951,486 Vivendi 1,235,149 1.09

27,425,927 24.13

GERMANY124,870 Deutsche Telekom 1,297,399 1.14199,138 Epcos 2,057,096 1.80490,462 Infineon Technologies 2,670,566 2.3529,263 Phoenix Solar 1,406,380 1.2411,123 Roth & Rau 1,507,167 1.33320,645 SAP 10,690,304 9.417,002 SMA Solar Technology 385,460 0.3425,830 Solon Fuer Solartechnik 1,524,487 1.34111,989 Wirecard 941,827 0.83

22,480,686 19.78

FINLAND446,157 Nokia 6,852,972 6.03191,881 Tietoenator 2,496,372 2.20

9,349,344 8.23

NETHERLANDS184,608 ASML Holding 2,854,040 2.5164,224 Gemalto 1,479,079 1.30110,624 Koninklijke KPN 1,208,014 1.06344,059 STMicroelectronics 2,266,317 2.0083,033 Unit 4 Agresso 1,317,734 1.16

9,125,184 8.03

SWEDEN939,122 Telefonaktiebolaget LM Ericsson - B Shares 6,132,838 5.39130,190 TeliaSonera 597,061 0.53

6,729,899 5.92

SWITZERLAND31,278 ABB Registered Shares 561,611 0.494,439 OC Oerlikon Registered Shares 773,138 0.6876,151 Temenos Group Registered Shares 1,486,328 1.31

2,821,077 2.48

SPAIN67,181 Telefonica 1,134,687 1.00

1,134,687 1.00

NORWAY95,145 EDB Business Partner 344,003 0.31167,440 Ementor 707,680 0.62

1,051,683 0.93

Total Shares 110,402,345 97.15


110,402,345 97.15


Investment Funds



3,500,000 3.08



3,500,000 3.08


Cash 418,081 0.37




SharesInformation Technology 74.47Industrials 10.02Telecommunication Services 7.72Consumer Discretionary 4.94Investment Companies 3.08


Total 100.00


Shares and WarrantsInformation Technology 62.36Industrials 19.16Telecommunication Services 9.10Consumer Discretionary 4.31Energy 2.64Financials 0.35Investment Companies 0.13


Total 100.00

136

JPMorgan Funds - Europe Technology FundSchedule of Investments (Market Value Expressed in EUR)

As at 30 June 2008

Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets


Shares

GERMANY237,692 Allianz Registered Shares 26,350,535 4.78140,704 Amadeus Fire 1,703,925 0.31767,798 BASF 33,475,993 6.08103,342 Bauer 6,299,728 1.14647,059 Bayer 34,300,598 6.2334,063 BayWa 1,419,746 0.26135,884 Beiersdorf 6,305,018 1.14419,028 Commerzbank 7,856,775 1.4387,627 Continental 5,634,416 1.02264,752 D+S europe 3,441,776 0.63526,425 Daimler Registered Shares 20,493,725 3.7249,005 Delticom 2,082,713 0.3877,189 Demag Cranes 2,331,108 0.42257,831 Deutsche Bank Registered Shares 14,074,994 2.5678,767 Deutsche Boerse 5,609,786 1.02142,533 Deutsche Lufthansa 1,942,725 0.35409,768 Deutsche Post 6,732,488 1.2278,734 Deutsche Postbank 4,380,760 0.80

1,322,844 Deutsche Telekom 13,744,349 2.50432,112 E.ON 55,353,547 10.0538,650 ElringKlinger 2,319,000 0.4219,057 Estavis 111,674 0.02127,187 Fresenius Preference Shares 6,999,101 1.2778,629 Fuchs Petrolub Preference Shares 4,725,603 0.86217,582 GEA Group 4,867,309 0.8854,852 Geneart 693,878 0.1375,965 Gerresheimer 2,503,806 0.45186,545 Hannover Rueckversicherung 5,809,011 1.0547,373 Hochtief 2,994,921 0.5482,384 Homag Group 1,515,866 0.2867,522 K+S 24,216,090 4.4082,955 Kloeckner & Co. 2,997,994 0.54108,314 Kontron 930,417 0.17103,465 KROMI Logistik 867,037 0.1635,202 Krones 1,859,018 0.34116,676 Linde 10,343,327 1.88117,710 MAN 8,306,795 1.5181,420 Merck KGAA 7,309,073 1.33172,602 Muenchener Rueckversicherungs Registered Shares 19,113,945 3.47178,058 Nabaltec 890,290 0.16130,325 Norddeutsche Affinerie 4,483,180 0.8139,982 P&I Personal & Informatik 709,680 0.1316,243 Porsche Automobil Holding Non Voting Preference

Shares 1,587,916 0.296,123 Puma Rudolf Dassler Sport 1,301,505 0.24

425,596 RWE 33,979,585 6.1762,894 Salzgitter 7,315,201 1.33811,253 SAP 27,047,175 4.9181,598 SGL Carbon 3,636,823 0.66649,823 Siemens Registered Shares 45,786,529 8.3137,912 SMA Solar Technology 2,087,056 0.3890,702 Software 3,468,444 0.6373,264 Stada Arzneimittel 3,367,946 0.6152,971 Surteco 1,269,715 0.23184,268 ThyssenKrupp 7,357,821 1.34139,206 Tognum 2,392,951 0.44266,310 United Internet Registered Shares 3,331,538 0.6074,474 Volkswagen 13,406,065 2.4317,996 Vossloh 1,491,688 0.2769,565 VTG 1,067,823 0.1991,940 Wacker Construction Equipment 855,042 0.1637,707 Wincor Nixdorf 1,655,337 0.30340,834 Wirecard 2,866,414 0.52

533,374,294 96.85

Total Shares 533,374,294 96.85

Investment Funds

CAYMAN ISLANDS43,900 Deutschland Investment Corporate 0 0.00

0 0.00

Total Investment Funds 0 0.00


533,374,294 96.85


Investment Funds



16,750,000 3.04



16,750,000 3.04


Cash 4,208,139 0.76




SharesMaterials 24.21Industrials 16.44Utilities 16.22Financials 16.01Consumer Discretionary 8.76Information Technology 7.37Health Care 3.34Investment Companies 3.04Telecommunication Services 2.50Consumer Staples 1.14Energy 0.86


Total 100.00


SharesIndustrials 17.95Financials 17.66Materials 17.04Utilities 15.96Consumer Discretionary 14.59Information Technology 7.19Telecommunication Services 4.80Health Care 2.19Investment Companies 1.70Consumer Staples 1.04Energy 0.87


Total 100.00

137

JPMorgan Funds - Germany Equity FundSchedule of Investments (Market Value Expressed in EUR)

As at 30 June 2008

Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets


Bonds

UNITED STATES OF AMERICA100,000 AT&T 15.05.38/6.400% 96,871 0.24360,000 BA Credit Card Trust 17.09.13/5.450% 559,001 1.371,000,000 BA Master Credit Card Trust II 15.02.12/7.000% 1,041,188 2.56230,000 Citigroup 11.04.13/5.500% 226,537 0.57100,000 Citigroup 10.02.19/4.750%* 137,512 0.3470,000 Corrections Corp. of America 01.05.11/7.500% 70,321 0.17120,000 Countrywide Financial 07.06.12/5.800% 113,279 0.28450,000 Countrywide Home Loans 24.11.08/5.305%* 695,876 1.71200,000 Eurohypo Capital Funding Trust

1 23.05.33/6.445%* 273,653 0.67150,000 Ford Motor Credit 28.10.09/7.375% 135,465 0.33135,000 General Electric Capital 14.01.38/5.875% 123,360 0.30110,000 Goldman Sachs Capital II 01.06.12/5.793%* 79,152 0.2050,000 Goldman Sachs Group 01.10.37/6.750% 46,264 0.1195,000 Home Depot 16.12.36/5.875% 78,773 0.20250,000 Johnson & Johnson 06.11.19/4.750% 374,397 0.9240,000 Kinder Morgan Energy Partners 01.02.37/6.500% 37,867 0.09100,000 Kroger 15.08.17/6.400% 102,795 0.25140,000 Lehman Brothers Holdings

Capital Trust V 31.05.12/5.857%* 94,225 0.23200,000 Procter & Gamble 12.05.14/4.500% 301,874 0.74360,000 SLM Student Loan Trust 2003-12 18.09.13/5.450% 688,467 1.6955,000 Time Warner Cable 01.05.37/6.550% 51,642 0.13160,000 Wachovia Capital Trust III 15.03.42/5.800%* 115,266 0.28

5,443,785 13.38

UNITED KINGDOM70,000 AWG 21.08.23/6.875%* 141,732 0.35100,000 HBOS 144A 21.05.37/6.657%* 70,191 0.1750,000 Legal & General Group 08.06.25/4.000%* 66,256 0.16100,000 RBS 144A 05.10.17/6.990%* 90,090 0.22200,000 Standard Chartered 144A 30.01.17/6.409%* 163,729 0.40100,000 Standard Chartered Bank 03.02.17/3.625%* 140,118 0.34520,000 UK Treasury 07.12.09/5.750% 1,045,403 2.57170,000 UK Treasury 07.12.42/4.500% 331,559 0.82125,000 UK Treasury 07.12.46/4.250% 236,332 0.58

2,285,410 5.61

FRANCE100,000 Autoroutes du Sud de la France 04.07.22/5.625% 144,266 0.35470,000 France (Government of) 25.04.17/3.750% 687,665 1.69390,000 France (Government of) 25.04.29/5.500% 653,468 1.61300,000 Wendel 08.09.17/4.375% 311,322 0.76

1,796,721 4.41

JAPAN164,000,000 Japan (Government of) 21.06.10/1.900% 1,584,992 3.896,600,000 Japan (Government of) 20.12.16/1.700% 63,673 0.16

1,648,665 4.05

CANADA970,000 Canada Housing Trust No 1 15.12.12/4.550% 982,667 2.4240,000 Canadian Natural Resources 15.03.38/6.250% 38,102 0.0960,000 Nexen 15.05.37/6.400% 57,535 0.1445,000 Suncor Energy 01.06.39/6.850% 45,657 0.11

1,123,961 2.76

GREECE655,000 Greece (Republic of) 22.10.22/5.900% 1,089,048 2.68

1,089,048 2.68

NETHERLANDS130,000 ASML Holding 13.06.17/5.750% 170,376 0.42380,000 Netherlands (Kingdom of) 15.07.17/4.500% 587,171 1.44

757,547 1.86

LUXEMBOURG150,000 Euroclear Finance 2 15.06.15/4.235%* 189,773 0.47200,000 Glencore Finance Europe 10.11.13/5.250% 283,145 0.6920,000 Telecom Italia Capital 04.06.38/7.721% 20,593 0.05

493,511 1.21

POLAND710,000 Poland (Government of) 24.03.10/5.750% 328,060 0.81100,000 Poland (Government of) 01.02.16/3.625% 139,621 0.34

467,681 1.15

GERMANY200,000 Henkel KGaA 25.11.2104/5.375%* 273,369 0.67

14,000,000 Kreditanstalt fuer Wiederaufbau 20.06.37/2.600% 136,394 0.34

409,763 1.01

CAYMAN ISLANDS140,000 Shinsei Finance II 144A 25.07.16/7.160%* 98,744 0.25150,000 SMFG Preferred Capital GBP 1 25.01.17/6.164%* 237,395 0.5870,000 Transocean 15.03.38/6.800% 71,920 0.18

408,059 1.01

BAHRAIN100,000 BBK 28.06.17/3.551%* 85,375 0.21200,000 GFH Sukuk 26.07.12/4.157%* 186,380 0.45150,000 Golden Belt 1 Sukuk 15.05.12/3.678%* 132,705 0.33

404,460 0.99

MEXICO175,000 United Mexican States 16.01.13/6.375% 185,089 0.461,500,000 United Mexican States 19.12.13/8.000% 139,902 0.34

324,991 0.80

SWEDEN1,740,000 Sweden (Kingdom of) 08.10.12/5.500% 298,893 0.73

298,893 0.73

SPAIN150,000 Santander Finance Preferred

Unipersonal 10.07.12/7.005%* 268,959 0.66

268,959 0.66

NORWAY200,000 Kommunal Landspensjonskasse 11.04.16/5.250%* 268,525 0.66

268,525 0.66

BELGIUM180,000 Belgium (Kingdom of) 28.03.18/4.000% 263,461 0.65

263,461 0.65

JERSEY150,000 QBE Capital Funding 18.07.16/6.857%* 258,018 0.63

258,018 0.63

BRITISH VIRGIN ISLANDS200,000 C10 - EUR Capital 30.06.17/6.277%* 244,582 0.60

244,582 0.60

ICELAND250,000 Landsbanki Islands 23.03.15/4.652%* 224,858 0.55

224,858 0.55

AUSTRALIA195,000 Rio Tinto Finance USA 15.07.13/5.875% 195,364 0.48

195,364 0.48

BRAZIL154,000 Brazil (Republic of) 15.01.18/8.000% 171,510 0.42

171,510 0.42

IRELAND150,000 Hypo Real Estate International

Trust I 14.06.17/5.864%* 149,940 0.37

149,940 0.37

HUNGARY100,000 Hungary (Republic of) 04.07.17/4.375% 142,613 0.35

142,613 0.35

RUSSIA35,000 Russian (Republic of) 24.06.28/12.750% 62,032 0.15

62,032 0.15

Total Bonds 19,202,357 47.17


19,202,357 47.17

138

JPMorgan Funds - Global Aggregate Bond FundSchedule of Investments (Market Value Expressed in USD)

As at 30 June 2008

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets


Bonds

UNITED STATES OF AMERICA170,000 Bank of America 01.05.18/5.650% 160,408 0.3940,000 Comcast 15.08.37/6.950% 39,926 0.10600,000 Credit Suisse Mortgage Capital

Certificates 2007-C4 A3 15.09.39/6.005%* 570,179 1.40106,254 CVS Pass-Through Trust 144A 10.12.28/6.036% 98,861 0.24120,000 Dr Pepper Snapple Group 144A 01.05.18/6.820% 121,269 0.30250,000 Echostar DBS 01.10.08/5.750% 249,975 0.61959,769 Fannie Mae REMICS 2004-61

ET 25.10.32/5.500% 974,890 2.39305,881 Fannie Mae REMICS 2006-43 G 25.09.33/6.500% 315,232 0.77267,936 Fannie Mae REMICS 2006-59

DA 25.12.33/6.500% 276,293 0.68667,642 Fannie Mae REMICS 2006-59

DC 25.12.33/6.500% 688,788 1.69986,216 Fannie Mae REMICS 2006-60

DF 25.04.35/2.913%* 972,066 2.39239,174 Fannie Mae REMICS 2006-78 BC 25.01.34/6.500% 246,887 0.61150,000 GMAC 14.01.09/5.850% 141,737 0.35367,788 Harborview Mortgage Loan Trust

2006-5 2A1A 19.07.46/2.663%* 270,103 0.6623,000 Huntsman 15.10.10/11.625% 23,870 0.0625,000 Huntsman 15.07.12/11.500% 26,062 0.06

1,270,000 LB-UBS Commercial MortgageTrust 2001-C2 A2 15.11.27/6.653% 1,313,600 3.23

235,000 LB-UBS Commercial MortgageTrust 2006-C4 A4 15.06.38/6.080%* 231,836 0.57

70,000 Liberty Mutual Group 144A 15.08.36/7.500% 64,174 0.1650,000 Midamerican Energy Holdings 01.04.36/6.125% 48,482 0.1230,000 Midamerican Energy Holdings 15.09.37/6.500% 30,786 0.08130,000 Nalco 15.11.11/7.750% 130,181 0.3245,000 Nationwide Financial Services 15.05.37/6.750% 36,206 0.0995,000 Reinsurance Group of America 15.12.65/6.750%* 74,760 0.18110,000 Travelers 15.03.37/6.250%* 94,593 0.2320,000 US Treasury 15.05.10/4.500% 20,700 0.0560,000 US Treasury 30.09.12/4.250% 62,456 0.1550,000 US Treasury 15.11.17/4.250% 51,109 0.12230,000 US Treasury 15.02.18/3.500% 221,555 0.5480,000 US Treasury 15.05.18/3.875% 79,388 0.20446,000 US Treasury (i) 20.11.08/0.000% 441,952 1.09270,000 US Treasury (i) 15.02.09/4.500% 273,755 0.67275,000 US Treasury (i) 31.07.09/4.625% 281,574 0.69350,000 US Treasury (i) 30.11.09/3.125% 353,609 0.87125,000 US Treasury (i) 15.11.21/8.000% 169,863 0.42390,013 Wells Fargo Mortgage Backed

Securities Trust 2005-9 1A6 25.10.35/5.500% 385,282 0.95

9,542,407 23.43

UNITED KINGDOM300,000 Aire Valley Mortgages 2006-1X

2B2 20.09.66/5.192%* 426,180 1.04329,412 Lothian Mortgages 1 A1 24.07.17/3.150%* 329,287 0.81100,000 RBS 29.09.17/7.640%* 90,540 0.22143,662 The Higher Education Securitised

Investments 1X A2 10.04.28/6.008%* 288,218 0.71

1,134,225 2.79

JAPAN45,300,000 Japan (Government of) 10.03.18/1.400% 437,929 1.08

437,929 1.08

CANADA288,000 Canada (Government of) 01.06.33/5.750% 357,272 0.88

357,272 0.88

QATAR105,000 Nakilat 144A 31.12.33/6.067% 92,838 0.23250,000 Ras Laffan Liquefied Natural Gas

III 144A 30.09.16/5.832% 243,043 0.60

335,881 0.83

CAYMAN ISLANDS165,000 XL Capital 15.04.17/6.500%* 111,541 0.27

111,541 0.27

JERSEY100,000 QBE Capital Funding II 144A 01.06.17/6.797%* 84,708 0.21

84,708 0.21

GERMANY75,000 Deutsche Bank 12.10.12/5.375% 76,626 0.19

76,626 0.19

Total Bonds 12,080,589 29.67

Investment Funds

LUXEMBOURG18,174 JPMorgan Investment Funds - Global High Yield

Bond Fund (JPM Global High Yield Bond X (acc) -EUR (hedged)) 2,882,897 7.08

77 JPMorgan Liquidity Funds - US Dollar Liquidity Fund(JPM US Dollar Liquidity X (acc)) 1,065,411 2.62

11,252 JPMorgan Portfolio Strategies Funds II - DistressedDebt Fund (JPM Distressed Debt Fund X - USD) 1,150,195 2.83

5,098,503 12.53



17,179,092 42.20



Cash 5,410,125 13.29



* Variable coupon rates are those quoted as at 30 June 2008.** Please refer to Note 2a).(i) Security partially or totally held as collateral against futures positions by the broker.

Name of Securities % ofNet Assets

Allocation of Portfolio as at 30 June 2008 0.00Fixed Income SecuritiesUnited States of America 36.81United Kingdom 8.40Japan 5.13France 4.41Canada 3.64Greece 2.68Netherlands 1.86Cayman Islands 1.28Luxembourg 1.21Germany 1.19Poland 1.15Bahrain 0.99Jersey 0.84Qatar 0.83Mexico 0.80Sweden 0.73Spain 0.66Norway 0.66Belgium 0.65British Virgin Islands 0.60Iceland 0.55Australia 0.48Brazil 0.42Ireland 0.37Hungary 0.35Russia 0.15Pricing Adjustment (0.25)



Total 100.00

139

JPMorgan Funds - Global Aggregate Bond FundSchedule of Investments (Market Value Expressed in USD) (continued)

As at 30 June 2008

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets


Fixed Income SecuritiesUnited States of America 47.82Japan 8.52United Kingdom 7.54Denmark 3.01Canada 2.97Greece 2.95France 2.19South Africa 2.06Hungary 2.04Poland 1.60Spain 1.43Germany 1.34Cayman Islands 1.34Iceland 1.33Bahrain 0.97Luxembourg 0.88Jersey 0.71Netherlands 0.69Qatar 0.64Mexico 0.60Sweden 0.56South Korea 0.52Norway 0.50British Virgin Islands 0.47Singapore 0.41Hong Kong 0.36Ireland 0.34Australia 0.28Russia 0.12Pricing Adjustment (1.52)


Total Investment Funds 10.08Cash and Other Assets/(Liabilities) (2.75)

Total 100.00

140

JPMorgan Funds - Global Aggregate Bond FundSchedule of Investments (Market Value Expressed in USD) (continued)

As at 30 June 2008

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

JPMorgan Funds - Global Aggregate Bond FundSchedule of Investments - Outstanding To Be Announced Securities (Expressed in USD)

As at 30 June 2008

MaturityDate

Name ofSecurities Coupon

NominalValue

MarketValue


To be Announced Securities - Long Positions

UNITED STATES OF AMERICA

25-Jul-36 Fannie Mae 6.500% 11,936,000 12,269,838 (11,444)25-Jul-38 Fannie Mae 5.000% 5,160,000 4,939,895 (23,006)25-Jul-37 Fannie Mae 5.500% 3,906,000 3,845,580 (6,160)15-Jul-38 Freddie Mac 5.500% 1,475,000 1,452,184 (5,816)15-Jul-38 Freddie Mac 6.000% 1,430,000 1,443,630 11425-Jul-23 Fannie Mae 5.500% 1,400,000 1,408,532 5,71915-Jul-38 Freddie Mac 5.000% 550,000 526,711 (4,555)15-Jul-38 Ginnie Mae 6.500% 430,000 443,370 3,96425-Nov-32 Fannie Mae 6.000% 415,000 421,904 5,03025-Jul-38 Fannie Mae 6.000% 250,000 252,070 (918)15-Jul-38 Ginnie Mae 6.000% 210,000 212,920 2,25525-Jul-23 Fannie Mae 4.500% 150,000 144,891 1,43525-Jul-23 Fannie Mae 6.000% 100,000 102,360 (1,327)

27,463,885 (34,709)

Total To be Announced Securities - Long Positions 27,463,885 (34,709)

To be Announced Securities - Short Positions

UNITED STATES OF AMERICA

25-Oct-35 Ginnie Mae 6.000% (145,000) (147,016) (1,246)15-Jan-34 Ginnie Mae 5.500% (175,000) (173,824) (2,393)25-Oct-34 Fannie Mae 6.000% (415,000) (421,904) (5,231)25-Nov-32 Fannie Mae 5.000% (1,000,000) (955,157) (10,782)25-Jan-35 Freddie Mac 6.500% (1,170,000) (1,204,917) 1,64525-Jan-36 Fannie Mae 5.000% (3,955,000) (3,786,296) 9,00215-Jan-32 Fannie Mae 6.500% (4,911,000) (5,048,356) 14,75525-Feb-35 Fannie Mae 6.000% (6,260,000) (6,311,842) 18,15025-Jan-34 Fannie Mae 5.500% (6,736,000) (6,631,804) (18,032)

(24,681,116) 5,868

Total To be Announced Securities - Short Positions (24,681,116) 5,868

Schedule of Investments - Outstanding Forward Foreign Exchange Contracts (Expressed in USD)



AmountSold


15-Jul-08 AUD 253,004 USD 238,757 4,00015-Jul-08 AUD 581,216 JPY 59,366,959 (4,062)15-Jul-08 CAD 135,722 USD 133,466 47015-Jul-08 CAD 591,656 EUR 374,198 (6,187)15-Jul-08 CHF 68,948 NOK 344,850 215-Jul-08 CHF 706,742 EUR 438,485 3,00615-Jul-08 CHF 66,473 USD 64,274 1,04115-Jul-08 DKK 1,001,937 USD 208,015 3,80715-Jul-08 EUR 117,024 CAD 185,120 1,84615-Jul-08 EUR 44,276 AUD 72,606 15115-Jul-08 EUR 964,542 USD 1,494,886 26,05715-Jul-08 EUR 458,439 JPY 76,712,556 (2,975)15-Jul-08 EUR 160,000 CHF 258,281 (1,486)15-Jul-08 GBP 39,684 EUR 49,672 73515-Jul-08 GBP 320,353 USD 630,311 7,90915-Jul-08 GBP 57,572 CHF 117,474 (731)15-Jul-08 JPY 18,957,365 AUD 188,257 (1,255)15-Jul-08 JPY 7,225,111 NZD 89,583 8715-Jul-08 JPY 704,624,761 USD 6,589,533 77,73315-Jul-08 JPY 9,599,232 EUR 57,388 33715-Jul-08 JPY 10,960,210 GBP 52,011 8915-Jul-08 NOK 9,362,461 USD 1,809,591 29,64415-Jul-08 NZD 137,422 USD 103,483 1,25715-Jul-08 SEK 3,505,973 EUR 376,448 (9,448)15-Jul-08 SEK 3,687,188 USD 609,221 5,12815-Jul-08 SGD 159,620 USD 116,386 1,01615-Jul-08 USD 2,783,719 EUR 1,790,990 (40,411)15-Jul-08 USD 170,000 NOK 873,576 (1,612)15-Jul-08 USD 120,000 CAD 122,287 (678)15-Jul-08 USD 135,710 PLN 296,611 (3,730)15-Jul-08 USD 3,340,162 GBP 1,708,609 (63,793)15-Jul-08 USD 55,770 ZAR 450,047 (1,466)15-Jul-08 USD 199,739 JPY 21,499,894 (3,697)15-Jul-08 USD 90,000 SEK 546,795 (1,105)

141

JPMorgan Funds - Global Aggregate Bond FundSchedule of Investments - Outstanding Forward Foreign Exchange Contracts (Expressed in USD) (continued)

As at 30 June 2008



AmountSold


15-Jul-08 USD 80,000 CHF 83,459 (2,006)15-Jul-08 ZAR 996,724 USD 125,356 1,40413-Aug-08 KRW 730,593,640 USD 770,587 (73,960)

Total (52,883)


ExpirationDate


NotionalValue


Bond Futures

Sep-08 1 Euro Buxl 30 Year Bond Future EUR 136,493 (1,294)Sep-08 39 Euro-Bobl Future EUR 6,506,630 (113,383)Sep-08 (6) Euro-Bund Future EUR (1,045,992) 15,937Sep-08 (1) Euro-Schatz Future EUR (161,432) (16)Sep-08 5 Japan 10 Year Bond Future JPY 6,403,347 60,513Sep-08 12 Korea 3 Year Bond Future KRW 1,206,648 (6,648)Sep-08 5 Canada 10 Year Bond Future CAD 581,553 (1,629)Sep-08 (2) US 10 Year Note Future USD (227,969) 21,000Sep-08 3 US Long Bond Future USD 347,766 4,656Sep-08 (3) Long Gilt Future GBP (624,690) 11,208Sep-08 (13) US 2 Year Note Future USD (2,744,422) 31Sep-08 (61) US 5 Year Note Future USD (6,741,453) 28,656Dec-08 5 3 Month Bank Accept Future CAD 1,192,074 1,974Mar-09 (12) 3 Month Bank Accept Future CAD (2,856,537) (6,218)

Total Bond Futures14,787


Jul-08 (7) 30 Day Interbank Future AUD (1,539,087) (818)Jul-08 (13) Fed Fund 30 Day Future USD (5,308,216) 8,251Aug-08 6 Fed Fund 30 Day Future USD 2,448,696 (4,584)Sep-08 (6) 90 Day Bank Bill Future AUD (1,257,829) (2,870)Sep-08 (5) 3 Month Euro Swiss Franc Future CHF (1,192,283) 2,456Sep-08 (3) 90 Day Euro$ Future USD (727,988) (913)Sep-08 (16) 90 Day Sterling Future GBP (3,745,389) (3,091)Sep-08 9 Fed Fund 30 Day Future USD 3,670,231 (5,896)Nov-08 15 Fed Fund 30 Day Future USD 6,104,238 (13,480)Dec-08 (3) 90 Day Bank Bill Future AUD (628,231) (1,298)Dec-08 (19) 3 Month Euro EURIBOR Future EUR (7,101,386) (1,578)Dec-08 5 3 Month Euro Swiss Franc Future CHF 1,189,336 (5,158)Dec-08 24 90 Day Euro$ Future USD 5,809,800 15,150Mar-09 38 90 Day Sterling Future GBP 8,884,879 5,833Jun-09 41 3 Month Euro Yen Future JPY 9,586,146 (9,691)Jun-09 71 90 Day Sterling Future GBP 16,607,775 (55,791)


Total (58,691)

JPMorgan Funds - Global Aggregate Bond FundSchedule of Investments - Outstanding Option on Futures Contracts (Expressed in USD) (continued)

As at 30 June 2008

ExpirationDate


MarketValue


11-Jul-08 22 1 Year Euro$ MIDCV, Call Option, Strike Price 96.000 USD 15,538 4,53811-Jul-08 (44) 1 Year Euro$ MIDCV, Call Option, Strike Price 96.250 USD (15,400) (4,400)11-Jul-08 22 1 Year Euro$ MIDCV, Call Option, Strike Price 96.500 USD 3,025 82511-Jul-08 (20) 1 Year Euro$ MIDCV, Put Option, Strike Price 95.750 USD (1,750) 1,20024-Jul-08 (19) Euro-Schatz Put Option, Strike Price 101.600 EUR (300) 1,19924-Jul-08 19 Euro-Schatz Put Option, Strike Price 102.000 EUR 1,199 (2,998)25-Jul-08 12 US 2 Year Note Future, Call Option, Strike Price 106.750 USD 1,500 (2,766)25-Jul-08 (6) US 2 Year Note Future, Call Option, Strike Price 107.250 USD (375) 1,35922-Aug-08 (3) Euro-Bund Future, Put Option, Strike Price 106.000 EUR (95) 37922-Aug-08 3 Euro-Bund Future, Put Option, Strike Price 107.500 EUR 473 (931)15-Sep-08 (6) 3 Month Bank Accept Future, Call Option, Strike Price 96.250 CAD (7,921) (3,627)

142

JPMorgan Funds - Global Aggregate Bond FundSchedule of Investments - Outstanding Option on Futures Contracts (Expressed in USD) (continued)

As at 30 June 2008

ExpirationDate


MarketValue


15-Sep-08 (6) 3 Month Bank Accept Future, Put Option, Strike Price 95.750 CAD (74) 1,40615-Sep-08 20 90 Day Euro$ Future, Call Option, Strike Price 97.250 USD 3,750 (7,062)15-Sep-08 (3) 90 Day Euro$ Future, Call Option, Strike Price 97.500 USD (225) 60015-Sep-08 (20) 90 Day Euro$ Future, Call Option, Strike Price 97.750 USD (625) 2,53815-Sep-08 18 90 Day Euro$ Future, Call Option, Strike Price 97.750 USD 562 (10,860)15-Sep-08 (14) 90 Day Euro$ Future, Call Option, Strike Price 98.000 USD (175) 5,60015-Sep-08 (18) 90 Day Euro$ Future, Call Option, Strike Price 98.500 USD (112) 4,42415-Sep-08 18 90 Day Euro$ Future, Put Option, Strike Price 96.750 USD 3,150 45015-Sep-08 (36) 90 Day Euro$ Future, Put Option, Strike Price 96.875 USD (7,650) 90015-Sep-08 18 90 Day Euro$ Future, Put Option, Strike Price 97.125 USD 7,650 (675)17-Sep-08 18 90 Day Sterling Future, Call Option, Strike Price 93.875 GBP 6,731 1,34617-Sep-08 (14) 90 Day Sterling Future, Call Option, Strike Price 94.000 GBP (2,792) 17517-Sep-08 18 90 Day Sterling Future, Call Option, Strike Price 94.125 GBP 1,571 (1,122)17-Sep-08 (22) 90 Day Sterling Future, Call Option, Strike Price 94.250 GBP (1,371) -15-Dec-08 13 3 Month Euro EURIBOR Future, Call Option, Strike Price 96.250 EUR 513 (10,000)15-Dec-08 (13) 3 Month Euro EURIBOR Future, Call Option, Strike Price 96.875 EUR - 6,15415-Dec-08 49 90 Day Euro$ Future, Call Option, Strike Price 96.500 USD 66,150 31,85015-Dec-08 22 90 Day Euro$ Future, Call Option, Strike Price 96.625 USD 25,438 11,41215-Dec-08 (49) 90 Day Euro$ Future, Call Option, Strike Price 96.750 USD (45,325) (23,275)15-Dec-08 (49) 90 Day Euro$ Future, Call Option, Strike Price 97.000 USD (30,625) (15,925)15-Dec-08 (33) 90 Day Euro$ Future, Call Option, Strike Price 97.125 USD (16,294) (8,044)15-Dec-08 49 90 Day Euro$ Future, Call Option, Strike Price 97.250 USD 18,069 9,49415-Dec-08 22 90 Day Euro$ Future, Call Option, Strike Price 97.375 USD 5,500 2,20015-Dec-08 17 90 Day Euro$ Future, Call Option, Strike Price 97.500 USD 3,400 (14,450)15-Dec-08 (34) 90 Day Euro$ Future, Call Option, Strike Price 98.000 USD (2,550) 16,15017-Dec-08 20 3 Month Sterling LIBOR MIDCV, Call Option, Strike Price 94.500 GBP 11,218 (997)17-Dec-08 (40) 3 Month Sterling LIBOR MIDCV, Call Option, Strike Price 95.000 GBP (11,468) 2,99217-Dec-08 20 3 Month Sterling LIBOR MIDCV, Call Option, Strike Price 95.250 GBP 3,989 (1,496)17-Dec-08 15 90 Day Sterling Future, Call Option, Strike Price 95.375 GBP 935 (6,731)17-Dec-08 19 90 Day Sterling Future, Call Option, Strike Price 95.625 GBP 710 (10,657)17-Dec-08 (49) 90 Day Sterling Future, Call Option, Strike Price 96.125 GBP - 9,79718-Mar-09 18 90 Day Sterling Future, Call Option, Strike Price 94.375 GBP 12,116 (3,814)18-Mar-09 97 90 Day Sterling Future, Call Option, Strike Price 94.500 GBP 58,036 (9,722)18-Mar-09 (36) 90 Day Sterling Future, Call Option, Strike Price 95.000 GBP (11,218) 44918-Mar-09 (79) 90 Day Sterling Future, Call Option, Strike Price 95.125 GBP (21,664) 3,01618-Mar-09 (18) 90 Day Sterling Future, Call Option, Strike Price 95.375 GBP (3,590) 44918-Mar-09 18 90 Day Sterling Future, Call Option, Strike Price 95.500 GBP 3,365 449

Total 72,989 (18,201)

Schedule of Investments - Outstanding Swaptions (Expressed in USD)



NotionalAmount

MarketValue


21-Jul-08 ANZ Banking Long Interest Rate Swap 22/07/2009 Put Strike 8.000% AUD 1,700,000 1,678 (793)21-Jul-08 ANZ Banking Short Interest Rate Swap 22/07/2009 Put Strike 8.205% AUD (13,600,000) (4,623) 5,26005-Sep-08 ANZ Banking Long Interest Rate Swap 11/12/2008 Call Strike 7.250% AUD 16,250,000 426 (8,486)05-Sep-08 ANZ Banking Short Interest Rate Swap 11/12/2008 Call Strike 7.500% AUD (16,250,000) (1,445) 11,18018-Sep-08 Barclays Short Interest Rate Swap 22/09/2009 Call Strike 2.845% USD (10,860,000) (11,393) (5,637)18-Sep-08 Barclays Long Interest Rate Swap 22/09/2009 Call Strike 3.095% USD 10,860,000 19,721 7,77528-Nov-08 Barclays Long Interest Rate Swap 02/12/2009 Call Strike 2.430% USD 7,140,000 4,586 1,76628-Nov-08 Deutsche Bank Long Interest Rate Swap 02/12/2009 Put Strike 2.430% USD 7,140,000 4,586 (769)28-Nov-08 Deutsche Bank Short Interest Rate Swap 02/12/2009 Put Strike 2.930% USD (28,560,000) (51,772) (650)28-Nov-08 Deutsche Bank Long Interest Rate Swap 02/12/2009 Put Strike 3.430% USD 14,280,000 48,603 (4,528)03-Dec-08 Deutsche Bank Long Interest Rate Swap 05/12/2009 Call Strike 2.255% USD 13,610,000 6,375 (1,655)03-Dec-08 Deutsche Bank Short Interest Rate Swap 05/12/2009 Call Strike 2.505% USD (27,220,000) (27,416) (3,598)03-Dec-08 Deutsche Bank Short Interest Rate Swap 05/12/2009 Call Strike 2.755% USD (27,220,000) (39,453) (2,025)03-Dec-08 Deutsche Bank Long Interest Rate Swap 05/12/2009 Call Strike 3.005% USD 27,220,000 55,784 (2,616)05-Dec-08 ANZ Banking Long Interest Rate Swap 12/03/2009 Put Strike 8.000% AUD 20,000,000 14,372 (27,927)05-Dec-08 ANZ Banking Short Interest Rate Swap 12/03/2009 Put Strike 8.250% AUD (20,000,000) (9,374) 14,66005-Dec-08 ANZ Banking Short Interest Rate Swap 12/03/2009 Put Strike 8.375% AUD (20,000,000) (7,417) 10,84811-Dec-08 Barclays Long Interest Rate Swap 15/12/2009 Call Strike 2.875% USD 14,370,000 21,576 6,30811-Dec-08 Barclays Short Interest Rate Swap 15/12/2009 Call Strike 3.125% USD (14,370,000) (31,851) (9,577)11-Dec-08 Barclays Short Interest Rate Swap 15/12/2009 Call Strike 3.375% USD (14,370,000) (45,383) (13,051)11-Dec-08 Barclays Long Interest Rate Swap 15/12/2009 Call Strike 3.625% USD 14,370,000 62,455 16,47218-Dec-08 Barclays Long Interest Rate Swap 22/12/2009 Call Strike 2.340% USD 13,610,000 8,163 3,53618-Dec-08 Barclays Short Interest Rate Swap 22/12/2009 Call Strike 2.590% USD (27,215,000) (25,740) (10,772)18-Dec-08 Barclays Short Interest Rate Swap 22/12/2009 Call Strike 2.840% USD (27,215,000) (39,197) (16,064)18-Dec-08 Barclays Long Interest Rate Swap 22/12/2009 Call Strike 3.090% USD 27,215,000 57,686 19,585

Total 10,947 (10,758)

143

JPMorgan Funds - Global Aggregate Bond FundSchedule of Investments - Outstanding Credit Default Swaps (Expressed in USD)

As at 30 June 2008

TerminationDate Counterparty Referenced Obligation

ProtectionBuyer/Seller Currency Nominal

MarketValue


20-Sep-08 Goldman Sachs Countrywide Home Loans 5.625% 15/07/2009 Seller USD 400,000 171 17120-Sep-08 Deutsche Bank Gecina 4.785% 25/01/2012 Seller EUR 250,000 (1,137) (1,137)20-Sep-08 Deutsche Bank Gecina 4.785% 25/01/2012 Seller EUR 275,000 (1,306) (1,306)20-Sep-08 UBS IKB Deutsche Industriebank 4.376% 22/07/2009 Seller EUR 380,000 (6,646) (6,646)20-Sep-08 Barclays IKB Deutsche Industriebank 4.376% 22/07/2009 Seller EUR 214,000 (3,615) (3,615)20-Dec-12 UBS Gas Natural Finance 6.125% 10/02/2010 Buyer EUR 1,000,000 10,778 10,77820-Dec-12 UBS Enel 4.250% 12/06/2013 Seller EUR 1,000,000 (26,362) (26,362)20-Sep-13 UBS France Telecom 7.250% 28/01/2013 Seller EUR 500,000 (4,109) (4,109)20-Sep-13 UBS British Telecommunications 5.750% 07/12/2028 Buyer EUR 500,000 7,527 7,527

Total (24,699) (24,699)

Schedule of Investments - Outstanding Interest Rate Swaps (Expressed in USD)

TerminationDate Counterparty Referenced Obligation Currency Nominal

MarketValue


28-Jul-08 BNP Paribas Receive floating rate SEK STINA 12 months SEK 116,000,000 - -Pay fixed rate 4.480%

19-Feb-10 Merrill Lynch Receive fixed rate 3.530% CAD 5,056,300 (5,084) (5,084)Pay floating rate CAD CDOR 6 months

16-Jun-10 Citigroup Receive floating rate JPY TIBOR 3 months JPY 817,440,000 36,999 36,999Pay fixed rate 0.830%

15-Dec-10 Bank of Montreal Receive fixed rate 3.570% CAD 3,700,000 (12,480) (12,480)Pay floating rate CAD CDOR 6 months

23-Oct-11 BNP Paribas Receive fixed rate 3.845% CAD 2,920,000 2,129 2,129Pay floating rate CAD CDOR 6 months

23-Oct-11 BNP Paribas Receive floating rate CAD CDOR 6 months CAD 1,250,000 (8,010) (8,010)Pay fixed rate 4.220%

23-Oct-11 UBS Receive floating rate NZD OIS 12 months NZD 32,100,000 6,827 6,827Pay fixed rate 7.4325%

23-Oct-11 Westpac Banking Receive fixed rate 7.465% NZD 32,100,000 (4,854) (4,854)Pay floating rate NZD OIS 12 months

23-Oct-11 Westpac Banking Receive floating rate NZD OIS 6 months NZD 5,600,000 229 229Pay fixed rate 8.300%

03-Nov-11 ANZ Banking Receive floating rate NZD NZFMA 3 months NZD 2,150,000 6,358 6,358Pay fixed rate 7.565%


30-Nov-12 Barclays Receive floating rate USD LIBOR 3 months USD 1,750,000 - -Pay fixed rate 4.306%


19-Feb-13 Merrill Lynch Receive floating rate CAD CDOR 6 months CAD 1,951,137 (10,639) (10,639)Pay fixed rate 4.038%

23-Jun-13 Goldman Sachs Receive fixed rate 11.700% ZAR 6,400,000 8,168 8,168Pay floating rate ZAR JIBAR 3 months


11-Jan-15 BNP Paribas Receive floating rate CAD CDOR 6 months CAD 880,000 (11,405) (11,405)Pay fixed rate 4.550%

03-Nov-15 ANZ Banking Receive floating rate NZD NZFMA 3 months NZD 1,050,000 (6,313) (6,313)Pay fixed rate 7.408%

18-May-16 Goldman Sachs Receive floating rate USD LIBOR 3 months USD 910,000 (22,156) (22,156)Pay fixed rate 4.915%

28-Mar-17 UBS Receive floating rate AUD BBSW 6 months AUD 190,000 (14,067) (14,067)Pay fixed rate 6.325%

03-Aug-17 Credit Suisse Receive fixed rate 5.733% GBP 1,290,000 22,192 22,192Pay floating rate GBP LIBOR 6 months

11-Jan-20 BNP Paribas Receive fixed rate 4.760% CAD 250,000 5,587 5,587Pay floating rate CAD CDOR 6 months

11-Aug-21 Barclays Receive fixed rate 3.536% GBP 810,000 (138,335) (138,335)Pay floating rate GBP UKRPI 12 months

11-Aug-21 RBS Receive floating rate USD HICP 12 months USD 1,680,000 (1,281) (1,281)Pay fixed rate 3.000%

Total (128,492) (128,492)

144

JPMorgan Funds - Global Aggregate Bond FundSchedule of Investments - Outstanding Interest Rate Cap Options (Expressed in USD)

As at 30 June 2008



NotionalAmount

MarketValue


06-Jun-18 Credit Suisse Long Interest Rate Cap In-the-money 3 Month USDLIBOR strike 5.150%

USD5,969,000 60,241 3,514

06-Jun-18 Credit Suisse Long Interest Rate Floor In-the-money 3 Month USDLIBOR strike 5.150%

USD5,969,000 62,879 6,152

Total 123,120 9,666

Schedule of Investments - Outstanding Option Straddle Contracts on Interest Rate Swaps (Expressed in USD)

MaturityDate Description Currency

NotionalAmount

MarketValue


04-Jun-13 Pay fixed 6 months Receive floating 3 months European Style 06/06/2018 Strike 5.260% USD (1,607,000) (104,312) (6,768)

Total (104,312) (6,768)

Schedule of Investments - Outstanding Price Lock Swaps (Expressed in USD)

TerminationDate Counterparty Referenced Obligation Notional Market Value


07-Jul-08 Deutsche Bank FNMA 30 Year 6.000% 101.219 3,250,000 (13,705) (13,705)29-Jul-08 BNP Paribas US Treasury Note 4.750% 15/08/2017 104.990 340,000 (1,998) (1,998)29-Jul-08 BNP Paribas US Treasury Inflation Index Note 2.625% 15/07/2017 108.542 310,000 4,764 4,76415-Aug-08 Credit Suisse Federal Home Loan Bank System 5.375% 18/05/2016 106.113 895,000 (14,492) (14,492)

Total (25,431) (25,431)

145


Shares

UNITED STATES OF AMERICA700 Abercrombie & Fitch - A Shares 27,854 0.773,300 AT&T 68,930 1.905,150 Constellation Brands - A Shares 64,100 1.761,500 Hain Celestial Group 22,662 0.621,850 Hansen Natural 33,883 0.934,100 Kraft Foods - A Shares 73,896 2.032,600 Merck & Co. 61,970 1.711,800 Movado Group 22,712 0.635,750 News - B Shares 56,153 1.541,250 Philip Morris International 39,386 1.081,000 Procter & Gamble 38,487 1.064,800 Safeway 86,421 2.384,300 Time Warner 39,459 1.091,650 Under Armour - A Shares 26,675 0.733,503 Verizon Communications 77,344 2.13400 VF 17,879 0.493,000 Walt Disney 59,888 1.65

817,699 22.50

FRANCE1,592 Accor 67,119 1.851,700 AXA 31,833 0.88700 Groupe Danone 31,101 0.85600 LVMH Moet Hennessy Louis Vuitton 39,708 1.09580 Pernod-Ricard 37,642 1.041,070 PPR 75,317 2.07525 Rémy Cointreau 18,076 0.502,050 Vivendi 49,179 1.35

349,975 9.63

UNITED KINGDOM5,000 Britvic 18,216 0.503,000 Enterprise Inns 14,986 0.413,500 Prudential 23,445 0.653,700 Punch Taverns 14,555 0.4016,850 Tesco 77,626 2.1451,150 Vodafone Group 95,873 2.6317,150 WPP Group 103,989 2.86

348,690 9.59

JAPAN10 Creed Office Investment 11,265 0.319 Crescendo Investment 13,697 0.386 DA Office Investment 15,603 0.43

1,600 FUJIFILM Holdings 34,993 0.968 Japan Tobacco 21,715 0.609 Joint Reit Investment 14,183 0.387 LaSalle Japan REIT 7,801 0.2110 New City Residence Investment 12,942 0.3610 Nippon Residential Investment 19,114 0.53

2,000 Nissin Kogyo 19,306 0.537 re-plus residential investment 7,676 0.21

15,000 Sojitz 31,817 0.887 Top REIT 16,610 0.46

226,722 6.24

SPAIN3,100 BSCH 35,898 0.991,950 Inditex 57,486 1.585,450 Telefonica 92,050 2.53

185,434 5.10

CAYMAN ISLANDS900 Ctrip.com International ADR 26,465 0.734,250 Focus Media Holding ADR 73,529 2.0220,000 Hengan International Group 37,375 1.03800 Herbalife 19,387 0.534,000 Tencent Holdings 19,598 0.54

176,354 4.85

SWITZERLAND1,100 Compagnie Financière Richemont - Bearer A Shares 38,625 1.062,800 Nestlé Registered Shares 80,294 2.21343 Swatch Group - Bearer Shares 54,455 1.50

173,374 4.77

BERMUDA8,000 Esprit Holdings 52,651 1.463,200 Jardine Matheson Holdings 62,258 1.718,000 Li & Fung 15,275 0.4240,000 Luk Fook Holdings International 13,585 0.3794,000 Oriental Watch Holdings 22,989 0.63

166,758 4.59

GERMANY700 Adidas 27,909 0.76900 Henkel 21,339 0.591,500 Hugo Boss Preference Shares 35,130 0.973,500 Symrise 48,650 1.34

133,028 3.66

ITALY8,850 Geox 56,950 1.5713,400 Parmalat 22,217 0.617,800 UniCredit 29,971 0.82

109,138 3.00

MEXICO1,100 America Movil ADR - L Shares 36,549 1.011,450 Fomento Economico Mexicano ADR 40,772 1.12

77,321 2.13

FINLAND4,700 Nokia 72,192 1.99

72,192 1.99

DENMARK1,042 Carlsberg - B Shares 63,918 1.76

63,918 1.76

GREECE4,100 Folli - Follie Registered Shares 60,680 1.67

60,680 1.67

SOUTH AFRICA3,650 MTN Group 37,517 1.03

37,517 1.03

RUSSIA14,900 Sberbank 30,028 0.83

30,028 0.83

INDONESIA78,000 Bank Rakyat Indonesia 27,310 0.75

27,310 0.75

AUSTRALIA4,150 Billabong International 27,306 0.75

27,306 0.75

HONG KONG14,000 China Resources Enterprise 25,310 0.70

25,310 0.70

INDIA2,300 Bharti Airtel 24,480 0.67

24,480 0.67

EGYPT10,000 Telecom Egypt 19,481 0.54

19,481 0.54

146

JPMorgan Funds - Global Consumer Trends FundSchedule of Investments (Market Value Expressed in EUR)

As at 30 June 2008

Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets

TURKEY11,800 Turkiye Garanti Bankasi 17,192 0.47

17,192 0.47

Total Shares 3,169,907 87.22


3,169,907 87.22


Cash 446,013 12.27




SharesConsumer Discretionary 32.82Consumer Staples 21.78Telecommunication Services 12.44Financials 12.16Health Care 3.27Information Technology 2.53Materials 1.34Industrials 0.88


Total 100.00



147

JPMorgan Funds - Global Consumer Trends FundSchedule of Investments (Market Value Expressed in EUR) (continued)

As at 30 June 2008

Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets


Shares

UNITED STATES OF AMERICA68,710 Bank of America 38,841,104 2.23

1,018,176 Citigroup 27,865,289 1.6019,800 Lehman Brothers Holdings Preference Shares 10,477,518 0.606,540 Mylan 3,653,978 0.2129,412 News Corp Finance Trust II 144A 18,566,755 1.0749,800 Wachovia 27,441,048 1.57

126,845,692 7.28

BERMUDA13,100 Bunge 8,099,095 0.46

8,099,095 0.46

TAIWAN1,447,268 Asustek Computer 2,496,187 0.14

2,496,187 0.14

MALAYSIA5,800,480 YTL Power International 2,081,262 0.12

2,081,262 0.12

Total Shares 139,522,236 8.00

Bonds

LUXEMBOURG12,300,000 Espirito Santo Financial Group 15.11.25/3.550%* 10,954,995 0.63

10,954,995 0.63

INDIA2,600,000 Jaiprakash Associates 12.09.12/0.000% 1,717,735 0.10

1,717,735 0.10

Total Bonds 12,672,730 0.73

Convertible Bonds

JAPAN1,378,000,000 Asahi Breweries 26.05.23/0.000% 8,855,876 0.511,959,000,000 Bank of Kyoto 31.03.14/0.000% 12,904,897 0.74771,000,000 Capcom 31.03.09/0.000% 5,197,227 0.30980,000,000 Casio Computer 31.03.15/0.000% 5,836,380 0.331,328,000,000 CSK Holdings 30.09.13/0.250% 7,325,641 0.421,915,000,000 Fujitsu 27.05.09/0.000% 11,482,664 0.66640,000,000 Geo 28.09.12/0.000% 3,646,812 0.211,075,000,000 H2O Retailing 16.08.11/0.000% 6,555,669 0.38303,000,000 Hitachi Metals 13.09.16/0.000% 1,996,642 0.112,105,000,000 Konica Minolta Holdings 07.12.09/0.000% 13,641,605 0.782,234,000,000 Nidec 17.10.08/0.000% 14,607,858 0.842,033,000,000 Nomura Research Institute 31.03.14/0.000% 11,962,271 0.681,575,000,000 Ricoh 07.12.11/0.000% 9,765,663 0.564,707,000,000 Sharp 30.09.13/0.000% 28,150,328 1.625,760,000,000 Sony 18.12.08/0.000% 34,956,340 2.013,435,000,000 Suzuki Motor 29.03.13/0.000% 21,929,312 1.261,600,000,000 Tobu Railway 31.03.16/0.000% 10,180,598 0.582,410,000,000 Toray Industries 12.03.12/0.000% 13,945,481 0.801,022,000,000 Yamada Denki 28.03.13/0.000% 5,860,350 0.341,136,000,000 Yamada Denki 31.03.15/0.000% 6,235,507 0.36

235,037,121 13.49

FRANCE13,245,200 Artemis Conseil 31.07.11/2.000% 16,682,237 0.9614,187,300 Cap Gemini 01.01.10/2.500% 7,384,490 0.4210,963,200 Cap Gemini 01.01.12/1.000% 4,873,142 0.288,863,200 Compagnie Generale des

Etablissements Michelin 01.01.17/0.000% 8,026,071 0.467,920,300 Iliad 01.01.12/2.200% 6,342,584 0.363,620,000 Nexans 01.01.13/1.500% 3,262,869 0.185,981,900 Publicis Groupe 18.01.18/1.000% 2,453,620 0.1449,861,500 Rhodia 01.01.14/0.500% 17,040,168 0.9834,361,800 Société Air France 01.04.20/2.750% 7,130,073 0.4146,793,300 Theolia 01.01.14/2.000% 9,873,386 0.5741,019,700 Valeo 01.01.11/2.375% 17,394,404 1.007,560,100 Vilmorin & Cie 01.07.15/4.500% 11,444,101 0.66

111,907,145 6.42

NETHERLANDS6,150,000 Bayer Capital 01.06.09/6.625% 8,746,837 0.506,199,000 BNP Paribas Arbitrage

Issuance 16.11.10/0.000% 5,838,838 0.3413,400,000 Heidelberg International

Finance 09.02.12/0.875% 13,089,442 0.753,950,000 Infineon Technologies Holding 05.06.10/5.000% 3,787,343 0.227,300,000 IVG Finance 29.03.17/1.750% 4,024,490 0.2314,090,000 Pargesa Netherlands 27.04.13/1.700% 8,213,050 0.4724,935,000 Pargesa Netherlands 15.06.14/1.750% 13,308,175 0.7734,800,000 Portugal Telecom International

Finance 28.08.14/4.125% 32,886,000 1.895,600,000 Q-Cells International Finance 28.02.12/1.375% 6,332,553 0.361,900,000 Wereldhave 23.03.11/2.500% 1,765,052 0.10

97,991,780 5.63

MALAYSIA24,000,000 Cherating Capital 05.07.12/2.000% 15,475,775 0.8918,100,000 Feringghi Capital 22.12.09/0.000% 12,411,969 0.7132,600,000 IOI Resources 15.01.13/0.000% 19,291,010 1.1112,200,000 Paka Capital 12.03.13/0.000% 7,209,671 0.4118,100,000 Rafflesia Capital 04.10.11/1.250%* 13,332,598 0.7719,300,000 YTL Finance Labuan 15.05.12/0.000% 12,353,370 0.71

80,074,393 4.60

GERMANY6,500,000 Arcandor 11.07.13/8.875% 6,370,975 0.367,800,000 Dresdner Bank 22.06.09/0.000% 5,820,833 0.337,905,000 KfW - Kreditanstalt fuer

Wiederaufbau 03.02.10/0.500% 8,055,819 0.4637,400,000 KfW - Kreditanstalt fuer

Wiederaufbau 27.06.13/3.250% 36,210,680 2.084,700,000 Qimonda Finance 22.03.13/6.750% 2,204,126 0.137,221,000 Solon Fuer Solartechnik 06.12.12/1.375% 6,036,762 0.358,050,000 TUI 01.09.12/2.750% 6,586,108 0.38

71,285,303 4.09

LUXEMBOURG7,205,000 Actelion Finance 22.11.11/0.000% 5,145,162 0.3023,072,000 Finmeccanica Finance 08.08.10/0.375% 20,601,704 1.1831,250,000 Fortfinlux 07.11.49/6.207%* 20,597,766 1.186,150,000 Fortis Luxembourg Finance 28.04.09/0.500% 5,857,875 0.3412,850,000 Intralot Luxembourg 20.12.13/2.250% 12,900,565 0.741,900,000 Weather Capital Finance 27.02.13/4.750% 1,805,176 0.10

66,908,248 3.84

JERSEY15,100,000 Dana Gas Sukuk 31.10.12/7.500% 9,557,416 0.543,900,000 Figaro Finance 18.09.09/3.875% 5,329,537 0.319,850,000 International Power Finance

Jersey III 05.06.15/4.750% 9,707,175 0.566,700,000 Premier Oil Finance/Jersey 27.06.14/2.875% 5,314,118 0.3137,000,000 Shire 09.05.14/2.750% 19,891,249 1.141,050,000 UBS/Jersey 31.07.12/3.220% 757,628 0.04

50,557,123 2.90

PORTUGAL7,400,000 Parpublica - Participaçoes

Publicas 16.12.10/2.690% 7,964,746 0.4636,800,000 Parpublica - Participaçoes

Publicas 18.12.14/3.250% 34,310,480 1.97

42,275,226 2.43

SINGAPORE11,750,000 CapitaLand 15.11.16/2.100% 5,473,461 0.318,250,000 CapitaLand 20.06.22/2.950% 2,976,499 0.1715,500,000 CapitaMall Trust 02.07.13/1.000% 6,761,821 0.406,700,000 Guocoland 07.05.12/0.000% 2,752,365 0.1619,800,000 Guocoland 07.05.12/0.000% 7,222,162 0.419,300,000 Olam International 03.07.13/1.000% 5,304,351 0.3012,500,000 Yanlord Land Group 06.02.12/0.000% 5,655,716 0.32

36,146,375 2.07

INDIA2,600,000 Mahindra & Mahindra 14.04.11/0.000% 1,725,288 0.1011,600,000 Reliance Communications 01.03.12/0.000% 7,652,640 0.443,312,000 Suzlon Energy 12.06.12/0.000% 2,064,923 0.126,647,000 Suzlon Energy 11.10.12/0.000% 4,128,179 0.243,100,000 Tata Motors 12.07.12/0.000% 1,782,851 0.1014,600,000 Tata Steel 05.09.12/1.000% 10,569,088 0.60

27,922,969 1.60

148

JPMorgan Funds - Global Convertibles Fund (EUR)Schedule of Investments (Market Value Expressed in EUR)

As at 30 June 2008

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

SPAIN28,250,000 La Caja de Ahorros y Pensiones

de Barcelona 19.06.11/3.500% 26,944,850 1.55

26,944,850 1.55

CHINA252,650,000 China Petroleum & Chemical 24.04.14/0.000% 22,043,352 1.27

22,043,352 1.27

CAYMAN ISLANDS11,700,000 China Overseas Finance

Investment Cayman 14.05.14/0.000% 7,691,503 0.441,278,000 EFG Ora Funding II 29.11.09/1.000% 1,389,825 0.087,400,000 Siem Industries 12.07.17/0.000% 5,365,892 0.313,600,000 Subsea 7 06.06.11/2.800% 2,658,107 0.15

686,000,000 Zeus Cayman 20.08.08/0.000% 4,109,161 0.24

21,214,488 1.22

BELGIUM20,500,000 Fortis Bank 07.12.10/8.750% 14,150,125 0.819,250,000 Fortis Bank 19.12.49/6.961%* 6,987,450 0.40

21,137,575 1.21

SOUTH KOREA930,000,000 Korea Electric Power 23.11.11/0.000% 5,394,987 0.3113,600,000 LG Display 18.04.12/0.000% 8,959,633 0.518,600,000 SK Telecom 27.05.09/0.000% 6,205,445 0.36

20,560,065 1.18

BERMUDA19,115,000 Adecco Financial Service

Bermuda 26.08.13/0.000% 12,034,678 0.6913,100,000 Petroplus Finance 26.03.13/3.375% 8,194,002 0.47

20,228,680 1.16

UNITED KINGDOM10,400,000 3i Group 29.05.11/3.625% 12,840,785 0.741,200,000 Peter Hambro Mining 11.08.10/7.125% 1,484,838 0.093,300,000 SVG Capital 05.06.16/8.250% 4,072,812 0.23

18,398,435 1.06

TAIWAN3,800,000 Asia Cement 20.02.13/0.000% 2,433,634 0.143,625,000 Chi Mei/Taiwan 18.12.11/0.000% 2,575,270 0.1520,241,000 ProMOS Technologies 14.02.12/0.000% 11,958,500 0.68

16,967,404 0.97

AUSTRALIA5,770,000 Alumina Finance 16.05.13/2.000% 3,460,099 0.2021,250,000 Macquarie Communications

Infrastructure Management 24.05.12/2.500% 10,389,443 0.59

13,849,542 0.79

ISLE OF MAN20,080,000 AngloGold Ashanti Holdings 27.02.09/2.375% 12,515,403 0.72

12,515,403 0.72

BRITISH VIRGIN ISLANDS8,650,000 PB Issuer 01.02.13/3.300% 4,828,092 0.28

104,350,000 Sherson 04.06.14/0.000% 7,344,963 0.42

12,173,055 0.70

AUSTRIA8,500,000 Immofinanz 20.01.14/2.750% 6,336,206 0.365,800,000 Immofinanz 19.11.17/1.250% 4,886,500 0.28

11,222,706 0.64

UNITED STATES OF AMERICA17,110,000 Swiss Re American Holding 21.11.21/3.250%* 9,989,824 0.57

9,989,824 0.57

HUNGARY8,300,000 Allami Privatizacios es

Vagyonkezelo 28.09.09/1.000% 9,252,674 0.53

9,252,674 0.53

LIECHTENSTEIN14,678,000 Liechtenstein Landesbank 12.04.11/1.650% 9,003,575 0.52

9,003,575 0.52

NORWAY11,700,000 Petroleum Geo-Services 03.12.12/2.700% 6,857,878 0.39

6,857,878 0.39

CANADA8,000,000 Addax Petroleum 31.05.12/3.750% 5,786,242 0.33

5,786,242 0.33

UNITED ARAB EMIRATES8,900,000 Nakheel Development 2 15.01.11/2.750% 5,321,274 0.31

5,321,274 0.31

FINLAND5,000,000 Nokian Renkaat 27.06.14/0.000% 5,157,640 0.30

5,157,640 0.30

NETHERLANDS ANTILLES8,930,000 Nobel Biocare Investments 08.11.11/1.000% 4,868,927 0.28

4,868,927 0.28

Total Convertible Bonds 1,093,599,272 62.77


1,245,794,238 71.50


Convertible Bonds

UNITED STATES OF AMERICA28,370,000 Amgen 01.02.11/0.125% 16,360,911 0.9427,900,000 Amgen 01.02.13/0.375% 15,404,718 0.888,203,000 Boston Properties 15.02.37/2.875% 4,821,625 0.282,947,000 Coeur d’Alene Mines 15.03.28/3.250% 1,610,816 0.099,731,000 Developers Diversified Realty 15.03.12/3.000% 5,403,713 0.3113,708,000 EMC/Massachusetts 01.12.11/1.750% 9,877,370 0.572,882,000 Gilead Sciences 01.05.11/0.500% 2,627,762 0.1522,698,000 Intel 15.12.35/2.950% 14,096,796 0.8128,630,000 International Game

Technology 15.12.36/2.600% 17,463,402 1.0020,277,000 Liberty Media 30.03.23/3.125% 13,348,163 0.773,000,000 Linear Technology - B Shares 01.05.27/3.125% 1,875,059 0.116,089,000 Lockheed Martin 15.08.33/2.426%* 5,326,693 0.3141,896,000 Lucent Technologies - B Shares 15.06.25/2.875% 20,942,026 1.2055,495,000 Medtronic 15.04.11/1.500% 37,367,114 2.1428,103,000 Nabors Industries 15.05.11/0.940% 21,995,123 1.268,516,000 Nasdaq OMX Group 144A 15.08.13/2.500% 4,816,712 0.285,068,000 NetApp 144A 01.06.13/1.750% 3,151,542 0.1813,103,000 Newmont Mining 15.07.14/1.250% 10,877,994 0.623,245,000 Patriot Coal 144A 31.05.13/3.250% 2,812,217 0.168,260,000 Prologis 15.11.37/1.875% 4,547,593 0.2642,440,000 Prudential Financial 12.12.36/0.386%* 26,330,847 1.5128,770,000 Prudential Financial 144A 15.12.37/1.146%* 17,526,007 1.0116,836,000 Rayonier TRS Holdings 15.10.12/3.750% 10,776,235 0.627,560,000 Teva Pharmaceutical Finance -

C Shares 01.02.26/0.250% 4,922,780 0.2815,556,000 Vornado Realty Trust 01.04.27/2.850% 8,749,295 0.507,106,000 Xilinx 15.03.37/3.125% 4,272,517 0.25

287,305,030 16.49

CAYMAN ISLANDS557,000,000 Keystone Capital 04.04.11/0.100% 3,448,495 0.201,338,000,000 Keystone Capital 04.04.13/0.100% 8,510,222 0.49

3,400,000 Suntech Power Holdings 15.02.12/0.250% 2,224,722 0.134,515,000 Suntech Power Holdings 144A 15.03.13/3.000% 3,254,737 0.1944,599,000 Transocean - A Shares 15.12.37/1.625% 32,150,171 1.8511,952,000 Transocean - B Shares 15.12.37/1.500% 8,596,926 0.4812,212,000 Transocean - C Shares 15.12.37/1.500% 8,841,985 0.51

67,027,258 3.85

SOUTH KOREA7,000,000 KCC - A Shares 30.10.12/0.000% 3,948,161 0.236,000,000 KCC - B Shares 30.10.12/0.000% 3,531,591 0.209,000,000 KCC - C Shares 30.10.12/0.000% 5,275,833 0.30

12,755,585 0.73

149

JPMorgan Funds - Global Convertibles Fund (EUR)Schedule of Investments (Market Value Expressed in EUR) (continued)

As at 30 June 2008

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

ISRAEL18,100,000 Teva Pharmaceutical Finance -

D Shares 01.02.26/1.750% 12,732,342 0.73

12,732,342 0.73

CANADA17,297,000 Kinross Gold 144A 15.03.28/1.750% 12,208,583 0.70

12,208,583 0.70

LUXEMBOURG12,300,000 Bank of New

York/Luxembourg 30.12.2099/9.003%* 11,531,250 0.66

11,531,250 0.66

JAPAN200,000,000 Asset Managers Holdings 18.03.11/0.000% 1,070,057 0.06470,000,000 Hitachi Zosen 30.09.10/0.000% 2,683,064 0.15300,000,000 Hitachi Zosen 30.09.12/1.500% 1,679,025 0.10

5,432,146 0.31

INDIA7,800,000 JSW Steel 28.06.12/0.000% 5,326,214 0.31

5,326,214 0.31

BERMUDA23,100,000 China Water Affairs Group 03.08.12/0.000% 1,607,939 0.09

1,607,939 0.09


Investment Funds



53,097,753 3.05



469,024,100 26.92


Cash 36,675,417 2.10


Total Net Assets 1,742,308,863 100.00



Fixed Income SecuritiesUnited States of America 17.06Japan 13.80France 6.42Netherlands 5.63Luxembourg 5.13Cayman Islands 5.07Malaysia 4.60Germany 4.09Jersey 2.90Portugal 2.43Singapore 2.07India 2.01South Korea 1.91Spain 1.55China 1.27Bermuda 1.25Belgium 1.21United Kingdom 1.06Canada 1.03Taiwan 0.97Australia 0.79Israel 0.73Isle of Man 0.72British Virgin Islands 0.70Austria 0.64Hungary 0.53Liechtenstein 0.52Norway 0.39United Arab Emirates 0.31Finland 0.30Netherlands Antilles 0.28

Total Fixed Income Securities 87.37SharesFinancials 6.00Investment Companies 3.05Consumer Discretionary 1.07Consumer Staples 0.46Health Care 0.21Information Technology 0.14Utilities 0.12


Total 100.00

150


As at 30 June 2008

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets


Fixed Income SecuritiesUnited States of America 24.84Japan 9.36Germany 6.42Netherlands 6.13France 5.88Jersey 4.41Cayman Islands 3.32Luxembourg 2.92Taiwan 2.55Malaysia 2.36South Korea 2.06Belgium 2.06India 1.71China 1.70Singapore 1.35Bermuda 1.23Portugal 1.23Panama 1.17United Kingdom 1.16British Virgin Islands 0.99Isle of Man 0.89Guernsey 0.81Ireland 0.66Australia 0.54Hungary 0.47Israel 0.47Liechtenstein 0.42Austria 0.40Norway 0.36Finland 0.28Canada 0.28United Arab Emirates 0.27Netherlands Antilles 0.25Hong Kong 0.14

Total Fixed Income Securities 89.09SharesInvestment Companies 3.03Consumer Staples 1.16Consumer Discretionary 1.14Financials 0.85Health Care 0.20


Total 100.00

151


As at 30 June 2008

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

JPMorgan Funds - Global Convertibles Fund (EUR)Schedule of Investments - Outstanding Forward Foreign Exchange Contracts (Expressed in EUR)

As at 30 June 2008



AmountSold


30-Jul-08 EUR 268,338,441 JPY 44,707,311,219 (386,255)30-Jul-08 EUR 7,688,774 AUD 12,578,527 45,74730-Jul-08 EUR 807,331,886 USD 1,251,565,604 12,984,53230-Jul-08 EUR 26,967,932 HKD 326,115,117 414,77130-Jul-08 EUR 21,950,884 SGD 46,475,069 240,09230-Jul-08 EUR 10,105,042 GBP 8,000,000 1,90430-Jul-08 EUR 48,922,915 CHF 79,108,843 (421,544)30-Jul-08 JPY 688,073,157 EUR 4,084,708 51,13130-Jul-08 USD 10,812,068 EUR 6,934,903 (72,667)

Total 12,857,711


ExpirationDate


NotionalValue


Equity Futures

Sep-08 108 Dax Index Future EUR 17,417,700 (1,192,863)Sep-08 1,544 DJ Euro Stoxx 50 Index Future EUR 51,940,160 (3,597,519)Sep-08 465 DJIA Index Future USD 33,314,268 (2,640,388)

Total (7,430,770)

152


Shares and Rights

UNITED STATES OF AMERICA98,903 Abercrombie & Fitch - A Shares 6,210,119 0.33424,658 Allied Waste Industries 5,282,745 0.28156,105 American Electric Power 6,202,051 0.3394,850 Anadarko Petroleum 7,195,321 0.3852,974 Apache 7,344,845 0.3970,439 Apple 11,917,574 0.6485,644 Assurant 5,769,836 0.31615,537 AT&T 20,288,099 1.08448,125 Bank of America 10,844,625 0.58152,500 Bank of New York Mellon 5,659,275 0.30118,570 Baxter International 7,510,224 0.40109,951 BE Aerospace 2,553,062 0.1488,790 Bucyrus International 6,582,003 0.35208,383 CA 4,795,935 0.26111,497 Chesapeake Energy 7,382,216 0.39135,614 Chevron 13,378,321 0.71150,884 Chubb 7,470,267 0.40107,057 Cimarex Energy 7,425,473 0.40582,584 Cisco Systems 13,649,943 0.73610,401 Citigroup 10,163,177 0.54142,906 Coca-Cola 7,433,970 0.40331,570 Comcast - A Shares 6,163,886 0.33104,456 Computer Sciences 4,844,669 0.2687,379 ConocoPhillips 8,155,082 0.44266,702 Corning 6,187,486 0.3377,784 CSX 4,833,498 0.26104,061 Cummins 6,663,026 0.36178,456 CVS Caremark 7,111,472 0.38248,624 Dell 5,464,755 0.2959,879 Devon Energy 7,081,889 0.38117,048 Dominion Resources 5,462,630 0.2994,950 Dover 4,544,307 0.24392,533 Duke Energy 6,712,314 0.36346,513 El Paso 7,432,704 0.4072,641 ENSCO International 5,973,269 0.3232,000 Esc Telecorp 0 0.00389,767 Exxon Mobil 33,975,989 1.8129,541 Fluor 5,446,179 0.29184,710 Fossil 5,559,771 0.3063,922 Freeport-McMoRan Copper & Gold 7,563,251 0.40115,121 GameStop - A Shares 4,803,999 0.25362,566 Gap 6,011,344 0.3289,753 Gardner Denver 4,958,853 0.2781,398 General Dynamics 6,761,732 0.36106,221 General Mills 6,377,509 0.34130,992 Gilead Sciences 6,916,378 0.3749,620 Goldman Sachs Group 8,646,285 0.4618,062 Google - A Shares 9,602,301 0.51136,595 Halliburton 7,302,369 0.39103,080 Helmerich & Payne 7,448,561 0.4058,407 Hess 7,473,759 0.40219,204 Hewlett-Packard 9,655,936 0.52278,588 Home Depot 6,571,891 0.35313,688 Hudson City Bancorp 5,251,137 0.28457,093 Intel 9,786,361 0.52178,748 Interactive Brokers Group - A Shares 5,786,072 0.31126,614 International Business Machines 15,006,291 0.80124,342 J.C. Penney 4,501,180 0.24220,139 Johnson & Johnson 14,036,063 0.75119,452 Kohl’s 4,827,055 0.26160,722 Kraft Foods - A Shares 4,570,934 0.2458,203 L-3 Communications Holdings 5,270,282 0.28134,374 Lexmark International - A Shares 4,517,654 0.2473,603 Lockheed Martin 7,295,529 0.39110,410 Marathon Oil 5,704,885 0.3022,383 Mastercard - A Shares 6,140,105 0.33114,408 McDonald’s 6,358,796 0.34127,776 Medco Health Solutions 6,103,860 0.33116,021 Medtronic 5,970,441 0.32183,373 Merck & Co. 6,896,658 0.37134,728 MetLife 7,168,877 0.38647,210 Microsoft 18,028,682 0.96126,367 Molson Coors Brewing - B Shares 6,873,101 0.3740,822 Monsanto 5,257,057 0.28169,060 Morgan Stanley 6,099,685 0.3344,901 Mosaic 6,620,652 0.3580,488 Murphy Oil 7,870,921 0.4281,463 National Oilwell Varco 7,217,622 0.39304,180 New York Community Bancorp 5,493,491 0.29391,194 News - B Shares 6,028,300 0.32106,316 Nike - B Shares 6,378,960 0.34

75,974 Noble Energy 7,551,816 0.4079,660 Norfolk Southern 4,853,684 0.2672,825 Nucor 5,591,503 0.3080,829 Occidental Petroleum 7,251,170 0.39337,317 Office Depot 3,649,770 0.19312,457 Oracle 6,605,341 0.3590,308 Parker Hannifin 6,354,071 0.34182,448 PerkinElmer 5,042,862 0.27234,804 Philip Morris International 11,674,455 0.62136,722 PNC Financial Services Group 7,771,278 0.41116,670 PPL 5,972,337 0.3271,096 Praxair 6,755,542 0.3650,247 Priceline.com 5,916,584 0.32230,149 Procter & Gamble 13,976,949 0.7585,777 Prudential Financial 5,422,822 0.29201,487 Qualcomm 9,091,093 0.49100,736 Raytheon 5,622,076 0.30254,438 Safeway 7,228,584 0.39401,499 Schering-Plough 7,825,215 0.42209,002 Southern 7,206,389 0.38138,510 Spectra Energy 3,966,926 0.2150,700 SPX 6,656,910 0.3697,846 State Street 6,202,458 0.33181,540 Steel Dynamics 7,098,214 0.38214,095 Supervalu 6,570,575 0.35255,975 TD Ameritrade Holding 4,633,147 0.25130,758 Thermo Fisher Scientific 7,245,301 0.39268,855 Time Warner 3,893,020 0.21144,521 TJX 4,559,638 0.24150,539 Travelers 6,622,211 0.3580,114 Union Pacific 5,914,015 0.3221,219 United States Steel 4,015,059 0.21280,907 US Bancorp 7,896,296 0.4267,626 VF 4,769,662 0.25185,165 Wal-Mart Stores 10,469,229 0.56218,291 Walt Disney 6,876,167 0.37302,764 Wells Fargo & Co. 7,124,037 0.38189,763 Western Digital 6,599,957 0.35132,129 Wyeth 6,169,103 0.33258,631 Xilinx 6,509,742 0.3570,174 XTO Energy 4,804,112 0.26154,701 Zions Bancorporation 4,888,552 0.26

882,674,698 47.13

UNITED KINGDOM120,144 Anglo American 8,419,867 0.45177,566 AstraZeneca 7,511,071 0.40425,714 Aviva 4,211,153 0.221,189,675 Barclays 6,880,622 0.37254,930 Barclays - Rights 17.07.08 45,758 0.00305,946 BG Group 7,895,514 0.42546,355 BP 6,338,882 0.3499,115 Eurasian Natural Resources 2,644,825 0.14459,065 GlaxoSmithKline 10,171,608 0.541,250,668 HSBC Holdings 19,330,590 1.03666,703 ICAP 7,140,162 0.38778,179 Man Group 9,575,601 0.511,609,600 RBS 6,845,551 0.3770,494 Rio Tinto 8,442,412 0.45627,839 Royal Dutch Shell - B Shares 25,180,349 1.34252,441 Standard Chartered 7,128,933 0.38641,659 Tesco 4,664,480 0.25219,549 Unilever 6,221,956 0.33159,491 Vedanta Resources 6,937,344 0.387,455,160 Vodafone Group 22,049,538 1.181,170,147 WM Morrison Supermarkets 6,137,585 0.3387,874 Xstrata 7,069,646 0.38

190,843,447 10.19

JAPAN171,700 Astellas Pharma 7,305,347 0.39152,500 Canon 7,872,642 0.42580,000 Daihatsu Motor 6,668,369 0.36105,800 Daikin Industries 5,361,774 0.29248,900 Honda Motor 8,495,523 0.45201,400 Hosiden 4,303,541 0.23650,000 Itochu 6,950,787 0.371,352,000 Kajima 4,742,514 0.25241,500 Komatsu 6,758,758 0.36353,000 Konica Minolta Holdings 5,984,295 0.32676,000 Kubota 4,876,736 0.26165,900 Makita 6,807,602 0.36895,000 Marubeni 7,505,933 0.40290,000 Matsushita Electric Industrial 6,279,015 0.34238,100 Mitsubishi 7,879,261 0.42

153

JPMorgan Funds - Global Dynamic FundSchedule of Investments (Market Value Expressed in USD)

As at 30 June 2008

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

679,000 Mitsubishi Electric 7,350,778 0.39350,000 Mitsui OSK Lines 5,006,855 0.271,272 Mizuho Financial Group 5,965,225 0.32

240,000 Nikon 7,034,463 0.3814,600 Nintendo 8,268,709 0.441,257 Nippon Telegraph & Telephone 6,180,116 0.3385,600 Sankyo 5,600,643 0.30131,500 Sony 5,769,016 0.311,181 Sumitomo Mitsui Financial Group 8,921,846 0.48

203,500 Toyota Motor 9,639,626 0.51370,000 Yamaguchi Financial Group 5,142,533 0.27

172,671,907 9.22

FRANCE78,239 Accor 5,204,957 0.2832,022 Alstom 7,356,534 0.39249,307 AXA 7,366,302 0.4082,746 BNP Paribas 7,462,021 0.40101,744 Bouygues 6,760,632 0.36119,980 Gaz de France 7,709,210 0.4147,352 Ipsen 2,417,910 0.1340,523 Lafarge 6,143,669 0.3357,677 Pernod-Ricard 5,906,641 0.3290,460 Sanofi-Aventis 6,012,266 0.3288,480 Société Générale 7,685,917 0.41113,579 Suez 7,704,753 0.41157,397 Total 13,374,434 0.71199,479 Vivendi 7,551,282 0.40

98,656,528 5.27

SWITZERLAND231,298 ABB Registered Shares 6,553,330 0.3566,268 Compagnie Financière Richemont - Bearer A Shares 3,671,790 0.20145,646 Crédit Suisse Registered Shares 6,607,655 0.35418,270 Nestlé Registered Shares 18,926,728 1.01214,761 Novartis Registered Shares 11,836,224 0.6364,178 Roche Holding - Genussschein 11,456,079 0.6115,223 Swatch Group - Bearer Shares 3,813,602 0.2077,010 Swiss Reinsurance Registered Shares 5,080,284 0.2717,868 Syngenta Registered Shares 5,726,923 0.3126,197 Zurich Financial Services 6,665,707 0.36

80,338,322 4.29

GERMANY35,225 Allianz Registered Shares 6,161,963 0.3396,690 BASF 6,652,139 0.3669,020 Bayer 5,773,325 0.3147,795 E.ON 9,661,061 0.5234,031 Linde 4,760,436 0.2544,243 MAN 4,926,720 0.2621,099 Muenchener Rueckversicherungs Registered Shares 3,686,885 0.2029,565 Porsche Automobil Holding Non Voting Preference

Shares 4,560,709 0.2420,718 Salzgitter 3,802,403 0.2060,357 Siemens Registered Shares 6,710,634 0.3659,994 ThyssenKrupp 3,780,075 0.20

60,476,350 3.23

CANADA39,529 Agrium 4,247,665 0.23663,652 CGI Group - A Shares 6,484,879 0.3577,304 EnCana 7,011,266 0.38147,180 Husky Energy 7,016,527 0.3728,674 Potash Corp of Saskatchewan 6,592,062 0.3547,077 Research In Motion 5,622,877 0.30276,065 Talisman Energy 6,147,191 0.33105,174 Toronto-Dominion Bank 6,604,323 0.35

49,726,790 2.65

BERMUDA162,420 Accenture - A Shares 6,568,265 0.35326,973 Aquarius Platinum 5,383,074 0.29107,549 Arch Capital Group 7,196,104 0.3940,513 Bunge 4,356,768 0.23142,547 Covidien 6,815,172 0.3568,054 PartnerRe 4,771,946 0.26184,471 Tyco Electronics 6,615,130 0.35159,528 Weatherford International 7,855,159 0.42

49,561,618 2.64

SPAIN386,519 BBVA 7,471,369 0.40484,329 BSCH 8,849,980 0.47277,875 Iberdrola 3,718,250 0.20358,939 Telefonica 9,566,290 0.5197,754 Union Fenosa 5,684,147 0.30

35,290,036 1.88

ITALY201,060 ENI 7,515,952 0.40260,150 Fiat 4,256,923 0.231,227,529 Intesa Sanpaolo 6,982,811 0.373,610,191 Telecom Italia - RNC Shares 5,827,725 0.311,082,087 UniCredit 6,560,989 0.35

31,144,400 1.66

HONG KONG452,000 Cheung Kong Holdings 6,090,645 0.32457,500 China Mobile 6,147,160 0.331,921,000 Hang Lung Properties 6,157,288 0.33581,500 Swire Pacific - A Shares 5,945,693 0.321,202,000 Wharf Holdings 5,031,642 0.27

29,372,428 1.57

FINLAND160,360 Fortum 8,059,326 0.43430,025 Nokia 10,422,650 0.5684,935 Wartsila 5,398,454 0.29

23,880,430 1.28

NORWAY403,769 DnB NOR 5,163,185 0.28455,754 Norsk Hydro 6,724,548 0.36310,646 Telenor 5,866,895 0.3167,844 Yara International 5,986,118 0.32

23,740,746 1.27

DENMARK50,788 Carlsberg - B Shares 4,916,008 0.25108,556 Novo Nordisk - B Shares 7,154,384 0.3948,821 Vestas Wind Systems 6,404,109 0.34

18,474,501 0.98

AUSTRALIA402,297 BHP Billiton 16,900,897 0.90

16,900,897 0.90

CAYMAN ISLANDS120,776 ACE 6,636,641 0.3545,526 Transocean 7,007,817 0.38

13,644,458 0.73

NETHERLANDS166,928 ING Groep - CVA 5,290,470 0.28387,737 Koninklijke KPN 6,681,179 0.36

11,971,649 0.64

RUSSIA79,738 Mechel ADR 3,939,057 0.21188,352 MMC Norilsk Nickel ADR 4,750,237 0.25

8,689,294 0.46

GREECE287,353 Piraeus Bank 7,826,179 0.42

7,826,179 0.42


7,637,437 0.41

BRAZIL105,657 Petroleo Brasileiro ADR 7,471,006 0.40

7,471,006 0.40


7,275,358 0.39

154

JPMorgan Funds - Global Dynamic FundSchedule of Investments (Market Value Expressed in USD) (continued)

As at 30 June 2008

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

INDONESIA7,637,500 Bumi Resources Tbk 6,784,476 0.36

6,784,476 0.36

ISRAEL135,942 Teva Pharmaceutical Industries ADR 6,176,525 0.33

6,176,525 0.33

CHINA8,252,000 Industrial & Commercial Bank of China - H Shares * 5,639,084 0.30

5,639,084 0.30

AUSTRIA63,115 OMV 4,974,636 0.27

4,974,636 0.27

EGYPT34,893 Orascom Construction Industries GDR 4,771,618 0.25

4,771,618 0.25

SOUTH KOREA41,236 LG Electronics 4,667,112 0.25

4,667,112 0.25

INDIA39,457 Reliance Industries GDR 144A 3,866,786 0.21

3,866,786 0.21



1,865,148,716 99.58


Investment Funds



4,501,213 0.24



4,501,213 0.24


Bank Overdraft (1,451,352) (0.08)


Total Net Assets 1,872,953,353 100.00



Shares and RightsFinancials 19.38Energy 14.87Industrials 11.55Information Technology 10.86Consumer Discretionary 10.65Materials 9.36Health Care 7.38Consumer Staples 6.56Utilities 4.56Telecommunication Services 4.41Investment Companies 0.24


Total 100.00


SharesFinancials 23.33Information Technology 11.30Industrials 11.09Energy 10.84Consumer Discretionary 10.02Consumer Staples 9.38Materials 7.63Health Care 7.30Utilities 4.51Telecommunication Services 4.42Investment Companies 0.88


Total 100.00

155

JPMorgan Funds - Global Dynamic FundSchedule of Investments (Market Value Expressed in USD) (continued)

As at 30 June 2008

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

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

As at 30 June 2008



AmountSold


15-Jul-08 AUD 246,046 EUR 150,933 (1,917)15-Jul-08 CAD 149,558 EUR 94,333 (1,159)15-Jul-08 CHF 189,433 EUR 117,682 56615-Jul-08 DKK 270,017 EUR 36,210 (13)15-Jul-08 EUR 168,612 SGD 359,015 1,81715-Jul-08 EUR 520,990 HKD 6,327,189 10,08515-Jul-08 EUR 390,354 AUD 637,811 3,55115-Jul-08 EUR 730,770 CAD 1,173,223 (5,464)15-Jul-08 EUR 292,419 DKK 2,180,796 5315-Jul-08 EUR 1,388,055 CHF 2,232,099 (4,465)15-Jul-08 EUR 3,433,660 GBP 2,728,596 (21,630)15-Jul-08 EUR 375,465 NOK 2,988,502 4,96915-Jul-08 EUR 3,086,713 JPY 512,786,365 15,23615-Jul-08 EUR 14,970,418 USD 23,442,417 163,75015-Jul-08 EUR 109,097 SEK 1,018,735 2,29115-Jul-08 GBP 259,418 EUR 326,962 1,25115-Jul-08 HKD 902,271 EUR 75,437 (3,240)15-Jul-08 JPY 41,375,631 EUR 251,398 (4,916)15-Jul-08 NOK 376,001 EUR 47,166 (510)15-Jul-08 USD 1,165,004 EUR 753,433 (23,049)

