Jpmorgan Investment Funds Société D’Investissement À Capital Variable, Luxembourg

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JPMorgan Investment Funds Société d’Investissement à Capital Variable, Luxembourg

audited annual report – 31 december 2006 report for the attention of swiss investors

Certain of the sub-funds of the Fund are not authorised for offer or distribution in or from Switzerland. Accordingly, no reference is made to these subfunds in this semi-annual report. The attention of the investors is drawn to the fact that certain figures in this semi-annual report are expressed on a consolidated basis and, thus, include the assets of those sub-funds which are not registered in Switzerland. JPMorgan Investment Funds Audited Annual Report As at 31 December 2006

Contents Board of Directors 1 Management and Administration 2 Board of Directors’ Report 3-4 Investment Managers’ Report 5 Independent Auditor’s Report 6 Financial Statements and Statistical Information Combined Statement of Net Assets 7-11 Combined Statement of Operations and Changes in Net Assets 12-16 Statement of Changes in the Number of Shares 17-20 Statistical Information 21-24 Notes to the Financial Statements 25-28 Schedule of Investments JPMorgan Investment Funds - Blue and Green Fund 29 JPMorgan Investment Funds - Euro Liquid Market Fund 33 JPMorgan Investment Funds - Europe Bond Fund 35 JPMorgan Investment Funds - Europe Corporate Bond Fund 38 JPMorgan Investment Funds - Europe Recovery Fund 41 JPMorgan Investment Funds - Europe Select Equity Fund 42 JPMorgan Investment Funds - Europe Select Large Cap Fund 45 JPMorgan Investment Funds - Europe Short Duration Fund 48 JPMorgan Investment Funds - Europe Strategic Dividend Fund 52 JPMorgan Investment Funds - Global 50 Equity Fund 57 JPMorgan Investment Funds - Global Balanced Fund (EUR) 60 JPMorgan Investment Funds - Global Balanced Fund (USD) 64 JPMorgan Investment Funds - Global Bond Fund (EUR) 74 JPMorgan Investment Funds - Global Bond Fund (USD) 79 JPMorgan Investment Funds - Global Capital Appreciation Fund 84 JPMorgan Investment Funds - Global Capital Preservation Fund (EUR) 90 JPMorgan Investment Funds - Global Convertibles Fund (USD) 94 JPMorgan Investment Funds - Global Enhanced Bond Fund 98 JPMorgan Investment Funds - Global ex-US Bond Fund 104 JPMorgan Investment Funds - Global ex-US Select Small Cap Fund 109 JPMorgan Investment Funds - Global Financials Fund 111 JPMorgan Investment Funds - Global Healthtech Fund 114 JPMorgan Investment Funds - Global High Yield Bond Fund 116 JPMorgan Investment Funds - Global Select Equity Fund 120 JPMorgan Investment Funds - Global Short Duration Fund 123 JPMorgan Investment Funds - Global Teletech Fund 127 JPMorgan Investment Funds - Global Total Return Fund (EUR) 130 JPMorgan Investment Funds - Global Total Return Fund (USD) 132 JPMorgan Investment Funds - Japan 50 Equity Fund 134 JPMorgan Investment Funds - Japan Select Equity Fund 135 JPMorgan Investment Funds - JF Asia Diversified Fund 138 JPMorgan Investment Funds - US Bond Fund 139 JPMorgan Investment Funds - US Disciplined Equity Fund 145 JPMorgan Investment Funds - US Dollar Enhanced Yield Fund 148 JPMorgan Investment Funds - US Dynamic Small Cap Fund 153 JPMorgan Investment Funds - US Select Equity Fund 157 Appendix: Unaudited Additional Disclosures Fund Expense Ratios and Capped Expense Ratios 160 Summary of Investment Objectives of the Sub-Funds 165 Performance and Volatility 167 Interest Rate Received/(Charged) on Bank Accounts 173 Sub-Fund Share Classes Subject to Taxe d’Abonnement Rate of 0.01% 173 Historical Statements of Changes in the Number of Shares 174 Portfolio Turnover Ratio 192

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 current prospectus, the current 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 the Fund and from the principal local paying agents/representatives as listed in this report. JPMorgan Investment Funds Board of Directors

Board of Directors:

Chairman: Iain O.S. Saunders Banker Duine, Ardfern Argyll PA31 8QN United Kingdom

Directors: James B. Broderick (until 1 October 2006) Andrea L. Hazen Managing Director Managing Director JPMorgan Asset Management (UK) Limited JPMorgan Asset Management (UK) Limited 20 Finsbury Street 20 Finsbury Street London EC2Y 9AQ London EC2Y 9AQ United Kingdom United Kingdom

Berndt May (since 1 October 2006) Pierre Jaans Vice President Economist JPMorgan Asset Management (Europe) S.à r.l. 3, rue de Kahler Austrian Branch L-8356 Garnich Führichgasse 8 Grand Duchy of Luxembourg A-1010 Vienna Austria Robert van der Meer Professor of Finance André Elvinger 9A Lange Vijverberg Partner NL-2513 AC The Hague Elvinger, Hoss & Prussen 2, Place Winston Churchill The Netherlands L-2014 Luxembourg Grand Duchy of Luxembourg

Jean Frijns Professor, Finance and Investments Antigonelaan 2 NL-5631 LR Eindhoven The Netherlands

Changes to the Composition of the Board of Directors On 1 October 2006, Mr James B. Broderick resigned from the Board of Directors. In his place, Mr Berndt May was co-opted as a Director on the same day.

Registered Office: European Bank & Business Centre 6, route de Trèves L-2633 Senningerberg Grand Duchy of Luxembourg

1 JPMorgan Investment Funds Management and Administration As at 31 December 2006

Management Company, Registrar and Transfer Agent, Belgium: Global Distributor and Domiciliary Agent: JPMorgan Chase Bank, N.A., Brussels Branch JPMorgan Asset Management (Europe) S.à r.l. 1, Bouvelard du Roi Albert II European Bank & Business Centre B-1210 Brussels 6, route de Trèves Belgium L-2633 Senningerberg Grand Duchy of Luxembourg France: BNP Paribas Securities Services Investment Managers: 66, rue de la Victoire J.P. Morgan Investment Management Inc. F-75009 Paris 522 Fifth Avenue France NewYork, NY 10036 United States of America Germany: J.P. Morgan Bank AG JPMorgan Asset Management (UK) Limited Junghofstrasse 14 Its principal place of business being D-60311 Frankfurt am Main 20 Finsbury Street Germany London EC2Y 9AQ United Kingdom Hong Kong: JF Funds Limited JF Asset Management Limited 21st Floor, Charter House 21st floor, Chater House 8 Connaught Road 8 Connaught Road Central, Hong Kong Central, Hong Kong China Highbridge Capital Management, LLC, Ireland: 9 West 57th Street AIB/BNY Fund Management (Ireland) Limited NewYork, NY 10019 Guild House United States of America Guild Street American Century Global Investment Management, Inc. P.O. Box 4935 666 Third Avenue IFSC NewYork, NY 10017 Dublin 1 United States of America Ireland Custodian, Corporate and Administrative Agent: Italy: J.P. Morgan Bank Luxembourg S.A. JPMorgan Asset Management (Europe) S.à r.l. European Bank & Business Centre Italian Branch 6, route de Trèves Via Catena 4 L-2633 Senningerberg I-20121 Milan Grand Duchy of Luxembourg Italy Independent Auditors: The Netherlands: PricewaterhouseCoopers S.à r.l. JPMorgan Asset Management (Europe) S.à r.l. Réviseur d’entreprises Netherlands Branch 400, route d’Esch Atrium Building, 1st Floor BP1443 Strawinskylaan 3035 L-1014 Luxembourg NL-1077 ZX Amsterdam Grand Duchy of Luxembourg The Netherlands Legal Advisers in Luxembourg: Spain: Elvinger, Hoss & Prussen JPMorgan Sociedad de Valores S.A. 2, Place Winston Churchill 29 José Ortega y Gasset L-2014 Luxembourg E-28006 Madrid Grand Duchy of Luxembourg Spain Paying Agents/Representatives: Switzerland: Principal Paying Agent: J.P. Morgan (Suisse) S.A. J.P. Morgan Bank Luxembourg S.A. 8, rue de la Confédération European Bank & Business Centre CH-1204 Geneva 6, route de Trèves Switzerland L-2633 Senningerberg United Kingdom: Grand Duchy of Luxembourg JPMorgan Asset Management (UK) Limited Austria: Its principal place of business being Bank Austria Creditanstalt AG 20 Finsbury Street Am Hof 2 London EC2Y 9AQ A-1010 Vienna United Kingdom Austria

2 JPMorgan Investment Funds Board of Directors’ Report As at 31 December 2006

The Board of Directors submits its report for the year ended 31 December 2006. Board of Directors

Earlier this year Mr James B. Broderick informed the Board of his decision to retire from the Board of Directors and it was agreed that this would be effective from 1 October 2006. Mr Broderick had been a Director of the Company since 17 March 1998 and the Board wish to record their thanks for his service. The Board welcomed Mr Berndt May as a Director with effect from 1 October 2006. Mr May is a Country Head of JPMorgan Asset Management (Europe) S.à r.l. in Austria. UCITS III UCITS III is a regulatory framework for European investment funds, allowing investment in an expanded range of financial instruments. All existing investment funds domiciled in European Union Member States, which were established under the previous regulatory framework, known as UCITS I, were expected to be compliant with the new UCITS III legislation by 13 February 2007, if they wished to remain recognised by EU Member States. Shareholders approved changes to the Articles of Incorporation to take account of this requirement, as well as some additional changes to update the Articles in accordance with usual practice, at an Extraordinary General Meeting held on 12 September 2005. Moreover, in order to satisfy UCITS III requirements, as to the management of investment funds, the Board designated JPMorgan Asset Management (Europe) S.à r.l. as the Management Company of the Fund, with powers and duties set forth under UCITS III and the Luxembourg law of 22 December 2002, introduced in compliance therewith. The Board of Directors remain responsible for the management and control of the Company, including the determination of investment policies and investment restrictions and powers. Management Company As explained above, JPMorgan Asset Management (Europe) S.à r.l. has been designated as Management Company of the Fund to perform investment management, administration and marketing functions for the Fund. The terms of appointment of the Management Company are set out in an Agreement effective from 12 September 2005. JPMorgan Asset Management (Europe) S.à r.l. was approved on 25 May 2005 by the Commission de Surveillance du Secteur Financier as a management company managing UCITS funds, in compliance with UCITS III. The Board of Directors of the Management Company is composed as follows: Jonathan P. Griffin Jean-Jacques Lava Managing Director Vice President JPMorgan Asset Management (Europe) S.à r.l. JPMorgan Asset Management (Europe) S.à r.l. European Bank & Business Centre European Bank & Business Centre 6 route de Trèves 6 route de Trèves L-2633 Senningerberg L-2633 Senningerberg Grand Duchy of Luxembourg Grand Duchy of Luxembourg

Graham Goodhew Peter Schwicht Vice President Managing Director JPMorgan Asset Management (Europe) S.à r.l. JPMorgan Asset Management (Europe) S.à r.l. European Bank & Business Centre Frankfurt Branch 6 route de Trèves Junghofstrasse 14 L-2633 Senningerberg D-60311 Frankfurt Grand Duchy of Luxembourg Germany

Massimo Greco Managing Director JPMorgan Asset Management (Europe) S.à r.l. Italian Branch Via Catena 4 I-20121 Milano Italy The Management Company has been authorized by the Board of Directors to delegate its investment management function to associated companies within the JPMorgan Group. While the Management Company is responsible for investment management, as well as for administration and marketing of the Fund and, while by delegation of the Management Company, J.P. Morgan Bank (Luxembourg) S.A. provides administrative services, the exercise of these functions is subject to the overall control and supervision of the Board of Directors. For this purpose, the Board requests and receives reports from the Management Company and from J.P. Morgan Bank (Luxembourg) S.A.. Representatives of the Management Company attend meetings of the Board by invitation, enabling the Board of Directors to monitor the activities carried out by the Management Company. Investment Managers The investment managers of the Fund are: JPMorgan Asset Management (UK) Limited, London J.P. Morgan Investment Management Inc., NewYork JF Asset Management Limited, Hong Kong American Century Global Investment Management, Inc., NewYork Highbridge Capital Management, LLC, NewYork Custodian and Corporate and Administrative Agent J.P. Morgan Bank (Luxembourg) S.A. is the custodian of all the Fund’s assets. The Management Company has entered into an Administrative Agreement, effective from 12 September 2005 with J.P. Morgan Bank (Luxembourg) S.A., delegating the function of providing NAV calculations, company secretarial and paying agency services to J.P. Morgan Bank (Luxembourg) S.A.

3 JPMorgan Investment Funds Board of Directors’ Report (continued) As at 31 December 2006

Structure and Size of the Fund: The Fund is a variable capital investment company with multiple sub-funds, 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 40 sub-funds. During the year, the total net assets of the Fund increased from US$15.4 billion to US$22.1 billion at year end. The names of the following Sub-Funds were changed with effect from 2 October 2006: Previous name Current name JPMorgan Investment Funds – EUR Global Balanced Fund JPMorgan Investment Funds – Global Balanced Fund (EUR) JPMorgan Investment Funds – USD Global Balanced Fund JPMorgan Investment Funds – Global Balanced Fund (USD)

The names of the following Sub-Funds were changed with effect from 29 August 2006: Previous name Current name JPMorgan Investment Funds – EUR Fondo de Dinero JPMorgan Investment Funds – Euro Liquid Market Fund JPMorgan Investment Funds – EUR Global Bond Fund JPMorgan Investment Funds – Global Bond Fund (EUR) JPMorgan Investment Funds – USD Global Bond Fund JPMorgan Investment Funds – Global Bond Fund (USD) JPMorgan Investment Funds – Global Capital Preservation Fund JPMorgan Investment Funds – Global Capital Preservation Fund (EUR) JPMorgan Investment Funds – Global Convertible Bond Fund (USD) JPMorgan Investment Funds – Global Convertibles Fund (USD) The name of the following Sub-Fund was changed with effect from 1 June 2006: Previous name Current name JPMorgan Investment Funds – US Small Cap Core Fund JPMorgan Investment Funds – US Dynamic Small Cap Fund The Fund qualifies as an Undertaking for Collective Investments in Transferable Securities under the amended EC Directive 85/611 of 20 December 1985 and may therefore be offered for sale in European Union Member States, subject to registration in countries other than the Grand 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 following jurisdictions: Austria, Belgium, Chile, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Italy, Netherlands, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and United Kingdom.

Taxation Effective 1 July 2005, a number of sub-funds became subject to the European Savings Tax system and shareholders of the relevant sub-funds were informed about this change and of their option for application of a withholding tax or for the European information system.

Annual General Meeting The next Annual General Meeting of the Company will be held on 27 April 2007.

4 JPMorgan Investment Funds Investment Managers’ Report For the year ended 31 December 2006

Market review of 2006: Global equities outperformed government bonds in 2006, as strong economic growth supported corporate earnings (and led to interest rate hikes in all the major economies), enabling valuations to remain attractive relative to other asset classes. Emerging market equities outperformed developed markets, and large cap outperformed small cap in most of the major markets (Japan the notable exception). But value stocks easily outperformed growth. The highlight of the year was without doubt the pull back on global stock markets after the US Federal Reserve’s (“Fed”) penultimate quarter-point interest rate hike on 10 May, which took the Fed Funds rate to 5%. This was the 16th successive rise in US interest rates and had been widely anticipated. But what surprised the market was the hawkish tone of the accompanying statement from new Fed chairman, Ben Bernanke, in which he warned of the risks of inflation. This shook the consensus view that rates may peak at 5%, a consensus that encouraged strong rallies on global equity markets over the first four months of the year. The correction lasted until early June, but was then reversed on many markets in the second half of the year as defensive sectors rallied. Indeed, the ‘old economy’ DowJones index reached a series of newall-time highs from October, whilethe FTSE 100 index in the UK reached a six-and-a-half year high at the end of the year. The prospect of a rate cut in the US in the first half of 2007, together with continuing robust global economic growth and plentiful liquidity, helped overcome fears of a dollar collapse in November and contributed to a traditional fourth quarter rally at the end of the year. By region, Continental Europe was the star performer as global investors bought heavily into the twin themes of corporate restructuring (ie, cost cutting) and a revival in the euro-zone economy. The US market showed signs of life after several years of disappointing performance, thanks to surprisingly robust corporate earnings growth and the weak dollar helping exports. The UK market was a decent performer, with mid-cap stocks supported by very strong M&A activity, with Continental European companies frequent bidders. Japan was a significant disappointment in 2006. Despite the ongoing economic recovery, investors took the Livedoor scandal in February as an excuse to take profits after a very strong second half in 2005. Mixed economic data over the summer contributed to the continued underperformance of smaller companies, on account of their reliance on the strength of the domestic economy. Large cap exporters, meanwhile, benefited from the weak yen. Emerging markets benefited from strong global demand for their exports of commodities and manufactured goods, with Russia, China and India making very strong gains. Central European markets disappointed, with domestic politics being unhelpful in Hungary, Poland and the Czech Republic.

Outlook for 2007: Global economic growth in 2007 appears underpinned by the likelihood of the US achieving a soft landing, Chinese growth continuing at a robust pace, and ongoing recovery in the Japanese and euro zone economies. This bodes well for corporate earnings. While profits growth will remain positive it is likely to be lower than in 2006, as the business cycle matures and top-line revenue growth slows. Fortunately equities have the support of attractive valuations, both relative to their history and to other asset classes, and we anticipate a further year of outperformance. Government bond markets offer limited value, with real yields below 3% for the four major markets. Yields are at levels that appear inconsistent with our expectations for a soft landing for the US economy, and the fall in bond prices that followed the stronger than expected November US jobs data suggest there is little room in current bond prices for ‘good’ economic news.

The Investment Managers 9 March 2007

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

5 JPMorgan Investment Funds Independent Auditor’s Report As at 31 December 2006

To the Shareholders of JPMorgan Investment Funds

We have audited the Financial Statements which consist of the Combined Statement of Net Assets, the Combined Statement of Operations and Changes in Net Assets, the Schedule of Investments and the Notes to the Financial Statements of JPMorgan Investment Funds (the “SICAV”) and of each of its Sub-Funds for the year ended 31 December 2006. These Financial Statements are the responsibility of the Board of Directors of the SICAV. Our responsibility is to express an opinion on these Financial Statements based on our audit.

We conducted our audit in accordance with International Standards on Auditing. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the Financial Statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the Financial Statements. An audit also includes assessing the accounting principles used and significant estimates made by the Board of Directors of the SICAV, in preparing the Financial Statements, as well as evaluating the overall Financial Statements presentation. We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the attached Financial Statements give, in conformity with the Luxembourg legal and regulatory requirements, a true and fair viewof the financial position of JPMorgan Investment Funds and of each of its Sub-Funds at 31 December 2006 and of the results of their operations and changes in their net assets for the year then ended.

Supplementary information included in the annual report has been reviewed in the context of our mandate but has not been subject to specific audit procedures carried out in accordance with the Standards described above. Consequently, we express no opinion on such information. 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, 9 March 2007 Réviseur d’entreprises Represented by

John Parkhouse

6 JPMorgan Investment Funds Combined Statement of Net Assets As at 31 December 2006 JPMorgan Investment Euro Funds Blue and Liquid Market Europe Combined Green Fund Fund (2) Bond Fund USD EUR EUR EUR

Assets

Investments in Securities at Market Value 22,061,108,769 63,635,523 139,949,931 1,345,500,110 Acquisition Cost: 21,110,762,290 61,247,528 139,956,554 1,352,581,821 Cash at Bank 842,390,695 12,255,873 164,077 3,568,591 Time Deposits 18,189,780 - 10,800,000 - Amounts Receivable on Sale of Investments 256,239,009 80,873 - 526,306 Amounts Receivable on Sale of TBA’s (1) 810,214,084 - - - Amounts Receivable on Subscriptions 67,712,612 - 2,645,098 2,092,388 Interest and Dividends Receivable, Net 137,174,485 577,211 322,304 27,221,671 Tax Reclaims Receivable 170,640 1,374 - - Annual Management and Advisory Fee Waiver 23,161 - - - Other Receivables 28,042 - - - Unrealised Net Gain on Forward Foreign Exchange Contracts 87,718,222 572,305 - 1,373,053 Unrealised Net Gain on Financial Futures Contracts 1,702,531 - - - Unrealised Net Gain on Interest Rate Swaps 3,058,714 - - - Unrealised Net Gain on Total Return Swaps 877,636 - - - Option Contracts at Market Value 1,101,585 1 - - Unrealised Net Gain on Credit Default Swaps 148,632 - - -

Total Assets 24,287,858,597 77,123,160 153,881,410 1,380,282,119

Liabilities Bank Overdraft 20,613,587 - - - Amounts Payable on Purchase of Investments 49,821,106 58,595 - - Amounts Payable on Purchase of TBAs (1) 1,989,494,662 - - - Amounts Payable on Redemptions 48,597,278 - 145,655 4,200,941 Annual Management and Advisory Fees Payable 17,898,202 47,856 57,552 795,333 Performances Fees 1,129,783 - - - Other Fees Payable 1,047,366 3,649 16,750 80,754 Unrealised Net Loss on Forward Foreign Exchange Contracts 13,946,096 - - - Unrealised Net Loss on Financial Futures Contracts 19,414,364 74,673 - 775,203 Unrealised Net Loss on Interest Rate Swaps 35,548 - - - Option Contracts at Market Value 5,698 - - -

Total Liabilities 2,162,003,689 184,773 219,957 5,852,231

Total Net Assets 22,125,854,907 76,938,387 153,661,453 1,374,429,888

Historical Total Net Assets: 31 December 2005 15,421,448,687 74,918,750 163,198,474 1,868,745,244 31 December 2004 15,217,739,726 69,106,553 952,068,057 1,304,744,599 31 December 2003 12,222,455,915 66,387,034 915,350,821 991,966,992 31 December 2002 10,133,244,058 63,231,805 151,774,388 680,729,612

(1) Please refer to note 2i). (2) This Sub-Fund changed its name from Euro Fondo de Dinero on 29 August 2006.

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

7 JPMorgan Investment Funds Combined Statement of Net Assets (continued) As at 31 December 2006

Europe Europe Europe Strategic Corporate Bond Recovery Europe Select Europe Select Europe Short Dividend Global 50 Global Balanced Global Balanced Fund Fund Equity Fund Large Cap Fund Duration Fund Fund Equity Fund Fund (EUR) (3) Fund (USD) (4) EUR EUR EUR EUR EUR EUR USD EUR USD

14,823,290 890,807,664 53,191,961 48,843,414 160,727,427 114,630,242 61,977,862 196,337,336 556,362,188 14,976,101 802,955,898 50,639,838 44,886,169 165,910,427 96,083,323 55,779,783 189,428,705 498,803,645 102,205 17,027,630 1,055,553 300,154 1,063,269 8,607,665 2,201,190 28,911,626 62,876,062 ----3,000,000 ------149,942 - - - 57,966 ------62,823 3,988,873 275,272 34,242 527,464 230,525 216,542 1,125,309 98,835 348,008 1,477,784 44,932 58,272 1,985,408 105,247 61,035 1,164,549 5,436,750 - 8,101 79 354 - 9,201 1,737 2,790 2,334 3,138 - - - 2,448 ------1,302 - - - 358 - - 15,399 - 1,135,826 - - 1,695,715 - 30,980 - 4,184 4,100 - 95,452 - 72,797 894,434 ----16,406 ------1,254 ------7,294 ----

15,370,444 913,310,052 54,587,380 49,240,536 168,618,040 123,678,332 64,458,366 229,310,122 625,728,927

------5,920,412 298,607 - 5,018 - - 109,971 264,988 ------11,482 2,128,511 83,096 25,351 545,726 32,078 63,052 264,381 783,351 11,103 1,214,286 54,204 58,787 54,921 177,938 86,251 235,848 376,054 ------4,757 29,068 6,605 8,513 16,862 9,438 8,182 14,202 32,246 27,750 - - 35,771 - 19,627 299,369 - 2,647,254 ----134,634 - 10,625 ------4,005 - - -

55,092 9,292,277 442,512 128,422 757,161 243,086 467,479 624,402 4,103,893

15,315,352 904,017,775 54,144,868 49,112,114 167,860,879 123,435,246 63,990,887 228,685,720 621,625,034

21,028,879 229,883,468 10,190,026 43,931,240 296,944,906 55,907,193 44,414,545 205,213,721 693,190,141 65,148,446 - 27,248,596 109,349,285 331,445,375 - 55,482,128 201,399,488 763,425,443 41,720,829 - 138,978,088 182,188,856 138,271,729 - 67,438,757 205,025,228 721,367,320 - - 143,653,884 299,675,973 - - 86,678,704 319,131,408 664,118,516

(3) This Sub-Fund changed its name from EUR Global Balanced Fund on 2 October 2006. (4) This Sub-Fund changed its name from USD Global Balanced Fund on 2 October 2006.

8 JPMorgan Investment Funds Combined Statement of Net Assets (continued) As at 31 December 2006 Global Global Capital Capital Global Global Global Global Global Bond Global Bond Appreciation Preservation Convertibles Enhanced Bond ex-US Bond ex-US Select Fund (EUR) (5) Fund (USD) (6) Fund Fund (EUR) (7) Fund (USD) (8) Fund Fund Small Cap Fund EUR USD EUR EUR USD EUR USD EUR

887,548,178 650,190,457 177,459,898 2,305,063,367 62,416,617 383,633,665 159,199,978 46,142,699 907,301,889 631,614,285 164,776,868 2,221,705,195 57,002,974 395,257,962 154,236,834 38,012,542 170,302,369 88,554,476 21,415,226 70,266,957 3,583,786 35,064,284 794,346 564,930 ------86,651,313 5,683,499 96,878 3,634,663 - 3,702,152 8,550,764 428,455 60,289,836 63,404,936 - - - 79,436,466 - - 1,791,868 1,046,369 743,276 8,139,010 292,564 1,364,913 35,273 113,144 6,945,145 5,276,403 329,849 26,235,559 214,461 2,407,749 1,460,754 21,688 - 27,223 4,758 64,115 - - - 3,839 - - 4,304 - - - 147 1,196 - - 337 7,296 ---- 16,266,100 - 4,164,755 22,902,550 8,009 4,636,774 ------1,244,093 728,322 - - - 364,388 188,628 ------12,126 8,524 2 32 - 3,206 2,058 - 48,263 34,278 - - - 12,162 8,848 -

1,231,099,291 814,954,487 204,219,283 2,436,313,549 66,515,437 510,625,759 170,240,796 47,275,951

------10,213,730 9,395,224 - 1,906,912 107,759 2,815,249 1,548,641 18,492 110,375,080 111,367,281 - - - 221,428,844 - - 1,171,450 481,585 508,605 8,157,738 69,167 468,426 95,924 88,793 630,732 329,563 162,327 2,995,289 76,244 183,013 29,672 59,827 - - 617,030 138,529 ---- 68,451 44,986 18,810 51,885 6,994 23,119 14,926 11,514 - 6,060,913 ----2,190,720 - 3,048,268 975,203 740,370 3,706,569 - 205,603 147,707 ------

125,507,711 128,654,755 2,047,142 16,956,922 260,164 225,124,254 4,027,590 178,626

1,105,591,580 686,299,732 202,172,141 2,419,356,627 66,255,273 285,501,505 166,213,206 47,097,325

794,077,575 821,844,843 82,545,177 1,920,348,225 35,979,581 305,827,043 172,578,719 53,360,298 999,620,752 694,781,105 38,295,123 244,990,167 18,201,159 331,577,582 205,887,464 46,386,225 774,645,964 654,667,409 67,011,923 185,300,901 - 363,910,406 255,420,931 57,867,071 994,254,535 850,128,581 80,688,915 286,415,249 - 407,160,560 273,378,220 68,830,101

(5) This Sub-Fund changed its name from EUR Global Bond Fund on 29 August 2006. (6) This Sub-Fund changed its name from USD Global Bond Fund on 29 August 2006. (7) This Sub-Fund changed its name from Global Capital Preservation Fund on 29 August 2006. (8) This Sub-Fund changed its name from Global Convertible Bond Fund (USD) on 29 August 2006.

9 JPMorgan Investment Funds Combined Statement of Net Assets (continued) As at 31 December 2006

Global Global Global Total Global Global High Yield Bond Global Select Global Short Global Total Return Return Fund Financials Fund Healthtech Fund Fund Equity Fund Duration Fund Teletech Fund Fund (EUR) (USD) USD USD EUR USD USD USD EUR USD

225,940,309 53,441,963 304,920,681 162,960,279 166,964,868 20,666,553 1,031,122,361 18,460,173 196,377,046 48,825,363 313,865,108 132,209,857 164,684,456 18,016,652 1,016,307,951 17,478,975 1,225,221 157,554 822,930 509,704 3,702,279 222,352 73,249,979 1,569,154 ------7,600,000 - 7,810,486 - 1,517,107 60,000 32,532,627 374,182 ------466,310 206,104 1,173,364 54,225 5,162 19,606 1,655,587 45,542 170,417 84,973 5,651,414 113,656 1,368,429 18,985 1,535,550 25,836 40 623 - 1,412 1,748 1,200 6,663 24 - - - - 726 3,157 - 2,560 ------10,745 - - - 554,977 - - - 13,219,831 - 67,357 - - - 7,323 ------1,580 - 798,498 15,015 - - - - 10,553 - - -

235,469,654 53,891,217 320,933,852 163,639,276 173,579,775 20,991,853 1,154,131,841 20,492,486

------355,672 6,320 ------586,048 127,851 273,359 316,759 89,975 101,667 9,002,551 7,272 324,500 79,814 250,752 109,082 37,892 20,877 1,721,210 22,642 ------506- 22,602 7,800 18,358 12,416 15,468 7,331 945 6,671 673,047 24,909 - 288,216 1,555,322 19,308 - 39,400 ------4,033,245 72,225 - - - - 35,548 ------

1,606,197 240,374 542,469 1,082,145 1,740,525 149,183 14,758,457 148,210

233,863,457 53,650,843 320,391,383 162,557,131 171,839,250 20,842,670 1,139,373,384 20,344,276

147,011,673 74,915,721 217,684,848 118,394,968 280,327,438 18,729,907 441,480,333 6,028,879 131,838,822 53,399,280 1,466,839,799 263,732,544 594,860,222 37,429,622 24,172,851 - 84,852,265 50,699,002 900,601,880 364,144,328 505,086,852 25,205,119 - - 30,639,405 39,670,597 263,844,083 170,479,667 - 37,217,169 - -

10 JPMorgan Investment Funds Combined Statement of Net Assets (continued) As at 31 December 2006

US Dollar US Dynamic Japan Japan Select JF Asia US Bond US Disciplined Enhanced Small US Select 50 Equity Fund Equity Fund Diversified Fund Fund Equity Fund Yield Fund Cap Fund (9) Equity Fund JPY JPY USD USD USD USD USD USD

72,861,840,552 244,491,948,437 714,499,535 2,339,083,075 156,352,622 2,794,316,499 51,645,025 210,147,580 67,342,680,834 214,665,807,928 525,391,409 2,341,993,111 132,666,282 2,790,697,650 47,181,376 190,511,798 526,647,924 3,413,161,248 17,348,171 - 1,452,351 - 1,189,178 6,904,394 ------21,223,159 11,622,207 6,009,036 15,760,121 5,000,093 25,173,000 - - - - - 555,361,505 ---- 903,300 851,704,283 1,407,632 2,016,508 359,876 15,163,198 54,652 10,521 21,085,299 51,121,545 114,353 10,307,057 197,068 9,254,684 47,239 252,565 ------810 ------14,445,000 - - 10,813 296,340 - 31,400 ------5,693 ----

73,431,700,234 248,834,002,720 739,378,727 2,922,533,959 163,372,823 2,844,203,721 52,936,094 217,347,270

- - - 7,559,452 - 13,054,135 - - 17,298,981 6,507,583 401,519 691,307 4,517,277 - - 147,352 - - - 1,418,508,346 ---- - 426,053,121 2,785,224 2,115,900 277,953 1,322,205 - 12,351 45,855,351 259,359,757 758,931 536,585 178,898 377,858 53,519 251,714 ------2,710,597 8,244,414 35,366 74,799 10,113 110,738 6,985 10,512 ------1,177,470 - - 2,050 ------

65,864,929 700,164,875 3,981,040 1,430,663,859 4,984,241 14,864,936 62,554 421,929

73,365,835,305 248,133,837,845 735,397,687 1,491,870,100 158,388,582 2,829,338,785 52,873,540 216,925,341

11,410,319,902 123,856,822,092 600,063,343 905,343,207 186,544,847 2,030,449,837 2,776,483 97,858,974 536,980,959 77,169,739,717 357,765,291 717,630,689 374,837,649 1,289,118,835 3,669,069 274,095,269 - 40,995,244,396 194,420,447 710,574,346 277,721,442 893,820,352 3,424,802 424,487,892 - 22,775,839,110 103,653,071 1,140,539,259 319,001,458 1,121,457,976 71,525,142 814,906,616

(9) This Sub-Fund changed its name from US Small Cap Core Fund on 1 June 2006.

11 JPMorgan Investment Funds Combined Statement of Operations and Changes in Net Assets For the Year Ended 31 December 2006 JPMorgan Investment Euro Europe Funds Blue and Liquid Market Europe Corporate Bond Combined Green Fund Fund (1) Bond Fund Fund (USD) EUR EUR EUR EUR

Net Assets at the Beginning of the Year * 16,346,054,380 74,918,750 163,198,474 1,868,745,244 21,028,879

Income Dividend Income, Net 134,659,293 339,734 - - - Interest Income, Net 496,233,740 1,430,740 3,706,930 51,914,722 741,824 Securities Lending Income 6,674,865 23,443 1,006 216,245 1,370 Bank Interest 6,440,423 27,723 2,066 36,562 1,123

Total Income 644,008,321 1,821,640 3,710,002 52,167,529 744,317

Expenses Annual Management and Advisory Fees 180,589,132 531,140 567,082 10,058,965 127,299 Custodian, Corporate, Administration and Domiciliary Agency Fees 8,665,814 69,590 79,253 487,179 40,837 Registrar and Transfer Agency Fees 3,725,136 - 38,553 264,482 12,462 Taxe d’abonnement 7,737,376 7,516 11,424 647,328 7,145 Overdraft Interest 366,642 208 - - - Sundry Fees 7,369,200 28,326 48,362 597,514 6,000 208,453,300 636,780 744,674 12,055,468 193,743

Less: Annual Management and Advisory Fee Waiver 1,157,457 - 7,680 15,132 37,454 Total Expenses before Performance Fee 207,295,843 636,780 736,994 12,040,336 156,289

Performance Fee 1,129,783 ---- Total Expenses 208,425,626 636,780 736,994 12,040,336 156,289

Net Investment Income/(Loss) 435,582,695 1,184,860 2,973,008 40,127,193 588,028

Net Realised Gain/(Loss) on Sale of Investments 444,937,969 1,082,220 59 (19,536,253) (139,354) Net Realised Gain/(Loss) on Forward Foreign Exchange Contracts 92,229,013 225,109 - (285,473) (58,261) Net Realised Gain/(Loss) on Financial Futures Contracts (109,062,278) (979,293) - 6,202,302 63,727 Net Realised Gain/(Loss) on Foreign Exchange 12,076,729 (60,984) - 436,287 1,006 Net Realised Gain/(Loss) on Option Contracts 2,366,727 (48,300) - 1,779,024 - Net Realised Gain/(Loss) on Swaps 327,704 - - 13,597 - Net Realised Gain/(Loss) for the Year 442,875,864 218,752 59 (11,390,516) (132,882)

Net Change in Unrealised Gain/(Loss) on Investments 155,006,961 (144,294) 2,293 (55,323,751) (513,297) Net Change in Unrealised Gain/(Loss) on Forward Foreign Exchange Contracts 79,262,935 676,386 - 822,234 (96,483) Net Change in Unrealised Gain/(Loss) on Financial Futures Contracts (13,444,813) 83,637 - 79,327 54,230 Net Change in Unrealised Gain/(Loss) on Foreign Exchange 2,622,237 (3,256) - (133) 697 Net Change in Unrealised Gain/(Loss) on Option Contracts (1,517,659) 3,552 - - - Net Change in Unrealised Gain/(Loss) on Swaps 4,049,434 ----

Net Change in Unrealised Gain/(Loss) for the Year 225,979,095 616,025 2,293 (54,422,323) (554,853)

Increase/(Decrease) in Net Assets as a Result of Operations 1,104,437,654 2,019,637 2,975,360 (25,685,646) (99,707)

Movements in Share Capital Subscriptions 19,329,258,302 - 187,414,417 1,003,328,034 8,884,209 Redemptions (14,648,328,776) - (199,926,798) (1,471,957,744) (14,498,029) Increase/(Decrease) in Net Assets as a Result of Movements in Share Capital 4,680,929,526 - (12,512,381) (468,629,710) (5,613,820)

Dividend Distribution (5,566,653) ----

Net Assets at the End of the Year 22,125,854,907 76,938,387 153,661,453 1,374,429,888 15,315,352

(1) This Sub-Fund changed its name from Euro Fondo de Dinero on 29 August 2006.

* The opening balance was combined using the foreign exchange rates as at 31 December 2006. The same net assets when combined using the foreign exchange rate ruling as at 31 December 2005 reflected a figure of USD 15,421,448,687.

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

12 JPMorgan Investment Funds Combined Statement of Operations and Changes in Net Assets (continued) For the Year Ended 31 December 2006

Europe Europe Strategic Recovery Europe Select Europe Select Europe Short Dividend Global 50 Global Balanced Global Balanced Global Bond Fund Equity Fund Large Cap Fund Duration Fund Fund Equity Fund Fund (EUR) (2) Fund (USD) (3) Fund (EUR) (4) EUR EUR EUR EUR EUR USD EUR USD EUR

229,883,468 10,190,026 43,931,240 296,944,906 55,907,193 44,414,545 205,213,721 693,190,141 794,077,575

8,696,509 302,882 1,254,349 - 2,187,637 754,946 2,293,585 7,225,864 - - 4,155 14,258 6,369,013 - 3,151 3,552,116 11,152,983 31,049,759 540,125 17,162 59,488 20,784 - 68,329 145,334 586,870 146,940 58,005 8,042 4,973 18,386 41,263 11,975 57,261 169,605 78,910

9,294,639 332,241 1,333,068 6,408,183 2,228,900 838,401 6,048,296 19,135,322 31,275,609

6,626,618 171,962 624,616 846,726 1,305,878 655,280 2,570,139 4,640,768 5,650,778 247,129 51,260 79,608 92,174 85,980 64,618 132,671 347,341 269,035 129,003 10,981 20,689 78,023 24,436 35,415 53,130 33,474 180,732 239,127 8,249 20,195 61,919 41,482 22,226 109,072 210,549 396,788 380 - - 743 378 - 1,321 2,489 3,313 145,029 5,621 16,706 72,361 28,526 15,446 80,241 246,384 318,449 7,387,286 248,073 761,814 1,151,946 1,486,680 792,985 2,946,574 5,481,005 6,819,095

896 23,163 9,142 54,997 6,224 5,012 16,317 43,353 10,878 7,386,390 224,910 752,672 1,096,949 1,480,456 787,973 2,930,257 5,437,652 6,808,217

------7,386,390 224,910 752,672 1,096,949 1,480,456 787,973 2,930,257 5,437,652 6,808,217

1,908,249 107,331 580,396 5,311,234 748,444 50,428 3,118,039 13,697,670 24,467,392

35,317,423 1,844,060 6,511,665 (2,066,474) 2,594,674 10,318,399 13,755,824 64,487,981 (38,373,140) 93,795 15,930 46,787 2,234,753 11,615 (291,125) 3,478,668 (6,790,408) 30,903,445 - 25,831 421,975 356,147 590,403 62,560 681,748 (71,669) 6,385,505 (8,816) 5,613 (12,762) (493,639) 44,824 90,898 (182,442) 232,645 8,891,462 - - - (618) (7,209) - - - (5,969) ---846----176,902 35,402,402 1,891,434 6,967,665 31,015 3,234,307 10,180,732 17,733,798 57,858,549 7,978,205

59,031,776 1,356,941 (28,961) (3,775,585) 11,892,903 353,883 (7,527,233) 5,912,260 (38,649,399)

- (1,706) (51,911) 1,243,496 (9,237) (418,039) 1,266,290 (1,924,491) 15,249,111 - (621) 4,100 (64,916) 81,266 (10,625) 97,839 977,217 (2,870,282) 9,428 219 (330) (2,169) (536) 480 24,783 221,466 1,137,453 - - - (2,091) 748 - - - (20,210) - - - 23,700 ----1,292,356

59,041,204 1,354,833 (77,102) (2,577,565) 11,965,144 (74,301) (6,138,321) 5,186,452 (23,860,971)

96,351,855 3,353,598 7,470,959 2,764,684 15,947,895 10,156,859 14,713,516 76,742,671 8,584,626

759,629,338 51,340,642 26,052,661 236,748,471 62,465,411 51,568,240 99,075,129 92,992,948 1,061,331,103 (181,846,886) (10,739,398) (28,342,746) (368,597,182) (10,885,253) (42,148,757) (90,316,646) (240,827,224) (758,401,724) 577,782,452 40,601,244 (2,290,085) (131,848,711) 51,580,158 9,419,483 8,758,483 (147,834,276) 302,929,379

------(473,502) -

904,017,775 54,144,868 49,112,114 167,860,879 123,435,246 63,990,887 228,685,720 621,625,034 1,105,591,580

13 JPMorgan Investment Funds Combined Statement of Operations and Changes in Net Assets (continued) For the Year Ended 31 December 2006 Global Global Capital Capital Global Global Global Global Global Bond Appreciation Preservation Convertibles Enhanced Bond ex-US Bond ex-US Select Global Fund (USD) (5) Fund Fund (EUR) (6) Fund (USD) (7) Fund Fund Small Cap Fund Financials Fund USD EUR EUR USD EUR USD EUR USD

821,844,843 82,545,177 1,920,348,225 35,979,581 305,827,043 172,578,719 53,360,298 147,011,673

- 1,456,364 12,636,305 64,479 - - 903,070 3,307,350 28,335,253 1,464,892 53,602,297 - 12,410,555 4,932,043 157 110,825 146,389 73,174 955,047 - 27,828 17,751 36,104 307,401 57,008 57,134 383,466 89,305 33,546 24,386 15,895 13,185

28,538,650 3,051,564 67,577,115 153,784 12,471,929 4,974,180 955,226 3,738,761

4,029,818 1,776,660 37,414,118 804,961 2,031,128 418,626 799,428 2,780,683 289,711 165,897 862,668 69,821 137,886 110,260 148,242 144,376 94,014 71,395 424,815 20,994 80,676 21,518 56,329 130,362 285,493 65,718 1,406,813 29,903 119,329 38,542 25,665 90,229 6,800 391 8,352 - 26,157 327 2,025 174 279,633 61,232 1,066,026 20,613 103,831 61,922 20,016 64,741 4,985,469 2,141,293 41,182,792 946,292 2,499,007 651,195 1,051,705 3,210,565

24,677 80,557 16,664 2,414 6,931 22,335 47,152 271 4,960,792 2,060,736 41,166,128 943,878 2,492,076 628,860 1,004,553 3,210,294

- 617,030 138,529 ----- 4,960,792 2,677,766 41,304,657 943,878 2,492,076 628,860 1,004,553 3,210,294

23,577,858 373,798 26,272,458 (790,094) 9,979,853 4,345,320 (49,327) 528,467

8,704,703 (634,811) (5,488,781) 4,157,640 (18,066,415) 2,705,856 8,374,527 24,265,413 (24,154,345) 726,353 7,493,067 (672,827) 10,574,000 (5,962,438) 24,252 (17,595) 6,218,078 (2,217,402) (27,740,113) - 1,828,981 1,332,050 - 196,464 1,649,582 52,403 (1,552,160) (64,837) 9,769,959 1,162,620 (86,759) (79,873) (4,077) (90,319) (460,947) - (1,578) (984) - - 112,387 - - - 29,183 23,113 - - (7,473,672) (2,163,776) (27,748,934) 3,419,976 4,134,130 (739,783) 8,312,020 24,364,409

8,245,188 8,278,501 42,101,679 3,820,456 (15,667,763) 3,403,521 (2,994,811) 11,210,723

(1,879,703) 4,544,262 24,372,910 (340,410) 3,954,583 (973,753) - (913,049) (341,781) (776,297) (1,415,360) - 200,890 (31,659) - 51,379 232,039 (10,105) (122,477) (6,236) 821,574 78,274 17,767 (8,283) (14,207) (15,527) (491,846) - (5,343) (3,429) - - 762,600 - - - 376,550 197,476 - -

7,004,136 12,020,834 64,444,906 3,473,810 (10,319,509) 2,670,430 (2,977,044) 10,340,770

23,108,322 10,230,856 62,968,430 6,103,692 3,794,474 6,275,967 5,285,649 35,233,646

380,148,406 232,271,105 2,724,085,693 84,212,906 120,627,915 85,259,706 46,144,899 255,493,145 (538,801,839) (122,874,997) (2,288,045,721) (60,040,906) (142,983,927) (97,901,186) (57,693,521) (203,875,007) (158,653,433) 109,396,108 436,039,972 24,172,000 (22,356,012) (12,641,480) (11,548,622) 51,618,138

----(1,764,000) - - -

686,299,732 202,172,141 2,419,356,627 66,255,273 285,501,505 166,213,206 47,097,325 233,863,457

(5) This Sub-Fund changed its name from USD Global Bond Fund on 29 August 2006. (6) This Sub-Fund changed its name from Global Capital Preservation Fund on 29 August 2006. (7) This Sub-Fund changed its name from Global Convertible Bond Fund (USD) on 29 August 2006.

14 JPMorgan Investment Funds Combined Statement of Operations and Changes in Net Assets (continued) For the Year Ended 31 December 2006

Global Global Global Global High Yield Bond Global Select Global Short Global Total Return Total Return Japan Healthtech Fund Fund Equity Fund Duration Fund Teletech Fund Fund (EUR) Fund (USD) 50 Equity Fund USD EUR USD USD USD EUR USD JPY

74,915,721 217,684,848 118,394,968 280,327,438 18,729,907 441,480,333 6,028,879 11,410,319,902

890,112 - 2,319,709 - 376,568 19,073,550 329,737 401,416,038 7,337 18,469,220 8,285 8,137,809 1,129 - - 1,577,495 101,202 99,013 185,309 13,484 20,987 - - - 13,179 65,993 24,348 17,115 8,660 3,079,446 151,402 1,234

1,011,830 18,634,226 2,537,651 8,168,408 407,344 22,152,996 481,139 402,994,767

1,214,632 2,121,860 710,942 562,039 241,580 19,688,397 267,777 260,016,547 73,067 80,869 102,937 110,424 66,156 409,661 70,889 25,091,006 66,306 76,446 26,335 19,275 16,558 294,526 8,806 705,511 33,880 129,070 34,065 64,447 7,947 481,480 10,767 7,425,228 - 143,496 ------26,529 96,021 47,005 83,010 7,611 433,141 6,899 13,910,475 1,414,414 2,647,762 921,284 839,195 339,852 21,307,205 365,138 307,148,767

548 1,693 2,997 16,468 29,401 53 25,471 1,861,701 1,413,866 2,646,069 918,287 822,727 310,451 21,307,152 339,667 305,287,066

-----506-- 1,413,866 2,646,069 918,287 822,727 310,451 21,307,658 339,667 305,287,066

(402,036) 15,988,157 1,619,364 7,345,681 96,893 845,338 141,472 97,707,701

8,667,691 (3,038,240) 12,660,192 (5,038,431) 1,295,412 49,082,682 1,469,748 2,041,889,160 41,066 29,330,301 (681,495) 2,063,153 (54,478) 14,030,231 (674,260) (5,490,873) 20,695 - (168,196) 958,660 (15,064) (70,468,995) (1,088,444) (752,734,960) (62,471) (9,938,733) 39,494 275,341 32,817 88,106 (9,361) 1,510,107 - - - 1,252 - 1,825,981 30,596 - - - - (9,613) ---- 8,666,981 16,353,328 11,849,995 (1,749,638) 1,258,687 (5,441,995) (271,721) 1,285,173,434

(669,762) (16,725,743) 17,649,907 9,186,507 2,321,350 (17,377,527) 664,200 3,316,639,668

(70,616) 2,301,815 (340,837) (5,027,937) (11,211) 14,982,409 (91,746) - 28,822 - - 289,423 - (4,785,718) (82,606) (4,920,000) 2,095 (162,801) (1,010) 17,602 (338) (26,962) 888 3,429 - - - (2,633) - (607,191) (9,578) - - - - (24,995) ----

(709,461) (14,586,729) 17,308,060 4,437,967 2,309,801 (7,814,989) 481,158 3,311,723,097

7,555,484 17,754,756 30,777,419 10,034,010 3,665,381 (12,411,646) 350,909 4,694,604,232

106,422,750 318,027,209 78,371,217 72,864,052 14,510,861 1,846,453,926 34,052,810 61,208,015,514 (135,243,112) (233,075,430) (64,986,473) (191,386,250) (16,063,479) (1,136,149,229) (20,088,322) (3,947,104,343) (28,820,362) 84,951,779 13,384,744 (118,522,198) (1,552,618) 710,304,697 13,964,488 57,260,911,171

------

53,650,843 320,391,383 162,557,131 171,839,250 20,842,670 1,139,373,384 20,344,276 73,365,835,305

15 JPMorgan Investment Funds Combined Statement of Operations and Changes in Net Assets (continued) For the Year Ended 31 December 2006

Latin America US Dollar US Dynamic Japan JF Asia Select Equity US Bond US Disciplined Enhanced Small Cap US Select Select Equity Fund Diversified Fund Fund (8) Fund Equity Fund Yield Fund Fund (9) Equity Fund JPY USD USD USD USD USD USD USD

123,856,822,092 600,063,343 21,234,607 905,343,207 186,544,847 2,030,449,837 2,776,483 97,858,974

1,820,667,691 31,023,784 158,127 50,504 2,578,411 25,692 181,613 1,635,704 29,773,298 - - 66,310,786 13,305 130,704,973 1,441 5,203 105,545,992 197,564 3,716 304,992 443,692 21,640 5,825 248,355 61 430,686 5,570 28,194 46,206 35,541 15,559 25,192

1,955,987,042 31,652,034 167,413 66,694,476 3,081,614 130,787,846 204,438 1,914,454

2,269,468,539 7,361,982 142,246 4,999,969 1,780,578 3,677,113 213,261 1,457,004 72,489,057 809,602 25,485 251,651 99,468 398,546 71,454 108,274 35,774,793 169,614 16,812 127,278 61,855 113,628 12,345 32,882 81,678,043 291,730 2,764 413,096 79,969 261,579 9,373 66,176 13,175,688 ------59,923,777 254,458 2,690 444,802 70,017 913,021 7,163 45,691 2,532,509,897 8,887,386 189,997 6,236,796 2,091,887 5,363,887 313,596 1,710,027

141,718 22,422 21,811 11,140 12,007 373,571 36,053 8,824 2,532,368,179 8,864,964 168,186 6,225,656 2,079,880 4,990,316 277,543 1,701,203

------2,532,368,179 8,864,964 168,186 6,225,656 2,079,880 4,990,316 277,543 1,701,203

(576,381,137) 22,787,070 (773) 60,468,820 1,001,734 125,797,530 (73,105) 213,251

17,203,687,130 63,899,079 9,195,016 5,315,162 19,457,694 (756,411) 402,272 11,195,029 (13,471,279) 14,153 (533) (239,012) ---- 88,262,000 - - 3,653,377 74,900 (2,759,975) 121,363 191,357 15,298,309 (597,902) 4,384 32,809 - 701 - 1 - - - (1,500,335) - (127,566) - - - - - 33,877 ---- 17,293,776,160 63,315,330 9,198,867 7,295,878 19,532,594 (3,643,251) 523,635 11,386,387

(320,826,095) 94,477,512 (5,338,400) (3,105,589) 3,129,921 4,552,535 4,319,420 13,385,863

------(120,905,000) - - (1,216,804) 29,188 416,878 (2,050) 40,563 141,437 (66,398) 1,959 5,240 - (567) - 160 - - - (11,375) - 20,703 - - - - - 5,693 ----

(441,589,658) 94,411,114 (5,336,441) (4,322,835) 3,159,109 4,989,549 4,317,370 13,426,586

16,275,805,365 180,513,514 3,861,653 63,441,863 23,693,437 127,143,828 4,767,900 25,026,224

223,589,126,441 535,144,017 16,867,810 950,905,565 115,230,628 1,939,506,780 60,082,882 184,161,109 (115,587,916,053) (580,323,187) (41,964,070) (427,820,535) (164,312,307) (1,267,761,660) (14,753,725) (90,120,966) 108,001,210,388 (45,179,170) (25,096,260) 523,085,030 (49,081,679) 671,745,120 45,329,157 94,040,143

----(2,768,023) - - -

248,133,837,845 735,397,687 - 1,491,870,100 158,388,582 2,829,338,785 52,873,540 216,925,341

(8) This Sub-Fund merged into JPMorgan Funds - Latin America Equity Fund on 24 March 2006. (9) This Sub-Fund changed its name from US Small Cap Core Fund on 1 June 2006.

16 JPMorgan Investment Funds Statement of Changes in the Number of Shares (continued) For the Year Ended 31 December 2006

Shares Outstanding Shares Subscribed Shares Redeemed Shares Outstanding at the beginning at the end of the year of the year

JPMorgan Investment Funds - Blue and Green Fund JPM Blue and Green 3,449.615 - - 3,449.615

JPMorgan Investment Funds - Euro Liquid Market Fund (1) JPM Euro Liquid Market A (acc) - EUR 162,912.458 203,645.496 218,029.631 148,528.323 JPM Euro Liquid Market X (acc) - EUR 136,411.228 - - 136,411.228

JPMorgan Investment Funds - Europe Bond Fund JPM Europe Bond A (acc) - EUR 6,171,541.286 4,465,784.514 5,277,241.292 5,360,084.508 JPM Europe Bond A (inc) - EUR 93,097.000 205,981.082 21,676.911 277,401.171 JPM Europe Bond B (acc) - EUR 685,067.194 180,882.671 511,068.577 354,881.288 JPM Europe Bond C (acc) - EUR 2,687,832.397 1,095,389.163 2,420,801.205 1,362,420.355 JPM Europe Bond D (acc) - EUR 1,019,953.699 574,814.194 1,192,650.260 402,117.633 JPM Europe Bond X (acc) - EUR 1,834,121.934 330,313.552 661,205.193 1,503,230.293

JPMorgan Investment Funds - Europe Corporate Bond Fund JPM Europe Corporate Bond A (acc) - EUR 125,287.866 61,211.013 89,288.620 97,210.259 JPM Europe Corporate Bond C (acc) - EUR 32,997.044 2,642.929 10,000.000 25,639.973 JPM Europe Corporate Bond D (acc) - EUR 12,475.336 18,404.940 16,309.729 14,570.547 JPM Europe Corporate Bond X (acc) - EUR 19,850.310 - 16,988.976 2,861.334

JPMorgan Investment Funds - Europe Recovery Fund JPM Europe Recovery A (acc) - EUR 1,092,064.893 2,658,233.341 706,606.269 3,043,691.965 JPM Europe Recovery A (dist) - EUR - 830,702.284 24,653.943 806,048.341 JPM Europe Recovery B (acc) - EUR 815.001 21,674.511 - 22,489.512 JPM Europe Recovery C (acc) - EUR 31,333.725 57,509.560 13,352.000 75,491.285 JPM Europe Recovery D (acc) - EUR 31,476.199 185,278.020 94,794.573 121,959.646 JPM Europe Recovery X (acc) - EUR 24,416.705 49,783.354 16,533.067 57,666.992

JPMorgan Investment Funds - Europe Select Equity Fund JPM Europe Select Equity A (acc) - EUR 7,753.585 45,156.121 9,729.011 43,180.695 JPM Europe Select Equity A (dist) - EUR - 1,492.063 - 1,492.063 JPM Europe Select Equity X (acc) - EUR 37,595.245 61,874.431 15,192.125 84,277.551

JPMorgan Investment Funds - Europe Select Large Cap Fund JPM Europe Select Large Cap A (acc) - EUR 217,644.801 126,401.516 137,852.255 206,194.062 JPM Europe Select Large Cap A (dist) - EUR - 38.718 - 38.718 JPM Europe Select Large Cap B (acc) - EUR 11,489.108 6,439.843 653.017 17,275.934 JPM Europe Select Large Cap C (acc) - EUR 6,819.782 - 280.000 6,539.782 JPM Europe Select Large Cap D (acc) - EUR 47,287.250 76,750.070 53,939.815 70,097.505 JPM Europe Select Large Cap X (acc) - EUR 73,649.153 - 27,169.845 46,479.308

JPMorgan Investment Funds - Europe Short Duration Fund JPM Europe Short Duration A (acc) - EUR 1,592,039.633 1,205,310.268 2,010,405.895 786,944.006 JPM Europe Short Duration B (acc) - EUR 434,927.702 67,582.937 429,174.566 73,336.073 JPM Europe Short Duration C (acc) - EUR 259,491.064 362,116.168 531,535.810 90,071.422 JPM Europe Short Duration D (acc) - EUR 67,257.635 154,771.559 138,833.140 83,196.054 JPM Europe Short Duration X (acc) - EUR 490,393.854 467,832.965 414,485.886 543,740.933

JPMorgan Investment Funds - Europe Strategic Dividend Fund JPM Europe Strategic Dividend A (acc) - EUR 461,757.639 370,384.880 65,829.064 766,313.455 JPM Europe Strategic Dividend A (dist) - EUR - 38.718 - 38.718 JPM Europe Strategic Dividend D (acc) - EUR 7,729.400 105,468.552 18,727.663 94,470.289

JPMorgan Investment Funds - Global 50 Equity Fund JPM Global 50 Equity A (acc) - USD 243,072.736 302,489.638 195,567.905 349,994.469 JPM Global 50 Equity A (dist) - USD - 512.577 - 512.577 JPM Global 50 Equity C (acc) - USD 3,954.385 5,177.000 2,837.272 6,294.113 JPM Global 50 Equity D (acc) - USD 24,507.107 75,460.944 17,740.912 82,227.139 JPM Global 50 Equity X (acc) - USD 129,466.598 - 129,466.598 -

JPMorgan Investment Funds - Global Balanced Fund (EUR) (2) JPM Global Balanced (EUR) A (acc) - EUR 80,216.257 56,082.563 48,513.713 87,785.107 JPM Global Balanced (EUR) A (dist) - EUR - 38.718 - 38.718 JPM Global Balanced (EUR) B (acc) - EUR 40,870.171 476.280 15,684.513 25,661.938 JPM Global Balanced (EUR) C (acc) - EUR 68,135.760 12,948.091 8,197.258 72,886.593 JPM Global Balanced (EUR) D (acc) - EUR 60,811.313 183,584.494 63,646.997 180,748.810

(1) This Sub-Fund changed its name from Euro Fondo de Dinero on 29 August 2006. (2) This Sub-Fund changed its name from EUR Global Balanced Fund on 2 October 2006.

17 JPMorgan Investment Funds Statement of Changes in the Number of Shares (continued) For the Year Ended 31 December 2006

Shares Outstanding Shares Subscribed Shares Redeemed Shares Outstanding at the beginning at the end of the year of the year

JPMorgan Investment Funds - Global Balanced Fund (USD) (3) JPM Global Balanced (USD) A (acc) - USD 1,441,280.582 238,433.137 362,153.924 1,317,559.795 JF Global Balanced (USD) A (acc) - USD 11,040.095 4,295.910 3,729.915 11,606.090 JPM Global Balanced (USD) A (dist) - USD - 50.000 - 50.000 JPM Global Balanced (USD) B (acc) - USD 573,601.974 42,075.435 27,556.405 588,121.004 JPM Global Balanced (USD) C (acc) - USD 786,552.733 5,588.990 634,964.216 157,177.507 JPM Global Balanced (USD) D (acc) - USD 26,132.909 45,460.182 11,095.913 60,497.178 JPM Global Balanced (USD) X (acc) - USD 1,751,332.196 260,206.355 428,610.261 1,582,928.290 JPM Global Balanced (USD) X (inc) - USD (4) 194,231.456 - 194,231.456 -

. JPMorgan Investment Funds - Global Bond Fund (EUR) (5) JPM Global Bond (EUR) A (acc) - EUR 3,798,459.253 4,792,947.939 4,179,963.574 4,411,443.618 JPM Global Bond (EUR) A (inc) - EUR - 55,306.718 1,550.000 53,756.718 JPM Global Bond (EUR) B (acc) - EUR 567,428.116 424,187.939 346,360.855 645,255.200 JPM Global Bond (EUR) C (acc) - EUR 354,191.024 850,065.814 271,830.618 932,426.220 JPM Global Bond (EUR) D (acc) - EUR 215,385.237 397,872.329 269,985.522 343,272.044 JPM Global Bond (EUR) X (acc) - EUR 279,112.678 418,069.884 208,159.522 489,023.040

JPMorgan Investment Funds - Global Bond Fund (USD) (6) JPM Global Bond (USD) A (acc) - USD 2,559,519.377 1,059,373.110 1,422,039.812 2,196,852.675 JF Global Bond (USD) A (acc) - USD 3,641.901 358,681.521 182,266.919 180,056.503 JPM Global Bond (USD) B (acc) - USD 165,052.397 590,595.051 207,907.914 547,739.534 JPM Global Bond (USD) C (acc) - USD 330,844.079 143,156.726 204,842.893 269,157.912 JPM Global Bond (USD) D (acc) - USD 61,618.642 61,559.780 35,869.438 87,308.984 JPM Global Bond (USD) X (acc) - USD 2,455,932.681 431,189.888 1,634,464.547 1,252,658.022

JPMorgan Investment Funds - Global Capital Appreciation Fund JPM Global Capital Appreciation A (acc) - EUR 549,572.326 567,404.392 730,896.222 386,080.496 JPM Global Capital Appreciation A (dist) - EUR - 38.945 - 38.945 JPM Global Capital Appreciation A (inc) - EUR - 38.945 - 38.945 JPM Global Capital Appreciation B (acc) - EUR 24,207.099 - 23,772.649 434.450 JPM Global Capital Appreciation C (acc) - EUR 9,826.458 41,039.090 35,626.289 15,239.259 JPM Global Capital Appreciation D (acc) - EUR 177,409.518 839,330.091 335,120.737 681,618.872 JPM Global Capital Appreciation X (acc) - EUR - 808,394.138 424.130 807,970.008

JPMorgan Investment Funds - Global Capital Preservation Fund (EUR) (7) JPM Global Capital Preservation (EUR) A (acc) - EUR 914,128.538 1,354,259.663 1,086,477.401 1,181,910.800 JPM Global Capital Preservation (EUR) A (acc) - USD - 6,279.559 530.937 5,748.622 JPM Global Capital Preservation (EUR) A (dist) - EUR - 126,983.523 16,435.001 110,548.522 JPM Global Capital Preservation (EUR) A (inc) - EUR - 4,369.740 602.001 3,767.739 JPM Global Capital Preservation (EUR) B (acc) - EUR 73,582.194 30,135.422 69,708.303 34,009.313 JPM Global Capital Preservation (EUR) C (acc) - EUR 431,450.337 465,705.522 669,009.370 228,146.489 JPM Global Capital Preservation (EUR) D (acc) - EUR 4,414,937.094 7,818,136.179 4,286,528.342 7,946,544.931 JPM Global Capital Preservation (EUR) I (inc) - EUR - 75,012.519 - 75,012.519 JPM Global Capital Preservation (EUR) X (acc) - EUR 441,957.530 107,190.930 428,294.138 120,854.322

JPMorgan Investment Funds - Global Convertibles Fund (USD) (8) JPM Global Convertibles (USD) A (acc) - USD 209,568.396 592,137.940 366,210.293 435,496.043 JPM Global Convertibles (USD) C (acc) - USD 106,103.089 - 106,103.089 - JPM Global Convertibles (USD) D (acc) - USD 5,275.974 89,997.290 29,248.181 66,025.083 JPM Global Convertibles (USD) X (acc) - USD 3,681.490 28,825.001 5,993.491 26,513.000

JPMorgan Investment Funds - Global Enhanced Bond Fund JPM Global Enhanced Bond A (acc) - EUR 1,449,578.140 594,547.876 792,167.823 1,251,958.193 JPM Global Enhanced Bond A (inc) - EUR - 38.718 - 38.718 JPM Global Enhanced Bond B (acc) - EUR 70,970.442 654.597 18,223.080 53,401.959 JPM Global Enhanced Bond C (acc) - EUR 305,534.518 151,709.638 141,697.529 315,546.627 JPM Global Enhanced Bond D (acc) - EUR 207,868.735 183,151.311 131,753.280 259,266.766 JPM Global Enhanced Bond X (acc) - EUR 91,287.799 5,181.429 23,471.701 72,997.527 JPM Global Enhanced Bond X (inc) - EUR 300,000.000 - - 300,000.000

JPMorgan Investment Funds - Global ex-US Bond Fund JPM Global ex-US Bond A (acc) - USD 307,842.859 125,126.444 193,185.403 239,783.900 JPM Global ex-US Bond B (acc) - USD 14,273.374 55,618.758 38,726.252 31,165.880 JPM Global ex-US Bond C (acc) - USD 17,685.774 26,555.925 44,241.699 - JPM Global ex-US Bond D (acc) - USD 3,924.789 8,057.179 6,691.702 5,290.266 JPM Global ex-US Bond X (acc) - USD 755,508.816 328,787.277 339,622.528 744,673.565

(3) This Sub-Fund changed its name from USD Global Balanced Fund on 2 October 2006. (4) This Share Class changed its name from JPM Global Balanced (USD) X (dist) - USD on 1 June 2006. (5) This Sub-Fund changed its name from EUR Global Bond Fund on 29 August 2006. (6) This Sub-Fund changed its name from USD Global Bond Fund on 29 August 2006. (7) This Sub-Fund changed its name from Global Capital Preservation Fund on 29 August 2006. (8) This Sub-Fund changed its name from Global Convertible Bond Fund (USD) on 29 August 2006.

18 JPMorgan Investment Funds Statement of Changes in the Number of Shares (continued) For the Year Ended 31 December 2006

Shares Outstanding Shares Subscribed Shares Redeemed Shares Outstanding at the beginning at the end of the year of the year

JPMorgan Investment Funds - Global ex-US Select Small Cap Fund JPM Global ex-US Select Small Cap A (acc) - EUR 246,381.625 171,646.931 246,219.619 171,808.937 JPM Global ex-US Select Small Cap A (dist) - EUR - 38.718 - 38.718 JPM Global ex-US Select Small Cap B (acc) - EUR 5,365.424 1,871.411 6,449.381 787.454 JPM Global ex-US Select Small Cap C (acc) - EUR 20,798.868 8,592.041 10,573.000 18,817.909 JPM Global ex-US Select Small Cap D (acc) - EUR 4,724.652 48,637.439 28,436.859 24,925.232

JPMorgan Investment Funds - Global Financials Fund JPM Global Financials A (acc) - USD 972,010.727 1,382,005.530 1,081,560.496 1,272,455.761 JPM Global Financials A (acc) - EUR - 1,890.401 294.000 1,596.401 JPM Global Financials A (dist) - USD - 169,705.064 169,655.064 50.000 JPM Global Financials C (acc) - USD 32,037.824 22,730.000 35,499.120 19,268.704 JPM Global Financials D (acc) - USD 44,596.018 131,089.848 107,637.614 68,048.252 JPM Global Financials X (acc) - USD 14,251.394 8,521.992 3,699.940 19,073.446

JPMorgan Investment Funds - Global Healthtech Fund JPM Global Healthtech A (acc) - USD 529,347.904 800,782.646 930,147.988 399,982.562 JPM Global Healthtech A (dist) - USD - 50.000 - 50.000 JPM Global Healthtech B (acc) - USD - 55,987.267 32,083.146 23,904.121 JPM Global Healthtech C (acc) - USD 7,954.141 46,598.514 54,228.761 323.894 JPM Global Healthtech D (acc) - USD 173,568.728 112,893.377 219,830.160 66,631.945 JPM Global Healthtech X (acc) - USD 37,263.642 - 37,263.642 -

JPMorgan Investment Funds - Global High Yield Bond Fund JPM Global High Yield Bond A (acc) - EUR 745,904.687 1,312,858.601 850,711.618 1,208,051.670 JPM Global High Yield Bond A (inc) - EUR - 2,993.718 1.000 2,992.718 JPM Global High Yield Bond B (acc) - EUR 2,394.762 6,604.784 6,604.784 2,394.762 JPM Global High Yield Bond C (acc) - EUR 629,370.964 764,123.454 603,136.385 790,358.033 JPM Global High Yield Bond D (acc) - EUR 114,784.746 162,246.465 80,326.108 196,705.103 JPM Global High Yield Bond X (acc) - EUR 92,567.052 23,000.001 115,567.053 -

JPMorgan Investment Funds - Global Select Equity Fund JPM Global Select Equity A (acc) - USD 192,232.473 231,773.819 167,228.316 256,777.976 JPM Global Select Equity A (dist) - USD - 754.609 452.202 302.407 JPM Global Select Equity B (acc) - USD 5,413.808 45,588.574 14,297.474 36,704.908 JPM Global Select Equity C (acc) - USD 12,585.561 121,674.264 47,099.501 87,160.324 JPM Global Select Equity D (acc) - USD 7,359.300 105,466.847 6,217.891 106,608.256 JPM Global Select Equity X (acc) - USD 791,975.361 52,801.396 261,929.423 582,847.334

JPMorgan Investment Funds - Global Short Duration Fund JPM Global Short Duration A (acc) - USD 687,016.001 273,105.336 558,644.220 401,477.117 JPM Global Short Duration B (acc) - USD 108,053.984 242,328.991 163,518.764 186,864.211 JPM Global Short Duration C (acc) - USD 399,736.842 90,576.918 343,455.595 146,858.165 JPM Global Short Duration D (acc) - USD 23,594.658 22,601.574 18,920.222 27,276.010 JPM Global Short Duration X (acc) - USD 1,465,050.863 64,619.340 720,466.346 809,203.857

JPMorgan Investment Funds - Global Teletech Fund JPM Global Teletech A (acc) - USD 325,504.728 178,197.812 231,957.905 271,744.635 JPM Global Teletech A (dist) - USD - 43,566.438 43,516.438 50.000 JPM Global Teletech B (acc) - USD 18,096.154 - - 18,096.154 JPM Global Teletech D (acc) - USD 22,155.999 39,385.117 32,185.744 29,355.372 JPM Global Teletech X (acc) - USD 134,191.043 - - 134,191.043

JPMorgan Investment Funds - Global Total Return Fund (EUR) JPM Global Total Return (EUR) A (acc) - EUR 1,855,866.985 8,205,799.346 6,418,633.946 3,643,032.385 JPM Global Total Return (EUR) A (dist) - EUR - 12,104.510 1,283.386 10,821.124 JPM Global Total Return (EUR) A (inc) - EUR - 88.945 - 88.945 JPM Global Total Return (EUR) B (acc) - EUR 26,482.360 42,338.035 41,812.166 27,008.229 JPM Global Total Return (EUR) C (acc) - EUR 983,384.311 2,683,306.136 1,305,009.643 2,361,680.804 JPM Global Total Return (EUR) D (acc) - EUR 1,047,498.228 4,961,391.154 2,093,674.811 3,915,214.571 JPM Global Total Return (EUR) I (acc) - EUR - 60,000.000 30,000.000 30,000.000 JPM Global Total Return (EUR) X (acc) - EUR 1,179.142 1,805.001 2,984.143 -

JPMorgan Investment Funds - Global Total Return Fund (USD) JPM Global Total Return (USD) A (acc) - USD 55,840.747 161,791.853 138,715.971 78,916.629 JPM Global Total Return (USD) A (dist) - USD - 60.005 1.779 58.226 JPM Global Total Return (USD) B (acc) - USD - 77,262.260 - 77,262.259 JPM Global Total Return (USD) D (acc) - USD 555.416 74,672.523 42,939.830 32,288.109

JPMorgan Investment Funds - Japan 50 Equity Fund JPM Japan 50 Equity A (acc) - JPY 110,334.872 856,112.373 219,748.936 746,698.309 JPM Japan 50 Equity A (dist) - JPY - 6,428.898 6,373.561 55.337 JPM Japan 50 Equity D (acc) - JPY - 1,264.061 - 1,264.061 JPM Japan 50 Equity I (acc) - JPY - 3,897,256.278 3,599.825 3,893,656.453 JPM Japan 50 Equity X (acc) - JPY 698,207.593 665,312.657 51,480.290 1,312,039.960

19 JPMorgan Investment Funds Statement of Changes in the Number of Shares (continued) For the Year Ended 31 December 2006

Shares Outstanding Shares Subscribed Shares Redeemed Shares Outstanding at the beginning at the end of the year of the year

JPMorgan Investment Funds - Japan Select Equity Fund JPM Japan Select Equity A (acc) - JPY 6,540,252.070 8,888,432.434 5,674,290.659 9,754,393.845 JPM Japan Select Equity A (dist) - JPY - 13,368.457 - 13,368.457 JPM Japan Select Equity B (acc) - JPY 182,573.576 415,377.165 140,126.681 457,824.060 JPM Japan Select Equity C (acc) - JPY 1,878,600.576 2,627,192.711 1,785,108.626 2,720,684.661 JPM Japan Select Equity D (acc) - JPY 543,257.231 1,390,107.028 675,035.433 1,258,328.826 JPM Japan Select Equity I (acc) - JPY - 302,140.000 - 302,140.000 JPM Japan Select Equity X (acc) - JPY 883,468.588 3,278,776.046 816,340.587 3,345,904.047

JPMorgan Investment Funds - JF Asia Diversified Fund JF Asia Diversified A (acc) - USD 1,548,854.342 1,063,438.125 1,169,409.238 1,442,883.229 JF Asia Diversified A (dist) - USD - 21,050.202 13,172.483 7,877.719 JF Asia Diversified B (acc) - USD 55,970.735 212,760.664 75,548.779 193,182.620 JF Asia Diversified C (acc) - USD 497,357.901 615,645.616 657,493.185 455,510.332 JF Asia Diversified D (acc) - USD 65,683.117 214,503.453 112,932.049 167,254.521 JF Asia Diversified I (acc) - USD - 649,062.117 - 649,062.117 JF Asia Diversified X (acc) - USD 609,243.433 103,514.406 514,850.031 197,907.808

JPMorgan Investment Funds - Latin America Select Equity Fund (9) JPM Latin America Select Equity A (acc) - USD 86,417.022 55,537.986 141,955.008 - JPM Latin America Select Equity C (acc) - USD 6,527.905 3,424.814 9,952.719 - JPM Latin America Select Equity D (acc) - USD 20,098.205 17,615.972 37,714.177 -

JPMorgan Investment Funds - US Bond Fund JPM US Bond A (acc) - USD 1,559,906.278 2,038,229.225 1,512,114.965 2,086,020.538 JPM US Bond A (inc) - USD - 886.000 344.000 542.000 JPM US Bond B (acc) - USD 456,157.734 116,642.960 109,941.151 462,859.543 JPM US Bond C (acc) - USD 636,937.548 1,672,121.731 390,131.341 1,918,927.938 JPM US Bond D (acc) - USD 239,850.113 370,618.710 154,441.047 456,027.776 JPM US Bond X (acc) - USD 2,905,114.894 1,924,463.732 545,754.256 4,283,824.370

JPMorgan Investment Funds - US Disciplined Equity Fund JPM US Disciplined Equity A (acc) - USD 362,980.010 893,950.514 427,251.196 829,679.328 JPM US Disciplined Equity A (dist) - USD - 50.000 - 50.000 JPM US Disciplined Equity A (inc) - USD 613,752.433 14,891.000 14,826.000 613,817.433 JPM US Disciplined Equity B (acc) - USD 4,610.189 - 2,200.189 2,410.000 JPM US Disciplined Equity C (acc) - USD 486,049.558 241,630.226 560,262.128 167,417.656 JPM US Disciplined Equity D (acc) - USD 31,901.085 130,371.198 26,620.042 135,652.241 JPM US Disciplined Equity X (acc) - USD 714,835.410 - 714,835.410 -

JPMorgan Investment Funds - US Dollar Enhanced Yield Fund JPM US Dollar Enhanced Yield A (acc) - USD 1,276,544.616 3,046,848.294 1,820,426.208 2,502,966.702 JPM US Dollar Enhanced Yield B (acc) - USD 247,748.893 968,044.079 594,532.318 621,260.654 JPM US Dollar Enhanced Yield C (acc) - USD 5,390,920.382 8,728,815.988 1,286,911.605 12,832,824.765 JPM US Dollar Enhanced Yield D (acc) - USD 100,150.748 84,169.982 89,128.207 95,192.523 JPM US Dollar Enhanced Yield I (acc) - USD - 1,000.000 - 1,000.000 JPM US Dollar Enhanced Yield X (acc) - USD 9,300,385.456 2,595,689.901 6,214,231.777 5,681,843.580

JPMorgan Investment Funds - US Dynamic Small Cap Fund (10) JPM US Dynamic Small Cap A (acc) - USD 23,421.368 507,881.486 139,181.093 392,121.761 JPM US Dynamic Small Cap A (dist) - USD - 61.970 11.970 50.000 JPM US Dynamic Small Cap D (acc) - USD 7,884.776 11,718.777 8,897.143 10,706.410 JPM US Dynamic Small Cap X (acc) - USD 85,497.640 - 85,497.640

JPMorgan Investment Funds - US Select Equity Fund JPM US Select Equity A (acc) - USD 237,566.164 896,373.990 280,923.564 853,016.590 JPM US Select Equity A (dist) - USD - 351,735.000 241,535.000 110,200.000 JPM US Select Equity B (acc) - USD 43,460.000 5,552.541 15,677.541 33,335.000 JPM US Select Equity C (acc) - USD 355,998.232 34,031.340 30,686.621 359,342.951 JPM US Select Equity D (acc) - USD 7,413.292 11,881.236 8,981.140 10,313.388 JPM US Select Equity X (acc) - USD 144,389.084 96,560.565 147,230.206 93,719.443

(9) This Sub-Fund merged into JPMorgan Funds - Latin America Equity Fund on 24 March 2006. (10) This Sub-Fund changed its name from US Small Cap Core Fund on 1 June 2006.

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

20 JPMorgan Investment Funds Statistical Information (continued)

Net Asset Value per Share in Share Class Currency

31 December 2006 31 December 2005 31 December 2004 31 December 2003 31 December 2002

JPMorgan Investment Funds - Blue and Green Fund JPM Blue and Green 22,303.47 21,718.00 20,033.12 19,244.77 18,330.11

JPMorgan Investment Funds - Euro Liquid Market Fund (1) JPM Euro Liquid Market A (acc) - EUR 931.39 910.37 897.18 884.11 868.13 JPM Euro Liquid Market C (acc) - EUR - - 101.94 100.05 - JPM Euro Liquid Market X (acc) - EUR 112.33 109.14 106.91 104.70 102.16

JPMorgan Investment Funds - Europe Bond Fund JPM Europe Bond A (acc) - EUR 151.41 153.26 146.91 138.16 134.02 JPM Europe Bond A (inc) - EUR 99.10 100.32 - - - JPM Europe Bond B (acc) - EUR 152.63 154.12 147.36 138.24 133.76 JPM Europe Bond C (acc) - EUR 146.34 147.42 140.63 131.58 126.99 JPM Europe Bond D (acc) - EUR 122.63 124.63 119.94 113.21 110.10 JPM Europe Bond X (acc) - EUR 154.69 155.16 147.33 137.23 131.83

JPMorgan Investment Funds - Europe Corporate Bond Fund JPM Europe Corporate Bond A (acc) - EUR 109.08 110.02 106.45 100.58 - JPM Europe Corporate Bond B (acc) - EUR - - 106.96 100.76 - JPM Europe Corporate Bond C (acc) - EUR 109.93 110.33 106.20 101.25 - JPM Europe Corporate Bond D (acc) - EUR 107.67 109.03 105.91 100.43 - JPM Europe Corporate Bond X (acc) - EUR 113.19 113.03 108.26 101.21 -

JPMorgan Investment Funds - Europe Recovery Fund JPM Europe Recovery A (acc) - EUR 247.05 196.09 143.63 135.23 - JPM Europe Recovery A (dist) - EUR 111.96 ---- JPM Europe Recovery B (acc) - EUR 150.96 119.34 111.58 105.14 - JPM Europe Recovery C (acc) - EUR 188.07 147.90 107.35 100.17 - JPM Europe Recovery D (acc) - EUR 239.17 191.73 141.85 134.73 - JPM Europe Recovery X (acc) - EUR 261.48 203.92 146.75 135.70 -

JPMorgan Investment Funds - Europe Select Equity Fund JPM Europe Select Equity A (acc) - EUR 1,004.83 823.64 643.38 603.54 540.67 JPM Europe Select Equity A (dist) - EUR 113.81 ---- JPM Europe Select Equity B (acc) - EUR ----541.30 JPM Europe Select Equity C (acc) - EUR - - 632.18 587.10 519.37 JPM Europe Select Equity X (acc) - EUR 125.61 101.18 77.72 71.70 63.04

JPMorgan Investment Funds - Europe Select Large Cap Fund JPM Europe Select Large Cap A (acc) - EUR 162.30 138.96 112.02 105.73 96.29 JPM Europe Select Large Cap A (dist) - EUR 111.71 ---- JPM Europe Select Large Cap B (acc) - EUR 140.76 119.80 96.08 90.37 82.01 JPM Europe Select Large Cap C (acc) - EUR 139.48 118.18 94.29 88.22 79.62 JPM Europe Select Large Cap D (acc) - EUR 92.87 80.11 65.12 62.01 56.81 JPM Europe Select Large Cap X (acc) - EUR 124.52 104.77 83.03 77.12 69.11

JPMorgan Investment Funds - Europe Short Duration Fund JPM Europe Short Duration A (acc) - EUR 105.37 103.87 102.62 100.27 - JPM Europe Short Duration B (acc) - EUR 106.33 104.54 103.03 100.42 - JPM Europe Short Duration C (acc) - EUR 106.90 104.93 103.27 100.51 - JPM Europe Short Duration D (acc) - EUR 103.84 102.76 101.92 99.90 - JPM Europe Short Duration X (acc) - EUR 108.27 105.99 103.94 100.75 -

JPMorgan Investment Funds - Europe Strategic Dividend Fund JPM Europe Strategic Dividend A (acc) - EUR 145.88 119.37 - - - JPM Europe Strategic Dividend A (dist) - EUR 111.37 ---- JPM Europe Strategic Dividend D (acc) - EUR 123.20 101.57 - - -

JPMorgan Investment Funds - Global 50 Equity Fund JPM Global 50 Equity A (acc) - USD 151.43 120.36 103.32 95.86 71.62 JPM Global 50 Equity A (dist) - USD 111.94 ---- JPM Global 50 Equity B (acc) - USD - - 106.08 98.03 72.94 JPM Global 50 Equity C (acc) - USD 156.54 123.31 105.03 96.91 72.01 JPM Global 50 Equity D (acc) - USD 120.98 97.12 84.21 78.81 59.23 JPM Global 50 Equity X (acc) - USD - 94.93 80.05 72.90 53.47

JPMorgan Investment Funds - Global Balanced Fund (EUR) (2) JPM Global Balanced (EUR) A (acc) - EUR 1,200.87 1,119.42 962.71 922.54 864.01 JPM Global Balanced (EUR) A (dist) - EUR 106.68 ---- JPM Global Balanced (EUR) B (acc) - EUR 1,357.69 1,258.68 1,076.55 1,025.98 955.67 JPM Global Balanced (EUR) C (acc) - EUR 901.22 833.78 711.43 675.97 627.69 JPM Global Balanced (EUR) D (acc) - EUR 125.78 117.84 101.84 98.03 92.12

(1) This Sub-Fund changed its name from Euro Fondo de Dinero on 29 August 2006. (2) This Sub-Fund changed its name from EUR Global Balanced Fund on 2 October 2006.

21 JPMorgan Investment Funds Statistical Information (continued)

Net Asset Value per Share in Share Class Currency

31 December 2006 31 December 2005 31 December 2004 31 December 2003 31 December 2002

JPMorgan Investment Funds - Global Balanced Fund (USD) (3) JPM Global Balanced (USD) A (acc) - USD 158.03 141.19 132.48 122.87 104.59 JF Global Balanced (USD) A (acc) - USD 151.18 135.14 126.94 118.02 - JPM Global Balanced (USD) A (dist) - USD 107.99 ---- JPM Global Balanced (USD) B (acc) - USD 163.89 145.62 135.97 125.67 106.60 JPM Global Balanced (USD) C (acc) - USD 144.06 127.67 118.94 109.65 - JPM Global Balanced (USD) D (acc) - USD 136.33 122.41 115.50 107.84 92.30 JPM Global Balanced (USD) X (acc) - USD 179.65 158.03 146.05 133.57 111.97 JPM Global Balanced (USD) X (inc) - USD (4) - 125.13 118.79 111.38 96.11

JPMorgan Investment Funds - Global Bond Fund (EUR) (5) JPM Global Bond (EUR) A (acc) - EUR 130.12 129.22 124.87 119.81 117.09 JPM Global Bond (EUR) A (inc) - EUR 103.35 ---- JPM Global Bond (EUR) B (acc) - EUR 233.97 231.77 223.41 213.83 208.46 JPM Global Bond (EUR) C (acc) - EUR 239.37 236.61 227.48 217.13 211.10 JPM Global Bond (EUR) D (acc) - EUR 120.07 119.72 116.15 111.86 109.59 JPM Global Bond (EUR) X (acc) - EUR 226.22 222.61 213.11 202.49 195.96

JPMorgan Investment Funds - Global Bond Fund (USD) (6) JPM Global Bond (USD) A (acc) - USD 153.84 149.27 143.36 138.07 134.90 JF Global Bond (USD) A (acc) - USD 112.38 109.25 105.14 101.46 - JPM Global Bond (USD) B (acc) - USD 158.14 153.07 146.65 140.88 137.31 JPM Global Bond (USD) C (acc) - USD 152.15 146.94 140.44 134.57 130.80 JPM Global Bond (USD) D (acc) - USD 119.99 116.88 112.70 108.94 106.70 JPM Global Bond (USD) X (acc) - USD 151.73 145.90 138.82 132.41 128.11

JPMorgan Investment Funds - Global Capital Appreciation Fund JPM Global Capital Appreciation A (acc) - EUR 120.57 112.79 100.82 96.33 89.18 JPM Global Capital Appreciation A (dist) - EUR 106.36 ---- JPM Global Capital Appreciation A (inc) - EUR 106.36 ---- JPM Global Capital Appreciation B (acc) - EUR 116.55 110.25 98.20 93.41 86.09 JPM Global Capital Appreciation C (acc) - EUR 97.48 90.48 80.33 76.06 69.75 JPM Global Capital Appreciation D (acc) - EUR 101.72 95.82 86.15 82.60 76.65 JPM Global Capital Appreciation X (acc) - EUR 104.88 ----

JPMorgan Investment Funds - Global Capital Preservation Fund (EUR) (7) JPM Global Capital Preservation (EUR) A (acc) - EUR 1,021.61 994.09 930.91 898.10 857.91 JPM Global Capital Preservation (EUR) A (dist) - EUR 102.94 ---- JPM Global Capital Preservation (EUR) A (acc) - USD 103.20 ---- JPM Global Capital Preservation (EUR) A (inc) - EUR 103.19 ---- JPM Global Capital Preservation (EUR) B (acc) - EUR 1,120.59 1,086.18 1,013.54 973.96 926.68 JPM Global Capital Preservation (EUR) C (acc) - EUR 902.82 872.53 811.70 777.49 737.31 JPM Global Capital Preservation (EUR) D (acc) - EUR 117.54 114.89 108.03 104.65 - JPM Global Capital Preservation (EUR) I (inc) - EUR 102.75 ---- JPM Global Capital Preservation (EUR) X (acc) - EUR 113.16 108.64 100.42 - -

JPMorgan Investment Funds - Global Convertibles Fund (USD) (8) JPM Global Convertibles (USD) A (acc) - USD 126.68 112.64 102.56 - - JPM Global Convertibles (USD) C (acc) - USD - 107.10 - - - JPM Global Convertibles (USD) D (acc) - USD 124.42 111.18 101.73 - - JPM Global Convertibles (USD) X (acc) - USD 108.26 115.21 103.36 - -

JPMorgan Investment Funds - Global Enhanced Bond Fund JPM Global Enhanced Bond A (acc) - EUR 129.50 127.90 125.26 120.24 114.60 JPM Global Enhanced Bond A (inc) - EUR 103.57 ---- JPM Global Enhanced Bond B (acc) - EUR 129.28 127.63 124.63 119.28 113.34 JPM Global Enhanced Bond C (acc) - EUR 142.18 140.08 136.48 130.26 123.45 JPM Global Enhanced Bond D (acc) - EUR 125.74 124.89 122.68 118.07 112.70 JPM Global Enhanced Bond X (acc) - EUR 146.91 144.02 139.60 132.59 125.03 JPM Global Enhanced Bond X (inc) - EUR 94.25 98.21 98.55 - -

JPMorgan Investment Funds - Global ex-US Bond Fund JPM Global ex-US Bond A (acc) - USD 167.07 162.19 155.55 149.54 146.75 JPM Global ex-US Bond B (acc) - USD 170.88 165.51 158.34 151.83 148.63 JPM Global ex-US Bond C (acc) - USD - 140.39 133.93 127.96 124.94 JPM Global ex-US Bond D (acc) - USD 121.85 118.74 114.33 110.30 108.52 JPM Global ex-US Bond X (acc) - USD 161.39 155.31 147.58 140.53 136.59

22 JPMorgan Investment Funds Statistical Information (continued)

Net Asset Value per Share in Share Class Currency

31 December 2006 31 December 2005 31 December 2004 31 December 2003 31 December 2002

JPMorgan Investment Funds - Global ex-US Select Small Cap Fund JPM Global ex-US Select Small Cap A (acc) - EUR 221.13 192.27 128.09 120.01 95.29 JPM Global ex-US Select Small Cap A (dist) - EUR 101.98 ---- JPM Global ex-US Select Small Cap B (acc) - EUR 227.19 196.75 130.61 122.01 96.59 JPM Global ex-US Select Small Cap C (acc) - EUR 232.96 200.83 132.77 123.71 97.61 JPM Global ex-US Select Small Cap D (acc) - EUR 182.12 159.94 107.61 101.76 -

JPMorgan Investment Funds - Global Financials Fund JPM Global Financials A (acc) - USD 167.74 136.94 121.24 103.40 74.64 JPM Global Financials A (acc) - EUR 82.11 ---- JPM Global Financials A (dist) - USD 109.34 ---- JPM Global Financials C (acc) - USD 172.29 139.39 122.25 103.26 73.90 JPM Global Financials D (acc) - USD 176.78 145.78 130.35 112.17 81.46 JPM Global Financials X (acc) - USD 256.60 205.87 179.02 149.88 -

JPMorgan Investment Funds - Global Healthtech Fund JPM Global Healthtech A (acc) - USD 109.02 98.94 94.06 89.71 74.78 JPM Global Healthtech A (dist) - USD 106.74 ---- JPM Global Healthtech B (acc) - USD 109.60 - 95.88 91.08 75.63 JPM Global Healthtech C (acc) - USD 116.53 103.95 97.91 92.28 76.22 JPM Global Healthtech D (acc) - USD 110.80 101.57 97.52 93.84 78.68 JPM Global Healthtech X (acc) - USD - 109.63 102.38 95.85 78.44

JPMorgan Investment Funds - Global High Yield Bond Fund JPM Global High Yield Bond A (acc) - EUR 143.42 134.70 131.80 121.32 100.74 JPM Global High Yield Bond A (inc) - EUR 104.05 ---- JPM Global High Yield Bond B (acc) - EUR 147.06 137.64 134.19 123.11 101.87 JPM Global High Yield Bond C (acc) - EUR 150.63 140.53 136.52 124.76 102.85 JPM Global High Yield Bond D (acc) - EUR 139.38 131.43 129.11 119.29 99.29 JPM Global High Yield Bond X (acc) - EUR - 144.21 139.40 126.75 103.96

JPMorgan Investment Funds - Global Select Equity Fund JPM Global Select Equity A (acc) - USD 161.48 129.18 115.75 102.79 78.73 JPM Global Select Equity A (dist) - USD 112.99 ---- JPM Global Select Equity B (acc) - USD 167.73 133.38 118.87 105.19 80.27 JPM Global Select Equity C (acc) - USD 154.58 122.29 108.46 95.54 72.58 JPM Global Select Equity D (acc) - USD 157.78 127.17 114.88 102.91 79.28 JPM Global Select Equity X (acc) - USD 145.16 114.10 100.49 87.82 66.18

JPMorgan Investment Funds - Global Short Duration Fund JPM Global Short Duration A (acc) - USD 107.56 103.11 101.10 100.19 - JPM Global Short Duration B (acc) - USD 108.53 103.80 101.52 100.34 - JPM Global Short Duration C (acc) - USD 109.09 104.21 101.77 100.43 - JPM Global Short Duration D (acc) - USD 105.79 101.80 100.20 - - JPM Global Short Duration X (acc) - USD 110.56 105.26 102.43 100.67 -

JPMorgan Investment Funds - Global Teletech Fund JPM Global Teletech A (acc) - USD 40.44 34.10 35.67 33.50 24.77 JPM Global Teletech A (dist) - USD 109.24 ---- JPM Global Teletech B (acc) - USD 41.69 35.01 36.48 34.13 25.13 JPM Global Teletech C (acc) - USD - - 34.36 34.57 25.34 JPM Global Teletech D (acc) - USD 98.56 83.93 88.68 84.04 62.54 JPM Global Teletech X (acc) - USD 46.20 38.29 39.37 36.30 26.34

JPMorgan Investment Funds - Global Total Return Fund (EUR) JPM Global Total Return (EUR) A (acc) - EUR 115.36 113.63 104.19 - - JPM Global Total Return (EUR) A (dist) - EUR 98.72 ---- JPM Global Total Return (EUR) A (inc) - EUR 98.72 ---- JPM Global Total Return (EUR) B (acc) - EUR 111.21 108.89 - - - JPM Global Total Return (EUR) C (acc) - EUR 114.88 112.13 101.98 - - JPM Global Total Return (EUR) D (acc) - EUR 112.57 112.00 103.62 - - JPM Global Total Return (EUR) I (acc) - EUR 99.94 ---- JPM Global Total Return (EUR) X (acc) - EUR - 116.23 105.22 - -

JPMorgan Investment Funds - Global Total Return Fund (USD) JPM Global Total Return (USD) A (acc) - USD 111.75 106.91 - - - JPM Global Total Return (USD) A (dist) - USD 100.41 ---- JPM Global Total Return (USD) B (acc) - USD 103.07 ---- JPM Global Total Return (USD) D (acc) - USD 110.14 106.59 - - -

JPMorgan Investment Funds - Japan 50 Equity Fund JPM Japan 50 Equity A (acc) - JPY 15,075.49 13,773.49 10,205.52 - - JPM Japan 50 Equity A (dist) - JPY 10,294.20 ---- JPM Japan 50 Equity D (acc) - JPY 11,227.38 ---- JPM Japan 50 Equity I (acc) - JPY 10,628.94 ---- JPM Japan 50 Equity X (acc) - JPY 15,783.66 14,165.74 10,307.73 - -

23 JPMorgan Investment Funds Statistical Information (continued)

Net Asset Value per Share in Share Class Currency

31 December 2006 31 December 2005 31 December 2004 31 December 2003 31 December 2002

JPMorgan Investment Funds - Japan Select Equity Fund JPM Japan Select Equity A (acc) - JPY 12,755.36 11,681.45 8,485.30 7,651.11 6,025.56 JPM Japan Select Equity A (dist) - JPY 10,254.05 ---- JPM Japan Select Equity B (acc) - JPY 12,397.69 11,280.48 8,145.99 7,316.43 5,739.09 JPM Japan Select Equity C (acc) - JPY 14,124.43 12,805.41 9,213.08 8,230.75 6,424.51 JPM Japan Select Equity D (acc) - JPY 16,087.98 14,844.22 10,885.02 9,854.01 7,805.97 JPM Japan Select Equity I (acc) - JPY 11,000.80 ---- JPM Japan Select Equity X (acc) - JPY 16,708.22 15,028.49 10,727.83 9,520.22 7,378.12

JPMorgan Investment Funds - JF Asia Diversified Fund JF Asia Diversified A (acc) - USD 252.31 192.74 158.19 136.43 95.65 JF Asia Diversified A (dist) - USD 115.53 ---- JF Asia Diversified B (acc) - USD 271.42 206.15 168.18 144.34 100.69 JF Asia Diversified C (acc) - USD 254.67 192.86 156.69 133.52 92.49 JF Asia Diversified D (acc) - USD 219.20 168.59 139.37 120.86 84.95 JF Asia Diversified I (acc) - USD 132.87 ---- JF Asia Diversified X (acc) - USD 399.63 300.39 242.21 205.08 141.14

JPMorgan Investment Funds - Latin America Select Equity Fund (9) JPM Latin America Select Equity A (acc) - USD - 177.50 118.29 84.60 50.49 JPM Latin America Select Equity B (acc) - USD ----- JPM Latin America Select Equity C (acc) - USD - 190.03 124.96 88.26 52.02 JPM Latin America Select Equity D (acc) - USD - 231.64 154.97 111.19 66.99 JPM Latin America Select Equity X (acc) - USD - - - 118.78 69.31

JPMorgan Investment Funds - US Bond Fund JPM US Bond A (acc) - USD 164.46 158.67 154.63 148.67 142.38 JPM US Bond A (inc) - USD 104.87 ---- JPM US Bond B (acc) - USD 168.48 162.07 157.49 151.04 144.29 JPM US Bond C (acc) - USD 161.37 154.88 150.11 143.49 136.60 JPM US Bond D (acc) - USD 121.20 117.23 114.62 110.71 106.39 JPM US Bond X (acc) - USD 164.77 157.35 151.85 144.71 137.36

JPMorgan Investment Funds - US Disciplined Equity Fund JPM US Disciplined Equity A (acc) - USD 97.00 84.76 83.11 75.36 59.12 JPM US Disciplined Equity A (dist) - USD 112.22 ---- JPM US Disciplined Equity A (inc) - USD 72.71 67.53 69.99 68.13 57.21 JPM US Disciplined Equity B (acc) - USD 101.11 87.91 85.78 77.42 60.43 JPM US Disciplined Equity C (acc) - USD 103.99 90.05 87.45 78.50 60.97 JPM US Disciplined Equity D (acc) - USD 115.12 101.50 100.43 91.78 72.38 JPM US Disciplined Equity X (acc) - USD - 93.62 90.49 80.86 62.50

JPMorgan Investment Funds - US Dollar Enhanced Yield Fund JPM US Dollar Enhanced Yield A (acc) - USD 125.86 120.18 116.95 115.90 115.20 JPM US Dollar Enhanced Yield B (acc) - USD 128.09 122.07 118.55 117.20 116.20 JPM US Dollar Enhanced Yield C (acc) - USD 130.29 123.85 119.97 118.34 117.11 JPM US Dollar Enhanced Yield D (acc) - USD 107.53 102.99 100.52 - - JPM US Dollar Enhanced Yield I (acc) - USD 101.45 ---- JPM US Dollar Enhanced Yield X (acc) - USD 132.41 125.67 121.54 119.60 118.00

JPMorgan Investment Funds - US Dynamic Small Cap Fund (10) JPM US Dynamic Small Cap A (acc) - USD 108.55 90.64 84.90 71.69 58.70 JPM US Dynamic Small Cap A (dist) - USD 109.10 ---- JPM US Dynamic Small Cap B (acc) - USD ----47.99 JPM US Dynamic Small Cap C (acc) - USD - - 69.54 58.22 51.04 JPM US Dynamic Small Cap D (acc) - USD 98.52 82.88 78.28 66.73 55.09 JPM US Dynamic Small Cap X (acc) - USD 108.16 - - - 45.46

JPMorgan Investment Funds - US Select Equity Fund JPM US Select Equity A (acc) - USD 159.14 137.57 136.84 125.57 102.07 JPM US Select Equity A (dist) - USD 111.61 ---- JPM US Select Equity B (acc) - USD 144.23 123.81 122.41 111.88 90.57 JPM US Select Equity C (acc) - USD 140.13 119.86 118.01 107.30 86.41 JPM US Select Equity D (acc) - USD 115.21 100.09 100.16 92.55 75.52 JPM US Select Equity X (acc) - USD 133.61 113.47 110.96 100.23 80.18

(9) This Sub-Fund merged into JPMorgan Funds - Latin America Equity Fund on 24 March 2006. (10) This Sub-Fund changed its name from US Small Cap Core Fund on 1 June 2006.

The accompanying notes form an integral part of these financial statements. 24 JPMorgan Investment Funds Notes to the Financial Statements As at 31 December 2006

1. Organisation JPMorgan Investment Funds (the “Fund”) is a variable capital investment company with multiple Sub-Funds organised as a société anonyme under the laws of the Grand Duchy of Luxembourg. The Fund was incorporated in Luxembourg on 22 December 1994 for an unlimited period as J.P. Morgan Investment Funds. Its name was changed into JPMorgan Fleming Investment Funds on 19 November 2001 and into JPMorgan Investment Funds on 12 September 2005. The Fund has been authorised under part I of the lawof 20 December 2002 concerning undertakings for collective investment in transferable securities . The Fund is registered with the Registre de Commerce et des Sociétés of Luxembourg under number B 49 663. The Fund is designed as an Equity, Balanced, Money Market and Fixed Income Fund and has issued shares in 40 Sub-Funds, details of which are shown in the Appendix.

On 24 March 2006, JPMorgan Investment Funds - Latin America Select Equity Fund was merged into JPMorgan Funds - Latin America Equity Fund..

On 1 June 2006, US Small Cap Core Fund was renamed US Dynamic Small Cap Fund. On 29 August 2006, Euro Fondo de Dinero was renamed Euro Liquid Market Fund . On 29 August 2006, EUR Global Bond Fund was renamed Global Bond Fund (EUR). On 29 August 2006, USD Global Bond Fund was renamed Global Bond Fund (USD). On 29 August 2006, Global Capital Preservation Fund was renamed Global Capital Preservation Fund (EUR). On 29 August 2006, Global Convertible Bond Fund (USD) was renamed Global Convertibles Fund (USD). On 2 October 2006, EUR Global Balanced Fund was renamed Global Balanced Fund (EUR). On 2 October 2006, USD Global Balanced Fund was renamed Global Balanced Fund (USD). 2. Significant Accounting Policies These financial statements are prepared in accordance with generally accepted accounting principles in the Grand Duchy of Luxembourg. 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 the time of calculating the net asset value. If securities are listed or dealt in on several exchanges or markets, the latest available price, or if appropriate, the average price on the principal exchange or market will be applied. Transferable securities not admitted to an official exchange listing nor dealt in on another regulated market are valued at the latest available price. Those securities for which no price is 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 faith by the Board of Directors. Shares or Units in UCITS or other UCIS are valued at the latest available price or net asset value, as reported or provided by such undertakings 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. For the Euro Liquid Market Fund: • Except as noted below, all investments are valued at amortised cost, which approximates market value. Under this method, the cost of investments is adjusted to income for the amortisation of premiums and discounts over the life of the investments. • Where the amortised cost basis does not reflect a prudent approach to the valuation of the security, the latest available price prevailing on the valuation day is used. The financial statements are presented on the basis of the net asset value calculated on 29 December 2006. In accordance with the prospectus, the net asset values were calculated using the latest exchange rates known at the time of calculation. The following Sub-Funds held securities which have been fair valued by the Management Company under delegation of the Board of Directors of the Fund as at year end (% of closing Net Assets): Global Short Duration Fund (2.33%), US Dollar Enhanced Yield Fund (2.10%), Global Bond Fund (EUR) (2.41%), Global ex-US Bond Fund (1.70%), Blue and Green Fund (0.65%) and Euro Liquid Market Fund (1.95%). 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 exchange movement between the date of purchase and date of sale of investments is included in realised gains and losses on investments. 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 is accrued 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 the base currency on the following basis: (i) investment valuations and other assets and liabilities initially expressed in other currencies are converted each business day into the base currency using currency exchange rates prevailing on each such business day; (ii) purchases and sales of foreign investments, income and expenses are converted into the base currency using currency exchange rates prevailing on the respective dates of such transactions. Net realised and unrealised gains or losses on foreign exchange represent: (i) foreign exchange gains and losses from the sale and holding of foreign currencies and foreign cash equivalents; (ii) gains and losses between trade date and settlement date on securities transactions; and (iii) gains and losses arising from the difference between amounts of dividends and interest recorded and the amounts actually received. The resulting profits and losses on translation are included in the Combined Statement of Operations and Changes in Net Assets. The reference currency of the combined statements is USD. The principal exchange rates applied as at 29 December 2006 are as follows: 1 USD = 0.75866778 EUR 1 USD = 119.045 JPY

25 JPMorgan Investment Funds Notes to the Financial Statements (continued) As at 31 December 2006

e) Formation expenses The formation expenses are fully amortised. For the Sub-Funds launched during the year, all or part of the formation expenses have been attributed to the respective Sub-Funds within the limit set out in Note 3. f) Forward foreign exchange contracts Unrealised gains or losses on outstanding forward foreign exchange contracts are valued on the basis of forward exchange rates prevailing at the relevant valuation date. The changes in such amounts are included in the Combined Statement of Operations and Changes in Net Assets under “Net Change in Unrealised Gain/(Loss) on Forward Foreign Exchange Contracts”. When a contract is closed, the Realised Gain/(Loss) is recorded under “Net Realised Gain/(Loss) on Forward Foreign Exchange Contracts” in the Combined Statement of Operations and Changes in Net Assets. g) 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 or securities. 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 the market 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 a contract is closed, the Fund 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. h) Option contracts Options purchased are recorded as investments; options written or sold are recorded as liabilities. When the exercise of an option results in a cash settlement, the difference between the 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 sale proceeds 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 realised gain 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. i) To Be Announced Securities (“TBAs”) TBAs are related to mortgage backed securities issued by government sponsored agencies. These agencies usually pool mortgage loans and sell interests in the pools created. TBAs relate 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 separately disclosed in the Schedule of Investments. j) 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 (usually fixed/floating) based on a notional amount that serves as a computation basis and that is usually not exchanged. Unrealised gains or losses are recorded under “Unrealised Net Gain/(Loss) on Interest Rate Swaps” in the Combined Statement of Net Assets. The changes in such amounts are recorded under “Net Change in Unrealised Gain/(Loss) on Interest Rate Swaps” and the Realised under “Net Realised Gain/(Loss) on Interest Rate Swaps in the Combined Statement of Operations and Changes in Net Assets. k) Total Return Swaps The Fund may enter into swap contracts in which the Fund 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 payments made by the Fund to the counterparty and vice versa are calculated by reference to a specific security, index, or instruments and an agreed upon notional amount. Any such underlying security or instrument must be a transferable security and any such index must be an index of a regulated market. The value of the 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 are not 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 “Unrealised Net Gain/(Loss) on Total Return Swaps” in the Combined Statement of Net Assets. The changes in such amounts are included in the Combined 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 Realised Gain/(Loss) is recorded under “Net Realised Gain/(Loss) on Total Return Swaps” in the Combined Statement of Operations and Changes in Net Assets. l) Credit Default Swaps A Credit Default Swap is a credit derivative transaction in which two parties enter into an agreement, whereby one party pays the other a periodic payment for the specified life of 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 a payment to the first party, and the swap will terminate. The value of the underlying securities shall be taken into account for the calculation of the investment and borrowing powers applicable to individual issuers. Unrealised gains or losses are recorded under “Unrealised Net Gain/(Loss) on Credit Default Swaps” in the Combined Statement of Net Assets. The changes in such amounts are recorded under “Net Change in Unrealised Gain/(Loss) on Credit Default Swaps” and the Realised under “Net Realised Gain/(Loss) on Credit Default Swaps in the Combined Statement of Operations and Changes in Net Assets. 3. 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 Classes C (acc) and I (acc) of US Dollar Enhanced Yield Fund 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 expenses connected 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 to Custody, Registrar and Transfer Agent Fees; it does not cover taxes paid on investments, extraordinary costs or performance fee, if any. No other costs are charged to these Classes of shares, and the Investment Manager absorbs any difference that may arise between the actual costs of the operations of these Classes of 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 Investment Manager and included within “Investment Management Fees”. To the extent that actual operating costs exceed the fixed percentage, the amount borne by the Investment Manager will be separately disclosed as an “Investment Advisory 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) and I (acc) except Classes C (acc) and I (acc) of US Dollar Enhanced Yield Fund The maximum total fees and expenses to be borne by Class C(acc) and I (acc) shareholders of any Sub-Fund will not exceed a capped percentage of the total net assets attributable to that Class. These capped fees and expenses comprise Investment Management Fees plus other Operating and Administrative Expenses, 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. In accordance with the last prospectus dated August 2006, Sundry Expenses are now borne by the Fund and are included within the capped fees. c) All Sub-Funds - Share Classes X (acc) and X (inc) The Classes X (acc) and X (inc) shares of each Sub-Fund are charged a pro-rata share of the Custody and Accounting Fees allocable to that Sub-Fund. The Investment Manager pays all other Operating and Administrative Expenses allocable to such Class to the exclusion of performance fees, if any. The maximum Operating 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 total net assets attributable to that Class, as set out in the Appendix.

26 JPMorgan Investment Funds Notes to the Financial Statements (continued) As at 31 December 2006

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 Distributor directly from the shareholder or through the relevant J.P.Morgan Chase & Co entity. In accordance with the last prospectus dated August 2006, Fiduciary, Transfer Agency, Tax and Sundry Expenses are now borne by the Fund and are included within the capped fees. d) Performance Fees Pursuant to the Investment Management Agreement, as set out in the Appendix to the Prospectus, the Investment Manager is entitled to receive from the net assets of certain Sub-Funds or Classes, an annual performance-based incentive fee (the “Performance Fee”) equal to the given percentage (the “Performance Fee Rate”, as set out in the Appendix 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, an accrual for the previous Valuation Day’s Performance Fee is made, when appropriate, and the final Performance Fee is payable annually. Pursuant to the provisions of the relevant Investment Management Agreement, the Investment Manager may be entitled to receive the performance Fee from the Management Company. On each Valuation Day, the net asset value of each Class of each Sub-Fund for which a Performance Fee applies, which includes an accrual for all fees and expenses (including the Annual Management and Advisory Fee, and the Operating and Administrative Expenses to be borne by the relevant Class at the rate set out in the Appendix to the Prospectus), is adjusted for any dividend distributions and for subscriptions and redemptions dealt with on that Valuation Day, if any, and any Performance Fee accrued through that day in respect of such Class is added back (the “Adjusted net asset value”). For purposes of calculating the Performance Fee, the “Share Class Return ” is computed on each Valuation Day, as the difference between the net asset value (adjusted by adding back any accrued Performance Fee) on such day and the Adjusted net asset value on the previous Valuation Day, expressed as a return based on the previous Valuation Day’s Adjusted net asset value for that Class. If the Share Class Return exceeds the Benchmark Return and the cumulative Share Class Return exceeds the High Water Mark Return (as set out in the Appendix to the Prospectus), the Performance Fee accrual is increased by the Performance Fee Rate multiplied by the Excess Return multiplied by the previous Valuation Day’s Adjusted net asset value for that Class. If the Share Class Return does not exceed the Benchmark Return, the Performance Fee accrual is reduced (but not belowzero) by the P erformance Fee Rate multiplied by the negative Excess Return multiplied by the previous Valuation Day’s Adjusted net asset value for that Class. Following a period of negative Excess Return whereby the Performance Fee accrual has been reduced to zero, no newPerformance Fee is accrued until such time as the cumulative Share Class Return exceeds the greater of the High Water Mark Return and the cumulative Benchmark Return since the beginning of the Company accounting year. The Performance Fee accrued on any Valuation Day is reflected in the Net Asset Value per Share on the basis of which subscriptions and redemptions may be accepted. As at 31 December 2006, the Performance Fee rate and the benchmarks are as follows: Sub-Fund Performance Fee Benchmark Rate Global Total Return Fund (EUR) 10% LIBOR one-month Euro deposits (Total Return Gross) Global Total Return Fund (USD) 10% LIBOR one-month US Dollar deposits (Total Return Gross) Global Capital Appreciation Fund 10% LIBOR one-month Euro deposits (Total Return Gross) Global Capital Preservation Fund (EUR) 10% LIBOR one-month Euro deposits (Total Return Gross)

4. Distribution Policy It is intended that all those Classes of Shares with the suffix “(dist)” will distribute annually at least 85% of the net investment income attributable to such Classes of Shares, computed broadly in accordance with the definition of net taxable income under United Kingdom corporation tax principles (subject to the applicationofanyde minimis threshold) so that these Classes of Shares of the Fund continue to qualify as “distributing” for the purposes of United Kingdom tax legislation relating to offshore Sub-Funds. The allocable net investment income of JPM Global Balanced (USD) X (dist) - USD was distributed monthly until its closure on 24 August 2006. Classes of Shares with the suffix “(inc)” may pay dividends but will not qualify as “distributing” for the purposes of United Kingdom tax legislation relating to offshore Funds. In addition, during the period from 1 January 2006 to 31 December 2006, the Fund paid dividends as follows: • JPM Global Enhanced Bond X (inc) - EUR: EUR 1.87 per share paid on 21 June 2006 • JPM Global Enhanced Bond X (inc) - EUR: EUR 4.01 per share paid on 18 December 2006 • JPM US Disciplined Equity A (inc) - USD: USD 4.51 per share paid on 18 December 2006 Those Classes of Shares with the suffix “(acc)” will not normally pay dividends.

5. Taxation Under current lawand practice in the Grand Duchy of Luxembourg, the Fund is not liable to any income tax, nor are dividends distributed by the Fund liabl e to any withholding tax. However, the Fund, with the exception of the Euro Liquid Market Fund, US Dollar Enhanced Yield Fund and those share Classes identified in the Appendix, is liable to an asset based tax of 0.05% per annum, such tax being payable quarterly and calculated on the total net assets of each Sub-Fund at the end of the relevant quarter. For the Euro Liquid Market Fund and those 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 already subject to the Taxe d’abonnement. Since 1 January 2004, all share Classes (except share Class A (acc)) of Euro Liquid Market Fund are exempted from the Taxe d’abonnement. No stamp duty or other tax is payable on the issue of shares in the Fund in the Grand Duchy of Luxembourg. No tax is payable on realised or unrealised capital appreciation of the assets of the Fund in the Grand Duchy of Luxembourg. Although the Fund’s realised capital gains, whether short or long-term, are not expected to become taxable in another country, the shareholders must be aware and recognise that such a possibility is not totally excluded. The regular income of the Fund from some of its securities, as well as interest earned on cash deposits in certain countries, may be subject to withholding taxes at varying rates, which normally cannot be recovered. Following recent case law precedent within Europe, the Fund has instigated proceedings to reclaim tax witheld by certain Member States of the European Union on dividend payments it has received. The decision to initiate proceedings against any particular Member State is the result of an analysis of the likely costs and potential benefits of doing so. The likelihood of successfully reclaiming such amounts together with the estimated time to complete proceedings varies across Member States. Any costs associated with this decision have been charged to the relevant sub-funds and have been included within total costs for the purposes of determining the relevant expense cap or TER and no amount has been recorded in the Fund for any possible amounts to be received under this action.

6. Statement of Changes in Investments 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 upon request at the registered office of the Fund. Additional information on investments within each Sub-Fund’s portfolio is available to shareholders at the registered office of the Fund.

27 JPMorgan Investment Funds Notes to the Financial Statements (continued) As at 31 December 2006

7. Value of Financial Instruments and Associated Risks The Fund entered into forward foreign exchange, financial futures contracts and options which, to varying degrees, represent a market risk in excess of the amount reflected on the Combined Statement of Net Assets. The amount of the contracts represents the extent of the Fund’s participation in these financial instruments. Market risks associated with such contracts arise due to the possible movements in foreign exchange rates, indices, and security values underlying these instruments. 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 with changes in the value of the underlying currencies, indices, or securities, or that the counterparty to a contract defaults on its obligation to perform under the terms of the contract.

8. Securities Lending The Fund 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 prime financial institutions that specialise in such activities and in the modus specified by them. Such transactions may not be entered into for longer than 30 days. If the loan of securities exceeds 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. The Directors will ensure that revenues arising from securities lending arrangements and the division thereof are in accordance with usual market practice and that the Fund retains an appropriate share thereof. During the period, 65% of any incremental income earned from securities lending was accrued to the applicable Fund, with the remaining income payable to the relevant parties which arrange the transaction. The income earned from the securities lending program is detailed in the Combined Statement of Operations and Changes in Net Assets. As at 31 December 2006, the Fund valuation of securities on loan is USD 2,210,760,156, as detailed belowand received collateral as security with a market value of USD 2,299,879,723. The table belowprovides the US dollar valuation of securities on loan at a Sub-Fund level as at 31 December 2006:

USD USD Blue and Green Fund 11,615,414 Global ex-US Select Small Cap Fund 8,680,635 Europe Bond Fund 600,427,339 Global Financials Fund 14,241,278 Europe Recovery Fund 104,069,411 Global Healthtech Fund 1,824,903 Europe Select Equity Fund 2,880,482 Global High Yield Bond Fund 101,488,290 Europe Select Large Cap Fund 3,108,385 Global Select Equity Fund 12,492,051 Europe Short Duration Fund 8,030,692 Global Short Duration Fund 791,729 Global 50 Equity Fund 9,368,973 Global Teletech Fund 358,669 Global Bond Fund (EUR) 64,565,904 Japan Select Equity Fund 276,512,549 Global Bond Fund (USD) 33,312,072 JF Asia Diversified Fund 9,882,785 Global Balanced Fund (EUR) 22,021,678 US Bond Fund 157,743,414 Global Balanced Fund (USD) 76,171,957 US Disciplined Equity Fund 15,197,562 Global Capital Appreciation Fund 10,706,774 US Dollar Enhanced Yield Fund 13,266,786 Global Capital Preservation Fund (EUR) 592,251,375 US Dynamic Small Cap Fund 7,701,993 Global Enhanced Bond Fund 12,922,857 US Select Equity Fund 31,710,800 Global ex-US Bond Fund 7,413,400

9. 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. The Investment Managers, Custodian, Corporate, Administrative and Domiciliary Agent, Management Company and Global Distributor and other related Agents of the Fund are considered as connected 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 year under review, may be obtained free of charge upon request at the registered office of the Fund and at the office of the German paying and information agent, J.P. Morgan Bank 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 Fund and at the office of the German paying and information agent.

11. Information for Swiss Registered Shareholders J.P. Morgan (Suisse) S.A. was authorised by the Federal Banking Commission as Swiss representative of the Fund and acts also as paying agent. The prospectus, the simplified prospectus, the articles, the annual and semi-annual reports of the Fund, as well as the list of the purchases and sales which the Fund has undertaken during the financial year may be obtained, on simple request and free of charge, at the head office of the Swiss Representative, J.P. Morgan (Suisse) S.A., 8 rue de la Confédération, CH-1211 Geneva, Switzerland.

12. Authorization of Sub-Funds in Hong Kong Certain share classes of the following Sub-Funds are authorized in Hong Kong and are available to Hong Kong residents: • JPMorgan Investment Funds - Global Balanced Fund (USD) • JPMorgan Investment Funds - Global Bond Fund (USD) • JPMorgan Investment Funds - Global Financials Fund • JPMorgan Investment Funds - Global Short Duration Fund • JPMorgan Investment Funds - Global Total Return Fund (USD) • JPMorgan Investment Funds - Japan 50 Equity Fund • JPMorgan Investment Funds - JF Asia Diversified Fund

13. Directors Fees The only remuneration paid to Directors is an annual fee. This is waived by Ms Andrea L. Hazen, Mr James B. Broderick and Mr Berndt May. The total Directors’ fees for the year amount to EUR 153,000.00 of which the Chairman is due EUR 33,000.00.

28 JPMorgan Investment Funds - Blue and Green Fund Schedule of Investments (Expressed in EUR) As at 31 December 2006

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

Transferable Securities Admitted to an Official Exchange Listing GERMANY 2,655 Allianz Registered Shares 410,888 0.53 Shares 16,544 Deutsche Telekom 228,968 0.30

UNITED STATES OF AMERICA 639,856 0.83 5,169 Altria Group 337,253 0.43 9,867 Bank of America 401,911 0.52 SOUTH KOREA 15,091 Cisco Systems 314,963 0.41 840 Samsung Electronics 144A GDR 209,665 0.27 15,305 Corning 217,946 0.28 1,960 SK Telecom 355,758 0.46 76,121 Frontier Mining 18,671 0.02 4,513 Hartford Financial Services Group 319,789 0.42 565,423 0.73 466 Idearc 10,044 0.01 SOUTH AFRICA 7,550 Johnson & Johnson 379,132 0.49 4,120 Anglo Platinum 383,146 0.50 4,442 Johnson Controls 291,100 0.38 18,864 News - B Shares 319,432 0.42 383,146 0.50 20,343 Oracle 266,847 0.35 5,520 Procter & Gamble 270,409 0.35 ISRAEL 5,400 United Technologies 257,853 0.34 75,505 Makhteshim-Agan Industries 325,003 0.42 9,325 Verizon Communications 266,216 0.35 325,003 0.42 3,671,566 4.77 NORWAY UNITED KINGDOM 12,345 Norsk Hydro 290,441 0.38 5,298 Anglo American 196,208 0.26 38,049 Barclays 412,949 0.54 290,441 0.38 30,625 BG Group 315,529 0.41 TAIWAN 91,758 BT Group 411,303 0.53 34,113 Taiwan Semiconductor Manufacturing ADR 285,720 0.37 45,560 Hunting 406,411 0.53 2,280 Lonmin 102,031 0.13 285,720 0.37 52,106 Northumbrian Water Group 237,050 0.31 14,536 Shire 228,861 0.30 NETHERLANDS 9,336 Standard Chartered 207,090 0.27 7,294 Fugro - CVA 263,897 0.34 591 Tesco 3,554 0.00 263,897 0.34 2,520,986 3.28 DENMARK JAPAN 5,065 Genmab 259,825 0.34 11,400 Elpida Memory 475,142 0.63 11,900 JFE Holdings 464,888 0.60 259,825 0.34 19,000 Mitsui & Co. 215,533 0.28 BRAZIL 11,000 Mitsui Fudosan 203,648 0.26 3,540 Petroleo Brasileiro ADR 248,453 0.32 32,000 Mitsui Trust Holdings 278,574 0.36 71,000 Nankai Electric Railway 185,517 0.24 248,453 0.32 21 Sumitomo Mitsui Financial Group 163,275 0.21 14,800 Yakult Honsha 322,573 0.42 GREECE 23,353 Sidenor Steel Production & Manufacturing 207,375 0.27 2,309,150 3.00 207,375 0.27 FRANCE 4,457 BNP Paribas 370,154 0.49 18,034,506 23.44 3,234 Groupe Danone 372,557 0.48 Total Shares 189,678 Rhodia 498,853 0.65 Bonds 4,617 Sanofi-Aventis 324,806 0.42 GERMANY 1,566,370 2.04 3,500,000 Germany (Federal Republic of) 04.01.08/5.250% 3,546,655 4.61 1,950,000 Germany (Federal Republic of) 04.01.11/5.250% 2,043,772 2.66 SWITZERLAND 7,552 Adecco Registered Shares 389,103 0.51 5,590,427 7.27 8,602 Compagnie Financière Richemont - Bearer A Shares 380,078 0.49 2,995 Julius Baer Holding 249,767 0.32 UNITED KINGDOM 2,097 Roche Holding - Genussschein 284,944 0.37 3,000,000 UK Treasury 07.03.11/4.250% 4,328,720 5.63

1,303,892 1.69 4,328,720 5.63 HONG KONG BELGIUM 25,000 Cheung Kong Holdings 233,524 0.30 3,900,000 Belgium (Kingdom of) 28.03.09/3.750% 3,888,542 5.05 186,000 China Resources Power Holdings 213,027 0.28 20,000 Jardine Matheson Holdings 324,710 0.42 3,888,542 5.05 29,000 Swire Pacific - A Shares 236,373 0.31 SPAIN 1,000,000 Santander International Debt 23.03.11/3.814%* 999,504 1.30 1,007,634 1.31 ITALY 999,504 1.30 71,575 Polynt 184,842 0.24 LUXEMBOURG 14,006 Saipem 277,179 0.36 800,000 Merrill Lynch 29.09.10/3.922%* 799,790 1.04 20,091 SanPaolo IMI 354,204 0.46 799,790 1.04 816,225 1.06 AUSTRALIA Total Bonds 15,606,983 20.29 48,160 Brambles 364,447 0.48 Convertible Bonds 32,445 Toll Holdings 354,938 0.46 NETHERLANDS 719,385 0.94 300,000 Bayer Capital 01.06.09/6.625% 345,150 0.45 460,000 Pargesa Netherlands 27.04.13/1.700% 315,460 0.41 CHINA 464,000 China Construction Bank - H Shares ** 224,066 0.29 660,610 0.86 305,000 Golden Eagle Retail Group 205,604 0.27 52,500 Ping An Insurance Group Co. of China - H Shares ** 220,489 0.29

650,159 0.85 29 JPMorgan Investment Funds - Blue and Green Fund Schedule of Investments (Expressed in EUR) (continued) As at 31 December 2006

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

UNITED KINGDOM Convertible Bonds 410,000 3i Group 01.08.08/1.375% 515,943 0.67 UNITED STATES OF AMERICA 515,943 0.67 525,000 3M 21.11.32/2.400%* 365,441 0.47 650,000 Amgen 01.03.32/0.000% 371,700 0.48 AUSTRIA 270,000 Lockheed Martin 15.08.33/5.124%* 272,962 0.35 500,000 Kaerntner Landes- und 425,000 Merrill Lynch & Co. 13.03.32/0.000% 429,804 0.56 Hypothekenbank-Holding 24.06.08/0.000% 501,000 0.65 1,005,000 Prudential Financial 15.11.35/2.614%* 778,915 1.01 450,000 SLM 25.07.35/5.327%* 342,391 0.45 501,000 0.65 370,000 Teva Pharmaceutical Finance 01.02.26/0.250% 269,128 0.35 UNITED STATES OF AMERICA 450,000 Wells Fargo & Co. 01.05.33/5.121%* 344,343 0.45 540,000 Nestlé Holdings 11.06.08/0.000% 472,054 0.61 450,000 Wyeth 15.01.24/5.109%* 373,834 0.49

472,054 0.61 3,548,518 4.61

SINGAPORE Total Convertible Bonds 3,548,518 4.61 750,000 Somerset Global 12.01.09/0.000% 443,950 0.58 Commercial Papers 443,950 0.58 UNITED STATES OF AMERICA TAIWAN 1,500,000 Mane Funding 26.02.07/0.000% 1,491,381 1.94 436,000 Compal Electronics 19.08.10/0.000% 332,897 0.43 2,000,000 Morgan Stanley International Funding 21.03.07/0.000% 1,984,349 2.58 332,897 0.43 3,475,730 4.52 JAPAN 40,000,000 Mitsui OSK Lines 29.03.11/0.000% 299,222 0.39 PORTUGAL 3,000,000 Caixa Geral de Depositos 15.01.07/0.000% 2,995,428 3.89 299,222 0.39 2,995,428 3.89 GERMANY 250,000 KfW - Kreditanstalt fuer IRELAND Wiederaufbau 08.08.08/0.750% 249,525 0.32 1,000,000 UniCredito Italiano Bank/Ireland 15.01.07/0.000% 998,478 1.30 249,525 0.32 1,500,000 IIB Capital 13.02.07/0.000% 1,493,341 1.94 MALAYSIA 2,491,819 3.24 200,000 Rafflesia Capital 04.10.11/1.250% 163,249 0.21 BELGIUM 163,249 0.21 2,000,000 BMW Coordination Center 16.01.07/0.000% 1,996,654 2.60

Total Convertible Bonds 3,638,450 4.72 1,996,654 2.60 NETHERLANDS Total Transferable Securities Admitted to an 37,279,939 48.45 1,000,000 SNS Bank 998,476 1.30 Official Exchange Listing 15.01.07/0.000% 998,476 1.30 Transferable Securities Dealt in on Another Regulated Market

Bonds Total Commercial Papers 11,958,107 15.55 NETHERLANDS Investment Funds 700,000 Holland Euro-Denominated LUXEMBOURG Mortgage Backed Series 11 A 18.09.40/3.799%* 700,150 0.91 325 JPMorgan Liquidity Funds - Euro Enhanced Yield 335,755 Smile Synthetic 05 A 20.01.15/3.651%* 335,912 0.44 Fund (JPM Euro Enhanced Yield X (acc)) 3,692,956 4.80 439,745 Storm 2005 A 26.05.47/3.768%* 440,444 0.57 800,000 Storm 2006-1 A2 22.04.48/3.629%* 799,987 1.04 3,692,956 4.80 500,000 Vesteda Residential Funding 2 A1 498,750 0.65 20.07.17/3.631%* Total Investment Funds 3,692,956 4.80 2,775,243 3.61 Total Transferable Securities Dealt in on 26,355,584 34.26 Another Regulated Market FRANCE 2,000,000 French Treasury Note 12.07.07/4.750% 2,009,600 2.61 Total Other Transferable Securities 228,968 0.30 2,009,600 2.61 UNITED KINGDOM Total Investments 63,635,523 82.71 1,000,000 Granite Master Issuer 2006-1X A6 20.12.54/3.698%* 999,997 1.30 Cash 12,255,873 15.93 350,000 Metrix Funding 1X A2 10.02.19/3.787%* 350,630 0.46 190,000 Prominent CMBS Funding 1 A1 20.12.32/3.929%* 190,357 0.25 Other Assets/(Liabilities) 1,046,991 1.36

1,540,984 2.01 Total Net Assets 76,938,387 100.00 IRELAND 200,000 Celtic Residential Irish Mortgage Securitisation 9 A2 13.11.47/3.770%* 200,096 0.26 * Variable coupon rates are those quoted as at 31 December 2006. 449,317 Magellan Mortgages 3 A 15.05.58/3.717%* 449,478 0.58 ** Hong Kong Registered Shares.

649,574 0.84 PORTUGAL 180,492 SAGRES Socidade de Titularizacao de Creditos/Douro Mortgages 1 A 21.06.56/3.844%* 180,602 0.23

180,602 0.23

Total Bonds 7,156,003 9.30

30 JPMorgan Investment Funds - Blue and Green Fund Schedule of Investments (Expressed in EUR) (continued) As at 31 December 2006

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

Allocation of Portfolio as at 31 December 2006 % of Net Assets Fixed Income Securities United States of America 9.74 United Kingdom 8.31 Belgium 7.65 Germany 7.59 Netherlands 5.77 Portugal 4.12 Ireland 4.08 France 2.61 Spain 1.30 Luxembourg 1.04 Austria 0.65 Singapore 0.58 Taiwan 0.43 Japan 0.39 Malaysia 0.21 Total Fixed Income Securities 54.47 Shares Financials 6.54 Investment Companies 4.80 Materials 3.07 Information Technology 2.31 Industrials 2.31 Health Care 1.92 Energy 1.81 Consumer Staples 1.68 Telecommunication Services 1.64 Consumer Discretionary 1.57 Utilities 0.59 Total Shares 28.24 Cash and Other Assets/(Liabilities) 17.29 Total 100.00

Allocation of Portfolio as at 30 June 2006 (Unaudited) % of Net Assets Fixed Income Securities France 12.97 Germany 10.69 Netherlands 8.74 Belgium 5.27 United Kingdom 4.98 United States of America 4.97 Luxembourg 3.77 Ireland 2.25 Portugal 1.98 Spain 1.35 Austria 0.94 Japan 0.77 Sweden 0.67 Singapore 0.51 Taiwan 0.47 Total Fixed Income Securities 60.33 Shares Investment Companies 4.90 Financials 4.28 Energy 2.99 Consumer Staples 2.42 Industrials 2.11 Information Technology 2.03 Materials 1.66 Health Care 1.46 Consumer Discretionary 1.08 Telecommunication Services 0.94 Utilities 0.67 Total Shares 24.54 Cash and Other Assets/(Liabilities) 15.13 Total 100.00

31 JPMorgan Investment Funds - Blue and Green Fund Schedule of Investments - Outstanding Financial Futures Contracts (Expressed in EUR) As at 31 December 2006

Unrealised Maturity (Short) / Long Gain/ Date Quantity Contract Currency Position (Loss)

Equity Futures

Mar-07 8 DJ Euro Stoxx 50 EUR 332,640 6,160 Mar-07 (13) FTSE 100 Index Future GBP (1,201,391) (8,118) Mar-07 (14) TOPIX Index Future JPY (1,501,148) (72,715)

Total Unrealised Net Loss on Financial Futures Contracts (74,673)

Schedule of Investments - Outstanding Forward Foreign Exchange Contracts (Expressed in EUR) As at 31 December 2006

Unrealised Maturity Amount Amount Gain/ Date Currency Purchased Currency Sold (Loss)

31-Jan-07 EUR 492,706 AUD 829,960 (3,105) 31-Jan-07 EUR 1,114,178 CHF 1,769,611 12,244 31-Jan-07 EUR 7,414,439 GBP 5,004,173 (15,823) 31-Jan-07 EUR 1,102,583 HKD 11,066,557 23,236 31-Jan-07 EUR 3,031,475 JPY 450,028,746 156,174 31-Jan-07 EUR 138,586 NOK 1,167,135 (3,131) 31-Jan-07 EUR 231,428 SGD 459,000 4,333 31-Jan-07 EUR 9,581,039 USD 12,062,241 443,389 31-Jan-07 GBP 638,607 EUR 945,605 2,607 31-Jan-07 HKD 3,056,514 EUR 294,891 3,218 31-Jan-07 JPY 90,301,286 EUR 601,790 (24,842) 31-Jan-07 USD 1,450,000 EUR 1,124,430 (25,995)

Total Unrealised Net Gain on Forward Foreign Exchange Contracts 572,305

Schedule of Investments - Outstanding Currency Option Contracts (Expressed in EUR) As at 31 December 2006

Unrealised Market Value Gain/ Exercise Date Description Put Currency and Amount Call Currency and Amount (Loss)

04-Jan-07 Vanilla EUR/USD EUR 1,928,000 USD 2,415,784 - (12,821) 04-Jan-07 Vanilla EUR/USD EUR 1,929,000 USD 2,417,037 1 (12,634) 04-Jan-07 Vanilla EUR/USD EUR 1,928,062 USD 2,415,861 - (12,513)

Total 1 (37,968)

32 JPMorgan Investment Funds - Euro Liquid Market Fund Schedule of Investments (Expressed in EUR) As at 31 December 2006

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

Transferable Securities Admitted to an Official Exchange Listing 2,000,000 Lake Constance 12.02.07/0.000% 1,991,737 1.30 1,000,000 Lake Constance 14.03.07/0.000% 992,799 0.65 Bonds 1,000,000 Reckitt Benckiser 13.02.07/0.000% 995,757 0.65 1,500,000 Rhein Main Securitisation 1,497,988 0.97 UNITED KINGDOM 16.01.07/0.000% 3,600,000 Abbey National Treasury 675,000 Rhein-Main Securitisation 08.06.07/0.000% 664,017 0.43 Services 14.05.08/3.710%* 3,600,838 2.33 2,000,000 Solitaire Funding 29.01.07/0.000% 1,994,737 1.30 1,500,000 BP Capital Markets 13.05.08/3.584%* 1,499,880 0.97 1,500,000 Solitaire Funding 12.03.07/0.000% 1,489,573 0.97 1,500,000 Credit Agricole/London 17.10.07/3.484%* 1,500,267 0.98 1,000,000 Thames Asset Global Securitisation 997,968 0.65 2,500,000 HBOS Treasury Services 12.01.07/3.489%* 2,499,863 1.63 22.01.07/0.000% 3,500,000 Thames Asset Global 1,500,000 HBOS Treasury Services 01.02.07/3.592%* 1,499,781 0.98 Securitisation 12.02.07/0.000% 3,485,540 2.27 1,500,000 HSBC Bank 29.01.07/3.788%* 1,499,775 0.98 2,000,000 Tulip Euro Funding 10.01.07/0.000% 1,998,353 1.30 12,100,404 7.87 29,067,836 18.92 FRANCE IRELAND 1,000,000 Caisse Nationale des Caisses 1,000,000 Bank of Ireland 999,393 0.64 d’Epargne et de Prévoyance 31.01.07/3.529%* 999,782 0.65 08.01.07/0.000% 3,000,000 Caisse Nationale des Caisses 1,500,000 IIB Capital 05.01.07/0.000% 1,499,543 0.98 d’Epargne et de Prévoyance 05.10.07/3.410%* 2,998,644 1.95 1,500,000 Irish Life & Permanent 12.01.07/0.000% 1,498,567 0.97 3,000,000 Crédit Agricole 20.04.07/3.561%* 3,000,012 1.95 1,000,000 Irish Life & Permanent 07.03.07/0.000% 993,596 0.65 1,000,000 GE Capital 01.07.07/3.533%* 1,000,370 0.65 1,500,000 KBC Dublin 16.04.07/0.000% 1,484,595 0.97 500,000 HSBC France 19.11.08/3.638%* 499,910 0.33 2,500,000 SanPaolo IMI 08.01.07/0.000% 2,498,487 1.63 3,000,000 Natexis Banques Populaires 28.05.07/3.674%* 2,999,364 1.95 2,000,000 SanPaolo IMI 12.01.07/0.000% 1,998,089 1.30 1,000,000 UniCredito Italiano 08.06.07/0.000% 983,873 0.64 11,498,082 7,48 11,956,143 7.78 IRELAND 1,000,000 Bank of Ireland 09.05.07/3.575%* 999,794 0.65 UNITED STATES OF AMERICA 1,000,000 Bank of Ireland 01.06.07/3.627%* 1,001,200 0.65 1,000,000 Galleon Capital Corporation 16.01.07/0.000% 998,577 0.65 1,500,000 GE Capital European Funding 03.11.08/3.593%* 1,500,309 0.98 1,500,000 Galleon Capital Corporation 26.01.07/0.000% 1,496,372 0.97 2,000,000 Sanpaolo IMI Bank Ireland 01.08.07/3.711%* 2,001,536 1.30 1,000,000 Lexington Parker Capital 15.02.07/0.000% 1,000,000 0.65 1,000,000 Lexington Parker Capital 20.03.07/0.000% 992,109 0.65 5,502,839 3.58 1,500,000 Mane Funding 07.03.07/0.000% 1,490,324 0.97 2,000,000 Sheffield 09.01.07/0.000% 1,998,574 1.30 CAYMAN ISLANDS 2,000,000 Simba Funding 11.04.07/0.000% 1,979,648 1.29 1,500,000 K2 31.10.08/3.604%* 1,500,000 0.98 1,500,000 Parkland Finance 12.02.07/3.645%* 1,500,270 0.98 9,955,604 6.48 1,500,000 Sigma Finance 09.11.07/3.625%* 1,499,745 0.97 1,000,000 Sigma Finance 19.02.08/3.664%* 999,780 0.65 CAYMAN ISLANDS 2,000,000 BCP Finance Bank 11.01.07/0.000% 1,998,280 1.29 5,499,795 3.58 1,000,000 Beta Finance 23.03.07/0.000% 992,269 0.65 1,000,000 Centauri 23.03.07/0.000% 992,269 0.65 AUSTRALIA 1,000,000 Parklands Finance 16.01.07/0.000% 998,657 0.65 2,000,000 Commonwealth Bank of 1,000,000 Silver Tower Funding 22.01.07/0.000% 997,962 0.65 Australia 14.05.07/3.615%* 1,999,458 1.30 2,000,000 Silver Tower Funding 05.03.07/0.000% 1,987,499 1.29 1,500,000 Westpac Banking 22.01.07/3.511%* 1,499,814 0.98 7,966,936 5.18 3,499,272 2.28 NETHERLANDS SWEDEN 1,500,000 ING Bank 28.02.07/0.000% 1,491,463 0.97 1,000,000 Svenska Handelsbanken 07.12.07/3.643%* 999,402 0.65 4,000,000 Paccar Financial Europe 15.01.07/0.000% 3,994,737 2.60 2,000,000 Swedbank Hypotek 14.01.08/3.504%* 1,999,248 1.30 1,500,000 Unilever 04.01.07/0.000% 1,499,694 0.98

2,998,650 1.95 6,985,894 4.55 UNITED STATES OF AMERICA FRANCE 1,500,000 Toyota Motor Credit 16.01.07/4.125% 1,500,176 0.98 2,000,000 Banque Fédérative du Crédit Mutuel 07.03.07/0.000% 1,987,192 1.29 1,500,176 0.98 2,000,000 LMA 18.01.07/0.000% 1,996,739 1.30 NETHERLANDS 1,500,000 LMA 27.02.07/0.000% 1,491,600 0.97 1,500,000 ING Verzekeringen 28.06.07/3.796%* 1,500,045 0.98 5,475,531 3.56 1,500,045 0.98 GERMANY DENMARK 3,000,000 Bayerische Motoren Werke 25.01.07/0.000% 2,992,929 1.95 1,500,000 Danske Bank 14.01.08/3.474%* 1,499,693 0.97 2,000,000 Deutsche Bank 08.01.07/0.000% 1,998,810 1.30

1,499,693 0.97 4,991,739 3.25 JERSEY Total Bonds 45,598,956 29.67 3,000,000 Curzon Funding 12.02.07/0.000% 2,987,571 1.94 Total Transferable Securities Admitted to an 45,598,956 29.67 2,987,571 1.94 Official Exchange Listing UNITED ARAB EMIRATES Transferable Securities Dealt in on Another Regulated Market 1,000,000 Emirates Bank International 08.01.07/0.000% 999,397 0.65 1,500,000 Emirates Bank International 16.01.07/0.000% 1,497,934 0.97 Commercial Papers 2,497,331 1.62 UNITED KINGDOM 1,000,000 Amstel Euro Funding 31.01.07/0.000% 997,166 0.65 AUSTRALIA 1,000,000 Amstel Euro Funding 07.03.07/0.000% 993,596 0.65 2,500,000 Macquarie Bank 12.02.07/0.000% 2,489,613 1.62 1,500,000 ANZ National International London 16.01.07/0.000% 1,497,859 0.97 2,489,613 1.62 2,000,000 Barclays Bank 08.01.07/0.000% 1,998,864 1.30 2,000,000 Cancara Asset Securitisation 08.01.07/0.000% 1,998,807 1.30 SPAIN 1,500,000 Grampian Funding 29.01.07/0.000% 1,495,961 0.97 2,000,000 Cantabric Finance 31.01.07/0.000% 1,994,295 1.30 3,000,000 Grampian Funding 15.03.07/0.000% 2,978,074 1.94 1,000,000 Lake Constance 12.01.07/0.000% 999,040 0.65 1,994,295 1.30

33 JPMorgan Investment Funds - Euro Liquid Market Fund Schedule of Investments (Expressed in EUR) (continued) As at 31 December 2006

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

VENEZUELA 1,000,000 Corporacion 20.02.07/0.000% 995,131 0.65 Allocation of Portfolio as at 30 June 2006 (Unaudited) % of Net Assets 995,131 0.65 Fixed Income Securities United Kingdom 27.35 INTERNATIONAL AGENCIES United States of America 10.93 1,000,000 Corporacion Andina de Fomento 07.03.07/0.000% 993,561 0.65 France 9.83 Australia 993,561 0.65 8.47 Cayman Islands 4.89 Sweden 4.89 Total Commercial Papers 88,357,185 57.50 Canada 3.58 Certificates of Deposit Spain 3.58 Ireland 3.56 UNITED KINGDOM Denmark 3.31 4,000,000 Alliance & Leicester 17.01.07/0.000% 3,993,845 2.60 Jersey 2.54 2,000,000 HSBC Bank 01.03.07/3.610% 1,999,945 1.30 Portugal 1.79 Netherlands 1.33 5,993,790 3.90 Total Fixed Income Securities 86.05 Cash Equivalents, Cash and Other Assets/(Liabilities) 13.95 Total Certificates of Deposit 5,993,790 3.90 Total 100.00 Total Transferable Securities Dealt in on 94,350,975 61.40 Another Regulated Market Total Investments 139,949,931 91.07

Cash Equivalent

Time Deposits UNITED KINGDOM 10,800,000 Barclays Bank 02.01.07/3.740% 10,800,000 7.04

10,800,000 7.04

Total Time Deposits 10,800,000 7.04

Total Cash Equivalent 10,800,000 7.04

Total Investments plus Total Cash Equivalent 150,749,931 98.11

Cash 164,077 0.11

Other Assets/(Liabilities) 2,747,445 1.78

Total Net Assets 153,661,453 100.00

* Variable coupon rates are those quoted as at 31 December 2006.

Allocation of Portfolio as at 31 December 2006 % of Net Assets Fixed Income Securities United Kingdom 30.69 Ireland 11.36 France 11.04 Cayman Islands 8.76 United States of America 7.46 Netherlands 5.53 Australia 3.90 Germany 3.25 Sweden 1.95 Jersey 1.94 United Arab Emirates 1.62 Spain 1.30 Denmark 0.97 Venezuela 0.65 International Agencies 0.65 Total Fixed Income Securities 91.07 Cash Equivalent, Cash and Other Assets/(Liabilities) 8.93 Total 100.00

34 JPMorgan Investment Funds - Europe Bond Fund Schedule of Investments (Expressed in EUR) As at 31 December 2006

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

Transferable Securities Admitted to an Official Exchange Listing 15,158,251 Countrywide Alternative Loan Trust 2006-31CB A15 25.11.36/6.000% 11,453,353 0.83 Bonds 14,712,055 Countrywide Alternative Loan Trust 2006-J5 1A1 25.09.36/6.500% 11,304,654 0.82 GERMANY 7,400,000 MBNA Credit Card Master 6,300,000 BASF 29.06.09/3.822%* 6,307,440 0.45 Note Trust 2002-A2 A 17.07.14/5.600% 7,871,920 0.57 114,930,000 Bundesobligation 17.04.09/3.250% 113,348,965 8.25 16,540,036 Residential Asset Securitization 29,415,000 Germany (Federal Republic of) 04.01.13/4.500% 30,295,332 2.20 Trust 2006-A1 A-6 25.01.37/6.000% 12,535,970 0.91 53,650,000 Germany (Federal Republic of) 04.01.14/4.250% 54,634,504 3.98 14,300,000 Wells Fargo & Co. 03.11.16/4.125% 14,028,300 1.02 53,140,000 Germany (Federal Republic of) 04.01.28/5.625% 64,482,547 4.69 22,200,000 Germany (Federal Republic of) 04.07.28/4.750% 24,271,992 1.77 69,843,527 5.08 58,200,000 Germany (Federal Republic of) 04.01.31/5.500% 70,484,623 5.13 53,700,000 Germany (Federal Republic of) 04.07.34/4.750% 59,537,002 4.33 UNITED KINGDOM 6,250,000 Aire Valley Mortages 2006-1X 3,550,000 Germany (Federal Republic of) 04.01.37/4.000% 3,510,666 0.26 2B2 20.09.66/3.929%* 6,268,338 0.46 6,187,239 EMC 4A 30.04.13/3.758%* 6,187,131 0.45 426,873,071 31.06 9,200,000 Granite Master Issuer 2006-2 FRANCE A5 20.12.54/3.611%* 9,198,188 0.67 21,089,000 Caisse d’Amortissement de la 10,700,000 Mound Financing 5X 3A1 08.02.42/3.689%* 10,704,740 0.78 Dette Sociale 25.10.19/4.000% 20,827,717 1.52 1,000,000 Permanent Financing 8 4A 10.09.32/3.792%* 1,001,001 0.07 12,340,000 Dexia Municipal Agency 20.02.13/4.250% 12,455,138 0.91 446,018 Themeleion Mortgage Finance 2 86,350,000 France (Government of) 25.04.15/3.500% 83,578,424 6.08 A 12.01.40/3.639%* 446,436 0.03 4,900,000 France (Government of) 25.04.19/4.250% 5,013,111 0.36 11,495,613 Themeleion Mortgage Finance 3 23,350,000 France (Government of) 25.04.21/3.750% 22,592,526 1.64 A 02.02.43/3.704%* 11,497,912 0.84 13,900,000 France (Government of) 25.04.23/8.500% 21,198,757 1.54 16,294,000 France (Government of) 25.10.32/5.750% 20,483,741 1.49 45,303,746 3.30 12,900,000 France (Government of) 25.04.35/4.750% 14,273,476 1.04 SPAIN 6,800,000 Ixis Corporate & Investment 24.07.18/4.375%* 6,813,433 0.50 7,247,587 Fondo de Titulizacion de Activos Santander Auto 1 A 25.11.21/3.677%* 7,241,076 0.52 207,236,323 15.08 7,500,000 Hipocat HIPO-10 A2 24.10.39/3.661%* 7,502,031 0.55 6,959,151 Santander Hipotecario12A 6,962,582 0.51 ITALY 18.01.48/3.652%* 13,948,938 UCI 15 A 13,950,297 1.01 81,700,000 Italy (Republic of) 15.06.10/2.750% 78,571,176 5.72 18.12.48/3.819%* 84,700,000 Italy (Republic of) 01.08.17/5.250% 92,426,461 6.72 35,655,986 2.59 170,997,637 12.44 IRELAND 2,695,266 DECO Series 9-E3X A1 2,695,266 0.20 UNITED KINGDOM 27.07.17/3.708%* 5,100,000 Epic BROD A 5,099,290 0.37 5,000,000 Barclays Bank 20.04.16/3.686%* 4,996,740 0.37 22.01.16/3.689%* 2,120,502 German Residential Asset Note 10,600,000 HBOS Treasury Services 26.07.10/3.750% 10,490,820 0.76 Distributor 1 A 20.07.16/3.751%* 2,125,248 0.15 5,500,000 HSBC Holdings 22.09.14/4.007%* 5,517,133 0.40 6,840,305 Talisman Finance 3 A 22.01.15/3.654%* 6,837,709 0.50 35,300,000 UK Treasury 07.03.08/5.000% 52,378,443 3.81 13,100,000 Windermere CMBS VII-X A2 22.04.16/3.689%* 13,104,826 0.95 17,160,000 UK Treasury 07.03.09/4.000% 24,908,095 1.81 4,900,000 UK Treasury 8,016,047 0.58 07.12.38/4.750% 29,862,339 2.17 106,307,278 7.73 NETHERLANDS 6,950,000 Arran Corporate Loans BELGIUM 2006-1X A2 20.06.25/3.869%* 6,950,695 0.51 68,500,000 Belgium (Kingdom of) 28.03.09/3.750% 68,298,747 4.97 15,500,000 Storm 2006-2 A2 22.05.48/3.713%* 15,502,395 1.13 25,850,000 Belgium (Kingdom of) 28.03.10/3.000% 25,159,353 1.83 5,940,000 Belgium (Kingdom of) 28.03.15/8.000% 7,586,728 0.55 22,453,090 1.64 101,044,828 7.35 ITALY 9,200,000 F-E Gold 1 A2 30.07.25/3.678%* 9,200,920 0.67 SPAIN 8,000,000 BBVA Senior Finance 9,200,920 0.67 Unipersonal 24.02.11/3.713%* 8,001,232 0.58 50,000,000 Spain (Government of) 31.10.07/4.250% 50,147,500 3.65 FRANCE 7,870,000 French Treasury Bill (i) 15.03.07/0.000% 7,815,996 0.57 58,148,732 4.23 7,815,996 0.57 UNITED STATES OF AMERICA 7,500,000 American International Group 26.04.11/3.678%* 7,503,510 0.54 Total Bonds 220,135,604 16.02 7,500,000 Bank of America 28.06.11/3.966%* 7,529,123 0.55 7,500,000 Morgan Stanley 15.01.10/3.744%* 7,513,185 0.55 Investment Funds 7,144,000 SLM Student Loan Trust 03-7 17.06.10/3.800% 7,065,670 0.51 LUXEMBOURG 29,611,488 2.15 335 JPMorgan Liquidity Funds - Euro Enhanced Yield Fund (JPM Euro Enhanced Yield X (acc)) 3,805,791 0.28 NETHERLANDS 13,850,000 ING Groep 28.06.11/3.841%* 13,841,330 1.01 3,805,791 0.28

13,841,330 1.01 Total Investment Funds 3,805,791 0.28 LUXEMBOURG Total Transferable Securities Dealt in on 223,941,395 16.30 7,500,000 Merrill Lynch 29.09.10/3.922%* 7,498,028 0.55 Another Regulated Market

7,498,028 0.55 Total Investments 1,345,500,110 97.90

Total Bonds 1,121,558,715 81.60 Cash 3,568,591 0.26

Total Transferable Securities Admitted to an 1,121,558,715 81.60 Other Assets/(Liabilities) 25,361,187 1.84 Official Exchange Listing Total Net Assets 1,374,429,888 100.00 Transferable Securities Dealt in on Another Regulated Market

Bonds * Variable coupon rates are those quoted as at 31 December 2006. UNITED STATES OF AMERICA (i) Security held as collateral against futures positions by the broker. 16,685,028 Countrywide Alternative Loan Trust 2006-27CB A7 25.11.36/6.000% 12,649,330 0.93

35 JPMorgan Investment Funds - Europe Bond Fund Schedule of Investments (Expressed in EUR) (continued) As at 31 December 2006

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

Allocation of Portfolio as at 31 December 2006 % of Net Assets Fixed Income Securities Germany 31.06 France 15.65 Italy 13.11 United Kingdom 11.03 Belgium 7.35 United States of America 7.23 Spain 6.82 Netherlands 2.65 Ireland 2.17 Luxembourg 0.83 Total Fixed Income Securities 97.90 Cash and Other Assets/(Liabilities) 2.10 Total 100.00

Allocation of Portfolio as at 30 June 2006 (Unaudited) % of Net Assets Fixed Income Securities Germany 35.62 France 23.77 Belgium 12.76 United States of America 6.12 Spain 5.70 United Kingdom 4.11 Italy 3.94 Netherlands 2.49 Luxembourg 1.88 Ireland 1.44 Austria 1.24 Total Fixed Income Securities 99.07 Cash and Other Assets/(Liabilities) 0.93 Total 100.00

36 JPMorgan Investment Funds - Europe Bond Fund Schedule of Investments - Outstanding Financial Futures Contracts (Expressed in EUR) As at 31 December 2006

Unrealised Maturity (Short) / Long Gain/ Date Quantity Contract Currency Position (Loss)

Bond Futures

Mar-07 260 Canada 10 Year Bond Future (MSE) CAD 19,287,360 (230,735) Mar-07 2,201 Euro-Bobl Future EUR 239,600,860 (1,728,710) Mar-07 (993) Euro-Bund Future EUR (115,356,810) 2,542,980 Mar-07 560 Euro-Schatz Future EUR 57,943,200 (196,000) Mar-07 440 Long Gilt Future GBP 70,734,132 (974,696) Mar-07 (202) US 2 Year Note (CBT) USD (31,265,576) 120,534 Mar-07 593 US 5 Year Note (CBT) USD 47,252,508 (330,388) Mar-07 (20) US 10 Year Note Future USD (1,630,187) 21,812

Total Unrealised Net Loss on Financial Futures Contracts (775,203)

JPMorgan Investment Funds - Europe Bond Fund Schedule of Investments - Outstanding Forward Foreign Exchange Contracts (Expressed in EUR) As at 31 December 2006

Unrealised Maturity Amount Amount Gain/ Date Currency Purchased Currency Sold (Loss)

12-Jan-07 EUR 86,328,794 GBP 58,000,000 137,084 12-Jan-07 EUR 56,290,647 USD 72,629,391 1,217,270 12-Jan-07 USD 6,126,988 EUR 4,627,270 18,699

Total Unrealised Net Gain on Forward Foreign Exchange Contracts 1,373,053

37 JPMorgan Investment Funds - Europe Corporate Bond Fund Schedule of Investments (Expressed in EUR) As at 31 December 2006

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

Transferable Securities Admitted to an Official Exchange Listing PORTUGAL 440,000 Energias de Portugal 29.10.09/6.400% 465,319 3.04 Bonds 465,319 3.04 UNITED KINGDOM 140,000 Abbey National 09.02.18/6.984%* 228,749 1.50 SPAIN 173,000 AIBUK1 17.12.14/4.781%* 165,089 1.09 113,000 Bancaja Emisiones Unipersonal 17.11.14/4.625%* 110,194 0.72 105,000 Alliance & Leicester 24.05.19/6.222%* 154,327 1.02 300,000 Santander Perpetual 10.12.14/4.375%* 293,251 1.91 300,000 Aviva 28.11.14/4.729%* 293,212 1.91 110,000 Bank of Ireland UK Holdings 07.03.23/6.250%* 173,640 1.13 403,445 2.63 210,000 Barclays Bank 15.12.10/7.500%* 233,379 1.52 JERSEY 190,000 Barclays Bank 304,816 1.99 27.11.15/6.875%* 225,000 HSBC Capital Funding/Jersey 150,000 Barclays Bank 15.03.20/4.750%* 133,435 0.87 Channel Islands 24.03.14/5.369%* 233,862 1.53 168,000 BUPA Finance 16.09.20/6.125%* 248,371 1.62 50,000 QBE Capital Funding 18.07.16/6.857%* 75,442 0.49 200,000 Clerical Medical Finance 05.11.19/7.375%* 337,108 2.20 70,000 Hammerson 23.02.26/6.000% 106,260 0.69 309,304 2.02 270,000 HBOS 23.11.11/6.050%* 288,834 1.89 100,000 Hutchison Whampoa Finance UK 24.11.26/5.625% 144,896 0.95 CAYMAN ISLANDS 300,000 Legal & General Group 08.06.25/4.000%* 286,929 1.87 200,000 SMFG Preferred Capital GBP 1 18.01.17/6.164%* 295,305 1.93 130,000 Marks & Spencer 24.03.14/5.625% 190,540 1.24 75,000 Northern Rock 21.09.27/7.053%* 127,946 0.84 295,305 1.93 95,000 Royal & Sun Alliance Insurance FINLAND Group 08.12.14/8.500%* 159,747 1.04 175,000 Fortum 20.06.16/4.500% 174,802 1.14 170,000 Scottish Widows 24.09.15/5.125%* 238,153 1.55 75,000 Nordea Bank Finland 18.07.14/6.250%* 114,810 0.75 293,000 Standard Chartered Bank 03.02.17/3.625%* 282,332 1.84 199,000 Tesco 202,239 1.32 13.04.10/4.750% 289,612 1.89 60,000 Wessex Water Services Finance 14.10.33/5.750% 97,103 0.63 100,000 Zürich Finance UK 02.10.22/6.625%* 157,555 1.03 BELGIUM 200,000 Fortis Bank 26.09.11/6.500%* 216,728 1.42 4,554,660 29.74 216,728 1.42 UNITED STATES OF AMERICA 275,000 BNP Paribas Capital Trust IV 24.01.12/6.342%* 297,244 1.94 SWEDEN 270,000 Citigroup 10.02.19/4.750%* 275,606 1.80 140,000 Swedbank 17.03.16/5.750%* 207,158 1.35 315,000 CL Capital Trust I 26.04.12/7.047%* 351,362 2.29 100,000 Commerzbank Capital Funding 207,158 1.35 Trust I 12.04.18/5.905%* 145,096 0.95 250,000 DaimlerChrysler Holding 21.03.13/4.375% 244,271 1.59 BRAZIL 130,000 Banco Bradesco 152,750 1.00 460,000 Deutsche Bank Capital Trust IV 19.09.13/5.330%* 475,633 3.11 15.04.14/8.000% 300,000 Goldman Sachs Group 02.02.15/4.000% 291,431 1.90 152,750 1.00 245,000 Lehman Brothers Holdings 16.01.14/4.750% 249,308 1.63 210,000 SG Capital Trust I 22.02.10/7.875%* 231,007 1.51 IRELAND 100,000 Wachovia Bank/Charlotte 01.08.23/5.250% 146,605 0.96 135,000 Bank of Ireland 10.02.10/6.450% 143,565 0.94

2,707,563 17.68 143,565 0.94 NETHERLANDS ICELAND 300,000 Allianz Finance 17.02.17/4.375%* 283,825 1.85 130,000 Kaupthing Bank 30.06.14/5.901%* 129,987 0.85 366,000 Brisa Finance 26.09.13/4.797% 370,503 2.42 300,000 Deutsche Telekom International 129,987 0.85 Finance 31.05.16/4.750% 296,460 1.94 150,000 ELM BV for Swiss Reinsurance 25.05.16/5.252%* 151,112 0.99 Total Bonds 14,643,410 95.61 270,000 ING Verzekeringen 21.06.21/6.250%* 289,880 1.89 100,000 Siemens Total Transferable Securities Admitted to an 14,643,410 95.61 Financieringsmaatschappij 14.09.16/6.125%* 148,275 0.97 Official Exchange Listing 170,000 Telefonica Europe 14.02.33/5.875% 181,274 1.18 Transferable Securities Dealt in on Another Regulated Market 1,721,329 11.24 Bonds FRANCE 391,000 Aventis 15.09.10/4.250% 391,537 2.56 FRANCE 95,000 AXA 15.12.20/7.125% 159,220 1.04 180,000 French Treasury Bill (i) 15.03.07/0.000% 178,765 1.17 400,000 Bouygues 24.05.13/4.500% 400,422 2.61 200,000 France Télécom 28.01.33/8.125% 271,298 1.77 178,765 1.17 84,000 Thomson 25.09.15/5.750%* 70,140 0.46 100,000 Vinci 13.11.15/6.250%* 98,578 0.64 Total Bonds 178,765 1.17

1,391,195 9.08 AUSTRALIA 355,000 BHP Billiton Finance 05.05.11/4.125% 352,790 2.30 150,000 QBE Insurance Group 28.09.09/5.625% 222,280 1.45

575,070 3.75 LUXEMBOURG 300,000 Euroclear Finance 2 15.06.15/4.235%* 286,814 1.87 100,000 Gaz Capital for Gazprom 27.09.10/7.800% 110,750 0.72 150,000 Glencore Finance Europe 11.10.13/5.250% 148,862 0.97

546,426 3.56 GERMANY 400,000 Commerzbank 13.09.16/4.125%* 394,419 2.58 120,000 RWE 14.02.33/5.750% 139,575 0.91

533,994 3.49

38 JPMorgan Investment Funds - Europe Corporate Bond Fund Schedule of Investments (Expressed in EUR) (continued) As at 31 December 2006

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

Investment Funds LUXEMBOURG 0** JPMorgan Liquidity Funds - Euro Enhanced Yield Fund (JPM Euro Enhanced Yield X (acc)) 114 0.00 0** JPMorgan Liquidity Funds - Euro Liquidity Fund (JPM Euro Liquidity X (acc)) 1,001 0.01

1,115 0.01

Total Investment Funds 1,115 0.01

Total Transferable Securities Dealt in on 179,880 1.18 Another Regulated Market Total Investments 14,823,290 96.79

Cash 102,205 0.67

Other Assets/(Liabilities) 389,857 2.54

Total Net Assets 15,315,352 100.00

* Variable coupon rates are those quoted as at 31 December 2006. ** Fractional shares rounded to 0. (i) Security held as collateral against futures positions by the broker.

Allocation of Portfolio as at 31 December 2006 % of Net Assets Fixed Income Securities United Kingdom 29.74 United States of America 17.68 Netherlands 11.24 France 10.25 Australia 3.75 Luxembourg 3.57 Germany 3.49 Portugal 3.04 Spain 2.63 Jersey 2.02 Cayman Islands 1.93 Finland 1.89 Belgium 1.42 Sweden 1.35 Brazil 1.00 Ireland 0.94 Iceland 0.85 Total Fixed Income Securities 96.79 Cash and Other Assets/(Liabilities) 3.21 Total 100.00

Allocation of Portfolio as at 30 June 2006 (Unaudited) % of Net Assets Fixed Income Securities United Kingdom 26.89 United States of America 16.31 France 11.81 Netherlands 8.17 Luxembourg 7.09 Sweden 4.33 Finland 3.90 Portugal 2.36 Norway 2.29 Austria 2.11 Japan 1.90 Australia 1.72 Denmark 1.53 Iceland 1.42 Ireland 1.28 Brazil 1.16 Germany 1.14 Spain 0.85 Total Fixed Income Securities 96.26 Cash and Other Assets/(Liabilities) 3.74 Total 100.00

39 JPMorgan Investment Funds - Europe Corporate Bond Fund Schedule of Investments - Outstanding Financial Futures Contracts (Expressed in EUR) As at 31 December 2006

Unrealised Maturity (Short) / Long Gain/ Date Quantity Contract Currency Position (Loss)

Bond Futures

Mar-07 (15) Euro-Bobl Future EUR (1,632,900) 19,700 Mar-07 (5) Euro-Bund Future EUR (580,850) 11,280

Total Unrealised Net Gain on Financial Futures Contracts 30,980

Schedule of Investments - Outstanding Forward Foreign Exchange Contracts (Expressed in EUR) As at 31 December 2006

Unrealised Maturity Amount Amount Gain/ Date Currency Purchased Currency Sold (Loss)

15-Feb-07 EUR 4,324,544 GBP 2,933,270 (28,185) 15-Feb-07 GBP 80,050 EUR 118,353 435

Total Unrealised Net Loss on Forward Foreign Exchange Contracts (27,750)

40 JPMorgan Investment Funds - Europe Recovery Fund Schedule of Investments (Expressed in EUR) As at 31 December 2006

% % Quantity/ Name of Securities Market of Quantity/ Name of Securities Market of Nominal Value Net Nominal Value Net Value Assets Value Assets

Transferable Securities Admitted to an Official Exchange Listing AUSTRIA 499,853 Oesterreichische Post 18,044,693 2.00 Shares 778,026 Zumtobel 18,812,669 2.08

UNITED KINGDOM 36,857,362 4.08 1,872,908 Abbot Group 8,854,697 0.98 5,073,722 BT Group 22,742,810 2.52 SPAIN 5,454,100 Cable & Wireless 12,791,533 1.41 507,864 Endesa 18,166,295 2.01 2,540,357 Centrica 13,388,784 1.48 6,574,412 Iberia Lineas Aereas de Espana 18,079,633 2.00 952,510 Cookson Group 8,893,226 0.98 995,434 Daily Mail & General Trust - A Shares 10,611,133 1.17 36,245,928 4.01 900,284 Dairy Crest Group 9,088,233 1.01 NETHERLANDS 1,125,352 De La Rue 10,783,046 1.19 1,605,373 Royal KPN 17,321,975 1.91 2,092,141 EMI Group 8,249,495 0.91 521,571 TNT 16,951,058 1.88 3,258,865 Enodis 9,653,723 1.07 964,847 HBOS 16,238,093 1.80 34,273,033 3.79 4,745,239 Henderson Group 9,718,066 1.07 3,241,092 Invensys 13,263,216 1.47 BELGIUM 2,414,863 JJB Sports 8,446,023 0.93 707,951 AGFA-Gevaert 13,663,454 1.50 1,230,335 Marks & Spencer Group 13,115,133 1.45 518,813 Belgacom 17,317,978 1.92 1,127,733 National Grid 12,356,740 1.37 2,452,905 Planestation Group 365 0.00 30,981,432 3.42 3,347,063 Royal & Sun Alliance Insurance Group 7,588,639 0.84 688,815 Royal Bank of Scotland Group 20,409,861 2.26 Total Shares 890,807,664 98.54 4,971,811 Signet Group 8,759,173 0.97 2,954,337 Stagecoach Group 6,720,191 0.74 Total Transferable Securities Admitted to an 890,807,664 98.54 990,865 Tribal Group 1,856,159 0.21 Official Exchange Listing 1,184,263 United Business Media 12,201,453 1.35 Total Investments 890,807,664 98.54 11,906,841 Vodafone Group 25,048,582 2.77 3,268,255 WM Morrison Supermarkets 12,366,132 1.37 Cash 17,027,630 1.88 283,144,506 31.32 Other Assets/(Liabilities) (3,817,519) (0.42) GERMANY 117,177 Allianz Registered Shares 18,134,313 2.01 Total Net Assets 904,017,775 100.00 388,566 Altana 18,262,602 2.02 554,681 IVG Immobilien 18,049,320 2.00 278,918 MAN 19,094,726 2.11 141,965 Münchener Rückversicherungs Registered Shares 18,515,075 2.05 Allocation of Portfolio as at 31 December 2006 % of 1,448,434 Premiere 18,395,112 2.03 Net Assets 315,112 Software Bearer Shares 18,824,791 2.08 Shares Financials 22.72 129,275,939 14.30 Industrials 19.91 Consumer Discretionary ITALY 15.93 3,083,148 Banca Intesa 17,481,449 1.93 Telecommunication Services 14.45 9,156,288 Edison 18,953,516 2.10 Utilities 8.85 1,163,168 Fiat 16,807,778 1.86 Materials 6.43 37,662,400 Seat Pagine Gialle 17,004,574 1.88 Consumer Staples 4.48 3,976,122 Snam Rete Gas 17,067,504 1.89 Information Technology 3.75 Health Care 2.02 87,314,821 9.66 Total Shares 98.54 Cash and Other Assets/(Liabilities) 1.46 FRANCE 196,096 Alstom 20,060,621 2.21 Total 100.00 316,488 Cap Gemini 15,064,829 1.67 7,521,979 Rhodia 19,782,805 2.19 571,228 Vivendi 16,971,184 1.88

71,879,439 7.95 Allocation of Portfolio as at 30 June 2006 (Unaudited) % of Net Assets SWEDEN Shares 607,714 Axfood 18,990,389 2.10 Financials 20.82 1,378,104 Billerud 18,597,646 2.06 Industrials 18.65 663,247 Swedbank 18,341,357 2.03 Consumer Discretionary 16.54 Materials 10.66 55,929,392 6.19 Consumer Staples 8.85 SWITZERLAND Health Care 8.60 41,550 Banque Cantonale Vaudoise Registered Shares 15,077,228 1.67 Information Technology 5.85 89,097 Swiss Life Holding Registered Shares 16,927,152 1.87 Utilities 5.05 58,646 Swisscom Registered Shares 16,776,673 1.86 Energy 2.00 Telecommunication Services 1.54 48,781,053 5.40 Total Shares 98.56 Cash and Other Assets/(Liabilities) DENMARK 1.44 261,986 Codan 19,148,902 2.12 Total 100.00 410,229 FLSmidth & Co. 19,723,538 2.18

38,872,440 4.30 FINLAND 904,133 Elisa - A Shares 18,634,181 2.06 485,100 Metso 18,618,138 2.06

37,252,319 4.12

41 JPMorgan Investment Funds - Europe Select Equity Fund Schedule of Investments (Expressed in EUR) As at 31 December 2006

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

Transferable Securities Admitted to an Official Exchange Listing 30,164 Mittal Steel 966,153 1.78 4,900 OPG Groep - CVA 433,650 0.80 Shares 17,670 Royal Dutch Shell - A shares 468,927 0.87 111,752 Royal KPN 1,205,804 2.23 UNITED KINGDOM 20,600 Alfred McAlpine 177,327 0.34 11,500 Alliance Boots 143,190 0.27 3,399,299 6.28 32,880 Amlin 158,993 0.30 ITALY 18,500 Amvescap 163,926 0.30 22,553 Azimut Holding 229,477 0.42 37,999 AstraZeneca 1,550,195 2.86 90,300 Banca Intesa 512,001 0.95 33,591 Aviva 410,511 0.76 34,057 ERG 594,295 1.10 112,670 Barclays 1,222,816 2.26 195,000 Polynt 503,588 0.93 66,764 BG Group 687,868 1.27 20,236 SanPaolo IMI 356,761 0.66 10,955 BHP Billiton 152,202 0.28 185,890 Telecom Italia - RNC Shares 357,652 0.66 120,291 Biffa 549,037 1.01 30,019 BP 253,274 0.47 2,553,774 4.72 103,689 British Airways 813,177 1.50 27,669 Burren Energy 364,055 0.67 SWEDEN 85,765 HBOS 1,443,400 2.67 23,685 KappAhl Holding 187,325 0.35 152,313 HSBC Holdings 2,108,224 3.89 43,400 Skanska - B Shares 639,695 1.18 8,102 Intermediate Capital Group 204,170 0.38 59,434 SKF - B Shares 836,583 1.55 87,193 International Power 494,870 0.91 81,622 Telefonaktiebolaget LM Ericsson - B Shares 249,191 0.46 85,776 Kesa Electricals 432,629 0.80 149,008 Man Group 1,158,067 2.14 1,912,794 3.54 16,534 National Grid 181,166 0.33 FINLAND 102,749 Premier Foods 460,951 0.85 12,027 Metso 461,596 0.85 11,106 Reckitt Benckiser 385,380 0.71 16,284 Neste Oil 375,998 0.69 21,828 Scottish & Newcastle 181,570 0.34 56,936 Nokia 886,494 1.64 56,075 SSL International 308,253 0.57 92,521 Tate & Lyle 1,057,096 1.95 1,724,088 3.18 107,619 Taylor Nelson Sofres 321,599 0.59 66,873 Tesco 402,161 0.74 NORWAY 5,256 Unilever 111,587 0.21 22,525 Orkla 965,526 1.78 31,744 Wolseley 581,909 1.07 34,513 Statoil 692,546 1.28

16,479,603 30.44 1,658,072 3.06 GERMANY AUSTRIA 4,500 Aareal Bank 158,715 0.30 24,114 OMV 1,036,661 1.92 40,600 Air Berlin 669,900 1.24 29,142 Telekom Austria 591,583 1.09 30,189 Bayer 1,227,485 2.27 3,016 Bayerische Motoren Werke 131,226 0.24 1,628,244 3.01 10,217 Deutsche Bank Registered Shares 1,035,391 1.91 BELGIUM 5,246 Deutsche Lufthansa 109,379 0.20 38,876 Fortis 1,261,915 2.33 11,226 E.ON 1,154,370 2.13 23,300 Melexis 321,540 0.59 18,014 Lanxess 765,235 1.41 8,442 ProSieben Sat.1 Media Preference Shares 209,784 0.39 1,583,455 2.92 13,788 Volkswagen Preference Shares 779,711 1.44 GREECE 6,241,196 11.53 6,692 National Bank of Greece 233,551 0.43 11,993 OPAP 351,155 0.65 FRANCE 60,014 Sidenor Steel Production & Manufacturing 532,924 0.98 7,700 Air France - KLM 245,630 0.44 5,806 Arkema 226,434 0.41 1,117,630 2.06 42,226 AXA 1,298,872 2.40 1,113 Bacou Dalloz 112,636 0.21 IRELAND 3,130 Christian Dior 253,217 0.47 11,717 C&C Group 157,594 0.29 11,241 Neuf Cegetel 305,193 0.56 122,500 Rhodia 322,175 0.60 157,594 0.29 4,215 Sanofi-Aventis 296,525 0.55 10,033 Schneider Electric 842,772 1.56 Total Shares 52,556,258 97.07 19,426 Suez 761,888 1.41 Total Transferable Securities Admitted to an 52,556,258 97.07 39,650 Vivendi 1,178,002 2.18 Official Exchange Listing

5,843,344 10.79 Transferable Securities Dealt in on Another Regulated Market SWITZERLAND 463 Barry Callebaut Registered Shares 175,351 0.32 Bonds 2,900 Charles Voegele Holding - Bearer A Shares 175,477 0.32 FRANCE 21,415 Compagnie Financière Richemont - Bearer A Shares 946,219 1.75 640,000 French Treasury Bill (i) 15.03.07/0.000% 635,578 1.17 827 Georg Fischer Registered Shares 406,039 0.75 5,992 Holcim Registered Shares 416,604 0.77 635,578 1.17 12,174 Logitech International Registered Shares 265,736 0.49 4,566 Roche Holding - Genussschein 620,436 1.15 Total Bonds 635,578 1.17 6,084 Zürich Financial Services 1,239,111 2.29 Investment Funds 4,244,973 7.84 LUXEMBOURG SPAIN 0* JPMorgan Liquidity Funds - Euro Liquidity Fund 75,509 Banco Bilbao Vizcaya Argentaria 1,375,774 2.54 (JPM Euro Liquidity X (acc)) 125 0.00 112,773 Banco Santander Central Hispano 1,586,716 2.93 65,280 Telefonica 1,049,702 1.94 125 0.00

4,012,192 7.41 Total Investment Funds 125 0.00 NETHERLANDS Total Transferable Securities Dealt in on 635,703 1.17 3,849 Heijmans - CVA 159,810 0.30 Another Regulated Market 4,889 ING Groep - CVA 164,955 0.30

42 JPMorgan Investment Funds - Europe Select Equity Fund Schedule of Investments (Expressed in EUR) (continued) As at 31 December 2006

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

Other Transferable Securities

Shares UNITED KINGDOM 86,584 TI Automotive - A Shares 0 0.00

0 0.00

Total Shares 0 0.00

Total Other Transferable Securities 0 0.00

Total Investments 53,191,961 98.24

Cash 1,055,553 1.95

Other Assets/(Liabilities) (102,646) (0.19)

Total Net Assets 54,144,868 100.00

* Fractional shares rounded to 0. (i) Security held as collateral against futures positions by the broker.

Allocation of Portfolio as at 31 December 2006 % of Net Assets Fixed Income Securities France 1.17 Total Fixed Income Securities 1.17 Shares Financials 30.16 Consumer Discretionary 10.53 Industrials 10.38 Materials 9.43 Energy 8.27 Consumer Staples 7.93 Telecommunication Services 6.48 Health Care 5.93 Utilities 4.78 Information Technology 3.18 Total Shares 97.07 Cash and Other Assets/(Liabilities) 1.76 Total 100.00

Allocation of Portfolio as at 30 June 2006 (Unaudited) % of Net Assets Fixed Income Securities France 0.35 Total Fixed Income Securities 0.35 Shares Financials 24.50 Consumer Discretionary 11.24 Health Care 10.40 Energy 9.50 Industrials 8.39 Consumer Staples 7.67 Telecommunication Services 6.69 Utilities 6.48 Materials 4.60 Information Technology 2.83 Total Shares 92.30 Cash and Other Assets/(Liabilities) 7.35 Total 100.00

43 JPMorgan Investment Funds - Europe Select Equity Fund Schedule of Investments - Outstanding Financial Futures Contracts (Expressed in EUR) As at 31 December 2006

Unrealised Maturity (Short) / Long Gain/ Date Quantity Contract Currency Position (Loss)

Equity Futures

Mar-07 3 Swiss Market Index Future CHF 163,674 2,432 Mar-07 16 DJ Euro Stoxx 50 EUR 665,280 1,440 Mar-07 6 FTSE 100 Index Future GBP 554,488 312

Total Unrealised Net Gain on Financial Futures Contracts 4,184

Schedule of Investments - Outstanding Forward Foreign Exchange Contracts (Expressed in EUR) As at 31 December 2006

Unrealised Maturity Amount Amount Gain/ Date Currency Purchased Currency Sold (Loss)

15-Feb-07 CHF 2,971,725 EUR 1,872,641 (20,996) 15-Feb-07 DKK 7,720,294 EUR 1,032,042 3,187 15-Feb-07 GBP 4,450,079 EUR 6,561,716 41,831 15-Feb-07 NOK 2,635,076 EUR 324,117 (4,175) 15-Feb-07 SEK 8,681,977 EUR 959,639 1,417 15-Feb-07 EUR 794,589 CHF 1,258,664 10,331 15-Feb-07 EUR 4,938,535 GBP 3,342,000 (20,715) 15-Feb-07 EUR 1,082,128 NOK 8,907,770 578 15-Feb-07 EUR 634,476 SEK 5,696,127 3,941

Total Unrealised Net Gain on Forward Foreign Exchange Contracts 15,399

44 JPMorgan Investment Funds - Europe Select Large Cap Fund Schedule of Investments (Expressed in EUR) As at 31 December 2006

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

Transferable Securities Admitted to an Official Exchange Listing 79,511 Nokia 1,237,986 2.52

Shares 1,874,341 3.82 UNITED KINGDOM GREECE 45,494 AstraZeneca 1,855,959 3.77 8,620 Marfin Financial Group Holdings 344,628 0.71 20,791 Aviva 254,084 0.52 22,301 National Bank of Greece 778,305 1.58 107,601 Barclays 1,167,802 2.38 29,000 Sidenor Steel Production & Manufacturing 257,520 0.52 212,170 Biffa 968,394 1.97 168,080 BP 1,418,117 2.89 1,380,453 2.81 56,728 Burren Energy 746,399 1.52 39,075 GlaxoSmithKline 780,780 1.59 SWEDEN 104,162 HBOS 1,753,016 3.57 22,000 KappAhl Holding 173,998 0.35 234,731 HSBC Holdings 3,249,004 6.62 66,656 SKF - B Shares 938,238 1.91 163,632 International Power 928,704 1.89 121,296 Man Group 942,694 1.92 1,112,236 2.26 12,114 Royal Bank of Scotland Group 358,943 0.73 NORWAY 84,408 SSL International 464,004 0.94 20,643 Orkla 884,855 1.80 26,969 Tate & Lyle 308,133 0.63 186,004 Taylor Nelson Sofres 555,838 1.13 884,855 1.80 369,052 Vodafone Group 776,380 1.58 AUSTRIA 16,528,251 33.65 43,359 Telekom Austria 880,188 1.79 SWITZERLAND 880,188 1.79 1,045 Barry Callebaut Registered Shares 395,770 0.81 3,900 Charles Voegele Holding - Bearer A Shares 235,986 0.48 BELGIUM 14,287 Compagnie Financière Richemont - Bearer A Shares 631,269 1.29 26,971 Fortis 875,479 1.78 663 Georg Fischer Registered Shares 325,518 0.66 11,000 Logitech International Registered Shares 240,110 0.49 875,479 1.78 2,272 Nestlé Registered Shares 611,088 1.24 14,499 Novartis Registered Shares 632,972 1.29 Total Shares 47,689,925 97.10 7,080 Roche Holding - Genussschein 962,043 1.96 Total Transferable Securities Admitted to an 47,689,925 97.10 6,586 UBS Registered Shares 303,084 0.62 Official Exchange Listing 4,456 Zürich Financial Services 907,541 1.85 Transferable Securities Dealt in on Another Regulated Market 5,245,381 10.69 GERMANY Bonds 9,139 Aareal Bank 322,333 0.66 FRANCE 31,005 Air Berlin 511,583 1.04 290,000 French Treasury Bill (i) 15.03.07/0.000% 288,024 0.59 22,047 Bayer 896,431 1.83 4,608 Deutsche Bank Registered Shares 466,975 0.95 288,024 0.59 1,024 E.ON 105,298 0.21 22,660 Lanxess 962,597 1.96 Total Bonds 288,024 0.59 7,219 Münchener Rückversicherungs Registered Shares 941,502 1.92 364 Porsche Preference Shares 350,918 0.71 Investment Funds LUXEMBOURG 4,557,637 9.28 69 JPMorgan Liquidity Funds - Euro Liquidity Fund SPAIN (JPM Euro Liquidity X (acc)) 865,465 1.76 86,892 Banco Bilbao Vizcaya Argentaria 1,583,172 3.22 158,010 Banco Santander Central Hispano 2,223,201 4.53 865,465 1.76 35,460 Telefonica 570,197 1.16 Total Investment Funds 865,465 1.76 4,376,570 8.91 Total Transferable Securities Dealt in on 1,153,489 2.35 FRANCE Another Regulated Market 5,359 Arkema 209,001 0.43 42,508 AXA 1,307,546 2.66 Other Transferable Securities 1,750 Bacou Dalloz 177,100 0.36 1,074 BNP Paribas 89,196 0.18 Shares 261,451 Rhodia 687,616 1.40 2,900 Schneider Electric 243,600 0.50 UNITED KINGDOM 419,999 TI Automotive - A Shares 0 0.00 15,275 Total 837,834 1.71 27,663 Vivendi 821,868 1.67 0 0.00 4,373,761 8.91 Total Shares 0 0.00 NETHERLANDS 26,554 ING Groep - CVA 895,932 1.82 Total Other Transferable Securities 0 0.00 27,500 Mittal Steel 880,825 1.79 3,250 OPG Groep - CVA 287,625 0.59 Total Investments 48,843,414 99.45 20,773 Royal Dutch Shell - A Shares 554,847 1.13 59,531 Royal KPN 642,339 1.31 Cash 300,154 0.61 3,261,568 6.64 Other Assets/(Liabilities) (31,454) (0.06) ITALY 8,992 Banco Popolare di Verona e Novara 195,396 0.40 Total Net Assets 49,112,114 100.00 49,301 ERG 860,302 1.75 161,646 Polynt 417,451 0.85 49,124 SanPaolo IMI 866,056 1.76 (i) Security held as collateral against futures positions by the broker. 2,339,205 4.76 FINLAND 5,714 Metso 219,303 0.45 18,062 Neste Oil 417,052 0.85

45 JPMorgan Investment Funds - Europe Select Large Cap Fund Schedule of Investments (Expressed in EUR) (continued) As at 31 December 2006

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

Allocation of Portfolio as at 31 December 2006 % of Net Assets Fixed Income Securities France 0.59 Total Fixed Income Securities 0.59 Shares Financials 40.38 Health Care 10.14 Energy 9.85 Materials 8.78 Consumer Discretionary 6.29 Industrials 6.23 Telecommunication Services 5.84 Consumer Staples 4.48 Information Technology 3.01 Utilities 2.10 Investment Companies 1.76 Total Shares 98.86 Cash and Other Assets/(Liabilities) 0.55 Total 100.00

Allocation of Portfolio as at 30 June 2006 (Unaudited) % of Net Assets Fixed Income Securities France 0.75 Total Fixed Income Securities 0.75 Shares and Rights Financials 34.57 Energy 12.76 Consumer Discretionary 9.74 Health Care 9.74 Telecommunication Services 6.63 Industrials 5.16 Consumer Staples 3.66 Materials 3.47 Investment Companies 3.42 Utilities 2.70 Information Technology 2.64 Total Shares and Rights 94.49 Cash and Other Assets/(Liabilities) 4.76 Total 100.00

46 JPMorgan Investment Funds - Europe Select Large Cap Fund Schedule of Investments - Outstanding Financial Futures Contracts (Expressed in EUR) As at 31 December 2006

Unrealised Maturity (Short) / Long Gain/ Date Quantity Contract Currency Position (Loss)

Equity Futures

Mar-07 41 DJ Euro Stoxx 50 EUR 1,523,970 4,100

Total Unrealised Net Gain on Financial Futures Contracts 4,100

Schedule of Investments - Outstanding Forward Foreign Exchange Contracts (Expressed in EUR) As at 31 December 2006

Unrealised Maturity Amount Amount Gain/ Date Currency Purchased Currency Sold (Loss)

09-Feb-07 CHF 3,931,714 EUR 2,470,292 (21,098) 09-Feb-07 DKK 735,771 EUR 98,686 (23) 09-Feb-07 EUR 552,313 CHF 879,462 4,467 09-Feb-07 EUR 3,805,686 GBP 2,570,848 (10,153) 09-Feb-07 EUR 1,012,045 NOK 8,362,974 (3,377) 09-Feb-07 EUR 303,229 SEK 2,772,282 (3,625) 09-Feb-07 EUR 176,315 USD 226,473 4,819 09-Feb-07 GBP 4,302,454 EUR 6,388,751 (2,736) 09-Feb-07 NOK 2,335,961 EUR 282,720 909 09-Feb-07 USD 356,088 CHF 440,819 (4,954)

Total Unrealised Net Loss on Forward Foreign Exchange Contracts (35,771)

47 JPMorgan Investment Funds - Europe Short Duration Fund Schedule of Investments (Expressed in EUR) As at 31 December 2006

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

Transferable Securities Admitted to an Official Exchange Listing 637,000 CNH Equipment Trust 2005-B A3 15.01.10/4.270% 478,347 0.28 Bonds 1,078,852 Countrywide Alternative Loan Trust 2006-12CB A6 25.05.36/6.000% 817,653 0.49 UNITED KINGDOM 283,000 Countrywide Asset-Backed 1,990,000 Granite Mortgages 02-1 20.04.07/5.150% 1,996,815 1.20 Certificates 2005-11 AF3 25.02.36/4.778%* 211,671 0.13 2,000,000 HBOS Treasury Services 06.02.07/4.750% 2,001,718 1.19 1,900,000 Countrywide Asset-Backed 3,150,000 National Grid Electricity Certificates 2005-14 M1 25.04.36/5.800%* 1,447,330 0.86 Transmission 18.09.08/4.125% 3,147,952 1.88 3,000,000 Credit Suisse First Boston 13,300,000 Network Rail MTN Finance 30.03.09/3.125% 13,059,954 7.78 Mortgage Securities 2001-CP4 3,010,000 Permanent Financing 11.06.07/5.100% 3,024,189 1.80 A4 15.12.35/6.180% 2,354,851 1.40 1,000,000 Tesco 07.05.08/5.250% 1,014,206 0.60 2,825,191 Credit Suisse First Boston 5,250,000 UK Treasury 07.03.11/4.250% 7,575,259 4.51 Mortgage Securities 2005-11 8A1 25.12.35/5.250% 2,129,438 1.27 500,000 United Utilities Water 08.11.07/6.625% 510,731 0.30 3,100,000 Credit-Based Asset Servicing and 3,000,000 Vodafone Group 27.05.09/4.250% 3,004,536 1.79 Securitization 2006-CB1 AF2 25.01.36/5.236%* 2,340,105 1.39 1,447,302 Fannie Mae 2006-43 G 25.09.33/6.500% 1,110,032 0.66 35,335,360 21.05 1,795,864 Fannie Mae 2006-63 AB 25.10.33/6.500% 1,377,865 0.82 1,795,864 Fannie Mae 2006-63 AE 25.10.33/6.500% 1,377,865 0.82 ITALY 3,225,000 GE-WMC Mortgage Securities 17,900,000 Italy (Republic of) 15.06.08/2.500% 17,558,110 10.46 2005-2 A2C 25.12.35/5.600%* 2,451,296 1.46 12,200,000 Italy (Republic of) 01.05.09/4.500% 12,356,910 7.36 2,125,159 HarborviewMortgage Loan Trust 2005-10 2A1A 19.11.35/5.660%* 1,617,914 0.96 29,915,020 17.82 489,392 HarborviewMortgage Loan Trust 2005-15 2A11 20.10.45/5.620%* 372,651 0.22 NETHERLANDS 2,880,112 Indymac Index Mortgage Loan 3,500,000 Aegon 16.04.08/4.625% 3,523,653 2.10 Trust 2006-AR2 1A1A 25.04.46/5.570%* 2,188,066 1.30 3,391,000 BHP Billiton Finance 10.10.07/4.375% 3,399,701 2.03 3,500,000 LB-UBS Commercial Mortgage 3,150,000 Deutsche Telekom International Trust 2003-C8 A2 15.11.27/4.207% 2,599,375 1.55 Finance 29.05.07/7.500% 3,192,298 1.90 2,640,000 Merrill Lynch Mortgage Trust 5,500,000 EnbwInternational Finance 28.02.07/5.125% 5,510,379 3.28 2005-CKI1 A2 12.11.37/5.223%* 2,007,939 1.20 2,650,000 ING Bank 15.06.10/6.500% 2,845,432 1.70 2,600,000 Morgan Stanley Capital I 3,000,000 International Endesa 18.06.09/4.375% 3,013,095 1.79 2006-T2I A2 12.10.52/5.090% 1,964,477 1.17 1,000,000 Rabobank Nederland 21.01.09/3.625% 994,306 0.59 582,524 Morgan Stanley Mortgage Loan 3,400,000 Unilever 26.09.07/4.250% 3,405,270 2.03 Trust 2005-4 5A3 25.08.35/5.500% 438,706 0.26 1,770,741 Residential Accredit Loans 25,884,134 15.42 2006-QS6 1A2 25.06.36/6.000% 1,341,641 0.80 1,878,160 Residential Asset Securitization FRANCE Trust 2006-A2 A3 25.05.36/6.000% 1,425,675 0.85 2,500,000 France Télécom 23.12.09/7.000% 2,691,039 1.60 1,919,086 Residential Asset Securitization 3,500,000 Schneider Electric 31.10.08/3.875% 3,477,558 2.07 Trust 2006-A8 1A1 25.08.36/6.000% 1,457,112 0.87 3,365,793 Structured Asset Mortgage 6,168,597 3.67 Investments 2006-AR1 3A1 25.02.36/5.580%* 2,557,781 1.52 2,110,141 Structured Asset Mortgage SPAIN Investments 2006-AR2 A1 25.02.36/5.580%* 1,603,633 0.96 3,500,000 Banco Bilbao Vizcaya Argentaria 07.06.10/2.750% 3,351,474 2.00 615,123 Structured Asset Securities 2005-17 4A1 25.10.35/5.500% 460,785 0.27 3,351,474 2.00 1,810,593 Wamu Alternative Mortgage Pass-Through Certificates 2006-5 GERMANY 2CB1 25.07.36/6.000% 1,371,594 0.82 250,000 Dresdner Bank 21.07.08/3.500% 248,310 0.15 1,843,829 Washington Mutual 2005-AR11 3,000,000 Germany (Federal Republic of) 04.07.08/4.750% 3,036,260 1.81 A1A 25.08.45/5.670%* 1,403,704 0.84 619,051 Wells Fargo Mortgage Backed 3,284,570 1.96 Securities Trust 2005-9 1A6 25.10.35/5.500% 466,509 0.28 LUXEMBOURG 44,658,433 26.60 1,875,000 CCE Investments Commandite 15.12.08/3.125% 1,835,886 1.09 ICELAND 1,835,886 1.09 1,000,000 Glitnir Banki 144A 15.06.16/6.693%* 784,605 0.47 JAPAN 784,605 0.47 1,150,000 Sumitomo Mitsui Banking 27.10.14/4.375%* 1,151,588 0.69 FRANCE 1,151,588 0.69 570,000 French Treasury Bill (i) 15.03.07/0.000% 566,089 0.34

Total Bonds 106,926,629 63.70 566,089 0.34

Total Transferable Securities Admitted to an 106,926,629 63.70 Total Bonds 46,009,127 27.41 Official Exchange Listing Investment Funds Transferable Securities Dealt in on Another Regulated Market LUXEMBOURG 36,223 JPMorgan Investment Strategies Funds - RV4 Fund Bonds Euro (JPM RV4 (Euro)X-EUR) 3,711,733 2.21 UNITED STATES OF AMERICA 359 JPMorgan Liquidity Funds - Euro Enhanced Yield 530,822 Adjustable Rate Mortgage Trust Fund (JPM Euro Enhanced Yield X (acc)) 4,079,688 2.43 2005-11 5A1 25.02.36/5.620%* 403,777 0.25 0** JPMorgan Liquidity Funds - Euro Liquidity Fund 700,000 AmeriCredit Automobile (JPM Euro Liquidity X (acc)) 250 0.00 Receivables Trust 2005-AX A4 06.10.11/3.930% 523,314 0.31 Total Investment Funds 7,791,671 4.64 2,644,398 Bank of America Alternative Loan Trust 2005-11 1CB4 25.12.35/5.500% 2,004,644 1.19 Total Transferable Securities Dealt in on 53,800,798 32.05 500,000 Carmax Auto Owner Trust Another Regulated Market 2004-2 A4 15.09.11/3.460% 371,505 0.22 573,000 Carmax Auto Owner Trust Total Investments 160,727,427 95.75 2005-2 A3 15.01.10/4.210% 430,972 0.26 650,000 Citigroup Mortgage Loan Trust 2005-WF1 A2 25.02.35/4.490%* 488,036 0.29 1,411,320 Citimortgage Alternative Loan Trust 2006-A1 1A5 25.04.36/5.500% 1,062,170 0.63

48 JPMorgan Investment Funds - Europe Short Duration Fund Schedule of Investments (Expressed in EUR) (continued) As at 31 December 2006

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

Cash Equivalent

Time Deposits UNITED KINGDOM 3,000,000 Barclays Bank 02.01.07/3.715% 3,000,000 1.79

3,000,000 1.79

Total Time Deposits 3,000,000 1.79

Total Cash Equivalent 3,000,000 1.79

Total Investments plus Total Cash Equivalent 163,727,427 97.54

Cash 1,063,269 0.63

Other Assets/(Liabilities) 3,070,183 1.83

Total Net Assets 167,860,879 100.00

* Variable coupon rates are those quoted as at 31 December 2006. ** Fractional shares rounded to 0. (i) Security held as collateral against futures positions by the broker.