Total 137,206

156


Shares and Rights

UNITED STATES OF AMERICA10,260 Allegheny Technologies 392,467 0.669,250 Apache 812,771 1.3722,874 Autodesk 494,749 0.8436,760 Bank of America 563,764 0.9522,320 BE Aerospace 328,445 0.5615,180 Boeing 635,406 1.0878,520 Cisco Systems 1,165,895 1.9754,290 Comcast - A Shares 639,596 1.0851,630 Corning 759,096 1.2856,100 Duke Energy 607,947 1.03125,880 El Paso 1,711,161 2.896,990 Goldman Sachs Group 771,892 1.3030,830 Hansen Natural 564,648 0.9513,370 International Business Machines 1,004,222 1.7039,130 Merck & Co. 932,653 1.5824,940 MetLife 841,001 1.4251,090 Microsoft 901,906 1.5220,200 NeuStar - A Shares 273,822 0.4677,490 News - B Shares 756,755 1.2816,700 Norfolk Southern 644,844 1.0926,692 Philip Morris International 841,044 1.4218,770 Procter & Gamble 722,394 1.2218,092 Prudential Financial 724,849 1.2323,750 Qualcomm 679,109 1.1539,990 Safeway 719,995 1.2261,581 Schering-Plough 760,616 1.2918,770 United Technologies 726,677 1.23

19,977,724 33.77

UNITED KINGDOM89,272 Barclays 327,206 0.5516,986 Barclays - Rights 17.07.2008 1,932 0.0057,310 BG Group 937,288 1.5822,710 BHP Billiton 548,799 0.9371,600 HSBC Holdings 703,345 1.19113,810 ICAP 772,437 1.3131,390 Standard Chartered 561,775 0.95189,560 Tesco 873,278 1.4821,720 Vedanta Resources 598,720 1.01697,750 Vodafone Group 1,307,824 2.2142,362 Wolseley 202,116 0.34127,673 WPP Group 774,145 1.31

7,608,865 12.86

JAPAN129 East Japan Railway 668,607 1.13

22,500 Honda Motor 486,692 0.82252 Japan Tobacco 684,012 1.16

79,400 Mitsubishi 1,665,150 2.8164,000 Mitsui Fudosan 870,504 1.4714,700 Murata Manufacturing 440,405 0.7410,900 Nidec 461,754 0.781,900 Nintendo 681,938 1.1513,900 Toyota Motor 417,270 0.71

6,376,332 10.77

FRANCE18,610 Accor 784,598 1.3330,900 AXA 578,603 0.9816,590 Bouygues 698,605 1.185,670 Lafarge 544,774 0.9210,864 Pernod-Ricard 705,074 1.1919,725 Rhodia Registered Shares 228,613 0.396,220 Schneider Electric 426,505 0.729,660 Société Générale 531,783 0.9031,112 Total 1,675,381 2.83

6,173,936 10.44

SWITZERLAND11,050 Adecco Registered Shares 348,452 0.5911,250 Holcim Registered Shares 572,588 0.978,010 Roche Holding - Genussschein 906,127 1.535,851 Zurich Financial Services 943,477 1.59

2,770,644 4.68

GERMANY5,900 Bayer 312,759 0.5338,493 Deutsche Post 632,440 1.075,030 E.ON 644,343 1.0910,810 Siemens Registered Shares 761,673 1.28

2,351,215 3.97

CANADA82,860 Talisman Energy 1,169,276 1.9869,430 Yamana Gold 727,436 1.23

1,896,712 3.21

ITALY247,190 Intesa Sanpaolo 891,120 1.51186,440 UniCredit 716,396 1.21

1,607,516 2.72

HONG KONG37,500 China Mobile 319,317 0.54326,000 Hang Lung Properties 662,196 1.12

981,513 1.66

FINLAND62,750 Nokia 963,840 1.63

963,840 1.63

TAIWAN115,227 Taiwan Semiconductor Manufacturing ADR 795,953 1.35

795,953 1.35

BRAZIL16,040 Petroleo Brasileiro ADR 718,773 1.22

718,773 1.22

BERMUDA22,160 Weatherford International 691,504 1.17

691,504 1.17

MEXICO24,320 Fomento Economico Mexicano ADR 683,848 1.16

683,848 1.16

CHINA22,030 Focus Media Holding ADR 381,139 0.6411,460 Suntech Power Holdings ADR 265,665 0.45

646,804 1.09

GREECE36,955 Piraeus Bank 637,843 1.08

637,843 1.08

SPAIN45,140 BBVA 552,965 0.93

552,965 0.93

NORWAY41,310 Norsk Hydro 386,273 0.65

386,273 0.65

ISRAEL11,600 Teva Pharmaceutical Industries ADR 334,007 0.56

334,007 0.56

INDONESIA905,000 Bank Rakyat Indonesia 316,868 0.54

316,868 0.54



56,473,135 95.46

157

JPMorgan Funds - Global Equity Fund (EUR)Schedule of Investments (Market Value Expressed in EUR)

As at 30 June 2008

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets


Investment Funds



1,766,631 2.99



1,766,631 2.99


Cash 967,685 1.64




Shares and RightsFinancials 20.23Industrials 13.39Information Technology 12.96Energy 10.60Consumer Staples 9.80Consumer Discretionary 8.66Materials 6.64Utilities 5.01Health Care 4.96Telecommunication Services 3.21Investment Companies 2.99


Total 100.00


SharesFinancials 24.74Information Technology 14.57Industrials 11.57Energy 9.98Consumer Staples 9.93Consumer Discretionary 7.81Health Care 6.72Materials 6.47Telecommunication Services 3.51Utilities 3.11


Total 100.00

158

JPMorgan Funds - Global Equity Fund (EUR)Schedule of Investments (Market Value Expressed in EUR) (continued)

As at 30 June 2008

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

JPMorgan Funds - Global Equity Fund (EUR)Schedule of Investments - Outstanding Forward Foreign Exchange Contracts (Expressed in EUR)

As at 30 June 2008



AmountSold


30-Jul-08 CHF 278,606 EUR 172,113 1,66930-Jul-08 EUR 2,863,500 CHF 4,628,779 (23,720)30-Jul-08 EUR 1,756,136 CAD 2,769,906 21,62930-Jul-08 EUR 288,685 NOK 2,316,205 37530-Jul-08 EUR 1,527,041 HKD 18,469,104 23,23730-Jul-08 EUR 7,022,009 GBP 5,559,051 1,52730-Jul-08 EUR 22,561,995 USD 34,967,753 368,55930-Jul-08 EUR 7,383,036 JPY 1,230,146,669 (11,074)30-Jul-08 GBP 117,840 EUR 148,986 (166)30-Jul-08 JPY 193,421,137 EUR 1,158,663 3,94430-Jul-08 USD 2,342,575 EUR 1,507,195 (20,403)

Total 365,577

159


Shares and Rights

UNITED STATES OF AMERICA18,200 Allegheny Technologies 1,098,552 0.6716,300 Apache 2,259,995 1.3840,600 Autodesk 1,385,678 0.8564,100 Bank of America 1,551,220 0.9539,600 BE Aerospace 919,512 0.5625,900 Boeing 1,710,695 1.05141,100 Cisco Systems 3,305,973 2.0395,100 Comcast - A Shares 1,767,909 1.0990,600 Corning 2,101,920 1.2999,500 Duke Energy 1,701,450 1.05225,100 El Paso 4,828,395 2.9612,500 Goldman Sachs Group 2,178,125 1.3454,800 Hansen Natural 1,583,720 0.9724,500 International Business Machines 2,903,740 1.7869,500 Merck & Co. 2,613,895 1.6144,300 MetLife 2,357,203 1.4590,100 Microsoft 2,509,826 1.5441,800 NeuStar - A Shares 894,102 0.55142,800 News - B Shares 2,200,548 1.3529,800 Norfolk Southern 1,815,714 1.1247,931 Philip Morris International 2,383,129 1.4633,300 Procter & Gamble 2,022,309 1.2432,100 Prudential Financial 2,029,362 1.2542,200 Qualcomm 1,904,064 1.1770,700 Safeway 2,008,587 1.23109,400 Schering-Plough 2,132,206 1.3133,500 United Technologies 2,046,515 1.2637,400 Weatherford International 1,841,576 1.13

58,055,920 35.64

UNITED KINGDOM151,500 Barclays 876,218 0.5432,464 Barclays - Rights 17.07.08 5,827 0.00101,700 BG Group 2,624,561 1.6140,500 BHP Billiton 1,544,345 0.95127,600 HSBC Holdings 1,977,876 1.22202,000 ICAP 2,163,351 1.3355,800 Standard Chartered 1,575,792 0.97336,900 Tesco 2,449,063 1.5138,600 Vedanta Resources 1,678,975 1.03

1,213,400 Vodafone Group 3,588,777 2.2075,500 Wolseley 568,415 0.34218,027 WPP Group 2,086,059 1.28

21,139,259 12.98

JAPAN231 East Japan Railway 1,889,236 1.16

40,200 Honda Motor 1,372,117 0.84453 Japan Tobacco 1,940,235 1.19

142,200 Mitsubishi 4,705,715 2.89114,000 Mitsui Fudosan 2,446,745 1.5026,100 Murata Manufacturing 1,233,867 0.7619,500 Nidec 1,303,503 0.803,300 Nintendo 1,868,955 1.1524,600 Toyota Motor 1,165,282 0.72

17,925,655 11.01

FRANCE33,000 Accor 2,195,370 1.3555,100 AXA 1,628,046 1.0029,500 Bouygues 1,960,200 1.2010,900 Lafarge 1,652,543 1.0119,400 Pernod-Ricard 1,986,734 1.2237,800 Rhodia Registered Shares 691,303 0.4311,100 Schneider Electric 1,201,020 0.7417,300 Société Générale 1,502,784 0.9256,480 Total 4,799,253 2.95

17,617,253 10.82

SWITZERLAND17,900 Adecco Registered Shares 890,692 0.5519,842 Holcim Registered Shares 1,593,559 0.9814,200 Roche Holding - Genussschein 2,534,768 1.5510,425 Zurich Financial Services 2,652,594 1.63

7,671,613 4.71

GERMANY10,400 Bayer 869,930 0.5464,920 Deutsche Post 1,683,098 1.039,100 E.ON 1,839,432 1.1319,200 Siemens Registered Shares 2,134,701 1.31

6,527,161 4.01

CANADA151,800 Talisman Energy 3,380,159 2.08123,500 Yamana Gold 2,041,776 1.25

5,421,935 3.33

ITALY437,400 Intesa Sanpaolo 2,488,154 1.53331,400 UniCredit 2,009,369 1.23

4,497,523 2.76

HONG KONG75,000 China Mobile 1,007,731 0.62594,000 Hang Lung Properties 1,903,919 1.17

2,911,650 1.79

FINLAND108,000 Nokia 2,617,630 1.61

2,617,630 1.61


2,232,320 1.37

BRAZIL28,500 Petroleo Brasileiro ADR 2,015,235 1.24

2,015,235 1.24

MEXICO43,615 Fomento Economico Mexicano ADR 1,935,198 1.19

1,935,198 1.19

GREECE66,050 Piraeus Bank 1,798,899 1.10

1,798,899 1.10

CAYMAN ISLANDS38,800 Focus Media Holding ADR 1,059,240 0.6514,600 Suntech Power Holdings ADR 534,068 0.33

1,593,308 0.98

SPAIN80,200 BBVA 1,550,257 0.95

1,550,257 0.95

NORWAY73,300 Norsk Hydro 1,081,525 0.66

1,081,525 0.66


917,787 0.56

INDONESIA1,414,000 Bank Rakyat Indonesia 781,215 0.47

781,215 0.47



158,291,343 97.18

160

JPMorgan Funds - Global Equity Fund (USD)Schedule of Investments (Market Value Expressed in USD)

As at 30 June 2008

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets


Investment Funds



4,809,795 2.95



4,809,795 2.95


Bank Overdraft (243,895) (0.15)




Shares and RightsFinancials 20.55Industrials 13.53Information Technology 13.20Energy 10.72Consumer Staples 10.01Consumer Discretionary 8.77Materials 6.86Utilities 5.14Health Care 5.03Telecommunication Services 3.37Investment Companies 2.95


Total 100.00


SharesFinancials 25.01Information Technology 14.66Industrials 11.64Energy 10.16Consumer Staples 9.94Consumer Discretionary 7.91Health Care 6.80Materials 6.55Telecommunication Services 3.61Utilities 3.16


Total 100.00

161

JPMorgan Funds - Global Equity Fund (USD)Schedule of Investments (Market Value Expressed in USD) (continued)

As at 30 June 2008

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets


Shares

UNITED STATES OF AMERICA96,957 Abbott Laboratories 3,260,882 0.9776,129 Celgene 3,077,581 0.92436,098 Cisco Systems 6,475,348 1.93214,503 Corning 3,153,756 0.9490,914 CR Bard 5,109,321 1.5272,836 Edison International 2,329,626 0.6952,555 FirstEnergy 2,703,105 0.80108,752 General Mills 4,137,945 1.2365,545 Goldman Sachs Group 7,238,009 2.16240,110 Merck & Co. 5,722,955 1.70494,846 News - B Shares 4,832,585 1.44195,289 Norfolk Southern 7,540,770 2.25121,587 Paychex 2,417,177 0.72176,568 Quanta Services 3,624,346 1.08184,205 Safeway 3,316,496 0.9976,599 Shaw Group 2,977,165 0.89237,077 Staples 3,565,282 1.06251,132 SYSCO 4,398,928 1.31350,547 TD Ameritrade Holding 4,020,977 1.20177,226 Verizon Communications 3,913,022 1.17260,008 Walt Disney 5,190,438 1.54200,642 Xilinx 3,200,456 0.95282,304 Zions Bancorporation 5,653,415 1.68

97,859,585 29.14

UNITED KINGDOM2,711,894 Afren 5,809,658 1.731,963,298 Aricom 2,022,330 0.60906,728 BAE Systems 5,030,946 1.501,885,775 Beazley Group 2,657,498 0.79301,513 Cadbury 2,387,455 0.713,604,016 Central African Mining & Exploration 2,550,838 0.76494,574 Cookson Group 3,906,784 1.16410,947 Hikma Pharmaceuticals 2,596,952 0.771,292,571 International Power 6,971,658 2.081,336,185 RBS 3,601,337 1.07139,071 Royal Dutch Shell - A Shares 3,621,409 1.081,665,133 TUI Travel 4,324,829 1.294,194,770 Vodafone Group 7,862,442 2.34

53,344,136 15.88

FRANCE35,943 Alstom 5,232,941 1.5648,363 Compagnie Générale des Etablissements Michelin - B

Shares 2,182,622 0.65292,008 Rhodia Registered Shares 3,384,373 1.00146,800 Sodexo 6,067,244 1.81123,743 Suez 5,319,712 1.59194,812 Vivendi 4,673,540 1.39

26,860,432 8.00

JAPAN2,113 Japan Tobacco 5,735,384 1.71

155,500 Mitsubishi 3,261,093 0.9713,200 Nintendo 4,737,678 1.41931,000 Nippon Sheet Glass 2,928,692 0.8724,190 ORIX 2,201,701 0.66158,200 Toyota Motor 4,749,074 1.41180,300 Yakult Honsha 3,230,217 0.96

26,843,839 7.99

GERMANY124,297 Bayer 6,588,984 1.9627,365 E.ON 3,505,457 1.04206,180 Lanxess 5,325,629 1.5971,143 Wincor Nixdorf 3,123,178 0.93

18,543,248 5.52

SWITZERLAND240,920 Nestlé Registered Shares 6,908,733 2.0657,118 Roche Holding - Genussschein 6,461,444 1.92

13,370,177 3.98

FINLAND208,084 Nokia 3,196,170 0.953,883,029 Ruukki Group 9,008,627 2.68

12,204,797 3.63

AUSTRIA264,410 Intercell 8,249,592 2.4630,105 Schoeller-Bleckmann Oilfield Equipment 2,004,391 0.60

10,253,983 3.06

GREECE893,478 Corinth Pipeworks 3,573,912 1.06648,052 Sidenor Steel Products Manufacturing 6,273,143 1.87

9,847,055 2.93

CAYMAN ISLANDS5,248,000 Agile Property Holdings 2,899,557 0.854,330,000 Belle International Holdings 2,469,755 0.741,291,000 Hengan International Group 2,412,587 0.73

7,781,899 2.32

TAIWAN255,977 Chunghwa Telecom ADR 4,136,642 1.23895,000 HON HAI Precision Industry 2,793,909 0.83

6,930,551 2.06

NETHERLANDS303,346 Koninklijke KPN 3,312,538 0.98666,133 Vimetco Registered Shares GDR 3,584,061 1.07

6,896,599 2.05

AUSTRALIA1,574,074 International Ferro Metals 2,496,761 0.74136,564 Macquarie Group 4,046,859 1.21

6,543,620 1.95

ISRAEL1,003,801 Makhteshim-Agan Industries 5,913,811 1.76

5,913,811 1.76

SPAIN454,348 BSCH 5,261,350 1.57

5,261,350 1.57

ISLE OF MAN683,107 Lamprell 4,942,792 1.47

4,942,792 1.47

RUSSIA396,979 Magnitogorsk Iron & Steel Works Registered Shares

GDR 4,385,021 1.31

4,385,021 1.31

JERSEY331,647 Shire 3,456,009 1.03

3,456,009 1.03

IRELAND149,245 Elan 3,368,460 1.00

3,368,460 1.00

PANAMA116,836 Willbros Group 3,288,986 0.98

3,288,986 0.98

INDIA217,190 Reliance Capital 2,893,674 0.86

2,893,674 0.86

SOUTH AFRICA1,182,677 African Bank Investments 2,283,889 0.68

2,283,889 0.68

CYPRUS292,337 Marfin Popular Bank Public 1,356,444 0.40

1,356,444 0.40

Total Shares 334,430,357 99.57


334,430,357 99.57

162

JPMorgan Funds - Global Focus FundSchedule of Investments (Market Value Expressed in EUR)

As at 30 June 2008

Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets


Investment Funds



1,200,000 0.36



1,200,000 0.36


Cash 925,292 0.28




SharesFinancials 17.11Industrials 14.18Health Care 13.01Materials 11.59Consumer Discretionary 10.39Consumer Staples 8.97Information Technology 6.53Utilities 6.20Energy 5.86Telecommunication Services 5.72Investment Companies 0.36


Total 100.00


SharesFinancials 18.68Industrials 18.45Information Technology 12.09Health Care 9.38Consumer Discretionary 8.97Materials 8.10Energy 7.89Consumer Staples 7.69Utilities 5.45Telecommunication Services 3.58Investment Companies 0.19


Total 100.00

163

JPMorgan Funds - Global Focus FundSchedule of Investments (Market Value Expressed in EUR) (continued)

As at 30 June 2008

Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets

JPMorgan Funds - Global Focus FundSchedule of Investments - Outstanding Forward Foreign Exchange Contracts (Expressed in EUR)

As at 30 June 2008



AmountSold


07-Jul-08 AUD 8,484 EUR 5,165 107-Jul-08 CAD 188,398 EUR 118,518 (650)07-Jul-08 CHF 6,808 EUR 4,226 1407-Jul-08 EUR 321,076 GBP 252,543 1,93607-Jul-08 EUR 1,400,684 USD 2,165,329 28,07507-Jul-08 EUR 297,316 JPY 48,393,321 7,18507-Jul-08 EUR 29,343 SEK 273,579 43407-Jul-08 EUR 37,602 HKD 453,163 76807-Jul-08 EUR 122,854 CAD 188,398 4,98607-Jul-08 EUR 13,288 SGD 28,063 20907-Jul-08 EUR 77,724 CHF 126,296 (933)07-Jul-08 EUR 96,395 AUD 156,814 90407-Jul-08 EUR 4,582 NOK 36,315 5607-Jul-08 GBP 48,029 EUR 60,448 24707-Jul-08 HKD 453,163 EUR 37,104 (270)07-Jul-08 JPY 4,364,651 EUR 26,689 (522)07-Jul-08 USD 2,165,329 EUR 1,374,795 (2,186)11-Jul-08 AUD 21,535,416 EUR 12,650,199 458,86811-Jul-08 CAD 25,965,802 EUR 16,448,950 (201,384)11-Jul-08 CHF 3,005,525 EUR 1,863,309 9,02311-Jul-08 DKK 28,056,395 EUR 3,760,558 1,10611-Jul-08 EUR 818,231 SGD 1,764,769 (4,595)11-Jul-08 EUR 3,871,450 CHF 6,100,917 70,80211-Jul-08 EUR 2,320,398 DKK 17,308,439 (232)11-Jul-08 EUR 14,638,171 JPY 2,349,716,956 544,67111-Jul-08 EUR 37,583,584 GBP 29,934,043 (240,096)11-Jul-08 EUR 53,274,101 USD 83,041,230 622,74111-Jul-08 EUR 18,513,085 HKD 226,153,804 125,39311-Jul-08 EUR 3,429,507 SEK 32,101,557 37,46411-Jul-08 EUR 4,859,223 AUD 7,958,508 14,70911-Jul-08 GBP 10,001,950 EUR 12,536,960 101,17711-Jul-08 HKD 163,218,150 EUR 13,386,679 (116,041)11-Jul-08 JPY 3,786,017,647 EUR 23,676,386 (968,017)11-Jul-08 NOK 6,537,870 EUR 813,441 1,24711-Jul-08 SEK 72,791,765 EUR 7,774,881 (83,266)11-Jul-08 SGD 6,194,862 EUR 2,904,763 (16,401)11-Jul-08 USD 174,397,323 EUR 111,606,383 (1,031,719)07-Aug-08 EUR 21,615 HKD 265,323 -07-Aug-08 EUR 113,201 CAD 179,975 46807-Aug-08 EUR 1,219,141 USD 1,919,679 259

Total (633,569)

164


Shares

UNITED STATES OF AMERICA27,000 Abbott Laboratories 1,432,890 4.5219,200 Aetna 777,024 2.458,320 Alexion Pharmaceuticals 606,362 1.91

100,100 Barrier Therapeutics 403,403 1.2714,100 BioMarin Pharmaceuticals 420,462 1.33282,300 Bionovo 321,822 1.0133,400 Bristol-Myers Squibb 685,368 2.1621,200 Celgene 1,352,348 4.2693,900 Combinatorx 329,965 1.047,100 CR Bard 629,628 1.9820,900 CVS Caremark 832,865 2.6240,510 Cypress Bioscience 289,241 0.9198,900 Cytokinetics 382,743 1.21271,288 Dusa Pharmaceuticals 549,358 1.7322,900 Gilead Sciences 1,209,120 3.8116,000 Hologic 349,442 1.106,900 Illumina 613,548 1.9336,600 Incyte 277,428 0.87291,100 Lev Pharmaceuticals 538,535 1.7023,916 Medivation 300,385 0.9532,300 Merck & Co. 1,214,803 3.83165,700 Protalix BioTherapeutics 490,472 1.5523,900 Rigel Pharmaceuticals 577,902 1.8263,400 Schering-Plough 1,235,666 3.8950,500 Seattle Genetics 440,360 1.39122,000 Synergetics USA 330,010 1.0428,000 Thoratec 490,840 1.55184,200 ULURU 156,570 0.505,680 United Therapeutics 549,739 1.7313,700 VCA Antech 385,655 1.2212,000 Xenoport 480,600 1.518,600 Zimmer Holdings 584,972 1.84

19,239,526 60.63

UNITED KINGDOM47,125 Hikma Pharmaceuticals 469,919 1.47538,359 Oxford Biomedica 246,946 0.7827,305 SSL International 243,417 0.7719,883 Synergy Healthcare 291,454 0.92

1,251,736 3.94

GERMANY14,885 Bayer 1,245,087 3.9321,588 Wilex 248,673 0.78

1,493,760 4.71

AUSTRIA28,783 Intercell 1,417,046 4.47

1,417,046 4.47

SWITZERLAND970 Galenica Holding Registered Shares 349,015 1.109,324 Novartis Registered Shares 513,878 1.623,054 Roche Holding - Genussschein 545,154 1.72

1,408,047 4.44

JAPAN50,400 Chugai Pharmaceutical 809,621 2.5512,600 Suzuken 466,998 1.47

1,276,619 4.02

JERSEY61,106 Shire 1,004,791 3.17

1,004,791 3.17


917,787 2.89

FRANCE8,943 Sanofi-Aventis 594,381 1.8710,336 Transgene 202,077 0.64

796,458 2.51

ITALY13,866 DiaSorin 288,376 0.917,981 Newron Pharmaceuticals 246,981 0.78

535,357 1.69

IRELAND12,883 Elan ADR 454,770 1.43

454,770 1.43

SWEDEN20,046 Elekta - B Shares 387,730 1.22

387,730 1.22

DENMARK5,987 Genmab 228,637 0.72

228,637 0.72

Total Shares 30,412,264 95.84


30,412,264 95.84


Cash 721,126 2.27




SharesHealth Care 89.29Materials 3.93Consumer Staples 2.62


Total 100.00


SharesHealth Care 94.36Materials 2.50


Total 100.00

165

JPMorgan Funds - Global Life Sciences FundSchedule of Investments (Market Value Expressed in USD)

As at 30 June 2008

Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets



CANADA805,000 Addax Petroleum 24,517,076 1.31331,000 Agnico-Eagle Mines 15,559,298 0.83916,600 Amerigo Resources 923,079 0.054,198,132 Antrim Energy 8,796,986 0.471,070,806 Anvil Mining 6,383,174 0.341,759,700 Aquila Resources 748,481 0.04312,500 Aquila Resources - Warrants 15.12.08 0 0.001,465,600 Aquiline Resources 7,608,982 0.411,780,000 Aurelian Resources 6,390,942 0.34744,400 Baffinland Iron Mines 1,396,885 0.07949,100 Banro 4,007,271 0.21850,932 Barrick Gold 24,356,444 1.303,589,500 Brazauro Resources 1,728,851 0.091,300,000 Brazauro Resources - Warrants 22.03.09 0 0.004,502,934 Brazilian Diamonds 225,330 0.013,347,200 Calvalley Petroleums - A Shares 8,458,552 0.45229,000 Cameco 6,064,840 0.322,390,000 Canadian Royalties 3,049,728 0.16780,000 Centenario Copper 2,610,246 0.141,770,169 Consolidated Puma Minerals 1,467,113 0.081,375,200 Consolidated Thompson Iron Mines 7,586,954 0.419,000,000 Crowflight Minerals 2,730,343 0.15827,279 Denison Mines 4,491,638 0.242,850,000 Diamonds North Resources 2,050,103 0.114,067,400 Eastern Platinum 6,767,551 0.361,890,000 Eldorado Gold 10,332,520 0.553,550,000 Enhanced Oil Resources 2,997,748 0.161,775,000 Enhanced Oil Resources -

Warrants 11.10.09 0 0.001,249,724 Equinox Minerals AUD 3,563,266 0.193,049,724 Equinox Minerals CAD 8,679,705 0.463,042,000 Etruscan Resources 3,291,837 0.182,372,888 European Goldfields 7,077,785 0.381,409,837 Exeter Resource 3,756,743 0.203,768,600 First Calgary Petroleums CAD 5,421,768 0.29101,367 First Calgary Petroleums GBP 140,928 0.01230,000 First Quantum Minerals 9,886,532 0.531,631,474 First Uranium 6,306,692 0.34140,000 Fording Canadian Coal Trust 8,310,502 0.441,100,000 Franco-Nevada 16,940,013 0.916,088,788 Galantas Gold 476,073 0.022,000,000 Galantas Gold - Warrants 26.07.08 0 0.00600,000 Gammon Gold 4,098,330 0.22426,900 Global Alumina 378,757 0.025,300,000 Global Alumina 5,340,473 0.293,195,209 Globestar Mining 3,117,862 0.171,200,000 Gold Reserve 1,351,098 0.071,674,000 Gold Wheaton 523,550 0.03410,000 Goldcorp 12,199,724 0.65290,691 Golden Peaks Resources 194,558 0.011,718,944 Great Panther Resources 1,301,008 0.072,760,272 Greystar Resources 6,794,064 0.361,875,000 High River Gold Mines 1,888,253 0.102,609,400 Ithaca Energy 4,782,349 0.261,276,529 Jaguar Mining 7,849,052 0.421,626,600 Jinshan Gold Mines 2,614,851 0.142,131,000 Kinross Gold 31,817,707 1.7050,000 Kinross Gold - Warrants 07.09.11 124,476 0.01

2,045,257 Kirkland Lake Gold 12,754,871 0.685,443,500 La Mancha Resources 1,361,982 0.071,750,000 Lundin Mining 6,808,657 0.362,109,241 Lundin Mining SDR 8,202,099 0.4413,288,500 Mano River Resources 1,810,518 0.1013,500,000 Mart Resources 5,151,060 0.283,731,168 Mediterranean Resources 350,081 0.021,823,784 Mediterranean Resources -

Warrants 24.05.09 0 0.001,450,000 Moto Goldmines 3,319,572 0.18684,300 Nautilus Minerals CAD 980,201 0.052,181,400 Nautilus Minerals GBP 3,236,216 0.174,771,498 Nevsun Resources 6,178,145 0.3346,428 Nevsun Resources - Warrants 25.10.08 2,323 0.00105,882 Nevsun Resources - Warrants 31.10.09 0 0.00200,000 Nexen 5,028,043 0.27152,500 Niko Resources 9,409,270 0.501,029,000 North Atlantic Resources 164,130 0.011,557,913 Novagold Resources 7,591,257 0.411,916,700 Oilexco 23,007,113 1.23370,000 OPTI Canada 5,515,168 0.292,300,000 Orezone Resources CAD 1,640,082 0.097,050,000 Orezone Resources USD 5,182,674 0.282,673,354 Pacific Rubiales Energy 22,574,766 1.21

375,000 Pacific Rubiales Energy -Warrants 12.07.12 1,641,959 0.09

5,800,000 Peak Gold 2,829,799 0.151,706,250 Peak Gold - Warrants 03.04.12 152,086 0.011,709,452 Peregrine Diamonds 237,914 0.015,090,000 Petaquilla Copper 3,247,513 0.17452,381 Petaquilla Copper - Warrants 27.07.09 0 0.00770,000 Petaquilla Copper - Warrants 21.12.09 0 0.002,316,900 Petaquilla Minerals 2,173,860 0.12489,600 Petrobank Energy & Resources 15,891,251 0.85295,000 Petro-Canada 10,338,931 0.55143,264 Petrolifera Petroleum 778,735 0.043,198,600 Platinum Group Metals 5,632,113 0.301,975,409 Platmin 8,773,005 0.47415,000 Quadra Mining 5,490,242 0.291,224,313 Red Back Mining 6,501,793 0.351,750,000 Redox Diamonds 547,320 0.033,989,647 Scorpio Mining 3,094,491 0.173,889,600 SEMAFO 3,284,519 0.18775,000 Sherwood Copper 2,477,169 0.132,132,791 Shore Gold 3,668,715 0.202,250,000 Silvercorp Metals 8,556,952 0.46907,591 Skye Resources 4,734,665 0.25100,000 Skye Resources - Warrants 26.01.09 5,317 0.003,704,300 Stornoway Diamond 741,462 0.042,000,000 Stream Oil & Gas 1,344,843 0.071,000,000 Stream Oil & Gas - Warrants 02.08.09 0 0.00732,800 Talisman Energy 10,340,882 0.55460,000 Thompson Creek Metals 5,748,921 0.31145,889 Tournigan Gold 68,441 0.002,600,000 Tsar Emerald 165 0.00353,332 Uranium North Resources 58,568 0.003,750,000 Uranium One 11,423,344 0.61670,000 Verenex Energy 3,436,542 0.181,777,123 Victoria Resources 778,123 0.042,650,000 Western Canadian Coal 14,918,371 0.80215,545 Western Canadian Coal -

Warrants 28.06.12 774,571 0.041,268,550 Yamana Gold 13,290,931 0.71

602,729,832 32.21

AUSTRALIA4,450,000 Aditya Birla Minerals 5,937,347 0.328,960,000 Aim Resources AUD 365,739 0.0231,496,230 Aim Resources GBP 1,130,538 0.064,562,500 Aim Resources - Warrants 28.09.10 0 0.001,500,000 Alumina 4,331,695 0.236,220,000 Avoca Resources 8,488,417 0.451,840,909 Beach Petroleum 1,502,884 0.084,324,500 Berkeley Resources 2,239,459 0.111,103,282 BHP Billiton 29,373,538 1.567,603,283 Blina Diamonds 416,900 0.0216,000,000 Carnarvon Petroleum 5,166,354 0.284,400,000 Carrick Gold 3,297,206 0.181,325,000 Centamin Egypt AUD 969,694 0.0514,264,602 Centamin Egypt GBP 10,412,557 0.561,310,046 Coal of Africa AUD 3,336,193 0.183,096,872 Coal of Africa GBP 7,750,692 0.41880,000 Condor Nickel 108,567 0.01

12,108,602 CopperCo 4,241,800 0.231,800,350 Curnamona Energy 636,170 0.036,500,000 Diamonex AUD 990,015 0.05800,000 Diamonex GBP 131,444 0.011,800,000 Dwyka Resources 528,937 0.03372,200 Dwyka Resources AUD 107,711 0.015,486,429 Dwyka Resources GBP 1,594,872 0.0910,000,000 Emmerson Resources 1,492,638 0.082,500,000 Fortescue Metals Group 18,124,885 0.972,082,122 Fusion Resources 761,107 0.049,350,000 Gindalbie Metals 8,231,287 0.44275,000 Global Forest 83,770 0.008,736,744 Indophil Resources 7,318,812 0.399,350,000 Integra Mining 2,506,413 0.1314,000,000 International Ferro Metals 22,206,489 1.196,300,000 Jabiru Metals 2,206,971 0.121,587,758 Kagara Zinc 4,449,697 0.246,774,617 Leyshon Resources 1,939,372 0.101,829,469 Lion Selection 2,039,691 0.1119,000,000 Lynas 15,048,224 0.802,627,401 Mantra Resources 6,098,733 0.33479,682 Mantra Resources - Warrants 30.06.09 979,009 0.05

40,000,000 Metals X 9,869,685 0.532,235,000 Minara Resources 4,425,366 0.242,932,300 Mineral Deposits 1,410,839 0.0829,500,000 Mintails 5,751,224 0.311,923,981 Mirabela Nickel AUD 7,396,367 0.40

166

JPMorgan Funds - Global Natural Resources FundSchedule of Investments (Market Value Expressed in EUR)

As at 30 June 2008

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

234,950 Mirabela Nickel CAD 889,862 0.057,464,641 Monarch Gold Mining 1,341,588 0.072,200,000 Mount Gibson Iron 4,181,822 0.225,400,000 Murchison Metals 9,705,191 0.523,475,500 New Hope 11,328,160 0.613,424,198 NGM Resources 139,773 0.014,820,000 Oilex 2,510,738 0.13690,000 Ophir Energy 2,114,798 0.11

15,500,000 PanAust 9,632,082 0.511,409,091 Platinum Australia 2,575,423 0.142,875,600 Pluton Resources 3,591,457 0.19900,000 Riversdale Mining 6,475,610 0.354,325,000 Roc Oil 4,439,911 0.2435,586,515 St Barbara 7,913,464 0.427,908,114 St Barbara - Rights 04.07.08 2,360,790 0.133,250,000 Straits Resources 13,543,402 0.72826,200 Strike Resources 1,067,110 0.067,000,000 Sylvania Resources 8,847,207 0.4743,800,486 Tanami Gold 1,761,210 0.094,000,000 Terramin Australia 8,041,966 0.435,000,000 West Wits Mining 502,623 0.036,583,400 Windimurra Vanadium 11,310,652 0.60

329,674,147 17.62

UNITED KINGDOM2,845,135 Afren 6,095,098 0.334,850,666 African Copper 2,207,049 0.122,852,000 African Diamonds 2,811,592 0.1510,241,952 African Eagle Resources 938,488 0.053,086,900 Alexander Mining 245,014 0.011,555,221 Archipelago Metals 19,656 0.00777,611 Archipelago Metals - Warrants 31.12.10 0 0.006,400,000 Archipelago Resources 1,900,886 0.1019,700,000 Aricom 20,292,333 1.081,333,333 Aricom - Warrants 06.05.10 412,870 0.024,913,500 Avocet Mining 9,849,087 0.531,116,600 Bezant Resources 801,593 0.04679,698 BHP Billiton 16,425,251 0.88

12,347,600 Braemore Resources 1,217,265 0.074,250,000 Cadogan Petroleum 9,668,733 0.52292,500 Cairn Energy 11,959,370 0.645,024,700 Caledon Resources 7,557,275 0.401,487,250 Cape Diamonds 187,972 0.014,652,500 Central China Goldfields 310,182 0.022,310,833 China Goldmines 2,906,028 0.164,065,503 Cluff Gold 3,686,755 0.201,816,057 Coal International 1,842,200 0.105,446,600 Cordillera Resources 41,303 0.011,755,000 DiamondCorp 1,574,866 0.081,560,000 Emerald Energy 7,625,408 0.41416,666 Equatorial Biofuels 194,849 0.015,125,334 Eurasia Mining 210,530 0.01600,000 Eurasia Mining - Warrants 30.09.09 0 0.001,231,485 Eurasian Natural Resources 20,825,401 1.1113,836,155 European Nickel 5,071,326 0.27990,000 Faroe Petroleum 2,230,349 0.121,425,000 Firestone Diamonds 2,665,537 0.144,900,000 Frontier Mining 317,394 0.022,390,000 Galantas Gold 191,512 0.011,195,000 Galantas Gold - Warrants 03.09.08 0 0.00730,600 GCM Resources 2,788,655 0.153,035,500 Gemfields Resources 1,342,785 0.0715,000,000 GMA Resources 1,374,477 0.0711,524,400 Hidefield Gold 528,001 0.03600,000 Hidefield Gold - Warrants 28.10.08 0 0.003,550,000 Highland Gold Mining 7,930,415 0.42895,000 Hunting 9,790,351 0.522,295,000 Iofina 2,436,521 0.13136,649 Jordan Energy and Mining 1,441,874 0.084,065,200 Jubilee Platinum 2,748,804 0.153,722,000 KimCor Diamonds 221,097 0.018,007,033 Kopane Diamond Developments 1,087,898 0.063,300,000 Kopane Diamond

Developments - Warrants 17.07.09 0 0.009,742,500 Lonrho 2,832,086 0.161,000,000 Mantle Diamonds 189,583 0.011,858,168 Max Petroleum 1,303,425 0.07548,300 Mediterranean Oil & Gas 1,029,089 0.058,339,473 Mwana Africa 4,216,060 0.234,661,240 Norseman Gold 1,201,821 0.066,343,700 Pangea Diamondfields 3,648,062 0.191,178,376 Peter Hambro Mining 19,182,619 1.03535,000 R.E.A. Holdings 3,938,745 0.2119,180 R.E.A. Holdings Preference Shares 26,544 0.00

1,500,000 Rambler Metals and Mining 928,957 0.05

3,570,000 Regal Petroleum 11,663,715 0.621,250,000 Ridge Mining 1,816,837 0.10238,100 Rio Tinto 18,070,932 0.977,500,000 ROXI Petroleum 1,132,758 0.064,885,200 Serabi Mining 1,136,078 0.062,057,200 Sibir Energy 21,476,559 1.155,619,200 Target Resources 798,979 0.04779,200 Target Resources - Warrants 12.07.08 0 0.00850,000 Tullow Oil 10,179,027 0.54860,703 Valiant Petroleum 11,552,766 0.62466,609 Volga Gas 2,684,795 0.141,344,423 West African Diamonds 220,896 0.01280,000 Xstrata 14,275,853 0.761,783,384 ZincOx Resources 3,268,293 0.17

310,748,529 16.61

UNITED STATES OF AMERICA302,745 Century Aluminum 12,873,785 0.691,900,000 Coeur d’Alene Mines 3,648,405 0.19274,400 ConocoPhillips 16,229,761 0.87495,000 Denbury Resources 11,268,038 0.60248,300 Devon Energy 18,610,502 0.9995,000 Freeport-McMoRan Copper & Gold 7,123,420 0.38

6,776,805 Frontier Mining 438,962 0.02464,000 Newmont Mining 15,278,963 0.82339,800 Quicksilver Resources 8,329,455 0.45435,000 Range Resources 18,255,141 0.98168,500 Southern Copper 11,619,180 0.62333,250 XTO Energy 14,458,186 0.77

138,133,798 7.38

BERMUDA2,025,000 Aquarius Platinum 21,127,604 1.138,992,200 Petra Diamonds 11,876,552 0.642,000,000 Sierra Leone Diamond 4,276,993 0.232,598,200 Tanzanite One 1,330,608 0.07722,500 Weatherford International 22,545,645 1.201,740,113 Xceldiam 46,845 0.00

61,204,247 3.27

JERSEY3,320,000 Heritage Oil 14,308,714 0.761,415,476 KazakhGold Group Registered Shares GDR 19,770,646 1.062,675,300 Minera IRL 2,366,893 0.13750,000 Randgold Resources ADR 22,053,931 1.18

58,500,184 3.13

SOUTH AFRICA6,000,000 DRDGOLD 3,058,076 0.172,078,735 Gold Fields 16,608,739 0.89199,500 Impala Platinum Holdings 5,140,379 0.278,475,000 Metorex 15,769,721 0.84

40,576,915 2.17

PAPUA NEW GUINEA16,938,919 Lihir Gold 33,952,353 1.81488,078 New Britain Palm Oil 3,349,633 0.18

37,301,986 1.99

BRAZIL342,000 Cia Vale do Rio Doce ADR 6,476,099 0.34570,000 Petroleo Brasileiro ADR 25,542,444 1.37

32,018,543 1.71

NORWAY5,118,900 DNO International 6,739,360 0.362,118,700 Norsk Hydro 19,811,111 1.06

26,550,471 1.42

IRELAND6,945,833 Aminex 2,032,280 0.122,199,166 Aminex - Warrants 31.08.09 27,795 0.007,180,583 Glencar Mining 780,488 0.047,150,000 Kenmare Resources 3,885,820 0.212,867,052 Maple Energy 9,421,435 0.506,615,859 Ormonde Mining 918,950 0.056,169,546 Petroceltic International 732,975 0.043,489,400 Petroneft Resources 1,367,737 0.0737,586,100 Providence Resources 3,952,000 0.21

23,119,480 1.24

167

JPMorgan Funds - Global Natural Resources FundSchedule of Investments (Market Value Expressed in EUR) (continued)

As at 30 June 2008

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

HONG KONG16,500,000 CNOOC 17,991,415 0.967,000,000 Fushan International Energy Group 3,412,543 0.18

21,403,958 1.14

INDONESIA3,200,000 Astra Agro Lestari 6,491,828 0.3413,500,000 Bumi Resources 7,599,887 0.4113,527,000 International Nickel Indonesia 5,618,448 0.30

19,710,163 1.05

BRITISH VIRGIN ISLANDS428,700 CIC Energy 2,046,025 0.11

12,909,900 European Minerals 7,994,496 0.43294,559 Gem Diamonds 4,039,338 0.222,061,500 Mineral Securities AUD 1,544,816 0.081,941,380 Mineral Securities GBP 1,392,466 0.07930,500 Niger Uranium 163,176 0.012,521,000 Titanium Resources Group 892,152 0.05

18,072,469 0.97

MALAYSIA11,850,000 IOI 17,122,445 0.92

17,122,445 0.92

RUSSIA87,500 LUKOIL ADR 5,461,992 0.29720,000 MMC Norilsk Nickel ADR 11,507,589 0.62

16,969,581 0.91

BAHAMAS926,200 Petrominerales 9,860,464 0.53

9,860,464 0.53

GUERNSEY3,800,000 Central Rand Gold 4,262,458 0.222,100,000 Mariana Resources 218,968 0.01486,000 Origo Resource Partners -

Warrants 14.12.12 285,626 0.024,033,800 Shanta Gold 325,014 0.022,736,200 Tethys Petroleum 4,441,383 0.24

9,533,449 0.51

PERU5,053,890 Minsur 9,164,777 0.49

9,164,777 0.49

NETHERLANDS1,091,263 Vimetco Registered Shares GDR 5,871,430 0.31

5,871,430 0.31

INDIA555,000 Sterlite Industries India ADR 5,676,796 0.30

5,676,796 0.30

KAZAKHSTAN492,629 Zhaikmunai GDR 144A 4,682,934 0.25

4,682,934 0.25

CAYMAN ISLANDS5,828,800 Commoditrade 775,371 0.042,800,000 Leaf Clean Energy 3,415,022 0.18

4,190,393 0.22

SINGAPORE2,205,000 Straits Asia Resources 3,625,830 0.19

3,625,830 0.19

CHINA3,100,000 China Coal Energy - H Shares * 3,435,618 0.18

3,435,618 0.18

FRANCE290,000 Recylex 2,401,200 0.13

2,401,200 0.13

ISRAEL643,100 Metal-Tech 411,442 0.02

411,442 0.02

NEW ZEALAND30,168 Allied Medical 3,676 0.00

3,676 0.00

Total Shares, Warrants and Rights 1,812,694,757 96.87

Bonds

UNITED KINGDOM3 Eurasia Mining 31.03.09/0.031% 24,646 0.00

24,646 0.00


Convertible Bonds

CANADA2,000,000 Western Canadian Coal 24.03.11/7.500% 2,849,815 0.15

2,849,815 0.15



1,815,569,218 97.02


Investment Funds

JERSEY5,000,000 ETFS Agriculture 32,130,296 1.7276,000 ETFS Physical Platinum 9,910,175 0.53

42,040,471 2.25

GUERNSEY2,430,000 Origo Resource Partners 3,777,631 0.20

3,777,631 0.20



45,818,102 2.45


Cash 7,716,669 0.41


Total Net Assets 1,871,228,153 100.00



Fixed Income SecuritiesCanada 0.15

Total Fixed Income Securities 0.15Shares, Warrants and RightsMaterials 65.61Energy 26.93Investment Companies 2.45Industrials 1.68Consumer Staples 1.65Financials 1.00


Total 100.00

168


As at 30 June 2008

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets


Fixed Income SecuritiesCanada 0.05United Kingdom 0.00

Total Fixed Income Securities 0.05Shares and WarrantsMaterials 72.12Energy 21.55Industrials 2.28Investment Companies 1.74Consumer Staples 1.36Financials 1.13Utilities 0.02Health Care 0.00


Total 100.00

169


As at 30 June 2008

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets


Shares

UNITED STATES OF AMERICA3,200 AMB Property 101,580 2.00200 American Campus Communities 3,532 0.075,400 Apartment Investment & Management - A Shares 115,532 2.282,300 Boston Properties 130,614 2.582,900 Brandywine Realty Trust 28,909 0.572,700 Camden Property Trust 74,569 1.474,000 Colonial Properties Trust 49,381 0.976,500 DCT Industrial Trust 34,231 0.683,500 Developers Diversified Realty 76,656 1.516,500 Digital Realty Trust 168,437 3.323,500 Duke Realty 49,064 0.973,790 DuPont Fabros Technology 44,578 0.881,900 HCP 37,652 0.741,400 Lexington Realty Trust 12,111 0.244,800 Liberty Property Trust 100,079 1.972,700 National Retail Properties 35,693 0.701,100 Pennsylvania Real Estate Investment Trust 16,040 0.325,200 Prologis 177,359 3.502,600 Weingarten Realty Investors 49,464 0.98

1,305,481 25.75

JAPAN18 BLife Investment 33,003 0.654 Crescendo Investment 6,088 0.125 Global One Real Estate Investment 35,951 0.7118 Joint Reit Investment 28,366 0.56

19,000 Mitsubishi Estate 276,646 5.4619,000 Mitsui Fudosan 258,431 5.10

23 Mori Hills REIT Investment 69,872 1.3810 New City Residence Investment 12,943 0.2531 Nippon Accommodations Fund 90,088 1.7811 Nippon Building Fund 82,389 1.6312 Tokyu REIT 62,052 1.2230 Top REIT 71,184 1.40

1,027,013 20.26

AUSTRALIA88,608 CFS Retail Property Trust 99,870 1.97137,840 Commonwealth Property Office Fund 103,712 2.0524,600 Goodman Group 46,311 0.9128,102 GPT Group 38,008 0.75120,200 ING Industrial Fund 114,972 2.2717,006 Westfield Group 168,673 3.33

571,546 11.28

HONG KONG15,000 Henderson Land Development 59,232 1.17108,000 Link REIT 155,846 3.0718,000 New World Development 23,225 0.4678,000 Sino Land 98,232 1.9427,000 Sun Hung Kai Properties 232,102 4.58

568,637 11.22

FRANCE334 Gecina 25,918 0.511,920 Unibail-Rodamco 279,744 5.52

305,662 6.03

UNITED KINGDOM10,629 Great Portland Estates 45,675 0.906,109 Hammerson 68,370 1.3510,585 Land Securities Group 165,355 3.266,700 Safestore Holdings 13,549 0.27

292,949 5.78

CANADA4,630 Artis Real Estate Investment Trust 44,339 0.8810,899 Artis Real Estate Investment Trust 144 A 104,380 2.063,114 First Capital Realty 46,339 0.915,750 RioCan Real Estate Investment Trust 70,675 1.39

265,733 5.24

SINGAPORE46,000 Ascendas Real Estate Investment Trust 47,356 0.9317,000 CapitaLand 45,139 0.8956,000 CapitaMall Trust 77,998 1.54

170,493 3.36

AUSTRIA7,127 Conwert Immobilien Invest 76,758 1.527,000 Immofinanz 46,200 0.91

122,958 2.43

NETHERLANDS1,361 Corio 67,152 1.32408 Wereldhave 27,295 0.54

94,447 1.86

FINLAND17,700 Citycon 56,286 1.11

56,286 1.11

GERMANY2,665 Alstria Office REIT 27,982 0.553,569 GWB Immobilien 17,667 0.35

45,649 0.90

CYPRUS5,879 Mirland Development 32,062 0.63

32,062 0.63

Total Shares 4,858,916 95.85


4,858,916 95.85


Cash 45,246 0.89




SharesFinancials 95.58Consumer Discretionary 0.27


Total 100.00


Shares and RightsFinancials 98.45


Total 100.00

170

JPMorgan Funds - Global Real Estate Securities Fund (EUR)Schedule of Investments (Market Value Expressed in EUR)

As at 30 June 2008

Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets

JPMorgan Funds - Global Real Estate Securities Fund (EUR)Schedule of Investments - Outstanding Forward Foreign Exchange Contracts (Expressed in EUR)

As at 30 June 2008



AmountSold


15-Jul-08 AUD 138,334 EUR 84,249 (74)15-Jul-08 AUD 25,325 USD 24,223 4815-Jul-08 CAD 22,247 EUR 13,846 7715-Jul-08 EUR 286,628 CAD 452,586 3,38715-Jul-08 EUR 226,906 SGD 481,659 2,24115-Jul-08 EUR 321,773 GBP 254,867 (232)15-Jul-08 EUR 656,013 AUD 1,084,718 (4,027)15-Jul-08 EUR 681,350 HKD 8,198,084 14,59515-Jul-08 EUR 1,621,479 USD 2,501,206 35,27915-Jul-08 EUR 1,367,635 JPY 226,528,250 8,31915-Jul-08 GBP 23,728 EUR 29,885 9315-Jul-08 HKD 858,107 EUR 70,863 (1,073)15-Jul-08 HKD 79,342 USD 10,168 515-Jul-08 HKD 146,311 JPY 2,029,590 (279)15-Jul-08 JPY 5,044,853 USD 47,803 (43)15-Jul-08 JPY 40,415,186 EUR 243,369 (851)15-Jul-08 JPY 3,226,543 AUD 31,608 12815-Jul-08 SGD 84,132 EUR 39,700 (458)15-Jul-08 SGD 43,231 AUD 33,301 (99)15-Jul-08 USD 461,017 EUR 295,430 (3,065)15-Jul-08 USD 46,311 JPY 4,994,288 (600)

Total 53,371

171


Shares

UNITED STATES OF AMERICA4,900 AMB Property 245,441 1.944,700 American Campus Communities 130,989 1.046,100 Apartment Investment & Management - A Shares 205,936 1.633,500 Boston Properties 313,635 2.484,300 Brandywine Realty Trust 67,639 0.544,100 Camden Property Trust 178,678 1.416,100 Colonial Properties Trust 118,828 0.949,200 DCT Industrial Trust 76,452 0.615,600 Developers Diversified Realty 193,536 1.5310,500 Digital Realty Trust 429,345 3.405,600 Duke Realty 123,872 0.985,800 DuPont Fabros Technology 107,648 0.853,000 HCP 93,810 0.742,300 Lexington Realty Trust 31,395 0.257,700 Liberty Property Trust 253,330 2.003,800 National Retail Properties 79,268 0.631,500 Pennsylvania Real Estate Investment Trust 34,515 0.278,200 Prologis 441,324 3.504,100 Weingarten Realty Investors 123,082 0.97

3,248,723 25.71

JAPAN26 BLife Investment 75,223 0.605 Crescendo Investment 12,008 0.108 Global One Real Estate Investment 90,767 0.7126 Joint Reit Investment 64,653 0.50

30,000 Mitsubishi Estate 689,264 5.4530,000 Mitsui Fudosan 643,880 5.10

38 Mori Hills REIT Investment 182,159 1.4414 New City Residence Investment 28,592 0.2349 Nippon Accommodations Fund 224,696 1.7816 Nippon Building Fund 189,098 1.5019 Tokyu REIT 155,032 1.2345 Top REIT 168,487 1.33

2,523,859 19.97

AUSTRALIA139,988 CFS Retail Property Trust 248,968 1.97240,224 Commonwealth Property Office Fund 285,210 2.2637,100 Goodman Group 110,208 0.8745,277 GPT Group 96,630 0.76197,900 ING Industrial Fund 298,694 2.3627,047 Westfield Group 423,307 3.36

1,463,017 11.58

HONG KONG24,000 Henderson Land Development 149,544 1.18172,000 Link REIT 391,646 3.1029,000 New World Development 59,043 0.47122,000 Sino Land 242,445 1.9243,000 Sun Hung Kai Properties 583,279 4.62

1,425,957 11.29

UNITED KINGDOM15,941 Great Portland Estates 108,093 0.869,609 Hammerson 169,695 1.3417,501 Land Securities Group 431,403 3.4242,500 Safestore Holdings 135,616 1.07

844,807 6.69

FRANCE484 Gecina 59,265 0.473,046 Unibail-Rodamco 700,298 5.54

759,563 6.01

CANADA18,900 Artis Real Estate Investment Trust 285,603 2.266,239 Artis Real Estate Investment Trust 144 A 94,284 0.754,809 First Capital Realty 112,921 0.898,664 RioCan Real Estate Investment Trust 168,038 1.33

660,846 5.23

SINGAPORE70,000 Ascendas Real Estate Investment Trust 113,712 0.9023,000 CapitaLand 96,365 0.7688,000 CapitaMall Trust 193,407 1.53

403,484 3.19

AUSTRIA11,599 Conwert Immobilien Invest 197,119 1.5611,300 Immofinanz 117,684 0.93

314,803 2.49

NETHERLANDS2,300 Corio 179,069 1.42592 Wereldhave 62,494 0.49

241,563 1.91

FINLAND28,606 Citycon 143,542 1.14

143,542 1.14

GERMANY4,229 Alstria Office REIT 70,068 0.565,091 GWB Immobilien 39,765 0.31

109,833 0.87

SWEDEN8,200 Hufvudstaden - A Shares 79,986 0.63

79,986 0.63

CYPRUS8,764 Mirland Development 75,420 0.60

75,420 0.60

Total Shares 12,295,403 97.31


12,295,403 97.31


Cash 340,439 2.69

Other Assets/(Liabilities) (88) 0.00



SharesFinancials 96.24Consumer Discretionary 1.07


Total 100.00


Shares and RightsFinancials 97.92Industrials 0.49


Total 100.00

172

JPMorgan Funds - Global Real Estate Securities Fund (USD)Schedule of Investments (Market Value Expressed in USD)

As at 30 June 2008

Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets

JPMorgan Funds - Global Real Estate Securities (USD)Schedule of Investments - Outstanding Forward Foreign Exchange Contracts (Expressed in USD)

As at 30 June 2008



AmountSold


15-Jul-08 CHF 68,879 USD 65,921 1,75815-Jul-08 EUR 106,869 USD 166,683 1,83415-Jul-08 GBP 43,746 USD 86,391 76115-Jul-08 JPY 25,934,416 USD 242,037 3,35915-Jul-08 NOK 291,830 USD 55,873 1,45615-Jul-08 SEK 128,520 USD 21,102 31215-Jul-08 SGD 102,809 USD 75,403 21415-Jul-08 USD 675,694 JPY 72,545,184 (10,739)15-Jul-08 USD 445,181 EUR 289,185 (10,821)15-Jul-08 USD 240,570 CAD 246,776 (2,959)15-Jul-08 USD 287,346 HKD 2,242,562 (255)15-Jul-08 USD 147,979 SGD 204,020 (2,079)15-Jul-08 USD 85,185 AUD 89,508 (698)15-Jul-08 ZAR 985,282 USD 122,815 2,490

Total (15,367)

173


Shares

UNITED STATES OF AMERICA9,810 Apache 1,360,157 1.8164,300 AT&T 2,119,328 2.8315,280 Baxter International 967,835 1.295,650 Becton Dickinson & Co. 453,356 0.6168,700 Cisco Systems 1,609,641 2.1442,920 Corning 995,744 1.338,330 CR Bard 738,704 0.9922,300 CVS Caremark 888,655 1.1858,700 El Paso 1,259,115 1.683,500 Goldman Sachs Group 609,875 0.8132,179 Hewlett-Packard 1,417,485 1.8924,160 MetLife 1,285,554 1.7125,900 Microsoft 721,470 0.965,600 Mosaic 825,720 1.1011,430 PepsiCo 730,491 0.9742,004 Procter & Gamble 2,550,903 3.4016,880 Prudential Financial 1,067,154 1.4346,160 Safeway 1,311,406 1.7533,200 Schering-Plough 647,068 0.864,600 SPX 603,980 0.8019,050 State Street 1,207,580 1.618,450 Thermo Fisher Scientific 468,215 0.6229,900 TJX 943,345 1.2611,000 Union Pacific 812,020 1.08

25,594,801 34.11

UNITED KINGDOM125,000 Barclays 722,952 0.9648,800 BG Group 1,259,376 1.68178,100 Centrica 1,099,325 1.47154,000 HSBC Holdings 2,380,257 3.1755,042 Man Group 677,299 0.9017,700 Standard Chartered 499,848 0.67146,040 Tesco 1,061,624 1.42599,510 Vodafone Group 1,773,123 2.36132,120 WM Morrison Supermarkets 692,988 0.9216,800 Xstrata 1,351,595 1.80

11,518,387 15.35

FRANCE29,610 AXA 874,890 1.1712,388 BNP Paribas 1,117,148 1.4911,480 Bouygues 762,817 1.028,700 Compagnie de Saint-Gobain 544,322 0.7211,480 Gaz de France 737,637 0.9811,130 Groupe Danone 780,306 1.045,175 Lafarge 784,579 1.0531,100 Total 2,642,648 3.52

8,244,347 10.99

SWITZERLAND37,800 ABB Registered Shares 1,070,981 1.4440,600 Novartis Registered Shares 2,237,607 2.9811,200 Roche Holding - Genussschein 1,999,253 2.663,280 Zurich Financial Services 834,581 1.11

6,142,422 8.19

JAPAN17,100 Astellas Pharma 727,556 0.9733,600 Honda Motor 1,146,844 1.5323,500 Mitsubishi 777,667 1.0432,000 Mitsui Fudosan 686,806 0.9216,600 Murata Manufacturing 784,759 1.041,200 Nintendo 679,620 0.905,100 SMC 560,800 0.7534,000 Sumitomo 448,447 0.60

5,812,499 7.75

ITALY33,980 ENI 1,270,228 1.69131,550 Intesa Sanpaolo 748,323 1.00231,500 Parmalat 605,660 0.81

2,624,211 3.50

CANADA13 Bank of Nova Scotia 604 0.00

28,200 Barrick Gold 1,273,683 1.7050,000 Talisman Energy 1,113,359 1.48

2,387,646 3.18

NETHERLANDS29,561 ING Groep - CVA 936,881 1.2521,740 Koninklijke Philips Electronics 740,637 0.9938,800 Reed Elsevier 648,979 0.86

2,326,497 3.10

FINLAND55,300 Nokia 1,340,323 1.79

1,340,323 1.79

BERMUDA24,500 Weatherford International 1,206,380 1.61

1,206,380 1.61

HONG KONG42,500 China Mobile 571,048 0.76165,000 Hang Lung Properties 528,866 0.70

1,099,914 1.46

GERMANY5,760 Linde 805,739 1.07

805,739 1.07

NORWAY53,000 Norsk Hydro 782,003 1.03

782,003 1.03

BRAZIL10,500 Petroleo Brasileiro ADR 742,455 0.99

742,455 0.99

TAIWAN66,600 Taiwan Semiconductor Manufacturing ADR 725,940 0.97

725,940 0.97

SOUTH KOREA2,125 Samsung Electronics Registered Shares GDR 144A 622,625 0.83

622,625 0.83

SINGAPORE140,000 CapitaLand 586,571 0.78

586,571 0.78

MEXICO9,420 America Movil ADR - L Shares 493,891 0.65

493,891 0.65

Total Shares 73,056,651 97.35


73,056,651 97.35


Investment Funds

LUXEMBOURG2,100,000 JPMorgan Liquidity Funds - US Dollar Liquidity Fund

(JPM US Dollar Liquidity X (dist.)) 2,100,000 2.80

2,100,000 2.80



2,100,000 2.80


Cash 615,760 0.82



174

JPMorgan Funds - Global Socially Responsible FundSchedule of Investments (Market Value Expressed in USD)

As at 30 June 2008

Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets


SharesFinancials 19.68Energy 12.78Information Technology 12.56Consumer Staples 11.49Health Care 10.36Materials 7.44Industrials 7.01Telecommunication Services 6.60Consumer Discretionary 5.30Utilities 4.13Investment Companies 2.80


Total 100.00


SharesFinancials 29.53Information Technology 16.14Energy 11.72Consumer Staples 8.70Materials 7.87Telecommunication Services 6.69Consumer Discretionary 5.96Health Care 4.07Industrials 3.92Utilities 2.98


Total 100.00

175

JPMorgan Funds - Global Socially Responsible FundSchedule of Investments (Market Value Expressed in USD) (continued)

As at 30 June 2008

Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets


Bonds

NETHERLANDS2,000,000 Dutch Treasury Bill 31.07.08/0.000% 1,985,527 4.05

1,985,527 4.05

BELGIUM2,000,000 Belgium Treasury Bill 14.08.08/0.000% 1,980,895 4.04

1,980,895 4.04

Total Bonds 3,966,422 8.09


3,966,422 8.09


Bonds

FRANCE2,000,000 French Treasury Bill 10.07.08/0.000% 1,982,079 4.05

1,982,079 4.05

Total Bonds 1,982,079 4.05

Commercial Paper

IRELAND1,000,000 Anglo Irish Bank 25.08.08/0.000% 991,903 2.02500,000 Bank of Ireland 11.08.08/0.000% 493,785 1.011,000,000 Depfa Bank 29.07.08/0.000% 992,174 2.031,000,000 Depfa Bank 11.08.08/0.000% 991,886 2.021,000,000 Ebbets Funding 16.07.08/0.000% 996,140 2.031,000,000 IIB Bank 23.07.08/0.000% 996,301 2.031,000,000 Matchpoint Finance 28.07.08/0.000% 991,767 2.02500,000 SGZ Bank\Ireland 24.07.08/0.000% 495,025 1.011,000,000 Totta\Ireland 04.09.08/0.000% 987,707 2.03

7,936,688 16.20

UNITED KINGDOM1,000,000 Banco De Sabadell 30.09.08/0.000% 987,458 2.021,000,000 Hannover Funding 20.08.08/0.000% 991,399 2.021,000,000 Prudential 11.07.08/0.000% 996,412 2.03500,000 Reckitt Benckiser 17.07.08/0.000% 494,105 1.011,000,000 Thames Asset Global

Securitisation 22.07.08/0.000% 995,972 2.031,000,000 Tulip Euro Funding 08.07.08/0.000% 993,044 2.03

5,458,390 11.14

UNITED STATES OF AMERICA1,000,000 Aegon Funding 25.07.08/0.000% 992,849 2.031,251,000 Alpine Securitization 28.07.08/0.000% 1,246,011 2.541,000,000 Fairway Finance Company 10.07.08/0.000% 996,943 2.04500,000 Galleon Capital 21.07.08/0.000% 493,710 1.011,000,000 Merrill Lynch & Co. 09.07.08/0.000% 996,214 2.03

4,725,727 9.65

GERMANY1,000,000 Caterpillar Financial Services 07.07.08/0.000% 997,382 2.041,000,000 E.ON 26.08.08/0.000% 991,714 2.021,000,000 Norddeutsche Landesbank

Girozentrale 18.07.08/0.000% 991,329 2.02

2,980,425 6.08

AUSTRALIA1,000,000 Bank Of Western Australia 16.07.08/0.000% 996,239 2.041,000,000 St. George Bank 07.07.08/0.000% 996,165 2.03

1,992,404 4.07

LUXEMBOURG1,000,000 HSH Nordbank 09.07.08/0.000% 996,305 2.03500,000 Norddeutsche Landesbank 04.07.08/0.000% 494,041 1.01

1,490,346 3.04

NETHERLANDS1,000,000 BMW Finance 03.07.08/0.000% 999,155 2.04

999,155 2.04

MALTA1,000,000 BMW Malta Finance 07.07.08/0.000% 996,069 2.03

996,069 2.03

PORTUGAL1,000,000 Caixa Gral de Depositos 04.09.08/0.000% 987,782 2.02

987,782 2.02

SPAIN1,000,000 Santander 30.09.08/0.000% 987,508 2.02

987,508 2.02

FRANCE1,000,000 Banque Fédérative du Crédit

Mutuel 22.09.08/0.000% 987,189 2.02

987,189 2.02


Certificates of Deposit

FRANCE500,000 BFCM 02.07.08/0.000% 496,522 1.021,000,000 Dexia Credit Local 23.07.08/0.000% 996,264 2.031,000,000 Natixis 01.07.08/0.000% 995,656 2.03

2,488,442 5.08

PORTUGAL1,000,000 Banco Espirito Santo 14.07.08/0.000% 996,183 2.03

996,183 2.03

GERMANY1,000,000 DZ Bank 22.07.08/0.000% 992,166 2.03

992,166 2.03

Total Certificates of Deposit 4,476,791 9.14


36,000,553 73.49


Cash 14,567,746 29.74




Fixed Income SecuritiesIreland 16.21France 11.14United Kingdom 11.14United States of America 9.65Germany 8.11Netherlands 6.09Australia 4.07Portugal 4.05Belgium 4.04Luxembourg 3.04Malta 2.03Spain 2.02


Total 100.00


Not applicable: Sub-Fund launched on 7 February 2008

176

JPMorgan Funds - Highbridge Europe STEEP FundSchedule of Investments (Market Value Expressed in EUR)

As at 30 June 2008

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

JPMorgan Funds - Highbridge Europe STEEP FundSchedule of Investments - Outstanding Forward Foreign Exchange Contracts (Expressed in EUR)

As at 30 June 2008



AmountSold


08-Jul-08 CHF 256,800 EUR 159,493 45208-Jul-08 EUR 1,255,136 GBP 992,000 1,57108-Jul-08 EUR 87,228 SEK 815,000 1,10908-Jul-08 EUR 55,267 CHF 88,800 (41)08-Jul-08 GBP 2,251,000 EUR 2,842,456 2,07308-Jul-08 NOK 519,000 EUR 65,102 (418)08-Jul-08 SEK 2,037,000 EUR 217,803 (2,558)08-Aug-08 GBP 257,000 EUR 324,238 25108-Aug-08 SEK 588,000 EUR 62,516 (391)

Total 2,048

Schedule of Investments - Outstanding Total Return Swaps (Expressed in EUR) (please refer to note 2h)


Value


Morgan Stanley Swap on Basket of Securities - Long CHF (8,097) (8,097)Morgan Stanley Swap on Basket of Securities - Short CHF (180,431) (180,431)Morgan Stanley Swap on Basket of Securities - Long DKK 2,881 2,881Morgan Stanley Swap on Basket of Securities - Short DKK (11,987) (11,987)Morgan Stanley Swap on Basket of Securities - Long EUR (214,318) (214,318)Morgan Stanley Swap on Basket of Securities - Short EUR (3,050,654) (3,050,654)Morgan Stanley Swap on Basket of Securities - Long GBP (144,195) (144,195)Morgan Stanley Swap on Basket of Securities - Short GBP (1,861,465) (1,861,465)Morgan Stanley Swap on Basket of Securities - Long NOK (3,890) (3,890)Morgan Stanley Swap on Basket of Securities - Short NOK (97,305) (97,305)Morgan Stanley Swap on Basket of Securities - Long SEK (4,057) (4,057)Morgan Stanley Swap on Basket of Securities - Short SEK (200,930) (200,930)

Total (5,774,448) (5,774,448)

177


Bonds

NETHERLANDS1,000,000 Dutch Treasury Bill 31.07.08/0.000% 1,565,795 2.911,500,000 Dutch Treasury Bill 29.08.08/0.000% 2,349,835 4.38

3,915,630 7.29

BELGIUM1,000,000 Belgium Treasury Bill 14.08.08/0.000% 1,563,384 2.921,500,000 Belgium Treasury Bill 16.10.08/0.000% 2,336,310 4.35

3,899,694 7.27

Total Bonds 7,815,324 14.56


7,815,324 14.56


Bonds

FRANCE1,500,000 French Treasury Bill 06.11.08/0.000% 2,330,312 4.34

2,330,312 4.34

Total Bonds 2,330,312 4.34

Commercial Paper

NETHERLANDS1,000,000 Aegon 03.07.08/0.000% 997,103 1.861,000,000 Schlumberger Finance 21.07.08/0.000% 998,013 1.86

1,995,116 3.72

LUXEMBOURG1,500,000 HSH Nordbank 23.07.08/0.000% 1,496,632 2.79

1,496,632 2.79

UNITED KINGDOM1,000,000 Cancara Asset Securitisation 01.07.08/0.000% 997,714 1.86

997,714 1.86

CAYMAN ISLANDS1,000,000 BCP Finance 07.07.08/0.000% 997,230 1.86

997,230 1.86



7,817,004 14.57


Cash 40,348,795 75.18




Fixed Income SecuritiesNetherlands 11.01Belgium 7.27France 4.34Luxembourg 2.79United Kingdom 1.86Cayman Islands 1.86


Total 100.00


Not applicable: Sub-Fund launched on 16 May 2008

178

JPMorgan Funds - Highbridge US STEEP FundSchedule of Investments (Market Value Expressed in USD)

As at 30 June 2008

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

JPMorgan Funds - Highbridge US STEEP FundSchedule of Investments - Outstanding Forward Foreign Exchange Contracts (Expressed in USD)

As at 30 June 2008



AmountSold


08-Jul-08 EUR 24,168 USD 37,497 62708-Jul-08 USD 3,122,816 EUR 2,006,261 (41,949)

Total (41,322)



Value


Morgan Stanley Swap on Basket of Securities - Long USD (374,962) (374,962)Morgan Stanley Swap on Basket of Securities - Short USD (1,864,221) (1,864,221)

Total (2,239,183) (2,239,183)

179


Shares

JAPAN2,200 Alpen 3,993,000 0.435,700 Asahi Breweries 11,297,400 1.211,700 Asahi Pretec 5,627,000 0.601,400 Astellas Pharma 6,300,000 0.6812 Axell 4,548,000 0.49

2,800 Bridgestone 4,544,400 0.494,700 CAC 4,479,100 0.485,300 Canon 28,938,000 3.112,000 Canon Electronics 5,370,000 0.583,600 Capcom 11,160,000 1.2013 Central Japan Railway 15,210,000 1.63150 CMIC 5,347,500 0.589,000 Daihatsu Motor 10,944,000 1.181,000 Daiseki 3,380,000 0.36700 Fast Retailing 7,042,000 0.76

16,000 Fuji Heavy Industries 8,320,000 0.893,900 Fujimori Kogyo 5,725,200 0.6110,000 Hanwa 6,560,000 0.704,500 Heiwa 5,058,000 0.542,200 Hisamitsu Pharmaceutical 10,164,000 1.093,700 Hokuto 9,509,000 1.029,900 Honda Motor 35,739,000 3.843,800 Hosiden 8,588,000 0.9210 Inpex Holdings 13,400,000 1.44

13,000 JFE Shoji Holdings 10,361,000 1.1118 Kakaku.com 5,688,000 0.61

6,000 Kinden 6,426,000 0.697,100 Komatsu 21,016,000 2.265,500 Konica Minolta Holdings 9,861,500 1.069,000 Kureha 5,769,000 0.625,000 Kyowa Exeo 4,925,000 0.534,000 Makino Milling Machine 2,676,000 0.2916,000 Marubeni 14,192,000 1.531,900 Matsuda Sangyo 5,063,500 0.5412,000 Matsushita Electric Industrial 27,480,000 2.952,700 Melco Holdings 5,629,500 0.606,800 Mitsubishi 23,800,000 2.5615,000 Mitsubishi Electric 17,175,000 1.854,000 Mitsubishi Estate 9,720,000 1.0519,000 Mitsubishi Paper Mills 5,301,000 0.5725,100 Mitsubishi UFJ Financial Group 23,619,100 2.549,000 Mitsui & Co. 21,105,000 2.2796 Mitsui Knowledge Industry 2,875,200 0.31

10,000 Mitsui OSK Lines 15,130,000 1.6356 Mizuho Financial Group 27,776,000 2.98

1,850 Moshi Moshi Hotline 4,985,750 0.541,100 Nidec 7,777,000 0.84600 Nintendo 35,940,000 3.864,000 Nippon Denko 4,900,000 0.5311,000 Nippon Densetsu Kogyo 10,593,000 1.149,000 Nippon Electric Glass 16,533,000 1.786,000 Nippon Shinyaku 8,112,000 0.879,000 Nippon Steel 5,175,000 0.5651 Nippon Telegraph & Telephone 26,520,000 2.85

6,500 Nisshin Seifun Group 8,671,000 0.931,300 Nitta 3,009,500 0.323,200 Ohara 6,067,200 0.654,000 Okuwa 6,304,000 0.684,200 Onoken 7,673,400 0.8213,000 Press Kogyo 6,214,000 0.672,700 Sankyo 18,684,000 2.018,000 Sanyo Special Steel 4,560,000 0.4913,000 Shibaura Mechatronics 7,527,000 0.812,000 Shimano 10,660,000 1.151,800 Shin-Etsu Chemical 11,844,000 1.2733 SRI Sports 5,247,000 0.56

2,200 Stanley Electric 5,654,000 0.613,500 Sumida 5,145,000 0.5515,100 Sumitomo Densetsu 10,268,000 1.106,600 Sumitomo Forestry 5,775,000 0.6234 Sumitomo Mitsui Financial Group 27,166,000 2.92

4,800 Tachi-S 5,913,600 0.649,000 Taihei Dengyo Kaisha 8,757,000 0.944,100 Taikisha 6,834,700 0.7344,000 Toa 6,908,000 0.745,000 Tokio Marine Holdings 20,700,000 2.223,600 Tokyo Steel Manufacturing 4,417,200 0.477,900 Toyota Motor 39,579,000 4.2519,000 Ube Industries 7,144,000 0.775,700 U-Shin 4,884,900 0.524,000 Yamaguchi Financial Group 5,880,000 0.63

3,400 Yamato Kogyo 17,204,000 1.8510,000 Yokogawa Bridge Holdings 7,140,000 0.7717,000 Yurtec 11,152,000 1.20

914,351,650 98.24

Total Shares 914,351,650 98.24


914,351,650 98.24


Cash 20,102,447 2.16




SharesConsumer Discretionary 28.84Industrials 26.56Financials 12.34Information Technology 11.15Materials 8.68Health Care 3.22Consumer Staples 3.16Telecommunication Services 2.85Energy 1.44


Total 100.00


SharesConsumer Discretionary 34.55Industrials 26.84Financials 7.19Materials 6.79Information Technology 6.71Telecommunication Services 6.52Consumer Staples 3.53Health Care 3.40Energy 1.43


Total 100.00

180

JPMorgan Funds - Japan Dynamic FundSchedule of Investments (Market Value Expressed in JPY)

As at 30 June 2008

Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets


Shares

SOUTH KOREA21,000 Daelim Industrial 2,146,132 2.0280,000 Doosan Infracore 2,315,186 2.1938,000 Kookmin Bank 2,242,980 2.1153,910 KT 2,304,176 2.1836,000 LG 2,334,670 2.2012,610 NHN 2,198,018 2.0820,000 Samsung Electronics 144A GDR 5,860,000 5.5353,000 Shinhan Financial Group 2,394,365 2.26140,000 Woori Investment & Securities 2,540,592 2.40

24,336,119 22.97

CHINA6,200,000 China Construction Bank - H Shares * 4,991,987 4.71950,000 China COSCO Holdings - H Shares * 2,319,064 2.19750,000 China Merchants Bank - H Shares * 2,355,860 2.221,566,000 China Molybdenum - H Shares * 1,337,174 1.26568,000 China Shenhua Energy - H Shares * 2,228,393 2.113,500,000 Industrial & Commercial Bank of China - H Shares * 2,391,759 2.26

15,624,237 14.75

HONG KONG200,000 Cheung Kong Holdings 2,694,975 2.54460,000 China Mobile 6,180,751 5.831,750,000 CNOOC 3,011,013 2.85250,000 Hutchison Whampoa 2,519,328 2.38

14,406,067 13.60

TAIWAN1,450,000 AU Optronics 2,278,913 2.15900,000 Chunghwa Telecom 2,327,842 2.201,661,000 Fortune Electric 2,635,161 2.49400,000 HON HAI Precision Industry 1,970,346 1.862,400,000 Ruentex Development 1,862,273 1.761,500,000 Taiwan Semiconductor Manufacturing 3,212,521 3.03

14,287,056 13.49

INDIA130,000 Bharti Airtel 2,183,316 2.06120,000 DLF 1,107,649 1.0545,000 Reliance Industries 2,195,407 2.07

5,486,372 5.18

CAYMAN ISLANDS2,500,000 Anta Sports Products 1,958,409 1.854,000,000 Beauty China Holdings 1,734,720 1.642,756,000 Xinyi Glass Holding Co. 1,784,402 1.68

5,477,531 5.17

AUSTRALIA20,000 Rio Tinto 2,605,259 2.46550,000 Telstra 2,241,868 2.12

4,847,127 4.58

SINGAPORE3,200,000 CSE Global 2,469,771 2.33

2,469,771 2.33

PHILIPPINES43,000 Philippine Long Distance Telephone ADR 2,269,970 2.14

2,269,970 2.14

INDONESIA4,000,000 Bank Rakyat Indonesia 2,209,945 2.09

2,209,945 2.09

BERMUDA200,000 Esprit Holdings 2,077,003 1.96

2,077,003 1.96

Total Shares 93,491,198 88.26


93,491,198 88.26


Cash 13,062,699 12.33





SharesFinancials 27.98Information Technology 16.98Telecommunication Services 16.53Industrials 8.89Materials 5.83Consumer Discretionary 5.49Energy 4.92Consumer Staples 1.64


Total 100.00


SharesFinancials 26.06Information Technology 14.91Consumer Discretionary 11.91Industrials 11.27Materials 9.48Telecommunication Services 8.22Energy 6.29Consumer Staples 4.69


Total 100.00

181

JPMorgan Funds - JF Asia Alpha Plus FundSchedule of Investments (Market Value Expressed in USD)

As at 30 June 2008

Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets

JPMorgan Funds - JF Asia Alpha Plus FundSchedule of Investments - Outstanding Financial Futures Contracts (Expressed in USD)

As at 30 June 2008

ExpirationDate


NotionalValue


Equity Futures

Jul-08 150 MSCI Taiwan Index Future USD 4,312,500 (113,700)

Total (113,700)

182


Shares

AUSTRALIA290,745 AGL Energy 3,996,960 0.84540,676 ANZ Banking Group 9,730,261 2.0556,557 Asciano Group 188,668 0.04405,000 AXA Asia Pacific Holdings 1,822,143 0.38767,256 BHP Billiton 32,233,188 6.78114,038 Cochlear 4,785,368 1.01180,000 Commonwealth Bank of Australia 6,951,137 1.46922,266 Consolidated Media Holdings 2,925,847 0.62781,431 Crown 6,978,915 1.47151,427 CSL 5,197,004 1.0927,662 Incitec Pivot 4,919,680 1.03218,107 Newcrest Mining 6,143,541 1.29241,087 Orica 6,790,831 1.421,275,786 Primary Health Care 6,377,680 1.34928,620 Qantas Airways 2,713,896 0.57463,602 QBE Insurance Group 9,983,317 2.1084,628 Rio Tinto 11,023,891 2.32377,668 Sonic Healthcare 5,282,685 1.111,175,378 Telstra 4,790,986 1.01151,893 Wesfarmers 5,446,633 1.15350,000 Westpac Banking 6,729,450 1.41163,245 WorleyParsons 5,941,581 1.25

150,953,662 31.74

SOUTH KOREA64,596 Daelim Industrial 6,601,501 1.3942,756 Hanil Cement Manufacturing 3,634,464 0.7691,290 Hanwha Chemical 1,011,427 0.2168,731 Hyundai Mobis 5,560,187 1.17170,580 Kangwon Land 3,730,928 0.789,829 KCC 4,088,376 0.86

123,196 Kookmin Bank 7,271,741 1.5315,729 Lotte Shopping 4,679,640 0.985,636 POSCO 2,928,351 0.6228,036 Samsung Electronics 16,735,912 3.5247,123 SK Energy 5,243,390 1.11192,580 Woori Investment & Securities 3,494,766 0.73

64,980,683 13.66

TAIWAN3,437,000 Chinatrust Financial Holding 3,318,092 0.701,966,000 Chunghwa Telecom 5,085,041 1.071,570,250 Delta Electronics 4,371,866 0.922,814,000 Far Eastern Textile 3,667,008 0.771,613,354 HON HAI Precision Industry 7,947,164 1.67150,000 HON HAI Precision Industry Registered Shares

GDR 1,500,000 0.31390,343 MediaTek 4,501,484 0.952,540,000 Opto Technology 2,117,364 0.451,320,750 Powertech Technology 4,634,592 0.974,146,390 Taiwan Semiconductor Manufacturing 8,880,242 1.87232,129 Taiwan Semiconductor Manufacturing ADR 2,530,206 0.53

48,553,059 10.21

HONG KONG606,000 BOC Hong Kong Holdings 1,604,408 0.34500,000 Cheung Kong Holdings 6,737,439 1.42672,500 China Mobile 9,035,989 1.902,000,000 CNOOC 3,441,158 0.721,227,000 Hang Lung Properties 3,932,844 0.831,089,000 Hutchison Whampoa 10,974,191 2.313,181,000 Shanghai Industrial Holdings 9,339,449 1.96

45,065,478 9.48

CHINA876,000 Anhui Conch Cement - H Shares * 5,857,071 1.239,636,000 China Construction Bank - H Shares * 7,758,514 1.631,000,000 China COSCO Holdings - H Shares * 2,441,120 0.50629,000 China Life Insurance - H Shares * 2,201,585 0.46800,000 China Merchants Bank - H Shares * 2,512,917 0.539,584,000 China Petroleum & Chemical - H Shares * 8,969,986 1.8913,557,000 Industrial & Commercial Bank of China - H Shares * 9,264,306 1.955,042,000 Maanshan Iron & Steel - H Shares * 2,928,351 0.62

41,933,850 8.81

INDIA387,463 Bharti Airtel 6,507,339 1.37150,000 HDFC Bank 3,518,687 0.75650,000 NTPC 2,299,104 0.48226,560 Reliance Industries 11,053,142 2.32

23,378,272 4.92

SINGAPORE1,083,000 CapitaLand 4,537,543 0.95387,000 Keppel 3,168,937 0.671,940,000 Singapore Telecommunications 5,162,116 1.09400,000 United Overseas Bank 5,474,659 1.15

18,343,255 3.86

CAYMAN ISLANDS4,000,000 Golden Eagle Retail Group 3,887,329 0.823,973,000 Hutchison Telecommunications International 5,633,727 1.182,914,500 KWG Property Holding (CHINA) 2,092,542 0.442,340,500 Lifestyle International Holdings 3,288,829 0.69

14,902,427 3.13

INDONESIA7,996,500 Bumi Resources 7,103,380 1.504,654,000 Telekomunikasi Indonesia 3,680,446 0.77

10,783,826 2.27

THAILAND5,114,400 Amata (Foreign) 1,910,640 0.402,443,500 Kasikornbank - NVDR 5,184,952 1.093,507,000 Thai Airways International (Foreign) 2,211,527 0.47

9,307,119 1.96

BERMUDA274,500 Jardine Strategic Holdings 4,721,400 0.99544,339 Kerry Properties 2,857,890 0.60

7,579,290 1.59

MALAYSIA2,314,400 IOI 5,276,903 1.11

5,276,903 1.11

PHILIPPINES3,414,700 Security Bank 4,440,641 0.93

4,440,641 0.93

NEW ZEALAND811,262 Fletcher Building 3,935,756 0.83

3,935,756 0.83

Total Shares 449,434,221 94.50

Investment Funds

HONG KONG1,159,300 iShares Asia Trust - iShares FTSE/Xinhua A50 China

Tracker 2,140,329 0.45

2,140,329 0.45



451,574,550 94.95


Cash 24,395,740 5.13




183

JPMorgan Funds - JF Asia Pacific ex-Japan Equity FundSchedule of Investments (Market Value Expressed in USD)

As at 30 June 2008

Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets


SharesFinancials 29.76Materials 19.47Information Technology 10.27Telecommunication Services 8.39Consumer Discretionary 7.30Industrials 6.29Energy 6.04Health Care 4.55Utilities 1.32Consumer Staples 1.11Investment Companies 0.45


Total 100.00


Shares and WarrantsFinancials 36.95Industrials 16.14Information Technology 12.86Consumer Discretionary 12.39Telecommunication Services 8.70Materials 7.24Energy 1.52Consumer Staples 0.85


Total 100.00

184

JPMorgan Funds - JF Asia Pacific ex-Japan Equity FundSchedule of Investments (Market Value Expressed in USD) (continued)

As at 30 June 2008

Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets


Shares and Warrants

CHINA10,918,000 Air China - H Shares * 5,375,222 0.201,770,000 Angang Steel - H Shares * 3,549,213 0.1320,576,000 China Citic Bank - H Shares * 11,528,279 0.4322,705,000 China Communications Construction - H Shares * 38,832,865 1.45260,579,000 China Construction Bank - H Shares * 209,807,572 7.8318,078,500 China COSCO Holdings - H Shares * 44,131,779 1.6567,163,000 China Life Insurance - H Shares * 235,079,542 8.7742,244,000 China Merchants Bank - H Shares * 132,694,591 4.9513,826,000 China National Building Material - H Shares * 26,589,484 0.99201,524,000 China Petroleum & Chemical - H Shares * 188,613,049 7.042,551,000 China Railway Construction - H Shares * 3,597,702 0.1332,034,000 China Shenhua Energy - H Shares * 125,676,680 4.6951,877,000 China Shipping Container Lines - H Shares * 20,286,017 0.7626,826,373 China Vanke - B Shares 34,222,138 1.2829,656,800 Guangzhou R&F Properties - H Shares * 55,285,443 2.062,726,000 Guangzhou Shipyard International - H Shares * 6,990,012 0.26