Allocation of Portfolio as at 31 December 2006 % of Net Assets Fixed Income Securities United States of America 26.60 United Kingdom 21.05 Italy 17.82 Netherlands 15.42 Luxembourg 5.73 France 4.01 Spain 2.00 Germany 1.96 Japan 0.69 Iceland 0.47 Total Fixed Income Securities 95.75 Cash Equivalent, Cash and Other Assets/(Liabilities) 4.25 Total 100.00

Allocation of Portfolio as at 30 June 2006 (Unaudited) % of Net Assets Fixed Income Securities United States of America 26.66 Germany 19.98 Netherlands 17.89 United Kingdom 17.20 Luxembourg 6.02 Spain 4.20 France 4.11 Ireland 2.14 Iceland 0.48 Total Fixed Income Securities 98.68 Cash and Other Assets/(Liabilities) 1.32 Total 100.00

49 JPMorgan Investment Funds - Europe Short Duration Fund Schedule of Investments - Outstanding Financial Futures Contracts (Expressed in EUR) As at 31 December 2006

Unrealised Maturity (Short) / Long Gain/ Date Quantity Contract Currency Position (Loss)

Bond Futures

Mar-07 62 Euro-Bobl Future EUR 6,749,320 (26,140) Mar-07 442 Euro-Schatz Future EUR 45,733,740 (237,640) Mar-07 (71) US 2 Year Note (CBT) USD (10,989,386) 42,367 Mar-07 (134) US 5 Year Note (CBT) USD (10,677,633) 90,388

Total Bond Futures (131,025)

Interest Rate Futures

Mar-07 (51) 90 Day Bank Bill (SFE) AUD (6,819,794) 3,176 Mar-07 (5) Sterling MID-CRV GBP (878,561) 1,022 Jun-07 5 Sterling MID-CRV GBP 878,096 (1,580) Jun-07 48 3 Month Euro Yen (TFX) JPY 7,586,742 2,844 Sep-07 51 90 Day Bank Bill (SFE) AUD 6,818,335 (4,635) Mar-08 (32) 3 Month Euro Euribor (LIF) EUR (7,675,600) 22,125 Mar-08 (48) 3 Month Euro Yen (TFX) JPY (7,564,182) (3,911) Dec-08 32 3 Month Euro Euribor (LIF) EUR 7,678,000 (22,650)

Total Interest Rate Futures (3,609)

(134,634) Total Unrealised Net Loss on Financial Futures Contracts

Schedule of Investments - Outstanding Forward Foreign Exchange Contracts (Expressed in EUR) As at 31 December 2006

Unrealised Maturity Amount Amount Gain/ Date Currency Purchased Currency Sold (Loss)

15-Feb-07 EUR 7,510,624 GBP 5,096,484 (52,135) 15-Feb-07 EUR 1,261,219 PLN 4,817,960 3,288 15-Feb-07 EUR 48,389,263 USD 62,336,824 1,196,682 15-Feb-07 PLN 4,817,960 EUR 1,257,592 339 15-Feb-07 USD 1,650,000 EUR 1,261,493 (12,348)

Total Unrealised Net Gain on Forward Foreign Exchange Contracts 1,135,826

50 JPMorgan Investment Funds - Europe Short Duration Fund Schedule of Investments - Outstanding Future Option Contracts (Expressed in EUR) As at 31 December 2006

Unrealised Market Gain/ Quantity Contract Currency Value (Loss)

90 3 Month GBP Libor Call Option, Strike Price 94.75 expiring on March 07 GBP 1,672 (3,345) (90) 3 Month GBP Libor Call Option, Strike Price 94.875 expiring on March 07 GBP (418) 1,254

Total 1,254 (2,091)

Schedule of Investments - Outstanding Credit Default Swaps (Expressed in EUR) As at 31 December 2006

Protection Unrealised Buy/ Gain/ Sell Counterparty Description Currency Nominal Maturity (Loss)

Buyer BNP Paribas Akzo Nobel 4.25% 14/06/2011 EUR 800,000 20/12/2011 304 Buyer Deutsche Bank Barclays Bank FRN 27/10/2015 EUR 1,700,000 20/12/2011 (1,402) Buyer UBS BASF 3.5% 08/07/2010 EUR 800,000 20/12/2011 (899) Buyer Morgan Stanley Hannover Finance Luxembourg FRN 26/02/2024 EUR 1,600,000 20/12/2011 7,579 Buyer Morgan Stanley Munich Re Finance FRN 21/06/2023 EUR 1,600,000 20/12/2011 (449) Buyer UBS Reed Elsevier Capital 5.75% 31/07/2008 EUR 800,000 20/12/2011 (1,384) Buyer UBS Solvay 4.625% 27/06/2018 EUR 800,000 20/12/2011 (515) Buyer Morgan Stanley Thales 4.375% 22/07/2011 EUR 800,000 20/12/2011 (318)

Seller Morgan Stanley DaimlerChrysler 7.2% 01/09/2009 EUR 1,700,000 20/12/2007 (92) Seller UBS Gaz Capital for Gazprom 7.8% 27/09/2010 USD 2,400,000 20/12/2007 914 Seller BNP Paribas Kaupthing Bank FRN 01/12/2009 EUR 2,050,000 20/12/2007 3,052 Seller Deutsche Bank Montpelier Re Holdings 6.125% 15/08/2013 USD 1,800,000 20/12/2007 504

Total Unrealised Net Gain on Credit Default Swaps 7,294

Schedule of Investments - Outstanding Interest Rate Swaps (Expressed in EUR) As at 31 December 2006

Unrealised Maturity Notional Gain/ Date Counterparty Denomination Currency Amount (Loss)

23-Oct-11 Crédit Suisse Receive floating rate EURIBOR 6 months EUR 2,330,000 (7,789) Pay fixed rate 3.931% 23-Oct-11 Crédit Suisse Receive fixed rate 5.211% GBP 1,605,000 24,195 Pay floating rate GBP LIBOR 6 months

Total Unrealised Net Gain on Interest Rate Swaps 16,406

51 JPMorgan Investment Funds - Europe Strategic Dividend Fund Schedule of Investments (Expressed in EUR) As at 31 December 2006

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

Transferable Securities Admitted to an Official Exchange Listing 10,242 National Express Group 172,065 0.14 56,899 National Grid 623,451 0.51 Shares and Warrants 4,811 Northern Rock 84,258 0.07 26,610 Northumbrian Water Group 121,059 0.10 UNITED KINGDOM Old Mutual 435,503 0.35 28,277 Abacus Group 79,245 0.05 168,108 Pearson 265,475 0.22 8,482 Admiral Group 138,588 0.10 23,145 Pennon Group 125,878 0.10 10,229 Alfred McAlpine 88,052 0.06 14,828 Premier Foods 129,274 0.10 6,949 Alliance & Leicester 117,569 0.09 28,816 Psion 114,406 0.09 28,248 Amlin 136,595 0.11 68,099 Rank Group 140,524 0.11 48,054 Amstrad 111,808 0.09 40,436 Resolution 226,521 0.18 26,692 Anglo American 988,519 0.80 23,751 Rexam 173,810 0.14 10,395 Antofagasta 78,663 0.06 22,247 RHM 163,842 0.13 10,480 Arriva 119,038 0.10 29,135 Ricardo 81,495 0.07 52,385 Aviva 640,190 0.52 16,573 Royal & Sun Alliance Insurance Group 228,995 0.19 136,172 Barclays 1,477,886 1.20 101,001 Royal Bank of Scotland Group 1,908,375 1.55 11,173 Barratt Developments 205,148 0.17 64,406 RPC Group 114,561 0.09 64,434 Beazley Group 133,156 0.11 30,457 Scottish & Newcastle 222,862 0.18 5,480 Bellway 125,793 0.10 26,792 Scottish & Southern Energy 459,648 0.37 10,152 Bovis Homes Group 163,610 0.13 19,895 Scottish Power 400,545 0.32 382,695 BP 3,228,857 2.62 36,018 Senior 67,897 0.06 16,868 Bradford & Bingley 117,930 0.10 71,358 Severfield-Rowen 107,451 0.09 24,191 Brit Insurance Holdings 113,561 0.09 5,241 Severn Trent 203,862 0.17 31,271 British American Tobacco 664,361 0.54 9,328 Shanks Group 80,812 0.07 8,976 British Polythene Industries 60,085 0.05 23,788 Signet Group 112,862 0.09 166,790 BT Group 747,631 0.61 64,062 Slough Estates 115,533 0.09 92,245 Cable & Wireless 216,343 0.18 9,893 Smiths News 125,096 0.10 4,145 Carpetright 80,790 0.07 61,983 Stagecoach Group 114,558 0.09 25,912 Cattles 169,217 0.14 50,362 Tate & Lyle 137,243 0.11 86,746 Centrica 457,189 0.37 12,012 Taylor Woodrow194,773 0.16 64,883 Chaucer Holdings 96,463 0.08 30,735 Thorntons 105,695 0.09 24,108 Chesnara 62,992 0.05 50,690 Topps Tiles 75,638 0.06 68,311 Clinton Cards 61,951 0.05 18,913 Topps Tiles Preference Shares 10,706 0.01 10,157 Close Brothers Group 153,498 0.12 13,335 TT Electronics 102,783 0.08 62,696 Compass Group 270,314 0.22 26,590 Umbro 111,407 0.09 30,176 Computacenter 120,458 0.10 56,026 Umeco 119,032 0.10 12,833 Dairy Crest Group 129,547 0.10 16,820 Unilever 529,274 0.43 18,652 Davis Service Group 139,761 0.11 24,930 United Utilities 199,273 0.16 15,475 De La Rue 148,280 0.12 17,184 Vitec Group 76,750 0.06 25,765 Debenhams 72,685 0.06 9,768 Wagon 119,858 0.10 32,674 Devro 59,264 0.05 51,268 Weir Group 80,947 0.07 54,276 Diageo 808,951 0.66 10,196 WH Smith 57,386 0.05 5,174 Domestic & General Group 96,077 0.08 10,293 William Hill 168,632 0.14 45,253 DS Smith 131,866 0.11 17,947 Wilson Bowden 115,727 0.09 65,348 DSG International 186,051 0.15 3,519 Wincanton 74,341 0.06 34,159 Electrocomponents 148,927 0.12 14,772 Wolverhampton & Dudley Brew92,489 0.07 16,878 Euromoney Institutional Investor 137,133 0.11 3,437 XP Power 38,834 0.03 23,345 Fenner 75,142 0.06 6,410 Yell Group 149,699 0.12 13,434 Findel 142,804 0.12 17,665 14,992 Firstgroup 128,162 0.10 40,553 Friends Provident 130,832 0.11 35,591,809 28.83 12,405 Gallaher Group 211,447 0.17 FRANCE 88,960 Game Group 150,114 0.12 1,058 Assurances Générales de France 124,844 0.10 21,376 George Wimpey 177,492 0.14 30,922 AXA 951,161 0.77 115,243 GlaxoSmithKline 2,302,735 1.87 1,377 Bail Investissement Foncière 101,416 0.08 3,874 Go-Ahead Group 136,675 0.11 17,550 BNP Paribas 1,457,528 1.18 23,150 Halfords Group 126,571 0.10 15,280 Canal Plus 114,600 0.09 23,833 Halma 81,673 0.07 2,465 Casino Guichard Perrachon 173,166 0.14 15,409 Hanson 176,513 0.14 2,189 Casino Guichard Perrachon Preference Shares 122,912 0.10 76,230 Hays 180,483 0.15 2,097 CNP Assurances 177,721 0.14 80,545 HBOS 1,355,549 1.10 7,408 Compagnie de Saint-Gobain 473,001 0.38 14,282 Headlam Group 130,585 0.11 3,003 Compagnie Générale des Etablissements Michelin - 67,239 Highway Insurance Holdings 77,973 0.06 B Shares 217,718 0.18 6,178 Holidaybreak 71,184 0.06 13,229 Crédit Agricole 422,534 0.34 33,672 Home Retail Group 205,210 0.17 683 Esso Société Anonyme Française 114,403 0.09 22,962 Hornby 93,282 0.08 1,160 Euler Hermès 127,484 0.10 224,037 HSBC Holdings 3,100,984 2.51 925 Foncière Des Régions 136,438 0.11 20,346 IMI 153,362 0.12 33,228 France Télécom 698,785 0.57 16,380 Imperial Tobacco Group 489,486 0.40 6,887 Gaz de France 240,356 0.19 20,543 Inmarsat 116,670 0.09 1,567 Gecina 218,440 0.18 5,323 Intermediate Capital Group 134,139 0.11 1,173 Guyenne et Gascogne 118,590 0.10 11,341 Interserve 67,612 0.05 2,508 Icade 120,760 0.10 20,287 Investec 198,913 0.16 2,237 Imerys 150,550 0.12 26,382 JJB Sports 92,271 0.07 2,610 Kaufman & Broad 122,670 0.10 8,236 John Menzies 61,989 0.05 1,057 Klepierre 147,874 0.12 14,877 Kelda Group 204,813 0.17 3,534 Lafarge 400,402 0.32 5,659 Kensington Group 66,466 0.05 2,050 Manitou BF 77,552 0.06 31,272 Kesa Electricals 157,727 0.13 4,243 Mercialys 128,308 0.10 18,076 Ladbrokes 112,401 0.09 4,220 Natixis 89,717 0.07 159,645 Legal & General Group 373,823 0.30 1,731 Neopost 164,964 0.13 105,535 Lloyds TSB Group 896,691 0.73 1,515 Nexity 82,946 0.07 40,342 London Scottish Bank 68,374 0.06 3,370 Peugeot 169,680 0.14 22,934 Marshalls 121,043 0.10 2,070 PPR 233,703 0.19 24,911 McBride 72,868 0.06 3,097 Rallye 126,543 0.10 10,174 Merchants Trust 77,899 0.06 4,541 Renault 414,366 0.34 24,974 N Brown Group 104,705 0.08 1,962 Rubis 116,052 0.09

52 JPMorgan Investment Funds - Europe Strategic Dividend Fund Schedule of Investments (Expressed in EUR) (continued) As at 31 December 2006

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

5,113 Schneider Electric 429,492 0.35 294 Rieter Holding Registered Shares 116,465 0.09 89,354 SCOR 199,259 0.16 258 Schweiz National Versicherung Registered Shares 126,592 0.10 648 SEB 69,854 0.06 276 Sia Abrasives Holding Registered Shares 79,984 0.06 1,083 Societé Immobilière de Location pour l’Industrie et 375 St. Galler Kantonalbank Registered Shares 119,402 0.10 le Commerce 127,361 0.10 2,882 Swiss Prime Site 130,388 0.11 1,530 Société BIC 80,249 0.07 7,667 Swiss Reinsurance Registered Shares 495,394 0.40 7,104 Société Générale 919,968 0.75 40,505 UBS Registered Shares 1,864,017 1.51 3,433 Société Télévision Française 1 96,055 0.08 1,958 Unilabs - Unilabs - Warrants 15.12.2008 1,035 0.00 20,074 Suez 787,302 0.64 370 Valora Holding Registered Shares 77,313 0.06 1,336 Suez (Strip) 13 0.00 3,452 Vontobel Holding Registered Shares 113,563 0.09 40,691 Total 2,231,901 1.81 87 Zehnder Group - Bearer Shares 120,760 0.10 93 Total Gabon 59,799 0.05 2,955 Zürich Financial Services 601,836 0.49 1,008 Unibail 187,186 0.15 1,885 Vilmorin et Compagnie 117,813 0.10 8,810,615 7.14 4,787 Vinci 463,142 0.38 23,141 Vivendi 687,519 0.56 ITALY 9,716 ACEA 141,368 0.11 14,994,097 12.15 34,707 AEM 87,722 0.07 22,237 ASM 91,505 0.07 GERMANY 3,846 Autostrada Torino-Milano 66,305 0.05 3,805 Altana 178,835 0.15 89,150 Banca Intesa 505,481 0.41 11,025 Arques Industries 177,062 0.14 37,969 Banca Intesa - RNC Shares 208,450 0.17 10,305 BASF 761,024 0.62 39,541 Banca Monte dei Paschi di Siena 194,146 0.16 14,733 Bayer 599,044 0.49 50,072 Banca Profilo 121,299 0.10 8,368 DAB Bank 58,576 0.05 11,597 Banco Popolare di Verona e Novara 252,003 0.20 17,085 DaimlerChrysler Registered Shares 799,578 0.65 9,700 BPU Banca 201,663 0.16 9,609 Deutsche Bank Registered Shares 973,776 0.79 42,805 Capitalia 306,484 0.25 4,562 Deutsche Beteiligungs 91,559 0.07 13,237 Credito Artigiano 49,109 0.04 1,156 Deutsche Euroshop 64,921 0.05 10,378 Credito Emiliano 111,875 0.09 10,178 Deutsche Lufthansa 212,211 0.17 30,775 Cremonini 74,245 0.06 22,158 Deutsche Post 506,089 0.41 87,672 Enel 686,472 0.56 1,460 Deutsche Wohnen Bearer Shares 70,781 0.06 54,786 ENI 1,400,330 1.13 5,895 DIC Asset 182,156 0.15 2,371 Fondiaria-Sai 85,949 0.07 3,585 Douglas Holding 140,424 0.11 19,119 Gruppo Editoriale L’Espresso 78,961 0.06 13,176 E.ON 1,354,888 1.10 7,652 Indesit 94,502 0.08 2,027 ElringKlinger 98,350 0.08 6,339 Industria Macchine Automatiche 71,314 0.06 2,939 Fielmann 143,482 0.12 12,843 Mediobanca 230,018 0.19 7,248 Gerry Weber International 127,927 0.10 23,118 Mediolanum 142,985 0.12 5,028 Grammer 129,672 0.11 10,999 Milano Assicurazioni 67,864 0.05 2,796 Heidelberger Druckmaschinen 100,320 0.08 19,380 Milano Assicurazioni - RNC Shares 118,606 0.10 2,041 Hugo Boss 83,681 0.07 9,149 Piccolo Credito Valtellinese 111,984 0.09 2,016 Hugo Boss Preference Shares 78,463 0.06 100,000 Pirelli & C. 75,850 0.06 4,530 Hypo Real Estate Holding 216,262 0.18 1,413 Pirelli & C. Real Estate 73,010 0.06 4,220 IKB Deutsche Industriebank 124,617 0.10 36,662 Premuda 57,669 0.05 4,165 Indus Holding 123,284 0.10 3,324 SAES Getters - RNC Shares 77,183 0.06 2,268 Interseroh zur Verwertung von Sekundaerrohstoffen 69,151 0.06 16,495 SanPaolo IMI 290,807 0.24 1,112 K+S 91,406 0.07 38,625 Sirti 82,464 0.07 4,899 Kloeckner & Co. 160,736 0.13 43,429 Snam Rete Gas 186,419 0.15 2,269 Leoni 70,157 0.06 2,443 Societa Cattolica di Assicurazioni 109,007 0.09 3,845 MAN 263,229 0.21 11,076 Societa Iniziative Autostradali e Servizi 124,827 0.10 1,695 MPC Muenchmeyer Petersen Capital 113,243 0.09 13,607 Sogefi 78,921 0.06 2,514 MTU Aero Engines Holding 89,146 0.07 156,648 Telecom Italia - RNC Shares 301,391 0.24 4,208 Münchener Rückversicherungs Registered Shares 548,807 0.44 68,564 Terna Rete Elettrica Nazionale 175,524 0.14 3,033 MVV Energie 78,858 0.06 143,967 UniCredito Italiano 958,100 0.78 5,838 Patrizia Immobilien 131,705 0.11 11,402 UniCredito Italiano - RNC Shares 74,683 0.06 1,378 Pfeiffer Vacuum Technology 88,743 0.07 43,035 Unipol 117,486 0.10 6,572 ProSieben Sat.1 Media Preference Shares 163,314 0.13 39,765 Unipol Preference Shares 97,325 0.08 614 Rational 86,666 0.07 8,924 RWE 745,154 0.60 8,381,306 6.79 1,369 RWE Non Voting Preference Shares 98,568 0.08 7,110 Suedzucker 130,326 0.11 NETHERLANDS 10,017 ThyssenKrupp 357,507 0.29 34,579 ABN AMRO Holding 845,111 0.69 3,939 Villeroy & Boch Preference Shares 52,664 0.04 2,982 Accell Group 77,532 0.07 2,381 Vossloh 136,050 0.11 31,471 Aegon 455,385 0.38 2,049 Ballast Nedam - CVA 67,719 0.05 10,872,412 8.81 6,458 Beter Bed Holding 123,542 0.10 2,718 Corio 168,108 0.14 SWITZERLAND 1,460 Eriks Group - CVA 80,081 0.06 835 Allreal Holding Registered Shares 70,362 0.05 2,993 Eurocommercial Properties - CVA 114,333 0.09 2,176 Bachem Holding Registered B Shares 122,331 0.10 3,005 Fornix Biosciences 66,110 0.05 1,294 Baloise Holding Registered Shares 97,693 0.08 964 Grontmij - CVA 85,796 0.07 51 Bank Sarasin & Compagnie Registered - B Shares 121,156 0.10 2,924 Heijmans - CVA 121,404 0.10 96 Belimo Holding Registered Shares 71,641 0.06 1,234 Hunter Douglas 74,040 0.06 1,537 BKW FMB Energie 137,354 0.11 39,771 ING Groep - CVA 1,341,874 1.09 1,887 Charles Voegele Holding - Bearer A Shares 114,181 0.09 2,812 KAS Bank - CVA 58,630 0.05 21,778 Crédit Suisse Group 1,147,126 0.93 7,666 Mittal Steel 245,542 0.20 1,315 EMS-Chemie Holding Registered Shares 119,477 0.10 5,326 Nieuwe Steen Investment Funds 119,835 0.10 293 Georg Fischer Registered Shares 143,856 0.12 5,438 OCE 67,105 0.05 373 Helvetia Holding 92,553 0.07 2,166 Rodamco Europe 216,600 0.18 634 Intershop Holdings Bearer Shares 121,437 0.10 57,240 Royal Dutch Shell - B Shares 1,523,291 1.23 319 Kuoni Reisen Holding Registered - B Shares 128,154 0.10 44,748 Royal KPN 482,831 0.39 415 Luzerner Kantonalbank Registered Shares 68,069 0.06 2,264 Smit Internationale 91,918 0.07 14,390 Mobilezone Holding - Bearer Shares 68,817 0.06 1,781 TKH Group 113,717 0.09 8,003 Nestlé Registered Shares 2,152,527 1.74 33,185 Unilever - CVA 690,580 0.56 2,236 OZ Holding - Bearer Shares 118,195 0.10 1,043 Van Lanschot - CVA 74,314 0.06 259 PubliGroupe Registered Shares 68,937 0.06 3,971 Vastned Offices/Industrial 118,971 0.10

53 JPMorgan Investment Funds - Europe Strategic Dividend Fund Schedule of Investments (Expressed in EUR) (continued) As at 31 December 2006

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

1,083 Vastned Retail 80,088 0.06 18,499 Statoil 371,205 0.30 10,368 Wavin 154,068 0.12 16,308 Storebrand 158,026 0.13 1,634 Wereldhave 166,014 0.13 21,875 Telenor 312,112 0.25 4,424 Veidekke 128,392 0.10 7,824,539 6.34 4,336 Wilh Wilhelmsen - A Shares 123,995 0.10 SPAIN 2,778,250 2.25 6,780 Acerinox 155,872 0.14 74,999 Banco Bilbao Vizcaya Argentaria 1,366,482 1.12 BELGIUM 2,980 Banco de Sabadell 100,754 0.08 640 Almancora Comm. Va. 69,440 0.07 22,239 Banco Popular Espanol 305,786 0.25 1,268 Befimmo Sicafi 108,287 0.09 121,773 Banco Santander Central Hispano 1,713,346 1.39 6,288 Belgacom 209,893 0.17 1,946 Bankinter 115,495 0.09 889 Cofinimmo 134,506 0.11 1,319 Cementos Portland Valderrivas 131,175 0.11 4,294 Compagnie Maritime Belge 140,629 0.11 2,633 Companhia de Distribucion Integral Logista 128,095 0.10 3,726 Cumerio 67,664 0.05 1,551 Compania Espanola de Petroleos 91,664 0.07 9,650 Dexia 200,045 0.16 6,174 Enagas 109,280 0.09 26 Distrigaz - NewD Shares 113,360 0.09 11,862 Endesa 424,304 0.34 2,834 Euronav 64,700 0.05 2,455 Fomento de Construcciones y Contratas 188,912 0.15 4,687 Exmar 109,676 0.09 6,648 Gas Natural SDG 198,775 0.16 24,998 Fortis 811,501 0.66 16,417 Iberdrola 545,373 0.44 2,501 Gimv 117,947 0.10 6,689 Inditex 271,774 0.22 1,002 Leasinvest Real Estate 76,803 0.06 8,699 Indra Sistemas 162,149 0.13 4,719 Melexis 65,122 0.05 3,835 Red Electrica de Espana 123,871 0.10 1,477 Mobistar 95,267 0.08 19,345 Repsol YPF 508,580 0.41 3,968 Tessenderlo Chemie 128,206 0.10 4,330 Tecnicas Reunidas 127,086 0.10 5,156 Union Fenosa 190,617 0.15 2,513,046 2.04 23,330 Uralita 117,117 0.09 FINLAND 3,061 Vidrala 66,577 0.05 5,979 Elisa - A Shares 123,227 0.10 3,071 Zardoya-Otis 70,633 0.06 12,558 Fortum 270,750 0.22 19,940 Kemira GrowHow 133,997 0.11 7,213,717 5.84 11,186 OKO Bank - A Shares 141,950 0.11 SWEDEN 8,841 Orion - B Shares 145,434 0.12 3,207 Axfood 100,215 0.09 6,440 PKC Group 78,890 0.06 3,653 Brostrom - B Shares 60,410 0.05 11,492 Poyry 135,606 0.11 4,920 Cardo 141,499 0.11 5,938 Rautaruukki 179,090 0.15 9,950 Castellum 99,607 0.08 6,800 Sanoma-WSOY 144,160 0.12 5,049 D. Carnegie & Co. 80,982 0.07 11,916 Sponda 142,873 0.12 8,894 Electrolux - B Shares 135,275 0.11 19,981 Stora Enso - R Shares 240,371 0.19 15,170 Eniro 151,443 0.12 14,350 UPM-Kymmene 274,229 0.22 7,634 Fabege 157,910 0.13 4,067 Uponor 115,543 0.09 5,157 Hagstromer & Qviberg 147,745 0.12 2,869 Wartsila - B Shares 117,801 0.10 11,151 Hennes & Mauritz - B Shares 426,165 0.35 6,207 Hoganas - B Shares 124,273 0.10 2,243,921 1.82 4,215 Holmen - B Shares 139,174 0.11 DENMARK 2,575 Industrivarden - A Shares 77,190 0.06 237 D/S Norden 152,407 0.12 2,824 Industrivarden - C Shares 79,188 0.06 2,997 D/S Torm 149,520 0.12 7,901 Intrum Justitia 77,347 0.06 10,287 Danske Bank - Bearer Shares 345,594 0.28 18,379 KappAhl Holding 145,360 0.12 301 Fionia Bank 64,992 0.05 24,460 Klovern 80,358 0.07 3,732 FLSmidth & Co. 179,432 0.15 14,086 Kungsleden 165,551 0.13 3,550 Harboes Bryggeri - B Shares 109,503 0.09 16,107 Nolato - B Shares 127,390 0.10 2,384 NKT Holding 160,182 0.13 46,721 Nordea Bank 549,883 0.45 885 Ringkjoebing Landbobank 130,202 0.11 5,912 Ratos - B Shares 106,595 0.09 937 SimCorp 173,793 0.14 28,538 Sandvik 313,307 0.25 5,370 Spar Nord Bank 98,305 0.08 1,836 Scania - A Shares 100,834 0.08 4,788 Sydbank 173,375 0.14 3,031 Scania - B Shares 161,771 0.13 1,716 Thrane & Thrane 72,148 0.06 14,458 Skanska - B Shares 213,104 0.17 2,748 TrygVesta 159,394 0.13 10,625 SKF - B Shares 149,556 0.12 7,964 SkiStar AB 104,392 0.08 1,968,847 1.60 6,251 Svenska Cellulosa - B Shares 247,888 0.20 13,539 Svenska Handelsbanken - A Shares 312,255 0.25 IRELAND 2,789 Swedbank 77,127 0.06 20,804 Allied Irish Banks 468,090 0.37 50,796 TeliaSonera 318,868 0.26 23,172 Bank of Ireland 405,510 0.33 4,092 Trelleborg - B Shares 73,780 0.06 14,822 C&C Group 199,356 0.16 3,848 Volvo - A Shares 206,014 0.17 14,620 Depfa Bank 198,101 0.16 5,912 Volvo - B Shares 308,669 0.25 73,590 Fyffes 130,990 0.11 5,058 Wihlborgs Fastigheter 80,287 0.07 18,599 Greencore Group 87,043 0.07 10,482 Irish Life & Permanent 219,074 0.18 5,841,412 4.73 1,708,164 1.38 NORWAY 50,673 ABG Sundal Collier 79,684 0.07 GREECE 35,267 Acta Holding 140,893 0.12 11,392 Alpha Bank 260,877 0.20 1,569 Aker Yards 91,832 0.07 6,670 Aluminium of Greece 120,994 0.10 5,076 Aktiv Kapital 57,939 0.05 36,226 Blue Star Maritime 112,301 0.09 6,649 Camillo Eitzen & Co. 54,095 0.04 8,437 EFG Eurobank Ergasias 231,511 0.19 22,240 DnB NOR 239,813 0.19 8,079 Heracles General Cement 131,203 0.11 1,430 Eitzen Maritime Services 434 0.00 3,798 Intralot - Integrated Lottery Systems & Services 100,647 0.08 6,867 Ekornes 120,909 0.10 12,961 Metka 132,202 0.11 17,957 Norsk Hydro 422,474 0.34 23,578 Michaniki 98,556 0.08 15,810 ProSafe 168,367 0.14 3,995 Motor Oil Hellas Corinth Refineries 77,982 0.06 13,444 Sparebanken Midt-Norge 133,865 0.11 9,508 National Bank of Greece 331,829 0.27 3,268 Sparebanken Nord-Norge 59,326 0.05 5,006 Sparebanken Rogaland 114,889 0.09 1,598,102 1.29

54 JPMorgan Investment Funds - Europe Strategic Dividend Fund Schedule of Investments (Expressed in EUR) (continued) As at 31 December 2006

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

AUSTRIA 830 Andritz 136,369 0.12 Allocation of Portfolio as at 30 June 2006 (Unaudited) % of 3,077 Boehler-Uddeholm 163,389 0.13 Net Assets 501 Mayr-Melnhof Karton 71,142 0.06 Shares, Warrants and Rights 3,291 OMV 141,480 0.11 Financials 39.06 1,368 Palfinger 127,224 0.10 Consumer Discretionary 10.73 8,360 Telekom Austria 169,708 0.14 Energy 10.72 4,148 Voestalpine 177,410 0.14 Industrials 8.54 Materials 7.89 986,722 0.80 Utilities 7.21 Consumer Staples 5.25 PORTUGAL Telecommunication Services 3.68 71,473 Banco Comercial Portugues 198,695 0.16 Health Care 2.55 8,143 Banco Espirito Santo Registered Shares 110,745 0.09 Information Technology 1.41 11,409 Brisa-Auto Estradas de Portugal - Private Shares 107,131 0.09 14,274 Cimpor Cimentos de Portugal 89,498 0.07 Total Shares, Warrants and Rights 97.04 39,846 Energias de Portugal 151,813 0.12 Cash and Other Assets/(Liabilities) 2.96 Total 100.00 657,882 0.53 LIECHTENSTEIN 184 Liechtenstein Landesbank - Bearer Shares 119,576 0.10 581 Verwaltungs- und Privat Bank - Bearer Shares 117,698 0.10

237,274 0.20 BERMUDA 15,589 Catlin Group 119,127 0.10 4,787 Frontline 116,983 0.09 20,367 Hiscox 84,860 0.07

320,970 0.26 LUXEMBOURG 2,860 Oriflame Cosmetics SDR 87,157 0.07

87,157 0.07

Total Shares and Warrants 114,630,242 92.87

Total Transferable Securities Admitted to an 114,630,242 92.87 Official Exchange Listing Total Investments 114,630,242 92.87

Cash 8,607,665 6.97

Other Assets/(Liabilities) 197,339 0.16

Total Net Assets 123,435,246 100.00

Allocation of Portfolio as at 31 December 2006 % of Net Assets Shares and Warrants Financials 38.38 Consumer Discretionary 10.05 Energy 8.36 Industrials 8.09 Utilities 7.89 Consumer Staples 6.77 Materials 6.67 Telecommunication Services 2.99 Health Care 2.29 Information Technology 1.38 Total Shares and Warrants 92.87 Cash and Other Assets/(Liabilities) 7.13 Total 100.00

55 JPMorgan Investment Funds - Europe Strategic Dividend Fund Schedule of Investments - Outstanding Financial Futures Contracts (Expressed in EUR) As at 31 December 2006

Unrealised Maturity (Short) / Long Gain/ Date Quantity Contract Currency Position (Loss)

Equity Futures

Mar-07 121 DJ Euro Stoxx 50 EUR 5,031,180 81,640 Mar-07 33 FTSE 100 Index Future GBP 3,049,686 13,812

Total Unrealised Net Gain on Financial Futures Contracts 95,452

Schedule of Investments - Outstanding Forward Foreign Exchange Contracts (Expressed in EUR) As at 31 December 2006

Unrealised Maturity Amount Amount Gain/ Date Currency Purchased Currency Sold (Loss)

30-Mar-07 CHF 5,575,339 EUR 3,496,168 (15,536) 30-Mar-07 EUR 2,865,976 GBP 1,932,000 3,943 30-Mar-07 EUR 1,123,933 NOK 9,182,417 9,139 30-Mar-07 EUR 1,039,405 SEK 9,395,087 (1,209) 30-Mar-07 GBP 5,140,145 EUR 7,630,488 (15,964)

Total Unrealised Net Loss on Forward Foreign Exchange Contracts (19,627)

Schedule of Investments - Outstanding Options Contracts on Securities (Expressed in EUR) As at 31 December 2006

Unrealised Maturity Market Gain/ Quantity Denomination Date Currency Value (Loss)

(26) Scottish & Newcastle Call Strike Price 600 Mar-07 GBP (3,092) 193 (33) Peugeot Call Strike Price 55 Jan-07 EUR (363) 198 (100) Pirelli & C. Call Strike Price 0.80 Jan-07 EUR (550) 50

Total (4,005) 441

56 JPMorgan Investment Funds - Global 50 Equity Fund Schedule of Investments (Expressed in USD) As at 31 December 2006

% % Quantity/ Name of Securities Market of Quantity/ Name of Securities Market of Nominal Value Net Nominal Value Net Value Assets Value Assets

Transferable Securities Admitted to an Official Exchange Listing NORWAY 26,347 Orkla 1,488,603 2.33 Shares 1,488,603 2.33 UNITED STATES OF AMERICA 15,000 Abercrombie & Fitch - A Shares 1,060,800 1.67 ITALY 13,272 AMBAC Financial Group 1,190,365 1.86 54,902 SanPaolo IMI 1,275,818 1.99 15,871 Apache 1,052,247 1.64 25,704 Bank of America 1,380,048 2.16 1,275,818 1.99 33,994 Citigroup 1,899,925 2.97 SWITZERLAND 49,098 Corning 921,569 1.44 11,940 Adecco Registered Shares 810,877 1.27 13,983 Johnson Controls 1,207,852 1.89 42,988 Microsoft 1,293,079 2.02 810,877 1.27 12,721 Nike - B Shares 1,269,810 1.98 16,755 Occidental Petroleum 820,995 1.28 GREECE 29,332 Safeway 1,026,033 1.60 25,613 Egnatia Bank 261,981 0.41 39,729 Schering-Plough 947,139 1.48 15,139 Sepracor 931,957 1.46 261,981 0.41 17,644 State Street 1,192,558 1.86 34,847 Sysco 1,281,324 2.00 Total Shares 61,931,819 96.78 26,639 Wyeth 1,361,253 2.13 Total Transferable Securities Admitted to an 61,931,819 96.78 18,836,954 29.44 Official Exchange Listing JAPAN Transferable Securities Dealt in on Another Regulated Market 147,000 77 Bank 932,295 1.45 129,000 Amada 1,366,450 2.14 Investment Funds 58,100 Chugai Pharmaceutical 1,198,165 1.87 52,000 Daiwa Securities Group 583,141 0.91 LUXEMBOURG 29,900 FUJIFILM Holdings 1,228,199 1.92 4 JPMorgan Liquidity Funds - US Dollar Liquidity Fund (JPM US Dollar Liquidity X (acc)) 46,043 0.07 162,000 Kawasaki Kisen Kaisha 1,266,933 1.98 63,000 Kirin Brewery 990,155 1.55 46,043 0.07 24,900 Sony 1,066,739 1.67 140 Sumitomo Mitsui Financial Group 1,434,752 2.24 71,000 Taiyo Yuden 1,252,468 1.96 Total Investment Funds 46,043 0.07 Total Transferable Securities Dealt in on 46,043 0.07 11,319,297 17.69 Another Regulated Market FRANCE Total Investments 61,977,862 96.85 76,079 Alcatel 1,095,055 1.72 14,836 Arkema 762,658 1.20 Cash 2,201,190 3.44 15,965 Compagnie Générale des Etablissements Michelin - B Shares 1,525,651 2.38 11,682 Schneider Electric 1,293,436 2.02 Other Assets/(Liabilities) (188,165) (0.29) 28,901 Suez 1,494,063 2.33 Total Net Assets 22,083 Total 1,596,552 2.49 63,990,887 100.00

7,767,415 12.14

UNITED KINGDOM Allocation of Portfolio as at 31 December 2006 % of 80,921 Aviva 1,303,502 2.03 Net Assets 101,431 Barclays 1,451,016 2.27 Shares 71,634 BG Group 972,817 1.52 Financials 27.90 42,953 GlaxoSmithKline 1,131,283 1.77 Consumer Discretionary 13.34 88,713 HSBC Holdings 1,618,510 2.53 Industrials 11.55 Health Care 8.71 6,477,128 10.12 Consumer Staples 7.48 GERMANY Information Technology 7.14 5,963 Allianz Registered Shares 1,216,387 1.90 Energy 6.93 18,686 Bayer 1,001,456 1.56 Materials 5.84 20,426 Bayerische Motoren Werke 1,171,442 1.83 Telecommunication Services 3.98 15,168 Lanxess 849,300 1.33 Utilities 3.91 Investment Companies 0.07 4,238,585 6.62 Total Shares 96.85 Cash and Other Assets/(Liabilities) 3.15 NETHERLANDS 26,516 Mittal Steel 1,119,822 1.75 Total 100.00 88,932 Royal KPN 1,264,817 1.98 30,361 TNT 1,300,612 2.03

3,685,251 5.76 AUSTRALIA 79,697 AGL Energy 1,017,736 1.58 133,086 Brambles 1,347,639 2.11 366,808 Macquarie Infrastructure Group 1,001,681 1.57

3,367,056 5.26 HONG KONG 876,000 China Unicom 1,284,135 2.00 200,000 Henderson Land Development 1,118,719 1.75

2,402,854 3.75

57 JPMorgan Investment Funds - Global 50 Equity Fund Schedule of Investments (Expressed in USD) (continued) As at 31 December 2006

% % Quantity/ Name of Securities Market of Quantity/ Name of Securities Market of Nominal Value Net Nominal Value Net Value Assets Value Assets

Allocation of Portfolio as at 30 June 2006 (Unaudited) % of Net Assets Fixed Income Securities United States of America 0.20 Total Fixed Income Securities 0.20 Shares Financials 26.12 Consumer Discretionary 18.18 Consumer Staples 15.92 Health Care 8.44 Energy 6.96 Materials 6.55 Telecommunication Services 4.52 Industrials 3.79 Information Technology 3.54 Utilities 1.98 Total Shares 96.00 Cash and Other Assets/(Liabilities) 3.80 Total 100.00

58 JPMorgan Investment Funds - Global 50 Equity Fund Schedule of Investments - Outstanding Financial Futures Contracts (Expressed in USD) As at 31 December 2006

Unrealised Maturity (Short) / Long Gain/ Date Quantity Contract Currency Position (Loss)

Equity Futures

Mar-07 5 S&P 500 Future USD 1,794,375 (10,625)

Total Unrealised Net Loss on Financial Futures Contracts (10,625)

Schedule of Investments - Outstanding Forward Foreign Exchange Contracts (Expressed in USD) As at 31 December 2006

Unrealised Maturity Amount Amount Gain/ Date Currency Purchased Currency Sold (Loss)

08-Feb-07 AUD 168,185 USD 129,196 3,405 08-Feb-07 CAD 2,559,093 USD 2,256,892 (51,940) 08-Feb-07 CHF 2,119,739 USD 1,725,523 18,085 08-Feb-07 EUR 3,184,124 USD 4,177,056 27,629 08-Feb-07 GBP 2,050,263 USD 3,960,090 58,595 08-Feb-07 HKD 4,190,002 USD 539,900 (277) 08-Feb-07 JPY 39,148,723 EUR 260,460 (13,429) 08-Feb-07 JPY 149,689,211 USD 1,293,795 (30,047) 08-Feb-07 NOK 8,307,728 USD 1,290,220 41,807 08-Feb-07 SEK 3,721,934 USD 519,947 24,055 08-Feb-07 SGD 439,628 USD 286,568 674 08-Feb-07 USD 1,946,681 AUD 2,494,264 (19,863) 08-Feb-07 USD 611,143 CHF 731,532 9,415 08-Feb-07 USD 10,190,326 EUR 7,943,676 (299,419) 08-Feb-07 USD 3,645,674 GBP 1,901,055 (80,551) 08-Feb-07 USD 1,120,935 HKD 8,693,297 1,340 08-Feb-07 USD 6,714,397 JPY 782,846,524 105,228 08-Feb-07 USD 2,517,113 NOK 16,285,747 (94,076)

Total Unrealised Net Loss on Forward Foreign Exchange Contracts (299,369)

59 JPMorgan Investment Funds - Global Balanced Fund (EUR) Schedule of Investments (Expressed in EUR) As at 31 December 2006

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

Transferable Securities Admitted to an Official Exchange Listing 195 Sumitomo Mitsui Financial Group 1,516,125 0.66 62,000 Taiyo Yuden 829,758 0.36 Shares 232 West Japan Railway 752,569 0.33 34,000 Yakult Honsha 741,047 0.32 UNITED STATES OF AMERICA 24,754 Abbott Laboratories 914,964 0.41 15,624 Advance Auto Parts 426,841 0.19 12,630,710 5.52 14,155 Altria Group 923,549 0.40 GERMANY 11,996 AMBAC Financial Group 816,266 0.36 12,017 Allianz Registered Shares 1,859,751 0.81 12,503 Amgen 649,954 0.28 64,083 Bayer 2,605,615 1.14 8,643 Apache 434,740 0.19 30,096 Lanxess 1,278,478 0.56 9,400 Apartment Investment & Management - A Shares 399,647 0.17 11,432 RWE 954,572 0.42 7,817 Baker Hughes 445,558 0.19 11,669 CIT Group 500,896 0.22 6,698,416 2.93 32,422 Citigroup 1,374,755 0.60 37,331 Corning 531,601 0.23 NETHERLANDS 10,849 Devon Energy 551,627 0.24 41,890 ING Groep - CVA 1,413,369 0.62 59,413 General Electric 1,687,598 0.74 16,819 Mittal Steel - A Shares 538,218 0.24 16,308 Genworth Financial - A Shares 426,599 0.19 89,283 Royal KPN 963,364 0.42 1,412 Google - A Shares 496,262 0.22 20,816 Royal Numico 848,044 0.37 3,992 Hartford Financial Services Group 282,871 0.12 50,675 TNT 1,646,938 0.72 14,200 Johnson Controls 930,579 0.41 17,177 Linear Technology 398,768 0.17 5,409,933 2.37 5,325 Marathon Oil 375,348 0.16 HONG KONG 24,415 Merck & Co. 802,226 0.35 1,348,000 China Unicom 1,499,161 0.66 50,468 Microsoft 1,151,716 0.50 167,000 Henderson Land Development 708,695 0.31 10,554 Morgan Stanley 653,530 0.29 350,000 Li & Fung 826,298 0.36 32,979 News - A Shares 540,434 0.24 15,528 Norfolk Southern 597,040 0.26 3,034,154 1.33 11,980 Occidental Petroleum 445,353 0.19 9,201 Praxair 415,829 0.18 ITALY 9,860 Procter & Gamble 483,014 0.21 68,963 SanPaolo IMI 1,215,818 0.53 9,549 Qualcomm 274,857 0.12 222,382 UniCredito Italiano 1,479,952 0.65 12,320 Rohm & Haas 479,958 0.21 19,594 Safeway 519,989 0.23 2,695,770 1.18 24,743 Schering-Plough 447,518 0.20 SPAIN 14,575 Schlumberger 699,503 0.31 135,737 Telefonica 2,182,651 0.95 7,313 Sepracor 341,543 0.15 27,117 Staples 555,054 0.24 2,182,651 0.95 16,990 State Street 871,219 0.38 9,099 SunTrust Banks 586,282 0.26 AUSTRALIA 15,006 Supervalu 411,780 0.18 106,121 Brambles 815,256 0.36 21,644 Sysco 603,786 0.26 336,189 Macquarie Infrastructure Group 696,508 0.30 11,823 United Technologies 564,555 0.25 35,246 Woolworths 504,399 0.22 25,168 Wyeth 975,711 0.43 2,016,163 0.88 24,989,320 10.93 SOUTH KOREA 19,280 Hana Financial Group 769,103 0.34 UNITED KINGDOM 165,349 Barclays 1,794,546 0.77 56,639 LG. Philips LCD ADR 647,990 0.28 82,034 GlaxoSmithKline 1,639,167 0.72 1,691 Lotte Shopping 532,476 0.23 62,094 HBOS 1,045,024 0.46 192,028 HSBC Holdings 2,657,935 1.16 1,949,569 0.85 87,245 Intercontinental Hotels Group 1,636,930 0.72 SWITZERLAND 209,898 International Power 1,191,290 0.52 12,949 Roche Holding - Genussschein 1,759,532 0.77 491,576 LogicaCMG 1,359,358 0.59 66,894 Royal Bank of Scotland Group 1,982,096 0.87 1,759,532 0.77 249,943 Tesco 1,503,106 0.66 853,816 Vodafone Group 1,796,184 0.79 NORWAY 95,479 Wolseley 1,750,254 0.77 35,049 Orkla 1,502,363 0.66

18,355,890 8.03 1,502,363 0.66 FRANCE FINLAND 132,016 Alcatel 1,441,615 0.63 30,927 Metso 1,186,978 0.52 43,658 Arkema 1,702,662 0.74 45,501 AXA 1,399,611 0.61 1,186,978 0.52 31,510 Compagnie Générale des Etablissements Michelin - BRAZIL B Shares 2,284,475 1.00 13,619 Unibanco - Uniao de Bancos Brasileiros GDR 971,133 0.42 50,602 Neuf Cegetel 1,373,844 0.60 15,173 Schneider Electric 1,274,532 0.56 971,133 0.42 52,865 Suez 2,073,365 0.91 45,893 Total 2,517,231 1.10 ISRAEL 212,928 Makhteshim-Agan Industries 916,526 0.40 14,067,335 6.15 916,526 0.40 JAPAN 119,000 Amada 956,319 0.43 GREECE 64,600 Chugai Pharmaceutical 1,010,705 0.44 97,018 Egnatia Bank 752,860 0.33 34,100 Daiichi Sankyo 808,421 0.35 136,000 Daiwa Securities Group 1,157,073 0.51 752,860 0.33 36,500 Hoya 1,079,323 0.47 TAIWAN 292 Japan Tobacco 1,070,018 0.47 66,722 HON HAI Precision Industry Registered Shares 155,000 Kawasaki Kisen Kaisha 919,649 0.40 GDR 718,802 0.31 124,000 Kubota 870,851 0.38 81,000 Mitsui & Co. 918,852 0.40 718,802 0.31

60 JPMorgan Investment Funds - Global Balanced Fund (EUR) Schedule of Investments (Expressed in EUR) (continued) As at 31 December 2006

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

THAILAND SPAIN 138,100 PTT (Foreign) 608,634 0.27 273,660 Hipotecario Bancaja 1 15.03.17/3.887%* 273,386 0.12

608,634 0.27 273,386 0.12 BERMUDA 7,498 RenaissanceRe Holdings 342,675 0.15 Total Bonds 29,598,585 12.94 Investment Funds 342,675 0.15 LUXEMBOURG SINGAPORE 39,273 JPMorgan Lux Funds - Emerging Markets Value 800 Singapore Telecommunications 1,298 0.00 Fund (JPM Emerging Markets Value X (acc) - USD) 7,174,702 3.14 1,298 0.00 7,174,702 3.14 Total Shares 102,790,712 44.95 Total Investment Funds 7,174,702 3.14 Bonds Total Transferable Securities Dealt in on 36,773,287 16.08 JAPAN Another Regulated Market 35,000,000 Development Bank of Japan 20.09.22/1.700% 210,409 0.09 1,800,000,000 Japan (Government of) 20.06.09/0.800% 11,447,576 5.01 Total Investments 196,337,336 85.85 4,000,000 Japan (Government of) 21.06.10/1.900% 26,254 0.01 1,350,000,000 Japan (Government of) 20.09.10/0.800% 8,521,801 3.73 Cash 28,911,626 12.64 23,600,000 Japan (Government of) 22.06.20/2.200% 156,730 0.07 119,000,000 Japan (Government of) 20.06.22/2.000% 765,732 0.33 Other Assets/(Liabilities) 3,436,758 1.51

21,128,502 9.24 Total Net Assets 228,685,720 100.00 GERMANY 4,200,000 Germany (Federal Republic of) 17.08.07/4.500% 4,216,170 1.85 1,440,000 Germany (Federal Republic of) 04.01.08/5.250% 1,459,195 0.64 * Variable coupon rates are those quoted as at 31 December 2006. 2,250,000 Germany (Federal Republic of) 04.01.11/5.250% 2,358,198 1.03 (i) Security held as collateral against futures positions by the broker. 2,400,000 Germany (Federal Republic of) 04.01.28/5.625% 2,912,272 1.27 2,660,000 Germany (Federal Republic of) 04.07.34/4.750% 2,949,133 1.29

13,894,968 6.08 Allocation of Portfolio as at 31 December 2006 % of Net Assets UNITED KINGDOM Fixed Income Securities 700,000 Deutsche Bank (London) 19.09.07/0.000% 871,675 0.38 United States of America 12.82 2,850,000 UK Treasury 07.12.07/7.250% 4,313,102 1.89 Japan 9.24 1,740,000 UK Treasury 07.03.12/5.000% 2,590,467 1.13 Germany 6.08 40,000 UK Treasury 07.12.15/8.000% 73,231 0.03 United Kingdom 4.59 1,800,000 UK Treasury 07.06.32/4.250% 2,663,344 1.16 France 4.54 Canada 0.34 10,511,819 4.59 Spain 0.12 FRANCE Supra-National 0.03 6,500,000 France (Government of) 25.04.15/3.500% 6,291,370 2.75 Total Fixed Income Securities 37.76 1,350,000 France (Government of) 25.10.16/5.000% 1,459,703 0.64 Shares 24,000 France (Government of) 25.04.19/4.250% 24,554 0.01 Financials 12.45 682,000 France (Government of) 25.07.32/3.150% 935,806 0.41 Industrials 5.59 1,500,000 France (Government of) 25.04.35/4.750% 1,659,707 0.73 Health Care 4.10 Consumer Staples 3.98 10,371,140 4.54 Information Technology 3.88 Consumer Discretionary 3.56 CANADA Materials 3.47 1,000,000 Quebec (Province of) 768,903 0.34 15.02.09/5.750% Telecommunication Services 3.42 Investment Companies 3.14 768,903 0.34 Energy 2.65 SUPRA-NATIONAL Utilities 1.85 15,000,000 Inter-American Development Total Shares 48.09 Bank 08.07.09/1.900% 98,005 0.03 Cash and Other Assets/(Liabilities) 14.15 98,005 0.03 Total 100.00

Total Bonds 56,773,337 24.82

Total Transferable Securities Admitted to an 159,564,049 69.77 Official Exchange Listing

Transferable Securities Dealt in on Another Regulated Market

Bonds UNITED STATES OF AMERICA 6,500,000 US Treasury 28.02.07/3.375% 4,919,012 2.15 2,030,000 US Treasury (i) 08.03.07/0.000% 1,525,958 0.67 8,100,000 US Treasury 15.05.07/4.375% 6,129,846 2.68 5,121,000 US Treasury 15.05.07/6.625% 3,906,992 1.71 2,700,000 US Treasury 15.05.10/3.875% 1,995,593 0.87 4,300,000 US Treasury 15.02.11/5.000% 3,303,560 1.44 1,500,000 US Treasury 15.02.15/4.000% 1,083,947 0.47 2,635,000 US Treasury 15.05.16/7.250% 2,375,481 1.04 3,800,000 US Treasury 15.08.29/6.125% 3,363,127 1.47 800,000 US Treasury 15.05.30/6.250% 721,683 0.32

29,325,199 12.82

61 JPMorgan Investment Funds - Global Balanced Fund (EUR) Schedule of Investments (Expressed in EUR) (continued) As at 31 December 2006

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

Allocation of Portfolio as at 30 June 2006 (Unaudited) % of Net Assets Fixed Income Securities United States of America 14.13 Japan 10.70 Germany 7.88 France 4.85 United Kingdom 3.69 Belgium 1.42 Canada 0.37 Spain 0.15 International Agencies 0.05 Total Fixed Income Securities 43.24 Shares and Rights Financials 12.08 Consumer Discretionary 7.51 Industrials 5.40 Health Care 4.64 Energy 4.27 Information Technology 3.61 Consumer Staples 3.34 Materials 2.48 Telecommunication Services 2.19 Utilities 2.09 Investment Companies 1.86 Total Shares and Rights 49.47 Cash and Other Assets/(Liabilities) 7.29 Total 100.00

62 JPMorgan Investment Funds - Global Balanced Fund (EUR) Schedule of Investments - Outstanding Financial Futures Contracts (Expressed in EUR) As at 31 December 2006

Unrealised Maturity (Short) / Long Gain/ Date Quantity Contract Currency Position (Loss)

Bond Futures

Mar-07 24 Canada 10 Year Bond Future (MSE) CAD 1,780,372 (21,535) Mar-07 (75) Euro-Bobl Future EUR (8,164,500) 108,750 Mar-07 (32) Euro-Bund Future EUR (3,717,440) 83,840 Mar-07 13 Japan 10 Year Bond (TSE) JPY 11,105,821 (15,996) Mar-07 157 US 2 Year Note (CBT) USD 24,300,473 (96,778) Mar-07 164 US 5 Year Note (CBT) USD 13,068,147 (122,477) Mar-07 (32) US 10 Year Note Future USD (2,608,300) 34,899 Mar-07 9 US Long Bond (CBT) USD 759,616 (16,110)

Total Bond Futures (45,407)

Equity Futures

Jan-07 23 Hang Seng Index Future HKD 2,245,805 78,981 Mar-07 95 DJ Euro Stoxx 50 EUR 3,950,100 55,150 Mar-07 41 FTSE 100 Index Future GBP 3,789,004 38,402 Mar-07 (23) TOPIX Index Future JPY (2,466,172) (119,461) Mar-07 24 S&P 500 Future USD 6,534,406 65,132

Total Equity Futures 118,204

Total Unrealised Net Gain on Financial Futures Contracts 72,797

Schedule of Investments - Outstanding Forward Foreign Exchange Contracts (Expressed in EUR) As at 31 December 2006

Unrealised Maturity Amount Amount Gain/ Date Currency Purchased Currency Sold (Loss)

13-Feb-07 CHF 2,064,827 EUR 1,297,972 (11,511) 13-Feb-07 CHF 910,660 USD 746,615 2,095 13-Feb-07 EUR 1,176,325 AUD 1,988,865 (10,742) 13-Feb-07 EUR 3,284,536 CHF 5,213,936 36,066 13-Feb-07 EUR 5,765,454 GBP 3,900,000 (22,285) 13-Feb-07 EUR 1,355,853 HKD 13,554,520 33,923 13-Feb-07 EUR 31,588,116 JPY 4,740,178,963 1,270,367 13-Feb-07 EUR 2,225,431 NOK 18,238,959 10,907 13-Feb-07 EUR 614,568 SGD 1,228,127 6,880 13-Feb-07 EUR 32,345,319 USD 42,065,577 496,570 13-Feb-07 GBP 5,640,278 EUR 8,345,042 25,331 13-Feb-07 HKD 4,755,890 USD 613,256 (482) 13-Feb-07 JPY 498,300,218 EUR 3,316,860 (129,778) 13-Feb-07 JPY 186,398,993 GBP 829,188 (38,354) 13-Feb-07 JPY 108,852,983 USD 951,367 (24,086) 13-Feb-07 NOK 12,203,438 USD 1,972,413 (11,649) 13-Feb-07 SEK 54,380,430 EUR 6,003,196 16,305 13-Feb-07 SEK 4,680,086 NOK 4,277,407 (1,301) 13-Feb-07 SGD 1,243,486 JPY 93,323,614 18,398 13-Feb-07 SGD 3,177,880 USD 2,068,879 6,050 13-Feb-07 USD 7,071,014 EUR 5,381,515 (27,899) 13-Feb-07 USD 2,104,098 GBP 1,069,915 5,266 13-Feb-07 USD 4,142,575 JPY 483,352,127 44,957 13-Feb-07 USD 1,898,852 SEK 12,981,693 687

Total Unrealised Net Gain on Forward Foreign Exchange Contracts 1,695,715

63 JPMorgan Investment Funds - Global Balanced Fund (USD) Schedule of Investments (Expressed in USD) As at 31 December 2006

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

Transferable Securities Admitted to an Official Exchange Listing 2,700 ArrowElectronics 87,021 0.02 400 ArrowInternational 14,168 0.00 Shares and Warrants 600 Art Technology Group 1,416 0.00 700 Arthrocare 28,329 0.00 UNITED STATES OF AMERICA ArvinMeritor 22,308 0.00 3,800 3Com 15,772 0.00 1,200 Asbury Automotive Group 54,924 0.02 500 A. Schulman 11,144 0.00 2,300 Ashford Hospitality Trust 19,904 0.00 1,700 A.G. Edwards 108,272 0.03 1,600 Aspect Medical Systems 11,466 0.00 500 A.O. Smith 19,019 0.00 600 Aspen Technology 49,236 0.02 400 AAR 11,747 0.00 4,400 Associated Banc-Corp 154,391 0.03 118,815 Abbott Laboratories 5,788,666 0.94 4,420 Asta Funding 12,184 0.00 800 Accredited Home Lenders Holding 22,271 0.00 400 Astec Industries 31,275 0.02 1,100 Accuride 12,803 0.00 900 Astoria Financial 162,074 0.04 100 Actel 1,839 0.00 5,300 Asyst Technologies 16,836 0.00 3,300 Actuate 19,799 0.00 2,300 Atherogenics 10,576 0.00 900 Acuity Brands 46,907 0.02 1,042 Atmel 66,960 0.02 7,100 Acxiom 181,830 0.04 10,800 ATP Oil & Gas 12,096 0.00 1,000 Adams Respiratory Therapeutics 40,719 0.02 300 Autonation 89,964 0.02 1,700 Adaptec 8,058 0.00 4,200 AVANIR Pharmaceuticals - A Shares 8,493 0.00 1,000 ADC Telecommunications 14,390 0.00 3,725 Avista 22,950 0.00 700 Adesa 19,432 0.00 900 Avnet 86,097 0.02 2,815 Adolor 21,310 0.00 3,300 Avocent 33,940 0.02 1,800 Advance America Cash Advance Centers 26,712 0.00 1,000 AVX 13,365 0.00 71,621 Advance Auto Parts 2,579,073 0.42 900 Axcelis Technologies 10,030 0.00 1,600 Advanced Energy Industries 30,384 0.00 1,700 Baker Hughes 2,464,039 0.41 600 Advanta - B Shares 26,610 0.00 32,797 Balchem 7,818 0.00 200 Advo 6,520 0.00 300 Ball 30,548 0.00 400 AEP Industries 21,968 0.00 700 Bancfirst 10,936 0.00 1,400 Aeroflex 16,828 0.00 200 Bancorpsouth 43,600 0.02 750 Affiliated Managers Group 78,705 0.02 1,600 Bank of Granite 16,354 0.00 1,400 Aftermarket Technology 30,030 0.00 850 Bank of Hawaii 59,697 0.02 1,700 AGCO 53,618 0.02 1,100 Banta 7,278 0.00 4,190 Agere Systems 82,459 0.02 200 Barnes & Noble 127,424 0.03 3,000 Agilysys 50,970 0.02 3,200 Barnes Group 72,336 0.02 400 Air Methods 11,624 0.00 3,300 Basic Energy Services 12,580 0.00 400 AK Steel Holding 6,788 0.00 500 Bausch & Lomb 5,290 0.00 2,800 Akamai Technologies 151,284 0.03 100 BE Aerospace 31,776 0.02 700 Alaska Air Group 28,070 0.00 1,200 BearingPoint 64,944 0.02 1,400 Albemarle 102,004 0.03 8,200 Beckman Coulter 36,180 0.02 800 Alexion Pharmaceuticals 32,448 0.02 600 Bel Fuse - B Shares 14,412 0.00 1,700 Alkermes 22,899 0.00 400 Belo - A Shares 13,034 0.00 600 Alliance Data Systems 37,620 0.02 700 Benchmark Electronics 35,496 0.02 2,800 Alliance Imaging 18,844 0.00 1,450 Bentley Pharmaceuticals 4,148 0.00 4,300 Alliance One International 29,928 0.00 400 Bio-Rad Laboratories - A Shares 16,652 0.00 2,700 Alliant Energy 102,762 0.03 200 BioMarin Pharmaceuticals 21,606 0.00 300 Alliant Techsystems 23,499 0.00 1,300 BioMed Realty Trust 11,432 0.00 3,200 Allied Waste Industries 39,840 0.02 400 Biosite 14,718 0.00 100 Allscripts Healthcare Solutions 2,744 0.00 300 BISYS Group 20,832 0.00 500 Alon USA Energy 13,260 0.00 1,600 BJ’s Wholesale Club 50,576 0.02 700 Alpharma - A Shares 16,954 0.00 1,600 Black Box 25,566 0.00 58,692 Altria Group 5,047,512 0.82 600 Black Hills 18,650 0.00 52,299 AMBAC Financial Group 4,690,697 0.76 500 BlueLinx Holdings 15,022 0.00 500 Amcore Financial 16,650 0.00 1,400 BMC Software 256,750 0.05 300 Amerco 26,928 0.00 7,900 Bob Evans Farms 17,300 0.00 4,900 American Capital Strategies 226,821 0.05 500 BOK Financial 174,137 0.04 2,700 American Eagle Outfitters 84,564 0.02 3,169 Bon-Ton Stores 24,654 0.00 600 American Ecology 11,106 0.00 700 BorgWarner 71,124 0.02 5,250 American Financial Group 190,050 0.04 1,200 Brandywine Realty Trust 13,300 0.00 2,400 American Home Mortgage Investment 84,504 0.02 400 Briggs & Stratton 30,184 0.00 450 American Physicians Capital 18,194 0.00 1,100 Brightpoint 17,357 0.00 7,300 AmeriCredit 187,026 0.04 1,280 Brinker International 183,420 0.04 1,300 AMERIGROUP 47,411 0.02 6,000 Broadwing 18,293 0.00 440 Ameris Bancorp 12,399 0.00 1,160 Brocade Communications Systems 53,487 0.02 100 Ameron International 7,800 0.00 6,300 Brooks Automation 14,370 0.00 53,386 Amgen 3,658,009 0.60 1,000 Brown Shoe 106,568 0.03 2,800 AMIS Holdings 30,324 0.00 2,200 Brunswick 76,704 0.02 4,200 Amkor Technology 40,404 0.02 2,400 Build-A-Bear Workshop 11,228 0.00 1,000 AMN Healthcare Services 27,790 0.00 400 Building Material Holding 24,690 0.00 500 Amylin Pharmaceuticals 18,110 0.00 1,000 C-COR 7,952 0.00 1,700 Anixter International 93,381 0.03 700 Cabot Microelectronics 20,274 0.00 300 Annaly Capital Management 4,179 0.00 600 CACI International - A Shares 39,991 0.02 3,200 AnnTaylor Stores 106,848 0.03 700 Calamos Asset Management - A Shares 10,924 0.00 200 Ansoft 5,694 0.00 400 CalAmp 3,424 0.00 400 Ansys 17,672 0.00 400 Callon Petroleum 4,533 0.00 2,700 Anthracite Capital 34,641 0.02 300 Camden Property Trust 29,240 0.00 38,075 Apache 2,524,373 0.42 400 Capital Corp of the West 5,805 0.00 49,000 Apartment Investment & Management - A Shares 2,745,960 0.45 180 CapitalSource 42,931 0.02 8,675 Applied Industrial Technologies 232,837 0.05 1,572 Capitol Bancorp 23,570 0.00 3,300 Applied Micro Circuits 11,814 0.00 500 Cardinal Financial 6,216 0.00 1,000 Apria Healthcare Group 27,080 0.00 600 Career Education 60,240 0.02 1,500 Arena Pharmaceuticals 19,530 0.00 2,400 Carlisle Companies 47,154 0.02 700 Argonaut Group 24,647 0.00 600 Cascade 32,490 0.02 1,933 Ariba 15,155 0.00 600 Cash America International 237,200 0.05 500 Arkansas Best 18,500 0.00 5,000 Catalina Marketing 13,945 0.00 700 Armor Holdings 38,514 0.02 500 CBL & Associates Properties 60,480 0.02 4,300 Arris Group 55,040 0.02 1,400

64 JPMorgan Investment Funds - Global Balanced Fund (USD) Schedule of Investments (Expressed in USD) (continued) As at 31 December 2006

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

1,000 CBRL Group 44,770 0.02 4,600 Dade Behring Holdings 184,368 0.03 8,600 Celanese - A Shares 222,826 0.05 600 Deckers Outdoor 35,700 0.01 1,500 Cell Genesys 5,055 0.00 11,700 Del Monte Foods 130,572 0.02 1,700 Centene 42,262 0.02 2,600 Delphi Financial Group - A Shares 106,626 0.02 1,600 Centennial Communications 11,280 0.00 1,000 Deluxe 25,110 0.00 500 Center Financial 12,095 0.00 5,700 Denbury Resources 159,315 0.03 5,600 Centerpoint Energy 93,072 0.02 47,788 Devon Energy 3,202,752 0.52 600 Central Pacific Financial 23,682 0.00 300 Digi International 4,164 0.00 600 Century Aluminum 26,970 0.00 700 Digital Insight 26,943 0.00 1,600 CenturyTel 70,400 0.02 500 Digital River 28,220 0.00 1,400 Cephalon 96,964 0.03 5,000 Digitas 67,050 0.01 600 Ceradyne 34,464 0.02 750 Diodes 26,948 0.00 2,900 Ceridian 81,838 0.02 1,200 Direct General 24,732 0.00 800 Cerner 37,264 0.02 1,000 Directed Electronics 11,460 0.00 2,800 Champion Enterprises 26,656 0.00 1,100 Ditech Networks 7,645 0.00 600 Chaparral Steel 26,862 0.00 800 Diversa 9,328 0.00 1,076 Charles River Laboratories International 46,849 0.02 8,200 Dobson Communications - A Shares 71,832 0.01 9,900 Charming Shoppes 137,214 0.03 600 Dolby Laboratories - A Shares 18,816 0.00 19,800 Charter Communications - A Shares 60,390 0.01 1,019 Dollar Financial 28,481 0.00 1,200 Checkfree 48,768 0.01 600 Dollar Thrifty Automotive Group 27,666 0.00 900 Checkpoint Systems 18,171 0.00 1,600 Dollar Tree Stores 48,640 0.01 336 Chemical Financial 11,343 0.00 4,100 Domino’s Pizza 116,481 0.02 700 Children’s Place Retails Stores 45,668 0.01 300 Dover Downs Gaming & Entertainment 4,134 0.00 2,500 Chiquita Brands International 40,100 0.01 400 Downey Financial 29,320 0.00 2,300 Christopher & Banks 43,769 0.01 1,300 DPL 36,062 0.01 4,500 Ciber 30,960 0.00 2,300 Dress Barn 53,728 0.01 914 Ciena 26,067 0.00 500 DSP Group 10,855 0.00 800 Cimarex Energy 29,320 0.00 3,100 Dun & Bradstreet 257,796 0.04 22,500 Cincinnati Bell 104,625 0.02 1,600 Durect 7,136 0.00 600 CIRCOR International 22,680 0.00 4,600 Dynegy - A Shares 33,626 0.01 3,300 Cirrus Logic 23,166 0.00 1,500 Eagle Materials 65,820 0.01 51,993 CIT Group 2,941,764 0.48 400 Earthlink 2,840 0.00 133,987 Citigroup 7,488,533 1.20 900 Echelon 7,371 0.00 15,800 Citizens Communications 228,310 0.04 1,100 Eclipsys 23,188 0.00 750 City Bank/Lynnwood 27,120 0.00 1 eFunds 24 0.00 500 City Holding 20,730 0.00 3,100 El Paso Electric 76,725 0.01 900 City National / Beverly Hills 64,071 0.01 300 Electronics for Imaging 8,085 0.00 4,800 Claire’s Stores 159,504 0.03 900 Elizabeth Arden 17,415 0.00 100 Clean Harbors 4,859 0.00 3,600 Emdeon 45,252 0.01 800 Cleveland-Cliffs 39,016 0.01 750 Encore Wire 16,763 0.00 9,400 CMGI 12,784 0.00 2,300 Endo Pharmaceuticals Holdings 62,583 0.01 4,100 CNET Networks 37,720 0.01 4,000 Energen 188,280 0.03 800 Cohu 16,272 0.00 2,500 Energizer Holdings 176,925 0.03 400 Coinstar 12,340 0.00 2,409 Energy East 60,225 0.01 3,400 Colonial BancGroup 88,060 0.01 900 Energy Partners 22,149 0.00 415 Columbia Banking System 14,899 0.00 300 EnPro Industries 10,076 0.00 500 Columbia Sportswear 27,985 0.00 1,690 Entegris 18,489 0.00 1,000 Commerce Group 29,920 0.00 100 Enterprise Financial Services 3,210 0.00 5,500 Commercial Metals 143,770 0.02 900 Entertainment Properties Trust 52,911 0.01 1,200 CommScope 37,080 0.01 3,900 Entravision Communications - A Shares 32,253 0.01 1,400 Community Bank System 33,082 0.01 600 Epicor Software 8,220 0.00 4,600 Community Health Systems 169,050 0.03 500 EPIQ Systems 8,350 0.00 399 Community Trust Bancorp 16,870 0.00 2,100 Equity Inns 33,474 0.01 800 CompuCredit 31,768 0.01 1,200 eSpeed - A Shares 10,680 0.00 700 Computer Programs & Systems 23,548 0.00 1,600 Esterline Technologies 64,928 0.01 9,200 Compuware 78,568 0.01 300 Ethan Allen Interiors 10,977 0.00 400 Con-way 17,592 0.00 1,600 Evergreen Solar 12,144 0.00 9,517 Conexant Systems 19,605 0.00 400 Exelixis 3,608 0.00 550 Conmed 12,805 0.00 5,700 ExpressJet Holdings 46,854 0.01 3,200 Conseco 64,640 0.01 1,700 Extreme Networks 7,174 0.00 1,000 Consolidated Graphics 59,860 0.01 1,500 Ezcorp - A Shares 24,600 0.00 7,500 Continental Airlines - B Shares 314,250 0.05 800 F5 Networks 59,960 0.01 3,800 Convergys 91,048 0.01 450 Factset Research Systems 25,677 0.00 164,156 Corning 3,081,208 0.50 1,350 Fair Isaac 55,391 0.01 3,900 Corus Bankshares 92,390 0.01 3,100 Fairchild Semiconductor International 52,793 0.01 1,700 Covance 100,980 0.02 800 Family Dollar Stores 23,784 0.00 500 Covansys 11,555 0.00 400 Federal Agricultural Mortgage - C Shares 11,060 0.00 2,300 Covanta Holding 50,370 0.01 8,700 FelCor Lodging Trust 190,617 0.03 100 CRA International 5,228 0.00 900 Fidelity National Financial - A Shares 21,528 0.00 1,900 Crane 69,958 0.01 3,500 Finisar 11,410 0.00 1,100 Credence Systems 5,786 0.00 2,800 First American 114,996 0.02 2,100 Crescent Real Estate EQT 41,286 0.01 500 First Cash Financial Services 12,975 0.00 3,700 Crown Holdings 78,070 0.01 1,600 First Consulting Group 22,240 0.00 700 CSG Systems International 19,061 0.00 1,200 First Marblehead 65,664 0.01 3,400 CSK Auto 58,072 0.01 2,984 First Niagara Financial Group 44,879 0.01 120 CSS Industries 4,313 0.00 200 First Place Financial 4,750 0.00 1,200 CT Communications 28,152 0.00 1,600 First Potomac Realty Trust 46,544 0.01 1,000 CTS 16,110 0.00 600 First Regional Bancorp 20,394 0.00 1,700 Cubist Pharmaceuticals 30,923 0.00 500 First Republic Bank/San Francisco 19,875 0.00 2,500 Cullen/Frost Bankers 140,775 0.02 1,700 First State Bancorporation 42,908 0.01 400 Curtiss-Wright 15,128 0.00 400 FirstFed Financial 27,288 0.00 700 Cymer 31,423 0.01 3,300 Five Star Quality Care 36,663 0.01 6,200 Cypress Bioscience 48,484 0.01 700 Flagstar Bancorp 10,598 0.00 500 Cytec Industries 28,430 0.00 425 Florida Rock Industries 18,292 0.00 1,400 Cytyc 39,788 0.01 550 Flowers Foods 14,801 0.00

65 JPMorgan Investment Funds - Global Balanced Fund (USD) Schedule of Investments (Expressed in USD) (continued) As at 31 December 2006

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

1,400 Flowserve 71,064 0.01 400 Hydril 30,152 0.00 2,900 FMC 223,503 0.04 1,900 Hypercom 12,122 0.00 300 FNB 12,792 0.00 1,600 Hyperion Solutions 58,384 0.01 1,300 Foot Locker 28,340 0.00 1,900 IBERIABANK 113,297 0.02 800 Forest City Enterprises - A Shares 46,032 0.01 600 ICOS 20,274 0.00 1,300 Foundry Networks 19,721 0.00 400 Idacorp 15,604 0.00 300 Freightcar America 17,100 0.00 8,300 IKON Office Solutions 137,780 0.02 2,130 Friedman Billings Ramsey Group - A Shares 17,083 0.00 1,000 Illumina 39,040 0.01 2,200 Frontier Oil 63,536 0.01 1,000 Imation 47,250 0.01 300 Furniture Brands International 4,965 0.00 1,805 Immucor 53,717 0.01 3,478 GameStop - A Shares 193,412 0.03 1,500 IMPAC Mortgage Holdings 13,350 0.00 2,900 Gardner Denver 109,910 0.02 1,900 Incyte 11,210 0.00 800 Gartner 16,032 0.00 1,324 Independent Bank 33,934 0.01 3,200 Gateway 6,560 0.00 1,600 IndyMac Bancorp 74,256 0.01 1,700 GATX 74,630 0.01 1,900 Informatica 23,389 0.00 1,200 Gen-Probe 62,604 0.01 900 infoUSA 10,872 0.00 1,200 General Cable 53,940 0.01 4,100 Ingram Micro - A Shares 85,116 0.01 242,469 General Electric 9,078,039 1.46 4,900 Innkeepers USA Trust 75,754 0.01 900 Genesco 33,948 0.01 600 InPhonic 6,690 0.00 2,925 Genesee & Wyoming - A Shares 77,981 0.01 1,700 Input/Output 23,443 0.00 500 Genesis HealthCare 24,090 0.00 800 Insight Enterprises 15,344 0.00 4,200 Gentiva Health Services 82,404 0.01 4,600 INSTEEL INDUSTRIES 82,662 0.01 72,241 Genworth Financial - A Shares 2,490,870 0.40 500 Integra LifeSciences Holdings 21,470 0.00 900 Geo Group 33,840 0.01 4,410 Integrated Device Technology 69,149 0.01 600 Georgia Gulf 11,754 0.00 4,200 Inter-Tel 93,744 0.02 300 Gevity HR 7,200 0.00 1,100 Interdigital Communications 37,884 0.01 400 Giant Industries 29,944 0.00 728 International Bancshares 23,092 0.00 450 Gibraltar Industries 10,535 0.00 2,700 Intersil - A Shares 66,096 0.01 646 Glacier Bancorp 15,840 0.00 600 Intervest Bancshares 20,670 0.00 900 Glimcher Realty Trust 24,111 0.00 400 InterVoice 2,964 0.00 3,500 Global Imaging Systems 77,770 0.01 1,250 Interwoven 18,500 0.00 400 Global Payments 18,772 0.00 800 Intevac 20,896 0.00 2,000 Global Signal 105,760 0.02 300 Intuitive Surgical 29,157 0.00 5,600 Google - A Shares 2,594,256 0.42 2,100 inVentiv Health 73,686 0.01 375 Graco 15,056 0.00 400 Inverness Medical Innovations 15,524 0.00 600 Gray Television 4,398 0.00 500 Investors Financial Services 21,410 0.00 600 Great Plains Energy 19,092 0.00 800 Invitrogen 45,504 0.01 300 Great Southern Bancorp 8,895 0.00 1,400 Ipass 8,148 0.00 800 Greater Bay Bancorp 21,336 0.00 3,000 iStar Financial 143,910 0.02 1,000 Greenbrier Companies 30,230 0.00 300 ITLA Capital 17,505 0.00 300 Greif - A Shares 35,814 0.01 600 Itron 31,476 0.01 5,600 Grey Wolf 38,192 0.01 100 ITT Educational Services 6,732 0.00 600 Griffon 15,402 0.00 1,300 IXYS 11,752 0.00 1,200 Group 1 Automotive 62,724 0.01 900 J&J Snack Foods 37,746 0.01 900 GTx 16,569 0.00 1,200 j2 Global Communications 33,480 0.01 2,100 Guess? 134,925 0.02 600 Jack in the Box 36,636 0.01 500 Gulfmark Offshore 18,950 0.00 300 Jacobs Engineering Group 24,594 0.00 2,200 H.B. Fuller 57,970 0.01 1,100 Jakks Pacific 24,266 0.00 600 Haemonetics /Mass 27,270 0.00 2,400 Jarden 84,408 0.01 4,300 Hanmi Financial 97,051 0.02 300 JB Hunt Transport Services 6,297 0.00 1,687 Hanover Compressor 32,188 0.01 900 JDA Software Group 12,663 0.00 1,200 Hanover Insurance Group 58,740 0.01 2,950 JDS Uniphase 49,649 0.01 1,200 Harland (John H.) 60,564 0.01 2,400 Jefferies Group (New) 64,992 0.01 900 Harmonic 6,534 0.00 70,697 Johnson Controls 6,106,807 0.98 1,800 Harris Interactive 9,360 0.00 2,800 Jones Apparel Group 94,444 0.02 1,900 Harsco 145,692 0.02 700 Jones Lang LaSalle 65,128 0.01 1,600 Harte-Hanks 44,016 0.01 900 K&F Industries Holdings 21,060 0.00 20,731 Hartford Financial Services Group 1,936,275 0.31 1,500 K2 19,710 0.00 1,500 Harvest Natural Resources 16,155 0.00 1,400 Kaman 31,836 0.01 2,600 Hasbro 71,032 0.01 1,400 Keane 16,870 0.00 2,200 HCC Insurance Holdings 70,466 0.01 600 Kemet 4,410 0.00 500 Headwaters 12,080 0.00 300 Kendle International 9,318 0.00 500 Hearst-Argyle Television 12,935 0.00 1,400 Keryx Biopharmaceuticals 18,564 0.00 500 Heico 19,770 0.00 4,000 Kforce 50,560 0.01 800 Heidrick & Struggles International 33,888 0.01 3,000 Kilroy Realty 235,050 0.04 1,230 Helix Energy Solutions Group 38,671 0.01 900 Kimball International - B Shares 22,554 0.00 1,600 Helmerich & Payne 39,600 0.01 1,200 Kindred Healthcare 30,288 0.00 1,800 Henry Schein 89,136 0.01 800 Kinetic Concepts 31,760 0.01 2,800 Hercules 54,516 0.01 5,000 King Pharmaceuticals 80,100 0.01 500 Hercules Offshore 14,765 0.00 600 Kirby 20,598 0.00 300 Heritage Commerce 8,157 0.00 1,300 KKR Financial 35,334 0.01 1,700 Herman Miller 62,288 0.01 2,900 Knight Capital Group - A Shares 56,753 0.01 1,100 Hewitt Associates - A Shares 28,215 0.00 1,100 Komag 42,218 0.01 100 HNI 4,533 0.00 600 Kopin 2,149 0.00 800 Holly 41,688 0.01 1,500 Korn/Ferry International 35,025 0.01 1,000 Hologic 47,370 0.01 463 Kronos Worldwide 15,186 0.00 250 Horizon Financial 6,228 0.00 1,500 Kulicke & Soffa Industries 12,525 0.00 3,800 Hospitality Properties Trust 180,576 0.03 400 Kyphon 16,520 0.00 1,500 Host Hotels & Resorts 36,855 0.01 1,600 Labor Ready 29,920 0.00 3,400 Houston Exploration 177,752 0.03 900 LaBranche & Co. 9,090 0.00 12,700 HRPT Properties Trust 157,099 0.03 500 Lakeland Financial 12,875 0.00 1,200 HUB Group - A Shares 33,408 0.01 600 LandAmerica Financial Group 38,244 0.01 1,100 Hubbell - B Shares 49,599 0.01 400 LaSalle Hotel Properties 18,508 0.00 700 Hudson Highland Group 11,970 0.00 1,000 Lattice Semiconductor 6,740 0.00 1,700 Human Genome Sciences 21,318 0.00 600 LCA - Vision 20,508 0.00

66 JPMorgan Investment Funds - Global Balanced Fund (USD) Schedule of Investments (Expressed in USD) (continued) As at 31 December 2006

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

700 Leap Wireless International 42,203 0.01 1,900 MSC Industrial Direct - A Shares 74,366 0.01 1,300 Lee Enterprises 40,638 0.01 200 MTS Systems 7,730 0.00 5,000 Leggett & Platt 119,850 0.02 1,000 Mueller Industries 31,760 0.01 2,900 Lennox International 89,465 0.01 1,817 Mueller Water Products - B Shares 27,037 0.00 13,100 Level 3 Communications 74,801 0.01 1,000 Multimedia Games 9,570 0.00 2,800 Lexington Corporate Properties Trust 61,964 0.01 3,200 Myers Industries 50,496 0.01 700 Liberty Property Trust 34,391 0.01 5,100 Mylan Laboratories 101,949 0.02 1,600 Lifecell 38,192 0.01 1,900 Myriad Genetics 59,641 0.01 1,320 LifePoint Hospitals 44,788 0.01 400 NACCO Industries - A Shares 55,764 0.01 1,900 Lightbridge 26,163 0.00 3,800 Nara Bancorp 79,382 0.01 1,800 Lincare Holdings 72,414 0.01 1,000 Nasdaq Stock Market 31,220 0.01 1,100 Lincoln Electric Holdings 67,452 0.01 200 Nash Finch 5,550 0.00 76,260 Linear Technology 2,333,556 0.38 1,200 National Beverage 17,040 0.00 700 Lionbridge Technologies 4,557 0.00 400 National Financial Partners 17,780 0.00 100 Lithia Motors - A Shares 2,866 0.00 4,500 Nationwide Health Properties 134,640 0.02 4,400 Lodgenet Entertainment 112,552 0.02 1,500 Navigant Consulting 30,090 0.00 800 Lone Star Technologies 39,264 0.01 1,100 Navistar International 37,015 0.01 3,300 Louisiana-Pacific 71,379 0.01 1,200 NAVTEQ 42,240 0.01 8,400 LSI Logic 77,784 0.01 3,600 NBTY 151,452 0.02 3,300 LTC Properties 90,255 0.01 900 NCI Building Systems 47,664 0.01 2,800 LTX 16,156 0.00 3,300 Nektar Therapeutics 51,315 0.01 300 Lubrizol 15,114 0.00 800 Nelnet - A Shares 21,896 0.00 400 Lufkin Industries 23,396 0.00 500 NetFlix 13,280 0.00 289 Macatawa Bank 6,257 0.00 700 Netgear 18,760 0.00 4,800 Mack-Cali Realty 246,000 0.04 1,000 Neurometrix 14,810 0.00 300 Macrovision 8,586 0.00 650 NewCentury Financial 20,748 0.00 800 Magellan Health Services 34,544 0.01 900 NewJersey Resources 44,055 0.01 900 Magma Design Automation 8,226 0.00 800 NewMarket 47,976 0.01 3,200 Maidenform Brands 58,240 0.01 800 Newpark Resources 5,720 0.00 300 Manhattan Associates 9,198 0.00 198,675 News - A Shares 4,291,380 0.69 1,900 Manitowoc 113,145 0.02 800 Nicor 37,840 0.01 300 Mannatech 4,527 0.00 1,200 NII Holdings 78,312 0.01 900 MannKind 14,895 0.00 1,200 NN 15,180 0.00 3,300 Manor Care 155,166 0.02 68,833 Norfolk Southern 3,488,456 0.56 900 Mantech International - A Shares 33,543 0.01 900 Northwest Natural Gas 38,583 0.01 700 Mapinfo 9,128 0.00 1,000 NorthWestern 35,580 0.01 23,889 Marathon Oil 2,219,527 0.36 4,300 Novell 27,219 0.00 600 MarineMax 15,648 0.00 1,100 Novellus Systems 38,060 0.01 600 Marlin Business Services 14,406 0.00 2,200 NSTAR 75,900 0.01 700 Martek Biosciences 16,555 0.00 700 Nuveen Investments - A Shares 36,792 0.01 400 Marten Transport 7,296 0.00 1,400 O’Reilly Automotive 45,234 0.01 1,000 Martin Marietta Materials 104,890 0.02 50,266 Occidental Petroleum 2,463,034 0.40 1,300 Marvel Entertainment 35,308 0.01 3,300 Oceaneering International 131,373 0.02 400 Mastec 4,620 0.00 600 Odyssey Re Holdings 22,530 0.00 2,100 Mattson Technology 19,614 0.00 2,000 OfficeMax 100,140 0.02 250 MB Financial 9,405 0.00 1,600 OGE Energy 64,336 0.01 3,300 McAfee 94,281 0.02 900 Oil States International 29,214 0.00 700 McClatchy - A Shares 30,268 0.00 450 Old Dominion Freight Line 10,958 0.00 4,400 McData - A Shares 25,740 0.00 2,200 Olympic Steel 49,258 0.01 3,025 MDU Resources Group 78,106 0.01 3,200 Omnicare 124,128 0.02 1,500 Meadowbrook Insurance Group 14,970 0.00 1,500 Omnicell 28,470 0.00 1,300 Medallion Financial 16,055 0.00 1,400 Omnivision Technologies 19,208 0.00 2,200 Medarex 32,714 0.01 9,500 ON Semiconductor 72,580 0.01 600 Media General - A Shares 22,602 0.00 7,000 Oneok 304,150 0.05 1,300 Medicis Pharmaceutical - A Shares 45,903 0.01 1,900 Openwave Systems 17,689 0.00 900 Medivation 14,085 0.00 400 optionsXpress Holdings 9,128 0.00 3,500 Men’s Wearhouse 134,680 0.02 900 Orbital Sciences 16,722 0.00 400 Mentor 19,740 0.00 300 Oregon Steel Mills 18,756 0.00 1,400 Mentor Graphics 25,802 0.00 4,800 Oshkosh Truck 231,696 0.04 463 Mercantile Bank 17,775 0.00 400 Overseas Shipholding Group 22,884 0.00 100,501 Merck & Co. 4,352,698 0.70 1,200 Owens-Illinois 22,668 0.00 2,200 Meredith 124,652 0.02 200 Oxford Industries 9,972 0.00 300 Meritage Homes 14,304 0.00 700 Pacific Capital Bancorp 23,856 0.00 3,400 Mesa Air Group 29,580 0.00 1,400 Packeteer 19,250 0.00 1,500 Metal Management 57,165 0.01 6,300 Pactiv 228,312 0.04 3,453 MFA Mortgage Investments 26,415 0.00 1,420 Palm 20,246 0.00 2,000 Micrel 21,940 0.00 400 Palomar Medical Technologies 20,272 0.00 710 Micron Technology 9,997 0.00 100 PAM Transportation Services 2,245 0.00 1,200 Microsemi 23,592 0.00 1,700 Pantry 81,600 0.01 199,967 Microsoft 6,015,007 0.97 400 Par Pharmaceutical 8,964 0.00 500 MicroStrategy - A Shares 58,620 0.01 3,060 Parametric Technology 55,478 0.01 300 Mid-America Apartment Communities 17,031 0.00 3,800 Parker Drilling 31,350 0.01 100 Middleby 10,466 0.00 1,700 Payless Shoesource 57,018 0.01 700 Miller Industries 16,940 0.00 2,200 Pediatrix Medical Group 107,712 0.02 800 Millipore 53,352 0.01 400 Pegasystems 3,996 0.00 200 Mills 4,010 0.00 1,000 Penn National Gaming 41,910 0.01 2,300 MIPS Technologies 18,975 0.00 300 Penn Virginia 21,003 0.00 900 MKS Instruments 20,655 0.00 2,200 Pennsylvania Real Estate Investment Trust 86,196 0.01 400 Molecular Devices 8,608 0.00 800 Pentair 25,216 0.00 200 Molina Healthcare 6,596 0.00 520 Peoples Bancorp 15,860 0.00 500 Monarch Casino & Resort 12,355 0.00 3,500 Pepco Holdings 91,665 0.01 4,525 Moog - A Shares 175,796 0.03 1,700 PepsiAmericas 35,904 0.01 45,166 Morgan Stanley 3,686,449 0.59 3,600 Per-Se Technologies 100,152 0.02 800 Movado Group 23,288 0.00 1,100 PerkinElmer 24,541 0.00 2,300 MRV Communications 8,027 0.00 1,600 Perot Systems - A Shares 26,512 0.00

67 JPMorgan Investment Funds - Global Balanced Fund (USD) Schedule of Investments (Expressed in USD) (continued) As at 31 December 2006

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

1,255 PetroHawk Energy 14,520 0.00 106,011 Schering-Plough 2,527,302 0.41 900 Philadelphia Consolidated Holding 40,410 0.01 62,732 Schlumberger 3,968,426 0.64 1,800 Phillips-Van Heusen 92,106 0.01 100 Schnitzer Steel Industries - A Shares 3,990 0.00 1,300 Photronics 21,580 0.00 800 Scholastic 28,856 0.00 400 Pilgrim’s Pride 11,828 0.00 800 Sciele Pharma 19,160 0.00 3,564 Pinnacle West Capital 179,626 0.03 1,500 Scientific Games - A Shares 45,570 0.01 500 Pioneer Companies 14,570 0.00 2,800 Scotts Miracle-Gro - A Shares 146,328 0.02 200 Piper Jaffray Companies 13,370 0.00 100 Sealed Air 6,538 0.00 1,800 Plantronics 39,312 0.01 2,800 Secure Computing 18,452 0.00 1,300 Playboy Enterprises - B Shares 14,937 0.00 1,000 SEI Investments 59,830 0.01 1,100 Plexus 26,950 0.00 1,350 Select Comfort 23,693 0.00 5,300 PMA Capital - A Shares 49,396 0.01 600 Selective Insurance Group 34,692 0.01 2,700 PMC - Sierra 18,279 0.00 300 Semitool 3,999 0.00 1,500 PMI Group 71,580 0.01 1,000 Semtech 13,270 0.00 3,050 PNM Resources 95,618 0.02 33,530 Sepracor 2,064,107 0.33 1,000 Pogo Producing 49,260 0.01 600 Shiloh Industries 11,406 0.00 2,900 Polo Ralph Lauren 228,085 0.04 400 Shoe Carnival 12,648 0.00 500 Polycom 15,735 0.00 100 Sierra Bancorp 2,914 0.00 700 PolyMedica 28,574 0.00 2,800 Sierra Health Services 102,060 0.02 3,200 PolyOne 23,872 0.00 4,600 Sierra Pacific Resources 78,016 0.01 2,300 Post Properties 104,558 0.02 1,100 Silgan Holdings 48,290 0.01 800 Power-One 5,912 0.00 2,500 Silicon Image 32,450 0.01 1,800 Powerwave Technologies 11,772 0.00 800 Silicon Laboratories 28,069 0.00 40,603 Praxair 2,418,721 0.39 1,800 Silicon Storage Technology 8,136 0.00 12,500 Premiere Global Services 117,750 0.02 300 Simmons First National - A Shares 9,708 0.00 205 Premierwest Bancorp 3,335 0.00 2,800 Sinclair Broadcast Group - A Shares 30,408 0.00 1,100 Priceline.com 48,422 0.01 200 Six Flags 1,066 0.00 1,600 PrivateBancorp 67,664 0.01 1,700 Skechers U.S.A. - A Shares 56,763 0.01 37,293 Procter & Gamble 2,408,009 0.39 3,000 Skywest 77,130 0.01 700 Progenics Pharmaceuticals 18,214 0.00 4,100 Skyworks Solutions 29,971 0.00 2,200 Progress Software 62,106 0.01 1,200 SL Green Realty 157,440 0.03 1,000 ProQuest 10,520 0.00 4,200 Smurfit-Stone Container 45,108 0.01 2,600 Protective Life 123,656 0.02 14,800 Solectron 47,804 0.01 300 PS Business Parks 21,603 0.00 400 Sonic Automotive - A Shares 11,732 0.00 3,800 PSS World Medical 75,772 0.01 1,000 Sonus Networks 6,750 0.00 1,800 Psychiatric Solutions 67,968 0.01 600 South Jersey Industries 20,298 0.00 38,191 Qualcomm 1,448,967 0.23 3,287 Southern Union 91,905 0.01 200 Quality Distribution 2,662 0.00 1,000 Southwest Bancorp 28,100 0.00 400 Quality Systems 15,064 0.00 1,500 Southwest Gas 58,050 0.01 2,550 Quanex 89,633 0.01 1,600 Spartan Stores 33,504 0.01 900 Quanta Services 17,793 0.00 1,500 Spartech 39,375 0.01 2,500 Quantum 5,800 0.00 900 Spectrum Brands 10,008 0.00 1,700 Quest Software 24,531 0.00 900 Spherion 6,930 0.00 500 Radisys 8,410 0.00 100 SPSS 3,055 0.00 300 Radyne 3,180 0.00 1,100 St Mary Land & Exploration 40,843 0.01 2,200 RailAmerica 35,420 0.01 1,000 Stage Stores 30,630 0.00 900 RAIT Investment Trust 30,744 0.00 3,000 Stancorp Financial Group 135,450 0.02 1,100 Rambus 21,263 0.00 400 Standard Microsystems 11,404 0.00 7,750 Raymond James Financial 237,073 0.04 600 Stanley Furniture 13,122 0.00 1,100 RC2 49,643 0.01 5,200 Stanley Works 262,236 0.04 900 RealNetworks 9,873 0.00 120,195 Staples 3,242,861 0.52 1,400 Red Hat 32,004 0.01 200 Startek 2,854 0.00 600 Redback Networks 15,006 0.00 75,601 State Street 5,109,872 0.82 600 Regal Entertainment Group - A Shares 12,936 0.00 2,400 Steel Dynamics 78,552 0.01 2,700 Regal-Beloit 143,370 0.02 2,100 Steelcase - A Shares 38,283 0.01 1,600 Reliance Steel & Aluminum 63,296 0.01 500 Steinway Musical Instruments 15,530 0.00 4,100 Rent-A-Center 121,737 0.02 1,000 Stereotaxis 10,380 0.00 1,100 Republic Airways Holdings 18,755 0.00 3,300 STERIS 84,282 0.01 2,321 Republic Bancorp 32,517 0.01 5,325 Sterling Bancshares 70,716 0.01 220 Republic Bancorp - A Shares 5,544 0.00 924 Sterling Financial 31,573 0.01 1,300 Res-Care 23,517 0.00 1,000 Steven Madden 35,910 0.01 100 Resmed 4,943 0.00 600 Stone Energy 21,282 0.00 1,300 Respironics 49,348 0.01 100 Student Loan 20,974 0.00 4,800 RF Micro Devices 33,312 0.01 200 Sunpower - A Shares 7,452 0.00 652 RH Donnelley 40,665 0.01 3,800 Sunstone Hotel Investors 101,650 0.02 500 Rock-Tenn - A Shares 13,855 0.00 40,332 SunTrust Banks 3,425,397 0.55 200 Rofin-Sinar Technologies 12,264 0.00 1,400 Superior Energy Services 45,906 0.01 45,045 Rohm & Haas 2,313,061 0.37 300 Supertex 11,901 0.00 1,200 Roper Industries 60,972 0.01 70,786 Supervalu 2,560,330 0.41 1,200 RPC 20,544 0.00 300 SurModics 9,378 0.00 2,800 Ruby Tuesday 77,728 0.01 600 Swift Energy 27,420 0.00 503 Rudolph Technologies 8,249 0.00 600 Swift Transportation 15,966 0.00 2,400 Ryder System 124,872 0.02 2,800 Sybase 70,252 0.01 3,100 Ryerson 78,802 0.01 1,500 SYKES Enterprises 26,145 0.00 5,200 Sabre Holdings - A Shares 165,828 0.03 1,100 Symbion 20,636 0.00 322 SafeNet 7,873 0.00 1,700 Symbol Technologies 25,364 0.00 1,300 Safety Insurance Group 67,912 0.01 2,200 Symmetricom 19,778 0.00 87,029 Safeway 3,044,274 0.49 500 Synaptics 14,895 0.00 3,000 Saia 71,460 0.01 500 Syniverse Holdings 7,580 0.00 800 Salesforce.com 29,608 0.00 800 Synopsys 21,552 0.00 500 Salix Pharmaceuticals 6,075 0.00 95,846 Sysco 3,524,257 0.57 8,300 Sanmina-SCI 28,884 0.00 600 T-3 Energy Services 13,266 0.00 300 Sauer-Danfoss 9,801 0.00 875 Talx 23,861 0.00 1,400 Saul Centers 78,764 0.01 4,100 Taubman Centers 206,763 0.03 1,300 SCANA 53,118 0.01 500 Taylor Capital Group 18,755 0.00

68 JPMorgan Investment Funds - Global Balanced Fund (USD) Schedule of Investments (Expressed in USD) (continued) As at 31 December 2006

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

4,100 TCF Financial 113,365 0.02 3,600 Wabtec 110,376 0.02 300 Techne 16,710 0.00 700 Waddell & Reed Financial - A Shares 19,201 0.00 1,000 Technitrol 24,120 0.00 1,100 Walter Industries 29,799 0.00 3,724 Technology Investment Capital 60,366 0.01 400 Washington Group International 23,976 0.00 1,000 TECO Energy 17,250 0.00 50 Waste Connections 2,082 0.00 1,200 Tekelec 18,216 0.00 3,000 Waters 147,060 0.02 400 Tektronix 11,732 0.00 1,000 Watts Water Technologies - A Shares 41,410 0.01 3,300 TeleTech Holdings 78,983 0.01 1,400 WebEx Communications 50,260 0.01 800 Telik 3,503 0.00 1,300 WebMethods 9,841 0.00 1,700 Temple-Inland 78,455 0.01 700 Websense 15,995 0.00 1,000 Tempur-Pedic International 21,010 0.00 700 Weingarten Realty Investors 32,501 0.01 3,700 Tenneco 93,240 0.01 2,200 WellCare Health Plans 153,846 0.02 1,200 Teradyne 18,180 0.00 600 WESCO International 35,448 0.01 5,800 Terex 381,002 0.06 1,600 West Coast Bancorp 56,496 0.01 1,600 Tesoro 105,824 0.02 1,200 Westamerica Bancorporation 61,440 0.01 200 Tessera Technologies 8,178 0.00 2,200 Westar Energy 57,728 0.01 700 Tetra Tech 12,803 0.00 5,600 Western Digital 117,320 0.02 1,100 Tetra Technologies 28,226 0.00 1,400 Westlake Chemical 44,730 0.01 600 Theravance 18,522 0.00 900 WGL Holdings 29,493 0.00 1,100 Thomas & Betts 52,316 0.01 1,700 Williams-Sonoma 54,026 0.01 1,400 Thor Industries 61,656 0.01 1,100 Wilshire Bancorp 21,109 0.00 2,200 Thoratec 39,204 0.01 1,000 Wind River Systems 10,500 0.00 900 TIBCO Software 8,622 0.00 3,700 Windstream 52,355 0.01 1,100 Tidewater 53,889 0.01 2,500 Wisconsin Energy 119,175 0.02 700 TierOne 22,337 0.00 1,000 World Acceptance 48,080 0.01 1,300 Timberland - A Shares 41,301 0.01 300 World Fuel Services 13,440 0.00 1,400 Time Warner Telecom - A Shares 28,532 0.00 800 World Wrestling Entertainment 13,128 0.00 1,500 Timken 44,820 0.01 400 WPS Resources 21,744 0.00 3,800 Todco 130,910 0.02 3,200 WR Grace & Co. 63,488 0.01 1,300 Toro 61,607 0.01 500 WSFS Financial 33,946 0.01 300 TradeStation Group 4,191 0.00 109,968 Wyeth 5,619,365 0.90 600 Transaction System Architects 19,782 0.00 1,500 YRC Worldwide 57,330 0.01 400 Trico Bancshares 11,000 0.00 2,450 Zenith National Insurance 117,184 0.02 2,800 Trico Marine Services 108,164 0.02 1,350 Zoran 19,845 0.00 900 Trimble Navigation 46,593 0.01 100 Trinity Industries 3,547 0.00 186,144,987 29.94 200 Triumph Group 10,574 0.00 JAPAN 3,500 Trizetto Group 65,205 0.01 196,000 Amada 2,076,156 0.33 800 TRW Automotive Holdings 20,880 0.00 95,400 Chugai Pharmaceutical 1,967,382 0.32 2,900 TTM Technologies 33,379 0.01 53,500 Daiichi Sankyo 1,671,805 0.27 7,100 Tupperware Brands 160,105 0.03 203,000 Daiwa Securities Group 2,276,492 0.37 1,700 Tween Brands 68,272 0.01 57,800 Hoya 2,252,862 0.36 500 Tyler Technologies 7,075 0.00 461 Japan Tobacco 2,226,679 0.36 2,000 UGI 54,600 0.01 247,000 Kawasaki Kisen Kaisha 1,931,681 0.31 166 UIL Holdings 7,092 0.00 196,000 Kubota 1,814,373 0.29 963 Umpqua Holdings 28,717 0.00 128,000 Mitsui & Co. 1,913,898 0.31 700 Unifirst 27,356 0.00 282 Sumitomo Mitsui Financial Group 2,890,000 0.46 1,000 Union Drilling 14,190 0.00 92,000 Taiyo Yuden 1,622,916 0.26 1,900 Unisource Energy 69,692 0.01 368 West Japan Railway 1,573,455 0.25 900 Unit 43,866 0.01 53,600 Yakult Honsha 1,539,855 0.25 1,000 United Auto Group 23,790 0.00 1,300 United Community Financial 16,185 0.00 25,757,554 4.14 300 United Industrial 15,252 0.00 5,400 United Online 73,224 0.01 UNITED KINGDOM 300 United PanAm Financial 4,137 0.00 173,062 Barclays 2,475,729 0.39 1,600 United Rentals 41,296 0.01 82,585 GlaxoSmithKline 2,175,099 0.35 1,900 United States Steel 139,156 0.02 66,756 HBOS 1,480,864 0.24 500 United Stationers 23,520 0.00 179,313 HSBC Holdings 3,271,448 0.53 1,000 United Surgical Partners International 29,270 0.00 95,812 Intercontinental Hotels Group 2,369,506 0.38 50,879 United Technologies 3,202,324 0.53 227,435 International Power 1,701,433 0.27 800 United Therapeutics 43,344 0.01 490,122 LogicaCMG 1,786,470 0.29 1,200 Universal Forest Products 57,552 0.01 69,168 Royal Bank of Scotland Group 2,701,413 0.43 2,500 US Airways Group 139,625 0.02 248,083 Tesco 1,966,500 0.32 1,600 US Concrete 11,344 0.00 2,195 UBS-MSCI19EM 1,100 US Xpress Enterprises - A Shares 18,469 0.00 COUNTRIES Net Warrants 08.11.07 387,279 0.06 2,100 USEC 27,783 0.00 1,020,728 Vodafone Group 2,830,382 0.46 1,000 USG 55,520 0.01 104,523 Wolseley 2,525,535 0.41 1,600 Utstarcom 14,672 0.00 2,200 Vaalco Energy 14,938 0.00 25,671,658 4.13 Valassis Communications 8,706 0.00 600 FRANCE 1,600 Valeant Pharmaceuticals International 28,000 0.00 143,964 Alcatel 2,072,168 0.34 500 Valmont Industries 28,175 0.00 48,240 Arkema 2,479,821 0.40 1,600 Valueclick 38,224 0.01 44,443 AXA 1,801,931 0.29 600 Varian Semiconductor Equipment Associates 27,762 0.00 34,597 Compagnie Générale des Etablissements Michelin - 525 Vector Group 9,518 0.00 B Shares 3,306,167 0.53 2,500 Ventas 105,000 0.02 53,987 Neuf Cegetel 1,932,001 0.31 900 Veritas DGC 76,680 0.01 16,429 Schneider Electric 1,819,025 0.29 1,800 Vertex Pharmaceuticals 67,626 0.01 56,903 Suez 2,941,651 0.47 900 Vertrue 34,866 0.01 47,469 Total 3,431,904 0.55 1,800 Viasys Healthcare 50,094 0.01 100 Virginia Commerce Bancorp 1,996 0.00 19,784,668 3.18 1,100 Viropharma 16,108 0.00 4,307 Vishay Intertechnology 59,264 0.01 NETHERLANDS 400 Volt Information Sciences 20,620 0.00 45,198 ING Groep - CVA 2,010,077 0.33 1,200 Wabash National 18,108 0.00 77,256 Mittal Steel - A Shares 3,258,658 0.52

69 JPMorgan Investment Funds - Global Balanced Fund (USD) Schedule of Investments (Expressed in USD) (continued) As at 31 December 2006

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

104,141 Royal KPN 1,481,124 0.24 SPAIN 22,298 Royal Numico 1,197,389 0.19 135,811 Telefonica 2,878,521 0.46 54,756 TNT 2,345,651 0.38 2,878,521 0.46 10,292,899 1.66 ISRAEL GERMANY 22,239 Bank Hapoalim 104,707 0.01 11,216 Allianz Registered Shares 2,287,942 0.36 53,720 Bank Leumi Le-Israel 218,652 0.04 71,611 Bayer 3,837,916 0.62 84,194 Bezeq Israeli Telecommunication 136,596 0.02 32,782 Lanxess 1,835,559 0.30 378,543 Makhteshim-Agan Industries 2,147,711 0.35 12,165 RWE 1,338,896 0.22 2,607,666 0.42 9,300,313 1.50 THAILAND HONG KONG 33,900 Airports of Thailand (Foreign) 54,859 0.01 2,304,000 China Unicom 3,377,452 0.54 88,700 Aromatics Thailand (Foreign) 79,131 0.01 35,000 Citic Pacific 120,841 0.02 415,340 Charoen Pokphand Foods 57,447 0.01 292,000 Denway Motors 118,276 0.02 36,593 Precious Shipping (Foreign) 51,625 0.01 266,000 Henderson Land Development 1,487,897 0.24 262,000 PTT (Foreign) 1,521,992 0.24 578,000 Li & Fung 1,798,643 0.29 399,000 Siam City Bank NVDR 186,531 0.03 65,800 Siam Commercial Bank (Foreign) Registered Shares 105,571 0.02 6,903,109 1.11 83,100 Thai Airways International (Foreign) 101,720 0.02 65,700 Thai Oil (Foreign) 95,415 0.02 SOUTH KOREA 47,460 DongbuElectronics 109,975 0.01 2,254,291 0.37 1,305 GS Home Shopping 116,468 0.02 38,910 Hana Financial Group 2,045,913 0.33 NORWAY 8,700 Korea Exchange Bank 120,210 0.02 39,719 Orkla 2,244,119 0.36 2,440 KT 122,000 0.02 9,640 LG Petrochemical 243,591 0.04 2,244,119 0.36 108,103 LG. Philips LCD ADR 1,630,193 0.26 SWITZERLAND 2,419 Lotte Shopping 1,004,015 0.16 800 Mettler Toledo International 64,000 0.01 557 Pacific 101,817 0.02 11,055 Roche Holding - Genussschein 1,980,014 0.32 1,572 S-Oil 115,787 0.02 1,582 SK 124,178 0.02 2,044,014 0.33 5,734,147 0.92 BERMUDA 31,403 RenaissanceRe Holdings 1,891,717 0.30 BRAZIL 3,999,000 AES Tiete Preference Shares 116,654 0.01 1,891,717 0.30 58,957,000 Brasil Telecom Preference Shares 302,280 0.05 26,532 Companhia Brasileira de Petroleo Ipiranga FINLAND Preference Shares 236,039 0.04 36,602 Metso 1,851,647 0.30 1,530,000 Companhia de Gas de Sao Paulo Preference - A Shares 253,603 0.04 1,851,647 0.30 7,451 Companhia Siderurgica Nacional ADR 225,318 0.04 8,271 CPFL Energia 116,182 0.02 SOUTH AFRICA 15,633 Gerdau ADR 254,818 0.04 36,943 African Bank Investments 151,295 0.03 99,500 Klabin Preference Shares 249,251 0.04 51,316 AVI 143,289 0.03 77,757 Sadia Preference Shares 260,683 0.04 115,807 Grindrod 258,694 0.04 26,787 Unibanco - Uniao de Bancos Brasileiros GDR 2,517,710 0.41 50,320 Hyprop Investments 277,414 0.04 12,561 JD Group 143,084 0.02 4,532,538 0.73 11,123 Liberty Group 132,215 0.02 30,238 RMB Holdings 144,619 0.02 AUSTRALIA 95,490 Sanlam 250,228 0.04 183,113 Brambles 1,854,216 0.29 10,814 Santam 135,417 0.02 541,902 Macquarie Infrastructure Group 1,479,829 0.24 6,071 Telkom 123,002 0.02 55,040 Woolworths 1,038,224 0.17 1,759,257 0.28 4,372,269 0.70 GREECE TAIWAN 122,094 Egnatia Bank 1,248,833 0.20 244,545 China Steel 259,508 0.05 142,000 Formosa Chemicals & Fibre 237,356 0.04 1,248,833 0.20 132,407 HON HAI Precision Industry Registered Shares GDR 1,880,179 0.30 CHINA 150,000 Nan Ya Plastics 249,808 0.04 266,000 Angang Steel - H Shares * 389,932 0.07 50,000 President Chain Store 120,687 0.02 616,000 China Eastern Airlines - H Shares * 134,658 0.02 176,000 Siliconware Precision Industries 276,375 0.04 142,000 Datang International Power Generation - H Shares * 147,902 0.02 110,000 Sunplus Technology 134,105 0.02 76,000 Guangdong Kelon Electric - H Shares * 1 0.00 266,000 Tung Ho Steel Enterprise 261,064 0.04 374,000 Huadian Power International - H Shares * 147,162 0.02 194,000 U-Ming Marine Transport 264,478 0.04 226,232 UBS - Wan Hai Lines Warrants 12.01.07 136,983 0.02 819,655 0.13 175,300 Wan Hai Lines 107,530 0.02 MALAYSIA 116,000 Wintek 110,112 0.02 37,200 Shell Refinery 111,705 0.02 102,500 SP Setia 148,088 0.02 4,038,195 0.65 ITALY 259,793 0.04 74,546 SanPaolo IMI 1,732,308 0.28 RUSSIA 234,125 UniCredito Italiano 2,053,734 0.33 8,926 Evraz Group Registered Shares GDR 229,309 0.04 600 Golden Telecom 28,944 0.00 3,786,042 0.61 258,253 0.04

70 JPMorgan Investment Funds - Global Balanced Fund (USD) Schedule of Investments (Expressed in USD) (continued) As at 31 December 2006

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

POLAND Transferable Securities Dealt in on Another Regulated Market 17,724 Bank Millennium 48,394 0.01 6,545 KGHM Polska Miedz 201,693 0.03 Bonds

250,087 0.04 UNITED STATES OF AMERICA 5,820,000 US Treasury (i) 08.03.07/0.000% 5,766,572 0.93 EGYPT 90,000 US Treasury (i) 30.11.07/4.250% 89,381 0.01 7,528 Mobinil-Egyptian Mobile Services 237,248 0.04 4,000,000 US Treasury 15.05.08/2.625% 3,880,000 0.62 17,000,000 US Treasury 15.05.10/3.875% 16,561,719 2.66 237,248 0.04 11,000,000 US Treasury 15.11.14/4.250% 10,671,719 1.72 18,000,000 US Treasury 15.02.15/4.000% 17,145,000 2.76 SWEDEN 20,250,000 US Treasury 27,679,219 4.45 3,900 Autoliv 236,964 0.04 15.02.19/8.875% 7,000,000 US Treasury 15.05.30/6.250% 8,323,438 1.34 16,500,000 US Treasury 17,639,531 2.84 236,964 0.04 15.02.31/5.375% CZECH REPUBLIC 107,756,579 17.33 1,230 Komercni Banka 182,504 0.03 Total Bonds 107,756,579 17.33 182,504 0.03 Investment Funds TURKEY 110,868 Dogan Sirketler Grubu Holdings 174,540 0.03 LUXEMBOURG 40,347 JPMorgan Lux Funds - Emerging Markets Value Fund (JPM Emerging Markets Value X (acc) - 174,540 0.03 USD) 9,715,449 1.57 PUERTORICO 3,300 First Bancorp 32,142 0.01 9,715,449 1.57 1,390 Oriental Financial Group 18,042 0.00 4,450 R&G Financial - B Shares 33,731 0.01 Total Investment Funds 9,715,449 1.57 100 Santander BanCorp 1,785 0.00 7,637 W Holding 47,044 0.01 Total Transferable Securities Dealt in on 117,472,028 18.90 Another Regulated Market 132,744 0.03 Other Transferable Securities MEXICO 26,332 Kimberly-Clark de Mexico - A Shares 119,123 0.02 Shares

119,123 0.02 UNITED KINGDOM 3,473 RT Group 613 0.00 CANADA 6,156 TI Automotive - A Shares 0 0.00 1,300 Cardiome Pharma 14,599 0.00 613 0.00 14,599 0.00 UNITED STATES SINGAPORE 1,200 EscrowTelecorp 0 0.00 938 Singapore Telecommunications 2,006 0.00 0 0.00 2,006 0.00 Total Shares 613 0.00 Total Shares and Warrants 327,785,950 52.73 Bonds Total Other Transferable Securities 613 0.00

GERMANY Total Investments 556,362,188 89.50 6,168,795 Germany (Federal Republic of) 04.01.08/5.250% 8,239,476 1.32 27,800,000 Germany (Federal Republic of) 04.01.11/5.250% 38,405,277 6.18 Cash 62,876,062 10.11 4,300,000 Germany (Federal Republic of) 04.01.28/5.625% 6,877,608 1.11 1,865,000 Germany (Federal Republic of) 04.07.34/4.750% 2,725,460 0.44 Other Assets/(Liabilities) 2,386,784 0.39 56,247,821 9.05 Total Net Assets 621,625,034 100.00 FRANCE 18,000,000 France (Government of) 25.04.15/3.500% 22,964,273 3.70 7,000,000 France (Government of) 25.04.35/4.750% 10,209,076 1.64 (i) Security held as collateral against futures positions by the broker. * Hong Kong Registered Shares. 33,173,349 5.34 JAPAN 1,300,000,000 Japan (Government of) 20.06.09/0.800% 10,897,646 1.75

10,897,646 1.75 INTERNATIONAL AGENCIES 4,400,000 European Investment Bank 07.12.08/6.250% 8,757,798 1.41

8,757,798 1.41 CANADA 2,000,000 Quebec (Province of) 15.02.09/5.750% 2,026,983 0.32

2,026,983 0.32

Total Bonds 111,103,597 17.87

Total Transferable Securities Admitted to an 438,889,547 70.60 Official Exchange Listing

71 JPMorgan Investment Funds - Global Balanced Fund (USD) Schedule of Investments (Expressed in USD) (continued) As at 31 December 2006

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

Allocation of Portfolio as at 31 December 2006 % of Net Assets Fixed Income Securities United States of America 17.33 Germany 9.05 France 5.34 Japan 1.75 Supra-National 1.41 Canada 0.32 Total Fixed Income Securities 35.20 Shares and Warrants Financials 13.58 Industrials 6.99 Health Care 5.81 Information Technology 5.43 Consumer Discretionary 4.81 Consumer Staples 4.53 Energy 3.95 Materials 3.86 Telecommunication Services 2.31 Investment Companies 1.57 Utilities 1.46 Total Shares and Warrants 54.30 Cash and Other Assets/(Liabilities) 10.50 Total 100.00

Allocation of Portfolio as at 30 June 2006 (Unaudited) % of Net Assets Fixed Income Securities United States of America 23.36 Germany 10.71 France 4.68 Japan 1.68 International Agencies 1.24 Canada 0.30 Total Fixed Income Securities 41.97 Shares, Warrants and Rights Financials 13.61 Consumer Discretionary 8.06 Industrials 7.07 Information Technology 5.90 Health Care 5.23 Energy 4.58 Consumer Staples 3.64 Materials 3.16 Utilities 2.30 Telecommunication Services 1.97 Total Shares, Warrants and Rights 55.52 Cash and Other Assets/(Liabilities) 2.51 Total 100.00

72 JPMorgan Investment Funds - Global Balanced Fund (USD) Schedule of Investments - Outstanding Financial Futures Contracts (Expressed in USD) As at 31 December 2006

Unrealised Maturity (Short) / Long Gain/ Date Quantity Contract Currency Position (Loss)

Bond Futures

Mar-07 (720) Euro-Bobl Future EUR (103,311,623) 1,376,096 Mar-07 (174) Euro-Bund Future EUR (26,643,520) 600,895 Mar-07 16 Japan 10 Year Bond (TSE) JPY 18,016,716 (14,784) Mar-07 348 US 2 Year Note (CBT) USD 70,997,438 (282,750) Mar-07 566 US 5 Year Note (CBT) USD 59,447,688 (557,156) Mar-07 168 US 10 Year Note Future USD 18,049,500 (162,750) Mar-07 27 US Long Bond (CBT) USD 3,003,750 (63,703)

Total Bond Futures 895,848

Equity Futures

Jan-07 26 Hang Seng Index Future HKD 3,346,308 117,684 Mar-07 (16) DJ Euro Stoxx 50 EUR (876,906) (7,592) Mar-07 38 FTSE 100 Index Future GBP 4,628,850 46,914 Mar-07 (17) TOPIX Index Future JPY (2,402,663) (116,385) Mar-07 2 Midcap 400 Future USD 818,000 (12,400) Mar-07 (35) Russell 2000 Future USD (14,035,000) (45,200) Mar-07 49 S&P 500 Future USD 17,584,875 27,675

Total Equity Futures 10,696

Interest Rate Futures

Jun-07 35 3 Months Euro Euribor (LIF) EUR 11,065,697 (12,110)

Total Interest Rate Futures (12,110)

Total Unrealised Net Gain on Financial Futures Contracts 894,434

Schedule of Investments - Outstanding Forward Foreign Exchange Contracts (Expressed in USD) As at 31 December 2006

Unrealised Maturity Amount Amount Gain/ Date Currency Purchased Currency Sold (Loss)

20-Feb-07 CHF 1,830,604 JPY 178,199,414 624 20-Feb-07 CHF 2,237,828 USD 1,861,945 (19,358) 20-Feb-07 EUR 448,335 NOK 3,660,959 5,076 20-Feb-07 EUR 16,371,391 USD 21,682,878 (53,309) 20-Feb-07 GBP 9,905,872 USD 18,948,132 468,675 20-Feb-07 JPY 389,088,339 GBP 1,732,431 (106,080) 20-Feb-07 JPY 470,000,000 USD 4,012,327 (38,512) 20-Feb-07 NOK 17,274,253 USD 2,781,653 (10,682) 20-Feb-07 SEK 10,238,086 EUR 1,137,189 (5,021) 20-Feb-07 SEK 90,313,697 USD 12,914,130 295,046 20-Feb-07 USD 1,500,375 AUD 1,954,860 (40,408) 20-Feb-07 USD 4,391,615 CHF 5,413,632 (65,873) 20-Feb-07 USD 132,824,318 EUR 103,158,891 (3,467,236) 20-Feb-07 USD 8,092,278 GBP 4,175,961 (93,152) 20-Feb-07 USD 41,398,189 JPY 4,829,479,428 565,303 20-Feb-07 USD 3,340,310 NOK 21,435,105 (98,105) 20-Feb-07 USD 3,347,569 SEK 22,982,666 (13,849) 21-Feb-07 SGD 4,694,136 EUR 2,300,303 29,790 21-Feb-07 USD 2,082,593 HKD 16,164,110 (183)

Total Unrealised Net Loss on Forward Foreign Exchange Contracts (2,647,254)

73 JPMorgan Investment Funds - Global Bond Fund (EUR) Schedule of Investments (Expressed in EUR) As at 31 December 2006

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

Transferable Securities Admitted to an Official Exchange Listing 3,700,000 VTB Capital for Vneshtorgbank 01.08.08/5.970%* 2,815,071 0.25 Bonds 4,767,741 0.43 GERMANY 16,000,000 Germany (Federal Republic of) 04.01.28/5.625% 19,415,145 1.76 CANADA 16,900,000 Germany (Federal Republic of) 04.07.28/4.750% 18,477,328 1.67 5,010,000 Quebec (Province of) 15.02.09/5.750% 3,852,206 0.35 23,610,000 Germany (Federal Republic of) 04.07.34/4.750% 26,176,324 2.37 7,800,000 Germany (Federal Republic of) 04.01.37/4.000% 7,713,576 0.70 3,852,206 0.35 15,000,000 KfW - Kreditanstalt fuer Wiederaufbau 17.04.09/3.500% 14,854,777 1.34 QATAR 4,800,000 Commercial Bank of Qatar 12.10.11/5.772%* 3,646,339 0.33 86,637,150 7.84 3,646,339 0.33 UNITED KINGDOM 8,000,000 Alpha Credit Group 16.10.08/3.644%* 7,996,888 0.72 UNITED ARAB EMIRATES 4,000,000 SIB Sukuk 3,039,223 0.27 2,500,000 Barclays Bank 15.03.20/4.750%* 2,223,910 0.20 12.10.11/6.022%* 4,500,000 UK Treasury 07.06.10/4.750% 6,617,140 0.60 3,039,223 0.27 4,870,000 UK Treasury 07.03.11/4.250% 7,026,955 0.64 12,840,000 UK Treasury 07.06.32/4.250% 18,998,518 1.72 UNITED STATES OF AMERICA 6,600,000 UK Treasury 07.12.38/4.750% 10,797,124 0.98 2,440,000 Bank of America Credit Card Trust 19.04.10/4.150% 2,435,414 0.22 53,660,535 4.86 2,435,414 0.22 JAPAN 1,610,000,000 Development Bank of Japan 19.03.26/2.300% 10,411,329 0.94 POLAND 760,000,000 Japan (Government of) 10.09.16/1.100% 4,817,312 0.44 8,195,000 Poland (Government of) 24.05.11/4.250% 2,082,917 0.19 2,461,800,000 Japan (Government of) 20.06.25/1.900% 15,395,843 1.39 1,596,000,000 Japan (Government of) 20.09.25/2.100% 10,277,894 0.93 2,082,917 0.19 550,000,000 Japan (Government of) 20.09.35/2.500% 3,670,350 0.33 RUSSIA 1,415,000 Russian Federation 24.06.28/12.750% 1,942,311 0.18 44,572,728 4.03 ITALY 1,942,311 0.18 3,150,000 Banca Monte dei Paschi di Siena 24.04.09/3.771%* 3,152,048 0.29 Total Bonds 329,478,524 29.80 19,800,000 Italy (Republic of) 15.06.10/2.750% 19,041,729 1.72 20,200,000 Italy (Republic of) 01.08.17/5.250% 22,042,674 1.99 Total Transferable Securities Admitted to an 329,478,524 29.80 Official Exchange Listing 44,236,451 4.00 Transferable Securities Dealt in on Another Regulated Market GREECE 10,000,000 Greece (Republic of) 20.04.10/3.100% 9,732,620 0.88 Bonds 9,000,000 Greece (Republic of) 22.10.22/5.900% 10,581,498 0.96 UNITED STATES OF AMERICA 20,314,118 1.84 7,499,578 Adjustable Rate Mortgage Trust 2005-7 7A21 25.10.35/5.600%* 5,695,959 0.53 AUSTRALIA 2,750,000 BellSouth 15.08.08/5.474%* 2,088,500 0.19 9,650,000 Macquarie Bank 06.12.16/3.989%* 9,642,763 0.87 1,450,000 Charter One Bank 24.04.09/5.430%* 1,101,499 0.10 2,500,000 CIT Group 08.06.09/5.460%* 1,899,846 0.17 9,642,763 0.87 7,000,000 Citibank Credit Card Issuance Trust 2006-C4 C4 09.01.12/5.570%* 5,305,696 0.48 SWEDEN 3,160,000 Citigroup Commercial 73,000,000 Sweden (Kingdom of) 8,764,938 0.79 08.10.12/5.500% Mortgage Trust 2006-C4 A3 15.03.49/5.720%* 2,477,212 0.22 14,466,030 Citimortgage Alternative Loan 8,764,938 0.79 Trust 2006-A1 1A5 25.04.36/5.500% 10,887,240 0.98 DENMARK 1,975,000 ConocoPhillips Australia 8,350,000 FIH Erhvervsbank 03.11.09/3.863%* 8,342,402 0.75 Funding 09.04.09/5.468%* 1,500,510 0.14 6,665,462 Countrywide Alternative Loan Trust 2005-J14 A3 5,010,934 0.45 8,342,402 0.75 25.12.35/5.500% 5,165,281 Countrywide Alternative Loan BELGIUM Trust 2006-12CB A6 25.05.36/6.000% 3,914,724 0.35 8,000,000 Fortis Bank 13.10.16/3.737%* 8,027,328 0.73 6,505,950 Countrywide Alternative Loan Trust 2006-23CB 2A1 25.08.36/6.500% 4,972,518 0.45 8,027,328 0.73 5,875,896 Countrywide Alternative Loan Trust 2006-31CB A15 25.11.36/6.000% 4,439,741 0.40 MEXICO 11,565,945 Countrywide Alternative Loan 4,295,000 United Mexican States 16.01.13/6.375% 3,429,548 0.31 Trust 2006-41CB 2A12 25.01.37/6.000% 8,765,066 0.79 55,000,000 United Mexican States 19.12.13/8.000% 3,981,269 0.36 4,318,244 Countrywide Alternative Loan Trust 2006-OA12 A2 20.09.46/5.560%* 3,274,394 0.30 7,410,817 0.67 2,000,000 Countrywide Financial 24.03.09/5.586%* 1,521,557 0.14 1,525,000 Credit Suisse First Boston CAYMAN ISLANDS USA 09.12.08/5.483%* 1,159,575 0.10 6,000,000 Mizuho Capital Investment 4,715,000 Credit Suisse Mortgage Capital EUR 1 30.06.11/5.020%* 5,991,543 0.54 Certificates 2006-C3 A3 15.06.38/5.828%* 3,722,673 0.34 10,500,000 Credit Suisse USA 20.11.09/5.455%* 7,971,715 0.72 5,991,543 0.54 5,278,360 Downey Savings & Loan FRANCE Association Mortgage Loan Trust 2006-AR2 2A1A 19.11.37/5.520%* 4,013,392 0.36 2,590,000 France (Government of) 25.04.35/4.750% 2,865,760 0.26 13,696,000 Fannie Mae 2002-77 QD 25.11.27/5.500% 10,373,079 0.94 2,838,000 Thomson 25.09.15/5.750%* 2,369,730 0.21 9,000,000 Fannie Mae 2002-85 PC 25.03.28/5.500% 6,820,856 0.62 5,674,813 Fannie Mae 2004-61 ET 4,297,455 0.39 5,235,490 0.47 25.10.32/5.500% 4,748,959 Fannie Mae 2006-43 G 25.09.33/6.500% 3,642,294 0.33 SAUDI ARABIA 4,080,733 Fannie Mae 2006-59 DA 25.12.33/6.500% 3,131,216 0.28 6,400,000 Arab National Bank 31.10.16/6.206%* 4,876,110 0.44 8,687,815 Fannie Mae 2006-59 DC 25.12.33/6.500% 6,668,543 0.60 4,163,631 Fannie Mae 2006-63 AB 25.10.33/6.500% 3,194,519 0.29 4,876,110 0.44 4,148,445 Fannie Mae 2006-63 AE 25.10.33/6.500% 3,182,868 0.29 3,966,597 Fannie Mae 2006-78 BC 25.01.34/6.500% 3,044,827 0.28 LUXEMBOURG 2,435,000 Gazprom International 01.02.20/7.201% 1,952,670 0.18

74 JPMorgan Investment Funds - Global Bond Fund (EUR) Schedule of Investments (Expressed in EUR) (continued) As at 31 December 2006

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

10,224,822 First Horizon Alternative 3,120,000 Wachovia Bank Commercial Mortgage Securities 2006-FA4 Mortgage Trust 2006-C26 A3 15.06.45/6.011%* 2,482,029 0.22 1A1 25.08.36/6.000% 7,747,683 0.70 4,010,464 WAMU Alternative Mortgage 3,500,000 Ford Credit Auto Owner Trust Pass-Through Certificates 2006-B A2A 15.07.09/5.420% 2,658,660 0.24 2006-5 2CB1 25.07.36/6.000% 3,038,080 0.27 8,000,000 Ford Credit Auto Owner Trust 1,950,000 Washington Mutual Bank 01.05.09/5.461%* 1,480,537 0.13 2006-C A2B 15.12.09/5.370%* 6,073,182 0.55 9,639,512 Wells Fargo Mortgage Backed 5,551,853 Freddie Mac 3019 FN 15.08.35/5.650%* 4,211,690 0.38 Securities Trust 2005-9 1A6 25.10.35/5.500% 7,264,210 0.66 2,350,000 Goldman Sachs Group 23.06.09/5.456%* 1,785,148 0.16 9,350,000 Greenpoint Mortgage Funding 391,300,882 35.39 Trust 2006-OH1 A1 25.01.37/5.510%* 7,091,327 0.64 1,501,007 HarborviewMortgage Loan UNITED KINGDOM Trust 2005-9 2A1A 20.06.35/5.690%* 1,143,763 0.10 4,775,000 Arkle Master Issuer 2006-1A 6,594,585 HarborviewMortgage Loan 3A 17.08.11/5.417%* 3,622,639 0.34 Trust 2005-11 2A1A 19.08.45/5.660%* 5,019,312 0.45 3,275,000 Arran Residential Mortgages 1,822,531 HarborviewMortgage Loan Funding 2006-1A A2B 12.04.56/5.442%* 2,484,389 0.22 Trust 2006-4 2A1A 19.05.47/5.550%* 1,383,927 0.13 7,900,000 Holmes Master Issuer 2006-1A 4,300,404 HarborviewMortgage Loan 2A 15.07.21/5.404%* 5,993,475 0.54 Trust 2006-5 2A1A 19.07.46/5.530%* 3,263,843 0.30 1,709,737 Themeleion Mortgage Finance 1,243,704 HarborviewMortgage Loan 2A 12.01.40/3.639%* 1,711,337 0.15 Trust 2006-8 2A1A 21.08.46/5.510%* 943,559 0.09 5,650,000 White Tower 2006-3 D 23.10.12/5.661%* 8,399,987 0.76 6,202,692 HarborviewMortgage Loan Trust 2006-9 2A1A 19.11.36/5.530%* 4,714,436 0.43 22,211,827 2.01 7,250,000 HarborviewMortgage Loan CANADA Trust 2006-14 2A1A 19.03.38/5.500%* 5,500,771 0.50 7,980,000 Canada (Government of) 01.06.33/5.750% 6,539,795 0.60 2,030,000 HSBC Finance 19.06.09/5.455%* 1,542,982 0.14 7,950,000 Canada (Government of) 01.09.11/3.750% 5,135,808 0.46 5,367,488 Indymac Index Mortgage Loan Trust 2004-AR14 2A1A 25.01.35/5.710%* 4,090,503 0.37 791,197 Indymac Index Mortgage Loan 11,675,603 1.06 Trust 2005-16IP A1 25.07.45/5.670%* 601,521 0.05 SPAIN 4,024,680 Indymac Index Mortgage Loan 8,000,000 Santander US Debt Trust 2005-AR8 2A1A 25.04.35/5.580%* 3,066,447 0.28 Unipersonal 20.11.09/5.426%* 6,073,475 0.55 12,328,188 Indymac Index Mortgage Loan 4,575,000 Telefonica Emisones SAU 19.06.09/5.665%* 3,477,472 0.31 Trust 2005-AR18 2A1A 25.10.36/5.660%* 9,377,752 0.85 14,590,259 Indymac Index Mortgage Loan 9,550,947 0.86 Trust 2006-AR35 2A1A 25.01.37/5.520%* 11,069,160 1.00 10,000,000 Indymac Index Mortgage Loan ICELAND Trust 2006-AR41 A3 25.02.37/5.530%* 7,586,678 0.69 6,825,000 Kaupthing Bank 144A 15.01.10/6.070%* 5,216,333 0.47 2,240,000 LB-UBS Commercial Mortgage Trust 2006-C4 A4 15.06.38/5.899%* 1,779,214 0.16 5,216,333 0.47 2,350,000 Lehman Brothers Holdings 03.04.09/5.450%* 1,785,832 0.16 6,000,000 Lehman Brothers Holdings 21.08.09/5.475%* 4,557,565 0.41 LUXEMBOURG 9,000,000 Lehman Brothers Holdings 16.11.09/5.475%* 6,833,192 0.62 4,675,000 VTB Capital for 8,600,000 Lehman XS Trust 2006-14N Vneshtorgbank 144A 01.08.08/5.970%* 3,558,299 0.32 3A2 25.08.36/5.470%* 6,521,793 0.59 1,300,000 Lincoln National 06.04.09/5.470%* 987,991 0.09 3,558,299 0.32 2,425,000 Long Beach Mortgage Loan NETHERLANDS Trust 2006-3 2A3 25.04.36/5.530%* 1,843,507 0.17 4,000,000 Siemens 2,300,000 Long Beach Mortgage Loan Financieringsmaatschappij Trust 2006-5 2A3 25.06.36/5.500%* 1,747,223 0.16 144A 14.08.09/5.424%* 3,036,932 0.28 2,300,000 Long Beach Mortgage Loan Trust 2006-5 M2 25.06.36/5.650%* 1,747,277 0.16 3,036,932 0.28 8,410,000 Long Beach Mortgage Loan Trust 2006-7 2A2 25.08.36/5.440%* 6,384,360 0.58 446,550,823 40.39 4,500,000 Merrill Lynch & Co. 14.08.09/5.464%* 3,417,777 0.31 Total Bonds 1,430,000 Merrill Lynch Mortgage Trust To Be Announced Securities 2006-C1 A4 12.05.39/5.660%* 1,117,425 0.10 8,000,000 Morgan Stanley Capital I UNITED STATES OF AMERICA 2006-IQ12 A4 15.12.43/5.332%* 6,051,559 0.55 33,950,000 Fannie Mae 25.01.36/6.000% 25,921,775 2.34 1,525,000 Nelnet Student Loan Trust 32,300,000 Fannie Mae 25.02.36/5.000% 23,651,124 2.14 2006-2 A2 25.04.20/5.367%* 1,158,150 0.10 7,926,230 Nomura Asset Acceptance 49,572,899 4.48 2006-WF1 A1 25.06.36/5.420%* 6,013,375 0.54 7,003,542 Residential Accredit Loans Total To Be Announced Securities 49,572,899 4.48 2006-QO4 2A1 25.04.46/5.540%* 5,316,635 0.48 19,563,433 Residential Accredit Loans 2006-QS11 1A1 25.08.36/6.500% 15,014,464 1.36 Investment Funds 25,138,313 Residential Accredit Loans 2006-QS16 A7 25.11.36/6.000% 19,067,406 1.72 LUXEMBOURG 4,426,854 Residential Accredit Loans 491,165 JPMorgan Investment Strategies Funds - Managed 2006-QS6 1A2 25.06.36/6.000% 3,354,102 0.30 Currency Fund (Euro) (JPM Managed Currency 4,324,463 Residential Asset Securitization (Euro) Class X - EUR) 49,579,243 4.49 Trust 2006-A2 A3 25.05.36/6.000% 3,282,616 0.30 403 JPMorgan Liquidity Funds - Euro Enhanced Yield 32,104,077 Residential Asset Securitization Fund (JPM Euro Enhanced Yield X (acc)) 4,582,668 0.41 Trust 2006-A14C 1A2 25.12.36/6.250% 24,442,550 2.21 0** JPMorgan Liquidity Funds - Euro Liquidity Fund (JPM Euro Liquidity X (acc)) 125 0.00 1,800,000 SLM 27.07.09/5.517%* 1,368,960 0.12 2,425,000 SoundviewHome Equity Loan Trust 2006-OPT5 2A3 25.07.36/5.470%* 1,842,314 0.17 54,162,036 4.90 5,033,716 Structured Adjustable Rate Mortgage Loan Trust Total Investment Funds 54,162,036 4.90 2005-19XS 1A1 25.10.35/5.670%* 3,836,229 0.35 13,881,839 Thornburg Mortgage Securities Total Transferable Securities Dealt in on 550,285,758 49.77 Trust 2006-6 A1 25.12.36/5.430%* 10,523,998 0.95 Another Regulated Market 6,570,000 US Treasury (i) 08.03.07/0.000% 4,938,516 0.45 620,000 US Treasury (i) 15.05.08/2.625% 456,263 0.04 350,000 US Treasury (i) 15.11.15/4.500% 261,343 0.02 2,805,000 US Treasury (i) 15.02.19/8.875% 2,908,796 0.26 13,640,000 US Treasury 15.02.31/5.375% 11,062,903 1.00 6,200,000 US Treasury 15.02.36/4.500% 4,461,939 0.40

75 JPMorgan Investment Funds - Global Bond Fund (EUR) Schedule of Investments (Expressed in EUR) (continued) As at 31 December 2006

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

Other Transferable Securities

Bonds UNITED STATES OF AMERICA 5,000,000 Caterpillar Financial Services 11.08.09/5.426%* 3,795,262 0.35 5,250,000 FedEx 08.08.07/5.455%* 3,988,634 0.36

7,783,896 0.71

Total Bonds 7,783,896 0.71

Total Other Transferable Securities 7,783,896 0.71

Total Investments 887,548,178 80.28

Cash 170,302,369 15.40

Other Assets/(Liabilities) 47,741,033 4.32

Total Net Assets 1,105,591,580 100.00

* Variable coupon rates are those quoted as at 31 December 2006. ** Fractional shares rounded to 0. (i) Security held as collateral against futures positions by the broker.

Allocation of Portfolio as at 31 December 2006 % of Net Assets Fixed Income Securities United States of America 40.80 Germany 7.84 United Kingdom 6.87 Luxembourg 5.65 Japan 4.03 Italy 4.00 Greece 1.84 Canada 1.41 Australia 0.87 Spain 0.86 Sweden 0.79 Denmark 0.75 Belgium 0.73 Mexico 0.67 Cayman Islands 0.54 France 0.47 Iceland 0.47 Saudi Arabia 0.44 Qatar 0.33 Netherlands 0.28 United Arab Emirates 0.27 Poland 0.19 Russia 0.18 Total Fixed Income Securities 80.28 Cash and Other Assets/(Liabilities) 19.72 Total 100.00

Allocation of Portfolio as at 30 June 2006 (Unaudited) % of Net Assets Fixed Income Securities United States of America 33.50 Japan 22.89 Germany 12.00 United Kingdom 6.67 Luxembourg 5.14 France 4.04 Italy 2.73 Greece 2.68 Canada 1.71 Mexico 0.93 Poland 0.88 Russia 0.81 Cayman Islands 0.79 Spain 0.48 Total Fixed Income Securities 95.25 Cash Equivalents, Cash and Other Assets/(Liabilities) 4.75 Total 100.00

76 JPMorgan Investment Funds - Global Bond Fund (EUR) Schedule of Investments - Outstanding Financial Futures Contracts (Expressed in EUR) As at 31 December 2006

Unrealised Maturity (Short) / Long Gain/ Date Quantity Contract Currency Position (Loss)

Bond Futures

Mar-07 262 Canada 10 Year Bond Future (MSE) CAD 19,435,725 (234,790) Mar-07 1,611 Euro-Bobl Future EUR 175,373,460 (1,236,020) Mar-07 (514) Euro-Bund Future EUR (59,711,380) 1,301,250 Mar-07 1,313 Euro-Schatz Future EUR 135,856,110 (599,880) Mar-07 442 Long Gilt Future GBP 71,055,651 (954,863) Mar-07 152 Japan 10 Year Bond (TSE) JPY 129,852,680 (116,115) Mar-07 568 US 2 Year Note (CBT) USD 87,915,086 (372,743) Mar-07 (119) US 5 Year Note (CBT) USD (9,482,375) 202,280 Mar-07 294 US 10 Year Note Future USD 23,963,755 (216,819) Mar-07 446 US Long Bond (CBT) USD 37,643,199 (784,575)

Total Bond Futures (3,012,275)

Interest Rate Futures

Mar-07 (480) 90 Day Bank Bill (SFE) AUD (64,186,297) 29,897 Mar-07 (50) Sterling MID-CRV GBP (8,785,606) 10,221 Jun-07 50 Sterling MID-CRV GBP 8,780,960 (15,796) Jun-07 490 3 Month Euro Yen (TFX) JPY 77,447,992 28,997 Sep-07 480 90 Day Bank Bill (SFE) AUD 64,172,564 (43,630) Mar-08 (354) 3 Month Euro Euribor (LIF) EUR (84,911,325) 244,875 Mar-08 (490) 3 Month Euro Yen (TFX) JPY (77,217,689) (39,894) Dec-08 354 3 Month Euro Euribor (LIF) EUR 84,937,875 (250,663)

Total Interest Rate Futures (35,993)

Total Unrealised Net Loss on Financial Futures Contracts (3,048,268)

Schedule of Investments - Outstanding Forward Foreign Exchange Contracts (Expressed in EUR) As at 31 December 2006

Unrealised Maturity Amount Amount Gain/ Date Currency Purchased Currency Sold (Loss)

25-Jan-07 AUD 1,881,680 CAD 1,658,814 42,024 25-Jan-07 CAD 2,183,435 EUR 1,444,033 (19,026) 25-Jan-07 EUR 2,430,272 AUD 4,081,680 (9,260) 25-Jan-07 EUR 9,930,878 CAD 14,681,821 348,871 25-Jan-07 EUR 55,152,373 GBP 37,306,305 (255,244) 25-Jan-07 EUR 79,712,507 JPY 12,018,868,264 2,962,379 25-Jan-07 EUR 3,887,360 MXN 55,184,576 33,946 25-Jan-07 EUR 8,638,212 PLN 32,864,574 55,647 25-Jan-07 EUR 8,915,325 SEK 80,777,744 (23,573) 25-Jan-07 EUR 549,431,773 USD 706,780,772 13,851,194 25-Jan-07 GBP 1,724,079 EUR 2,554,424 6,192 25-Jan-07 GBP 1,556,534 USD 3,052,784 (1,546) 25-Jan-07 JPY 4,242,083,000 EUR 27,817,666 (728,558) 25-Jan-07 PLN 24,584,768 EUR 6,409,695 10,604 25-Jan-07 USD 6,434,821 EUR 4,883,694 (7,550)

Total Unrealised Net Gain on Forward Foreign Exchange Contracts 16,266,100

Schedule of Investments - Outstanding Future Option Contracts (Expressed in EUR) As at 31 December 2006

Unrealised Market Gain/ Quantity Contract Currency Value (Loss)

870 3 Month GBP Libor Call Option, Strike Price 94.75 expiring on March 07 GBP 16,168 (32,336) (870) 3 Month GBP Libor Call Option, Strike Price 94.875 expiring on March 07 GBP (4,042) 12,126

Total 12,126 (20,210)

77 JPMorgan Investment Funds - Global Bond Fund (EUR) Schedule of Investments - Outstanding Credit Default Swaps (Expressed in EUR) As at 31 December 2006

Protection Unrealised Buy/ Gain/ Sell Counterparty Description Currency Nominal Maturity (Loss)

Buyer BNP Paribas Akzo Nobel 4.25% 14/06/2011 EUR 5,300,000 20/12/2011 2,011 Buyer Deutsche Bank Barclays Bank FRN 27/10/2015 EUR 8,300,000 20/12/2011 7,791 Buyer UBS BASF 3.5% 08/07/2010 EUR 5,300,000 20/12/2011 5,790 Buyer Morgan Stanley Hannover Finance Luxembourg FRN 26/02/2024 EUR 10,600,000 20/12/2011 50,207 Buyer Morgan Stanley Munich Re Finance FRN 21/06/2023 EUR 10,600,000 20/12/2011 10,153 Buyer UBS Reed Elsevier Capital 5.75% 31/07/2008 EUR 5,300,000 20/12/2011 3,220 Buyer UBS Solvay 4.625% 27/06/2018 EUR 5,300,000 20/12/2011 (3,410) Buyer Morgan Stanley Thales 4.375% 22/07/2011 EUR 5,300,000 20/12/2011 (2,107)

Seller Deutsche Bank Barclays Bank FRN 27/10/2015 EUR 8,300,000 20/12/2012 (6,843) Seller Morgan Stanley DaimlerChrysler 7.2% 01/09/2009 EUR 8,300,000 20/12/2007 (5,957) Seller UBS Gaz Capital for Gazprom 7.8% 27/09/2010 USD 15,200,000 20/12/2007 (447) Seller BNP Paribas Kaupthing Bank FRN 01/12/2009 EUR 6,820,000 20/12/2007 (2,974) Seller Deutsche Bank Montpelier Re Holdings 6.125% 15/08/2013 USD 11,500,000 20/12/2007 (9,171)

Total Unrealised Net Gain on Credit Default Swaps 48,263

Schedule of Investments - Outstanding Interest Rates Swaps (Expressed in EUR) As at 31 December 2006

Unrealised Maturity Notional Gain/ Date Counterparty Denomination Currency Amount (Loss)

24-Nov-08 UBS Receive floating rate JPY LIBOR 6 months JPY 2,391,000,000 (10,223) Pay fixed rate 0.9275% 05-Dec-08 Citibank Receive fixed rate 0.895% JPY 1,688,000,000 190,983 Pay floating rate JPY LIBOR 6 months 07-Dec-08 Citibank Receive floating rate JPY LIBOR 6 months JPY 3,349,000,000 377,754 Pay fixed rate 0.9175% 08-Dec-08 Deutsche Bank Receive floating rate JPY LIBOR 6 months JPY 4,834,000,000 (20,981) Pay fixed rate 0.96% 03-Oct-09 UBS Receive fixed rate 0.93875 % JPY 16,811,000,000 (193,267) Pay floating rate JPY LIBOR 6 months 23-Oct-11 Crédit Suisse Receive floating rate EURIBOR 6 months EUR 20,185,000 (62,886) Pay fixed rate 3.931% 23-Oct-11 Crédit Suisse Receive fixed rate 5.211% GBP 13,920,000 195,807 Pay floating rate GBP LIBOR 6 months 24-Oct-11 Deutsche Bank Receive fixed rate 1.42375% JPY 1,485,000,000 53,785 Pay floating rate JPY LIBOR 6 months 04-Dec-11 Deutsche Bank Receive floating rate JPY LIBOR 6 months JPY 1,033,000,000 (3,209) Pay fixed rate 1.35% 24-Oct-16 Deutsche Bank Receive floating rate JPY LIBOR 6 months JPY 1,564,000,000 (196,603) Pay fixed rate 1.95625% 24-Nov-16 UBS Receive fixed rate 1.8475% JPY 513,000,000 19,656 Pay floating rate JPY LIBOR 6 months 04-Dec-16 Deutsche Bank Receive fixed rate 1.82% JPY 542,000,000 16,777 Pay floating rate JPY LIBOR 6 months 07-Dec-16 Citibank Receive fixed rate 1.7725% JPY 717,000,000 751,691 Pay floating rate JPY LIBOR 6 months 08-Dec-16 Deutsche Bank Receive fixed rate 1.785% JPY 1,036,000,000 8,307 Pay floating rate JPY LIBOR 6 months 12-Dec-16 Deutsche Bank Receive floating rate JPY LIBOR 6 months JPY 921,000,000 (10,911) Pay fixed rate 1.795% 24-Oct-26 Deutsche Bank Receive fixed rate 2.4575% JPY 443,000,000 116,257 Pay floating rate JPY LIBOR 6 months 12-Dec-26 Deutsche Bank Receive fixed rate 2.25% JPY 516,000,000 11,156 Pay floating rate JPY LIBOR 6 months

Total Unrealised Net Gain on Interest Rates Swaps 1,244,093

78 JPMorgan Investment Funds - Global Bond Fund (USD) Schedule of Investments (Expressed in USD) As at 31 December 2006

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

Transferable Securities Admitted to an Official Exchange Listing QATAR 3,300,000 Commercial Bank of Qatar 12.10.11/5.772%* 3,304,290 0.48 Bonds 3,304,290 0.48 GERMANY 5,585,000 Germany (Federal Republic of) 04.01.28/5.625% 8,932,893 1.30 UNITED STATES OF AMERICA 8,900,000 Germany (Federal Republic of) 04.07.28/4.750% 12,825,987 1.87 2,280,000 Bank of America Credit Card 11,150,000 Germany (Federal Republic of) 04.07.34/4.750% 16,294,307 2.37 Master Note Trust 19.04.10/4.150% 2,999,620 0.44 7,200,000 Germany (Federal Republic of) 04.01.37/4.000% 9,385,167 1.37 2,999,620 0.44 47,438,354 6.91 UNITED ARAB EMIRATES ITALY 2,750,000 SIB Sukuk 12.10.11/6.022%* 2,754,125 0.40 2,200,000 Banca Monte dei Paschi di Siena 24.04.09/3.771%* 2,901,704 0.43 10,000,000 Italy (Republic of) 01.11.07/6.000% 13,408,899 1.95 2,754,125 0.40 8,900,000 Italy (Republic of) 15.06.10/2.750% 11,281,830 1.64 SWEDEN 13,200,000 Italy (Republic of) 01.08.17/5.250% 18,986,076 2.77 16,000,000 Sweden (Kingdom of) 08.10.12/5.500% 2,532,179 0.37

46,578,509 6.79 2,532,179 0.37 UNITED KINGDOM RUSSIA 5,500,000 Alpha Credit Group 16.10.08/3.644%* 7,246,730 1.07 960,000 Russian Federation 24.06.28/12.750% 1,736,928 0.25 1,900,000 Barclays Bank 15.03.20/4.750%* 2,227,815 0.32 3,110,000 UK Treasury 07.03.11/4.250% 5,914,894 0.86 1,736,928 0.25 1,820,000 UK Treasury 27.09.13/8.000% 4,196,447 0.61 7,510,000 UK Treasury 14,646,808 2.13 07.06.32/4.250% Total Bonds 251,658,207 36.67 2,900,000 UK Treasury 07.12.38/4.750% 6,253,318 0.91 Total Transferable Securities Admitted to an 251,658,207 36.67 40,486,012 5.90 Official Exchange Listing JAPAN Transferable Securities Dealt in on Another Regulated Market 830,000,000 Development Bank of Japan 19.03.26/2.300% 7,074,679 1.03 900,000,000 Japan (Government of) 20.06.25/1.900% 7,418,935 1.08 Bonds 579,000,000 Japan (Government of) 20.09.25/2.100% 4,914,713 0.72 456,000,000 Japan (Government of) 20.09.35/2.500% 4,011,049 0.58 UNITED STATES OF AMERICA 5,999,663 Adjustable Rate Mortgage Trust 23,419,376 3.41 2005-7 7A21 25.10.35/5.600%* 6,006,275 0.88 2,000,000 BellSouth 15.08.08/5.474%* 2,002,074 0.29 GREECE 1,200,000 Charter One Bank 24.04.09/5.430%* 1,201,561 0.18 7,770,000 Greece (Republic of) 9,967,796 1.45 20.04.10/3.100% 2,050,000 CIT Group 08.06.09/5.460%* 2,053,434 0.30 7,850,000 Greece (Republic of) 22.10.22/5.900% 12,165,295 1.77 2,425,000 Citigroup Commercial Mortgage Trust 2006-C4 A3 15.03.49/5.720%* 2,505,741 0.37 22,133,091 3.22 7,527,040 Citimortgage Alternative Loan DENMARK Trust 2006-A1 1A5 25.04.36/5.500% 7,466,912 1.09 7,450,000 FIH Erhvervsbank 03.11.09/3.863%* 9,810,909 1.43 1,675,000 ConocoPhillips Australia Funding 09.04.09/5.468%* 1,677,394 0.24 4,565,385 Countrywide Alternative Loan 9,810,909 1.43 Trust 2005-J14 A3 25.12.35/5.500% 4,523,912 0.66 MEXICO 4,179,274 Countrywide Alternative Loan 3,640,000 United Mexican States 16.01.13/6.375% 3,831,100 0.56 Trust 2006-12CB A6 25.05.36/6.000% 4,174,999 0.61 46,000,000 United Mexican States 19.12.13/8.000% 4,388,995 0.64 4,866,942 Countrywide Alternative Loan Trust 2006-23CB 2A1 25.08.36/6.500% 4,903,094 0.71 8,220,095 1.20 4,372,760 Countrywide Alternative Loan Trust 2006-31CB A15 25.11.36/6.000% 4,354,994 0.63 BELGIUM 6,074,488 Countrywide Alternative Loan 5,500,000 Fortis Bank 13.10.16/3.737%* 7,274,314 1.06 Trust 2006-41CB 2A12 25.01.37/6.000% 6,067,812 0.88 1,750,000 Countrywide Financial 24.03.09/5.586%* 1,754,869 0.26 7,274,314 1.06 1,225,000 Credit Suisse First Boston USA 09.12.08/5.483%* 1,227,760 0.18 3,620,000 Credit Suisse Mortgage Capital AUSTRALIA Certificates 2006-C3 A3 15.06.38/5.828%* 3,767,299 0.55 5,200,000 Macquarie Bank 06.12.16/3.989%* 6,848,979 1.00 4,750,000 Credit Suisse USA 20.11.09/5.455%* 4,753,401 0.69 6,110,000 Fannie Mae 2002-77 QD 25.11.27/5.500% 6,099,630 0.89 6,848,979 1.00 7,200,000 Fannie Mae 2002-85 PC 25.03.28/5.500% 7,192,457 1.05 POLAND 2,535,932 Fannie Mae 2004-61 ET 25.10.32/5.500% 2,531,312 0.37 19,270,000 Poland (Government of) 24.05.11/4.250% 6,455,845 0.94 3,753,939 Fannie Mae 2006-43 G 25.09.33/6.500% 3,795,003 0.55 3,313,377 Fannie Mae 2006-59 DA 25.12.33/6.500% 3,351,153 0.49 6,455,845 0.94 7,004,020 Fannie Mae 2006-59 DC 25.12.33/6.500% 7,086,244 1.03 3,423,430 Fannie Mae 2006-63 AB 25.10.33/6.500% 3,462,128 0.50 FRANCE 3,394,183 Fannie Mae 2006-63 AE 25.10.33/6.500% 3,432,550 0.50 1,905,000 France (Government of) 25.04.23/8.500% 3,829,473 0.56 2,968,140 Fannie Mae 2006-78 BC 25.01.34/6.500% 3,003,152 0.44 2,109,000 Thomson 25.09.15/5.750%* 2,321,194 0.34 5,248,532 First Horizon Alternative Mortgage Securities 2006-FA4 6,150,667 0.90 1A1 25.08.36/6.000% 5,242,063 0.76 2,600,000 Ford Credit Auto Owner Trust CAYMAN ISLANDS 2006-B A2A 15.07.09/5.420% 2,603,253 0.38 4,100,000 Mizuho Capital Investment EUR 1 5,396,593 0.79 30.06.11/5.020%* 2,480,990 Freddie Mac 3019 FN 15.08.35/5.650%* 2,480,800 0.36 1,800,000 Goldman Sachs Group 23.06.09/5.456%* 1,802,300 0.26 5,396,593 0.79 2,946,517 HarborviewMortgage Loan SAUDI ARABIA Trust 2005-11 2A1A 19.08.45/5.660%* 2,956,065 0.43 4,400,000 Arab National Bank 31.10.16/6.206%* 4,418,700 0.64 1,822,531 HarborviewMortgage Loan Trust 2006-4 2A1A 19.05.47/5.550%* 1,824,154 0.27 4,418,700 0.64 3,505,764 HarborviewMortgage Loan Trust 2006-5 2A1A 19.07.46/5.530%* 3,507,123 0.51 LUXEMBOURG 4,884,010 HarborviewMortgage Loan 1,650,000 Gazprom International 01.02.20/7.201% 1,744,063 0.26 Trust 2006-9 2A1A 19.11.36/5.530%* 4,892,991 0.71 1,950,000 VTB Capital for Vneshtorgbank 01.08.08/5.970%* 1,955,558 0.28 1,640,000 HSBC Finance 19.06.09/5.455%* 1,643,073 0.24 3,671,401 Indymac Index Mortgage Loan 3,699,621 0.54 Trust 2004-AR14 2A1A 25.01.35/5.710%* 3,687,957 0.54 5,878,974 Indymac Index Mortgage Loan Trust 2005-AR18 2A1A 25.10.36/5.660%* 5,894,533 0.86 79 JPMorgan Investment Funds - Global Bond Fund (USD) Schedule of Investments (Expressed in USD) (continued) As at 31 December 2006

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

1,720,000 LB-UBS Commercial Mortgage NETHERLANDS Trust 2006-C4 A4 15.06.38/5.899%* 1,800,764 0.26 3,000,000 Siemens 2,000,000 Lehman Brothers Holdings 03.04.09/5.460%* 2,003,324 0.29 Financieringsmaatschappij 144A 14.08.09/5.424%* 3,002,235 0.44 4,000,000 Lehman Brothers Holdings 21.08.09/5.475%* 4,004,884 0.58 4,750,000 Lehman Brothers Holdings 16.11.09/5.475%* 4,753,605 0.69 3,002,235 0.44 6,400,000 Lehman XS Trust 2006-14N 3A2 25.08.36/5.470%* 6,397,303 0.93 LUXEMBOURG 1,150,000 Lincoln National 06.04.09/5.480%* 1,152,009 0.17 2,450,000 VTB Capital for Vneshtorgbank 2,050,000 Long Beach Mortgage Loan 144A 01.08.08/5.970%* 2,457,963 0.36 Trust 2006-3 2A3 25.04.36/5.530%* 2,054,165 0.30 1,875,000 Long Beach Mortgage Loan 2,457,963 0.36 Trust 2006-5 2A3 25.06.36/5.500%* 1,877,458 0.27 1,875,000 Long Beach Mortgage Loan Trust 2006-5 M2 25.06.36/5.650%* 1,877,516 0.27 Total Bonds 310,399,172 45.22 6,365,000 Long Beach Mortgage Loan To Be Announced Securities Trust 2006-7 2A2 25.08.36/5.440%* 6,368,954 0.93 300,000 MBNA Credit Card Master Note UNITED STATES OF AMERICA Trust 2002-A2 A 17.07.14/5.600% 420,648 0.06 30,250,000 Fannie Mae 01.01.33/6.000% 30,443,789 4.44 2,750,000 Merrill Lynch & Co. 14.08.09/5.464%* 2,753,039 0.40 17,700,000 Fannie Mae 25.02.36/5.000% 17,083,266 2.49 1,095,000 Merrill Lynch Mortgage Trust 2006-C1 A4 12.05.39/5.660%* 1,127,833 0.16 47,527,055 6.93 1,225,000 Nelnet Student Loan Trust 2006-2 A2 27.04.20/5.367%* 1,226,251 0.18 Total To Be Announced Securities 47,527,055 6.93 5,944,672 Nomura Asset Acceptance 2006-WF1 A1 25.06.36/5.420%* 5,944,672 0.87 5,554,533 Residential Accredit Loans Investment Funds 2006-QO4 2A1 25.04.46/5.540%* 5,557,955 0.81 3,452,946 Residential Accredit Loans LUXEMBOURG 2006-QS6 1A2 25.06.36/6.000% 3,448,412 0.50 315,524 JPMorgan Investment Strategies Funds - Managed 13,360,394 Residential Accredit Loans Currency Fund (JPM Managed Currency Class X - USD) 32,784,608 4.78 2006-QS11 1A1 25.08.36/6.500% 13,515,508 1.97 32 JPMorgan Liquidity Funds - US Dollar Liquidity 13,334,665 Residential Accredit Loans Fund (JPM US Dollar Liquidity X (acc)) 414,129 0.06 2006-QS16 A7 25.11.36/6.000% 13,331,713 1.94 3,507,463 Residential Asset Securitization 33,198,737 4.84 Trust 2006-A2 A3 25.05.36/6.000% 3,509,372 0.51 14,859,788 Residential Asset Securitization Total Investment Funds 33,198,737 4.84 Trust 2006-A14C 1A2 25.12.36/6.250% 14,912,392 2.17 1,500,000 SLM 27.07.09/5.517%* 1,503,689 0.22 Total Transferable Securities Dealt in on 391,124,964 56.99 1,950,000 SoundviewHome Equity Loan Another Regulated Market Trust 2006-OPT5 2A3 25.07.36/5.470%* 1,952,697 0.28 2,361,973 Structured Adjustable Rate Other Transferable Securities Mortgage Loan Trust 2005-19XS 1A1 25.10.35/5.670%* 2,372,680 0.35 Bonds 3,045,000 US Treasury (i) 08.03.07/0.000% 3,017,047 0.44 635,000 US Treasury (i) 15.10.10/4.250% 625,177 0.09 UNITED STATES OF AMERICA 540,000 US Treasury (i) 15.02.14/4.000% 516,797 0.08 3,500,000 Caterpillar Financial Services 11.08.09/5.426%* 3,501,775 0.51 5,680,000 US Treasury 15.02.36/4.500% 5,388,013 0.79 3,900,000 FedEx 08.08.07/5.455%* 3,905,511 0.57 1,700,000 Viacom 16.06.09/5.711%* 1,704,010 0.25 2,395,000 Wachovia Bank Commercial 7,407,286 1.08 Mortgage Trust 2006-C26 A3 15.06.45/6.011%* 2,511,343 0.37 3,295,280 WAMU Alternative Mortgage Total Bonds 7,407,286 1.08 Pass-Through Certificates 2006-5 2CB1 25.07.36/6.000% 3,290,373 0.48 Total Other Transferable Securities 7,407,286 1.08 3,322,696 Washington Mutual 2005-AR9 A1A 25.07.45/5.670%* 3,335,770 0.49 Total Investments 650,190,457 94.74 1,500,000 Washington Mutual Bank 01.05.09/5.461%* 1,501,151 0.22 8,193,224 Wells Fargo Mortgage Backed Securities Trust 2005-9 1A6 25.10.35/5.500% 8,138,353 1.19 Cash 88,554,476 12.90

268,824,349 39.17 Other Assets/(Liabilities) (52,445,201) (7.64)

UNITED KINGDOM Total Net Assets 686,299,732 100.00 2,525,000 Arkle Master Issuer 2006-1A 3A 17.08.11/5.417%* 2,525,000 0.37 2,650,000 Arran Residential Mortgages Funding 2006-1A A2B 12.04.56/5.442%* 2,649,735 0.39 2,400,000 Permanent Financing 8 4A 10.09.32/3.792%* 3,166,607 0.46 * Variable coupon rates are those quoted as at 31 December 2006. 1,115,046 Themeleion Mortgage Finance 2 A 12.01.40/3.639%* 1,471,118 0.21 (i) Security held as collateral against futures positions by the broker. 2,800,000 White Tower 2006-3 D 23.10.12/5.661%* 5,487,020 0.80

15,299,480 2.23 CANADA 5,660,000 Canada (Government of) 01.09.11/3.750% 4,819,549 0.70 3,305,000 Canada (Government of) 01.06.33/5.750% 3,570,105 0.52

8,389,654 1.22 JAPAN 560,000,000 Japan (Government of) 10.09.16/1.100% 4,678,725 0.68

4,678,725 0.68 SINGAPORE 6,150,000 Singapore (Government of) 01.03.07/4.000% 4,014,718 0.58

4,014,718 0.58 SPAIN 3,725,000 Telefonica Emisones SAU 19.06.09/5.665%* 3,732,048 0.54

3,732,048 0.54

80 JPMorgan Investment Funds - Global Bond Fund (USD) Schedule of Investments (Expressed in USD) (continued) As at 31 December 2006

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

Allocation of Portfolio as at 31 December 2006 % of Net Assets Fixed Income Securities United States of America 47.62 United Kingdom 8.13 Germany 6.91 Italy 6.79 Luxembourg 5.74 Japan 4.09 Greece 3.22 Denmark 1.43 Canada 1.22 Mexico 1.20 Belgium 1.06 Australia 1.00 Poland 0.94 France 0.90 Cayman Islands 0.79 Saudi Arabia 0.64 Singapore 0.58 Spain 0.54 Qatar 0.48 Netherlands 0.44 United Arab Emirates 0.40 Sweden 0.37 Russia 0.25 Total Fixed Income Securities 94.74 Cash and Other Assets/(Liabilities) 5.26 Total 100.00

Allocation of Portfolio as at 30 June 2006 (Unaudited) % of Net Assets Fixed Income Securities United States of America 25.86 Japan 23.82 France 9.06 Germany 8.36 United Kingdom 8.28 Luxembourg 5.26 Italy 3.65 Greece 2.87 Belgium 2.28 Canada 1.95 Netherlands 1.22 Poland 1.15 Mexico 1.02 Russia 0.85 Cayman Islands 0.70 Singapore 0.53 Spain 0.51 Total Fixed Income Securities 97.37 Cash Equivalents, Cash and Other Assets/(Liabilities) 2.63 Total 100.00

81 JPMorgan Investment Funds - Global Bond Fund (USD) Schedule of Investments - Outstanding Financial Futures Contracts (Expressed in USD) As at 31 December 2006

Unrealised Maturity (Short) / Long Gain/ Date Quantity Contract Currency Position (Loss)

Bond Futures

Mar-07 122 Canada 10 Year Bond Future (MSE) CAD 11,929,099 (142,276) Mar-07 491 Euro-Bobl Future EUR 70,452,788 (297,614) Mar-07 (83) Euro-Bund Future EUR (12,709,265) 265,083 Mar-07 162 Euro-Schatz Future EUR 22,094,177 (74,736) Mar-07 112 Long Gilt Future GBP 23,732,459 (310,369) Mar-07 47 Japan 10 Year Bond (TSE) JPY 52,924,104 (67,537) Mar-07 22 US 2 Year Note (CBT) USD 4,488,344 (94,907) Mar-07 (130) US 5 Year Note (CBT) USD (13,654,063) 258,016 Mar-07 118 US 10 Year Note Future USD 12,677,625 (77,133) Mar-07 183 US Long Bond (CBT) USD 20,358,750 (409,398)

Total Bond Futures (950,871)

Interest Rate Futures

Mar-07 (229) 90 Day Bank Bill (SFE) AUD (40,363,138) 18,817 Mar-07 (28) Sterling MID-CRV GBP (6,484,972) 7,545 Jun-07 28 Sterling MID-CRV GBP 6,481,542 (11,660) Jun-07 254 3 Month Euro Yen (TFX) JPY 52,917,111 19,814 Sep-07 229 90 Day Bank Bill (SFE) AUD 40,354,503 (27,453) Mar-08 (192) 3 Month Euro Euribor (LIF) EUR (60,703,250) 175,060 Mar-08 (254) 3 Month Euro Yen (TFX) JPY (52,759,755) (27,259) Dec-08 192 3 Month Euro Euribor (LIF) EUR 60,722,231 (179,196)

Total Interest Rate Futures (24,332)

Total Unrealised Net Loss on Financial Futures Contracts (975,203)

Schedule of Investments - Outstanding Forward Foreign Exchange Contracts (Expressed in USD) As at 31 December 2006

Unrealised Maturity Amount Amount Gain/ Date Currency Purchased Currency Sold (Loss)

25-Jan-07 AUD 981,889 USD 753,849 20,595 25-Jan-07 CAD 2,296,000 USD 1,994,746 (17,283) 25-Jan-07 EUR 3,401,940 USD 4,488,093 1,291 25-Jan-07 GBP 351,406 EUR 518,604 4,364 25-Jan-07 GBP 354,579 USD 696,512 (1,553) 25-Jan-07 JPY 4,696,200,000 USD 41,030,494 (1,455,377) 25-Jan-07 MXN 37,273,869 USD 3,398,249 36,480 25-Jan-07 PLN 14,743,163 USD 5,122,069 (41,178) 25-Jan-07 USD 1,616,044 AUD 2,081,889 (26,002) 25-Jan-07 USD 7,306,580 CAD 8,356,682 109,266 25-Jan-07 USD 173,365,228 EUR 134,666,036 (4,347,349) 25-Jan-07 USD 37,456,736 GBP 19,605,924 (970,100) 25-Jan-07 USD 71,234,449 JPY 8,341,993,384 936,045 25-Jan-07 USD 4,194,659 MXN 46,154,373 (58,396) 25-Jan-07 USD 10,734,874 PLN 31,706,523 (192,047) 25-Jan-07 USD 2,583,969 SEK 17,704,711 (1,511) 25-Jan-07 USD 4,035,606 SGD 6,270,000 (58,158)

Total Unrealised Net Loss on Forward Foreign Exchange Contracts (6,060,913)

Schedule of Investments - Outstanding Future Option Contracts (Expressed in USD) As at 31 December 2006

Unrealised Market Gain/ Quantity Contract Currency Value (Loss)

464 3 Month GBP Libor Call Option, Strike Price 94.75 expiring on March 07 GBP 11,366 (22,732) (464) 3 Month GBP Libor Call Option, Strike Price 94.875 expiring on March 07 GBP (2,842) 8,525

Total 8,524 (14,207)

82 JPMorgan Investment Funds - Global Bond Fund (USD) Schedule of Investments - Outstanding Credit Default Swaps (Expressed in USD) As at 31 December 2006

Protection Unrealised Buy/ Gain/ Sell Counterparty Description Currency Nominal Maturity (Loss)

Buyer BNP Paribas Akzo Nobel 4.25% 14/06/2011 EUR 2,600,000 20/12/2011 1,301 Buyer Deutsche Bank Barclays Bank FRN 27/10/2015 EUR 5,500,000 20/12/2011 (5,977) Buyer UBS BASF 3.5% 08/07/2010 EUR 2,600,000 20/12/2011 (3,852) Buyer Morgan Stanley Hannover Finance Luxembourg FRN 26/02/2024 EUR 5,300,000 20/12/2011 33,088 Buyer Morgan Stanley Munich Re Finance FRN 21/06/2023 EUR 5,300,000 20/12/2011 (1,960) Buyer UBS Reed Elsevier Capital 5.75% 31/07/2008 EUR 2,600,000 20/12/2011 (5,930) Buyer UBS Solvay 4.625% 27/06/2018 EUR 2,600,000 20/12/2011 (2,205) Buyer Morgan Stanley Thales 4.375% 22/07/2011 EUR 2,600,000 20/12/2011 (1,362)

Seller Deutsche Bank Barclays Bank FRN 27/10/2015 EUR 5,500,000 20/12/2012 6,805 Seller Morgan Stanley DaimlerChrysler 7.2% 01/09/2009 EUR 5,500,000 20/12/2007 (391) Seller UBS Gaz Capital for Gazprom 7.8% 27/09/2010 USD 7,300,000 20/12/2007 3,665 Seller BNP Paribas Kaupthing Bank FRN 01/12/2009 EUR 4,620,000 20/12/2007 9,066 Seller Deutsche Bank Montpelier Re Holdings 6.125% 15/08/2013 USD 5,500,000 20/12/2007 2,030

Total Unrealised Net Gain on Credit Default Swaps 34,278

Schedule of Investments - Outstanding Interest Rates Swaps (Expressed in USD) As at 31 December 2006

Unrealised Maturity Notional Gain/ Date Counterparty Denomination Currency Amount (Loss)

24-Nov-08 UBS Receive floating rate JPY LIBOR 6 months JPY 1,246,000,000 (7,022) Pay fixed rate 0.9275% 05-Dec-08 Citibank Receive fixed rate 0.895% JPY 820,000,000 122,288 Pay floating rate JPY LIBOR 6 months 07-Dec-08 Citibank Receive floating rate JPY LIBOR 6 months JPY 1,616,000,000 240,261 Pay fixed rate 0.9175% 08-Dec-08 Deutsche Bank Receive floating rate JPY LIBOR 6 months JPY 2,359,000,000 (13,496) Pay fixed rate 0.96% 03-Oct-09 UBS Receive fixed rate 0.93875% JPY 13,313,000,000 (201,739) Pay floating rate JPY LIBOR 6 months 23-Oct-11 Crédit Suisse Receive floating rate EUROLIBOR 6 months EUR 11,790,000 (48,416) Pay fixed rate 3.931% 23-Oct-11 Crédit Suisse Receive fixed rate 5.211% GBP 8,130,000 150,740 Pay floating rate GBP LIBOR 6 months 24-Oct-11 Deutsche Bank Receive fixed rate 1.42375% JPY 864,000,000 41,248 Pay floating rate JPY LIBOR 6 months 04-Dec-11 Deutsche Bank Receive floating rate JPY LIBOR 6 months JPY 503,000,000 (2,060) Pay fixed rate 1.35% 24-Oct-16 Deutsche Bank Receive floating rate JPY LIBOR 6 months JPY 909,000,000 (150,613) Pay fixed rate 1.95625% 24-Nov-16 UBS Receive fixed rate 1.8475 % JPY 267,000,000 13,485 Pay fixed rate 1.8475% 04-Dec-16 Deutsche Bank Receive fixed rate 1.82% JPY 264,000,000 10,771 Pay floating rate JPY LIBOR 6 months 07-Dec-16 Citibank Receive fixed rate 1.7725% JPY 346,000,000 478,129 Pay floating rate JPY LIBOR 6 months 08-Dec-16 Deutsche Bank Receive fixed rate 1.785% JPY 505,000,000 5,337 Pay floating rate JPY LIBOR 6 months 12-Dec-16 Deutsche Bank Receive floating rate JPY LIBOR 6 months JPY 422,000,000 (6,590) Pay fixed rate 1.795% 24-Oct-26 Deutsche Bank Receive fixed rate 2.4575% JPY 258,000,000 89,245 Pay floating rate JPY LIBOR 6 months 12-Dec-26 Deutsche Bank Receive fixed rate 2.25% JPY 237,000,000 6,754 Pay floating rate JPY LIBOR 6 months

Total Unrealised Net Gain on Interest Rates Swaps 728,322

83 JPMorgan Investment Funds - Global Capital Appreciation Fund Schedule of Investments (Expressed in EUR) (continued) As at 31 December 2006

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

Transferable Securities Admitted to an Official Exchange Listing 8,013 PNC Financial Services Group 453,569 0.22 6,837 Precision Castparts 410,552 0.20 Shares 18,030 Procter & Gamble 883,239 0.44 6,910 Prudential Financial 450,479 0.22 UNITED STATES OF AMERICA Qualcomm 414,919 0.21 14,005 Agilent Technologies 375,916 0.20 14,415 Rent-A-Center 328,885 0.16 7,338 Akamai Technologies 300,789 0.16 14,600 Reynolds American 393,089 0.19 7,974 Altria Group 520,266 0.26 7,860 Royal Caribbean Cruises 372,848 0.18 15,585 American Capital Strategies 547,325 0.27 11,760 Safeway 453,166 0.22 14,430 American Eagle Outfitters 342,878 0.17 17,076 SEACOR Holdings 353,676 0.17 13,312 American Electric Power 430,132 0.21 4,681 Sempra Energy 451,043 0.22 18,402 American Financial Group 505,388 0.25 10,573 Sotheby’s 203,613 0.10 7,196 Apache 361,956 0.18 8,580 Standard-Pacific 353,088 0.17 4,705 Apple Computer 301,732 0.15 17,340 Starwood Hotels & Resorts Worldwide 339,614 0.17 10,588 Assurant 445,899 0.22 7,110 Supervalu 408,597 0.20 18,915 AT&T 516,033 0.26 14,890 Swift Energy 324,522 0.16 31,869 Bank of America 1,298,116 0.64 9,360 Terex 384,392 0.19 3,506 Bear Stearns 435,929 0.22 7,713 Thermo Fisher Scientific 371,429 0.18 14,434 BellSouth 519,825 0.26 10,760 TIBCO Software 405,898 0.20 17,837 Bristol-Myers Squibb 354,277 0.18 55,847 Time Warner 534,967 0.26 6,567 Burlington Northern Santa Fe 369,428 0.18 32,081 Union Pacific 362,210 0.18 11,447 CenturyTel 382,117 0.19 5,181 United Technologies 438,207 0.22 11,218 Chevron 629,028 0.31 9,177 US Bancorp 466,760 0.23 10,810 Chubb 436,796 0.22 16,944 Valero Energy 331,350 0.16 4,482 Cigna 449,866 0.22 8,527 VF 459,956 0.23 26,420 Cisco Systems 551,411 0.27 7,389 Wachovia 402,912 0.20 9,943 CIT Group 426,807 0.21 9,270 Walt Disney 515,503 0.25 20,151 Citigroup 854,442 0.42 19,661 Weatherford International 336,604 0.17 6,294 Cognizant Technology Solutions - A Shares 371,643 0.18 10,627 WellPoint 307,659 0.15 14,110 Comcast - A Shares 458,701 0.23 5,143 Western Union 394,242 0.20 10,806 ConocoPhillips 595,105 0.29 23,178 Windstream 415,257 0.21 9,773 Consolidated Edison 357,525 0.18 38,682 Wyeth 432,999 0.21 24,470 Convergys 444,808 0.22 11,169 Xcel Energy 344,624 0.17 9,086 Countrywide Financial 296,755 0.15 19,690 Xerox 383,099 0.19 12,436 CSX 330,878 0.16 29,530 6,300 Devon Energy 320,329 0.16 21,075 DIRECTV Group 399,243 0.20 53,743,855 26.58 18,427 Duke Energy 464,554 0.23 JAPAN 36,943 Exxon Mobil 2,160,637 1.07 34,000 Brother Industries 349,072 0.17 8,531 Fannie Mae 388,138 0.19 12,300 Canon 525,195 0.26 10,304 Federated Department Stores 300,888 0.15 17,500 Daiichi Sankyo 414,879 0.21 46,364 General Electric 1,316,947 0.65 11,200 Eisai 466,806 0.23 6,864 Gilead Sciences 341,768 0.17 16,800 Honda Motor 503,208 0.25 3,190 Goldman Sachs Group 488,386 0.24 100,000 Isuzu Motors 356,248 0.18 1,226 Google - A Shares 430,890 0.21 144 Japan Tobacco 527,680 0.26 7,061 Guess ? 344,184 0.17 61,000 Kawasaki Kisen Kaisha 361,926 0.18 6,333 Hartford Financial Services Group 448,754 0.22 25,000 Komatsu 384,767 0.19 17,483 Hewlett-Packard 551,110 0.27 12,100 Makita 281,461 0.14 32,375 Intel 502,536 0.25 29,600 Mitsubishi 422,552 0.21 6,430 International Business Machines 475,628 0.24 59,000 Mitsubishi Electric 408,340 0.20 6,413 J.C. Penney 380,713 0.19 48 Mitsubishi UFJ Financial Group 449,675 0.22 17,410 Johnson & Johnson 874,264 0.43 25,000 Mitsui Fudosan 462,835 0.23 5,874 Jones Lang LaSalle 414,625 0.21 69,000 Mitsui OSK Lines 516,247 0.26 8,720 KB Home 343,547 0.17 67 Mizuho Financial Group 362,940 0.18 17,712 Kraft Foods - A Shares 479,048 0.24 29,000 Nikon 482,369 0.24 11,482 Lam Research 449,489 0.22 2,500 Nintendo 492,310 0.24 11,065 Leap Wireless International 506,114 0.25 69,000 Nippon Oil 350,028 0.17 6,972 Lehman Brothers Holdings 414,586 0.21 121 Nippon Telegraph & Telephone 451,880 0.22 8,800 Lexmark International - A Shares 494,245 0.24 49,200 Nissan Motor 449,316 0.22 9,507 Lincoln National 479,137 0.24 51,000 NSK 381,249 0.19 7,077 Lockheed Martin 495,084 0.24 17,000 Olympus 405,192 0.20 13,191 Loews 415,915 0.21 1,970 ORIX 432,510 0.21 10,261 Loews - Carolina Group 503,592 0.25 33,000 Sekisui House 364,463 0.18 7,069 Manpower 405,981 0.20 8,400 Shin-Etsu Chemical 426,656 0.21 6,896 Marathon Oil 486,084 0.24 30,900 Sumitomo 350,722 0.17 15,500 Mattel 266,114 0.13 58,000 Sumitomo Trust & Banking 461,300 0.23 15,114 McDonald’s 511,062 0.25 15,700 Suzuki Motor 336,186 0.17 15,655 MEMC Electronic Materials 471,633 0.23 18,300 Tokyo Electric Power 449,006 0.22 16,478 Merck & Co. 541,433 0.27 13,900 Toyota Motor 705,129 0.35 10,115 Metlife 453,913 0.22 78,000 Yokohama Rubber 356,911 0.18 49,331 Microsoft 1,125,769 0.56 6,120 Molson Coors Brewing - B Shares 355,565 0.18 13,689,058 6.77 5,660 Morgan Stanley 350,481 0.17 23,075 Motorola 363,605 0.18 UNITED KINGDOM 8,740 Nationwide Financial Services - A Shares 361,840 0.18 34,817 3i Group 522,550 0.27 29,411 News - B Shares 498,030 0.25 33,982 Alliance Boots 423,120 0.21 13,447 Nordstrom 502,133 0.25 9,520 AstraZeneca 388,375 0.19 15,371 Novellus Systems 403,487 0.20 36,688 Aviva 448,359 0.22 14,482 Nvidia 414,211 0.20 52,365 Barclays 568,322 0.28 10,820 Occidental Petroleum 402,230 0.20 27,305 Barratt Developments 501,348 0.25 24,267 Old Republic International 431,728 0.21 16,560 Bellway 380,135 0.19 24,114 Oracle 316,312 0.16 40,432 BP 341,131 0.17 13,690 Pactiv 376,395 0.19 67,366 British Airways 528,316 0.26 26,906 Pfizer 531,955 0.26 23,971 British Land 610,840 0.30 14,055 PG&E 505,430 0.25 68,914 Centrica 363,207 0.18 10,030 Phillips-Van Heusen 389,375 0.19 11,767 GlaxoSmithKline 235,123 0.12 43,660 HSBC Holdings 604,315 0.30 84 JPMorgan Investment Funds - Global Capital Appreciation Fund Schedule of Investments (Expressed in EUR) (continued) As at 31 December 2006

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

78,839 International Power 447,456 0.22 NETHERLANDS 217,497 Legal & General Group 509,289 0.25 14,044 ING Groep - CVA 473,845 0.22 71,504 Man Group 555,718 0.27 7,437 Mittal Steel 238,207 0.12 7,061 Rio Tinto 285,329 0.14 17,142 Royal Dutch Shell - B Shares 456,189 0.23 2,083,312 Rolls-Royce Group - B Shares 3,097 0.00 40,651 Royal KPN 438,624 0.22 17,184 Royal Bank of Scotland Group 509,169 0.25 21,019 Standard Chartered 466,242 0.23 1,606,865 0.79 83,180 Tesco 500,228 0.25 FINLAND 22,471 Fortum 484,475 0.25 9,191,669 4.55 12,858 Kesko - B Shares 513,163 0.25 FRANCE 9,490 Wartsila - B Shares 389,659 0.19 13,225 Air France - KLM 421,878 0.22 4,213 Assurances Générales de France 497,134 0.25 1,387,297 0.69 17,286 AXA 531,717 0.26 HONG KONG 5,118 BNP Paribas 425,050 0.21 68,000 China Mobile 445,791 0.23 7,886 Compagnie de Saint-Gobain 503,521 0.25 320,000 China Resources Power Holdings 366,498 0.18 9,969 Crédit Agricole 318,410 0.16 53,000 Swire Pacific - A Shares 431,992 0.21 4,555 Lafarge 516,082 0.26 4,240 Nexans 410,008 0.20 1,244,281 0.62 3,850 PPR 434,665 0.21 3,647 Renault 332,789 0.16 NORWAY 6,719 Sanofi-Aventis 472,682 0.23 10,692 Orkla 458,309 0.23 3,647 Société Générale 472,287 0.23 40,008 Telenor 570,833 0.28 12,421 Suez 487,152 0.24 11,074 Total 607,409 0.30 1,029,142 0.51 1,664 Vallourec 367,578 0.18 AUSTRALIA 16,065 Vivendi 477,291 0.24 32,238 BHP Billiton 488,377 0.24 44,900 Zinifex 505,172 0.25 7,275,653 3.60 GERMANY 993,549 0.49 3,465 Allianz Registered Shares 536,243 0.27 BELGIUM 6,675 BASF 492,949 0.24 15,930 Fortis 517,088 0.25 4,575 Deutsche Bank Registered Shares 463,631 0.23 9,204 InBev 459,188 0.23 31,693 Deutsche Lufthansa Registered Shares 660,799 0.33 4,642 E.ON 477,337 0.24 976,276 0.48 2,877 Fresenius Preference Shares 468,404 0.23 4,997 Henkel KGaA 490,705 0.24 BRAZIL 5,855 Linde 458,212 0.23 16,400 Companhia Vale do Rio Doce ADR 371,149 0.18 4,238 Merck KGaA 332,853 0.16 7,412 Petroleo Brasileiro ADR 566,036 0.28 2,670 Münchener Rückversicherungs Registered Shares 348,221 0.17 3,660 Salzgitter 362,523 0.18 937,185 0.46 3,496 Volkswagen 300,271 0.15 MEXICO 14,288 America Movil ADR - L Shares 489,094 0.24 5,392,148 2.67 4,797 Fomento Economico Mexicano ADR 424,382 0.21 SWITZERLAND 41,891 ABB Registered Shares 567,920 0.29 913,476 0.45 9,702 Crédit Suisse Group Registered Shares 511,039 0.25 SWEDEN 1,944 Nestlé Registered Shares 522,868 0.26 11,100 Alfa Laval 378,172 0.19 9,576 Novartis Registered Shares 418,053 0.21 160,280 Telefonaktiebolaget LM Ericsson - B Shares 489,333 0.24 4,055 Roche Holding - Genussschein 551,000 0.27 2,409 Swatch Group - B Shares 403,369 0.20 867,505 0.43 1,230 Swisscom Registered Shares 351,862 0.17 10,192 UBS Registered Shares 469,030 0.23 IRELAND 6,370 Xstrata 241,496 0.12 15,493 Allied Irish Banks 348,593 0.17 2,794 Zürich Financial Services 569,046 0.28 27,956 C&C Group 376,008 0.19

4,605,683 2.28 724,601 0.36 ITALY SINGAPORE 18,684 ENI 477,563 0.24 172,000 CapitaLand 527,614 0.26 31,808 Fiat 459,626 0.23 25,430 SanPaolo IMI 448,331 0.22 527,614 0.26 223,010 Telecom Italia - RNC Shares 429,071 0.21 BERMUDA 75,867 UniCredito Italiano 504,895 0.25 6,270 Arch Capital Group 323,323 0.16

2,319,486 1.15 323,323 0.16 SPAIN GREECE 25,806 Banco Bilbao Vizcaya Argentaria 470,185 0.24 20,740 Piraeus Bank 506,471 0.25 36,279 Banco Santander Central Hispano 510,446 0.25 11,160 Endesa 399,193 0.20 506,471 0.25 4,480 Fomento de Construcciones y Contratas 344,736 0.17 18,834 Repsol YPF 495,146 0.24 INDIA 11,116 Reliance Industries 144A GDR 484,032 0.24 2,219,706 1.10 484,032 0.24 CANADA 9,435 Bank of Montreal 423,974 0.21 TAIWAN 5,922 First Quantum Minerals 235,488 0.12 41,554 HON HAI Precision Industry Registered Shares 7,954 Inmet Mining 316,290 0.16 GDR 444,512 0.22 3,244 IPSCO 229,524 0.11 5,351 Teck Cominco - B Shares 302,437 0.15 444,512 0.22 10,343 Toronto-Dominion Bank 472,543 0.23

1,980,256 0.98

85 JPMorgan Investment Funds - Global Capital Appreciation Fund Schedule of Investments (Expressed in EUR) (continued) As at 31 December 2006

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

RUSSIA CHINA 3,385 Mining and Metallurgical Company Norilsk Nickel 750,000 Datang International Power ADR 405,758 0.20 Generation 09.09.08/0.750% 876,961 0.43

405,758 0.20 876,961 0.43 AUSTRIA BRITISH VIRGIN ISLANDS 9,460 Voestalpine 404,604 0.20 800,000 CNOOC Finance 2004 15.12.09/0.000% 774,296 0.38

404,604 0.20 774,296 0.38 LUXEMBOURG GERMANY 19,247 Tenaris 364,346 0.17 600,000 KfW - Kreditanstalt fuer Wiederaufbau 08.08.08/0.750% 598,860 0.30 364,346 0.17 598,860 0.30 Total Shares 114,558,351 56.66 CAYMAN ISLANDS Bonds 2,570,000 Xinao Gas Holdings 15.11.09/0.000% 397,063 0.20 BELGIUM 397,063 0.20 2,700,000 Belgium (Kingdom of) 28.03.10/3.000% 2,627,863 1.30 Total Convertible Bonds 15,719,505 7.78 2,627,863 1.30 Total Transferable Securities Admitted to an 137,615,817 68.07 GERMANY Official Exchange Listing 200,000 Germany (Federal Republic of) 04.01.11/5.250% 209,618 0.10 1,625,000 Germany (Federal Republic of) 1,801,632 0.89 04.07.34/4.750% Transferable Securities Dealt in on Another Regulated Market 2,011,250 0.99 Bonds SPAIN NETHERLANDS 1,900,000 Santander International Debt 23.03.11/3.814%* 1,899,058 0.94 900,000 Holland Euro-Denominated Mortgage Backed Series 11 A 18.09.40/3.799%* 900,193 0.45 1,899,058 0.94 201,453 Smile Synthetic 05 A 20.01.15/3.651%* 201,547 0.10 LUXEMBOURG 1,100,000 Storm 2006-1 A2 22.04.48/3.629%* 1,099,982 0.54 800,000 Merrill Lynch 29.09.10/3.922%* 799,790 0.40 500,000 Vesteda Residential Funding 2 A1 20.07.17/3.631%* 498,750 0.25 799,790 0.40 2,700,472 1.34 Total Bonds 7,337,961 3.63 UNITED KINGDOM 350,000 Metrix Funding 1X A2 10.02.19/3.787%* 350,630 0.17 Convertible Bonds 859,299 Paragon Mortgages 9X AB 15.05.41/3.767%* 860,491 0.43 JAPAN 190,000 Prominent CMBS Funding 1 A1 20.12.32/3.929%* 190,357 0.09 280,000,000 Mitsui OSK Lines 29.03.11/0.000% 2,094,552 1.04 1,401,478 0.69 2,094,552 1.04 IRELAND SINGAPORE 200,000 Celtic Residential Irish Mortgage 3,250,000 Somerset Global 12.01.09/0.000% 1,923,782 0.95 Securitisation 9 A2 13.11.47/3.770%* 200,096 0.10

1,923,782 0.95 200,096 0.10 NETHERLANDS Total Bonds 4,302,046 2.13 800,000 Bayer Capital 01.06.09/6.625% 920,400 0.45 1,350,000 Pargesa Netherlands 27.04.13/1.700% 925,807 0.46 Convertible Bonds

1,846,207 0.91 UNITED STATES OF AMERICA 1,600,000 3M 21.11.32/2.400%* 1,113,724 0.55 BERMUDA 1,900,000 Amgen 01.03.32/0.000% 1,086,507 0.54 575,000 Holcim Overseas Finance 10.06.12/1.000% 461,640 0.23 950,000 Lockheed Martin 15.08.33/5.124%* 960,422 0.48 1,200,000 Hongkong Land CB 2005 21.12.12/2.750% 1,031,010 0.51 1,150,000 Merrill Lynch & Co. 13.03.32/0.000% 1,163,000 0.58 3,000,000 Prudential Financial 15.11.35/2.614%* 2,325,119 1.15 1,492,650 0.74 1,100,000 SLM 25.07.35/5.327%* 836,955 0.41 930,000 Teva Pharmaceutical Finance 01.02.26/0.250% 676,457 0.33 IRELAND 1,100,000 Wells Fargo & Co. 01.05.33/5.121%* 841,728 0.42 1,050,000 Unicredito Italiano Bank/Ireland 19.12.08/2.500%* 1,286,250 0.64 1,150,000 Wyeth 15.01.24/5.109%* 955,352 0.47 1,286,250 0.64 9,959,264 4.93 UNITED STATES OF AMERICA 1,350,000 Nestlé Holdings 11.06.08/0.000% 1,180,136 0.58 Total Convertible Bonds 9,959,264 4.93

1,180,136 0.58 Commercial Papers TAIWAN BELGIUM 1,063,000 Compal Electronics 19.08.10/0.000% 811,628 0.40 3,500,000 BMW Coordination Center 16.01.07/0.000% 3,494,145 1.73 400,000 United Microelectronics 15.02.08/0.000% 321,306 0.16 3,494,145 1.73 1,132,934 0.56 UNITED STATES OF AMERICA UNITED KINGDOM 1,500,000 Mane Funding 26.02.07/0.000% 1,491,381 0.74 870,000 3i Group 01.08.08/1.375% 1,094,806 0.54 2,000,000 Morgan Stanley International Funding 21.03.07/0.000% 1,984,435 0.98 1,094,806 0.54 3,475,816 1.72 JERSEY 1,180,000 UBS/Jersey Branch 03.06.09/0.125% 1,021,008 0.51 PORTUGAL 3,000,000 Caixa Geral de Depositos 15.01.07/0.000% 2,995,428 1.48 1,021,008 0.51 2,995,428 1.48

86 JPMorgan Investment Funds - Global Capital Appreciation Fund Schedule of Investments (Expressed in EUR) (continued) As at 31 December 2006

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

FRANCE 2,000,000 LMA 27.02.07/0.000% 1,988,599 0.98 Allocation of Portfolio as at 31 December 2006 % of Net Assets 1,988,599 0.98 Fixed Income Securities United States of America 7.23 LUXEMBOURG Belgium 3.03 1,500,000 Dexia Banque Internationale 08.02.07/0.000% 1,494,092 0.74 Netherlands 2.25 United Kingdom 1,494,092 0.74 1.72 Portugal 1.48 IRELAND Ireland 1.48 1,500,000 IIB Capital 13.02.07/0.000% 1,493,341 0.74 Luxembourg 1.44 Germany 1.29 1,493,341 0.74 Japan 1.04 France 0.98 UNITED KINGDOM Singapore 0.95 1,000,000 HBOS Treasury Services 05.02.07/0.000% 996,526 0.49 Spain 0.94 Bermuda 996,526 0.49 0.74 Taiwan 0.56 Jersey 0.51 Total Commercial Papers 15,937,947 7.88 China 0.43 Investment Funds British Virgin Islands 0.38 Cayman Islands 0.20 LUXEMBOURG Total Fixed Income Securities 1 JPMorgan Lux Funds - Emerging Markets Value 26.65 Fund (JPM Emerging Markets Value X (acc) - USD) 174 0.00 Shares 795 JPMorgan Liquidity Funds - Euro Enhanced Yield Financials 14.89 Fund (JPM Euro Enhanced Yield X (acc)) 9,040,900 4.47 Consumer Discretionary 7.59 Industrials 6.73 9,041,074 4.47 Information Technology 5.42 Energy 4.98 Total Investment Funds 9,041,074 4.47 Investment Companies 4.47 Consumer Staples 4.31 Total Transferable Securities Dealt in on 39,240,331 19.41 Health Care 3.52 Another Regulated Market Materials 3.49 Utilities 2.99 Other Transferable Securities Telecommunication Services 2.74 Total Shares 61.13 Convertible Bonds Cash and Other Assets/(Liabilities) 12.22 LUXEMBOURG Total 500,000 J.P. Morgan Bank Luxembourg 30.12.99/4.572%* 603,750 0.30 100.00

603,750 0.30

Total Convertible Bonds 603,750 0.30

Total Other Transferable Securities 603,750 0.30

Total Investments 177,459,898 87.78

Cash 21,415,226 10.59

Other Assets/(Liabilities) 3,297,017 1.63

Total Net Assets 202,172,141 100.00

* Variable coupon rates are those quoted as at 31 December 2006.

87 JPMorgan Investment Funds - Global Capital Appreciation Fund Schedule of Investments (Expressed in EUR) (continued) As at 31 December 2006

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

Allocation of Portfolio as at 30 June 2006 (Unaudited) % of Net Assets Fixed Income Securities United States of America 5.86 Germany 4.74 United Kingdom 4.04 Netherlands 3.33 France 3.06 Japan 2.87 Sweden 2.55 Ireland 1.98 Belgium 1.35 Luxembourg 1.22 Spain 0.97 Portugal 0.87 Singapore 0.84 Bermuda 0.73 Taiwan 0.60 Jersey 0.53 Canada 0.46 Malaysia 0.38 British Virgin Islands 0.36 China 0.32 Cayman Islands 0.17 Total Fixed Income Securities 37.23 Shares Financials 12.82 Consumer Discretionary 5.23 Energy 5.19 Industrials 5.04 Investment Companies 4.55 Consumer Staples 4.08 Information Technology 3.85 Health Care 3.76 Materials 3.27 Utilities 2.03 Telecommunication Services 1.78 Total Shares 51.60 Cash and Other Assets/(Liabilities) 11.17 Total 100.00

88 JPMorgan Investment Funds - Global Capital Appreciation Fund Schedule of Investments - Outstanding Financial Futures Contracts (Expressed in EUR) As at 31 December 2006

Unrealised Maturity (Short) / Long Gain/ Date Quantity Contract Currency Position (Loss)

Equity Futures

Mar-07 (328) DJ Euro Stoxx 50 EUR (13,638,240) (249,280) Mar-07 (81) TOPIX Index Future JPY (8,685,216) (420,710) Mar-07 (32) S&P 500 Future USD (8,712,541) (68,280)

Total Equity Futures (738,270)

Interest Rate Futures

Jun-07 7 3 Months Euro Euribor (LIF) EUR 1,679,038 (2,100)

Total Interest Rate Futures (2,100)

Total Unrealised Net Loss on Financial Futures Contracts (740,370)

Schedule of Investments - Outstanding Forward Foreign Exchange Contracts (Expressed in EUR) As at 31 December 2006

Unrealised Maturity Amount Amount Gain/ Date Currency Purchased Currency Sold (Loss)

31-Jan-07 EUR 315,292 AUD 529,963 (1,303) 31-Jan-07 EUR 1,235,743 CAD 1,764,179 84,503 31-Jan-07 EUR 5,394,952 CHF 8,583,552 49,990 31-Jan-07 EUR 11,417,830 GBP 7,735,580 (68,060) 31-Jan-07 EUR 882,769 HKD 8,624,479 41,604 31-Jan-07 EUR 16,481,055 JPY 2,456,709,388 784,768 31-Jan-07 EUR 130,614 NOK 1,100,000 (2,951) 31-Jan-07 EUR 1,498,514 SGD 2,967,379 30,373 31-Jan-07 EUR 76,665,842 USD 96,787,820 3,345,032 31-Jan-07 GBP 1,478,289 EUR 2,183,138 11,845 31-Jan-07 HKD 4,519,314 EUR 454,768 (13,989) 31-Jan-07 JPY 100,000,000 EUR 658,025 (19,110) 31-Jan-07 USD 4,600,000 EUR 3,562,639 (77,947)

Total Unrealised Net Gain on Forward Foreign Exchange Contracts 4,164,755

Schedule of Investments - Outstanding Currency Option Contracts (Expressed in EUR) As at 31 December 2006

Unrealised Market Value Gain/ Exercise Date Description Put Currency and Amount Call Currency and Amount (Loss)

04-Jan-07 Vanilla EUR/USD EUR 5,041,000 USD 6,316,373 - (33,523) 04-Jan-07 Vanilla EUR/USD EUR 5,041,000 USD 6,316,373 2 (33,016) 04-Jan-07 Vanilla EUR/USD EUR 5,041,403 USD 6,316,878 - (32,719)

Total 2 (99,258)

89 JPMorgan Investment Funds - Global Capital Preservation Fund (EUR) Schedule of Investments (Expressed in EUR) As at 31 December 2006

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

Transferable Securities Admitted to an Official Exchange Listing GERMANY 95,731 Allianz Registered Shares 14,815,330 0.61 Shares 557,747 Deutsche Telekom 7,719,217 0.32

UNITED STATES OF AMERICA 22,534,547 0.93 211,655 Altria Group 13,809,521 0.58 403,989 Bank of America 16,455,633 0.68 CHINA 553,260 Cisco Systems 11,547,062 0.48 14,560,000 China Construction Bank - H Shares ** 7,031,048 0.29 551,894 Corning 7,859,078 0.32 10,182,000 Golden Eagle Retail Group 6,863,800 0.28 184,770 Hartford Financial Services Group 13,092,723 0.54 1,641,000 Ping An Insurance Group Co. of China - H Shares ** 6,891,841 0.28 17,092 Idearc 368,397 0.02 309,114 Johnson & Johnson 15,522,537 0.64 20,786,689 0.85 180,599 Johnson Controls 11,835,325 0.49 SOUTH KOREA 767,031 News - B Shares 12,988,492 0.54 32,950 Samsung Electronics 144A GDR 8,224,376 0.34 745,831 Oracle 9,783,338 0.40 53,536 SK Telecom 9,717,280 0.40 221,090 Procter & Gamble 10,830,575 0.45 214,910 United Technologies 10,262,071 0.42 17,941,656 0.74 341,857 Verizon Communications 9,759,562 0.40 SOUTH AFRICA 144,114,314 5.96 171,080 Anglo Platinum 15,909,874 0.66

UNITED KINGDOM 15,909,874 0.66 227,589 Anglo American 8,428,594 0.34 1,420,564 Barclays 15,417,495 0.64 TAIWAN 1,251,600 BG Group 12,895,225 0.53 1,403,794 Taiwan Semiconductor Manufacturing ADR 11,757,747 0.49 3,075,249 BT Group 13,784,714 0.57 3,598,661 Frontier Mining 802,532 0.03 11,757,747 0.49 1,943,570 Hunting 17,337,305 0.72 NETHERLANDS 97,913 Lonmin 4,381,643 0.18 316,139 Fugro - CVA 11,437,909 0.47 1,917,924 Northumbrian Water Group 8,725,352 0.36 471,728 Shire 7,427,074 0.31 11,437,909 0.47 343,730 Standard Chartered 7,624,589 0.32 91 Tesco 547 0.00 NORWAY 483,635 Norsk Hydro 11,378,472 0.47 96,825,070 4.00 11,378,472 0.47 JAPAN 467,100 Elpida Memory 19,468,304 0.79 ISRAEL 488,000 JFE Holdings 19,064,298 0.79 2,511,165 Makhteshim-Agan Industries 10,809,048 0.45 784,000 Mitsui & Co. 8,893,579 0.37 452,000 Mitsui Fudosan 8,368,066 0.35 10,809,048 0.45 1,222,000 Mitsui Trust Holdings 10,638,060 0.44 BRAZIL 2,750,000 Nankai Electric Railway 7,185,501 0.30 129,090 Petroleo Brasileiro ADR 9,060,099 0.37 867 Sumitomo Mitsui Financial Group 6,740,924 0.28 606,200 Yakult Honsha 13,212,425 0.55 9,060,099 0.37 93,571,157 3.87 DENMARK 168,858 Genmab 8,662,084 0.36 FRANCE 160,725 BNP Paribas 13,348,211 0.55 8,662,084 0.36 132,402 Groupe Danone 15,252,710 0.63 6,646,567 Rhodia 17,480,471 0.72 GREECE 154,148 Sanofi-Aventis 10,844,312 0.45 776,650 Sidenor Steel Production & Manufacturing 6,896,652 0.29

56,925,704 2.35 6,896,652 0.29 SWITZERLAND 685,843,749 28.35 259,741 Adecco Registered Shares 13,382,666 0.55 Total Shares 352,209 Compagnie Financière Richemont - Bearer A Bonds Shares 15,562,313 0.64 122,470 Julius Baer Holding 10,213,347 0.42 GERMANY 79,276 Roche Holding - Genussschein 10,772,160 0.45 175,000,000 Germany (Federal Republic of) 04.01.08/5.250% 177,332,750 7.33 58,000,000 Germany (Federal Republic of) 04.01.11/5.250% 60,789,104 2.51 49,930,486 2.06 7,110,000 Germany (Federal Republic of) 04.01.12/5.000% 7,450,455 0.31 14,000,000 KfW - Kreditanstalt fuer HONG KONG Wiederaufbau 20.06.07/2.625% 13,928,530 0.58 851,000 Cheung Kong Holdings 7,949,171 0.33 7,576,000 China Resources Power Holdings 8,676,840 0.36 259,500,839 10.73 842,800 Jardine Matheson Holdings 13,683,271 0.57 1,260,000 Swire Pacific - A Shares 10,270,001 0.42 UNITED KINGDOM 120,000,000 UK Treasury 07.03.11/4.250% 173,148,791 7.16 40,579,283 1.68 173,148,791 7.16 ITALY 2,322,796 Polynt 5,998,621 0.25 NETHERLANDS 611,153 Saipem 12,094,718 0.50 100,130,000 Netherlands (Government of) 15.02.07/5.750% 100,370,312 4.15 794,850 SanPaolo IMI 14,013,206 0.58 100,370,312 4.15 32,106,545 1.33 BELGIUM AUSTRALIA 100,000,000 Belgium (Kingdom of) 28.03.09/3.750% 99,706,200 4.12 1,958,203 Brambles 14,818,548 0.62 895,626 Toll Holdings 9,797,865 0.40 99,706,200 4.12

24,616,413 1.02 SPAIN 58,100,000 Santander International Debt 23.03.11/3.814%* 58,071,182 2.40

58,071,182 2.40

90 JPMorgan Investment Funds - Global Capital Preservation Fund (EUR) Schedule of Investments (Expressed in EUR) (continued) As at 31 December 2006

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

LUXEMBOURG UNITED KINGDOM 16,000,000 Merrill Lynch 29.09.10/3.922%* 15,995,792 0.66 5,000,000 Granite Master Issuer 2005-2 A5 20.12.54/3.738%* 5,006,280 0.21 15,995,792 0.66 40,000,000 Granite Master Issuer 2006-1X A6 20.12.54/3.698%* 39,999,880 1.65 FRANCE 10,600,000 Metrix Funding 1X A2 10.02.19/3.787%* 10,619,080 0.44 11,000,000 Natexis Banques Populaires 31.01.11/3.629%* 10,998,152 0.45 15,339,350 Paragon Mortgages 11X A2B 15.10.41/3.614%* 15,334,749 0.63 3,437,195 Paragon Mortgages 9X AB 15.05.41/3.767%* 3,441,963 0.14 10,998,152 0.45 7,315,000 Prominent CMBS Funding 1 NORWAY A1 20.12.32/3.929%* 7,328,752 0.30 10,000,000 Den Norske Bank 22.01.08/3.644%* 10,009,180 0.41 81,730,704 3.37 10,009,180 0.41 IRELAND IRELAND 9,600,000 Celtic Residential Irish Mortgage Securitisation 9 A2 13.11.47/3.770%* 9,604,589 0.40 5,000,000 Allied Irish Banks 13.08.07/3.634%* 4,999,800 0.21 14,827,461 Magellan Mortgages 3 A 15.05.58/3.717%* 14,832,769 0.61 4,999,800 0.21 24,437,358 1.01 Total Bonds 732,800,248 30.29 SPAIN 273,660 Hipotecario Bancaja 1 15.03.17/3.887%* 273,386 0.01 Convertible Bonds 7,168,884 TDACAM6A1 28.07.12/3.638%* 7,165,982 0.30 NETHERLANDS 11,000,000 Bayer Capital 01.06.09/6.625% 12,655,500 0.52 7,439,368 0.31 19,795,000 Pargesa Netherlands 27.04.13/1.700% 13,575,073 0.56 PORTUGAL 2,797,628 SAGRES Socidade de 26,230,573 1.08 Titularizacao de Creditos/Douro Mortgages 1 UNITED KINGDOM A 21.06.56/3.844%* 2,799,335 0.12 17,760,000 3i Group 01.08.08/1.375% 22,349,148 0.92 2,799,335 0.12 22,349,148 0.92 UNITED STATES OF AMERICA Total Bonds 221,244,168 9.14 21,760,000 Nestlé Holdings 11.06.08/0.000% 19,022,047 0.79 Convertible Bonds 19,022,047 0.79 UNITED STATES OF AMERICA SINGAPORE 21,700,000 3M 21.11.32/0.000%* 15,104,886 0.63 Amgen 16,183,237 0.67 24,000,000 Somerset Global 12.01.09/0.000% 14,206,393 0.59 28,300,000 01.03.32/0.000% 10,090,000 Lockheed Martin 15.08.33/5.124%* 10,200,691 0.42 14,206,393 0.59 18,500,000 Merrill Lynch & Co. 13.03.32/0.000% 18,709,127 0.77 35,000,000 Prudential Financial 15.11.35/2.614%* 27,126,394 1.12 JAPAN 18,200,000 SLM 25.07.35/5.327%* 13,847,796 0.57 1,765,000,000 Mitsui OSK Lines 29.03.11/0.000% 13,203,159 0.55 14,060,000 Teva Pharmaceutical Finance 01.02.26/0.250% 10,226,861 0.42 18,900,000 Wells Fargo & Co. 01.05.33/5.121%* 14,462,422 0.60 13,203,159 0.55 16,750,000 Wyeth 15.01.24/5.109%* 13,914,915 0.58 TAIWAN 15,776,000 Compal Electronics 19.08.10/0.000% 12,045,379 0.50 139,776,329 5.78

12,045,379 0.50 Total Convertible Bonds 139,776,329 5.78 GERMANY Commercial Papers 9,300,000 KfW - Kreditanstalt fuer UNITED STATES OF AMERICA Wiederaufbau 9,282,330 0.38 08.08.08/0.750% 50,000,000 Mane Funding 26.02.07/0.000% 49,712,701 2.05 30,000,000 Morgan Stanley International 9,282,330 0.38 Funding 21.03.07/0.000% 29,766,519 1.23 MALAYSIA 8,300,000 Rafflesia Capital 04.10.11/1.250% 6,774,836 0.28 79,479,220 3.28 IRELAND 6,774,836 0.28 22,000,000 IIB Capital 13.02.07/0.000% 21,903,761 0.91 AUSTRIA 30,000,000 SanPaolo IMI 14.05.07/0.000% 29,589,184 1.22 5,700,000 Kaerntner Landes- und 10,000,000 UniCredito Italiano Hypothekenbank-Holding 24.06.08/0.000% 5,711,400 0.23 Bank/Ireland 15.01.07/0.000% 9,984,782 0.42

5,711,400 0.23 61,477,727 2.55 PORTUGAL Total Convertible Bonds 128,825,265 5.32 48,000,000 Caixa Geral de Depositos 15.01.07/0.000% 47,926,848 1.98 Total Transferable Securities Admitted to an 1,547,469,262 63.96 47,926,848 1.98 Official Exchange Listing CAYMAN ISLANDS Transferable Securities Dealt in on Another Regulated Market 48,000,000 BCP Finance 14.02.07/0.000% 47,784,757 1.98

Bonds 47,784,757 1.98 NETHERLANDS NETHERLANDS 20,600,000 Holland Euro-Denominated 42,000,000 SNS Bank 15.01.07/0.000% 41,935,992 1.73 Mortgage Backed Series 11 A 18.09.40/2.799%* 20,604,408 0.85 6,379,354 Smile Synthetic 05 A 20.01.15/3.651%* 6,382,322 0.26 41,935,992 1.73 12,752,605 Storm 2005 A 26.05.47/3.768%* 12,772,869 0.53 56,600,000 Storm 2006-1 A2 22.04.48/3.629%* 56,599,054 2.34 SWEDEN 8,500,000 Vesteda Residential Funding 2 20,000,000 Svenska Handelsbanken 09.02.07/0.000% 19,920,729 0.82 A1 20.07.17/3.631%* 8,478,750 0.35 19,920,729 0.82 104,837,403 4.33 Total Commercial Papers 298,525,273 12.34

91 JPMorgan Investment Funds - Global Capital Preservation Fund (EUR) Schedule of Investments (Expressed in EUR) (continued) As at 31 December 2006