189,611,000 Industrial & Commercial Bank of China - H Shares * 129,572,500 4.8310,073,000 Jiangxi Copper - H Shares * 19,759,337 0.7417,250,000 Maanshan Iron & Steel - H Shares * 10,018,655 0.3713,388,993 Shanghai Zhenhua Port Machinery - B Shares 19,347,095 0.723,425,000 Weichai Power - H Shares * 14,710,502 0.555,034,327 Yantai Changyu Pioneer Wine - B Shares 31,627,117 1.1815,300,000 Yanzhou Coal Mining - H Shares * 28,443,402 1.0624,164,000 Zijin Mining Group 20,540,190 0.77

1,416,278,386 52.84

HONG KONG18,215,000 China Mobile 244,744,285 9.1313,140,500 China Netcom Group Hong Kong 35,800,816 1.3331,700,000 China Overseas Land & Investment 50,071,669 1.8723,000,000 China Resources Power Holdings 56,027,796 2.094,856,000 China Unicom 9,015,075 0.34

108,292,000 CNOOC 186,324,941 6.95

581,984,582 21.71

CAYMAN ISLANDS31,352,000 Ajisen China Holdings 31,232,617 1.1641,239,500 Asia Cement China Holdings 26,595,213 0.9973,232,000 Belle International Holdings 65,911,335 2.46198,680 Ctrip.com International ADR 9,218,752 0.34

14,961,000 Hidili Industry International Development 26,086,849 0.983,440,000 Intime Department Store Group 1,892,073 0.0714,133,500 Li Ning 32,617,024 1.2213,339,000 Parkson Retail Group 97,310,038 3.63556,444 Perfect World ADR 13,794,191 0.52

60,188,000 Soho China 32,796,005 1.228,157,600 Tencent Holdings 63,066,949 2.3514,724,000 Xinao Gas Holdings 25,258,295 0.94

425,779,341 15.88

BERMUDA16,286,000 China Yurun Food Group 26,768,532 1.00

50,000 Kerry Properties 262,510 0.017,670,000 Ports Design 21,929,177 0.8216,612,000 Sinofert Holdings 12,885,444 0.48

61,845,663 2.31

SWITZERLAND2,819,841 UBS - China State Shipbuilding -

Warrants 14.06.10 31,089,073 1.16

31,089,073 1.16


Investment Funds

CAYMAN ISLANDS3,740,975 JF China Pioneer A-Share Fund 90,157,504 3.36

90,157,504 3.36



2,607,134,549 97.26


Shares

HONG KONG30,392,000 Euro Asia Agricultural 0 0.00

0 0.00

Total Shares 0 0.00



Cash 61,847,617 2.31


Total Net Assets 2,680,483,250 100.00



Shares and WarrantsFinancials 33.25Energy 13.99Telecommunication Services 10.80Materials 10.46Consumer Discretionary 10.25Industrials 7.07Investment Companies 3.36Utilities 3.03Information Technology 2.87Consumer Staples 2.18


Total 100.00


Shares and WarrantsFinancials 35.97Materials 12.30Telecommunication Services 10.69Energy 10.51Consumer Discretionary 10.24Industrials 9.32Utilities 3.78Investment Companies 2.98Consumer Staples 1.88Information Technology 1.74


Total 100.00

185

JPMorgan Funds - JF China FundSchedule of Investments (Market Value Expressed in USD)

As at 30 June 2008

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets


Shares and Warrants

HONG KONG1,294,500 BOC Hong Kong Holdings 3,427,238 0.552,597,000 Cathay Pacific Airways 4,947,808 0.791,871,000 Cheung Kong Holdings 25,211,495 4.053,677,705 China Mobile 49,415,168 7.943,889,000 China Netcom Group Hong Kong 10,595,440 1.702,572,000 China Resources Power Holdings 6,265,369 1.0113,409,000 CNOOC 23,071,244 3.70486,400 Dah Sing Financial Holdings 3,922,530 0.632,619,000 Hang Lung Properties 8,394,554 1.35785,600 Hang Seng Bank 16,568,740 2.66553,600 Hong Kong Exchanges & Clearing 8,091,388 1.30824,000 Sun Hung Kai Properties 11,177,250 1.791,801,000 Wharf Holdings 7,539,091 1.21

178,627,315 28.68

TAIWAN3,785,680 Asia Cement 5,675,402 0.919,263,000 AU Optronics 14,558,323 2.342,074,388 Cathay Financial Holding 4,511,025 0.7218,825,000 Chinatrust Financial Holding 18,173,723 2.922,021,422 Chroma Ate 4,229,334 0.685,664,000 Chunghwa Telecom 14,649,885 2.3510,807,000 First Financial Holding 11,857,433 1.903,380,000 Formosa Plastics 8,152,092 1.31370,000 High Tech Computer 8,289,951 1.333,874,125 HON HAI Precision Industry 19,083,416 3.06231,000 MediaTek 2,663,921 0.431,449,000 Powertech Technology 5,084,629 0.824,251,000 Ruentex Development 3,298,552 0.5385,000 Shin Zu Shing 449,506 0.08

3,607,000 Siliconware Precision Industries 5,318,394 0.851,267,000 Taiwan Fertilizer 4,759,077 0.7716,184,732 Taiwan Semiconductor Manufacturing 34,662,523 5.571,497,228 Tripod Technology 3,744,303 0.601,790,520 Wistron 2,560,414 0.41

171,721,903 27.58

CHINA43,620,000 China Construction Bank - H Shares * 35,121,043 5.642,470,000 China COSCO Holdings - H Shares * 6,029,565 0.976,305,000 China Life Insurance - H Shares * 22,068,349 3.546,715,000 China Merchants Bank - H Shares * 21,092,799 3.392,266,000 China National Building Material - H Shares * 4,357,860 0.7021,616,000 China Petroleum & Chemical - H Shares * 20,231,137 3.253,286,500 China Railway Construction - H Shares * 4,634,986 0.743,896,000 China Shenhua Energy - H Shares * 15,284,896 2.4514,094,000 China Shipping Container Lines - H Shares * 5,511,327 0.8910,229,353 China Vanke - B Shares 13,049,484 2.102,322,000 Guangzhou R&F Properties - H Shares * 4,328,613 0.69633,153 Yantai Changyu Pioneer Wine - B Shares 3,977,653 0.643,858,000 Zijin Mining Group - H Shares * 3,279,426 0.53

158,967,138 25.53

CAYMAN ISLANDS1,048,000 Ajisen China Holdings 1,044,009 0.175,797,500 Asia Cement China Holdings 3,738,788 0.605,130,573 Belle International Holdings 4,617,693 0.7485,618 Ctrip.com International ADR 3,972,675 0.64

3,529,000 Hutchison Telecommunications International 5,004,134 0.802,994,000 Li Ning 6,909,497 1.112,186,000 Lifestyle International Holdings 3,071,728 0.495,950,000 Morgan Stanley - Cathay

Financial Holding - Warrants 08.10.2008 12,944,820 2.084,463,000 Morgan Stanley - Acer - Warrants 18.08.2008 8,797,466 1.41886,500 Parkson Retail Group 6,467,153 1.04149,932 Perfect World ADR 3,716,799 0.601,175,200 Tencent Holdings 9,085,549 1.46

69,370,311 11.14

BERMUDA2,405,000 Cheung Kong Infrastructure Holdings 10,175,391 1.63914,800 Esprit Holdings 9,500,212 1.521,026,000 Great Eagle Holdings 3,025,501 0.491,541,878 Kerry Properties 8,095,171 1.30

30,796,275 4.94

GERMANY554,000 Deutsche Bank - MediaTek -

Warrants 07.08.2008 6,388,797 1.03

6,388,797 1.03



615,871,739 98.90


Cash 7,918,219 1.27





Shares and WarrantsFinancials 41.29Information Technology 18.15Telecommunication Services 12.79Materials 7.26Energy 6.95Consumer Discretionary 5.71Industrials 5.10Utilities 1.01Consumer Staples 0.64


Total 100.00


Shares and WarrantsFinancials 37.47Information Technology 17.70Telecommunication Services 9.43Consumer Discretionary 8.76Materials 8.52Energy 5.99Industrials 5.77Investment Companies 2.87Utilities 1.08Consumer Staples 0.89


Total 100.00

186

JPMorgan Funds - JF Greater China FundSchedule of Investments (Market Value Expressed in USD)

As at 30 June 2008

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets


Shares and Warrants

HONG KONG289,800 Bank of East Asia 1,573,526 0.613,116,000 BOC Hong Kong Holdings 8,249,727 3.211,365,000 Cheung Kong Holdings 18,393,207 7.15592,000 China Merchants Holdings International 2,288,396 0.891,911,000 China Mobile 25,676,988 9.992,356,712 China Netcom Group Hong Kong 6,420,776 2.503,542,000 China Overseas Land & Investment 5,594,759 2.18590,000 China Resources Enterprise 1,683,077 0.65610,000 China Resources Power Holdings 1,485,955 0.587,733,000 CNOOC 13,305,237 5.171,566,000 Hang Lung Properties 5,019,424 1.95471,100 Hang Seng Bank 9,935,760 3.86537,000 Henderson Land Development 3,346,052 1.302,699,000 Hong Kong & China Gas 6,415,562 2.49174,800 Hong Kong Aircraft Engineering 2,691,575 1.05522,900 Hong Kong Exchanges & Clearing 7,642,679 2.971,318,000 Hutchison Whampoa 13,281,895 5.1718,555 Industrial and Commercial Bank

of China Asia - Warrants 06.11.08 4,116 0.002,185,500 Link REIT 4,976,407 1.942,549,000 New World Development 5,189,702 2.022,440,000 Shun TAK Holdings 2,283,678 0.891,060,000 Sun Hung Kai Properties 14,378,502 5.59824,000 Swire Pacific - A Shares 8,425,196 3.28515,000 Television Broadcasts 2,971,268 1.161,705,000 Wharf Holdings 7,137,230 2.78417,000 Wheelock & Co. 1,117,389 0.43

179,488,083 69.81

BERMUDA217,000 Cheung Kong Infrastructure Holdings 918,112 0.36540,000 COSCO Pacific 884,803 0.341,085,900 Esprit Holdings 11,277,088 4.39147,600 Jardine Matheson Holdings 4,531,320 1.76998,195 Kerry Properties 5,240,725 2.04698,000 Pacific Basin Shipping 996,926 0.39285,500 Yue Yuen Industrial Holdings 677,906 0.26

24,526,880 9.54

CHINA4,694,000 China Construction Bank - H Shares * 3,779,417 1.47404,000 China COSCO Holdings - H Shares * 986,212 0.38722,000 China Life Insurance - H Shares * 2,527,097 0.98799,000 China Merchants Bank - H Shares * 2,509,776 0.983,888,000 China Petroleum & Chemical - H Shares * 3,638,909 1.421,260,000 China Railway Construction - H Shares * 1,776,991 0.69968,000 China Shenhua Energy - H Shares * 3,797,685 1.48876,000 Guangzhou R&F Properties - H Shares * 1,633,017 0.64368,000 Jiangxi Copper - H Shares * 721,874 0.28942,000 Zijin Mining Group 800,731 0.31

22,171,709 8.63

CAYMAN ISLANDS1,959,500 Asia Cement China Holdings 1,263,675 0.493,281,000 Belle International Holdings 2,953,014 1.15760,000 China Resources Land 1,052,348 0.412,540,000 Hutchison Telecommunications International 3,601,728 1.401,258,500 Li Ning 2,904,342 1.132,311,000 Lifestyle International Holdings 3,247,376 1.26405,500 Parkson Retail Group 2,958,184 1.15

17,980,667 6.99



244,167,339 94.97


Investment Funds

HONG KONG325,000 BOCI-Prudential - W.I.S.E. - CSI 300 China Tracker

Fund 1,289,633 0.50

1,289,633 0.50



1,289,633 0.50


Cash 11,810,511 4.59





Shares and WarrantsFinancials 55.15Telecommunication Services 13.89Consumer Discretionary 10.50Energy 6.59Utilities 3.07Industrials 3.49Materials 2.28Investment Companies 0.50


Total 100.00


Shares and WarrantsFinancials 56.76Telecommunication Services 12.85Consumer Discretionary 12.10Industrials 5.32Energy 5.07Materials 2.04Utilities 1.04Information Technology 0.98


Total 100.00

187

JPMorgan Funds - JF Hong Kong FundSchedule of Investments (Market Value Expressed in USD)

As at 30 June 2008

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets


Shares and Warrants

INDIA1,578,922 ABB 29,545,272 1.171,981,589 ACC 24,247,876 0.96520,406 Aditya Birla Nuvo 14,438,555 0.57

16,669,095 Ambuja Cements 29,479,981 1.164,746,885 Ambuja Cements GDR 8,069,704 0.325,186,675 Axis Bank 73,074,810 2.883,810,000 Bharat Heavy Electricals 122,382,221 4.837,597,998 Bharti Airtel 127,606,382 5.0479,108 Centurion Bank of Punjab GDR 1,141,007 0.05

1,320,000 Container Corp of India 23,838,072 0.94635,763 Divi’s Laboratories 19,790,890 0.782,000,598 DLF 18,466,342 0.738,810,869 Exide Industries 13,294,780 0.52358,933 Financial Technologies India 14,051,000 0.54769,231 Financial Technologies India GDR 4,290,833 0.173,526,336 Gammon India 17,354,549 0.69618,296 Gammon India GDR 3,134,761 0.126,206,608 HDFC Bank 145,594,060 5.75152,292 HDFC Bank ADR 10,643,688 0.424,195,345 Housing Development Finance 191,948,390 7.584,512,910 ICICI Bank 66,225,076 2.612,543,300 ICICI Bank ADR 73,374,205 2.901,918,000 Indiabulls Financial Services 11,466,911 0.4511,267,510 Indian Hotels 20,307,493 0.804,018,069 Infosys Technologies 162,500,460 6.42590,000 Infosys Technologies ADR 25,269,700 1.008,870,510 Infrastructure Development Finance 21,388,784 0.8418,634,847 ITC 81,490,843 3.221,500,000 Jaiprakash Associates 5,033,182 0.20587,140 Jindal Steel & Power 23,946,343 0.955,007,074 Kotak Mahindra Bank 53,807,536 2.122,100,000 Kotak Mahindra Bank Registered Shares GDR 22,509,581 0.891,941,083 Larsen & Toubro 98,746,863 3.901,825,113 Mahindra & Mahindra 20,762,812 0.822,440,795 Nagarjuna Construction 7,621,623 0.304,099,364 NTPC 14,499,788 0.573,353,022 Oil & Natural Gas 63,636,758 2.515,838,941 Petronet LNG 7,722,712 0.305,238,136 PTC India 8,519,823 0.345,013,949 Punj Lloyd 24,856,671 0.981,760,696 Reliance Capital 37,015,820 1.467,500,000 Reliance Communications 77,331,470 3.055,207,390 Reliance Industries 254,052,000 10.031,900,882 Reliance Infrastructure 34,682,410 1.379,654,448 Satyam Computer Services 98,208,071 3.881,885,000 Shriram Transport Finance 12,625,923 0.50719,412 State Bank of India 19,117,717 0.7591,179 State Bank of India GDR 4,732,190 0.19

1,759,037 Sun Pharmaceuticals Industries 57,383,232 2.2727,000 Tata Steel Preference Shares 69,551 0.00

2,301,298,721 90.84

UNITED STATES OF AMERICA9,000,000 Citigroup - NTPC - Warrants 05.08.08 31,858,213 1.26

31,858,213 1.26

ISLE OF MAN13,200,000 Unitech Corporate Parks 15,334,557 0.61

15,334,557 0.61

CAYMAN ISLANDS1,450,000 Morgan Stanley - Reliance

Communications - Warrants 05.08.08 14,912,554 0.59

14,912,554 0.59

UNITED KINGDOM115,981 Deutsche Bank - HDFC Bank -

Warrants 13.04.10 2,713,723 0.101,050,000 Deutsche Bank - Reliance

Communications - Warrants 24.09.08 10,798,746 0.43

13,512,469 0.53


Investment Funds

LUXEMBOURG16,836,478 Morgan Stanley Growth Fund 16,622,812 0.66

16,622,812 0.66



2,393,539,326 94.49


Cash 99,055,690 3.91


Total Net Assets 2,533,079,738 100.00


Shares and WarrantsFinancials 31.40Industrials 13.65Energy 12.54Information Technology 12.01Telecommunication Services 9.11Utilities 3.84Materials 3.39Consumer Staples 3.22Health Care 3.05Consumer Discretionary 1.62Investment Companies 0.66


Total 100.00


Shares, Warrants and RightsFinancials 32.12Industrials 20.12Energy 10.88Information Technology 8.50Telecommunication Services 7.83Materials 5.67Utilities 4.96Consumer Discretionary 3.86Health Care 2.39Consumer Staples 2.14Investment Companies 0.51


Total 100.00

188

JPMorgan Funds - JF India FundSchedule of Investments (Market Value Expressed in USD)

As at 30 June 2008

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets


Shares

JAPAN23,700 ABC-Mart 611,743 2.6616,600 Capcom 486,550 2.1117,000 Dai-Dan 81,010 0.3527,700 Daiichi Sankyo 766,061 3.3385,000 Dainippon Screen Manufacturing 343,166 1.495,200 Daito Trust Construction 253,203 1.1071,000 Daiwa Securities Group 655,188 2.85

97 East Japan Railway 793,315 3.4584 EPS 367,721 1.60

8,400 Ferrotec 119,926 0.52185 Fields 327,093 1.42

76,400 GMO Internet 314,947 1.3757,500 Heiwa 611,072 2.6564,000 Hitachi 463,518 2.0133,000 Hitachi Metals 544,150 2.3621,600 Hosiden 461,552 2.01

43 Industrial & Infrastructure Fund Investment 134,978 0.5983,000 JFE Shoji Holdings 625,453 2.7267,000 Kinden 678,457 2.9513,500 Konica Minolta Holdings 228,861 0.9914,700 K’s Holdings 244,201 1.0623,000 Kyorin 288,791 1.2535,000 Maruetsu 296,175 1.29477 MCJ 93,222 0.41

182,000 Meisei Industrial 550,655 2.3914,700 Mitsubishi 486,456 2.1121,000 Mitsui & Co. 465,608 2.02158,500 Mitsui Mining 548,490 2.386,700 Modec 219,184 0.953,000 NEC Networks & System Integration 38,009 0.17800 Nintendo 453,080 1.97118 Osaka Securities Exchange 498,709 2.17

12,750 Point 366,473 1.591,079 Rakuten 546,820 2.38349 re-plus 157,399 0.688,700 Sankyo 569,224 2.471,899 SBI Holdings 417,272 1.814,300 Shin-Etsu Chemical 267,518 1.1619,900 Shinkawa 251,184 1.0927,000 Shionogi & Co. 534,818 2.3241,000 Showa Aircraft Industry 426,417 1.8569,000 Taiheiyo Cement 138,959 0.60594 Yahoo! Japan 229,704 1.00

16,956,332 73.65

Total Shares 16,956,332 73.65


16,956,332 73.65


Cash 5,030,583 21.85




SharesConsumer Discretionary 20.33Industrials 19.12Information Technology 11.81Health Care 8.50Financials 7.38Materials 6.51


Total 100.00


SharesConsumer Discretionary 26.58Industrials 16.91Materials 15.25Information Technology 12.32Financials 7.00Telecommunication Services 4.22Consumer Staples 3.25Health Care 3.10Energy 2.09


Total 100.00

189

JPMorgan Funds - JF Japan Alpha Plus FundSchedule of Investments (Market Value Expressed in USD)

As at 30 June 2008

Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets

JPMorgan Funds - JF Japan Alpha Plus FundSchedule of Investments - Outstanding Financial Futures Contracts (Expressed in USD)

As at 30 June 2008

ExpirationDate


NotionalValue


Equity Futures

Sep-08 (17) Nikkei 225 Index Future JPY (2,165,083) 3,877

Total 3,877

190


Shares

JAPAN514,000 Air Water 6,074,788 0.76186,900 Alpine Electronics 1,980,947 0.25134,100 Aruze 3,993,902 0.501,095,000 Asahi Glass 13,293,434 1.6667,100 Asahi Pretec 2,099,948 0.2695,500 Astellas Pharma 4,063,253 0.51519,000 Canon 26,792,795 3.35

463 Central Japan Railway 5,121,827 0.64664,000 Daihatsu Motor 7,634,132 0.95836,700 Daiichi Sankyo 23,139,484 2.89114,200 Daito Trust Construction 5,560,724 0.69482,300 Denso 16,644,400 2.082,304 East Japan Railway 18,843,285 2.3591,000 Fanuc 8,922,328 1.11121,300 FUJIFILM Holdings 4,186,120 0.52670,000 Hanwa 4,155,628 0.52264,800 Hitachi Capital 4,281,265 0.53137,300 Hitachi Construction Machinery 3,862,029 0.48249,500 Hitachi Koki 4,123,538 0.52834,000 Hitachi Metals 13,752,149 1.72113,500 Hitachi Software Engineering 2,505,767 0.31451,700 Honda Motor 15,417,548 1.93

547 Inpex Holdings 6,930,270 0.871,502,000 Itochu 16,061,665 2.01580,700 Japan Securities Finance 4,963,389 0.624,597 Japan Tobacco 19,689,321 2.46

160,900 JFE Holdings 8,138,940 1.02201,000 Kissei Pharmaceutical 4,513,544 0.56145,500 Kobayashi Pharmaceutical 4,691,108 0.59552,100 Komatsu 15,451,387 1.93699,000 Konica Minolta Holdings 11,849,922 1.48214,800 Makita 8,814,182 1.101,088,000 Marubeni 9,124,531 1.14256,000 Maruetsu 2,166,312 0.27581,000 Matsushita Electric Industrial 12,579,681 1.57248,000 Mitsubishi 8,206,874 1.031,105,000 Mitsubishi Electric 11,962,606 1.491,246,000 Mitsubishi Heavy Industries 5,961,102 0.74972,000 Mitsubishi Tanabe Pharma 12,755,978 1.592,952,000 Mitsubishi UFJ Financial Group 26,264,189 3.28958,000 Mitsui & Co. 21,240,581 2.652,377,000 Mitsui Engineering & Shipbuilding 7,551,383 0.95349,000 Mitsui Fudosan 7,490,474 0.94584,000 Mitsui OSK Lines 8,354,295 1.054,795 Mizuho Financial Group 22,486,834 2.81

1,333,000 Mizuno 7,776,306 0.9748,700 Nintendo 27,581,241 3.45

2,354,000 Nippon Express 11,328,757 1.421,432,000 Nippon Steel 7,785,184 0.97

1,233 Nippon Telegraph & Telephone 6,062,119 0.76254,900 Nissin Kogyo 3,882,607 0.49525,600 Nomura Holdings 7,817,036 0.985,559 NTT DoCoMo 8,199,348 1.02900 OAK Capital 153 0.003,182 Pacific Golf Group International Holdings 3,189,070 0.408,436 Rakuten 4,275,229 0.534,734 SBI E*Trade Securities 3,715,048 0.46

222,600 Seiko Epson 6,145,625 0.77272,900 Seven & I Holdings 7,818,153 0.981,627 Seven Bank 3,615,043 0.45

329,000 Shin-Etsu Chemical 20,468,208 2.56740,000 Shinwa Kaiun Kaisha 4,058,053 0.51199,000 Shionogi & Co. 3,941,805 0.50259,000 Shiseido 5,950,645 0.74207,000 Shizuoka Bank 2,121,571 0.271,753 Sony Financial Holdings 7,077,303 0.88

164,600 Stanley Electric 3,999,641 0.50172,400 Sumco 3,830,568 0.481,672,000 Sumitomo Metal Industries 7,382,631 0.92

3,997 Sumitomo Mitsui Financial Group 30,195,273 3.77427,000 Suruga Bank 5,575,446 0.701,746,000 Taiyo Nippon Sanso 14,609,843 1.83307,800 Takeda Pharmaceutical 15,715,218 1.96321,700 Tenma 5,006,554 0.63251,400 Tocalo 4,000,437 0.50140,500 Toyoda Gosei 4,118,092 0.50228,500 Toyota Boshoku 6,146,480 0.77629,800 Toyota Motor 29,833,102 3.73596,100 Toyota Tsusho 14,033,839 1.75604,500 Trend Micro 20,004,255 2.5010,511 Yahoo! Japan 4,064,671 0.51

85,700 Yamato Kogyo 4,100,052 0.51

779,122,465 97.35

Total Shares 779,122,465 97.35


779,122,465 97.35


Cash 31,908,134 3.99




SharesIndustrials 24.17Consumer Discretionary 23.51Financials 15.92Materials 10.92Health Care 8.60Information Technology 8.38Consumer Staples 3.20Telecommunication Services 1.78Energy 0.87


Total 100.00


SharesConsumer Discretionary 29.48Industrials 18.57Information Technology 12.87Financials 11.17Health Care 9.99Materials 7.14Consumer Staples 4.42Telecommunication Services 2.84Energy 1.11


Total 100.00

191

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

As at 30 June 2008

Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets


Shares

JAPAN130,600 ABC-Mart 3,371,040 2.42173,100 Aeon Delight 3,551,525 2.54864,700 Ai Holdings 4,562,025 3.26

905 Bals 1,257,836 0.9016,300 cocokara fine HOLDINGS 353,694 0.2512,000 Dai-Dan 57,183 0.04206,000 Daiichi Chuo Kisen Kaisha 1,400,407 1.00347,000 Dainippon Screen Manufacturing 1,400,927 1.0046,300 Daiseki 1,479,639 1.0630,400 Daito Trust Construction 1,480,263 1.0693,300 Doutor Nichires Holdings 1,427,310 1.02270,700 DTS 4,965,329 3.55

426 EPS 1,864,870 1.3451,400 Ferrotec 733,834 0.52775 Fidec 387,628 0.28741 Fields 1,310,140 0.94

16,100 Fuji Pharmaceutical 313,582 0.22462,500 GMO internet 1,906,585 1.36125,800 Hitachi Transport System 1,596,214 1.14131,200 Hosiden 2,803,498 2.0193,300 Hudson Soft 1,585,213 1.13

60 Industrial & Infrastructure Fund Investment 188,342 0.13312,000 Japan Asia Investment 1,292,072 0.92192,600 Japan Securities Finance 1,646,200 1.18446,000 JFE Shoji Holdings 3,360,866 2.40

589 kabu.com Securities 707,257 0.5182,100 Katakura Industries 1,298,665 0.93315,000 Keiyo Bank 1,906,113 1.36186,000 Kinden 1,883,477 1.35101,000 Kissei Pharmaceutical 2,268,000 1.6294,500 K’s Holdings 1,569,862 1.12124,000 Kyorin 1,556,961 1.11207,000 Kyowa Exeo 1,927,812 1.38206,000 Maruetsu 1,743,204 1.25198,300 Matsui Securities 1,196,193 0.862,779 MCJ 543,109 0.39

853,500 Mitsui Mining 2,953,539 2.1130,500 Modec 997,778 0.71139,100 Moshi Moshi Hotline 3,544,410 2.54278,100 NEC Networks & System Integration 3,523,415 2.521,267 NET One Systems 1,425,547 1.02

364,000 Nippon Light Metal 598,837 0.4343,650 Nitori 2,253,383 1.61207,000 Nohmi Bosai 1,317,175 0.9452,000 Okuwa 774,850 0.5574,500 Onoken 1,286,924 0.9281,390 Optex 1,107,363 0.79643 Osaka Securities Exchange 2,717,544 1.94

129,400 Osaka Securities Finance 371,934 0.27552 Outsourcing 400,828 0.291,299 Pacific Golf Group International Holdings 1,301,886 0.9336,780 Point 1,057,166 0.765,354 Rakuten 2,713,321 1.941,302 re-plus 587,202 0.426,800 San-A 217,312 0.16

117,400 Sankei Building 748,145 0.54240,000 Sanki Engineering 1,962,842 1.4044,300 Sankyo 2,898,464 2.0711,618 SBI Holdings 2,552,851 1.83119,600 Shinkawa 1,509,630 1.08317,000 Shinmaywa Industries 1,258,829 0.90155,000 Shionogi & Co. 3,070,250 2.2033,800 Shoei 648,740 0.47387,000 Showa Aircraft Industry 4,024,961 2.88

508 Simplex Technology 259,848 0.19215 So-net M3 829,386 0.59

180,300 SRA Holdings 2,795,745 2.0014,600 Sumco 324,398 0.23161,000 Suruga Bank 2,102,217 1.50419,000 Taiheiyo Cement 843,824 0.60318,900 Tecmo 2,924,720 2.09183,000 Tokai Tokyo Securities 666,147 0.48

83 Toridoll 171,862 0.12230,000 Towa 2,537,796 1.82213,500 Trancom 3,219,709 2.3084,900 TS Tech 1,376,670 0.982,545 United Technology Holdings 2,454,404 1.76

50,580 Welcia Kanto 1,154,926 0.832,034 Works Applications 2,576,996 1.84186 Worldintec 342,930 0.25

14,700 Yamato Kogyo 703,276 0.5027,500 Yusen Air & Sea Service 500,000 0.36

134,506,855 96.21

Total Shares 134,506,855 96.21


134,506,855 96.21


Cash 4,740,277 3.39




SharesConsumer Discretionary 29.37Industrials 23.48Information Technology 22.07Financials 10.08Health Care 6.49Materials 3.64Consumer Staples 1.08


Total 100.00


SharesConsumer Discretionary 30.66Information Technology 18.65Industrials 17.73Materials 13.13Financials 7.50Health Care 4.40Consumer Staples 2.88


Total 100.00

192

JPMorgan Funds - JF Japan Small Cap FundSchedule of Investments (Market Value Expressed in USD)

As at 30 June 2008

Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets


Shares

SOUTH KOREA1,075 Amorepacific 665,330 1.8111,500 Daegu Bank 152,674 0.4114,500 Daelim Industrial 1,481,853 4.0214,896 Dongsuh 377,735 1.03600 Doosan 100,287 0.272,000 Doosan Heavy Industries and Construction 189,112 0.5122,500 GS Holdings 859,599 2.34120,000 Halla Climate Control 1,191,977 3.2443,000 Hana Financial Group 1,653,056 4.495,744 Hanil Cement Manufacturing 488,267 1.333,400 Hanjin Heavy Industries & Construction 146,132 0.4067,020 Hanwha Chemical 742,533 2.0226,900 Hynix Semiconductor 642,311 1.7560,000 Hyundai Autonet 269,341 0.738,808 Hyundai Department Store 712,548 1.941,150 Hyundai Heavy Industries 355,874 0.979,000 Hyundai Mobis 728,080 1.9822,000 Hyundai Motor 1,491,882 4.0567,000 Kangwon Land 1,465,425 3.9830,800 Kookmin Bank 1,817,994 4.9418,300 Korea Electric Power 537,464 1.4633,300 Korea Exchange Bank 456,404 1.2411,800 Korea Investment Holdings 471,662 1.2813,000 KT 555,635 1.516,300 LG Electronics 713,037 1.94630 Lotte Chilsung Beverage 608,338 1.653,800 Lotte Shopping 1,130,564 3.07

110,000 Paradise 357,211 0.975,000 Samsung Electronics 2,984,718 8.111,800 Samsung Electronics 144A GDR 527,400 1.4316,000 Shinhan Financial Group 722,827 1.961,450 Shinsegae 779,704 2.121,600 SK Holdings 197,135 0.547,600 SK Energy 845,654 2.303,700 SK Telecom 673,209 1.832,000 SK Telecom ADR 41,420 0.118,269 S-Oil 530,732 1.4420,500 Sungshin Cement 163,491 0.44145,000 Woori Investment & Securities 2,631,328 7.15

30,459,943 82.76

Total Shares 30,459,943 82.76

Convertible Bonds

SOUTH KOREA400,000 Hynix Semiconductor 14.12.12/4.500% 370,000 1.00

370,000 1.00

Total Convertible Bonds 370,000 1.00


30,829,943 83.76


Cash 6,536,002 17.76




Fixed Income SecuritiesSouth Korea 1.00

Total Fixed Income Securities 1.00SharesFinancials 23.81Consumer Discretionary 21.35Information Technology 12.02Industrials 8.11Consumer Staples 4.49Energy 4.28Materials 3.79Telecommunication Services 3.45Utilities 1.46


Total 100.00


SharesConsumer Discretionary 21.89Financials 17.13Information Technology 15.90Materials 9.05Industrials 6.99Consumer Staples 6.56Telecommunication Services 1.87


Total 100.00

193

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

As at 30 June 2008

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

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

As at 30 June 2008



AmountSold


18-Sep-08 KRW 59,448,000 USD 60,000 (3,368)18-Sep-08 USD 59,149 KRW 59,448,000 2,51719-Sep-08 KRW 40,774,192 USD 40,000 (1,158)19-Sep-08 USD 40,580 KRW 40,774,192 1,738

Total (271)


ExpirationDate


NotionalValue


Equity Futures

Sep-08 59 KOSPI 200 Index Future KRW 6,056,375 (236,867)

Total (236,867)

194


Shares

JAPAN45,000 Canon 2,323,075 1.53240 East Japan Railway 1,962,842 1.29240 KDDI 1,488,583 0.98

51,000 Komatsu 1,427,315 0.94240,000 Mitsubishi UFJ Financial Group 2,135,300 1.4165,000 Mitsui & Co. 1,441,167 0.9549,000 Mitsui Fudosan 1,051,671 0.702,100 Nintendo 1,189,335 0.7821,000 Nitto Denko 810,098 0.53360,000 Sojitz 1,204,935 0.80

130 Sumitomo Mitsui Financial Group 982,083 0.6531,000 Suzuki Motor 735,688 0.4943,400 Toyota Motor 2,055,822 1.35

18,807,914 12.40

AUSTRALIA83,000 ANZ Banking 1,493,707 0.9821,000 CSL 720,724 0.475,100 Incitec Pivot 907,034 0.6038,000 Newcrest Mining 1,070,367 0.71349,880 Qantas Airways 1,022,526 0.678,100 Rio Tinto 1,055,130 0.7016,250 Southern Cross Airports Corp Holdings 1,445,029 0.9521,000 Wesfarmers 753,025 0.5033,000 WorleyParsons 1,201,091 0.79

9,668,633 6.37

SOUTH KOREA13,000 Daelim Industrial 1,328,558 0.8845,000 Kangwon Land 984,241 0.6538,000 Kookmin Bank 2,242,980 1.473,400 Lotte Shopping 1,011,557 0.672,618 Samsung Electronics 1,562,798 1.031,100 Samsung Electronics 144A GDR 322,300 0.21

7,452,434 4.91

HONG KONG560,000 Cathay Pacific Airways 1,066,913 0.71103,000 Cheung Kong Holdings 1,387,912 0.91111,000 China Mobile 1,491,442 0.98

3,946,267 2.60

CHINA340,000 China COSCO Holdings - H Shares ** 829,981 0.55425,000 China Life Insurance - H Shares ** 1,487,557 0.981,700,000 China Petroleum & Chemical - H Shares ** 1,591,087 1.05

3,908,625 2.58

TAIWAN441,000 Asia Cement 661,137 0.44757,000 AU Optronics 1,189,750 0.78330,000 Cathay Financial Holding 717,628 0.47282,179 InnoLux Display 506,714 0.34

3,075,229 2.03

SINGAPORE144,000 Keppel 1,179,139 0.78428,000 SembCorp Industries 1,308,743 0.86

2,487,882 1.64

INDIA43,000 Bharti Airtel 722,174 0.4836,000 ICICI Bank 528,285 0.3511,000 Reliance Industries 536,655 0.35

1,787,114 1.18

MALAYSIA490,000 Telekom Malaysia 476,878 0.31490,000 TM International 922,265 0.61555,000 Zelan 351,599 0.22

1,750,742 1.14

CAYMAN ISLANDS890,000 Belle International Holdings 801,031 0.531,300,000 Qin Jia Yuan Media Services Co. 746,695 0.49

1,547,726 1.02

BERMUDA85,163 Jardine Strategic Holdings 1,464,804 0.97

1,464,804 0.97

INDONESIA1,100,000 Bank Rakyat Indonesia 607,735 0.40623,000 United Tractors 820,003 0.54

1,427,738 0.94

THAILAND77,700 PTT 701,297 0.46

701,297 0.46

Total Shares 58,026,405 38.24

Bonds

SOUTH KOREA900,000 Hynix Semiconductor Registered

Shares 27.06.17/7.875% 692,530 0.462,000,000 Hyundai Capital Services 24.01.12/5.625% 1,874,990 1.233,000,000 Pusan Bank 30.10.17/6.000%* 2,738,430 1.801,000,000 Shinhan Bank 03.11.14/4.625%* 991,940 0.652,000,000 Shinhan Bank 20.09.36/6.819%* 1,710,996 1.131,500,000 Shinsegae 27.06.11/6.125% 1,504,192 0.99

9,513,078 6.26

CAYMAN ISLANDS2,000,000 Agile Property Holdings 22.09.13/9.000% 1,722,174 1.132,500,000 Hutchison Whampoa Finance 06 21.09.16/4.625% 3,422,179 2.262,000,000 Parkson Retail Group 14.11.11/7.875% 2,000,138 1.32

7,144,491 4.71

NETHERLANDS1,500,000 Arpeni Pratama Ocean Line

Investment (Netherlands) 03.05.13/8.750% 1,202,971 0.792,000,000 GT 2005 BONDS 21.07.10/10.250% 1,800,578 1.19875,000 Majapahit Holding Registered

Shares 28.06.17/7.250% 781,007 0.512,000,000 Matahari Finance 06.10.09/9.500% 1,990,808 1.311,300,000 Pakuwon Jati Finance 14.11.11/12.000% 1,248,000 0.82

7,023,364 4.62

AUSTRALIA3,000,000 New South Wales Treasury 01.12.10/7.000% 2,863,322 1.893,500,000 New South Wales Treasury 01.05.12/6.000% 3,219,046 2.12

6,082,368 4.01

INDONESIA1,000,000 Bank Danamon Indonesia 30.03.14/7.650%* 994,867 0.662,000,000 Lippo Karawaci Finance 09.03.11/8.875% 1,942,402 1.28

2,937,269 1.94

BRITISH VIRGIN ISLANDS1,500,000 Citic Resources Finance 15.05.14/6.750% 1,406,250 0.931,000,000 Wharf Finance 06.11.17/6.125% 984,956 0.65

2,391,206 1.58

PAKISTAN500,000 Pakistan International Sukuk 27.01.10/5.350%* 485,798 0.321,900,000 Pakistan Mobile

Communications 13.11.13/8.625% 1,567,865 1.03

2,053,663 1.35

BERMUDA1,500,000 China Glass Holdings 12.07.12/9.625% 1,320,000 0.871,000,000 Shanghai Zendai Property 06.06.12/10.000% 707,561 0.47

2,027,561 1.34

PHILIPPINES1,000,000 Development Bank of

Philippines 15.09.16/8.375%* 1,019,174 0.671,000,000 Rizal Commercial Banking 27.10.16/9.875%* 1,008,333 0.67

2,027,507 1.34

195

JPMorgan Funds - JF Pacific Balanced FundSchedule of Investments (Market Value Expressed in USD)

As at 30 June 2008

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

UNITED KINGDOM3,000,000 Standard Chartered 16.12.08/3.463%* 1,935,000 1.28

1,935,000 1.28

INDIA1,600,000 Reliance Industries 15.01.97/10.250% 1,905,440 1.26

1,905,440 1.26

HONG KONG1,400,000 Wing Hang Financial Holdings 10.10.13/5.250%* 1,402,670 0.92

1,402,670 0.92

CHINA1,000,000 Sino-Forest Registered Shares 17.08.11/9.125% 1,021,336 0.67

1,021,336 0.67

MONGOLIA800,000 Trade & Development Bank of

Mongolia 22.01.10/8.625% 759,520 0.50

759,520 0.50

Total Bonds 48,224,473 31.78

Convertible Bonds

MALAYSIA2,000,000 AMCORP Capital Labuan 08.02.10/1.000% 2,307,000 1.521,000,000 IOI Resources 15.01.13/0.000% 933,750 0.61

3,240,750 2.13

SINGAPORE3,000,000 CapitaCommercial Trust 06.05.13/2.000% 2,179,899 1.44

2,179,899 1.44

BERMUDA2,000,000 Pacific Andes Holding 18.04.12/4.000% 1,925,500 1.27

1,925,500 1.27

JAPAN100,000,000 Sharp 30.09.13/0.000% 943,697 0.62100,000,000 Yamada Denki 28.03.13/0.000% 904,828 0.60

1,848,525 1.22

SOUTH KOREA200,000,000 Korea Electric Power 23.11.11/0.000% 1,830,757 1.21

1,830,757 1.21

NETHERLANDS1,500,000 Medco CB Finance 12.05.11/0.000% 1,717,500 1.14

1,717,500 1.14

CAYMAN ISLANDS12,000,000 Fair Vantage 03.06.13/1.000% 1,460,152 0.96

1,460,152 0.96

AUSTRALIA1,500,000 Macquarie Communications

Infrastructure Management 23.08.13/2.500% 1,126,950 0.74

1,126,950 0.74

INDIA1,000,000 Subex 09.03.12/2.000% 788,172 0.52

788,172 0.52


Investment Funds

SINGAPORE35,740 ABF Pan Asia Bond Index Fund 3,963,566 2.61

3,963,566 2.61



126,332,649 83.26


Bonds

MALAYSIA3,000,000 Bank Pembangunan &

Infrastruktur 25.04.11/5.000% 921,897 0.615,000,000 Malaysia (Government of) 28.04.11/3.756% 1,513,789 1.00

2,435,686 1.61

AUSTRALIA2,000,000 Envestra Victoria 20.05.11/8.210%* 1,891,460 1.25

1,891,460 1.25

THAILAND1,700,000 Bangkok Bank (Hong Kong) 15.03.29/9.025% 1,828,119 1.20

1,828,119 1.20

CAYMAN ISLANDS1,000,000 SPACE 05.01.09/0.000% 1,111,017 0.73

1,111,017 0.73

INDIA700,000 Reliance Industries 06.08.46/10.500% 925,855 0.61

925,855 0.61

NETHERLANDS500,000 Paiton Energy Funding 15.02.14/9.340% 487,500 0.32

487,500 0.32

Total Bonds 8,679,637 5.72

Convertible Bonds

MALAYSIA6,000,000 Berjaya Land 15.08.11/8.000% 1,898,984 1.25

1,898,984 1.25

SOUTH KOREA1,000,000 KCC 30.10.12/0.000% 928,779 0.61

928,779 0.61



11,507,400 7.58


Bonds

CAYMAN ISLANDS2,500,000 Shui On Development Holding 12.10.08/8.500% 2,483,085 1.64

2,483,085 1.64

INTERNATIONAL AGENCIES5,000,000 Asian Development Bank 25.04.11/4.265% 1,527,507 1.01

1,527,507 1.01

Total Bonds 4,010,592 2.65



Cash 9,330,378 6.15



* Variable coupon rates are those quoted as at 30 June 2008.** Hong Kong Registered Shares.

196

JPMorgan Funds - JF Pacific Balanced FundSchedule of Investments (Market Value Expressed in USD) (continued)

As at 30 June 2008

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets


Fixed Income SecuritiesSouth Korea 8.08Cayman Islands 8.04Netherlands 6.08Australia 6.00Malaysia 4.99Bermuda 2.61India 2.39Indonesia 1.94British Virgin Islands 1.58Singapore 1.44Pakistan 1.35Philippines 1.34United Kingdom 1.28Japan 1.22Thailand 1.20International Agencies 1.01Hong Kong 0.92China 0.67Mongolia 0.50

Total Fixed Income Securities 52.64SharesIndustrials 10.65Financials 10.07Consumer Discretionary 4.96Information Technology 4.50Materials 2.98Telecommunication Services 2.75Investment Companies 2.61Energy 1.86Health Care 0.47


Total 100.00


Fixed Income SecuritiesCayman Islands 6.58South Korea 4.72Netherlands 4.03Bermuda 4.00Malaysia 3.63India 2.00Australia 1.57Singapore 1.55Indonesia 1.48British Virgin Islands 1.22Pakistan 1.16United Kingdom 1.09Taiwan 1.06Philippines 1.04Hong Kong 1.00Thailand 0.81International Agencies 0.77Canada 0.53Mongolia 0.42

Total Fixed Income Securities 38.66SharesFinancials 19.29Industrials 13.85Materials 6.91Consumer Discretionary 7.38Telecommunication Services 3.07Information Technology 2.78Investment Companies 2.29Energy 1.71Utilities 0.77Consumer Staples 0.54Health Care 0.40


Total 100.00

197

JPMorgan Funds - JF Pacific Balanced FundSchedule of Investments (Market Value Expressed in USD) (continued)

As at 30 June 2008

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

JPMorgan Funds - JF Pacific Balanced FundSchedule of Investments - Outstanding Financial Futures Contracts (Expressed in USD)

As at 30 June 2008

ExpirationDate


NotionalValue


Equity Futures

Jul-08 (31) H-Shares Index Future HKD (2,363,841) 53,457Jul-08 (21) Hang Seng Index Future HKD (2,977,807) 72,291Sep-08 (27) Topix Index Future JPY (3,365,906) 192,739

Total 318,487

Schedule of Investments - Outstanding Forward Foreign Exchange Contracts (Expressed in USD)



AmountSold


16-Jul-08 JPY 818,725,000 USD 8,158,695 (411,341)16-Jul-08 USD 7,922,021 JPY 818,725,000 174,66816-Jul-08 USD 3,084,360 EUR 2,000,000 (69,180)16-Jul-08 USD 2,803,200 AUD 3,000,000 (74,877)15-Oct-08 JPY 1,395,160,000 USD 13,000,000 269,552

Total (111,178)

198


Shares

JAPAN47,300 Benesse 1,923,037 0.22514,900 Canon 26,581,137 2.98402,500 Denso 13,890,465 1.562,518 East Japan Railway 20,593,486 2.31

409,200 Honda Motor 13,966,927 1.57790 Inpex Holdings 10,008,982 1.135,870 Japan Tobacco 25,141,682 2.82

359,100 Komatsu 10,049,979 1.13297,900 Lawson 14,561,934 1.631,100,000 Marubeni 9,225,169 1.03675,900 Mitsubishi 22,367,040 2.51504,000 Mitsubishi Estate 11,579,634 1.292,874,300 Mitsubishi UFJ Financial Group 25,572,886 2.871,302,000 Mitsui & Co. 28,867,678 3.23555,000 Mitsui Fudosan 11,911,786 1.343,110 Mizuho Financial Group 14,584,787 1.6337,400 Nintendo 21,181,487 2.378,100 NTT DoCoMo 11,947,241 1.33

2,227,800 Sojitz 7,456,542 0.84941,000 Sumitomo Metal Mining 14,484,451 1.621,375 Sumitomo Mitsui Financial Group 10,387,416 1.16

344,800 Suzuki Motor 8,182,745 0.92201,400 Tokyo Electron 11,653,836 1.31284,400 Toyota Motor 13,471,791 1.51

359,592,118 40.31

AUSTRALIA631,000 ANZ Banking Group 11,355,774 1.271,200,000 AXA Asia Pacific Holdings 5,398,942 0.61552,059 BHP Billiton 23,192,548 2.60183,504 Billabong International 1,905,245 0.21942,254 Consolidated Media Holdings 2,989,258 0.34942,254 Crown 8,415,215 0.941,314,743 Qantas Airways 3,842,342 0.43700,000 QBE Insurance Group 15,073,968 1.69116,441 Rio Tinto 15,167,945 1.70470,000 Sonic Healthcare 6,574,192 0.742,818,000 Telstra 11,486,517 1.29401,000 Westpac Banking 7,710,027 0.86

113,111,973 12.68

SOUTH KOREA61,944 Daelim Industrial 6,330,476 0.71488,017 Hanwha Chemical 5,406,874 0.6180,000 Hyundai Motor 5,425,024 0.61246,100 Kookmin Bank 14,526,246 1.6388,100 LG 5,713,458 0.6479,000 LG Electronics 8,941,261 1.0026,050 Lotte Shopping 7,750,310 0.8738,590 Samsung Electronics 23,036,055 2.58285,000 Woori Investment & Securities 5,171,920 0.58

82,301,624 9.23

HONG KONG3,710,000 BOC Hong Kong Holdings 9,822,365 1.10800,000 Cheung Kong Holdings 10,779,902 1.211,561,000 China Mobile 20,974,243 2.354,564,000 CNOOC 7,852,723 0.883,196,000 Hang Lung Properties 10,243,984 1.15

59,673,217 6.69

CHINA20,349,000 China Construction Bank - H Shares * 16,384,184 1.834,467,000 China Merchants Bank - H Shares * 14,031,501 1.576,000,000 China Petroleum & Chemical - H Shares * 5,615,601 0.6328,004,000 Industrial & Commercial Bank of China - H Shares * 19,136,803 2.15

55,168,089 6.18

TAIWAN3,000,000 Cathay Financial Holding 6,523,888 0.734,677,000 Chunghwa Telecom 12,097,018 1.362,211,000 Delta Electronics 6,155,832 0.681,281,720 HON HAI Precision Industry 6,313,580 0.71502,498 HON HAI Precision Industry Registered Shares

GDR 5,019,000 0.565,101,066 InnoLux Display 9,160,069 1.024,481,000 Taiwan Semiconductor Manufacturing 9,596,870 1.08

54,866,257 6.14

BERMUDA1,477,300 Esprit Holdings 15,341,782 1.72463,557 Jardine Matheson Holdings 14,231,200 1.601,446,000 Kerry Properties 7,591,792 0.85907,000 Ports Design 2,593,189 0.29

39,757,963 4.46

INDIA471,000 Bharti Airtel 7,910,321 0.89124,000 HDFC Bank 2,908,781 0.33170,000 ICICI Bank ADR 4,904,500 0.55220,000 Reliance Industries 10,733,100 1.20

26,456,702 2.97

THAILAND246,100 Banpu - NVDR 3,883,467 0.441,394,900 PTT Exploration & Production (Foreign) 8,045,897 0.902,382,000 Siam Commercial Bank (Foreign) Registered Shares 5,517,185 0.62

17,446,549 1.96

CAYMAN ISLANDS9,252,000 Belle International Holdings 8,327,120 0.932,912,000 Lifestyle International Holdings 4,091,891 0.461,472,000 Shimao Property Holdings 1,689,091 0.19

14,108,102 1.58

MALAYSIA2,046,000 Tenaga Nasional Berhad 5,103,259 0.572,951,000 TM International Berhad 5,554,292 0.623,600,000 Zelan Berhad 2,280,643 0.26

12,938,194 1.45

SINGAPORE1,324,000 CapitaLand 5,547,282 0.62573,000 Keppel 4,691,992 0.53

10,239,274 1.15

INDONESIA9,999,500 Bank Rakyat Indonesia 5,524,586 0.62

5,524,586 0.62

Total Shares 851,184,648 95.42


851,184,648 95.42


Cash 45,786,443 5.13




199

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

As at 30 June 2008

Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets


SharesFinancials 31.22Consumer Discretionary 15.93Industrials 14.35Information Technology 10.86Telecommunication Services 7.22Materials 6.97Energy 4.74Consumer Staples 2.82Health Care 0.74Utilities 0.57


Total 100.00


Shares and WarrantsFinancials 23.76Consumer Discretionary 19.48Industrials 17.38Materials 12.40Information Technology 10.85Telecommunication Services 5.79Energy 4.65Utilities 1.45Health Care 1.32Consumer Staples 1.14


Total 100.00

200

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

As at 30 June 2008

Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets

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

As at 30 June 2008



AmountSold


03-Sep-08 JPY 10,493,000,000 USD 100,000,000 (441,125)

Total (441,125)


ExpirationDate


NotionalValue


Equity Futures

Jul-08 304 MSCI Taiwan Index Future USD 8,740,000 (253,460)

Total (253,460)

201


Shares

JAPAN75,000 Canon 3,871,791 8.8315,000 Elpida Memory 482,201 1.1032,000 FUJIFILM Holdings 1,104,335 2.5240,000 Hoya 928,474 2.1112,200 Murata Manufacturing 576,750 1.316,300 Nintendo 3,568,005 8.137,000 Nitto Denko 270,033 0.62400 NTT DoCoMo 589,987 1.35

30,000 Sharp 490,427 1.1225,000 Sumco 555,477 1.279,000 Toyota Motor 426,323 0.97

12,863,803 29.33

TAIWAN660,968 AU Optronics 1,038,820 2.37290,876 Chroma Ate 608,587 1.39300,000 Chunghwa Telecom 775,947 1.77330,500 Delta Electronics 920,173 2.10930,000 Fortune Electric 1,475,437 3.3678,000 GeoVision 439,473 1.00230,830 HON HAI Precision Industry 1,137,037 2.59288,250 InnoLux Display 517,615 1.181,710,985 Taiwan Semiconductor Manufacturing 3,664,383 8.35

10,577,472 24.11

SOUTH KOREA7,000 Daelim Industrial 715,377 1.6328,000 Doosan Infracore 810,315 1.8425,000 Hynix Semiconductor 596,944 1.364,375 Hyundai Mobis 353,928 0.8126,720 KT 1,142,044 2.6013,000 LG 843,075 1.925,300 NHN 923,830 2.112,000 Samsung Electronics 1,193,887 2.729,500 Samsung Electronics 144A GDR 2,783,500 6.352,500 SK Telecom 454,871 1.04

9,817,771 22.38

SINGAPORE1,210,000 CSE Global 933,882 2.12400,000 Swiber Holdings 726,230 1.66

1,660,112 3.78

INDIA50,000 Bharti Airtel 839,737 1.929,000 Reliance Industries 439,081 1.00

1,278,818 2.92

HONG KONG50,000 China Mobile 671,821 1.53800,000 Lenovo Group 541,559 1.24

1,213,380 2.77

CAYMAN ISLANDS19,000 Focus Media Holding ADR 518,700 1.18546,000 Xinyi Glass Holding Co. 353,514 0.81

872,214 1.99

PHILIPPINES15,000 Philippine Long Distance Telephone ADR 791,850 1.81

791,850 1.81

UNITED STATES OF AMERICA11,000 Deere & Co. 789,030 1.80

789,030 1.80

AUSTRALIA150,000 Telstra 611,419 1.39

611,419 1.39

RUSSIA10,000 Vimpel-Communications ADR 299,600 0.68

299,600 0.68

Total Shares 40,775,469 92.96


40,775,469 92.96


Cash 3,344,365 7.62




SharesInformation Technology 47.40Consumer Discretionary 14.42Telecommunication Services 14.09Industrials 11.85Energy 2.66Financials 1.92Materials 0.62

Total Shares 92.96Cash and Other Assets/(Liabilities) 7.04Total

100.00


SharesInformation Technology 48.98Industrials 19.17Consumer Discretionary 14.87Telecommunication Services 6.22Energy 3.34Materials 3.08Financials 2.32


Total 100.00

202

JPMorgan Funds - JF Pacific Technology FundSchedule of Investments (Market Value Expressed in USD)

As at 30 June 2008

Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets

JPMorgan Funds - JF Pacific Technology FundSchedule of Investments - Outstanding Forward Foreign Exchange Contracts (Expressed in USD)

As at 30 June 2008



AmountSold


18-Jul-08 JPY 400,000,000 USD 3,960,200 (174,673)22-Jul-08 JPY 300,000,000 USD 2,947,389 (107,577)03-Sep-08 JPY 200,000,000 USD 1,906,323 (8,699)08-Sep-08 JPY 150,000,000 USD 1,440,369 (16,762)

Total (307,711)

203


Shares

SINGAPORE9,000,000 Allgreen Properties 6,549,304 1.096,000,000 Ascendas Real Estate Investment Trust 9,746,775 1.6220,000,000 Ausgroup 10,364,218 1.726,600,000 CapitaLand 27,652,615 4.583,000,000 CapitaMall Trust 6,593,407 1.094,400,000 City Developments 35,123,672 5.824,300,000 Cosco Corp Singapore 10,114,300 1.684,000,000 DBS Group Holdings 55,452,240 9.182,400,000 Guocoland 3,845,786 0.6412,100,000 Hong Fok Crop 8,004,704 1.333,900,000 Hong Leong Asia 5,704,730 0.953,000,000 Hotel Properties 5,931,861 0.987,000,000 Keppel 57,319,269 9.494,000,000 Keppel Land 14,583,410 2.4225,700,000 Oceanus Group 6,989,599 1.1510,200,000 Olam International 18,218,972 3.024,530,000 Oversea-Chinesse Banking 27,204,307 4.506,700,000 SembCorp Industries 20,487,339 3.397,500,000 SembCorp Marine 22,272,042 3.692,900,000 Singapore Exchange 14,729,685 2.442,400,000 Singapore Press Holdings 7,497,519 1.2415,000,000 Singapore Telecommunications 39,913,264 6.612,500,000 SMRT 3,417,987 0.573,500,000 StarHub 7,332,133 1.225,000,000 Straits Asia Resources 12,973,648 2.154,717,000 Swiber Holdings 8,564,071 1.4227,000,000 Tiong Woon Holding 9,526,260 1.584,100,000 United Overseas Bank 56,115,256 9.304,600,000 Wilmar International 17,109,045 2.843,000,000 Yanlord Land Group 4,079,533 0.68

533,416,951 88.39

BERMUDA18,000,000 China Hongxing Sports 6,020,067 1.0015,500,000 FibreChem Technologies 7,633,504 1.261,237,000 Synear Food Holdings 395,527 0.07

14,049,098 2.33

MAURITIUS20,000,000 Golden Agri-Resources 13,377,926 2.22

13,377,926 2.22

INDONESIA8,000,000 Bumi Resources 7,106,489 1.1816,804,500 Indofood Sukses Makmur 4,369,061 0.72

11,475,550 1.90

CAYMAN ISLANDS6,300,000 China Sky Chemical Fibre 3,681,502 0.61

3,681,502 0.61

Total Shares 576,001,027 95.45


576,001,027 95.45


Cash 21,581,076 3.58




SharesFinancials 54.18Industrials 12.63Consumer Staples 10.02Telecommunication Services 7.83Materials 6.15Consumer Discretionary 3.22Energy 1.42


Total 100.00


SharesFinancials 44.31Industrials 18.89Consumer Staples 9.75Materials 9.45Consumer Discretionary 6.29Telecommunication Services 4.52Energy 2.77


Total 100.00

204

JPMorgan Funds - JF Singapore FundSchedule of Investments (Market Value Expressed in USD)

As at 30 June 2008

Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets


Shares

TAIWAN3,818,000 Acer 7,522,781 0.702,741,000 Ambassador Hotel 3,987,320 0.3711,216,040 Asia Cement 16,814,821 1.561,222,000 Astro 2,903,005 0.2718,768,000 AU Optronics 29,496,988 2.7310,457,000 Bank of Kaohsiung 4,875,339 0.4523,664,772 Cathay Financial Holding 51,462,107 4.7615,929,000 Cheng Loong 5,327,161 0.496,609,000 Chien Kuo Construction 4,137,430 0.3834,041,000 China Airlines 14,805,311 1.3719,680,000 China Development Financial Holding 7,943,328 0.731,485,000 China Ecotek 2,226,277 0.217,631,000 China Metal Products 11,301,926 1.055,894,000 China Motor 3,806,339 0.3535,359,000 Chinatrust Financial Holding 34,135,707 3.161,102,000 Chipbond Technology 907,743 0.085,224,000 Chong Hong Construction 13,270,853 1.233,095,000 Chroma ATE 6,475,535 0.604,376,000 Chung Hsin Electric & Machinery Manufacturing 3,027,875 0.2820,443,000 Chunghwa Telecom 52,875,634 4.8921,900,000 Continental Engineering 12,555,519 1.162,414,000 Delta Electronics 6,721,021 0.621,157,000 Depo Auto Parts Industrial 3,023,068 0.283,367,000 Far Eastern Department Stores 3,583,331 0.3311,728,190 Far Eastern Textile 15,283,358 1.41218,000 Farglory Land Development 680,217 0.06

14,140,000 First Financial Holding 15,514,399 1.4410,106,000 Formosa Plastics 24,374,273 2.263,780,000 Formosan Rubber Group 1,955,387 0.18511,261 Foxsemicon Integrated Technology 867,543 0.081,798,000 Gallant Precision Machining 811,618 0.0820,736,000 Goldsun Development & Construction 10,248,435 0.958,246,000 GTM 4,904,128 0.4512,934,000 Hey Song 6,072,801 0.5613,719,443 HON HAI Precision Industry 67,580,123 6.2514,206,564 InnoLux Display 25,510,963 2.36491,000 International Games System 3,648,122 0.348,261,000 Janfusun Fancyworld 4,069,257 0.382,918,000 KGI Securities 2,124,804 0.202,694,123 MediaTek 31,068,964 2.871,224,000 National Petroleum 1,048,567 0.103,183,000 Novatek Microelectronics 9,250,102 0.8622,530,000 Polaris Securities 13,510,577 1.251,764,000 Powertech Technology 6,189,983 0.578,943,000 President Chain Store 29,760,890 2.7510,694,000 Rich Development 5,954,814 0.5526,952,000 Ruentex Development 20,913,331 1.9311,067,000 Sanyang Industrial 4,558,072 0.4237,111,000 Shin Kong Financial Holding 24,761,046 2.2910,104,000 Siliconware Precision Industries 14,897,990 1.381,499,000 Silitech Technology 4,198,188 0.393,146,500 Simplo Technology 15,654,745 1.4512,983,000 Synnex Technology International 26,735,997 2.478,018,000 T JOIN Transportation 4,425,091 0.4149,646,000 Taishin Financial Holdings 21,183,384 1.963,880,000 Taiwan Development 1,514,926 0.14

103,188,000 Taiwan High Speed Rail 30,429,410 2.8129,859,000 Taiwan Kolin 6,808,049 0.6350,520,549 Taiwan Semiconductor Manufacturing 108,198,869 10.016,536,000 Taiwan Sogo Shin Kong 6,439,091 0.606,142,000 Tang Eng Iron Works 5,292,036 0.4941,104,000 Tatung 16,590,577 1.5323,502,000 Teco Electric and Machinery 13,164,217 1.224,958,000 Ton Yi Industrial 2,401,404 0.221,964,676 Topoint Technology 2,566,702 0.245,879,393 Tripod Technology 14,703,325 1.363,058,601 TXC 5,159,815 0.4810,341,000 Unimicron Technology 11,755,008 1.0919,364,000 Wei Chuan Food 10,591,183 0.987,433,610 Wistron 10,629,940 0.983,597,275 XinTec 5,274,423 0.4936,292,000 Yuanta Financial Holding 25,410,379 2.355,831,304 Yulon Motor 5,917,765 0.551,702,000 Yung Chi Paint & Varnish Manufacturing 2,175,868 0.205,398,000 Yungtay Engineering 3,201,450 0.30

1,009,168,025 93.37

CHINA1,186,000 China National Building Material - H Shares * 2,280,857 0.21393,000 China Shenhua Energy - H Shares * 1,541,829 0.148,602,000 China Shipping Container Lines - H Shares * 3,363,732 0.31648,142 Huangshan Tourism Development - B Shares 892,492 0.08218,320 Yantai Changyu Pioneer Wine - B Shares 1,371,550 0.13

9,450,460 0.87

BERMUDA732,500 Kerry Properties 3,845,773 0.35

3,845,773 0.35

CAYMAN ISLANDS3,512,000 TCC International Holdings 2,553,052 0.24

2,553,052 0.24

Total Shares 1,025,017,310 94.83


1,025,017,310 94.83


Cash 44,643,886 4.13


Total Net Assets 1,080,868,675 100.00



SharesInformation Technology 37.05Financials 22.72Industrials 12.69Consumer Discretionary 8.87Materials 6.94Telecommunication Services 4.89Consumer Staples 1.67


Total 100.00


SharesInformation Technology 47.80Materials 15.31Financials 11.99Industrials 10.99Consumer Discretionary 6.73Energy 4.03Investment Companies 0.47Consumer Staples 0.37Telecommunication Services 0.31


Total 100.00

205

JPMorgan Funds - JF Taiwan FundSchedule of Investments (Market Value Expressed in USD)

As at 30 June 2008

Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets


Shares

BRAZIL1,469,003 All America Latina Logistica 18,942,686 0.911,670,385 Banco Bradesco ADR 33,975,631 1.622,151,801 Banco Itau Holding Financeira Preference Shares 43,545,058 2.082,835,550 Bovespa Holding 35,229,749 1.683,844,834 Bradespar Preference Shares 104,031,150 4.97

9,700 Brasil Brokers Participacoes 8,693,267 0.4266,348 Companhia de Bebidas das Americas ADR 3,927,802 0.19548,253 Companhia de Bebidas das Americas ADR

Preference Shares 34,633,142 1.66208,660 Companhia de Transmissao de Energia Eletrica

Paulista Preference Shares 6,715,509 0.32108,610 Companhia Energética de Minas Gerais ADR 2,650,084 0.131,830,336 Companhia Energetica de Minas Gerais Preference

Shares 44,677,357 2.14887,385 Companhia Siderúrgica Nacional ADR 39,399,894 1.886,521,925 Companhia Vale do Rio Doce ADR 194,875,119 9.32862,597 Estacio Participaçes 13,667,100 0.651,444,701 Fertilizantes Heringer 20,714,346 0.993,092,801 Gerdau ADR 73,206,600 3.501,439,547 Global Village Telecom Holding 35,273,937 1.6955,380 Investimentos Itau 348,894 0.02

6,298,722 Investimentos Itau Preference Shares 39,523,873 1.892,285,800 JBS 11,646,658 0.562,402,556 Localiza Rent A CAR 27,211,832 1.302,001,703 Lojas Renner 39,301,783 1.88563,352 Lupatech 20,679,630 0.992,250,576 Marcopolo Preference Shares 9,292,373 0.441,761,800 MMX Mineracao e Metalicos 54,192,223 2.591,893,380 NET Servicos de Comunicacao ADR 24,216,330 1.16331,403 Odontoprev 8,523,960 0.41775,291 Perdigao 21,162,212 1.013,734,107 Petroleo Brasileiro ADR 215,906,067 10.32965,054 Randon Participacoes Preference Shares 9,204,544 0.442,233,488 Redecard 41,764,467 2.004,187,126 Sadia Preference Shares 29,689,407 1.42718,339 Tim Participaçoes ADR 20,041,658 0.95624,470 Totvs 20,760,155 0.99125,404 Unibanco - Uniao de Bancos Brasileiros GDR 15,887,433 0.761,839,727 Usinas Siderurgicas de Minas Gerais Preference A

Shares 92,156,626 4.414,779,413 Vivo Participacoes Preference Shares 30,290,259 1.441,776,835 Weg 22,287,787 1.07

1,468,246,602 70.20

MEXICO30,307,221 America Movil SAB - L Shares 79,611,945 3.811,410,352 America Movil SAB ADR - L Shares 73,944,755 3.542,348,206 Banco Compartamos 8,769,612 0.422,484,525 Cemex ADR Participation Certificates 60,846,017 2.918,364,601 Controladora Comercial Mexicana 25,558,728 1.222,266,286 Desarrolladora Homex SAB 22,482,595 1.07165,169 Desarrolladora Homex SAB ADR 9,873,803 0.47647,473 Fomento Economico Mexicano ADR 28,728,377 1.375,788,413 Genomma Lab Internacional - B Shares 8,927,710 0.432,106,191 Grupo Famsa - A Shares 7,698,252 0.378,398,415 Grupo Financiero Banorte - O Shares 38,957,436 1.866,514,395 Grupo Mexico - B Shares 15,007,943 0.72625,412 Grupo Televisa ADR 14,778,486 0.714,594,509 Grupo Televisa Participation Certificates 21,791,495 1.041,296,617 Mexichem 10,689,638 0.517,997,072 Urbi Desarrollos Urbanos 27,693,808 1.32

455,360,600 21.77

BERMUDA72,786 Bunge 7,827,406 0.37247,077 Credicorp 19,963,822 0.96999,585 Dufry South America BDR 21,953,048 1.051,339,072 GP Investments BDR 15,964,840 0.76993,172 Laep Investments BDR 1,713,816 0.08

67,422,932 3.22

CHILE750,874 Embotelladora Andina Preference B Shares 1,876,545 0.09332,499 Empresa Nacional de Electricidad ADR 14,503,606 0.69431,814 Empresa Nacional de Telecomunicaciones 5,857,752 0.282,495,417 La Polar 10,290,560 0.501,167,363 SACI Falabella 5,028,117 0.24123,800 Sociedad Quimica y Minera de Chile ADR 5,902,784 0.28

43,459,364 2.08

LUXEMBOURG441,873 Tenaris ADR 32,429,060 1.55

32,429,060 1.55

UNITED STATES OF AMERICA448,433 NII Holdings 20,896,978 1.00

20,896,978 1.00

PANAMA497,694 Copa Holdings - A Shares 13,830,916 0.66

13,830,916 0.66

ARGENTINA283,327 Telecom Argentina ADR 4,128,074 0.20

4,128,074 0.20

Total Shares 2,105,774,526 100.68


2,105,774,526 100.68


Investment Funds



2,649,953 0.13



2,649,953 0.13


Cash 16,641,395 0.80


Total Net Assets 2,091,554,855 100.00


SharesMaterials 27.11Financials 19.85Telecommunication Services 12.91Consumer Discretionary 10.69Energy 10.32Consumer Staples 7.97Industrials 7.13Utilities 3.28Information Technology 0.99Health Care 0.43Investment Companies 0.13


Total 100.00

206

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

As at 30 June 2008

Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets


SharesFinancials 21.58Materials 20.35Telecommunication Services 15.48Energy 9.62Industrials 9.00Consumer Staples 8.28Consumer Discretionary 8.11Utilities 2.99Information Technology 1.06Health Care 1.05Investment Companies 0.94


Total 100.00

207

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

As at 30 June 2008

Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets



TURKEY3,923,515 Akbank 13,561,899 1.91133,650 BIM Birlesik Magazalar 4,984,704 0.703,486,491 Eregli Demir ve Celik Fabrikalari 28,138,638 3.971,277,722 Haci Omer Sabanci Holding 4,354,036 0.615,827,659 KOC Holding 15,867,918 2.241,531,788 Reysas Logistics 6,306,224 0.891,307,924 Tekfen Holding 10,022,815 1.421,866,200 Tofas Turk Otomobil Fabrikasi 5,416,111 0.76825,249 Tupras Turkiye Petrol Rafine 18,669,270 2.63576,440 Turcas Petrolculuk 2,227,470 0.32984,765 Turk Ekonomi Bankasi 842,949 0.12984,765 Turk Ekonomi Bankasi - Rights 11.07.08 24,084 0.002,224,107 Turk Telekomunikasyon 7,397,674 1.042,633,107 Turkcell Iletisim Hizmet 15,133,416 2.139,914,120 Turkiye Garanti Bankasi 22,792,009 3.213,315,900 Turkiye Halk Bankasi 15,543,492 2.196,892,070 Turkiye Is Bankasi - C Shares 22,586,819 3.184,617,500 Turkiye Vakiflar Bankasi Tao - D Shares 5,985,265 0.841,935,676 Yapi ve Kredi Bankasi 3,550,541 0.50

203,405,334 28.66

ISRAEL44,100 Africa Israel Investments 2,657,308 0.37

3,555,959 Bank Hapoalim 15,638,162 2.201,048,546 Bank Leumi Le-Israel 5,177,079 0.736,518,280 Bezeq Israeli Telecommunication 12,787,800 1.80165,200 Excellence Investments 2,462,731 0.3520,340 Israel 31,486,369 4.44

2,691,886 Israel Chemicals 62,120,446 8.751,462,108 Teva Pharmaceutical Industries ADR 66,430,877 9.36

198,760,772 28.00

EGYPT344,832 Commercial International Bank 5,533,102 0.78607,912 Ghabbour Auto 5,619,920 0.791,069,808 National Societe General Bank 7,619,258 1.08540,323 Orascom Construction Industries 37,214,702 5.24300,536 Orascom Telecom Holding Registered Shares GDR 19,324,465 2.7369,915 Six of October Development & Investment 2,099,484 0.30666,480 Suez Canal Bank 2,784,244 0.393,171,421 Telecom Egypt 9,749,062 1.37

89,944,237 12.68

MOROCCO37,350 Attijariwafa Bank 16,778,100 2.3615,800 Brasseries Maroc 4,219,469 0.6026,730 Douja Promotion Groupe Addoha 7,927,861 1.1214,530 Douja Promotion Groupe

Addoha - Rights 31.12.18 4,261,553 0.60338,300 Maroc Telecom 8,718,449 1.2340,550 ONA 10,394,579 1.46

52,300,011 7.37

UNITED ARAB EMIRATES3,593,232 Arabtec Holding 15,847,962 2.245,243,564 Depa 7,445,861 1.056,469,276 DP World 5,563,577 0.784,706,194 Emaar Properties 13,901,854 1.96

42,759,254 6.03

JORDAN1,107,540 Arab Bank 33,874,935 4.78510,011 Dar Al Dawa Development & Investment 3,275,300 0.46

37,150,235 5.24

NETHERLANDS ANTILLES2,815,200 Merrill Lynch - Aldar Properties -

Warrants 12.01.10 9,532,549 1.34671,088 Merrill Lynch - First Gulf Bank -

Warrants 07.10.10 4,878,182 0.691,932,890 Merrill Lynch - Sorouh Real

Estate - Warrants 12.01.10 4,883,401 0.69

19,294,132 2.72

QATAR236,470 Commercial Bank of Qatar 9,610,094 1.35108,327 Qatar National Bank 6,826,676 0.96150,720 United Development 2,516,311 0.36

18,953,081 2.67

UNITED KINGDOM1,133,472 Hikma Pharmaceuticals 11,302,699 1.59

11,302,699 1.59

NETHERLANDS1,499,900 Morgan Stanley - Warrants 29.04.09 8,559,677 1.21

8,559,677 1.21

SWITZERLAND67,391 Orascom Development Holding 7,812,298 1.10

7,812,298 1.10

OMAN260,072 Bank Muscat SAOG Registered Shares GDR 4,863,684 0.69

4,863,684 0.69

GERMANY2,501,454 Deutsche Bank - Abu Dhabi

Commercial Bank - Warrants 12.02.09 3,480,011 0.49

3,480,011 0.49

BERMUDA324,352 EastPharma Registered Shares GDR 2,254,246 0.32

2,254,246 0.32

Total Shares, Warrants and Rights 700,839,671 98.77


700,839,671 98.77


Investment Funds



1,137,551 0.16



1,137,551 0.16


Cash 7,155,546 1.01




Shares, Warrants and RightsFinancials 48.02Materials 12.72Health Care 11.73Telecommunication Services 10.30Industrials 10.20Energy 2.63Consumer Discretionary 1.87Consumer Staples 1.30Investment Companies 0.16


Total 100.00

208

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

As at 30 June 2008

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets


Shares and WarrantsFinancials 47.87Health Care 11.41Telecommunication Services 10.87Industrials 10.60Consumer Discretionary 6.99Investment Companies 2.86Consumer Staples 2.30Materials 2.24Energy 1.38


Total 100.00

209

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

As at 30 June 2008

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets


Shares

RUSSIA69,230 Aeroflot - Russian International Airlines Registered

Shares GDR 23,008,618 1.402,550,103 Bank St. Petersburg 17,961,538 1.10183,680 Chelyabinsk Zink Plant 1,561,280 0.10505,419 Chelyabinsk Zink Plant GDR 3,967,539 0.24910,567 Cherkizovo Group Registered Shares GDR 13,822,407 0.853,805,969 Comstar United Telesystems GDR 38,973,123 2.39886,910 DIXY Group 13,303,650 0.82818,027 Gazpromneft ADR 32,843,784 2.01155,389 Lebedyansky 12,778,221 0.785,995,000 Lenenergo 11,516,051 0.711,531,379 Magnit OAO 71,591,968 4.394,744,911 Magnitogorsk Iron & Steel Works Registered Shares

GDR 82,703,799 5.071,504,101 Mechel ADR 74,302,589 4.565,483,424 MMC Norilsk Nickel ADR 138,291,953 8.48902,439 Mobile Telesystems ADR 69,758,535 4.28481,515 Novolipetsk Steel Registered Shares GDR 27,330,169 1.68169,589 OAO Pharmacy Chain 36.6 6,825,957 0.4212,139 Open Investments 4,492,791 0.28

1,688,108 RBC Information Systems 14,348,918 0.88202,981 RBC Information Systems ADR 7,104,335 0.442,216,301 RTM 4,307,529 0.2645,684,407 Sberbank 145,276,414 8.913,819,110 Severstal Registered Shares GDR 99,449,624 6.09358,330 Severstal-Avto 21,141,470 1.30977,604 Sistema JSFC Registered Shares GDR 29,406,328 1.803,326,140 Sistema-Hals Registered Shares GDR 22,950,366 1.414,237,817 Sitronics Registered Shares GDR 26,655,869 1.63645,118 Tatneft Registered Shares GDR 97,251,539 5.96216,958 Veropharm 11,998,835 0.746,100,000 World Trade Center Moscow 4,022,950 0.25

1,128,948,149 69.23

KAZAKHSTAN3,213,659 Alliance Bank Registered Shares GDR 16,486,071 1.01874,182 Halyk Savings Bank of Kazakhstan Registered Shares

GDR 13,374,985 0.822,083,598 Kazkommertsbank Registered Shares GDR 32,486,896 1.99

62,347,952 3.82

LUXEMBOURG362,797 Evraz Group Registered Shares GDR 42,537,948 2.61

42,537,948 2.61

CAYMAN ISLANDS1,553,552 Eurasia Drilling Registered Shares GDR 40,392,352 2.48

40,392,352 2.48


38,012,590 2.33

BERMUDA25,487,316 West Siberian Resources SDR 34,848,347 2.14

34,848,347 2.14


26,706,853 1.64


24,739,845 1.52

UNITED STATES OF AMERICA1,179,450 BMB Munai 7,076,700 0.43611,965 CTC Media 15,103,296 0.93

22,179,996 1.36

MALAYSIA2,656,224 Steppe Cement 16,686,937 1.02

16,686,937 1.02

BRITISH VIRGIN ISLANDS16,613,233 European Minerals 16,233,628 1.00

16,233,628 1.00


14,213,133 0.87

ISLE OF MAN3,361,432 Kazakhstan Kagazy Registered Shares GDR 11,260,797 0.69

11,260,797 0.69

KAZAKHSTAN675,948 Zhaikmunai Registered Shares GDR 10,139,220 0.62

10,139,220 0.62

UNITED KINGDOM145,200 Imperial Energy 2,687,299 0.172,007,300 Ukrproduct Group 2,843,915 0.17

5,531,214 0.34

GEORGIA201,359 Bank of Georgia Registered Shares GDR 4,731,937 0.29

4,731,937 0.29

NETHERLANDS1,588,843 AMTEL Vredestein Registered Shares GDR 3,177,686 0.19

3,177,686 0.19

Total Shares 1,502,688,584 92.15


1,502,688,584 92.15


Investment Funds



48,800,205 2.99



48,800,205 2.99


Cash 83,698,115 5.13


Total Net Assets 1,630,707,987 100.00


SharesMaterials 32.41Financials 18.49Energy 16.88Telecommunication Services 8.47Consumer Staples 7.01Investment Companies 2.99Information Technology 2.95Consumer Discretionary 2.66Industrials 1.41Health Care 1.16Utilities 0.71


Total 100.00

210

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

As at 30 June 2008

Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets


SharesMaterials 30.90Financials 22.31Energy 12.00Utilities 6.52Telecommunication Services 5.67Consumer Staples 4.87Information Technology 3.34Investment Companies 2.93Industrials 2.77Health Care 2.30Consumer Discretionary 1.63


Total 100.00

211

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

As at 30 June 2008

Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets


Bonds

UNITED KINGDOM1,460,000 3i Group 09.03.23/6.875% 1,391,354 1.252,350,000 Abbey National 30.09.30/7.125%* 2,346,870 2.103,100,000 AIB UK 3 14.06.16/6.271%* 2,373,405 2.121,800,000 Alliance & Leicester 24.05.19/6.222%* 1,174,752 1.05653,000 Anglian Water Services Financing 30.07.30/6.293% 624,906 0.572,500,000 Anglo Irish Capital UK 01.06.17/6.949%* 1,709,915 1.531,300,000 Annington Finance No 4 07.12.22/0.000% 508,332 0.461,550,000 Aspire Defence Finance 31.03.40/4.674% 1,110,184 0.991,658,000 Aviva 27.07.20/5.902%* 1,349,666 1.212,126,000 Bank of Ireland UK Holdings 07.03.23/6.250%* 1,517,908 1.361,600,000 Barclays Bank 15.06.32/6.000%* 1,338,174 1.201,200,000 BUPA Finance 16.09.20/6.125%* 972,103 0.871,150,000 Cattles 05.07.17/7.125% 867,039 0.781,500,000 Clerical Medical Finance 05.11.19/7.375%* 1,328,598 1.191,700,000 Daily Mail & General Trust 21.06.27/6.375% 1,430,897 1.281,697,000 Derby Healthcare 30.06.41/5.564% 1,350,506 1.21729,774 Dignity Finance 31.12.23/6.310% 701,387 0.632,150,000 Electricity North West 25.03.26/8.875% 2,570,042 2.301,044,000 GlaxoSmithKline Capital 19.12.33/5.250% 924,158 0.832,450,000 GlaxoSmithKline Capital 10.04.42/5.250% 2,149,447 1.921,531,583 Greene King Finance 15.09.31/5.318% 1,249,670 1.121,130,000 Greene King Finance 15.03.34/5.106% 859,563 0.771,463,000 Hammerson 23.02.26/6.000% 1,140,847 1.02500,000 Harbour Funding 31.03.34/5.280% 441,422 0.40731,000 Haven Funding 30.09.37/8.125% 883,041 0.791,200,000 Hutchison Whampoa Finance

UK 24.11.26/5.625% 977,077 0.872,740,000 Land Securities Capital Markets 31.03.27/5.391%* 2,391,816 2.141,601,000 Legal & General Finance 05.04.33/5.875% 1,490,807 1.331,689,000 Lloyds TSB Group 07.06.32/6.000%* 1,501,167 1.343,104,000 Marstons Issuer 15.10.27/5.158%* 2,586,605 2.321,670,000 National Westminster Bank 05.10.22/7.125%* 1,549,803 1.392,050,000 Nationwide Building Society 06.02.26/5.769%* 1,545,436 1.381,242,000 Northern Rock 21.09.27/7.053%* 707,940 0.63680,000 Old Mutual 24.03.20/6.376%* 539,032 0.48400,000 Places For People Homes 31.07.43/5.090% 347,291 0.311,012,000 RBS 07.06.32/5.625%* 820,192 0.731,814,000 RMPA Services 30.09.38/5.337% 1,504,118 1.352,100,000 Standard Chartered Bank 14.07.20/5.375%* 1,678,851 1.50769,000 Tesco 14.12.29/6.000% 739,934 0.66300,000 Tesco 05.03.57/5.200% 267,077 0.242,100,000 Thames Water Utilities Finance 28.09.37/5.125% 1,741,954 1.561,540,000 Three Valleys Water Finance 13.07.26/5.875% 1,417,799 1.272,000,000 Unique Pub Finance 30.03.21/6.542% 1,880,049 1.681,129,000 Vodafone Group 26.11.32/5.900% 1,008,743 0.902,127,000 Wessex Water Services Finance 10.03.28/5.375% 1,837,698 1.65834,791 White City Property Finance 17.04.35/5.120% 701,202 0.631,347,000 Zürich Finance UK 02.10.22/6.625%* 1,194,860 1.07

60,743,637 54.38

UNITED STATES OF AMERICA2,400,000 Commerzbank Capital Funding

Trust I 12.04.18/5.905%* 1,845,221 1.652,500,000 General Electric Capital 15.09.66/5.500%* 2,185,374 1.961,300,000 Merrill Lynch & Co. 02.06.28/8.125% 1,222,725 1.091,200,000 National Capital Trust I 17.12.18/5.620%* 975,292 0.87532,000 Procter & Gamble 31.01.30/6.250% 537,183 0.482,200,000 Rabobank Capital Funding Trust

IV 31.12.19/5.556%* 1,868,176 1.672,050,000 Wachovia Bank\Charlotte 01.08.23/5.250% 1,592,926 1.432,400,000 Wal-Mart Stores 28.09.35/5.250% 2,197,843 1.97

12,424,740 11.12

JERSEY1,630,000 Annington Repackaging No 1 10.01.23/5.324% 1,400,905 1.251,490,000 HBOS Sterling Finance 09.12.31/7.881%* 1,396,390 1.252,417,000 HSBC Bank Funding Sterling 05.11.31/5.844%* 1,973,377 1.771,700,000 Macquarie Capital Funding 15.04.20/6.177%* 1,169,948 1.051,600,000 QBE Capital Funding 18.07.16/6.857%* 1,379,995 1.24

7,320,615 6.56

NETHERLANDS1,733,000 Aegon 15.12.31/6.125% 1,615,350 1.441,400,000 E.ON International Finance 30.10.19/6.000% 1,325,928 1.19400,000 RWE Finance 20.04.21/6.500% 396,060 0.351,935,000 RWE Finance 03.06.30/6.250% 1,886,808 1.692,000,000 Siemens

Financieringsmaatschappij 14.09.66/6.125%* 1,781,903 1.60

7,006,049 6.27

CAYMAN ISLANDS1,480,000 Dwr Cymru Financing 31.03.28/6.015% 1,375,426 1.23350,000 Punch Taverns Finance 30.06.22/7.369% 351,003 0.313,500,000 SMFG Preferred Capital GBP 1 25.01.17/6.164%* 2,777,451 2.49910,000 Trafford Centre Finance 28.07.33/6.500% 924,392 0.83

5,428,272 4.86

FRANCE1,250,000 Bouygues 06.10.26/5.500% 1,044,309 0.94950,000 EDF 30.05.28/6.250% 939,167 0.841,600,000 France Télécom 10.11.20/7.250% 1,628,109 1.46350,000 France Télécom 23.01.34/5.625% 305,316 0.27

3,916,901 3.51

MEXICO1,893,000 United Mexican States 06.02.24/6.750% 1,900,872 1.70

1,900,872 1.70

ITALY1,200,000 Atlantia 09.06.22/6.250% 1,117,231 1.00915,000 Romulus Finance 20.02.23/5.441% 782,347 0.70

1,899,578 1.70

SPAIN1,500,000 Telefónica Emisiones 02.02.26/5.375% 1,261,617 1.13

1,261,617 1.13

AUSTRALIA1,210,000 WT Finance Aust

Property/Westfield EuropeFinance/WEA Finance 27.06.17/5.500% 998,850 0.89

998,850 0.89

JAPAN750,000 Shinsei Bank 06.12.13/5.625%* 545,562 0.49

545,562 0.49

Total Bonds 103,446,693 92.61


103,446,693 92.61


Bonds

UNITED STATES OF AMERICA4,400,000 US Treasury (i) 20.11.08/0.000% 2,186,227 1.96

2,186,227 1.96

Total Bonds 2,186,227 1.96

Investment Funds

LUXEMBOURG218 JPMorgan Liquidity Funds - Sterling Liquidity Fund

(JPM Sterling Liquidity X (acc)) 3,207,596 2.87

3,207,596 2.87



5,393,823 4.83



Cash 1,236,739 1.11



* Variable coupon rates are those quoted as at 30 June 2008.** Please refer to Note 2a).(i) Security partially or totally held as collateral against futures positions by the broker.