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

Investment Funds Allocation of Portfolio as at 30 June 2006 (Unaudited) % of LUXEMBOURG Net Assets 0*** JPMorgan Lux Funds - Emerging Markets Value Fund (JPM Emerging Markets Value X (acc) - Fixed Income Securities USD) 5 0.00 Germany 16.90 8,620 JPMorgan Liquidity Funds - Euro Enhanced Yield Netherlands 12.65 Fund (JPM Euro Enhanced Yield X (acc)) 98,048,330 4.06 United Kingdom 10.12 France 5.72 98,048,335 4.06 United States of America 5.07 Belgium 3.30 Total Investment Funds 98,048,335 4.06 Spain 2.20 Luxembourg 2.17 Total Transferable Securities Dealt in on 757,594,105 31.32 Ireland 1.81 Another Regulated Market Portugal 1.77 Japan 1.60 Sweden 0.90 Total Investments 2,305,063,367 95.28 Taiwan 0.42 Singapore 0.40 Cash 70,266,957 2.90 Norway 0.33 Austria 0.18 Other Assets/(Liabilities) 44,026,303 1.82 Total Fixed Income Securities 65.54 Shares Total Net Assets 2,419,356,627 100.00 Investment Companies 4.75 Financials 4.38 Energy 3.16 * Variable coupon rates are those quoted as at 31 December 2006. Consumer Staples 2.43 ** Hong Kong Registered Shares. Information Technology 2.00 *** Fractional shares rounded to 0. Industrials 1.98 Materials 1.51 Health Care 1.48 Consumer Discretionary Allocation of Portfolio as at 31 December 2006 % of 1.05 Net Assets Telecommunication Services 0.82 Fixed Income Securities Utilities 0.57 United Kingdom 11.45 Total Shares 24.13 Netherlands 11.29 Cash and Other Assets/(Liabilities) 10.33 Germany 11.11 Total United States of America 9.85 100.00 Belgium 4.12 Ireland 3.77 Spain 2.71 Portugal 2.10 Cayman Islands 1.98 Sweden 0.82 Luxembourg 0.66 Singapore 0.59 Japan 0.55 Taiwan 0.50 France 0.45 Norway 0.41 Malaysia 0.28 Austria 0.23 Total Fixed Income Securities 62.87 Shares Financials 8.02 Investment Companies 4.06 Materials 3.71 Information Technology 2.82 Industrials 2.66 Energy 2.34 Health Care 2.21 Consumer Staples 2.21 Consumer Discretionary 1.97 Telecommunication Services 1.69 Utilities 0.72 Total Shares 32.41 Cash Equivalent, Cash and Other Assets/(Liabilities) 4.72 Total 100.00

92 JPMorgan Investment Funds - Global Capital Preservation Fund (EUR) Schedule of Investments - Outstanding Financial Futures Contracts (Expressed in EUR) As at 31 December 2006

Unrealised Maturity (Short) / Long Gain/ Date Quantity Contract Currency Position (Loss)

Equity Futures

Mar-07 270 DJ Euro Stoxx 50 EUR 11,226,600 207,900 Mar-07 (605) FTSE 100 Index Future GBP (55,910,906) (377,776) Mar-07 (623) TOPIX Index Future JPY (66,801,103) (3,235,833) Mar-07 (141) S&P 500 Future USD (38,389,633) (300,859)

Total Unrealised Net Loss on Financial Futures Contracts (3,706,569)

Schedule of Investments - Outstanding Forward Foreign Exchange Contracts (Expressed in EUR) As at 31 December 2006

Unrealised Maturity Amount Amount Gain/ Date Currency Purchased Currency Sold (Loss)

31-Jan-07 EUR 16,362,161 AUD 27,579,961 (113,881) 31-Jan-07 EUR 59,295,913 CHF 94,315,661 565,719 31-Jan-07 EUR 302,267,752 GBP 204,022,451 (667,449) 31-Jan-07 EUR 38,960,379 HKD 390,668,401 857,582 31-Jan-07 EUR 114,271,225 JPY 16,961,220,845 5,903,424 31-Jan-07 EUR 5,285,629 NOK 44,514,329 (119,400) 31-Jan-07 EUR 5,808,842 SGD 11,520,875 108,769 31-Jan-07 EUR 410,237,945 USD 516,885,296 18,675,775 31-Jan-07 GBP 32,069,329 EUR 47,467,643 149,316 31-Jan-07 HKD 63,346,704 EUR 6,111,656 66,695 31-Jan-07 JPY 2,073,573,268 EUR 13,786,893 (538,520) 31-Jan-07 USD 91,636,221 EUR 71,403,740 (1,985,480)

Total Unrealised Net Gain on Forward Foreign Exchange Contracts 22,902,550

Schedule of Investments - Outstanding Currency Option Contracts (Expressed in EUR) As at 31 December 2006

Unrealised Market Value Gain/ Exercise Date Description Put Currency and Amount Call Currency and Amount (Loss)

04-Jan-07 Vanilla EUR/USD EUR 71,189,000 USD 89,199,817 - (473,407) 04-Jan-07 Vanilla EUR/USD EUR 71,200,000 USD 89,213,600 32 (466,328) 04-Jan-07 Vanilla EUR/USD EUR 71,201,097 USD 89,214,974 - (462,095)

Total 32 (1,401,830)

93 JPMorgan Investment Funds - Global Convertibles Fund (USD) Schedule of Investments (Expressed in USD) As at 31 December 2006

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

Transferable Securities Admitted to an Official Exchange Listing 320,000 United Microelectronics 15.02.08/0.000% 338,811 0.51

Shares 2,285,592 3.45 MALAYSIA UNITED KINGDOM 72,151 IOI 376,084 0.57 832,000 3i Group 01.08.08/1.375% 1,380,034 2.08 147,000 Credit Suisse International 03.12.07/2.000% 270,497 0.41 376,084 0.57 400,000 Credit Suisse International 27.04.09/0.000% 539,103 0.81

Total Shares 376,084 0.57 2,189,634 3.30 Bonds LUXEMBOURG 200,000 Acergy 11.10.13/2.250% 216,931 0.34 SOUTH AFRICA 185,000 Actelion Finance 22.11.11/0.000% 175,340 0.26 1,000,000 Network Healthcare Holdings 157,872 0.24 30.09.11/6.000% 500,000 Fortfinlux 07.11.72/4.916%* 818,079 1.23 300,000 Mondadori Finance Luxembourg 20.10.08/2.000% 411,123 0.62 157,872 0.24 310,000 Temenos Luxembourg 21.03.13/1.500% 347,494 0.52

Total Bonds 157,872 0.24 1,968,967 2.97 Convertible Bonds JERSEY JAPAN 400,000 Figaro Finance 18.09.09/3.875% 744,417 1.13 60,000,000 Aichi Steel 31.03.11/0.000% 493,679 0.74 320,000 Lonza Finance 15.07.09/1.500% 320,013 0.48 50,000,000 Hankyu Department Stores 16.08.11/0.000% 470,999 0.70 150,000 Torex Retail/Jersey 10.07.11/5.500% 266,197 0.40 48,000,000 Kawasaki Kisen Kaisha 04.04.13/0.000% 472,074 0.71 540,000 UBS/Jersey Branch 03.06.09/0.125% 615,870 0.93 10,000,000 Konica Minolta Holdings 07.12.09/0.000% 85,743 0.13 10,000,000 Konica Minolta Holdings 07.12.16/0.000% 86,175 0.13 1,946,497 2.94 14,000,000 Mitsubishi Gas Chemical 21.09.11/0.000% 118,452 0.18 GERMANY 27,000,000 Mitsui & Co. 30.09.09/1.050% 460,698 0.70 450,000 KfW - Kreditanstalt fuer 54,000,000 Mitsui OSK Lines 29.03.11/0.000% 532,446 0.80 Wiederaufbau 08.08.08/0.750% 592,018 0.89 58,000,000 Nidec 17.10.08/0.000% 658,592 0.99 370,000 KfW - Kreditanstalt fuer 67,000,000 Nikon 30.03.07/0.000% 785,223 1.19 Wiederaufbau 03.02.10/0.500% 607,008 0.92 5,000,000 Nomura Research Institute 31.03.14/0.000% 45,655 0.07 500,000 RWE 22.06.07/0.000% 707,250 1.07 50,000,000 Park24 10.04.26/0.000% 436,151 0.66 18,000,000 Ricoh 07.12.11/0.000% 162,778 0.25 1,906,276 2.88 64,000,000 Sharp 30.09.13/0.000% 530,315 0.80 SOUTH KOREA 90,000,000 Sony 18.12.08/0.000% 790,330 1.19 200,000 Hynix Semiconductor 29.09.11/0.000% 208,260 0.32 70,000,000 Suzuki Motor 29.03.13/0.000% 726,196 1.10 40,000,000 Korea Electric Power 23.11.11/0.000% 353,648 0.53 50,000,000 Tobu Railway 31.03.16/0.000% 441,714 0.67 300,000 LG. Philips LCD 19.04.10/0.000% 312,000 0.47 500,000 SK Telecom 671,670 1.01 7,297,220 11.01 27.05.09/0.000% NETHERLANDS 1,545,578 2.33 800,000 Bayer Capital 01.06.09/6.625% 1,213,179 1.82 SINGAPORE 50,000 Getronics 12.01.14/3.875% 71,853 0.11 1,750,000 Somerset Global 12.01.09/0.000% 1,365,397 2.06 1,055,000 Pargesa Netherlands 27.04.13/1.700% 953,647 1.44 800,000 Siemens Finance 04.06.10/1.375% 1,423,614 2.15 1,365,397 2.06 600,000 STMicroelectronics 23.02.16/0.000% 615,257 0.93 480,000 Suedzucker International Finance 08.12.08/3.000% 686,462 1.04 IRELAND 350,000 Wereldhave 23.03.11/2.500% 524,211 0.79 800,000 Unicredito Italiano Bank/Ireland 19.12.08/2.500% 1,291,738 1.95

5,488,223 8.28 1,291,738 1.95 UNITED STATES OF AMERICA CAYMAN ISLANDS 19,600 Citigroup Funding 27.09.08/0.000% 620,673 0.93 3,630,000 Lee & Man Paper Manufacturing 13.01.11/0.000% 726,397 1.10 930,000 Hewlett-Packard 14.10.17/0.000% 671,925 1.02 350,000 Xinao Gas Holdings 15.11.09/0.000% 71,276 0.11 23,634 Metlife 15.08.08/6.375% 720,364 1.09 300,000 YTL Power Finance Cayman 09.05.10/0.000% 331,125 0.50 790,000 Nestlé Holdings 11.06.08/0.000% 910,278 1.37 9,000,000 Zeus Cayman 20.08.08/0.000% 84,863 0.12 350,000 Roche Holdings 25.07.21/0.000% 339,317 0.51 7,736 Travelers Property Casualty 15.04.32/4.500% 203,224 0.31 1,213,661 1.83 PORTUGAL 3,465,781 5.23 700,000 Parpublica - Participaçes Publicas 16.12.10/2.690% 1,064,475 1.61 FRANCE 978,600 Alcatel 01.01.11/4.750% 234,563 0.36 1,064,475 1.61 211,100 Artemis Conseil 31.07.11/2.000% 391,652 0.59 HUNGARY 310,400 AXA 01.01.14/2.500% 882,941 1.33 500,000 Allami Privatizacios es AXA 30,798 0.05 9,736 01.01.17/3.750% Vagyonkezelo 28.09.09/1.000% 840,890 1.27 800,801 Etablissements Maurel et Prom 01.01.10/3.500% 243,037 0.37 20,078 France Télécom 01.01.09/1.600% 683,573 1.03 840,890 1.27 500,000 Nexans 01.01.13/1.500% 685,742 1.03 491,798 Société Air France 01.04.20/2.750% 218,780 0.33 BELGIUM 250,000 Delhaize Group 30.04.09/2.750% 391,926 0.59 3,371,086 5.09 250,000 Sagerpar 27.04.12/2.950% 392,300 0.59

BERMUDA 784,226 1.18 1,400,000 Adecco Financial Service Bermuda 26.08.13/0.000% 1,300,791 1.96 CHINA 350,000 Holcim Overseas Finance 10.06.12/1.000% 370,384 0.56 370,000 Datang International Power 900,000 Hongkong Land CB 2005 21.12.12/2.750% 1,019,231 1.54 Generation 09.09.08/0.750% 570,255 0.86

2,690,406 4.06 570,255 0.86 TAIWAN ITALY 625,000 Asustek Computer 15.01.09/0.000% 756,800 1.14 342,000 Beni Stabili 27.10.11/2.500% 566,192 0.85 717,000 Compal Electronics 19.08.10/0.000% 721,591 1.09 355,000 Quanta Display 26.11.09/0.000% 356,793 0.54 566,192 0.85 100,000 United Microelectronics 10.05.07/0.000% 111,597 0.17

94 JPMorgan Investment Funds - Global Convertibles Fund (USD) Schedule of Investments (Expressed in USD) (continued) As at 31 December 2006

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

LIECHTENSTEIN BERMUDA 590,000 Liechtenstein Landesbank 12.04.11/1.650% 537,551 0.81 770,000 Yue Yuen Industrial Holdings 17.11.11/0.000% 104,583 0.16

537,551 0.81 104,583 0.16 MALAYSIA 17,412,298 26.28 200,000 IOI Capital 18.12.11/0.000% 203,750 0.31 Total Convertible Bonds 200,000 Rafflesia Capital 04.10.11/1.250% 215,179 0.32 Total Transferable Securities Dealt in on 17,412,298 26.28 Another Regulated Market 418,929 0.63 BRITISH VIRGIN ISLANDS Other Transferable Securities 168,000 CNOOC Finance 2004 15.12.09/0.000% 214,326 0.32 1,500,000 Shanghai Industrial Investment Convertible Bonds Treasury 16.03.09/0.000% 192,564 0.29 LUXEMBOURG 300,000 J.P. Morgan Bank Luxembourg 30.12.99/4.572%* 477,482 0.73 406,890 0.61 AUSTRIA 477,482 0.73 300,000 Kaerntner Landes- und Hypothekenbank-Holding 24.06.08/0.000% 396,221 0.60 Total Convertible Bonds 477,482 0.73

396,221 0.60 Total Other Transferable Securities 477,482 0.73 HONG KONG 220,000 Techtronic Industries 08.07.09/0.000% 225,357 0.35 Total Investments 62,416,617 94.21

225,357 0.35 Cash 3,583,786 5.41

SOUTH AFRICA Other Assets/(Liabilities) 254,870 0.38 1,000,000 Steinhoff International Holdings 31.07.13/5.700% 155,839 0.24 Total Net Assets 66,255,273 100.00 155,839 0.24

Total Convertible Bonds 43,992,881 66.39 * Variable coupon rates are those quoted as at 31 December 2006. Total Transferable Securities Admitted to an 44,526,837 67.20 Official Exchange Listing

Transferable Securities Dealt in on Another Regulated Market Allocation of Portfolio as at 31 December 2006 % of Net Assets Convertible Bonds Fixed Income Securities United States of America 28.67 UNITED STATES OF AMERICA Japan 12.35 400,000 3M 21.11.32/0.000%* 367,000 0.55 Netherlands 8.28 215,000 Alliant Techsystems 144A 15.09.11/2.750% 220,375 0.33 France 5.09 878,000 Amgen 01.03.32/0.000% 661,793 1.00 Bermuda 4.22 1,000,000 Amgen 144A 01.02.11/0.125% 978,750 1.48 Luxembourg 3.70 300,000 Archstone-Smith Operating Taiwan 3.45 Trust 15.07.36/4.000% 318,750 0.48 United Kingdom 3.30 300,000 Best Buy 15.01.22/2.250% 335,625 0.51 Jersey 2.94 32,000 Cadence Design Systems 144A 15.12.11/1.375% 32,360 0.05 Germany 2.88 22,000 Cadence Design Systems 144A 15.12.13/1.500% 22,165 0.03 South Korea 2.33 314,000 EMC/Massachusetts 144A 01.12.11/1.750% 328,915 0.50 Singapore 2.06 189,000 Fair Isaac 15.08.23/1.500% 201,521 0.30 Ireland 1.95 300,000 Ford Motor 15.12.36/4.250% 321,750 0.49 Cayman Islands 1.83 700,000 Intel 15.12.35/2.950% 632,625 0.95 Portugal 1.61 420,000 Liberty Media 30.03.23/0.750% 539,175 0.81 Hungary 1.27 730,000 Lockheed Martin 15.08.33/5.124%* 972,769 1.47 Belgium 1.18 575,000 Medtronic 15.04.11/1.500% 608,063 0.92 Israel 0.94 1,125,000 Merrill Lynch & Co. 13.03.32/0.000% 1,499,625 2.26 China 0.86 300,000 Nabors Industries 15.05.11/0.940% 288,375 0.44 Italy 0.85 725,000 Omnicom Group 31.07.32/0.000% 747,656 1.13 Liechtenstein 0.81 1,750,000 Prudential Financial 15.11.35/2.614%* 1,787,765 2.70 Malaysia 0.63 163,000 Sepracor 15.10.24/0.000% 176,244 0.27 British Virgin Islands 0.61 520,000 SLM 25.07.35/5.327%* 521,508 0.79 Austria 0.60 240,000 Triumph Group 144A 01.10.26/2.625% 280,200 0.42 South Africa 0.48 310,000 US Bancorp 21.08.35/3.695%* 314,650 0.47 Netherlands Antilles 0.40 650,000 Walt Disney 15.04.23/2.125% 797,063 1.20 Hong Kong 0.35 1,650,000 Wells Fargo & Co. 1,664,223 2.51 01.05.33/5.121%* Total Fixed Income Securities 833,000 Wyeth 15.01.24/5.109%* 912,135 1.38 93.64 Shares 15,531,080 23.44 Consumer Staples 0.57 Total Shares 0.57 JAPAN Cash and Other Assets/(Liabilities) 5.79 13,000,000 Japan Asia Investment 26.09.11/0.000% 118,763 0.18 50,000,000 JFE Holdings 15.06.09/0.000% 770,934 1.16 Total 100.00

889,697 1.34 ISRAEL 670,000 Teva Pharmaceutical Finance 01.02.26/1.750% 619,750 0.94

619,750 0.94 NETHERLANDS ANTILLES 150,000 Schlumberger 01.06.23/1.500% 267,188 0.40

267,188 0.40

95 JPMorgan Investment Funds - Global Convertibles Fund (USD) Schedule of Investments (Expressed in USD) (continued) As at 31 December 2006

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

Allocation of Portfolio as at 30 June 2006 (Unaudited) % of Net Assets Fixed Income Securities United States of America 22.31 Japan 10.94 United Kingdom 8.12 France 5.95 Netherlands 4.71 Bermuda 4.70 Luxembourg 4.52 Germany 4.41 Taiwan 3.36 Malaysia 2.73 Portugal 2.40 Singapore 2.11 Ireland 2.11 British Virgin Islands 2.03 Netherlands Antilles 1.76 Cayman Islands 1.38 South Korea 1.30 Belgium 1.16 Jersey 1.16 China 0.65 Austria 0.63 Hungary 0.50 South Africa 0.47 Canada 0.42 Liechtenstein 0.41 Hong Kong 0.17 India 0.14 Total Fixed Income Securities 90.55 Shares Consumer Discretionary 0.46 Financials 2.17 Total Shares 2.63 Cash and Other Assets/(Liabilities) 6.82 Total 100.00

96 JPMorgan Investment Funds - Global Convertibles Fund (USD) Schedule of Investments - Outstanding Forward Foreign Exchange Contracts (Expressed in USD) As at 31 December 2006

Unrealised Maturity Amount Amount Gain/ Date Currency Purchased Currency Sold (Loss)

30-Mar-07 GBP 320,000 USD 624,229 3,039 30-Mar-07 USD 3,811,994 CHF 4,602,628 9,854 30-Mar-07 USD 18,283,781 EUR 13,876,567 (78,111) 30-Mar-07 USD 928,605 GBP 474,214 (954) 30-Mar-07 USD 868,793 HKD 6,728,171 625 30-Mar-07 USD 8,757,879 JPY 1,021,437,011 78,631 30-Mar-07 USD 998,240 SGD 1,531,650 (5,075)

Total Unrealised Net Gain on Forward Foreign Exchange Contracts 8,009

97 JPMorgan Investment Funds - Global Enhanced Bond Fund Schedule of Investments (Expressed in EUR) As at 31 December 2006

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

Transferable Securities Admitted to an Official Exchange Listing BELGIUM 2,700,000 Fortis Bank 13.10.16/3.737%* 2,709,223 0.95 Bonds 2,709,223 0.95 UNITED KINGDOM 2,700,000 Alpha Credit Group 16.10.08/3.644%* 2,698,950 0.95 LUXEMBOURG 1,250,000 Aviva 28.11.14/4.729%* 1,221,719 0.43 800,000 Euroclear Finance 2 15.06.15/4.235%* 764,837 0.27 200,000 AWG 21.08.23/6.875%* 347,547 0.12 800,000 Gazprom International 01.02.20/7.201% 641,534 0.22 400,000 Bank of Ireland UK Holdings 07.03.23/6.250%* 631,418 0.22 1,200,000 Glencore Finance Europe 11.10.13/5.250% 1,190,895 0.42 610,000 Barclays Bank 03.12.10/7.500%* 677,910 0.24 1,310,000 Barclays Bank 15.03.20/4.750%* 1,165,329 0.41 2,597,266 0.91 1,700,000 Deutsche Bank (London) 19.09.07/0.000% 2,116,925 0.74 NETHERLANDS 500,000 Old Mutual 24.03.20/6.376%* 750,941 0.26 800,000 ELM BV for Swiss Reinsurance 25.05.16/5.252%* 805,928 0.29 754,000 Standard Chartered Bank 03.02.17/3.625%* 726,548 0.25 1,800,000 Imperial Tobacco Overseas 01.04.09/7.125% 1,412,778 0.49 1,880,000 UK Treasury 07.12.38/4.750% 3,075,544 1.08 2,218,706 0.78 13,412,831 4.70 ICELAND UNITED STATES OF AMERICA 810,000 Kaupthing Bank 30.06.14/5.901%* 809,919 0.28 570,000 Bank of America Credit Card 1,200,000 Landsbanki Islands 1,114,772 0.39 Master Note Trust 17.09.13/5.450% 834,062 0.29 23.03.15/4.652%* 500,000 CL Capital Trust I 26.04.12/7.047%* 557,718 0.20 1,924,691 0.67 590,000 Duke Capital 01.10.19/8.000% 520,361 0.18 800,000 HSBC Finance 01.06.11/5.700% 617,657 0.22 SAUDI ARABIA 600,000 Lehman Brothers Holdings 16.01.14/4.750% 610,551 0.21 2,200,000 Arab National Bank 31.10.16/6.206%* 1,676,163 0.59 640,000 Merrill Lynch & Co. 12.12.14/5.750% 962,355 0.34 700,000 SLM 15.12.10/5.375% 1,027,581 0.36 1,676,163 0.59 2,000,000 SLM Student Loan Trust 03-7 17.06.10/3.800% 1,978,071 0.69 1,430,000 SLM Student Loan Trust 03-12 18.09.13/5.450% 2,135,830 0.75 SWEDEN 320,000 Swedbank 17.03.16/5.750%* 473,504 0.17 9,244,186 3.24 10,000,000 Sweden (Kingdom of) 08.10.12/5.500% 1,200,676 0.42 CAYMAN ISLANDS 1,674,180 0.59 1,590,000 Hutchison Whampoa International 03/33 24.01.14/6.250% 1,259,697 0.44 RUSSIA 2,000,000 Mizuho Capital Investment EUR 1 30.06.11/5.020%* 1,997,181 0.70 1,020,000 Russian Federation 24.06.28/12.750% 1,400,111 0.49 1,270,000 Mizuho Financial Group 15.04.14/5.790% 983,166 0.34 1,095,000 MUFG Capital Finance 1 25.07.16/6.346%* 845,628 0.30 1,400,111 0.49 1,285,000 Shinsei Finance II 144A 25.07.16/7.160%* 992,863 0.35 QATAR 800,000 SMFG Preferred Capital GBP 1 25.01.17/6.164%* 1,181,219 0.41 1,700,000 Commercial Bank of Qatar 12.10.11/5.772%* 1,291,412 0.45 1,030,000 SMFG Preferred Capital USD 1 144A 25.01.17/6.078%* 775,606 0.27 1,291,412 0.45 8,035,360 2.81 NORWAY 1,100,000 Kommunal Landspensjonskasse 11.04.16/5.250%* 1,080,668 0.38 JAPAN 340,000,000 Development Bank of Japan 19.03.26/2.300% 2,198,666 0.77 1,080,668 0.38 270,000,000 Japan (Government of) 10.09.16/1.100% 1,711,413 0.60 417,500,000 Japan (Government of) 20.09.16/1.700% 2,667,742 0.93 UNITED ARAB EMIRATES 1,350,000 SIB Sukuk 12.10.11/6.022%* 1,025,738 0.36 6,577,821 2.30 1,025,738 0.36 DENMARK 49,442,918 Nykredit Realkredit 01.10.35/4.000% 6,131,938 2.15 SOUTH KOREA 1,331,000 Woori Bank 08.12.09/4.500% 989,591 0.35 6,131,938 2.15 989,591 0.35 ITALY 900,000 Autostrade 09.06.14/5.000% 919,899 0.32 JERSEY 1,400,000 Italy (Republic of) 15.06.33/5.375% 1,066,915 0.37 600,000 QBE Capital Funding 18.07.16/6.857%* 905,301 0.32 2,350,000 Region of Lombardy 25.10.32/5.804% 1,849,681 0.65 950,000 SanPaolo IMI 02.03.20/3.750%* 905,239 0.32 905,301 0.32 INTERNATIONAL AGENCIES 4,741,734 1.66 420,000 European Investment Bank 07.06.32/5.625% 723,394 0.25 MEXICO 2,225,000 United Mexican States 16.01.13/6.375% 1,776,658 0.63 723,394 0.25 27,000,000 United Mexican States 19.12.13/8.000% 1,954,441 0.68 680,000 United Mexican States 24.09.22/8.000% 628,875 0.22 Total Bonds 84,238,688 29.51

4,359,974 1.53 Total Transferable Securities Admitted to an 84,238,688 29.51 Official Exchange Listing FRANCE 1,700,000 Bouygues 24.05.13/4.500% 1,701,795 0.59 Transferable Securities Dealt in on Another Regulated Market 890,000 France Télécom 28.01.13/7.250% 1,016,830 0.36 1,917,000 Thomson 25.09.15/5.750%* 1,600,695 0.56 Bonds

4,319,320 1.51 UNITED STATES OF AMERICA 435,000 Appalachian Power 01.04.36/6.375% 337,719 0.13 AUSTRALIA 640,000 AT&T 15.05.36/6.800% 518,187 0.19 1,825,000 BHP Billiton Finance 05.05.11/4.125% 1,813,638 0.64 350,000 Bank of America 14.10.16/5.625% 270,468 0.09 2,300,000 Macquarie Bank 06.12.16/3.989%* 2,298,275 0.80 1,650,000 Bear Stearns 30.03.09/5.454%* 1,253,896 0.44 450,000 Charter One Bank 24.04.09/5.430%* 341,845 0.12 4,111,913 1.44 1,725,000 Cisco Systems 22.02.11/5.250% 1,311,264 0.46 950,000 CIT Group 08.06.09/5.460%* 721,942 0.25 SPAIN 1,140,000 Citigroup Commercial Mortgage 990,000 Bancaja Emisiones Unipersonal 965,415 0.34 17.11.14/4.625%* Trust 2006-C4 A3 15.03.49/5.720%* 893,678 0.31 1,500,000 Telefonica Emisones 02.02.18/5.375% 2,121,752 0.74 1,500,000 Citigroup Mortgage Loan Trust 2005-WF2 AV2 25.08.35/5.590%* 1,141,006 0.40 3,087,167 1.08

98 JPMorgan Investment Funds - Global Enhanced Bond Fund Schedule of Investments (Expressed in EUR) (continued) As at 31 December 2006

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

4,410,000 Commercial Mortgage Pass 1,910,000 LB-UBS Commercial Mortgage Through Certificates 2005-C6 Trust 2001-C2 A2 15.11.27/6.653% 1,526,096 0.53 A5A 10.06.44/5.116%* 3,301,897 1.16 810,000 LB-UBS Commercial Mortgage 650,000 ConocoPhillips Australia Trust 2006-C4 A4 15.06.38/5.899%* 643,376 0.23 Funding 09.04.09/5.468%* 493,839 0.17 750,000 Lehman Brothers Holdings 03.04.09/5.450%* 569,947 0.20 1,950,741 Countrywide Alternative Loan 230,000 Lehman Brothers Holdings 18.07.11/5.750% 178,127 0.06 Trust 2006-12CB A6 25.05.36/6.000% 1,478,451 0.52 630,000 Lehman Brothers Holdings 03.01.17/5.750% 484,736 0.17 2,226,319 Countrywide Alternative Loan 450,000 Lincoln National 06.04.09/5.470%* 341,997 0.12 Trust 2006-23CB 2A1 25.08.36/6.500% 1,701,583 0.60 385,000 Lincoln National 17.05.66/7.000%* 310,464 0.11 2,049,731 Countrywide Alternative Loan 775,000 Long Beach Mortgage Loan Trust 2006-31CB A15 25.11.36/6.000% 1,548,747 0.54 Trust 2006-3 2A3 25.04.36/5.530%* 589,162 0.21 650,000 Countrywide Financial 24.03.09/5.586%* 494,506 0.17 875,000 Long Beach Mortgage Loan 1,700,000 Credit Suisse Mortgage Capital Trust 2006-5 2A3 25.06.36/5.500%* 664,704 0.23 Certificates 2006-C3 A3 15.06.38/5.828%* 1,342,215 0.47 875,000 Long Beach Mortgage Loan 285,000 Credit Suisse USA 16.08.11/5.500% 218,694 0.08 Trust 2006-5 M2 25.06.36/5.650%* 664,725 0.23 1,140,000 Credit-Based Asset Servicing and 1,300,000 MBNA Credit Card Master Note Securitization 2006-CB3 AV2 25.03.36/5.460%* 865,519 0.30 Trust 2002-A2 A 17.07.14/5.600% 1,382,905 0.48 600,000 CVS Lease Pass Through 144A 10.12.28/6.036% 454,689 0.16 870,000 Merrill Lynch & Co. 15.09.26/6.220% 680,083 0.24 2,170,000 DaimlerChrysler NA Holding 15.03.11/5.875% 1,652,719 0.58 515,000 Merrill Lynch Mortgage Trust 950,000 Deutsche Bank Capital Funding 2006-C1 A4 12.05.39/5.660%* 402,429 0.14 Trust VII 144A 19.01.16/5.628%* 710,308 0.25 495,000 Metlife 15.12.36/6.400%* 375,379 0.13 850,000 Dominion Resources 15.06.35/5.950% 634,163 0.22 560,000 Midamerican Energy Holdings 01.04.36/6.125% 428,945 0.15 2,427,426 Downey Savings & Loan 300,000 Morgan Stanley 09.01.12/5.625% 231,082 0.08 Association Mortgage Loan 475,000 Nelnet Student Loan Trust Trust 2005-AR3 2A1A 19.07.45/5.590%* 1,843,624 0.65 2006-2 A2 27.04.20/5.367%* 360,735 0.13 320,000 Duke Energy 15.01.12/6.250% 252,201 0.09 3,300,000 NewCentury Home Equity Loan 650,000 Embarq 01.06.16/7.082% 503,328 0.18 Trust 2005-4 A2B 25.09.35/4.100%* 2,508,464 0.88 235,000 Energy Transfer Partners 15.10.36/6.625% 183,103 0.06 960,000 NewCingular Wireless Services 01.05.12/8.125% 817,451 0.29 1,260,000 Fannie Mae 15.09.16/5.250% 973,749 0.34 265,000 NewCingular Wireless Services 01.03.31/8.750% 261,242 0.09 3,550,000 Fannie Mae 2002-77 QD 25.11.27/5.500% 2,688,700 0.94 445,000 News America 15.12.34/6.200% 327,221 0.11 4,100,000 Fannie Mae 2002-85 PC 25.03.28/5.500% 3,107,279 1.09 735,000 Nisource Finance 15.09.20/5.450% 521,231 0.18 1,471,905 Fannie Mae 2004-61 ET 25.10.32/5.500% 1,114,652 0.39 245,000 Owens Corning 144A 01.12.36/7.000% 186,954 0.07 1,492,530 Fannie Mae 2006-43 G 25.09.33/6.500% 1,144,721 0.40 1,992,000 Park Place Securities 1,543,581 Fannie Mae 2006-59 DA 25.12.33/6.500% 1,184,417 0.41 2005-WHQ4 A2C 25.09.35/5.600%* 1,514,003 0.53 3,763,776 Fannie Mae 2006-59 DC 25.12.33/6.500% 2,888,978 1.01 1,190,000 Pepco Holdings 15.08.12/6.450% 933,827 0.33 1,601,046 Fannie Mae 2006-63 AB 25.10.33/6.500% 1,228,392 0.43 370,000 Prudential Holdings 18.12.23/8.695% 343,855 0.12 1,566,891 Fannie Mae 2006-63 AE 25.10.33/6.500% 1,202,187 0.42 1,865,655 Residential Accredit Loans 1,384,224 Fannie Mae 2006-78 BC 25.01.34/6.500% 1,062,554 0.37 2006-QO3 A1 25.04.46/5.560%* 1,412,655 0.49 4,849,590 Fannie Mae Interest Strip 367 2 25.01.36/5.500% 865,944 0.30 2,173,513 Residential Accredit Loans 328,989 Fannie Mae Pool No: 255416 01.08.34/7.000% 256,067 0.09 2006-QO4 2A1 25.04.46/5.540%* 1,649,990 0.58 336,538 Fannie Mae Pool No: 256283 01.06.36/7.000% 261,943 0.09 1,460,862 Residential Accredit Loans 6,842 Fannie Mae Pool No: 545398 01.12.31/7.000% 5,326 0.00 2006-QS6 1A2 25.06.36/6.000% 1,106,854 0.39 4,076 Fannie Mae Pool No: 620521 01.01.32/7.000% 3,173 0.00 1,638,694 Residential Asset Securitization Trust 2006-A2 A3 1,243,901 0.44 4,124,512 Fannie Mae Pool No: 745780 01.08.36/7.000% 3,210,296 1.12 25.05.36/6.000% Residential Capital 1,732,880 0.61 302,732 Fannie Mae Pool No: 786125 01.07.34/7.000% 235,630 0.08 2,255,000 30.06.10/6.375% SLM 437,307 0.15 586,201 Fannie Mae Pool No: 789624 01.08.34/7.000% 456,267 0.16 575,000 27.07.09/5.517%* Socgen Real Estate 144A 1,579,932 0.55 413,005 Fannie Mae Pool No: 831718 01.09.36/7.000% 321,461 0.11 2,050,000 30.09.07/7.640%* SoundviewHome Equity Loan 518,510 Fannie Mae Pool No: 831722 01.08.36/7.000% 403,580 0.14 875,000 Trust 2006-OPT5 2A3 25.07.36/5.470%* 664,753 0.23 4,047,955 Fannie Mae Pool No: 839151 01.11.35/7.000% 3,150,709 1.10 1,306,125 Structured Adjustable Rate 501,768 Fannie Mae Pool No: 841944 01.11.35/7.000% 390,549 0.14 Mortgage Loan Trust 2005-19XS 1,091,503 Fannie Mae Pool No: 844616 01.12.35/7.000% 849,567 0.30 1A1 25.10.35/5.670%* 995,406 0.35 880,293 Fannie Mae Pool No: 844714 01.12.35/7.000% 685,173 0.24 730,000 SunTrust Preferred Capital I 15.12.11/5.853%* 559,130 0.20 449,312 Fannie Mae Pool No: 848426 01.12.35/7.000% 349,720 0.12 490,000 Teva Pharmaceutical Finance 01.02.36/6.150% 362,309 0.13 2,220,252 Fannie Mae Pool No: 848756 01.01.36/7.000% 1,728,124 0.61 910,638 Thornburg Mortgage Securities 299,423 Fannie Mae Pool No: 865190 01.02.36/7.000% 233,054 0.08 Trust 2006-2 A2A 25.04.36/5.460%* 691,508 0.24 985,062 Fannie Mae Pool No: 882212 01.09.36/7.000% 766,719 0.27 455,000 Time Warner 15.11.16/5.875% 344,218 0.12 129,493 Fannie Mae Pool No: 897823 01.09.36/7.000% 100,791 0.04 400,000 US Treasury (i) 15.02.07/2.250% 302,471 0.11 1,369,928 First Union-Lehman 1,820,000 US Treasury (i) 08.03.07/0.000% 1,368,111 0.48 Brothers-Bank of America 35,000 US Treasury (i) 31.07.11/4.875% 26,740 0.01 1998-C2 A2 18.11.35/6.560% 1,050,759 0.37 3,025,000 US Treasury 15.11.16/4.625% 2,279,192 0.80 1,440,331 Freddie Mac 3019 FN 15.08.35/5.650%* 1,092,649 0.38 2,665,000 Verizon Communications 15.02.11/5.350% 2,025,673 0.71 2,593,904 Freddie Mac Non Gold Pool No: 800,000 Viacom 16.06.09/5.711%* 608,366 0.21 782758 01.11.36/5.784% 1,991,070 0.70 1,040,000 Viacom 30.04.16/6.250% 784,052 0.27 3,550,000 Freddie Mac Non Gold Pool No: Wachovia Bank Commercial 1B3170 11.01.36/5.555%* 2,706,218 0.95 1,125,000 Mortgage Trust 2006-C26 A3 15.06.45/6.011%* 894,962 0.31 3,212,000 GE-WMC Mortgage Securities 2005-1 A2B 2,443,497 0.86 1,520,899 WAMU Alternative Mortgage 25.10.35/5.590%* Pass-Through Certificates 2006-5 850,000 Goldman Sachs Group 23.06.09/5.456%* 645,692 0.23 2CB1 25.07.36/6.000% 1,152,139 0.40 1,055,000 Goldman Sachs Group 15.01.27/5.950% 791,487 0.28 600,000 Washington Mutual Bank 01.05.09/5.461%* 455,550 0.16 2,720,000 Greenwich Capital Commercial 3,562,271 Wells Fargo Mortgage Backed Funding 2004-GG1 A7 10.06.36/5.317%* 2,063,612 0.72 Securities Trust 2005-9 1A6 25.10.35/5.500% 2,684,481 0.94 1,714,904 HarborviewMortgage Loan 310,000 Xcel Energy 01.07.36/6.500% 248,094 0.09 Trust 2005-11 2A1A 19.08.45/5.660%* 1,305,258 0.46 455,633 HarborviewMortgage Loan Trust 2006-4 2A1A 19.05.47/5.550%* 345,982 0.12 120,886,381 42.34 1,636,023 HarborviewMortgage Loan UNITED KINGDOM Trust 2006-5 2A1A 19.07.46/5.530%* 1,241,679 0.43 1,250,000 Arran Residential Mortgages 295,000 Hartford Financial Services Funding 2006-1A A2B 12.04.56/5.442%* 948,240 0.34 Group 15.10.11/5.250% 223,654 0.08 1,130,000 Barclays Bank 144A 15.12.16/5.926%* 870,756 0.30 625,000 Home Depot 16.12.36/5.875% 464,294 0.16 940,000 Lloyds TSB Group 144A 14.11.16/6.267%* 715,254 0.25 770,000 HSBC Finance 19.06.09/5.455%* 585,269 0.20 731,766 Lothian Mortgages 1 A1 24.07.17/5.606%* 556,388 0.19 1,969,720 Indymac Index Mortgage Loan 1,400,000 Permanent Financing 8 4A 10.09.32/3.792%* 1,401,401 0.49 Trust 2004-AR14 2A1A 25.01.35/5.710%* 1,501,102 0.53 594,691 Themeleion Mortgage Finance 2 3,527,232 Indymac Index Mortgage Loan A 12.01.40/3.639%* 595,248 0.21 Trust 2005-AR18 2A1A 2,683,079 0.94 25.10.36/5.660%* 1,350,000 White Tower 2006-3 D 23.10.12/5.661%* 2,007,076 0.70 1,565,000 iStar Financial 144A 15.10.13/5.950% 1,195,140 0.42 470,000 ITC Holdings 144A 30.09.36/6.375% 356,813 0.12 7,094,363 2.48

99 JPMorgan Investment Funds - Global Enhanced Bond Fund Schedule of Investments (Expressed in EUR) (continued) As at 31 December 2006

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

CANADA Other Transferable Securities 2,595,000 Canada (Government of) 01.06.33/5.750% 2,126,663 0.74 4,100,000 Canada (Government of) 01.09.11/3.750% 2,648,656 0.93 Bonds 465,000 Potash Corp. of Saskatchewan 01.12.36/5.875% 340,422 0.12 AUSTRALIA 1,430,000 Mantis Reef 144A 1,071,776 0.38 5,115,741 1.79 14.11.08/4.692% ICELAND 1,071,776 0.38 1,215,000 Glitnir Banki 144A 21.01.11/5.800%* 922,242 0.32 QATAR 1,460,000 Kaupthing Bank 144A 04.10.11/5.750% 1,106,761 0.39 625,000 Nakilat 144A 31.12.33/6.067% 471,566 0.16 450,000 Kaupthing Bank 144A 19.05.16/7.125% 361,837 0.13 580,000 Ras Laffan Liquefied Natural 750,000 Landsbanki Islands 144A 579,456 0.20 25.08.11/6.100% Gas III 144A 30.09.16/5.832% 441,874 0.15

2,970,296 1.04 913,440 0.31 CAYMAN ISLANDS UNITED STATES OF AMERICA 560,000 ABX Financing 144A 420,696 0.15 15.10.36/6.350% 475,000 Credit Suisse First Boston USA 09.12.08/5.483%* 361,179 0.13 520,000 Mizuho Capital Investment 144A 30.06.16/6.686%* 399,168 0.14 1,395,000 Resona Preferred Global 361,179 0.13 Securities Cayman 144A 30.07.15/7.191%* 1,107,208 0.39

1,927,072 0.68 Total Bonds 2,346,395 0.82

AUSTRALIA Total Other Transferable Securities 2,346,395 0.82 800,000 Commonwealth Bank of Australia 144A 15.03.16/6.024%* 615,820 0.22 Total Investments 383,633,665 134.37 975,000 WEA Finance/WCI Finance 144A 01.10.16/5.700% 744,739 0.26 Cash 35,064,284 12.28 1,360,559 0.48 Other Assets/(Liabilities) (133,196,444) (46.65) SPAIN 1,750,000 Telefonica Emisones SAU 19.06.09/5.665%* 1,330,181 0.47 Total Net Assets 285,501,505 100.00 1,330,181 0.47 NETHERLANDS * Variable coupon rates are those quoted as at 31 December 2006. 950,000 Diageo Finance 30.03.09/5.484%* 721,976 0.25 ** Fractional shares rounded to 0. (i) Security held as collateral against futures positions by the broker. 721,976 0.25 SOUTH KOREA 480,000 Standard Chartered First Bank Allocation of Portfolio as at 31 December 2006 % of Korea 03.03.34/7.267%* 393,394 0.14 Net Assets Fixed Income Securities 393,394 0.14 United States of America 95.22 United Kingdom 7.18 Total Bonds 141,799,963 49.67 Luxembourg 5.77 To Be Announced Securities Cayman Islands 3.49 Japan 2.30 UNITED STATES OF AMERICA Australia 2.30 21,670,000 Fannie Mae 15.01.19/5.500% 16,432,624 5.77 Denmark 2.15 1,200,000 Fannie Mae 25.01.16/6.000% 922,777 0.32 Canada 1.79 2,500,000 Fannie Mae 25.01.18/4.500% 1,829,397 0.64 Iceland 1.71 7,200,000 Fannie Mae 01.05.29/5.500% 5,398,395 1.89 Italy 1.66 3,565,000 Fannie Mae 25.01.31/6.500% 2,754,940 0.96 Spain 1.55 3,300,000 Fannie Mae 25.02.31/6.000% 2,518,860 0.88 Mexico 1.53 3,670,000 Fannie Mae 01.01.33/6.000% 2,802,148 0.98 France 1.51 33,660,000 Fannie Mae 25.01.33/5.000% 24,654,941 8.64 Netherlands 1.03 9,040,000 Fannie Mae 25.02.36/5.000% 6,619,386 2.32 Belgium 0.95 10,050,000 Fannie Mae 25.03.36/5.000% 7,356,558 2.58 Qatar 0.76 26,805,000 Fannie Mae 15.02.49/6.500% 20,707,859 7.25 Saudi Arabia 0.59 4,560,000 Freddie Mac 15.02.32/6.500% 3,522,770 1.23 Sweden 0.59 350,000 Freddie Mac 15.01.33/5.000% 256,199 0.09 Russia 0.49 47,565,000 Freddie Mac 15.01.33/6.000% 36,328,486 12.72 South Korea 0.49 9,640,000 Ginnie Mae 06.01.31/6.000% 7,410,691 2.60 Norway 0.38 2,350,000 Ginnie Mae 15.01.31/6.500% 1,828,277 0.64 United Arab Emirates 0.36 Jersey 0.32 141,344,308 49.51 International Agencies 0.25 Total Fixed Income Securities 134.37 Total To Be Announced Securities 141,344,308 49.51 Cash and Other Assets/(Liabilities) (34.37) Total 100.00 Investment Funds LUXEMBOURG 127,162 JPMorgan Investment Strategies Funds - Managed Currency Fund (Euro) (JPM Managed Currency (Euro) Class X - EUR) 12,836,008 4.49 94 JPMorgan Liquidity Funds - Euro Enhanced Yield Fund (JPM Euro Enhanced Yield X (acc)) 1,068,178 0.37 0** JPMorgan Liquidity Funds - Euro Liquidity Fund (JPM Euro Liquidity X (acc)) 125 0.00

13,904,311 4.86

Total Investment Funds 13,904,311 4.86

Total Transferable Securities Dealt in on 297,048,582 104.04 Another Regulated Market

100 JPMorgan Investment Funds - Global Enhanced Bond Fund Schedule of Investments (Expressed in EUR) (continued) As at 31 December 2006

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

Allocation of Portfolio as at 30 June 2006 (Unaudited) % of Net Assets Fixed Income Securities United States of America 83.00 United Kingdom 6.72 Luxembourg 5.43 Japan 4.96 Canada 3.69 France 2.51 Cayman Islands 2.42 Denmark 2.30 Italy 1.73 Spain 1.65 Mexico 1.55 International Agencies 1.55 Netherlands 1.52 Poland 1.44 Russia 1.05 Iceland 1.01 Australia 0.63 Bermuda 0.59 South Korea 0.53 Norway 0.40 Ireland 0.40 Sweden 0.18 Total Fixed Income Securities 125.26 Cash Equivalents, Cash and Other Assets/(Liabilities) (25.26) Total 100.00

101 JPMorgan Investment Funds - Global Enhanced Bond Fund Schedule of Investments - Outstanding Financial Futures Contracts (Expressed in EUR) As at 31 December 2006

Unrealised Maturity (Short) / Long Gain/ Date Quantity Contract Currency Position (Loss)

Bond Futures

Mar-07 53 Canada 10 Year Bond Future (MSE) CAD 3,931,654 (47,025) Mar-07 67 Euro Buxl 30 Year Bond Future EUR 6,603,520 (273,360) Mar-07 7 Euro-Bobl Future EUR 762,020 (630) Mar-07 (122) Euro-Bund Future EUR (14,172,740) 305,840 Mar-07 108 Euro-Schatz Future EUR 11,174,760 (37,510) Mar-07 85 Long Gilt Future GBP 13,664,548 (182,465) Mar-07 (1) Japan 10 Year Bond (TSE) JPY (854,294) 701 Mar-07 255 US 2 Year Note (CBT) USD 39,468,921 (154,745) Mar-07 (65) US 5 Year Note (CBT) USD (5,179,449) 56,556 Mar-07 (153) US 10 Year Note Future USD (12,470,934) 163,991 Mar-07 6 US Long Bond (CBT) USD 506,411 (27,810)

Total Bond Futures (196,457)

Interest Rate Futures

Mar-07 (125) 90 Day Bank Bill (SFE) AUD (16,715,181) 7,768 Mar-07 (12) Sterling MID-CRV GBP (2,108,545) 2,453 Jun-07 12 Sterling MID-CRV GBP 2,107,430 (3,791) Jun-07 128 3 Month Euro Yen (TFX) JPY 20,231,312 7,576 Sep-07 125 90 Day Bank Bill (SFE) AUD 16,711,605 (11,344) Mar-08 (85) 3 Month Euro Euribor (LIF) EUR (20,388,313) 58,800 Mar-08 (128) 3 Month Euro Yen (TFX) JPY (20,171,152) (10,420) Dec-08 85 3 Month Euro Euribor (LIF) EUR 20,394,688 (60,188)

Total Interest Rate Futures (9,146)

Total Unrealised Net Loss on Financial Futures Contracts (205,603)

Schedule of Investments - Outstanding Forward Foreign Exchange Contracts (Expressed in EUR) As at 31 December 2006

Unrealised Maturity Amount Amount Gain/ Date Currency Purchased Currency Sold (Loss)

22-Feb-07 AUD 479,000 USD 370,303 5,460 22-Feb-07 CAD 1,436,000 EUR 943,927 (7,152) 22-Feb-07 EUR 639,311 AUD 1,079,000 (4,304) 22-Feb-07 EUR 4,010,557 CAD 5,865,579 184,143 22-Feb-07 EUR 6,283,338 DKK 46,883,003 (3,159) 22-Feb-07 EUR 41,765,843 GBP 28,390,401 (351,374) 22-Feb-07 EUR 10,858,545 JPY 1,627,614,442 440,913 22-Feb-07 EUR 1,928,438 MXN 27,090,627 41,295 22-Feb-07 EUR 4,853,714 PLN 18,505,233 22,470 22-Feb-07 EUR 1,221,797 SEK 11,065,444 (3,216) 22-Feb-07 EUR 162,799,978 USD 209,317,846 4,380,834 22-Feb-07 GBP 16,491,248 EUR 24,452,257 12,542 22-Feb-07 JPY 541,800,000 EUR 3,560,882 (93,063) 22-Feb-07 PLN 18,505,233 EUR 4,823,141 8,104 22-Feb-07 USD 1,426,225 EUR 1,076,137 3,281

Total Unrealised Net Gain on Forward Foreign Exchange Contracts 4,636,774

Schedule of Investments - Outstanding Future Option Contracts (Expressed in EUR) As at 31 December 2006

Unrealised Market Gain/ Quantity Contract Currency Value (Loss)

230 3 Month GBP Libor Call Option, Strike Price 94.75 expiring on March 07 GBP 4,274 (8,549) (230) 3 Month GBP Libor Call Option, Strike Price 94.875 expiring on March 07 GBP (1,068) 3,206

Total 3,206 (5,343)

102 JPMorgan Investment Funds - Global Enhanced Bond Fund Schedule of Investments - Outstanding Credit Default Swaps (Expressed in EUR) As at 31 December 2006

Protection Unrealised Buy/ Gain/ Sell Counterparty Description Currency Nominal Maturity (Loss)

Buyer BNP Paribas Akzo Nobel 4.25% 14/06/2011 EUR 1,400,000 20/12/2011 531 Buyer Deutsche Bank Barclays Bank FRN 27/10/2015 EUR 2,700,000 20/12/2011 (2,226) Buyer UBS BASF 3.5% 08/07/2010 EUR 1,400,000 20/12/2011 (1,574) Buyer Morgan Stanley Hannover Finance Luxembourg FRN 26/02/2024 EUR 2,800,000 20/12/2011 13,263 Buyer Morgan Stanley Munich Re Finance FRN 21/06/2023 EUR 2,800,000 20/12/2011 (786) Buyer UBS Reed Elsevier Capital 5.75% 31/07/2008 EUR 1,400,000 20/12/2011 (2,423) Buyer UBS Solvay 4.625% 27/06/2018 EUR 1,400,000 20/12/2011 (901) Buyer Morgan Stanley Thales 4.375% 22/07/2011 EUR 1,400,000 20/12/2011 (557)

Seller Deutsche Bank Barclays Bank FRN 27/10/2015 EUR 2,700,000 20/12/2012 2,535 Seller Morgan Stanley DaimlerChrysler 7.2% 01/09/2009 EUR 2,700,000 20/12/2007 (146) Seller UBS Gaz Capital for Gazprom 7.8% 27/09/2010 USD 4,600,000 20/12/2007 1,753 Seller BNP Paribas Kaupthing Bank FRN 01/12/2009 EUR 1,150,000 20/12/2007 1,713 Seller Deutsche Bank Montpelier Re Holdings 6.125% 15/08/2013 USD 3,500,000 20/12/2007 980

Total Unrealised Net Gain on Credit Default Swaps 12,162

JPMorgan Investment Funds - Global Enhanced Bond Fund Schedule of Investments - Outstanding Interest Rates Swaps (Expressed in EUR) As at 31 December 2006

Unrealised Maturity Notional Gain/ Date Counterparty Denomination Currency Amount (Loss)

24-Nov-08 UBS Receive floating rate JPY LIBOR 6 months JPY 629,000,000 (2,689) Pay fixed rate 0.9275% 05-Dec-08 Citibank Receive fixed rate 0.895% JPY 435,000,000 49,217 Pay floating rate JPY LIBOR 6 months 07-Dec-08 Citibank Receive floating rate JPY LIBOR 6 months JPY 862,000,000 97,230 Pay fixed rate 0.9175% 08-Dec-08 Deutsche Bank Receive floating rate JPY LIBOR 6 months JPY 1,310,000,000 (5,686) Pay fixed rate 0.96% 03-Oct-09 UBS Receive fixed rate 0.93875% JPY 712,000,000 (8,185) Pay floating rate JPY LIBOR 6 months 23-Oct-11 Crédit Suisse Receive floating rate EURIBOR 6 months EUR 5,605,000 (17,462) Pay fixed rate 3.931% 23-Oct-11 Crédit Suisse Receive fixed rate 5.211% GBP 3,865,000 54,367 Pay floating rate GBP LIBOR 6 months 24-Oct-11 Deutsche Bank Receive fixed rate 1.42375% JPY 413,000,000 14,958 Pay floating rate JPY LIBOR 6 months 04-Dec-11 Deutsche Bank Receive floating rate JPY LIBOR 6 months JPY 266,000,000 (826) Pay fixed rate 1.35% 24-Oct-16 Deutsche Bank Receive floating rate JPY LIBOR 6 months JPY 434,000,000 (54,556) Pay fixed rate 1.95625% 24-Nov-16 UBS Receive fixed rate 1.8475% JPY 135,000,000 5,173 Pay floating rate JPY LIBOR 6 months 04-Dec-16 Deutsche Bank Receive fixed rate 1.82% JPY 139,000,000 4,302 Pay floating rate JPY LIBOR 6 months 07-Dec-16 Citibank Receive fixed rate 1.7725% JPY 185,000,000 193,951 Pay floating rate JPY LIBOR 6 months 08-Dec-16 Deutsche Bank Receive fixed rate 1.785% JPY 280,000,000 2,245 Pay floating rate JPY LIBOR 6 months 12-Dec-16 Deutsche Bank Receive floating rate JPY LIBOR 6 months JPY 235,000,000 (2,784) Pay fixed rate 1.795% 24-Oct-26 Deutsche Bank Receive fixed rate 2.4575% JPY 123,000,000 32,279 Pay floating rate JPY LIBOR 6 months 12-Dec-26 Deutsche Bank Receive fixed rate 2.25% JPY 132,000,000 2,854 Pay floating rate JPY LIBOR 6 months

Total Unrealised Net Gain on Interest Rates Swaps 364,388

103 JPMorgan Investment Funds - Global ex-US Bond Fund Schedule of Investments (Expressed in USD) As at 31 December 2006

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

Transferable Securities Admitted to an Official Exchange Listing LUXEMBOURG 650,000 VTB Capital for Vneshtorgbank 01.08.08/5.970%* 651,853 0.39 Bonds 900,000 VTB Capital for Vneshtorgbank 15.02.16/4.250% 1,165,112 0.70

JAPAN 1,816,965 1.09 190,000,000 Development Bank of Japan 19.03.26/2.300% 1,619,505 0.96 509,000,000 Japan (Government of) 20.09.12/1.300% 4,269,183 2.57 POLAND 1,448,450,000 Japan (Government of) 20.03.15/1.300% 11,915,325 7.17 4,700,000 Poland (Government of) 24.05.11/4.250% 1,574,596 0.95 420,000,000 Japan (Government of) 20.09.16/1.700% 3,537,406 2.13 364,000,000 Japan (Government of) 20.09.24/2.100% 3,099,252 1.86 1,574,596 0.95 239,000,000 Japan (Government of) 20.06.25/1.900% 1,970,140 1.19 CAYMAN ISLANDS 75,000,000 Japan (Government of) 20.09.35/2.500% 659,713 0.40 420,000 BCP Finance 09.06.14/5.543%* 575,015 0.35 410,000 Shinsei Bank 524,341 0.32 23.02.16/3.750%* 750,000 Mizuho Capital Investment EUR 1 30.06.11/5.020%* 987,182 0.59 27,594,865 16.60 UNITED KINGDOM 1,562,197 0.94 1,300,000 Alpha Credit Group 16.10.08/3.644%* 1,712,863 1.03 SWEDEN 1,600,000 Aviva 19.06.17/5.705%* 1,601,200 0.96 9,700,000 Sweden (Kingdom of) 08.10.12/5.500% 1,535,133 0.92 1,400,000 Barclays Bank 20.04.16/3.686%* 1,844,137 1.11 400,000 Barclays Bank 15.03.20/4.750%* 469,014 0.28 1,535,133 0.92 3,300,000 Credit Suisse International 06.03.07/6.103%* 3,301,340 1.99 400,000 UK Treasury 07.03.11/4.250% 760,758 0.46 NETHERLANDS 162,985 UK Treasury 07.06.21/8.000% 430,670 0.26 950,000 ING Groep 28.06.11/3.841%* 1,251,411 0.75 1,380,000 UK Treasury 07.06.32/4.250% 2,691,424 1.62 1,050,000 UK Treasury 07.12.38/4.750% 2,264,132 1.36 1,251,411 0.75 UNITED STATES OF AMERICA 15,075,538 9.07 648,000 Bank of America Credit Card GERMANY Trust 19.04.10/4.150% 852,523 0.51 450,000 BASF 29.06.09/3.822%* 593,846 0.36 130,000 Rabobank Capital Funding Trust IV 258,988 0.16 2,750,000 Germany (Federal Republic of) 04.07.28/4.750% 3,963,086 2.38 31.12.19/5.556%* 4,280,000 Germany (Federal Republic of) 04.07.34/4.750% 6,254,676 3.76 1,111,511 0.67 10,811,608 6.50 SAUDI ARABIA 1,100,000 Arab National Bank 1,104,675 0.66 ITALY 31.10.16/6.206%* 550,000 Banca Monte dei Paschi di Siena 24.04.09/3.771%* 725,426 0.44 1,104,675 0.66 3,400,000 Italy (Republic of) 15.06.10/2.750% 4,309,913 2.59 4,000,000 Italy (Republic of) 01.08.17/5.250% 5,753,356 3.46 BRAZIL 620,000 Banco Bradesco 15.04.14/8.000% 960,236 0.58 10,788,695 6.49 960,236 0.58 FRANCE 2,500,000 France (Government of) 25.10.11/5.000% 3,447,855 2.08 MEXICO 3,285,000 France (Government of) 25.04.35/4.750% 4,790,974 2.88 9,500,000 United Mexican States 19.12.13/8.000% 906,423 0.55 399,000 Thomson 25.09.15/5.750%* 439,145 0.26 906,423 0.55 8,677,974 5.22 QATAR GREECE 800,000 Commercial Bank of Qatar 12.10.11/5.772%* 801,040 0.48 1,760,822 Greece (Republic of) 29.01.09/6.300% 2,425,828 1.46 2,150,000 Greece (Republic of) 20.04.10/3.100% 2,758,142 1.66 801,040 0.48 2,150,000 Greece (Republic of) 22.10.22/5.900% 3,331,896 2.00 SOUTH AFRICA 8,515,866 5.12 530,000 South Africa (Republic of) 05.04.16/4.500% 685,390 0.41 BELGIUM 685,390 0.41 850,000 Fortis Bank 21.06.16/3.954%* 1,120,945 0.68 1,300,000 Fortis Bank 13.10.16/3.737%* 1,719,383 1.03 Total Bonds 107,447,210 64.64

2,840,328 1.71 Total Transferable Securities Admitted to an 107,447,210 64.64 Official Exchange Listing SPAIN 650,000 Caja Laboral Popular COOP de Transferable Securities Dealt in on Another Regulated Market Credito 13.07.09/3.612%* 856,598 0.52 1,450,000 Cam International Issues Bonds Unipersonal 29.09.16/4.122%* 1,913,634 1.15 UNITED STATES OF AMERICA 2,770,232 1.67 1,091,421 Citimortgage Alternative Loan Trust 2006-A1 1A5 25.04.36/5.500% 1,082,702 0.65 AUSTRALIA 1,604,701 Countrywide Alternative Loan 1,100,000 Australia (Government of) 15.06.11/5.750% 858,787 0.52 Trust 2006-27CB A7 25.11.36/6.000% 1,603,552 0.96 1,250,000 Macquarie Bank 06.12.16/3.989%* 1,646,389 0.99 1,844,758 Countrywide Alternative Loan Trust 2006-31CB A15 25.11.36/6.000% 1,837,263 1.11 2,505,176 1.51 1,787,672 Countrywide Alternative Loan Trust 2006-J5 1A1 25.09.36/6.500% 1,810,590 1.09 DENMARK 1,600,000 Credit-Based Asset Servicing 1,750,000 FIH Erhvervsbank 03.11.09/3.863%* 2,304,576 1.39 and Securitization 2006-CB8 M2 25.10.36/5.620%* 1,601,725 0.96 2,304,576 1.39 1,600,000 Fieldstone Mortgage UNITED ARAB EMIRATES Investment 2006-3 M2 25.11.36/5.620%* 1,600,986 0.96 800,000 ADIB Sukuk for Abu Dhabi 2,524,107 First Horizon Alternative Islamic Bank 12.12.11/5.756%* 800,800 0.49 Mortgage Securities 2006-FA4 1A1 25.08.36/6.000% 2,520,996 1.52 800,000 Emirates Bank International 07.12.16/5.950%* 801,000 0.48 1,000,000 Long Beach Mortgage Loan 650,000 SIB Sukuk 650,975 0.39 12.10.11/6.022%* Trust 2006-9 M2 25.10.36/5.630%* 1,000,616 0.60 1,679,180 Residential Accredit Loans 2,252,775 1.36 2006-QS16 A7 25.11.36/6.000% 1,678,808 1.01 1,531,850 Residential Asset Securitization Trust 2006-A1 A-6 25.01.37/6.000% 1,530,333 0.92

104 JPMorgan Investment Funds - Global ex-US Bond Fund Schedule of Investments (Expressed in USD) (continued) As at 31 December 2006

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

1,671,587 Residential Asset Securitization Investment Funds Trust 2006-A14C 1A2 25.12.36/6.250% 1,677,504 1.01 785,000 US Treasury (i) 08.03.07/0.000% 777,790 0.47 LUXEMBOURG 74,877 JPMorgan Investment Strategies Funds - Managed Currency Fund (JPM Managed Currency Class X - 18,722,865 11.26 USD) 7,780,092 4.69 UNITED KINGDOM 24 JPMorgan Liquidity Funds - US Dollar Liquidity 500,000 Aire Valley Mortages 2006-1X Fund (JPM US Dollar Liquidity X (acc)) 306,011 0.18 2B2 20.09.66/3.929%* 660,984 0.40 598,765 EMC 4A 30.04.13/3.758%* 789,218 0.47 8,086,103 4.87 800,000 Granite Master Issuer 2006-2 A5 20.12.54/3.611%* 1,054,272 0.63 Total Investment Funds 8,086,103 4.87 500,000 Great Hall Mortgages 2006-1 A2B 18.06.38/3.828%* 659,050 0.40 Total Transferable Securities Dealt in on 51,752,768 31.14 900,000 Mound Financing 5X 3A1 08.02.42/3.689%* 1,186,816 0.71 Another Regulated Market 1,045,056 Themeleion Mortgage Finance 3 Total Investments plus Cash Equivalent 159,199,978 95.78 A 02.02.43/3.704%* 1,377,763 0.83 700,000 White Tower 2006-3 D 23.10.12/5.661%* 1,371,755 0.83 Cash 794,346 0.48 7,099,858 4.27 Other Assets/(Liabilities) 6,218,882 3.74 IRELAND 299,474 DECO Series 9-E3X A1 27.07.17/3.708%* 394,737 0.23 Total Net Assets 166,213,206 100.00 450,000 Epic BROD A 22.01.16/3.689%* 593,062 0.36 246,570 German Residential Asset Note Distributor 1 A 20.07.16/3.751%* 325,731 0.20 * Variable coupon rates are those quoted as at 31 December 2006. 500,000 Magellan Mortgages 2 B 18.07.36/4.052%* 666,431 0.40 (i) Security held as collateral against futures positions by the broker. 566,395 Talisman Finance 3 A 22.01.15/3.654%* 746,282 0.45 900,000 Titan Europe/Ireland 2006-4FSX A1 03.09.13/5.541%* 1,763,685 1.06 Allocation of Portfolio as at 31 December 2006 % of 4,489,928 2.70 Net Assets SPAIN Fixed Income Securities 603,966 Fondo de Titulizacion de Japan 17.28 Activos Santander Auto 1 A 25.11.21/3.677%* 795,372 0.47 United Kingdom 13.34 500,000 Hipocat HIPO-10 A2 24.10.39/3.661%* 659,229 0.40 United States of America 11.93 463,943 Santander Hipotecario12A 18.01.48/3.652%* 611,825 0.37 Italy 7.12 1,394,894 UCI 15 A 18.12.48/3.819%* 1,838,789 1.11 Germany 6.50 Luxembourg 5.96 3,905,215 2.35 France 5.22 Greece 5.12 CANADA Spain 4.02 1,800,000 Canada (Government of) 01.09.11/3.750% 1,532,719 0.92 Ireland 2.70 400,000 Canada (Government of) 01.06.16/4.000% 341,578 0.21 Netherlands 2.26 1,100,000 Canada (Government of) 01.06.33/5.750% 1,188,235 0.71 Canada 1.84 Belgium 3,062,532 1.84 1.71 Australia 1.51 NETHERLANDS Denmark 1.39 600,000 Arran Corporate Loans United Arab Emirates 1.36 2006-1X A2 20.06.25/3.869%* 790,939 0.48 Poland 0.95 1,300,000 Storm 2006-2 A2 22.05.48/3.713%* 1,713,795 1.03 Cayman Islands 0.94 Sweden 0.92 2,504,734 1.51 Saudi Araabia 0.66 JAPAN Brazil 0.58 135,000,000 Japan (Government of) 10.09.16/1.100% 1,127,907 0.68 Mexico 0.55 Singapore 0.52 1,127,907 0.68 Iceland 0.51 Qatar 0.48 ITALY South Africa 0.41 800,000 F-E Gold 1 A2 30.07.25/3.678%* 1,054,585 0.63 Total Fixed Income Securities 95.78 Cash Equivalent, Cash and Other Assets/(Liabilities) 4.22 1,054,585 0.63 Total ICELAND 100.00 850,000 Landsbanki Islands 25.08.09/6.070%* 850,401 0.51

850,401 0.51 SINGAPORE 1,300,000 Singapore (Government of) 01.03.07/4.000% 848,640 0.52

848,640 0.52

Total Bonds 43,666,665 26.27

105 JPMorgan Investment Funds - Global ex-US Bond Fund Schedule of Investments (Expressed in USD) (continued) As at 31 December 2006

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

Allocation of Portfolio as at 30 June 2006 (Unaudited) % of Net Assets Fixed Income Securities Japan 37.47 Germany 13.80 France 10.28 United Kingdom 7.67 Greece 4.79 Luxembourg 4.74 Italy 3.42 Canada 2.20 Netherlands 2.12 Spain 1.71 United States of America 0.99 Cayman Islands 0.87 Ireland 0.86 Poland 0.86 Belgium 0.63 Brazil 0.52 Singapore 0.48 Australia 0.48 Mexico 0.47 South Africa 0.36 Total Fixed Income Securities 94.72 Cash and Other Assets/(Liabilities) 5.28 Total 100.00

106 JPMorgan Investment Funds - Global ex-US Bond Fund Schedule of Investments - Outstanding Financial Futures Contracts (Expressed in USD) As at 31 December 2006

Unrealised Maturity (Short) / Long Gain/ Date Quantity Contract Currency Position (Loss)

Bond Futures

Mar-07 22 Canada 10 Year Bond Future (MSE) CAD 2,151,149 (25,863) Mar-07 122 Euro-Bobl Future EUR 17,505,581 (84,622) Mar-07 (26) Euro-Bund Future EUR (3,981,216) 81,920 Mar-07 2 Euro-Schatz Future EUR 272,768 (923) Mar-07 50 Long Gilt Future GBP 10,594,848 (127,652) Mar-07 (53) US 2 Year Note (CBT) USD (10,812,828) 41,688 Mar-07 44 US 5 Year Note (CBT) USD 4,621,375 (30,063) Mar-07 (2) US 10 Year Note Future USD (214,875) 2,875

Total Bond Futures (142,640)

Interest Rate Futures

Mar-07 (57) 90 Day Bank Bill (SFE) AUD (10,046,720) 4,714 Mar-07 (7) Sterling MID-CRV GBP (1,621,243) 1,886 Mar-07 53 90 Day Euro$ Future (CME) USD 12,545,100 - Jun-07 7 Sterling MID-CRV GBP 1,620,386 (2,915) Jun-07 62 3 Month Euro Yen (TFX) JPY 12,916,775 4,841 Jun-07 (13) 90 Day Euro$ Future (CME) USD (3,079,863) 162 Sep-07 58 90 Day Bank Bill (SFE) AUD 10,220,791 (6,939) Sep-07 (13) 90 Day Euro$ Future (CME) USD (3,084,575) 325 Dec-07 (13) 90 Day Euro$ Future (CME) USD (3,088,963) 163 Mar-08 (45) 3 Month Euro Euribor (LIF) EUR (14,227,324) 41,026 Mar-08 (62) 3 Month Euro Yen (TFX) JPY (12,878,365) (6,657) Mar-08 (13) 90 Day Euro$ Future (CME) USD (3,090,913) 325 Dec-08 45 3 Month Euro Euribor (LIF) EUR 14,231,773 (41,998)

Total Interest Rate Futures (5,067)

Total Unrealised Net Loss on Financial Futures Contracts (147,707)

Schedule of Investments - Outstanding Forward Foreign Exchange Contracts (Expressed in USD) As at 31 December 2006

Unrealised Maturity Amount Amount Gain/ Date Currency Purchased Currency Sold (Loss)

25-Jan-07 AUD 281,000 USD 215,075 6,558 25-Jan-07 CAD 454,000 USD 394,111 (3,097) 25-Jan-07 EUR 817,480 USD 1,079,940 (1,149) 25-Jan-07 GBP 440,266 USD 857,007 5,898 25-Jan-07 JPY 1,897,131,877 USD 16,555,604 (568,377) 25-Jan-07 MXN 9,065,734 USD 826,521 8,873 25-Jan-07 PLN 6,194,234 USD 2,152,000 (17,301) 25-Jan-07 USD 1,360,124 AUD 1,765,635 (32,484) 25-Jan-07 USD 2,472,364 CAD 2,827,767 36,909 25-Jan-07 USD 76,133,375 EUR 59,152,724 (1,927,755) 25-Jan-07 USD 10,175,327 GBP 5,323,440 (258,405) 25-Jan-07 USD 45,226,671 JPY 5,289,670,312 650,350 25-Jan-07 USD 866,671 MXN 9,531,903 (11,680) 25-Jan-07 USD 3,491,293 PLN 10,319,912 (65,227) 25-Jan-07 USD 1,566,531 SEK 10,733,481 (916) 25-Jan-07 USD 852,846 SGD 1,326,000 (12,917)

Total Unrealised Net Loss on Forward Foreign Exchange Contracts (2,190,720)

Schedule of Investments - Outstanding Future Option Contracts (Expressed in USD) As at 31 December 2006

Unrealised Market Gain/ Quantity Contract Currency Value (Loss)

112 3 Month GBP Libor Call Option, Strike Price 94.75 expiring on March 07 GBP 2,744 (5,487) (112) 3 Month GBP Libor Call Option, Strike Price 94.875 expiring on March 07 GBP (686) 2,058

Total 2,058 (3,429) 107 JPMorgan Investment Funds - Global ex-US Bond Fund Schedule of Investments - Outstanding Credit Default Swaps (Expressed in USD) As at 31 December 2006

Protection Unrealised Buy/ Gain/ Sell Counterparty Description Currency Nominal Maturity (Loss)

Buyer BNP Paribas Akzo Nobel 4.25% 14/06/2011 EUR 700,000 20/12/2011 350 Buyer Deutsche Bank Barclays Bank FRN 27/10/2015 EUR 1,300,000 20/12/2011 (1,413) Buyer UBS BASF 3.5% 08/07/2010 EUR 700,000 20/12/2011 (1,037) Buyer Morgan Stanley Hannover Finance Luxembourg FRN 26/02/2024 EUR 1,300,000 20/12/2011 8,117 Buyer Morgan Stanley Munich Re Finance FRN 21/06/2023 EUR 8,700,000 20/12/2011 444 Buyer UBS Reed Elsevier Capital 5.75% 31/07/2008 EUR 700,000 20/12/2011 (1,597) Buyer UBS Solvay 4.625% 27/06/2018 EUR 700,000 20/12/2011 (594) Buyer Morgan Stanley Thales 4.375% 22/07/2011 EUR 700,000 20/12/2011 (367)

Seller Deutsche Bank Barclays Bank FRN 27/10/2015 EUR 1,300,000 20/12/2012 1,608 Seller Morgan Stanley DaimlerChrysler 7.2% 01/09/2009 EUR 1,300,000 20/12/2007 (92) Seller UBS Gaz Capital for Gazprom 7.8% 27/09/2010 USD 1,800,000 20/12/2007 904 Seller Morgan Stanley Hannover Finance Luxembourg FRN 26/02/2024 EUR 7,400,000 20/12/2011 (1,976) Seller BNP Paribas Kaupthing Bank FRN 01/12/2009 EUR 2,030,000 20/12/2007 3,984 Seller Deutsche Bank Montpelier Re Holdings 6.125% 15/08/2013 USD 1,400,000 20/12/2007 517

Total Unrealised Net Gain on Credit Default Swaps 8,848

Schedule of Investments - Outstanding Interest Rates Swaps (Expressed in EUR) As at 31 December 2006

Unrealised Maturity Notional Gain/ Date Counterparty Denomination Currency Amount (Loss)

24-Nov-08 UBS Receive floating rate JPY LIBOR 6 months JPY 299,000,000 (1,685) Pay fixed rate 0.9275% 05-Dec-08 Citibank Receive fixed rate 0.895% JPY 198,000,000 29,528 Pay floating rate JPY LIBOR 6 months 07-Dec-08 Citibank Receive floating rate JPY LIBOR 6 months JPY 391,000,000 58,132 Pay fixed rate 0.9175% 03-Oct-09 UBS Receive fixed rate 0.93875% JPY 2,525,000,000 (38,262) Pay floating rate JPY LIBOR 6 months 23-Oct-11 Crédit Suisse Receive floating rate EURIBOR 6 months EUR 2,790,000 (11,457) Pay fixed rate 3.931% 23-Oct-11 Crédit Suisse Receive fixed rate 5.211% GBP 1,925,000 35,691 Pay floating rate GBP LIBOR 6 months 24-Oct-11 Deutsche Bank Receive fixed rate 1.42375% JPY 204,000,000 9,739 Pay floating rate JPY LIBOR 6 months 04-Dec-11 Deutsche Bank Receive floating rate JPY LIBOR 6 months JPY 122,000,000 (500) Pay fixed rate 1.35% 24-Oct-16 Deutsche Bank Receive floating rate JPY LIBOR 6 months JPY 215,000,000 (35,624) Pay fixed rate 1.95625% 24-Nov-16 UBS Receive fixed rate 1.8475% JPY 64,000,000 3,232 Pay floating rate JPY LIBOR 6 months 04-Dec-16 Deutsche Bank Receive fixed rate 1.82% JPY 64,000,000 2,611 Pay floating rate JPY LIBOR 6 months 07-Dec-16 Citibank Receive fixed rate 1.7725% JPY 84,000,000 116,077 Pay floating rate JPY LIBOR 6 months 12-Dec-16 Deutsche Bank Receive floating rate JPY LIBOR 6 months JPY 103,000,000 (1,608) Pay fixed rate 1.795% 24-Oct-26 Deutsche Bank Receive fixed rate 2.4575% JPY 61,000,000 21,101 Pay floating rate JPY LIBOR 6 months 12-Dec-26 Deutsche Bank Receive fixed rate 2.25% JPY 58,000,000 1,653 Pay floating rate JPY LIBOR 6 months

Total Unrealised Net Gain on Interest Rates Swaps 188,628

108 JPMorgan Investment Funds - Global ex-US Select Small Cap Fund Schedule of Investments (Expressed in EUR) As at 31 December 2006

% % Quantity/ Name of Securities Market of Quantity/ Name of Securities Market of Nominal Value Net Nominal Value Net Value Assets Value Assets

Transferable Securities Admitted to an Official Exchange Listing IRELAND 69,610 C&C Group 936,255 1.99 Shares 55,570 Kingspan Group 1,116,957 2.37

UNITED KINGDOM 2,053,212 4.36 35,740 Admiral Group 583,959 1.25 9,350 Berkeley Group Holdings 237,843 0.51 TAIWAN 260,693 Carphone Warehouse Group 1,216,996 2.58 79,983 Catcher Technology 592,754 1.26 47,930 Cattles 313,003 0.66 397,000 Inventec 264,657 0.56 11,330 Intermediate Capital Group 285,515 0.61 85,000 Inventec Appliances 179,981 0.38 115,060 Michael Page International 773,630 1.64 656,000 ProMOS Technologies 216,750 0.46 53,860 Punch Taverns 1,024,158 2.17 428,000 Realtek Semiconductor 558,694 1.19 84,730 Serco Group 481,206 1.02 37,000 Shin Zu Shing 191,558 0.41 107,220 TullowOil 634,438 1.35 2,004,394 4.26 5,550,748 11.79 SPAIN JAPAN 14,110 Banco Pastor 208,123 0.45 44,000 Asics 418,932 0.90 44,670 Enagas 790,659 1.68 34,000 Brother Industries 349,072 0.74 7,630 Red Electrica de Espana 246,449 0.52 13,000 Hitachi Kokusai Electric 123,278 0.26 16,760 Tecnicas Reunidas 491,906 1.04 120,000 Japan Steel Works 711,221 1.51 26,000 JGC 338,850 0.72 1,737,137 3.69 24,300 JTEKT 391,028 0.83 HONG KONG 26,100 Konami 598,802 1.27 268,334 China Resources Power Holdings 307,325 0.66 2,400 Musashino Bank 87,794 0.19 300,500 Kingboard Laminates Holdings 243,905 0.52 72,000 NGK Insulators 843,371 1.79 236,000 Kowloon Development 317,720 0.67 90,000 Nishi-Nippon City Bank 293,666 0.62 176,000 Melco International Development 316,612 0.67 65,000 Senshu Bank 123,444 0.26 38,000 Parkson Retail Group 142,724 0.30 9,700 Sohgo Security Services 148,053 0.31 340,000 Shun TAK Holdings 394,711 0.84 56,000 Sumitomo Rubber Industries 548,533 1.16 64,000 Tokyo Tatemono 540,834 1.15 1,722,997 3.66 5,516,878 11.71 LUXEMBOURG 32,170 Millicom International Cellular 1,528,325 3.25 AUSTRALIA 52,030 Babcock & Brown 772,630 1.64 1,528,325 3.25 21,290 CSL 833,336 1.77 56,260 Lend Lease 621,193 1.32 CHINA 95,850 Macquarie Communications Infrastructure Group 361,575 0.77 1,170,000 China Communications Services - H Shares * 506,783 1.07 59,060 Paladin Resources 314,738 0.67 7,790 Focus Media Holding ADR 397,272 0.84 20,080 WorleyParsons 255,860 0.54 752,000 Huadian Power International - H Shares * 224,488 0.48 17,420 Mindray Medical International ADR 323,263 0.69 3,159,332 6.71 1,451,806 3.08 SWITZERLAND 4,140 Actelion Registered Shares 688,706 1.47 SWEDEN 600 Geberit Registered Shares 700,366 1.49 16,370 Hexagon - B Shares 524,220 1.12 200 Lindt & Sprüngli Preference Shares 378,106 0.80 18,420 Meda - A Shares 566,436 1.20 11,020 Lonza Group Registered Shares 721,638 1.53 760 Sulzer Registered Shares 656,486 1.39 1,090,656 2.32 NETHERLANDS 3,145,302 6.68 14,370 Fugro - CVA 519,907 1.10 ITALY 9,815 USG People 324,189 0.69 45,670 ASM 187,932 0.39 6,680 Vopak 237,474 0.50 22,640 Banca Italease 1,005,216 2.13 30,240 Davide Campari-Milano 226,800 0.48 1,081,570 2.29 33,220 Geox 388,674 0.83 MEXICO 120,284 Hera 398,140 0.85 77,720 Corporacion GEO - B Shares 294,975 0.63 7,810 Pirelli & C. Real Estate 403,543 0.86 25,740 Grupo Aeroportuario del Pacifico ADR 763,744 1.62 2,610,305 5.54 1,058,719 2.25 DENMARK GREECE 6,990 Coloplast - B Shares 479,973 1.01 20,220 Greek Postal Savings Bank 361,129 0.77 9,400 FLSmidth & Co. 451,946 0.96 8,960 Intralot - Integrated Lottery Systems & Services 237,440 0.50 9,780 Genmab 501,695 1.07 9,720 Piraeus Bank 237,362 0.50 3,430 NKT Holding 230,463 0.49 4,890 Topdanmark 616,462 1.31 835,931 1.77 2,280,539 4.84 SOUTH KOREA 2,140 KCC 505,395 1.07 FRANCE 8,400 Samsung Techwin 232,642 0.49 3,810 Iliad 251,079 0.53 10,080 Neopost 960,624 2.04 738,037 1.56 10,500 Nexans 1,015,350 2.16 BERMUDA 2,227,053 4.73 47,540 SeaDrill 607,583 1.29

GERMANY 607,583 1.29 20,433 GEA Group 348,791 0.75 24,060 IVG Immobilien 782,912 1.66 CANADA 4,840 K+S 397,848 0.84 1,418 Alimentation Couche Tard - B Shares 23,527 0.05 53,750 United Internet Registered Shares 673,488 1.43 15,870 Gildan Activewear 564,543 1.20

2,203,039 4.68 588,070 1.25

109 JPMorgan Investment Funds - Global ex-US Select Small Cap Fund Schedule of Investments (Expressed in EUR) (continued) As at 31 December 2006

% % Quantity/ Name of Securities Market of Quantity/ Name of Securities Market of Nominal Value Net Nominal Value Net Value Assets Value Assets

NORWAY 29,820 Petroleum Geo-Services 527,765 1.12 Allocation of Portfolio as at 30 June 2006 (Unaudited) % of Net Assets 527,765 1.12 Shares Industrials 22.69 RUSSIA Financials 11,569 Sistema-Hals GDR 144A 118,490 0.25 16.86 Information Technology 3,681 Sistema-Hals GDR Registered Shares 37,142 0.08 12.00 Consumer Discretionary 13,730 TMK OAO Registered Shares GDR 364,578 0.77 11.93 Materials 9.80 Energy 520,210 1.10 6.81 Health Care 6.76 BELGIUM Utilities 5.11 3,860 Umicore 497,554 1.06 Consumer Staples 3.35 Telecommunication Services 0.69 497,554 1.06 Total Shares 96.00 PERU Cash and Other Assets/(Liabilities) 4.00 80,750 Hochschild Mining 485,014 1.03 Total 100.00 485,014 1.03 AUSTRIA 18,750 Meinl European Land 364,688 0.77

364,688 0.77 INDONESIA 1,278,500 Bank Mandiri Persero 312,766 0.66

312,766 0.66 EGYPT 31,550 Commercial International Bank 243,069 0.52

243,069 0.52

Total Shares 46,142,699 97.97

Total Transferable Securities Admitted to an 46,142,699 97.97 Official Exchange Listing Total Investments 46,142,699 97.97

Cash 564,930 1.20

Other Assets/(Liabilities) 389,696 0.83

Total Net Assets 47,097,325 100.00

* Hong Kong Registered Shares.

Allocation of Portfolio as at 31 December 2006 % of Net Assets Shares Financials 21.36 Industrials 17.93 Consumer Discretionary 12.50 Materials 11.02 Information Technology 10.92 Health Care 7.21 Energy 4.86 Utilities 4.58 Telecommunication Services 4.32 Consumer Staples 3.27 Total Shares 97.97 Cash and Other Assets/(Liabilities) 2.03 Total 100.00

110 JPMorgan Investment Funds - Global Financials Fund Schedule of Investments (Expressed in USD) As at 31 December 2006

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

Transferable Securities Admitted to an Official Exchange Listing SPAIN 212,604 Banco Bilbao Vizcaya Argentaria 5,105,851 2.18 Shares 5,105,851 2.18 UNITED STATES OF AMERICA 42,852 AMBAC Financial Group 3,843,396 1.64 131,952 Ameritrade Holding 2,146,860 0.92 BRAZIL 14,974 Apartment Investment & Management - A Shares 839,143 0.36 46,120 Unibanco - Uniao de Bancos Brasileiros GDR 4,334,819 1.85 214,478 Bank of America 11,515,324 4.92 82,192 CIT Group 4,650,424 1.99 4,334,819 1.85 227,508 Citigroup 12,715,423 5.44 SWITZERLAND 39,297 Franklin Resources 4,325,421 1.85 49,554 UBS Registered Shares 3,005,858 1.29 106,673 Genworth Financial - A Shares 3,678,085 1.57 52,262 Hartford Financial Services Group 4,881,271 2.09 3,005,858 1.29 57,063 Marshall & Ilsley 2,753,290 1.18 44,259 MBIA 3,242,414 1.39 ICELAND 57,665 MGIC Investment 3,638,085 1.56 228,710 Kaupthing Bank 2,709,400 1.16 62,511 Morgan Stanley 5,102,148 2.18 45,491 State Street 3,074,737 1.31 2,709,400 1.16 63,947 SunTrust Banks 5,431,019 2.32 HONG KONG 92,806 TCF Financial 2,566,086 1.10 418,000 Henderson Land Development 2,338,123 1.00 77,203 Wells Fargo & Co. 2,763,867 1.18 2,338,123 1.00 77,166,993 33.00 AUSTRIA UNITED KINGDOM 32,655 Wiener Staedtische Versicherung 2,289,864 0.98 492,319 Barclays 7,042,842 3.02 907,527 Chaucer Holdings 1,778,435 0.76 2,289,864 0.98 137,796 HBOS 3,056,761 1.31 82,164 Highway Insurance Holdings 125,590 0.05 IRELAND 545,903 HSBC Holdings 9,959,641 4.26 78,117 Irish Life & Permanent 2,151,990 0.92 390,716 Man Group 4,002,522 1.71 184,674 Royal Bank of Scotland Group 7,212,595 3.08 2,151,990 0.92 THAILAND 33,178,386 14.19 1,209,500 Kasikornbank (Foreign) 2,091,113 0.89 JAPAN 476,000 77 Bank 3,018,858 1.28 2,091,113 0.89 277,000 Daiwa Securities Group 3,106,346 1.33 FINLAND 402,000 Gunma Bank 2,414,465 1.03 72,491 Sampo - A Shares 1,948,272 0.83 240 Mitsubishi UFJ Financial Group 2,963,585 1.27 247,000 Mitsui Sumitomo Insurance 2,701,449 1.16 1,948,272 0.83 623 Sumitomo Mitsui Financial Group 6,384,644 2.73 BERMUDA 20,589,347 8.80 31,472 RenaissanceRe Holdings 1,895,873 0.81

GERMANY 1,895,873 0.81 35,499 Allianz Registered Shares 7,241,411 3.10 46,065 Deutsche Bank Registered Shares 6,153,190 2.63 NORWAY 25,162 Münchener Rückversicherungs Registered Shares 4,325,514 1.85 98,945 Storebrand 1,263,775 0.54

17,720,115 7.58 1,263,775 0.54 ITALY SINGAPORE 651,251 Banca Intesa 4,867,207 2.09 326,105 CapitaRetail China Trust 446,603 0.19 302,979 Banca Popolare di Lodi 4,313,051 1.84 94,844 SanPaolo IMI 2,203,995 0.94 446,603 0.19 307,756 UniCredito Italiano 2,699,622 1.15 Total Shares 225,611,781 96.47 14,083,875 6.02 Total Transferable Securities Admitted to an 225,611,781 96.47 FRANCE Official Exchange Listing 134,442 AXA 5,450,918 2.34 56,500 BNP Paribas 6,184,954 2.64 Transferable Securities Dealt in on Another Regulated Market

11,635,872 4.98 Bonds NETHERLANDS UNITED STATES OF AMERICA 200,699 Aegon 3,827,913 1.63 330,000 US Treasury (i) 08.03.07/0.000% 326,989 0.14 138,596 ING Groep - CVA 6,163,737 2.64 326,989 0.14 9,991,650 4.27 SOUTH KOREA Total Bonds 326,989 0.14 71,520 Hana Financial Group 3,760,568 1.61 30,093 Kookmin Bank ADR 2,433,922 1.04

6,194,490 2.65 GREECE 45,240 Marfin Financial Group Holdings 2,384,041 1.02 67,073 National Bank of Greece 3,085,471 1.32

5,469,512 2.34

111 JPMorgan Investment Funds - Global Financials Fund Schedule of Investments (Expressed in USD) (continued) As at 31 December 2006

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

Investment Funds LUXEMBOURG 0* JPMorgan Liquidity Funds - US Dollar Liquidity Fund (JPM US Dollar Liquidity X (acc)) 1,539 0.00

1,539 0.00

Total Investment Funds 1,539 0.00

Total Transferable Securities Dealt in on 328,528 0.14 Another Regulated Market Total Investments 225,940,309 96.61

Cash 1,225,221 0.52

Other Assets/(Liabilities) 6,697,927 2.87

Total Net Assets 233,863,457 100.00

* Fractional shares rounded to 0. (i) Security held as collateral against futures positions by the broker.

Allocation of Portfolio as at 31 December 2006 % of Net Assets Fixed Income Securities United States of America 0.14 Total Fixed Income Securities 0.14 Shares Financials 96.47 Total Shares 96.47 Cash and Other Assets/(Liabilities) 3.39 Total 100.00

Allocation of Portfolio as at 30 June 2006 (Unaudited) % of Net Assets Shares Financials 98.69 Investment Companies 1.57 Total Shares 100.26 Cash and Other Assets/(Liabilities) (0.26) Total 100.00

112 JPMorgan Investment Funds - Global Financials Fund Schedule of Investments - Outstanding Financial Futures Contracts (Expressed in USD) As at 31 December 2006

Unrealised Maturity (Short) / Long Gain/ Date Quantity Contract Currency Position (Loss)

Equity Futures

Mar-07 12 Swiss Market Index Future CHF 862,953 19,870 Mar-07 12 DJ Euro Stoxx 50 EUR 657,679 18,664 Mar-07 9 FTSE 100 Index Future GBP 1,096,307 11,111 Mar-07 2 TOPIX Index Future JPY 282,666 9,912 Mar-07 4 S&P 500 Future USD 1,435,500 7,800

Total Unrealised Net Gain on Financial Futures Contracts 67,357

Schedule of Investments - Outstanding Forward Foreign Exchange Contracts (Expressed in USD) As at 31 December 2006

Unrealised Maturity Amount Amount Gain/ Date Currency Purchased Currency Sold (Loss)

22-Feb-07 AUD 15,539,793 USD 11,884,720 362,804 22-Feb-07 CAD 11,800,530 USD 10,381,766 (210,355) 22-Feb-07 CHF 6,371,845 USD 5,185,572 61,766 22-Feb-07 DKK 3,124,864 USD 538,850 14,785 22-Feb-07 EUR 14,286,136 USD 18,729,392 146,762 22-Feb-07 GBP 3,468,870 USD 6,735,375 64,092 22-Feb-07 HKD 10,139,626 USD 1,307,226 (667) 22-Feb-07 JPY 348,810,087 USD 3,027,246 (77,360) 22-Feb-07 NOK 2,979,239 USD 465,106 12,832 22-Feb-07 SEK 10,717,429 USD 1,520,280 47,413 22-Feb-07 SGD 3,811,839 USD 2,483,765 8,547 22-Feb-07 THB 49,003,781 USD 1,340,912 1,671 22-Feb-07 USD 1,226,929 AUD 1,574,257 (13,805) 22-Feb-07 USD 37,775,966 EUR 29,142,674 (730,012) 22-Feb-07 USD 10,938,805 GBP 5,772,911 (376,902) 22-Feb-07 USD 4,792,368 JPY 554,595,648 102,154 22-Feb-07 USD 1,124,222 NOK 7,192,550 (29,627) 22-Feb-07 USD 1,871,676 SEK 13,150,000 (51,843) 22-Feb-07 USD 347,956 SGD 540,287 (5,302)

Total Unrealised Net Loss on Forward Foreign Exchange Contracts (673,047)

113 JPMorgan Investment Funds - Global Healthtech Fund Schedule of Investments (Expressed in USD) As at 31 December 2006

% % Quantity/ Name of Securities Market of Quantity/ Name of Securities Market of Nominal Value Net Nominal Value Net Value Assets Value Assets

Transferable Securities Admitted to an Official Exchange Listing AUSTRIA 13,894 Intercell 315,911 0.59 Shares 315,911 0.59 UNITED STATES OF AMERICA 74,471 Abbott Laboratories 3,628,227 6.75 DENMARK 20,574 Adolor 155,745 0.28 4,432 Genmab 299,674 0.56 12,272 Aetna 534,077 1.00 4,991 Alexion Pharmaceuticals 202,434 0.38 299,674 0.56 33,254 Amgen 2,278,564 4.25 AUSTRALIA 35,738 AVANIR Pharmaceuticals - A Shares 81,481 0.15 368,892 Metabolic Pharmaceuticals 240,197 0.45 22,699 Barrier Therapeutics 173,420 0.32 42,657 Baxter International 1,982,697 3.70 240,197 0.45 4,477 Celgene 257,248 0.48 20,527 Combinatorx 186,796 0.35 CANADA 10,237 Cubist Pharmaceuticals 186,211 0.35 20,833 Cardiome Pharma 233,955 0.43 32,126 Cypress Bioscience 251,225 0.47 41,711 Dusa Pharmaceuticals 184,780 0.34 233,955 0.43 22,620 Exelixis 204,032 0.38 36,230 Johnson & Johnson 2,398,064 4.47 Total Shares 53,040,121 98.86 24,749 McKesson 1,258,734 2.35 13,377 Medco Health Solutions 714,466 1.33 Total Transferable Securities Admitted to an 53,040,121 98.86 16,364 Medimmune 530,357 0.99 Official Exchange Listing 10,146 Medivation 158,785 0.30 83,605 Merck & Co. 3,620,933 6.75 Transferable Securities Dealt in on Another Regulated Market 11,099 Neurometrix 164,376 0.31 88,398 Pfizer 2,303,652 4.29 Investment Funds 20,876 Savient Pharmaceuticals 237,360 0.44 LUXEMBOURG 82,240 Schering-Plough 1,960,602 3.65 31 JPMorgan Liquidity Funds - US Dollar Liquidity 27,416 Seattle Genetics 148,046 0.28 Fund (JPM US Dollar Liquidity X (acc)) 401,842 0.75 11,370 Sepracor 699,937 1.30 3,672 United Therapeutics 198,949 0.37 401,842 0.75 26,593 UnitedHealth Group 1,430,172 2.67 26,686 WellPoint 2,104,191 3.92 Total Investment Funds 401,842 0.75 68,540 Wyeth 3,502,394 6.53 9,049 Xenoport 222,877 0.42 Total Transferable Securities Dealt in on 401,842 0.75 Another Regulated Market 31,960,832 59.57 Total Investments 53,441,963 99.61 SWITZERLAND 1,353 Galenica Holding Registered Shares 373,754 0.69 Cash 157,554 0.29 42,019 Novartis Registered Shares 2,417,914 4.51 19,728 Roche Holding - Genussschein 3,533,397 6.59 Other Assets/(Liabilities) 51,326 0.10 1,518 Speedel Holding Registered Shares 197,846 0.37 Total Net Assets 53,650,843 100.00 6,522,911 12.16 UNITED KINGDOM 41,666 AstraZeneca 2,240,497 4.17 104,662 GlaxoSmithKline 2,756,556 5.14 Allocation of Portfolio as at 31 December 2006 % of 29,182 Hikma Pharmaceuticals 208,874 0.39 Net Assets 14,628 Shire 303,570 0.57 Shares 74,562 SSL International 540,262 1.01 Health Care 95.62 Industrial 2.35 6,049,759 11.28 Materials 0.89 Investment Companies 0.75 JAPAN Total Shares 99.61 69,100 Chugai Pharmaceutical 1,425,012 2.66 Cash and Other Assets/(Liabilities) 0.39 44,100 Daiichi Sankyo 1,378,067 2.57 23,300 Suzuken 876,845 1.63 Total 100.00

3,679,924 6.86 FRANCE 17,925 Sanofi-Aventis 1,662,155 3.10 Allocation of Portfolio as at 30 June 2006 (Unaudited) % of Net Assets 1,662,155 3.10 Shares GERMANY Health Care 97.17 8,879 Bayer 475,861 0.89 Industrials 1.82 13,121 Wilex 237,285 0.44 Materials 0.79 Total Shares 99.78 713,146 1.33 Cash and Other Assets/(Liabilities) 0.22 FINLAND Total 100.00 64,484 Oriola-KD 264,339 0.49 13,378 Orion - B Shares 290,072 0.54

554,411 1.03 BELGIUM 30,654 ThromboGenics 484,860 0.90

484,860 0.90 CZECH REPUBLIC 5,320 Zentiva Registered Shares GDR 322,386 0.60

322,386 0.60

114 JPMorgan Investment Funds - Global Healthtech Fund Schedule of Investments - Outstanding Forward Foreign Exchange Contracts (Expressed in USD) As at 31 December 2006

Unrealised Maturity Amount Amount Gain/ Date Currency Purchased Currency Sold (Loss)

08-Feb-07 AUD 356,053 USD 273,520 7,202 08-Feb-07 CHF 5,201,759 USD 4,234,299 44,451 08-Feb-07 DKK 7,053,477 USD 1,207,580 41,407 08-Feb-07 EUR 219,296 JPY 33,573,800 6,138 08-Feb-07 EUR 1,485,625 USD 1,929,051 32,739 08-Feb-07 GBP 2,000,166 USD 3,813,794 106,696 08-Feb-07 JPY 53,602,070 USD 458,627 (6,093) 08-Feb-07 USD 4,688,339 CHF 5,795,612 (78,890) 08-Feb-07 USD 3,604,265 EUR 2,805,386 (100,290) 08-Feb-07 USD 4,424,641 GBP 2,304,637 (92,639) 08-Feb-07 USD 451,663 JPY 51,796,763 14,370

Total Unrealised Net Loss on Forward Foreign Exchange Contracts (24,909)

115 JPMorgan Investment Funds - Global High Yield Bond Fund Schedule of Investments (Expressed in EUR) As at 31 December 2006

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

Transferable Securities Admitted to an Official Exchange Listing 5,595,000 Ford Motor Credit 15.01.10/6.944%* 4,151,031 1.30 730,000 Ford Motor Credit 15.04.12/9.824%* 586,919 0.18 Bonds 2,305,000 Ford Motor Credit 15.12.16/8.000% 1,730,219 0.54 665,000 Freescale Semiconductor 144A 504,514 0.16 UNITED STATES OF AMERICA 15.12.16/10.125% 3,115,000 Fresenius Medical Care Capital 2,775,000 Ford Motor Credit 25.10.11/7.250% 2,046,812 0.64 Trust II 01.02.08/7.875% 2,404,607 0.75 2,365,000 Owens Brockway Glass 345,000 Fresenius Medical Care Capital Container 01.12.14/6.750% 1,740,422 0.54 Trust IV 15.06.11/7.875% 274,173 0.09 6,885,000 General Motors Acceptance 28.08.12/6.875% 5,368,947 1.68 3,787,234 1.18 1,392,000 Georgia-Pacific 15.05.11/8.125% 1,108,869 0.35 UNITED KINGDOM 1,750,000 Georgia-Pacific 01.12.11/9.500% 1,453,797 0.45 2,000,000 NTL Cable 15.04.14/8.750% 2,147,501 0.67 1,310,000 Georgia-Pacific 15.06.15/7.700% 1,012,490 0.32 1,155,000 Georgia-Pacific 144A 15.01.15/7.000% 874,071 0.27 2,147,501 0.67 1,615,000 Georgia-Pacific 144A 15.01.17/7.125% 1,222,185 0.38 1,370,000 Glatfelter 01.05.16/7.125% 1,044,572 0.33 Total Bonds 5,934,735 1.85 21,000 Goodman Global Holding 15.06.12/8.360%* 16,171 0.01 2,149,000 Goodman Global Holding 15.12.12/7.875% 1,601,845 0.50 Total Transferable Securities Admitted to an 5,934,735 1.85 930,000 Goodyear Tire & Rubber 144A 01.12.11/8.625% 726,728 0.23 Official Exchange Listing 3,250,000 Graham Packaging 15.10.14/9.875% 2,490,327 0.78 2,970,000 Gregg Appliances 01.02.13/9.000% 2,151,847 0.67 Transferable Securities Dealt in on Another Regulated Market 365,000 Hanover Compressor 15.04.13/7.500% 279,683 0.09 2,410,000 Hanover Compressor 01.06.14/9.000% 1,974,661 0.62 Bonds 210,000 HCA 01.09.10/8.750% 166,091 0.05 UNITED STATES OF AMERICA 50,000 HCA 15.02.13/6.250% 33,571 0.01 935,000 AAC Group Holding 01.10.12/0.000%* 620,685 0.18 1,165,000 HCA 15.07.13/6.750% 793,254 0.25 4,785,000 ACCO Brands 15.08.15/7.625% 3,566,696 1.10 2,050,000 Hertz 144A 01.01.14/8.875% 1,629,144 0.51 1,100,000 Advanced Micro Devices 01.11.12/7.750% 865,830 0.26 570,000 Host Hotels & Resorts 144A 01.11.14/6.875% 437,846 0.14 2,180,000 AEP Industries 15.03.13/7.875% 1,670,435 0.51 850,000 Host Marriott 15.03.15/6.375% 636,001 0.20 1,647,000 AES 15.02.11/8.875% 1,340,116 0.41 1,415,000 Host Marriott 01.06.16/6.750% 1,074,857 0.34 2,000,000 Alamosa Delaware 31.01.12/8.500% 1,608,348 0.49 2,192,000 Huntsman 144A 15.07.12/11.500% 1,875,032 0.59 2,490,000 ALH Finance 144A 15.01.13/8.500% 1,856,024 0.58 1,875,000 Huntsman International 144A 15.11.14/7.875% 1,429,615 0.45 400,000 Allied Waste North America 15.02.11/5.750% 293,984 0.09 1,825,000 Idearc 144A 15.11.16/8.000% 1,410,529 0.44 1,665,000 Allied Waste North America 15.02.14/6.125% 1,203,181 0.38 1,710,000 Insight Communications 15.02.11/12.250%* 1,360,566 0.42 1,010,000 Allied Waste North America 15.03.15/7.250% 768,170 0.24 910,000 Interline Brands 15.06.14/8.125% 709,373 0.22 1,465,000 Allied Waste North America 3,250,000 iPCS 01.05.12/11.500% 2,736,894 0.85 144A 15.04.14/7.375% 1,107,280 0.35 500,000 Iron Mountain 15.01.15/7.750% 386,921 0.12 1,210,000 American Tower 15.10.12/7.125% 943,233 0.29 4,635,000 Iron Mountain 01.01.16/6.625% 3,375,768 1.05 2,565,000 Ames True Temper 15.01.12/9.374%* 1,970,308 0.61 2,245,000 Jacuzzi Brands 01.07.10/9.625% 1,809,660 0.56 5,290,000 Arch Western Finance 01.07.13/6.750% 3,983,252 1.24 2,785,000 Jarden 01.05.12/9.750% 2,234,381 0.70 1,335,000 ArvinMeritor 01.03.12/8.750% 1,040,674 0.32 625,000 Jefferson Smurfit 01.06.13/7.500% 445,717 0.14 1,085,000 Ashtead Capital 144A 15.08.16/9.000% 880,775 0.27 2,280,000 L-3 Communications 15.01.15/5.875% 1,669,221 0.52 25,000 Ball 15.12.12/6.875% 19,346 0.01 1,810,000 L-3 Communications 144A 15.07.13/6.125% 1,364,956 0.43 865,000 Ball 15.03.18/6.625% 652,966 0.20 1,985,000 Level 3 Financing 144A 01.11.14/9.250% 1,536,075 0.48 2,365,000 Beazer Homes USA 15.11.13/6.500% 1,749,393 0.55 1,310,000 Lodgenet Entertainment 15.06.13/9.500% 1,070,879 0.33 1,260,000 Beazer Homes USA 15.07.15/6.875% 936,803 0.29 50,000 Lyondell Chemical 01.05.09/10.875% 38,645 0.01 1,375,000 Brookstone 15.10.12/12.000% 1,022,305 0.32 3,100,000 Lyondell Chemical 01.06.13/10.500% 2,587,057 0.81 1,585,000 Cablevision Systems 15.04.12/8.000% 1,184,451 0.37 205,000 Lyondell Chemical 15.09.14/8.000% 161,359 0.05 1,550,000 CCO Holdings / CCO Holdings 1,475,000 Lyondell Chemical 15.09.16/8.250% 1,174,987 0.37 Capital 15.11.13/8.750% 1,221,503 0.38 545,000 Mandalay Resort Group 15.07.13/7.625% 404,171 0.13 3,910,000 Charter Communications 4,040,000 MetroPCS Wireless 144A 01.11.14/9.250% 3,202,944 1.00 Holdings II/ Charter 1,210,000 MGM Mirage 01.09.12/6.750% 904,218 0.28 Communications Holdings II 4,470,000 MGM Mirage 01.04.13/6.750% 3,314,942 1.03 Capital 15.09.10/10.250% 3,103,587 0.97 3,350,000 MGM Mirage 27.02.14/5.875% 2,350,922 0.73 380,000 Chesapeake Energy 15.08.14/7.000% 292,618 0.09 1,700,000 Midwest Generation 01.05.34/8.750% 1,394,945 0.44 4,390,000 Chesapeake Energy 15.08.17/6.500% 3,238,961 1.01 1,995,000 Mirant North America 31.12.13/7.375% 1,536,245 0.48 1,135,000 Citizens Communications 15.01.13/6.250% 844,943 0.26 1,260,000 Nalco 15.11.11/7.750% 977,430 0.31 1,160,000 CMS Energy 15.01.09/7.500% 907,556 0.28 1,560,000 Nalco 15.11.13/8.875% 1,253,054 0.39 1,565,000 Complete Production Services 1,430,000 Newfield Exploration 15.04.16/6.625% 1,076,758 0.34 144A 15.12.16/8.000% 1,216,998 0.38 1,155,000 Nexstar Finance Holdings 01.04.13/0.000%* 785,349 0.25 3,028,000 Consolidated Communications NRG Energy 2,048,479 0.64 Illinois/Texas Holdings 01.04.12/9.750% 2,458,053 0.77 2,680,000 01.02.14/7.250% NRG Energy 836,621 0.26 3,355,000 Constellation Brands 01.09.16/7.250% 2,615,327 0.82 1,100,000 15.01.17/7.375% Owens-Brockway Glass 2,960,000 Corrections Corp. of America 15.03.13/6.250% 2,226,007 0.69 1,755,000 Container 15.05.13/8.250% 1,376,399 0.43 45,000 Corrections Corp. of America 31.01.14/6.750% 34,481 0.01 1,215,000 Packaging Dynamics Finance 1,110,000 Covalence Specialty Materials 144A 01.05.16/10.000% 921,781 0.29 144A 01.03.16/10.250% 770,541 0.24 450,000 Penhall International 144A 01.08.14/12.000% 368,713 0.12 4,090,000 Cricket Communications 144A 01.11.14/9.375% 3,273,614 1.02 2,225,000 PetroHawk Energy 15.07.13/9.125% 1,763,997 0.55 2,640,000 Crown Americas/ Crown Playtex Products 2,048,460 0.64 Americas Capital 15.11.15/7.750% 2,077,991 0.65 2,590,000 01.06.11/9.375% PolyOne 1,981,593 0.62 2,120,000 Dean Foods 01.06.16/7.000% 1,624,459 0.51 2,645,000 01.05.12/8.875% Qwest 80,798 0.03 1,035,000 DEL Laboratories 01.11.11/10.371%* 814,667 0.25 100,000 01.09.11/7.875% Qwest 644,709 0.20 2,105,000 DEL Laboratories 01.02.12/8.000% 1,497,183 0.47 763,000 15.03.12/8.875% Qwest Communications 2,435,000 Denbury Resources 01.04.13/7.500% 1,875,066 0.59 2,755,000 International 15.02.09/8.874%* 2,116,256 0.66 6,310,000 Dex Media 15.11.13/0.000%* 4,272,570 1.33 247,000 RainbowNational Services 144A 01.09.12/8.750% 196,995 0.06 1,018,000 DirecTV Holdings 15.03.13/8.375% 803,217 0.25 1,400,000 RH Donnelley 15.12.12/10.875% 1,157,727 0.36 5,005,000 DirecTV Holdings 15.06.15/6.375% 3,645,247 1.14 1,375,000 RH Donnelley Finance I 144A 15.12.12/10.875% 1,137,053 0.35 250,000 Dobson Cellular Systems 144A 01.11.11/8.375% 199,862 0.06 1,535,000 Rockwood Specialties Group 15.11.14/7.500% 1,173,289 0.37 1,065,000 Dobson Communications 15.10.12/9.624%* 824,141 0.26 1,675,000 Rouse/TRC Co-Issuer 144A 01.05.13/6.750% 1,277,282 0.40 1,420,000 Dobson Cellular Systems 144A 01.11.12/9.875% 1,174,266 0.37 2,860,000 Rural Cellular 15.03.12/8.250% 2,259,294 0.71 1,085,000 Dobson Communications 01.10.13/8.875% 838,589 0.26 3,465,000 Sealy Mattress 15.06.14/8.250% 2,747,079 0.86 2,885,000 DR Horton 15.09.14/5.625% 2,116,285 0.66 2,365,000 Select Medical 144A 01.02.15/7.625% 1,489,227 0.46 960,000 Echostar DBS 01.10.14/6.625% 708,292 0.22 1,400,000 SemGroup 144A 15.11.15/8.750% 1,067,446 0.33 5,395,000 Echostar DBS 01.02.16/7.125% 4,087,896 1.28 1,385,000 Serena Software 15.03.16/10.375% 1,115,114 0.35 570,000 El Paso Production Holding 01.06.13/7.750% 452,441 0.14 745,000 Service Corp. International 15.04.09/7.700% 586,403 0.18 1,135,000 Esco 144A 15.12.13/8.625% 884,768 0.28 1,935,000 Service Corp. International 144A 01.10.14/7.375% 1,534,083 0.48 880,000 Ford Motor 01.08.18/6.500% 504,059 0.16 3,860,000 Simmons 15.12.14/10.000%* 2,298,839 0.72

116 JPMorgan Investment Funds - Global High Yield Bond Fund Schedule of Investments (Expressed in EUR) (continued) As at 31 December 2006

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

250,000 Simmons Bedding 15.01.14/7.875% 192,038 0.06 UNITED KINGDOM 2,560,000 Sonat 15.07.11/7.625% 2,056,293 0.64 2,505,000 Ineos Group Holdings 144A 15.02.16/8.500% 1,814,942 0.57 2,850,000 Spectrum Brands 01.10.13/8.500% 2,018,957 0.63 1,140,000 Spectrum Brands 144A 01.02.15/7.375% 747,041 0.23 1,814,942 0.57 2,165,000 Steinway Musical Instruments 144A 01.03.14/7.000% 1,601,453 0.50 Total Bonds 278,480,829 86.92 2,195,000 Stewart Enterprises 15.02.13/6.250% 1,602,828 0.50 3,425,000 Sungard Data Systems 15.08.15/10.250% 2,773,832 0.87 Convertible Bonds 1,380,000 Sunstate Equipment 144A 01.04.13/10.500% 1,107,162 0.35 SINGAPORE 4,010,000 Tenet Healthcare 01.02.15/9.250% 3,034,652 0.95 2,275,000 Flextronics International 01.08.10/1.000% 1,689,292 0.53 2,360,000 Tenneco 15.11.14/8.625% 1,826,265 0.57 3,044,000 Terex 144A 15.01.14/7.375% 2,344,025 0.73 1,689,292 0.53 711,000 Terra Capital 15.10.08/12.875% 601,445 0.19 1,467,000 Terra Capital 01.06.10/11.500% 1,196,438 0.37 Total Convertible Bonds 1,689,292 0.53 1,580,000 Titan International 144A 15.01.12/8.000% 1,206,187 0.38 4,900,000 TRAINS HY-1-2006 144A 01.05.16/7.548% 3,793,606 1.18 Total Transferable Securities Dealt in on 280,170,121 87.45 1,400,000 Travelport 144A 01.09.14/9.875% 1,067,446 0.33 Another Regulated Market 645,000 Travelport 144A 01.09.16/11.875% 501,574 0.16 3,105,000 Triad Hospitals 15.11.13/7.000% 2,370,386 0.74 Other Transferable Securities 2,625,000 TRW Automotive 15.02.13/9.375% 2,130,908 0.67 300,000 TRW Automotive 15.02.13/11.000% 249,507 0.08 Bonds 2,000,000 UbiquiTel Operating 01.03.11/9.875% 1,638,722 0.51 UNITED STATES OF AMERICA 1,445,000 UGS 01.06.12/10.000% 1,194,940 0.37 745,000 CCH II /CCH II Capital 01.10.13/10.250% 601,946 0.19 2,873,008 UGS Capital II 144A 01.06.11/10.348%* 2,234,150 0.70 880,000 Freescale Semiconductor 144A 15.12.14/8.875% 663,455 0.21 1,380,000 United Components 15.06.13/9.375% 1,083,605 0.34 2,475,000 Freescale Semiconductor 144A 15.12.14/9.125% 1,858,926 0.58 3,020,000 United Rentals North America 1,290,000 Hanesbrands 144A 15.12.14/8.735%* 994,585 0.31 144A 15.02.12/6.500% 2,268,265 0.71 4,065,000 HCA 144A 15.11.16/9.250% 3,296,008 1.03 2,330,000 Vail Resorts 15.02.14/6.750% 1,767,696 0.55 3,760,000 HCA 144A 15.11.16/9.625% 3,055,838 0.95 4,895,000 Visant Holding 01.12.13/0.000%* 3,277,322 1.02 2,000,000 IWO Holdings 144A 15.01.12/9.124%* 1,547,682 0.48 1,020,000 Visant Holding 01.12.13/8.750% 797,056 0.25 1,400,000 Qwest 01.10.14/7.500% 1,125,863 0.35 4,025,000 West 144A 15.10.14/9.500% 3,053,638 0.95 1,090,000 Rental Services 144A 01.12.14/9.500% 854,857 0.27 1,790,000 Whiting Petroleum 01.02.14/7.000% 1,344,435 0.42 1,080,000 Sally Holdings 144A 15.11.14/9.250% 835,748 0.26 705,000 Williams Companies 15.03.12/8.125% 578,987 0.18 415,000 Travelport 144A 01.09.14/9.994%* 306,976 0.10 1,445,000 Williams Partners LP/Williams Partners Finance 144A 01.02.17/7.250% 1,118,200 0.35 880,000 UCI Holdco 144A 15.12.13/12.365% 648,834 0.20 430,000 Windstream 144A 01.08.13/8.125% 353,549 0.11 660,000 Williams Partners Finance 144A 15.06.11/7.500% 522,001 0.16 1,560,000 Windstream 144A 01.08.16/8.625% 1,298,915 0.41 4,781,000 WMG Holdings 15.12.14/0.000%* 2,901,753 0.91 16,312,719 5.09 CANADA 249,777,389 77.96 2,085,000 OPTI Canada 144A 15.12.14/8.250% 1,621,368 0.50 CANADA 1,155,000 Quebecor World 144A 15.01.15/9.750% 881,738 0.28 2,500,000 Ainsworth Lumber 15.03.14/6.750% 1,413,019 0.43 592 CanWest Media 144A 15.09.12/8.000% 469 0.00 2,503,106 0.78 1,950,000 Celestica 01.07.11/7.875% 1,464,608 0.46 2,165,000 Novelis 144A 15.02.15/8.250% 1,589,134 0.50 Total Bonds 18,815,825 5.87 2,130,000 Quebecor World Capital 144A 15.03.16/8.750% 1,547,284 0.48 1,275,000 Rogers Wireless 01.05.11/9.625% 1,097,887 0.34 Total Other Transferable Securities 18,815,825 5.87 530,000 Rogers Wireless 01.03.14/6.375% 407,120 0.13 1,870,000 Sun Media 15.02.13/7.625% 1,438,216 0.45 Total Investments 304,920,681 95.17 3,259,000 Videotron Ltee 15.01.14/6.875% 2,487,951 0.78 Cash 822,930 0.26 11,445,688 3.57 14,647,772 4.57 BERMUDA Other Assets/(Liabilities) 1,760,000 Digicel 144A 01.09.12/9.250% 1,422,047 0.44 Total Net Assets 1,015,000 Intelsat Bermuda 144A 15.06.16/9.250% 827,801 0.26 320,391,383 100.00 2,940,000 Intelsat Bermuda 144A 15.06.16/11.250% 2,447,955 0.76 955,000 Intelsat Subsidiary Holding 15.01.12/10.484%* 730,867 0.23 * Variable coupon rates are those quoted as at 31 December 2006. 5,428,670 1.69 LUXEMBOURG 1,685,000 Basell AF 144A 15.08.15/8.375% 1,310,314 0.41 Allocation of Portfolio as at 31 December 2006 % of 2,275,000 Wind Acquisition Finance 144A 01.12.15/10.750% 1,963,290 0.61 Net Assets Fixed Income Securities 3,273,604 1.02 United States of America 84.23 Canada INTERNATIONAL AGENCIES 4.35 Bermuda 3,810,000 NXP BV/NXP Funding 144A 15.10.15/9.500% 2,973,627 0.93 1.69 United Kingdom 1.24 2,973,627 0.93 Luxembourg 1.02 International Agencies 0.93 DENMARK Denmark 0.60 2,350,000 Nordic Telephone Holdings Australia 0.58 144A 01.05.16/8.875% 1,907,670 0.60 Singapore 0.53 Total Fixed Income Securities 95.17 1,907,670 0.60 Cash and Other Assets/(Liabilities) 4.83 AUSTRALIA Total 2,285,000 FMG Finance 144A 01.09.16/10.625% 1,859,239 0.58 100.00

1,859,239 0.58

117 JPMorgan Investment Funds - Global High Yield Bond Fund Schedule of Investments (Expressed in EUR) (continued) As at 31 December 2006

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

Allocation of Portfolio as at 30 June 2006 (Unaudited) % of Net Assets Fixed Income Securities United States of America 93.84 Canada 5.37 Bermuda 1.43 United Kingdom 1.43 Luxembourg 1.17 Singapore 1.12 Denmark 0.32 Total Fixed Income Securities 104.68 Cash and Other Assets/(Liabilities) (4.68) Total 100.00

118 JPMorgan Investment Funds - Global High Yield Bond Fund Schedule of Investments - Outstanding Forward Foreign Exchange Contracts (Expressed in EUR) As at 31 December 2006

Unrealised Maturity Amount Amount Gain/ Date Currency Purchased Currency Sold (Loss)

31-Jan-07 EUR 312,500,000 USD 411,785,938 554,977

Total Unrealised Net Gain on Forward Foreign Exchange Contracts 554,977

119 JPMorgan Investment Funds - Global Select Equity Fund Schedule of Investments (Expressed in USD) As at 31 December 2006

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

Transferable Securities Admitted to an Official Exchange Listing UNITED KINGDOM 138,895 Barclays 1,986,955 1.22 Shares 96,076 BG Group 1,304,748 0.80 52,497 British American Tobacco 1,470,094 0.90 UNITED STATES OF AMERICA 111,213 HSBC Holdings 2,029,008 1.25 26,632 Abbott Laboratories 1,297,511 0.79 112,938 Intercontinental Hotels Group 2,793,045 1.72 4,406 Aetna 191,749 0.12 83,895 Man Group 859,426 0.53 20,392 Altria Group 1,753,712 1.08 49,151 National Grid 709,869 0.44 14,914 Amgen 1,021,907 0.63 64,090 Pennon Group 717,142 0.44 16,221 Apache 1,075,452 0.66 53,555 Royal Bank of Scotland Group 2,091,635 1.29 17,045 Baker Hughes 1,280,590 0.79 39,587 Shire 821,537 0.51 18,593 Baxter International 864,202 0.53 268,702 Vodafone Group 745,085 0.46 52,537 Cisco Systems 1,445,292 0.89 60,944 William Hill 754,791 0.46 23,930 CIT Group 1,353,959 0.83 58,092 WPP Group 786,065 0.48 42,568 Citigroup 2,379,125 1.46 20,363 Coca-Cola 990,252 0.61 17,069,400 10.50 20,105 ConocoPhillips 1,459,421 0.90 71,479 Corning 1,341,661 0.83 FRANCE 11,033 CVS 344,561 0.21 26,563 Arkema 1,365,495 0.85 19,638 Danaher 1,432,985 0.88 32,678 AXA 1,324,922 0.82 18,718 Devon Energy 1,254,480 0.77 14,611 BNP Paribas 1,599,440 0.98 35,218 Edison International 1,613,689 0.99 21,086 Compagnie Générale des Etablissements Michelin - 14,426 Exxon Mobil 1,112,100 0.68 B Shares 2,015,026 1.24 12,531 Franklin Resources 1,379,287 0.85 33,160 Neuf Cegetel 1,186,678 0.73 35,862 Genworth Financial - A Shares 1,236,522 0.76 7,228 Sanofi-Aventis 670,240 0.41 3,879 Google - A Shares 1,796,986 1.11 21,768 Société Télévision Française 1 802,813 0.49 15,409 Hartford Financial Services Group 1,439,201 0.89 15,643 Sodexho Alliance 978,167 0.60 30,464 Honeywell International 1,382,152 0.85 37,767 Suez 1,952,398 1.20 13,839 International Business Machines 1,349,303 0.83 26,050 Total 1,883,357 1.16 10,232 Johnson Controls 883,840 0.54 21,993 Juniper Networks 419,407 0.26 13,778,536 8.48 22,995 Kohl’s 1,588,725 0.98 NETHERLANDS 17,355 Marshall & Ilsley 837,379 0.52 34,063 ING Groep - CVA 1,514,873 0.93 4,299 Medco Health Solutions 229,610 0.14 39,923 Mittal Steel 1,685,499 1.04 29,097 Merck & Co. 1,260,191 0.78 17,060 Philips Electronics 646,045 0.40 28,089 MGIC Investment 1,772,135 1.09 77,139 Royal KPN 1,097,094 0.67 79,941 Microsoft 2,404,625 1.48 30,035 TNT 1,286,647 0.79 14,199 Morgan Stanley 1,158,922 0.71 16,850 USG People 733,596 0.45 25,508 Motorola 529,801 0.33 60,097 News - A Shares 1,298,095 0.80 6,963,754 4.28 42,654 Oracle 737,488 0.45 27,451 Procter & Gamble 1,772,511 1.09 FINLAND 41,601 Qualcomm 1,578,342 0.97 38,119 Metso 1,928,390 1.19 32,995 Safeway 1,154,165 0.71 57,491 Nokia 1,179,877 0.73 44,586 Schering-Plough 1,062,930 0.65 37,639 Wartsila - B Shares 2,037,067 1.25 9,478 Sepracor 583,466 0.36 54,861 Sprint Nextel 1,050,588 0.65 5,145,334 3.17 46,565 Staples 1,256,324 0.77 ITALY 13,555 State Street 916,182 0.56 157,997 Banca Intesa 1,180,811 0.73 19,873 SunTrust Banks 1,687,814 1.04 41,110 Banco Popolare di Verona e Novara 1,177,485 0.72 17,455 Target 1,003,837 0.62 287,836 Polynt 979,792 0.60 20,785 United Technologies 1,308,208 0.80 49,558 SanPaolo IMI 1,151,634 0.71 41,776 Verizon Communications 1,572,031 0.97 6,917 Vertex Pharmaceuticals 259,872 0.16 4,489,722 2.76 14,381 WellPoint 1,133,942 0.70 25,857 Wyeth 1,321,293 0.81 SPAIN 38,395 Xcel Energy 885,773 0.54 59,526 Tecnicas Reunidas 2,302,837 1.41 26,550 Yahoo! 679,946 0.42 84,796 Telefonica 1,797,255 1.11

63,143,541 38.84 4,100,092 2.52 JAPAN SWITZERLAND 31,000 Chubu Electric Power 927,044 0.57 19,231 Compagnie Financière Richemont - Bearer A Shares 1,120,015 0.69 33,400 Chugai Pharmaceutical 688,790 0.42 10,080 Roche Holding - Genussschein 1,805,385 1.11 96,000 Daiwa Securities Group 1,076,568 0.66 2,100 Zürich Financial Services 563,753 0.35 15,900 Elpida Memory 873,502 0.54 8,800 Fanuc 866,361 0.53 3,489,153 2.15 15,900 Hitachi Information Systems 340,585 0.21 SOUTH KOREA 13,000 Izumi 463,018 0.28 14,890 Hana Financial Group 782,926 0.49 220 Japan Tobacco 1,062,623 0.65 7,914 Kookmin Bank ADR 640,084 0.40 113,000 Kawasaki Kisen Kaisha 883,725 0.54 26,266 LG. Philips LCD ADR 396,091 0.24 89,000 Kirin Brewery 1,398,790 0.86 30,796 Lotte Shopping GDR 625,159 0.38 63,000 Konica Minolta Holdings 889,076 0.55 1,343 Samsung Electronics 885,225 0.54 195,000 Kubota 1,805,116 1.12 29,000 Matsushita Electric Industrial 578,563 0.36 3,329,485 2.05 158,000 Mitsui Chemicals 1,215,742 0.75 9,900 Murata Manufacturing 669,453 0.41 GERMANY 122 Nippon Telegraph & Telephone 600,546 0.37 17,188 Bayer 921,173 0.57 58,000 Shiseido 1,257,004 0.77 15,420 Bayerische Motoren Werke 884,345 0.54 205 Sumitomo Mitsui Financial Group 2,100,886 1.29 6,611 RWE 727,616 0.45 17,100 Suzuken 643,521 0.40 11,156 SAP 592,012 0.36 21,200 Toyota Motor 1,417,548 0.87 3,125,146 1.92 19,758,461 12.15

120 JPMorgan Investment Funds - Global Select Equity Fund Schedule of Investments (Expressed in USD) (continued) As at 31 December 2006

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

NORWAY Other Transferable Securities 13,189 Orkla 745,177 0.46 42,367 Statoil 1,120,578 0.69 Shares 59,445 Telenor 1,117,960 0.69 UNITED KINGDOM 46,910 TI Automotive-AShares 0 0.00 2,983,715 1.84 HONG KONG 0 0.00 1,084,000 China Unicom 1,589,044 0.98 117,000 Henderson Land Development 654,451 0.40 Total Shares 0 0.00

2,243,495 1.38 Total Other Transferable Securities 0 0.00 GREECE 22,209 National Bank of Greece 1,021,652 0.63 Total Investments 162,960,279 100.25 94,762 Sidenor Steel Production & Manufacturing 1,109,163 0.68 Cash 509,704 0.31 2,130,815 1.31 Other Assets/(Liabilities) (912,852) (0.56) SWEDEN 88,739 SKF - B Shares 1,646,406 1.01 Total Net Assets 162,557,131 100.00 1,646,406 1.01 (i) Security held as collateral against futures positions by the broker. IRELAND 34,996 CRH 1,454,884 0.89 Allocation of Portfolio as at 31 December 2006 % of 1,454,884 0.89 Net Assets TAIWAN Fixed Income Securities 96,272 HON HAI Precision Industry Registered Shares United States of America 0.15 GDR 1,358,912 0.84 Total Fixed Income Securities 0.15 Shares 1,358,912 0.84 Financials 22.61 Information Technology 12.37 ISRAEL Consumer Discretionary 11.60 215,342 Makhteshim-Agan Industries 1,221,770 0.75 Industrials 11.06 Health Care 8.84 1,221,770 0.75 Consumer Staples 7.55 CANADA Energy 6.98 21,685 Alcan 1,052,056 0.65 Materials 6.78 Telecommunication Services 6.63 1,052,056 0.65 Utilities 4.63 Investment Companies 1.05 ISLE OF MAN 181,450 Lamprell 860,500 0.53 Total Shares 100.10 Cash and Other Assets/(Liabilities) (0.25) 860,500 0.53 Total 100.00 BRAZIL 8,619 Unibanco - Uniao de Bancos Brasileiros GDR 810,100 0.50

810,100 0.50 Allocation of Portfolio as at 30 June 2006 (Unaudited) % of DENMARK Net Assets 7,619 Genmab 515,166 0.32 Fixed Income Securities United States of America 0.33 515,166 0.32 Total Fixed Income Securities 0.33 AUSTRALIA Shares 18,070 Woolworths 340,856 0.21 Financials 21.20 Consumer Discretionary 13.35 340,856 0.21 Information Technology 12.40 Health Care 10.23 Total Shares 161,011,299 99.05 Industrials 9.63 Consumer Staples 8.09 Total Transferable Securities Admitted to an 161,011,299 99.05 Energy 8.08 Official Exchange Listing Materials 7.21 Telecommunication Services 5.21 Transferable Securities Dealt in on Another Regulated Market Utilities 4.32 Investment Companies 0.01 Bonds Total Shares 99.73 UNITED STATES OF AMERICA Cash and Other Assets/(Liabilities) (0.06) 250,000 US Treasury (i) 08.03.07/0.000% 247,705 0.15 Total 100.00 247,705 0.15

Total Bonds 247,705 0.15 Investment Funds LUXEMBOURG 133 JPMorgan Liquidity Funds - US Dollar Liquidity Fund (JPM US Dollar Liquidity X (acc)) 1,701,275 1.05

1,701,275 1.05

Total Investment Funds 1,701,275 1.05

Total Transferable Securities Dealt in on 1,948,980 1.20 Another Regulated Market

121 JPMorgan Investment Funds - Global Select Equity Fund Schedule of Investments - Outstanding Forward Foreign Exchange Contracts (Expressed in USD) As at 31 December 2006

Unrealised Maturity Amount Amount Gain/ Date Currency Purchased Currency Sold (Loss)

27-Feb-07 AUD 4,870,723 USD 3,758,079 80,231 27-Feb-07 CAD 4,593,423 USD 4,037,926 (78,104) 27-Feb-07 CHF 1,717,482 USD 1,404,881 10,088 27-Feb-07 EUR 867,084 USD 1,148,791 (2,879) 27-Feb-07 GBP 1,670,182 USD 3,272,129 1,694 27-Feb-07 USD 15,366,540 EUR 11,872,472 (323,753) 27-Feb-07 USD 2,973,006 GBP 1,531,124 (28,240) 27-Feb-07 USD 196,324 HKD 1,523,473 (23) 27-Feb-07 USD 4,007,393 JPY 463,308,695 86,790 27-Feb-07 USD 1,485,428 NOK 9,469,679 (34,020)

Total Unrealised Net Loss on Forward Foreign Exchange Contracts (288,216)

122 JPMorgan Investment Funds - Global Short Duration Fund Schedule of Investments (Expressed in USD) As at 31 December 2006

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

Transferable Securities Admitted to an Official Exchange Listing 3,600,000 AmeriCredit Automobile Receivables Trust 2005-AX A4 06.10.11/3.930% 3,547,439 2.06 Bonds 2,000,000 Bear Stearns 31.01.08/4.000% 1,973,941 1.15 1,500,000 Bear Stearns Commercial UNITED KINGDOM Mortgage Securities 2006-T22 A2 12.04.38/5.467%* 1,517,642 0.88 1,500,000 Alpha Credit Group 16.10.08/3.644%* 1,976,380 1.15 2,591,308 Citicorp Mortgage Securities 1,700,000 Aviva 19.06.17/5.705%* 1,701,275 0.99 2005-7 1A1 25.10.35/5.500% 2,570,350 1.50 3,500,000 Credit Suisse International 06.03.07/6.103%* 3,501,421 2.04 4,200,000 Citigroup Mortgage Loan Trust 2,000,000 Granite Mortgages 02-1 20.04.07/5.150% 2,645,229 1.54 2005-WF1 A2 25.02.35/4.490%* 4,156,580 2.42 1,500,000 Permanent Financing 11.06.07/5.100% 1,986,470 1.16 3,545,000 CNH Equipment Trust 2005-B 5,127,000 UK Treasury 07.03.11/4.250% 9,751,017 5.67 A3 15.01.10/4.270% 3,508,876 2.04 1,541,355 Countrywide Alternative Loan 21,561,792 12.55 Trust 2006-12CB A6 25.05.36/6.000% 1,539,779 0.90 3,500,000 Countrywide Asset-Backed UNITED STATES OF AMERICA Certificates 2005-4 AF3 25.10.35/4.456%* 3,463,344 2.02 3,050,000 HSBC Finance 17.06.08/6.400% 3,100,433 1.80 1,575,000 Countrywide Asset-Backed 3,850,000 HSBC Finance 12.11.10/4.500% 5,130,387 2.99 Certificates 2006-11 1AF3 25.02.36/4.778%* 1,552,756 0.90 1,500,000 SLM 25.07.08/3.250% 1,951,810 1.14 2,937,182 Countrywide Home Loan Mortgage Pass Through Trust 10,182,630 5.93 2005-18 A1 25.10.35/5.500% 2,914,214 1.70 1,000,000 Countrywide Home Loans 15.02.07/2.875% 997,156 0.58 SPAIN 2,700,000 Credit Suisse First Boston 4,000,000 Banco Bilbao Vizcaya Argentaria 07.06.10/2.750% 5,048,660 2.94 Mortgage Securities 2001-CP4 A4 15.12.35/6.180% 2,793,536 1.63 5,048,660 2.94 2,713,691 Fannie Mae 2006-43 G 25.09.33/6.500% 2,743,376 1.60 2,532,644 Fannie Mae 2006-63 AB 2,561,272 1.49 NETHERLANDS 25.10.33/6.500% 1,122,415 Fannie Mae 2006-63 AE 1,135,102 0.66 2,550,000 Aegon 16.04.08/4.625% 3,383,870 1.97 25.10.33/6.500% 1,215,049 Fannie Mae Pool No: 256216 01.04.36/7.000% 1,246,565 0.73 3,383,870 1.97 354,449 Fannie Mae Pool No: 256404 01.09.36/7.000% 363,642 0.21 1,091,372 Fannie Mae Pool No: 745780 01.08.36/7.000% 1,119,679 0.65 IRELAND 248,362 Fannie Mae Pool No: 831639 01.08.36/7.000% 254,804 0.15 1,600,000 GE Capital UK Funding 16.06.08/4.875% 3,109,601 1.81 377,059 Fannie Mae Pool No: 852613 01.02.36/7.000% 386,839 0.23 18,562 Fannie Mae Pool No: 881558 01.05.36/7.000% 19,043 0.01 3,109,601 1.81 738,200 Fannie Mae Pool No: 882212 01.09.36/7.000% 757,347 0.44 77,856 Fannie Mae Pool No: 885004 79,875 0.05 UNITED ARAB EMIRATES 01.07.36/7.000% 800,000 ADIB Sukuk for Abu Dhabi 1,394,925 Fannie Mae Pool No: 885429 01.06.36/7.000% 1,431,106 0.83 Islamic Bank 12.12.11/5.756%* 800,800 0.47 2,853,384 Fannie Mae Pool No: 887723 01.07.36/7.000% 2,927,393 1.70 800,000 Emirates Bank International 07.12.16/5.950%* 801,000 0.47 208,131 Fannie Mae Pool No: 892722 01.09.36/7.000% 213,530 0.12 750,000 SIB Sukuk 12.10.11/6.022%* 751,125 0.44 76,282 Fannie Mae Pool No: 894394 01.08.36/7.000% 78,260 0.05 2,154,571 Fannie Mae Pool No: 895307 01.09.36/7.000% 2,210,455 1.29 2,352,925 1.38 813,592 Fannie Mae Pool No: 897823 01.09.36/7.000% 834,695 0.49 600,000 Greenwich Capital Commercial BELGIUM Funding 2003-C1 A2 05.07.35/3.285% 574,286 0.33 1,500,000 Fortis Bank 13.10.16/3.737%* 1,983,904 1.15 800,000 GS Mortgage Securities Corp II 2004-GG2 A3 10.08.38/4.602% 787,944 0.46 1,983,904 1.15 1,100,000 HarborviewMortgage Loan Trust 2006-14 2A1A 19.03.38/5.500%* 1,100,086 0.64 AUSTRALIA 800,000 Hartford Financial Services 1,350,000 Macquarie Bank 06.12.16/3.989%* 1,778,100 1.03 Group 16.11.08/5.663% 806,888 0.47 700,000 HSBC Finance 01.02.09/6.450% 717,005 0.42 1,778,100 1.03 2,739,597 Indymac Index Mortgage Loan Trust 2005-AR18 2A1A 2,746,848 1.60 DENMARK 25.10.36/5.660%* 1,391,916 Indymac Index Mortgage Loan 1,350,000 FIH Erhvervsbank 03.11.09/3.863%* 1,777,816 1.03 Trust 2006-AR35 2A1A 25.01.37/5.520%* 1,391,916 0.81 2,560,000 Merrill Lynch Mortgage Trust 1,777,816 1.03 2005-CKI1 A2 12.11.37/5.223%* 2,566,462 1.49 SWEDEN 5,000,000 Morgan Stanley Capital I 11,600,000 Sweden (Kingdom of) 28.01.09/5.000% 1,733,590 1.01 2004-HQ3 A2 13.01.41/4.050% 4,856,798 2.83 1,900,000 Morgan Stanley Capital I 1,733,590 1.01 2006-T21 A2 12.10.52/5.090% 1,892,237 1.10 2,829,402 Morgan Stanley Mortgage Loan SAUDI ARABIA Trust 2005-4 5A3 25.08.35/5.500% 2,808,685 1.63 1,200,000 Arab National Bank 31.10.16/6.206%* 1,205,100 0.70 1,773,827 NewCentury Home Equity Loan Trust 2005-A A2 25.08.35/4.461%* 1,759,725 1.02 1,205,100 0.70 2,221,813 Residential Accredit Loans 2006-QO4 2A1 25.04.46/5.540%* 2,223,182 1.29 QATAR 2,877,455 Residential Accredit Loans 900,000 Commercial Bank of Qatar 12.10.11/5.772%* 901,170 0.52 2006-QS6 1A2 25.06.36/6.000% 2,873,677 1.67 1,262,098 Structured Adjustable Rate 901,170 0.52 Mortgage Loan Trust 2005-19XS 1A1 25.10.35/5.670%* 1,267,819 0.74 ITALY 2,987,740 Structured Asset Securities 600,000 Banca Monte dei Paschi di Siena 24.04.09/3.771%* 791,374 0.46 2005-17 4A1 25.10.35/5.500% 2,950,035 1.72 1,160,000 US Treasury (i) 08.03.07/0.000% 1,149,365 0.67 791,374 0.46 2,600,000 US Treasury 15.04.11/2.375% 2,589,844 1.51 5,000,000 Verizon Global Funding 15.01.08/4.000% 4,933,190 2.87 Total Bonds 55,810,532 32.48 2,255,115 Wells Fargo Mortgage Backed Securities Trust 2005-9 1A6 25.10.35/5.500% 2,240,012 1.30 Total Transferable Securities Admitted to an 55,810,532 32.48 2,351,574 Wells Fargo Mortgage Backed Official Exchange Listing Securities Trust 2005-11 2A1 25.11.35/5.500% 2,333,115 1.36

Transferable Securities Dealt in on Another Regulated Market 94,560,801 55.03

Bonds UNITED KINGDOM 500,000 Great Hall Mortgages 2006-1 UNITED STATES OF AMERICA A2B 18.06.38/3.828%* 659,050 0.38 400,000 Abbott Laboratories 15.05.09/5.375% 402,369 0.22 750,000 White Tower 2006-3 D 23.10.12/5.661%* 1,469,737 0.86 690,800 Adjustable Rate Mortgage Trust 2006-3 4A11 25.08.36/5.500%* 690,717 0.40 2,128,787 1.24

123 JPMorgan Investment Funds - Global Short Duration Fund Schedule of Investments (Expressed in USD) (continued) As at 31 December 2006

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

IRELAND 1,000,000 Titan Europe/Ireland Allocation of Portfolio as at 30 June 2006 (Unaudited) % of 2006-4FSX A1 03.09.13/5.541%* 1,959,650 1.14 Net Assets Fixed Income Securities 1,959,650 1.14 United States of America 55.02 JAPAN Japan 25.03 1,500,000 Nippon Life Insurance 09.08.10/4.875% 1,479,551 0.86 Luxembourg 4.78 Netherlands 3.20 1,479,551 0.86 Germany 3.19 United Kingdom 2.62 SINGAPORE Spain 2.19 1,800,000 Singapore (Government of) 01.03.07/4.000% 1,175,039 0.68 Ireland 1.32 Canada 1.00 1,175,039 0.68 Poland 0.57 LUXEMBOURG Singapore 0.52 1,000,000 VTB Capital for Vneshtorgbank Total Fixed Income Securities 99.44 144A 01.08.08/5.970%* 1,003,250 0.58 Cash Equivalents, Cash and Other Assets/(Liabilities) 0.56

1,003,250 0.58 Total 100.00 ICELAND 500,000 Landsbanki Islands 144A 25.08.11/6.100% 509,187 0.30

509,187 0.30

Total Bonds 102,816,265 59.83 Investment Funds LUXEMBOURG 41,579 JPMorgan Investment Strategies Funds - Managed Currency Fund (JPM Managed Currency Class X - USD) 4,320,314 2.51 37,033 JPMorgan Investment Strategies Funds - RV4 Fund USD (JPM RV4 (USD) X - USD) 4,016,218 2.34 0** JPMorgan Liquidity Funds - US Dollar Liquidity Fund (JPM US Dollar Liquidity X (acc)) 1,539 0.00

8,338,071 4.85

Total Investment Funds 8,338,071 4.85

Total Transferable Securities Dealt in on 111,154,336 64.68 Another Regulated Market Total Investments 166,964,868 97.16

Cash 3,702,279 2.15

Other Assets/(Liabilities) 1,172,103 0.69

Total Net Assets 171,839,250 100.00

* Variable coupon rates are those quoted as at 31 December 2006. ** Fractional shares rounded to 0. (i) Security held as collateral against futures positions by the broker.

Allocation of Portfolio as at 31 December 2006 % of Net Assets Fixed Income Securities United States of America 60.96 United Kingdom 13.79 Luxembourg 5.43 Ireland 2.95 Spain 2.94 Netherlands 1.97 United Arab Emirates 1.38 Belgium 1.15 Australia 1.03 Denmark 1.03 Sweden 1.01 Japan 0.86 Saudi Arabia 0.70 Singapore 0.68 Qatar 0.52 Italy 0.46 Iceland 0.30 Total Fixed Income Securities 97.16 Cash and Other Assets/(Liabilities) 2.84 Total 100.00

124 JPMorgan Investment Funds - Global Short Duration Fund Schedule of Investments - Outstanding Financial Futures Contracts (Expressed in USD) As at 31 December 2006

Unrealised Maturity (Short) / Long Gain/ Date Quantity Contract Currency Position (Loss)

Bond Futures

Mar-07 (54) Euro-Bobl Future EUR (7,748,372) 103,207 Mar-07 310 Euro-Schatz Future EUR 42,278,980 (216,010) Mar-07 102 US 2 Year Note (CBT) USD 20,809,594 (69,453) Mar-07 (278) US 5 Year Note (CBT) USD (29,198,688) 197,187

Total Bond Futures 14,931

Interest Rate Futures

Mar-07 (41) 90 Day Bank Bill (SFE) AUD (7,226,588) 3,300 Mar-07 (5) Sterling MID-CRV GBP (1,158,031) 1,347 Mar-07 8 90 Day Euro$ Future (CME) USD 1,893,600 (250) Jun-07 24 3 Month Bank Accept Future CAD 4,944,487 (3,098) Jun-07 5 Sterling MID-CRV GBP 1,157,418 (2,082) Jun-07 43 3 Month Euro Yen (TFX) JPY 8,958,409 3,350 Sep-07 41 90 Day Bank Bill (SFE) AUD 7,225,042 (4,846) Mar-08 (33) 3 Month Euro Euribor (LIF) EUR (10,433,371) 30,069 Mar-08 (43) 3 Month EuroYen (TFX) JPY (8,931,770) (4,620) Dec-08 33 3 Month Euro Euribor (LIF) EUR 10,436,633 (30,778)

Total Interest Rate Futures (7,608)

Total Unrealised Net Gain on Financial Futures Contracts 7,323

Schedule of Investments - Outstanding Forward Foreign Exchange Contracts (Expressed in USD) As at 31 December 2006

Unrealised Maturity Amount Amount Gain/ Date Currency Purchased Currency Sold (Loss)

12-Jan-07 CAD 3,225,893 USD 2,810,378 (33,135) 12-Jan-07 EUR 2,877,000 USD 3,712,258 81,859 12-Jan-07 GBP 2,501,851 USD 4,769,693 133,397 12-Jan-07 JPY 20,410,922 AUD 220,260 (2,096) 12-Jan-07 JPY 6,079,487,163 USD 52,241,856 (1,102,025) 12-Jan-07 PLN 9,886,354 USD 3,324,138 81,235 12-Jan-07 USD 2,792,715 CAD 3,225,893 15,471 12-Jan-07 USD 33,155,511 EUR 25,933,945 (1,045,544) 12-Jan-07 USD 20,743,759 GBP 10,912,065 (641,541) 12-Jan-07 USD 52,507,664 JPY 6,100,318,921 1,192,599 12-Jan-07 USD 3,203,926 PLN 9,886,354 (201,446) 12-Jan-07 USD 1,813,477 SEK 12,435,484 (895) 12-Jan-07 USD 1,160,836 SGD 1,830,000 (33,201)

Total Unrealised Net Loss on Forward Foreign Exchange Contracts (1,555,322)

Schedule of Investments - Outstanding Future Option Contracts (Expressed in USD) As at 31 December 2006

Unrealised Market Gain/ Quantity Contract Currency Value (Loss)

86 3 Month GBP Libor Call Option, Strike Price 94.75 expiring on March 07 GBP 2,107 (4,213) (86) 3 Month GBP Libor Call Option, Strike Price 94.875 expiring on March 07 GBP (527) 1,580

Total 1,580 (2,633)

125 JPMorgan Investment Funds - Global Short Duration Fund Schedule of Investments - Outstanding Credit Default Swaps (Expressed in USD) As at 31 December 2006

Protection Unrealised Buy/ Gain/ Sell Counterparty Description Currency Nominal Maturity (Loss)

Buyer BNP Paribas Akzo Nobel 4.25% 14/06/2011 EUR 700,000 20/12/2011 350 Buyer UBS BASF 3.5% 08/07/2010 EUR 700,000 20/12/2011 (1,037) Buyer Morgan Stanley Hannover Finance Luxembourg FRN 26/02/2024 EUR 1,400,000 20/12/2011 8,741 Buyer Morgan Stanley Munich Re Finance FRN 21/06/2023 EUR 1,400,000 20/12/2011 (518) Buyer UBS Reed Elsevier Capital 5.75% 31/07/2008 EUR 700,000 20/12/2011 (1,597) Buyer UBS Solvay 4.625% 27/06/2018 USD 700,000 20/12/2011 (594) Buyer Morgan Stanley Thales 4.375% 22/07/2011 EUR 700,000 20/12/2011 (367)

Seller Deutsche Bank Barclays Bank FRN 27/10/2015 EUR 3,300,000 20/12/2012 4,084 Seller Deutsche Bank Barclays Bank FRN 27/10/2015 EUR 1,600,000 20/12/2011 (1,739) Seller Morgan Stanley DaimlerChrysler 7.2% 01/09/2009 EUR 1,600,000 20/12/2007 (114) Seller UBS Gaz Capital for Gazprom 7.8% 27/09/2010 USD 2,000,000 20/12/2007 1,004 Seller BNP Paribas Kaupthing Bank FRN 01/12/2009 EUR 910,000 20/12/2007 1,786 Seller Deutsche Bank Montpelier Re Holdings 6.125% 15/08/2013 USD 1,500,000 20/12/2007 554

Total Unrealised Net Gain on Credit Default Swaps 10,553

Schedule of Investments - Outstanding Interest Rates Swaps (Expressed in USD) As at 31 December 2006

Unrealised Maturity Notional Gain/ Date Counterparty Denomination Currency Amount (Loss)

03-Oct-09 UBS Receive fixed rate 0.93875% JPY 3,489,000,000 (52,871) Pay floating rate JPY LIBOR 6 months 23-Oct-11 Crédit Suisse Receive fixed rate 5.211% GBP 1,375,000 25,494 Pay floating rate GBP LIBOR 6 months 23-Oct-11 Crédit Suisse Receive floating rate EURIBOR 6 months EUR 1,990,000 (8,171) Pay fixed rate 3.931%

Total Unrealised Net Loss on Interest Rates Swaps (35,548)

126 JPMorgan Investment Funds - Global Teletech Fund Schedule of Investments (Expressed in USD) As at 31 December 2006

% % Quantity/ Name of Securities Market of Quantity/ Name of Securities Market of Nominal Value Net Nominal Value Net Value Assets Value Assets

Transferable Securities Admitted to an Official Exchange Listing AUSTRIA 2,006 Austriamicrosystems - Bearer Shares 142,235 0.69 Shares 8,278 Telekom Austria 221,498 1.06

UNITED STATES OF AMERICA 363,733 1.75 2,522 Affiliated Computer Services - A Shares 123,704 0.58 4,304 American Tower - A Shares 159,894 0.76 NETHERLANDS 6,757 Apple Computer 571,169 2.74 22,501 Royal KPN 320,016 1.54 44,391 Applied Micro Circuits 158,920 0.76 24,231 AT&T 871,347 4.18 320,016 1.54 2,480 Autodesk 100,688 0.48 TAIWAN 4,670 Automatic Data Processing 230,418 1.11 5,800 High Tech Computer 114,737 0.55 9,077 BEA Systems 114,370 0.55 13,108 HON HAI Precision Industry Registered Shares 10,789 BellSouth 512,154 2.46 GDR 185,732 0.89 40,986 Cisco Systems 1,127,525 5.41 38,029 Corning 713,804 3.42 300,469 1.44 3,142 Electronic Arts 160,493 0.77 1,688 Google - A Shares 781,983 3.75 ITALY 20,270 Hewlett-Packard 842,219 4.04 116,765 Telecom Italia - RNC Shares 296,119 1.42 8,979 International Business Machines 875,453 4.20 1,900 Isilon Systems 47,975 0.23 296,119 1.42 21,347 LSI Logic 197,673 0.95 INDIA 54,815 Microsoft 1,648,835 7.91 4,208 Infosys Technologies ADR 230,262 1.10 27,481 Motorola 570,780 2.74 9,100 Optium 226,590 1.09 230,262 1.10 27,686 PMC - Sierra 187,434 0.90 18,517 Qualcomm 702,535 3.37 NORWAY 4,853 SanDisk 207,466 1.00 9,875 Telenor 185,715 0.89 23,718 Sun Microsystems 130,449 0.63 5,746 Tellabs 59,988 0.29 185,715 0.89 18,920 Verizon Communications 711,960 3.42 SWITZERLAND 3,125 Xilinx 75,250 0.36 9,655 STMicroelectronics 179,058 0.86 12,584 Yahoo! 322,276 1.55 179,058 0.86 12,433,352 59.65 CAYMAN ISLANDS JAPAN 5,960 Seagate Technology 158,894 0.76 5,500 Elpida Memory 302,155 1.45 9,000 Matsushita Electric Industrial 179,554 0.86 158,894 0.76 3,300 Murata Manufacturing 223,151 1.07 1,200 Nintendo 311,479 1.49 BERMUDA 20 Nippon Telegraph & Telephone 98,450 0.47 5,831 Marvell Technology Group 113,180 0.54 1,200 Nitto Denko 60,078 0.29 3,000 Sony 128,523 0.62 113,180 0.54 3,400 TDK 270,184 1.30 MEXICO 4,300 Tokyo Electron 338,813 1.63 2,115 America Movil ADR - L Shares 95,429 0.46 9,500 Yokogawa Electric 150,586 0.72 95,429 0.46 2,062,973 9.90 PORTUGAL GERMANY 4,155 Portugal Telecom Registered Shares 53,781 0.26 28,784 ADVA Optical Networking 326,286 1.56 21,032 Deutsche Telekom 383,676 1.84 53,781 0.26 7,052 SAP 374,226 1.80 Total Shares 20,666,553 99.16 1,084,188 5.20 UNITED KINGDOM Total Transferable Securities Admitted to an 20,666,553 99.16 303,637 Vodafone Group 841,956 4.04 Official Exchange Listing

841,956 4.04 Total Investments 20,666,553 99.16 FRANCE 14,144 Alcatel 203,584 0.98 Cash 222,352 1.07 3,887 Bouygues 248,436 1.19 7,089 Neuf Cegetel 253,690 1.22 Other Assets/(Liabilities) (46,235) (0.23)

705,710 3.39 Total Net Assets 20,842,670 100.00 SOUTH KOREA 12,960 LG Telecom 134,059 0.64 7,689 LG. Philips LCD ADR 115,950 0.56 317 Samsung Electronics 208,947 1.00 Allocation of Portfolio as at 31 December 2006 % of Net Assets 458,956 2.20 Shares FINLAND Information Technology 68.99 19,675 Nokia 403,786 1.94 Telecommunication Services 25.72 Consumer Discretionary 2.97 403,786 1.94 Industrials 1.19 Materials 0.29 HONG KONG Total Shares 14,000 China Mobile 120,976 0.58 99.16 176,000 China Unicom 258,000 1.24 Cash and Other Assets/(Liabilities) 0.84 Total 100.00 378,976 1.82

127 JPMorgan Investment Funds - Global Teletech Fund Schedule of Investments (Expressed in USD) (continued) As at 31 December 2006

% % Quantity/ Name of Securities Market of Quantity/ Name of Securities Market of Nominal Value Net Nominal Value Net Value Assets Value Assets

Allocation of Portfolio as at 30 June 2006 (Unaudited) % of Net Assets Fixed Income Securities United States of America 0.33 Total Fixed Income Securities 0.33 Shares Information Technology 63.14 Telecommunication Services 26.06 Consumer Discretionary 3.26 Industrials 1.28 Financials 0.51 Total Shares 94.25 Cash and Other Assets/(Liabilities) 5.42 Total 100.00

128 JPMorgan Investment Funds - Global Teletech Fund Schedule of Investments - Outstanding Forward Foreign Exchange Contracts (Expressed in USD) As at 31 December 2006

Unrealised Maturity Amount Amount Gain/ Date Currency Purchased Currency Sold (Loss)

11-Jan-07 AUD 60,000 USD 47,111 231 11-Jan-07 CAD 462,700 USD 405,895 (7,558) 11-Jan-07 EUR 229,616 USD 306,310 (3,514) 11-Jan-07 GBP 150,366 USD 296,661 (1,978) 11-Jan-07 HKD 919,587 USD 118,557 (263) 11-Jan-07 JPY 57,782,563 USD 505,502 (19,511) 11-Jan-07 SEK 3,132,316 USD 461,327 (4,344) 11-Jan-07 SGD 39,078 USD 25,442 55 11-Jan-07 USD 815,307 EUR 612,325 7,830 11-Jan-07 USD 151,186 JPY 17,243,961 6,152 11-Jan-07 USD 154,298 NOK 941,167 3,592

Total Unrealised Net Loss on Forward Foreign Exchange Contracts (19,308)

129 JPMorgan Investment Funds - Global Total Return Fund (EUR) Schedule of Investments (Expressed in EUR) As at 31 December 2006

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

Transferable Securities Admitted to an Official Exchange Listing Convertible Bonds JAPAN Shares 4,610,000,000 Sony 18.12.08/0.000% 30,712,738 2.70 UNITED STATES OF AMERICA 530,700 Altria Group 34,625,750 3.03 30,712,738 2.70 1,726,446 Corning 24,584,926 2.16 1,341,100 Duke Energy 33,809,842 2.97 Total Convertible Bonds 30,712,738 2.70 4,650,000 El Paso 53,481,526 4.69 149,719 Jones Lang LaSalle 10,568,133 0.93 Total Transferable Securities Admitted to an 1,003,820,018 88.10 160,542 Life Time Fitness 5,977,848 0.52 Official Exchange Listing 925,437 Live Nation 15,797,233 1.39 425,300 NeuStar - A Shares 10,570,388 0.93 Transferable Securities Dealt in on Another Regulated Market 351,100 Prudential Financial 22,889,024 2.01 1,028,555 Realogy 23,706,472 2.08 Investment Funds LUXEMBOURG 236,011,142 20.71 2,624,888 JPMorgan Funds - JF Japan Small Cap Fund (JF UNITED KINGDOM Japan Small Cap Fund X (acc) - USD) 27,302,343 2.40 3,550,300 Barclays 38,531,690 3.38 3,292,300 BHP Billiton 45,741,337 4.01 27,302,343 2.40 1,045,500 Enterprise Inns 21,030,615 1.85 2,375,300 GlaxoSmithKline 47,462,202 4.17 Total Investment Funds 27,302,343 2.40 2,776,200 HSBC Holdings 38,426,478 3.37 Total Transferable Securities Dealt in on 27,302,343 2.40 Another Regulated Market 191,192,322 16.78 Total Investments 1,031,122,361 90.50 GERMANY 1,656,879 Deutsche Post 37,843,116 3.32 Cash 73,249,979 6.43 437,000 Fraport Frankfurt Airport Services Worldwide 23,606,740 2.07 483,149 Merck KGaA 37,946,522 3.33 35,001,044 3.07 512,700 Siemens Registered Shares 38,524,278 3.38 Other Assets/(Liabilities) 746,359 Symrise 14,554,001 1.28 Total Net Assets 1,139,373,384 100.00 152,474,657 13.38 ITALY 11,206,500 Parmalat 36,393,109 3.20 Allocation of Portfolio as at 31 December 2006 % of 2,712,300 SanPaolo IMI 47,817,849 4.20 Net Assets 9,622,400 Telecom Italia - RNC Shares 18,513,498 1.62 Fixed Income Securities 6,052,200 UniCredito Italiano 40,267,516 3.53 Japan 2.70 Total Fixed Income Securities 2.70 142,991,972 12.55 Shares JAPAN Financials 29.54 378,800 Honeys 10,670,205 0.94 Health Care 11.64 6,585 Sumitomo Mitsui Financial Group 51,198,368 4.49 Industrials 10.16 Materials 7.73 61,868,573 5.43 Utilities 7.66 Consumer Staples 6.23 FRANCE Information Technology 5.56 671,200 Sanofi-Aventis 47,218,920 4.14 Consumer Discretionary 4.33 Telecommunication Services 2.55 47,218,920 4.14 Investment Companies 2.40 SPAIN Total Shares 87.80 2,523,100 Banco Bilbao Vizcaya Argentaria 45,970,882 4.03 Cash and Other Assets/(Liabilities) 9.50 45,970,882 4.03 Total 100.00 SWEDEN 9,320,000 Telefonaktiebolaget LM Ericsson - B Shares 28,453,858 2.50

28,453,858 2.50 Allocation of Portfolio as at 30 June 2006 (Unaudited) % of CANADA Net Assets 1,196,965 Barrick Gold 27,831,481 2.44 Fixed Income Securities Japan 1.79 27,831,481 2.44 Total Fixed Income Securities 1.79 Shares SWITZERLAND Financials 21.19 229,200 Baloise Holding Registered Shares 17,303,857 1.52 Industrials 15.33 Health Care 10.16 17,303,857 1.52 Consumer Staples 6.35 NETHERLANDS Consumer Discretionary 6.05 530,104 Wolters Kluwer 11,572,170 1.02 Information Technology 5.29 Utilities 3.79 11,572,170 1.02 Energy 3.11 Materials 2.05 BRITISH VIRGIN ISLANDS Telecommunication Services 0.39 2,920,077 Playtech 10,217,446 0.90 Total Shares 73.71 10,217,446 0.90 Cash and Other Assets/(Liabilities) 24.50 Total 100.00 Total Shares 973,107,280 85.40

130 JPMorgan Investment Funds - Global Total Return Fund (EUR) Schedule of Investments - Outstanding Financial Futures Contracts (Expressed in EUR) As at 31 December 2006

Unrealised Maturity (Short) / Long Gain/ Date Quantity Contract Currency Position (Loss)

Equity Futures

Mar-07 (9,182) DJ Euro Stoxx 50 EUR (381,787,560) (3,443,250) Mar-07 (620) FTSE 100 Index Future GBP (57,297,127) (110,612) Mar-07 (950) Russell 2000 Future USD (57,781,276) (82,884) Mar-07 (370) S&P 500 Future USD (100,738,753) (396,499)

Total Unrealised Net Loss on Financial Futures Contracts (4,033,245)

Schedule of Investments - Outstanding Forward Foreign Exchange Contracts (Expressed in EUR) As at 31 December 2006

Unrealised Maturity Amount Amount Gain/ Date Currency Purchased Currency Sold (Loss)

31-Jan-07 AUD 12,771,832 EUR 7,466,615 163,172 31-Jan-07 CAD 907,049 EUR 612,979 (21,072) 31-Jan-07 CHF 2,453,864 EUR 1,545,692 (17,675) 31-Jan-07 EUR 7,518,105 AUD 12,771,832 (111,683) 31-Jan-07 EUR 26,220,053 CAD 37,402,435 1,812,590 31-Jan-07 EUR 11,576,187 CHF 18,359,890 143,516 31-Jan-07 EUR 350,889,114 GBP 238,034,431 (2,547,518) 31-Jan-07 EUR 63,921,652 JPY 9,495,709,414 3,252,130 31-Jan-07 EUR 37,786,838 SEK 349,466,871 (889,389) 31-Jan-07 EUR 375,061,768 USD 476,374,564 14,188,166 31-Jan-07 GBP 90,141,811 EUR 133,368,121 475,618 31-Jan-07 JPY 1,925,776,380 EUR 12,689,217 (385,141) 31-Jan-07 SEK 112,170,757 EUR 12,378,604 35,567 31-Jan-07 USD 144,822,733 EUR 112,587,711 (2,878,450)

Total Unrealised Net Gain on Forward Foreign Exchange Contracts 13,219,831

Schedule of Investments - Outstanding Options Contracts on Securities (Expressed in EUR) As at 31 December 2006

Unrealised Maturity Market Gain/ Quantity Denomination Date Currency Value (Loss)

(8,500) Sepracor Put Strike Price 42.5 Jan-07 USD (32,243) 1,118,200 (6,240) Exxon Mobil Call Strike Price 80 Jul-07 USD (1,893,635) (236,704) 7,100 BP Call Option, Strike Price 70 Jul-07 USD 1,427,433 (511,721)

Total (498,445) 369,775

Schedule of Investments - Outstanding Future Option Contracts (Expressed in EUR) As at 31 December 2006

Unrealised Market Gain/ Quantity Contract Currency Value (Loss)

650 S&P 500 Index Put Option, Strike Price 1375 expiring on June 07 USD 1,296,943 (917,229)

Total 1,296,943 (917,229)

Total Options 798,498

131 JPMorgan Investment Funds - Global Total Return Fund (USD) Schedule of Investments (Expressed in USD) As at 31 December 2006

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

Transferable Securities Admitted to an Official Exchange Listing Convertible Bonds JAPAN Shares 65,000,000 Sony 18.12.08/0.000% 570,794 2.80 UNITED STATES OF AMERICA 7,250 Altria Group 623,500 3.06 570,794 2.80 23,690 Corning 444,661 2.19 18,200 Duke Energy 604,786 2.97 Total Convertible Bonds 570,794 2.80 64,850 El Paso 983,126 4.83 1,849 Jones Lang LaSalle 172,031 0.85 Total Transferable Securities Admitted to an 17,994,662 88.45 1,996 Life Time Fitness 97,964 0.48 Official Exchange Listing 12,559 Live Nation 282,578 1.39 5,400 NeuStar - A Shares 176,904 0.87 Transferable Securities Dealt in on Another Regulated Market 4,800 Prudential Financial 412,464 2.03 13,733 Realogy 417,209 2.05 Investment Funds LUXEMBOURG 4,215,223 20.72 33,954 JPMorgan Funds - JF Japan Small Cap Fund (JF UNITED KINGDOM Japan Small Cap Fund X (acc) - USD) 465,511 2.29 47,700 Barclays 682,370 3.36 44,100 BHP Billiton 807,600 3.97 465,511 2.29 14,000 Enterprise Inns 371,197 1.82 31,800 GlaxoSmithKline 837,539 4.12 Total Investment Funds 465,511 2.29 39,050 HSBC Holdings 712,442 3.50 Total Transferable Securities Dealt in on 465,511 2.29 Another Regulated Market 3,411,148 16.77 Total Investments 18,460,173 90.74 GERMANY 22,422 Deutsche Post 675,023 3.32 Cash 1,569,154 7.71 6,200 Fraport Frankfurt Airport Services Worldwide 441,463 2.17 6,477 Merck KGaA 670,522 3.30 314,949 1.55 6,900 Siemens 683,390 3.36 Other Assets/(Liabilities) 9,744 Symrise 250,450 1.23 Total Net Assets 20,344,276 100.00 2,720,848 13.38 ITALY 151,900 Parmalat 650,212 3.20 Allocation of Portfolio as at 31 December 2006 % of 36,900 SanPaolo IMI 857,486 4.21 Net Assets 133,000 Telecom Italia - RNC Shares 337,291 1.66 Fixed Income Securities 35,000 UniCredito Italiano 306,788 1.51 Japan 2.80 47,750 UniCredito Italiano 418,861 2.06 Total Fixed Income Securities 2.80 Shares 2,570,638 12.64 Financials 29.69 JAPAN Health Care 11.61 4,700 Honeys 174,505 0.86 Industrials 10.24 89 Sumitomo Mitsui Financial Group 912,092 4.48 Utilities 7.80 Materials 7.65 1,086,597 5.34 Consumer Staples 6.26 Information Technology 5.51 FRANCE Consumer Discretionary 4.36 9,200 Sanofi-Aventis 853,101 4.19 Telecommunication Services 2.53 Investment Companies 2.29 853,101 4.19 Total Shares 87.94 SPAIN Cash and Other Assets/(Liabilities) 9.26 34,500 Banco Bilbao Vizcaya Argentaria 828,544 4.07 Total 100.00 828,544 4.07 SWEDEN 127,000 Telefonaktiebolaget LM Ericsson - B Shares 511,066 2.51 Allocation of Portfolio as at 30 June 2006 (Unaudited) % of 511,066 2.51 Net Assets CANADA Fixed Income Securities 16,283 Barrick Gold 499,043 2.45 Japan 1.84 Total Fixed Income Securities 1.84 499,043 2.45 Shares Financials 21.94 SWITZERLAND Industrials 15.51 3,200 Baloise Holding Registered Shares 318,439 1.57 Health Care 10.44 Consumer Staples 6.51 318,439 1.57 Consumer Discretionary 6.15 NETHERLANDS Information Technology 5.51 8,470 Wolters Kluwer 243,717 1.20 Utilities 3.86 Energy 3.14 243,717 1.20 Materials 2.16 Telecommunication Services 0.38 BRITISH VIRGIN ISLANDS 35,885 Playtech 165,504 0.81 Total Shares 75.60 Cash and Other Assets/(Liabilities) 22.56 165,504 0.81 Total 100.00 Total Shares 17,423,868 85.65

132 JPMorgan Investment Funds - Global Total Return Fund (USD) Schedule of Investments - Outstanding Financial Futures Contracts (Expressed in USD) As at 31 December 2006

Unrealised Maturity (Short) / Long Gain/ Date Quantity Contract Currency Position (Loss)

Equity Futures

Mar-07 (125) DJ Euro Stoxx 50 EUR (6,850,825) (61,786) Mar-07 (8) FTSE 100 Index Future GBP (974,495) (1,881) Mar-07 (13) Russell 2000 Future USD (1,042,210) (1,495) Mar-07 (5) S&P 500 Future USD (1,794,375) (7,063)

Total Unrealised Net Loss on Financial Futures Contracts (72,225)

Schedule of Investments - Outstanding Forward Foreign Exchange Contracts (Expressed in USD) As at 31 December 2006

Unrealised Maturity Amount Amount Gain/ Date Currency Purchased Currency Sold (Loss)

31-Jan-07 EUR 314,245 USD 415,456 (633) 31-Jan-07 GBP 243,843 USD 478,182 (240) 31-Jan-07 SEK 453,869 USD 66,427 (120) 31-Jan-07 USD 438,712 CAD 506,581 2,332 31-Jan-07 USD 245,203 CHF 297,758 447 31-Jan-07 USD 7,595,816 EUR 5,782,769 (37,783) 31-Jan-07 USD 4,335,265 GBP 2,215,272 (6,760) 31-Jan-07 USD 898,972 JPY 105,762,212 6,967 31-Jan-07 USD 490,301 SEK 3,380,782 (3,610)

Total Unrealised Net Loss on Forward Foreign Exchange Contracts (39,400)

Schedule of Investments - Outstanding Options Contracts on Securities (Expressed in USD) As at 31 December 2006

Unrealised Maturity Market Gain/ Quantity Denomination Date Currency Value (Loss)

(105) Sepracor Put Strike Price 42.5 Jan-07 USD (525) 18,207 (80) Exxon Mobil Call Strike Price 80 Jul-07 USD (32,000) (4,000) 100 BP Call Option, Strike Price 70 Jul-07 USD 26,500 (9,500)

Total (6,025) 4,707

Schedule of Investments - Outstanding Future Option Contracts (Expressed in USD) As at 31 December 2006

Unrealised Market Gain/ Quantity Contract Currency Value (Loss)

8 S&P 500 Index Put Option, Strike Price 1375 expiring on June 07 USD 21,040 (14,880)

Total 21,040 (14,880)

Total Options 15,015

133 JPMorgan Investment Funds - Japan 50 Equity Fund Schedule of Investments (Expressed in JPY) As at 31 December 2006

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

Transferable Securities Admitted to an Official Exchange Listing Transferable Securities Dealt in on Another Regulated Market

Shares Bonds JAPAN UNITED STATES OF AMERICA 507,000 77 Bank 382,785,000 0.51 170,000 US Treasury (i) 08.03.07/0.000% 20,048,352 0.02 161,100 Aeon Credit Service 363,280,500 0.49 339,000 Ajinomoto 533,247,000 0.73 20,048,352 0.02 748,500 Alps Electric 966,313,500 1.32 142,700 Autobacs Seven 620,745,000 0.85 Total Bonds 20,048,352 0.02 696,900 Bridgestone 1,850,269,500 2.52 864,300 Chugai Pharmaceutical 2,121,856,500 2.89 Total Transferable Securities Dealt in on 20,048,352 0.02 196,900 Coca-Cola West Holdings 542,459,500 0.74 Another Regulated Market 215,900 Daiichi Sankyo 803,148,000 1.09 Total Investments 72,861,840,552 99.31 1,677,000 Daiwa Securities Group 2,238,795,000 3.05 406,900 Elpida Memory 2,661,126,000 3.63 Cash 526,647,924 0.72 185,200 FUJI SOFT 522,264,000 0.71 1,196,000 Hachijuni Bank 931,684,000 1.27 Other Assets/(Liabilities) (22,653,171) (0.03) 131,700 Idemitsu Kosan 1,577,766,000 2.15 1,997,000 Itochu 1,951,069,000 2.66 Total Net Assets 73,365,835,305 100.00 154,200 JFE Holdings 945,246,000 1.29 1,213,000 Kaneka 1,314,892,000 1.79 2,594,000 Kawasaki Kisen Kaisha 2,415,014,000 3.29 (i) Security held as collateral against futures positions by the broker. 2,104,000 Kubota 2,318,608,000 3.16 1,153,000 Marubeni 696,412,000 0.95 2,050,000 Maruha Group 492,000,000 0.67 Allocation of Portfolio as at 31 December 2006 % of 675,800 Marui 938,010,400 1.28 Net Assets 729,000 Matsushita Electric Industrial 1,731,375,000 2.36 Fixed Income Securities United States of America 1,787,000 Minebea 1,486,784,000 2.03 0.02 1,588,000 Mitsubishi Materials 709,836,000 0.97 Total Fixed Income Securities 0.02 2,450 Mitsubishi UFJ Financial Group 3,601,500,000 4.91 Shares 709,000 Mitsubishi UFJ Securities 937,298,000 1.28 Financials 22.05 759,000 Mitsui Sumitomo Insurance 988,218,000 1.35 Consumer Discretionary 16.89 133,900 Namco Bandai Holdings 233,655,500 0.32 Industrials 16.67 3,398 NET One Systems 533,486,000 0.73 Information Technology 13.34 539,000 NGK Spark Plug 1,207,360,000 1.65 Materials 8.74 94,600 Nichii Gakkan 166,874,400 0.23 Consumer Staples 5.60 813,000 Nippon Sheet Glass 453,654,000 0.62 Health Care 5.00 2,979 Nippon Telegraph & Telephone 1,745,694,000 2.38 Telecommunication Services 4.60 2,873,000 Nishi-Nippon City Bank 1,470,976,000 2.00 Utilities 4.25 911,800 Nissan Motor 1,306,609,400 1.78 Energy 2.15 3,778,000 Nisshin Steel 1,669,876,000 2.28 Total Shares 99.29 8,646 NTT DoCoMo 1,625,448,000 2.22 Cash and Other Assets/(Liabilities) 0.69 1,435,000 Obayashi 1,107,820,000 1.51 2,948,000 Oki Electric Industry 781,220,000 1.06 Total 100.00 2,643 Sumitomo Mitsui Financial Group 3,224,460,000 4.40 322,800 Sundrug 850,578,000 1.16 166,600 Suzuken 746,368,000 1.02 414,000 Taisei 150,282,000 0.20 86,900 TDK 822,074,000 1.12 Allocation of Portfolio as at 30 June 2006 (Unaudited) % of 755,000 Toda 381,275,000 0.52 Net Assets 809,300 Tokyo Electric Power 3,115,805,000 4.25 Fixed Income Securities United States of America 214,600 Tokyo Electron 2,012,948,000 2.74 0.01 1,827,000 Tokyu Land 2,049,894,000 2.79 Total Fixed Income Securities 0.01 570,000 Toppan Printing 748,980,000 1.02 Shares 969,000 Toshiba 750,975,000 1.02 Consumer Discretionary 23.82 564,700 Toyota Motor 4,495,012,000 6.13 Financials 22.05 2,541,000 Ube Industries 869,022,000 1.18 Materials 12.42 2,144 West Japan Railway 1,091,296,000 1.49 Industrials 11.10 492,800 Yakult Honsha 1,685,376,000 2.30 Information Technology 10.04 702,000 Zeon 902,772,000 1.23 Consumer Staples 5.83 Health Care 5.32 72,841,792,200 99.29 Telecommunication Services 5.05 Utilities 3.80 Total Shares 72,841,792,200 99.29 Total Shares 99.43 Cash and Other Assets/(Liabilities) 0.56 Total Transferable Securities Admitted to an 72,841,792,200 99.29 Official Exchange Listing Total 100.00

134 JPMorgan Investment Funds - Japan Select Equity Fund Schedule of Investments (Expressed in JPY) As at 31 December 2006

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

Transferable Securities Admitted to an Official Exchange Listing 25,791 NTT DoCoMo 4,848,708,000 1.95 1,853,000 Obayashi 1,430,516,000 0.58 Shares 2,840,000 Oki Electric Industry 752,600,000 0.30 743,000 Onward Kashiyama 1,128,617,000 0.45 JAPAN ORIX 461,285,500 0.19 1,321,000 77 Bank 997,355,000 0.41 13,390 Ricoh 174,960,000 0.07 405,100 Aeon Credit Service 913,500,500 0.38 72,000 Ryohin Keikaku 670,496,000 0.27 1,352,000 Ajinomoto 2,126,696,000 0.86 73,600 Ryoshoku 86,923,500 0.04 654,600 Alps Electric 845,088,600 0.34 34,700 Sapporo Hokuyo Holdings 600,300,000 0.24 192,400 Autobacs Seven 836,940,000 0.34 522 Shiseido 304,440,000 0.12 642,000 Bank of Fukuoka 557,256,000 0.22 118,000 Sohgo Security Services 381,763,000 0.15 122,800 Benesse 556,284,000 0.22 159,400 Sumitomo 1,844,759,800 0.74 1,402,100 Bridgestone 3,722,575,500 1.50 1,035,800 Sumitomo Mitsui Financial Group 11,381,380,000 4.59 446,000 Calsonic Kansei 310,416,000 0.13 9,329 Sumitomo Realty & Development 2,108,640,000 0.85 1,405 Central Japan Railway 1,728,150,000 0.70 552,000 Sundrug 1,579,155,500 0.64 849,200 Chubu Electric Power 3,023,152,000 1.22 599,300 Suzuken 2,975,616,000 1.20 2,218,900 Chugai Pharmaceutical 5,447,399,500 2.20 664,200 Taiheiyo Cement 1,064,810,000 0.43 147,000 Chugoku Bank 229,614,000 0.09 2,285,000 Taisei 2,013,561,000 0.81 488,400 Citizen Watch 444,932,400 0.18 5,547,000 Taiyo Yuden 604,800,000 0.24 186,000 Coca-Cola West Holdings 512,430,000 0.21 288,000 TDK 2,667,720,000 1.08 106,000 COMSYS Holdings 139,708,000 0.06 282,000 THK 2,041,243,000 0.82 171,700 Credit Saison 703,970,000 0.28 664,900 Toda 632,260,000 0.25 153,800 CSK Holdings 781,304,000 0.31 1,252,000 Tokyo Electric Power 6,828,360,000 2.75 467,000 Daihatsu Motor 560,867,000 0.23 1,773,600 Tokyo Electron 5,854,996,000 2.36 1,068,000 Daiichi Sankyo 3,972,960,000 1.60 624,200 Tokyo Steel Manufacturing 933,373,200 0.38 487,600 Daikin Industries 2,018,664,000 0.81 500,200 Tokyu Land 4,353,360,000 1.75 1,050,000 Dainippon Ink & Chemicals 487,200,000 0.20 3,880,000 Toppan Printing 2,127,366,000 0.86 3,000 Dainippon Sumitomo Pharma 4,152,000 0.00 1,619,000 Toshiba 2,052,975,000 0.83 5,660,000 Daiwa Securities Group 7,556,100,000 3.05 2,649,000 Toyota Motor 14,930,572,000 6.02 126,900 Denso 598,968,000 0.24 1,875,700 Ube Industries 2,862,540,000 1.15 795 Dentsu 277,455,000 0.11 8,370,000 Uni-Charm 376,124,000 0.15 1,274,500 Elpida Memory 8,335,230,000 3.36 53,200 UNY 248,000,000 0.10 270,500 FUJI SOFT 762,810,000 0.31 160,000 West Japan Railway 2,345,472,000 0.95 3,004,000 Hachijuni Bank 2,340,116,000 0.94 4,608 Yakult Honsha 3,418,632,000 1.38 434,000 Hankyu Department Stores 430,528,000 0.17 999,600 Yamada Denki 1,177,660,000 0.47 381,100 Hitachi Capital 865,097,000 0.35 116,600 Yokogawa Electric 1,422,420,600 0.57 487,400 Hitachi Information Systems 1,242,870,000 0.50 753,800 Zeon 3,292,160,000 1.33 338,800 Honda Motor 1,592,360,000 0.64 2,560,000 251,100 Hoya 1,165,104,000 0.47 196,900 Idemitsu Kosan 2,358,862,000 0.95 243,646,231,400 98.19 2,485,000 Itochu 2,427,845,000 0.98 154,400 Izumi 654,656,000 0.26 Total Shares 243,646,231,400 98.19 942,100 JFE Holdings 5,775,073,000 2.33 Total Transferable Securities Admitted to an 243,646,231,400 98.19 315,800 JS Group 791,079,000 0.32 Official Exchange Listing 2,170,000 Kaneka 2,352,280,000 0.95 280,000 Kao 898,800,000 0.36 Transferable Securities Dealt in on Another Regulated Market 4,738,000 Kawasaki Kisen Kaisha 4,411,078,000 1.78 315 KDDI 254,205,000 0.10 Bonds 619,000 Kinden 596,097,000 0.24 217,000 Kirin Brewery 406,007,000 0.16 UNITED STATES OF AMERICA 6,146,000 Kubota 6,772,892,000 2.73 7,170,000 US Treasury (i) 08.03.07/0.000% 845,717,037 0.34 137,700 Kyushu Electric Power 432,378,000 0.17 43,100 Lawson 183,606,000 0.07 845,717,037 0.34 2,218,000 Marubeni 1,339,672,000 0.54 4,114,000 Maruha Group 987,360,000 0.40 Total Bonds 845,717,037 0.34 620,700 Marui 861,531,600 0.35 2,665,000 Matsushita Electric Industrial 6,329,375,000 2.55 Total Transferable Securities Dealt in on 845,717,037 0.34 Another Regulated Market 111,000 Matsushita Electric Works 153,069,000 0.06 3,157,000 Minebea 2,626,624,000 1.06 Total Investments 244,491,948,437 98.53 315,000 Mitsubishi Logistics 581,805,000 0.23 2,250,000 Mitsubishi Materials 1,005,750,000 0.41 Cash 3,413,161,248 1.38 7,391 Mitsubishi UFJ Financial Group 10,864,770,000 4.38 1,038,000 Mitsubishi UFJ Securities 1,372,236,000 0.55 Other Assets/(Liabilities) 228,728,160 0.09 1,607,000 Mitsui & Co. 2,860,460,000 1.15 1,435,000 Mitsui Chemicals 1,314,460,000 0.53 Total Net Assets 248,133,837,845 100.00 101,000 Mitsui Fudosan 293,405,000 0.12 1,456,000 Mitsui OSK Lines 1,709,344,000 0.69 2,501,000 Mitsui Sumitomo Insurance 3,256,302,000 1.31 (i) Security held as collateral against futures positions by the broker. 166,100 Murata Manufacturing 1,337,105,000 0.54 635,300 Namco Bandai Holdings 1,108,598,500 0.45 2,411,000 NEC 1,371,859,000 0.55 35,000 NEC Fielding 57,365,000 0.02 6,096 NET One Systems 957,072,000 0.39 1,321,000 NGK Spark Plug 2,959,040,000 1.19 267,500 Nichii Gakkan 471,870,000 0.19 488,000 Nippon Meat Packers 634,400,000 0.26 1,864,500 Nippon Mining Holdings 1,596,012,000 0.64 403 Nippon Paper Group 180,947,000 0.07 1,279,000 Nippon Sheet Glass 713,682,000 0.29 334,000 Nippon Steel 228,456,000 0.09 9,785 Nippon Telegraph & Telephone 5,734,010,000 2.31 1,495,000 Nippon Yusen Kabushiki Kaisha 1,300,650,000 0.52 7,122,000 Nishi-Nippon City Bank 3,646,464,000 1.47 3,016,400 Nissan Motor 4,322,501,200 1.74 8,358,000 Nisshin Steel 3,694,236,000 1.49 269,850 Nitori 1,395,124,500 0.56

135 JPMorgan Investment Funds - Japan Select Equity Fund Schedule of Investments (Expressed in JPY) (continued) As at 31 December 2006

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

Allocation of Portfolio as at 31 December 2006 % of Net Assets Fixed Income Securities United States of America 0.34 Total Fixed Income Securities 0.34 Shares Financials 21.17 Consumer Discretionary 19.11 Industrials 16.07 Information Technology 12.47 Materials 9.74 Health Care 5.00 Consumer Staples 4.54 Telecommunication Services 4.36 Utilities 4.14 Energy 1.59 Total Shares 98.19 Cash and Other Assets/(Liabilities) 1.47 Total 100.00

Allocation of Portfolio as at 30 June 2006 (Unaudited) % of Net Assets Fixed Income Securities United States of America 0.42 Total Fixed Income Securities 0.42 Shares Consumer Discretionary 23.25 Financials 21.83 Industrials 12.48 Materials 11.83 Information Technology 9.34 Health Care 5.20 Telecommunication Services 4.81 Consumer Staples 4.47 Utilities 3.71 Total Shares 96.92 Cash and Other Assets/(Liabilities) 2.66 Total 100.00

136 JPMorgan Investment Funds - Japan Select Equity Fund Schedule of Investments - Outstanding Financial Futures Contracts (Expressed in JPY) As at 31 December 2006

Unrealised Maturity (Short) / Long Gain/ Date Quantity Contract Currency Position (Loss)

Equity Futures

Mar-07 88 TOPIX Index Future JPY 1,480,600,000 14,445,000

Total Unrealised Net Gain on Financial Futures Contracts 14,445,000

137 JPMorgan Investment Funds - JF Asia Diversified Fund Schedule of Investments (Expressed in USD) As at 31 December 2006

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

Transferable Securities Admitted to an Official Exchange Listing INDIA 3,300,000 Gujarat Ambuja Cements GDR 10,725,000 1.45 Shares and Warrants 461,000 JP Morgan International Derivatives - HDFC Bank - SOUTH KOREA Warrants 30.04.07 11,255,315 1.53 300,000 Doosan Heavy Industries and Construction 14,279,568 1.95 320,000 Larsen & Tourbo GDR 10,560,000 1.44 461,140 Halla Climate Control 6,126,047 0.83 270,000 Hana Financial Group 14,202,120 1.93 32,540,315 4.42 357,000 Hankook Tire 6,067,445 0.83 167,000 Hyundai Mobis 15,430,862 2.10 UNITED KINGDOM 120,000 Hyundai Motor 8,700,048 1.18 11,000,000 Gems TV Holdings 9,965,132 1.36 29,856 KCC 9,297,383 1.26 284,582 Standard Chartered 8,421,861 1.15 450,000 LG Dacom 9,487,442 1.29 70,000 POSCO 23,266,821 3.16 18,386,993 2.51 57,000 Samsung Electronics 37,585,113 5.11 MALAYSIA 2,500,000 Tenaga Nasional Berhad 7,926,398 1.08 144,442,849 19.64 HONG KONG 7,926,398 1.08 4,000,000 BOC Hong Kong Holdings 10,808,168 1.48 808,000 Cheung Kong Holdings 9,845,417 1.34 Total Shares and Warrants 680,436,485 92.53 1,750,000 China Mobile 15,300,313 2.08 Investment Funds 1,847,500 China Netcom Group Hong Kong 5,110,880 0.69 8,000,000 China Overseas Land & Investment 10,067,036 1.37 LUXEMBOURG 13,990,000 Cnpc Hong Kong 7,740,321 1.05 513,849 JPMorgan Funds - JF India Fund (JF India A (dist) - 1,210,500 Esprit Holdings 13,387,006 1.82 USD) 34,063,050 4.63 746,000 Hong Kong Exchanges & Clearing 8,110,887 1.10 3,716,000 Hutchison Telecommunications International 9,055,834 1.23 34,063,050 4.63 3,700,000 Melco International Development 8,769,284 1.19 925 Melco PBL Entertainment Macau ADR 19,240 0.00 Total Investment Funds 34,063,050 4.63 6,000,000 Nine Dragons Paper Holdings 10,190,558 1.39 Total Transferable Securities Admitted to an 1,200,000 Swire Pacific - A Shares 12,738,198 1.73 714,499,535 97.16 Official Exchange Listing 121,143,142 16.47 Total Investments 714,499,535 97.16 CHINA 1,542,000 Anhui Conch Cement - H Shares * 5,218,106 0.71 Cash 17,348,171 2.36 15,000,000 Bank of Communications - H Shares * 18,586,189 2.53 6,729,000 China Life Insurance - H Shares * 23,376,909 3.18 Other Assets/(Liabilities) 3,549,981 0.48 17,000,000 China Petroleum & Chemical - H Shares * 15,705,297 2.14 5,866,500 China Shenhua Energy - H Shares * 14,070,119 1.91 Total Net Assets 735,397,687 100.00 10,000,000 China Sky Chemical Fibre 8,211,946 1.12 17,006,000 Dongfeng Motor Group - H Shares * 8,533,743 1.16 * Hong Kong Registered Shares. 15,000,000 Industrial & Commercial Bank of China - H Shares * 9,495,748 1.29 8,000,000 Synear Food Holdings 7,664,483 1.04

110,862,540 15.08 Allocation of Portfolio as at 31 December 2006 % of Net Assets TAIWAN Shares and Warrants 1,131,595 Catcher Technology 10,985,013 1.49 Financials 29.80 4,500,000 Cathay Financial Holding 9,990,813 1.36 Information Technology 16.01 15,000,000 Chang Hwa Commercial Bank 10,243,454 1.39 Materials 11.68 3,000,000 Formosa Chemicals & Fibre 5,016,077 0.68 Consumer Discretionary 10.95 204,400 High Tech Computer 4,024,780 0.55 Industrials 10.28 2,587,463 HON HAI Precision Industry 18,303,597 2.49 Telecommunication Services 6.79 78,263 HON HAI Precision Industry Registered Shares Investment Companies 4.63 GDR 1,107,421 0.15 Energy 3.19 2,018,500 MediaTek 21,016,383 2.86 Consumer Staples 1.85 769,151 Novatek Microelectronics 3,391,755 0.46 Utilities 1.08 11,253,913 Taiwan Semiconductor Manufacturing 22,780,084 3.10 Health Care 0.90 3,000,000 U-Ming Marine Transport 3,977,951 0.54 Total Shares and Warrants 97.16 110,837,328 15.07 Cash and Other Assets/(Liabilities) 2.84 SINGAPORE Total 100.00 3,609,000 CapitaLand 14,230,423 1.94 900,000 Keppel 10,323,590 1.40 3,472,000 Keppel Land 15,047,936 2.05 7,000,000 SembCorp Industries 17,518,819 2.38 1,200,000 Singapore Land 6,725,975 0.91 Allocation of Portfolio as at 30 June 2006 (Unaudited) % of 3,635,000 Singapore Technologies Engineering 7,344,152 1.00 Net Assets Shares and Warrants 71,190,895 9.68 Financials 26.47 Information Technology 26.42 INDONESIA Materials 11.20 7,092,500 Astra International 12,320,453 1.67 Industrials 8.61 12,000,000 Bank Rakyat Indonesia 6,837,796 0.93 Consumer Discretionary 7.52 40,000,000 Indofood Sukses Makmur 5,974,773 0.81 Energy 7.47 17,000,000 Indosat 12,696,393 1.73 Telecommunication Services 7.00 50,000,000 Kalbe Farma 6,583,315 0.90 Investment Companies 3.53 7,000,000 Telekomunikasi Indonesia 7,822,527 1.06 Health Care 0.43 15,000,000 United Tractors 10,870,768 1.48 Total Shares and Warrants 98.65 Cash and Other Assets/(Liabilities) 1.35 63,106,025 8.58 Total 100.00

138 JPMorgan Investment Funds - US Bond Fund Schedule of Investments (Expressed in USD) As at 31 December 2006

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

Transferable Securities Admitted to an Official Exchange Listing Transferable Securities Dealt in on Another Regulated Market

Bonds Bonds UNITED STATES OF AMERICA UNITED STATES OF AMERICA 7,393,478 Core Investment Grade Bond 640,000 ACCO Brands 15.08.15/7.625% 632,000 0.05 Trust I 30.11.07/4.642% 7,332,444 0.48 5,000,000 Accredited Mortgage Loan 2,450,000 Duke Capital 01.10.19/8.000% 2,848,178 0.19 Trust 2006-1 A2 25.04.36/5.470%* 5,004,241 0.35 570,000 Ford Motor Credit 25.10.11/7.250% 555,805 0.04 3,324,813 Adjustable Rate Mortgage Trust 665,000 Freddie Mac 15.03.10/7.000% 704,900 0.05 2005-7 7A21 25.10.35/5.600%* 3,328,477 0.23 190,000 Freddie Mac 15.07.13/4.500% 185,165 0.01 4,193,973 Adjustable Rate Mortgage Trust 4,200,000 Freddie Mac 15.03.31/6.750% 5,093,760 0.34 2006-2 6A1 25.05.36/5.520%* 4,192,595 0.29 3,040,000 HSBC Finance 01.06.11/5.700% 3,093,706 0.21 350,000 Allied Waste North America 15.02.14/6.125% 332,523 0.02 2,600,000 Pemex Project Funding Master 2,635,000 American General Finance 15.11.07/4.500% 2,617,413 0.18 Trust Registered Shares 15.06.10/6.660%* 2,672,150 0.18 12,575,494 American Home Mortgage 100,000 Target 01.03.12/5.875% 103,039 0.01 Assets 2006-2 2A1 25.09.46/5.510%* 12,597,872 0.84 1,440,000 UBS Preferred Funding Trust I 10.10.10/8.622%* 1,593,199 0.11 935,000 American International Group 01.05.36/6.250% 993,729 0.07 989,127 AmeriCredit Automobile 24,182,346 1.62 Receivables Trust 2003-DM A4 06.08.10/2.840% 979,462 0.07 425,896 AmeriCredit Automobile CAYMAN ISLANDS Receivables Trust 2004-DF A3 06.07.09/2.980% 423,056 0.03 7,500,000 K2 Corporation 15.02.10/0.000% 7,500,000 0.51 3,000,000 AmeriCredit Automobile 3,135,000 MUFG Capital Finance 1 25.07.16/6.346%* 3,191,179 0.21 Receivables Trust 2006-AF A3 06.09.11/5.560% 3,018,519 0.20 5,370,000 Shinsei Finance II 144A 25.07.16/7.160%* 5,469,012 0.37 4,025,000 Anadarko Petroleum 15.09.09/5.760%* 4,044,392 0.27 4,090,000 SMFG Preferred Capital USD 1 1,085,000 Appalachian Power 01.10.35/5.800% 1,024,876 0.07 144A 25.01.17/6.078%* 4,059,528 0.27 575,000 Arch Western Finance 01.07.13/6.750% 573,563 0.04 6,000,000 Asset Backed Securities Corp 20,219,719 1.36 Home Equity 2006-HE3 A4 25.03.36/5.520%* 6,007,467 0.40 3,500,000 Asset Backed Securities Corp MEXICO Home Equity 2006-HE3 A5 25.05.36/5.510%* 3,505,190 0.23 4,000,000 America Movil 144A 27.06.08/5.466%* 3,995,950 0.27 5,000,000 Asset Backed Securities Corp 7,000,000 United Mexican States 13.01.09/6.073%* 7,066,500 0.47 Home Equity 2006-HE5 A4 25.07.36/5.490%* 5,005,292 0.34 4,900,000 United Mexican States 24.09.22/8.000% 5,973,100 0.40 3,000,000 Asset Backed Securities Corp Home Equity 2006-HE5 M2 25.07.36/5.650%* 3,004,132 0.20 17,035,550 1.14 4,000,000 AT&T 15.05.08/5.464%* 4,003,672 0.27 3,585,000 AT&T 15.05.36/6.800% 3,825,995 0.26 LUXEMBOURG 585,000 AT&T Wireless Services 01.05.12/8.125% 656,591 0.04 3,335,000 Gazprom International 01.02.20/7.201% 3,525,122 0.24 670,000 AXA Financial 01.08.10/7.750% 723,253 0.05 4,150,000 VTB Capital for Vneshtorgbank 21.09.07/6.115%* 4,162,338 0.28 2,760,000 Banc of America Commercial 4,075,000 VTB Capital for Vneshtorgbank 01.08.08/5.970%* 4,086,614 0.27 Mortgage 2005-2 A5 10.07.43/4.857%* 2,676,333 0.18 455,000 Bank of America 15.02.09/5.875% 461,528 0.03 11,774,074 0.79 1,545,000 Bank of America 01.12.10/4.375% 1,503,283 0.10 UKRAINE 1,305,000 Bank of America 14.10.16/5.625% 1,329,250 0.09 1,270,000 Ukraine (Government of) 05.08.09/8.903%* 1,350,645 0.09 5,000,000 Bank of America Credit Card 3,060,000 Ukraine (Government of) 04.03.11/6.875% 3,143,630 0.21 Trust 2006-C4 C4 15.11.11/5.580%* 5,001,986 0.34 2,381,000 Ukraine (Government of) 11.06.13/7.650% 2,569,337 0.17 5,000,000 Bear Stearns 30.03.09/5.454%* 5,008,365 0.34 2,075,000 Ukraine (Government of) 144A 21.11.16/6.580% 2,070,765 0.14 2,000,000 Bear Stearns 21.08.09/5.465%* 2,003,304 0.13 3,250,000 Bear Stearns 09.09.09/5.623%* 3,267,173 0.22 9,134,377 0.61 2,285,000 Bear Stearns Commercial Mortgage Securities 2004-PWR6 ARGENTINA A4 11.11.41/4.521% 2,211,447 0.15 7,850,000 Argentina (Republic of) 03.08.12/5.590%* 5,738,350 0.38 4,720,000 Bear Stearns Commercial Mortgage Securities 2005-PWR9 5,738,350 0.38 A4A 11.09.42/4.871% 4,579,104 0.31 1,830,000 Bear Stearns Commercial SOUTH KOREA Mortgage Securities 2005-T18 1,230,000 National Agricultural A4 13.02.42/4.933%* 1,785,311 0.12 Cooperative Federation 18.06.14/5.750%* 1,237,716 0.08 7,500,000 Bear Stearns Commercial 2,525,000 Woori Bank 144A 13.03.14/5.750%* 2,544,387 0.17 Mortgage Securities 2006-PW14 A4 11.12.38/5.201% 7,417,436 0.50 3,782,103 0.25 700,000 Beazer Homes USA 15.07.15/6.875% 684,584 0.05 3,875,000 BellSouth 15.08.08/5.474%* 3,879,018 0.26 RUSSIA 5,215,000 BellSouth 15.09.09/4.200% 5,078,215 0.34 1,955,000 Russian Federation 24.06.28/12.750% 3,537,182 0.24 2,750,000 Brandywine Operating Partnership 01.04.09/5.822%* 2,750,000 0.18 3,537,182 0.24 3,760,000 Capital Auto Receivables Asset PERU Trust 2006-1 A3 15.10.09/5.030% 3,750,696 0.25 Capital One Auto Finance Trust 3,545,000 Peru (Republic of) 07.03.27/6.250%* 3,404,441 0.23 1,013,016 2003-B A4 15.09.10/3.180% 1,002,682 0.07 2,170,000 Capital One Capital III 15.08.36/7.686% 2,461,179 0.16 3,404,441 0.23 2,190,000 Capital One Financial 01.02.07/8.750% 2,195,585 0.15 BRAZIL 1,800,000 Capital One Multi-Asset 1,760,000 Brazil (Republic of) 06.03.30/12.250% 2,934,888 0.20 Execution Trust 2003-A4 A4 15.07.11/3.650% 1,758,113 0.12 7,250,000 Capital One Multi-Asset 2,934,888 0.20 Execution Trust 2006-B2 B 15.03.12/5.440%* 7,250,000 0.49 2,500,000 Caterpillar Financial Services 18.05.09/5.435%* 2,504,490 0.17 GERMANY 455,000 Charter Communications 2,200,000 Salomon Brothers for OAO Operating 144A 30.04.12/8.000% 474,906 0.03 Gazprom 25.04.07/9.125% 2,223,141 0.15 520,000 Chesapeake Energy 15.08.17/6.500% 506,680 0.03 7,485,000 Cisco Systems 22.02.11/5.250% 7,499,656 0.50 2,223,141 0.15 5,000,000 CIT Group 08.06.09/5.460%* 5,008,375 0.34 SINGAPORE 750,000 CIT Group 17.08.09/5.493%* 751,204 0.05 1,640,000 United Overseas Bank 144A 03.09.19/5.375%* 1,627,992 0.11 2,310,000 Citibank Credit Card Issuance Trust 2003-A6 A6 17.05.10/2.900% 2,241,014 0.15 1,627,992 0.11 5,305,000 Citibank Credit Card Issuance Trust 2004-A1 A1 20.01.09/2.550% 5,300,453 0.36 7,300,000 Citibank Credit Card Issuance Total Bonds 105,594,163 7.08 Trust 2006-C4 C4 09.01.12/5.570%* 7,293,156 0.49 Total Transferable Securities Admitted to an 198,625 Citicorp Mortgage Securities 105,594,163 7.08 2003-11 2A1 25.12.33/5.500% 195,882 0.01 Official Exchange Listing 139 JPMorgan Investment Funds - US Bond Fund Schedule of Investments (Expressed in USD) (continued) As at 31 December 2006