212

JPMorgan Funds - Sterling Bond FundSchedule of Investments (Market Value Expressed in GBP)

As at 30 June 2008

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets


Fixed Income SecuritiesUnited Kingdom 54.38United States of America 13.08Jersey 6.56Netherlands 6.27Cayman Islands 4.86France 3.51Mexico 1.70Italy 1.70Spain 1.13Australia 0.89Japan 0.49Pricing Adjustment (0.30)



Total 100.00


Fixed Income SecuritiesUnited Kingdom 53.94United States of America 15.33Jersey 6.69Cayman Islands 6.31Netherlands 6.02Italy 2.43France 2.22Spain 1.50Mexico 1.40International Agencies 0.78



Total 100.00

213

JPMorgan Funds - Sterling Bond FundSchedule of Investments (Market Value Expressed in GBP) (continued)

As at 30 June 2008

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

JPMorgan Funds - Sterling Bond FundSchedule of Investments - Outstanding Forward Foreign Exchange Contracts (Expressed in GBP)

As at 30 June 2008



AmountSold


15-Jul-08 GBP 2,405,686 USD 4,701,276 45,88615-Jul-08 GBP 137,909 EUR 175,000 (604)15-Jul-08 USD 300,000 GBP 152,134 (1,549)

Total 43,733

Schedule of Investments - Outstanding Financial Futures Contracts (Expressed in GBP)

ExpirationDate


NotionalValue


Bond Futures

Sep-08 66 Euro-Bobl Future EUR 5,521,207 (96,389)Sep-08 (36) Euro-Schatz Future EUR (2,914,011) (684)Sep-08 2 Japan 10 Year Bond Future JPY 1,284,298 8,581Sep-08 (60) US 10 Year Note Future USD (3,429,219) (14,353)Sep-08 332 Long Gilt Future GBP 34,664,120 (518,010)Sep-08 (152) US 5 Year Note Future USD (8,422,982) 9,527Dec-08 44 3 Month Bank Accept Future CAD 5,259,986 14,154Mar-09 (44) 3 Month Bank Accept Future CAD (5,251,820) (15,788)



Sep-08 (56) 90 Day Sterling Future GBP (6,573,000) (5,763)Dec-08 (71) 3 Month Euro EURIBOR Future EUR (13,305,969) (2,779)Dec-08 86 90 Day Euro$ Future USD 10,438,714 27,622Mar-09 105 90 Day Sterling Future GBP 12,309,938 7,200Jun-09 67 3 Month Euro Yen Future JPY 7,854,773 16,676Jun-09 255 90 Day Sterling Future GBP 29,908,313 (56,075)


Total (626,081)

214


Shares and Rights

UNITED KINGDOM111,018 Anglo American 3,901,173 4.00454,966 Ashmore Group 995,238 1.0247,641 AstraZeneca 1,010,466 1.04263,592 Aviva 1,307,416 1.34232,006 BAE Systems 1,018,506 1.04153,203 Balfour Beatty 649,198 0.66267,395 Barclays 775,445 0.8057,298 Barclays - Rights 17.07.08 5,157 0.01281,868 BG Group 3,647,372 3.74187,557 BHP Billiton 3,586,090 3.681,312,176 BP 7,633,584 7.83112,722 British American Tobacco 1,944,454 1.9985,223 Capital & Regional 163,202 0.17184,738 Carillion 615,639 0.63121,302 Charter 1,039,558 1.0743,660 Chemring Group 1,023,827 1.0588,998 Cookson Group 556,237 0.5734,227 Dana Petroleum 649,286 0.6764,125 De La Rue 570,392 0.5964,524 Diageo 595,557 0.611,123 Eurasian Natural Resources 15,026 0.02

202,153 Game Group 578,663 0.59256,224 GKN 568,177 0.58240,167 GlaxoSmithKline 2,668,255 2.74866,691 HMV Group 1,094,197 1.12618,354 HSBC Holdings 4,792,244 4.9190,582 Imperial Tobacco Group 1,691,166 1.7583,626 Intermediate Capital Group 1,135,641 1.17116,001 Interserve 532,735 0.55216,542 JKX Oil & Gas 1,118,439 1.1545,663 Kazakhmys 723,302 0.74174,600 Keller Group 1,092,996 1.12884,177 Legal & General Group 881,524 0.9066,742 Lloyds TSB Group 206,566 0.21253,123 Michael Page International 589,144 0.6060,575 National Express Group 567,891 0.5837,812 Premier Oil 618,982 0.63305,633 Prudential 1,619,855 1.66297,460 QinetiQ 600,126 0.621,442,979 RBS 3,077,153 3.1612,396 Reckitt Benckiser Group 314,858 0.32

1,267,406 Regus Group 1,026,599 1.0569,755 Rio Tinto 4,188,788 4.30220,080 Royal Dutch Shell - A Shares 4,520,443 4.64191,249 Royal Dutch Shell - B Shares 3,846,017 3.95606,886 RSA Insurance Group 755,573 0.78237,339 Savills 524,519 0.54245,787 St James’s Place 539,502 0.55256,648 Stagecoach Group 710,915 0.7395,400 Standard Chartered 1,350,864 1.39354,154 Standard Life 735,755 0.75278,817 Tate & Lyle 1,094,357 1.12260,015 Tesco 947,755 0.97473,652 Thomas Cook Group 1,089,400 1.12248,783 Tullett Prebon 1,077,230 1.1122,971 Unilever 326,418 0.3356,486 Vedanta Resources 1,231,960 1.26

3,206,112 Vodafone Group 4,754,664 4.8844,855 Wellstream Holdings 585,358 0.60198,443 WH Smith 739,200 0.76107,481 WSP Group 562,126 0.5868,079 Xstrata 2,746,307 2.82

89,528,487 91.86

JERSEY176,021 Petrofac 1,281,433 1.31

1,281,433 1.31

BERMUDA17,758 Aquarius Platinum 146,592 0.15314,977 Catlin Group 1,092,183 1.12

1,238,775 1.27

AUSTRALIA816,320 International Ferro Metals 1,024,482 1.05

1,024,482 1.05


600,166 0.62



93,673,343 96.11


Investment Funds

UNITED KINGDOM1,436,673 JPMorgan Fund II ICVC - UK Smaller Companies

Fund (A-Retail Accumulated) 2,666,464 2.73

2,666,464 2.73



2,666,464 2.73


Bank Overdraft (5,148,149) (5.28)




Shares and RightsEnergy 24.52Financials 22.10Materials 18.02Industrials 9.88Consumer Staples 7.09Telecommunication Services 4.88Consumer Discretionary 4.79Health Care 3.78Investment Companies 2.73Information Technology 1.05


Total 100.00


SharesEnergy 23.80Financials 19.12Industrials 15.48Materials 15.31Telecommunication Services 6.74Consumer Staples 4.90Consumer Discretionary 4.53Health Care 4.32Investment Companies 3.55Information Technology 2.00


Total 100.00

215

JPMorgan Funds - UK Equity FundSchedule of Investments (Market Value Expressed in GBP)

As at 30 June 2008

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets


Shares

UNITED STATES OF AMERICA1,259 Actuant - A Shares 39,558 0.31811 Acuity Brands 40,112 0.311,242 Aeropostale 39,048 0.293,319 Aetna 134,320 1.05594 AK Steel Holding 41,390 0.33712 Alliance Data Systems 39,872 0.313,059 Allied Waste Industries 38,054 0.304,594 Altria Group 94,453 0.741,108 AMERIGROUP 23,357 0.18407 Ameriprise Financial 16,606 0.131,824 Amkor Technology 19,389 0.152,573 Annaly Capital Management 40,087 0.311,202 Apache 166,657 1.301,342 Applied Biosystems 44,769 0.352,054 Applied Materials 39,478 0.31610 Assurant 41,096 0.328,642 AT&T 284,840 2.221,505 Atmos Energy 40,740 0.32856 Autoliv 39,984 0.31346 Autozone 41,856 0.334,093 Bank of America 99,051 0.77809 Bank of Hawaii 38,856 0.301,512 Bank of New York Mellon 56,110 0.441,541 BB&T 35,227 0.261,287 Big Lots 39,704 0.311,194 BJ’s Wholesale Club 46,661 0.36440 BorgWarner 19,342 0.151,816 Broadridge Financial Solutions 38,917 0.311,690 Capital One Financial 64,135 0.502,082 Caterpillar 153,173 1.201,972 CBS - B Shares 38,454 0.30859 Celanese - A Shares 39,918 0.311,321 CenturyTel 47,384 0.37292 CF Industries Holdings 45,391 0.353,025 Chevron 298,416 2.332,806 Chubb 138,925 1.08749 Church & Dwight 42,071 0.33948 Cigna 33,938 0.261,857 Citigroup 30,919 0.24465 Cleveland-Cliffs 55,112 0.43777 CommScope 40,046 0.312,635 ConocoPhillips 245,924 1.92881 Corn Products International 43,389 0.345,012 Corning 116,278 0.912,334 CSX 145,035 1.13652 Cummins 41,747 0.334,325 CVS Caremark 172,351 1.34773 Darden Restaurants 24,473 0.19621 Devon Energy 73,446 0.58726 DeVry 43,691 0.341,847 DIRECTV Group 47,542 0.373,331 Dominion Resources 155,458 1.211,458 DPL 38,535 0.30389 Eaton 32,898 0.262,586 Edison International 130,515 1.023,283 Eli Lilly & Co. 150,132 1.17983 Embarq 45,287 0.351,736 Endo Pharmaceuticals Holdings 41,751 0.33547 Energen 42,567 0.331,933 Expedia 35,921 0.281,130 Express Scripts 72,659 0.575,964 Exxon Mobil 519,882 4.061,411 Freeport-McMoRan Copper & Gold 166,950 1.313,736 Fulton Financial 37,622 0.29946 GameStop - A Shares 39,325 0.315,128 Gap 85,022 0.66779 Gardner Denver 43,040 0.341,041 General Dynamics 86,476 0.671,894 General Electric 49,964 0.39721 Goldman Sachs Group 125,634 0.981,667 GrafTech International 45,226 0.35958 Hanesbrands 26,240 0.20750 Harris 38,213 0.301,076 Hasbro 37,240 0.291,179 Hewitt Associates - A Shares 45,179 0.354,880 Hewlett-Packard 214,964 1.682,686 Honeywell International 133,145 1.041,432 Hospitality Properties Trust 34,941 0.27824 Hubbell - B Shares 33,009 0.26

856 IMS Health 19,568 0.152,348 Intel 50,271 0.392,247 International Business Machines 266,314 2.08393 Investment Technology Group 13,173 0.102,894 Johnson & Johnson 184,521 1.44737 Kimberly-Clark 43,962 0.34967 Kinetic Concepts 38,109 0.30788 Kirby 37,800 0.29304 L-3 Communications Holdings 27,527 0.21530 Laboratory Corp. of America Holdings 37,021 0.291,472 Lear 20,873 0.161,154 Lexmark International - A Shares 38,797 0.301,491 Lockheed Martin 147,788 1.15632 Loews 30,108 0.231,018 Lorillard 69,031 0.541,073 Manitowoc 34,443 0.27578 Marathon Oil 29,865 0.233,090 McDonald’s 171,742 1.34647 MEMC Electronic Materials 40,657 0.323,520 Merck & Co. 132,387 1.03470 Metlife 25,009 0.207,885 Microsoft 219,645 1.71615 Mirant 23,887 0.19718 Molson Coors Brewing - B Shares 39,052 0.301,264 Morgan Stanley 45,605 0.36640 Nasdaq OMX Group 17,747 0.141,715 Nike - B Shares 102,900 0.801,014 Noble Energy 100,792 0.791,801 Norfolk Southern 109,735 0.861,048 Northern Trust 71,264 0.561,747 Nucor 134,135 1.051,023 Nvidia 19,069 0.152,034 Occidental Petroleum 182,470 1.42886 Omnicom Group 39,321 0.312,305 ON Semiconductor 21,206 0.179,252 Oracle 195,587 1.53873 Owens & Minor 40,446 0.32668 Owens-Illinois 28,183 0.22573 Parker Hannifin 40,316 0.31506 Pediatrix Medical Group 25,695 0.202,077 Penske Auto Group 30,719 0.241,295 Pepsi Bottling Group 36,467 0.281,290 Perrigo 41,990 0.3311,719 Pfizer 204,379 1.593,356 Philip Morris International 166,860 1.30334 Priceline.com 39,329 0.311,570 Procter & Gamble 95,346 0.742,348 Prologis 126,369 0.992,732 QLogic 39,614 0.317,175 Qwest Communications International 27,337 0.21788 Raymond James Financial 20,709 0.162,485 Reynolds American 116,820 0.921,129 Ross Stores 40,317 0.31637 RR Donnelley & Sons 18,683 0.15257 SPX 33,744 0.261,257 State Street 79,681 0.621,081 Steel Dynamics 42,267 0.331,308 Supervalu 40,143 0.311,401 Sybase 41,834 0.336,936 Symantec 134,732 1.051,217 TD Ameritrade Holding 22,028 0.171,923 TECO Energy 40,787 0.32940 Terra Industries 48,748 0.382,330 Texas Instruments 65,729 0.511,362 TJX 42,971 0.34800 TRW Automotive Holdings 14,920 0.121,156 Tupperware Brands 38,194 0.30380 United States Steel 71,904 0.565,172 US Bancorp 145,385 1.13621 UST 34,236 0.273,785 Viacom - B Shares 114,572 0.89726 W&T Offshore 42,754 0.33605 Waddell & Reed Financial - A Shares 21,072 0.165,321 Walt Disney 167,612 1.32434 Walter Industries 47,306 0.371,875 Washington Federal 34,022 0.271,013 Watson Pharmaceuticals 27,392 0.21726 Watson Wyatt Worldwide - A Shares 38,747 0.30912 Weight Watchers International 32,732 0.261,078 Western Digital 37,493 0.303,312 Windstream 40,671 0.322,868 Xerox 38,403 0.30

11,590,126 90.42

216

JPMorgan Funds - US 130/30 FundSchedule of Investments (Market Value Expressed in USD)

As at 30 June 2008

Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets

BERMUDA3,179 Accenture - A Shares 128,559 1.01925 Allied World Assurance Co Holdings 37,786 0.30573 Arch Capital Group 38,339 0.301,490 Aspen Insurance Holdings 35,253 0.28517 Axis Capital Holdings 15,779 0.121,071 Endurance Specialty Holdings 33,244 0.26662 Frontline 46,777 0.37863 Invesco 20,936 0.16505 PartnerRe 35,416 0.282,589 Warner Chilcott - A Shares 44,065 0.34

436,154 3.42

CAYMAN ISLANDS2,352 ACE 129,125 1.011,729 Fresh Del Monte Produce 40,839 0.321,077 Herbalife 41,184 0.322,090 Seagate Technology 39,961 0.31735 Transocean 113,139 0.89

364,248 2.85

MARSHALL ISLANDS706 Genco Shipping & Trading 44,902 0.35

44,902 0.35

Total Shares 12,435,430 97.04


12,435,430 97.04


Cash 141,097 1.10




SharesInformation Technology 13.86Energy 13.84Financials 13.71Industrials 13.67Consumer Discretionary 10.82Health Care 9.97Consumer Staples 8.37Materials 5.63Utilities 3.69Telecommunication Services 3.48


Total 100.00


SharesFinancials 15.28Information Technology 14.21Energy 12.83Industrials 12.26Health Care 11.50Consumer Discretionary 10.17Consumer Staples 6.16Materials 4.81Telecommunication Services 4.00Utilities 2.71


Total 100.00

217

JPMorgan Funds - US 130/30 FundSchedule of Investments (Market Value Expressed in USD) (continued)

As at 30 June 2008

Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets

JPMorgan Funds - US 130/30 FundSchedule of Investments - Outstanding Forward Foreign Exchange Contracts (Expressed in USD)

As at 30 June 2008



AmountSold


15-Jul-08 EUR 3,808,385 USD 5,973,918 31,35115-Jul-08 USD 223,000 EUR 143,583 (3,409)

Total 27,942



Value


Morgan Stanley Swap on Basket of Securities - Long USD (244,394) (244,394)Morgan Stanley Swap on Basket of Securities - Short USD 451,274 451,274

Total 206,880 206,880

218


Bonds

UNITED STATES OF AMERICA15,000 Abbey National Capital Trust I 30.06.30/8.963%* 16,457 0.00115,000 Alcoa 01.02.17/5.550% 108,716 0.0395,000 Allstate Life Global Funding

Trusts 30.04.13/5.375% 94,844 0.02150,000 American Electric Power - C

Shares 15.03.10/5.375% 151,940 0.04285,000 American General Finance 01.10.12/5.375% 265,825 0.07100,000 American International Group 15.05.13/4.250% 92,100 0.02100,000 American International Group 18.10.16/5.600% 94,848 0.0275,000 Anheuser-Busch 01.04.36/5.750% 64,284 0.0250,000 Appalachian Power 01.05.09/6.600% 50,841 0.0125,000 Arizona Public Service 15.05.15/4.650% 21,945 0.01500,000 AT&T 15.01.13/4.950% 500,200 0.13630,000 AT&T 15.09.14/5.100% 624,310 0.1660,000 AT&T 15.06.16/5.625% 59,988 0.02300,000 AT&T 15.01.38/6.300% 285,786 0.08150,000 Bank of America 15.02.10/7.800% 157,897 0.04250,000 Bank of America 15.01.11/7.400% 263,515 0.07200,000 Baxter International 15.03.15/4.625% 192,671 0.05100,000 Bear Stearns 25.03.09/3.250% 99,107 0.03350,000 Bear Stearns 15.11.14/5.700% 338,842 0.09250,000 Bear Stearns 02.10.17/6.400% 248,518 0.06100,000 Bear Stearns 01.02.18/7.250% 105,101 0.03200,000 BellSouth 15.09.14/5.200% 198,322 0.0575,000 BellSouth 15.11.34/6.000% 70,247 0.0260,000 Boeing 15.02.33/6.125% 61,618 0.02155,000 Burlington Northern Santa Fe 15.03.09/6.125% 157,530 0.04100,000 Burlington Northern Santa Fe 15.07.11/6.750% 104,482 0.03100,000 Capital One Financial 15.09.11/5.700% 96,173 0.03220,000 Capital One Financial 15.11.13/6.250% 218,574 0.0675,000 Carolina Power & Light 15.09.13/5.125% 75,652 0.0270,000 Caterpillar Financial Services 15.03.16/5.500% 70,260 0.0275,000 CenterPoint Energy Houston

Electric 15.01.14/5.750% 74,952 0.0240,000 CenterPoint Energy Resources 01.11.17/6.125% 39,362 0.0135,000 Centex 15.05.14/5.700% 30,113 0.01225,000 CIT Group 30.11.12/7.625% 197,872 0.05500,000 Citigroup 29.07.09/4.250% 501,118 0.13500,000 Citigroup 27.08.12/5.625% 496,342 0.13150,000 Citigroup 15.09.14/5.000% 138,932 0.04430,000 Citigroup 15.08.17/6.000% 418,401 0.11140,000 Citigroup 21.11.17/6.125% 136,243 0.0415,000 Citigroup 15.06.32/6.625% 14,446 0.0060,000 Cleveland Electric Illuminating -

D Shares 01.11.17/7.880% 66,057 0.0250,000 Coca-Cola Enterprises 01.02.12/8.500% 56,594 0.0160,000 Columbus Southern Power 01.05.18/6.050% 60,156 0.02300,000 Comcast Cable Communications

Holdings 15.03.13/8.375% 332,045 0.0835,000 Connecticut Light & Power 01.05.18/5.650% 34,574 0.0120,000 ConocoPhillips 25.05.10/8.750% 21,873 0.0115,000 Consolidated Edison Co. of New

York 01.09.10/7.500% 15,937 0.0055,000 Consolidated Edison Co. of New

York 01.07.12/5.625% 55,812 0.01130,000 Countrywide Home Loans 15.07.09/5.625% 125,697 0.03100,000 Countrywide Home Loans 22.03.11/4.000% 90,485 0.0250,000 CSFB USA 15.11.11/6.125% 51,408 0.01175,000 CSFB USA 15.01.12/6.500% 182,507 0.05150,000 CSFB USA 15.01.14/5.125% 147,951 0.0475,000 CSFB USA 15.01.15/4.875% 72,106 0.0290,000 Daimler Finance North America 01.09.09/7.200% 92,729 0.02100,000 Daimler Finance North America 15.01.12/7.300% 105,654 0.0340,000 Dow Chemical 01.02.11/6.125% 41,218 0.01360,000 Dow Chemical 01.10.12/6.000% 370,298 0.1065,000 Dow Chemical 01.11.29/7.375% 70,938 0.0225,000 DTE Energy 01.06.11/7.050% 25,994 0.01100,000 Duke Energy Carolinas 01.10.08/4.200% 100,142 0.03255,000 Duke Energy Carolinas 15.04.18/5.100% 248,849 0.0620,000 FleetBoston Financial 01.12.09/7.375% 21,020 0.0120,000 Florida Power 15.06.18/5.650% 20,215 0.0135,000 Florida Power & Light 01.10.33/5.950% 34,609 0.0140,000 FPL Group Capital 15.06.13/5.350% 40,426 0.01100,000 General Electric Capital 15.06.09/3.250% 100,021 0.03200,000 General Electric Capital 19.01.10/7.375% 211,210 0.04300,000 General Electric Capital 22.02.11/6.125% 315,032 0.08470,000 General Electric Capital 15.02.12/5.875% 487,372 0.13230,000 General Electric Capital 15.06.12/6.000% 238,587 0.05500,000 General Electric Capital 19.10.12/5.250% 505,286 0.13700,000 General Electric Capital 01.05.13/4.800% 691,284 0.18

600,000 General Electric Capital 20.09.13/5.400% 608,988 0.161,100,000 General Electric Capital 09.06.14/5.650% 1,133,153 0.30100,000 General Electric Capital 15.09.17/5.625% 99,875 0.031,100,000 General Electric Capital 01.05.18/5.625% 1,082,173 0.2865,000 General Electric Capital 15.03.32/6.750% 66,029 0.02100,000 General Electric Capital 14.01.38/5.875% 91,377 0.0235,000 Genworth Financial 15.06.14/5.750% 34,422 0.0110,000 Genworth Financial 15.06.34/6.500% 8,879 0.00300,000 Golden West Financial 01.10.12/4.750% 287,508 0.07100,000 Goldman Sachs Group 15.01.09/3.875% 100,184 0.0390,000 Goldman Sachs Group 15.05.09/6.650% 92,174 0.02555,000 Goldman Sachs Group 15.01.11/6.875% 579,945 0.15525,000 Goldman Sachs Group 15.01.12/6.600% 547,042 0.14150,000 Goldman Sachs Group 01.04.13/5.250% 150,224 0.04125,000 Goldman Sachs Group 15.07.13/4.750% 121,508 0.03150,000 Goldman Sachs Group 15.10.13/5.250% 148,599 0.04235,000 Goldman Sachs Group 15.01.14/5.150% 230,673 0.06300,000 Goldman Sachs Group 15.11.14/5.500% 299,136 0.08150,000 Goldman Sachs Group 18.01.18/5.950% 144,366 0.04300,000 Goldman Sachs Group 01.10.37/6.750% 277,583 0.07175,000 Hewlett-Packard 01.03.17/5.400% 173,718 0.0550,000 Home Depot 01.03.16/5.400% 46,235 0.01150,000 HRPT Properties Trust 15.01.18/6.650% 137,928 0.0435,000 HSBC Finance 15.12.08/4.125% 35,032 0.01200,000 HSBC Finance 01.08.10/6.375% 205,860 0.05625,000 HSBC Finance 15.10.11/6.375% 645,284 0.17200,000 HSBC Finance 15.07.13/4.750% 193,860 0.05500,000 HSBC Finance 15.01.14/5.250% 493,648 0.13125,000 International Business Machines 01.08.27/6.220% 125,339 0.0335,000 International Paper 15.01.09/4.250% 34,880 0.01165,000 International Paper 01.04.10/4.000% 162,536 0.04150,000 John Deere Capital 15.07.09/4.400% 151,648 0.0445,000 John Deere Capital 03.04.18/5.350% 44,331 0.01200,000 Kellogg 06.03.13/4.250% 194,898 0.0525,000 Kinder Morgan Energy Partners 15.11.14/5.125% 23,847 0.01400,000 Kraft Foods 01.02.18/6.125% 390,547 0.10175,000 Kraft Foods 01.02.38/6.875% 171,731 0.0415,000 Kroger 01.04.11/6.800% 15,630 0.00180,000 Lehman Brothers Holdings 10.11.09/3.950% 175,441 0.05310,000 Lehman Brothers Holdings 15.08.10/7.875% 316,096 0.0875,000 Lehman Brothers Holdings 18.01.12/6.625% 74,347 0.02250,000 Lehman Brothers Holdings 17.05.13/5.750% 236,094 0.0675,000 Lehman Brothers Holdings 28.12.17/6.750% 70,906 0.0230,000 Lockheed Martin 01.12.29/8.500% 36,956 0.01125,000 Macys Retail Holdings 15.08.13/7.625% 124,073 0.03250,000 Marathon Oil 01.10.17/6.000% 250,764 0.07200,000 Marshall & Ilsley 01.04.11/5.350% 192,337 0.05100,000 Merrill Lynch & Co. 15.07.08/3.125% 99,934 0.03175,000 Merrill Lynch & Co. 15.01.09/4.125% 174,412 0.05290,000 Merrill Lynch & Co. 15.08.12/6.050% 285,071 0.07280,000 Merrill Lynch & Co. 25.04.13/6.150% 272,930 0.07295,000 Merrill Lynch & Co. 15.07.14/5.450% 280,272 0.0740,000 Merrill Lynch & Co. 15.01.15/5.000% 36,615 0.01200,000 Merrill Lynch & Co. 28.08.17/6.400% 190,924 0.05290,000 Merrill Lynch & Co. 25.04.18/6.875% 282,313 0.07300,000 Monsanto 15.08.12/7.375% 325,225 0.08550,000 Morgan Stanley 15.04.11/6.750% 569,154 0.15300,000 Morgan Stanley 01.04.12/6.600% 306,416 0.08300,000 Morgan Stanley 01.03.13/5.300% 294,134 0.08150,000 Morgan Stanley 01.04.14/4.750% 137,759 0.04300,000 New Cingular Wireless Services 01.03.11/7.875% 320,484 0.0835,000 New Cingular Wireless Services 01.03.31/8.750% 42,075 0.0115,000 News America Holdings 20.01.24/7.750% 16,223 0.0080,000 Nisource Finance 01.03.13/6.150% 79,901 0.0219,000 Norfolk Southern 17.05.25/5.590% 17,522 0.0021,000 Norfolk Southern 15.02.31/7.250% 22,606 0.01100,000 Northrop Grumman Systems 15.02.11/7.125% 106,595 0.0325,000 Odyssey Re Holdings 01.11.13/7.650% 26,514 0.0150,000 Parker Hannifin 15.05.18/5.500% 50,086 0.01150,000 Peco Energy 01.03.18/5.350% 147,670 0.04100,000 PNC Funding 15.11.15/5.250% 94,596 0.02110,000 Progress Energy 15.04.12/6.850% 116,221 0.03105,000 Protective Life Secured Trusts 24.11.08/3.700% 105,144 0.03240,000 Protective Life Secured Trusts 07.10.09/4.000% 239,385 0.06100,000 Protective Life Secured Trusts 01.04.11/4.000% 97,102 0.03110,000 Prudential Financial 20.09.14/5.100% 105,735 0.0335,000 PSEG Power 15.04.31/8.625% 42,266 0.0155,000 Public Service Electric & Gas 01.05.18/5.300% 54,282 0.01100,000 Regions Financial 10.12.37/7.375% 79,080 0.0265,000 Safeway 01.11.08/4.125% 64,863 0.02150,000 SLM 15.01.10/4.000% 140,190 0.0420,000 SLM 15.01.13/5.375% 17,147 0.00325,000 Sprint Capital 30.01.11/7.625% 318,529 0.0835,000 Sprint Capital 01.05.19/6.900% 30,401 0.01

219

JPMorgan Funds - US Aggregate Bond FundSchedule of Investments (Market Value Expressed in USD)

As at 30 June 2008

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

10,000 Sprint Capital 15.03.32/8.750% 9,453 0.00400,000 Sprint Nextel 01.12.16/6.000% 339,937 0.09100,000 State Street 15.06.10/7.650% 105,003 0.03105,000 Textron Financial 03.02.11/5.125% 104,474 0.03150,000 Textron Financial 28.04.13/5.400% 149,287 0.04100,000 Toyota Motor Credit 01.08.08/2.875% 99,974 0.0350,000 Travelers 15.05.18/5.800% 49,215 0.01155,000 UBS Preferred Funding Trust I 01.10.10/8.622%* 155,801 0.0475,000 Union Pacific 15.01.15/4.875% 72,221 0.02100,000 United Parcel Service 15.01.18/5.500% 101,424 0.0340,000 Valero Energy 15.04.32/7.500% 40,862 0.01150,000 Verizon Communications 15.02.16/5.550% 148,146 0.04185,000 Verizon Communications 01.04.17/5.500% 178,423 0.05150,000 Verizon Florida - F Shares 15.01.13/6.125% 150,236 0.0445,000 Verizon Global Funding 01.09.12/7.375% 48,348 0.01225,000 Verizon Maryland - A Shares 01.03.12/6.125% 229,708 0.06250,000 Verizon New England - C Shares 01.10.13/4.750% 236,176 0.0615,000 Verizon New York - B Shares 01.04.32/7.375% 15,498 0.00200,000 Verizon Virginia - A Shares 15.03.13/4.625% 193,171 0.0540,000 Virginia Electric and Power 15.12.10/4.500% 40,293 0.01250,000 Virginia Electric and Power 30.11.12/5.100% 250,605 0.06140,000 Virginia Electric and Power 15.09.17/5.950% 140,842 0.04250,000 Virginia Electric and Power 30.04.18/5.400% 244,844 0.06380,000 Wachovia 17.02.09/3.625% 378,360 0.10285,000 Wachovia 01.05.13/5.500% 277,082 0.07100,000 Wachovia 15.02.14/4.875% 94,012 0.02450,000 Wachovia 01.02.18/5.750% 415,574 0.11250,000 Wachovia Bank NA 15.08.15/5.000% 232,155 0.0660,000 Wal-Mart Stores 01.09.35/5.250% 53,058 0.0145,000 Washington Mutual 15.01.10/4.200% 39,966 0.0150,000 Washington Mutual 01.04.10/8.250% 44,174 0.01100,000 Washington Mutual 01.11.17/7.250% 81,663 0.02250,000 Washington Mutual

Bank/Henderson 15.06.11/6.875% 215,414 0.06100,000 Wells Fargo & Co. 01.08.11/6.375% 104,511 0.03500,000 Wells Fargo & Co. 23.10.12/5.250% 504,416 0.13225,000 Wells Fargo & Co. 15.11.14/5.000% 222,575 0.06

34,156,941 8.89

UNITED KINGDOM110,000 AstraZeneca 01.06.14/5.400% 112,361 0.0390,000 British Telecommunications 15.12.10/8.375% 97,407 0.0345,000 British Telecommunications 15.12.30/9.125% 54,478 0.0135,000 RBS 30.09.31/7.648%* 34,113 0.01200,000 Vodafone Group 15.09.15/5.000% 190,408 0.05

488,767 0.13

MEXICO260,000 United Mexican States 16.01.13/6.375% 274,989 0.07165,000 United Mexican States 03.03.15/6.625% 177,358 0.05

452,347 0.12

LUXEMBOURG160,000 Telecom Italia Capital 15.11.13/5.250% 151,040 0.04300,000 Telecom Italia Capital 30.09.14/4.950% 278,693 0.07

429,733 0.11

SPAIN350,000 Telefonica Emisiones 04.02.13/5.855% 352,199 0.09

352,199 0.09

AUSTRALIA55,000 BHP Billiton Finance 29.03.17/5.400% 53,139 0.02200,000 Rio Tinto Finance USA 15.07.13/5.875% 200,373 0.05

253,512 0.07

NETHERLANDS45,000 Deutsche Telekom International

Finance 22.07.13/5.250% 44,311 0.01100,000 Deutsche Telekom International

Finance 15.06.30/8.250% 119,132 0.03

163,443 0.04

FRANCE90,000 France Télécom 01.03.11/7.750% 95,860 0.0210,000 France Télécom 01.03.31/8.500% 12,442 0.01

108,302 0.03

CANADA10,000 Canadian Natural Resources 15.01.32/7.200% 10,717 0.0060,000 Devon Financing 30.09.31/7.875% 70,713 0.02

81,430 0.02

Total Bonds 36,486,674 9.50


36,486,674 9.50


Bonds

UNITED STATES OF AMERICA183,232 ABN Amro Mortgage 2003-7 A3 25.07.18/4.500% 173,010 0.0550,000 Alabama Power 15.05.38/6.125% 50,723 0.01170,000 American General Finance 15.12.17/6.900% 152,753 0.04500,000 American Home Mortgage

Investment Trust 2005-3 2A4 25.09.35/4.848%* 403,483 0.11150,000 American Water Capital 15.10.17/6.085% 144,029 0.04100,000 AmeriCredit Automobile

Receivables Trust 2008-AF A3 12.12.12/5.680% 98,586 0.03100,000 AmeriCredit Automobile

Receivables Trust 2008-AF A4 14.10.14/6.960% 98,969 0.03150,000 ASIF Global Financing XXIII

144A 22.10.08/3.900% 150,374 0.0449,920 Banc of America Commercial

Mortgage 2003-2 A2 11.03.41/4.342% 49,547 0.01450,000 Banc of America Commercial

Mortgage 2005-6 ASB 10.09.47/5.352%* 436,931 0.12329,698 Banc of America Funding 2004-2

30PO 20.09.34/0.000% 217,172 0.061,250,000 Banc of America Funding 2005-6

2A7 25.10.35/5.500% 1,188,817 0.31594,526 Banc of America Funding

2005-E 4A1 20.03.35/4.106%* 590,548 0.1666,197 Banc of America Mortgage

Securities 2003-8 APO 25.11.33/0.000% 46,624 0.01619,884 Banc of America Mortgage

Securities 2004-5 2A2 25.06.34/5.500% 497,116 0.13148,083 Banc of America Mortgage

Securities 2004-9 XPO 25.11.34/0.000% 93,582 0.03600,000 Banc of America Mortgage

Securities 2004-E 2A5 25.06.34/4.112%* 578,562 0.15550,334 Banc of America Mortgage

Securities 2004-J 3A1 25.11.34/5.069%* 538,667 0.1495,000 Bank of America 01.10.10/4.250% 95,017 0.02200,000 Bank of America 14.10.16/5.625% 198,401 0.05350,000 Bank of America 01.05.18/5.650% 330,252 0.09264,456 Bear Stearns Adjustable Rate

Mortgage Trust 2003-7 3A 25.10.33/4.928%* 257,293 0.071,165,249 Bear Stearns Adjustable Rate

Mortgage Trust 2006-1 A1 25.02.36/4.625%* 1,117,387 0.29181,390 Bear Stearns Asset Backed

Securities Trust 2006-SD1 A 25.04.36/2.853%* 141,263 0.04150,000 Bear Stearns Commercial

Mortgage Securities 2005-PWR9AAB 11.09.42/4.804% 144,202 0.04

360,000 Bear Stearns CommercialMortgage Securities 2006-PW11A4 11.03.39/5.623%* 347,031 0.09

255,051 Bear Stearns CommercialMortgage Securities 2006-PW14A1 01.12.38/5.044% 253,073 0.07

100,000 Branch Banking & Trust 15.01.13/4.875% 96,493 0.03174,755 Capital One Auto Finance Trust

2007-C A2B 17.05.10/2.891%* 172,469 0.05100,000 Capital One Auto Finance Trust

2007-C A3A 16.04.12/5.130% 94,609 0.0340,000 Capital One Bank 15.09.10/5.750% 39,694 0.01368,257 Capital One Prime Auto

Receivables Trust 2007-2 A2 15.03.10/5.050% 370,560 0.10669,667 Chase Mortgage Finance 2003-S6

A1 25.06.18/5.000% 646,946 0.1780,000 Cisco Systems 22.02.16/5.500% 81,029 0.02200,000 Citibank Credit Card Issuance

Trust 2005-B1 B1 15.09.10/4.400% 200,550 0.05474,197 Citicorp Mortgage Securities

2003-10 A1 25.11.18/4.500% 447,743 0.121,186,454 Citicorp Mortgage Securities

2004-1 3A1 25.01.34/4.750% 1,151,372 0.301,985,056 Citicorp Mortgage Securities

2004-2 A1 25.03.34/5.000% 1,944,551 0.511,547,126 Citicorp Mortgage Securities

2004-5 2A5 25.08.34/4.500% 1,466,668 0.38

220

JPMorgan Funds - US Aggregate Bond FundSchedule of Investments (Market Value Expressed in USD) (continued)

As at 30 June 2008

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

1,265,976 Citicorp Mortgage Securities2004-8 1A1 25.10.34/5.500% 1,219,366 0.32

955,121 Citicorp Mortgage Securities2004-8 2A2 25.10.34/4.750% 882,112 0.23

1,340,767 Citicorp Mortgage Securities2005-3 2A2 25.04.20/5.000% 1,244,728 0.32

1,000,000 Citicorp Mortgage Securities2006-4 1A2 25.08.36/6.000% 926,470 0.24

271,251 Citigroup Commercial MortgageTrust 2006-C4 A1 15.03.49/5.915%* 273,692 0.07

37,321 Citigroup Mortgage Loan Trust2003-UP3 A3 25.09.33/7.000% 36,707 0.01

200,000 CNH Equipment Trust 2007-AA3 15.10.10/4.990% 201,411 0.05

100,000 CNH Equipment Trust 2008-BA4A 17.11.14/5.600% 99,281 0.03

400,000 Comcast 15.03.11/5.500% 401,067 0.11275,000 Comcast 15.03.16/5.900% 272,099 0.07150,000 Comcast Cable Holdings 01.02.12/9.800% 170,071 0.04100,000 Comcast Holdings 15.07.12/10.625% 114,908 0.0360,000 Commercial Mortgage Pass

Through Certificates 2004-LB4AA4 15.10.37/4.584% 58,010 0.02

200,000 Continental Airlines 02.10.10/7.487% 193,761 0.05935,026 Countrywide Alternative Loan

Trust 2002-18 A2 25.02.33/5.250% 905,604 0.24750,000 Countrywide Alternative Loan

Trust 2004-18CB 2A4 25.09.34/5.700% 466,350 0.12150,672 Countrywide Alternative Loan



Trust 2005-26CB A10 25.07.35/8.550%* 177,903 0.05600,000 Countrywide Alternative Loan

Trust 2005-28CB 1A4 25.08.35/5.500% 493,563 0.131,000,000 Countrywide Alternative Loan


Trust 2005-5R A1 25.12.18/5.250% 196,534 0.05959,349 Countrywide Alternative Loan

Trust 2005-J1 1A4 25.02.35/2.618%* 28,021 0.01434,000 Countrywide Alternative Loan

Trust 2007-21CB 1A5 25.09.37/6.000% 272,665 0.07659,590 Countrywide Home Loan

Mortgage Pass Through Trust2005-22 2A1 25.11.35/5.253%* 602,135 0.16

227,256 Countrywide Home LoanMortgage Pass Through Trust2003-26 1A6 25.08.33/3.500% 195,212 0.05

87,448 Countrywide Home LoanMortgage Pass Through Trust2003-J7 4A3 25.08.18/6.580%* 80,814 0.02

253,087 Countrywide Home LoanMortgage Pass Through Trust2004-7 2A1 25.06.34/4.032%* 249,113 0.07

783,475 Countrywide Home LoanMortgage Pass Through Trust2004-J6 2A1 25.07.14/4.750% 775,932 0.20

699,061 Countrywide Home LoanMortgage Pass Through Trust2004-J8 1A2 25.11.19/4.750% 667,337 0.17

188,298 Credit-Based Asset Servicing andSecuritization 2006-CB1 AF2 25.01.36/5.236%* 181,456 0.05

196,812 CSFB Mortgage Securities1998-C2 A2 15.11.30/6.300% 197,601 0.05

88,211 CSFB Mortgage Securities2001-CK1 A3 18.12.35/6.380% 90,250 0.02

777,959 CSFB Mortgage Securities2003-21 AP 25.09.33/0.000% 524,760 0.14

1,408,299 CSFB Mortgage Securities2003-23 2A5 25.10.18/5.000% 1,289,554 0.34


165,000 CSFB Mortgage Securities2003-C5 A4 15.12.36/4.900%* 159,322 0.04

641,960 CSFB Mortgage Securities 2004-3AP 25.06.34/0.000% 416,278 0.11


350,000 CSFB USA 15.08.13/5.500% 350,405 0.0990,807 DLJ Commercial Mortgage

1999-CG2 A1B 10.06.32/7.300%* 92,558 0.02125,000 Electronic Data Systems - B

Shares 01.08.13/6.500% 129,468 0.03280,000 Exelon Generation 15.06.11/6.950% 289,845 0.0850,000 Fannie Mae 15.01.10/7.250% 53,055 0.0128,093 Fannie Mae Interest Strip 340 1 01.09.33/0.000% 19,641 0.0125,319 Fannie Mae Pool No: 190632 01.02.14/6.000% 25,846 0.0133,701 Fannie Mae Pool No: 252409 01.03.29/6.500% 34,902 0.01396,661 Fannie Mae Pool No: 254305 01.05.22/6.500% 411,551 0.11

1,310,027 Fannie Mae Pool No: 254717 01.04.13/4.500% 1,305,159 0.3482,718 Fannie Mae Pool No: 254774 01.05.13/5.500% 83,946 0.02116,760 Fannie Mae Pool No: 254827 01.05.13/5.500% 118,501 0.031,057,381 Fannie Mae Pool No: 254919 01.09.18/4.000% 1,037,059 0.27743,979 Fannie Mae Pool No: 255052 01.11.23/4.000% 700,451 0.18391,925 Fannie Mae Pool No: 255174 01.03.14/4.000% 385,583 0.10746,891 Fannie Mae Pool No: 255441 01.06.19/3.500% 689,842 0.181,063,178 Fannie Mae Pool No: 256648 01.01.22/7.500% 1,108,616 0.2965,775 Fannie Mae Pool No: 357639 01.11.34/5.500% 64,778 0.02107,960 Fannie Mae Pool No: 386652 01.11.08/4.955% 107,758 0.03209,005 Fannie Mae Pool No: 535574 01.11.13/7.500% 216,623 0.06151,406 Fannie Mae Pool No: 545622 01.04.17/7.500% 158,596 0.04520,286 Fannie Mae Pool No: 545967 01.10.17/5.500% 523,456 0.141,643,756 Fannie Mae Pool No: 555182 01.01.18/6.000% 1,683,052 0.441,455,955 Fannie Mae Pool No: 555606 01.07.18/4.000% 1,427,973 0.37666,587 Fannie Mae Pool No: 555698 01.08.18/4.000% 653,776 0.17109,123 Fannie Mae Pool No: 555791 01.12.22/6.500% 113,388 0.03799,204 Fannie Mae Pool No: 555969 01.12.18/4.000% 783,844 0.2016,787 Fannie Mae Pool No: 583745 01.06.16/6.000% 17,188 0.0051,445 Fannie Mae Pool No: 598559 01.08.31/6.500% 52,868 0.0164,337 Fannie Mae Pool No: 602589 01.09.31/7.000% 67,373 0.02442,115 Fannie Mae Pool No: 622534 01.09.31/3.000% 382,008 0.1014,588 Fannie Mae Pool No: 627139 01.03.17/6.500% 15,205 0.00

1,025,832 Fannie Mae Pool No: 629035 01.03.17/5.500% 1,032,083 0.2718,268 Fannie Mae Pool No: 637095 01.03.17/7.500% 19,087 0.00358,152 Fannie Mae Pool No: 650236 01.12.32/5.000% 343,296 0.091,151,468 Fannie Mae Pool No: 657348 01.09.17/5.000% 1,137,614 0.3168,674 Fannie Mae Pool No: 665775 01.09.17/5.500% 69,130 0.0210,484 Fannie Mae Pool No: 666358 01.08.17/6.000% 10,735 0.0023,233 Fannie Mae Pool No: 668811 01.11.17/6.000% 23,788 0.0120,871 Fannie Mae Pool No: 674349 01.03.33/6.000% 21,043 0.0177,003 Fannie Mae Pool No: 675555 01.12.32/6.000% 77,640 0.02368,046 Fannie Mae Pool No: 679263 01.11.24/4.500% 341,075 0.09520,578 Fannie Mae Pool No: 682424 01.07.18/4.000% 510,573 0.1344,347 Fannie Mae Pool No: 689977 01.03.27/8.000% 46,661 0.0126,497 Fannie Mae Pool No: 695533 01.06.27/8.000% 27,880 0.01211,470 Fannie Mae Pool No: 698023 01.04.19/3.500% 195,318 0.05624,287 Fannie Mae Pool No: 702901 01.05.33/6.000% 629,457 0.16873,763 Fannie Mae Pool No: 709848 01.06.18/5.000% 863,250 0.22120,591 Fannie Mae Pool No: 720393 01.07.18/4.500% 116,502 0.03244,501 Fannie Mae Pool No: 722985 01.07.33/3.844%* 247,392 0.06260,961 Fannie Mae Pool No: 725017 01.12.33/5.500% 257,005 0.071,176,409 Fannie Mae Pool No: 725027 01.11.33/5.000% 1,127,330 0.29211,797 Fannie Mae Pool No: 725171 01.01.19/4.000% 207,727 0.0583,020 Fannie Mae Pool No: 725382 01.01.16/8.000% 86,853 0.02

1,618,919 Fannie Mae Pool No: 725445 01.05.19/4.500% 1,564,028 0.4183,394 Fannie Mae Pool No: 725704 01.08.34/6.000% 84,084 0.02745,982 Fannie Mae Pool No: 726128 01.07.18/4.000% 731,645 0.19508,318 Fannie Mae Pool No: 727226 01.06.18/4.000% 498,549 0.131,002,439 Fannie Mae Pool No: 727466 01.08.18/4.500% 968,450 0.25535,693 Fannie Mae Pool No: 728807 01.06.33/5.000% 513,344 0.13246,715 Fannie Mae Pool No: 729347 01.07.18/4.000% 241,974 0.06404,686 Fannie Mae Pool No: 729379 01.08.33/6.000% 408,038 0.11509,994 Fannie Mae Pool No: 730022 01.08.18/4.000% 500,192 0.1346,341 Fannie Mae Pool No: 730332 01.09.18/4.000% 45,450 0.01

1,517,575 Fannie Mae Pool No: 730338 01.09.18/5.000% 1,499,317 0.39253,983 Fannie Mae Pool No: 730536 01.08.18/4.000% 249,102 0.06472,098 Fannie Mae Pool No: 730675 01.08.33/4.500% 437,502 0.11772,986 Fannie Mae Pool No: 731594 01.08.18/4.000% 758,130 0.20334,231 Fannie Mae Pool No: 734763 01.08.33/4.500% 309,738 0.08574,889 Fannie Mae Pool No: 735023 01.11.14/4.500% 571,638 0.15595,661 Fannie Mae Pool No: 735290 01.12.19/4.500% 575,464 0.15676,880 Fannie Mae Pool No: 735332 01.08.34/4.778%* 686,725 0.18484,099 Fannie Mae Pool No: 735386 01.01.20/5.500% 487,049 0.13627,848 Fannie Mae Pool No: 735522 01.12.18/4.000% 615,781 0.16253,123 Fannie Mae Pool No: 735911 01.08.20/6.500% 263,842 0.07519,595 Fannie Mae Pool No: 740456 01.10.18/4.500% 501,977 0.13260,009 Fannie Mae Pool No: 740822 01.09.18/5.500% 261,593 0.07101,745 Fannie Mae Pool No: 743097 01.10.18/3.500% 94,591 0.021,292,711 Fannie Mae Pool No: 745406 01.03.21/6.000% 1,323,614 0.341,030,900 Fannie Mae Pool No: 745407 01.04.24/6.000% 1,051,940 0.27307,100 Fannie Mae Pool No: 745446 01.04.33/4.891%* 311,167 0.08154,066 Fannie Mae Pool No: 748306 01.11.33/6.500% 158,327 0.0485,273 Fannie Mae Pool No: 754922 01.09.33/5.500% 84,333 0.02219,408 Fannie Mae Pool No: 755973 01.11.28/8.000% 230,859 0.0688,336 Fannie Mae Pool No: 755994 01.10.28/8.000% 92,946 0.02120,150 Fannie Mae Pool No: 759298 01.01.34/5.000% 115,138 0.03218,379 Fannie Mae Pool No: 759424 01.01.34/5.500% 215,070 0.06404,124 Fannie Mae Pool No: 763029 01.05.33/4.500% 374,746 0.10120,693 Fannie Mae Pool No: 763795 01.02.34/5.000% 115,658 0.03202,785 Fannie Mae Pool No: 766610 01.01.34/4.116%* 204,483 0.05310,219 Fannie Mae Pool No: 768005 01.09.13/4.000% 305,564 0.08556,687 Fannie Mae Pool No: 769844 01.12.18/5.000% 549,990 0.14410,792 Fannie Mae Pool No: 771959 01.02.34/5.500% 404,530 0.11631,004 Fannie Mae Pool No: 773153 01.06.19/4.000% 618,877 0.16601,463 Fannie Mae Pool No: 775902 01.04.30/8.500% 660,081 0.17

221


As at 30 June 2008

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

561,748 Fannie Mae Pool No: 780956 01.05.19/4.500% 542,701 0.14358,119 Fannie Mae Pool No: 781309 01.07.34/4.835%* 367,602 0.1015,330 Fannie Mae Pool No: 782613 01.05.19/3.500% 14,159 0.0071,907 Fannie Mae Pool No: 787741 01.08.30/9.000% 79,344 0.02422,310 Fannie Mae Pool No: 788150 01.03.32/6.000% 425,808 0.11195,835 Fannie Mae Pool No: 789426 01.07.19/3.500% 180,877 0.05365,497 Fannie Mae Pool No: 790235 01.08.34/4.917%* 370,718 0.10244,030 Fannie Mae Pool No: 791961 01.09.34/4.563%* 248,236 0.06153,179 Fannie Mae Pool No: 796815 01.09.19/5.500% 154,112 0.04316,204 Fannie Mae Pool No: 800982 01.11.34/5.500% 311,412 0.08561,103 Fannie Mae Pool No: 801342 01.09.34/4.976%* 570,741 0.15347,530 Fannie Mae Pool No: 807942 01.12.34/5.500% 342,262 0.09550,511 Fannie Mae Pool No: 810896 01.01.35/4.835%* 556,005 0.14547,891 Fannie Mae Pool No: 815426 01.02.35/4.500% 507,741 0.13448,021 Fannie Mae Pool No: 816597 01.02.35/4.872%* 452,803 0.12380,688 Fannie Mae Pool No: 820347 01.09.35/5.000% 364,806 0.09308,549 Fannie Mae Pool No: 823660 01.05.35/4.272%* 309,654 0.08716,493 Fannie Mae Pool No: 843026 01.09.35/5.250%* 727,493 0.19747,773 Fannie Mae Pool No: 843028 01.09.35/5.156%* 761,542 0.20519,006 Fannie Mae Pool No: 847108 01.10.35/6.500% 534,368 0.14503,583 Fannie Mae Pool No: 852874 01.04.20/4.000% 493,905 0.131,160,420 Fannie Mae Pool No: 888417 01.01.36/6.500% 1,192,513 0.311,067,793 Fannie Mae Pool No: 888658 01.12.20/4.000% 1,047,271 0.273,613,370 Fannie Mae Pool No: 888889 01.12.18/4.500% 3,490,854 0.915,501,524 Fannie Mae Pool No: 889265 01.06.20/5.500% 5,535,049 1.44646,371 Fannie Mae Pool No: 896463 01.10.34/5.149%* 644,126 0.17820,443 Fannie Mae Pool No: 905694 01.12.36/5.803%* 811,213 0.21608,329 Fannie Mae Pool No: 907742 01.12.36/7.000% 631,144 0.16978,831 Fannie Mae Pool No: 961192 01.01.38/7.000% 1,028,471 0.27278,981 Fannie Mae REMICS 2003-33

CH 25.07.17/4.000% 275,722 0.071,000,000 Fannie Mae REMICS 2003-55

HY 25.06.23/5.000% 973,464 0.25391,842 Fannie Mae REMICS 2006-59

QO 25.01.33/0.000% 306,824 0.08234,498 Fannie Mae REMICS 2006-65

QO 25.07.36/0.000% 176,847 0.052,086,027 Fannie Mae REMICS 2007-7 SG 25.08.36/4.018%* 146,452 0.04466,484 Fannie Mae REMICS 1992-145

ZB 25.08.22/8.000% 498,743 0.13767,255 Fannie Mae REMICS 1993-203

PL 25.10.23/6.500% 800,600 0.2186,553 Fannie Mae REMICS 1993-25 J 25.03.23/7.500% 93,284 0.029,370 Fannie Mae REMICS 1994-34

DZ 25.03.09/6.000% 9,421 0.00815,000 Fannie Mae REMICS 1994-63

PK 25.04.24/7.000% 867,245 0.2388,946 Fannie Mae REMICS 1997-39

PD 20.05.27/7.500% 94,272 0.02533,101 Fannie Mae REMICS 1997-50

SK 25.05.23/4.500%* 45,568 0.0172,816 Fannie Mae REMICS 1998-36

ZB 18.07.28/6.000% 74,997 0.02772,719 Fannie Mae REMICS 1998-58

PC 25.10.28/6.500% 802,364 0.2142,455 Fannie Mae REMICS 2001-44

PD 25.09.31/7.000% 44,905 0.0125,777 Fannie Mae REMICS 2001-7 PF 25.03.31/7.000% 27,284 0.01152,804 Fannie Mae REMICS 2001-71

MB 25.12.16/6.000% 158,761 0.04269,340 Fannie Mae REMICS 2002-2

MG 25.02.17/6.000% 279,904 0.07367,310 Fannie Mae REMICS 2002-3

OG 25.02.17/6.000% 381,531 0.10487,884 Fannie Mae REMICS 2002-47

PE 25.08.17/5.500% 497,115 0.131,118,797 Fannie Mae REMICS 2002-63

KC 25.10.17/5.000% 1,130,533 0.291,000,000 Fannie Mae REMICS 2002-73

TE 25.03.29/5.500% 1,010,753 0.2666,151 Fannie Mae REMICS 2002-74

VB 25.11.31/6.000% 67,225 0.0237,087 Fannie Mae REMICS 2002-8 SR 25.03.09/11.258%* 37,151 0.01500,000 Fannie Mae REMICS 2002-94

BK 25.01.18/5.500% 509,960 0.131,500,000 Fannie Mae REMICS 2003-106

WE 25.11.22/4.500% 1,449,160 0.38306,643 Fannie Mae REMICS 2003-116

SB 25.11.33/5.118%* 30,324 0.01600,000 Fannie Mae REMICS 2003-117

JB 25.06.33/3.500% 551,661 0.14450,000 Fannie Mae REMICS 2003-128

NG 25.01.19/4.000% 421,414 0.11400,000 Fannie Mae REMICS 2003-32

KC 25.05.18/5.000% 396,874 0.103,000,000 Fannie Mae REMICS 2003-35

BC 25.05.18/5.000% 2,976,444 0.77200,000 Fannie Mae REMICS 2003-39

LW 25.05.23/5.500% 197,301 0.05

48,610 Fannie Mae REMICS 2003-52SX 25.10.31/15.503%* 55,246 0.01

201,198 Fannie Mae REMICS 2003-68QP 25.07.22/3.000% 190,266 0.05

460,514 Fannie Mae REMICS 2003-80SY 25.06.23/5.168%* 51,967 0.01

1,650,000 Fannie Mae REMICS 2003-81LC 25.09.18/4.500% 1,599,624 0.42

422,557 Fannie Mae REMICS 2003-81 SP 25.09.33/7.081%* 313,606 0.08250,000 Fannie Mae REMICS 2003-83

PG 25.06.23/5.000% 248,224 0.061,000,000 Fannie Mae REMICS 2003-86

PW 25.06.15/4.500% 1,004,847 0.2680,055 Fannie Mae REMICS 2004-10

SC 25.02.34/18.670%* 87,540 0.0265,963 Fannie Mae REMICS 2004-14

SD 25.03.34/5.351%* 43,699 0.01116,101 Fannie Mae REMICS 2004-25

SA 25.04.34/12.698%* 123,326 0.031,000,000 Fannie Mae REMICS 2004-27

HB 25.05.19/4.000% 917,544 0.241,516,600 Fannie Mae REMICS 2004-36

PB 25.05.32/5.500% 1,566,161 0.411,651,977 Fannie Mae REMICS 2004-46

HS 25.05.30/3.518%* 82,574 0.02400,000 Fannie Mae REMICS 2004-76

CL 25.10.19/4.000% 376,348 0.10400,000 Fannie Mae REMICS 2004-81

AC 25.11.19/4.000% 375,185 0.102,080,697 Fannie Mae REMICS 2004-92

BX 25.09.34/5.500% 2,125,615 0.551,000,000 Fannie Mae REMICS 2005-109

PC 25.12.35/6.000% 1,040,898 0.27500,000 Fannie Mae REMICS 2005-110

MN 25.06.35/5.500% 506,438 0.13991,937 Fannie Mae REMICS 2005-17

EP 25.03.35/4.500% 989,487 0.26357,218 Fannie Mae REMICS 2005-40

YA 25.09.20/5.000% 362,361 0.09401,063 Fannie Mae REMICS 2005-47

AN 25.12.16/5.000% 406,211 0.111,072,739 Fannie Mae REMICS 2005-56 S 25.07.35/4.228%* 106,018 0.031,372,118 Fannie Mae REMICS 2005-57

PA 25.05.27/5.500% 1,394,799 0.36290,721 Fannie Mae REMICS 2005-76

PZ 25.09.35/5.500% 277,852 0.072,150,960 Fannie Mae REMICS 2005-84

MB 25.10.35/5.750% 2,211,044 0.581,360,000 Fannie Mae REMICS 2005-84

XH 25.10.35/5.750% 1,377,846 0.36950,490 Fannie Mae REMICS 2005-84

XM 25.10.35/5.750% 974,337 0.25834,070 Fannie Mae REMICS 2005-86

GB 25.10.35/5.000% 771,957 0.20430,118 Fannie Mae REMICS 2006-110

PO 25.11.36/0.000% 312,787 0.08161,469 Fannie Mae REMICS 2006-111

EO 25.11.36/0.000% 125,828 0.031,000,000 Fannie Mae REMICS 2006-124

HB 25.11.36/6.031%* 999,976 0.26462,223 Fannie Mae REMICS 2006-18

PA 25.01.26/5.500% 469,531 0.12221,236 Fannie Mae REMICS 2006-22

AO 25.04.36/0.000% 164,757 0.04781,009 Fannie Mae REMICS 2006-36

PO 25.05.36/0.000% 596,340 0.16248,658 Fannie Mae REMICS 2006-44

GO 25.06.36/0.000% 191,030 0.05789,362 Fannie Mae REMICS 2006-44 P 25.12.33/0.000% 593,966 0.151,000,000 Fannie Mae REMICS 2006-53

WE 25.06.36/6.000% 1,021,334 0.27439,665 Fannie Mae REMICS 2006-58

AP 25.07.36/0.000% 334,198 0.09796,408 Fannie Mae REMICS 2006-58

PO 25.07.36/0.000% 609,192 0.161,000,000 Fannie Mae REMICS 2006-77

PC 25.08.36/6.500% 1,062,104 0.283,258,778 Fannie Mae REMICS 2007-106

A7 25.10.37/6.250%* 3,237,171 0.84158,111 Fannie Mae REMICS 2007-15

NO 25.03.22/0.000% 128,616 0.031,511,628 Fannie Mae REMICS 2007-16

FC 25.03.37/3.233%* 1,484,247 0.391,000,000 Fannie Mae REMICS 2007-84

PD 25.08.32/6.000% 1,026,843 0.271,789,872 Fannie Mae REMICS 2007-84

PE 25.05.34/6.000% 1,849,631 0.482,000,000 Fannie Mae REMICS 2007-84

PG 25.12.36/6.000% 2,046,928 0.533,838,258 Fannie Mae REMICS 2008-16 IS 25.03.38/3.718%* 281,355 0.0745,179 Fannie Mae REMICS G93-1 KA 25.01.23/7.900% 49,187 0.01

222


As at 30 June 2008

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

153,552 Fannie Mae REMICS G93-17SH 25.04.23/19.554%* 175,633 0.05

32,427 Fannie Mae Whole Loan2003-W4 2A 25.10.42/6.500% 34,013 0.01

140,797 Fannie Mae Whole Loan2004-W2 2A2 25.02.44/7.000% 150,084 0.04

358,995 Federal Home Loan Banks00-0606 Y 28.12.12/5.270% 355,689 0.09

44,128 FHLMC Structured PassThrough Securities T-41 3A 25.07.32/7.500%* 44,687 0.01

59,329 FHLMC Structured PassThrough Securities T-54 2A 25.02.43/6.500% 60,833 0.02

80,905 FHLMC Structured PassThrough Securities T-54 3A 25.02.43/7.000% 85,694 0.02

100,000 Fifth Third Bancorp 15.01.17/5.450% 84,947 0.02425,469 First Horizon Asset Securities

2003-7 2A1 25.09.18/4.500% 405,223 0.11222,319 First Horizon Asset Securities

2004-AR7 2A1 25.02.35/4.911%* 217,736 0.06500,000 First Horizon Asset Securities

2004-AR7 2A2 25.02.35/4.911%* 490,731 0.13322,911 First Horizon Asset Securities

2005-AR1 2A2 25.04.35/5.001%* 310,540 0.08369,371 First Union - Chase Commercial

Mortgage 1999-C2 A2 15.06.31/6.645% 372,752 0.101,200,000 Ford Credit Auto Owner Trust

2006-B A4 15.09.11/5.250% 1,222,573 0.32500,000 Ford Credit Auto Owner Trust

2007-B A3A 15.11.11/5.150% 508,666 0.1350,000 Freddie Mac 15.10.08/5.125% 50,350 0.01364,766 Freddie Mac Gold Pool No:

A11312 01.07.33/6.000% 368,357 0.10168,957 Freddie Mac Gold Pool No:


A28796 01.11.34/6.500% 231,521 0.061,040,190 Freddie Mac Gold Pool No:

A46987 01.07.35/5.500% 1,024,425 0.27891,413 Freddie Mac Gold Pool No:


B10294 01.10.18/4.500% 302,238 0.08136,519 Freddie Mac Gold Pool No:

B10492 01.11.18/4.000% 133,682 0.031,202,245 Freddie Mac Gold Pool No:

B11402 01.12.18/3.500% 1,120,417 0.29337,553 Freddie Mac Gold Pool No:

B14730 01.05.14/4.000% 330,538 0.09535,087 Freddie Mac Gold Pool No:

B14857 01.05.19/4.500% 516,609 0.131,083,592 Freddie Mac Gold Pool No:

C02660 01.11.36/6.500% 1,115,592 0.2984,988 Freddie Mac Gold Pool No:

C90600 01.12.22/6.000% 86,785 0.02706,946 Freddie Mac Gold Pool No:

C90985 01.08.26/6.500% 730,209 0.193,399,638 Freddie Mac Gold Pool No:

E01280 01.12.17/5.000% 3,355,549 0.87880,859 Freddie Mac Gold Pool No:

E01304 01.01.18/4.500% 850,441 0.2246,445 Freddie Mac Gold Pool No:

E01403 01.04.18/6.000% 47,512 0.011,135,265 Freddie Mac Gold Pool No:


E01424 01.08.18/4.000% 263,976 0.07630,297 Freddie Mac Gold Pool No:

E01647 01.05.19/4.000% 617,199 0.161,090,606 Freddie Mac Gold Pool No:

E96427 01.04.18/5.000% 1,076,462 0.281,087,677 Freddie Mac Gold Pool No:


G01448 01.08.32/7.000% 49,082 0.01805,436 Freddie Mac Gold Pool No:






G11435 01.06.18/5.000% 666,273 0.172,568,191 Freddie Mac Gold Pool No:

G12906 01.07.21/6.000% 2,627,179 0.68903,966 Freddie Mac Gold Pool No:

G13012 01.03.22/6.000% 924,729 0.24

46,331 Freddie Mac Gold Pool No:G30234 01.11.22/6.500% 48,213 0.01

274,302 Freddie Mac Gold Pool No:P50201 01.01.34/5.500% 265,730 0.07




372,513 Freddie Mac Non Gold Pool No:1B1665 01.04.34/4.140%* 373,526 0.10

768,370 Freddie Mac Non Gold Pool No:1B3485 01.07.37/5.383%* 782,524 0.20

7,410 Freddie Mac Non Gold Pool No:555325 01.06.17/8.750% 7,995 0.00

710,969 Freddie Mac Non Gold Pool No:972200 01.03.36/5.467%* 726,885 0.19

225,877 Freddie Mac REMICS 1578 K 15.09.23/6.900% 238,353 0.06157,974 Freddie Mac REMICS 1609 LG 15.11.23/11.917%* 166,394 0.0498,121 Freddie Mac REMICS 1668 D 15.02.14/6.500% 101,765 0.03712,182 Freddie Mac REMICS 1702 PX 15.09.23/6.500% 740,669 0.1911,320 Freddie Mac REMICS 1807 A 15.11.08/6.000% 11,369 0.00354,115 Freddie Mac REMICS 1863 Z 15.07.26/6.500% 369,931 0.10118,560 Freddie Mac REMICS 2061 Z 15.06.28/6.500% 122,581 0.03147,646 Freddie Mac REMICS 2075 PH 15.08.28/6.500% 154,961 0.04213,652 Freddie Mac REMICS 2102 TC 15.12.13/6.000% 221,053 0.06853,110 Freddie Mac REMICS 2110 PG 15.01.29/6.000% 876,430 0.23100,000 Freddie Mac REMICS 2169 TB 15.06.29/7.000% 105,781 0.03500,000 Freddie Mac REMICS 2172 QC 15.07.29/7.000% 534,498 0.1414,305 Freddie Mac REMICS 2189 SA 15.02.28/13.062%* 14,566 0.00105,226 Freddie Mac REMICS 2259 ZM 15.10.30/7.000% 111,094 0.03500,000 Freddie Mac REMICS 2283 K 15.12.23/6.500% 531,973 0.14456,759 Freddie Mac REMICS 2344 ZD 15.08.31/6.500% 478,219 0.12237,649 Freddie Mac REMICS 2345 PQ 15.08.16/6.500% 249,798 0.07169,277 Freddie Mac REMICS 2355 BP 15.09.16/6.000% 176,080 0.05159,872 Freddie Mac REMICS 2360 PG 15.09.16/6.000% 166,204 0.04230,645 Freddie Mac REMICS 2363 PF 15.09.16/6.000% 239,765 0.06169,735 Freddie Mac REMICS 2366 MD 15.10.16/6.000% 172,411 0.04144,588 Freddie Mac REMICS 2410 NG 15.02.32/6.500% 151,686 0.04113,912 Freddie Mac REMICS 2416 SH 17.02.32/11.036%* 116,730 0.03752,418 Freddie Mac REMICS 2423 TB 15.03.32/6.500% 789,043 0.21167,477 Freddie Mac REMICS 2424 OG 15.03.17/6.000% 174,321 0.05213,775 Freddie Mac REMICS 2425 OB 15.03.17/6.000% 222,523 0.06121,050 Freddie Mac REMICS 2434 TC 15.04.32/7.000% 128,087 0.03326,060 Freddie Mac REMICS 2453 BD 15.05.17/6.000% 339,366 0.09100,000 Freddie Mac REMICS 2466 PG 15.04.32/6.500% 104,638 0.0365,596 Freddie Mac REMICS 2472 VB 15.11.17/6.000% 65,930 0.02431,555 Freddie Mac REMICS 2483 HZ 15.08.32/4.500% 344,608 0.09218,929 Freddie Mac REMICS 2484 LZ 15.07.32/6.500% 230,765 0.06344,918 Freddie Mac REMICS 2503 BH 15.09.17/5.500% 353,137 0.0919,939 Freddie Mac REMICS 2519 BT 15.09.31/8.500% 21,696 0.01238,435 Freddie Mac REMICS 2521 PU 15.05.10/5.500% 241,880 0.0684,279 Freddie Mac REMICS 2527 VU 15.10.13/5.500% 86,196 0.02500,000 Freddie Mac REMICS 2537 TE 15.12.17/5.500% 508,484 0.13283,696 Freddie Mac REMICS 2541 GX 15.02.17/5.500% 288,609 0.082,000,000 Freddie Mac REMICS 2543 AN 15.12.17/5.000% 2,017,326 0.53415,000 Freddie Mac REMICS 2544 HC 15.12.32/6.000% 423,727 0.11115,922 Freddie Mac REMICS 2565 MB 15.05.30/6.000% 118,891 0.03200,000 Freddie Mac REMICS 2575 ME 15.02.33/6.000% 203,409 0.051,045,442 Freddie Mac REMICS 2591 QU 15.06.17/3.750% 1,033,556 0.27178,269 Freddie Mac REMICS 2597 DS 15.02.33/5.079%* 15,902 0.00194,685 Freddie Mac REMICS 2610 DS 15.03.33/4.629%* 15,635 0.00194,186 Freddie Mac REMICS 2611 SH 15.10.21/5.179%* 17,800 0.001,873,114 Freddie Mac REMICS 2614 KB 15.04.17/4.500% 1,872,517 0.49500,000 Freddie Mac REMICS 2628 WA 15.07.28/4.000% 491,461 0.1371,174 Freddie Mac REMICS 2630 KN 15.04.13/2.500% 71,044 0.02

1,180,000 Freddie Mac REMICS 2631 LC 15.06.18/4.500% 1,143,080 0.301,407,274 Freddie Mac REMICS 2632 NH 15.06.13/3.500% 1,386,440 0.36374,131 Freddie Mac REMICS 2636 Z 15.06.18/4.500% 359,975 0.0928,861 Freddie Mac REMICS 2643 HI 15.12.16/4.500% 2,270 0.00203,532 Freddie Mac REMICS 2646 AC 15.08.17/3.500% 199,371 0.05272,663 Freddie Mac REMICS 2650 PO 15.12.32/0.000% 223,664 0.06742,219 Freddie Mac REMICS 2650 SO 15.12.32/0.000% 601,516 0.16272,337 Freddie Mac REMICS 2656 SH 15.02.25/14.186%* 301,525 0.081,000,000 Freddie Mac REMICS 2658 PE 15.11.16/4.500% 999,132 0.26139,671 Freddie Mac REMICS 2668 SB 15.10.15/5.003%* 132,853 0.03200,000 Freddie Mac REMICS 2672 ME 15.11.22/5.000% 199,027 0.051,450,000 Freddie Mac REMICS 2675 CK 15.09.18/4.000% 1,364,994 0.36124,221 Freddie Mac REMICS 2683 VA 15.02.21/5.500% 126,600 0.031,500,000 Freddie Mac REMICS 2684 PO 15.01.33/0.000% 1,042,683 0.27202,295 Freddie Mac REMICS 2686 GB 15.05.20/5.000% 205,051 0.05129,422 Freddie Mac REMICS 2694 BA 15.06.31/4.000% 122,772 0.031,000,000 Freddie Mac REMICS 2695 DG 15.10.18/4.000% 946,400 0.25924,476 Freddie Mac REMICS 2697 LE 15.11.20/4.500% 922,870 0.241,000,000 Freddie Mac REMICS 2707 QE 15.11.18/4.500% 962,240 0.25

223


As at 30 June 2008

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

500,000 Freddie Mac REMICS 2720 PC 15.12.23/5.000% 497,269 0.13102,224 Freddie Mac REMICS 2722 EG 15.12.33/0.000% 51,931 0.01400,000 Freddie Mac REMICS 2744 PD 15.08.33/5.500% 408,695 0.11611,300 Freddie Mac REMICS 2751 BA 15.10.18/4.000% 577,666 0.15500,518 Freddie Mac REMICS 2755 PA 15.02.29/0.000% 441,373 0.11500,000 Freddie Mac REMICS 2759 GC 15.05.29/5.000% 505,292 0.13289,256 Freddie Mac REMICS 2762 LO 15.03.34/0.000% 155,399 0.041,000,000 Freddie Mac REMICS 2764 UC 15.05.27/5.000% 1,013,859 0.2650,563 Freddie Mac REMICS 2766 SX 15.03.34/9.122%* 37,019 0.0176,156 Freddie Mac REMICS 2776 SK 15.04.34/5.368%* 54,699 0.01

1,628,823 Freddie Mac REMICS 2778 US 15.06.33/4.729%* 110,517 0.03214,502 Freddie Mac REMICS 2780 JG 15.04.19/4.500% 205,953 0.05500,000 Freddie Mac REMICS 2783 AT 15.04.19/4.000% 458,993 0.12800,000 Freddie Mac REMICS 2809 UC 15.06.19/4.000% 746,778 0.19462,086 Freddie Mac REMICS 2812 AB 15.10.18/4.500% 462,646 0.12225,507 Freddie Mac REMICS 2827 SQ 15.01.19/7.500%* 227,664 0.061,000,000 Freddie Mac REMICS 2833 NB 15.08.19/4.500% 959,447 0.25492,356 Freddie Mac REMICS 2840 JO 15.06.23/0.000% 346,933 0.09870,410 Freddie Mac REMICS 2841 YA 15.07.27/5.500% 886,015 0.231,000,000 Freddie Mac REMICS 2864 GB 15.09.19/4.000% 940,726 0.241,000,000 Freddie Mac REMICS 2872 JE 15.02.18/4.500% 993,221 0.261,069,538 Freddie Mac REMICS 2907 VC 15.05.34/4.500% 987,505 0.26500,000 Freddie Mac REMICS 2931 QC 15.01.19/4.500% 490,324 0.13563,956 Freddie Mac REMICS 2945 ZB 15.03.35/5.500% 542,579 0.141,000,000 Freddie Mac REMICS 2958 QD 15.04.20/4.500% 970,763 0.25519,058 Freddie Mac REMICS 2962 WJ 15.06.24/5.500% 532,221 0.14800,000 Freddie Mac REMICS 2965 GD 15.04.20/4.500% 772,561 0.201,000,000 Freddie Mac REMICS 2971 GC 15.07.18/5.000% 1,006,790 0.26100,000 Freddie Mac REMICS 2975 KO 15.05.35/0.000% 58,372 0.02302,764 Freddie Mac REMICS 3000 JF 15.04.35/2.871%* 294,730 0.081,000,000 Freddie Mac REMICS 3047 OB 15.12.33/5.500% 1,024,085 0.27200,000 Freddie Mac REMICS 3047 OD 15.10.35/5.500% 199,053 0.05700,000 Freddie Mac REMICS 3064 OE 15.11.35/5.500% 682,819 0.18623,639 Freddie Mac REMICS 3068 AO 15.01.35/0.000% 537,044 0.141,000,000 Freddie Mac REMICS 3074 BH 15.11.35/5.000% 963,955 0.25237,302 Freddie Mac REMICS 3101 EA 15.06.20/6.000% 242,283 0.06237,206 Freddie Mac REMICS 3117 EO 15.02.36/0.000% 183,229 0.05312,491 Freddie Mac REMICS 3117 OK 15.02.36/0.000% 227,575 0.06395,027 Freddie Mac REMICS 3118 DM 15.02.24/5.000% 390,327 0.10424,528 Freddie Mac REMICS 3134 PO 15.03.36/0.000% 324,127 0.08430,385 Freddie Mac REMICS 3138 PO 15.04.36/0.000% 325,903 0.08434,389 Freddie Mac REMICS 3150 PO 15.05.36/0.000% 329,751 0.091,286,617 Freddie Mac REMICS 3152 MO 15.03.36/0.000% 962,685 0.25179,686 Freddie Mac REMICS 3158 LX 15.05.36/0.000%* 142,517 0.041,000,000 Freddie Mac REMICS 3162 OB 15.11.30/6.000% 1,032,041 0.27618,662 Freddie Mac REMICS 3169 BN 15.06.34/5.000% 598,395 0.16116,637 Freddie Mac REMICS 3189 SN 15.11.35/10.556%* 132,741 0.031,000,000 Freddie Mac REMICS 3195 PD 15.07.36/6.500% 1,061,347 0.28750,417 Freddie Mac REMICS 3260 CS 15.01.37/3.669%* 53,637 0.015,000,000 Freddie Mac REMICS 3430 AI 15.09.12/1.417% 130,683 0.03900,000 General Electric Capital 01.02.11/5.200% 928,215 0.24550,000 Genworth Global Funding

Trusts 08.10.10/5.200% 552,716 0.14196,217 Ginnie Mae I Pool No: 456388 15.03.28/7.500% 207,622 0.0581,245 Ginnie Mae I Pool No: 465505 15.06.28/7.500% 85,968 0.02165,343 Ginnie Mae I Pool No: 530795 15.01.23/6.500% 171,611 0.0421,793 Ginnie Mae I Pool No: 591882 15.07.32/6.500% 22,470 0.0134,936 Ginnie Mae I Pool No: 607645 15.02.33/6.500% 36,022 0.0126,168 Ginnie Mae I Pool No: 607728 15.03.33/6.000% 26,532 0.0163,246 Ginnie Mae I Pool No: 611453 15.04.32/7.000% 66,428 0.0263,971 Ginnie Mae I Pool No: 621970 15.02.34/6.000% 64,860 0.0233,482 Ginnie Mae I Pool No: 781570 15.01.16/8.000% 35,562 0.0123,018 Ginnie Mae I Pool No: 781614 15.06.33/7.000% 24,176 0.01257,211 Ginnie Mae I Pool No: 781648 15.08.33/6.000% 260,788 0.07797,999 GMAC Mortgage Corp Loan

Trust 2003-J7 A2 25.11.33/4.500% 775,505 0.20640,000 GMAC Mortgage Corp Loan

Trust 2005-AR3 3A4 19.06.35/4.850%* 613,160 0.16110,000 Goldman Sachs Capital I 15.02.34/6.345% 97,085 0.03565,800 Government National Mortgage

Association 1994-7 PQ 16.10.24/6.500% 596,813 0.16351,105 Government National Mortgage

Association 2000-10 ZP 16.02.30/7.500% 377,751 0.1038,964 Government National Mortgage

Association 2000-6 Z 20.02.30/7.500% 41,729 0.011,000,000 Government National Mortgage

Association 2001-21 PE 16.05.31/6.500% 1,058,152 0.28179,061 Government National Mortgage

Association 2001-8 Z 20.03.31/6.500% 187,334 0.05305,272 Government National Mortgage

Association 2002-40 UK 20.06.32/6.500% 320,090 0.08508,048 Government National Mortgage

Association 2002-41 SY 16.06.32/5.029%* 46,777 0.01283,982 Government National Mortgage

Association 2002-45 QE 20.06.32/6.500% 297,772 0.0892,940 Government National Mortgage

Association 2002-47 PG 16.07.32/6.500% 97,646 0.03

5,211 Government National MortgageAssociation 2002-51 SG 20.04.31/21.745%* 6,096 0.00

109,806 Government National MortgageAssociation 2002-54 GB 20.08.32/6.500% 115,212 0.03

85,524 Government National MortgageAssociation 2002-79 KV 20.11.13/6.000% 87,775 0.02

1,230,358 Government National MortgageAssociation 2003-1 SX 16.06.31/4.629%* 81,006 0.02

57,545 Government National MortgageAssociation 2003-4 NY 20.12.13/5.500% 58,956 0.02

300,000 Government National MortgageAssociation 2003-98 PC 20.02.29/5.000% 303,988 0.08

1,091,862 Government National MortgageAssociation 2006-57 PZ 20.10.36/5.565% 1,115,031 0.29

957,064 Government National MortgageAssociation 2007-49 NO 20.12.35/0.000% 791,377 0.21

1,886,670 Government National MortgageAssociation 2007-74 SL 16.11.37/4.069%* 162,140 0.04

2,834,209 Government National MortgageAssociation 2008-25 SB 20.03.38/4.418%* 270,656 0.07

400,000 GS Mortgage Securities II2004-GG2 A6 10.08.38/5.396%* 391,414 0.10

684,186 GSR Mortgage Loan Trust2004-10F 2A1 25.08.19/5.000% 668,081 0.17

1,150,000 GSR Mortgage Loan Trust2004-6F 3A4 25.05.34/6.500% 1,107,894 0.29

500,000 GSR Mortgage Loan Trust2004-9 5A5 25.08.34/3.896%* 477,416 0.12

1,200,000 GSR Mortgage Loan Trust2007-1F 2A4 25.01.37/5.500% 1,028,583 0.27

25,000 Historic TW 15.06.18/6.875% 25,064 0.01110,000 Household Automotive Trust

2005-1 A4 18.06.12/4.350% 109,309 0.03583,000 HSBC Finance 15.05.11/6.750% 607,816 0.163,456,045 Indymac Index Mortgage Loan

Trust 2005-AR11 A7 25.08.35/0.711%* 49,501 0.0130,000 International Lease Finance 01.05.13/5.875% 28,336 0.01200,000 International Lease Finance 20.09.13/5.625% 187,729 0.05400,000 International Lease Finance 01.06.14/5.650% 354,351 0.0990,000 iStar Financial 15.12.10/6.000% 78,793 0.02100,000 John Hancock Global Funding II

144A 30.01.09/3.500% 99,782 0.0330,000 Kellogg 03.12.12/5.125% 30,410 0.0130,000 Kerr-McGee 01.07.24/6.950% 31,695 0.0160,000 Keycorp 14.05.13/6.500% 54,957 0.0115,000 LB-UBS Commercial Mortgage

Trust 2004-C2 A2 15.03.29/3.246% 14,896 0.00300,000 LB-UBS Commercial Mortgage

Trust 2008-C1 A2 15.04.41/6.317%* 292,257 0.081,000,000 Lehman Mortgage Trust 2008-2

1A6 25.03.38/6.000% 891,450 0.23310,000 M&T Bank 04.12.17/6.625% 299,611 0.08200,000 MassMutual Global Funding II

144A 15.03.10/3.500% 198,332 0.05600,000 Mastr Adjustable Rate Mortgages

Trust 2004-13 3A6 21.11.34/3.788%* 585,737 0.15299,758 MASTR Alternative Loans Trust

2004-10 1A1 25.09.19/4.500% 276,321 0.07549,548 MASTR Alternative Loans Trust

2004-4 10A1 25.05.24/5.000% 510,435 0.13232,856 MASTR Alternative Loans Trust

2004-6 7A1 25.07.34/6.000% 216,505 0.061,415,372 MASTR Alternative Loans Trust

2005-6 3A1 25.11.20/5.500% 1,397,052 0.36401,051 MASTR Asset Securitization

Trust 2003-11 6A2 25.12.33/4.000% 396,245 0.10400,000 MASTR Asset Securitization

Trust 2006-2 1A30 25.06.36/6.000% 328,960 0.0935,000 MBNA Credit Card Master Note

Trust 2003-C1 C1 15.06.12/4.171%* 34,507 0.01250,000 Merrill Lynch Mortgage Trust

2005-MCP1 ASB 12.06.43/4.674%* 240,478 0.06400,000 Merrill Lynch/Countrywide

Commercial Mortgage Trust2006-1 A4 12.02.39/5.603%* 384,511 0.10

250,000 MetLife Life and Annuity Co ofConnecticut 144A 15.08.14/5.125% 234,616 0.06

100,000 Metropolitan Life GlobalFunding I 144A 18.09.13/5.200% 98,759 0.03

125,000 Midamerican Energy 15.03.18/5.300% 121,119 0.03200,000 Midamerican Funding 01.03.11/6.750% 207,763 0.05200,000 Monumental Global Funding II

144A 30.07.09/4.375% 200,657 0.05150,000 Morgan Stanley 15.05.10/4.250% 148,854 0.0475,000 Morgan Stanley 15.10.13/6.750% 78,384 0.02290,000 Morgan Stanley 28.12.17/5.950% 266,621 0.07231,096 Morgan Stanley Capital I

2004-HQ3 A2 13.01.41/4.050% 228,816 0.06230,000 Morgan Stanley Capital I

2004-T13 A4 13.09.45/4.660% 221,626 0.06

224


As at 30 June 2008

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

237,752 Morgan Stanley Capital I2006-IQ12 A1 15.12.43/5.257% 237,240 0.06

73,087 Morgan Stanley Capital I2006-T23 A1 12.08.41/5.682% 73,618 0.02

469,744 Morgan Stanley Mortgage LoanTrust 2004-3 1A 25.05.19/5.000% 457,329 0.12

159,210 MortgageIT Trust 2005-1 1A1 25.02.35/2.803%* 134,593 0.04100,000 National City Bank 21.01.10/2.928%* 90,372 0.02200,000 National Rural Utilities

Cooperative Finance 01.03.14/4.750% 196,151 0.0530,000 Nationwide Financial Services 01.07.12/5.900% 30,109 0.01100,000 NCNB 15.09.09/9.375% 105,404 0.03100,000 New York Life Global Funding

144A 15.01.09/3.875% 100,207 0.03100,000 New York Life Global Funding

144A 09.05.13/4.650% 99,204 0.0333,474 Nomura Asset Acceptance

2003-A1 A1 25.05.33/5.500% 31,104 0.0127,743 Nomura Asset Acceptance

2003-A1 A2 25.05.33/6.000% 25,010 0.013,475 Nomura Asset Acceptance

2003-A1 A5 25.04.33/7.000% 3,342 0.00100,000 Oracle 15.01.16/5.250% 99,263 0.03250,000 Oracle 15.04.18/5.750% 250,073 0.0785,000 Oracle 15.04.38/6.500% 85,625 0.02200,000 Pacific Gas & Electric 30.11.17/5.625% 199,561 0.05100,000 Pacific Life Global Funding

144A 15.01.09/3.750% 100,103 0.03200,000 Pacific Life Global Funding

144A 15.04.13/5.150% 199,298 0.0545,000 Pacificorp 15.08.34/5.900% 43,171 0.0190,000 Pioneer Natural Resources 15.07.16/5.875% 81,933 0.02200,000 Potomac Electric Power 15.11.37/6.500% 198,271 0.0593,384 Procter & Gamble - Esop - A

Shares 01.01.21/9.360% 117,636 0.0360,000 PSE&G Transition Funding

2001-1 A6 15.06.15/6.610% 63,878 0.0245,000 PSEG Power 01.04.09/3.750% 44,886 0.0130,000 PSEG Power 15.04.11/7.750% 32,075 0.0155,000 PSEG Power 01.12.15/5.500% 52,832 0.0125,000 RBS Capital Trust I 01.07.13/4.709%* 21,715 0.0110,000 RBS Capital Trust II 03.01.34/6.425%* 8,903 0.0070,000 RBS Capital Trust III 30.09.14/5.512%* 60,880 0.02411,732 Residential Accredit Loans