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

3,660,000 Citigroup Commercial Mortgage 18,983,475 Fannie Mae Interest Strip 367 2 25.01.36/5.500% 4,467,956 0.30 Trust 2006-C4 A3 15.03.49/5.720%* 3,781,861 0.25 160,297 Fannie Mae Pool No: 256119 01.02.36/7.000% 164,455 0.01 2,500,000 Citigroup Mortgage Loan Trust 426,229 Fannie Mae Pool No: 256360 01.08.36/7.000% 437,284 0.03 2005-WF2 AF4 20.07.46/4.964%* 2,469,105 0.17 1,327,705 Fannie Mae Pool No: 380194 01.04.08/6.360% 1,332,420 0.09 2,203,185 Citigroup Mortgage Loan Trust 4,928,645 Fannie Mae Pool No: 380217 01.04.08/6.145% 4,937,622 0.33 2006-WF1 A2A 25.03.36/5.701%* 2,198,370 0.15 782,907 Fannie Mae Pool No: 386652 01.11.08/4.955% 775,749 0.05 13,500,000 Citigroup/Deutsche Bank 95,120 Fannie Mae Pool No: 745114 01.12.35/7.000% 97,587 0.01 Commercial Mortgage Trust Fannie Mae Pool No: 745780 31,896,206 2.14 2006-CD3 A5 15.10.48/5.617% 13,766,034 0.92 31,089,814 01.08.36/7.000% 125,000 CNH Equipment Trust 2005-B 12,883,126 Fannie Mae Pool No: 787562 01.03.35/6.000% 12,965,659 0.87 A3 15.01.10/4.270% 123,726 0.01 3,292,557 Fannie Mae Pool No: 787563 01.03.35/6.500% 3,353,778 0.22 3,110,000 CNH Equipment Trust 2006-A 777,713 Fannie Mae Pool No: 787564 01.03.35/7.000% 797,884 0.05 A3 16.08.10/5.200% 3,114,254 0.21 418,455 Fannie Mae Pool No: 787565 01.03.35/7.500% 431,924 0.03 6,025,000 Comcast 14.07.09/5.674%* 6,042,611 0.41 144,954 Fannie Mae Pool No: 788468 01.06.34/7.000% 148,713 0.01 3,750,000 ConocoPhillips Australia 57,240 Fannie Mae Pool No: 790686 01.09.34/7.000% 58,725 0.00 Funding 09.04.09/5.460%* 3,755,359 0.25 127,449 Fannie Mae Pool No: 819245 01.04.35/7.000% 130,755 0.01 295,000 Consolidated Communications 69,688 Fannie Mae Pool No: 826810 01.08.35/7.000% 71,496 0.00 Illinois/Texas Holdings 01.04.12/9.750% 317,125 0.02 150,615 Fannie Mae Pool No: 832534 01.08.35/7.000% 154,522 0.01 210,000 Corrections Corp. of America 15.03.13/6.250% 209,213 0.01 56,718 Fannie Mae Pool No: 841766 01.07.35/7.000% 58,189 0.00 4,747,699 Countrywide Alternative Loan 5,900,655 Fannie Mae Pool No: 844517 01.12.35/7.000% 6,053,703 0.41 Trust 2004-28CB 3A1 25.01.35/6.000% 4,749,182 0.32 283,344 Fannie Mae Pool No: 844704 01.12.35/7.000% 290,694 0.02 5,989,265 Countrywide Alternative Loan 3,410,391 Fannie Mae Pool No: 849862 01.12.35/7.000% 3,498,848 0.23 Trust 2006-12CB A6 25.05.36/6.000% 5,983,139 0.40 3,969,576 Fannie Mae Pool No: 850625 01.01.36/7.000% 4,072,537 0.27 9,692,909 Countrywide Alternative Loan 3,939,498 Fannie Mae Pool No: 850938 01.12.35/7.000% 4,041,679 0.27 Trust 2006-23CB 2A1 25.08.36/6.500% 9,764,909 0.65 3,243,140 Fannie Mae Pool No: 850943 01.12.35/7.000% 3,327,259 0.22 9,057,860 Countrywide Alternative Loan Fannie Mae Pool No: 852713 6,153,709 0.41 Trust 2006-31CB A15 25.11.36/6.000% 9,021,059 0.60 5,998,133 01.01.36/7.000% 12,557,596 Countrywide Alternative Loan 72,431 Fannie Mae Pool No: 865190 01.02.36/7.000% 74,310 0.00 Trust 2006-41CB 2A12 25.01.37/6.000% 12,543,796 0.84 881,036 Fannie Mae Pool No: 870311 01.03.36/7.000% 903,888 0.06 14,494,635 Countrywide Alternative Loan 7,362,146 Fannie Mae Pool No: 878459 01.02.36/7.000% 7,553,101 0.51 Trust 2006-J5 1A1 25.09.36/6.500% 14,680,458 0.98 145,701 Fannie Mae Pool No: 884350 01.04.36/7.000% 149,480 0.01 1,264,900 Countrywide Alternative Loan 86,355 Fannie Mae Pool No: 885482 01.06.36/7.000% 88,595 0.01 Trust 2006-OA6 1A2 25.07.46/5.560%* 1,267,419 0.08 185,143 Fannie Mae Pool No: 896713 01.07.36/7.000% 189,945 0.01 9,654,761 Countrywide Alternative Loan 2,051,328 Fannie Mae Pool No: 900965 01.09.36/7.000% 2,104,535 0.14 Trust 2006-OA8 1A1 25.07.46/5.540%* 9,674,078 0.65 2,897,008 Fannie Mae Pool No: 900966 01.09.36/7.000% 2,972,149 0.20 3,742,635 Countrywide Alternative Loan 8,300,000 Fannie Mae Pool No: 908395 01.12.36/5.602%* 8,256,591 0.55 Trust 2006-OA9 1A1 20.07.46/5.550%* 3,734,304 0.25 1,242,491 Fannie Mae Whole Loan 2,323,647 Countrywide Alternative Loan 2003-W6 1A41 25.10.42/5.398% 1,227,152 0.08 Trust 2006-OA9 2A1B 01.05.36/5.550%* 2,330,581 0.16 3,000,000 First Franklin Mortgage Loan 14,081,229 Countrywide Alternative Loan Asset Backed Certificates Trust 2006-OA12 A2 20.09.46/5.560%* 14,073,845 0.94 2006-FF8 M2 25.07.36/5.600%* 3,004,043 0.20 2,970,000 Countrywide Asset-Backed 4,250,000 First Franklin Mortgage Loan Certificates 2003-5 MF1 25.01.34/5.413% 2,958,367 0.20 Asset Backed Certificates 1,500,000 Countrywide Asset-Backed 2006-FF10 A4 25.07.36/5.470%* 4,253,931 0.29 Certificates 2005-4 AF3 25.10.35/4.456%* 1,484,290 0.10 11,060,595 First Horizon Alternative 8,600,000 Countrywide Asset-Backed Mortgage Securities 2006-FA4 Certificates 2006-11 1AF2 25.09.46/6.017%* 8,656,217 0.58 1A1 25.08.36/6.000% 11,046,963 0.74 3,000,000 Countrywide Financial 24.03.09/5.586%* 3,008,346 0.20 3,185,000 Ford Credit Auto Owner Trust 210,000 Countrywide Home Loans 15.07.09/5.625% 211,680 0.01 2006-A A3 15.03.10/5.050% 3,178,544 0.21 2,485,000 Credit Suisse First Boston 5,000,000 Ford Credit Auto Owner Trust Mortgage Securities 2001-CK1 A3 18.12.35/6.380% 2,576,153 0.17 2006-B A2A 15.07.09/5.420% 5,006,256 0.34 500,000 Credit Suisse First Boston 285,000 Ford Motor Credit 15.01.10/6.944%* 278,934 0.02 Mortgage Securities 2003-C4 A4 15.08.36/5.137%* 496,162 0.03 5,000,000 Freddie Mac 15.10.08/5.125% 5,009,000 0.34 197,354 Credit Suisse First Boston 5,097,280 Freddie Mac 2508 PE 15.05.28/5.500% 5,095,028 0.34 Mortgage Securities 2004-4 1A1 25.08.34/6.000% 197,061 0.01 6,604,940 Freddie Mac 2931 GA 15.11.28/5.000% 6,569,645 0.44 5,000,000 Credit Suisse First Boston USA 09.12.08/5.483%* 5,011,265 0.34 2,727,795 Freddie Mac Gold Pool No: 5,475,000 Credit Suisse Mortgage Capital A29764 01.01.35/6.000% 2,746,122 0.18 Certificates 2006-C3 A3 15.06.38/5.828%* 5,697,779 0.38 6,400,000 Freddie Mac Gold Pool No: 1,320,000 Credit Suisse USA 16.08.11/5.500% 1,335,104 0.09 W10004 01.12.10/6.900% 6,761,000 0.45 3,000,000 Credit-Based Asset Servicing 17,000,000 Freddie Mac Non Gold Pool and Securitization 2006-CB5 No: 1B3166 01.11.36/5.850%* 17,056,270 1.14 M2 25.06.36/5.620%* 3,003,972 0.20 370,000 Fresenius Medical Care Capital 2,550,000 CVS Lease Pass Through 144A 10.12.28/6.036% 2,547,131 0.17 Trust II 01.02.08/7.875% 375,418 0.03 4,900,000 Daimler Chrysler Auto Trust 525,000 GE Capital Commercial 2006-C A2 08.05.09/5.250% 4,902,069 0.33 Mortgage 2002-1A A3 10.12.35/6.269% 549,010 0.04 4,125,000 DaimlerChrysler NA Holding 31.10.08/5.901%* 4,143,092 0.28 3,000,000 GE Dealer Floorplan Master 6,620,000 DaimlerChrysler NA Holding 15.03.11/5.875% 6,645,773 0.45 Note Trust 2006-1 A 20.04.11/5.360%* 3,002,957 0.20 3,830,000 Deutsche Bank Capital Funding 2,500,000 GE Equipment Small Ticket Trust VII 144A 19.01.16/5.628%* 3,774,591 0.25 2005-1A A3 22.07.09/4.380% 2,482,703 0.17 490,000 DirecTV Holdings 15.06.15/6.375% 470,643 0.03 880,000 General Electric Capital 15.06.09/3.250% 841,301 0.06 345,000 Dobson Cellular Systems 01.11.11/8.375% 363,271 0.02 3,000,000 General Electric Capital 26.10.09/5.410%* 3,001,161 0.20 170,000 Dominion Resources 15.06.10/8.125% 184,317 0.01 700,000 General Motors Acceptance 28.08.12/6.875% 719,614 0.05 845,000 Dominion Resources 15.03.13/5.000% 822,428 0.06 620,000 Genworth Financial 15.06.09/4.750% 613,700 0.04 985,000 Dominion Resources 15.09.14/7.195% 1,075,741 0.07 505,000 Georgia-Pacific 15.06.15/7.700% 516,994 0.03 3,485,000 Dominion Resources 15.07.15/5.150% 3,378,689 0.23 6,225,000 Goldman Sachs Group 23.06.09/5.456%* 6,232,956 0.42 435,000 DR Horton 15.09.14/5.625% 418,760 0.03 5,120,000 Goldman Sachs Group 15.01.27/5.950% 5,063,021 0.34 780,000 Echostar DBS 01.02.16/7.125% 782,735 0.05 3,890,337 Greenpoint Mortgage Funding 2,185,000 Embarq 01.06.16/7.082% 2,230,167 0.15 Trust 2005-AR4 4A1A 25.10.45/5.660%* 3,909,662 0.26 965,000 Energy Transfer Partners 15.10.36/6.625% 991,066 0.07 4,225,000 Greenwich Capital Commercial Funding 2005-GG3 A4 4,089,223 0.27 2,205,000 Enterprise Products Operating 01.03.15/5.000% 2,085,251 0.14 10.08.42/4.799%* GS Mortgage Securities Corp II 1,000,000 Entreprise Products Operating 15.10.34/6.650% 1,016,253 0.07 2,000,000 2001-LIBA E 14.02.16/6.733% 2,104,905 0.14 17,360,000 Fannie Mae 15.09.16/5.250% 17,683,764 1.19 1,700,000 GS Mortgage Securities Corp II 4,975,100 Fannie Mae 2006-43 G 25.09.33/6.500% 5,029,522 0.34 2004-GG2 A3 10.08.38/4.602% 1,674,381 0.11 4,834,781 Fannie Mae 2006-59 DA 25.12.33/6.500% 4,889,901 0.33 5,000,000 GSAA Trust 2006-11 2A2 25.07.36/5.510%* 5,005,674 0.34 3,485,502 Fannie Mae 2006-59 DC 25.12.33/6.500% 3,526,421 0.24 3,000,000 GSAMP Trust 2006-FM1 A2C 25.04.36/5.510%* 3,004,191 0.20 4,826,384 Fannie Mae 2006-63 AB 25.10.33/6.500% 4,880,941 0.33 6,378,860 HarborviewMortgage Loan 4,875,770 Fannie Mae 2006-63 AE 25.10.33/6.500% 4,930,885 0.33 Trust 2006-4 2A1A 19.05.47/5.550%* 6,384,540 0.43 5,269,129 Fannie Mae 2006-78 BC 25.01.34/6.500% 5,331,283 0.36 9,348,705 HarborviewMortgage Loan 10,746,567 Fannie Mae 2006-104 FC 25.11.36/5.600%* 10,726,344 0.72 Trust 2006-5 2A1A 19.07.46/5.530%* 9,352,329 0.63

140 JPMorgan Investment Funds - US Bond Fund Schedule of Investments (Expressed in USD) (continued) As at 31 December 2006

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

10,000,000 Harley-Davidson Motorcycle 550,000 NewCingular Wireless Services 01.03.31/8.750% 714,673 0.05 Trust 2006-2 A2 15.03.13/5.350% 10,057,418 0.67 3,000,000 Newcastle Mortgage Securities 1,360,000 Hartford Financial Services Trust 2006-1 A2 25.03.36/5.470%* 3,002,561 0.20 Group 15.10.11/5.250% 1,359,072 0.09 1,165,000 News America 15.12.34/6.200% 1,129,159 0.08 4 HCA 15.02.13/6.250% 4 0.00 2,120,000 Nisource Finance 15.09.20/5.450% 1,981,651 0.13 2,700,000 Hewlett-Packard 22.05.09/5.496%* 2,700,054 0.18 655,000 Northrop Grumman 15.02.11/7.125% 698,937 0.05 2,500,000 Home Depot 16.12.09/5.490%* 2,501,825 0.17 530,000 NRG Energy 01.02.16/7.375% 532,813 0.04 2,550,000 Home Depot 16.12.36/5.875% 2,496,901 0.17 1,730,000 Ohio Power 01.06.16/6.000% 1,778,331 0.12 418,587 Honda Auto Receivables 293,215 Onyx Acceptance Grantor Owner Trust 2003-3 A4 21.11.08/2.770% 417,455 0.03 Trust 2003-D A4 15.03.10/3.200% 289,825 0.02 4,000,000 Honda Auto Receivables 118,827 Option One Mortgage Loan Owner Trust 2005-3 A4 20.12.10/4.030% 3,929,426 0.26 Trust 2003-4 A2 25.07.33/5.670%* 119,140 0.01 1,371,981 Household Automotive Trust 2,000,000 Option One Mortgage Loan 2006-1 A2 17.06.09/5.400% 1,373,182 0.09 Trust 2006-2 2A3 25.07.36/5.490%* 2,002,137 0.13 1,000,000 Household Automotive Trust 1,065,000 Owens Corning 144A 01.12.36/7.000% 1,071,191 0.07 2006-2 A2 17.06.09/5.610% 1,002,116 0.07 500,000 Owens-Brockway Glass 5,000,000 Household Automotive Trust Container 15.05.13/8.250% 517,974 0.03 2006-3 A3 17.09.11/5.280% 5,019,154 0.34 1,710,000 Pacificorp 15.09.08/4.300% 1,682,106 0.11 10,000 HSBC Finance 15.11.08/6.500% 10,221 0.00 340,000 Pacificorp 15.08.14/4.950% 329,210 0.02 1,585,000 HSBC Finance 15.12.08/4.125% 1,553,473 0.10 1,090,000 Pricoa Global Funding I 144A 15.12.08/3.900% 1,063,619 0.07 2,450,000 HSBC Finance 19.06.09/5.455%* 2,454,591 0.16 960,000 Protective Life Secured Trust 24.11.08/3.700% 933,154 0.06 3,000,000 HSI Asset Securitization Corp 2,895,000 PSE&G Transition Funding Trust 2006-OPT3 3A3 25.02.36/5.530%* 3,006,608 0.20 2001-1 A6 15.06.15/6.610% 3,101,946 0.21 890,000 Huntsman 144A 15.07.12/11.500% 1,007,925 0.07 260,000 Qwest 15.03.12/8.875% 290,875 0.02 375,000 ICI Wilmington 01.12.08/4.375% 367,006 0.02 415,000 Qwest Communications 843,962 Indymac Index Mortgage Loan International 15.02.09/8.874%* 422,263 0.03 Trust 2004-AR7 A1 25.09.34/5.790%* 850,421 0.06 3,930,000 Reinsurance Group of America 15.12.65/6.750%* 3,938,422 0.26 3,194,568 Indymac Index Mortgage Loan 1,865,655 Residential Accredit Loans Trust 2006-AR6 2A1A 25.06.46/5.550%* 3,192,981 0.21 2006-QO3 A1 25.04.46/5.560%* 1,862,021 0.12 2,750,000 International Lease Finance 24.05.10/5.590%* 2,762,496 0.19 11,900,727 Residential Accredit Loans 1,630,000 International Lease Finance 01.09.10/4.875% 1,609,366 0.11 2006-QO4 2A1 25.04.46/5.540%* 11,908,059 0.80 315,000 Iron Mountain 15.01.15/7.750% 319,547 0.02 4,692,465 Residential Accredit Loans 295,000 Iron Mountain 01.01.16/6.625% 284,675 0.02 2006-QS6 1A2 25.06.36/6.000% 4,686,304 0.31 5,525,000 iStar Financial 03.03.08/5.760%* 5,540,514 0.37 11,179,786 Residential Accredit Loans 6,835,000 iStar Financial 144A 15.10.13/5.950% 6,880,046 0.46 2006-QS11 1A1 25.08.36/6.500% 11,309,584 0.76 2,000,000 ITC Holdings 144A 30.09.36/6.375% 2,001,342 0.13 14,592,075 Residential Accredit Loans 410,000 Jarden 01.05.12/9.750% 435,625 0.03 2006-QS16 A7 25.11.36/6.000% 14,588,844 0.98 550,000 L-3 Communications 15.01.15/5.875% 532,118 0.04 5,000,000 Residential Asset Mortgage 105,000 LB-UBS Commercial Mortgage Products 2006-NC3 A2 25.01.36/5.540%* 5,005,071 0.34 Trust 2001-C2 A2 15.11.27/6.653% 110,582 0.01 3,500,000 Residential Asset Securities 2,755,000 LB-UBS Commercial Mortgage 2006-KS3 AI3 25.04.36/5.520%* 3,507,717 0.24 Trust 2006-C1 A4 15.02.31/5.156% 2,724,173 0.18 259,790 Residential Asset Securities 2,595,000 LB-UBS Commercial Mortgage 2002-KS4 AIIB 25.07.32/5.600%* 259,993 0.02 Trust 2006-C4 A4 15.06.38/5.899%* 2,716,851 0.18 72,562 Residential Asset Securities 5,120,907 Lehman Brothers Floating Rate 2003-KS5 AIIB 25.07.33/5.640%* 72,623 0.00 Commercial Mortgage Trust 5,132,072 Residential Asset Securitization 2006-LLFA A2 15.09.21/5.470%* 5,125,656 0.34 Trust 2006-A2 A3 25.05.36/6.000% 5,134,864 0.34 2,500,000 Lehman Brothers Holdings 03.04.09/5.460%* 2,504,155 0.17 3,200,000 Residential Capital 09.06.08/5.850%* 3,194,534 0.21 3,000,000 Lehman Brothers Holdings 10.11.09/5.624%* 3,014,994 0.20 3,420,000 Residential Capital 21.11.08/6.125% 3,434,145 0.23 1,060,000 Lehman Brothers Holdings 18.07.11/5.750% 1,082,072 0.07 4,350,000 Residential Capital 17.04.09/6.474%* 4,396,558 0.29 2,770,000 Lehman Brothers Holdings 03.01.17/5.750% 2,809,265 0.19 7,115,000 Residential Capital 30.06.10/6.375% 7,206,845 0.48 3,500,000 Lincoln National 06.04.09/5.480%* 3,506,115 0.24 620,000 Sealy Mattress 15.06.14/8.250% 651,000 0.04 3,105,000 Lincoln National 17.05.66/7.000%* 3,300,357 0.22 215,000 Service Corp. International 15.04.09/7.700% 223,271 0.01 6,000,000 Long Beach Mortgage Loan 680,000 Service Corp. International Trust 2006-4 2A3 25.05.36/5.510%* 6,007,799 0.40 144A 01.10.14/7.375% 714,000 0.05 2,400,000 Long Beach Mortgage Loan 4,795,089 SG Mortgage Securities Trust Trust 2006-5 M1 25.06.36/5.630%* 2,403,279 0.16 2006-FRE1 A2A 25.02.36/5.430%* 4,798,368 0.32 4,350,000 Mastr Asset Backed Securities 5,000,000 SLM 27.07.09/5.517%* 5,012,295 0.34 Trust 2006-WMC2 M2 25.04.36/5.640%* 4,355,862 0.29 540,000 Socgen Real Estate 144A 30.09.07/7.640%* 548,563 0.04 565,000 MBNA Credit Card Master 555,000 Sonat 15.07.11/7.625% 585,305 0.04 Note Trust 2003-A1 A1 15.07.10/3.300% 553,499 0.04 5,000,000 SoundviewHome Equity Loan 3,000,000 Merrill Lynch & Co. 09.09.09/5.613%* 3,015,855 0.20 Trust 2006-OPT5 M3 25.07.36/5.640%* 5,028,777 0.34 6,500,000 Merrill Lynch & Co. 01.11.11/5.571%* 6,514,879 0.44 230,000 Spectrum Brands 144A 01.02.15/7.375% 189,525 0.01 3,970,000 Merrill Lynch & Co. 15.09.26/6.220% 4,090,550 0.27 2,890,000 Stingray Pass-Through Trust 1,655,000 Merrill Lynch Mortgage Trust 144A 12.01.15/5.902% 2,826,723 0.19 2006-C1 A4 12.05.39/5.660%* 1,704,625 0.11 5,500,000 Structured Asset Securities 1,985,000 Metlife 15.12.36/6.400%* 1,984,145 0.13 2006-NC1 M2 25.05.36/5.640%* 5,509,744 0.37 685,000 MGM Mirage 27.02.14/5.875% 637,627 0.04 2,000,000 Structured Asset Securities 2006-OPT1 A4 2,002,803 0.13 3,385,000 Midamerican Energy Holdings 01.04.36/6.125% 3,417,597 0.23 25.04.36/5.510%* Structured Asset Securities 1,030,000 Mizuho JGB Investment 144A 30.06.08/9.870%* 1,092,325 0.07 5,000,000 2006-WF2 A3 25.07.36/5.500%* 5,005,915 0.34 1,890,000 Mizuho Preferred Capital 144A 30.06.08/8.790%* 1,978,291 0.13 3,050,000 SunTrust Preferred Capital I 15.12.11/5.853%* 3,079,204 0.21 1,300,000 Morgan Stanley 09.01.12/5.625% 1,319,887 0.09 1,220,000 Teva Pharmaceutical Finance 01.02.36/6.150% 1,189,027 0.08 2,000,000 Morgan Stanley ABS Capital I Thornburg Mortgage Securities 2006-HE4 M2 25.06.36/5.650%* 2,003,536 0.13 2,180,737 Trust 2006-2 A2A 25.04.36/5.460%* 2,182,747 0.15 5,000,000 Morgan Stanley ABS Capital I Thornburg Mortgage Securities 2006-WMC2 A2C 25.07.36/5.500%* 5,004,584 0.34 11,391,740 Trust 2006-5 A1 25.08.36/5.440%* 11,376,270 0.76 12,835,000 Morgan Stanley Capital I Time Warner 5,557,925 0.37 2004-HQ3 A2 13.01.41/4.050% 12,467,399 0.84 5,550,000 13.11.09/5.606%* 4,860,000 Morgan Stanley Capital I 2,565,000 Time Warner 15.11.16/5.875% 2,557,746 0.17 2005-IQ9 A5 15.07.56/4.700% 4,670,724 0.31 297,004 TRAINS HY-1-2006 144A 01.05.16/7.548% 303,591 0.02 10,000,000 Morgan Stanley Capital I 2,066,963 Triad Auto Receivables Owner 2006-IQ12 A4 15.12.43/5.332%* 9,970,700 0.67 Trust 2003-B A4 13.12.10/3.200% 2,032,946 0.14 720,000 Morgan Stanley Dean Witter 1,002,282 Triad Auto Receivables Owner Capital I 2002-TOP7 A2 15.01.39/5.980% 743,610 0.05 Trust 2006-A A2 13.07.09/4.820% 1,001,450 0.07 3,005,000 Morgan Stanley Dean Witter 7,000,000 Triad Auto Receivables Owner Capital I 2003-HQ2 A2 12.03.35/4.920% 2,948,936 0.20 Trust 2006-A A3 12.01.11/4.770% 6,963,816 0.47 550,000 Nalco 15.11.11/7.750% 561,760 0.04 6,000,000 Triad Auto Receivables Owner Trust 2006-C A3 6,012,326 0.40 1,765,000 NewCingular Wireless Services 01.03.11/7.875% 1,925,869 0.13 14.11.11/5.260% 331,000 TRW Automotive 15.02.13/9.375% 355,245 0.02

141 JPMorgan Investment Funds - US Bond Fund Schedule of Investments (Expressed in USD) (continued) As at 31 December 2006

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

505,000 UGS 01.06.12/10.000% 552,975 0.04 3,965,000 WEA Finance/WCI Finance 2,750,000 United Technologies 01.06.09/5.439%* 2,754,766 0.18 144A 01.10.16/5.700% 3,992,006 0.27 145,000 US Treasury (i) 31.07.07/3.875% 144,048 0.01 1,500,000 US Treasury (i) 30.09.07/4.000% 1,488,516 0.10 7,634,567 0.51 12,010,000 US Treasury 30.06.08/5.125% 12,045,655 0.81 SPAIN 21,740,000 US Treasury 28.02.11/4.500% 21,580,347 1.45 1,500,000 Santander US Debt Unipersonal 10,075,000 US Treasury 31.03.11/4.750% 10,092,316 0.68 144A 19.09.08/5.425%* 1,502,609 0.10 420,000 US Treasury 31.05.11/4.875% 422,888 0.03 5,500,000 Telefonica Emisones SAU 19.06.09/5.665%* 5,510,406 0.37 795,000 US Treasury 30.09.11/4.500% 788,044 0.05 17,155,000 US Treasury 15.05.16/5.125% 17,666,970 1.18 7,013,015 0.47 5,125,000 US Treasury 15.07.16/2.500% 5,162,637 0.35 21,495,000 US Treasury 15.11.16/4.625% 21,347,222 1.43 NETHERLANDS 1,400,000 US Treasury (i) 15.11.21/8.000% 1,853,031 0.12 3,050,000 Diageo Finance 30.03.09/5.484%* 3,055,255 0.20 280,000 US Treasury 15.05.30/6.250% 332,938 0.02 25,455,000 US Treasury 15.02.36/4.500% 24,146,454 1.62 3,055,255 0.20 3,000,000 USAA Auto Owner Trust CANADA 2006-2 A2 3,001,923 0.20 16.03.09/5.310% 1,935,000 Potash Corp. of Saskatchewan 01.12.36/5.875% 1,867,212 0.13 Vail Resorts 306,525 0.02 305,000 15.02.14/6.750% 425,000 Rogers Wireless 01.03.14/6.375% 432,438 0.03 1,275,000 Verizon Communications 15.02.11/5.350% 1,277,411 0.09 1,070,000 Verizon Global Funding 01.09.12/7.375% 1,168,041 0.08 2,299,650 0.16 145,000 Verizon Global Funding 01.12.30/7.750% 170,060 0.01 780,000 Verizon Global Funding 15.09.35/5.850% 747,782 0.05 FRANCE 805,000 Verizon/NewEngland 01.10.13/4.750% 752,469 0.05 2,245,000 AXA 144A 14.12.36/6.379%* 2,224,263 0.15 3,640,000 Viacom 16.06.09/5.711%* 3,648,587 0.24 4,790,000 Viacom 30.04.16/6.250% 4,759,871 0.32 2,224,263 0.15 555,000 Virginia Electric and Power 15.12.10/4.500% 537,806 0.04 INTERNATIONAL AGENCIES Visant Holding 381,563 0.03 375,000 01.10.12/7.625% 145,000 NXP/NXP Funding 144A 15.10.14/7.875% 148,274 0.01 Wachovia Asset Securitization 170,127 775,000 NXP BV/NXP Funding 144A 15.10.15/9.500% 801,156 0.05 2002-HE2 A 25.12.32/5.780%* 170,434 0.01 6,700,000 Wachovia Auto Loan Owner Trust 2006-1 A2 144A 20.04.10/5.280% 6,701,981 0.45 949,430 0.06 2,500,000 Wachovia Auto Owner Trust BERMUDA 2005-BA5 20.11.12/4.930% 2,487,643 0.17 400,000 Intelsat Bermuda 144A 15.06.16/9.250% 432,000 0.04 3,615,000 Wachovia Bank Commercial Mortgage Trust 2006-C26 A3 15.06.45/6.011%* 3,790,608 0.25 432,000 0.04 6,156,018 WAMU Alternative Mortgage Pass-Through Certificates 2006-5 2CB1 25.07.36/6.000% 6,146,851 0.41 Total Bonds 1,273,943,280 85.39 3,040,000 Washington Mutual 24.08.09/5.510%* 3,044,268 0.20 Commercial Papers 3,500,000 Washington Mutual Bank 01.05.09/5.461%* 3,502,685 0.23 768,059 Wells Fargo Mortgage Backed UNITED STATES OF AMERICA Securities Trust 2003-2 A6 25.02.18/5.250% 760,840 0.05 37,750,000 Aspen Technology 11.01.07/0.000% 37,683,686 2.53 1,231,224 WFS Financial Owner Trust 26,750,000 Gotham 16.01.07/0.000% 26,683,177 1.79 2003-4 A4 20.05.11/3.150% 1,216,563 0.08 250,000 WMG Holdings 15.12.14/0.000%* 201,250 0.01 64,366,863 4.32 3,000,000 World Savings Bank 08.05.09/5.415%* 3,001,365 0.20 1,070,000 Xcel Energy 01.07.36/6.500% 1,128,723 0.08 Total Commercial Papers 64,366,863 4.32

1,176,654,062 78.87 To Be Announced Securities UNITED KINGDOM UNITED STATES OF AMERICA 3,960,000 Barclays Bank 144A 15.12.16/5.926%* 4,022,180 0.26 40,020,000 Fannie Mae 15.01.19/5.500% 40,001,241 2.68 3,300,000 HBOS 144A 01.10.15/5.920%* 3,246,065 0.22 6,400,000 Fannie Mae 25.01.16/6.000% 6,487,000 0.43 4,950,000 Lloyds TSB Group 144A 14.11.16/6.267%* 4,964,622 0.33 7,250,000 Fannie Mae 25.02.16/5.500% 7,244,336 0.49 11,050,000 Permanent Master Issuer 16,900,000 Fannie Mae 25.01.18/4.500% 16,300,578 1.09 2006-1 2A 17.10.15/5.413%* 11,049,780 0.74 51,688,000 Fannie Mae 01.05.29/5.500% 51,082,281 3.42 2,950,000 SABMiller 01.07.09/5.672%* 2,954,714 0.20 18,275,000 Fannie Mae 25.01.31/6.500% 18,614,801 1.25 3,700,000 Standard Chartered 144A 30.01.17/6.409%* 3,673,963 0.25 13,000,000 Fannie Mae 25.02.31/6.000% 13,079,219 0.88 14,310,000 Fannie Mae 01.01.33/6.000% 14,401,673 0.97 29,911,324 2.00 165,935,000 Fannie Mae 25.01.33/5.000% 160,205,057 10.74 25,115,000 Fannie Mae 25.02.36/5.000% 24,239,899 1.62 ICELAND 39,225,000 Fannie Mae 25.03.36/5.000% 37,845,996 2.54 5,010,000 Glitnir Banki 144A 21.01.11/5.800%* 5,012,505 0.33 129,415,000 Fannie Mae 15.02.49/6.500% 131,780,868 8.83 7,025,000 Kaupthing Bank 144A 15.01.10/6.070%* 7,077,133 0.47 267,290,000 Freddie Mac 15.01.33/6.000% 269,085,855 18.04 6,525,000 Kaupthing Bank 144A 04.10.11/5.750% 6,519,735 0.44 50,790,000 Ginnie Mae 06.01.31/6.000% 51,464,555 3.45 1,650,000 Kaupthing Bank 144A 19.05.16/7.125% 1,748,771 0.12 13,280,000 Ginnie Mae 15.01.31/0.000% 13,618,225 0.91 3,055,000 Landsbanki Islands 144A 25.08.11/6.100% 3,111,133 0.21 2,980,000 Ginnie Mae 15.01.32/5.500% 2,964,634 0.20

23,469,277 1.57 858,416,218 57.54 CAYMAN ISLANDS 2,425,000 ABX Financing 144A 15.10.36/6.350% 2,401,266 0.16 Total To Be Announced Securities 858,416,218 57.54 3,100,000 Mizuho Capital Investment 144A 30.06.16/6.686%* 3,136,623 0.21 5,720,000 Resona Preferred Global Total Transferable Securities Dealt in on 2,196,726,361 147.25 Securities Cayman 144A 30.07.15/7.191%* 5,984,110 0.40 Another Regulated Market

11,521,999 0.77 Other Transferable Securities

LUXEMBOURG Bonds 8,750,000 VTB Capital for Vneshtorgbank 144A 01.08.08/5.970%* 8,778,438 0.59 UNITED STATES OF AMERICA 6,500,000 AEP Texas Central Transition 8,778,438 0.59 Funding 01.07.20/5.306% 6,477,540 0.43 8,000,000 Caterpillar Financial Services 11.08.09/5.426%* 8,004,056 0.54 AUSTRALIA 7,375,000 FedEx 08.08.07/5.455%* 7,385,421 0.50 3,590,000 Commonwealth Bank of 355,000 HCA 144A 15.11.16/9.250% 369,546 0.02 Australia 144A 3,642,561 0.24 15.03.16/6.024%* 340,000 HCA 144A 15.11.16/9.625% 365,925 0.02

142 JPMorgan Investment Funds - US Bond Fund Schedule of Investments (Expressed in USD) (continued) As at 31 December 2006

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

2,675,000 Pemex Project Funding Master Trust 15.06.10/6.660%* 2,752,575 0.18 Allocation of Portfolio as at 30 June 2006 (Unaudited) % of Net Assets 25,355,063 1.69 Fixed Income Securities United States of America 125.92 QATAR Russia 1.19 2,510,000 Nakilat 144A 31.12.33/6.067% 2,496,230 0.16 Luxembourg 2,465,000 Ras Laffan Liquefied Natural 0.81 Gas III 144A 30.09.16/5.832% 2,475,343 0.17 Cayman Islands 0.79 Brazil 0.65 4,971,573 0.33 South Korea 0.60 Netherlands 0.57 LUXEMBOURG Bermuda 0.56 4,000,000 VTB Capital for Vneshtorgbank Spain 0.55 144A 21.09.07/6.115%* 4,011,892 0.27 Argentina 0.50 Venezuela 0.48 4,011,892 0.27 United Kingdom 0.47 PERU Mexico 0.42 1,752,298 IIRSA Norte Finance 30.05.24/8.750% 2,019,523 0.14 Singapore 0.38 Australia 0.37 2,019,523 0.14 Peru 0.27 Canada 0.26 CANADA Iceland 0.25 400,000 Quebecor World 144A 15.01.15/9.750% 404,500 0.03 Germany 0.18 Total Fixed Income Securities 135.22 404,500 0.03 Cash and Other Assets/(Liabilities) (35.22) Total Bonds 36,762,551 2.46 Total 100.00

Total Other Transferable Securities 36,762,551 2.46

Total Investments 2,339,083,075 156.79

Bank Overdraft (7,559,452) (0.51)

Other Assets/(Liabilities) (839,653,523) (56.28)

Total Net Assets 1,491,870,100 100.00

* Variable coupon rates are those quoted as at 31 December 2006. (i) Security held as collateral against futures positions by the broker.

Allocation of Portfolio as at 31 December 2006 % of Net Assets Fixed Income Securities United States of America 144.04 Cayman Islands 2.13 United Kingdom 2.00 Luxembourg 1.65 Iceland 1.57 Mexico 1.14 Ukraine 0.61 Australia 0.51 Spain 0.47 Argentina 0.38 Peru 0.37 Qatar 0.33 South Korea 0.25 Russia 0.24 Netherlands 0.20 Brazil 0.20 Canada 0.19 France 0.15 Germany 0.15 Singapore 0.11 International Agencies 0.06 Bermuda 0.04 Total Fixed Income Securities 156.79 Cash and Other Assets/(Liabilities) (56.79) Total 100.00

143 JPMorgan Investment Funds - US Bond Fund Schedule of Investments - Outstanding Financial Futures Contracts (Expressed in USD) As at 31 December 2006

Unrealised Maturity (Short) / Long Gain/ Date Quantity Contract Currency Position (Loss)

Bond Futures

Mar-07 877 US 2 Year Note (CBT) USD 178,921,703 (669,609) Mar-07 (120) US 5 Year Note (CBT) USD (12,603,750) 145,359 Mar-07 (148) US 10 Year Note Future USD (15,900,750) 153,688 Mar-07 407 US Long Bond (CBT) USD 45,278,750 (943,916)

Total Bond Futures (1,314,478)

Interest Rate Futures

Jun-07 174 3 Month Euro Yen (TFX) JPY 36,250,305 13,556 Mar-08 (145) 3 Month Euro Euribor (LIF) EUR (45,843,600) 136,671 Mar-08 (174) 3 Month Euro Yen (TFX) JPY (36,142,509) (18,659) Dec-08 145 3 Month Euro Euribor (LIF) EUR 45,857,935 (139,060)

Total Interest Rate Futures (7,492)

Swap Futures

Mar-07 (68) 10 Year Swap Future (CBT) USD (7,229,250) 144,500

Total Swap Futures 144,500

Total Unrealised Net Loss on Financial Futures Contracts (1,177,470)

Schedule of Investments - Outstanding Credit Default Swaps (Expressed in USD) As at 31 December 2006

Protection Unrealised Buy/ Gain/ Sell Counterparty Description Currency Nominal Maturity (Loss)

Buyer Citibank Akzo Nobel 4.25% 14/06/2011 USD 7,400,000 20/12/2011 (4,414) Buyer UBS BASF 3.5% 08/07/2010 USD 7,400,000 20/12/2011 (5,076) Buyer Morgan Stanley Hannover Finance Luxembourg FRN 26/02/2024 USD 7,400,000 20/12/2011 (525) Buyer Morgan Stanley Munich Re Finance FRN 21/06/2023 USD 14,800,000 20/12/2011 7,852 Buyer UBS Reed Elsevier Capital 5.75% 31/07/2008 USD 7,400,000 20/12/2011 (526) Buyer UBS Solvay 4.625% 27/06/2018 USD 7,400,000 20/12/2011 8,382

Total Unrealised Net Gain on Credit Default Swaps 5,693

144 JPMorgan Investment Funds - US Disciplined Equity Fund Schedule of Investments (Expressed in USD) As at 31 December 2006

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

Transferable Securities Admitted to an Official Exchange Listing 34,100 Genworth Financial - A Shares 1,175,768 0.74 4,800 Goldman Sachs Group 968,640 0.61 Shares 14,200 Goodrich 648,798 0.41 3,700 Google - A Shares 1,714,062 1.08 UNITED STATES OF AMERICA Halliburton 550,116 0.35 45,600 Abbott Laboratories 2,221,632 1.41 17,700 Hartford Financial Services Group 1,260,900 0.80 7,900 Abercrombie & Fitch - A Shares 558,688 0.36 13,500 Hewlett-Packard 1,578,900 1.00 2,700 Advance Auto Parts 97,227 0.07 38,000 Hilton Hotels 495,600 0.31 17,600 Aetna 765,952 0.48 14,000 Home Depot 171,742 0.11 3,200 Affiliated Computer Services - A Shares 156,960 0.10 4,300 Honeywell International 1,066,195 0.67 4,200 Air Products & Chemicals 297,738 0.19 23,500 Hospitality Properties Trust 218,592 0.14 31,200 Alcoa 931,632 0.59 4,600 Host Hotels & Resorts 233,415 0.15 200 Allstate 13,128 0.01 9,500 Illinois Tool Works 217,281 0.14 1,800 Altera 35,766 0.02 4,700 Intel 55,242 0.03 43,900 Altria Group 3,775,400 2.38 2,700 International Business Machines 2,262,000 1.43 19,000 AMBAC Financial Group 1,704,110 1.08 23,200 Intersil - A Shares 31,824 0.02 20,500 American Electric Power 873,095 0.55 1,300 J.C. Penney 1,009,425 0.64 2,600 American Express 159,146 0.10 12,900 Johnson & Johnson 794,280 0.50 9,100 American International Group 652,379 0.41 12,000 Johnson Controls 1,166,130 0.74 17,000 Ameritrade Holding 276,590 0.17 13,500 Juniper Networks 366,144 0.23 36,600 Amgen 2,507,832 1.58 19,200 Kellogg 358,550 0.23 21,100 Anadarko Petroleum 925,235 0.58 7,100 Kla-Tencor 85,629 0.05 7,000 Apache 464,100 0.29 1,700 Kohl’s 1,243,620 0.79 9,200 Apartment Investment & Management - A Shares 515,568 0.33 18,000 Kraft Foods - A Shares 531,185 0.34 7,500 Apple Computer 633,975 0.40 14,900 Lennar - A Shares 105,140 0.07 900 Associated Banc 31,437 0.02 2,000 Linear Technology 1,003,680 0.63 4,400 Assurant 244,244 0.15 32,800 LSI Logic 78,710 0.05 54,500 AT&T 1,959,820 1.24 8,500 Mack-Cali Realty 148,625 0.09 400 Automatic Data Processing 19,736 0.01 2,900 Marathon Oil 1,179,957 0.74 5,300 Avon Products 176,331 0.11 12,700 Marshall & Ilsley 487,325 0.31 6,700 Baker Hughes 503,371 0.32 10,100 Maxim Integrated Products 18,564 0.01 85,200 Bank of America 4,574,388 2.89 600 MBIA 1,194,138 0.75 2,800 Bank of NewYork 111,384 0.07 16,300 McDonald’s 655,179 0.41 32,900 Baxter International 1,529,192 0.97 14,700 McKesson 544,202 0.34 200 BB&T 8,832 0.01 10,700 Medco Health Solutions 261,709 0.17 1,400 Becton Dickinson & Co. 98,560 0.06 4,900 Medimmune 265,762 0.17 1,800 Best Buy 89,640 0.06 8,200 Medtronic 58,575 0.04 10,400 BJ Services 303,576 0.19 1,100 Merck & Co. 1,927,295 1.22 3,800 Boston Properties 421,648 0.27 44,500 Merrill Lynch & Co. 93,510 0.06 200 Boston Scientific 3,424 0.00 1,000 MGIC Investment 782,316 0.49 600 Brandywine Realty Trust 19,950 0.01 12,400 Microsoft 4,403,712 2.78 1,700 Burlington Northern Santa Fe 126,055 0.08 146,400 Mohawk Industries 22,659 0.01 2,100 Capital One Financial 163,107 0.10 300 Morgan Stanley 2,701,622 1.71 9,400 Carnival 467,086 0.29 33,100 Motorola 992,806 0.63 1,500 Caterpillar 92,340 0.06 47,800 NCR 133,207 0.08 6,900 CBS - B Shares 217,902 0.14 3,100 NewYork Times - A Shares 159,786 0.10 5,400 Centex 304,452 0.19 6,600 News - A Shares 1,008,720 0.64 600 Chesapeake Energy 17,568 0.01 46,700 Nike - B Shares 618,884 0.39 12,000 Chevron 886,920 0.56 6,200 Norfolk Southern 1,783,936 1.13 1,200 Chubb 63,912 0.04 35,200 Northeast Utilities 743,590 0.47 2,600 Cigna 343,980 0.22 26,500 Northrop Grumman 1,084,539 0.68 8,900 Circuit City Stores 171,948 0.11 15,900 Occidental Petroleum 156,800 0.10 86,800 Cisco Systems 2,387,868 1.51 3,200 Office Depot 3,860 0.00 29,600 CIT Group 1,674,768 1.06 100 Oracle 1,369,368 0.86 86,700 Citigroup 4,845,663 3.06 79,200 Pepsi Bottling Group 34,122 0.02 24,200 CMS Energy 405,592 0.26 1,100 Pfizer 742,710 0.47 15,700 Coach 686,875 0.43 28,500 PMC - Sierra 28,434 0.02 27,700 Coca-Cola 1,347,051 0.85 4,200 Praxair 1,233,099 0.78 22,800 Comcast - A Shares 976,980 0.62 20,700 Procter & Gamble 4,067,910 2.57 16,400 Comerica 969,076 0.61 63,000 Progessive 7,341 0.00 26,000 ConocoPhillips 1,887,340 1.19 300 Prologis 279,312 0.18 61,300 Corning 1,150,601 0.73 4,600 Protective Life 275,848 0.17 16,200 Countrywide Financial 697,410 0.44 5,800 Prudential Financial 317,941 0.20 31,200 CSX 1,094,184 0.69 3,700 Qualcomm 2,325,722 1.47 10,100 CVS 315,423 0.20 61,300 Raytheon 5,306 0.00 7,300 Danaher 532,681 0.34 100 Rockwell Automation 55,800 0.04 100 Dell 2,518 0.00 900 Rohm & Haas 1,181,050 0.75 8,500 Devon Energy 569,670 0.36 23,000 Sabre Holdings - A Shares 3,189 0.00 8,500 DowChemical 340,935 0.22 100 Safeway 461,736 0.29 400 DR Horton 10,748 0.01 13,200 SCANA 310,536 0.20 9,500 DTE Energy 461,605 0.29 7,600 Schering-Plough 1,907,200 1.20 13,100 E*Trade Financial 296,584 0.19 80,000 Schlumberger 196,106 0.12 13,500 Eaton 1,018,305 0.64 3,100 Sepracor 640,224 0.40 22,800 eBay 687,192 0.43 10,400 Sierra Pacific Resources 686,880 0.43 2,500 EchoStar Communications - A Shares 95,750 0.06 40,500 Sprint Nextel 1,279,220 0.81 37,900 Edison International 1,736,578 1.10 66,800 Staples 1,011,750 0.64 300 Eli Lilly & Co. 15,561 0.01 37,500 Starwood Hotels & Resorts Worldwide 308,504 0.19 300 EMC / Massachussets 3,996 0.00 4,900 State Street 919,224 0.58 17,600 EW Scripps - A Shares 890,208 0.56 13,600 Sun Microsystems 380,050 0.24 76,000 Exxon Mobil 5,858,840 3.70 69,100 SunTrust Banks 594,510 0.38 6,300 Family Dollar Stores 187,299 0.12 7,000 Supervalu 97,659 0.06 800 First Horizon National 33,400 0.02 2,700 Sysco 790,555 0.50 9,800 Franklin Resources 1,078,686 0.68 21,500 Target 1,115,694 0.70 200 Freddie Mac 13,666 0.01 19,400 TCF Financial 428,575 0.27 19,900 Gannett 1,212,507 0.77 15,500 Tellabs 173,304 0.11 158,800 General Electric 5,945,472 3.75 16,600

145 JPMorgan Investment Funds - US Disciplined Equity Fund Schedule of Investments (Expressed in USD) (continued) As at 31 December 2006

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

1,100 Texas Instruments 31,977 0.02 1,900 Textron 179,930 0.11 Allocation of Portfolio as at 31 December 2006 % of 2,700 TJX Companies 77,841 0.05 Net Assets 15,000 Toll Brothers 486,000 0.31 Fixed Income Securities 9,500 United States Steel 695,780 0.44 United States of America 0.18 30,000 United Technologies 1,888,200 1.19 Total Fixed Income Securities 0.18 11,100 UnitedHealth Group 596,958 0.38 Shares 49,500 US Bancorp 1,797,345 1.13 Financials 22.39 400 Valero Energy 20,488 0.01 Information Technology 14.64 64,500 Verizon Communications 2,427,135 1.53 Health Care 11.62 3,500 Vertex Pharmaceuticals 131,495 0.08 Industrials 11.33 2,900 Viacom - B Shares 118,784 0.07 Consumer Discretionary 10.86 5,200 Wachovia 297,908 0.19 Energy 9.21 14,500 Wal-Mart Stores 673,960 0.43 Consumer Staples 7.77 20,100 Walt Disney 694,656 0.44 Utilities 3.83 2,400 Washington Mutual 110,256 0.07 Telecommunication Services 3.58 16,800 Weatherford International 701,400 0.44 Materials 3.30 22,500 WellPoint 1,774,125 1.12 Total Shares 98.53 63,000 Wells Fargo & Co. 2,255,400 1.42 Cash and Other Assets/(Liabilities) 1.29 7,300 Weyerhaeuser 518,665 0.33 6,835 WM Wrigley Jr 353,028 0.22 Total 100.00 4,000 WW Grainger 280,720 0.18 42,200 Wyeth 2,156,420 1.36 2,800 Wyndham Worldwide 90,692 0.06 36,500 Xcel Energy 842,055 0.53 44,200 Xilinx 1,064,336 0.67 Allocation of Portfolio as at 30 June 2006 (Unaudited) % of 8,300 XTO Energy 392,590 0.25 Net Assets 28,600 Yahoo! 732,446 0.46 Fixed Income Securities United States of America 0.17 155,390,303 98.11 Total Fixed Income Securities 0.17 BERMUDA Shares 16,900 Ingersoll-Rand - A Shares 668,057 0.42 Financials 21.22 Information Technology 13.39 668,057 0.42 Industrials 12.42 Health Care 12.13 Consumer Discretionary 11.64 Total Shares 156,058,360 98.53 Energy 9.81 Consumer Staples 8.03 Total Transferable Securities Admitted to an 156,058,360 98.53 Official Exchange Listing Utilities 3.52 Telecommunication Services 3.22 Transferable Securities Dealt in on Another Regulated Market Materials 3.00 Total Shares 98.38 Bonds Cash and Other Assets/(Liabilities) 1.45 UNITED STATES OF AMERICA Total 100.00 295,000 US Treasury (i) 28.02.07/3.375% 294,262 0.18

294,262 0.18

Total Bonds 294,262 0.18

Total Transferable Securities Dealt in on 294,262 0.18 Another Regulated Market

Other Transferable Securities

Shares UNITED STATES OF AMERICA 5,900 Seagate Technology 0 0.00

0 0.00

Total Shares 0 0.00

Total Other Transferable Securities 0 0.00

Total Investments 156,352,622 98.71

Cash 1,452,351 0.92

Other Assets/(Liabilities) 583,609 0.37

Total Net Assets 158,388,582 100.00

(i) Security held as collateral against futures positions by the broker.

146 JPMorgan Investment Funds - US Disciplined Equity Fund Schedule of Investments - Outstanding Financial Futures Contracts (Expressed in USD) As at 31 December 2006

Unrealised Maturity (Short) / Long Gain/ Date Quantity Contract Currency Position (Loss)

Equity Futures

Mar-07 5 S&P 500 Future USD 1,794,375 10,813

Total Unrealised Net Gain on Financial Futures Contracts 10,813

147 JPMorgan Investment Funds - US Dollar Enhanced Yield Fund Schedule of Investments (Expressed in USD) As at 31 December 2006

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

Transferable Securities Admitted to an Official Exchange Listing 4,299,709 Capital One Auto Finance Trust 2004-A A4 15.03.11/5.450%* 4,304,323 0.15 Bonds 14,300,000 Capital One Master Trust 2001-1A 15.12.10/1.439%* 14,461,332 0.51 UNITED KINGDOM 8,094 Centex Home Equity 2004-C 7,900,000 Barclays Bank 10.04.12/5.770%* 7,900,189 0.28 AV2 25.06.34/5.600%* 8,099 0.00 24,800,000 Royal Bank of Scotland 06.07.12/5.770%* 24,824,725 0.88 338,100 Centex Home Equity 2004-D AV2 25.09.34/5.690%* 338,579 0.01 32,724,914 1.16 339,993 Centex Home Equity 2005-A AV2 25.07.34/5.550%* 340,281 0.01 UNITED STATES OF AMERICA 6,950,000 Cisco Systems 20.02.09/5.451%* 6,960,779 0.25 5,950,000 HSBC Finance 21.10.09/5.420%* 5,952,975 0.21 9,000,000 CIT Group 19.12.08/5.515%* 9,025,443 0.32 17,700,000 CIT Group 08.06.09/5.460%* 17,729,648 0.63 5,952,975 0.21 32,500,000 CIT Group Holdings 30.01.09/5.526%* 32,595,420 1.15 AUSTRALIA 350,000 Citibank Credit Card Issuance 3,400,000 National Australia Bank 29.08.13/5.720%* 3,410,597 0.12 Trust 2004-A4 A4 24.08.09/3.200% 345,532 0.01 2,000,000 National Australia Bank 23.06.14/5.666%* 2,007,322 0.07 7,600,000 Citibank Credit Card Issuance Trust 2004-B1 B1 20.05.11/5.570%* 7,630,714 0.27 5,417,919 0.19 15,600,000 Citibank Credit Card Issuance Trust 2006-B1 B1 07.03.11/5.460%* 15,622,826 0.55 NETHERLANDS 1,951,574 Citigroup Mortgage Loan Trust 5,000,000 ING Bank 14.10.14/5.624%* 5,008,140 0.18 2003-HE3 A 25.12.33/5.730%* 1,960,738 0.07 992,780 Citigroup Mortgage Loan Trust 5,008,140 0.18 2005-OPT1 A1B 25.02.35/5.560%* 993,821 0.04 6,000,000 Citigroup Mortgage Loan Trust Total Bonds 49,103,948 1.74 2005-OPT4 M1 25.07.35/5.760%* 6,027,750 0.21 9,400,000 Citigroup Mortgage Loan Trust 2006-WFH4 A3 25.11.36/5.500%* 9,400,000 0.33 Total Transferable Securities Admitted to an 49,103,948 1.74 Official Exchange Listing 1,618,025 CNH Equipment Trust 2004-A A3A 15.10.08/5.420%* 1,619,337 0.06 Transferable Securities Dealt in on Another Regulated Market 1,838,510 Countrywide Alternative Loan Trust 2005-17 1A1 25.07.35/5.610%* 1,844,204 0.07 Bonds 1,744,433 Countrywide Alternative Loan Trust 2005-38 A3 25.09.35/5.670%* 1,751,620 0.06 UNITED STATES OF AMERICA 7,786,889 Countrywide Alternative Loan 3,745,308 Accredited Mortgage Loan Trust 2005-51 1A1 20.11.35/5.670%* 7,826,687 0.28 Trust 2005-3 A1 25.09.35/5.590%* 3,750,891 0.14 7,554,362 Countrywide Alternative Loan 7,500,000 Accredited Mortgage Loan Trust 2005-59 1A1 20.11.35/5.650%* 7,583,960 0.27 Trust 2005-4 A2C 25.12.35/5.560%* 7,519,504 0.27 8,807,743 Countrywide Alternative Loan 5,644,822 ACE Securities 2004-OP1 M1 25.04.34/5.870%* 5,648,332 0.20 Trust 2006-12CB A5 25.05.36/6.000% 8,798,734 0.31 3,746,776 Adjustable Rate Mortgage Trust 9,864,672 Countrywide Alternative Loan 2004-4 5A2 25.03.35/5.750%* 3,752,854 0.13 Trust 2006-12CB A6 25.05.36/6.000% 9,854,582 0.35 1,931,544 Adjustable Rate Mortgage Trust 17,158,104 Countrywide Alternative Loan 2005-4 7A2 25.08.35/5.580%* 1,939,975 0.07 Trust 2006-OA1 2A1 20.03.46/5.560%* 17,181,258 0.61 4,836,522 Adjustable Rate Mortgage Trust 22,485,274 Countrywide Alternative Loan 2005-6A 2A1 25.11.35/5.660%* 4,851,052 0.17 Trust 2006-OA2 A1 20.05.46/5.560%* 22,542,216 0.80 3,605,441 Adjustable Rate Mortgage Trust 17,309,685 Countrywide Alternative Loan 2005-8 7A2 25.11.35/5.630%* 3,617,663 0.13 Trust 2006-OA9 1A1 20.07.46/5.550%* 17,271,157 0.61 8,028,682 Adjustable Rate Mortgage Trust 14,174,249 Countrywide Alternative Loan 2005-11 5A1 25.02.36/5.620%* 8,049,807 0.28 Trust 2006-OA9 2A1B 01.05.36/5.550%* 14,216,545 0.50 21,829,434 Adjustable Rate Mortgage Trust 929,159 Countrywide Asset-Backed 2005-12 5A1 25.03.36/5.600%* 21,916,512 0.77 Certificates 2004-6 2A4 25.11.34/5.800%* 933,002 0.03 23,102,452 Adjustable Rate Mortgage Trust 2,006,354 Countrywide Asset-Backed 2006-1 6A1 25.03.36/5.480%* 23,132,091 0.82 Certificates 2004-6 2A5 25.11.34/5.740%* 2,013,542 0.07 2,795,982 Adjustable Rate Mortgage Trust 74,244 Countrywide Asset-Backed 2006-2 6A1 25.05.36/5.520%* 2,795,064 0.10 Certificates 2004-12 2AV2 25.09.33/5.630%* 74,308 0.00 22,007,811 Adjustable Rate Mortgage Trust 164,639 Countrywide Asset-Backed 2006-3 4A11 25.08.36/5.500%* 22,005,188 0.78 Certificates 2004-BC1 A1 25.04.34/5.580%* 164,741 0.01 17,550,000 Allstate Life Global Funding 2,200,000 Countrywide Asset-Backed Trusts 23.03.09/5.406%* 17,573,956 0.62 Certificates 2004-BC1 M1 25.02.34/5.850%* 2,207,044 0.08 19,350,000 American Express 05.06.08/5.484%* 19,374,188 0.68 1,700,000 Countrywide Asset-Backed 14,500,000 American Express Credit 02.03.09/5.410%* 14,515,675 0.51 Certificates 2005-4 AF3 25.10.35/4.456%* 1,682,196 0.06 15,000,000 American Honda Finance 144A 09.03.09/5.413%* 15,025,470 0.53 1,467,300 Countrywide Asset-Backed Certificates 2005-11 3AV1 1,468,425 0.05 3,100,000 American Honda Finance 144A 12.05.09/5.436%* 3,102,722 0.11 25.02.36/5.510%* Countrywide Asset-Backed 12,500,000 American Honda Finance 144A 20.11.09/5.425%* 12,502,663 0.44 5,500,000 Certificates 2005-14 M1 25.12.35/5.800%* 5,522,365 0.20 5,326,068 AmeriCredit Automobile Countrywide Asset-Backed Receivables Trust 2003-DM A4 06.08.10/2.840% 5,274,025 0.19 1,100,000 Certificates 2005-BC1 M1 25.03.35/5.760%* 1,102,482 0.04 3,400,000 Ameriquest Mortgage Securities Countrywide Asset-Backed 2004-R11 M1 25.11.34/6.010%* 3,422,804 0.12 1,100,000 Certificates 2005-BC1 M2 25.05.35/5.790%* 1,104,060 0.04 3,150,000 Ameriquest Mortgage Securities Countrywide Financial 38,005,438 1.34 2005-R2 M2 25.04.35/5.830%* 3,164,612 0.11 37,900,000 24.03.09/5.586%* 6,200,000 Ameriquest Mortgage Securities 1,696,642 Countrywide Home Equity Loan Trust 2003-C A 1,700,524 0.06 2005-R8 A2C 25.10.35/5.610%* 6,210,830 0.22 15.05.29/5.620%* 7,133,000 Ameriquest Mortgage Securities 1,395,679 Countrywide Home Equity Loan Trust 2004-L 2A 1,398,763 0.05 2005-R10 A2B 25.12.35/5.570%* 7,146,940 0.25 15.02.34/5.630%* 7,150,000 ASIF Global Financing XXI 762,469 Countrywide Home Loan Mortgage Pass Through Trust 144A 14.03.08/5.660%* 7,165,487 0.25 2002-31 A3 25.01.33/5.750% 760,730 0.03 2,300,000 Asset Backed Funding Credit Suisse First Boston USA 26,860,380 0.95 Certificates 2005-HE1 M2 25.12.34/5.790%* 2,313,706 0.08 26,800,000 09.12.08/5.483%* 4,000,000 Asset Backed Funding 3,800,000 Credit Suisse USA 05.06.09/5.430%* 3,804,940 0.13 Certificates 2005-OPT1 M2 25.07.35/5.900%* 4,021,226 0.14 26,550,000 Credit Suisse USA 20.11.09/5.455%* 26,569,010 0.94 2,955,000 Bear Stearns 30.01.09/5.676%* 2,970,020 0.10 3,512,049 Downey Savings & Loan Association Mortgage Loan 14,750,000 Bear Stearns 30.03.09/5.454%* 14,774,677 0.52 Trust 2005-AR1 2A1A 19.03.45/5.600%* 3,525,368 0.12 3,700,000 Bear Stearns 21.08.09/5.465%* 3,706,112 0.13 4,814,377 Downey Savings & Loan 17,460,000 Bear Stearns 09.09.09/5.623%* 17,552,259 0.62 Association Mortgage Loan 2,100,000 Bear Stearns Asset Backed Trust 2005-AR5 2A1A 19.08.45/5.680%* 4,835,124 0.17 Securities 2005-HE3 M1 25.03.35/5.780%* 2,110,362 0.07 11,317,493 Downey Savings & Loan 9,800,000 BellSouth 15.08.08/5.474%* 9,810,163 0.35 Association Mortgage Loan 3,898,346 CalSTRS Trust 2002-C6 A1 Trust 2005-AR6 2A1A 19.10.45/5.640%* 11,367,089 0.40 144A 20.11.12/5.650%* 3,908,185 0.14

148 JPMorgan Investment Funds - US Dollar Enhanced Yield Fund Schedule of Investments (Expressed in USD) (continued) As at 31 December 2006

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

330,318 EQCC Trust 2002-1 2A 25.11.31/5.650%* 330,544 0.01 6,200,000 GE Dealer Floorplan Master 2,437,397 Fannie Mae 2002-36 FS 25.06.32/5.850%* 2,456,416 0.09 Note Trust 2004-2 A 20.07.09/5.430%* 6,207,416 0.22 2,304,467 Fannie Mae 2003-121 FC 25.02.28/5.750%* 2,313,013 0.08 12,000,000 GE-WMC Mortgage Securities 29,631,753 Fannie Mae 2006-63 AB 25.10.33/6.500% 29,966,704 1.06 2005-2 A2C 25.12.35/5.600%* 12,022,524 0.42 203,736 Fannie Mae Pool No: 256174 01.03.36/7.000% 209,020 0.01 19,450,000 Genworth Global Funding 10.02.09/5.420%* 19,473,106 0.69 783,419 Fannie Mae Pool No: 256216 01.04.36/7.000% 803,739 0.03 13,750,000 GMAC Mortgage Corp. Loan Trust 2004-HE1 A2 13,760,583 0.49 8,734,808 Fannie Mae Pool No: 256283 01.06.36/7.000% 8,961,367 0.32 25.06.34/5.450%* GMAC Mortgage Corp. Loan 4,061,432 Fannie Mae Pool No: 256360 01.08.36/7.000% 4,166,775 0.15 5,500,000 Trust 2004-HE4 A2 25.03.35/5.540%* 5,511,056 0.19 2,658,107 Fannie Mae Pool No: 256404 01.09.36/7.000% 2,727,051 0.10 3,600,000 GMAC Mortgage Corp. Loan 4,936,011 Fannie Mae Pool No: 256438 01.10.36/7.000% 5,064,039 0.18 Trust 2005-HE3 A1 25.02.36/5.460%* 3,602,771 0.13 124,669 Fannie Mae Pool No: 545857 01.09.30/7.000% 127,902 0.00 8,000,000 Goldman Sachs Group 29.07.08/5.476%* 8,016,704 0.28 177,606 Fannie Mae Pool No: 738273 01.10.33/7.000% 182,213 0.01 22,850,000 Goldman Sachs Group 22.12.08/5.455%* 22,888,776 0.81 4,029,096 Fannie Mae Pool No: 745780 01.08.36/7.000% 4,133,600 0.15 16,000,000 Goldman Sachs Group 23.06.09/5.456%* 16,020,448 0.57 369,584 Fannie Mae Pool No: 817810 01.09.36/7.000% 379,170 0.01 15,400,000 Goldman Sachs Group 16.11.09/5.455%* 15,415,770 0.54 772,757 Fannie Mae Pool No: 829142 01.10.35/7.000% 792,801 0.03 5,390,895 Greenpoint Mortgage Funding 441,513 Fannie Mae Pool No: 831626 01.06.36/7.000% 452,965 0.02 Trust 2005-AR4 4A1A 25.10.45/5.660%* 5,417,675 0.19 504,653 Fannie Mae Pool No: 831690 01.07.36/7.000% 517,743 0.02 21,100,000 Greenpoint Mortgage Funding 5,159,121 Fannie Mae Pool No: 831723 01.08.36/7.000% 5,292,936 0.19 Trust 2006-OH1 A1 26.01.37/5.510%* 21,093,406 0.75 698,900 Fannie Mae Pool No: 832313 01.08.35/7.000% 717,028 0.03 1,030,048 GSAMP Trust 2004-OPT A1 25.11.34/5.690%* 1,032,029 0.04 286,186 Fannie Mae Pool No: 833616 01.01.36/7.000% 293,609 0.01 8,450,000 GSAMP Trust 2006-FM1 A2C 25.04.36/5.510%* 8,461,806 0.30 265,011 Fannie Mae Pool No: 833623 01.02.36/7.000% 271,885 0.01 14,300,000 GSAMP Trust 2006-NC1 A2 25.02.36/5.530%* 14,331,521 0.51 515,743 Fannie Mae Pool No: 851349 01.02.36/7.000% 529,120 0.02 7,478,650 GSMPS Mortgage Loan Trust 54,948 Fannie Mae Pool No: 865190 01.02.36/7.000% 56,373 0.00 2005-RP1 1AF 144A 25.01.35/5.700%* 7,512,989 0.27 146,849 Fannie Mae Pool No: 870063 01.07.36/7.000% 150,658 0.01 2,968,675 HarborviewMortgage Loan 812,945 Fannie Mae Pool No: 870069 01.07.36/7.000% 834,031 0.03 Trust 2005-3 2A1A 19.06.35/5.590%* 2,977,716 0.11 25,438 Fannie Mae Pool No: 870070 01.07.36/7.000% 26,098 0.00 9,055,629 HarborviewMortgage Loan 5,463,979 Fannie Mae Pool No: 870703 01.08.36/7.000% 5,605,701 0.20 Trust 2005-8 1A2A 19.09.35/5.680%* 9,090,551 0.32 165,649 Fannie Mae Pool No: 870715 01.08.36/7.000% 169,946 0.01 1,877,225 HarborviewMortgage Loan Trust 2005-10 2A1A 1,883,773 0.07 978,263 Fannie Mae Pool No: 870793 01.09.36/7.000% 1,003,636 0.04 19.11.35/5.660%* HarborviewMortgage Loan 659,127 Fannie Mae Pool No: 878156 01.07.36/7.000% 676,223 0.02 946,159 Trust 2005-13 2A11 19.02.36/5.630%* 948,361 0.03 1,556,538 Fannie Mae Pool No: 878181 01.08.36/7.000% 1,596,910 0.06 2,722,242 HarborviewMortgage Loan 433,873 Fannie Mae Pool No: 878188 01.08.36/7.000% 445,126 0.02 Trust 2005-15 2A11 20.10.45/5.620%* 2,732,254 0.10 274,478 Fannie Mae Pool No: 885295 01.06.36/7.000% 281,597 0.01 9,050,456 HarborviewMortgage Loan 2,066,078 Fannie Mae Pool No: 885557 01.08.36/7.000% 2,119,667 0.07 Trust 2005-16 2A1A 19.01.36/5.590%* 9,079,880 0.32 521,093 Fannie Mae Pool No: 885559 01.08.36/7.000% 534,609 0.02 23,328,401 HarborviewMortgage Loan 163,333 Fannie Mae Pool No: 885998 01.07.36/7.000% 167,570 0.01 Trust 2006-4 2A1A 19.05.47/5.550%* 23,349,175 0.83 726,467 Fannie Mae Pool No: 887685 01.06.36/7.000% 745,310 0.03 3,739,482 HarborviewMortgage Loan 615,175 Fannie Mae Pool No: 887723 01.07.36/7.000% 631,131 0.02 Trust 2006-5 2A1A 19.07.46/5.530%* 3,740,931 0.13 415,838 Fannie Mae Pool No: 891709 01.07.36/7.000% 426,623 0.02 18,100,000 HarborviewMortgage Loan 774,133 Fannie Mae Pool No: 891713 01.07.36/7.000% 794,212 0.03 Trust 2006-14 2A1A 19.03.38/5.500%* 18,101,414 0.64 211,181 Fannie Mae Pool No: 892380 01.07.36/7.000% 216,658 0.01 7,950,000 Home Depot 16.12.09/5.490%* 7,955,804 0.28 200,868 Fannie Mae Pool No: 892540 01.09.36/7.000% 206,078 0.01 2,715,281 Home Equity Asset Trust 26,443 Fannie Mae Pool No: 892723 01.09.36/7.000% 27,129 0.00 2004-8 A4 25.03.35/5.710%* 2,724,008 0.10 93,938 Fannie Mae Pool No: 893007 01.10.36/7.000% 96,375 0.00 1,000,000 Home Equity Asset Trust 2005-8 M1 1,004,844 0.04 315,542 Fannie Mae Pool No: 893138 01.08.36/7.000% 323,726 0.01 25.02.36/5.780%* Home Equity Asset Trust 2,503,012 Fannie Mae Pool No: 893286 01.08.36/7.000% 2,567,933 0.09 1,000,000 2005-8 M2 25.02.36/5.800%* 1,005,763 0.04 1,192,155 Fannie Mae Pool No: 893311 01.08.36/7.000% 1,223,077 0.04 1,000,000 Home Equity Asset Trust 423,780 Fannie Mae Pool No: 893344 01.09.36/7.000% 434,772 0.02 2005-8 M3 25.02.36/5.820%* 1,004,393 0.04 1,586,014 Fannie Mae Pool No: 895292 01.09.36/7.000% 1,627,151 0.06 8,000,000 Home Equity Asset Trust 53,915 Fannie Mae Pool No: 896268 01.06.36/7.000% 55,314 0.00 2005-9 M1 25.03.36/5.760%* 8,037,282 0.28 42,711 Fannie Mae Pool No: 896300 01.06.36/7.000% 43,818 0.00 7,300,000 Home Equity Asset Trust 193,995 Fannie Mae Pool No: 896382 01.06.36/7.000% 199,027 0.01 2006-3 2A3 25.07.36/5.530%* 7,316,199 0.26 1,292,029 Fannie Mae Pool No: 896641 01.07.36/7.000% 1,325,541 0.05 8,306,000 HSI Asset Securitization Corp 4,025,298 Fannie Mae Pool No: 897012 01.07.36/7.000% 4,129,704 0.15 Trust 2006-OPT2 2A3 25.01.36/5.540%* 8,327,981 0.29 199,339 Fannie Mae Pool No: 897285 01.08.36/7.000% 204,509 0.01 2,986,328 Indymac Index Mortgage Loan 364,863 Fannie Mae Pool No: 897302 01.08.36/7.000% 374,326 0.01 Trust 2004-AR7 A1 25.09.34/5.790%* 3,009,183 0.11 129,346 Fannie Mae Pool No: 897986 01.07.36/7.000% 132,700 0.00 6,401,591 Indymac Index Mortgage Loan 608,220 Fannie Mae Pool No: 900247 01.08.36/7.000% 623,996 0.02 Trust 2004-AR14 2A1A 25.01.35/5.710%* 6,430,458 0.23 2,821,204 Fannie Mae Pool No: 900963 01.09.36/7.000% 2,894,379 0.10 6,265,799 Indymac Index Mortgage Loan Trust 2005-16IP A1 6,279,009 0.22 1,435,513 Fannie Mae Pool No: 901136 01.09.36/7.000% 1,472,747 0.05 25.07.45/5.670%* 2,371,605 Fifth Third Home Equity Loan 7,772,856 Indymac Index Mortgage Loan Trust 2005-AR8 2A1A 7,806,081 0.28 Trust 2003-1 A 20.09.23/5.600%* 2,378,694 0.08 25.04.35/5.580%* 1,450,000 First Franklin Mortgage Loan 8,488,581 Indymac Index Mortgage Loan Asset Backed Certificates Trust 2005-AR10 A1 25.06.35/5.610%* 8,512,826 0.30 2005-FF2 M1 25.03.35/5.750%* 1,459,112 0.05 4,872,459 Indymac Index Mortgage Loan 650,000 First Franklin Mortgage Loan Trust 2005-AR14 2A1A 25.08.35/5.650%* 4,894,994 0.17 Asset Backed Certificates 6,720,261 Indymac Index Mortgage Loan 2005-FF2 M2 25.03.35/5.790%* 653,017 0.02 Trust 2006-AR2 1A1A 25.04.46/5.570%* 6,729,541 0.24 550,000 First Franklin Mortgage Loan 16,119,219 Indymac Index Mortgage Loan Asset Backed Certificates Trust 2006-AR6 2A1A 25.06.47/5.550%* 16,111,211 0.57 2005-FF2 M3 25.03.35/5.830%* 553,593 0.02 24,457,948 Indymac Index Mortgage Loan 1,500,000 First Franklin Mortgage Loan Trust 2006-AR35 2A1A 25.01.37/5.520%* 24,457,948 0.86 Asset Backed Certificates 14,000,000 Indymac Index Mortgage Loan 2005-FF5 M1 25.04.35/5.800%* 1,509,233 0.05 Trust 2006-AR41 A3 25.02.37/5.530%* 14,000,000 0.49 3,050,000 First Franklin Mortgage Loan 13,916,445 Indymac Index Mortgage Loan Asset Backed Certificates Trust 2006-FLX1 A1 25.11.36/5.530%* 13,915,331 0.49 2006-FF4 A2 25.03.36/5.540%* 3,057,014 0.11 15,300,000 International Lease Finance 26.06.09/5.516%* 15,321,221 0.54 20,000,000 First Franklin Mortgage Loan 21,500,000 International Lease Finance 24.05.10/5.590%* 21,597,696 0.76 Asset Backed Certificates 15,000,000 John Deere Capital 15.04.08/5.424%* 15,015,705 0.53 2006-FF7 2A3 25.05.36/5.500%* 20,027,930 0.71 4,850,000 LB-UBS Commercial Mortgage 4,000,000 First Franklin Mortgage Loan Trust 2003-C5 A2 15.07.27/3.478% 4,720,533 0.17 Asset Backed Certificates 8,840,811 Lehman Brothers Floating Rate 2006-FF8 M2 25.07.36/5.600%* 4,005,390 0.14 Commercial Mortgage Trust 25,660,000 First Franklin Mortgage Loan 2006-LLFA A2 15.09.21/5.470%* 8,849,011 0.31 Asset Backed Certificates 5,455,000 Lehman Brothers Holdings 22.10.08/5.464%* 5,464,454 0.19 2006-FF13 A2C 25.10.36/5.480%* 25,643,963 0.91 5,456,099 Lehman XS Trust 2005-2 1A1 25.08.35/5.630%* 5,473,010 0.19

149 JPMorgan Investment Funds - US Dollar Enhanced Yield Fund Schedule of Investments (Expressed in USD) (continued) As at 31 December 2006

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

5,853,245 Lehman XS Trust 2005-5N 1,700,000 Residential Asset Securities 3A1A 25.11.35/5.650%* 5,861,938 0.21 2005-AHL3 M2 25.11.35/5.790%* 1,709,406 0.06 11,381,219 Lehman XS Trust 2005-7N 5,500,000 Residential Asset Securities 1A1A 25.12.35/5.620%* 11,443,712 0.40 2005-KS10 M1 25.11.35/5.760%* 5,525,999 0.20 10,721,424 Lehman XS Trust 2006-2N 1A1 25.02.46/5.610%* 10,748,735 0.38 5,850,000 Residential Asset Securities 3,450,000 Long Beach Mortgage Loan 2005-KS11 AI3 25.12.35/5.550%* 5,866,697 0.21 Trust 2003-4 M1 25.08.33/6.030%* 3,464,168 0.12 4,910,000 Residential Asset Securities 414,249 Long Beach Mortgage Loan 2005-KS11 M3 25.12.35/5.790%* 4,931,140 0.17 Trust 2004-4 2A1 25.10.34/5.710%* 414,616 0.01 10,000,000 Residential Asset Securities 1,094,027 Long Beach Mortgage Loan 2006-KS2 A3 25.03.36/5.540%* 10,011,009 0.35 Trust 2005-1 2A2 25.02.35/5.600%* 1,094,779 0.04 4,971,233 Residential Asset Securitization 25,284,000 Long Beach Mortgage Loan Trust 2006-A8 1A1 25.08.36/6.000% 4,975,206 0.18 Trust 2006-2 2A3 25.03.36/5.540%* 25,351,116 0.90 231,918 Residential Funding Mortgage 25,564,000 Long Beach Mortgage Loan Securities II 2003-HS4 AIB 25.01.29/5.610%* 232,384 0.01 Trust 2006-3 2A3 25.04.36/5.530%* 25,615,933 0.91 7,400,000 Securitized Asset Backed 7,500,000 Long Beach Mortgage Loan Receivables Trust 2005-OP2 Trust 2006-4 2A3 25.05.36/5.510%* 7,509,749 0.27 A2B 25.10.35/5.590%* 7,415,817 0.26 6,750,000 Long Beach Mortgage Loan 39,870,000 SLM 27.07.09/5.517%* 39,968,040 1.41 Trust 2006-5 2A3 25.06.36/5.500%* 6,758,848 0.24 3,900,000 SLM Student Loan Trust 6,500,000 Long Beach Mortgage Loan 2003-10A A2 16.12.19/5.520%* 3,910,144 0.14 Trust 2006-5 M2 25.06.36/5.650%* 6,508,720 0.23 4,000,000 SoundviewHome Equity Loan 7,200,000 Long Beach Mortgage Loan Trust 2005-CTX1 M1 25.12.30/5.770%* 4,019,145 0.14 Trust 2006-7 2A3 25.08.36/5.480%* 7,208,327 0.25 4,000,000 SoundviewHome Equity Loan 850,000 Mastr Asset Backed Securities Trust 2005-OPT4 M2 25.12.35/5.900%* 4,021,669 0.14 Trust 2005-OPT1 M1 25.03.35/5.750%* 853,767 0.03 10,450,000 SoundviewHome Equity Loan 950,000 Mastr Asset Backed Securities Trust 2006-OPT3 2A3 25.06.36/5.520%* 10,466,180 0.37 Trust 2005-OPT1 M2 25.03.35/5.770%* 952,294 0.03 15,000,000 SoundviewHome Equity Loan 16,300,000 Mastr Asset Backed Securities Trust 2006-OPT4 2A3 25.06.36/5.470%* 15,021,171 0.53 Trust 2006-NC1 A3 25.01.36/5.540%* 16,341,702 0.58 6,000,000 SoundviewHome Equity Loan 8,000,000 Meridian Funding 144A 21.07.11/5.604%* 8,021,288 0.28 Trust 2006-OPT5 M3 25.07.36/5.640%* 6,034,532 0.21 19,050,000 Merrill Lynch & Co. 30.01.09/5.466%* 19,080,918 0.67 6,498,000 Specialty Underwriting & 7,500,000 Merrill Lynch & Co. 06.02.09/5.618%* 7,534,170 0.27 Residential Finance 2005-AB3 A2B 6,513,391 0.23 28,038,000 Merrill Lynch & Co. 05.02.10/5.588%* 28,161,900 1.00 25.09.36/5.600%* 19,500,000 Monumental Global Funding II 7,750,000 Specialty Underwriting & Residential Finance 2005-BC3 144A 09.01.09/5.430%* 19,532,409 0.69 A2B 25.06.36/5.600%* 7,768,143 0.27 19,000,000 Morgan Stanley 09.02.09/5.485%* 19,041,268 0.67 6,000,000 Specialty Underwriting & 15,057,000 Morgan Stanley 15.01.10/5.654%* 15,148,185 0.54 Residential Finance 2006-BC3 1,100,000 Morgan Stanley ABS Capital I M2 25.06.37/5.610%* 6,008,146 0.21 2005-HE2 M3 25.01.35/5.830%* 1,104,341 0.04 3,929,942 Structured Adjustable Rate 700,000 Morgan Stanley ABS Capital I Mortgage Loan Trust 2005-HE2 M4 25.01.35/5.980%* 704,595 0.02 2005-16XS A1 25.08.35/5.690%* 3,945,417 0.14 7,100,000 Morgan Stanley ABS Capital I 3,052,518 Structured Adjustable Rate 2006-HE5 A2C 25.08.36/5.490%* 7,108,563 0.25 Mortgage Loan Trust 17,000,000 Morgan Stanley ABS Capital I 2005-19XS 1A1 25.10.35/5.670%* 3,066,354 0.11 2006-NC5 A2C 25.10.36/5.470%* 16,973,438 0.60 3,191,483 Structured Asset Mortgage 3,850,000 National City Bank of Indiana 15.05.07/3.300% 3,822,665 0.14 Investments 2005-AR2 2A1 25.05.45/5.580%* 3,201,153 0.11 10,400,000 Nationwide Life Global 12,619,039 Structured Asset Mortgage Funding I 144A 23.09.08/5.446%* 10,419,677 0.37 Investments 2006-AR1 3A1 25.02.36/5.580%* 12,640,101 0.45 12,000,000 Nomura Home Equity Loan 6,000,000 Structured Asset Securities 2006-HE1 A3 25.02.36/5.560%* 12,022,243 0.42 2005-WF4 M1 25.11.35/5.750%* 6,028,861 0.21 508,260 Option One Mortgage Loan 1,366,707 Thornburg Mortgage Securities Trust 2002-1 A 25.02.32/5.930%* 508,679 0.02 Trust 2003-2 A1 25.04.43/5.690%* 1,368,852 0.05 193,851 Option One Mortgage Loan 10,268,674 Thornburg Mortgage Securities Trust 2002-2 A 25.06.32/5.890%* 194,017 0.01 Trust 2004-3 A 25.09.34/5.720%* 10,323,543 0.36 276,250 Option One Mortgage Loan 1,205,000 US Treasury (i) 08.03.07/0.000% 1,194,048 0.04 Trust 2003-1 A2 25.02.33/5.770%* 276,700 0.01 9,900,000 US Treasury 15.07.16/2.500% 9,972,703 0.35 352,174 Option One Mortgage Loan 17,400,000 Verizon Global Funding 15.08.07/5.504%* 17,400,070 0.61 Trust 2003-5 A2 25.08.33/5.670%* 353,088 0.01 5,531,576 Volkswagen Auto Loan 2,000,000 Option One Mortgage Loan Enhanced Trust 2003-2 A4 22.03.10/2.940% 5,460,472 0.19 Trust 2005-2M1 25.05.35/5.790%* 2,008,805 0.07 1,140,313 Wachovia Asset Securitization 16,500,000 Option One Mortgage Loan 2002-HE2 A 25.12.32/5.780%* 1,142,366 0.04 Trust 2005-5 A3 25.12.35/5.560%* 16,522,008 0.58 5,500,269 Wachovia Asset Securitization 6,900,000 Oracle Corp. and Ozark 2004-HE1 A 25.06.34/5.570%* 5,509,438 0.19 Holding 13.01.09/5.603%* 6,913,786 0.24 37,750,000 Wachovia Bank 23.03.09/5.406%* 37,777,897 1.34 3,350,000 Park Place Securities 600,000 Wake Forest University 01.07.17/5.350%* 600,000 0.02 2004-WHQ2 M2 25.02.35/5.980%* 3,370,530 0.12 4,556,137 Washington Mutual 2005-AR2 6,300,000 Park Place Securities 2A21 25.01.45/5.680%* 4,573,782 0.16 2005-WHQ2 M2 25.05.35/5.810%* 6,335,583 0.22 3,927,196 Washington Mutual 2005-AR6 5,000,000 Premium Asset Trust SERIES1 11.03.10/6.603%* 5,113,250 0.18 2A1A 25.04.45/5.580%* 3,940,004 0.14 27,200,000 Pricoa Global Funding I 144A 03.03.09/5.430%* 27,241,834 0.96 2,834,479 Washington Mutual 2005-AR9 13,900,000 Racers 2005-16-C 144A 20.09.07/5.360%* 13,895,552 0.49 A1A 25.07.45/5.670%* 2,845,633 0.10 11,387,579 Residential Accredit Loans 11,977,912 Washington Mutual 2005-AR13 2005-QO4 2A1 25.12.45/5.600%* 11,437,441 0.40 A1A1 25.10.45/5.640%* 12,003,278 0.42 13,493,726 Residential Accredit Loans 20,198,075 Washington Mutual 2005-AR17 2006-QO2 A1 25.02.46/5.570%* 13,502,053 0.48 A1A1 25.12.45/5.590%* 20,268,401 0.72 24,673,291 Residential Accredit Loans 19,258,241 Wamu Alternative Mortgage 2006-QO3 A1 25.04.46/5.560%* 24,625,225 0.87 Pass-Through Certificates 26,256,813 Residential Accredit Loans 2006-AR1 A1A 25.02.36/5.570%* 19,320,573 0.68 2006-QO4 2A1 25.04.46/5.540%* 26,272,989 0.93 2,750,000 Washington Mutual Bank 25.08.08/5.470%* 2,753,718 0.10 32,183,225 Residential Accredit Loans 35,000,000 Washington Mutual Bank 01.05.09/5.461%* 35,026,845 1.24 2006-QS6 1A2 25.06.36/6.000% 32,140,972 1.14 24,000,000 Wells Fargo & Co. 15.09.09/5.460%* 24,058,656 0.85 3,000,000 Residential Asset Mortgage 11,150,000 Wells Fargo & Co. 23.03.10/5.426%* 11,167,271 0.39 Products 2005-EFC6 M1 25.12.35/5.760%* 3,014,558 0.11 1,173,000 Residential Asset Mortgage Products 2005-EFC6 M2 25.12.35/5.780%* 1,179,227 0.04 2,223,214,618 78.58 21,460,000 Residential Asset Mortgage UNITED KINGDOM Products 2006-NC3 A2 25.01.36/5.540%* 21,481,763 0.76 22,600,000 Arkle Master Issuer 2006-1A 3A 17.08.11/5.417%* 22,600,000 0.81 7,000,000 Residential Asset Securities 17,350,000 Granite Master Issuer 2006-2 2005-AHL3 A2 25.09.35/5.590%* 7,015,620 0.25 A4 20.12.54/5.414%* 17,349,480 0.61 304,590 Granite Mortgages 2004-3 1A3 20.09.44/5.465%* 304,593 0.01

150 JPMorgan Investment Funds - US Dollar Enhanced Yield Fund Schedule of Investments (Expressed in USD) (continued) As at 31 December 2006

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

9,400,000 Permanent Financing 6 2A 10.12.11/5.443%* 9,404,644 0.33 10,400,000 World Savings Bank 14.09.09/5.400%* 10,409,454 0.37 4,500,000 Permanent Master Issuer 2006-1 2A 17.10.15/5.413%* 4,499,910 0.16 161,892,434 5.72 18,500,000 Vodafone Group 28.12.07/5.454%* 18,514,097 0.65 AUSTRALIA 72,672,724 2.57 15,250,000 Commonwealth Bank of Australia 144A 08.06.09/5.390%* 15,261,163 0.54 SPAIN 14,700,000 Westfield Capital 144A 02.11.07/5.671%* 14,739,337 0.52 52,600,000 Banco Bilbao Vizcaya Argentaria US Senior 30,000,500 1.06 Unipersonal 144A 17.04.09/5.444%* 52,669,274 1.86 SPAIN 52,669,274 1.86 29,300,000 Bancaja US Debt S.A.U 144A 10.07.09/5.520%* 29,339,203 1.04 ICELAND 29,339,203 1.04 23,400,000 Glitnir Banki 144A 15.10.08/5.534%* 23,361,928 0.82 5,300,000 Islandsbanki 144A 22.02.08/5.491%* 5,294,976 0.19 UNITED KINGDOM 24,600,000 Nationwide Building Society 28,656,904 1.01 144A 29.09.08/5.374%* 24,613,038 0.87 CAYMAN ISLANDS 24,613,038 0.87 11,350,000 Davis Square Funding 2004-2A A1E 06.05.39/5.400%* 11,350,000 0.40 Total Bonds 245,845,175 8.69 11,350,000 0.40 Total Other Transferable Securities 245,845,175 8.69 NETHERLANDS 6,000,000 Diageo Finance 30.03.09/5.484%* 6,010,338 0.21 Total Investments 2,794,316,499 98.76

6,010,338 0.21 Bank Overdraft (13,054,135) (0.46) BERMUDA 5,850,000 Two-Rock Pass Through Trust Other Assets/(Liabilities) 48,076,421 1.70 144A 11.02.10/6.316%* 5,763,537 0.20 Total Net Assets 2,829,338,785 100.00 5,763,537 0.20 AUSTRALIA 4,520,721 Medallion Trust 2005-1G A1 10.05.36/5.454%* 4,523,925 0.17 * Variable coupon rates are those quoted as at 31 December 2006. (i) Security held as collateral against futures positions by the broker. 4,523,925 0.17

Total Bonds 2,404,861,320 85.00 Allocation of Portfolio as at 31 December 2006 % of Certificates of Deposit Net Assets Fixed Income Securities UNITED STATES OF AMERICA United States of America 87.66 20,000,000 Citibank NewYork 09.02.07/5.320% 20,000,000 0.70 United Kingdom 4.78 20,000,000 HSBC Bank 09.02.07/5.315% 20,000,000 0.71 Spain 2.90 Australia 1.42 40,000,000 1.41 Iceland 1.01 Cayman Islands 0.40 Total Certificates of Deposit 40,000,000 1.41 Netherlands 0.39 Bermuda 0.20 Commercial Papers Total Fixed Income Securities 98.76 UNITED STATES OF AMERICA Cash and Other Assets/(Liabilities) 1.24 25,000,000 Atlantis One Funding 08.03.07/0.000% 24,753,028 0.87 25,000,000 General Electric Capital 08.03.07/0.000% 24,753,028 0.87 Total 100.00

49,506,056 1.74 UNITED KINGDOM 5,000,000 Barclays Bank 08.02.07/0.000% 5,000,000 0.18 Allocation of Portfolio as at 30 June 2006 (Unaudited) % of Net Assets 5,000,000 0.18 Fixed Income Securities United States of America 90.38 Total Commercial Papers 54,506,056 1.93 United Kingdom 2.67 Spain 2.13 Total Transferable Securities Dealt in on 2,499,367,376 88.33 Australia Another Regulated Market 1.83 Jersey 1.38 Iceland 1.15 Other Transferable Securities Cayman Islands 0.46 Netherlands 0.45 Bonds Bermuda 0.43 UNITED STATES OF AMERICA Total Fixed Income Securities 100.88 6,700,000 Aleutian Investments 144A 20.05.14/5.545%* 6,717,286 0.24 Cash and Other Assets/(Liabilities) (0.88) 12,850,000 American Express Bank FSB/Salt Lake City UT 22.06.09/5.410%* 12,860,511 0.45 Total 100.00 10,550,000 American Express Credit 09.11.09/5.380%* 10,557,037 0.37 20,500,000 Bank of America 18.12.08/5.361%* 20,500,554 0.72 33,800,000 Deutsche Bank (NewYork) 15.05.07/5.604%* 33,816,900 1.20 5,250,000 Illinois Student Assistance Commission 01.09.35/5.300%* 5,250,000 0.19 33,250,000 Lehman Brothers Holdings 16.11.09/5.475%* 33,275,237 1.18 20,100,000 MBIA Global Funding 144A 14.11.08/5.350%* 20,101,226 0.71 2,350,000 Twin Reefs Pass-Through Trust 144A 10.12.09/6.350%* 2,354,453 0.08 6,050,000 Washington Mutual Bank/Henderson 06.11.09/5.458%* 6,049,776 0.21

151 JPMorgan Investment Funds - US Dollar Enhanced Yield Fund Schedule of Investments - Outstanding Financial Futures Contracts (Expressed in USD) As at 31 December 2006

Unrealised Maturity (Short) / Long Gain/ Date Quantity Contract Currency Position (Loss)

Bond Futures

Mar-07 54 US 2 Year Note (CBT) USD 11,016,844 (17,044) Mar-07 (575) US 5 Year Note (CBT) USD (60,392,969) 557,031 Mar-07 (131) US 10 Year Note Future USD (14,074,313) 156,453

Total Bond Futures 696,440

Interest Rate Futures

Mar-07 1,671 90 Day Euro$ Future (CME) USD 395,525,700 (400,100)

Total Interest Rate Futures (400,100)

Total Unrealised Net Gain on Financial Futures Contracts 296,340

152 JPMorgan Investment Funds - US Dynamic Small Cap Fund Schedule of Investments (Expressed in USD) As at 31 December 2006

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

Transferable Securities Admitted to an Official Exchange Listing 825 Downey Financial 60,473 0.11 9,325 Dress Barn 217,832 0.41 Shares 150 Electronics for Imaging 4,043 0.01 875 EMC Insurance Group 29,935 0.06 UNITED STATES OF AMERICA Ennis 353,925 0.67 1,200 A.O. Smith 45,647 0.08 14,300 EnPro Industries 62,974 0.12 5,625 Aaron Rents 162,787 0.30 1,875 Equity Inns 578,622 1.09 26,550 Actuate 159,299 0.29 36,300 Ethan Allen Interiors 106,111 0.20 3,075 Acuity Brands 160,268 0.29 2,900 Ezcorp - A Shares 180,400 0.34 4,150 Adams Respiratory Therapeutics 168,987 0.31 11,000 FelCor Lodging Trust 603,073 1.14 7,575 Adolor 57,342 0.10 27,525 First Consulting Group 11,815 0.02 3,800 Advanced Energy Industries 72,161 0.14 850 First Place Financial 45,719 0.09 15,650 Advanta - B Shares 694,077 1.31 1,925 First Regional Bancorp 431,673 0.82 21,450 Aftermarket Technology 460,102 0.87 12,700 FirstFed Financial 279,702 0.53 4,450 Agilysys 75,605 0.14 4,100 Five Star Quality Care 120,821 0.23 1,600 Air Methods 46,495 0.09 10,875 Freightcar America 47,025 0.09 1,900 Albemarle 138,433 0.26 825 Frontier Oil 618,754 1.17 2,300 Alexion Pharmaceuticals 93,287 0.18 21,425 Furniture Brands International 88,956 0.17 6,450 Alkermes 86,881 0.16 5,375 General Cable 160,696 0.30 800 Alon USA Energy 21,215 0.04 3,575 Gentiva Health Services 147,150 0.28 8,025 Alpharma - A Shares 194,365 0.37 7,500 Giant Industries 18,715 0.04 15,300 American Home Mortgage Investment 538,712 1.02 250 Goodman Global 36,225 0.07 875 American Reprographics 29,364 0.06 2,100 Grey Wolf 76,043 0.14 33,300 AMIS Holdings 360,638 0.68 11,150 Group 1 Automotive 467,817 0.88 19,368 Applied Industrial Technologies 519,836 0.98 8,950 Guess? 1,606 0.00 4,500 Arbor Realty Trust 135,044 0.26 25 Gulfport Energy 41,820 0.08 3,800 Arena Pharmaceuticals 49,475 0.09 3,075 H.B. Fuller 171,275 0.32 3,000 Arena Resources 129,449 0.24 6,500 Hanover Compressor 279,293 0.53 1,200 Ariba 9,407 0.02 14,638 Harland (John H.) 209,451 0.40 7,450 Arkansas Best 275,649 0.52 4,150 Harvest Natural Resources 38,234 0.07 5,875 Arris Group 75,200 0.14 3,550 Helix Energy Solutions Group 45,525 0.09 4,475 ArvinMeritor 83,190 0.16 1,448 Hercules Offshore 23,624 0.04 3,800 Aspen Technology 42,522 0.08 800 Hologic 131,452 0.25 1,200 Asta Funding 36,552 0.07 2,775 Human Genome Sciences 49,220 0.09 5,425 Asyst Technologies 39,711 0.08 3,925 ICU Medical 127,969 0.24 4,150 Avista 105,825 0.20 3,125 Idacorp 121,906 0.23 850 Avocent 28,849 0.05 3,125 Illumina 160,064 0.30 25,100 Barnes Group 550,192 1.04 4,100 infoUSA 171,234 0.32 825 Basic Energy Services 20,757 0.04 14,175 Innkeepers USA Trust 294,900 0.56 9,775 Bel Fuse - B Shares 352,193 0.67 19,075 Insteel Industries 150,948 0.29 4,175 Bentley Pharmaceuticals 43,295 0.08 8,400 Integra Bank 56,599 0.11 25 Bio-Rad Laboratories - A Shares 2,082 0.00 2,025 Inter-Tel 281,232 0.53 325 Biosite 15,945 0.03 12,600 Interdigital Communications 129,150 0.24 5,700 Bon-Ton Stores 200,754 0.38 3,750 Intervest Bancshares 27,560 0.05 14,074 Brightpoint 190,843 0.36 800 inVentiv Health 10,527 0.02 14,500 Brocade Communications Systems 123,105 0.23 300 Isis Pharmaceuticals 40,328 0.08 7,800 Brown Shoe 377,832 0.71 3,550 Jakks Pacific 119,124 0.23 22,575 Bruker BioSciences 167,281 0.32 5,400 Jamba 91,523 0.17 4,875 Buckle 248,723 0.47 9,125 K&F Industries Holdings 114,660 0.22 5,475 Builders FirstSource 97,565 0.18 4,900 Kendle International 48,920 0.09 5,700 Building Material Holding 140,733 0.27 1,575 Keryx Biopharmaceuticals 46,410 0.09 875 Calamos Asset Management - A Shares 23,896 0.05 3,500 Kforce 407,956 0.77 1,875 Cascade 101,531 0.19 32,275 Kindred Healthcare 52,373 0.10 9,350 Cash America International 443,564 0.84 2,075 Knight Capital Group - A Shares 107,635 0.20 5,875 Century Aluminum 264,081 0.50 5,500 Komag 71,963 0.14 1,925 Ceradyne 110,572 0.21 1,875 Kulicke & Soffa Industries 406,019 0.77 7,150 Champion Enterprises 68,068 0.13 48,625 Kyphon 235,410 0.45 39,300 Charming Shoppes 544,698 1.03 5,700 LandAmerica Financial Group 148,196 0.28 133,875 Cincinnati Bell 622,519 1.18 2,325 Lawson Software 50,799 0.10 1,625 CIRCOR International 61,425 0.12 6,800 LCA - Vision 64,942 0.12 29,950 Cirrus Logic 210,249 0.40 1,900 Lifecell 116,366 0.22 1,450 City Holding 60,117 0.11 4,875 Lightbridge 326,349 0.62 11,325 Cleco 288,108 0.54 23,700 Lone Star Technologies 364,419 0.69 6,850 Colonial Properties Trust 319,964 0.61 7,425 Magellan Health Services 126,302 0.24 3,600 Comfort Systems USA 45,612 0.09 2,925 MannKind 57,925 0.11 12,425 Commercial Metals 324,790 0.61 3,500 Marlin Business Services 605,652 1.15 15,025 Community Trust Bancorp 635,257 1.20 25,225 Mattson Technology 44,599 0.08 8,875 CompuCredit 352,426 0.67 4,775 Meadowbrook Insurance Group 45,409 0.09 800 Conmed 18,625 0.04 4,550 Medarex 23,049 0.04 3,700 Consolidated Graphics 221,482 0.42 1,550 Medicis Pharmaceutical - A Shares 57,379 0.11 11,550 Continental Airlines - B Shares 483,945 0.92 1,625 Medivation 70,425 0.13 19,100 Corus Bankshares 452,475 0.86 4,500 Mentor Graphics 90,307 0.17 12,725 Covansys 294,075 0.56 4,900 Metal Management 89,559 0.17 13,400 CSG Systems International 364,882 0.69 2,350 MicroStrategy - A Shares 486,546 0.92 4,775 Cubist Pharmaceuticals 86,857 0.16 4,150 MIPS Technologies 33,619 0.06 2,325 Cymer 104,369 0.20 4,075 MKS Instruments 70,571 0.13 17,650 Cypress Bioscience 138,023 0.26 3,075 Molecular Devices 88,232 0.17 3,550 Deckers Outdoor 211,225 0.40 4,100 Molina Healthcare 52,768 0.10 3,125 Digital River 176,375 0.33 1,600 Mueller Industries 99,250 0.19 1,300 Digitas 17,433 0.03 3,125 Myers Industries 217,764 0.41 9,987 Diodes 358,833 0.68 13,800 Myriad Genetics 117,713 0.22 5,875 DJO 254,035 0.48 3,750 Nastech Pharmaceutical 87,421 0.17 17,800 Dobson Communications - A Shares 155,928 0.29 5,725 Navigators Group 149,476 0.28 25,898 Dollar Financial 723,849 1.37 3,075 NBTY 899,246 1.70 21,800 Domino’s Pizza 619,338 1.17 21,375 NCI Building Systems 101,948 0.19 9,450 Dover Downs Gaming & Entertainment 130,221 0.25 1,925

153 JPMorgan Investment Funds - US Dynamic Small Cap Fund Schedule of Investments (Expressed in USD) (continued) As at 31 December 2006

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

5,725 Nektar Therapeutics 89,024 0.17 27,700 Xerium Technologies 276,723 0.52 11,650 Netgear 312,220 0.59 10,837 Zenith National Insurance 518,334 0.98 4,850 Neurometrix 71,829 0.14 3,125 Zoran 45,938 0.09 3,075 Nicor 145,448 0.28 9,975 Odyssey HealthCare 132,867 0.25 51,430,123 97.27 1,575 Odyssey Re Holdings 59,141 0.11 PUERTORICO 4,500 Omega Healthcare Investors 79,830 0.15 12,550 R&G Financial - B Shares 95,129 0.18 6,800 Omnicell 129,064 0.24 7,500 Omnivision Technologies 102,900 0.19 95,129 0.18 10,350 ON Semiconductor 79,074 0.15 8,675 Pacer International 261,812 0.50 CANADA 4,225 Packeteer 58,094 0.11 4,475 Cardiome Pharma 50,254 0.10 21,025 Palm 299,774 0.57 5,675 Pantry 272,400 0.52 50,254 0.10 28,010 Parametric Technology 507,821 0.96 1,925 Park Electrochemical 48,953 0.09 Total Shares 51,575,506 97.55 2,775 Parkway Properties 141,553 0.27 20,650 Payless Shoesource 692,601 1.31 Total Transferable Securities Admitted to an 51,575,506 97.55 8,675 Pediatrix Medical Group 424,728 0.80 Official Exchange Listing 23,950 Per-Se Technologies 666,289 1.26 23,900 Perot Systems - A Shares 396,023 0.75 Transferable Securities Dealt in on Another Regulated Market 15,075 Phillips-Van Heusen 771,388 1.46 2,325 Plexus 56,963 0.11 Bonds 27,875 Premiere Global Services 262,583 0.50 UNITED STATES OF AMERICA 1,925 Progenics Pharmaceuticals 50,089 0.09 70,000 US Treasury (i) 30.11.07/4.250% 69,519 0.13 3,125 Progress Software 88,219 0.17 3,200 Psychiatric Solutions 120,832 0.23 69,519 0.13 8,250 Quanex 289,988 0.55 12,600 RBC Bearings 366,912 0.69 Total Bonds 69,519 0.13 16,950 RealNetworks 185,942 0.35 12,425 Regal-Beloit 659,768 1.25 Total Transferable Securities Dealt in on 69,519 121.16 2,325 Rent-A-Center 69,034 0.13 Another Regulated Market 12,200 Republic Airways Holdings 208,010 0.39 Total Investments 51,645,025 97.68 13,393 Republic Bancorp - A Shares 337,504 0.64 16,800 Rock-Tenn - A Shares 465,528 0.88 1,189,178 2.25 1,425 RPC 24,396 0.05 Cash 12,650 Ryerson 321,563 0.61 8,800 Safety Insurance Group 459,712 0.87 Other Assets/(Liabilities) 39,337 0.07 2,950 Sciele Pharma 70,653 0.13 3,200 Shiloh Industries 60,832 0.12 Total Net Assets 52,873,540 100.00 1,450 Shoe Carnival 45,849 0.09 3,075 Silgan Holdings 134,993 0.26 (i) Security held as collateral against futures positions by the broker. 6,225 Silicon Image 80,801 0.15 13,250 Sinclair Broadcast Group - A Shares 143,895 0.27 4,900 Somaxon Pharmaceuticals 68,600 0.13 Allocation of Portfolio as at 31 December 2006 % of 9,275 South Jersey Industries 313,773 0.59 Net Assets 3,125 Southwest Bancorp 87,813 0.17 Fixed Income Securities 10,300 Southwest Gas 398,610 0.75 United States of America 0.13 24,925 Spartan Stores 521,930 0.99 Total Fixed Income Securities 0.13 825 Stanley Furniture 18,043 0.03 Shares 4,450 Steel Dynamics 145,649 0.28 Financials 21.13 20,525 Sterling Financial 701,339 1.33 Information Technology 16.90 7,437 Steven Madden 267,063 0.51 Consumer Discretionary 14.95 1,575 Stride Rite 23,877 0.05 Industrials 13.80 6,000 Sunstone Hotel Investors 160,500 0.30 Health Care 11.65 4,875 Swift Energy 222,788 0.42 Energy 4.97 19,100 Sybase 479,219 0.91 Materials 4.58 17,000 Tanger Factory Outlet Centers 666,910 1.26 Utilities 3.25 12,575 Taylor Capital Group 471,688 0.89 Consumer Staples 3.20 4,100 Technitrol 98,892 0.19 Telecommunication Services 3.12 2,125 Technology Investment Capital 34,446 0.07 Total Shares 97.55 3,800 Teledyne Technologies 153,368 0.29 Cash and Other Assets/(Liabilities) 2.32 2,100 Telik 9,196 0.02 2,350 Tennant 68,902 0.13 Total 100.00 6,950 Thoratec 123,849 0.23 1,925 TierOne 61,427 0.12 16,125 Trico Marine Services 622,909 1.18 11,375 Trizetto Group 211,916 0.40 3,550 TTM Technologies 40,861 0.08 26,775 Tupperware Brands 603,776 1.14 2,975 Union Drilling 42,215 0.08 29,550 United Community Financial 367,898 0.70 825 United Industrial 41,943 0.08 22,100 United Online 299,676 0.57 3,075 United Therapeutics 166,604 0.32 3,750 US Concrete 26,588 0.05 5,500 Vaalco Energy 37,345 0.07 10,525 Vertrue 407,739 0.77 3,850 Viropharma 56,379 0.11 25 Vital Signs 1,242 0.00 11,450 Wabtec 351,057 0.66 7,450 WellCare Health Plans 520,979 0.99 13,300 Westar Energy 348,992 0.66 19,925 Windstream 281,939 0.53 4,100 World Acceptance 197,128 0.37

154 JPMorgan Investment Funds - US Dynamic Small Cap Fund Schedule of Investments (Expressed in USD) (continued) As at 31 December 2006