2001-QS19 A2 25.12.16/6.000% 409,731 0.11647,196 Residential Accredit Loans

2003-QR19 CB4 25.10.33/5.750% 562,723 0.15690,718 Residential Accredit Loans



2006-QS4 A7 25.04.36/13.322%* 60,913 0.022,688 Residential Asset Securities

2002-KS4 AIIB 25.07.32/2.983%* 2,337 0.00511,996 Residential Asset Securitization

Trust 2003-A13 A3 25.01.34/5.500% 473,465 0.12204,657 Residential Funding Mortgage

Securities I 2003-S7 A17 25.05.33/4.000% 187,432 0.05340,195 Residential Funding Mortgage

Securities I 2004-S6 2A6 25.06.34/0.000% 239,319 0.06716,311 Residential Funding Mortgage

Securities I 2004-S6 3A5 25.06.19/4.500% 681,643 0.18267,792 Residential Funding Mortgage

Securities I 2005-SA4 1A1 25.09.35/4.926%* 260,913 0.0727,656 Salomon Brothers Mortgage

Securities VII 2003-UP2 PO1 25.12.18/0.000% 22,370 0.01165,000 Simon Property Group 15.08.14/5.625% 158,684 0.0450,000 Simon Property Group 01.05.16/6.100% 49,114 0.01125,000 Spectra Energy Capital 01.03.14/5.500% 122,418 0.0350,000 Spectra Energy Capital 15.08.14/5.668% 49,489 0.01937,223 Structured Adjustable Rate

Mortgage Loan Trust 2004-163A2 25.11.34/5.450%* 886,406 0.23

439,995 Structured Asset Securities2002-23XS A7 25.11.32/6.080%* 378,646 0.10

1,485,439 Structured Asset Securities2003-29 1A1 25.09.18/4.750% 1,420,634 0.37

668,845 Structured Asset Securities2004-20 1A3 25.11.34/5.250% 624,622 0.16

100,000 SunTrust Banks 15.03.18/7.250% 101,685 0.03225,000 SunTrust Banks 05.11.12/5.250% 220,649 0.06150,000 SunTrust Banks 11.09.17/6.000% 144,532 0.0430,000 TCI Communications 15.02.26/7.875% 32,376 0.01480,000 Time Warner Entertainment 15.03.23/8.375% 519,726 0.1415,000 Union Pacific 15.01.11/6.650% 15,632 0.00500,000 US Treasury 31.05.12/4.750% 528,906 0.14

500,000 US Treasury 15.08.15/10.625% 715,469 0.191,900,000 US Treasury 15.05.17/8.750% 2,562,625 0.671,000,000 US Treasury (Strip Principal) 15.05.16/0.000% 730,447 0.194,500,000 US Treasury (Strip Principal) 15.05.17/0.000% 3,097,542 0.812,000,000 US Treasury (Strip) 15.02.11/0.000% 1,856,311 0.488,700,000 US Treasury (Strip) 15.05.14/0.000% 7,033,515 1.833,000,000 US Treasury (Strip) 15.11.14/0.000% 2,367,867 0.621,700,000 US Treasury (Strip) 15.02.15/0.000% 1,325,529 0.353,000,000 US Treasury (Strip) 15.05.15/0.000% 2,308,376 0.6010,465,000 US Treasury (Strip) 15.11.15/0.000% 7,840,545 2.041,835,000 US Treasury (Strip) 15.05.16/0.000% 1,338,200 0.3510,350,000 US Treasury (Strip) 15.11.16/0.000% 7,318,361 1.916,975,000 US Treasury (Strip) 15.05.17/0.000% 4,796,187 1.252,250,000 US Treasury (Strip) 15.02.18/0.000% 1,492,236 0.391,000,000 US Treasury (Strip) 15.05.20/0.000% 582,379 0.15149,179 Vendee Mortgage Trust 1998-1

2E 15.03.28/7.000% 157,580 0.0450,000 Wachovia Bank 18.08.10/7.800% 52,434 0.01250,000 Wachovia Bank 15.01.38/6.600% 228,147 0.06180,000 Wachovia Bank Commercial

Mortgage Trust 2003-C9 A2 15.12.35/3.958% 179,543 0.05250,000 Wachovia Bank Commercial

Mortgage Trust 2004-C15 A2 15.10.41/4.039% 247,455 0.06169,713 WaMu Mortgage Pass Through

Certificates 2003-AR8 A 25.08.33/4.030%* 167,277 0.041,385,336 WaMu Mortgage Pass Through

Certificates 2003-S10 A5 25.10.18/5.000% 1,330,952 0.35829,503 WaMu Mortgage Pass Through

Certificates 2003-S8 A4 25.09.18/4.500% 769,618 0.20794,169 WaMu Mortgage Pass Through

Certificates 2003-S8 A5 25.09.18/4.500% 723,475 0.19610,448 WaMu Mortgage Pass Through

Certificates 2004-RS2 A4 25.11.33/5.000% 426,670 0.11181,076 WaMu Mortgage Pass Through

Certificates 2004-S3 2A3 25.07.34/12.011%* 184,693 0.05500,000 Washington Mutual Alternative

Mortgage Pass-ThroughCertificates 2005-4 CB7 25.06.35/5.500% 431,882 0.11

250,000 Washington MutualBank/Henderson 15.08.14/5.650% 198,697 0.05

300,000 Washington Mutual Finance 15.05.11/6.875% 309,910 0.08300,000 Wells Fargo Bank 09.02.15/4.750% 289,964 0.0820,000 Wells Fargo Financial 15.07.09/6.850% 20,294 0.01250,000 Wells Fargo Mortgage Backed

Securities Trust 2003-11 1A4 25.10.18/4.750% 243,026 0.06153,690 Wells Fargo Mortgage Backed

Securities Trust 2004-7 2A2 25.07.19/5.000% 148,856 0.04332,067 Wells Fargo Mortgage Backed

Securities Trust 2004-BB A4 25.01.35/4.556%* 323,677 0.08474,951 Wells Fargo Mortgage Backed

Securities Trust 2004-EE 3A1 25.12.34/4.018%* 473,809 0.12661,464 Wells Fargo Mortgage Backed

Securities Trust 2004-P 2A1 25.09.34/4.234%* 657,927 0.17160,797 Wells Fargo Mortgage Backed

Securities Trust 2004-S A4 25.09.34/3.541%* 160,371 0.04250,000 Wells Fargo Mortgage Backed

Securities Trust 2004-S A5 25.09.34/3.541%* 249,021 0.061,000,000 Wells Fargo Mortgage Backed

Securities Trust 2007-9 1A8 25.07.37/5.500% 820,506 0.21460,131 WFS Financial Owner Trust

2005-1 A4 17.08.12/3.870% 461,608 0.1225,000 Wyeth 01.02.24/6.450% 25,915 0.01

318,552,258 82.94

UNITED KINGDOM200,000 Barclays Bank 12.09.12/5.450% 203,735 0.05300,000 Barclays Bank 144A 04.12.17/6.050% 289,041 0.081,000,000 British Telecommunications 15.01.13/5.150% 976,593 0.25

1,469,369 0.38

CANADA150,000 Canadian Natural Resources 01.02.18/5.900% 148,574 0.04150,000 CIT Group Funding Co. of

Canada 01.07.10/4.650% 125,462 0.03110,000 Conoco Funding 15.10.11/6.350% 116,362 0.03100,000 ConocoPhillips Canada Funding

Co. I 15.04.12/5.300% 102,271 0.03150,000 ConocoPhillips Canada Funding

Co. I 15.10.16/5.625% 153,343 0.0440,000 Husky Energy 15.06.19/6.150% 39,738 0.01250,000 Marathon Oil Canada 01.05.12/8.375% 270,173 0.07240,000 Potash Corp of Saskatchewan 31.05.11/7.750% 258,023 0.0780,000 TransCanada Pipelines 15.06.13/4.000% 75,201 0.02140,000 TransCanada Pipelines 15.10.37/6.200% 129,583 0.03

1,418,730 0.37

225


As at 30 June 2008

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

CAYMAN ISLANDS1,000,000 TIAA Seasoned Commercial

Mortgage Trust 2007-C4 A3 15.08.39/6.094%* 979,026 0.24

979,026 0.24

MEXICO275,000 United Mexican States 08.10.08/4.625% 275,839 0.07

275,839 0.07

SWITZERLAND150,000 UBS/Stamford 25.04.18/5.750% 146,488 0.04

146,488 0.04

NETHERLANDS100,000 Siemens

Financieringsmaatschappij 144A 17.10.16/5.750% 100,639 0.03

100,639 0.03

INTERNATIONAL AGENCIES20,000 Corporacion Andina de Fomento 21.05.13/5.200% 19,748 0.01

19,748 0.01

Total Bonds 322,962,097 84.08


322,962,097 84.08


Bonds

UNITED STATES OF AMERICA348,366 Banc of America Funding 2005-7

30PO 25.11.35/0.000% 209,195 0.06345,000 Greenwich Capital Commercial

Funding 2002-C1 A4 11.01.35/4.948% 336,477 0.09233,452 Greenwich Capital Commercial

Funding 2004-GG1 A3 10.06.36/4.344% 233,201 0.06125,000 GS Mortgage Securities II

2004-GG2 A3 10.08.38/4.602% 124,989 0.0311,628 Impac Secured Assets CMN

Owner Trust 2004-3 1A4 25.11.34/2.883%* 8,603 0.0016,378 Indymac Index Mortgage Loan

Trust 2004-AR7 A1 25.09.34/2.923%* 13,070 0.00250,000 KeyBank 17.09.12/5.500% 244,027 0.06112,000 LB-UBS Commercial Mortgage

Trust 2003-C7 A4 15.09.35/4.931%* 109,934 0.03100,000 Metropolitan Life Global

Funding I 144A 19.08.10/4.625% 100,171 0.03200,000 New York Life Global Funding

144A 15.09.13/5.375% 203,276 0.0535,000 Pacificorp 15.09.08/4.300% 35,010 0.01350,000 Principal Life Income Funding

Trusts 14.12.12/5.300% 350,114 0.09300,000 Pubic Services Oklahoma 15.11.37/6.625% 283,679 0.0765,116 Residential Funding Mortgage

Securities I 2003-S7 A20 25.05.33/4.000% 63,041 0.02174,000 Time Warner Entertainment 01.05.12/10.150% 195,289 0.05102,759 Wells Fargo Mortgage Backed

Securities Trust 2003-17 2A4 25.01.34/5.500% 101,922 0.03

2,611,998 0.68

Total Bonds 2,611,998 0.68



Cash 16,670,091 4.34





Fixed Income SecuritiesUnited States of America 92.50United Kingdom 0.51Canada 0.39Cayman Islands 0.25Mexico 0.19Luxembourg 0.11Spain 0.09Netherlands 0.07Australia 0.07Switzerland 0.04France 0.03International Agencies 0.01


Total 100.00


Fixed Income SecuritiesUnited States of America 93.29United Kingdom 0.43Cayman Islands 0.26Canada 0.26Mexico 0.18Luxembourg 0.04France 0.03Netherlands 0.01International Agencies 0.01


Total 100.00

226


As at 30 June 2008

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets


Shares

UNITED STATES OF AMERICA268,000 Acuity Brands 13,255,280 0.65127,700 Aeropostale 4,014,888 0.20438,000 Aetna 17,725,860 0.8783,000 AK Steel Holding 5,783,440 0.29126,000 Alliant Energy 4,238,640 0.21505,700 Altria Group 10,397,192 0.51417,800 American Electric Power 16,599,194 0.82201,000 AMERIGROUP 4,237,080 0.21414,000 Amkor Technology 4,400,820 0.22251,500 Annaly Capital Management 3,918,370 0.19253,300 Apache 35,120,045 1.73352,000 Applied Materials 6,765,440 0.33152,600 Assurant 10,280,662 0.51701,349 AT&T 23,116,463 1.14108,800 Autoliv 5,082,048 0.2548,000 Autozone 5,806,560 0.29881,800 Bank of America 21,339,560 1.05194,100 Bank of Hawaii 9,322,623 0.46432,300 Bank of New York Mellon 16,042,653 0.79517,900 BB&T 11,839,194 0.58406,500 BJ’s Wholesale Club 15,886,020 0.78324,700 BMC Software 11,806,092 0.58350,800 Capital One Financial 13,312,860 0.66375,200 Caterpillar 27,603,464 1.36388,300 CBS - B Shares 7,571,850 0.37115,400 Celanese - A Shares 5,362,638 0.26527,200 CenturyTel 18,910,664 0.9326,900 CF Industries Holdings 4,181,605 0.21361,800 Chevron 35,691,570 1.76338,500 Chubb 16,759,135 0.83264,100 Church & Dwight 14,834,497 0.73227,600 Cigna 8,148,080 0.40204,200 Citigroup 3,399,930 0.1740,300 Cleveland-Cliffs 4,776,356 0.24300,600 CommScope 15,492,924 0.76395,000 ConocoPhillips 36,865,350 1.82194,200 Corn Products International 9,564,350 0.47448,400 Corning 10,402,880 0.51317,700 CSX 19,741,878 0.97184,400 Cummins 11,807,132 0.58726,200 CVS Caremark 28,939,070 1.43411,100 Deere & Co. 29,488,203 1.46299,100 Devon Energy 35,374,557 1.74247,100 DIRECTV 6,360,354 0.31424,700 Dominion Resources 19,820,749 0.98161,500 DPL 4,268,445 0.21130,200 Eaton 11,011,014 0.54344,400 Edison International 17,381,868 0.86570,200 Eli Lilly & Co. 26,075,246 1.29362,835 Embarq 16,715,808 0.82651,500 Endo Pharmaceuticals Holdings 15,668,575 0.7782,700 Energen 6,435,714 0.32213,100 Expedia 3,960,037 0.20165,800 Express Scripts 10,660,940 0.53391,850 Exxon Mobil 34,157,565 1.68134,200 Fossil 4,039,420 0.20109,836 Freeport-McMoRan Copper & Gold 12,995,796 0.64716,700 Fulton Financial 7,217,169 0.3691,700 GameStop - A Shares 3,826,641 0.19917,600 Gap 15,213,808 0.75132,700 Gardner Denver 7,331,675 0.36104,300 Goldman Sachs Group 18,174,275 0.90126,800 Hanesbrands 3,473,052 0.17124,500 Hasbro 4,308,945 0.21200,300 Hewitt Associates - A Shares 7,675,496 0.38767,800 Hewlett-Packard 33,821,590 1.67561,600 Honeywell International 27,838,512 1.37117,022 Hospitality Properties Trust 2,855,337 0.14361,500 Integrated Device Technology 3,578,850 0.18706,100 Intel 15,117,601 0.75263,900 International Business Machines 31,277,428 1.54192,100 Investment Technology Group 6,439,192 0.32435,200 Johnson & Johnson 27,748,352 1.37225,900 Kinetic Concepts 8,902,719 0.44145,900 Lear 2,068,862 0.10145,700 Lehman Brothers Holdings 3,129,636 0.15135,000 Lexmark International - A Shares 4,538,700 0.22290,750 Lockheed Martin 28,819,140 1.42

247,550 Lorillard 16,786,366 0.83156,100 Manitowoc 5,010,810 0.25303,100 Marathon Oil 15,661,177 0.77414,700 McDonald’s 23,049,026 1.14274,900 Medco Health Solutions 13,131,973 0.65130,900 MEMC Electronic Materials 8,225,756 0.41541,350 Merck & Co. 20,360,174 1.00293,800 MetLife 15,633,098 0.77189,100 Morgan Stanley 6,822,728 0.34258,000 Nasdaq OMX Group 7,154,340 0.3583,600 National Oilwell Varco 7,406,960 0.3790,600 Nike - B Shares 5,436,000 0.27231,620 Noble Energy 23,023,028 1.13340,400 Norfolk Southern 20,740,572 1.02178,200 Northern Trust 12,117,600 0.60165,100 Nucor 12,676,378 0.62218,200 Nvidia 4,067,248 0.20382,700 Occidental Petroleum 34,332,017 1.69356,600 Omnicom Group 15,825,908 0.781,470,889 Oracle 31,094,593 1.53177,400 Owens & Minor 8,218,942 0.4185,800 Owens-Illinois 3,619,902 0.18160,050 Parker Hannifin 11,261,118 0.55522,100 Pepsi Bottling Group 14,702,336 0.72521,660 Perrigo 16,980,033 0.841,331,400 Pfizer 23,219,616 1.14505,700 Philip Morris International 25,143,404 1.2434,100 Priceline.com 4,015,275 0.20236,800 Procter & Gamble 14,380,864 0.71246,600 Prologis 13,272,012 0.651,110,300 QLogic 16,099,350 0.79364,100 RadioShack 4,438,379 0.2268,500 Reliance Steel & Aluminum 5,304,640 0.26580,000 Reynolds American 27,265,800 1.34113,000 Ross Stores 4,035,230 0.20145,600 RR Donnelley & Sons 4,270,448 0.21129,400 SCANA 4,758,038 0.2373,500 Snap-On 3,774,225 0.1972,800 Southern Copper 7,921,368 0.39238,700 State Street 15,131,193 0.74134,400 Steel Dynamics 5,255,040 0.26129,500 Supervalu 3,974,355 0.20437,156 Sybase 13,053,478 0.641,716,800 Symantec 33,348,840 1.64500,900 TD Ameritrade Holding 9,066,290 0.45195,300 TECO Energy 4,142,313 0.20115,300 Terra Industries 5,979,458 0.29141,800 Texas Instruments 4,000,178 0.20194,900 Thermo Fisher Scientific 10,799,409 0.53136,100 TJX 4,293,955 0.21355,200 Travelers 15,625,248 0.77143,500 TRW Automotive Holdings 2,676,275 0.13114,200 Tupperware Brands 3,773,168 0.1864,500 United States Steel 12,204,690 0.60724,000 US Bancorp 20,351,640 1.00459,600 Viacom - B Shares 13,912,092 0.68306,000 W&T Offshore 18,020,340 0.89517,800 Walt Disney 16,310,700 0.80397,400 Washington Federal 7,210,823 0.35419,900 Watson Pharmaceuticals 11,354,096 0.5677,600 Watson Wyatt Worldwide - A Shares 4,141,512 0.21446,000 Western Digital 15,511,880 0.771,153,100 Windstream 14,160,068 0.70327,700 Xerox 4,387,903 0.22

1,848,037,304 91.07

CAYMAN ISLANDS185,500 ACE 10,193,225 0.50160,000 Fresh Del Monte Produce 3,779,200 0.19441,259 Herbalife 16,873,744 0.83837,900 Seagate Technology 16,020,648 0.79176,100 Transocean 27,107,073 1.34

73,973,890 3.65

BERMUDA848,500 Accenture - A Shares 34,313,340 1.69127,785 Arch Capital Group 8,550,094 0.42247,526 Frontline 17,470,385 0.86247,800 Invesco 6,011,628 0.30288,600 Warner Chilcott - A Shares 4,911,972 0.24

71,257,419 3.51

227

JPMorgan Funds - US Dynamic FundSchedule of Investments (Market Value Expressed in USD)

As at 30 June 2008

Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets

MARSHALL ISLANDS66,000 Genco Shipping & Trading 4,197,600 0.21

4,197,600 0.21

Total Shares 1,997,466,213 98.44


1,997,466,213 98.44


Cash 47,418,066 2.34


Total Net Assets 2,029,139,806 100.00


SharesEnergy 14.92Information Technology 14.48Financials 14.35Industrials 14.09Health Care 11.14Consumer Discretionary 9.25Consumer Staples 8.55Materials 4.24Utilities 3.83Telecommunication Services 3.59


Total 100.00


SharesFinancials 17.25Information Technology 14.62Industrials 14.50Health Care 12.62Energy 12.52Consumer Staples 7.56Consumer Discretionary 7.38Materials 4.24Telecommunication Services 3.37Utilities 3.26


Total 100.00

228

JPMorgan Funds - US Dynamic FundSchedule of Investments (Market Value Expressed in USD) (continued)

As at 30 June 2008

Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets

JPMorgan Funds - US Dynamic FundSchedule of Investments - Outstanding Financial Futures Contracts (Expressed in USD)

As at 30 June 2008

ExpirationDate


NotionalValue


Equity Futures

Sep-08 33 S&P 500 Index Future USD 10,545,975 (722,375)

Total (722,375)

229


Shares

UNITED STATES OF AMERICA318,775 Abbott Laboratories 16,917,389 1.7136,900 Advance Auto Parts 1,417,329 0.1437,523 Aflac 2,370,703 0.2440,600 Allstate 1,876,126 0.19194,588 Altera 4,020,188 0.41235,525 Altria Group 4,842,394 0.49134,930 American Electric Power 5,360,769 0.5491,750 American Express 3,479,160 0.3538,770 Ameriprise Financial 1,581,816 0.1647,567 Amgen 2,235,173 0.2337,200 Anadarko Petroleum 2,821,992 0.2961,370 Apache 8,508,950 0.8682,300 Apartment Investment & Management - A Shares 2,778,448 0.2873,508 Apple 12,436,819 1.2654,200 Applied Materials 1,041,724 0.11427,013 AT&T 14,074,348 1.4287,370 Baker Hugues 7,781,172 0.79606,527 Bank of America 14,677,953 1.4893,830 Bank of New York Mellon 3,482,031 0.35141,074 Boeing 9,317,938 0.94502,790 Bristol-Myers Squibb 10,317,251 1.0438,610 Broadcom - A Shares 1,066,794 0.1152,290 Capital One Financial 1,984,405 0.20150,280 Cardinal Health 7,689,828 0.7881,152 Caterpillar 5,970,353 0.60124,140 Celgene 7,918,891 0.80175,710 Chevron 17,333,791 1.751,358,796 Cisco Systems 31,836,590 3.2257,100 CIT Group 420,256 0.04437,920 Citigroup 7,291,368 0.744,227 CME Group 1,634,116 0.17

437,610 CMS Energy 6,406,610 0.65268,230 Coca-Cola 13,953,325 1.41107,177 Colgate-Palmolive 7,341,624 0.7430,880 Comerica 799,792 0.08101,475 ConocoPhillips 9,470,662 0.9627,580 Constellation Energy Group 2,242,254 0.23506,643 Corning 11,754,118 1.1952,940 CR Bard 4,694,719 0.47237,495 CVS Caremark 9,464,176 0.96124,337 Danaher 9,471,993 0.96141,697 Dell 3,114,500 0.3025,264 Devon Energy 2,987,973 0.3039,510 Dick’s Sporting Goods 718,292 0.0778,012 Edison International 3,937,266 0.4088,700 Exelon 7,711,578 0.78433,202 Exxon Mobil 37,762,218 3.82101,140 Family Dollar Stores 1,983,355 0.2081,160 Fannie Mae 1,619,142 0.1691,183 FirstEnergy 7,400,412 0.757,800 Fluor 1,438,008 0.1531,740 FPL Group 2,034,534 0.2087,540 Freddie Mac 1,476,800 0.1530,970 Freeport-McMoRan Copper & Gold 3,664,370 0.37505,247 General Electric 13,328,416 1.3571,994 General Mills 4,322,520 0.4483,330 Genworth Financial - A Shares 1,479,108 0.15129,357 Gilead Sciences 6,830,050 0.6971,920 Goldman Sachs Group 12,532,060 1.2713,379 Google - A Shares 7,112,678 0.72150,180 Halliburton 8,028,623 0.8132,264 Hartford Financial Services Group 2,144,911 0.22410,526 Hewlett-Packard 18,083,670 1.8361,600 Huntington Bancshares 354,200 0.04145,988 International Business Machines 17,302,498 1.75314,710 International Game Technology 7,751,307 0.7846,570 ITT Educational Services 3,947,273 0.40621,320 Johnson Controls 17,838,097 1.81226,000 Keycorp 2,490,520 0.25107,895 Kla-Tencor 4,353,563 0.4490,613 Kohl’s 3,661,671 0.37195,389 Kraft Foods - A Shares 5,556,863 0.5644,200 Lehman Brothers Holdings 949,416 0.1019,790 Lincoln National 902,226 0.0969,140 Marathon Oil 3,572,464 0.36143,270 Medtronic 7,372,674 0.74654,508 Merck & Co. 24,616,046 2.4999,410 Merrill Lynch & Co. 3,180,126 0.32184,271 Metlife 9,805,060 0.99823,673 Microsoft 22,944,235 2.3248,603 Monsanto 6,259,094 0.63

250,653 Morgan Stanley 9,043,560 0.9280,950 National Oilwell Varco 7,172,170 0.7226,961 NetApp 589,098 0.06

1,010,917 News - A Shares 15,325,502 1.5533,230 Nike - B Shares 1,993,800 0.20384,436 Norfolk Southern 23,423,685 2.3749,390 Northrop Grumman 3,291,844 0.3348,700 NRG Energy 2,063,419 0.2152,930 NYSE Euronext 2,677,729 0.27191,527 Occidental Petroleum 17,181,887 1.74336,450 Oracle 7,112,553 0.7229,910 Paccar 1,243,060 0.1331,150 Paychex 977,176 0.1095,310 Pfizer 1,662,206 0.17179,325 Philip Morris International 8,916,039 0.9076,820 Praxair 7,299,436 0.7456,440 Principal Financial Group 2,378,382 0.24311,026 Procter & Gamble 18,888,609 1.91212,628 Qualcomm 9,593,775 0.9745,971 Rohm & Haas 2,156,959 0.22874,824 Safeway 24,853,750 2.52576,179 Schering-Plough 11,229,729 1.14165,183 Sierra Pacific Resources 2,087,913 0.21114,100 Sprint Nextel 1,045,156 0.11223,041 Staples 5,292,763 0.5448,730 State Street 3,088,995 0.3114,897 SunTrust Banks 528,397 0.05368,387 Sysco 10,182,217 1.03102,126 TD Ameritrade Holding 1,848,481 0.1998,800 Texas Instruments 2,787,148 0.28764,730 Time Warner 11,073,290 1.1232,480 Toll Brothers 609,000 0.0644,520 United States Steel 8,424,074 0.85288,894 United Technologies 17,648,534 1.78262,306 US Bancorp 7,373,422 0.75455,127 Verizon Communications 15,856,625 1.6046,000 VF 3,244,380 0.33180,030 Wachovia 2,691,449 0.27179,980 Wal-Mart Stores 10,176,069 1.03334,816 Walt Disney 10,546,704 1.07160,604 WellPoint 7,771,628 0.79507,175 Wells Fargo & Co. 11,933,828 1.21337,459 Xilinx 8,493,843 0.86203,650 XTO Energy 13,941,879 1.41114,373 Yahoo! 2,392,683 0.2440,000 Yum! Brands 1,395,200 0.1436,000 Zimmer Holdings 2,448,720 0.2542,380 Zions Bancorporation 1,339,208 0.13

925,949,129 93.65

NETHERLANDS ANTILLES145,273 Schlumberger 15,737,424 1.59

15,737,424 1.59

BERMUDA60,700 Axis Capital Holdings 1,852,564 0.19137,009 RenaissanceRe Holdings 6,173,626 0.62

8,026,190 0.81

CAYMAN ISLANDS10,600 Transocean 1,631,658 0.16

1,631,658 0.16

CANADA12,700 Ultra Petroleum 1,270,000 0.13

1,270,000 0.13

Total Shares 952,614,401 96.34


952,614,401 96.34


Cash 39,783,291 4.02



230

JPMorgan Funds - US Select 130/30 FundSchedule of Investments (Market Value Expressed in USD)

As at 30 June 2008

Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets


SharesInformation Technology 16.79Energy 15.69Financials 13.17Health Care 11.30Consumer Staples 10.96Industrials 9.52Consumer Discretionary 9.00Utilities 3.97Telecommunication Services 3.13Materials 2.81


Total 100.00


SharesInformation Technology 19.70Financials 16.18Energy 12.06Health Care 10.80Industrials 10.16Consumer Staples 9.29Consumer Discretionary 6.47Telecommunication Services 4.51Materials 3.72Utilities 3.48


Total 100.00

231

JPMorgan Funds - US Select 130/30 FundSchedule of Investments (Market Value Expressed in USD) (continued)

As at 30 June 2008

Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets

JPMorgan Funds - US Select 130/30 FundSchedule of Investments - Outstanding Forward Foreign Exchange Contracts (Expressed in USD)

As at 30 June 2008



AmountSold



Total 74,840


ExpirationDate


NotionalValue


Equity Futures

Sep-08 85 S&P 500 Index Future USD 27,163,875 (1,119,963)

Total (1,119,963)



Value


Morgan Stanley Swap on Basket of Securities - Long USD (14,532,025) (14,532,025)Morgan Stanley Swap on Basket of Securities - Short USD 13,783,142 13,783,142

Total (748,883) (748,883)

232


Shares

UNITED STATES OF AMERICA24,400 Acme Packet 193,492 0.414,050 Affiliated Managers Group 359,923 0.763,550 Alexion Pharmaceuticals 258,724 0.552,550 Allegheny Technologies 153,918 0.3319,600 Allscripts Healthcare Solutions 245,000 0.5247,950 American Apparel 298,728 0.636,950 American Public Education 275,567 0.5834,950 Anadigics 322,588 0.6822,400 Ansys 1,062,208 2.2584,427 Art Technology Group 266,789 0.5610,600 Bally Technologies 360,400 0.7617,100 Bancorp 139,878 0.306,500 Bankrate 254,995 0.5430,400 Bare Escentuals 573,040 1.2119,450 BioMarin Pharmaceuticals 579,999 1.2319,400 Blackboard 749,810 1.599,400 Bucyrus International 696,822 1.4711,450 Cabot Oil & Gas 780,775 1.6530,000 Calamos Asset Management - A Shares 515,700 1.0931,550 California Pizza Kitchen 365,664 0.7721,800 Cbeyond 367,548 0.789,997 Century Aluminum 670,799 1.4212,700 Cogent Communications Group 171,577 0.369,000 Comstock Resources 716,130 1.5115,600 DealerTrack Holdings 241,800 0.513,300 Deckers Outdoor 458,238 0.979,900 Digital River 388,674 0.8210,600 Diodes 299,026 0.6313,750 Eagle Materials 349,662 0.7413,700 EnerSys 471,006 1.0071,400 Enzo Biochem 851,802 1.8027,950 Exelixis 142,545 0.307,950 Exterran Holdings 580,350 1.2327,200 Finish Line - A Shares 235,552 0.5016,900 Flir Systems 693,745 1.4710,400 FTI Consulting 730,496 1.557,600 General Cable 445,436 0.9434,959 Gentiva Health Services 675,062 1.4319,900 Geo Group 439,790 0.9311,550 Healthways 353,545 0.759,800 Heico 324,282 0.6910,850 Hittite Microwave 395,916 0.8424,000 Hologic 524,162 1.117,623 Hornbeck Offshore Services 449,223 0.9550,750 Iconix Brand Group 609,000 1.296,150 Illumina 546,858 1.1617,300 Innospec 346,000 0.7323,200 Insulet 370,968 0.7811,250 Investment Technology Group 377,100 0.8014,450 IPG Photonics 274,694 0.5812,100 J Crew Group 383,812 0.8111,720 Kaydon 593,501 1.2628,800 LKQ 514,656 1.0920,500 LoopNet 229,395 0.4850,700 Magma Design Automation 314,847 0.6713,250 Masimo 457,390 0.9744,150 MedAssets 746,135 1.5815,995 Medivation 200,897 0.4216,500 Meridian Bioscience 452,100 0.9623,550 Microsemi 600,761 1.275,400 Morningstar 393,174 0.8319,150 MSCI - A Shares 681,740 1.4410,650 Myriad Genetics 487,344 1.0315,500 National Financial Partners 312,790 0.6618,650 NetSuite 374,306 0.7931,750 Neutral Tandem 545,465 1.1548,550 Nuance Communications 767,576 1.6210,300 Oceaneering International 787,950 1.678,400 Old Dominion Freight Line 247,212 0.5243,400 Omnicell 546,406 1.1643,350 Pacific Sunwear of California 366,308 0.7814,600 Penn Virginia 1,086,532 2.308,050 Powell Industries 407,491 0.868,050 ProAssurance 391,552 0.8313,000 Psychiatric Solutions 495,040 1.0515,950 Red Robin Gourmet Burgers 456,170 0.9634,200 Resource Capital 260,946 0.5577,450 Smith & Wesson Holding 398,093 0.8432,750 Sucampo Pharmaceuticals - A Shares 329,793 0.7023,003 Susser Holdings 223,359 0.4743,900 Switch & Data Facilities 754,641 1.60

5,200 Synaptics 196,560 0.4216,600 Syntel 575,024 1.2219,900 Taleo - A Shares 389,043 0.8227,400 Tessera Technologies 442,510 0.9413,250 Theravance 157,211 0.3353,216 thinkorswim Group 398,588 0.8430,250 Thoratec 530,283 1.1293,850 TurboChef Technologies 462,681 0.9860,350 Ulta Salon Cosmetics & Fragrance 660,833 1.406,025 Varian Semiconductor Equipment Associates 210,574 0.4423,650 VeriFone Holdings 274,577 0.5827,950 Viasat 569,062 1.2026,750 Viropharma 295,454 0.6225,800 Volcom 623,328 1.3210,000 Waste Connections 322,900 0.688,850 W-H Energy Services 844,202 1.7814,350 World Fuel Services 314,696 0.676,625 WSFS Financial 300,775 0.63

44,330,689 93.76

IRELAND8,600 Icon ADR 662,372 1.40

662,372 1.40

BERMUDA47,650 Castlepoint Holdings 449,816 0.95

449,816 0.95

BRITISH VIRGIN ISLANDS15,200 UTi Worldwide 300,656 0.64

300,656 0.64

Total Shares 45,743,533 96.75


45,743,533 96.75


Cash 1,408,145 2.98




SharesInformation Technology 28.29Health Care 17.71Industrials 14.31Consumer Discretionary 12.42Energy 11.09Financials 6.57Materials 3.22Telecommunication Services 1.93Consumer Staples 1.21


Total 100.00

233

JPMorgan Funds - US Small Cap Growth FundSchedule of Investments (Market Value Expressed in USD)

As at 30 June 2008

Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets


SharesInformation Technology 27.19Health Care 18.40Consumer Discretionary 16.17Industrials 15.29Financials 7.07Energy 6.88Materials 3.01Telecommunication Services 2.10Consumer Staples 1.85


Total 100.00

234

JPMorgan Funds - US Small Cap Growth FundSchedule of Investments (Market Value Expressed in USD) (continued)

As at 30 June 2008

Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets


Shares

UNITED STATES OF AMERICA143,300 Activision 4,905,159 0.7975,300 Aeropostale 2,367,432 0.3819,400 Aflac 1,225,692 0.2066,000 AGCO 3,432,000 0.5535,400 AK Steel Holding 2,466,672 0.4061,700 Altera 1,274,722 0.21112,900 Altria Group 2,321,224 0.37103,700 Amkor Technology 1,102,331 0.18106,400 Amphenol - A Shares 4,768,848 0.7739,000 Analog Devices 1,239,420 0.2073,900 Annaly Capital Management 1,151,362 0.1854,900 Apple 9,288,531 1.49132,600 Applied Biosystems 4,423,536 0.7118,500 Assurant 1,246,345 0.2023,000 Autoliv 1,074,330 0.1720,600 Autozone 2,491,982 0.4033,800 Bally Technologies 1,149,200 0.18120,150 Baxter International 7,610,301 1.22153,300 Biogen Idec 8,613,927 1.38137,000 BJ’s Wholesale Club 5,353,960 0.86145,200 BMC Software 5,279,472 0.8524,700 BorgWarner 1,085,812 0.1718,900 Brink’s 1,241,730 0.2050,600 Broadcom - A Shares 1,398,078 0.2246,400 Burger King Holdings 1,228,672 0.2032,000 Burlington Northern Santa Fe 3,131,200 0.5094,500 Caterpillar 6,952,365 1.1232,650 CenturyTel 1,171,155 0.1915,600 CF Industries Holdings 2,425,020 0.3975,850 Chevron 7,482,602 1.2035,700 Chubb 1,767,507 0.2894,100 Church & Dwight 5,285,597 0.8524,600 Cleveland-Cliffs 2,915,592 0.4726,800 Coca-Cola 1,394,136 0.2262,800 Colgate-Palmolive 4,301,800 0.6995,600 CommScope 4,927,224 0.7980,000 ConocoPhillips 7,466,400 1.20123,000 Corn Products International 6,057,750 0.97384,200 Corning 8,913,440 1.4350,600 Costco Wholesale 3,553,638 0.5785,300 CSX 5,300,542 0.8558,000 Cummins 3,713,740 0.60123,900 CVS Caremark 4,937,415 0.7958,200 Devon Energy 6,883,314 1.1025,700 DeVry 1,546,626 0.25199,000 DIRECTV Group 5,122,260 0.82111,200 Dolby Laboratories - A Shares 4,432,432 0.7191,100 DPL 2,407,773 0.3941,900 DreamWorks Animation SKG - A Shares 1,218,033 0.2097,800 Edison International 4,935,966 0.7942,100 Edwards Lifesciences 2,617,357 0.4228,200 Embarq 1,299,174 0.21213,900 Endo Pharmaceuticals Holdings 5,144,295 0.8237,500 Energen 2,918,250 0.4748,400 ENSCO International 3,979,932 0.6450,200 Expedia 932,867 0.15118,700 Express Scripts 7,632,410 1.2285,700 Exxon Mobil 7,470,469 1.2028,300 Flowserve 3,766,730 0.6125,500 Fluor 4,701,180 0.7543,985 Freeport-McMoRan Copper & Gold 5,204,305 0.8319,700 FTI Consulting 1,383,728 0.2254,800 GameStop - A Shares 2,286,804 0.3771,200 Gardner Denver 3,933,800 0.6385,800 General Dynamics 7,127,406 1.1467,700 Gilead Sciences 3,574,560 0.5771,900 Goodrich 3,433,944 0.5537,400 Hanesbrands 1,024,386 0.1697,100 Harris 4,947,245 0.7936,000 Hess 4,606,560 0.74107,100 Hewitt Associates - A Shares 4,104,072 0.66211,550 Hewlett-Packard 9,318,778 1.49128,700 Honeywell International 6,379,659 1.0269,600 Hudson City Bancorp 1,165,104 0.19107,000 Integrated Device Technology 1,059,300 0.17343,700 Intel 7,358,617 1.1883,800 International Business Machines 9,931,976 1.5947,800 Intersil - A Shares 1,170,622 0.196,600 Intuitive Surgical 1,778,436 0.28

66,200 Investment Technology Group 2,219,024 0.3683,500 Juniper Networks 1,877,915 0.3052,300 Kirby 2,508,831 0.4035,000 L-3 Communications Holdings 3,169,250 0.5131,900 Laboratory Corp. of America Holdings 2,228,215 0.3638,600 Linear Technology 1,245,622 0.2061,270 Lockheed Martin 6,073,082 0.9734,700 Mastercard - A Shares 9,518,904 1.53106,700 McDonald’s 5,930,386 0.95188,700 Medco Health Solutions 9,014,199 1.4530,500 MEMC Electronic Materials 1,916,620 0.3152,700 Mettler Toledo International 4,927,450 0.79412,750 Microsoft 11,497,564 1.8492,200 Molson Coors Brewing - B Shares 5,014,758 0.8037,000 Mosaic 5,455,650 0.8782,400 Murphy Oil 8,057,896 1.29120,800 Nasdaq OMX Group 3,349,784 0.5445,600 National Oilwell Varco 4,040,160 0.6557,900 National Semiconductor 1,195,056 0.1949,900 Nike - B Shares 2,994,000 0.4875,300 Noble Energy 7,484,820 1.2061,600 Norfolk Southern 3,753,288 0.6072,300 Northern Trust 4,916,400 0.7967,700 Nucor 5,198,006 0.8368,000 Nvidia 1,267,520 0.2086,600 Occidental Petroleum 7,768,886 1.24142,200 ON Semiconductor 1,308,240 0.21432,000 Oracle 9,132,480 1.4652,500 Owens & Minor 2,432,325 0.3950,200 Parker Hannifin 3,532,072 0.5754,200 Pepsi Bottling Group 1,526,272 0.25146,800 Perrigo 4,778,340 0.77112,900 Philip Morris International 5,613,388 0.9021,100 Priceline.com 2,484,525 0.4048,600 Prologis 2,615,652 0.42336,000 QLogic 4,872,000 0.7841,800 Questar 2,931,434 0.4758,100 Raytheon 3,242,561 0.5260,000 Rockwood Holdings 2,109,600 0.3418,200 Ryder System 1,242,696 0.2024,100 Snap-On 1,237,535 0.2019,500 Sohu.com 1,376,700 0.2260,500 State Street 3,835,095 0.6142,300 Steel Dynamics 1,653,930 0.276,000 Strayer Education 1,307,400 0.21

172,946 Sybase 5,164,168 0.83555,200 Symantec 10,784,760 1.7380,500 TD Ameritrade Holding 1,457,050 0.2397,900 TECO Energy 2,076,459 0.3345,500 Terra Industries 2,359,630 0.3881,300 Texas Instruments 2,293,473 0.37148,600 Thermo Fisher Scientific 8,233,926 1.32216,700 TJX 6,836,885 1.1031,000 Tupperware Brands 1,024,240 0.1624,550 United States Steel 4,645,351 0.74105,800 Viacom - B Shares 3,202,566 0.5164,300 W&T Offshore 3,786,627 0.6187,500 Wal-Mart Stores 4,947,250 0.79150,855 Walt Disney 4,751,933 0.7637,400 Walter Industries 4,076,600 0.6520,900 Watson Wyatt Worldwide - A Shares 1,115,433 0.18130,500 Western Digital 4,538,790 0.73101,100 Windstream 1,241,508 0.2049,300 Xilinx 1,240,881 0.20110,700 Yum! Brands 3,861,216 0.62

563,730,508 90.39

BERMUDA266,600 Accenture - A Shares 10,781,304 1.7373,600 Bunge 7,914,944 1.2764,000 Frontline 4,517,120 0.7214,140 Independent Tankers Corp. 25,036 0.00268,800 Warner Chilcott - A Shares 4,574,976 0.74

27,813,380 4.46

CAYMAN ISLANDS18,400 ACE 1,011,080 0.16190,400 Fresh Del Monte Produce 4,497,248 0.72133,600 Herbalife 5,108,864 0.82144,500 Seagate Technology 2,762,840 0.4448,900 Transocean 7,527,177 1.21

20,907,209 3.35

235

JPMorgan Funds - US Strategic Growth FundSchedule of Investments (Market Value Expressed in USD)

As at 30 June 2008

Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets

MARSHALL ISLANDS34,100 Genco Shipping & Trading 2,168,760 0.35

2,168,760 0.35

Total Shares 614,619,857 98.55


614,619,857 98.55


Cash 11,889,094 1.90




SharesInformation Technology 25.18Industrials 18.13Energy 12.74Consumer Discretionary 10.83Health Care 10.76Consumer Staples 8.00Materials 6.17Financials 4.16Utilities 1.98Telecommunication Services 0.60


Total 100.00


SharesInformation Technology 27.42Industrials 16.64Health Care 13.87Consumer Discretionary 9.96Energy 8.79Financials 7.65Consumer Staples 7.51Materials 4.07Utilities 1.67Telecommunication Services 1.03


Total 100.00

236

JPMorgan Funds - US Strategic Growth FundSchedule of Investments (Market Value Expressed in USD) (continued)

As at 30 June 2008

Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets

JPMorgan Funds - US Strategic Growth FundSchedule of Investments - Outstanding Forward Foreign Exchange Contracts (Expressed in USD)

As at 30 June 2008



AmountSold



Total 106,150

237


Shares

UNITED STATES OF AMERICA92,400 Adobe Systems 3,641,484 2.6075,200 Amazon.com 5,582,096 3.9853,600 American Tower - A Shares 2,219,040 1.58101,600 Amphenol - A Shares 4,553,712 3.2558,800 Ansys 2,788,296 1.9939,900 Apple 6,750,681 4.81145,900 Applied Materials 2,804,198 2.0073,400 AT&T 2,419,264 1.7266,400 Autodesk 2,266,232 1.6135,500 Bankrate 1,392,665 0.99104,400 Cisco Systems 2,446,092 1.7444,700 CommScope 2,303,838 1.64160,100 Corning 3,714,320 2.6541,000 Digital River 1,609,660 1.1579,500 DIRECTV Group 2,046,330 1.4656,300 Dolby Laboratories - A Shares 2,244,118 1.6071,900 Electronic Arts 3,192,360 2.27232,400 EMC/Massachusetts 3,390,716 2.427,200 First Solar 1,964,592 1.4072,294 Flir Systems 2,967,669 2.1113,300 Google - A Shares 7,070,679 5.0422,700 Harris 1,156,565 0.82102,100 Hewlett-Packard 4,497,505 3.2131,000 Illumina 2,756,520 1.96193,800 Intel 4,149,258 2.96203,100 Juniper Networks 4,567,719 3.2655,300 Lam Research 2,018,450 1.4449,800 MEMC Electronic Materials 3,129,432 2.2360,400 NetApp 1,319,740 0.9466,600 NeuStar - A Shares 1,424,574 1.0299,000 Nuance Communications 1,565,190 1.12165,650 Nvidia 3,087,716 2.2088,300 Omniture 1,726,265 1.23285,700 Oracle 6,039,698 4.3015,600 Priceline.com 1,836,900 1.31119,500 Qualcomm 5,391,840 3.8426,900 Salesforce.com 1,838,615 1.31140,100 Symantec 2,721,442 1.9481,300 Tessera Technologies 1,312,995 0.9428,800 VMware - A Shares 1,483,776 1.06

119,392,242 85.10

CANADA61,800 Research In Motion 7,381,392 5.26

7,381,392 5.26

BERMUDA62,700 Accenture - A Shares 2,535,588 1.81178,600 Marvell Technology Group 3,125,857 2.23

5,661,445 4.04

FINLAND127,400 Nokia ADR 3,083,080 2.20

3,083,080 2.20


3,020,390 2.15

Total Shares 138,538,549 98.75


138,538,549 98.75


Cash 1,962,414 1.40




SharesInformation Technology 83.10Consumer Discretionary 6.75Industrials 2.80Telecommunication Services 2.74Health Care 1.96Energy 1.40


Total 100.00


SharesInformation Technology 83.78Consumer Discretionary 6.63Industrials 5.62Telecommunication Services 2.79


Total 100.00

238

JPMorgan Funds - US Technology FundSchedule of Investments (Market Value Expressed in USD)

As at 30 June 2008

Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets


Shares

UNITED STATES OF AMERICA1 ACCO Brands 11 0.00

96,300 Aflac 6,084,234 0.71448,800 Albemarle 18,248,208 2.13258,600 Altria Group 5,316,816 0.62187,700 American Electric Power 7,457,321 0.87210,800 American Express 7,993,536 0.94269,500 Anheuser-Busch Companies 16,787,155 1.96287,300 Assurant 19,355,401 2.26731,600 AT&T 24,113,536 2.82386,868 AutoNation 4,019,559 0.4778,100 Autozone 9,447,757 1.11361,178 Bank of America 8,740,508 1.02242,230 Bank of New York Mellon 8,989,155 1.0547,000 Baxter International 2,976,980 0.35159,600 Bed Bath & Beyond 4,539,024 0.53599,200 Belo - A Shares 4,428,088 0.52

50 Berkshire Hathaway - A Shares 5,996,000 0.70204,800 Cablevision Systems - A Shares 4,640,768 0.54326,100 CBS - B Shares 6,358,950 0.74225,500 CenturyTel 8,088,685 0.95711,332 Charles Schwab 14,674,779 1.72235,000 Chevron 23,182,750 2.71367,800 Chubb 18,209,778 2.13575,600 Citigroup 9,583,740 1.12195,100 Coca-Cola 10,149,102 1.19433,400 Comcast Special - A Shares 7,944,222 0.93282,011 ConocoPhillips 26,320,087 3.0845,200 Costco Wholesale 3,174,396 0.37221,500 Coventry Health Care 6,855,425 0.80166,700 CVS Caremark 6,642,995 0.78316,800 Devon Energy 37,467,936 4.38124,100 Dover 5,939,426 0.69117,800 Emerson Electric 5,780,446 0.68580,600 Exxon Mobil 50,610,902 5.92191,000 Fortune Brands 11,853,460 1.39195,000 Freddie Mac 3,289,650 0.38198,900 General Electric 5,246,982 0.61204,500 Genuine Parts 8,147,280 0.95133,600 Hewlett-Packard 5,885,080 0.69175,700 Illinois Tool Works 8,194,648 0.9669,000 International Business Machines 8,177,880 0.96156,500 J.C. Penney 5,665,300 0.6671,900 Johnson & Johnson 4,584,344 0.54258,700 Johnson Controls 7,427,277 0.87176,000 Loews 8,384,640 0.98109,300 M&T Bank 7,703,464 0.9073,100 McDonald’s 4,062,898 0.48289,100 Merck & Co. 10,873,051 1.27222,800 MetLife 11,855,188 1.39510,900 Microsoft 14,231,630 1.66323,900 News - A Shares 4,910,324 0.58277,200 Northeast Utilities 7,079,688 0.83818,700 Old Republic International 9,939,018 1.16114,300 Omnicom Group 5,072,634 0.59122,000 Oneok 5,879,180 0.69169,700 Oshkosh 3,495,820 0.41122,900 P G&E 4,751,314 0.5698,300 Paccar 4,085,348 0.48175,800 Philip Morris International 8,740,776 1.0275,100 PPG Industries 4,281,451 0.5064,800 Prudential Financial 4,096,656 0.4855,000 Public Storage 4,358,750 0.51148,000 Qualcomm 6,677,760 0.78111,700 Rayonier 4,712,623 0.5572,300 Raytheon 4,035,063 0.47258,100 Safeway 7,332,621 0.86408,100 Schering-Plough 7,953,869 0.9397,600 Sigma-Aldrich 5,301,632 0.62390,000 Staples 9,254,700 1.08136,600 SunTrust Banks 4,845,202 0.57682,600 Synovus Financial 5,952,272 0.70195,100 SYSCO 5,392,564 0.6395,900 TJX 3,025,645 0.36329,361 Total System Services 7,328,282 0.86158,600 UGI 4,459,832 0.52197,300 United Technologies 12,053,057 1.41129,800 UnitedHealth Group 3,330,668 0.39503,900 Verizon Communications 17,555,876 2.05109,800 VF 7,744,194 0.9162,600 Vulcan Materials 3,714,058 0.44168,700 WABCO Holdings 7,711,277 0.90

643,400 Wachovia 9,618,830 1.12264,300 Walt Disney 8,325,450 0.9713,200 Washington Post - B Shares 7,647,156 0.89193,500 Western Union 4,854,915 0.57591,400 Williams 23,768,366 2.77324,500 Wilmington Trust 8,592,760 1.00273,717 Windstream 3,361,245 0.39277,900 WR Berkley 6,708,506 0.7888,000 Wyeth 4,108,720 0.48

797,758,550 93.29

BERMUDA130,800 Covidien 6,253,548 0.7358,700 Everest Re Group 4,707,740 0.55442,000 OneBeacon Insurance Group 7,902,960 0.93234,100 Tyco Electronics 8,394,826 0.98

27,259,074 3.19

MARSHALL ISLANDS341,400 Teekay 15,400,554 1.80

15,400,554 1.80

CANADA349,100 Brookfield Properties 6,206,998 0.73

6,206,998 0.73

Total Shares 846,625,176 99.00


846,625,176 99.00


Cash 5,691,505 0.67




SharesFinancials 23.83Energy 16.09Consumer Discretionary 14.26Industrials 9.13Consumer Staples 8.44Utilities 6.24Telecommunication Services 6.21Health Care 5.49Information Technology 5.07Materials 4.24


Total 100.00


SharesFinancials 27.47Consumer Discretionary 13.75Energy 12.22Industrials 8.62Consumer Staples 8.53Telecommunication Services 7.91Health Care 6.88Utilities 5.33Materials 4.73Information Technology 3.96


Total 100.00

239

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

As at 30 June 2008

Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets

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

As at 30 June 2008



AmountSold


15-Jul-08 EUR 13,233,298 USD 20,752,796 114,18915-Jul-08 USD 1,212,394 EUR 779,334 (16,503)

Total 97,686

240

1. Fund Total Expense Ratios (continued)For the

yearended

30 Jun 08

For theyear

ended30 Jun 08*

For theyear

ended30 Jun 07

For theyear

ended30 Jun 06

For theyear

ended30 Jun 05

For theyear

ended30 Jun 04

CappedExpense

Ratio30 Jun 08

InceptionDate

JPMorgan Funds - Africa Equity Fund (1)JPM Africa Equity A (acc) - USD 1.90% 2.76% - - - - - 14-May-08

JPM Africa Equity D (acc) - USD 2.65% 3.53% - - - - - 14-May-08

JPM Africa Equity I (acc) - USD 0.90% 1.97% - - - - 0.91% 14-May-08

JPMorgan Funds - America Equity FundJPM America Equity A (acc) - USD 1.90% - 1.90% 1.90% 1.50% - - 31-Mar-05

JPM America Equity A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.65% - 16-Nov-88

JF America Equity A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 01-Jun-01

JPM America Equity A (acc) - EUR (hedged) 1.90% - 1.90% - - - - 15-Mar-07

JPM America Equity B (acc) - USD 1.15% - 1.20% 1.20% 1.20% - - 26-Aug-04

JPM America Equity C (acc) - USD 0.83% - 0.79% 0.79% 0.72% - 0.85% 26-Aug-04

JPM America Equity C (acc) - EUR (hedged) 0.85% - - - - - 0.85% 28-Jan-08

JPM America Equity D (acc) - USD 2.65% - 2.65% 2.65% 2.65% 2.65% - 13-Oct-00

JPM America Equity D (acc) - EUR (hedged) 2.65% - 2.65% - - - - 15-Mar-07

JPM America Equity D (acc) - EUR 2.65% - 2.65% 2.65% - - - 08-May-06

JPM America Equity X (acc) - USD 0.12% - 0.10% 0.11% 0.09% - 0.15% 24-Nov-04

JPMorgan Funds - America Large Cap FundJPM America Large Cap A (acc) - USD 1.90% - 1.90% 1.90% 1.90% - - 31-Mar-05

JPM America Large Cap A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.65% - 01-Apr-99

JPM America Large Cap B (acc) - USD 1.15% - 1.20% 1.20% - - - 21-Feb-06

JPM America Large Cap C (acc) - USD 0.46% - - - - - 0.85%

JPM America Large Cap D (acc) - USD 2.65% - 2.65% 2.65% 2.65% 2.65% - 13-Oct-00

JPM America Large Cap X (acc) - USD 0.14% - - - - - 0.15%

JPMorgan Funds - America Micro Cap FundJPM America Micro Cap A (acc) - USD 1.90% 1.90% 1.90% 1.90% 1.90% - - 31-Mar-05

JPM America Micro Cap A (dist) - USD 1.90% 1.90% 1.90% 1.90% 1.90% 1.90% - 16-Nov-88

JF America Micro Cap A (dist) - USD 1.90% 1.90% 1.90% 1.90% 1.90% 1.90% - 20-Jun-03

JPM America Micro Cap D (acc) - USD 2.90% 2.90% 2.90% 2.90% 2.90% 2.90% - 13-Oct-00

JPM America Micro Cap X (acc) - USD 0.14% 0.21% 0.11% 0.13% 0.08% - 0.15% 09-Dec-04

JPMorgan Funds - Brazil Alpha Plus Fund (2)JPM Brazil Alpha Plus A (acc) - USD 1.90% 1.90% - - - - - 18-Oct-07

JPM Brazil Alpha Plus B (acc) - USD 1.15% 2.99% - - - - - 28-Jan-08

JPM Brazil Alpha Plus C (acc) - USD** - - - - - - - 19-Mar-08

JPM Brazil Alpha Plus D (acc) - USD 2.90% 2.90% - - - - - 18-Oct-07

JPM Brazil Alpha Plus I (acc) - USD 1.06% 1.06% - - - - 1.06% 18-Oct-07

JPMorgan Funds - Eastern Europe Equity FundJPM Eastern Europe Equity A (acc) - EUR 1.95% - 1.95% 1.95% 1.95% - - 31-Mar-05

JPM Eastern Europe Equity A (dist) - EUR 1.95% - 1.95% 1.95% 1.95% 1.95% - 04-Jul-94

JF Eastern Europe Equity A (dist) - EUR 1.95% - 1.95% 1.95% 1.95% 1.95% - 15-Jun-01

JPM Eastern Europe Equity B (acc) - EUR 1.20% - 1.55% 1.55% - - - 20-Mar-06

JPM Eastern Europe Equity C (acc) - EUR 1.09% - 1.06% 1.05% 0.45% - 1.10% 24-Feb-05

JPM Eastern Europe Equity D (acc) - EUR 2.95% - 2.95% 2.95% 2.95% 2.95% - 13-Oct-00

JPM Eastern Europe Equity I (acc) - EUR 1.04% - 1.02% 1.06% - - 1.06% 26-Jun-06

JPM Eastern Europe Equity X (acc) - EUR 0.19% - 0.17% 0.16% 0.13% - 0.20% 09-Nov-04

JPMorgan Funds - Emerging Europe, Middle East and Africa Equity FundJPM Emerging Europe, Middle East and Africa Equity A (acc)- USD 1.95% - 1.95% 1.95% 1.95% - - 31-Mar-05

JPM Emerging Europe, Middle East and Africa Equity A (dist) - USD 1.95% - 1.95% 1.95% 1.95% 1.95% - 16-Apr-97

JPM Emerging Europe, Middle East and Africa Equity B (acc) - USD 1.20% - 1.55% 1.55% 1.55% - - 03-Sep-04

JPM Emerging Europe, Middle East and Africa Equity C (acc) - USD 1.10% - 1.08% 1.08% 0.45% - 1.10% 01-Feb-05

JPM Emerging Europe, Middle East and Africa Equity D (acc) - USD 2.95% - 2.95% 2.95% 2.95% 2.95% - 13-Oct-00

JPM Emerging Europe, Middle East and Africa Equity I (acc) - USD 1.06% - 1.05% 0.01% - - 1.06% 26-Jun-06

JPM Emerging Europe, Middle East and Africa Equity X (acc) - USD** - - 0.12% 0.20% 0.08% - - 08-Feb-05

JPMorgan Funds - Emerging Markets Alpha Plus FundJPM Emerging Markets Alpha Plus A (acc) - USD 1.90% 1.90% 1.90% - - - - 30-Aug-06

JPM Emerging Markets Alpha Plus A (dist) - USD 1.90% 1.90% 1.90% - - - - 30-Aug-06

JPM Emerging Markets Alpha Plus D (acc) - USD 2.90% 2.90% 2.90% - - - - 30-Aug-06

JPMorgan Funds - Emerging Markets Debt FundJPM Emerging Markets Debt A (acc) - EUR 1.55% - 1.55% 1.55% 1.55% - - 01-Apr-05

JPM Emerging Markets Debt A (dist) - EUR 1.55% - 1.55% 1.55% 1.55% 1.40% - 14-Mar-97

JPM Emerging Markets Debt C (acc) - EUR 0.70% - 0.03% - - - 0.70% 13-Jun-06

JPM Emerging Markets Debt D (acc) - EUR 2.25% - 2.25% 2.25% 2.25% 2.25% - 13-Oct-00

JPM Emerging Markets Debt I (inc) - EUR 0.66% - 0.03% - - - 0.66% 14-Jun-07

JPM Emerging Markets Debt X (acc) - EUR 0.15% - 0.02% - - - 0.15% 21-May-97


(2) This Sub-Fund was launched on 18 October 2007.

241

JPMorgan FundsAppendix - Unaudited Additional Disclosures

***


yearended

30 Jun 08

For theyear

ended30 Jun 08*

For theyear

ended30 Jun 07

For theyear

ended30 Jun 06

For theyear

ended30 Jun 05

For theyear

ended30 Jun 04

CappedExpense

Ratio30 Jun 08

InceptionDate

JPMorgan Funds - Emerging Markets Equity FundJPM Emerging Markets Equity A (acc) - USD 1.90% - 1.90% 1.90% - - - 31-Mar-05

JPM Emerging Markets Equity A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 18-Apr-94

JPM Emerging Markets Equity A (dist) - GBP 1.90% - 1.90% 1.90% 1.90% 1.90% - 13-Oct-00

JPM Emerging Markets Equity A (acc) - EUR 1.90% - 1.90% 1.90% 1.90% - - 26-Sep-05

JPM Emerging Markets Equity B (acc) - USD 1.15% - 1.50% 1.50% 1.50% - - 21-Dec-04

JPM Emerging Markets Equity C (acc) - USD 1.08% - 1.07% 1.07% 0.45% - 1.10% 01-Feb-05

JPM Emerging Markets Equity D (acc) - USD 2.90% - 2.90% 2.90% 2.90% 2.90% - 13-Oct-00

JPM Emerging Markets Equity D (acc) - EUR 2.90% - 2.90% 2.90% - - - 08-May-06

JPM Emerging Markets Equity I (acc) - USD 1.03% - 1.02% - - - 1.06% 27-Jun-06

JPM Emerging Markets Equity I (inc) - EUR 1.03% - 1.02% 0.09% - - 1.06% 30-May-06

JPM Emerging Markets Equity X (acc) - USD 0.18% - 0.17% 0.18% 0.12% - 0.20% 23-Nov-04

JPM Emerging Markets Equity X (inc) - EUR 0.18% - 0.17% 0.10% - - 0.20% 19-Dec-05

JPMorgan Funds - Emerging Markets Infrastructure Equity Fund (3)JPM Emerging Markets Infrastructure Equity A (acc) - USD 1.90% 3.05% - - - - - 28-Apr-08

JPM Emerging Markets Infrastructure Equity D (acc) - USD 2.65% 3.73% - - - - - 28-Apr-08

JPMorgan Funds - Emerging Markets Local Currency Debt Fund (4)JPM Emerging Markets Local Currency Debt A (acc) - EUR 1.40% 1.40% - - - - - 24-Jan-08

JPM Emerging Markets Local Currency Debt A (acc) - USD 1.40% 1.40% - - - - - 24-Jan-08

JPM Emerging Markets Local Currency Debt B (acc) - USD 0.85% 0.85% - - - - - 14-Feb-08

JPM Emerging Markets Local Currency Debt D (acc) - EUR 1.90% 1.90% - - - - - 24-Jan-08

JPM Emerging Markets Local Currency Debt D (acc) - USD 1.90% 1.90% - - - - - 24-Jan-08

JPMorgan Funds - Emerging Markets Small Cap Fund (5)JPM Emerging Markets Small Cap A (acc) - USD 1.90% 3.81% - - - - - 15-Nov-07

JPM Emerging Markets Small Cap A (dist) - GBP 1.90% 2.91% - - - - - 15-Nov-07

JPM Emerging Markets Small Cap A (acc) - EUR 1.90% 2.90% - - - - - 15-Nov-07

JPM Emerging Markets Small Cap B (acc) - USD 1.15% 2.83% - - - - - 03-Jun-08

JPM Emerging Markets Small Cap C (acc) - USD** 1.10% - - - - - 1.10% 07-Dec-07

JPM Emerging Markets Small Cap D (acc) - USD 2.90% 3.82% - - - - - 15-Nov-07

JPMorgan Funds - EU Government Bond Fund (6)JPM EU Government Bond B (acc) - EUR 0.45% - - - - - - 28-Apr-08

JPM EU Government Bond C (acc) - EUR 0.40% - - - - - - 17-Apr-08

JPMorgan Funds - Euro Liquid Reserve FundJPM Euro Liquid Reserve A (acc) - EUR 0.65% - 0.65% 0.65% - - - 22-May-06

JPM Euro Liquid Reserve D (acc) - EUR 0.75% - 0.75% - - - - 30-Aug-06

JPMorgan Funds - Euroland Equity FundJPM Euroland Equity A (acc) - EUR 1.90% - 1.90% 1.90% 1.90% - - 31-Mar-05

JPM Euroland Equity A (dist) - EUR 1.90% - 1.90% 1.90% 1.90% 1.65% - 16-Nov-88

JF Euroland Equity A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 01-Jun-01

JPM Euroland Equity A (inc) - EUR 1.90% - - - - - - 18-Oct-07

JPM Euroland Equity B (acc) - EUR 1.15% - - - - - - 23-Jan-08

JPM Euroland Equity C (acc) - EUR 0.83% - 0.83% 0.83% 0.54% - 0.85% 09-Sep-04

JPM Euroland Equity D (acc) - EUR 2.65% - 2.65% 2.65% 2.65% 2.65% - 13-Oct-00

JPM Euroland Equity I (acc) - EUR 0.78% - 0.78% - - - 0.81% 28-Jun-06

JPM Euroland Equity X (acc) - EUR 0.15% - - - - - 0.15% 03-Aug-07

JPMorgan Funds - Euroland Select Equity Fund (7)JPM Euroland Select Equity A (acc) - EUR 1.90% - - - - - - 24-Jul-07

JPM Euroland Select Equity A (dist) - EUR 1.90% - - - - - - 02-Jan-08

JPM Euroland Select Equity D (acc) - EUR 2.65% - - - - - - 24-Jul-07

JPM Euroland Select Equity X (acc) - EUR 0.15% - - - - - 0.15% 30-Nov-07

JPMorgan Funds - Europe 130/30 FundJPM Europe 130/30 A (acc) - EUR 1.90% 2.25% 1.90% - - - - 25-Jun-07

JPM Europe 130/30 A (acc) - USD 1.90% 2.98% - - - - - 25-Jun-07

JPM Europe 130/30 A (dist) - EUR 1.90% 2.34% - - - - - 20-Dec-07

JPM Europe 130/30 A (dist) - GBP 1.90% 2.26% - - - - - 20-Jul-07

JPM Europe 130/30 D (acc) - EUR 2.90% 3.11% 2.90% - - - - 25-Jun-07

JPM Europe 130/30 D (acc) - USD 2.90% 3.88% - - - - - 20-Dec-07

JPM Europe 130/30 X (acc) - EUR 0.15% 1.01% - - - - 0.15% 09-Aug-07

JPMorgan Funds - Europe Aggregate Plus Bond FundJPM Europe Aggregate Plus Bond A (acc) - EUR 1.00% - 1.10% 1.10% 1.10% - - 31-Mar-05

JPM Europe Aggregate Plus Bond A (inc) - EUR 1.00% - 1.10% 1.10% 1.10% 1.10% - 18-May-95

JPM Europe Aggregate Plus Bond B (acc) - EUR** - - 0.80% 0.80% 0.80% - - 23-Dec-04

JPM Europe Aggregate Plus Bond C (acc) - EUR 0.55% - 0.30% - - - 0.55% 19-Jun-07

JPM Europe Aggregate Plus Bond D (acc) - EUR 1.40% - 1.50% 1.50% 1.50% 1.50% - 13-Oct-00

JPM Europe Aggregate Plus Bond X (acc) - EUR 0.10% - 0.02% - - - 0.10% 21-May-07



(5) This Sub-Fund was launched on 15 November 2007.



242

JPMorgan FundsAppendix - Unaudited Additional Disclosures (continued)


yearended

30 Jun 08

For theyear

ended30 Jun 08*

For theyear

ended30 Jun 07

For theyear

ended30 Jun 06

For theyear

ended30 Jun 05

For theyear

ended30 Jun 04

CappedExpense

Ratio30 Jun 08

InceptionDate

JPMorgan Funds - Europe Balanced Fund (EUR)JPM Europe Balanced (EUR) A (acc) - EUR 1.85% - 1.85% 1.85% 1.85% - - 31-Mar-05

JPM Europe Balanced (EUR) A (dist) - EUR 1.85% - 1.85% 1.85% 1.85% 1.40% - 31-Aug-95

JPM Europe Balanced (EUR) B (acc) - EUR 1.05% - - - - - - 10-Dec-07

JPM Europe Balanced (EUR) D (acc) - EUR 2.35% - 2.35% 2.35% 2.35% 2.35% - 13-Oct-00

JPMorgan Funds - Europe Convergence Equity FundJPM Europe Convergence Equity A (acc) - EUR 1.95% - 1.95% 1.95% 1.95% - - 01-Apr-05

JPM Europe Convergence Equity A (dist) - EUR 1.95% - 1.95% 1.95% 1.95% 1.95% - 15-Sep-00

JPM Europe Convergence Equity C (acc) - EUR 1.10% - 1.10% 1.08% 0.27% - 1.10% 04-Apr-05

JPM Europe Convergence Equity D (acc) - EUR 2.95% - 2.95% 2.95% 2.95% 2.95% - 13-Oct-00

JPM Europe Convergence Equity I (acc) - EUR** - - 0.12% - - - - 27-Jun-06

JPMorgan Funds - Europe Dynamic FundJPM Europe Dynamic A (acc) - EUR 1.90% - 1.90% 1.90% 1.90% - - 01-Apr-05

JPM Europe Dynamic A (dist) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% - 08-Dec-00

JF Europe Dynamic A (dist) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% - 27-May-04

JPM Europe Dynamic A (dist) - GBP 1.90% - 1.90% 1.90% 1.90% 1.90% - 08-Dec-00

JPM Europe Dynamic B (acc) - EUR 1.15% - 1.50% 1.50% 1.50% - - 26-Aug-04

JPM Europe Dynamic C (acc) - EUR 0.98% - 0.97% 0.98% 0.84% - 1.00% 26-Aug-04

JPM Europe Dynamic D (acc) - EUR 2.90% - 2.90% 2.90% 2.90% 2.90% - 08-Dec-00

JPM Europe Dynamic D (acc) - USD 2.90% - 2.90% 2.90% 2.90% - - 01-Oct-04

JPM Europe Dynamic I (acc) - EUR** - - 0.91% - - - - 12-Jul-06

JPM Europe Dynamic X (acc) - EUR 0.14% - 0.13% 0.14% 0.10% - 0.15% 25-Oct-04

JPMorgan Funds - Europe Dynamic Mega Cap FundJPM Europe Dynamic Mega Cap A (acc) - EUR 1.90% - 1.90% 1.95% - - - 20-Sep-05

JPM Europe Dynamic Mega Cap A (dist) - EUR 1.90% - 1.90% 1.95% - - - 09-May-06

JPM Europe Dynamic Mega Cap A (inc) - EUR 1.90% - 1.90% 1.90% - - - 15-May-06

JPM Europe Dynamic Mega Cap A (acc) - USD 1.90% - - - - - - 26-Sep-07

JPM Europe Dynamic Mega Cap B (acc) - EUR 1.15% - 1.50% 1.50% - - - 27-Mar-06

JPM Europe Dynamic Mega Cap C (acc) - EUR 0.99% - 0.99% 1.00% - - 1.00% 11-Jan-06

JPM Europe Dynamic Mega Cap D (acc) - EUR 2.90% - 2.90% 2.90% - - - 03-Feb-06

JPM Europe Dynamic Mega Cap D (acc) - USD 2.90% - - - - - - 26-Sep-07

JPM Europe Dynamic Mega Cap I (acc) - EUR 0.94% - 0.84% - - - 0.96% 07-Aug-06

JPM Europe Dynamic Mega Cap X (acc) - EUR 0.14% - 0.14% 0.20% - - 0.15% 27-Jan-06

JPMorgan Funds - Europe Dynamic Small Cap FundJPM Europe Dynamic Small Cap A (acc) - EUR 1.90% 2.04% 1.90% 1.90% - - - 27-Jan-05

JPM Europe Dynamic Small Cap A (dist) - EUR 1.90% 2.26% 1.90% 1.90% - - - 12-Jan-06

JPM Europe Dynamic Small Cap D (acc) - EUR 2.90% 3.13% 2.90% 2.90% - - - 06-Dec-05

JPM Europe Dynamic Small Cap X (acc) - EUR 0.15% 0.27% 0.15% 0.15% - - - 17-Jan-06

JPMorgan Funds - Europe Equity FundJPM Europe Equity A (acc) - EUR 1.90% - 1.90% 1.90% 1.90% - - 01-Apr-05

JPM Europe Equity A (dist) - EUR 1.90% - 1.90% 1.90% 1.90% 1.65% - 01-Dec-88

JPM Europe Equity A (acc) - USD 1.90% - 1.90% 1.90% 1.90% 1.65% - 13-Oct-00

JF Europe Equity A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 01-Jun-01

JPM Europe Equity B (acc) - EUR 1.15% - 1.30% 1.30% 1.30% - - 26-Aug-04

JPM Europe Equity C (acc) - EUR 0.82% - 0.81% 0.82% 0.72% - 0.85% 26-Aug-04

JPM Europe Equity D (acc) - EUR 2.65% - 2.65% 2.65% 2.65% 2.65% - 13-Oct-00

JPM Europe Equity D (acc) - USD 2.65% - 2.65% 2.65% - - - 27-Jun-06

JPM Europe Equity I (acc) - EUR** - - 0.78% - - - - 28-Jun-06

JPM Europe Equity I (inc) - EUR 0.77% - 0.16% - - - 0.81% 16-Apr-07

JPM Europe Equity X (acc) - EUR 0.12% - 0.12% 0.13% 0.10% - 0.15% 14-Sep-04

JPMorgan Funds - Europe Focus FundJPM Europe Focus A (acc) - EUR 1.90% 1.90% 1.90% 1.90% - - - 13-Mar-06

JPM Europe Focus A (acc) - USD 1.90% 1.90% - - - - - 20-Dec-07JPM Europe Focus A (dist) - EUR 1.90% 1.90% 1.90% - - - - 17-Nov-06

JPM Europe Focus B (acc) - EUR 1.15% 1.15% - - - - - 23-May-08

JPM Europe Focus C (acc) - EUR 0.95% 1.00% 0.22% - - - 1.00% 12-Apr-07

JPM Europe Focus D (acc) - EUR 2.90% 2.91% 2.90% 2.90% - - - 13-Mar-06

JPM Europe Focus D (acc) - USD 2.90% 2.90% - - - - - 20-Dec-07

JPM Europe Focus X (acc) - EUR 0.15% 0.15% 0.04% - - - 0.15% 30-Mar-07

JPMorgan Funds - Europe High Yield Bond FundJPM Europe High Yield Bond A (acc) - EUR 1.10% - 1.10% 1.10% 1.10% - - 01-Apr-05

JPM Europe High Yield Bond A (inc) - EUR 1.10% - 1.10% 1.10% 1.10% 1.10% - 05-Oct-98

JPM Europe High Yield Bond C (acc) - EUR 0.60% - - - - - 0.60% 07-Dec-07

JPM Europe High Yield Bond D (acc) - EUR 1.65% - 1.65% 1.65% 1.65% 1.65% - 13-Oct-00

JPM Europe High Yield Bond X (acc) - EUR 0.10% - - - - - 0.10% 06-Jul-07

JPMorgan Funds - Europe Micro Cap FundJPM Europe Micro Cap A (acc) - EUR 1.90% 1.90% 1.90% 1.90% - - - 23-Nov-05

JPM Europe Micro Cap A (dist) - EUR 1.90% 1.90% 1.90% 1.90% - - - 18-Nov-05

JPM Europe Micro Cap D (acc) - EUR 2.90% 2.91% 2.90% 2.90% - - - 05-Dec-05

243



yearended

30 Jun 08

For theyear

ended30 Jun 08*

For theyear

ended30 Jun 07

For theyear

ended30 Jun 06

For theyear

ended30 Jun 05

For theyear

ended30 Jun 04

CappedExpense

Ratio30 Jun 08

InceptionDate

JPMorgan Funds - Europe Select 130/30 FundJPM Europe Select 130/30 A (acc) - EUR 1.90% 1.90% 1.90% - - - - 25-Jun-07

JPM Europe Select 130/30 A (acc) - USD 1.90% 2.41% - - - - - 20-Dec-07

JPM Europe Select 130/30 A (dist) - GBP 1.90% 1.91% - - - - - 20-Jul-07

JPM Europe Select 130/30 D (acc) - EUR 2.90% 2.90% 2.90% - - - - 25-Jun-07

JPM Europe Select 130/30 D (acc) - USD 2.90% 3.30% - - - - - 20-Dec-07

JPM Europe Select 130/30 X (acc) - EUR 0.15% 0.18% - - - - 0.15% 09-Aug-07

JPMorgan Funds - Europe Small Cap FundJPM Europe Small Cap A (acc) - EUR 1.90% - 1.90% 1.90% 1.90% - - 01-Apr-05

JPM Europe Small Cap A (dist) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% - 18-Apr-94

JF Europe Small Cap A (dist) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% - 13-Oct-00

JPM Europe Small Cap A (dist) - GBP 1.90% - 1.90% 1.90% 1.90% 1.90% - 13-Oct-00

JPM Europe Small Cap B (acc) - EUR 1.15% - 1.50% 1.50% 1.50% - - 26-Aug-04

JPM Europe Small Cap C (acc) - EUR 0.98% - 0.99% 1.00% 0.84% - 1.00% 26-Aug-04

JPM Europe Small Cap D (acc) - EUR 2.90% - 2.90% 2.90% 2.90% 2.90% - 13-Oct-00

JPM Europe Small Cap I (acc) - EUR 0.94% - 0.95% - - - 0.96% 27-Jun-06

JPM Europe Small Cap X (acc) - EUR 0.14% - 0.15% 0.15% 0.09% - 0.15% 24-Nov-04

JPMorgan Funds - Europe Strategic Growth FundJPM Europe Strategic Growth A (acc) - EUR 1.90% - 1.90% 1.90% 1.90% - - 01-Apr-05

JPM Europe Strategic Growth A (dist) - EUR 1.90% - 1.90% 1.90% 1.90% 1.65% - 14-Feb-00

JPM Europe Strategic Growth A (dist) - GBP 1.90% - 1.90% 1.90% 1.90% 1.65% - 13-Oct-00

JPM Europe Strategic Growth B (acc) - EUR 1.15% - 1.30% 1.30% 1.30% - - 26-Aug-04

JPM Europe Strategic Growth C (acc) - EUR 0.92% - 0.93% 0.93% 0.31% - 0.95% 01-Mar-05

JPM Europe Strategic Growth D (acc) - EUR 2.65% - 2.65% 2.65% 2.65% 2.65% - 13-Oct-00

JPM Europe Strategic Growth I (inc) - EUR 0.88% - 0.49% 0.04% - - 0.91% 13-Jun-06

JPM Europe Strategic Growth I (acc) - EUR 0.88% - 0.44% - - - 0.91% 29-Jun-06

JPM Europe Strategic Growth X (acc) - EUR 0.13% - 0.14% 0.15% 0.10% - 0.15% 23-Nov-04

JPMorgan Funds - Europe Strategic Growth Small Cap Fund (8)JPM Europe Strategic Growth Small Cap A (acc) - EUR 1.90% 2.27% - - - - - 10-Jan-08

JPM Europe Strategic Growth Small Cap D (acc) - EUR 2.90% 3.19% - - - - - 10-Jan-08

JPMorgan Funds - Europe Strategic Value FundJPM Europe Strategic Value A (acc) - EUR 1.90% - 1.90% 1.90% 1.90% - - 01-Apr-05

JPM Europe Strategic Value A (dist) - EUR 1.90% - 1.90% 1.90% 1.90% 1.65% - 14-Feb-00

JPM Europe Strategic Value A (dist) - GBP 1.90% - 1.90% 1.90% 1.90% 1.65% - 13-Oct-00

JPM Europe Strategic Value B (acc) - EUR 1.15% - 1.30% 1.30% 1.30% - - 26-Aug-04

JPM Europe Strategic Value C (acc) - EUR 0.91% - 0.91% 0.92% 0.79% - 0.95% 01-Sep-04

JPM Europe Strategic Value D (acc) - EUR 2.65% - 2.65% 2.65% 2.65% 2.65% - 13-Oct-00

JPM Europe Strategic Value I (inc) - EUR 0.87% - 0.87% 0.04% - - 0.91% 13-Jun-06

JPM Europe Strategic Value I (acc) - EUR 0.87% - 0.87% - - - 0.91% 27-Jun-06

JPM Europe Strategic Value X (acc) - EUR 0.12% - 0.13% 0.14% 0.09% - 0.15% 23-Nov-04

JPMorgan Funds - Europe Strategic Value Small Cap Fund (9)JPM Europe Strategic Value Small Cap A (acc) - EUR 1.90% 2.49% - - - - - 10-Jan-08

JPM Europe Strategic Value Small Cap D (acc) - EUR 2.90% 3.38% - - - - - 10-Jan-08

JPMorgan Funds - Europe Technology FundJPM Europe Technology A (acc) - EUR 1.90% - 1.90% 1.90% 1.90% - - 01-Apr-05

JPM Europe Technology A (dist) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% - 08-Nov-99

JF Europe Technology A (dist) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% - 15-Jun-01

JPM Europe Technology A (dist) - GBP 1.90% - 1.90% 1.90% 1.90% 1.90% - 13-Oct-00

JPM Europe Technology B (acc) - EUR 1.15% - - - - - - 23-May-08

JPM Europe Technology C (acc) - EUR 0.57% - - - - - 1.05% 20-Jun-08

JPM Europe Technology D (acc) - EUR 2.90% - 2.90% 2.90% 2.90% 2.90% - 13-Oct-00

JPM Europe Technology X (acc) - EUR 0.19% - - - - - 0.20% 09-Aug-07

JPMorgan Funds - Germany Equity FundJPM Germany Equity A (acc) - EUR 1.90% - 1.90% 1.90% 1.90% - - 31-Mar-05

JPM Germany Equity A (dist) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% - 02-Jun-00

JF Germany Equity A (dist) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% - 15-Jun-01

JPM Germany Equity B (acc) - EUR 1.15% - - - - - - 10-Dec-07

JPM Germany Equity C (acc) - EUR 0.93% - - - - - 0.95% 18-Jan-08

JPM Germany Equity D (acc) - EUR 2.90% - 2.90% 2.90% 2.90% 2.90% - 13-Oct-00

JPM Germany Equity I (acc) - EUR 0.91% - - - - - 0.91% 10-Apr-08

JPM Germany Equity X (acc) - EUR 0.14% - - - - - 0.15% 30-Nov-07

JPMorgan Funds - Global Aggregate Bond FundJPM Global Aggregate Bond A (acc) - USD 1.00% - 1.10% 1.10% 1.10% - - 31-Mar-05

JPM Global Aggregate Bond A (inc) - USD 1.00% - 1.10% 1.10% 1.10% 1.10% - 16-Nov-88

JPM Global Aggregate Bond B (acc) - USD** - - 0.80% 0.80% 0.80% - - 23-Dec-04

JPM Global Aggregate Bond C (acc) - USD 0.55% - 0.60% 0.59% 0.28% - 0.55% 13-Jan-05

JPM Global Aggregate Bond D (acc) - USD 1.40% - 1.50% 1.50% 1.50% 1.50% - 13-Oct-00

JPM Global Aggregate Bond X (acc) - USD** - - 0.10% 0.10% 0.04% - 0.10% 01-Feb-05



244



yearended

30 Jun 08

For theyear

ended30 Jun 08*

For theyear

ended30 Jun 07

For theyear

ended30 Jun 06

For theyear

ended30 Jun 05

For theyear

ended30 Jun 04

CappedExpense

Ratio30 Jun 08

InceptionDate

JPMorgan Funds - Global Consumer Trends Fund (10)JPM Global Consumer Trends (EUR) A (acc) - EUR 1.90% - - - - - - 21-Apr-08

JPM Global Consumer Trends (EUR) D (acc) - EUR 2.65% - - - - - - 21-Apr-08

JPMorgan Funds - Global Convertibles Fund (EUR)JPM Global Convertibles (EUR) A (acc) - EUR 1.65% - 1.65% 1.65% 1.65% - - 31-Mar-05

JPM Global Convertibles (EUR) A (dist) - EUR 1.65% - 1.65% 1.65% 1.65% 1.65% - 04-May-01

JF Global Convertibles (EUR) A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 20-Jun-03

JPM Global Convertibles (EUR) B (acc) - EUR 1.00% - 1.25% 1.25% 1.25% - - 01-Dec-04

JPM Global Convertibles (EUR) C (acc) - EUR 0.91% - 0.90% 0.91% 0.77% - 0.95% 08-Sep-04

JPM Global Convertibles (EUR) D (acc) - EUR 2.15% - 2.15% 2.15% 2.15% 2.15% - 04-May-01

JPM Global Convertibles (EUR) I (acc) - EUR 0.89% - 0.30% - - - 0.91% 01-Mar-07

JPM Global Convertibles (EUR) I (inc) - EUR 0.90% - 0.43% - - - 0.91% 09-Jan-07

JPM Global Convertibles (EUR) X (acc) - EUR 0.12% - 0.11% 0.11% 0.09% - 0.15% 23-Nov-04

JPMorgan Funds - Global Dynamic FundJPM Global Dynamic A (acc) - USD 1.90% - 1.90% 1.90% 1.90% - - 31-Mar-05

JPM Global Dynamic A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 08-Dec-00

JF Global Dynamic A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 27-May-04

JPM Global Dynamic A (acc) - EUR 1.90% - 1.90% - - - - 21-Nov-06

JPM Global Dynamic A (acc) - EUR (hedged) 1.90% - - - - - - 30-Oct-07

JPM Global Dynamic A (dist) - GBP 1.90% - 1.90% 1.90% 1.90% 1.90% - 08-Dec-00

JPM Global Dynamic A (inc) - EUR 1.90% - 1.90% 1.90% - - - 15-May-06

JPM Global Dynamic B (acc) - USD 1.15% - 1.50% 1.50% 1.50% - - 26-Aug-04

JPM Global Dynamic C (acc) - USD 0.96% - 0.95% 0.96% 0.84% - 1.00% 26-Aug-04

JPM Global Dynamic C (acc) - EUR 0.97% - 0.03% - - - 1.00% 20-Jun-07

JPM Global Dynamic C (acc) - EUR (hedged) 0.97% - - - - - 1.00% 24-Jan-08

JPM Global Dynamic D (acc) - USD 2.90% - 2.90% 2.90% 2.90% 2.90% - 08-Dec-00

JPM Global Dynamic D (acc) - EUR 2.90% - 2.90% 2.90% - - - 08-May-06

JPM Global Dynamic D (acc) - EUR (hedged) 2.90% - - - - - - 30-Oct-07

JPM Global Dynamic I (acc) - USD 0.93% - 0.14% - - - 0.96% 07-May-07

JPM Global Dynamic X (acc) - USD 0.12% - 0.11% 0.12% 0.09% - 0.15% 23-Nov-04

JPM Global Dynamic X (acc) - EUR 0.12% - 0.05% - - - - 19-Jan-07

JPMorgan Funds - Global Equity Fund (EUR)JPM Global Equity (EUR) A (acc) - EUR 1.90% - 1.90% 1.90% 1.90% - - 31-Mar-05

JPM Global Equity (EUR) A (dist) - EUR 1.90% - 1.90% 1.90% 1.90% 1.65% - 01-Dec-88

JPM Global Equity (EUR) C (acc) - EUR 0.80% - 0.79% 0.78% - - 0.80% 06-Jul-05

JPM Global Equity (EUR) D (acc) - EUR 2.65% - 2.65% 2.65% 2.65% 2.65% - 13-Oct-00

JPMorgan Funds - Global Equity Fund (USD)JF Global Equity (USD) A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 01-Jun-01

JPM Global Equity (USD) A (acc) - USD 1.90% - 1.90% 1.90% 1.90% - - 31-Mar-05

JPM Global Equity (USD) A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.65% - 16-Nov-88

JPM Global Equity (USD) B (acc) - USD** - - - 1.30% - - - 22-Jun-06

JPM Global Equity (USD) C (acc) - USD 0.80% - 0.78% 0.79% 0.64% - 0.80% 09-Sep-04

JPM Global Equity (USD) D (acc) - USD 2.65% - 2.65% 2.65% 2.65% 2.65% - 13-Oct-00

JPM Global Equity (USD) X (acc) - USD 0.15% - 0.14% 0.04% - - 0.15% 21-Mar-06

JPMorgan Funds - Global Focus FundJPM Global Focus A (acc) - EUR 1.90% - 1.90% 1.90% 1.90% - - 31-Mar-05

JPM Global Focus A (acc) - EUR (hedged) 1.90% - - - - - - 11-Jul-07

JPM Global Focus A (dist) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% - 23-May-03

JF Global Focus A (dist) - USD 1.90% - 1.90% - - - - 04-Dec-06

JPM Global Focus C (acc) - EUR 0.99% - 1.00% 0.44% - - 1.00% 20-Jan-06

JPM Global Focus D (acc) - EUR 2.90% - 2.90% 2.90% 2.90% 2.50% - 23-May-03

JPM Global Focus D (acc) - EUR (hedged) 2.90% - - - - - - 11-Jul-07

JPM Global Focus X (acc) - EUR 0.15% - 0.15% 0.15% 0.09% - 0.15% 24-Nov-04

JPMorgan Funds - Global Life Sciences FundJPM Global Life Sciences A (acc) - USD 1.90% - 1.90% 1.90% 1.90% - - 31-Mar-05

JPM Global Life Sciences A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 14-Apr-00

JF Global Life Sciences A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 13-Oct-00

JPM Global Life Sciences A (dist) - GBP 1.90% - 1.90% 1.90% 1.90% 1.90% - 13-Oct-00

JPM Global Life Sciences D (acc) - USD 2.90% - 2.90% 2.90% 2.90% 2.90% - 13-Oct-00

JPMorgan Funds - Global Natural Resources FundJPM Global Natural Resources A (acc) - EUR 1.90% - 1.90% 1.90% 1.90% - - 21-Dec-04

JPM Global Natural Resources A (dist) - EUR 1.90% - 1.90% 1.90% 1.90% - - 14-Mar-05

JPM Global Natural Resources A (acc) - USD 1.90% - 1.90% - - - - 12-Sep-06

JPM Global Natural Resources B (acc) - EUR 1.15% - 1.50% 1.50% - - - 25-Apr-05

JPM Global Natural Resources C (acc) - EUR 0.98% - 0.97% 1.01% 0.31% - 1.05% 14-Mar-05

JPM Global Natural Resources C (acc) - USD 0.97% - 0.23% - - - 1.05% 05-Apr-07

JPM Global Natural Resources D (acc) - EUR 2.90% - 2.90% 2.90% - - - 05-Dec-05

JPM Global Natural Resources D (acc) - USD 2.90% - 2.90% - - - - 08-Jun-07

JPM Global Natural Resources X (acc) - EUR 0.13% - 0.13% 0.14% 0.04% - 0.20% 19-Apr-05


245



yearended

30 Jun 08

For theyear

ended30 Jun 08*

For theyear

ended30 Jun 07

For theyear

ended30 Jun 06

For theyear

ended30 Jun 05

For theyear

ended30 Jun 04

CappedExpense

Ratio30 Jun 08

InceptionDate

JPMorgan Funds - Global Real Estate Securities Fund (EUR)JPM Global Real Estate Securities A (acc) - EUR 1.90% - 1.90% - - - - 01-Sep-06

JPM Global Real Estate Securities A (inc) - EUR 1.90% - 1.90% - - - - 01-Sep-06

JPM Global Real Estate Securities C (acc) - EUR** - - 0.09% - - - - 22-May-07

JPM Global Real Estate Securities D (acc) - EUR 2.65% - 2.65% - - - - 01-Sep-06

JPM Global Real Estate Securities X (acc) - EUR 0.15% - 0.02% - - - 0.15% 21-May-07

JPMorgan Funds - Global Real Estate Securities Fund (USD)JPM Global Real Estate Securities A (acc) - USD 1.90% - 1.90% - - - - 01-Sep-06

JPM Global Real Estate Securities C (acc) - USD 0.79% - - - - - 0.80% 20-Feb-08

JPM Global Real Estate Securities D (acc) - USD 2.65% - 2.65% - - - - 01-Sep-06

JPM Global Real Estate Securities X (acc) - USD 0.15% - 0.10% - - - 0.15% 06-Nov-06

JPMorgan Funds - Global Socially Responsible FundJPM Global Socially Responsible A (acc) - USD 1.90% - 1.90% 1.90% 1.90% - - 31-Mar-05

JPM Global Socially Responsible A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 02-Jun-00

JPM Global Socially Responsible D (acc) - USD 2.90% - 2.90% 2.90% 2.90% 2.90% - 13-Oct-00

JPMorgan Funds - Highbridge Europe STEEP Fund (11)JPM Highbridge Europe STEEP A (acc) - EUR 1.90% 3.03% - - - - - 07-Feb-08

JPM Highbridge Europe STEEP A (inc) - EUR 1.90% 4.29% - - - - - 07-Feb-08

JPM Highbridge Europe STEEP A (acc) - USD 1.90% 4.29% - - - - - 07-Feb-08

JPM Highbridge Europe STEEP B (acc) - EUR 1.15% 1.15% - - - - - 30-Apr-08

JPM Highbridge Europe STEEP C (acc) - EUR 1.00% 1.79% - - - - 1.00% 20-Mar-08

JPM Highbridge Europe STEEP D (acc) - EUR 2.65% 4.63% - - - - - 07-Feb-08

JPMorgan Funds - Highbridge US STEEP Fund (12)JPM Highbridge US STEEP A (acc) - EUR 1.90% 11.49% - - - - - 16-May-08

JPM Highbridge US STEEP A (inc) - EUR 1.90% 11.49% - - - - - 16-May-08

JPM Highbridge US STEEP A (acc) - USD 1.90% 9.21% - - - - - 16-May-08

JPM Highbridge US STEEP B (acc) - USD 1.15% 9.22% - - - - - 16-May-08

JPM Highbridge US STEEP D (acc) - EUR 2.65% 12.10% - - - - - 16-May-08

JPM Highbridge US STEEP D (acc) - USD 2.65% 12.10% - - - - - 16-May-08

JPM Highbridge US STEEP X (acc) - USD 0.15% 9.82% - - - - 0.15% 27-May-08

JPMorgan Funds - Japan Dynamic Fund (13)JF Japan Dynamic A (acc) - JPY 1.90% 1.90% 1.90% 1.90% - - - 01-Feb-06

JF Japan Dynamic A (dist) - JPY 1.90% 1.90% 1.90% 1.90% - - - 08-Feb-06

JF Japan Dynamic X (acc) - JPY** - - 0.07% 0.06% - - - 08-Feb-06

JPMorgan Funds - JF Asia Alpha Plus FundJF Asia Alpha Plus A (acc) - USD 1.90% 1.90% 1.90% 1.90% - - - 09-Nov-05

JF Asia Alpha Plus A (dist) - USD 1.90% 1.90% - - - - - 19-Oct-07

JF Asia Alpha Plus X (acc) - USD 0.20% 0.20% - - - - 0.20% 21-Jan-08

JPMorgan Funds - JF Asia Pacific ex-Japan Equity Fund (14)JF Asia Pacific ex-Japan Equity A (acc) - USD 1.90% - 1.90% 1.90% 1.90% - - 31-Mar-05

JF Asia Pacific ex-Japan Equity A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.65% - 02-Oct-98

JF Asia Pacific ex-Japan Equity A (dist) - GBP 1.90% - 1.90% 1.90% 1.90% 1.65% - 13-Oct-00

JF Asia Pacific ex-Japan Equity B (acc) - USD** - - 1.25% 1.25% 1.25% - - 23-Dec-04

JF Asia Pacific ex-Japan Equity C (acc) - USD 0.75% - 0.99% 0.99% 0.84% - 1.00% 26-Aug-04

JF Asia Pacific ex-Japan Equity D (acc) - USD 2.65% - 2.65% 2.65% 2.65% 2.65% - 13-Oct-00

JF Asia Pacific ex-Japan Equity D (acc) - EUR 2.65% - 2.65% 2.65% - - - 08-May-06

JF Asia Pacific ex-Japan Equity I (acc) - USD 0.72% - 0.95% 0.01% - - 0.96% 26-Jun-06

JF Asia Pacific ex-Japan Equity X (acc) - USD 0.15% - 0.20% 0.20% 0.11% - 0.20% 16-Dec-04

JPMorgan Funds - JF China FundJF China A (acc) - USD 1.90% - 1.90% 1.90% 1.90% - - 31-Mar-05

JF China A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 04-Jul-94

JF China B (acc) - USD 1.15% - 1.50% 1.50% - - - 21-Feb-06

JF China C (acc) - USD 0.94% - 0.94% 0.97% 0.41% - 1.00% 01-Feb-05

JF China D (acc) - USD 2.90% - 2.90% 2.90% 2.90% 2.90% - 13-Oct-00

JF China I (acc) - USD 0.82% - 0.30% - - - 0.96% 26-Feb-07

JF China X (acc) - USD 0.17% - 0.02% - - - 0.20% 18-May-07

JPMorgan Funds - JF Greater China FundJF Greater China A (acc) - USD 1.90% - 1.90% 1.90% 1.90% - - 31-Mar-05

JF Greater China A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 18-May-01

JF Greater China B (acc) - USD 1.15% - 1.50% 1.50% - - - 10-Feb-06

JF Greater China C (acc) - USD 1.00% - 0.98% 1.00% 0.41% - 1.00% 01-Feb-05

JF Greater China D (acc) - USD 2.90% - 2.90% 2.90% 2.90% 2.90% - 13-Oct-00

JF Greater China I (acc) - USD** - - 0.58% 0.20% 0.11% - - 09-Dec-04

JF Greater China X (acc) - USD 0.20% - 0.19% - - - 0.20% 09-Dec-04

(11) This Sub-Fund was launched on 7 February 2008.


(13) This Sub-Fund was renamed from JF Tokyo Alpha Plus Fund on 2 January 2008.

(14) This Sub-Fund was renamed from JF Asia Equity Fund on 30 April 2008.

246



yearended

30 Jun 08

For theyear

ended30 Jun 08*

For theyear

ended30 Jun 07

For theyear

ended30 Jun 06

For theyear

ended30 Jun 05

For theyear

ended30 Jun 04

CappedExpense

Ratio30 Jun 08

InceptionDate

JPMorgan Funds - JF Hong Kong FundJF Hong Kong A (acc) - USD 1.90% - 1.90% 1.90% 1.90% - - 31-Mar-05

JF Hong Kong A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 18-May-01

JF Hong Kong B (acc) - USD 1.15% - 1.50% 1.50% - - - 10-Feb-06

JF Hong Kong C (acc) - USD 1.00% - 1.00% 1.00% 0.44% - 1.00% 20-Jan-05

JF Hong Kong D (acc) - USD 2.90% - 2.90% 2.90% 2.90% 2.90% - 25-May-01

JPMorgan Funds - JF India FundJF India A (acc) - USD 2.10% - 2.10% 2.10% 2.10% - - 31-Mar-05

JF India A (dist) - USD 2.10% - 2.10% 2.10% 2.10% 2.10% - 31-Aug-95

JF India B (acc) - USD 1.35% - 1.70% 1.70% 1.70% - - 03-Sep-04

JF India C (acc) - USD 1.08% - 1.09% 1.10% 0.58% - 1.20% 05-Jan-05

JF India D (acc) - USD 2.90% - 2.90% 2.90% 2.90% 2.90% - 13-Oct-00

JF India X (acc) - USD 0.29% - 0.30% 0.34% 0.22% - 0.40% 09-Dec-04

JPMorgan Funds - JF Japan Alpha Plus FundJF Japan Alpha Plus A (acc) - USD 1.90% 1.90% 1.90% 1.90% 1.90% - - 31-Mar-05

JF Japan Alpha Plus A (dist) - USD 1.90% 1.90% 1.90% 1.90% 1.90% - - 18-Aug-04

JF Japan Alpha Plus D (acc) - USD 2.90% 2.90% 2.90% 2.90% 2.90% - - 18-Aug-04

JPMorgan Funds - JF Japan Equity FundJF Japan Equity A (acc) - USD 1.90% - 1.90% 1.90% 1.90% - - 31-Mar-05

JF Japan Equity A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.65% - 01-Dec-88

JF Japan Equity A (acc) - EUR 1.90% - 1.90% 1.90% - - - 12-Jun-06

JF Japan Equity A (acc) - JPY 1.90% - 1.90% 1.90% - - - 10-Jan-06

JF Japan Equity A (dist) - GBP 1.90% - 1.90% 1.90% 1.90% 1.65% - 13-Oct-00

JF Japan Equity B (acc) - USD 1.15% - 1.25% 1.25% 1.25% - - 26-Aug-04

JF Japan Equity C (acc) - USD 0.93% - 0.89% 0.91% 0.24% - 0.95% 26-Aug-04

JF Japan Equity D (acc) - USD 2.65% - 2.65% 2.65% 2.65% 2.65% - 13-Oct-00

JF Japan Equity D (acc) - EUR 2.65% - 2.65% 2.65% - - - 08-May-06

JF Japan Equity I (acc) - USD 0.88% - 0.85% - - - 0.91% 27-Jun-06

JF Japan Equity J (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 02-Apr-02

JF Japan Equity X (acc) - USD 0.14% - 0.11% 0.13% 0.09% - 0.15% 24-Nov-04

JPMorgan Funds - JF Japan Small Cap FundJF Japan Small Cap A (acc) - USD 1.90% - 1.90% 1.90% 1.90% - - 31-Mar-05

JF Japan Small Cap A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 04-Jul-94

JF Japan Small Cap B (acc) - USD 1.15% - 1.50% 1.50% - - - 14-Sep-05

JF Japan Small Cap C (acc) - USD 0.98% - 0.95% 0.50% - - 1.00% 02-Feb-05

JF Japan Small Cap D (acc) - USD 2.90% - 2.90% 2.90% 2.90% 2.90% - 13-Oct-00

JF Japan Small Cap X (acc) - USD 0.19% - 0.15% 0.18% 0.11% - 0.20% 16-Dec-04

JPMorgan Funds - JF Korea Equity Fund (15)JF Korea Equity A (acc) - USD 1.90% - - - - - - 28-Sep-07

JF Korea Equity A (dist) - USD 1.90% - - - - - - 19-May-08

JF Korea Equity A (acc) - EUR 1.90% - - - - - - 28-Sep-07

JF Korea Equity B (acc) - USD 1.15% - - - - - - 05-Jun-08

JF Korea Equity C (acc) - USD 0.93% - - - - - 1.00% 19-Mar-08

JF Korea Equity D (acc) - USD 2.90% - - - - - - 28-Sep-07

JF Korea Equity X (acc) - USD 0.01% - - - - - 0.20% 18-Jun-08

JPMorgan Funds - JF Pacific Balanced FundJF Pacific Balanced A (acc) - USD 1.90% - 1.90% 1.90% 1.90% - - 01-Apr-05

JF Pacific Balanced A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 15-Jun-01

JF Pacific Balanced B (acc) - USD 1.15% - - - - - - 10-Sep-07

JF Pacific Balanced D (acc) - USD 2.35% - 2.35% 2.35% 2.35% 2.35% - 22-Jun-01

JPMorgan Funds - JF Pacific Equity FundJF Pacific Equity A (acc) - USD 1.90% - 1.90% 1.90% 1.90% - - 31-Mar-05

JF Pacific Equity A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.65% - 01-Dec-88

JF Pacific Equity A (dist) - GBP 1.90% - 1.90% 1.90% 1.90% 1.65% - 13-Oct-00

JF Pacific Equity A (acc) - EUR 1.90% - 1.90% 1.90% - - - 20-Sep-05

JF Pacific Equity B (acc) - USD 1.15% - 1.25% 1.25% 1.25% - - 27-Dec-04

JF Pacific Equity C (acc) - USD 0.96% - 0.94% 0.94% 0.24% - 1.00% 31-Mar-05

JF Pacific Equity D (acc) - USD 2.65% - 2.65% 2.65% 2.65% 2.65% - 13-Oct-00

JF Pacific Equity D (acc) - EUR 2.65% - 2.65% 2.65% 0.24% - - 08-May-06

JF Pacific Equity I (acc) - USD 0.92% - 0.90% - - - 0.96% 28-Jun-06

JPMorgan Funds - JF Pacific Technology FundJF Pacific Technology A (acc) - USD 1.90% - 1.90% 1.90% 1.90% - - 31-Mar-05

JF Pacific Technology A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 02-Jun-00

JF Pacific Technology A (dist) - GBP 1.90% - 1.90% 1.90% 1.90% 1.90% - 13-Oct-00

JF Pacific Technology B (acc) - USD 1.15% - 1.50% 1.50% - - - 08-May-06

JF Pacific Technology C (acc) - USD 0.57% - - - - - 1.05% 20-Jun-08

JF Pacific Technology D (acc) - USD 2.90% - 2.90% 2.90% 2.90% 2.90% - 13-Oct-00


247



yearended

30 Jun 08

For theyear

ended30 Jun 08*

For theyear

ended30 Jun 07

For theyear

ended30 Jun 06

For theyear

ended30 Jun 05

For theyear

ended30 Jun 04

CappedExpense

Ratio30 Jun 08

InceptionDate

JPMorgan Funds - JF Singapore FundJF Singapore A (acc) - USD 1.90% - 1.90% 1.90% 1.90% - - 31-Mar-05

JF Singapore A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 18-May-01

JF Singapore B (acc) - USD 1.15% - 1.50% 1.50% - - - 13-Feb-06

JF Singapore C (acc) - USD 0.95% - 0.97% 0.92% 0.44% - 1.00% 20-Jan-05

JF Singapore D (acc) - USD 2.90% - 2.90% 2.90% 2.90% 2.90% - 25-May-01

JF Singapore I (acc) - USD 0.92% - 0.92% - - - 0.96% 29-Jun-06

JF Singapore X (acc) - USD 0.20% - 0.20% 0.20% - - - 24-May-06

JPMorgan Funds - JF Taiwan FundJF Taiwan A (acc) - USD 1.90% - 1.90% 1.90% 1.90% - - 31-Mar-05

JF Taiwan A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 18-May-01

JF Taiwan B (acc) - USD 1.30% - 1.65% 1.65% 1.65% - - 03-Nov-04

JF Taiwan C (acc) - USD 1.09% - 1.06% 1.15% 0.75% - 1.15% 03-Nov-04

JF Taiwan D (acc) - USD 2.90% - 2.90% 2.90% 2.90% 2.90% - 25-May-01

JF Taiwan I (acc) - USD 1.02% - 1.01% - - - 1.11% 29-Jun-06

JF Taiwan X (acc) - USD 0.28% - 0.27% 0.13% - - 0.35% 03-Feb-06

JPMorgan Funds - Latin America Equity FundJPM Latin America Equity A (acc) - USD 1.90% - 1.90% 1.90% 1.90% - - 31-Mar-05

JPM Latin America Equity A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 12-May-92

JF Latin America Equity A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 13-Oct-00

JPM Latin America Equity B (acc) - USD 1.15% - 1.50% 1.50% - - - 08-Mar-06

JPM Latin America Equity C (acc) - USD 1.07% - 1.05% 1.05% 0.50% - 1.10% 13-Jan-05

JPM Latin America Equity D (acc) - USD 2.90% - 2.90% 2.90% 2.90% 2.90% - 13-Oct-00

JPM Latin America Equity I (acc) - USD 1.02% - 1.01% 0.01% - - 1.06% 26-Jun-06

JPM Latin America Equity X (acc) - USD 0.17% - 0.15% 0.16% 0.13% - 0.20% 09-Nov-04

JPMorgan Funds - Middle East Equity FundJPM Middle East Equity A (acc) - USD 1.95% - 1.95% 1.95% 1.95% - - 31-Mar-05

JPM Middle East Equity A (dist) - USD 1.95% - 1.95% 1.95% 1.95% 1.95% - 18-Feb-98

JPM Middle East Equity B (acc) - USD 1.20% - 1.55% 1.55% 1.55% - - 22-Mar-05

JPM Middle East Equity C (acc) - USD 0.98% - - - - - 1.10% 21-Jan-08

JPM Middle East Equity D (acc) - USD 2.95% - 2.95% 2.95% 2.95% 2.95% - 13-Oct-00

JPMorgan Funds - Russia FundJPM Russia A (acc) - USD 1.90% - 1.90% 1.90% - - - 23-Nov-05

JPM Russia A (dist) - USD 1.90% - 1.90% 1.90% - - - 18-Nov-05

JPM Russia B (acc) - USD 1.15% - 1.50% 1.50% - - - 04-May-06

JPM Russia C (acc) - USD 1.10% - - - - - 1.10% 13-Nov-07

JPM Russia D (acc) - USD 2.90% - 2.90% 2.90% - - - 27-Jan-06

JPM Russia I (acc) - USD 1.06% - 0.35% - - - 1.06% 25-Aug-06

JPMorgan Funds - Sterling Bond FundJPM Sterling Bond A (acc) - GBP 1.15% - 1.15% 1.15% 1.15% - - 31-Mar-05

JPM Sterling Bond A (dist) - GBP 1.15% - 1.15% 1.15% 1.15% 1.10% - 01-Feb-92

JPM Sterling Bond B (dist) - GBP** - - 0.85% - - - - 12-Jul-06

JPM Sterling Bond D (acc) - GBP 1.70% - 1.70% 1.70% 1.70% 1.80% - 13-Oct-00

JPM Sterling Bond X (acc) - GBP** - - 0.10% 0.10% 0.05% - - 13-Dec-04

JPMorgan Funds - UK Equity FundJPM UK Equity A (acc) - GBP 1.90% - 1.90% 1.90% 1.90% - - 31-Mar-05

JPM UK Equity A (dist) - GBP 1.90% - 1.90% 1.90% 1.90% 1.65% - 01-Apr-92

JPM UK Equity C (acc) - GBP 0.93% - 0.91% 0.92% 0.51% - 0.95% 13-Dec-04

JPM UK Equity D (acc) - GBP 2.65% - 2.65% 2.65% 2.65% 2.65% - 13-Oct-00

JPMorgan Funds - US 130/30 Fund (16)JPM US 130/30 A (acc) - USD 1.90% 1.94% - - - - - 02-Aug-07

JPM US 130/30 A (acc) - EUR (hedged) 1.90% 1.90% - - - - - 02-Aug-07

JPM US 130/30 D (acc) - USD 2.90% 2.90% - - - - - 02-Aug-07

JPM US 130/30 D (acc) - EUR (hedged) 2.90% 2.90% - - - - - 02-Aug-07

JPM US 130/30 X (acc) - USD 0.12% 0.49% - - - - - 03-Oct-07

JPMorgan Funds - US Aggregate Bond FundJPM US Aggregate Bond A (acc) - USD 1.10% - 1.10% 1.10% 1.10% - - 31-Mar-05

JPM US Aggregate Bond A (dist) - USD 1.10% - 1.10% 1.10% 1.10% 1.10% - 15-Sep-00

JPM US Aggregate Bond B (acc) - USD 0.75% - 0.80% 0.80% - - - 08-Dec-05

JPM US Aggregate Bond C (acc) - USD 0.60% - 0.60% 0.58% - - 0.60% 13-Jul-05

JPM US Aggregate Bond D (acc) - USD 1.35% - 1.35% 1.35% 1.35% 1.50% - 13-Oct-00

JPM US Aggregate Bond X (acc) - USD 0.10% - 0.10% 0.10% 0.03% - 0.10% 30-Mar-05

(16) This Sub-Fund was launched on 2 August 2007.

248



yearended

30 Jun 08

For theyear

ended30 Jun 08*

For theyear

ended30 Jun 07

For theyear

ended30 Jun 06

For theyear

ended30 Jun 05

For theyear

ended30 Jun 04

CappedExpense

Ratio30 Jun 08

InceptionDate

JPMorgan Funds - US Dynamic FundJPM US Dynamic A (acc) - USD 1.90% - 1.90% 1.90% 1.90% - - 31-Mar-05

JPM US Dynamic A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 18-Jul-03

JPM US Dynamic A (acc) - EUR 1.90% - 1.90% 1.90% - - - 16-Mar-06

JPM US Dynamic B (acc) - USD 1.15% - 1.50% 1.50% 1.50% - - 01-Sep-04

JPM US Dynamic C (acc) - USD 0.94% - 0.93% 0.94% 0.84% - 1.00% 26-Aug-04

JPM US Dynamic D (acc) - USD 2.90% - 2.90% 2.90% 2.90% 2.90% - 18-Jul-03

JPM US Dynamic D (acc) - EUR 2.90% - 2.90% 2.90% - - - 08-May-06

JPM US Dynamic I (acc) - USD 0.90% - 0.89% 0.11% - - 0.96% 17-May-06

JPM US Dynamic I (inc) - EUR 0.90% - 0.01% - - - 0.96% 25-Jun-07

JPM US Dynamic X (acc) - USD 0.10% - 0.09% 0.11% 0.10% - 0.15% 25-Oct-04

JPMorgan Funds - US Select 130/30 Fund (17)JPM US Select 130/30 A (acc) - USD 1.90% 2.15% - - - - - 05-Jul-07

JPM US Select 130/30 A (dist) - USD 1.90% 2.21% - - - - - 09-Aug-07

JPM US Select 130/30 A (acc) - EUR (hedged) 1.90% 2.12% - - - - - 05-Jul-07

JPM US Select 130/30 A (dist) - GBP 1.90% 3.32% - - - - - 01-Apr-08

JPM US Select 130/30 B (acc) - USD 1.15% 1.25% - - - - - 05-Feb-08

JPM US Select 130/30 C (acc) - USD 1.00% 1.41% - - - - 1.00% 01-Nov-07

JPM US Select 130/30 D (acc) - USD 2.90% 2.97% - - - - - 05-Jul-07

JPM US Select 130/30 D (acc) - EUR (hedged) 2.90% 2.92% - - - - - 05-Jul-07

JPM US Select 130/30 I (inc) - USD 0.94% 1.57% - - - - 0.96% 05-Mar-08

JPM US Select 130/30 X (acc) - USD 0.14% 0.49% - - - - 0.15% 07-Aug-07

JPMorgan Funds - US Small Cap Growth FundJPM US Small Cap Growth A (acc) - USD 1.90% - 1.90% 1.90% 1.90% - - 31-Mar-05

JPM US Small Cap Growth A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.65% - 11-Sep-84

JPM US Small Cap Growth A (dist) - GBP 1.90% - 1.90% 1.90% 1.90% 1.65% - 13-Oct-00

JPM US Small Cap Growth B (acc) - USD 1.15% - - - - - - 23-May-05

JPM US Small Cap Growth D (acc) - USD 2.65% - 2.65% 2.65% 2.65% 2.65% - 13-Oct-00

JPM US Small Cap Growth X (acc) - USD 0.14% - - - - - 0.15% 27-May-08

JPMorgan Funds - US Strategic Growth FundJPM US Strategic Growth A (acc) - USD 1.90% - 1.90% 1.90% 1.90% - - 31-Mar-05

JPM US Strategic Growth A (acc) - EUR (hedged) 1.90% - 1.90% - - - - 15-Mar-07

JPM US Strategic Growth A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.65% - 20-Oct-00

JPM US Strategic Growth A (dist) - GBP 1.90% - 1.90% 1.90% 1.90% 1.65% - 13-Oct-00

JPM US Strategic Growth B (acc) - USD 1.15% - 1.20% 1.20% - - - 22-Sep-05

JPM US Strategic Growth C (acc) - USD 0.83% - 0.82% 0.27% - - 0.85% 08-Mar-06

JPM US Strategic Growth C (acc) - EUR (hedged) 0.85% - - - - - 0.85% 06-Dec-07

JPM US Strategic Growth D (acc) - USD 2.65% - 2.65% 2.65% 2.65% 2.65% - 20-Oct-00

JPM US Strategic Growth D (acc) - EUR (hedged) 2.65% - 2.65% - - - - 15-Mar-07

JPM US Strategic Growth X (acc) - USD 0.13% - 0.13% 0.13% - - 0.15% 05-Oct-05

JPMorgan Funds - US Technology FundJPM US Technology A (acc) - USD 1.90% - 1.90% 1.90% 1.90% - - 31-Mar-05

JPM US Technology A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 05-Dec-97

JF US Technology A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 13-Oct-00

JPM US Technology A (dist) - GBP 1.90% - 1.90% 1.90% 1.90% 1.90% - 13-Oct-00

JPM US Technology C (acc) - USD 0.57% - - - - - 1.05% 20-Jun-08

JPM US Technology D (acc) - USD 2.90% - 2.90% 2.90% 2.90% 2.90% - 13-Oct-00

JPM US Technology X (acc) - USD 0.19% - - - - - 0.20% 08-Oct-07

JPMorgan Funds - US Value FundJPM US Value A (acc) - USD 1.90% - 1.90% 1.90% 1.90% - - 31-Mar-05

JPM US Value A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.65% - 20-Oct-00

JF US Value A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 27-May-04

JPM US Value A (dist) - GBP 1.90% - 1.90% 1.90% 1.90% 1.65% - 13-Oct-00

JPM US Value A (acc) - EUR (hedged) 1.90% - 1.90% - - - - 13-Nov-06

JPM US Value B (acc) - USD 1.15% - 1.20% 1.20% 1.20% - - 11-Oct-04

JPM US Value C (acc) - USD 0.82% - 0.79% 0.79% 0.70% - 0.85% 01-Sep-04

JPM US Value D (acc) - USD 2.65% - 2.65% 2.65% 2.65% 2.65% - 20-Oct-00

JPM US Value D (acc) - EUR (hedged) 2.65% - 2.65% - - - - 13-Nov-06

JPM US Value X (acc) - USD 0.12% - 0.11% 0.12% 0.09% - 0.15% 03-Feb-05


* These figures include the Performance Fees.

** Share Class inactive.

*** TheTotal Expense Ratio (“TER”) represents the total operating cost as a percentage of the Fund’s average daily net assets. The total operating cost comprises investmentmanagement and advisory fees,

custodian fees, taxe d’abonnement and other expenses, as summarised in theCombined Statement ofOperations.Overdraft interest andPerformanceFees are excluded from the calculation. Since 1 January

2002, the TER has been in place.

The Expense Ratio related to the capped Share Classes C and X that were launched during the year is weighted in accordance with the proportional period of time elapsed since their inception date.

249


2. Summary of Investment Objectives of the Sub-Funds

JPMorgan Funds – Africa Equity FundTo provide long-term capital growth by investing primarily in a portfolio of African companies.

JPMorgan Funds – America Equity FundSeeks to provide long-term capital growth by investing primarily in US companies.

JPMorgan Funds – America Large Cap FundSeeks to provide long-term capital growth by investing primarily in large capitalisation Blue Chip US companies.

JPMorgan Funds – America Micro Cap FundSeeks to provide long-term capital growth by investing primarily in microcapitalisation US companies.

JPMorgan Funds – Brazil Alpha Plus FundSeeks to provide superior long-term capital growth by investing primarily in a concentrated portfolio of Brazilian companies.

JPMorgan Funds – Eastern Europe Equity FundSeeks to provide long-term capital growth by investing primarily in companies in central and eastern Europe (the “Eastern Europe Countries”).

JPMorgan Funds - Emerging Europe, Middle East and Africa Equity FundSeeks to provide long-term capital growth by investing primarily in companies of the emerging markets of central, eastern and southern Europe, Middle Eastand Africa. The Russian Trading System (RTS) Stock Exchange and the Moscow Interbank Currency Exchange are now recognized as regulated markets.

JPMorgan Funds – Emerging Markets Alpha Plus FundSeeks to provide superior long term capital growth by investing primarily in a concentrated portfolio of emerging markets companies. The Russian TradingSystem (RTS) Stock Exchange and the Moscow Interbank Currency Exchange are now recognized as regulated markets.

JPMorgan Funds – Emerging Markets Debt FundSeeks to achieve a return in excess of the bond markets of emerging countries by investing primarily in emerging market bonds and other debt securities. TheRussian Trading System (RTS) Stock Exchange and the Moscow Interbank Currency Exchange are now recognized as regulated markets.

JPMorgan Funds – Emerging Markets Equity FundSeeks to provide long-term capital growth by investing primarily in emerging markets companies. The Russian Trading System (RTS) Stock Exchange and theMoscow Interbank Currency Exchange are now recognized as regulated markets.

JPMorgan Funds –Emerging Markets Infrastructure Equity FundTo provide long-term capital growth by investing primarily in emerging markets companies related to infrastructure opportunities.

JPMorgan Funds – Emerging Markets Local Currency Debt FundTo achieve a return in excess of the bond markets of emerging countries through exposure primarily to local currency emerging market fixed and floating ratedebt instruments.

JPMorgan Funds – Emerging Markets Small Cap FundSeeks to provide long-term capital growth by investing primarily in small capitalisation emerging markets companies.

JPMorgan Funds – EU Government Bond FundTo achieve an investment return in line with the benchmark by investing primarily in a portfolio of EU-domiciled fixed and floating rate government debtsecurities.

JPMorgan Funds – Euro Liquid Reserve FundSeeks to achieve a competitive level of return in the reference currency and a high degree of liquidity by investing primarily in EUR denominated short termbonds and other debt securities.

JPMorgan Funds – Euroland Equity FundSeeks to provide long-term capital growth by investing primarily in companies of countries which are or might become part of the Euro zone (the “EurolandCountries”). The Sub-Fund may invest up to 10% in companies from other Continental European countries.

JPMorgan Funds – Euroland Select Equity FundSeeks to achieve a return in excess ofEuro-zone equitymarkets by investing primarily in companiesof countries which are part of theEuro-zone (the “EurolandCountries”).

JPMorgan Funds – Europe 130/30 FundSeeks to provide long term capital growth, through exposure toEuropean companies by direct investments in securities of such companies and through the useof financial derivative instruments.

JPMorgan Funds –Europe Aggregate Plus Bond FundSeeks to achieve a return in excess of the European bond markets by investing primarily in European and non-European bonds and other debt securitiesdenominated in European currencies.

250


2. Summary of Investment Objectives of the Sub-Funds (continued)

JPMorgan Funds – Europe Balanced Fund (EUR)Seeks to provide long-term capital growth and income by investing primarily in European companies and sovereign issuers. A substantial part of the assets ofthe Sub-Fund will be denominated in or hedged into EUR.

JPMorgan Funds – Europe Convergence Equity FundSeeks to provide long-term capital growth by investing primarily in companies of those countries that joined theEU after 1 January 2004 or are applying or likelyto apply for membership of the European Union (the “Converging European Countries”).

JPMorgan Funds – Europe Dynamic FundSeeks to maximise long-term capital growth by investing primarily in an aggressively managed portfolio of European companies.

JPMorgan Funds – Europe Dynamic Mega Cap FundSeeks to maximise long-term capital growth by investing primarily in an aggressively managed portfolio of mega capitalisation European companies normallywith a capitalisation in excess of USD 3 billion at the time of purchase.

JPMorgan Funds – Europe Dynamic Small Cap FundSeeks to maximise long-term capital growth by investing primarily in an aggressively managed portfolio of small capitalisation European companies.

JPMorgan Funds – Europe Equity FundSeeks to provide long-term capital growth by investing primarily in European companies.

JPMorgan Funds – Europe Focus FundSeeks to provide superior long-term capital growth by investing primarily in an aggressively managed portfolio of large, medium and small Europeancompanies.

JPMorgan Funds – Europe High Yield Bond FundSeeks to achieve a return in excess of European bond markets by investing primarily in below investment grade European and non-European bondsdenominated in European currencies and other debt securities.

JPMorgan Funds – Europe Micro Cap FundSeeks to provide long-term capital growth by investing primarily inmicro capitalisationEuropean companies. Aminimumof 67%of the assets of the Sub-Fundwill be composed of shares of companies listed on an Eligible Market in the European Union with a maximum capitalisation of EUR 5 billion at any time.

JPMorgan Funds – Europe Select 130/30 FundSeeks to provide long term capital growth, by seeking exposure to European companies by direct investments in securities of such companies and through theuse of financial derivative instruments.

JPMorgan Funds – Europe Small Cap FundSeeks to provide long-term capital growth by investing primarily in small capitalisation European companies.

JPMorgan Funds – Europe Strategic Growth FundSeeks to provide long-term capital growth by investing primarily in a growth style biased portfolio of European companies.

JPMorgan Funds – Europe Strategic Growth Small Cap FundTo provide long-term capital growth by investing primarily in a growth style biased portfolio of small capitalisation European companies.

JPMorgan Funds – Europe Strategic Value FundSeeks to provide long-term capital growth by investing primarily in a value style biased portfolio of European companies.

JPMorgan Funds – Europe Strategic Value Small Cap FundTo provide long-term capital growth by investing primarily in a value style biased portfolio of small capitalisation European companies.

JPMorgan Funds – Europe Technology FundSeeks to provide long-term capital growth by investing primarily in technology (including media and telecommunication) related European companies.

JPMorgan Funds – Germany Equity FundSeeks to provide long-term capital growth by investing primarily in German companies.

JPMorgan Funds – Global Aggregate Bond FundSeeks to achieve a return in excess of global bond markets by investing primarily in global bonds and other debt securities.

JPMorgan Funds – Global Consumer Trends FundTo provide long-term capital growth by investing primarily in companies benefiting from consumer driven opportunities globally.

JPMorgan Funds – Global Convertibles Fund (EUR)Seeks to provide a return by investing primarily in a diversified portfolio of convertible securities and warrants, globally. The Sub-Fund may hold to a limitedextent straight bonds and equities. Investments in securities denominated in currencies other than EUR may be hedged to EUR although the InvestmentManager may take currency positions subject to the restrictions set out in the “Investment Restrictions” in Appendix II in the Prospectus.

251



JPMorgan Funds – Global Dynamic FundSeeks to maximise long-term capital growth by investing primarily in an aggressively managed portfolio of companies, globally.

JPMorgan Funds – Global Equity Fund (EUR)Seeks to provide long-term capital growth by investing primarily in companies, globally. The Sub-Fund may invest, to a limited extent, in fixed-interestsecurities. A substantial part of the assets of the Sub-Fund will be denominated in or hedged into EUR.

JPMorgan Funds – Global Equity Fund (USD)Seeks to provide long-term capital growth by investing primarily in companies, globally. The Sub-Fund may invest, to a limited extent, in fixed-interestsecurities.

JPMorgan Funds – Global Focus FundSeeks to provide superior long-term capital growth by investing primarily in an aggressively managed portfolio of large, medium and small companies, globally,that the Investment Manager believes to be in earnings recovery situations.

JPMorgan Funds – Global Life Sciences FundSeeks to provide long-term capital growth by investing primarily in companies from the biotechnology, healthcare and life sciences sectors (“Life SciencesCompanies”), globally.

JPMorgan Funds – Global Natural Resources FundSeeks to provide long-term capital growth by investing primarily in natural resources companies, globally. The Russian Trading System (RTS) Stock Exchangeand the Moscow Interbank Currency Exchange are now recognized as regulated markets.

JPMorgan Funds – Global Real Estate Securities Fund (EUR)Seeks to provide long-term capital growth by investing primarily in a concentrated portfolio of Real Estate Investment Trusts (“REITs”) and in companies thatown, develop, operate or finance real estate, where real estate assets or activities account for more than 50% of their total market capitalisation (“Real EstateCompanies”).

JPMorgan Funds – Global Real Estate Securities Fund (USD)Seeks to provide long-term capital growth by investing primarily in a concentrated portfolio of Real Estate Investment Trusts (“REITs”) and in companies thatown, develop, operate or finance real estate, where real estate assets or activities account for more than 50% of their total market capitalisation (“Real EstateCompanies”).

JPMorgan Funds – Global Socially Responsible FundSeeks to provide long-term capital growth by investing primarily in companies, globally, that the Investment Manager believes to be socially responsible. Suchcompanies would be expected to work towards environmental sustainability, develop positive relationships with their shareholders and uphold or supportuniversal human rights.

JPMorgan Funds – Highbridge Europe STEEP FundTo provide long term capital growth by investing primarily in European companies, using financial derivative instruments where appropriate.

JPMorgan Funds – Highbridge US STEEP FundTo provide long term capital growth by investing primarily in US companies, using financial derivative instruments where appropriate.

JPMorgan Funds – Japan Dynamic FundSeeks to maximise long-term capital growth by investing primarily in an aggressively managed portfolio of Japanese companies.

JPMorgan Funds – JF Asia Alpha Plus FundSeeks to provide superior long term capital growth by investing primarily in a concentrated portfolio (generally 25 to 50 companies) of companies in Asia(excluding Japan). Subject to the limits in Appendix III of the current prospectus the Sub-Fund will have the ability to hedge against directional risk using indexfutures and/or cash. In this context, exposure to equities could be low.

JPMorgan Funds – JF Asia Pacific ex-Japan Equity FundSeeks to provide long-term capital growth by investing primarily in companies in the Asia Pacific Basin (excluding Japan).

JPMorgan Funds – JF China FundSeeks to provide long-term capital growth by investing primarily in companies of the People’s Republic of China.

JPMorgan Funds – JF Greater China FundSeeks to provide long-term capital growth by investing primarily in companies from thePeople’s Republic ofChina,HongKong andTaiwan (“Greater China”).

JPMorgan Funds – JF Hong Kong FundSeeks to provide long-term capital growth by investing primarily in Hong Kong companies.

JPMorgan Funds – JF India FundSeeks to provide long-term capital growth by investing primarily in Indian companies. AMauritius subsidiary, wholly owned by JPMorgan Funds, may be usedto facilitate an efficient means of investing.

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JPMorgan Funds – JF Japan Alpha Plus FundSeeks to provide superior long term capital growth by investing primarily in a concentrated portfolio (approximately 25 to 50 companies) of Japanesecompanies. Subject to the limits inAppendix III of the current prospectus the Sub-Fundwill have the ability to hedge against directional risk using index futuresand/or cash. In this context, exposure to equities could be low.

JPMorgan Funds – JF Japan Equity FundSeeks to provide long-term capital growth by investing primarily in Japanese companies.

JPMorgan Funds – JF Japan Small Cap FundSeeks to provide long-term capital growth by investing primarily in small capitalisation Japanese companies.

JPMorgan Funds – JF Korea Equity FundSeeks to provide long-term capital growth by investing primarily in a concentrated portfolio of Korean companies, using derivative strategies whereappropriate.

JPMorgan Funds – JF Pacific Balanced FundSeeks to provide long-term capital growth and income by investing primarily in companies and sovereign issuers of countries in the Pacific Basin (includingJapan).

JPMorgan Funds – JF Pacific Equity FundSeeks to provide long-term capital growth by investing primarily in companies in the Pacific Basin (including Japan, Australia, Hong Kong, New Zealand,Singapore, China, Indonesia, Korea, Malaysia, the Philippines, Taiwan, Thailand and the Indian sub-continent, excluding the United States of America.).

JPMorgan Funds – JF Pacific Technology FundSeeks to provide long-term capital growth by investing primarily in technology,media and telecommunications related companies in the Pacific Basin (includingJapan).

JPMorgan Funds – JF Singapore FundSeeks to provide long-term capital growth by investing primarily in Singaporean companies.

JPMorgan Funds – JF Taiwan FundSeeks to provide long-term capital growth by investing primarily in Taiwanese companies.

JPMorgan Funds – Latin America Equity FundSeeks to provide long-term capital growth by investing primarily in Latin American companies.

JPMorgan Funds – Middle East Equity FundSeeks to provide long-term capital growth by investing primarily in companies in theMiddleEast region.Additionally the Fundmay invest, to a limited extent, inMorocco and Tunisia.

JPMorgan Funds – Russia FundSeeks to provide long-term capital growth by investing primarily in a concentrated portfolio of Russian companies and the other CIS states through eitherinvestments in Global Depository Receipts and American Depository Receipts or direct investment in the securities of such companies, including securitieslisted or quoted on stock exchanges outside Russia and the other CIS states. The Sub-Fund will limit any direct investments or unlisted securities in Russia andthe other CIS states (together with any other securities not dealt in on a Regulated Market) to 10% of its net assets; until such time as Russia and/or any of theother CIS states become Regulated Markets.

JPMorgan Funds – Sterling Bond FundSeeks to achieve a return in excess of sterling bond markets by investing primarily in GBP denominated bonds and other debt securities.

JPMorgan Funds – UK Equity FundSeeks to provide long-term capital growth by investing primarily in UK companies.

JPMorgan Funds – US 130/30 FundSeeks to provide long term capital growth, through exposure to US companies by direct investments in securities of such companies and through the use offinancial derivative instruments.

JPMorgan Funds – US Aggregate Bond FundSeeks to achieve a return in excess of US bond markets by investing primarily in US bonds and other debt securities.

JPMorgan Funds – US Dynamic FundSeeks to maximise long-term capital growth by investing primarily in an aggressively managed portfolio of US companies.

JPMorgan Funds – US Select 130/30 FundSeeks to provide long term capital growth, by seeking exposure to US companies by direct investments in securities of such companies and through the use offinancial derivative instruments.

JPMorgan Funds – US Small Cap Growth FundSeeks to provide long-term capital growth by investing primarily in a growth style biased portfolio of small capitalisation US companies.

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JPMorgan Funds – US Strategic Growth FundSeeks to provide long-term capital growth by investing primarily in a growth style biased portfolio of US companies.

JPMorgan Funds – US Technology FundSeeks to provide long-term capital growth by investing primarily in technology, media and telecommunications related US companies.

JPMorgan Funds – US Value FundSeeks to provide long-term capital growth by investing primarily in a value style biased portfolio of US companies.

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3. Performance and Volatility

PerformanceReturns for periods greater than one year are annualized. Fund performance includes reinvestment of income and is net of all expenses.

Volatility

The standard deviation (D) of the price is calculated on a daily basis throughout eachFund’s financial year. The details below relate to the year from1 July 2007 to 30 June 2008.

If D is equal to or less than 0.1 then volatility will be LowIf D is greater than 0.1 but less or equal to 1.0 then volatility will be MediumIf D is greater than 1.0 but less than or equal to 2.4 then volatility will be HighIf D is greater than 2.4 then volatility will be Very High

Performance (continued)3 Months 6 Months 9 Months 1 year 2 years 3 years 4 years 5 years Volatility

JPMorgan Funds - Africa Equity Fund (1)JPM Africa Equity A (acc) - USD* - - - - - - - - Low

JPM Africa Equity D (acc) - USD* - - - - - - - - Low

JPM Africa Equity I (acc) - USD* - - - - - - - - Low

JPMorgan Funds - America Equity FundJPM America Equity A (acc) - USD -3.00% -13.66% -17.53% -17.97% 1.59% 1.88% - - High

JPM America Equity A (dist) - USD -3.02% -13.67% -17.58% -18.01% 1.61% 1.64% 3.32% 5.82% High

JF America Equity A (dist) - USD -3.03% -13.67% -17.58% -18.02% 1.61% 1.65% 3.27% 5.71% High

JPM America Equity A (acc) - EUR (hedged) -2.86% -6.55% -7.82% -3.81% - - - - High

JPM America Equity B (acc) - USD -2.84% -13.32% -17.11% -17.45% 2.36% 2.65% - - High

JPM America Equity C (acc) - USD -2.80% -13.20% -16.94% -17.11% 2.73% 3.08% - - High

JPM America Equity C (acc) - EUR (hedged) -2.66% - - - - - - - High

JPM America Equity D (acc) - USD -3.17% -13.98% -18.03% -18.56% 0.86% 1.13% 2.66% 5.07% High

JPM America Equity D (acc) - EUR (hedged) -3.06% -7.00% -8.19% -4.44% - - - - High

JPM America Equity D (acc) - EUR -3.21% -13.99% -18.08% -18.63% 0.90% - - - High

JPM America Equity X (acc) - USD -2.52% -12.86% -16.44% -16.50% 3.51% 3.85% - - High

JPMorgan Funds - America Large Cap FundJPM America Large Cap A (acc) - USD -2.33% -14.09% -15.16% -13.96% 1.32% 2.85% - - High

JPM America Large Cap A (dist) - USD -2.31% -13.98% -15.11% -13.91% 1.32% 2.51% 3.09% 5.35% High

JPM America Large Cap B (acc) - USD -2.16% -13.69% -14.68% -13.26% 2.00% - - - High

JPM America Large Cap C (acc) - USD* - - - - - - - - High

JPM America Large Cap D (acc) - USD -2.55% -14.40% -15.71% -14.56% 0.52% 2.01% 2.43% 4.65% High

JPM America Large Cap X (acc) - USD* - - - - - - - - High

JPMorgan Funds - America Micro Cap FundJPM America Micro Cap A (acc) - USD -1.10% -19.57% -27.24% -29.91% -11.34% -4.29% - - High

JPM America Micro Cap A (dist) - USD -1.11% -19.58% -27.27% -29.93% -11.36% -4.32% -0.35% 6.42% High

JF America Micro Cap A (dist) - USD -1.11% -19.59% -27.26% -29.92% -11.37% -4.32% -0.35% 6.42% High

JPM America Micro Cap D (acc) - USD -1.40% -20.01% -27.83% -30.66% -12.13% -5.18% -1.32% 5.24% High

JPM America Micro Cap X (acc) - USD*** -0.59% - -36.80% -38.86% -15.62% -7.06% - - High

JPMorgan Funds - Brazil Alpha Plus Fund (2)JPM Brazil Alpha Plus A (acc) - USD 15.14% 7.61% - - - - - - High

JPM Brazil Alpha Plus B (acc) - USD 14.90% - - - - - - - High

JPM Brazil Alpha Plus C (acc) - USD** - - - - - - - - High

JPM Brazil Alpha Plus D (acc) - USD 14.87% 7.13% - - - - - - High

JPM Brazil Alpha Plus I (acc) - USD 15.37% 8.07% - - - - - - High

JPMorgan Funds - Eastern Europe Equity FundJPM Eastern Europe Equity A (acc) - EUR 9.02% -9.95% -3.22% 3.35% 19.50% 37.99% - - High

JPM Eastern Europe Equity A (dist) - EUR 9.05% -9.93% -3.22% 3.20% 17.66% 35.85% 42.28% 49.97% High

JF Eastern Europe Equity A (dist) - EUR 9.05% -9.92% -3.22% 3.30% 17.86% 36.07% 42.48% 50.21% High

JPM Eastern Europe Equity B (acc) - EUR 9.31% -9.57% -2.71% 4.01% 7.71% - - - High

JPM Eastern Europe Equity C (acc) - EUR 9.27% -9.54% -2.61% 4.21% 20.87% 40.08% - - High

JPM Eastern Europe Equity D (acc) - EUR 8.79% -10.36% -3.93% 2.35% 18.19% 35.94% 41.72% 48.96% High

JPM Eastern Europe Equity I (acc) - EUR 9.29% -9.51% -2.61% 4.26% 20.74% - - - High

JPM Eastern Europe Equity X (acc) - EUR 9.50% -9.15% -1.95% 5.18% 21.98% 41.86% - - High

JPMorgan Funds - Emerging Europe Middle East and Africa Equity FundJPM Emerging Europe Middle East and Africa Equity A (acc)- USD 8.63% -3.67% 5.18% 13.69% 30.31% 47.34% - - High

JPM Emerging Europe Middle East and Africa Equity A (dist) - USD 8.63% -3.66% 5.21% 13.60% 28.63% 45.11% 50.56% 66.30% High

JPM Emerging Europe Middle East and Africa Equity B (acc) - USD 8.84% -3.30% 5.72% 14.37% 31.09% 7.50% - - High

JPM Emerging Europe Middle East and Africa Equity C (acc) - USD 8.84% -3.24% 5.89% 14.66% 31.75% 49.53% - - High

JPM Emerging Europe Middle East and Africa Equity D (acc) - USD 8.36% -4.16% 4.41% 12.54% 28.72% 44.96% 48.59% 63.31% High

JPM Emerging Europe Middle East and Africa Equity I (acc) - USD 8.87% -3.20% 5.91% 14.71% 31.78% - - - High

JPM Emerging Europe Middle East and Africa Equity X (acc) - USD** High

JPMorgan Funds - Emerging Markets Alpha Plus FundJPM Emerging Markets Alpha Plus A (acc) - USD 0.43% -11.49% -4.80% -0.56% - - - - High

JPM Emerging Markets Alpha Plus A (dist) - USD 0.43% -11.45% -4.80% -0.64% - - - - High

JPM Emerging Markets Alpha Plus D (acc) - USD 0.14% -11.89% -5.50% -1.55% - - - - High

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JPMorgan Funds - Emerging Markets Debt FundJPM Emerging Markets Debt A (acc) - EUR -0.30% -2.85% -2.85% -3.98% 4.41% -2.90% - - Medium

JPM Emerging Markets Debt A (dist) - EUR -0.33% -2.89% -2.89% -4.02% 4.36% -2.67% 1.88% -1.34% Medium

JPM Emerging Markets Debt C (acc) - EUR -0.10% -2.42% -2.32% -3.10% - - - - Medium

JPM Emerging Markets Debt D (acc) - EUR -0.43% -3.16% -3.41% -4.59% 3.69% -3.54% 1.36% -2.42% Medium

JPM Emerging Markets Debt X (acc) - EUR 0.00% -2.16% -1.86% -2.66% - - - - Medium

JPM Emerging Markets Debt I (Inc) - EUR -0.10% -2.43% -2.23% -3.21% - - - - Medium

JPMorgan Funds - Emerging Markets Equity FundJPM Emerging Markets Equity A (acc) - USD -1.99% -14.34% -9.59% 1.59% 24.33% 33.67% - - High

JPM Emerging Markets Equity A (dist) - USD -2.04% -14.35% -9.61% 1.23% 22.50% 31.26% 41.88% 52.86% High

JPM Emerging Markets Equity A (dist) - GBP -2.02% -14.36% -9.61% 1.44% 23.88% 84.32% 98.89% 102.37% High

JPM Emerging Markets Equity A (acc) - EUR -2.04% -14.36% -9.62% 1.59% 24.33% - - - High

JPM Emerging Markets Equity B (acc) - USD -1.83% -14.02% -9.14% 2.22% 25.07% 34.57% - - High

JPM Emerging Markets Equity C (acc) - USD -1.82% -14.00% -9.02% 2.45% 25.59% 35.34% - - High

JPM Emerging Markets Equity D (acc) - USD -2.26% -14.77% -10.27% 0.58% 22.87% 31.66% 42.09% 52.84% High

JPM Emerging Markets Equity D (acc) - EUR -2.25% -14.74% -10.25% 0.56% 22.89% - - - High

JPM Emerging Markets Equity I (acc) - USD -1.75% -13.94% -8.97% 2.51% - - - - High

JPM Emerging Markets Equity I (inc) - EUR -1.79% -13.95% -8.98% 1.02% 24.22% - - - High

JPM Emerging Markets Equity X (acc) - USD -1.59% -13.59% -8.42% 3.37% 26.90% 37.22% - - High

JPM Emerging Markets Equity X (inc) - EUR -1.59% -13.63% -8.42% 1.45% 23.85% - - - High

JPMorgan Funds - Emerging Markets Infrastructure Equity Fund (3)JPM Emerging Markets Infrastructure Equity A (acc) - USD* - - - - - - - - High

JPM Emerging Markets Infrastructure Equity D (acc) - USD* - - - - - - - - High

JPMorgan Funds - Emerging Markets Local Currency Debt Fund (4)JPM Emerging Markets Local Currency Debt A (acc) - EUR 1.07% - - - - - - - Medium

JPM Emerging Markets Local Currency Debt A (acc) - USD 1.07% - - - - - - - Medium

JPM Emerging Markets Local Currency Debt B (acc) - USD 1.17% - - - - - - - Medium

JPM Emerging Markets Local Currency Debt D (acc) - EUR 0.96% - - - - - - - Medium

JPM Emerging Markets Local Currency Debt D (acc) - USD 0.96% - - - - - - - Medium

JPMorgan Funds - Emerging Markets Small Cap Fund (5)JPM Emerging Markets Small Cap A (acc) - USD -4.54% -18.65% - - - - - - High

JPM Emerging Markets Small Cap A (dist) - GBP -4.31% -18.45% - - - - - - High

JPM Emerging Markets Small Cap A (acc) - EUR -4.31% -18.45% - - - - - - High

JPM Emerging Markets Small Cap C (acc) - USD** - - - - - - - - High

JPM Emerging Markets Small Cap D (acc) - USD -4.56% -18.79% - - - - - - High

JPM Emerging Markets Small Cap B (acc) - USD* - - - - - - - - High

JPMorgan Funds - EU Government Bond Fund (6)JPM EU Government Bond B (acc) - EUR* - - - - - - - - Medium

JPM EU Government Bond C (acc) - EUR* - - - - - - - - Medium

JPMorgan Funds - Euro Liquid Reserve FundJPM Euro Liquid Reserve A (acc) - EUR 0.97% 1.92% 2.86% 3.77% - - - - Low

JPM Euro Liquid Reserve D (acc) - EUR 0.94% 1.86% 2.78% 3.67% - - - - Low

JPMorgan Funds - Euroland Equity FundJPM Euroland Equity A (acc) - EUR -4.04% -20.54% -23.40% -27.31% -3.57% 4.43% High

JPM Euroland Equity A (dist) - EUR -4.07% -20.54% -23.37% -28.90% -5.42% 2.28% 7.17% 11.02% High

JF Euroland Equity A (dist) - USD -4.08% -20.59% -23.42% -26.18% -2.49% -1.38% 3.94% 9.76% High

JPM Euroland Equity A (inc) - EUR -4.10% -20.49% - - - - - - High

JPM Euroland Equity B (acc) - EUR -3.86% - - - - - - - High

JPM Euroland Equity C (acc) - EUR -3.81% -20.14% -22.76% -26.56% -2.56% 5.65% - - High

JPM Euroland Equity D (acc) - EUR -4.25% -20.84% -23.83% -27.84% -4.26% 3.59% 7.76% 11.48% High

JPM Euroland Equity I (acc) - EUR -3.75% -20.10% -22.70% -26.47% -2.50% - - - High

JPM Euroland Equity X (acc) - EUR -3.68% -19.82% -22.28% - - - - - High

JPMorgan Funds - Euroland Select Equity Fund (7)JPM Euroland Select Equity A (acc) - EUR -4.09% -20.44% -20.61% - - - - - High

JPM Euroland Select Equity A (dis) - EUR -4.13% - - - - - - - High

JPM Euroland Select Equity D (acc) - EUR -4.24% -20.72% -21.06% - - - - - High

JPM Euroland Select Equity X (acc) - EUR -3.81% -19.78% - - - - - - High

JPMorgan Funds - Europe 130/30 FundJPM Europe 130/30 A (acc) - EUR -3.62% -16.90% -18.99% -23.49% - - - - High

JPM Europe 130/30 A (acc) - USD -3.65% -16.99% - - - - - - High

JPM Europe 130/30 A (dist) - EUR -3.55% -16.74% -18.87% - - - - - High

JPM Europe 130/30 A (dist) - GBP -3.68% -16.85% -18.89% - - - - - High

JPM Europe 130/30 D (acc) - EUR -3.89% -17.21% -19.56% -24.18% - - - - High

JPM Europe 130/30 D (acc) - USD -3.78% -17.31% - - - - - - High

JPM Europe 130/30 X (acc) - EUR -3.25% -16.27% -18.16% - - - - - High

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JPMorgan Funds - Europe Aggregate Plus Bond FundJPM Europe Aggregate Plus Bond A (acc) - EUR -3.42% -12.75% -13.95% -13.52% -6.24% -5.01% - - Medium

JPM Europe Aggregate Plus Bond A (inc) - EUR -3.49% -12.94% -13.99% -13.12% -5.70% -4.50% -2.39% -1.56% Medium

JPM Europe Aggregate Plus Bond B (acc) - EUR** - - - - - - - - Medium

JPM Europe Aggregate Plus Bond C (acc) - EUR -3.38% -12.64% -13.61% - - - - - Medium

JPM Europe Aggregate Plus Bond D (acc) - EUR -3.53% -13.03% -14.19% -13.86% -6.60% -5.34% -5.15% -4.61% Medium

JPM Europe Aggregate Plus Bond X (acc) - EUR -3.25% -12.49% -13.37% -12.75% - - - - Medium

JPMorgan Funds - Europe Balanced Fund (EUR)JPM Europe Balanced (EUR) A (acc) - EUR -3.18% -8.96% -11.03% -12.80% -1.76% 1.66% - - Medium

JPM Europe Balanced (EUR) A (dist) - EUR -3.20% -9.03% -11.04% -14.30% -4.00% -0.63% 1.54% 2.59% Medium

JPM Europe Balanced (EUR) B (acc) - EUR -2.90% -8.59% - - - - - - Medium

JPM Europe Balanced (EUR) D (acc) - EUR -3.26% -9.18% -11.36% -13.23% -2.19% 1.16% 2.98% 3.81% Medium

JPMorgan Funds - Europe Convergence Equity FundJPM Europe Convergence Equity A (acc) - EUR 0.12% -16.24% -16.07% -18.29% 12.35% 17.63% - - High

JPM Europe Convergence Equity A (dist) - EUR 0.12% -16.20% -16.03% -19.08% 11.15% 16.38% 30.27% 43.26% High

JPM Europe Convergence Equity C (acc) - EUR 0.35% -15.86% -15.47% -17.54% 13.01% 11.08% - - High

JPM Europe Convergence Equity D (acc) - EUR -0.13% -16.64% -16.66% -19.09% 11.15% 16.14% 29.46% 41.96% High

JPMorgan Funds - Europe Dynamic FundJPM Europe Dynamic A (acc) - EUR -0.29% -17.34% -20.51% -23.62% -0.76% 9.05% - - High

JPM Europe Dynamic A (dist) - EUR -0.30% -17.41% -20.55% -24.58% -2.28% 7.25% 11.92% 15.63% High

JF Europe Dynamic A (dist) - EUR -0.33% -17.37% -20.56% -24.62% -2.26% 7.29% 11.80% - High

JPM Europe Dynamic A (dist) - GBP -0.30% -17.38% -20.53% -23.79% -1.13% 28.60% 31.80% 29.27% High

JPM Europe Dynamic B (acc) - EUR -0.12% -17.07% -20.16% -23.16% -0.27% 9.64% - - High

JPM Europe Dynamic C (acc) - EUR -0.06% -16.95% -19.95% -22.85% 0.18% 10.23% - - High

JPM Europe Dynamic D (acc) - USD -0.54% -17.79% -21.12% -24.34% -1.73% 0.71% - - High

JPM Europe Dynamic D (acc) - EUR -0.52% -17.80% -21.12% -24.39% -1.74% 7.79% 12.23% 15.80% High

JPM Europe Dynamic I (acc) - EUR** - - - - - - - - High

JPM Europe Dynamic X (acc) - EUR 0.12% -16.64% -19.47% -22.25% 1.00% 11.32% - - High

JPMorgan Funds - Europe Dynamic Mega Cap FundJPM Europe Dynamic Mega Cap A (acc) - EUR 0.00% -17.63% -20.18% -22.63% -1.48% - - - High

JPM Europe Dynamic Mega Cap A (dist) - EUR 0.00% -17.55% -20.09% -23.85% -2.31% - - - High

JPM Europe Dynamic Mega Cap A (inc) - EUR 0.00% -17.60% -20.14% -23.61% -2.16% - - - High

JPM Europe Dynamic Mega Cap A (acc) - USD 0.00% -17.58% -17.41% - - - - - High

JPM Europe Dynamic Mega Cap B (acc) - EUR 0.21% -17.29% -19.73% -22.16% -0.98% - - - High

JPM Europe Dynamic Mega Cap C (acc) - EUR 0.19% -17.20% -19.58% -21.95% -0.62% - - - High

JPM Europe Dynamic Mega Cap D (acc) - EUR -0.21% -17.97% -20.72% -23.40% -2.40% - - - High

JPM Europe Dynamic Mega Cap D (acc) - USD -0.25% -18.00% -20.70% - - - - - High

JPM Europe Dynamic Mega Cap I (acc) - EUR 0.31% -17.16% -19.50% -21.84% - - - - High

JPM Europe Dynamic Mega Cap X (acc) - EUR 0.39% -16.87% -19.08% -21.23% 0.24% - - - High

JPMorgan Funds - Europe Dynamic Small Cap FundJPM Europe Dynamic Small Cap A (acc) - EUR -0.51% -15.45% -23.18% -28.57% 0.80% 15.15% - - High

JPM Europe Dynamic Small Cap A (dist) - EUR -0.46% -15.50% -23.24% -28.62% 0.65% - - - High

JPM Europe Dynamic Small Cap D (acc) - EUR -0.60% -15.81% -23.82% -29.29% -0.17% - - - High

JPM Europe Dynamic Small Cap X (acc) - EUR -0.18% -14.76% -22.48% -27.61% 2.35% - - - High

JPMorgan Funds - Europe Equity FundJPM Europe Equity A (acc) - EUR -2.85% -18.24% -22.68% -27.51% -5.74% 2.25% - - High

JPM Europe Equity A (dist) - EUR -2.90% -18.27% -22.70% -28.85% -7.45% 0.34% 4.45% 8.45% High

JPM Europe Equity A (acc) - USD -2.88% -18.21% -22.67% -27.46% -5.75% -3.80% 0.86% 6.56% High

JF Europe Equity A (dist) - USD -2.89% -18.25% -22.69% -26.54% -4.79% -3.17% 1.37% 7.16% High

JPM Europe Equity B (acc) - EUR -2.73% -17.97% -22.32% -27.05% -5.20% 2.88% - - High

JPM Europe Equity C (acc) - EUR -2.61% -17.81% -22.05% -26.69% -4.78% 3.42% - - High

JPM Europe Equity D (acc) - EUR -3.06% -18.54% -23.12% -28.00% -6.41% 1.48% 5.32% 9.24% High

JPM Europe Equity D (acc) - USD -3.14% -18.58% -23.13% -28.08% -6.48% - - - High

JPM Europe Equity I (acc) - EUR** - - - - - - - - High

JPM Europe Equity I (inc) - EUR -2.53% -17.73% -22.02% -27.85% - - - - High

JPM Europe Equity X (acc) - EUR -2.45% -17.52% -21.64% -26.17% -4.14% 4.19% - - High

JPMorgan Funds - Europe Focus FundJPM Europe Focus A (acc) - EUR -3.19% -19.84% -23.59% -28.89% -3.92% - - - High

JPM Europe Focus A (acc) - USD -3.21% -19.88% - - - - - - High

JPM Europe Focus A (dis) - EUR -3.19% -19.86% -23.60% -29.46% - - - - High

JPM Europe Focus B (acc) - EUR* - - - - - - - - High

JPM Europe Focus C (acc) - EUR -3.01% -19.50% -17.60% -23.19% - - - - High

JPM Europe Focus D (acc) - EUR -3.48% -20.28% -24.21% -29.60% -4.83% - - - High

JPM Europe Focus D (acc) - USD -3.34% -20.20% - - - - - - High

JPM Europe Focus X (acc) - EUR -2.79% -19.18% -22.60% -27.64% - - - - High

JPMorgan Funds - Europe High Yield Bond FundJPM Europe High Yield Bond A (acc) - EUR 1.39% -5.46% -8.50% -10.19% -1.61% 0.53% - - Medium

JPM Europe High Yield Bond A (inc) - EUR 1.20% -5.60% -8.66% -10.00% -1.34% 0.66% 1.97% 2.77% Medium

JPM Europe High Yield Bond C (acc) - EUR 1.50% -5.29% - - - - - - Medium

JPM Europe High Yield Bond D (acc) - EUR 1.35% -5.70% -8.75% -10.55% -2.12% 0.00% -2.73% -2.39% Medium

JPM Europe High Yield Bond X (acc) - EUR 1.56% -5.01% -7.79% - - - - - Medium

257



JPMorgan Funds - Europe Micro Cap FundJPM Europe Micro Cap A (acc) - EUR -4.92% -20.95% -32.36% -39.03% -3.98% - - - High

JPM Europe Micro Cap A (dist) - EUR -5.06% -21.05% -32.43% -39.09% -4.16% - - - High

JPM Europe Micro Cap D (acc) - EUR -5.30% -21.43% -32.92% -39.70% -4.87% - - - High

JPMorgan Funds - Europe Select 130/30 FundJPM Europe Select 130/30 A (acc) - EUR -2.40% -18.56% -23.08% -27.14% - - - - High

JPM Europe Select 130/30 A (acc) - USD -2.60% -18.76% - - - - - - High

JPM Europe Select 130/30 A (dist) - GBP -2.44% -18.67% -23.18% - - - - - High

JPM Europe Select 130/30 D (acc) - EUR -2.55% -18.97% -23.66% -27.83% - - - - High

JPM Europe Select 130/30 D (acc) - USD -2.85% -19.15% - - - - - - High

JPM Europe Select 130/30 X (acc) - EUR -2.01% -17.86% -22.11% - - - - - High

JPMorgan Funds - Europe Small Cap FundJPM Europe Small Cap A (acc) - EUR -2.52% -17.00% -24.37% -30.82% -4.22% 6.56% - - High

JPM Europe Small Cap A (dist) - EUR -2.54% -16.98% -24.39% -30.85% -4.56% 5.97% 13.71% 21.11% High

JF Europe Small Cap A (dist) - EUR -2.55% -16.99% -24.40% -30.86% -4.59% 5.95% 13.72% 21.15% High

JPM Europe Small Cap A (dist) - GBP -2.57% -16.97% -24.40% -30.88% -4.35% 25.47% 33.36% 40.00% High

JPM Europe Small Cap B (acc) - EUR -2.36% -16.66% -24.00% -30.43% -3.75% 7.38% - - High

JPM Europe Small Cap C (acc) - EUR -2.32% -16.56% -23.84% -30.20% -3.36% 7.68% - - High

JPM Europe Small Cap D (acc) - EUR -2.74% -17.38% -24.95% -31.51% -5.14% 5.38% 12.98% 20.11% High

JPM Europe Small Cap I (acc) - EUR -2.30% -16.55% -23.84% -30.16% -3.35% - - - High

JPM Europe Small Cap X (acc) - EUR -2.14% -16.26% -23.39% -29.61% -2.58% 8.71% - - High

JPMorgan Funds - Europe Strategic Growth FundJPM Europe Strategic Growth A (acc) - EUR -1.21% -16.22% -19.58% -22.82% -0.61% 7.30% - - High

JPM Europe Strategic Growth A (dist) - EUR -1.20% -16.22% -19.59% -23.41% -1.59% 6.16% 9.85% 13.79% High

JPM Europe Strategic Growth A (dist) - GBP -1.16% -16.23% -19.57% -22.91% -0.85% 26.34% 27.89% 29.67% High

JPM Europe Strategic Growth B (acc) - EUR -1.03% -15.93% -19.15% -22.29% 0.03% 8.09% - - High

JPM Europe Strategic Growth C (acc) - EUR -0.97% -15.85% -18.99% -22.08% 0.34% 8.51% - - High

JPM Europe Strategic Growth D (acc) - EUR -1.35% -16.54% -20.04% -23.39% -1.33% 6.43% 9.79% 13.70% High

JPM Europe Strategic Growth I (inc) - EUR -0.92% -15.78% -18.95% -22.83% -0.14% - - - High

JPM Europe Strategic Growth I (acc) - EUR -0.94% -15.86% -18.96% -22.07% 2.80% - - - High

JPM Europe Strategic Growth X (acc) - EUR -0.79% -15.49% -18.51% -21.44% 1.19% 9.50% - - High

JPMorgan Funds - Europe Strategic Growth Small Cap Fund (8)JPM Europe Strategic Growth Small Cap A (acc) - EUR 2.84% - - - - - - - High

JPM Europe Strategic Growth Small Cap D (acc) - EUR 2.64% - - - - - - - High

JPMorgan Funds - Europe Strategic Value FundJPM Europe Strategic Value A (acc) - EUR -5.08% -20.41% -25.96% -30.82% -7.49% 0.82% - - High

JPM Europe Strategic Value A (dist) - EUR -5.05% -20.40% -25.97% -30.47% -7.10% 1.15% 5.92% 10.59% High

JPM Europe Strategic Value A (dist) - GBP -5.00% -20.36% -25.92% -30.93% -7.63% 16.76% 19.65% 22.72% High

JPM Europe Strategic Value B (acc) - EUR -4.88% -20.07% -25.54% -30.34% -6.93% 1.46% - - High

JPM Europe Strategic Value C (acc) - EUR -4.75% -19.96% -25.37% -30.10% -6.62% 1.86% - - High

JPM Europe Strategic Value D (acc) - EUR -5.20% -20.70% -26.37% -31.36% -8.14% 0.05% 4.40% 9.03% High

JPM Europe Strategic Value I (acc) - EUR -4.82% -19.93% -25.37% -30.11% -6.60% - - - High

JPM Europe Strategic Value I (inc) - EUR -4.77% -19.95% -25.33% -31.89% -7.79% - - - High

JPM Europe Strategic Value X (acc) - EUR -4.61% -19.67% -24.97% -29.58% -5.97% 2.65% - - High

JPMorgan Funds - Europe Strategic Value Small Cap Fund (9)JPM Europe Strategic Value Small Cap A (acc) - EUR -5.22% - - - - - - - High

JPM Europe Strategic Value Small Cap D (acc) - EUR -5.44% - - - - - - - High

JPMorgan Funds - Europe Technology FundJPM Europe Technology A (acc) - EUR -1.58% -21.75% -26.77% -28.36% -3.34% 2.33% - - High

JPM Europe Technology A (dist) - EUR -1.58% -21.72% -26.79% -28.41% -3.89% 1.89% 0.87% 11.68% High

JF Europe Technology A (dist) - EUR -1.70% -21.81% -26.90% -28.45% -4.08% 1.82% 0.83% 11.64% High

JPM Europe Technology A (dist) - GBP -1.51% -21.70% -26.73% -28.34% -3.47% 19.43% 13.89% 26.03% High

JPM Europe Technology B (acc) - EUR* - - - - - - - - High

JPM Europe Technology C (acc) - EUR* - - - - - - - - High

JPM Europe Technology D (acc) - EUR -1.71% -22.05% -27.26% -29.05% -4.20% 1.29% 0.19% 10.65% High

JPM Europe Technology X (acc) - EUR -1.16% -21.07% -25.83% - - - - - High

JPMorgan Funds - Germany Equity FundJPM Germany Equity A (acc) - EUR 0.74% -17.55% -16.63% -19.37% 7.88% 13.63% - - High

JPM Germany Equity A (dist) - EUR 0.73% -17.52% -16.62% -20.52% 6.06% 11.45% 13.35% 17.86% High

JF Germany Equity A (dist) - EUR 0.76% -17.54% -16.63% -20.46% 6.08% 11.51% 13.69% 18.28% High

JPM Germany Equity B (acc) - EUR 0.97% -17.25% - - - - - - High

JPM Germany Equity C (acc) - EUR 1.00% - - - - - - - High

JPM Germany Equity D (acc) - EUR 0.36% -18.18% -17.46% -20.29% 6.71% 12.25% 13.97% 17.96% High

JPM Germany Equity I (acc) - EUR* - - - - - - - - High

JPM Germany Equity X (acc) - EUR 1.19% -16.75% - - - - - - High

JPMorgan Funds - Global Aggregate Bond FundJPM Global Aggregate Bond A (acc) - USD -5.34% -4.37% -3.83% 0.68% 2.34% 1.31% - - Medium

JPM Global Aggregate Bond A (inc) - USD -5.34% -4.37% -3.91% 0.72% 2.18% 1.15% 1.60% 2.11% Medium

JPM Global Aggregate Bond B (acc) - USD** - - - - - - - - Medium

JPM Global Aggregate Bond C (acc) - USD -5.61% -4.20% -3.57% 1.18% 2.88% 1.78% - - Medium

JPM Global Aggregate Bond D (acc) - USD -5.40% -4.56% -4.20% 0.24% 1.91% 0.91% 1.19% 1.16% Medium

JPM Global Aggregate Bond X (acc) - USD** - - - - - - - - Medium

258



JPMorgan Funds - Global Consumer Trends Fund (10)JPM Global Consumer Trends A (acc) - EUR* - - - - - - - - Medium

JPM Global Consumer Trends D (acc) - EUR* - - - - - - - - Medium

JPMorgan Funds - Global Convertibles Fund (EUR)JPM Global Convertibles (EUR) A (acc) - EUR -2.02% -9.28% -8.63% -8.06% 1.60% 4.97% - - Medium

JPM Global Convertibles (EUR) A (dist) - EUR -2.06% -9.29% -8.65% -8.09% 1.58% 4.99% 2.47% 5.24% Medium

JF Global Convertibles (EUR) A (dist) - USD -2.06% -9.37% -8.74% -8.25% 1.34% -1.85% -2.53% 2.33% Medium

JPM Global Convertibles (EUR) B (acc) - EUR -1.89% -8.99% -8.22% -7.58% 2.05% 10.58% 6.55% 7.25% Medium

JPM Global Convertibles (EUR) C (acc) - EUR -1.86% -8.91% -8.09% -7.39% 2.37% 5.83% - - Medium

JPM Global Convertibles (EUR) D (acc) - EUR -2.19% -9.52% -8.95% -8.55% 1.04% 0.10% - - Medium

JPM Global Convertibles (EUR) I (acc) - EUR -1.82% -8.92% -8.06% -7.35% - - - - Medium

JPM Global Convertibles (EUR) I (inc) - EUR -1.85% -8.89% -8.10% -9.67% - - - - Medium

JPM Global Convertibles (EUR) X (acc) - EUR -1.66% -8.53% -7.58% -6.61% 3.21% 6.81% - - Medium

JPMorgan Funds - Global Dynamic FundJPM Global Dynamic A (acc) - USD -1.26% -13.78% -15.42% -13.33% 4.72% 10.23% - - High

JPM Global Dynamic A (dist) - USD -1.30% -13.75% -15.40% -13.94% 3.96% 9.25% 11.37% 15.64% High

JF Global Dynamic A (dist) - USD -1.33% -13.81% -15.44% -13.96% 3.94% 9.24% 11.32% - High

JPM Global Dynamic A (acc) - EUR -1.29% -13.75% -15.37% -13.30% - - - - High

JPM Global Dynamic A (acc) - EUR (hedged) -0.64% -9.47% - - - - - - High

JPM Global Dynamic A (dist) - GBP -1.30% -13.75% -15.41% -13.63% 4.32% 43.58% 41.44% 39.11% High

JPM Global Dynamic A (inc) - EUR -1.23% -13.72% -15.40% -14.00% 4.15% - - - High

JPM Global Dynamic B (acc) - USD -1.13% -13.45% -15.00% -12.83% 5.24% 10.83% - - High

JPM Global Dynamic C (acc) - USD -1.05% -13.37% -14.80% -12.52% 5.75% 11.48% - - High

JPM Global Dynamic C (acc) - EUR -1.03% -13.29% -14.73% -12.41% - - - - High

JPM Global Dynamic C (acc) - EUR (hedged) -0.48% - - - - - - - High

JPM Global Dynamic D (acc) - USD -1.54% -14.21% -16.08% -14.21% 3.60% 8.93% 10.74% 14.78% High

JPM Global Dynamic D (acc) - EUR -1.59% -14.25% -16.06% -14.25% 3.62% - - - High

JPM Global Dynamic D (acc) - EUR (hedged) -1.07% -10.08% - - - - - - High

JPM Global Dynamic I (acc) - USD -1.00% -13.31% -14.72% -12.46% - - - - High

JPM Global Dynamic X (acc) - USD -0.86% -12.95% -14.25% -11.77% 6.69% 12.63% - - High

JPM Global Dynamic X (acc) - EUR -0.80% -12.94% -14.22% -11.70% - - - - High

JPMorgan Funds - Global Equity Fund (EUR)JPM Global Equity (EUR) A (acc) - EUR -1.09% -15.49% -17.22% -17.72% -3.50% 1.57% - - High

JPM Global Equity (EUR) A (dist) - EUR -1.41% -15.75% -17.53% -18.52% -3.94% 0.86% 1.73% 4.02% High

JPM Global Equity (EUR) C (acc) - EUR -0.83% -15.02% -16.54% -16.73% -2.39% - - - High

JPM Global Equity (EUR) D (acc) - EUR -1.20% -15.66% -17.67% -18.18% -4.12% 0.83% 1.58% 3.72% High

JPMorgan Funds - Global Equity Fund (USD)JF Global Equity (USD) A (dist) - USD -2.07% -12.65% -13.36% -11.90% 0.71% 5.59% 7.12% 10.78% High

JPM Global Equity (USD) A (acc) - USD -2.10% -12.69% -13.38% -11.22% 1.44% 6.44% - - High

JPM Global Equity (USD) A (dist) - USD -2.05% -12.64% -13.37% -11.90% 0.72% 5.58% 7.13% 10.77% High

JPM Global Equity (USD) B (acc) - USD** - - - - - - - - High

JPM Global Equity (USD) C (acc) - USD -1.84% -12.18% -12.68% -10.25% 2.58% 7.75% - - High

JPM Global Equity (USD) D (acc) - USD -2.28% -13.07% -13.91% -11.92% 0.66% 5.51% 6.84% 10.34% High

JPM Global Equity (USD) X (acc) - USD -1.68% -11.97% -12.26% -9.70% 3.29% - - - High

JPMorgan Funds - Global Focus FundJPM Global Focus A (acc) - EUR -0.83% -20.81% -25.22% -29.04% -4.91% 2.55% - - High

JPM Global Focus A (acc) - EUR (hedged) -0.38% -16.88% -19.69% - - - - - High

JPM Global Focus A (dist) - EUR -0.86% -20.82% -25.24% -29.41% -5.35% 2.05% 5.34% 9.45% High

JF Global Focus A (dist) - USD -0.72% -20.81% -25.18% -29.34% - - - - High

JPM Global Focus C (acc) - EUR -0.65% -20.42% -24.71% -28.35% -4.09% - - - High

JPM Global Focus D (acc) - EUR -1.07% -21.23% -25.80% -29.75% -5.81% 1.48% 4.66% 8.60% High

JPM Global Focus D (acc) - EUR (hedged) -0.65% -17.23% -20.27% - - - - - High

JPM Global Focus X (acc) - EUR -0.37% -20.08% -24.23% -27.74% -3.30% 4.52% - - High

JPMorgan Funds - Global Life Sciences FundJPM Global Life Sciences A (acc) - USD 5.66% -10.58% -12.46% -11.24% -2.33% 0.34% - - High

JPM Global Life Sciences A (dist) - USD 5.69% -10.63% -12.41% -11.31% -2.30% 0.33% -1.47% 2.85% High

JF Global Life Sciences A (dist) - USD 5.43% -10.68% -12.61% -11.33% -2.36% 0.28% -1.50% 2.82% High

JPM Global Life Sciences A (dist) - GBP 5.65% -10.58% -12.45% -11.25% -2.28% 27.04% 17.67% 17.57% High

JPM Global Life Sciences D (acc) - USD 5.36% -11.02% -13.08% -12.06% -3.21% -0.65% -2.40% 1.84% High

JPMorgan Funds - Global Natural Resources FundJPM Global Natural Resources A (acc) - EUR 7.57% -4.52% -5.30% -2.08% 18.62% 34.48% - - High

JPM Global Natural Resources A (dist) - EUR 7.53% -4.48% -5.30% -2.07% 18.60% 34.50% - - High

JPM Global Natural Resources A (acc) - USD 7.47% -4.54% -5.37% -2.08% - - - - High

JPM Global Natural Resources B (acc) - EUR 7.72% -4.15% -4.86% -1.47% 19.32% - - - High

JPM Global Natural Resources C (acc) - EUR 7.79% -4.07% -4.65% -1.16% 19.93% 36.36% - - High

JPM Global Natural Resources C (acc) - USD 7.85% -4.05% -4.63% -1.15% - - - - High

JPM Global Natural Resources D (acc) - EUR 7.22% -5.02% -6.08% -3.11% 17.26% - - - High

JPM Global Natural Resources D (acc) - USD 7.27% -5.00% -6.08% -3.04% - - - - High

JPM Global Natural Resources X (acc) - EUR 8.00% -3.69% -4.08% -0.34% 21.08% 38.14% - - High

259



JPMorgan Funds - Global Real Estate Securities Fund (EUR)JPM Global Real Estate Securities A (acc) - EUR -8.09% -16.01% -26.44% -27.47% - - - - High

JPM Global Real Estate Securities A (inc) - EUR -8.00% -16.05% -26.75% -28.55% - - - - High

JPM Global Real Estate Securities C (acc) - EUR** - - - - - - - - High

JPM Global Real Estate Securities D (acc) - EUR -8.31% -16.38% -26.92% -28.02% - - - - High

JPM Global Real Estate Securities X (acc) - EUR -7.61% -15.28% -25.50% -26.13% - - - - High

JPMorgan Funds - Global Real Estate Securities Fund (USD)JPM Global Real Estate Securities A (acc) - USD -8.40% -13.54% -24.37% -23.20% - - - - High

JPM Global Real Estate Securities C (acc) - USD -8.15% - - - - - - - High

JPM Global Real Estate Securities D (acc) - USD -8.60% -13.78% -24.81% -23.77% - - - - High

JPM Global Real Estate Securities X (acc) - USD -7.96% -12.69% -23.34% -21.82% - - - - High

JPMorgan Funds - Global Socially Responsible FundJPM Global Socially Responsible A (acc) - USD -0.17% -13.40% -15.94% -14.33% 2.40% 6.53% - - High

JPM Global Socially Responsible A (dist) - USD -0.27% -13.48% -15.95% -14.39% 2.34% 6.15% 6.87% 9.58% High

JPM Global Socially Responsible D (acc) - USD -0.51% -13.89% -16.56% -15.20% 1.31% 5.35% 5.89% 8.50% High

JPMorgan Funds - Highbridge Europe STEEP Fund (11)JPM Highbridge Europe STEEP A (acc) - EUR -5.96% - - - - - - - High

JPM Highbridge Europe STEEP A (inc) - EUR -6.06% - - - - - - - High

JPM Highbridge Europe STEEP A (acc) - USD -6.06% - - - - - - - High

JPM Highbridge Europe STEEP B (acc) - EUR* - - - - - - - - High

JPM Highbridge Europe STEEP C (acc) - EUR -6.07% - - - - - - - High

JPM Highbridge Europe STEEP D (acc) - EUR -6.17% - - - - - - - High

JPMorgan Funds - Highbridge US STEEP Fund (12)JPM Highbridge US STEEP A (acc) - USD* - - - - - - - - Medium

JPM Highbridge US STEEP A (inc) - EUR* - - - - - - - - Medium

JPM Highbridge US STEEP A (acc) - EUR* - - - - - - - - Medium

JPM Highbridge US STEEP B (acc) - USD* - - - - - - - - Medium

JPM Highbridge US STEEP D (acc) - EUR* - - - - - - - - Medium

JPM Highbridge US STEEP D (acc) - USD* - - - - - - - - Medium

JPM Highbridge US STEEP X (acc) - USD* - - - - - - - - Medium

JPMorgan Funds - Japan Dynamic Fund (13)JPM Japan Dynamic A (acc) - JPY 2.44% -15.00% -31.44% -36.02% -15.70% - - - High

JPM Japan Dynamic A (dist) - JPY 2.43% -15.02% -31.48% -35.99% -15.67% - - - High

JPM Japan Dynamic X (acc) - JPY** - - - - - - - - High

JPMorgan Funds - JF Asia Alpha Plus FundJF Asia Alpha Plus A (acc) - USD -6.13% -22.34% -23.49% -5.57% 23.42% - - - High

JF Asia Alpha Plus A (dist) - USD -5.02% -21.74% - - - - - - High

JF Asia Alpha Plus X (acc) - USD -5.79% - - - - - - - High

JPMorgan Funds - JF Asia Pacific ex-Japan Equity Fund (14)JF Asia Pacific ex-Japan Equity A (acc) - USD -5.10% -19.89% -21.98% -8.57% 17.11% 20.87% - - High

JF Asia Pacific ex-Japan Equity A (dist) - USD -5.11% -19.90% -21.99% -11.12% 13.72% 16.76% 20.26% 24.00% High

JF Asia Pacific ex-Japan Equity A (dist) - GBP -5.11% -19.91% -21.97% -9.89% 15.28% 58.97% 61.06% 55.89% High

JF Asia Pacific ex-Japan Equity B (acc) - GBP** - - - - - - - - High

JF Asia Pacific ex-Japan Equity C (acc) - USD -4.87% -19.52% -21.46% -7.74% 18.67% 22.65% - - High

JF Asia Pacific ex-Japan Equity D (acc) - USD -5.30% -20.23% -22.46% -9.25% 16.10% 19.67% 20.99% 24.64% High

JF Asia Pacific ex-Japan Equity D (acc) - EUR -5.34% -20.21% -22.46% -9.28% 16.11% - - - High

JF Asia Pacific ex-Japan Equity I (acc) - USD -4.84% -19.51% -21.40% -7.65% 18.38% - - - High

JF Asia Pacific ex-Japan Equity X (acc) - USD -4.71% -19.19% -20.98% -6.95% 19.44% 23.74% - - High

JPMorgan Funds - JF China FundJF China A (acc) - USD -3.55% -28.65% -30.26% -0.40% 40.81% 54.26% - - Very High

JF China A (dist) - USD -3.57% -28.67% -30.28% -0.94% 39.59% 52.68% 42.73% 56.15% Very High

JF China B (acc) - USD -3.39% -28.44% -29.95% 0.15% 41.67% - - - Very High

JF China C (acc) - USD -3.34% -28.34% -29.80% 0.52% 42.48% 56.70% - - Very High

JF China D (acc) - USD -3.79% -29.00% -30.76% -1.34% 39.07% 51.66% 41.39% 54.30% Very High

JF China I (acc) - USD** - - - - - - - - Very High

JF China X (acc) - USD -3.21% -28.06% -29.39% 1.27% Very High

JPMorgan Funds - JF Greater China FundJF Greater China A (acc) - USD -5.74% -22.85% -25.69% -2.75% 26.86% 27.45% - - High

JF Greater China A (dist) - USD -5.74% -22.86% -25.68% -4.33% 23.26% 23.80% 23.63% 31.85% High

JF Greater China B (acc) - USD -5.55% -22.58% -25.33% -2.20% 27.72% - - - High

JF Greater China C (acc) - USD -5.54% -22.51% -25.18% -1.93% 28.25% 29.12% - - High

JF Greater China D (acc) - USD -5.97% -23.24% -26.24% -3.70% 25.41% 25.73% 25.09% 33.28% High

JF Greater China I (acc) - USD** - - - - - - - - High

JF Greater China X (acc) - USD -5.37% -22.21% -24.76% -1.15% 29.51% 30.58% - - High

JPMorgan Funds - JF Hong Kong FundJF Hong Kong A (acc) - USD -4.64% -25.10% -22.96% 0.67% 21.35% 19.82% - - High

JF Hong Kong A (dist) - USD -4.66% -25.13% -22.96% -0.07% 20.03% 18.19% 22.44% 31.39% High

JF Hong Kong B (acc) - USD -4.46% -24.83% -22.55% 1.37% 22.05% - - - High

JF Hong Kong C (acc) - USD -4.45% -24.79% -22.45% 1.54% 22.82% 21.38% - - High

JF Hong Kong D (acc) - USD -4.92% -25.52% -23.54% -0.34% 19.94% 18.21% 22.17% 31.22% High

260



JPMorgan Funds - JF India FundJF India A (acc) - USD -22.76% -43.92% -33.53% -21.63% 11.97% 24.34% - - High

JF India A (dist) - USD -22.75% -43.90% -33.52% -24.99% 8.89% 21.45% 39.17% 64.04% High

JF India B (acc) - USD -22.62% -43.69% -33.20% -21.17% 12.62% 25.14% - - High

JF India C (acc) - USD -22.59% -43.64% -33.04% -20.87% 13.23% 26.08% - - High

JF India D (acc) - USD -22.90% -44.13% -33.93% -22.26% 10.99% 22.94% 40.40% 65.29% High

JF India X (acc) - USD -22.41% -43.39% -32.63% -20.21% 14.26% 27.50% - - High

JPMorgan Funds - JF Japan Alpha Plus FundJF Japan Alpha Plus A (acc) - USD -7.33% -11.43% -20.12% -20.71% -8.97% -0.91% - - High

JF Japan Alpha Plus A (dist) - USD -7.33% -11.44% -20.06% -20.68% -8.97% -0.92% - - High

JF Japan Alpha Plus D (acc) - USD -7.60% -11.91% -20.71% -21.49% -9.82% -1.88% - - High

JPMorgan Funds - JF Japan Equity FundJF Japan Equity A (acc) - USD -1.40% -11.18% -19.92% -19.66% -9.80% 0.69% - - High

JF Japan Equity A (dist) - USD -1.42% -11.17% -19.92% -19.67% -9.81% 0.71% 0.59% 9.30% High

JF Japan Equity A (dist) - GBP -1.39% -11.17% -19.90% -19.65% -9.80% 27.71% 21.51% 28.30% High

JF Japan Equity A (acc) - EUR -1.44% -11.21% -19.92% -19.69% -9.80% - - - High

JF Japan Equity A (acc) - JPY -1.47% -11.19% -19.96% -19.70% -9.80% - - - High

JF Japan Equity B (acc) - USD -1.24% -10.83% -19.43% -19.02% -9.24% 1.41% - - High

JF Japan Equity C (acc) - USD -1.23% -10.79% -19.37% -18.90% -9.01% 1.71% - - High

JF Japan Equity D (acc) - USD -1.55% -11.55% -20.33% -20.25% -10.39% -0.04% -0.21% 8.23% High

JF Japan Equity D (acc) - EUR -1.73% -11.57% -20.47% -20.28% -10.47% - - - High

JF Japan Equity I (acc) - USD -1.08% -10.66% -19.27% -18.79% -8.95% - - - High

JF Japan Equity J (dist) - USD -1.40% -11.16% -19.94% -19.65% -9.80% 0.71% 0.55% 9.16% High

JF Japan Equity X (acc) - USD -0.98% -10.42% -18.87% -18.22% -8.37% 2.56% - - High

JPMorgan Funds - JF Japan Small Cap FundJF Japan Small Cap A (acc) - USD -9.63% -13.48% -21.65% -24.22% -16.51% -5.23% - - High

JF Japan Small Cap A (dist) - USD -9.53% -13.38% -21.54% -24.16% -16.47% -5.21% -5.83% 8.43% High

JF Japan Small Cap B (acc) - USD -9.44% -13.09% -21.20% -23.82% -16.19% - - - High

JF Japan Small Cap C (acc) - USD -9.27% -12.91% -21.00% -23.47% -15.83% - - - High

JF Japan Small Cap D (acc) - USD -9.73% -13.74% -22.10% -24.94% -17.15% -6.05% -6.59% 7.18% High

JF Japan Small Cap X (acc) - USD -9.14% -12.62% -20.51% -22.89% -15.31% -3.72% - - High

JPMorgan Funds - JF Korea Equity Fund (15)JF Korea Equity A (acc) - USD -3.24% -14.33% -13.30% - - - - - High

JF Korea Equity A (dist) - USD* - - - - - - - - High

JF Korea Equity A (acc) - EUR -3.35% -14.43% -13.40% - - - - - High

JF Korea Equity B (acc) - USD* - - - - - - - - High

JF Korea Equity C (acc) - USD -3.36% - - - - - - - High

JF Korea Equity D (acc) - USD -3.48% -14.77% -14.00% - - - - - High

JF Korea Equity X (acc) - USD* - - - - - - - - High

JPMorgan Funds - JF Pacific Balanced FundJF Pacific Balanced A (acc) - USD -0.30% -10.02% -11.39% -5.11% 8.28% 11.18% - - Medium

JF Pacific Balanced A (dist) - USD -0.35% -10.04% -11.40% -5.14% 7.10% 9.64% 8.92% 12.37% Medium

JF Pacific Balanced B (acc) - USD -0.11% -9.68% -10.88% - - - - - Medium

JF Pacific Balanced D (acc) - USD -0.38% -10.19% -11.66% -5.52% 7.79% 10.59% 9.64% 13.03% Medium

JPMorgan Funds - JF Pacific Equity FundJF Pacific Equity A (acc) - USD -3.12% -15.17% -18.29% -9.49% 4.66% 11.65% - - High

JF Pacific Equity A (dist) - USD -3.13% -15.18% -18.31% -10.25% 3.89% 10.60% 12.19% 17.90% High

JF Pacific Equity A (dist) - GBP -3.13% -15.19% -18.30% -9.84% 4.29% 45.95% 43.28% 43.10% High

JF Pacific Equity A (acc) - EUR -3.10% -15.20% -18.29% -9.52% 4.70% - - - High

JF Pacific Equity B (acc) - USD -2.94% -14.86% -17.84% -8.88% 5.75% 12.82% - - High

JF Pacific Equity C (acc) - USD -2.84% -14.73% -17.66% -8.63% 5.76% 12.99% - - High

JF Pacific Equity D (acc) - USD -3.32% -15.52% -18.80% -10.26% 3.85% 10.62% 12.13% 17.76% High

JF Pacific Equity D (acc) - EUR -3.31% -15.52% -18.75% -10.17% 3.86% - - - High

JF Pacific Equity I (acc) - USD -2.87% -14.74% -17.64% -8.60% 5.80% - - - High

JPMorgan Funds - JF Pacific Technology FundJF Pacific Technology A (acc) - USD -3.89% -13.73% -15.09% -7.65% 12.06% 17.08% - - High

JF Pacific Technology A (dist) - USD -3.84% -13.71% -15.00% -10.94% 8.83% 13.84% 12.78% 17.24% High

JF Pacific Technology A (dist) - GBP -3.87% -13.71% -15.05% -9.01% 10.22% 53.17% 46.08% 43.60% High

JF Pacific Technology B (acc) - USD*** -3.64% -13.39% - - -0.29% - - - High

JF Pacific Technology C (acc) - USD* - - - - - - - - High

JF Pacific Technology D (acc) - USD -4.07% -14.19% -15.69% -8.51% 10.88% 15.65% 14.18% 18.37% High

JPMorgan Funds - JF Singapore FundJF Singapore A (acc) - USD -0.78% -17.07% -21.86% -17.04% 23.80% 35.86% - - High

JF Singapore A (dist) - USD -0.78% -17.08% -21.87% -17.77% 22.49% 33.74% 44.53% 57.76% High

JF Singapore B (acc) - USD -0.63% -16.75% -21.49% -16.57% 24.46% - - - High

JF Singapore C (acc) - USD -0.39% -16.57% -21.22% -16.17% 24.97% 37.51% - - High

JF Singapore D (acc) - USD -1.04% -17.50% -22.47% -17.89% 22.31% 33.71% 43.96% 56.98% High

JF Singapore I (acc) - USD -0.59% -16.68% -21.30% -16.26% 25.20% - - - High

JF Singapore X (acc) - USD -0.38% -16.32% -20.85% -15.61% 26.35% - - - High

261



JPMorgan Funds - JF Taiwan FundJF Taiwan A (acc) - USD -14.49% -9.46% -22.09% -15.73% 6.71% 11.84% - - High

JF Taiwan A (dist) - USD -14.52% -9.49% -22.09% -19.67% 0.72% 4.59% 7.38% 8.64% High

JF Taiwan B (acc) - USD -14.38% -26.01% -36.26% -31.04% -3.44% - - - High

JF Taiwan C (acc) - USD -14.29% -9.07% -21.56% -15.04% 7.72% 12.99% - - High

JF Taiwan D (acc) - USD -14.70% -9.92% -22.67% -16.54% 5.62% 10.52% 12.33% 12.84% High

JF Taiwan I (acc) - USD -14.33% -9.06% -21.55% -15.02% - - - - High

JF Taiwan X (acc) - USD -14.11% -8.71% -21.06% -14.31% 8.59% - - - High

JPMorgan Funds - Latin America Equity FundJPM Latin America Equity A (acc) - USD 7.40% 1.92% 4.67% 14.77% 45.90% 65.17% - - High

JPM Latin America Equity A (dist) - USD 7.43% 1.93% 4.67% 14.36% 44.43% 62.02% 88.18% 99.87% High

JF Latin America Equity A (dist) - USD 7.41% 1.93% 4.67% 14.31% 44.40% 61.92% 89.37% 83.69% High

JPM Latin America Equity B (acc) - USD 7.61% 2.31% 5.17% 15.50% 46.92% - - - High

JPM Latin America Equity C (acc) - USD 7.65% 2.34% 5.31% 15.75% 47.69% 67.75% - - High

JPM Latin America Equity D (acc) - USD 7.15% 1.39% 3.87% 13.62% 44.01% 62.22% 87.97% 96.90% High

JPM Latin America Equity I (acc) - USD 7.66% 2.38% 5.35% 15.76% 47.59% - - - High

JPM Latin America Equity X (acc) - USD 7.88% 2.81% 6.03% 16.80% 49.30% 70.47% - - High

JPMorgan Funds - Middle East Equity FundJPM Middle East Equity A (acc) - USD 3.31% -10.62% -0.71% 12.77% 32.87% 26.23% - - High

JPM Middle East Equity A (dist) - USD 3.24% -10.62% -0.72% 12.63% 31.93% 25.34% 42.30% 54.25% High

JPM Middle East Equity B (acc) - USD 3.49% -10.27% -0.20% 13.49% 33.64% 27.46% - - High

JPM Middle East Equity C (acc) - USD -0.11% - - - - - - - High

JPM Middle East Equity D (acc) - USD 3.04% -11.05% -1.45% 11.66% 31.19% 24.40% 40.67% 52.18% High

JPMorgan Funds - Russia FundJPM Russia A (acc) - USD 8.88% 4.57% 14.77% 27.99% 41.35% - - - High

JPM Russia A (dist) - USD 8.88% 4.56% 14.76% 27.94% 39.18% - - - High

JPM Russia B (acc) - USD 9.04% 4.89% 15.31% 28.67% 42.23% - - - High

JPM Russia C (acc) - USD 9.10% 5.02% - - - - - - High

JPM Russia D (acc) - USD 8.57% 3.99% 13.85% 26.63% 39.46% - - - High

JPM Russia I (acc) - USD 8.99% 4.96% 15.48% - - - - - High

JPMorgan Funds - Sterling Bond FundJPM Sterling Bond A (acc) - GBP -2.68% -12.27% -11.50% -11.33% -6.93% -4.70% - - Medium

JPM Sterling Bond A (dist) - GBP -2.33% -12.50% -11.58% -16.00% -10.75% -8.77% -4.81% -4.73% Medium

JPM Sterling Bond B (acc) - GBP** - - - - - - - - Medium

JPM Sterling Bond D (acc) - GBP -2.86% -12.50% -11.91% -11.83% -7.43% -5.16% -1.87% -2.21% Medium

JPM Sterling Bond X (acc) - GBP** - - - - - - - - Medium

JPMorgan Funds - UK Equity FundJPM UK Equity A (acc) - GBP 1.38% -9.05% -11.04% -13.47% -3.44% 4.21% - - High

JPM UK Equity A (dist) - GBP 1.34% -9.16% -11.10% -16.37% -6.66% 0.82% 4.13% 6.36% High

JPM UK Equity C (acc) - GBP 1.57% -8.67% -10.50% -12.67% -2.60% 5.24% - - High

JPM UK Equity D (acc) - GBP 1.11% -9.38% -11.53% -14.03% -4.08% 3.45% 5.26% 7.72% High

JPMorgan Funds - US 130/30 Fund (16)JPM US 130/30 A (acc) - USD -0.45% - - - - - - - High

JPM US 130/30 A (acc) - EUR (hedged) -0.29% -5.81% -4.84% - - - - - High

JPM US 130/30 D (acc) - USD -0.68% - - - - - - - High

JPM US 130/30 D (acc) - EUR (hedged) -0.49% -6.38% -5.60% - - - - - High

JPM US 130/30 X (acc) - USD -0.23% -12.35% - - - - - - High

JPMorgan Funds - US Aggregate Bond FundJPM US Aggregate Bond A (acc) - USD -0.95% 1.97% 4.01% 7.34% 6.32% 3.70% - - Medium

JPM US Aggregate Bond A (dist) - USD -0.91% 1.96% 4.01% 3.56% 2.51% 0.20% 1.16% 0.08% Medium

JPM US Aggregate Bond B (acc) - USD -0.79% 2.17% 4.34% 7.82% 6.73% - - - Medium

JPM US Aggregate Bond C (acc) - USD -0.79% 2.25% 4.42% 8.00% 6.93% - - - Medium

JPM US Aggregate Bond D (acc) - USD -0.92% 1.89% 3.86% 7.22% 6.08% 3.41% 3.89% 2.22% Medium

JPM US Aggregate Bond X (acc) - USD -0.67% 2.52% 4.88% 8.55% 7.50% 4.81% - - Medium

JPMorgan Funds - US Dynamic FundJPM US Dynamic A (acc) - USD -0.62% -13.72% -17.66% -20.30% -2.34% 2.26% - - High

JPM US Dynamic A (dist) - USD -0.64% -13.77% -17.73% -20.32% -2.38% 2.26% 6.42% - High

JPM US Dynamic A (acc) - EUR -0.64% -13.84% -17.78% -20.38% -2.40% - - - High

JPM US Dynamic B (acc) - USD -0.40% -13.38% -17.28% -19.83% -1.89% 2.74% - - High

JPM US Dynamic C (acc) - USD -0.37% -13.35% -17.17% -19.57% -1.47% 3.30% - - High

JPM US Dynamic D (acc) - USD -0.88% -14.22% -18.36% -21.16% -3.33% 1.20% 5.19% - High

JPM US Dynamic D (acc) - EUR -0.89% -14.20% -18.36% -21.09% -3.34% - - - High

JPM US Dynamic I (acc) - USD -0.41% -13.27% -17.07% -19.48% -1.41% - - - High

JPM US Dynamic I (inc) - EUR -0.37% -13.26% -17.08% -19.62% - - - - High

JPM US Dynamic X (acc) - USD -0.22% -12.95% -16.59% -18.85% -0.64% 4.22% - - High

262



JPMorgan Funds - US Select 130/30 Fund (17)JPM US Select 130/30 A (acc) - USD -1.99% -12.43% -13.95% - - - - - High

JPM US Select 130/30 A (dist) - USD -2.06% -12.50% -14.00% - - - - - High

JPM US Select 130/30 A (acc) - EUR (hedged) -1.62% -5.05% -3.54% - - - - - High

JPM US Select 130/30 A (dist) - GBP* - - - - - - - - High

JPM US Select 130/30 B (acc) - USD -1.74% - - - - - - - High

JPM US Select 130/30 C (acc) - USD -1.72% -12.09% - - - - - - High

JPM US Select 130/30 D (acc) - USD -2.11% -12.77% -14.38% - - - - - High

JPM US Select 130/30 D (acc) - EUR (hedged) -1.92% -5.63% -4.39% - - - - - High

JPM US Select 130/30 I (inc) - USD -1.72% - - - - - - - High

JPM US Select 130/30 X (acc) - USD -1.59% -11.71% -12.79% - - - - - High

JPMorgan Funds - US Small Cap Growth FundJPM US Small Cap Growth A (acc) - USD 0.34% -16.61% -19.80% -15.16% -0.59% 4.44% - - High

JPM US Small Cap Growth A (dist) - USD 0.27% -16.67% -19.85% -15.21% -0.63% 4.39% 5.51% 10.91% High

JPM US Small Cap Growth A (dist) - GBP 0.24% -16.67% -19.95% -15.30% -0.68% 34.43% 30.56% 31.03% High

JPM US Small Cap Growth B (acc) - USD 0.36% -16.42% - - - - - - High

JPM US Small Cap Growth D (acc) - USD 0.13% -16.98% -20.30% -15.84% -1.34% 3.56% 4.56% 9.74% High

JPM US Small Cap Growth X (acc) - USD* - - - - - - - - High

JPMorgan Funds - US Strategic Growth FundJPM US Strategic Growth A (acc) - USD 2.53% -10.19% -10.98% -10.32% 3.57% 5.49% - - High

JPM US Strategic Growth A (acc) - EUR (hedged) 2.74% -2.85% -0.43% 4.78% - - - - High

JPM US Strategic Growth A (dist) - USD 2.52% -10.19% -10.93% -10.32% 3.62% 5.55% 4.32% 5.52% High

JPM US Strategic Growth A (dist) - GBP 2.49% -10.17% -10.93% -10.34% 3.63% 36.36% 28.33% 22.19% High

JPM US Strategic Growth B (acc) - USD 2.72% -9.86% -10.43% -9.65% 4.31% - - - High

JPM US Strategic Growth C (acc) - USD 2.76% -9.70% -10.22% -9.32% 4.71% - - - High

JPM US Strategic Growth C (acc) - EUR (hedged) 3.10% -2.23% - - - - - - High

JPM US Strategic Growth D (acc) - USD 2.32% -10.56% -11.46% -10.95% 2.73% 4.60% 3.40% 4.57% High

JPM US Strategic Growth D (acc) - EUR (hedged) 2.50% -3.20% -0.95% 3.89% - - - - High

JPM US Strategic Growth X (acc) - USD 3.00% -9.40% -9.75% -8.69% 5.52% - - - High

JPMorgan Funds - US Technology FundJPM US Technology A (acc) - USD 2.51% -16.30% -17.24% -12.45% 1.11% 2.50% - - High

JPM US Technology A (dist) - USD 2.39% -16.34% -17.33% -12.54% 1.10% 2.50% 1.22% 7.49% High

JF US Technology A (dist) - USD 2.53% -16.06% -16.92% -12.43% 1.27% 2.67% 1.30% 7.46% High

JPM US Technology A (dist) - GBP 2.62% -16.37% -17.25% -12.31% 1.09% 30.87% 22.76% 25.19% High

JPM US Technology C (acc) - USD* - - - - - - - - High

JPM US Technology D (acc) - USD 2.01% -16.94% -17.84% -13.14% 0.00% 1.37% 0.17% 6.21% High

JPM US Technology X (acc) - USD 2.89% -15.67% - - - - - - High

JPMorgan Funds - US Value FundJPM US Value A (acc) - USD -2.75% -13.33% -15.72% -16.47% 0.09% 2.85% - - High

JPM US Value A (dist) - USD -2.74% -13.35% -15.71% -16.50% 0.11% 2.60% 5.83% 9.02% High

JF US Value A (dist) - USD -2.73% -13.32% -15.72% -16.51% 0.12% 2.62% 5.82% - High

JPM US Value A (dist) - GBP -2.76% -13.35% -15.75% -16.50% 0.10% 30.70% 30.66% 27.53% High

JPM US Value A (acc) - EUR (hedged) -2.60% -6.19% -5.71% -2.26% - - - - High

JPM US Value B (acc) - USD -2.57% -13.05% -15.34% -15.91% 0.81% 3.63% - - High

JPM US Value C (acc) - USD -2.49% -12.86% -15.04% -15.54% 1.23% 4.08% - - High

JPM US Value D (acc) - USD -2.93% -13.68% -16.23% -17.10% -0.65% 2.06% 5.10% 8.12% High

JPM US Value D (acc) - EUR (hedged) -2.81% -6.58% -6.26% -2.98% - - - - High

JPM US Value X (acc) - USD -2.30% -12.58% -14.58% -15.00% 1.90% 4.84% - - High

(1) This Sub-Fund was launched on 14 May 2008(2) This Sub-Fund was launched on 18 October 2007(3) This Sub-Fund was launched on 28 April 2008(4) This Sub-Fund was launched on 24 January 2008(5) This Sub-Fund was launched on 15 November 2007(6) This Sub-Fund was launched on 17 April 2008(7) This Sub-Fund was launched on 24 July 2007(8) This Sub-Fund was launched on 10 January 2008(9) This Sub-Fund was launched on 10 January 2008(10) This Sub-Fund was launched on 21 April 2008(11) This Sub-Fund was launched on 7 February 2008(12) This Sub-Fund was launched on 16 May 2008(13) This Sub-Fund was renamed from JF Tokyo Alpha Plus Fund on 2 January 2008(14) This Sub-Fund was renamed from JF Asia Equity Fund on 30 April 2008(15) This Sub-Fund was launched on 28 September 2007(16) This Sub-Fund was launched on 2 August 2007(17) This Sub-Fund was launched on 5 July 2007* No data is applicable for these Share Classes because they were launched or reactivated less than 3 months before the year end.** Share Class inactive.

*** Share Class reactivated during the year.

263


4. Interest Rate Received/(Charged) on Bank Accounts

Basis for Bank Interest Rates

The rates are based on the JPMorganChase Treasury rates and consequentlymay change on a daily basis. The bank interest amount is posted to each of the Fund’s bank accounts ona monthly basis on the first business day of the subsequent month based on the bank balances from the prior month.

5. Sub-Fund Share Classes Subject to Taxe d’Abonnement Rate of 0.01%

The following Sub-Fund Share Classes are subject to an asset based tax of 0.01% per annum:

Share Class NameJF Asia Alpha Plus X (acc) - USDJF Asia Pacific ex-Japan Equity Fund I (acc) - USDJF Asia Pacific ex-Japan Equity Fund X (acc) - USDJF China I (acc) - USDJF China X (acc) - USDJF Greater China X (acc) - USDJF India X (acc) - USDJF Japan Equity I (acc) - USDJF Japan Equity X (acc) - USDJF Japan Small Cap X (acc) - USDJF Korea Equity X (acc) - USDJF Pacific Equity I (acc) - USDJF Singapore I (acc) - USDJF Singapore X (acc) - USDJF Taiwan I (acc) - USDJF Taiwan X (acc) - USDJPM Africa Equity I (acc) - USDJPM America Equity X (acc) - USDJPM America Large Cap X (acc) - USDJPM America Micro Cap X (acc) - USDJPM Brazil Alpha Plus I (acc) - USDJPM Eastern Europe Equity I (acc) - EURJPM Eastern Europe Equity X (acc) - EURJPM Emerging Europe, Middle East and Africa Equity I (acc) - USDJPM Emerging Markets Debt I (inc) - EURJPM Emerging Markets Debt X (acc) - EURJPM Emerging Markets Equity I (acc) - USDJPM Emerging Markets Equity I (inc) - EURJPM Emerging Markets Equity X (acc) - USDJPM Emerging Markets Equity X (inc) - EURJPM Emerging Markets Local Currency Debt X (acc) - USDJPM EU Government Bond X (inc) - EURJPM Euro Liquid Reserve A (acc) - EURJPM Euro Liquid Reserve D (acc) - EURJPM Euroland Equity I (acc) - EURJPM Euroland Equity X (acc) - EURJPM Euroland Select Equity X (acc) - EURJPM Europe 130/30 X (acc) - EURJPM Europe Aggregate Plus Bond X (acc) - EURJPM Europe Dynamic Mega Cap I (acc) - EURJPM Europe Dynamic Mega Cap X (acc) - EURJPM Europe Dynamic Small Cap X (acc) - EURJPM Europe Dynamic X (acc) - EURJPM Europe Equity I (inc) - EURJPM Europe Equity X (acc) - EURJPM Europe Focus X (acc) - EURJPM Europe High Yield Bond X (acc) - EURJPM Europe Select 130/30 X (acc) - EURJPM Europe Small Cap I (acc) - EURJPM Europe Small Cap X (acc) - EURJPM Europe Strategic Growth I (acc) - EURJPM Europe Strategic Growth I (inc) - EURJPM Europe Strategic Growth X (acc)- EURJPM Europe Strategic Value I (acc) - EURJPM Europe Strategic Value I (inc) - EURJPM Europe Strategic Value X (acc) - EURJPM Europe Technology X (acc) - EURJPM Germany Equity I (acc) - EURJPM Germany Equity X (acc) - EURJPM Global Convertibles (EUR) X (acc) - EURJPM Global Dynamic I (acc) - USDJPM Global Dynamic X (acc) - EURJPM Global Dynamic X (acc) - USDJPM Global Equity (USD) X (acc) - USDJPM Global Focus X (acc) - EURJPM Global Natural Resources X (acc) - EURJPM Global Real Estate Securities (EUR) X (acc) - EURJPM Global Real Estate Securities (USD) X (acc) - USDJPM Highbridge Europe STEEP X (acc) - EURJPM Highbridge US STEEP X (acc) - USDJPM Latin America Equity I (acc) - USDJPM Latin America Equity X (acc) - USDJPM Russia I (acc) - USDJPM Sterling Bond X (acc) - GBPJPM US 130/30 X (acc) - USDJPM US Aggregate Bond X (acc) - USDJPM US Dynamic I (acc) - USDJPM US Dynamic I (inc) - EURJPM US Dynamic X (acc) - USDJPM US Select 130/30 I (inc) - USDJPM US Select 130/30 X (acc) - USDJPM US Small Cap Growth X (acc) - USDJPM US Strategic Growth X (acc) - USDJPM US Technology X (acc) - USDJPM US Value X (acc) - USD

264


6. Portfolio Turnover Ratio

The Portfolio Turnover Ratio is an indicator of the relevance of the additional costs incurred by a fundwhen buying and selling investments according to its investment policy. Theportfolio turnover rate is disclosed in accordance with the standard method outlined below:

(Total securities’ purchases and sales - total subscriptions and redemptions of Sub-Fund shares)

Average net Sub-Fund assets in Sub-Fund currency

The Portfolio Turnover Ratio is expressed as a percentage and in the case the outcome of the calculation is negative, a zero value has been published.

Sub-Fund Portfolio Turnover Ratio (%)JPMorgan Funds - Africa Equity Fund 0.00JPMorgan Funds - America Equity Fund 4.72JPMorgan Funds - America Large Cap Fund 0.00JPMorgan Funds - America Micro Cap Fund 86.97JPMorgan Funds - Brazil Alpha Plus Fund 31.74JPMorgan Funds - Eastern Europe Equity Fund 0.00JPMorgan Funds - Emerging Europe Middle East and Africa Equity Fund 0.00JPMorgan Funds - Emerging Markets Alpha Plus Fund 1,068.83JPMorgan Funds - Emerging Markets Debt Fund 0.00JPMorgan Funds - Emerging Markets Equity Fund 0.00JPMorgan Funds - Emerging Markets Infrastructure Equity Fund 11.39JPMorgan Funds - Emerging Markets Local Currency Debt Fund 26.88JPMorgan Funds - Emerging Markets Small Cap Fund 40.05JPMorgan Funds - EU Government Bond Fund 0.00JPMorgan Funds - Euro Liquid Reserve Fund 0.00JPMorgan Funds - Euroland Equity Fund 129.86JPMorgan Funds - Euroland Select Equity Fund 216.45JPMorgan Funds - Europe 130/30 Fund 174.12JPMorgan Funds - Europe Aggregate Plus Bond Fund 0.00JPMorgan Funds - Europe Balanced Fund (EUR) 54.13JPMorgan Funds - Europe Convergence Equity Fund 80.99JPMorgan Funds - Europe Dynamic Fund 491.11JPMorgan Funds - Europe Dynamic Mega Cap Fund 291.34JPMorgan Funds - Europe Dynamic Small Cap Fund 584.42JPMorgan Funds - Europe Equity Fund 200.85JPMorgan Funds - Europe Focus Fund 169.05JPMorgan Funds - Europe High Yield Bond Fund 0.00JPMorgan Funds - Europe Micro Cap Fund 344.62JPMorgan Funds - Europe Select 130/30 Fund 89.67JPMorgan Funds - Europe Small Cap Fund 157.27JPMorgan Funds - Europe Strategic Growth Fund 207.46JPMorgan Funds - Europe Strategic Growth Small Cap Fund 99.55JPMorgan Funds - Europe Strategic Value Fund 196.40JPMorgan Funds - Europe Strategic Value Small Cap Fund 129.00JPMorgan Funds - Europe Technology Fund 258.02JPMorgan Funds - Germany Equity Fund 0.00JPMorgan Funds - Global Aggregate Bond Fund 0.00JPMorgan Funds - Global Consumer Trends Fund 28.87JPMorgan Funds - Global Convertibles Fund (EUR) 8.12JPMorgan Funds - Global Dynamic Fund 265.56JPMorgan Funds - Global Equity Fund (EUR) 102.55JPMorgan Funds - Global Equity Fund (USD) 92.87JPMorgan Funds - Global Focus Fund 429.05JPMorgan Funds - Global Life Sciences Fund 261.23JPMorgan Funds - Global Natural Resources Fund 0.00JPMorgan Funds - Global Real Estate Securities Fund (EUR) 307.30JPMorgan Funds - Global Real Estate Securities Fund (USD) 319.53JPMorgan Funds - Global Socially Responsible Fund 306.03JPMorgan Funds - Highbridge Europe STEEP Fund 0.00JPMorgan Funds - Highbridge US STEEP Fund 0.00JPMorgan Funds - Japan Dynamic Fund 725.33JPMorgan Funds - JF Asia Alpha Plus Fund 279.58JPMorgan Funds - JF Asia Pacific ex-Japan Equity Fund 258.75JPMorgan Funds - JF China Fund 1.64JPMorgan Funds - JF Greater China Fund 107.71JPMorgan Funds - JF Hong Kong Fund 9.25JPMorgan Funds - JF India Fund 0.00JPMorgan Funds - JF Japan Alpha Plus Fund 602.86JPMorgan Funds - JF Japan Equity Fund 228.62JPMorgan Funds - JF Japan Small Cap Fund 155.99JPMorgan Funds - JF Korea Equity Fund 133.48JPMorgan Funds - JF Pacific Balanced Fund 257.62JPMorgan Funds - JF Pacific Equity Fund 176.44JPMorgan Funds - JF Pacific Technology Fund 90.34JPMorgan Funds - JF Singapore Fund 0.00JPMorgan Funds - JF Taiwan Fund 207.46JPMorgan Funds - Latin America Equity Fund 57.81JPMorgan Funds - Middle East Equity Fund 0.00JPMorgan Funds - Russia Fund 0.00JPMorgan Funds - Sterling Bond Fund 19.35JPMorgan Funds - UK Equity Fund 112.23JPMorgan Funds - US 130/30 Fund 163.65JPMorgan Funds - US Aggregate Bond Fund 0.00JPMorgan Funds - US Dynamic Fund 129.81JPMorgan Funds - US Select 130/30 Fund 116.74JPMorgan Funds - US Small Cap Growth Fund 117.73JPMorgan Funds - US Strategic Growth Fund 142.21JPMorgan Funds - US Technology Fund 0.00JPMorgan Funds - US Value Fund 0.00

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of the Year


7. Historical Statement of Changes in the Number of Shares - for the year ended 30 June 2007 (continued)JPMorgan Funds - America Equity FundJPM America Equity A (acc) - USD 4,147,584.799 1,317,483.456 3,273,874.209 2,191,194.046JPM America Equity A (acc) - EUR (hedged) - 26,946.066 - 26,946.066JPM America Equity A (dist) - USD 6,972,770.257 1,786,563.160 3,202,523.423 5,556,809.994JF America Equity A (dist) - USD 599,707.703 175,065.015 229,258.920 545,513.798JPM America Equity B (acc) - USD 286,768.822 - 68,021.621 218,747.201JPM America Equity C (acc) - USD 10,584,072.026 1,385,297.318 4,891,032.692 7,078,336.652JPM America Equity D (acc) - USD 6,260,800.755 1,175,550.048 5,503,749.213 1,932,601.590JPM America Equity D (acc) - EUR 501.365 22,733.143 13,676.637 9,557.871JPM America Equity D (acc) - EUR (hedged) - 26,490.066 - 26,490.066JPM America Equity X (acc) - USD 2,169,929.449 95,039.650 1,270,790.426 994,178.673

JPMorgan Funds - America Large Cap FundJPM America Large Cap A (acc) - USD 76,763.887 4,237,360.115 3,978,215.723 335,908.279JPM America Large Cap A (dist) - USD 3,854,546.322 1,964,657.595 2,869,574.891 2,949,629.026JPM America Large Cap B (acc) - USD 26,099.248 218,924.241 132,931.732 112,091.757JPM America Large Cap D (acc) - USD 407,615.177 472,097.107 419,979.639 459,732.645

JPMorgan Funds - America Micro Cap FundJPM America Micro Cap A (acc) - USD 5,622,770.721 1,234,931.140 3,149,510.977 3,708,190.884JPM America Micro Cap A (dist) - USD 2,472,760.585 539,655.169 1,931,562.444 1,080,853.310JF America Micro Cap A (dist) - USD 963,558.964 105,603.752 946,100.085 123,062.631JPM America Micro Cap D (acc) - USD 1,860,096.713 368,783.926 1,148,804.029 1,080,076.610JPM America Micro Cap X (acc) - USD 213,916.338 - 198,429.332 15,487.006

JPMorgan Funds - Eastern Europe Equity FundJPM Eastern Europe Equity A (acc) - EUR 2,292,870.062 2,242,226.839 2,544,942.231 1,990,154.670JPM Eastern Europe Equity A (dist) - EUR 17,236,854.500 4,110,222.598 7,188,378.121 14,158,698.977JF Eastern Europe Equity A (dist) - EUR 5,011,854.514 7,632,581.480 7,702,674.769 4,941,761.225JPM Eastern Europe Equity B (acc) - EUR 6,640.000 144,210.261 6,640.001 144,210.260JPM Eastern Europe Equity C (acc) - EUR 9,142,193.731 410,509.582 8,887,696.314 665,006.999JPM Eastern Europe Equity D (acc) - EUR 3,670,961.878 2,114,579.636 2,824,718.651 2,960,822.863JPM Eastern Europe Equity I (acc) - EUR 4,697,055.454 14,058,348.504 6,997,095.808 11,758,308.150JPM Eastern Europe Equity X (acc) - EUR 4,156,418.049 1,038,465.194 1,914,083.299 3,280,799.944

JPMorgan Funds - Emerging Europe, Middle East and Africa Equity Fund (1)JPM Emerging Europe, Middle East and Africa Equity A (acc)- USD 2,239,043.956 2,629,600.901 1,671,926.028 3,196,718.829JPM Emerging Europe, Middle East and Africa Equity A (dist) - USD 6,604,909.375 1,638,790.257 2,879,377.650 5,364,321.982JPM Emerging Europe, Middle East and Africa Equity B (acc) - USD 427,603.655 211,003.374 420,277.829 218,329.200JPM Emerging Europe, Middle East and Africa Equity C (acc) - USD 8,638,068.671 755,353.205 9,227,208.250 166,213.626JPM Emerging Europe, Middle East and Africa Equity D (acc) - USD 1,812,315.009 769,669.847 1,204,970.683 1,377,014.173JPM Emerging Europe, Middle East and Africa Equity I (acc) - USD 3,439,165.440 12,429,510.038 8,828,642.479 7,040,032.999JPM Emerging Europe, Middle East and Africa Equity X (acc) - USD 89,663.735 8,892.234 98,555.969 -

JPMorgan Funds - Emerging Markets Alpha Plus Fund (2)JPM Emerging Markets Alpha Plus A (acc) - USD - 21,671,097.867 2,177,026.134 19,494,071.733JPM Emerging Markets Alpha Plus A (dist) - USD - 7,137,578.873 298,021.152 6,839,557.721JPM Emerging Markets Alpha Plus D (acc) - USD - 380,904.002 204,830.370 176,073.632

JPMorgan Funds - Emerging Markets Debt Fund (3)JPM Emerging Markets Debt A (acc) - EUR 2,867,573.254 11,277,729.772 7,001,321.726 7,143,981.300JPM Emerging Markets Debt A (dist) - EUR 8,661,114.189 15,152,456.055 13,144,027.713 10,669,542.531JPM Emerging Markets Debt C (acc) - EUR - 653,748.769 - 653,748.769JPM Emerging Markets Debt D (acc) - EUR 3,014,088.631 4,747,133.391 2,813,077.917 4,948,144.105JPM Emerging Markets Debt I (inc) - EUR - 250,000.001 - 250,000.001JPM Emerging Markets Debt X (acc) - EUR - 5,656.002 - 5,656.002

JPMorgan Funds - Emerging Markets Equity FundJPM Emerging Markets Equity A (acc) - USD 29,006,169.351 25,646,412.444 21,688,137.801 32,964,443.994JPM Emerging Markets Equity A (acc) - EUR 12,537,814.432 29,008,382.658 12,538,058.782 29,008,138.308JPM Emerging Markets Equity A (dist) - USD 94,935,520.919 72,349,157.725 58,117,279.004 109,167,399.640JPM Emerging Markets Equity A (dist) - GBP 76,127.830 257,381.632 53,243.439 280,266.023JPM Emerging Markets Equity B (acc) - USD 2,007,454.257 2,363,841.715 1,132,650.398 3,238,645.574JPM Emerging Markets Equity C (acc) - USD 25,097,941.284 29,238,089.404 29,112,939.890 25,223,090.798JPM Emerging Markets Equity D (acc) - USD 5,218,648.687 2,321,311.612 3,314,622.433 4,225,337.866JPM Emerging Markets Equity D (acc) - EUR 11,685.069 363,037.291 123,891.467 250,830.893JPM Emerging Markets Equity I (acc) - USD - 22,231,580.608 458,058.931 21,773,521.677JPM Emerging Markets Equity I (inc) - EUR 1,400,000.000 659,800.000 422,000.000 1,637,800.000JPM Emerging Markets Equity X (acc) - USD 30,831,353.603 12,379,921.462 9,320,225.710 33,891,049.355JPM Emerging Markets Equity X (inc) - EUR 10,330,431.042 7,609,910.433 0.102 17,940,341.373

JPMorgan Funds - Euro Liquid Reserve FundJPM Euro Liquid Reserve A (acc) - EUR 1,000,000.000 135,864.456 1,027,265.275 108,599.181JPM Euro Liquid Reserve D (acc) - EUR - 2,028,445.658 1,161,834.100 866,611.558

JPMorgan Funds - Euroland Equity FundJPM Euroland Equity A (acc) - EUR 32,699,773.224 43,471,389.838 33,198,331.098 42,972,831.964JPM Euroland Equity A (dist) - EUR 46,944,388.203 45,372,753.515 47,233,093.245 45,084,048.473JF Euroland Equity A (dist) - USD 13,761,111.249 26,434,909.240 15,040,993.786 25,155,026.703JPM Euroland Equity C (acc) - EUR 21,099,132.574 16,019,021.833 16,070,634.105 21,047,520.302JPM Euroland Equity D (acc) - EUR 11,055,092.934 26,981,112.892 11,217,717.683 26,818,488.143JPM Euroland Equity I (acc) - EUR - 21,891,072.110 1,892,547.343 19,998,524.767

(1) Name changed from Emerging Europe Equity Fund on 2 October 2006.(2) This Sub-Fund was launched on 30 August 2006.(3) Name changed from FF Emerging Markets Debt Fund and currency changed from USD to EUR on 1 July 2006.

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of the Year


7. Historical Statement of Changes in the Number of Shares - for the year ended 30 June 2007 (continued)JPMorgan Funds - Europe 130/30 Fund (4)JPM Europe 130/30 A (acc) - EUR - 371,996.101 - 371,996.101JPM Europe 130/30 D (acc) - EUR - 371,996.101 - 371,996.101

JPMorgan Funds - Europe Aggregate Plus Bond FundJPM Europe Aggregate Plus Bond A (acc) - EUR 1,760,893.313 7,225,675.897 2,359,390.993 6,627,178.217JPM Europe Aggregate Plus Bond A (inc) - EUR (5) 17,945,101.045 6,259,582.277 13,589,337.731 10,615,345.591JPM Europe Aggregate Plus Bond B (acc) - EUR 35,343.151 6,628.307 23,997.701 17,973.757JPM Europe Aggregate Plus Bond C (acc) - EUR - 8,456.381 - 8,456.381JPM Europe Aggregate Plus Bond D (acc) - EUR 4,195,491.119 7,342,348.833 7,474,112.826 4,063,727.126JPM Europe Aggregate Plus Bond X (acc) - EUR - 88,171.002 - 88,171.002

JPMorgan Funds - Europe Balanced Fund (EUR)JPM Europe Balanced (EUR) A (acc) - EUR 133,172.657 495,094.283 210,554.598 417,712.342JPM Europe Balanced (EUR) A (dist) - EUR 4,719,412.475 4,177,506.086 2,002,457.349 6,894,461.212JPM Europe Balanced (EUR) D (acc) - EUR 3,501,908.062 7,419,915.849 3,313,434.600 7,608,389.311

JPMorgan Funds - Europe Convergence Equity FundJPM Europe Convergence Equity A (acc) - EUR 1,329,873.074 3,485,090.323 2,665,866.616 2,149,096.781JPM Europe Convergence Equity A (dist) - EUR 12,259,766.088 9,315,491.510 10,408,207.299 11,167,050.299JPM Europe Convergence Equity C (acc) - EUR 1,349,728.432 400,328.540 1,527,065.432 222,991.540JPM Europe Convergence Equity D (acc) - EUR 3,291,065.758 1,609,654.014 2,030,561.752 2,870,158.020JPM Europe Convergence Equity I (acc) - EUR - 1,454,693.511 1,454,693.511 -

JPMorgan Funds - Europe Dynamic FundJPM Europe Dynamic A (acc) - EUR 14,432,666.893 747,235.039 4,491,751.532 10,688,150.400JPM Europe Dynamic A (dist) - EUR 49,003,541.127 1,395,478.591 8,381,869.298 42,017,150.420JPM Europe Dynamic A (dist) - GBP 125,938.330 1,662.245 7,136.446 120,464.129JF Europe Dynamic A (dist) - EUR 2,234,289.640 195,263.207 698,651.811 1,730,901.036JPM Europe Dynamic B (acc) - EUR 2,088,181.497 12,659.681 469,480.257 1,631,360.921JPM Europe Dynamic C (acc) - EUR 13,925,366.854 1,569,362.612 3,418,543.698 12,076,185.768JPM Europe Dynamic D (acc) - EUR 5,325,729.956 6,637.965 1,892,343.632 3,440,024.289JPM Europe Dynamic D (acc) - USD 48,164.660 - 12,554.512 35,610.148JPM Europe Dynamic I (acc) - EUR - 1,071,473.018 - 1,071,473.018JPM Europe Dynamic X (acc) - EUR 6,783,515.719 13,174.653 1,273,949.501 5,522,740.871

JPMorgan Funds - Europe Dynamic Mega Cap FundJPM Europe Dynamic Mega Cap A (acc) - EUR 18,194,469.431 85,030,986.636 39,563,419.587 63,662,036.480JPM Europe Dynamic Mega Cap A (dist) - EUR 102,811.064 19,443,887.920 8,854,115.388 10,692,583.596JPM Europe Dynamic Mega Cap A (inc) - EUR 387.177 91,698.847 15,924.239 76,161.785JPM Europe Dynamic Mega Cap B (acc) - EUR 735,935.005 1,113,600.904 548,907.703 1,300,628.206JPM Europe Dynamic Mega Cap C (acc) - EUR 2,369,114.164 5,872,377.716 1,805,067.743 6,436,424.137JPM Europe Dynamic Mega Cap D (acc) - EUR 98,037.919 4,164,274.010 2,070,581.477 2,191,730.452JPM Europe Dynamic Mega Cap I (acc) - EUR - 543,017.929 47,244.095 495,773.834JPM Europe Dynamic Mega Cap X (acc) - EUR 1,193,798.741 3,516,109.483 1,174,552.938 3,535,355.286

JPMorgan Funds - Europe Dynamic Small Cap FundJPM Europe Dynamic Small Cap A (acc) - EUR 10,366,647.272 17,194.453 4,585,908.737 5,797,932.988JPM Europe Dynamic Small Cap A (dist) - EUR 285,049.848 42,080.270 59,609.440 267,520.678JPM Europe Dynamic Small Cap D (acc) - EUR 220,214.537 245.298 122,942.185 97,517.650JPM Europe Dynamic Small Cap X (acc) - EUR 2,161,351.764 3,517.255 122,402.356 2,042,466.663

JPMorgan Funds - Europe Equity FundJPM Europe Equity A (acc) - USD 8,143,453.710 9,301,320.598 4,710,054.760 12,734,719.548JPM Europe Equity A (acc) - EUR 48,739,057.051 47,137,921.929 38,942,576.062 56,934,402.918JPM Europe Equity A (dist) - EUR 102,038,639.375 30,736,598.237 54,738,249.281 78,036,988.331JF Europe Equity A (dist) - USD 1,788,500.248 1,444,453.732 1,272,674.752 1,960,279.228JPM Europe Equity B (acc) - EUR 993,395.772 900,933.925 527,095.712 1,367,233.985JPM Europe Equity C (acc) - EUR 25,099,800.559 25,266,439.636 18,716,843.295 31,649,396.900JPM Europe Equity D (acc) - EUR 18,955,399.885 27,092,923.975 26,076,430.908 19,971,892.952JPM Europe Equity D (acc) - USD 397.456 410,718.239 134,262.633 276,853.062JPM Europe Equity I (acc) - EUR - 2,849,429.208 47,348.001 2,802,081.207JPM Europe Equity I (inc) - EUR - 10,000,000.000 - 10,000,000.000JPM Europe Equity X (acc) - EUR 17,253,104.209 6,944,843.118 3,372,512.821 20,825,434.506

JPMorgan Funds - Europe Focus FundJPM Europe Focus A (acc) - EUR 1,117,241.241 6,085,539.318 1,580,383.417 5,622,397.142JPM Europe Focus A (dist) - EUR - 76,470.471 31,111.909 45,358.562JPM Europe Focus C (acc) - EUR - 1,505,000.000 - 1,505,000.000JPM Europe Focus D (acc) - EUR 83,899.656 997,268.279 349,758.525 731,409.410JPM Europe Focus X (acc) - EUR - 2,548,400.001 151,235.001 2,397,165.000

JPMorgan Funds - Europe High Yield Bond FundJPM Europe High Yield Bond A (acc) - EUR 111,632.046 1,694,665.649 333,682.268 1,472,615.427JPM Europe High Yield Bond A (dist) - EUR 6,732,461.119 12,874,766.081 8,850,891.758 10,756,335.442JPM Europe High Yield Bond D (acc) - EUR 4,971,771.465 13,933,201.046 9,476,887.210 9,428,085.301

JPMorgan Funds - Europe Micro Cap FundJPM Europe Micro Cap A (acc) - EUR 1,874,565.496 6,668,839.595 4,490,013.437 4,053,391.654JPM Europe Micro Cap A (dist) - EUR 12,763,910.657 5,830,482.805 6,347,292.319 12,247,101.143JPM Europe Micro Cap D (acc) - EUR 582,482.690 5,079,565.220 1,839,995.838 3,822,052.072

(4) This Sub-Fund was launched on 25 June 2007.(5) Share Class name changed from A (dist) on 1 July 2006.

267



of the Year


7. Historical Statement of Changes in the Number of Shares - for the year ended 30 June 2007 (continued)JPMorgan Funds - Europe Select 130/30 Fund (6)JPM Europe Select 130/30 A (acc) - EUR - 371,996.101 - 371,996.101JPM Europe Select 130/30 D (acc) - EUR - 371,996.101 - 371,996.101

JPMorgan Funds - Europe Small Cap FundJPM Europe Small Cap A (acc) - EUR 3,551,608.633 7,815,851.482 6,280,381.464 5,087,078.651JPM Europe Small Cap A (dist) - EUR 20,094,871.537 17,252,011.080 21,584,946.040 15,761,936.577JPM Europe Small Cap A (dist) - GBP 33,157.723 10,746.201 1,388.646 42,515.278JF Europe Small Cap A (dist) - EUR 15,185,686.426 10,289,087.338 17,302,643.715 8,172,130.049JPM Europe Small Cap B (acc) - EUR 115,307.885 245,051.368 39,937.464 320,421.789JPM Europe Small Cap C (acc) - EUR 9,918,365.123 2,624,683.147 10,470,164.429 2,072,883.841JPM Europe Small Cap D (acc) - EUR 6,380,666.197 11,895,535.516 10,213,255.615 8,062,946.098JPM Europe Small Cap I (acc) - EUR - 11,661,953.547 5,622,620.773 6,039,332.774JPM Europe Small Cap X (acc) - EUR 1,004,202.777 970,853.698 135,506.351 1,839,550.124

JPMorgan Funds - Europe Strategic Growth FundJPM Europe Strategic Growth A (acc) - EUR 24,441,746.380 57,002,067.225 22,430,203.970 59,013,609.635JPM Europe Strategic Growth A (dist) - EUR 145,912,035.967 87,381,169.944 131,799,083.132 101,494,122.779JPM Europe Strategic Growth A (dist) - GBP 30,265.616 76,625.984 4,402.986 102,488.614JPM Europe Strategic Growth B (acc) - EUR 3,230,102.770 1,056,646.034 2,835,179.927 1,451,568.877JPM Europe Strategic Growth C (acc) - EUR 29,274,155.862 15,482,491.198 18,366,763.963 26,389,883.097JPM Europe Strategic Growth D (acc) - EUR 16,098,491.713 16,154,690.452 13,813,481.890 18,439,700.275JPM Europe Strategic Growth I (inc) - EUR 400,165.000 10,300.000 130,465.000 280,000.000JPM Europe Strategic Growth I (acc) - EUR - 3,322,862.971 2,361,909.660 960,953.311JPM Europe Strategic Growth X (acc) - EUR 1,912,562.233 2,209,481.733 450,329.864 3,671,714.102

JPMorgan Funds - Europe Strategic Value FundJPM Europe Strategic Value A (acc) - EUR 35,754,354.503 61,061,453.343 39,684,511.129 57,131,296.717JPM Europe Strategic Value A (dist) - EUR 310,357,924.985 201,600,367.520 183,126,539.061 328,831,753.444JPM Europe Strategic Value A (dist) - GBP 35,807.059 27,797.124 17,091.718 46,512.465JPM Europe Strategic Value B (acc) - EUR 1,087,109.034 525,848.221 471,462.900 1,141,494.355JPM Europe Strategic Value C (acc) - EUR 30,520,742.593 15,780,642.632 17,725,555.993 28,575,829.232JPM Europe Strategic Value D (acc) - EUR 41,997,562.522 38,119,751.609 30,779,178.129 49,338,136.002JPM Europe Strategic Value I (inc) - EUR 400,165.000 10,000.000 116,165.000 294,000.000JPM Europe Strategic Value I (acc) - EUR - 11,282,687.512 1,840,878.069 9,441,809.443JPM Europe Strategic Value X (acc) - EUR 2,735,882.259 6,109,721.446 1,536,856.049 7,308,747.656

JPMorgan Funds - Europe Technology FundJPM Europe Technology A (acc) - EUR 1,202,234.138 2,356,378.065 2,640,749.571 917,862.632JPM Europe Technology A (dist) - EUR 18,936,244.969 8,125,811.001 11,986,055.720 15,076,000.250JPM Europe Technology A (dist) - GBP 50,864.596 6,028.134 15,776.618 41,116.112JF Europe Technology A (dist) - EUR 2,900,668.851 2,436,040.396 2,244,259.943 3,092,449.304JPM Europe Technology D (acc) - EUR 2,670,426.840 2,429,526.270 2,655,232.780 2,444,720.330

JPMorgan Funds - Germany Equity FundJPM Germany Equity A (acc) - EUR 4,222,808.750 15,811,078.970 6,749,656.493 13,284,231.227JPM Germany Equity A (dist) - EUR 9,142,237.127 20,947,544.857 8,407,124.281 21,682,657.703JF Germany Equity A (dist) - EUR 1,397,549.385 476,934.920 484,750.483 1,389,733.822JPM Germany Equity D (acc) - EUR 13,360,361.447 86,855,575.567 30,698,227.139 69,517,709.875

JPMorgan Funds - Global Aggregate Bond FundJPM Global Aggregate Bond A (acc) - USD 538,724.180 144,207.227 257,794.723 425,136.684JPM Global Aggregate Bond A (dist) - USD 5,186,165.893 2,279,816.399 5,159,947.701 2,306,034.591JPM Global Aggregate Bond B (acc) - USD 117,533.633 - 117,533.633 -JPM Global Aggregate Bond C (acc) - USD 126,326.183 66,770.528 133,912.011 59,184.700JPM Global Aggregate Bond D (acc) - USD 1,043,146.288 1,913,201.576 1,771,286.192 1,185,061.672JPM Global Aggregate Bond X (acc) - USD 156,505.219 - 32,431.234 124,073.985

JPMorgan Funds - Global Convertibles Fund (EUR) (7)JPM Global Convertibles (EUR) A (acc) - EUR 15,332,519.948 32,301,382.644 24,894,128.920 22,739,773.672JPM Global Convertibles (EUR) A (dist) - EUR 47,995,864.261 59,712,595.490 36,499,388.318 71,209,071.433JF Global Convertibles (EUR) A (dist) - USD 488,127.635 1,170,042.027 341,754.467 1,316,415.195JPM Global Convertibles (EUR) B (acc) - EUR 458,789.881 469,296.697 6,286.420 921,800.158JPM Global Convertibles (EUR) C (acc) - EUR 17,237,479.505 22,353,412.138 24,468,448.544 15,122,443.099JPM Global Convertibles (EUR) D (acc) - EUR 19,221,079.641 18,366,733.635 16,009,964.103 21,577,849.173JPM Global Convertibles (EUR) I (inc) - EUR - 445,121.951 - 445,121.951JPM Global Convertibles (EUR) I (acc) - EUR - 3,051,941.001 93,758.001 2,958,183.000JPM Global Convertibles (EUR) X (acc) - EUR 7,348,586.526 154,004.609 427,370.299 7,075,220.836

(6) This Sub-Fund was launched on 25 June 2007.(7) Name changed from Global Convertible Bond Fund (EUR) on 29 August 2006.

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of the Year


7. Historical Statement of Changes in the Number of Shares - for the year ended 30 June 2007 (continued)JPMorgan Funds - Global Dynamic FundJPM Global Dynamic A (acc) - USD 21,189,670.034 16,899,441.692 13,354,922.319 24,734,189.407JPM Global Dynamic A (acc) - EUR - 491,084.533 4,450.001 486,634.532JPM Global Dynamic A (dist) - USD 90,136,845.419 32,789,058.322 35,699,907.257 87,225,996.484JF Global Dynamic A (dist) - USD 733,075.483 648,440.625 394,729.297 986,786.811JPM Global Dynamic A (dist) - GBP 845,711.865 170,721.290 319,722.868 696,710.287JPM Global Dynamic A (inc) - EUR 496.381 1,474,075.117 156,023.291 1,318,548.207JPM Global Dynamic B (acc) - USD 6,639,962.487 1,609,199.049 1,657,928.561 6,591,232.975JPM Global Dynamic C (acc) - USD 18,403,257.935 10,474,618.971 10,704,109.827 18,173,767.079JPM Global Dynamic C (acc) - EUR - 5,527,880.001 - 5,527,880.001JPM Global Dynamic D (acc) - EUR 643.365 154,957.802 38,494.008 117,107.159JPM Global Dynamic D (acc) - USD 8,797,031.906 16,589,727.921 8,190,910.266 17,195,849.561JPM Global Dynamic I (acc) - USD - 1,952,030.000 - 1,952,030.000JPM Global Dynamic X (acc) - USD 17,012,943.314 4,240,683.880 5,539,511.036 15,714,116.158JPM Global Dynamic X (acc) - EUR - 17,330,026.813 - 17,330,026.813

JPMorgan Funds - Global Equity Fund (EUR) (8)JPM Global Equity (EUR) A (acc) - EUR 827,656.526 1,532,833.372 1,390,570.445 969,919.453JPM Global Equity (EUR) A (dist) - EUR 738,315.706 78,022.773 175,879.276 640,459.203JPM Global Equity (EUR) C (acc) - EUR 7,066,323.535 3,215,062.741 2,831,545.757 7,449,840.519JPM Global Equity (EUR) D (acc) - EUR 464,171.410 166,556.888 282,766.666 347,961.632

JPMorgan Funds - Global Equity Fund (USD) (9)JPM Global Equity (USD) A (acc) - USD 1,244,050.960 535,086.101 1,283,969.115 495,167.946JPM Global Equity (USD) A (dist) - USD 1,398,753.173 143,741.661 548,506.142 993,988.692JF Global Equity (USD) A (dist) - USD 1,237,430.880 205,195.619 288,303.076 1,154,323.423JPM Global Equity (USD) B (acc) - USD 24,404.580 - 24,404.580 -JPM Global Equity (USD) C (acc) - USD 8,538,694.026 8,258.895 - 8,546,952.921JPM Global Equity (USD) D (acc) - USD 2,887,294.164 117,888.042 277,527.727 2,727,654.479JPM Global Equity (USD) X (acc) - USD 1,048,640.488 578,043.574 133,917.137 1,492,766.925

JPMorgan Funds - Global Focus Fund (10)JPM Global Focus A (acc) - EUR 570,981.270 9,376,781.810 1,524,909.233 8,422,853.847JPM Global Focus A (dist) - EUR 3,069,926.974 7,510,075.831 3,216,028.877 7,363,973.928JF Global Focus A (dist) - USD - 884,914.336 75,970.289 808,944.047JPM Global Focus C (acc) - EUR 721,984.765 10,847,201.865 1,206,882.031 10,362,304.599JPM Global Focus D (acc) - EUR 1,227,485.556 3,351,632.202 1,333,741.783 3,245,375.975JPM Global Focus X (acc) - EUR 1,072,576.185 727,160.882 426,399.209 1,373,337.858

JPMorgan Funds - Global Life Sciences FundJPM Global Life Sciences A (acc) - USD 203,952.653 563,957.582 679,469.240 88,440.995JPM Global Life Sciences A (dist) - USD 4,395,062.472 1,974,930.735 2,657,040.183 3,712,953.024JPM Global Life Sciences A (dist) - GBP 18,090.243 408.019 1,089.620 17,408.642JF Global Life Sciences A (dist) - USD 4,087,861.939 3,191,109.794 5,006,569.995 2,272,401.738JPM Global Life Sciences D (acc) - USD 1,077,146.537 753,419.178 911,647.873 918,917.842

JPMorgan Funds - Global Natural Resources FundJPM Global Natural Resources A (acc) - EUR 34,264,546.125 38,741,505.247 31,238,424.094 41,767,627.278JPM Global Natural Resources A (dist) - EUR 2,992,978.432 16,981,607.874 6,326,602.588 13,647,983.718JPM Global Natural Resources A (acc) - USD - 1,706,403.250 124,952.200 1,581,451.050JPM Global Natural Resources B (acc) - EUR 1,088,061.679 955,801.383 284,020.393 1,759,842.669JPM Global Natural Resources C (acc) - EUR 7,754,952.338 12,043,364.935 14,316,402.090 5,481,915.183JPM Global Natural Resources C (acc) - USD - 224,985.925 - 224,985.925JPM Global Natural Resources D (acc) - EUR 9,714,749.024 11,566,855.923 9,168,295.501 12,113,309.446JPM Global Natural Resources D (acc) - USD - 2,437.992 - 2,437.992JPM Global Natural Resources X (acc) - EUR 5,178,017.275 1,682,000.970 206,994.989 6,653,023.256

JPMorgan Funds - Global Real Estate Securities Fund (EUR) (11)JPM Global Real Estate Securities A (acc) - EUR - 2,067,296.974 754,145.762 1,313,151.212JPM Global Real Estate Securities A (inc) - EUR - 164,657.887 1,875.715 162,782.172JPM Global Real Estate Securities C (acc) - EUR - 48,000.000 - 48,000.000JPM Global Real Estate Securities D (acc) - EUR - 433,455.206 67,462.177 365,993.029JPM Global Real Estate Securities X (acc) - EUR - 144,301.002 - 144,301.002

JPMorgan Funds - Global Real Estate Securities Fund (USD) (12)JPM Global Real Estate Securities A (acc) - USD - 955,818.762 477,188.737 478,630.025JPM Global Real Estate Securities D (acc) - USD - 251,368.884 - 251,368.884JPM Global Real Estate Securities X (acc) - USD - 1,181,531.621 - 1,181,531.621

JPMorgan Funds - Global Socially Responsible FundJPM Global Socially Responsible A (acc) - USD 959,167.721 563,482.928 289,081.097 1,233,569.552JPM Global Socially Responsible A (dist) - USD 3,102,924.121 1,357,793.005 573,297.796 3,887,419.330JPM Global Socially Responsible D (acc) - USD 282,505.275 361,510.993 210,175.200 433,841.068

JPMorgan Funds - JF Asia Alpha Plus FundJF Asia Alpha Plus A (acc) - USD 3,872,828.584 3,993,645.384 1,834,421.501 6,032,052.467

(8) Name changed from International Equity Fund (EUR) on 29 August 2006.(9) Name changed from Global Equity Fund on 29 August 2006.(10) Name changed from Global Recovery Fund on 29 August 2006.(11) This Sub-Fund was launched on 1 September 2006.(12) This Sub-Fund was launched on 1 September 2006.

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of the Year


7. Historical Statement of Changes in the Number of Shares - for the year ended 30 June 2007 (continued)JPMorgan Funds - JF Asia Equity FundJF Asia Equity A (acc) - USD 4,124,227.609 1,507,809.314 1,667,680.573 3,964,356.350JF Asia Equity A (dist) - USD 15,593,152.815 8,028,685.400 11,866,620.890 11,755,217.325JF Asia Equity A (dist) - GBP 77,224.791 2,193.590 37,602.450 41,815.931JF Asia Equity B (acc) - USD 11,745.049 - 11,745.049 -JF Asia Equity C (acc) - USD 4,261,228.045 364,271.702 4,274,442.923 351,056.824JF Asia Equity D (acc) - USD 1,919,752.942 893,692.575 920,527.283 1,892,918.234JF Asia Equity D (acc) - EUR 501.365 28,337.186 603.136 28,235.415JF Asia Equity I (acc) - USD 3,697,232.303 9,017,447.881 3,894,452.361 8,820,227.823JF Asia Equity X (acc) - USD 529,504.646 172,077.848 25,974.044 675,608.450

JPMorgan Funds - JF China FundJF China A (acc) - USD 2,952,122.589 13,096,612.012 8,145,816.246 7,902,918.355JF China A (dist) - USD 36,340,248.733 72,060,315.843 55,722,962.197 52,677,602.379JF China B (acc) - USD 1,239,453.749 4,924,988.268 2,496,013.271 3,668,428.746JF China C (acc) - USD 309,143.828 2,385,902.761 1,072,361.908 1,622,684.681JF China D (acc) - USD 9,411,230.569 18,504,857.090 14,645,227.302 13,270,860.357JF China I (acc) - USD - 1,616,926.699 524,395.051 1,092,531.648JF China X (acc) - USD - 2,086,541.580 98,107.560 1,988,434.020

JPMorgan Funds - JF Greater China FundJF Greater China A (acc) - USD 2,263,602.362 2,725,767.575 2,919,342.527 2,070,027.410JF Greater China A (dist) - USD 17,545,691.601 7,665,939.482 8,961,725.298 16,249,905.785JF Greater China B (acc) - USD 1,182,225.820 126,718.228 1,217,773.130 91,170.918JF Greater China C (acc) - USD 2,372,097.036 2,179,374.203 2,096,711.107 2,454,760.132JF Greater China D (acc) - USD 5,327,111.376 3,548,431.241 3,479,580.530 5,395,962.087JF Greater China I (acc) - USD - 2,399,908.437 2,399,908.437 -JF Greater China X (acc) - USD 42,727.329 44,491.254 8,515.330 78,703.253

JPMorgan Funds - JF Hong Kong FundJF Hong Kong A (acc) - USD 279,424.162 1,396,362.322 1,021,428.415 654,358.069JF Hong Kong A (dist) - USD 1,800,970.915 1,553,572.031 1,455,795.643 1,898,747.303JF Hong Kong B (acc) - USD 21,000.000 7,385.524 26,299.072 2,086.452JF Hong Kong C (acc) - USD 12,827.370 125,706.000 129,475.400 9,057.970JF Hong Kong D (acc) - USD 441,696.471 537,701.939 512,955.867 466,442.543

JPMorgan Funds - JF India FundJF India A (acc) - USD 9,389,755.457 29,020,380.982 20,234,273.246 18,175,863.193JF India A (dist) - USD 35,581,405.692 21,971,735.949 25,975,781.563 31,577,360.078JF India B (acc) - USD 2,581,574.947 3,618,195.714 2,865,435.151 3,334,335.510JF India C (acc) - USD 4,812,033.055 3,495,638.453 3,927,567.946 4,380,103.562JF India D (acc) - USD 21,036,070.815 13,887,521.233 15,169,504.772 19,754,087.276JF India X (acc) - USD 121,009.046 2,109,735.051 297,434.766 1,933,309.331

JPMorgan Funds - JF Japan Alpha Plus FundJF Japan Alpha Plus A (acc) - USD 4,218,620.744 242,582.205 3,292,886.510 1,168,316.439JF Japan Alpha Plus A (dist) - USD 8,725,512.821 62,780.000 6,401,820.114 2,386,472.707JF Japan Alpha Plus D (acc) - USD 284,323.053 - 276,238.702 8,084.351

JPMorgan Funds - JF Japan Equity FundJF Japan Equity A (acc) - USD 51,290,467.999 15,696,060.066 39,357,043.641 27,629,484.424JF Japan Equity A (acc) - EUR 251,889.169 615,761.485 308,140.785 559,509.869JF Japan Equity A (acc) - JPY 4,770,064.290 7,314,846.781 8,900,941.792 3,183,969.279JF Japan Equity A (dist) - USD 77,182,810.005 29,028,417.787 68,158,477.421 38,052,750.371JF Japan Equity A (dist) - GBP 327,056.610 59,919.543 77,074.016 309,902.137JF Japan Equity B (acc) - USD 2,722,552.515 185,780.668 947,326.156 1,961,007.027JF Japan Equity C (acc) - USD 25,534,724.866 3,111,997.308 22,407,932.495 6,238,789.679JF Japan Equity D (acc) - USD 22,698,395.273 9,565,932.326 19,438,487.143 12,825,840.456JF Japan Equity D (acc) - EUR 622.822 755,530.179 369,404.547 386,748.454JF Japan Equity J (dist) - USD 5,940,851.011 1,876,024.770 4,212,825.849 3,604,049.932JF Japan Equity I (acc) - USD 0.001 17,328,088.379 11,280,561.745 6,047,526.635JF Japan Equity X (acc) - USD 3,870,721.921 505,313.050 3,143,365.963 1,232,669.008

JPMorgan Funds - JF Japan Small Cap FundJF Japan Small Cap A (acc) - USD 2,079,520.415 3,966,092.521 2,713,525.633 3,332,087.303JF Japan Small Cap A (dist) - USD 13,869,069.353 4,999,268.328 7,417,332.090 11,451,005.591JF Japan Small Cap B (acc) - USD 440,676.261 70,567.723 110,574.048 400,669.936JF Japan Small Cap C (acc) - USD 2,004,201.932 1,382,231.945 1,009,906.715 2,376,527.162JF Japan Small Cap D (acc) - USD 2,994,034.019 1,478,953.367 2,443,063.773 2,029,923.613JF Japan Small Cap X (acc) - USD 453,392.598 3,375,177.860 681,080.288 3,147,490.170

JPMorgan Funds - JF Pacific Balanced FundJF Pacific Balanced A (acc) - USD 865,121.476 315,962.788 942,158.881 238,925.383JF Pacific Balanced A (dist) - USD 7,373,649.267 1,385,520.266 3,417,329.146 5,341,840.387JF Pacific Balanced D (acc) - USD 2,023,374.997 871,349.861 1,116,858.072 1,777,866.786

270



of the Year


7. Historical Statement of Changes in the Number of Shares - for the year ended 30 June 2007 (continued)JPMorgan Funds - JF Pacific Equity FundJF Pacific Equity A (acc) - USD 3,143,520.529 1,072,975.165 2,631,913.323 1,584,582.371JF Pacific Equity A (acc) - EUR 935,475.063 499,958.971 962,913.979 472,520.055JF Pacific Equity A (dist) - USD 22,967,504.744 3,517,896.726 11,982,734.454 14,502,667.016JF Pacific Equity A (dist) - GBP 51,287.492 657.369 6,743.139 45,201.722JF Pacific Equity B (acc) - USD 33,277.857 802,370.355 819,968.739 15,679.473JF Pacific Equity C (acc) - USD 7,858,622.361 926,533.247 5,063,894.450 3,721,261.158JF Pacific Equity D (acc) - USD 3,230,650.787 22,108,116.084 22,501,715.520 2,837,051.351JF Pacific Equity D (acc) - EUR 20,352.015 37,404.335 11,130.197 46,626.153JF Pacific Equity I (acc) - USD - 4,428,717.558 1,332,274.893 3,096,442.665

JPMorgan Funds - JF Pacific Technology FundJF Pacific Technology A (acc) - USD 613,682.762 300,711.866 696,242.574 218,152.054JF Pacific Technology A (dist) - USD 4,419,660.550 3,546,972.657 5,237,814.229 2,728,818.978JF Pacific Technology A (dist) - GBP 7,159.151 570.551 1,155.340 6,574.362JF Pacific Technology B (acc) - USD 129,291.470 - 129,291.470 -JF Pacific Technology D (acc) - USD 407,642.516 197,792.245 312,162.595 293,272.166

JPMorgan Funds - JF Singapore FundJF Singapore A (acc) - USD 995,597.359 8,241,425.543 4,366,007.950 4,871,014.952JF Singapore A (dist) - USD 4,509,553.720 21,009,259.300 15,500,392.486 10,018,420.534JF Singapore B (acc) - USD 20,259.189 1,068,517.985 76,383.506 1,012,393.668JF Singapore C (acc) - USD 998,810.116 1,123,968.421 1,144,098.845 978,679.692JF Singapore D (acc) - USD 1,210,955.038 4,840,686.645 2,608,495.024 3,443,146.659JF Singapore I (acc) - USD - 4,507,865.883 1,692,284.390 2,815,581.493JF Singapore X (acc) - USD 10,000.000 32,841.715 16,194.603 26,647.112

JPMorgan Funds - JF Taiwan FundJF Taiwan A (acc) - USD 6,217,417.582 13,801,551.010 7,887,699.067 12,131,269.525JF Taiwan A (dist) - USD 15,339,352.098 25,909,734.119 24,576,661.471 16,672,424.746JF Taiwan B (acc) - USD 144,587.850 - 114,291.498 30,296.352JF Taiwan C (acc) - USD 6,770,226.124 395,504.507 6,515,377.961 650,352.670JF Taiwan D (acc) - USD 2,717,541.439 1,484,666.801 2,124,250.617 2,077,957.623JF Taiwan I (acc) - USD 0.001 17,264,826.976 3,585,523.782 13,679,303.195JF Taiwan X (acc) - USD 160,061.802 63,985.189 86,200.106 137,846.885

JPMorgan Funds - JF Tokyo Alpha Plus FundJF Tokyo Alpha Plus A (acc) - JPY 27,057,754.714 2,346,833.620 23,993,531.991 5,411,056.343JF Tokyo Alpha Plus A (dist) - JPY 2,931,910.313 861,548.509 1,835,952.155 1,957,506.667JF Tokyo Alpha Plus X (acc) - JPY 17,562.002 - 17,562.002 -

JPMorgan Funds - Latin America Equity FundJPM Latin America Equity A (acc) - USD 1,918,114.362 8,165,835.489 4,790,701.865 5,293,247.986JPM Latin America Equity A (dist) - USD 7,449,530.717 6,835,809.700 5,408,950.580 8,876,389.837JF Latin America Equity A (dist) - USD 2,405,480.811 11,331,287.761 7,338,686.497 6,398,082.075JPM Latin America Equity B (acc) - USD 3,457,728.199 1,143,607.565 1,954,607.539 2,646,728.225JPM Latin America Equity C (acc) - USD 9,165,261.509 1,660,257.197 9,073,228.332 1,752,290.374JPM Latin America Equity D (acc) - USD 3,735,483.153 3,896,341.999 2,796,401.842 4,835,423.310JPM Latin America Equity I (acc) - USD 5,515,171.024 23,232,264.732 4,425,174.772 24,322,260.984JPM Latin America Equity X (acc) - USD 3,016,255.232 155,346.365 500,813.619 2,670,787.978

JPMorgan Funds - Middle East Equity FundJPM Middle East Equity A (acc) - USD 2,237,966.202 3,608,203.259 3,815,921.210 2,030,248.251JPM Middle East Equity A (dist) - USD 8,373,495.442 9,517,236.409 9,274,628.300 8,616,103.551JPM Middle East Equity B (acc) - USD 6,300.000 554,510.234 - 560,810.234JPM Middle East Equity D (acc) - USD 5,440,163.096 1,795,073.895 4,099,452.778 3,135,784.213

JPMorgan Funds - Russia FundJPM Russia A (acc) - USD 3,026,166.472 10,882,969.896 8,167,116.884 5,742,019.484JPM Russia A (dist) - USD 5,526,749.246 6,713,674.964 6,280,221.391 5,960,202.819JPM Russia B (acc) - USD 427,830.018 587,710.061 53,000.000 962,540.079JPM Russia D (acc) - USD 326,660.741 7,747,791.764 2,992,555.930 5,081,896.575JPM Russia I (acc) - USD - 1,020,000.001 1,020,000.001 -JPMorgan Funds - Sterling Bond FundJPM Sterling Bond A (acc) - GBP 1,566,744.935 567,241.430 1,534,530.119 599,456.246JPM Sterling Bond A (dist) - GBP 191,322,396.058 26,664,527.073 64,448,423.540 153,538,499.591JPM Sterling Bond B (dist) - GBP - 521,960.001 521,960.001 -JPM Sterling Bond D (acc) - GBP 1,977,875.893 768,375.516 1,515,192.813 1,231,058.596JPM Sterling Bond X (acc) - GBP 1,012,311.148 - 915,848.219 96,462.929

JPMorgan Funds - UK Equity FundJPM UK Equity A (acc) - GBP 5,405,756.359 2,369,435.887 3,788,389.352 3,986,802.894JPM UK Equity A (dist) - GBP 34,593,528.388 13,584,157.928 19,401,556.229 28,776,130.087JPM UK Equity C (acc) - GBP 1,398,464.352 1,734,389.385 835,744.355 2,297,109.382JPM UK Equity D (acc) - GBP 1,415,776.418 5,671,697.967 1,440,096.619 5,647,377.766JPM UK Equity I (acc) - GBP - 551,987.189 551,987.189 -

JPMorgan Funds - US Aggregate Bond FundJPM US Aggregate Bond A (acc) - USD 178,383.687 2,132,549.946 490,578.236 1,820,355.397JPM US Aggregate Bond A (dist) - USD 2,854,395.715 11,182,304.287 7,137,730.921 6,898,969.081JPM US Aggregate Bond B (acc) - USD 797,858.600 961,878.585 - 1,759,737.185JPM US Aggregate Bond C (acc) - USD 2,240,709.753 65,789.474 290,234.495 2,016,264.732JPM US Aggregate Bond D (acc) - USD 602,934.645 2,360,683.451 1,269,663.755 1,693,954.341JPM US Aggregate Bond X (acc) - USD 17,615,619.613 902,124.303 9,781,796.682 8,735,947.234

271



of the Year


7. Historical Statement of Changes in the Number of Shares - for the year ended 30 June 2007 (continued)JPMorgan Funds - US Dynamic FundJPM US Dynamic A (acc) - USD 98,179,196.738 112,544,953.949 67,463,025.350 143,261,125.337JPM US Dynamic A (acc) - EUR 1,832,985.998 13,795,807.066 2,967,928.397 12,660,864.667JPM US Dynamic A (dist) - USD 138,272,807.910 107,586,396.412 96,054,494.911 149,804,709.411JPM US Dynamic B (acc) - USD 8,875,839.249 4,028,031.116 4,422,125.671 8,481,744.694JPM US Dynamic C (acc) - USD 66,622,657.227 55,969,083.656 45,102,646.274 77,489,094.609JPM US Dynamic D (acc) - USD 8,241,221.278 9,670,473.280 7,960,709.508 9,950,985.050JPM US Dynamic D (acc) - EUR 501.365 131,094.112 38,433.158 93,162.319JPM US Dynamic I (inc) - EUR - 64,815,236.185 32,407,618.092 32,407,618.093JPM US Dynamic I (acc) - USD 2,500,000.000 9,500,471.576 2,226,377.158 9,774,094.418JPM US Dynamic X (acc) - USD 22,339,544.970 48,421,902.343 45,861,245.404 24,900,201.909

JPMorgan Funds - US Small Cap Growth FundJPM US Small Cap Growth A (acc) - USD 337,233.538 1,225,111.846 1,314,943.632 247,401.752JPM US Small Cap Growth A (dist) - USD 711,060.490 45,242.873 282,112.126 474,191.237JPM US Small Cap Growth A (dist) - GBP 215.514 - 64.611 150.903JPM US Small Cap Growth D (acc) - USD 384,172.501 1,915,183.855 313,270.118 1,986,086.238

JPMorgan Funds - US Strategic Growth FundJPM US Strategic Growth A (acc) - USD 5,554,669.177 10,396,529.332 4,820,567.186 11,130,631.323JPM US Strategic Growth A (acc) - EUR (hedged) - 3,376,594.381 1,509.436 3,375,084.945JPM US Strategic Growth A (dist) - USD 9,967,356.538 34,770,599.039 13,705,342.365 31,032,613.212JPM US Strategic Growth A (dist) - GBP 28,393.835 635.779 25,074.944 3,954.670JPM US Strategic Growth B (acc) - USD 1,143,551.797 941,487.880 349,613.643 1,735,426.034JPM US Strategic Growth C (acc) - USD 641,058.058 4,435,630.259 2,104,109.472 2,972,578.845JPM US Strategic Growth D (acc) - USD 432,730.237 311,179.912 307,646.225 436,263.924JPM US Strategic Growth D (acc) - EUR (hedged) - 26,490.066 - 26,490.066JPM US Strategic Growth X (acc) - USD 3,711,013.447 5,435,332.359 529,036.120 8,617,309.686

JPMorgan Funds - US Technology FundJPM US Technology A (acc) - USD 178,419.945 1,180,352.223 970,527.312 388,244.856JPM US Technology A (dist) - GBP 40,163.033 1,753.184 8,545.158 33,371.059JPM US Technology A (dist) - USD 14,013,006.695 8,700,971.987 15,207,432.702 7,506,545.980JF US Technology A (dist) - USD 3,959,547.876 6,928,855.541 6,953,201.026 3,935,202.391JPM US Technology D (acc) - USD 3,425,483.037 2,461,818.928 3,090,447.571 2,796,854.394

JPMorgan Funds - US Value FundJPM US Value A (acc) - USD 17,525,395.184 40,906,758.343 30,685,347.005 27,746,806.522JPM US Value A (acc) - EUR (hedged) - 3,585,219.422 2,142,583.388 1,442,636.034JPM US Value A (dist) - USD 53,645,880.704 46,760,790.075 46,188,299.108 54,218,371.671JPM US Value A (dist) - GBP 39,901.555 21,411.794 2,716.678 58,596.671JF US Value A (dist) - USD 314,520.824 488,480.864 624,938.133 178,063.555JPM US Value B (acc) - USD 224,746.041 535,566.173 254,727.348 505,584.866JPM US Value C (acc) - USD 9,517,928.147 14,693,150.896 9,744,273.341 14,466,805.702JPM US Value D (acc) - USD 5,017,070.643 4,228,404.432 2,306,316.949 6,939,158.126JPM US Value D (acc) - EUR (hedged) - 268,507.456 29,282.885 239,224.571JPM US Value X (acc) - USD 3,155,183.098 6,464,554.694 1,912,520.818 7,707,216.974

272



of the Year


8. Historical Statement of Changes in the Number of Shares - for the year ended 30 June 2006 (continued)JPMorgan Funds - America Equity FundJPM America Equity A (acc) - USD 4,340,982.362 5,969,094.971 6,162,492.534 4,147,584.799JPM America Equity A (dist) - USD 15,516,407.677 2,389,260.541 10,932,897.961 6,972,770.257JF America Equity A (dist) - USD 769,070.957 98,288.210 267,651.464 599,707.703JPM America Equity B (acc) - USD 1,540,282.417 271,153.903 1,524,667.498 286,768.822JPM America Equity C (acc) - USD 3,989,550.233 10,093,358.063 3,498,836.270 10,584,072.026JPM America Equity D (acc) - USD 9,739,467.474 4,590,040.361 8,068,707.080 6,260,800.755JPM America Equity D (acc) - EUR - 501.365 - 501.365JPM America Equity X (acc) - USD 6,678,025.327 2,108,498.076 6,616,593.954 2,169,929.449

JPMorgan Funds - America Large Cap FundJPM America Large Cap A (acc) - USD 54,439.787 144,105.223 121,781.123 76,763.887JPM America Large Cap A (dist) - USD 6,162,259.122 1,241,000.213 3,548,713.013 3,854,546.322JPM America Large Cap B (acc) - USD - 26,099.248 - 26,099.248JPM America Large Cap D (acc) - USD 329,406.202 274,416.904 196,207.929 407,615.177

JPMorgan Funds - America Micro Cap FundJPM America Micro Cap A (acc) - USD 1,731,905.361 6,777,944.837 2,887,079.477 5,622,770.721JPM America Micro Cap A (dist) - USD 2,805,984.852 2,065,287.201 2,398,511.468 2,472,760.585JF America Micro Cap A (dist) - USD 270,720.454 2,650,170.909 1,957,332.399 963,558.964JPM America Micro Cap D (acc) - USD 1,118,594.978 1,849,708.854 1,108,207.119 1,860,096.713JPM America Micro Cap X (acc) - USD 768,402.909 1,426,770.809 1,981,257.380 213,916.338

JPMorgan Funds - Eastern Europe Equity FundJPM Eastern Europe Equity A (acc) - EUR 689,019.697 4,529,265.647 2,925,415.282 2,292,870.062JPM Eastern Europe Equity A (dist) - EUR 29,482,834.241 21,134,461.964 33,380,441.705 17,236,854.500JF Eastern Europe Equity A (dist) - EUR 2,037,569.098 11,367,435.696 8,393,150.280 5,011,854.514JPM Eastern Europe Equity B (acc) - EUR - 6,640.000 - 6,640.000JPM Eastern Europe Equity C (acc) - EUR 10,598,114.772 4,068,087.154 5,524,008.195 9,142,193.731JPM Eastern Europe Equity D (acc) - EUR 1,456,253.176 5,121,625.039 2,906,916.337 3,670,961.878JPM Eastern Europe Equity I (acc) - EUR - 4,697,055.454 - 4,697,055.454JPM Eastern Europe Equity X (acc) - EUR 4,300,000.000 967,255.898 1,110,837.849 4,156,418.049

JPMorgan Funds - Emerging Europe Equity FundJPM Emerging Europe Equity A (acc)- USD 894,548.178 4,594,117.218 3,249,621.440 2,239,043.956JPM Emerging Europe Equity A (dist) - USD 7,262,913.307 6,649,107.023 7,307,110.955 6,604,909.375JPM Emerging Europe Equity B (acc) - USD 103,079.328 502,991.273 178,466.946 427,603.655JPM Emerging Europe Equity C (acc) - USD 5,478,532.023 5,990,350.028 2,830,813.380 8,638,068.671JPM Emerging Europe Equity D (acc) - USD 1,028,886.077 2,530,062.412 1,746,633.480 1,812,315.009JPM Emerging Europe Equity I (acc) - USD - 3,439,165.440 - 3,439,165.440JPM Emerging Europe Equity X (acc) - USD 30,066.932 613,756.937 554,160.134 89,663.735

JPMorgan Funds - Emerging Markets Equity FundJPM Emerging Markets Equity A (acc) - USD 1,956,647.164 50,467,633.274 23,418,111.087 29,006,169.351JPM Emerging Markets Equity A (acc) - EUR - 12,981,076.859 443,262.427 12,537,814.432JPM Emerging Markets Equity A (dist) - USD 88,259,146.173 80,536,130.588 73,859,755.842 94,935,520.919JPM Emerging Markets Equity A (dist) - GBP 23,470.387 60,113.791 7,456.348 76,127.830JPM Emerging Markets Equity B (acc) - USD 421,454.886 2,369,090.890 783,091.519 2,007,454.257JPM Emerging Markets Equity C (acc) - USD 5,137,715.967 37,485,208.077 17,524,982.760 25,097,941.284JPM Emerging Markets Equity D (acc) - USD 1,243,536.605 6,793,138.269 2,818,026.187 5,218,648.687JPM Emerging Markets Equity D (acc) - EUR - 11,685.069 - 11,685.069JPM Emerging Markets Equity I (inc) - EUR - 1,400,000.000 - 1,400,000.000JPM Emerging Markets Equity X (acc) - USD 3,648,325.038 29,840,332.816 2,657,304.251 30,831,353.603JPM Emerging Markets Equity X (inc) - EUR - 10,330,431.052 - 10,330,431.042

JPMorgan Funds - Euro Liquid Reserve Fund (1)JPM Euro Liquid Reserve A (acc) - EUR - 1,000,000.000 - 1,000,000.000

JPMorgan Funds - Euroland Equity FundJPM Euroland Equity A (acc) - EUR 6,822,046.594 39,069,865.145 13,192,138.515 32,699,773.224JPM Euroland Equity A (dist) - EUR 36,699,936.958 42,109,609.888 31,865,158.643 46,944,388.203JF Euroland Equity A (dist) - USD 7,740,421.628 9,635,783.769 3,615,094.148 13,761,111.249JPM Euroland Equity C (acc) - EUR 7,777,781.336 15,494,883.401 2,173,532.163 21,099,132.574JPM Euroland Equity D (acc) - EUR 2,102,130.392 13,505,703.244 4,552,740.702 11,055,092.934

JPMorgan Funds - Europe Aggregate Plus Bond Fund (2)JPM Europe Aggregate Plus Bond A (acc) - EUR 6,001,826.078 2,454,628.346 6,695,561.111 1,760,893.313JPM Europe Aggregate Plus Bond A (dist) - EUR 21,254,241.233 8,515,483.303 11,824,623.491 17,945,101.045JPM Europe Aggregate Plus Bond B (acc) - EUR 74,930.000 - 39,586.849 35,343.151JPM Europe Aggregate Plus Bond D (acc) - EUR 1,855,551.367 6,675,604.103 4,335,664.351 4,195,491.119

JPMorgan Funds - Europe Balanced Fund (EUR)JPM Europe Balanced (EUR) A (acc) - EUR 772.600 142,941.084 10,541.027 133,172.657JPM Europe Balanced (EUR) A (dist) - EUR 3,436,353.471 2,538,181.455 1,255,122.451 4,719,412.475JPM Europe Balanced (EUR) D (acc) - EUR 1,305,232.880 3,637,683.178 1,441,007.996 3,501,908.062

JPMorgan Funds - Europe Convergence Equity FundJPM Europe Convergence Equity A (acc) - EUR 659,252.511 4,174,777.533 3,504,156.970 1,329,873.074JPM Europe Convergence Equity A (dist) - EUR 15,007,783.551 10,973,725.018 13,721,742.481 12,259,766.088JPM Europe Convergence Equity C (acc) - EUR 846,634.741 3,979,775.818 3,476,682.127 1,349,728.432JPM Europe Convergence Equity D (acc) - EUR 3,097,384.672 3,560,940.382 3,367,259.296 3,291,065.758

(1) This Sub-Fund was launched on 22 May 2006.(2) Name changed from Europe Aggregate Bond Fund on 13 September 2005.

273



of the Year


8. Historical Statement of Changes in the Number of Shares - for the year ended 30 June 2006 (continued)JPMorgan Funds - Europe Dynamic FundJPM Europe Dynamic A (acc) - EUR 3,882,884.678 22,205,763.158 11,655,980.943 14,432,666.893JPM Europe Dynamic A (dist) - EUR 64,623,849.353 31,362,229.543 46,982,537.769 49,003,541.127JPM Europe Dynamic A (dist) - GBP 104,619.918 86,451.088 65,132.676 125,938.330JF Europe Dynamic A (dist) - EUR 1,384,950.061 5,551,488.804 4,702,149.225 2,234,289.640JPM Europe Dynamic B (acc) - EUR 680,691.849 1,782,318.962 374,829.314 2,088,181.497JPM Europe Dynamic C (acc) - EUR 4,022,585.265 12,727,544.824 2,824,763.235 13,925,366.854JPM Europe Dynamic D (acc) - EUR 4,794,274.029 6,443,612.964 5,912,157.037 5,325,729.956JPM Europe Dynamic D (acc) - USD 80.580 58,461.670 10,377.590 48,164.660JPM Europe Dynamic X (acc) - EUR 5,097,244.347 4,722,887.755 3,036,616.383 6,783,515.719

JPMorgan Funds - Europe Dynamic Mega Cap Fund (3)JPM Europe Dynamic Mega Cap A (acc) - EUR - 22,291,117.955 4,096,648.524 18,194,469.431JPM Europe Dynamic Mega Cap A (dist) - EUR - 102,811.064 - 102,811.064JPM Europe Dynamic Mega Cap A (inc) - EUR - 387.177 - 387.177JPM Europe Dynamic Mega Cap B (acc) - EUR - 735,935.005 - 735,935.005JPM Europe Dynamic Mega Cap C (acc) - EUR - 2,400,669.892 31,555.728 2,369,114.164JPM Europe Dynamic Mega Cap D (acc) - EUR - 98,452.320 414.401 98,037.919JPM Europe Dynamic Mega Cap X (acc) - EUR - 1,334,938.073 141,139.332 1,193,798.741

JPMorgan Funds - Europe Dynamic Small Cap FundJPM Europe Dynamic Small Cap A (acc) - EUR 807,210.869 12,746,546.443 3,187,110.040 10,366,647.272JPM Europe Dynamic Small Cap A (dist) - EUR - 325,466.658 40,416.810 285,049.848JPM Europe Dynamic Small Cap D (acc) - EUR - 277,368.844 57,154.307 220,214.537JPM Europe Dynamic Small Cap X (acc) - EUR - 2,336,683.956 175,332.192 2,161,351.764

JPMorgan Funds - Europe Equity FundJPM Europe Equity A (acc) - USD 6,335,490.174 4,684,868.642 2,876,905.106 8,143,453.710JPM Europe Equity A (acc) - EUR 10,023,859.503 60,541,077.098 21,825,879.550 48,739,057.051JPM Europe Equity A (dist) - EUR 78,759,029.909 73,661,707.824 50,382,098.358 102,038,639.375JF Europe Equity A (dist) - USD 1,734,451.617 885,759.932 831,711.301 1,788,500.248JPM Europe Equity B (acc) - EUR 803,211.008 742,163.871 551,979.107 993,395.772JPM Europe Equity C (acc) - EUR 10,119,341.749 23,219,736.794 8,239,277.984 25,099,800.559JPM Europe Equity D (acc) - EUR 18,528,418.610 21,349,903.750 20,922,922.475 18,955,399.885JPM Europe Equity D (acc) - USD - 397.456 - 397.456JPM Europe Equity X (acc) - EUR 12,907,926.968 15,777,243.640 11,432,066.399 17,253,104.209

JPMorgan Funds - Europe Focus Fund (4)JPM Europe Focus A (acc) - EUR - 1,199,935.291 82,694.050 1,117,241.241JPM Europe Focus D (acc) - EUR - 83,899.656 - 83,899.656

JPMorgan Funds - Europe High Yield Bond FundJPM Europe High Yield Bond A (acc) - EUR 4,920.593 183,651.149 76,939.696 111,632.046JPM Europe High Yield Bond A (dist) - EUR 11,484,145.994 5,288,730.341 10,040,415.216 6,732,461.119JPM Europe High Yield Bond D (acc) - EUR 1,343,572.157 4,960,112.255 1,331,912.947 4,971,771.465

JPMorgan Funds - Europe Micro Cap Fund (5)JPM Europe Micro Cap A (acc) - EUR - 2,785,171.643 910,606.147 1,874,565.496JPM Europe Micro Cap A (dist) - EUR - 15,363,797.132 2,599,886.475 12,763,910.657JPM Europe Micro Cap D (acc) - EUR - 746,141.688 163,658.998 582,482.690

JPMorgan Funds - Europe Small Cap FundJPM Europe Small Cap A (acc) - EUR 440,378.675 7,979,259.005 4,868,029.047 3,551,608.633JPM Europe Small Cap A (dist) - EUR 19,313,160.775 18,683,003.539 17,901,292.777 20,094,871.537JPM Europe Small Cap A (dist) - GBP 29,805.873 49,199.047 45,847.197 33,157.723JF Europe Small Cap A (dist) - EUR 919,132.690 24,030,246.621 9,763,692.885 15,185,686.426JPM Europe Small Cap B (acc) - EUR 71,574.111 112,067.955 68,334.181 115,307.885JPM Europe Small Cap C (acc) - EUR 8,650,117.852 3,986,792.134 2,718,544.863 9,918,365.123JPM Europe Small Cap D (acc) - EUR 2,671,423.809 8,572,065.755 4,862,823.367 6,380,666.197JPM Europe Small Cap X (acc) - EUR 365,368.672 1,168,225.313 529,391.208 1,004,202.777

JPMorgan Funds - Europe Strategic Growth FundJPM Europe Strategic Growth A (acc) - EUR 2,632,613.080 29,922,865.896 8,113,732.596 24,441,746.380JPM Europe Strategic Growth A (dist) - EUR 99,943,594.509 131,559,282.014 85,590,840.556 145,912,035.967JPM Europe Strategic Growth A (dist) - GBP 22,117.047 10,100.558 1,951.989 30,265.616JPM Europe Strategic Growth B (acc) - EUR 1,475,256.588 1,838,132.232 83,286.050 3,230,102.770JPM Europe Strategic Growth C (acc) - EUR 7,638,370.954 28,593,502.970 6,957,718.062 29,274,155.862JPM Europe Strategic Growth D (acc) - EUR 794,804.710 20,086,648.189 4,782,961.186 16,098,491.713JPM Europe Strategic Growth I (inc) - EUR - 400,165.000 - 400,165.000JPM Europe Strategic Growth X (acc) - EUR 432,141.670 2,460,523.374 980,102.811 1,912,562.233

JPMorgan Funds - Europe Strategic Value FundJPM Europe Strategic Value A (acc) - EUR 13,143,124.506 44,881,537.254 22,270,307.257 35,754,354.503JPM Europe Strategic Value A (dist) - EUR 248,722,993.194 211,168,259.968 149,533,328.177 310,357,924.985JPM Europe Strategic Value A (dist) - GBP 21,591.808 20,546.757 6,331.506 35,807.059JPM Europe Strategic Value B (acc) - EUR 329,338.546 941,712.573 183,942.085 1,087,109.034JPM Europe Strategic Value C (acc) - EUR 15,537,743.099 27,246,193.376 12,263,193.882 30,520,742.593JPM Europe Strategic Value D (acc) - EUR 33,118,234.443 30,012,111.894 21,132,783.815 41,997,562.522JPM Europe Strategic Value I (inc) - EUR - 400,165.000 - 400,165.000JPM Europe Strategic Value X (acc) - EUR 1,827,094.560 2,846,525.004 1,937,737.305 2,735,882.259

(3) This Sub-Fund was launched on 20 September 2005.(4) This Sub-Fund was launched on 13 March 2006.(5) This Sub-Fund was launched on 18 November 2005.

274



of the Year


8. Historical Statement of Changes in the Number of Shares - for the year ended 30 June 2006 (continued)JPMorgan Funds - Europe Technology FundJPM Europe Technology A (acc) - EUR 383,778.891 2,521,430.003 1,702,974.756 1,202,234.138JPM Europe Technology A (dist) - EUR 23,713,581.827 9,883,805.709 14,661,142.567 18,936,244.969JPM Europe Technology A (dist) - GBP 25,152.662 31,632.996 5,921.062 50,864.596JF Europe Technology A (dist) - EUR 3,394,398.510 3,116,558.048 3,610,287.707 2,900,668.851JPM Europe Technology D (acc) - EUR 1,517,151.223 2,629,258.882 1,475,983.265 2,670,426.840

JPMorgan Funds - FF Emerging Markets Debt FundJPM FF Emerging Markets Debt A (acc) - USD 260,393.826 6,585,473.282 3,978,293.854 2,867,573.254JPM FF Emerging Markets Debt A (dist) - USD 9,068,036.255 17,160,941.789 17,567,863.855 8,661,114.189JPM FF Emerging Markets Debt D (acc) - USD 1,040,699.463 3,979,931.881 2,006,542.713 3,014,088.631

JPMorgan Funds - Germany Equity FundJPM Germany Equity A (acc) - EUR 784,611.459 7,411,035.321 3,972,838.030 4,222,808.750JPM Germany Equity A (dist) - EUR 2,695,252.997 11,022,495.934 4,575,511.804 9,142,237.127JF Germany Equity A (dist) - EUR 1,672,991.982 267,934.965 543,377.562 1,397,549.385JPM Germany Equity D (acc) - EUR 696,006.220 18,312,272.830 5,647,917.603 13,360,361.447

JPMorgan Funds - Global Aggregate Bond FundJPM Global Aggregate Bond A (acc) - USD 502,651.755 519,678.118 483,605.693 538,724.180JPM Global Aggregate Bond A (dist) - USD 26,404,491.160 14,121,209.402 35,339,534.669 5,186,165.893JPM Global Aggregate Bond B (acc) - USD 218,058.058 67,533.633 168,058.058 117,533.633JPM Global Aggregate Bond C (acc) - USD 900,000.000 144,424.696 918,098.513 126,326.183JPM Global Aggregate Bond D (acc) - USD 310,648.700 2,767,911.340 2,035,413.752 1,043,146.288JPM Global Aggregate Bond X (acc) - USD 510,888.792 27,862.209 382,245.782 156,505.219

JPMorgan Funds - Global Convertible Bond Fund (EUR)JPM Global Convertible Bond (EUR) A (acc) - EUR 3,572,356.508 26,655,191.007 14,895,027.567 15,332,519.948JPM Global Convertible Bond (EUR) A (dist) - EUR 40,456,521.379 52,200,668.320 44,661,325.438 47,995,864.261JF Global Convertible Bond (EUR) A (dist) - USD 676,240.269 88,434.463 276,547.097 488,127.635JPM Global Convertible Bond (EUR) B (acc) - EUR 66,426.910 545,376.634 153,013.663 458,789.881JPM Global Convertible Bond (EUR) C (acc) - EUR 3,004,025.826 19,436,898.911 5,203,445.232 17,237,479.505JPM Global Convertible Bond (EUR) D (acc) - EUR 2,050,978.199 25,346,411.858 8,176,310.416 19,221,079.641JPM Global Convertible Bond (EUR) X (acc) - EUR 1,366,823.569 6,465,499.731 483,736.774 7,348,586.526

JPMorgan Funds - Global Dynamic FundJPM Global Dynamic A (acc) - USD 2,542,841.958 25,505,004.514 6,858,176.438 21,189,670.034JPM Global Dynamic A (dist) - USD 51,452,288.945 74,751,773.172 36,067,216.698 90,136,845.419JF Global Dynamic A (dist) - USD 246,008.589 673,781.230 186,714.336 733,075.483JPM Global Dynamic A (dist) - GBP 498,193.024 467,367.569 119,848.728 845,711.865JPM Global Dynamic A (inc) - EUR - 496.381 - 496.381JPM Global Dynamic B (acc) - USD 624,397.496 7,194,398.256 1,178,833.265 6,639,962.487JPM Global Dynamic C (acc) - USD 2,094,691.632 20,463,975.878 4,155,409.575 18,403,257.935JPM Global Dynamic D (acc) - EUR - 643.365 - 643.365JPM Global Dynamic D (acc) - USD 3,461,475.529 9,340,403.286 4,004,846.909 8,797,031.906JPM Global Dynamic X (acc) - USD 25,168,404.013 19,970,305.944 28,125,766.643 17,012,943.314

JPMorgan Funds - Global Equity FundJPM Global Equity A (acc) - USD 706,268.469 1,587,690.078 1,049,907.587 1,244,050.960JPM Global Equity A (dist) - USD 1,294,831.828 1,358,975.414 1,255,054.069 1,398,753.173JF Global Equity A (dist) - USD 1,403,959.102 182,464.803 348,993.025 1,237,430.880JPM Global Equity B (acc) - USD - 24,404.580 - 24,404.580JPM Global Equity C (acc) - USD 10,287,077.703 8,938.500 1,757,322.177 8,538,694.026JPM Global Equity D (acc) - USD 42,204.780 2,914,496.515 69,407.131 2,887,294.164JPM Global Equity X (acc) - USD - 1,048,640.488 - 1,048,640.488

JPMorgan Funds - Global Life Sciences FundJPM Global Life Sciences A (acc) - USD 9,249.461 417,566.761 222,863.569 203,952.653JPM Global Life Sciences A (dist) - USD 7,142,895.853 4,105,769.970 6,853,603.351 4,395,062.472JPM Global Life Sciences A (dist) - GBP 19,110.857 821.792 1,842.406 18,090.243JF Global Life Sciences A (dist) - USD 862,517.686 8,373,095.735 5,147,751.482 4,087,861.939JPM Global Life Sciences B (acc) - USD - 27,247.540 27,247.540 -JPM Global Life Sciences D (acc) - USD 481,691.724 1,513,429.006 917,974.193 1,077,146.537

JPMorgan Funds - Global Natural Resources FundJPM Global Natural Resources A (acc) - EUR 6,177,084.157 52,793,557.760 24,706,095.792 34,264,546.125JPM Global Natural Resources A (dist) - EUR 177,419.656 3,673,445.738 857,886.962 2,992,978.432JPM Global Natural Resources B (acc) - EUR - 1,088,061.679 - 1,088,061.679JPM Global Natural Resources C (acc) - EUR 3,377,849.110 8,141,876.317 3,764,773.089 7,754,952.338JPM Global Natural Resources D (acc) - EUR - 12,252,534.194 2,537,785.170 9,714,749.024JPM Global Natural Resources X (acc) - EUR 180,191.280 5,095,975.349 98,149.354 5,178,017.275

JPMorgan Funds - Global Recovery FundJPM Global Recovery A (acc) - EUR 171,958.268 770,445.672 371,422.670 570,981.270JPM Global Recovery A (dist) - EUR 1,068,685.011 3,780,171.583 1,778,929.620 3,069,926.974JPM Global Recovery C (acc) - EUR - 722,195.718 210.953 721,984.765JPM Global Recovery D (acc) - EUR 206,384.911 1,685,549.828 664,449.183 1,227,485.556JPM Global Recovery X (acc) - EUR 190,310.162 987,800.037 105,534.014 1,072,576.185

JPMorgan Funds - Global Socially Responsible FundJPM Global Socially Responsible A (acc) - USD 1,000.000 1,194,787.933 236,620.212 959,167.721JPM Global Socially Responsible A (dist) - USD 4,686,312.544 2,226,727.554 3,810,115.977 3,102,924.121JPM Global Socially Responsible D (acc) - USD 289,770.768 301,027.816 308,293.309 282,505.275

275



of the Year


8. Historical Statement of Changes in the Number of Shares - for the year ended 30 June 2006 (continued)JPMorgan Funds - International Equity Fund (EUR)JPM International Equity (EUR) A (acc) - EUR 3,224,355.142 671,930.293 3,068,628.909 827,656.526JPM International Equity (EUR) A (dist) - EUR 849,062.045 136,112.045 246,858.384 738,315.706JPM International Equity (EUR) C (acc) - EUR - 11,390,814.678 4,324,491.143 7,066,323.535JPM International Equity (EUR) D (acc) - EUR 669,123.475 467,820.833 672,772.898 464,171.410

JPMorgan Funds - JF Asia Alpha Plus Fund (6)JF Asia Alpha Plus A (acc) - USD - 4,193,919.026 321,090.442 3,872,828.584

JPMorgan Funds - JF Asia Equity Fund (7)JF Asia Equity A (acc) - USD 1,375,218.839 5,622,636.166 2,873,627.396 4,124,227.609JF Asia Equity A (dist) - USD 22,102,807.908 4,678,911.880 11,188,566.973 15,593,152.815JF Asia Equity A (dist) - GBP 40,316.736 46,287.321 9,379.266 77,224.791JF Asia Equity B (acc) - USD 13,114.268 11,745.050 13,114.269 11,745.049JF Asia Equity C (acc) - USD 5,104,437.303 5,004,342.310 5,847,551.568 4,261,228.045JF Asia Equity D (acc) - USD 1,128,828.408 1,553,779.146 762,854.612 1,919,752.942JF Asia Equity D (acc) - EUR - 501.365 - 501.365JF Asia Equity I (acc) - USD - 3,697,232.304 - 3,697,232.303JF Asia Equity X (acc) - USD 377,661.025 367,843.372 215,999.751 529,504.646

JPMorgan Funds - JF China Fund (8)JF China A (acc) - USD 1,304,111.860 4,830,163.267 3,182,152.538 2,952,122.589JF China A (dist) - USD 30,690,063.549 30,510,084.021 24,859,898.837 36,340,248.733JF China B (acc) - USD - 1,239,453.749 - 1,239,453.749JF China C (acc) - USD 52,183.468 393,872.181 136,911.821 309,143.828JF China D (acc) - USD 3,754,807.797 10,004,967.398 4,348,544.626 9,411,230.569

JPMorgan Funds - JF Greater China Fund (9)JF Greater China A (acc) - USD 360,263.440 3,397,341.819 1,494,002.897 2,263,602.362JF Greater China A (dist) - USD 22,662,699.546 7,094,964.566 12,211,972.511 17,545,691.601JF Greater China B (acc) - USD - 1,182,225.820 - 1,182,225.820JF Greater China C (acc) - USD 2,183,164.265 810,876.434 621,943.663 2,372,097.036JF Greater China D (acc) - USD 3,172,797.584 4,543,109.050 2,388,795.258 5,327,111.376JF Greater China X (acc) - USD 45,823.227 42,722.954 45,818.852 42,727.329

JPMorgan Funds - JF Hong Kong Fund (10)JF Hong Kong A (acc) - USD 157,208.701 236,887.343 114,671.882 279,424.162JF Hong Kong A (dist) - USD 1,834,380.537 1,492,071.508 1,525,481.130 1,800,970.915JF Hong Kong B (acc) - USD - 21,000.000 - 21,000.000JF Hong Kong C (acc) - USD 6,882.503 9,057.971 3,113.104 12,827.370JF Hong Kong D (acc) - USD 257,713.265 615,267.103 431,283.897 441,696.471JF Hong Kong X (acc) - USD - 20,000.001 20,000.001 -

JPMorgan Funds - JF India Fund (11)JF India A (acc) - USD 5,579,873.393 19,666,720.696 15,856,838.632 9,389,755.457JF India A (dist) - USD 24,056,967.754 41,949,285.011 30,424,847.073 35,581,405.692JF India B (acc) - USD 131,921.327 3,140,467.008 690,813.388 2,581,574.947JF India C (acc) - USD 773,208.619 5,203,729.626 1,164,905.190 4,812,033.055JF India D (acc) - USD 7,512,683.719 25,718,673.352 12,195,286.256 21,036,070.815JF India X (acc) - USD 206,202.173 125,730.621 210,923.748 121,009.046

JPMorgan Funds - JF Japan Alpha Plus Fund (12)JF Japan Alpha Plus A (acc) - USD 1,476,098.692 7,973,381.707 5,230,859.655 4,218,620.744JF Japan Alpha Plus A (dist) - USD 17,587,881.560 5,322,756.631 14,185,125.370 8,725,512.821JF Japan Alpha Plus D (acc) - USD 121,070.500 232,954.553 69,702.000 284,323.053

JPMorgan Funds - JF Japan Equity Fund (13)JF Japan Equity A (acc) - USD 6,643,490.773 60,622,328.242 15,975,351.016 51,290,467.999JF Japan Equity A (acc) - EUR - 503,778.339 251,889.170 251,889.169JF Japan Equity A (acc) - JPY - 6,241,922.934 1,471,858.644 4,770,064.290JF Japan Equity A (dist) - USD 66,250,387.401 71,290,430.490 60,358,007.886 77,182,810.005JF Japan Equity A (dist) - GBP 174,930.011 256,358.210 104,231.611 327,056.610JF Japan Equity B (acc) - USD 756,227.854 2,486,404.038 520,079.377 2,722,552.515JF Japan Equity C (acc) - USD 12,629,236.399 17,648,523.877 4,743,035.410 25,534,724.866JF Japan Equity D (acc) - USD 8,950,611.897 26,552,992.441 12,805,209.065 22,698,395.273JF Japan Equity D (acc) - EUR - 622.822 - 622.822JF Japan Equity J (dist) - USD 3,557,921.459 7,099,499.360 4,716,569.808 5,940,851.011JF Japan Equity X (acc) - USD 2,476,098.147 6,432,078.632 5,037,454.858 3,870,721.921

(6) This Sub-Fund was launched on 9 November 2005.(7) Name changed from Asia Equity Fund on 13 September 2005.(8) Name changed from China Fund on 13 September 2005.(9) Name changed from Greater China Fund on 13 September 2005.(10) Name changed from Hong Kong Fund on 13 September 2005.(11) Name changed from India Fund on 13 September 2005.(12) Name changed from Japan Alpha Plus Fund on 13 September 2005.(13) Name changed from Japan Equity Fund on 13 September 2005.

276



of the Year


8. Historical Statement of Changes in the Number of Shares - for the year ended 30 June 2006 (continued)JPMorgan Funds - JF Japan Small Cap Fund (14)JF Japan Small Cap A (acc) - USD 118,218.926 5,440,400.281 3,479,098.792 2,079,520.415JF Japan Small Cap A (dist) - USD 14,191,693.873 15,577,551.577 15,900,176.097 13,869,069.353JF Japan Small Cap B (acc) - USD - 440,786.262 110.001 440,676.261JF Japan Small Cap C (acc) - USD - 3,683,696.474 1,679,494.542 2,004,201.932JF Japan Small Cap D (acc) - USD 980,764.707 5,930,017.044 3,916,747.732 2,994,034.019JF Japan Small Cap X (acc) - USD 257,965.072 604,065.859 408,638.333 453,392.598

JPMorgan Funds - JF Pacific Balanced Fund (15)JF Pacific Balanced A (acc) - USD 65,825.070 1,142,356.329 343,059.923 865,121.476JF Pacific Balanced A (dist) - USD 6,675,738.837 4,408,220.295 3,710,309.865 7,373,649.267JF Pacific Balanced D (acc) - USD 892,513.389 2,462,208.405 1,331,346.797 2,023,374.997

JPMorgan Funds - JF Pacific Equity Fund (16)JF Pacific Equity A (acc) - USD 2,245,205.242 3,681,818.316 2,783,503.029 3,143,520.529JF Pacific Equity A (acc) - EUR - 1,021,455.485 85,980.422 935,475.063JF Pacific Equity A (dist) - USD 25,229,429.070 7,460,791.112 9,722,715.438 22,967,504.744JF Pacific Equity A (dist) - GBP 75,059.051 10,063.966 33,835.525 51,287.492JF Pacific Equity B (acc) - USD 31,146.453 33,277.857 31,146.453 33,277.857JF Pacific Equity C (acc) - USD 4,039,295.789 6,534,580.193 2,715,253.621 7,858,622.361JF Pacific Equity D (acc) - USD 1,094,886.662 6,139,616.445 4,003,852.320 3,230,650.787JF Pacific Equity D (acc) - EUR - 20,352.015 - 20,352.015JF Pacific Equity X (acc) - USD - 30,000.001 30,000.001 -

JPMorgan Funds - JF Pacific Technology Fund (17)JF Pacific Technology A (acc) - USD 29,563.363 889,590.542 305,471.143 613,682.762JF Pacific Technology A (dist) - USD 3,055,332.061 7,313,078.567 5,948,750.078 4,419,660.550JF Pacific Technology A (dist) - GBP 10,507.212 7,902.819 11,250.880 7,159.151JF Pacific Technology B (acc) - USD - 129,291.470 - 129,291.470JF Pacific Technology D (acc) - USD 414,299.637 403,779.546 410,436.667 407,642.516

JPMorgan Funds - JF Singapore Fund (18)JF Singapore A (acc) - USD 10,132.687 1,894,547.388 909,082.716 995,597.359JF Singapore A (dist) - USD 1,408,287.600 9,554,637.453 6,453,371.333 4,509,553.720JF Singapore B (acc) - USD - 84,934.887 64,675.698 20,259.189JF Singapore C (acc) - USD 24,603.414 1,150,808.473 176,601.771 998,810.116JF Singapore D (acc) - USD 359,138.031 1,879,369.965 1,027,552.958 1,210,955.038JF Singapore X (acc) - USD - 10,000.000 - 10,000.000

JPMorgan Funds - JF Taiwan Fund (19)JF Taiwan A (acc) - USD 66,980.748 13,483,520.712 7,333,083.878 6,217,417.582JF Taiwan A (dist) - USD 9,483,034.706 24,514,350.769 18,658,033.377 15,339,352.098JF Taiwan B (acc) - USD - 144,587.850 - 144,587.850JF Taiwan C (acc) - USD 12,164.293 8,203,458.018 1,445,396.187 6,770,226.124JF Taiwan D (acc) - USD 121,449.959 4,858,464.801 2,262,373.321 2,717,541.439JF Taiwan X (acc) - USD - 160,061.802 - 160,061.802

JPMorgan Funds - JF Tokyo Alpha Plus Fund (20)JF Tokyo Alpha Plus A (acc) - JPY - 31,286,566.138 4,228,811.424 27,057,754.714JF Tokyo Alpha Plus A (dist) - JPY - 3,816,876.251 884,965.938 2,931,910.313JF Tokyo Alpha Plus X (acc) - JPY - 17,562.002 - 17,562.002

JPMorgan Funds - Latin America Equity FundJPM Latin America Equity A (acc) - USD 227,505.630 6,812,211.753 5,121,603.021 1,918,114.362JPM Latin America Equity A (dist) - USD 8,979,003.338 7,776,594.328 9,306,066.949 7,449,530.717JF Latin America Equity A (dist) - USD 338,543.952 8,010,459.154 5,943,522.295 2,405,480.811JPM Latin America Equity B (acc) - USD - 3,468,142.098 10,413.899 3,457,728.199JPM Latin America Equity C (acc) - USD 3,056,907.667 11,180,827.461 5,072,473.619 9,165,261.509JPM Latin America Equity D (acc) - USD 832,489.976 5,416,287.683 2,513,294.506 3,735,483.153JPM Latin America Equity I (acc) - USD - 5,515,171.024 - 5,515,171.024JPM Latin America Equity X (acc) - USD 3,800,000.000 972,223.124 1,755,967.892 3,016,255.232

JPMorgan Funds - Middle East Equity Fund (21)JPM Middle East Equity A (acc) - USD 1,087,014.222 6,985,085.569 5,834,133.589 2,237,966.202JPM Middle East Equity A (dist) - USD 7,460,463.851 18,396,767.783 17,483,736.192 8,373,495.442JPM Middle East Equity B (acc) - USD 552,847.784 160,565.635 707,113.419 6,300.000JPM Middle East Equity D (acc) - USD 2,263,740.907 9,455,542.815 6,279,120.626 5,440,163.096

JPMorgan Funds - Russia Fund (22)JPM Russia A (acc) - USD - 4,519,268.292 1,493,101.820 3,026,166.472JPM Russia A (dist) - USD - 11,792,213.242 6,265,463.996 5,526,749.246JPM Russia B (acc) - USD - 427,830.018 - 427,830.018JPM Russia D (acc) - USD - 388,964.537 62,303.796 326,660.741

(14) Name changed from Japan Small Cap Fund on 13 September 2005.(15) Name changed from Pacific Balanced Fund on 13 September 2005.(16) Name changed from Pacific Equity Fund on 13 September 2005.(17) Name changed from Pacific Technology Fund on 13 September 2005.(18) Name changed from Singapore Fund on 13 September 2005.(19) Name changed from Taiwan Fund on 13 September 2005.(20) This Sub-Fund was launched on 1 February 2006.(21) This Sub-Fund’s year end is 29 June 2006.(22) This Sub-Fund was launched on 18 November 2005.

277



of the Year


8. Historical Statement of Changes in the Number of Shares - for the year ended 30 June 2006 (continued)JPMorgan Funds - Sterling Bond FundJPM Sterling Bond A (acc) - GBP 632,324.029 2,115,021.633 1,180,600.727 1,566,744.935JPM Sterling Bond A (dist) - GBP 138,289,710.830 92,175,360.711 39,142,675.483 191,322,396.058JPM Sterling Bond D (acc) - GBP 760,132.969 2,709,408.496 1,491,665.572 1,977,875.893JPM Sterling Bond X (acc) - GBP 527,188.986 1,455,901.048 970,778.886 1,012,311.148

JPMorgan Funds - UK Equity FundJPM UK Equity A (acc) - GBP 1,625,849.212 5,684,934.225 1,905,027.078 5,405,756.359JPM UK Equity A (dist) - GBP 31,781,691.373 17,476,089.036 14,664,252.021 34,593,528.388JPM UK Equity C (acc) - GBP 157,056.877 1,704,429.401 463,021.926 1,398,464.352JPM UK Equity D (acc) - GBP 294,027.053 1,730,812.486 609,063.121 1,415,776.418

JPMorgan Funds - US Aggregate Bond FundJPM US Aggregate Bond A (acc) - USD 29,528.513 957,869.448 809,014.274 178,383.687JPM US Aggregate Bond A (dist) - USD 3,785,263.420 1,201,188.069 2,132,055.774 2,854,395.715JPM US Aggregate Bond B (acc) - USD - 797,858.610 - 797,858.600JPM US Aggregate Bond C (acc) - USD - 2,347,283.183 106,573.430 2,240,709.753JPM US Aggregate Bond D (acc) - USD 215,720.387 716,640.327 329,426.069 602,934.645JPM US Aggregate Bond X (acc) - USD 14,774,634.252 5,651,342.562 2,810,357.201 17,615,619.613

JPMorgan Funds - US Dynamic FundJPM US Dynamic A (acc) - USD 5,211,788.941 116,913,039.285 23,945,631.488 98,179,196.738JPM US Dynamic A (acc) - EUR - 1,933,416.595 100,430.597 1,832,985.998JPM US Dynamic A (dist) - USD 60,352,089.847 138,751,624.322 60,830,906.259 138,272,807.910JPM US Dynamic B (acc) - USD 1,683,404.511 8,270,131.062 1,077,696.324 8,875,839.249JPM US Dynamic C (acc) - USD 7,078,236.833 71,598,434.579 12,054,014.185 66,622,657.227JPM US Dynamic D (acc) - USD 937,090.503 9,059,578.506 1,755,447.731 8,241,221.278JPM US Dynamic D (acc) - EUR - 501.365 - 501.365JPM US Dynamic I (acc) - USD - 2,500,000.000 - 2,500,000.000JPM US Dynamic X (acc) - USD 13,039,404.597 25,594,201.386 16,294,061.013 22,339,544.970

JPMorgan Funds - US Small Cap Growth FundJPM US Small Cap Growth A (acc) - USD 251,313.150 497,929.523 412,009.135 337,233.538JPM US Small Cap Growth A (dist) - USD 813,082.468 226,020.738 328,042.716 711,060.490JPM US Small Cap Growth A (dist) - GBP 5,655.612 64.598 5,504.696 215.514JPM US Small Cap Growth D (acc) - USD 180,557.341 451,609.104 247,993.944 384,172.501

JPMorgan Funds - US Strategic Growth FundJPM US Strategic Growth A (acc) - USD 1,000.000 8,098,050.264 2,544,381.087 5,554,669.177JPM US Strategic Growth A (dist) - USD 2,883,813.821 11,359,970.788 4,276,428.071 9,967,356.538JPM US Strategic Growth A (dist) - GBP 4,118.814 24,714.967 439.946 28,393.835JPM US Strategic Growth B (acc) - USD - 1,272,771.456 129,219.659 1,143,551.797JPM US Strategic Growth C (acc) - USD - 641,058.058 - 641,058.058JPM US Strategic Growth D (acc) - USD 165,691.859 511,820.981 244,782.603 432,730.237JPM US Strategic Growth X (acc) - USD - 4,516,098.582 805,085.135 3,711,013.447

JPMorgan Funds - US Technology FundJPM US Technology A (acc) - USD 146,620.958 273,580.858 241,781.871 178,419.945JPM US Technology A (dist) - GBP 40,939.962 2,913.377 3,690.306 40,163.033JPM US Technology A (dist) - USD 17,939,619.505 10,061,424.252 13,988,037.062 14,013,006.695JF US Technology A (dist) - USD 5,107,123.959 7,766,002.722 8,913,578.805 3,959,547.876JPM US Technology D (acc) - USD 1,565,878.908 4,871,433.192 3,011,829.063 3,425,483.037

JPMorgan Funds - US Value Fund (23)JPM US Value A (acc) - USD 8,748,748.842 44,986,422.955 36,209,776.613 17,525,395.184JPM US Value A (dist) - USD 78,867,878.915 47,812,693.696 73,034,691.907 53,645,880.704JPM US Value A (dist) - GBP 72,341.322 1,940.618 34,380.385 39,901.555JF US Value A (dist) - USD 195,805.902 457,492.691 338,777.769 314,520.824JPM US Value B (acc) - USD 431,015.101 728,653.838 934,922.898 224,746.041JPM US Value C (acc) - USD 4,477,160.250 13,229,935.378 8,189,167.481 9,517,928.147JPM US Value D (acc) - USD 13,285,389.828 3,514,717.257 11,783,036.442 5,017,070.643JPM US Value X (acc) - USD 5,608,351.387 3,244,229.790 5,697,398.079 3,155,183.098

(23) Name changed from US Strategic Value Fund on 1 June 2006.

278



of the Year


9. Historical Statement of Changes in the Number of Shares - for the year ended 30 June 2005 (continued)JPMorgan Fleming Funds - America Equity FundJPMF America Equity A (acc) - USD - 5,182,263.846 841,281.484 4,340,982.362JPMF America Equity A (dist) - USD 23,526,449.710 8,746,135.613 16,756,178.646 15,516,407.677JF America Equity A (dist) - USD 885,151.740 160,723.581 276,804.364 769,070.957JPMF America Equity B (acc) - USD - 2,422,206.009 881,923.592 1,540,282.417JPMF America Equity C (acc) - USD - 5,963,937.493 1,974,387.260 3,989,550.233JPMF America Equity D (acc) - USD 2,611,664.602 9,207,655.323 2,079,852.451 9,739,467.474JPMF America Equity X (acc) - USD - 9,273,650.699 2,595,625.372 6,678,025.327

JPMorgan Fleming Funds - America Large Cap FundJPMF America Large Cap A (acc) - USD - 60,813.624 6,373.837 54,439.787JPMF America Large Cap A (dist) - USD 17,501,978.854 1,873,843.382 13,213,563.114 6,162,259.122JPMF America Large Cap D (acc) - USD 118,341.621 291,740.100 80,675.519 329,406.202

JPMorgan Fleming Funds - America Micro Cap FundJPMF America Micro Cap A (acc) - USD - 1,741,213.945 9,308.584 1,731,905.361JPMF America Micro Cap A (dist) - USD 4,561,267.274 1,465,525.560 3,220,807.982 2,805,984.852JF America Micro Cap A (dist) - USD 205,297.784 395,504.393 330,081.723 270,720.454JPMF America Micro Cap D (acc) - USD 700,082.579 817,424.878 398,912.479 1,118,594.978JPMF America Micro Cap X (acc) - USD - 1,015,405.024 247,002.115 768,402.909

JPMorgan Fleming Funds - Asia Equity FundJF Asia Equity A (acc) - USD - 1,724,677.763 349,458.924 1,375,218.839JF Asia Equity A (dist) - USD 33,194,740.175 8,190,290.212 19,282,222.479 22,102,807.908JF Asia Equity A (dist) - GBP 40,540.106 14,922.370 15,145.740 40,316.736JF Asia Equity B (acc) - USD - 65,024.175 51,909.907 13,114.268JF Asia Equity C (acc) - USD - 5,468,459.692 364,022.389 5,104,437.303JF Asia Equity D (acc) - USD 1,005,217.807 763,476.827 639,866.226 1,128,828.408JF Asia Equity X (acc) - USD - 406,254.045 28,593.020 377,661.025

JPMorgan Fleming Funds - China FundJF China A (acc) - USD - 1,385,713.208 81,601.348 1,304,111.860JF China A (dist) - USD 35,233,559.915 9,726,365.957 14,269,862.323 30,690,063.549JF China C (acc) - USD - 52,183.526 0.058 52,183.468JF China D (acc) - USD 1,263,841.633 3,512,035.071 1,021,068.907 3,754,807.797

JPMorgan Fleming Funds - Eastern Europe Equity FundJPMF Eastern Europe Equity A (acc) - EUR - 1,021,163.239 332,143.542 689,019.697JPMF Eastern Europe Equity A (dist) - EUR 27,299,669.119 23,001,588.989 20,818,423.867 29,482,834.241JF Eastern Europe Equity A (dist) - EUR 1,785,017.474 2,504,632.122 2,252,080.498 2,037,569.098JPMF Eastern Europe Equity C (acc) - EUR - 10,598,114.772 - 10,598,114.772JPMF Eastern Europe Equity D (acc) - EUR 590,684.749 1,360,303.633 494,735.206 1,456,253.176JPMF Eastern Europe Equity X (acc) - EUR 7,182,802.036 2,882,802.036 4,300,000.000

JPMorgan Fleming Funds - Emerging Europe Equity FundJPMF Emerging Europe Equity A (acc) - USD 916,103.291 21,555.113 894,548.178JPMF Emerging Europe Equity A (dist) - USD 10,398,841.365 6,812,049.239 9,947,977.297 7,262,913.307JPMF Emerging Europe Equity B (acc) - USD - 103,079.328 - 103,079.328JPMF Emerging Europe Equity C (acc) - USD - 5,478,532.023 - 5,478,532.023JPMF Emerging Europe Equity D (acc) - USD 404,590.865 909,938.635 285,643.423 1,028,886.077JPMF Emerging Europe Equity X (acc) - USD - 46,999.632 16,932.700 30,066.932

JPMorgan Fleming Funds - Emerging Markets Equity FundJPMF Emerging Markets Equity A (acc) - USD - 2,210,996.969 254,349.805 1,956,647.164JPMF Emerging Markets Equity A (dist) - USD 42,484,423.172 85,190,265.543 39,415,542.542 88,259,146.173JPMF Emerging Markets Equity A (dist) - GBP 41,036.888 38,204.637 55,771.138 23,470.387JPMF Emerging Markets Equity B (acc) - USD - 581,604.318 160,149.432 421,454.886JPMF Emerging Markets Equity C (acc) - USD - 5,137,715.967 - 5,137,715.967JPMF Emerging Markets Equity D (acc) - USD 348,170.103 1,119,301.087 223,934.585 1,243,536.605JPMF Emerging Markets Equity X (acc) - USD - 3,665,989.822 17,664.784 3,648,325.038

JPMorgan Fleming Funds - Euroland Equity FundJPMF Euroland Equity A (acc) - EUR - 7,277,020.503 454,973.909 6,822,046.594JPMF Euroland Equity A (dist) - EUR 13,406,997.846 37,233,113.750 13,940,174.638 36,699,936.958JF Euroland Equity A (dist) - USD 9,842,453.905 2,565,757.622 4,667,789.899 7,740,421.628JPMF Euroland Equity C (acc) - EUR - 8,270,591.362 492,810.026 7,777,781.336JPMF Euroland Equity D (acc) - EUR 998,643.589 1,575,828.951 472,342.148 2,102,130.392

JPMorgan Fleming Funds - Europe Aggregate Bond FundJPMF Europe Aggregate Bond A (acc) - EUR - 6,416,128.623 414,302.545 6,001,826.078JPMF Europe Aggregate Bond A (dist) - EUR 26,006,802.466 16,700,062.307 21,452,623.540 21,254,241.233JPMF Europe Aggregate Bond B (acc) - EUR - 149,860.001 74,930.001 74,930.000JPMF Europe Aggregate Bond D (acc) - EUR 437,677.948 2,398,897.855 981,024.436 1,855,551.367

JPMorgan Fleming Funds - Europe Balanced Fund (EUR) (1)JPMF Europe Balanced (EUR) A (acc) - EUR - 772.600 - 772.600JPMF Europe Balanced (EUR) A (dist) - EUR 3,382,636.578 1,088,179.249 1,034,462.356 3,436,353.471JPMF Europe Balanced (EUR) D (acc) - EUR 699,785.005 1,053,498.809 448,050.934 1,305,232.880

JPMorgan Fleming Funds - Europe Convergence Equity FundJPMF Europe Convergence Equity A (acc) - EUR - 1,179,178.572 519,926.061 659,252.511JPMF Europe Convergence Equity A (dist) - EUR 8,868,718.276 21,527,745.870 15,388,680.595 15,007,783.551JPMF Europe Convergence Equity C (acc) - EUR - 876,634.742 30,000.001 846,634.741JPMF Europe Convergence Equity D (acc) - EUR 607,768.198 4,241,111.995 1,751,495.521 3,097,384.672

(1) Name changed from Balanced Fund on 2 May 2005.

279



of the Year


9. Historical Statement of Changes in the Number of Shares - for the year ended 30 June 2005 (continued)JPMorgan Fleming Funds - Europe Dynamic FundJPMF Europe Dynamic A (acc) - EUR - 3,937,133.875 54,249.197 3,882,884.678JPMF Europe Dynamic A (dist) - EUR 80,545,705.170 50,266,433.848 66,188,289.665 64,623,849.353JPMF Europe Dynamic A (dist) - GBP 110,911.010 30,519.407 36,810.499 104,619.918JF Europe Dynamic A (dist) - EUR 1,000.000 1,604,627.585 220,677.524 1,384,950.061JPMF Europe Dynamic B (acc) - EUR - 1,331,760.606 651,068.757 680,691.849JPMF Europe Dynamic C (acc) - EUR - 6,824,076.941 2,801,491.676 4,022,585.265JPMF Europe Dynamic D (acc) - EUR 3,587,545.978 3,880,203.839 2,673,475.788 4,794,274.029JPMF Europe Dynamic D (acc) - USD - 80.580 - 80.580JPMF Europe Dynamic X (acc) - EUR - 5,483,305.666 386,061.319 5,097,244.347

JPMorgan Fleming Funds - Europe Dynamic Small Cap Fund (2)JPMF Europe Dynamic Small Cap A (acc) - EUR - 821,251.170 14,040.301 807,210.869

JPMorgan Fleming Funds - Europe Equity FundJPMF Europe Equity A (acc) - EUR - 10,982,568.295 958,708.792 10,023,859.503JPMF Europe Equity A (dist) - EUR 53,453,144.834 66,395,548.403 41,089,663.328 78,759,029.909JPMF Europe Equity A (dist) - USD 6,969,566.391 1,741,238.165 2,375,314.382 6,335,490.174JF Europe Equity A (dist) - USD 1,865,401.120 581,000.185 711,949.688 1,734,451.617JPMF Europe Equity B (acc) - EUR - 1,735,313.789 932,102.781 803,211.008JPMF Europe Equity C (acc) - EUR - 13,705,170.749 3,585,829.000 10,119,341.749JPMF Europe Equity D (acc) - EUR 6,074,378.742 18,749,633.160 6,295,593.292 18,528,418.610JPMF Europe Equity X (acc) - EUR - 14,018,689.011 1,110,762.043 12,907,926.968

JPMorgan Fleming Funds - Europe High Yield Bond FundJPMF Europe High Yield Bond A (acc) - EUR - 6,007.557 1,086.964 4,920.593JPMF Europe High Yield Bond A (dist) - EUR 15,402,067.449 6,410,277.250 10,328,198.705 11,484,145.994JPMF Europe High Yield Bond D (acc) - EUR 550,449.099 1,354,728.974 561,605.916 1,343,572.157

JPMorgan Fleming Funds - Europe Small Cap FundJPMF Europe Small Cap A (dist) - EUR 31,263,231.938 11,760,713.350 23,710,784.513 19,313,160.775JPMF Europe Small Cap A (acc) - EUR - 449,060.218 8,681.543 440,378.675JPMF Europe Small Cap A (dist) - GBP 9,804.901 27,412.536 7,411.564 29,805.873JF Europe Small Cap A (dist) - EUR 283,213.761 3,002,130.351 2,366,211.422 919,132.690JPMF Europe Small Cap B (acc) - EUR - 84,138.445 12,564.334 71,574.111JPMF Europe Small Cap C (acc) - EUR - 10,585,000.099 1,934,882.247 8,650,117.852JPMF Europe Small Cap D (acc) - EUR 722,859.386 2,789,992.239 841,427.816 2,671,423.809JPMF Europe Small Cap X (acc) - EUR - 535,228.761 169,860.089 365,368.672

JPMorgan Fleming Funds - Europe Strategic Growth FundJPMF Europe Strategic Growth A (acc) - EUR - 2,809,774.192 177,161.112 2,632,613.080JPMF Europe Strategic Growth A (dist) - EUR 47,356,995.057 99,224,635.032 46,638,035.580 99,943,594.509JPMF Europe Strategic Growth A (dist) - GBP 24,595.170 1,830.793 4,308.916 22,117.047JPMF Europe Strategic Growth B (acc) - EUR - 1,482,138.725 6,882.137 1,475,256.588JPMF Europe Strategic Growth C (acc) - EUR - 8,331,305.833 692,934.879 7,638,370.954JPMF Europe Strategic Growth D (acc) - EUR 731,406.133 1,564,642.748 1,501,244.171 794,804.710JPMF Europe Strategic Growth X (acc) - EUR - 491,894.114 59,752.444 432,141.670

JPMorgan Fleming Funds - Europe Strategic Value FundJPMF Europe Strategic Value A (acc) - EUR - 19,539,773.150 6,396,648.644 13,143,124.506JPMF Europe Strategic Value A (dist) - EUR 163,481,831.158 229,203,434.707 143,962,272.671 248,722,993.194JPMF Europe Strategic Value A (dist) - GBP 15,981.533 8,571.317 2,961.042 21,591.808JPMF Europe Strategic Value B (acc) - EUR - 389,298.659 59,960.113 329,338.546JPMF Europe Strategic Value C (acc) - EUR - 18,173,981.988 2,636,238.889 15,537,743.099JPMF Europe Strategic Value D (acc) - EUR 19,597,940.636 26,595,949.905 13,075,656.098 33,118,234.443JPMF Europe Strategic Value X (acc) - EUR - 2,060,106.613 233,012.053 1,827,094.560

JPMorgan Fleming Funds - Europe Technology FundJPMF Europe Technology A (acc) - EUR - 389,300.997 5,522.106 383,778.891JPMF Europe Technology A (dist) - EUR 32,508,541.604 8,733,034.768 17,527,994.545 23,713,581.827JPMF Europe Technology A (dist) - GBP 37,069.351 1,077.935 12,994.624 25,152.662JF Europe Technology A (dist) - EUR 4,706,890.075 1,312,330.312 2,624,821.877 3,394,398.510JPMF Europe Technology D (acc) - EUR 1,553,683.430 1,143,921.917 1,180,454.124 1,517,151.223

JPMorgan Fleming Funds - FF Emerging Markets Debt FundJPMF FF Emerging Markets Debt A (acc) - USD - 293,876.057 33,482.231 260,393.826JPMF FF Emerging Markets Debt A (dist) - USD 3,355,486.212 10,104,102.649 4,391,552.606 9,068,036.255JPMF FF Emerging Markets Debt D (acc) - USD 301,891.135 932,250.768 193,442.440 1,040,699.463

JPMorgan Fleming Funds - Germany Equity FundJPMF Germany Equity A (acc) - EUR - 822,138.965 37,527.506 784,611.459JPMF Germany Equity A (dist) - EUR 3,134,860.957 4,263,418.098 4,703,026.058 2,695,252.997JF Germany Equity A (dist) - EUR 2,261,836.710 73,425.748 662,270.476 1,672,991.982JPMF Germany Equity D (acc) - EUR 481,865.598 549,154.748 335,014.126 696,006.220

JPMorgan Fleming Funds - Global Aggregate Bond FundJPMF Global Aggregate Bond A (acc) - USD - 582,981.976 80,330.221 502,651.755JPMF Global Aggregate Bond A (dist) - USD 29,677,815.514 17,183,210.733 20,456,535.087 26,404,491.160JPMF Global Aggregate Bond B (acc) - USD - 578,508.910 360,450.852 218,058.058JPMF Global Aggregate Bond C (acc) - USD - 1,800,000.001 900,000.001 900,000.000JPMF Global Aggregate Bond D (acc) - USD 100,450.061 357,984.292 147,785.653 310,648.700JPMF Global Aggregate Bond X (acc) - USD - 2,138,565.264 1,627,676.472 510,888.792


280



of the Year


9. Historical Statement of Changes in the Number of Shares - for the year ended 30 June 2005 (continued)JPMorgan Fleming Funds - Global Convertible Bond Fund (EUR) (3)JPMF Global Convertible Bond (EUR) A (acc) - EUR - 3,836,170.888 263,814.380 3,572,356.508JPMF Global Convertible Bond (EUR) A (dist) - EUR 32,906,541.421 35,481,882.204 27,931,902.246 40,456,521.379JF Global Convertible Bond (EUR) A (dist) - USD 394,677.554 502,341.953 220,779.238 676,240.269JPMF Global Convertible Bond (EUR) B (acc) - EUR - 110,729.896 44,302.986 66,426.910JPMF Global Convertible Bond (EUR) C (acc) - EUR - 4,055,823.677 1,051,797.851 3,004,025.826JPMF Global Convertible Bond (EUR) D (acc) - EUR 1,131,176.735 5,364,173.194 4,444,371.730 2,050,978.199JPMF Global Convertible Bond (EUR) X (acc) - EUR - 1,435,033.295 68,209.726 1,366,823.569

JPMorgan Fleming Funds - Global Dynamic FundJPMF Global Dynamic A (acc) - USD - 2,787,470.957 244,628.999 2,542,841.958JPMF Global Dynamic A (dist) - USD 72,660,909.595 28,563,239.358 49,771,860.008 51,452,288.945JF Global Dynamic A (dist) - USD 1,000.000 498,835.868 253,827.279 246,008.589JPMF Global Dynamic A (dist) - GBP 166,499.470 367,279.716 35,586.162 498,193.024JPMF Global Dynamic B (acc) - USD - 1,355,019.611 730,622.115 624,397.496JPMF Global Dynamic C (acc) - USD - 2,322,758.913 228,067.281 2,094,691.632JPMF Global Dynamic D (acc) - USD 1,200,080.183 2,630,981.198 369,585.852 3,461,475.529JPMF Global Dynamic X (acc) - USD 29,693,143.090 4,524,739.077 25,168,404.013

JPMorgan Fleming Funds - Global Equity FundJPMF Global Equity A (acc) - USD - 829,070.792 122,802.323 706,268.469JPMF Global Equity A (dist) - USD 2,548,500.737 6,087,758.852 7,341,427.761 1,294,831.828JF Global Equity A (dist) - USD 1,680,417.749 166,153.430 442,612.077 1,403,959.102JPMF Global Equity C (acc) - USD - 10,287,077.703 - 10,287,077.703JPMF Global Equity D (acc) - USD 22,643.391 40,440.370 20,878.981 42,204.780

JPMorgan Fleming Funds - Global Life Sciences FundJPMF Global Life Sciences A (acc) - USD - 9,249.726 0.265 9,249.461JPMF Global Life Sciences A (dist) - USD 8,679,080.370 2,025,882.135 3,562,066.652 7,142,895.853JF Global Life Sciences A (dist) - USD 732,153.151 4,273,737.751 4,143,373.216 862,517.686JPMF Global Life Sciences A (dist) - GBP 20,775.034 551.268 2,215.445 19,110.857JPMF Global Life Sciences B (acc) - USD - 15,840.000 15,840.000 -JPMF Global Life Sciences D (acc) - USD 298,915.921 492,850.822 310,075.019 481,691.724

JPMorgan Fleming Funds - Global Natural Resources Fund (4)JPMF Global Natural Resources A (acc) - EUR - 8,336,956.094 2,159,871.937 6,177,084.157JPMF Global Natural Resources A (dist) - EUR - 178,931.337 1,511.681 177,419.656JPMF Global Natural Resources B (acc) - EUR - 50,000.001 50,000.001 -JPMF Global Natural Resources C (acc) - EUR - 3,994,441.680 616,592.570 3,377,849.110JPMF Global Natural Resources X (acc) - EUR - 180,191.280 - 180,191.280

JPMorgan Fleming Funds - Global Recovery FundJPMF Global Recovery A (acc) - EUR - 171,958.268 - 171,958.268JPMF Global Recovery A (dist) - EUR 2,760,231.286 1,347,243.711 3,038,789.986 1,068,685.011JPMF Global Recovery B (acc) - EUR - 72,986.401 72,986.401 -JPMF Global Recovery D (acc) - EUR 80,104.632 206,727.133 80,446.854 206,384.911JPMF Global Recovery X (acc) - EUR - 208,892.413 18,582.251 190,310.162

JPMorgan Fleming Funds - Global Socially Responsible FundJPMF Global Socially Responsible A (acc) - USD - 1,000.000 - 1,000.000JPMF Global Socially Responsible A (dist) - USD 2,667,880.797 2,694,097.195 675,665.448 4,686,312.544JPMF Global Socially Responsible D (acc) - USD 43,947.866 267,700.253 21,877.351 289,770.768

JPMorgan Fleming Funds - Greater China FundJF Greater China A (acc) - USD - 385,545.179 25,281.739 360,263.440JF Greater China A (dist) - USD 26,439,486.380 11,797,629.795 15,574,416.629 22,662,699.546JF Greater China C (acc) - USD - 2,183,164.265 - 2,183,164.265JF Greater China D (acc) - USD 1,227,636.565 3,099,355.750 1,154,194.731 3,172,797.584JF Greater China X (acc) - USD - 54,174.898 8,351.671 45,823.227

JPMorgan Fleming Funds - Hong Kong FundJF Hong Kong A (acc) - USD - 160,314.098 3,105.397 157,208.701JF Hong Kong A (dist) - USD 2,360,633.146 1,904,570.628 2,430,823.237 1,834,380.537JF Hong Kong C (acc) - USD - 6,882.503 - 6,882.503JF Hong Kong D (acc) - USD 125,587.813 256,104.766 123,979.314 257,713.265

JPMorgan Fleming Funds - India FundJF India A (acc) - USD - 6,612,772.182 1,032,898.789 5,579,873.393JF India A (dist) - USD 19,995,356.655 20,057,928.284 15,996,317.185 24,056,967.754JF India B (acc) - USD - 138,346.120 6,424.793 131,921.327JF India C (acc) - USD - 860,858.620 87,650.001 773,208.619JF India D (acc) - USD 1,893,886.590 7,340,170.550 1,721,373.421 7,512,683.719JF India X (acc) - USD - 228,729.283 22,527.110 206,202.173

JPMorgan Fleming Funds - International Equity Fund (EUR) (5)JPMF International Equity (EUR) A (acc) - EUR - 4,145,352.177 920,997.035 3,224,355.142JPMF International Equity (EUR) A (dist) - EUR 5,052,201.443 829,450.642 5,032,590.040 849,062.045JPMF International Equity (EUR) D (acc) - EUR 339,797.094 3,293,944.413 2,964,618.032 669,123.475

(3) Name changed from Global Convertible Bond Fund on 1 December 2004.(4) This Sub-Fund was launched on 21 December 2004.(5) Name changed from International Equity Fund on 1 December 2004.

281



of the Year


9. Historical Statement of Changes in the Number of Shares - for the year ended 30 June 2005 (continued)JPMorgan Fleming Funds - Japan Alpha Plus Fund (6)JF Japan Alpha Plus A (acc) - USD - 1,519,665.831 43,567.139 1,476,098.692JF Japan Alpha Plus A (dist) - USD - 21,393,979.868 3,806,098.308 17,587,881.560JF Japan Alpha Plus D (acc) - USD - 135,716.000 14,645.500 121,070.500

JPMorgan Fleming Funds - Japan Equity FundJF Japan Equity A (acc) - USD - 7,181,692.811 538,202.038 6,643,490.773JF Japan Equity A (dist) - USD 94,489,488.474 43,498,037.476 71,737,138.549 66,250,387.401JF Japan Equity A (dist) - GBP 163,928.800 96,352.314 85,351.103 174,930.011JF Japan Equity B (acc) - USD - 1,320,556.647 564,328.793 756,227.854JF Japan Equity C (acc) - USD - 15,296,580.508 2,667,344.109 12,629,236.399JF Japan Equity D (acc) - USD 6,510,571.564 7,287,189.813 4,847,149.480 8,950,611.897JF Japan Equity J (dist) - USD 5,045,617.921 2,257,358.399 3,745,054.861 3,557,921.459JF Japan Equity X (acc) - USD - 4,401,362.664 1,925,264.517 2,476,098.147

JPMorgan Fleming Funds - Japan Small Cap FundJF Japan Small Cap A (acc) - USD - 122,931.568 4,712.642 118,218.926JF Japan Small Cap A (dist) - USD 19,596,109.418 9,555,505.194 14,959,920.739 14,191,693.873JF Japan Small Cap C (acc) - USD - 228,846.154 228,846.154 -JF Japan Small Cap D (acc) - USD 544,894.584 1,226,410.430 790,540.307 980,764.707JF Japan Small Cap X (acc) - USD - 371,898.696 113,933.624 257,965.072

JPMorgan Fleming Funds - Latin America Equity FundJPMF Latin America Equity A (acc) - USD - 239,116.706 11,611.076 227,505.630JPMF Latin America Equity A (dist) - USD 11,259,865.968 7,859,710.838 10,140,573.468 8,979,003.338JF Latin America Equity A (dist) - USD 4,275.364 726,312.403 392,043.815 338,543.952JPMF Latin America Equity C (acc) - USD - 3,150,385.720 93,478.053 3,056,907.667JPMF Latin America Equity D (acc) - USD 150,426.073 890,206.561 208,142.658 832,489.976JPMF Latin America Equity X (acc) - USD - 6,822,252.156 3,022,252.156 3,800,000.000

JPMorgan Fleming Funds - Middle East Equity FundJPMF Middle East Equity A (acc) - USD - 1,691,450.456 604,436.234 1,087,014.222JPMF Middle East Equity A (dist) - USD 971,862.068 11,591,546.395 5,102,944.612 7,460,463.851JPMF Middle East Equity B (acc) - USD - 552,847.784 - 552,847.784JPMF Middle East Equity D (acc) - USD 28,908.156 2,593,301.732 358,468.981 2,263,740.907

JPMorgan Fleming Funds - Pacific Balanced FundJF Pacific Balanced A (acc) - USD - 99,818.355 33,993.285 65,825.070JF Pacific Balanced A (dist) - USD 5,791,080.188 5,582,029.590 4,697,370.941 6,675,738.837JF Pacific Balanced D (acc) - USD 97,842.465 855,774.088 61,103.164 892,513.389

JPMorgan Fleming Funds - Pacific Equity FundJF Pacific Equity A (acc) - USD - 2,327,042.054 81,836.812 2,245,205.242JF Pacific Equity A (dist) - USD 30,752,771.556 6,665,796.977 12,189,139.463 25,229,429.070JF Pacific Equity A (dist) - GBP 85,331.603 5,228.761 15,501.313 75,059.051JF Pacific Equity B (acc) - USD - 31,146.453 - 31,146.453JF Pacific Equity C (acc) - USD - 4,039,295.789 - 4,039,295.789JF Pacific Equity D (acc) - USD 1,092,016.716 1,346,827.043 1,343,957.097 1,094,886.662

JPMorgan Fleming Funds - Pacific Technology FundJF Pacific Technology A (acc) - USD - 30,428.160 864.797 29,563.363JF Pacific Technology A (dist) - GBP 8,590.725 4,281.808 2,365.321 10,507.212JF Pacific Technology A (dist) - USD 4,064,826.406 2,231,824.734 3,241,319.079 3,055,332.061JF Pacific Technology D (acc) - USD 201,680.188 336,412.215 123,792.766 414,299.637

JPMorgan Fleming Funds - Singapore FundJF Singapore A (acc) - USD - 10,132.687 - 10,132.687JF Singapore A (dist) - USD 892,622.077 1,775,660.392 1,259,994.869 1,408,287.600JF Singapore C (acc) - USD - 24,603.414 - 24,603.414JF Singapore D (acc) - USD 46,412.629 397,431.167 84,705.765 359,138.031

JPMorgan Fleming Funds - Sterling Bond FundJPMF Sterling Bond A (acc) - GBP - 661,458.177 29,134.148 632,324.029JPMF Sterling Bond A (dist) - GBP 80,630,082.557 72,556,924.478 14,897,296.205 138,289,710.830JPMF Sterling Bond D (acc) - GBP 11,369.207 992,721.705 243,957.943 760,132.969JPMF Sterling Bond X (acc) - GBP - 839,400.931 312,211.945 527,188.986

JPMorgan Fleming Funds - Taiwan FundJF Taiwan A (acc) - USD - 66,980.748 - 66,980.748JF Taiwan A (dist) - USD 6,558,260.552 9,558,710.246 6,633,936.092 9,483,034.706JF Taiwan B (acc) - USD - 42,573.382 42,573.382 -JF Taiwan C (acc) - USD - 86,010.797 73,846.504 12,164.293JF Taiwan D (acc) - USD 41,244.714 139,341.180 59,135.935 121,449.959

JPMorgan Fleming Funds - UK Equity FundJPMF UK Equity A (acc) - GBP - 1,667,927.295 42,078.083 1,625,849.212JPMF UK Equity A (dist) - GBP 39,468,003.893 16,860,015.864 24,546,328.384 31,781,691.373JPMF UK Equity C (acc) - GBP - 213,456.878 56,400.001 157,056.877JPMF UK Equity D (acc) - GBP 97,935.033 276,243.747 80,151.727 294,027.053

(6) This Sub-Fund was launched on 18 August 2004.

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of the Year


9. Historical Statement of Changes in the Number of Shares - for the year ended 30 June 2005 (continued)JPMorgan Fleming Funds - US Aggregate Bond Fund (7)JPMF US Aggregate Bond A (acc) - USD - 30,519.219 990.706 29,528.513JPMF US Aggregate Bond A (dist) - USD 2,009,555.935 2,484,562.316 708,854.831 3,785,263.420JPMF US Aggregate Bond D (acc) - USD 57,528.184 787,034.376 628,842.173 215,720.387JPMF US Aggregate Bond X (acc) - USD - 15,075,100.768 300,466.516 14,774,634.252

JPMorgan Fleming Funds - US Dynamic FundJPMF US Dynamic A (acc) - USD - 5,372,028.799 160,239.858 5,211,788.941JPMF US Dynamic A (dist) - USD 34,870,201.886 54,701,810.653 29,219,922.692 60,352,089.847JPMF US Dynamic B (acc) - USD - 1,898,957.909 215,553.398 1,683,404.511JPMF US Dynamic C (acc) - USD - 8,055,223.066 976,986.233 7,078,236.833JPMF US Dynamic D (acc) - USD 430,722.733 1,117,935.782 611,568.012 937,090.503JPMF US Dynamic X (acc) - USD - 14,344,991.200 1,305,586.603 13,039,404.597

JPMorgan Fleming Funds - US Small Cap Growth Fund (8)JPMF US Small Cap Growth A (acc) - USD - 471,414.119 220,100.969 251,313.150JPMF US Small Cap Growth A (dist) - USD 1,069,243.855 543,250.899 799,412.286 813,082.468JPMF US Small Cap Growth A (dist) - GBP 7,834.151 942.652 3,121.191 5,655.612JPMF US Small Cap Growth B (acc) - USD - 1,274,431.701 1,274,431.701 -JPMF US Small Cap Growth D (acc) - USD 160,536.886 116,908.397 96,887.942 180,557.341

JPMorgan Fleming Funds - US Strategic Growth FundJPMF US Strategic Growth A (acc) - USD - 1,000.000 - 1,000.000JPMF US Strategic Growth A (dist) - USD 816,119.545 2,758,121.357 690,427.081 2,883,813.821JPMF US Strategic Growth A (dist) - GBP 7,453.603 1,029.032 4,363.821 4,118.814JPMF US Strategic Growth D (acc) - USD 36,331.576 142,474.762 13,114.479 165,691.859

JPMorgan Fleming Funds - US Strategic Value FundJPMF US Strategic Value A (acc) - USD - 9,416,447.773 667,698.931 8,748,748.842JPMF US Strategic Value A (dist) - USD 35,029,456.715 87,610,584.273 43,772,162.073 78,867,878.915JPMF US Strategic Value A (dist) - GBP 23,989.276 54,426.704 6,074.658 72,341.322JF US Strategic Value A (dist) - USD 1,000.000 377,324.512 182,518.610 195,805.902JPMF US Strategic Value B (acc) - USD - 743,981.213 312,966.112 431,015.101JPMF US Strategic Value C (acc) - USD - 5,132,651.902 655,491.652 4,477,160.250JPMF US Strategic Value D (acc) - USD 7,054,179.204 8,668,023.535 2,436,812.911 13,285,389.828JPMF US Strategic Value X (acc) - USD - 6,822,900.556 1,214,549.169 5,608,351.387

JPMorgan Fleming Funds - US Technology FundJPMF US Technology A (acc) - USD - 262,788.025 116,167.067 146,620.958JPMF US Technology A (dist) - GBP 46,709.857 3,365.501 9,135.396 40,939.962JPMF US Technology A (dist) - USD 21,786,408.921 15,295,984.342 19,142,773.757 17,939,619.505JF US Technology A (dist) - USD 7,578,185.568 4,564,519.886 7,035,581.495 5,107,123.959JPMF US Technology D (acc) - USD 732,136.987 2,492,196.555 1,658,454.634 1,565,878.908

(7) Name changed from FF USD Bond Fund on 2 May 2005.(8) Name changed from America Small Cap Fund on 1 December 2004.

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of the Year


10. Historical Statement of Changes in the Number of Shares - for the year ended 30 June 2004 (continued)JPMorgan Funds - America Equity FundJPM America Equity A - USD 22,774,945.341 20,927,675.484 20,176,171.115 23,526,449.710JF America Equity A - USD 1,320,200.157 1,444,879.919 1,879,928.336 885,151.740JPM America Equity D - USD 6,036,639.233 2,024,702.876 5,449,677.507 2,611,664.602

JPMorgan Funds - America Large Cap FundJPM America Large Cap A - USD 36,663,757.897 14,578,288.917 33,740,067.960 17,501,978.854JPM America Large Cap D - USD 4,878,175.875 89,853.678 4,849,687.932 118,341.621

JPMorgan Funds - America Micro Cap FundJPM America Micro Cap A - USD 3,028,624.013 4,398,606.424 2,865,963.163 4,561,267.274JF America Micro Cap - A USD 1,000.000 282,502.550 78,204.766 205,297.784JPM America Micro Cap D - USD 22,631.667 764,506.611 87,055.699 700,082.579

JPMorgan Funds - America Small Cap FundJPM America Small Cap A - USD 1,501,501.556 974,223.249 1,406,480.950 1,069,243.855JPM America Small Cap A - GBP 3,272.107 4,562.044 - 7,834.151JPM America Small Cap D - USD 64,405.646 118,317.346 22,186.106 160,536.886

JPMorgan Funds - Asia Equity FundJF Asia Equity A - USD 36,024,467.917 33,593,176.294 36,422,904.036 33,194,740.175JF Asia Equity A - GBP 12,449.466 32,316.940 4,226.300 40,540.106JF Asia Equity D - USD 746,643.878 4,444,273.353 4,185,699.424 1,005,217.807

JPMorgan Funds - Balanced FundJPM Balanced A - EUR 2,822,390.598 1,086,954.302 526,708.322 3,382,636.578JPM Balanced D - EUR 46,123.407 805,123.938 151,462.340 699,785.005

JPMorgan Funds - China FundJF China A - USD 22,369,834.807 39,469,026.871 26,605,301.763 35,233,559.915JF China D - USD 877,533.307 1,733,031.622 1,346,723.296 1,263,841.633

JPMorgan Funds - Eastern Europe Equity FundJPM Eastern Europe Equity A - EUR 28,182,671.263 19,362,867.250 20,245,869.394 27,299,669.119JF Eastern Europe Equity A - EUR 1,088,837.385 3,083,018.022 2,386,837.933 1,785,017.474JPM Eastern Europe Equity D - EUR 90,496.796 719,575.853 219,387.900 590,684.749

JPMorgan Funds - Emerging Europe Equity FundJPM Emerging Europe Equity A - USD 9,105,216.664 12,226,561.928 10,932,937.227 10,398,841.365JPM Emerging Europe Equity D - USD 788,108.685 528,617.998 912,135.818 404,590.865

JPMorgan Funds - Emerging Markets Equity FundJPM Emerging Markets Equity A - USD 39,565,436.288 34,058,606.036 31,139,619.152 42,484,423.172JPM Emerging Markets Equity A - GBP 5,624.073 41,503.287 6,090.472 41,036.888JPM Emerging Markets Equity D - USD 33,694.195 481,797.004 167,321.096 348,170.103

JPMorgan Funds - Euroland Equity FundJPM Euroland Equity A - EUR 12,636,853.401 8,535,223.973 7,765,079.528 13,406,997.846JF Euroland Equity A - USD 12,223,070.229 2,130,283.838 4,510,900.162 9,842,453.905JPM Euroland Equity D - EUR 4,409,553.136 1,076,237.028 4,487,146.575 998,643.589

JPMorgan Funds - Europe Aggregate Bond FundJPM Europe Aggregate Bond A - EUR 29,368,761.082 16,249,609.724 19,611,568.340 26,006,802.466JPM Europe Aggregate Bond D - EUR 1,744,429.047 718,446.078 2,025,197.177 437,677.948

JPMorgan Funds - Europe Convergence Equity FundJPM Europe Convergence Equity A - EUR 7,546,641.204 8,490,194.667 7,168,117.595 8,868,718.276JPM Europe Convergence Equity D - EUR 118,210.256 673,694.542 184,136.600 607,768.198

JPMorgan Funds - Europe Dynamic FundJPM Europe Dynamic A - EUR 42,375,115.202 85,094,834.073 46,924,244.105 80,545,705.170JPM Europe Dynamic A - GBP 51,681.163 140,527.511 81,297.664 110,911.010JF Europe Dynamic A - EUR - 11,000.000 10,000.000 1,000.000JPM Europe Dynamic D - EUR 2,144,776.195 3,930,045.104 2,487,275.321 3,587,545.978

JPMorgan Funds - Europe Equity FundJPM Europe Equity A - EUR 31,380,449.352 46,254,160.375 24,181,464.893 53,453,144.834JPM Europe Equity A - USD 8,894,399.254 2,239,604.893 4,164,437.756 6,969,566.391JF Europe Equity A - USD 2,205,433.324 329,412.409 669,444.613 1,865,401.120JPM Europe Equity D - EUR 2,325,029.103 5,559,455.625 1,810,105.986 6,074,378.742

JPMorgan Funds - Europe High Yield Bond FundJPM Europe High Yield Bond A - EUR 27,417,873.851 20,515,284.764 32,531,091.164 15,402,067.449JPM Europe High Yield Bond D - EUR 963,570.489 1,094,620.545 1,507,741.935 550,449.099

JPMorgan Funds - Europe Small Cap FundJPM Europe Small Cap A - EUR 27,956,984.806 16,210,799.960 12,904,552.828 31,263,231.938JPM Europe Small Cap A - GBP 9,171.844 717.057 84.000 9,804.901JF Europe Small Cap A - EUR 10,562.197 447,278.970 174,627.406 283,213.761JPM Europe Small Cap D - EUR 88,742.893 914,859.331 280,742.838 722,859.386

JPMorgan Funds - Europe Strategic Growth FundJPM Europe Strategic Growth A - EUR 34,469,288.058 49,537,099.459 36,649,392.460 47,356,995.057JPM Europe Strategic Growth A - GBP 22,751.855 3,692.273 1,848.958 24,595.170JPM Europe Strategic Growth D - EUR 375,805.319 797,960.245 442,359.431 731,406.133

284



of the Year


10. Historical Statement of Changes in the Number of Shares - for the year ended 30 June 2004 (continued)JPMorgan Funds - Europe Strategic Value FundJPM Europe Strategic Value A - EUR 65,219,964.113 143,109,145.390 44,847,278.345 163,481,831.158JPM Europe Strategic Value A - GBP 16,404.106 42,492.683 42,915.256 15,981.533JPM Europe Strategic Value D - EUR 3,829,571.547 19,779,099.562 4,010,730.473 19,597,940.636

JPMorgan Funds - Europe Technology FundJPM Europe Technology A - EUR 40,300,972.331 29,002,299.572 36,794,730.299 32,508,541.604JPM Europe Technology A - GBP 35,358.235 5,115.006 3,403.890 37,069.351JF Europe Technology A - EUR 3,402,421.121 6,954,174.951 5,649,705.997 4,706,890.075JPM Europe Technology D - EUR 86,561.196 2,504,834.614 1,037,712.380 1,553,683.430

JPMorgan Funds - FF Emerging Markets Debt FundJPM FF Emerging Markets Debt A - USD 3,767,106.461 5,530,467.470 5,942,087.719 3,355,486.212JPM FF Emerging Markets Debt D - USD 162,292.763 259,366.637 119,768.265 301,891.135

JPMorgan Funds - FF USD Bond FundJPM FF USD Bond A - USD 2,246,441.289 904,512.029 1,141,397.383 2,009,555.935JPM FF USD Bond D - USD 3,045.096 150,780.907 96,297.819 57,528.184

JPMorgan Funds - Germany Equity FundJPM Germany Equity A - EUR 1,814,310.223 9,419,648.443 8,099,097.709 3,134,860.957JF Germany Equity A - EUR 2,779,372.117 232,393.226 749,928.633 2,261,836.710JPM Germany Equity D - EUR 275,790.681 1,064,913.657 858,838.740 481,865.598

JPMorgan Funds - Global Aggregate Bond FundJPM Global Aggregate Bond A - USD 18,375,125.227 22,998,454.746 11,695,764.459 29,677,815.514JPM Global Aggregate Bond D - USD 107,682.847 43,372.189 50,604.975 100,450.061

JPMorgan Funds - Global Convertible Bond FundJPM Global Convertible Bond A - EUR 15,586,511.929 34,560,229.200 17,240,199.708 32,906,541.421JPM Global Convertible Bond D - EUR 284,195.847 1,205,114.090 358,133.202 1,131,176.735JF Global Convertible Bond A - USD 859.110 410,716.930 16,898.483 394,677.557

JPMorgan Funds - Global Dynamic FundJPM Global Dynamic A - USD 40,733,345.576 67,913,022.193 35,985,458.174 72,660,909.595JPM Global Dynamic A - GBP 41,419.481 148,443.995 23,364.006 166,499.470JF Global Dynamic A- USD - 11,000.001 10,000.001 1,000.000JPM Global Dynamic D - USD 289,067.467 1,120,426.959 209,414.243 1,200,080.183

JPMorgan Funds - Global Equity FundJPM Global Equity A - USD 2,238,199.900 1,601,945.791 1,291,644.954 2,548,500.737JF Global Equity A - USD 1,857,767.484 284,861.402 462,211.137 1,680,417.749JPM Global Equity D - USD 10,082.737 12,972.058 411.404 22,643.391

JPMorgan Funds - Global Life Sciences FundJPM Global Life Sciences A - USD 11,233,310.113 10,579,527.366 13,133,757.109 8,679,080.370JPM Global Life Sciences A - GBP 21,937.354 2,637.401 3,799.721 20,775.034JF Global Life Sciences A - USD 684,873.911 640,503.387 593,224.147 732,153.151JPM Global Life Sciences D - USD 185,039.411 338,375.009 224,498.498 298,915.921

JPMorgan Funds - Global Recovery FundJPM Global Recovery A - EUR 505,712.340 3,528,829.541 1,274,310.590 2,760,231.286JPM Global Recovery D - EUR 1,000.000 90,117.684 11,013.052 80,104.632

JPMorgan Funds - Global Socially Responsible FundJPM Global Socially Responsible A - USD 1,169,588.349 3,015,853.485 1,517,561.037 2,667,880.797JPM Global Socially Responsible D - USD 1,894.797 44,378.335 2,325.266 43,947.866

JPMorgan Funds - Greater China FundJF Greater China A - USD 8,415,080.907 35,462,365.053 17,437,959.580 26,439,486.380JF Greater China D - USD 156,752.340 1,954,927.577 884,043.352 1,227,636.565

JPMorgan Funds - Hong Kong FundJF Hong Kong A - USD 1,535,951.055 2,992,632.907 2,167,950.816 2,360,633.146JF Hong Kong D - USD 42,260.798 108,258.668 24,931.653 125,587.813

JPMorgan Funds - India FundJF India A - USD 6,851,582.000 28,081,602.249 14,937,827.602 19,995,356.655JF India D - USD 2,000.000 2,365,957.937 474,071.347 1,893,886.590

JPMorgan Funds - International Equity FundJPM International Equity A - EUR 5,989,264.884 3,611,557.188 4,548,620.629 5,052,201.443JPM International Equity D - EUR 67,485.713 311,984.750 39,673.369 339,797.094JPMorgan Funds - Japan Equity FundJF Japan Equity A - USD 43,040,618.761 99,015,151.118 47,566,281.410 94,489,488.474JF Japan Equity A - GBP 15,439.301 160,165.392 11,675.893 163,928.800JF Japan Equity D - USD 617,421.165 8,668,292.521 2,775,142.122 6,510,571.564JF Japan Equity J - USD 707,289.345 7,354,960.754 3,016,632.178 5,045,617.921

JPMorgan Funds - Japan Small Cap FundJF Japan Small Cap A - USD 11,163,726.009 33,555,054.930 25,122,671.521 19,596,109.418JF Japan Small Cap D - USD 41,393.515 702,037.050 198,535.981 544,894.584

285



of the Year


10. Historical Statement of Changes in the Number of Shares - for the year ended 30 June 2004 (continued)JPMorgan Funds - Latin America Equity FundJPM Latin America Equity A - USD 6,942,674.279 12,259,776.381 7,942,584.692 11,259,865.968JF Latin America Equity A - USD 3,182.764 848,756.072 847,663.472 4,275.364JPM Latin America Equity D - USD 5,505.772 159,353.213 14,432.912 150,426.073

JPMorgan Funds - Middle East Equity FundJPM Middle East Equity A - USD 922,375.503 1,321,159.620 1,271,673.055 971,862.068JPM Middle East Equity D - USD 3,052.017 35,264.268 9,408.129 28,908.156

JPMorgan Funds - Pacific Balanced FundJF Pacific Balanced A - USD 2,612,329.987 6,297,537.673 3,118,787.472 5,791,080.188JF Pacific Balanced D - USD 1,742.405 97,635.597 1,535.537 97,842.465

JPMorgan Funds - Pacific Equity FundJF Pacific Equity A - USD 25,495,520.089 17,748,645.791 12,491,394.324 30,752,771.556JF Pacific Equity A - GBP 18,480.750 76,034.752 9,183.899 85,331.603JF Pacific Equity D - USD 99,050.935 1,909,532.493 916,566.712 1,092,016.716

JPMorgan Funds - Pacific Technology FundJF Pacific Technology A - USD 3,587,238.241 5,973,653.453 5,496,065.288 4,064,826.406JF Pacific Technology A - GBP 8,040.992 1,220.634 670.901 8,590.725JF Pacific Technology D - USD 35,386.595 186,796.685 20,503.092 201,680.188

JPMorgan Funds - Singapore FundJF Singapore A - USD 758,880.749 1,340,740.378 1,206,999.050 892,622.077JF Singapore D - USD 1,115.285 57,624.832 12,327.488 46,412.629

JPMorgan Funds - Sterling Bond FundJPM Sterling Bond A - GBP 78,290,110.382 17,640,514.078 15,300,541.903 80,630,082.557JPM Sterling Bond D - GBP 1,865.250 11,163.165 1,659.208 11,369.207

JPMorgan Funds - Taiwan FundJF Taiwan A - USD 5,937,346.617 10,255,404.920 9,634,490.985 6,558,260.552JF Taiwan D - USD 1,533.861 73,991.750 34,280.897 41,244.714

JPMorgan Funds - UK Equity FundJPM UK Equity A - GBP 31,414,380.858 24,527,752.321 16,474,129.286 39,468,003.893JPM UK Equity D - GBP 2,178,135.985 63,069.964 2,143,270.916 97,935.033

JPMorgan Funds - US Dynamic FundJPM US Dynamic A - USD - 44,986,940.651 10,116,738.765 34,870,201.886JPM US Dynamic D - USD - 448,890.567 18,167.834 430,722.733

JPMorgan Funds - US Strategic Growth FundJPM US Strategic Growth A - USD 4,560,137.459 2,832,644.942 6,576,662.856 816,119.545JPM US Strategic Growth A - GBP 7,370.395 2,086.707 2,003.499 7,453.603JPM US Strategic Growth D - USD 209,221.098 33,819.589 206,709.111 36,331.576

JPMorgan Funds - US Strategic Value FundJPM US Strategic Value A - USD 35,444,903.547 30,460,681.602 30,876,128.434 35,029,456.715JPM US Strategic Value A - GBP 10,359.319 14,086.852 456.895 23,989.276JF US Strategic Value A - USD - 11,000.002 10,000.002 1,000.000JPM US Strategic Value D - USD 4,873,005.171 5,201,774.154 3,020,600.121 7,054,179.204

JPMorgan Funds - US Technology FundJPM US Technology A - USD 29,511,804.905 47,210,879.249 54,936,274.584 21,786,408.921JPM US Technology A - GBP 41,706.260 1,979,938.569 1,974,934.983 46,709.857JF US Technology A - USD 4,593,729.116 14,725,219.555 11,740,763.103 7,578,185.568JPM US Technology D - USD 169,559.032 1,108,965.482 546,387.527 732,136.987

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For further information concerning JPMorgan Funds, please contact the Global Distributor:

JPMorgan Asset Management (Europe) S.à r.l.Postal Address: L-2888 LuxembourgTel No: (352) 34 101 Fax No: (352) 3410 8000E-mail: [email protected]

Internet: www.jpmorganassetmanagement.com

GB H102 10/08

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