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

Allocation of Portfolio as at 30 June 2006 (Unaudited) % of Net Assets Fixed Income Securities United States of America 0.18 Total Fixed Income Securities 0.18 Shares Financials 19.95 Information Technology 17.83 Consumer Discretionary 15.22 Industrials 14.68 Health Care 11.63 Energy 5.53 Materials 4.15 Telecommunication Services 2.87 Utilities 2.87 Consumer Staples 2.57 Total Shares 97.30 Cash and Other Assets/(Liabilities) 2.52 Total 100.00

155 JPMorgan Investment Funds - US Dynamic Small Cap Fund Schedule of Investments - Outstanding Financial Futures Contracts (Expressed in USD) As at 31 December 2006

Unrealised Maturity (Short) / Long Gain/ Date Quantity Contract Currency Position (Loss)

Equity Futures

Mar-07 3 Russell 2000 Future USD 1,203,000 (2,050)

Total Unrealised Net Loss on Financial Futures Contracts (2,050)

156 JPMorgan Investment Funds - US Select Equity Fund Schedule of Investments (Expressed in USD) As at 31 December 2006

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

Transferable Securities Admitted to an Official Exchange Listing 53,005 Praxair 3,157,508 1.46 86,739 Procter & Gamble 5,600,737 2.58 Shares 56,120 Qualcomm 2,129,193 0.98 24,500 Rohm & Haas 1,258,075 0.58 UNITED STATES OF AMERICA Sabre Holdings - A Shares 420,693 0.19 12,000 3M 937,560 0.44 13,192 Safeway 360,294 0.17 73,630 Abbott Laboratories 3,587,253 1.66 10,300 Schering-Plough 2,870,336 1.32 17,594 Advance Auto Parts 633,559 0.30 120,400 Schlumberger 2,870,106 1.32 18,300 Aetna 796,416 0.38 45,370 Sepracor 398,909 0.18 10,481 AGCO 330,570 0.16 6,480 Sprint Nextel 1,080,079 0.50 36,000 Altera 715,320 0.34 56,401 Staples 4,785,955 2.21 64,410 Altria Group 5,539,260 2.56 177,389 Starwood Hotels & Resorts Worldwide 1,022,470 0.47 25,360 AMBAC Financial Group 2,274,538 1.05 16,240 State Street 2,818,503 1.30 19,560 American Express 1,197,268 0.55 41,700 Sun Microsystems 202,400 0.09 55,100 Ameritrade Holding 896,477 0.41 36,800 SunTrust Banks 1,622,163 0.75 57,420 Amgen 3,934,418 1.81 19,100 Supervalu 2,408,922 1.11 40,120 Apache 2,659,956 1.23 66,600 Sysco 3,573,309 1.65 17,367 Apartment Investment & Management - A Shares 973,247 0.45 97,180 Time Warner 679,182 0.31 13,600 Apple Computer 1,149,608 0.53 30,900 United States Steel 205,072 0.09 63,610 AT&T 2,287,416 1.05 2,800 United Technologies 2,212,341 1.02 27,054 Avon Products 900,087 0.41 35,150 UnitedHealth Group 583,513 0.27 14,300 Baker Hughes 1,074,359 0.50 10,850 US Bancorp 1,096,199 0.51 85,640 Bank of America 4,598,012 2.12 30,190 Verizon Communications 3,426,588 1.58 26,010 Bank of NewYork 1,034,678 0.48 91,060 Viacom - B Shares 654,746 0.30 18,300 BellSouth 868,701 0.40 15,985 Wachovia 2,100,824 0.97 410 Berkshire Hathaway - B Shares 1,501,605 0.69 36,670 Walt Disney 857,088 0.40 406 Capital One Financial 31,534 0.01 24,800 Washington Mutual 638,566 0.29 14,600 Caremark Rx 832,638 0.38 13,900 Waste Management 388,397 0.18 26,260 CBS - B Shares 829,291 0.38 10,560 Weatherford International 409,150 0.19 155,570 Cisco Systems 4,279,731 1.97 9,800 WellPoint 772,730 0.36 18,210 CIT Group 1,030,322 0.47 9,800 Wells Fargo & Co. 4,059,720 1.87 115,521 Citigroup 6,456,469 2.98 113,400 WM Wrigley Jr 499,456 0.23 12,910 Coca-Cola 627,813 0.29 9,670 Wyeth 3,274,488 1.51 32,000 Comcast - A Shares 1,371,200 0.63 64,080 Xcel Energy 1,061,220 0.49 11,800 Computer Sciences 630,946 0.29 46,000 Xilinx 1,225,672 0.57 141,550 Corning 2,656,894 1.22 50,900 XTO Energy 595,980 0.27 18,900 Crown Castle International 613,305 0.28 12,600 Yahoo! 1,521,234 0.70 13,900 CSX 487,473 0.22 59,400 13,640 CVS 425,977 0.20 8,550 Danaher 623,894 0.29 204,779,183 94.40 12,860 Deere & Co. 1,231,859 0.57 BERMUDA 30,870 Dell 777,307 0.36 51,211 RenaissanceRe Holdings 3,084,951 1.42 17,000 Devon Energy 1,139,340 0.53 30,050 Tyco International 924,338 0.43 18,300 DTE Energy 889,197 0.41 64,100 Duke Energy 2,130,043 0.98 4,009,289 1.85 10,260 eBay 309,236 0.14 52,600 Edison International 2,410,132 1.11 CANADA 6,440 Eli Lilly & Co. 334,043 0.15 21,259 Alcan 1,031,274 0.48 18,155 Embarq 960,036 0.44 62,200 EMC / Massachussets 828,504 0.38 1,031,274 0.48 6,600 EOG Resources 415,602 0.19 88,050 Exxon Mobil 6,787,775 3.13 Total Shares 209,819,746 96.73 5,600 Franklin Resources 616,392 0.28 Total Transferable Securities Admitted to an 209,819,746 96.73 6,920 Gannett 421,636 0.19 Official Exchange Listing 244,200 General Electric 9,142,848 4.21 10,900 General Mills 629,257 0.29 Transferable Securities Dealt in on Another Regulated Market 21,650 Genworth Financial - A Shares 746,492 0.34 23,100 Goodrich 1,055,439 0.49 Bonds 4,270 Google - A Shares 1,978,120 0.91 23,310 Hartford Financial Services Group 2,177,154 1.00 UNITED STATES OF AMERICA 54,540 Hewlett-Packard 2,266,137 1.04 330,000 US Treasury (i) 31.07.07/3.875% 327,834 0.15 37,350 Hilton Hotels 1,322,190 0.61 22,130 Honeywell International 1,004,038 0.46 327,834 0.15 26,534 Host Hotels & Resorts 651,940 0.30 24,620 International Business Machines 2,400,450 1.11 Total Bonds 327,834 0.15 15,264 Johnson & Johnson 1,010,324 0.47 60,930 Johnson Controls 5,263,133 2.43 Total Transferable Securities Dealt in on 327,834 0.15 Another Regulated Market 10,300 Joy Global 505,730 0.23 25,460 Juniper Networks 485,522 0.22 Total Investments 210,147,580 96.88 7,900 Kla-Tencor 397,923 0.18 14,450 Kohl’s 998,351 0.46 Cash 6,904,394 3.18 74,590 Linear Technology 2,282,454 1.05 8,810 Marshall & Ilsley 425,083 0.20 Other Assets/(Liabilities) (126,633) (0.06) 18,200 Medimmune 589,862 0.27 19,500 Medtronic 1,038,375 0.48 Total Net Assets 216,925,341 100.00 56,100 Merck & Co. 2,429,691 1.12 209,101 Microsoft 6,289,758 2.90 8,800 Monsanto 459,536 0.21 (i) Security held as collateral against futures positions by the broker. 40,600 Morgan Stanley 3,313,772 1.53 111,520 Motorola 2,316,270 1.07 96,300 News - A Shares 2,080,080 0.96 69,080 Norfolk Southern 3,500,974 1.61 40,720 Northeast Utilities 1,142,603 0.53 73,600 Occidental Petroleum 3,606,400 1.66 65,180 Oracle 1,126,962 0.52 20,000 PepsiCo 1,261,600 0.58

157 JPMorgan Investment Funds - US Select Equity Fund Schedule of Investments (Expressed in USD) (continued) As at 31 December 2006

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

Allocation of Portfolio as at 31 December 2006 % of Net Assets Fixed Income Securities United States of America 0.15 Total Fixed Income Securities 0.15 Shares Financials 19.97 Information Technology 16.71 Industrials 12.52 Health Care 10.36 Consumer Staples 10.07 Energy 9.02 Consumer Discretionary 7.77 Telecommunication Services 3.97 Utilities 3.52 Materials 2.82 Total Shares 96.73 Cash and Other Assets/(Liabilities) 3.12 Total 100.00

Allocation of Portfolio as at 30 June 2006 (Unaudited) % of Net Assets Fixed Income Securities United States of America 0.13 Total Fixed Income Securities 0.13 Shares Financials 20.50 Information Technology 14.26 Industrials 13.34 Health Care 11.15 Energy 10.18 Consumer Staples 9.41 Consumer Discretionary 9.04 Materials 3.46 Telecommunication Services 3.26 Utilities 3.22 Total Shares 97.82 Cash and Other Assets/(Liabilities) 2.05 Total 100.00

158 JPMorgan Investment Funds - US Select Equity Fund Schedule of Investments - Outstanding Financial Futures Contracts (Expressed in USD) As at 31 December 2006

Unrealised Maturity (Short) / Long Gain/ Date Quantity Contract Currency Position (Loss)

Equity Futures

Mar-07 15 S&P 500 Future USD 5,383,125 31,400

Total Unrealised Net Gain on Financial Futures Contracts 31,400

159 JPMorgan Investment Funds Appendix - Unaudited Additional Disclosures (continued)

Capped For the For the For the For the For the For the For the Expense year ended year ended year ended year ended year ended year ended year ended Ratio Share Class Name 31 December 31 December 31 December 31 December 31 December 31 December 31 December 31 December Inception 2006 2006** 2005 2004 2003 2002 2001 2006 Date 1. Fund Expense Ratios and Capped Expense Ratios (*) (continued)

JPMorgan Investment Funds - Blue and Green Fund JPM Blue and Green A (acc) - EUR 0.85 - 0.85 0.85 0.85 0.85 0.85 - 16-Sep-96

JPMorgan Investment Funds - Euro Liquid Market Fund (1) JPM Euro Liquid Market A (acc) - EUR 0.65 - 0.65 0.65 0.65 0.65 0.65 - 16-Jan-95 JPM Euro Liquid Market C (acc) - EUR*** - - 0.25 0.25 0.01 - - - 18-Dec-03 JPM Euro Liquid Market X (acc) - EUR 0.05 - 0.04 0.03 0.05 0.03 - 0.05 08-May-02

JPMorgan Investment Funds - Europe Bond Fund JPM Europe Bond A (acc) - EUR 1.00 - 1.00 1.00 1.00 1.00 1.00 - 01-Jul-97 JPM Europe Bond A (inc) - EUR 1.00 - 1.00 - - - - - 18-Oct-05 JPM Europe Bond B (acc) - EUR 0.75 - 0.75 0.75 0.75 0.75 0.75 - 23-Sep-97 JPM Europe Bond C (acc) - EUR 0.52 - 0.52 0.49 0.49 0.50 0.50 0.55 16-Jun-98 JPM Europe Bond D (acc) - EUR 1.40 - 1.40 1.40 1.25 1.25 1.25 - 16-Jul-01 JPM Europe Bond X (acc) - EUR 0.08 - 0.06 0.03 0.03 0.04 0.05 0.10 30-Apr-98

JPMorgan Investment Funds - Europe Corporate Bond Fund JPM Europe Corporate Bond A (acc) - EUR 1.10 - 1.10 1.10 1.10 - - - 27-May-03 JPM Europe Corporate Bond B (acc) - EUR*** - - 0.80 0.80 0.80 - - - 27-May-03 JPM Europe Corporate Bond C (acc) - EUR 0.60 - 0.60 0.51 0.27 - - 0.60 08-Jul-03 JPM Europe Corporate Bond D (acc) - EUR 1.50 - 1.50 1.50 1.35 - - - 27-May-03 JPM Europe Corporate Bond X (acc) - EUR 0.10 - 0.07 0.05 0.03 - - 0.10 27-May-03

JPMorgan Investment Funds - Europe Recovery Fund JPM Europe Recovery A (acc) - EUR 1.90 - 1.90 1.90 1.90 - - - 27-May-03 JPM Europe Recovery A (dist) - EUR 1.90 ------15-May-06 JPM Europe Recovery B (acc) - EUR 1.50 - 1.50 1.50 1.50 - - - 13-Oct-03 JPM Europe Recovery C (acc) - EUR 0.96 - 1.00 1.00 0.32 - - 1.00 06-Nov-03 JPM Europe Recovery D (acc) - EUR 2.90 - 2.90 2.90 2.50 - - - 27-May-03 JPM Europe Recovery X (acc) - EUR 0.12 - 0.15 0.10 0.06 - - 0.15 27-May-03

JPMorgan Investment Funds - Europe Select Equity Fund JPM Europe Select Equity A (acc) - EUR 1.90 - 1.90 1.90 1.90 1.90 1.65 - 29-Aug-97 JPM Europe Select Equity A (dist) - EUR 1.90------15-May-06 JPM Europe Select Equity B (acc) - EUR*** ----1.08 1.08 1.30 - 13-Oct-03 JPM Europe Select Equity C (acc) - EUR*** - - 0.06 0.67 0.68 0.52 0.68 - 07-Jan-98 JPM Europe Select Equity X (acc) - EUR 0.15 - 0.09 0.05 0.05 0.05 0.04 0.15 21-May-01

JPMorgan Investment Funds - Europe Select Large Cap Fund JPM Europe Select Large Cap A (acc) - EUR 1.90 - 1.90 1.65 1.65 1.65 1.65 - 02-Apr-97 JPM Europe Select Large Cap A (dist) - EUR 1.90------15-May-06 JPM Europe Select Large Cap B (acc) - EUR 1.30 - 1.30 1.30 1.30 1.30 1.30 - 22-Jul-97 JPM Europe Select Large Cap C (acc) - EUR 0.85 - 0.80 0.75 0.75 0.75 0.75 0.85 10-Nov-98 JPM Europe Select Large Cap D (acc) - EUR 2.65 - 2.65 2.65 2.25 2.25 2.25 - 23-May-01 JPM Europe Select Large Cap X (acc) - EUR 0.15 - 0.09 0.05 0.05 0.05 0.04 0.15 06-May-98

JPMorgan Investment Funds - Europe Short Duration Fund JPM Europe Short Duration A (acc) - EUR 0.75 - 0.80 0.85 0.85 - - - 27-May-03 JPM Europe Short Duration B (acc) - EUR 0.50 - 0.55 0.60 0.60 - - - 27-May-03 JPM Europe Short Duration C (acc) - EUR 0.40 - 0.38 0.45 0.30 - - 0.40 28-May-03 JPM Europe Short Duration D (acc) - EUR 1.15 - 1.20 1.20 1.05 - - - 27-May-03 JPM Europe Short Duration X (acc) - EUR 0.09 - 0.07 0.04 0.04 - - 0.10 27-May-03

JPMorgan Investment Funds - Europe Strategic Dividend Fund JPM Europe Strategic Dividend A (acc) - EUR 1.90 - 1.90 - - - - - 27-Feb-05 JPM Europe Strategic Dividend A (dist) - EUR 1.90 ------15-May-06 JPM Europe Strategic Dividend D (acc) - EUR 2.65 - 2.65 - - - - - 12-Dec-05

(1) This Sub-Fund changed its name from Euro Fondo de Dinero on 29 August 2006.

160 JPMorgan Investment Funds Appendix - Unaudited Additional Disclosures (continued)

JPMorgan Investment Funds - Global 50 Equity Fund JPM Global 50 Equity A (acc) - USD 1.90 - 1.90 1.90 1.90 1.90 1.90 - 29-May-98 JPM Global 50 Equity A (dist) - USD 1.90------15-May-06 JPM Global 50 Equity B (acc) - USD*** - - 1.50 1.50 1.50 1.50 1.50 - 03-Jun-98 JPM Global 50 Equity C (acc) - USD 1.00 - 1.00 1.35 1.35 1.34 1.34 1.00 10-Jul-98 JPM Global 50 Equity D (acc) - USD 2.90 - 2.90 2.90 2.50 2.50 2.50 - 06-Feb-01 JPM Global 50 Equity X (acc) - USD 0.05 - 0.12 0.05 0.05 0.05 0.05 0.15 03-Feb-00

JPMorgan Investment Funds - Global Balanced Fund (EUR) (2) JPM Global Balanced (EUR) A (acc) - EUR 1.65 - 1.65 1.65 1.65 1.65 1.65 - 18-Jul-95 JPM Global Balanced (EUR) A (dist) - EUR 1.65------15-May-06 JPM Global Balanced (EUR) B (acc) - EUR 1.10 - 1.10 1.10 1.10 1.10 1.10 - 19-Jan-95 JPM Global Balanced (EUR) C (acc) - EUR 0.89 - 0.87 0.80 0.80 0.79 0.79 0.90 21-Jan-98 JPM Global Balanced (EUR) D (acc) - EUR 2.15 - 2.15 2.15 2.00 2.00 - - 11-Jul-02

JPMorgan Investment Funds - Global Balanced Fund (USD) (3) JPM Global Balanced (USD) A (acc) - USD 1.65 - 1.65 1.45 1.45 1.45 1.45 - 01-Jul-97 JF Global Balanced (USD) A (acc) - USD 1.70 - 1.70 1.70 1.70 - - - 04-Apr-03 JPM Global Balanced (USD) A (dist) - USD 1.65------15-May-06 JPM Global Balanced (USD) B (acc) - USD 1.10 - 1.10 1.10 1.10 1.10 1.10 - 01-Jul-97 JPM Global Balanced (USD) C (acc) - USD 0.87 - 0.90 0.85 0.38 - - 0.90 22-Jul-03 JPM Global Balanced (USD) D (acc) - USD 2.15 - 2.15 2.15 2.00 2.00 - - 01-Feb-02 JPM Global Balanced (USD) X (acc) - USD 0.09 - 0.07 0.05 0.04 0.04 0.04 0.10 19-Dec-97 JPM Global Balanced (USD) X (inc) - USD 0.06 - 0.08 0.05 0.04 0.05 0.04 0.10 01-Sep-98

JPMorgan Investment Funds - Global Bond Fund (EUR) (4) JPM Global Bond (EUR) A (acc) - EUR 1.00 - 1.00 1.00 1.00 1.00 1.00 - 08-Jan-99 JPM Global Bond (EUR) A (inc) - EUR 1.00------15-May-06 JPM Global Bond (EUR) B (acc) - EUR 0.75 - 0.75 0.75 0.75 0.75 0.75 - 07-May-97 JPM Global Bond (EUR) C (acc) - EUR 0.53 - 0.50 0.48 0.48 0.48 0.50 0.55 07-May-97 JPM Global Bond (EUR) D (acc) - EUR 1.40 - 1.40 1.40 1.25 1.25 1.25 - 03-Apr-01 JPM Global Bond (EUR) X (acc) - EUR 0.08 - 0.06 0.03 0.03 0.03 0.03 0.10 18-Jun-98

JPMorgan Investment Funds - Global Bond Fund (USD) (5) JPM Global Bond A (USD) (acc) - USD 1.00 - 1.00 1.00 1.00 1.00 1.00 - 06-Nov-97 JF Global Bond (USD) A (acc) - USD 1.20 - 1.20 1.20 1.20 - - - 04-Apr-03 JPM Global Bond (USD) B (acc) - USD 0.75 - 0.75 0.75 0.75 0.75 0.75 - 14-Oct-97 JPM Global Bond (USD) C (acc) - USD 0.53 - 0.51 0.49 0.49 0.49 0.50 0.55 26-May-98 JPM Global Bond (USD) D (acc) - USD 1.40 - 1.40 1.40 1.25 1.25 1.25 - 13-Nov-01 JPM Global Bond (USD) X (acc) - USD 0.09 - 0.06 0.03 0.03 0.03 0.03 0.10 03-Sep-98

JPMorgan Investment Funds - Global Capital Appreciation Fund JPM Global Capital Appreciation A (acc) - EUR 1.45 1.78 1.45 1.75 1.75 1.75 1.75 - 23-Oct-98 JPM Global Capital Appreciation A (dist) - EUR 1.45 2.27 ------01-Jun-06 JPM Global Capital Appreciation A (inc) - EUR 1.45 2.27 ------01-Jun-06 JPM Global Capital Appreciation B (acc) - EUR 1.05 1.88 1.05 1.30 1.30 1.30 1.30 - 10-Dec-98 JPM Global Capital Appreciation C (acc) - EUR 0.74 1.27 0.75 0.85 0.82 0.83 0.83 0.75 01-Dec-99 JPM Global Capital Appreciation D (acc) - EUR 2.15 2.55 2.15 2.15 2.00 2.00 2.00 - 12-Dec-01 JPM Global Capital Appreciation X (acc) - EUR 0.08 0.45 - - - - - 0.10 25-Apr-06

JPMorgan Investment Funds - Global Capital Preservation Fund (EUR) (6) JPM Global Capital Preservation (EUR) A (acc) - EUR 1.45 1.45 1.45 1.45 1.45 1.45 1.45 - 15-Sep-95 JPM Global Capital Preservation (EUR) A (acc) - USD 1.45 1.99 ------31-Jul-06 JPM Global Capital Preservation (EUR) A (dist) - EUR 1.45 1.88 ------01-Jun-06 JPM Global Capital Preservation (EUR) A (inc) - EUR 1.45 2.07 ------01-Jun-06 JPM Global Capital Preservation (EUR) B (acc) - EUR 1.05 1.06 1.05 1.05 1.05 1.05 1.05 - 30-Jun-95 JPM Global Capital Preservation (EUR) C (acc) - EUR 0.72 0.75 0.74 0.73 0.73 0.72 0.71 0.75 16-May-97 JPM Global Capital Preservation (EUR) D (acc) - EUR 1.90 1.90 1.90 1.90 1.75 1.75 1.75 - 31-May-01 JPM Global Capital Preservation (EUR) I (inc) - EUR 0.21 1.44 - - - - - 0.71 22-Sep-06 JPM Global Capital Preservation (EUR) X (acc) - EUR 0.08 0.10 0.08 0.01 - - - 0.10 19-Nov-04

(2) This Sub-Fund changed its name from EUR Global Balanced Fund on 2 October 2006. (3) This Sub-Fund changed its name from USD Global Balanced Fund on 2 October 2006. (4) This Sub-Fund changed its name from EUR Global Bond Fund on 29 August 2006. (5) This Sub-Fund changed its name from USD Global Bond Fund on 29 August 2006. (6) This Sub-Fund changed its name from Global Capital Preservation Fund on 29 August 2006.

161 JPMorgan Investment Funds Appendix - Unaudited Additional Disclosures (continued)

JPMorgan Investment Funds - Global Convertibles Fund (USD) (7) JPM Global Convertibles (USD) A (acc) - USD 1.65 - 1.65 1.65 - - - - 15-Jun-04 JPM Global Convertibles (USD) C (acc) - USD 0.26 - 0.95 - - - - 0.95 09-Aug-05 JPM Global Convertibles (USD) D (acc) - USD 2.15 - 2.15 2.15 - - - - 28-Dec-04 JPM Global Convertibles (USD) X (acc) - USD 0.10 - 0.15 0.11 - - - 0.95 15-Jun-04

JPMorgan Investment Funds - Global Enhanced Bond Fund JPM Global Enhanced Bond A (acc) - EUR 1.10 - 1.10 1.10 1.10 1.10 1.10 - 12-Dec-00 JPM Global Enhanced Bond A (inc) - EUR 1.10------15-May-06 JPM Global Enhanced Bond B (acc) - EUR 0.80 - 0.80 0.80 0.80 0.80 0.80 - 02-Jan-01 JPM Global Enhanced Bond C (acc) - EUR 0.59 - 0.58 0.53 0.54 0.55 0.54 0.60 30-May-00 JPM Global Enhanced Bond D (acc) - EUR 1.40 - 1.40 1.40 1.25 1.25 1.25 - 30-May-01 JPM Global Enhanced Bond X (acc) - EUR 0.09 - 0.07 0.04 0.03 0.04 0.05 0.10 30-May-00 JPM Global Enhanced Bond X (inc) - EUR 0.09 - 0.07 0.01 - - - 0.10 09-Sep-04

JPMorgan Investment Funds - Global ex-US Bond Fund JPM Global ex-US Bond A (acc) - USD 1.00 - 1.00 1.00 1.00 1.00 1.00 - 27-Mar-97 JPM Global ex-US Bond B (acc) - USD 0.75 - 0.75 0.75 0.75 0.75 0.75 - 25-Mar-97 JPM Global ex-US Bond C (acc) - USD 0.53 - 0.51 0.49 0.50 0.50 0.50 0.55 21-Sep-98 JPM Global ex-US Bond D (acc) - USD 1.40 - 1.40 1.40 1.25 1.25 1.25 - 07-Jun-01 JPM Global ex-US Bond X (acc) - USD 0.10 - 0.08 0.05 0.05 0.05 0.05 0.10 13-May-98

JPMorgan Investment Funds - Global ex-US Select Small Cap Fund JPM Global ex-US Select Small Cap A (acc) - EUR 1.90 - 1.90 1.90 1.90 1.90 1.90 - 26-Apr-99 JPM Global ex-US Select Small Cap A (dist) - EUR 1.90------15-May-06 JPM Global ex-US Select Small Cap B (acc) - EUR 1.50 - 1.50 1.60 1.60 1.60 1.60 - 26-Apr-99 JPM Global ex-US Select Small Cap C (acc) - EUR 1.04 - 1.05 1.35 1.35 1.35 1.32 1.05 26-Apr-99 JPM Global ex-US Select Small Cap D (acc) - EUR 2.90 - 2.90 2.90 2.50 - - - 18-Nov-03

JPMorgan Investment Funds - Global Financials Fund JPM Global Financials A (acc) - USD 1.90 - 1.90 1.90 1.90 1.90 1.90 - 11-Dec-00 JPM Global Financials A (acc) - EUR 1.90------14-Sep-06 JPM Global Financials A (dist) - USD 1.90------15-May-06 JPM Global Financials C (acc) - USD 0.99 - 0.99 0.94 1.02 1.05 1.05 1.05 28-Dec-00 JPM Global Financials D (acc) - USD 2.90 - 2.90 2.90 2.50 2.50 - - 12-Jul-01 JPM Global Financials X (acc) - USD 0.14 - 0.11 0.05 0.04 0.04 0.04 0.20 11-Dec-00

JPMorgan Investment Funds - Global Healthtech Fund JPM Global Healthtech A (acc) - USD 1.90 - 1.90 1.90 1.90 1.90 1.90 - 30-Jun-00 JPM Global Healthtech A (dist) - USD 1.90------15-May-06 JPM Global Healthtech B (acc) - USD 1.50 - 1.50 1.50 1.50 1.50 1.50 - 30-Jun-00 JPM Global Healthtech C (acc) - USD 1.00 - 1.00 0.99 0.99 1.00 1.30 1.05 30-Jun-00 JPM Global Healthtech D (acc) - USD 2.90 - 2.90 2.90 2.50 2.50 - - 20-Mar-02 JPM Global Healthtech X (acc) - USD 0.14 - 0.14 0.05 0.05 0.05 0.05 0.20 30-Jun-00

JPMorgan Investment Funds - Global High Yield Bond Fund JPM Global High Yield Bond A (acc) - EUR 1.25 - 1.25 1.25 1.25 1.25 1.25 - 24-Mar-00 JPM Global High Yield Bond A (inc) - EUR 1.25------15-May-06 JPM Global High Yield Bond B (acc) - EUR 0.90 - 0.90 0.90 0.90 0.90 0.90 - 24-Mar-00 JPM Global High Yield Bond C (acc) - EUR 0.57 - 0.52 0.52 0.53 0.54 0.57 0.60 24-Mar-00 JPM Global High Yield Bond D (acc) - EUR 1.65 - 1.65 1.65 1.50 1.50 1.50 - 18-Apr-01 JPM Global High Yield Bond X (acc) - EUR 0.05 - 0.04 0.01 0.02 0.04 0.04 0.10 24-Mar-00

(7) This Sub-Fund changed its name from Global Convertible Bond Fund (USD) on 29 August 2006.

162 JPMorgan Investment Funds Appendix - Unaudited Additional Disclosures (continued)

JPMorgan Investment Funds - Global Select Equity Fund JPM Global Select Equity A (acc) - USD 1.90 - 1.90 1.65 1.65 1.65 1.65 - 05-Dec-97 JPM Global Select Equity A (dist) - USD 1.90------15-May-06 JPM Global Select Equity B (acc) - USD 1.30 - 1.30 1.30 1.30 1.30 1.30 - 05-Dec-97 JPM Global Select Equity C (acc) - USD 0.77 - 0.80 0.85 0.85 0.84 0.85 0.80 26-Mar-98 JPM Global Select Equity D (acc) - USD 2.65 - 2.65 2.65 2.25 2.25 - - 15-Apr-02 JPM Global Select Equity X (acc) - USD 0.13 - 0.10 0.05 0.05 0.05 0.05 0.15 22-Sep-99

JPMorgan Investment Funds - Global Short Duration Fund JPM Global Short Duration A (acc) - USD 0.80 - 0.80 0.85 0.85 - - - 27-May-03 JPM Global Short Duration B (acc) - USD 0.55 - 0.55 0.60 0.60 - - - 28-May-03 JPM Global Short Duration C (acc) - USD 0.43 - 0.43 0.44 0.29 - - 0.45 28-May-03 JPM Global Short Duration D (acc) - USD 1.20 - 1.20 1.20 - - - - 05-Apr-04 JPM Global Short Duration X (acc) - USD 0.09 - 0.06 0.03 0.02 - - 0.10 27-May-03

JPMorgan Investment Funds - Global Teletech Fund JPM Global Teletech A (acc) - USD 1.90 - 1.90 1.90 1.90 1.90 1.90 - 04-Feb-00 JPM Global Teletech A (dist) - USD 1.90------15-May-06 JPM Global Teletech B (acc) - USD 1.50 - 1.50 1.50 1.50 1.50 1.50 - 04-Feb-00 JPM Global Teletech C (acc) - USD*** - - 0.27 1.04 1.03 0.97 1.31 - 04-Feb-00 JPM Global Teletech D (acc) - USD 2.90 - 2.90 2.90 2.50 2.50 2.50 - 11-Jul-01 JPM Global Teletech X (acc) - USD 0.20 - 0.15 0.05 0.03 0.05 0.05 0.20 16-Feb-00

JPMorgan Investment Funds - Global Total Return Fund (EUR) JPM Global Total Return (EUR) A (acc) - EUR 1.65 1.65 1.65 1.65 - - - - 29-Apr-04 JPM Global Total Return (EUR) A (dist) - EUR 1.65 1.65 ------01-Jun-06 JPM Global Total Return (EUR) A (inc) - EUR 1.65 1.65 ------01-Jun-06 JPM Global Total Return (EUR) B (acc) - EUR 1.10 1.10 1.10 - - - - - 17-Mar-05 JPM Global Total Return (EUR) C (acc) - EUR 0.73 0.73 0.75 0.12 - - - 0.80 10-Nov-04 JPM Global Total Return (EUR) D (acc) - EUR 2.65 2.65 2.65 2.65 - - - - 29-Apr-04 JPM Global Total Return (EUR) I (acc) - EUR 0.06 0.76 - - - - - 0.76 30-Nov-06 JPM Global Total Return (EUR) X (acc) - EUR 0.07 0.80 0.09 0.07 - - - 0.15 29-Apr-04

JPMorgan Investment Funds - Global Total Return Fund (USD) JPM Global Total Return (USD) A (acc) - USD 1.65 - 1.65 - - - - - 10-Aug-05 JPM Global Total Return (USD) A (dist) - USD 1.65------01-Jun-06 JPM Global Total Return (USD) B (acc) - USD 1.10------01-Feb-06 JPM Global Total Return (USD) D (acc) - USD 2.65 - 2.65 - - - - - 10-Aug-05

JPMorgan Investment Funds - Japan 50 Equity Fund JPM Japan 50 Equity A (acc) - JPY 1.90 - 1.90 1.90 - - - - 27-Dec-04 JPM Japan 50 Equity A (dist) - JPY 1.90------15-May-06 JPM Japan 50 Equity D (acc) - JPY 2.90------26-Jul-06 JPM Japan 50 Equity I (acc) - JPY 0.53------0.91 19-May-06 JPM Japan 50 Equity X (acc) - JPY 0.10 - 0.15 - - - - 0.15 20-Dec-04

JPMorgan Investment Funds - Japan Select Equity Fund JPM Japan Select Equity A (acc) - JPY 1.90 - 1.90 1.65 1.65 1.65 1.65 - 02-Apr-97 JPM Japan Select Equity A (dist) - JPY 1.90------15-May-06 JPM Japan Select Equity B (acc) - JPY 1.25 - 1.25 1.25 1.25 1.25 1.25 - 04-Jul-97 JPM Japan Select Equity C (acc) - JPY 0.88 - 0.86 0.72 0.75 0.74 0.73 0.95 03-Jun-99 JPM Japan Select Equity D (acc) - JPY 2.65 - 2.65 2.65 2.25 2.25 - - 22-Mar-02 JPM Japan Select Equity I (acc) - JPY 0.09------0.91 17-Nov-06 JPM Japan Select Equity X (acc) - JPY 0.09 - 0.07 0.05 0.07 0.09 0.07 0.15 26-May-98

163 JPMorgan Investment Funds Appendix - Unaudited Additional Disclosures (continued)

JPMorgan Investment Funds - JF Asia Diversified Fund JF Asia Diversified A (acc) - USD 1.90 - 1.90 2.00 2.00 2.00 2.00 - 12-Dec-97 JF Asia Diversified A (dist) - USD 1.90------15-May-06 JF Asia Diversified B (acc) - USD 1.25 - 1.25 1.50 1.50 1.50 1.50 - 31-Dec-97 JF Asia Diversified C (acc) - USD 0.95 - 0.93 0.80 0.80 0.80 0.80 1.00 14-Dec-00 JF Asia Diversified D (acc) - USD 2.65 - 2.65 2.65 2.25 2.25 - - 12-Mar-02 JF Asia Diversified I (acc) - USD 0.47------0.96 26-Jun-06 JF Asia Diversified X (acc) - USD 0.17 - 0.16 0.15 0.14 0.18 0.20 0.20 29-Jun-98

JPMorgan Investment Funds - Latin America Select Equity Fund (8) JPM Latin America Select Equity A (acc) - USD - - 2.50 2.50 2.50 2.50 2.50 - 10-Feb-97 JPM Latin America Select Equity C (acc) - USD - - 1.10 1.25 1.25 1.24 1.24 - 26-Mar-98 JPM Latin America Select Equity D (acc) - USD - - 2.90 2.90 2.50 2.50 2.50 - 19-Jun-01

JPMorgan Investment Funds - US Bond Fund JPM US Bond A (acc) - USD 1.10 - 1.10 0.90 0.90 0.90 0.90 - 15-May-97 JPM US Bond A (inc) - USD 1.10------15-May-06 JPM US Bond B (acc) - USD 0.80 - 0.80 0.65 0.65 0.65 0.65 - 15-May-97 JPM US Bond C (acc) - USD 0.57 - 0.51 0.33 0.32 0.32 0.33 0.60 12-Feb-98 JPM US Bond D (acc) - USD 1.35 - 1.35 1.40 1.25 1.25 1.25 - 13-Nov-01 JPM US Bond X (acc) - USD 0.07 - 0.05 0.02 0.02 0.02 0.02 0.10 06-Apr-98

JPMorgan Investment Funds - US Disciplined Equity Fund JPM US Disciplined Equity A (acc) - USD 1.50 - 1.50 1.50 1.50 1.50 1.50 - 21-Jun-99 JPM US Disciplined Equity A (dist) - USD 1.50------05-Jun-06 JPM US Disciplined Equity A (inc) - USD 1.50 - 1.50 1.50 1.50 1.50 - - 09-Dec-02 JPM US Disciplined Equity B (acc) - USD 1.00 - 1.00 1.00 1.00 1.00 1.00 - 29-Jun-99 JPM US Disciplined Equity C (acc) - USD 0.60 - 0.53 0.50 0.50 0.50 0.50 0.60 10-Nov-99 JPM US Disciplined Equity D (acc) - USD 2.40 - 2.40 2.40 2.00 2.00 2.00 - 27-Dec-01 JPM US Disciplined Equity X (acc) - USD 0.10 - 0.07 0.03 0.05 0.05 0.05 0.15 18-Jun-99

JPMorgan Investment Funds - US Dollar Enhanced Yield Fund JPM US Dollar Enhanced Yield A (acc) - USD 0.65 - 0.65 0.65 0.75 0.75 0.75 - 30-Jun-99 JPM US Dollar Enhanced Yield B (acc) - USD 0.45 - 0.45 0.45 0.50 0.50 0.50 - 01-Jul-99 JPM US Dollar Enhanced Yield C (acc) - USD 0.20 - 0.19 0.20 0.32 0.32 0.31 0.20 22-Jun-99 JPM US Dollar Enhanced Yield D (acc) - USD 0.95 - 0.95 0.95 - - - - 04-Mar-04 JPM US Dollar Enhanced Yield I (acc) - USD 0.20------21-Sep-06 JPM US Dollar Enhanced Yield X (acc) - USD 0.05 - 0.04 0.01 0.01 0.01 0.01 0.05 02-Aug-99

JPMorgan Investment Funds - US Dynamic Small Cap Fund (9) JPM US Dynamic Small Cap A (acc) - USD 1.90 - 1.90 1.65 1.65 1.65 1.65 - 09-Apr-97 JPM US Dynamic Small Cap A (dist) - USD 1.90------01-Jun-06 JPM US Dynamic Small Cap C (acc) - USD*** - - 0.26 0.80 0.80 0.79 0.80 - 05-Dec-97 JPM US Dynamic Small Cap D (acc) - USD 2.65 - 2.65 2.65 2.50 2.50 2.50 - 23-May-01 JPM US Dynamic Small Cap X (acc) - USD 0.09------0.15 07-Apr-98

JPMorgan Investment Funds - US Select Equity Fund JPM US Select Equity A (acc) - USD 1.90 - 1.90 1.60 1.60 1.60 1.60 - 17-Mar-97 JPM US Select Equity A (dist) - USD 1.90------15-May-06 JPM US Select Equity B (acc) - USD 1.20 - 1.20 1.20 1.20 1.20 1.20 - 29-Oct-97 JPM US Select Equity C (acc) - USD 0.83 - 0.78 0.69 0.68 0.67 0.70 0.85 03-Feb-98 JPM US Select Equity D (acc) - USD 2.40 - 2.40 2.40 2.00 2.00 - - 01-Feb-02 JPM US Select Equity X (acc) - USD 0.13 - 0.08 0.03 0.02 0.02 0.02 0.15 06-Apr-98

(8) This Sub-Fund merged into JPMorgan Funds - Latin America Fund on 24 March 2006. (9) This Sub-Fund changed its name from US Small Cap Core Fund on 1 June 2006.

(*) The capped expense ratios and total expense ratios for some share classes may have changed over the previous five years. All details concerning these changes have been disclosed in previous years’ financial statements. (**) These figures include the Performance Fees. (***) Share Class closed.

164 JPMorgan Investment Funds Appendix - Unaudited Additional Disclosures (continued)

2. Summary of Investment Objectives of the Sub-Funds Blue and Green Fund Seeks to achieve, over a medium-term horizon (2 to 3 years), a return in excess of its cash benchmark from a portfolio of securities, globally. Euro Liquid Market Fund Seeks to achieve a competitive level of total return in the reference currency and a high degree of liquidity. Europe Bond Fund Seeks to achieve a return in excess of the European bond markets by investing primarily in European bonds and other debt securities. Europe Corporate Bond Fund Seeks to achieve a return in excess of European corporate markets by investing primarily in European bonds and other debt securities. Europe Recovery Fund Seeks to provide long-term capital growth through investment companies that the Investment Manager believes to be in recovery situations in Europe (i.e. securities for which the market sentiment is deemed to be excessively negative and therefore that are considered to offer potential for out-performance compared to the market average). Europe Select Equity Fund Seeks to achieve a return in excess of the European equity market from a portfolio of selected equity securities of issuers that are incorporated under the laws of, and have their registered office in, a European country, or that derive the predominant part of their economic activity from Europe, even if listed elsewhere. Europe Select Large Cap Fund Seeks to achieve a return in excess of the European equity markets from a portfolio of selected large capitalisation equity securities of issuers that have their principal activities in European countries or are organised under the laws of such countries or derive a significant portion of their earnings from those countries. Europe Short Duration Fund Seeks to achieve a return in excess of European bond markets by investing primarily in European short-term bonds and other debt securities. Europe Strategic Dividend Fund Seeks to provide long term returns through investing primarily in a portfolio of high dividend yielding equity securities of European companies. Global 50 Equity Fund Seeks to achieve a return in excess of the global equity markets, as measured by the Morgan Stanley Capital International (MSCI) World Index USD (Total Return Net), from an actively managed concentrated portfolio of approximately fifty equity securities of medium to large-sized issuers. Global Balanced Fund (EUR) Seeks to provide long-term capital growth and income by investing primarily in companies and sovereign issuers, established in any country including also emerging countries. Global Balanced Fund (USD) Seeks to provide long-term capital growth and income by investing primarily in companies and sovereign issuers, established in any country including also emerging countries. Global Bond Fund (EUR) Seeks to achieve a return in excess of global government bond markets by investing primarily in global bonds and other debt securities. Global Bond Fund (USD) Seeks to achieve a return in excess of global government bond markets by investing primarily in global bonds and other debt securities. Global Capital Appreciation Fund Seeks to achieve capital appreciation through a portfolio invested in equities, bonds and other debt securities, convertible bonds and deposits with credit institutions and money market instruments. Global Capital Preservation Fund (EUR) Seeks to achieve, over a medium-term horizon (2 to 3 years), higher returns than those available from money market instruments denominated in the reference currency. Global Convertibles Fund (USD) Seeks to provide a return by investing primarily in a diversified portfolio of convertible bonds throughout the world. Global Enhanced Bond Fund Seeks to achieve a return in excess of global non-government bond markets by investing primarily in global bonds and other debt securities. Global ex-US Bond Fund Seeks to achieve a return in excess of global government bond markets by investing primarily in global (excluding US) bonds and other debt securities. Global ex-US Select Small Cap Fund Seeks to achieve a return in excess of the global equity markets by investing primarily (at least 67%) in an internationally diversified portfolio of small capitalisation equity securities of non-US issuers. Global Financials Fund Seeks to achieve a high return from a diversified portfolio of securities of financial services institutions, banks, insurance and property sector issuers established in any country including also emerging countries.

165 JPMorgan Investment Funds Appendix - Unaudited Additional Disclosures (continued)

2. Summary of Investment Objectives of the Sub-Funds (continued) Global Healthtech Fund Seeks to achieve a high return from a portfolio of securities of pharmaceutical, biotechnology, healthcare services, and medical technology sector issuers established in any country including also emerging countries. Global High Yield Bond Fund Seeks to achieve a return in excess of global bond markets by investing primarily in belowinvestment grade global bonds and other debt securities.

Global Select Equity Fund Seeks to achieve a return in excess of the global equity markets from an actively managed portfolio of equity securities. Global Short Duration Fund Seeks to seeks to achieve a return in excess of global bond markets by investing primarily in fixed income securities of issuers in developed countries, including, but not limited to, debt obligations of governments and their agencies, state and provincial entities, mortgages, asset-backed issues, supranational organisations, corporations and banks. Global Teletech Fund Seeks to achieve a high return from a diversified portfolio of securities of telecommunication and technology sector issuers established in any country including also emerging countries. Global Total Return Fund (EUR) Seeks to achieve a total return in EUR by actively managing a concentrated portfolio investing principally in equities, bonds and other debt securities, convertible bonds and deposits with credit institutions and money market instruments. Global Total Return Fund (USD) Seeks to achieve a total return in USD by actively managing a concentrated portfolio investing principally in equities, bonds and other debt securities, convertible bonds and deposits with credit institutions and money market instruments. Japan 50 Equity Fund Seeks to achieve a total rate of return in excess of the Japanese equity markets from an actively managed, concentrated portfolio of approximately fifty equity securities of medium to large sized companies. Japan Select Equity Fund Seeks to achieve a return in excess of the Japanese equity market by investing in a portfolio of equity securities of issuers that have their principal activities in Japan or are organised under the laws of Japan or derive a significant portion of their earnings from Japan. JF Asia Diversified Fund Seeks to achieve a return in excess of the Asian equity markets outside of Japan from a portfolio of selected equity securities of issuers that have their principal activities in the countries of the Asian region outside of Japan or are organised under the laws of such countries or derive a significant portion of their earnings from those countries. US Bond Fund Seeks to achieve a return in excess of US bond markets by investing primarily in US bonds and other debt securities. US Disciplined Equity Fund Seeks to achieve a return in excess of the US equity market by investing principally in a portfolio of selected equity securities of medium and large sized issuers that have their principal activities in the US, or are organised under the laws of the US or derive a significant portion of their earnings from the US. US Dollar Enhanced Yield Fund Seeks to achieve a return in excess of US short term markets by investing primarily in USD denominated short term bonds and other debt securities. US Dynamic Small Cap Fund Seeks to maximise long-term capital growth by investing primarily in an aggressively managed portfolio of selected small capitalisation equity securities of issuers that have their principal activities in the US, or are organised under the laws of the US or derive a significant portion of their earnings from the US. US Select Equity Fund Seeks to achieve a total rate of return in excess of the US equity market by investing principally in a portfolio of selected equity securities that have their principal activities in the US, or are organised under the laws of the US or derive a significant portion of their earnings from the US.

166 JPMorgan Investment Funds Appendix - Unaudited Additional Disclosures (continued)

3. Performance and Volatility

Performance Returns for periods greater than one year are annualised. Fund performance includes reinvestment of dividends and is net of all expenses.

Volatility The standard deviation (D) of the price is calculated on a daily basis throughout each Fund’s financial year. The details belowrelate to the year from 1 January 2006 to 31 December 2006. If D is equal to or less than 0.1 then volatility was Low If D is greater than 0.1 but less than or equal to 1.0 then volatility was Medium If D is greater than 1.0 but less than or equal to 2.4 then volatility was High If D is greater than 2.4 then volatility was Very High

Performance 3Months 6 Months 9 Months 1 year 2 years 3years 4 years 5 years Volatility

JPMorgan Investment Funds - Blue and Green Fund JPM Blue and Green Fund 2.73% 3.82% 2.91% 2.70% 5.67% 5.30% 5.42% 3.26% Medium

JPMorgan Investment Funds - Euro Liquid Market Fund (1) JPM Euro Liquid Market A (acc) - EUR 0.67% 1.28% 1.82% 2.28% 1.89% 1.77% 1.82% 2.05% Low JPM Euro Liquid Market C (acc) - EUR** ------Low JPM Euro Liquid Market X (acc) - EUR 0.82% 1.59% 2.27% 2.90% 2.52% 2.42% 2.48% - Low

JPMorgan Investment Funds - Europe Bond Fund JPM Europe Bond A (acc) - EUR -0.64% 2.18% 1.12% -1.21% 1.53% 3.20% 3.24% 4.50% Medium JPM Europe Bond A (inc) - EUR -0.64% 2.18% 1.12% -1.21% ----Medium JPM Europe Bond B (acc) - EUR -0.58% 2.31% 1.31% -0.97% 1.79% 3.47% 3.53% 4.80% Medium JPM Europe Bond C (acc) - EUR -0.53% 2.43% 1.49% -0.74% 2.03% 3.74% 3.81% 5.11% Medium JPM Europe Bond D (acc) - EUR -0.74% 1.97% 0.82% -1.61% 1.12% 2.77% 2.85% 4.09% Medium JPM Europe Bond X (acc) - EUR -0.42% 2.65% 1.82% -0.30% 2.50% 4.24% 4.34% 5.69% Medium

JPMorgan Investment Funds - Europe Corporate Bond Fund JPM Europe Corporate Bond A (acc) - EUR -0.05% 2.20% 0.88% -0.85% 1.24% 2.82% - - Medium JPM Europe Corporate Bond C (acc) - EUR 0.08% 2.46% 1.26% -0.36% 1.76% 2.86% - - Medium JPM Europe Corporate Bond D (acc) - EUR -0.15% 2.00% 0.57% -1.25% 0.83% 2.40% - - Medium JPM Europe Corporate Bond X (acc) - EUR 0.20% 2.71% 1.64% 0.14% 2.28% 3.94% - - Medium

JPMorgan Investment Funds - Europe Recovery Fund JPM Europe Recovery A (acc) - EUR 9.87% 17.45% 11.44% 25.99% 36.00% 27.56% - - Medium JPM Europe Recovery A (dist) - EUR 9.87% 17.44% ------Medium JPM Europe Recovery B (acc) - EUR 9.98% 17.68% 11.78% 26.49% 17.65% 14.53% - - Medium JPM Europe Recovery C (acc) - EUR 10.12% 17.99% 12.23% 27.16% 37.60% 29.25% - - Medium JPM Europe Recovery D (acc) - EUR 9.59% 16.87% 10.61% 24.74% 34.30% 25.84% - - Medium JPM Europe Recovery X (acc) - EUR 10.36% 18.49% 12.93% 28.23% 39.09% 30.90% - - Medium

JPMorgan Investment Funds - Europe Select Equity Fund JPM Europe Select Equity A (acc) - EUR 8.04% 15.20% 12.12% 22.00% 28.09% 22.16% 21.46% 5.93% Medium JPM Europe Select Equity A (dist) - EUR 8.05% 15.20% ------Medium JPM Europe Select Equity B (acc) - EUR** ------Medium JPM Europe Select Equity C (acc) - EUR** ------Medium JPM Europe Select Equity X (acc) - EUR 8.51% 16.21% 13.60% 24.14% 30.81% 25.06% 24.81% 8.23% Medium

JPMorgan Investment Funds - Europe Select Large Cap Fund JPM Europe Select Large Cap A (acc) - EUR 6.94% 14.04% 9.45% 16.80% 22.44% 17.84% 17.14% 2.23% Medium JPM Europe Select Large Cap A (dist) - EUR 6.94% 14.04% ------Medium JPM Europe Select Large Cap B (acc) - EUR 7.10% 14.38% 9.95% 17.50% 23.25% 18.59% 17.91% 2.70% Medium JPM Europe Select Large Cap C (acc) - EUR 7.23% 14.64% 10.32% 18.03% 23.97% 19.37% 18.80% 3.31% Medium JPM Europe Select Large Cap D (acc) - EUR 6.75% 13.62% 8.84% 15.93% 21.31% 16.59% 15.87% 1.43% Medium JPM Europe Select Large Cap X (acc) - EUR 7.41% 15.04% 10.90% 18.85% 24.98% 20.49% 20.05% 4.15% Medium

(1) This Sub-Fund changed its name from Euro Fondo de Dinero on 29 August 2006.

167 JPMorgan Investment Funds Appendix - Unaudited Additional Disclosures (continued)

3. Performance and Volatility (continued)

Performance 3Months 6 Months 9 Months 1 year 2 years 3years 4 years 5 years Volatility

JPMorgan Investment Funds - Europe Short Duration Fund JPM Europe Short Duration A (acc) - EUR 0.42% 1.11% 1.45% 1.45% 1.34% 1.70% - - Low JPM Europe Short Duration B (acc) - EUR 0.48% 1.24% 1.65% 1.71% 1.60% 1.96% - - Low JPM Europe Short Duration C (acc) - EUR 0.50% 1.29% 1.78% 1.87% 1.76% 2.12% - - Low JPM Europe Short Duration D (acc) - EUR 0.31% 0.91% 1.15% 1.05% 0.94% 1.32% - - Low JPM Europe Short Duration X (acc) - EUR 0.58% 1.45% 1.97% 2.15% 2.08% 2.49% - - Low

JPMorgan Investment Funds - Europe Strategic Dividend Fund JPM Europe Strategic Dividend A (acc) - EUR 7.21% 15.06% 10.60% 22.21% ----Medium JPM Europe Strategic Dividend A (dist) - EUR 7.21% 15.05% ------Medium JPM Europe Strategic Dividend D (acc) - EUR 7.01% 14.63% 9.99% 21.30% ----Medium

JPMorgan Investment Funds - Global 50 Equity Fund JPM Global 50 Equity A (acc) - USD 7.47% 15.18% 15.49% 25.81% 23.28% 19.33% 27.86% 10.92% Medium JPM Global 50 Equity A (dist) - USD 7.46% 15.17% ------Medium JPM Global 50 Equity B (dist) - USD** ------Medium JPM Global 50 Equity C (acc) - USD 7.71% 15.69% 16.27% 26.94% 24.52% 20.51% 29.35% 11.97% Medium JPM Global 50 Equity D (acc) - USD 7.20% 14.60% 14.63% 24.56% 21.83% 17.83% 26.06% 9.69% Medium JPM Global 50 Equity X (acc) - USD** ------Medium

JPMorgan Investment Funds - Global Balanced Fund (EUR) (2) JPM Global Balanced (EUR) A (acc) - EUR 3.22% 7.96% 4.61% 7.28% 12.37% 10.06% 9.75% 3.76% Medium JPM Global Balanced (EUR) A (dist) - EUR 3.23% 7.97% ------Medium JPM Global Balanced (EUR) B (acc) - EUR 3.36% 8.26% 5.04% 7.87% 13.06% 10.78% 10.52% 4.43% Medium JPM Global Balanced (EUR) C (acc) - EUR 3.41% 8.37% 5.20% 8.09% 13.34% 11.11% 10.89% 4.76% Medium JPM Global Balanced (EUR) D (acc) - EUR 3.09% 7.69% 4.22% 6.74% 11.75% 9.44% 9.14% - Medium

JPMorgan Investment Funds - Global Balanced Fund (USD) (3) JPM Global Balanced (USD) A (acc) - USD 5.06% 9.22% 8.56% 11.93% 9.64% 9.54% - - Medium JF Global Balanced (USD) A (acc) - USD 5.05% 9.19% 8.51% 11.87% 9.55% 9.36% - - Medium JPM Global Balanced (USD) A (dist) - USD 5.06% 9.22% ------Medium JPM Global Balanced (USD) B (acc) - USD 5.21% 9.52% 9.00% 12.55% 10.26% 10.14% 13.43% 8.27% Medium JPM Global Balanced (USD) C (acc) - USD 5.30% 9.69% 9.23% 12.84% 10.56% 10.46% - - Medium JPM Global Balanced (USD) D (acc) - USD 4.93% 8.95% 8.15% 11.37% 9.01% 8.81% 11.93% - Medium JPM Global Balanced (USD) X (acc) - USD 5.47% 10.07% 9.83% 13.68% 11.50% 11.50% 15.11% 9.81% Medium JPM Global Balanced (USD) X (inc) - USD** ------Medium

JPMorgan Investment Funds - Global Bond Fund (EUR) (4) JPM Global Bond (EUR) A (acc) - EUR 0.39% 3.22% 2.32% 0.70% 2.10% 2.87% 2.78% 3.92% Medium JPM Global Bond (EUR) A (inc) - EUR 0.39% 3.22% ------Medium JPM Global Bond (EUR) B (acc) - EUR 0.46% 3.35% 2.51% 0.95% 2.36% 3.14% 3.06% 4.22% Medium JPM Global Bond (EUR) C (acc) - EUR 0.51% 3.46% 2.68% 1.17% 2.61% 3.41% 3.35% 4.53% Medium JPM Global Bond (EUR) D (acc) - EUR 0.29% 3.02% 2.02% 0.30% 1.69% 2.45% 2.39% 3.53% Medium JPM Global Bond (EUR) X (acc) - EUR 0.62% 3.70% 3.03% 1.62% 3.08% 3.91% 3.86% 5.09% Medium

JPMorgan Investment Funds - Global Bond Fund (USD) (5) JPM Global Bond (USD) A (acc) - USD 1.11% 4.44% 3.90% 3.06% 3.65% 3.81% 3.51% 4.36% Medium JF Global Bond (USD) A (acc) - USD 1.06% 4.33% 3.75% 2.86% 3.44% 3.59% - - Medium JPM Global Bond (USD) B (acc) - USD 1.18% 4.57% 4.09% 3.31% 3.92% 4.08% 3.79% 4.67% Medium JPM Global Bond (USD) C (acc) - USD 1.23% 4.69% 4.26% 3.54% 4.17% 4.35% 4.08% 4.98% Medium JPM Global Bond (USD) D (acc) - USD 1.01% 4.23% 3.60% 2.67% 3.23% 3.38% 3.11% - Medium JPM Global Bond (USD) X (acc) - USD 1.34% 4.91% 4.60% 3.99% 4.65% 4.86% 4.61% 5.55% Medium

168 JPMorgan Investment Funds Appendix - Unaudited Additional Disclosures (continued)

3. Performance and Volatility (continued)

Performance 3Months 6 Months 9 Months 1 year 2 years 3years 4 years 5 years Volatility

JPMorgan Investment Funds - Global Capital Appreciation Fund JPM Global Capital Appreciation A (acc) - EUR 3.26% 5.67% 4.79% 6.89% 9.79% 8.39% 8.80% 0.34% Medium JPM Global Capital Appreciation A (dist) - EUR 3.27% 5.60% ------Medium JPM Global Capital Appreciation A (inc) - EUR 3.27% 5.60% ------Medium JPM Global Capital Appreciation B (acc) - EUR 3.37% 5.79% 3.54% 5.71% 9.34% 8.26% 8.85% 0.46% Medium JPM Global Capital Appreciation C (acc) - EUR 3.54% 6.08% 5.43% 7.73% 10.68% 9.39% 9.94% 1.22% Medium JPM Global Capital Appreciation D (acc) - EUR 3.10% 5.39% 4.25% 6.16% 9.04% 7.72% 8.18% -0.09% Medium JPM Global Capital Appreciation X (acc) - EUR 3.65% 6.57% ------Medium

JPMorgan Investment Funds - Global Capital Preservation Fund (EUR) (6) JPM Global Capital Preservation (EUR) A (acc) - EUR 2.35% 3.32% 2.36% 2.77% 4.87% 4.58% 4.77% 2.53% Medium JPM Global Capital Preservation (EUR) A (acc) - USD 2.21% ------Medium JPM Global Capital Preservation (EUR) A (dist) - EUR 2.21% 3.17% ------Medium JPM Global Capital Preservation (EUR) A (inc) - EUR 2.19% 3.16% ------Medium JPM Global Capital Preservation (EUR) B (acc) - EUR 2.44% 3.51% 2.65% 3.17% 5.28% 5.02% 5.23% 2.97% Medium JPM Global Capital Preservation (EUR) C (acc) - EUR 2.49% 3.65% 2.88% 3.47% 5.61% 5.37% 5.61% 3.33% Medium JPM Global Capital Preservation (EUR) D (acc) - EUR 2.23% 3.09% 2.02% 2.31% 4.40% 4.11% 5.26% 3.94% Medium JPM Global Capital Preservation (EUR) I (inc) - EUR 2.38% ------Medium JPM Global Capital Preservation (EUR) X (acc) - EUR 2.66% 3.99% 3.39% 4.16% 6.34% - -0.36% -0.23% Medium

JPMorgan Investment Funds - Global Convertibles Fund (USD) (7) JPM Global Convertibles (USD) A (acc) - USD 4.88% 7.74% 6.85% 12.47% 11.76% - - - Medium JPM Global Convertibles (USD) C (acc) - USD** ------Medium JPM Global Convertibles (USD) D (acc) - USD 4.75% 7.47% 6.46% 11.91% 11.15% - - - Medium JPM Global Convertibles (USD) X (acc) - USD 5.27% - - -6.04% 2.37% - - - Medium

JPMorgan Investment Funds - Global Enhanced Bond Fund JPM Global Enhanced Bond A (acc) - EUR 0.98% 3.80% 2.31% 1.25% 1.69% 2.57% 3.25% 4.73% Medium JPM Global Enhanced Bond A (inc) - EUR 0.98% 3.80% ------Medium JPM Global Enhanced Bond B (acc) - EUR 1.05% 3.95% 2.54% 1.29% 1.87% 2.79% 3.52% 5.04% Medium JPM Global Enhanced Bond C (acc) - EUR 1.11% 4.06% 2.70% 1.50% 2.09% 3.05% 3.79% 5.34% Medium JPM Global Enhanced Bond D (acc) - EUR 0.90% 3.64% 2.08% 0.68% 1.25% 2.16% 2.89% 4.38% Medium JPM Global Enhanced Bond X (acc) - EUR 1.23% 4.32% 3.08% 2.01% 2.62% 3.60% 4.37% 5.99% Medium JPM Global Enhanced Bond X (inc) - EUR 1.24% 4.33% 3.03% 1.95% 1.71% - - - Medium

JPMorgan Investment Funds - Global Ex-US Bond Fund JPM Global ex-US Bond A (acc) - USD 1.16% 4.42% 3.97% 3.00% 3.70% 3.91% 3.46% 4.23% Medium JPM Global ex-US Bond B (acc) - USD 1.22% 4.55% 4.15% 3.24% 3.96% 4.18% 3.74% 4.53% Medium JPM Global ex-US Bond C (acc) - USD** ------Medium JPM Global ex-US Bond D (acc) - USD 1.06% 4.21% 3.69% 2.62% 3.29% 3.49% 3.07% 3.84% Medium JPM Global ex-US Bond X (acc) - USD 1.38% 4.89% 4.66% 3.92% 4.68% 4.95% 4.54% 5.39% Medium

JPMorgan Investment Funds - Global ex-US Select Small Cap Fund JPM Global ex-US Select Small Cap A (acc) - EUR 10.25% 12.36% 2.68% 15.01% 36.32% 28.08% 33.01% 14.06% High JPM Global ex-US Select Small Cap A (dist) - EUR 10.25% 12.37% ------High JPM Global ex-US Select Small Cap B (acc) - EUR 10.36% 12.58% 2.99% 15.47% 36.97% 28.74% 33.80% 14.63% High JPM Global ex-US Select Small Cap C (acc) - EUR 10.48% 12.85% 3.34% 16.00% 37.73% 29.43% 34.67% 15.22% High JPM Global ex-US Select Small Cap D (acc) - EUR 9.97% 11.80% 1.91% 13.87% 34.62% 26.32% 19.55% 15.64% High

(6) This Sub-Fund changed its name from Global Capital Preservation Fund on 29 August 2006. (7) This Sub-Fund changed its name from Global Convertible Bond Fund (USD) on 29 August 2006.

169 JPMorgan Investment Funds Appendix - Unaudited Additional Disclosures (continued)

3. Performance and Volatility (continued)

Performance 3Months 6 Months 9 Months 1 year 2 years 3years 4 years 5 years Volatility

JPMorgan Investment Funds - Global Financials Fund JPM Global Financials A (acc) - USD 6.42% 13.78% 12.71% 22.49% 19.18% 20.74% 31.18% 16.32% Medium JPM Global Financials A (acc) - EUR 6.42% ------Medium JPM Global Financials A (dist) - USD 6.40% 13.73% ------Medium JPM Global Financials C (acc) - USD 6.67% 14.30% 13.48% 23.60% 20.46% 22.28% 33.28% 18.00% Medium JPM Global Financials D (acc) - USD 6.16% 13.21% 11.87% 21.27% 17.81% 19.20% 29.25% 14.87% Medium JPM Global Financials X (acc) - USD 6.88% 14.77% 14.20% 24.64% 21.67% 23.73% - - Medium

JPMorgan Investment Funds - Global Healthtech Fund JPM Global Healthtech A (acc) - USD 1.14% 8.85% 5.57% 10.18% 7.95% 7.18% 11.45% 3.05% Medium JPM Global Healthtech A (dist) - USD 1.14% 8.85% ------Medium JPM Global Healthtech B (acc) - USD 1.24% 9.07% 10.61% - 7.15% 6.78% 11.23% 3.00% Medium JPM Global Healthtech C (acc) - USD 2.14% 10.17% 7.17% 12.10% 9.51% 8.76% 13.22% 4.39% Medium JPM Global Healthtech D (acc) - USD 0.89% 8.31% 4.78% 9.09% 6.81% 6.02% 10.20% - Medium JPM Global Healthtech X (acc) - USD** ------Medium

JPMorgan Investment Funds - Global High Yield Bond Fund JPM Global High Yield Bond A (acc) - EUR 3.24% 6.20% 4.31% 6.47% 4.41% 6.07% 10.59% 8.87% Medium JPM Global High Yield Bond A (inc) - EUR 3.24% 6.20% ------Medium JPM Global High Yield Bond B (acc) - EUR 3.33% 6.38% 4.58% 6.84% 4.80% 6.48% 11.09% 9.42% Medium JPM Global High Yield Bond C (acc) - EUR 3.42% 6.56% 4.84% 7.19% 5.17% 6.91% 11.62% 9.96% Medium JPM Global High Yield Bond D (acc) - EUR 3.14% 5.98% 4.00% 6.05% 3.98% 5.61% 10.09% 8.43% Medium JPM Global High Yield Bond X (acc) - EUR** ------Medium

JPMorgan Investment Funds - Global Select Equity Fund JPM Global Select Equity A (acc) - USD 10.76% 16.03% 15.11% 25.00% 19.75% 19.03% 26.28% 11.24% Medium JPM Global Select Equity A (dist) - USD 10.76% 16.03% ------Medium JPM Global Select Equity B (acc) - USD 10.92% 16.38% 15.63% 25.75% 20.55% 19.82% 27.24% 11.92% Medium JPM Global Select Equity C (acc) - USD 11.07% 16.69% 16.09% 26.41% 21.26% 20.60% 28.25% 12.68% Medium JPM Global Select Equity D (acc) - USD 10.55% 15.60% 14.47% 24.07% 18.67% 17.77% 24.75% - Medium JPM Global Select Equity X (acc) - USD 11.25% 17.06% 16.65% 27.22% 22.23% 21.77% 29.84% 13.95% Medium

JPMorgan Investment Funds - Global Short Duration Fund JPM Global Short Duration A (acc) - USD 1.32% 2.89% 3.50% 4.32% 3.19% 2.45% - - Low JPM Global Short Duration B (acc) - USD 1.38% 3.02% 3.68% 4.56% 3.45% 2.72% - - Low JPM Global Short Duration C (acc) - USD 1.41% 3.08% 3.77% 4.69% 3.60% 2.87% - - Low JPM Global Short Duration D (acc) - USD 1.22% 2.68% 3.22% 3.92% 2.79% - - - Low JPM Global Short Duration X (acc) - USD 1.50% 3.25% 4.03% 5.04% 3.97% 3.27% - - Low

JPMorgan Investment Funds - Global Teletech Fund JPM Global Teletech A (acc) - USD 7.73% 15.39% 9.70% 18.62% 6.69% 6.91% 15.82% 1.91% Medium JPM Global Teletech A (dist) - USD 7.38% 15.01% ------Medium JPM Global Teletech B (acc) - USD 7.84% 15.62% 10.03% 19.09% 7.15% 7.39% 16.48% 2.36% Medium JPM Global Teletech C (acc) - USD** ------Medium JPM Global Teletech D (acc) - USD 7.46% 14.81% 8.89% 17.44% 5.57% 5.76% - - Medium JPM Global Teletech X (acc) - USD 8.19% 16.37% 11.11% 20.64% 8.68% 9.10% 18.85% 3.97% Medium

JPMorgan Investment Funds - Global Total Return Fund (EUR) JPM Global Total Return (EUR) A (acc) - EUR 0.01% -1.38% -2.40% 1.52% 5.36% - - - Medium JPM Global Total Return (EUR) A (dist) - EUR 0.01% -1.44% ------Medium JPM Global Total Return (EUR) A (inc) - EUR 0.00% -1.45% ------Medium JPM Global Total Return (EUR) B (acc) - EUR 0.14% -1.08% -1.93% 2.14% ----Medium JPM Global Total Return (EUR) C (acc) - EUR 0.24% -0.87% -1.70% 2.45% 6.32% - - - Medium JPM Global Total Return (EUR) D (acc) - EUR -0.24% -1.90% -3.17% 0.51% 4.32% - - - Medium JPM Global Total Return (EUR) I (acc) - EUR* ------Medium JPM Global Total Return (EUR) X (acc) - EUR** ------Medium

170 JPMorgan Investment Funds Appendix - Unaudited Additional Disclosures (continued)

3. Performance and Volatility (continued)

Performance 3Months 6 Months 9 Months 1 year 2 years 3years 4 years 5 years Volatility

JPMorgan Investment Funds - Global Total Return Fund (USD) JPM Global Total Return (USD) A (acc) - USD 0.77% 0.13% 0.03% 4.53% ----Medium JPM Global Total Return (USD) A (dist) - USD 0.77% 0.02% ------Medium JPM Global Total Return (USD) B (acc) - USD 0.91% 0.29% 0.47% -----Medium JPM Global Total Return (USD) D (acc) - USD 0.52% -0.44% -0.87% 3.33% ----Medium

JPMorgan Investment Funds - Japan 50 Equity Fund JPM Japan 50 Equity A (acc) - JPY 4.26% 8.38% 1.76% 9.45% 23.86% - - - High JPM Japan 50 Equity A (dist) - JPY 4.26% 8.37% ------High JPM Japan 50 Equity D (acc) - JPY 4.00% ------High JPM Japan 50 Equity I (acc) - JPY 4.53% 8.95% ------High JPM Japan 50 Equity X (acc) - JPY 4.73% 9.36% 3.13% 11.42% 26.56% - - - High

JPMorgan Investment Funds - Japan Select Equity Fund JPM Japan Select Equity A (acc) - JPY 4.92% 8.51% 1.29% 9.19% 25.16% 22.24% - 13.91% High JPM Japan Select Equity A (dist) - JPY 4.92% 8.51% ------High JPM Japan Select Equity B (acc) - JPY 5.09% 8.87% 1.79% 9.90% 26.10% 23.15% - 14.74% High JPM Japan Select Equity C (acc) - JPY 5.19% 9.07% 2.07% 10.30% 26.65% 23.87% - 15.56% High JPM Japan Select Equity D (acc) - JPY 4.73% 8.11% 0.73% 8.38% 23.90% 21.09% - - High JPM Japan Select Equity I (acc) - JPY* ------High JPM Japan Select Equity X (acc) - JPY 5.40% 9.50% 2.67% 11.18% 27.87% 25.17% - 16.85% High

JPMorgan Investment Funds - JF Asia Diversified Fund JF Asia Diversified A (acc) - USD 17.38% 26.11% 22.21% 30.91% 29.75% 28.32% 40.95% 30.01% High JF Asia Diversified A (dist) - USD 17.39% 26.12% ------High JF Asia Diversified B (acc) - USD 17.55% 26.49% 22.72% 31.66% 30.69% 29.35% 42.39% 31.35% High JF Asia Diversified C (acc) - USD 17.63% 26.68% 23.00% 32.05% 31.27% 30.25% 43.84% 32.83% High JF Asia Diversified D (acc) - USD 17.19% 25.71% 21.61% 30.02% 28.64% 27.12% 39.51% - High JF Asia Diversified I (acc) - USD 17.64% 26.69% ------High JF Asia Diversified X (acc) - USD 17.85% 27.15% 23.67% 33.04% 32.50% 31.62% 45.79% 34.65% High

JPMorgan Investment Funds - Latin America Select Equity Fund (8) JPM Latin America Select Equity A (acc) - USD ------High JPM Latin America Select Equity C (acc) - USD ------High JPM Latin America Select Equity D (acc) - USD ------High

JPMorgan Investment Funds - US Bond Fund JPM US Bond A (acc) - USD 0.93% 4.90% 4.23% 3.65% 3.18% 3.54% 3.88% 5.24% Medium JPM US Bond A (inc) - USD 0.93% 4.91% ------Medium JPM US Bond B (acc) - USD 1.01% 5.06% 4.47% 3.96% 3.49% 3.85% 4.19% 5.58% Medium JPM US Bond C (acc) - USD 1.06% 5.18% 4.65% 4.19% 3.75% 4.15% 4.53% 5.97% Medium JPM US Bond D (acc) - USD 0.87% 4.77% 4.04% 3.39% 2.87% 3.16% 3.48% 4.81% Medium JPM US Bond X (acc) - USD 1.19% 5.44% 5.04% 4.71% 4.26% 4.62% 4.99% 6.45% Medium

JPMorgan Investment Funds - US Disciplined Equity Fund JPM US Disciplined Equity A (acc) - USD 7.26% 12.97% 10.26% 14.44% 8.35% 9.57% 16.02% 3.79% Medium JPM US Disciplined Equity A (dist) - USD 7.26% 12.97% ------Medium JPM US Disciplined Equity A (inc) - USD 7.18% 12.88% 10.18% 14.36% 7.93% 8.81% 14.65% - Medium JPM US Disciplined Equity B (acc) - USD 7.39% 13.25% 10.68% 15.01% 8.94% 10.20% 16.83% 4.38% Medium JPM US Disciplined Equity C (acc) - USD 7.50% 13.48% 11.01% 15.48% 9.45% 10.82% 17.64% 4.98% Medium JPM US Disciplined Equity D (acc) - USD 7.02% 12.46% 9.52% 13.42% 7.32% 8.48% 14.76% 2.95% Medium JPM US Disciplined Equity X (acc) - USD** ------Medium

(8) This Sub-Fund merged into JPMorgan Funds - Latin America Fund on 24 March 2006.

171 JPMorgan Investment Funds Appendix - Unaudited Additional Disclosures (continued)

3. Performance and Volatility (continued)

Performance 3Months 6 Months 9 Months 1 year 2 years 3years 4 years 5 years Volatility

JPMorgan Investment Funds - US Dollar Enhanced Yield Fund JPM US Dollar Enhanced Yield A (acc) - USD 1.21% 2.49% 3.67% 4.73% 3.81% 2.87% 2.31% 2.14% Low JPM US Dollar Enhanced Yield B (acc) - USD 1.26% 2.59% 3.82% 4.94% 4.03% 3.10% 2.56% 2.39% Low JPM US Dollar Enhanced Yield C (acc) - USD 1.32% 2.72% 4.02% 5.20% 4.30% 3.37% 2.81% 2.64% Low JPM US Dollar Enhanced Yield D (acc) - USD 1.13% 2.34% 3.44% 4.42% 3.49% - - - Low JPM US Dollar Enhanced Yield I (acc) - USD 1.32% ------Low JPM US Dollar Enhanced Yield X (acc) - USD 1.36% 2.80% 4.14% 5.36% 4.47% 3.57% 3.05% 2.91% Low

JPMorgan Investment Funds - US Dynamic Small Cap Fund (9) JPM US Dynamic Small Cap A (acc) - USD 9.71% 9.74% 4.73% 19.76% 13.93% 17.14% 21.23% 4.33% High JPM US Dynamic Small Cap A (dist) - USD 9.71% 9.74% ------High JPM US Dynamic Small Cap C (dist) - USD** ------High JPM US Dynamic Small Cap D (acc) - USD 9.50% 9.33% 4.14% 18.87% 12.93% 15.88% 19.71% 3.33% High JPM US Dynamic Small Cap X (acc) - USD 10.19% 10.70% ------High

JPMorgan Investment Funds - US Select Equity Fund JPM US Select Equity A (acc) - USD 7.35% 12.99% 10.99% 15.68% 8.15% 8.91% 13.98% 2.72% Medium JPM US Select Equity A (dist) - USD 7.35% 12.98% ------Medium JPM US Select Equity B (acc) - USD 7.54% 13.38% 11.57% 16.49% 8.91% 9.64% 14.81% 3.30% Medium JPM US Select Equity C (acc) - USD 7.64% 13.59% 11.88% 16.91% 9.37% 10.20% 15.54% 3.86% Medium JPM US Select Equity D (acc) - USD 7.22% 12.70% 10.57% 15.10% 7.51% 8.16% 13.14% - Medium JPM US Select Equity X (acc) - USD 7.83% 13.99% 12.48% 17.75% 10.21% 11.10% 16.66% 4.67% Medium

(9) This Sub-Fund changed its name from US Small Cap Core Fund on 1 June 2006.

* No data is applicable for these Share Classes because they were launched less than 3 months before the year end. ** Share Class closed.

172 JPMorgan Investment Funds Appendix - Unaudited Additional Disclosures (continued)

4. Interest Rate Received/(Charged) on Bank Accounts Basis for Bank Interest Rates The rates are based on the JPMorgan Chase Treasury rates and consequently may change on a daily basis. The bank interest amount is posted to each of the Fund’s bank accounts on a 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 Name JF Asia Diversified I (acc) - USD JF Asia Diversified X (acc) - USD JPM Blue and Green JPM Euro Liquid Market A (acc) - EUR JPM Europe Bond X (acc) - EUR JPM Europe Corporate Bond X (acc) - EUR JPM Europe Recovery X (acc) - EUR JPM Europe Select Equity X (acc) - EUR JPM Europe Select Large Cap X (acc) - EUR JPM Europe Short Duration X (acc) - EUR JPM Global 50 Equity X (acc) - USD JPM Global Balanced (USD) X (acc) - USD JPM Global Balanced (USD) X (inc) - USD JPM Global Bond (EUR) X (acc) - EUR JPM Global Bond (USD) X (acc) - USD JPM Global Capital Appreciation X (acc) - EUR JPM Global Capital Preservation (EUR) I (inc) - EUR JPM Global Capital Preservation (EUR) X (acc) - EUR JPM Global Convertibles (USD) X (acc) - USD JPM Global Enhanced Bond X (acc) - EUR JPM Global Enhanced Bond X (inc) - EUR JPM Global ex-US Bond X (acc) - USD JPM Global Financials X (acc) - USD JPM Global Healthtech X (acc) - USD JPM Global High Yield Bond X (acc) - EUR JPM Global Select Equity X (acc) - USD JPM Global Short Duration X (acc) - USD JPM Global Teletech X (acc) - USD JPM Global Total Return (EUR) I (acc) - EUR JPM Global Total Return (EUR) X (acc) - EUR JPM Japan 50 Equity I (acc) - JPY JPM Japan 50 Equity X (acc) - JPY JPM Japan Select Equity I (acc) - JPY JPM Japan Select Equity X (acc) - JPY JPM Latin America Select Equity X (acc) - USD JPM US Bond X (acc) - USD JPM US Disciplined Equity X (acc) - USD JPM US Dollar Enhanced Yield A (acc) - USD JPM US Dollar Enhanced Yield B (acc) - USD JPM US Dollar Enhanced Yield C (acc) - USD JPM US Dollar Enhanced Yield D (acc) - USD JPM US Dollar Enhanced Yield I (acc) - USD JPM US Dollar Enhanced Yield X (acc) - USD JPM US Dynamic Small Cap X (acc) - USD JPM US Select Equity X (acc) - USD

173 JPMorgan Investment Funds Appendix - Unaudited Additional Disclosures (continued)

Shares Outstanding at the Subscriptions Redemptions Shares Outstanding at the Beginning of the Year End of the Year

6. Historical Statement of Changes in the Number of Shares - for the year ended 31 December 2005 (continued)

JPMorgan Investment Funds - Blue and Green Fund JPM Blue and Green 3,449.615 - - 3,449.615

JPMorgan Investment Funds - EUR Global Balanced Fund JPM EUR Global Balanced A (acc) - EUR 93,351.753 17,138.431 30,273.927 80,216.257 JPM EUR Global Balanced B (acc) - EUR 64,522.821 6,073.920 29,726.570 40,870.171 JPM EUR Global Balanced C (acc) - EUR 57,487.829 15,986.199 5,338.268 68,135.760 JPM EUR Global Balanced D (acc) - EUR 11,468.854 64,882.076 15,539.617 60,811.313

JPMorgan Investment Funds - EUR Global Bond Fund JPM EUR Global Bond A (acc) - EUR 4,490,420.755 3,905,353.035 4,597,314.537 3,798,459.253 JPM EUR Global Bond B (acc) - EUR 538,460.219 201,881.300 172,913.403 567,428.116 JPM EUR Global Bond C (acc) - EUR 1,110,715.586 258,746.666 1,015,271.228 354,191.024 JPM EUR Global Bond D (acc) - EUR 161,307.969 187,637.573 133,560.305 215,385.237 JPM EUR Global Bond X (acc) - EUR 221,444.179 184,240.910 126,572.411 279,112.678

JPMorgan Investment Funds - Euro Fondo De Dinero JPM Euro Fondo De Dinero A (acc) - EUR 117,763.142 168,695.766 123,546.450 162,912.458 JPM Euro Fondo De Dinero C (acc) - EUR 8,160,254.680 12,122.292 8,172,376.972 - JPM Euro Fondo De Dinero X (acc) - EUR 136,411.228 - - 136,411.228

JPMorgan Investment Funds - Europe Bond Fund JPM Europe Bond A (acc) - EUR 4,716,151.221 5,833,761.154 4,378,371.089 6,171,541.286 JPM Europe Bond A (dist) - EUR - 93,528.652 431.652 93,097.000 JPM Europe Bond B (acc) - EUR 584,720.523 364,312.769 263,966.098 685,067.194 JPM Europe Bond C (acc) - EUR 1,157,154.631 1,854,059.978 323,382.212 2,687,832.397 JPM Europe Bond D (acc) - EUR 694,584.958 1,214,670.835 889,302.094 1,019,953.699 JPM Europe Bond X (acc) - EUR 1,898,322.525 544,104.237 608,304.828 1,834,121.934

JPMorgan Investment Funds - Europe Corporate Bond Fund JPM Europe Corporate Bond A (acc) - EUR 299,820.685 220,280.274 394,813.093 125,287.866 JPM Europe Corporate Bond B (acc) - EUR 100,928.129 18,297.079 119,225.208 - JPM Europe Corporate Bond C (acc) - EUR 48,234.159 11,518.489 26,755.604 32,997.044 JPM Europe Corporate Bond D (acc) - EUR 7,119.935 10,979.378 5,623.977 12,475.336 JPM Europe Corporate Bond X (acc) - EUR 152,983.772 32,352.571 165,486.033 19,850.310

JPMorgan Investment Funds - Europe Recovery Fund JPM Europe Recovery A (acc) - EUR 723,511.355 820,773.094 452,219.556 1,092,064.893 JPM Europe Recovery B (acc) - EUR 978.014 815.001 978.014 815.001 JPM Europe Recovery C (acc) - EUR 112,592.716 66,125.176 147,384.167 31,333.725 JPM Europe Recovery D (acc) - EUR 16,086.677 27,717.685 12,328.163 31,476.199 JPM Europe Recovery X (acc) - EUR 4,325.003 20,091.702 - 24,416.705

JPMorgan Investment Funds - Europe Select Equity Fund JPM Europe Select Equity A (acc) - EUR 9,538.424 4,007.344 5,792.183 7,753.585 JPM Europe Select Equity C (acc) - EUR 564.395 - 564.395 - JPM Europe Select Equity X (acc) - EUR 267,063.303 8,234.511 237,702.569 37,595.245

JPMorgan Investment Funds - Europe Select Large Cap Fund JPM Europe Select Large Cap A (acc) - EUR 419,017.878 55,623.608 256,996.685 217,644.801 JPM Europe Select Large Cap B (acc) - EUR 51,665.307 12,922.075 53,098.274 11,489.108 JPM Europe Select Large Cap C (acc) - EUR 10,903.778 - 4,083.996 6,819.782 JPM Europe Select Large Cap D (acc) - EUR 81,867.026 95,517.975 130,097.751 47,287.250 JPM Europe Select Large Cap X (acc) - EUR 615,261.379 160.755 541,772.981 73,649.153

174 JPMorgan Investment Funds Appendix - Unaudited Additional Disclosures (continued)

Shares Outstanding at the Subscriptions Redemptions Shares Outstanding at the Beginning of the Year End of the Year

6. Historical Statement of Changes in the Number of Shares - for the year ended 31 December 2005 (continued)

JPMorgan Investment Funds - Europe Short Duration Fund JPM Europe Short Duration A (acc) - EUR 1,214,969.260 1,865,452.760 1,488,382.387 1,592,039.633 JPM Europe Short Duration B (acc) - EUR 454,900.837 193,899.516 213,872.651 434,927.702 JPM Europe Short Duration C (acc) - EUR 610,435.322 83,297.516 434,241.774 259,491.064 JPM Europe Short Duration D (acc) - EUR 83,381.799 114,646.386 130,770.550 67,257.635 JPM Europe Short Duration X (acc) - EUR 850,052.569 139,145.419 498,804.134 490,393.854

JPMorgan Investment Funds - Europe Strategic Dividend Fund (1) JPM Europe Strategic Dividend A (acc) - EUR - 515,485.229 53,727.590 461,757.639 JPM Europe Strategic Dividend D (acc) - EUR - 7,733.184 3.784 7,729.400

JPMorgan Investment Funds - Global 50 Equity Fund JPM Global 50 Equity A (acc) - USD 373,966.912 36,627.144 167,521.320 243,072.736 JPM Global 50 Equity B (acc) - USD 16,360.224 - 16,360.224 - JPM Global 50 Equity C (acc) - USD 5,658.828 - 1,704.443 3,954.385 JPM Global 50 Equity D (acc) - USD 16,224.581 17,939.568 9,657.042 24,507.107 JPM Global 50 Equity X (acc) - USD 164,220.541 - 34,753.943 129,466.598

JPMorgan Investment Funds - Global Capital Appreciation Fund JPM Global Capital Appreciation A (acc) - EUR 329,062.947 396,796.231 176,286.852 549,572.326 JPM Global Capital Appreciation B (acc) - EUR 41,352.604 - 17,145.505 24,207.099 JPM Global Capital Appreciation C (acc) - EUR 10,805.458 1,855.999 2,834.999 9,826.458 JPM Global Capital Appreciation D (acc) - EUR 2,203.101 183,013.279 7,806.862 177,409.518

JPMorgan Investment Funds - Global Capital Preservation Fund JPM Global Capital Preservation A (acc) - EUR 101,089.288 904,944.385 91,905.135 914,128.538 JPM Global Capital Preservation B (acc) - EUR 53,746.703 25,636.425 5,800.934 73,582.194 JPM Global Capital Preservation C (acc) - EUR 74,899.418 414,937.410 58,386.491 431,450.337 JPM Global Capital Preservation D (acc) - EUR 55,116.495 4,657,134.759 297,314.160 4,414,937.094 JPM Global Capital Preservation X (acc) - EUR 295,350.236 213,211.096 66,603.802 441,957.530

JPMorgan Investment Funds - Global Convertible Bond Fund (USD) JPM Global Convertible Bond (USD) A (acc) - USD 127,644.180 199,695.212 117,770.996 209,568.396 JPM Global Convertible Bond (USD) C (acc) - USD - 106,103.089 - 106,103.089 JPM Global Convertible Bond (USD) D (acc) - USD 3,296.962 1,979.012 - 5,275.974 JPM Global Convertible Bond (USD) X (acc) - USD 46,200.540 - 42,519.050 3,681.490

JPMorgan Investment Funds - Global Enhanced Bond Fund JPM Global Enhanced Bond A (acc) - EUR 1,523,053.249 1,074,033.438 1,147,508.547 1,449,578.140 JPM Global Enhanced Bond B (acc) - EUR 38,656.117 45,549.774 13,235.449 70,970.442 JPM Global Enhanced Bond C (acc) - EUR 157,535.797 232,962.261 84,963.540 305,534.518 JPM Global Enhanced Bond D (acc) - EUR 351,388.817 270,792.916 414,312.998 207,868.735 JPM Global Enhanced Bond X (acc) - EUR 299,499.202 28,386.994 236,598.397 91,287.799 JPM Global Enhanced Bond X (dist) - EUR 300,000.000 - - 300,000.000

(1) This Sub-Fund was launched on 27 February 2005 and its name changed from Europe Equity Income Fund on 13 September 2005.

175 JPMorgan Investment Funds Appendix - Unaudited Additional Disclosures (continued)

Shares Outstanding at the Subscriptions Redemptions Shares Outstanding at the Beginning of the Year End of the Year

6. Historical Statement of Changes in the Number of Shares - for the year ended 31 December 2005 (continued)

JPMorgan Investment Funds - Global ex-US Bond Fund JPM Global ex-US Bond A (acc) - USD 680,328.414 85,618.862 458,104.417 307,842.859 JPM Global ex-US Bond B (acc) - USD 14,617.420 113.400 457.446 14,273.374 JPM Global ex-US Bond C (acc) - USD 4,065.702 41,106.804 27,486.732 17,685.774 JPM Global ex-US Bond D (acc) - USD 1,953.421 3,684.746 1,713.378 3,924.789 JPM Global ex-US Bond X (acc) - USD 657,103.330 267,054.736 168,649.250 755,508.816

JPMorgan Investment Funds - Global ex-US Select Small Cap Fund JPM Global ex-US Select Small Cap A (acc) - EUR 299,912.446 229,683.574 283,214.395 246,381.625 JPM Global ex-US Select Small Cap B (acc) - EUR 53,313.223 - 47,947.799 5,365.424 JPM Global ex-US Select Small Cap C (acc) - EUR 7,402.626 27,652.366 14,256.124 20,798.868 JPM Global ex-US Select Small Cap D (acc) - EUR 231.582 4,945.457 452.387 4,724.652

JPMorgan Investment Funds - Global Financials Fund JPM Global Financials A (acc) - USD 998,558.775 872,468.474 899,016.522 972,010.727 JPM Global Financials C (acc) - USD 12,981.824 22,856.000 3,800.000 32,037.824 JPM Global Financials D (acc) - USD 40,758.760 29,425.676 25,588.418 44,596.018 JPM Global Financials X (acc) - USD 21,655.068 711.326 8,115.000 14,251.394

JPMorgan Investment Funds - Global Healthtech Fund JPM Global Healthtech A (acc) - USD 501,930.036 533,190.875 505,773.007 529,347.904 JPM Global Healthtech B (acc) - USD 20,390.684 - 20,390.684 - JPM Global Healthtech C (acc) - USD 86.295 38,751.576 30,883.730 7,954.141 JPM Global Healthtech D (acc) - USD 42,414.505 355,936.113 224,781.890 173,568.728 JPM Global Healthtech X (acc) - USD 866.994 37,814.288 1,417.640 37,263.642

JPMorgan Investment Funds - Global High Yield Bond Fund JPM Global High Yield Bond A (acc) - EUR 9,201,440.281 3,605,628.127 12,061,163.721 745,904.687 JPM Global High Yield Bond B (acc) - EUR 87,153.663 3,274.123 88,033.024 2,394.762 JPM Global High Yield Bond C (acc) - EUR 1,444,842.905 1,227,627.477 2,043,099.418 629,370.964 JPM Global High Yield Bond D (acc) - EUR 157,207.321 169,294.499 211,717.074 114,784.746 JPM Global High Yield Bond X (acc) - EUR 178,401.000 69,104.034 154,937.982 92,567.052

JPMorgan Investment Funds - Global Opportunities Equity Fund (2) JPM Global Opportunities Equity A (acc) - EUR 2,706.483 454.864 3,161.347 - JPM Global Opportunities Equity C (acc) - EUR 9.000 0.274 9.274 -

JPMorgan Investment Funds - Global Select Equity Fund JPM Global Select Equity A (acc) - USD 638,231.834 378,471.434 824,470.795 192,232.473 JPM Global Select Equity B (acc) - USD 5,463.808 - 50.000 5,413.808 JPM Global Select Equity C (acc) - USD 16,785.812 61.455 4,261.706 12,585.561 JPM Global Select Equity D (acc) - USD 4,352.969 5,387.286 2,380.955 7,359.300 JPM Global Select Equity X (acc) - USD 1,859,761.834 109,744.402 1,177,530.875 791,975.361

JPMorgan Investment Funds - Global Short Duration Fund JPM Global Short Duration A (acc) - USD 925,958.941 639,497.227 878,440.167 687,016.001 JPM Global Short Duration B (acc) - USD 231,789.700 128,170.124 251,905.840 108,053.984 JPM Global Short Duration C (acc) - USD 795,241.432 26,419.399 421,923.989 399,736.842 JPM Global Short Duration D (acc) - USD 7,954.684 28,387.791 12,747.817 23,594.658 JPM Global Short Duration X (acc) - USD 3,865,836.446 973,442.883 3,374,228.466 1,465,050.863

(2) This Sub-Fund was merged into Global Select Equity Fund on 26 September 2005.

176 JPMorgan Investment Funds Appendix - Unaudited Additional Disclosures (continued)

Shares Outstanding at the Subscriptions Redemptions Shares Outstanding at the Beginning of the Year End of the Year

6. Historical Statement of Changes in the Number of Shares - for the year ended 31 December 2005 (continued)

JPMorgan Investment Funds - Global Teletech Fund JPM Global Teletech A (acc) - USD 838,184.291 165,838.392 678,517.955 325,504.728 JPM Global Teletech B (acc) - USD 22,212.223 364.881 4,480.950 18,096.154 JPM Global Teletech C (acc) - USD 90.000 4,849.000 4,939.000 - JPM Global Teletech D (acc) - USD 16,177.664 13,522.416 7,544.081 22,155.999 JPM Global Teletech X (acc) - USD 134,191.043 - - 134,191.043

JPMorgan Investment Funds - Global Total Return Fund (EUR) JPM Global Total Return (EUR) A (acc) - EUR 135,254.533 2,122,954.880 402,342.428 1,855,866.985 JPM Global Total Return (EUR) B (acc) - EUR - 26,482.360 - 26,482.360 JPM Global Total Return (EUR) C (acc) - EUR 64,021.054 973,853.922 54,490.665 983,384.311 JPM Global Total Return (EUR) D (acc) - EUR 16,000.000 1,136,006.429 104,508.201 1,047,498.228 JPM Global Total Return (EUR) X (acc) - EUR 18,000.000 - 16,820.858 1,179.142

JPMorgan Investment Funds - Global Total Return Fund (USD) (3) JPM Global Total Return (USD) A (acc) - USD - 56,527.585 686.838 55,840.747 JPM Global Total Return (USD) D (acc) - USD - 555.416 - 555.416

JPMorgan Investment Funds - Japan 50 Equity Fund JPM Japan 50 Equity A (acc) - JPY 105.030 165,504.852 55,275.010 110,334.872 JPM Japan 50 Equity X (acc) - JPY 51,991.000 715,698.199 69,481.606 698,207.593

JPMorgan Investment Funds - Japan Select Equity Fund JPM Japan Select Equity A (acc) - JPY 5,534,673.504 8,477,385.590 7,471,807.024 6,540,252.070 JPM Japan Select Equity B (acc) - JPY 215,805.666 387,054.535 420,286.625 182,573.576 JPM Japan Select Equity C (acc) - JPY 550,001.510 1,947,732.628 619,133.562 1,878,600.576 JPM Japan Select Equity D (acc) - JPY 276,917.002 642,413.781 376,073.552 543,257.231 JPM Japan Select Equity X (acc) - JPY 1,898,518.730 336,572.866 1,351,623.008 883,468.588

JPMorgan Investment Funds - JF Asia Diversified Fund (4) JF Asia Diversified A (acc) - USD 1,093,353.138 1,299,515.649 844,014.445 1,548,854.342 JF Asia Diversified B (acc) - USD 78,115.524 7,811.935 29,956.724 55,970.735 JF Asia Diversified C (acc) - USD 316,413.185 291,298.754 110,354.038 497,357.901 JF Asia Diversified D (acc) - USD 20,376.210 61,242.517 15,935.610 65,683.117 JF Asia Diversified X (acc) - USD 492,359.040 299,618.782 182,734.389 609,243.433

JPMorgan Investment Funds - Latin America Select Equity Fund JPM Latin America Select Equity A (acc) - USD 91,191.823 101,686.627 106,461.428 86,417.022 JPM Latin America Select Equity C (acc) - USD 29,321.846 2,579.172 25,373.113 6,527.905 JPM Latin America Select Equity D (acc) - USD 3,790.763 28,374.021 12,066.579 20,098.205

JPMorgan Investment Funds - US Bond Fund JPM US Bond A (acc) - USD 1,070,352.299 1,396,600.099 907,046.120 1,559,906.278 JPM US Bond B (acc) - USD 154,063.209 352,365.888 50,271.363 456,157.734 JPM US Bond C (acc) - USD 358,214.283 541,664.428 262,941.163 636,937.548 JPM US Bond D (acc) - USD 116,114.159 193,997.703 70,261.749 239,850.113 JPM US Bond X (acc) - USD 3,034,524.402 594,261.059 723,670.567 2,905,114.894

(3) This Sub-Fund was launched on 10 August 2005. (4) This Sub-Fund changed its name from Asia Diversified Fund on 13 September 2005.

177 JPMorgan Investment Funds Appendix - Unaudited Additional Disclosures (continued)

Shares Outstanding at the Subscriptions Redemptions Shares Outstanding at the Beginning of the Year End of the Year

6. Historical Statement of Changes in the Number of Shares - for the year ended 31 December 2005 (continued)

JPMorgan Investment Funds - US Disciplined Equity Fund JPM US Disciplined Equity A (acc) - USD 1,109,283.961 407,293.418 1,153,597.369 362,980.010 JPM US Disciplined Equity A (dist) - USD 586,467.895 27,284.538 - 613,752.433 JPM US Disciplined Equity B (acc) - USD 7,104.547 2,494.358 4,988.716 4,610.189 JPM US Disciplined Equity C (acc) - USD 1,359,896.577 318,494.665 1,192,341.684 486,049.558 JPM US Disciplined Equity D (acc) - USD 38,767.314 18,499.047 25,365.276 31,901.085 JPM US Disciplined Equity X (acc) - USD 1,305,727.334 323,684.536 914,576.460 714,835.410

JPMorgan Investment Funds - US Dollar Enhanced Yield Fund JPM US Dollar Enhanced Yield A (acc) - USD 1,271,320.187 1,679,887.123 1,674,662.694 1,276,544.616 JPM US Dollar Enhanced Yield B (acc) - USD 202,090.291 73,388.287 27,729.685 247,748.893 JPM US Dollar Enhanced Yield C (acc) - USD 2,313,848.675 4,993,869.439 1,916,797.732 5,390,920.382 JPM US Dollar Enhanced Yield D (acc) - USD 75,023.674 97,604.797 72,477.723 100,150.748 JPM US Dollar Enhanced Yield X (acc) - USD 6,839,887.795 7,123,367.242 4,662,869.581 9,300,385.456

JPMorgan Investment Funds - US Select Equity Fund JPM US Select Equity A (acc) - USD 479,542.494 77,022.867 318,999.197 237,566.164 JPM US Select Equity B (acc) - USD 585,420.988 7,084.073 549,045.061 43,460.000 JPM US Select Equity C (acc) - USD 355,581.566 12,135.423 11,718.757 355,998.232 JPM US Select Equity D (acc) - USD 7,498.824 4,231.915 4,317.447 7,413.292 JPM US Select Equity X (acc) - USD 848,089.761 83,878.406 787,579.083 144,389.084

JPMorgan Investment Funds - US Small Cap Core Fund JPM US Small Cap Core A (acc) - USD 40,593.101 54,493.417 71,665.150 23,421.368 JPM US Small Cap Core C (acc) - USD 172.263 - 172.263 - JPM US Small Cap Core D (acc) - USD 2,692.025 9,010.398 3,817.647 7,884.776

JPMorgan Investment Funds - USD Global Balanced Fund JPM USD Global Balanced A (acc) - USD 2,163,762.950 49,613.383 772,095.751 1,441,280.582 JF USD Global Balanced A (acc) - USD 14,112.660 4,376.217 7,448.782 11,040.095 JPM USD Global Balanced B (acc) - USD 816,032.151 80.000 242,510.177 573,601.974 JPM USD Global Balanced C (acc) - USD 761,926.072 786,552.733 761,926.072 786,552.733 JPM USD Global Balanced D (acc) - USD 11,407.094 24,132.489 9,406.674 26,132.909 JPM USD Global Balanced X (acc) - USD 1,708,943.943 684,781.734 642,393.481 1,751,332.196 JPM USD Global Balanced X (dist) - USD 189,269.774 7,477.379 2,515.697 194,231.456

JPMorgan Investment Funds - USD Global Bond Fund JPM USD Global Bond A (acc) - USD 2,170,938.079 1,129,833.467 741,252.169 2,559,519.377 JF USD Global Bond A (acc) - USD 860.121 3,787.885 1,006.105 3,641.901 JPM USD Global Bond B (acc) - USD 152,940.965 53,860.083 41,748.651 165,052.397 JPM USD Global Bond C (acc) - USD 634,529.869 136,835.302 440,521.092 330,844.079 JPM USD Global Bond D (acc) - USD 34,943.986 37,901.506 11,226.850 61,618.642 JPM USD Global Bond X (acc) - USD 1,930,395.081 1,416,912.040 891,374.440 2,455,932.681

178 JPMorgan Investment Funds Appendix - Unaudited Additional Disclosures (continued)

Shares Outstanding at the Subscriptions Redemptions Shares Outstanding at the Beginning of the Year End of the Year

7. Historical Statement of Changes in the Number of Shares - for the year ended 31 December 2004 (continued)

JPMorgan Investment Funds - Asia Diversified Fund (1) JPM Asia Diversified A - USD 632,273.833 1,110,510.454 649,431.149 1,093,353.138 JPM Asia Diversified B - USD 127,106.083 36,157.617 85,148.176 78,115.524 JPM Asia Diversified C - USD 56,037.914 323,519.511 63,144.240 316,413.185 JPM Asia DiversifiedD-USD 26,479.998 33,669.472 39,773.260 20,376.210 JPM Asia Diversified X - USD 385,859.237 384,174.412 277,674.609 492,359.040

JPMorgan Investment Funds - Blue and Green Fund JPM Blue and Green 3,449.615 - - 3,449.615

JPMorgan Investment Funds - EUR Global Balanced Fund JPM EUR Global Balanced A - EUR 101,637.938 26,476.532 34,762.717 93,351.753 JPM EUR Global Balanced B - EUR 82,365.384 291.043 18,133.606 64,522.821 JPM EUR Global BalancedC-EUR 39,219.764 19,854.717 1,586.652 57,487.829 JPM EUR Global BalancedD-EUR 2,483.498 11,674.683 2,689.327 11,468.854 JPM EUR Global Balanced X - EUR - 121,857.228 121,857.228 -

JPMorgan Investment Funds - EUR Global Bond Fund JPM EUR Global Bond A - EUR 3,239,397.081 4,792,600.786 3,541,577.112 4,490,420.755 JPM EUR Global BondB-EUR 829,714.548 74,955.378 366,209.707 538,460.219 JPM EUR Global Bond C - EUR 342,119.915 1,267,171.174 498,575.503 1,110,715.586 JPM EUR Global BondD-EUR 473,615.780 368,677.933 680,985.744 161,307.969 JPM EUR Global Bond X - EUR 404,186.529 88,897.055 271,639.405 221,444.179

JPMorgan Investment Funds - Euro Fondo De Dinero JPM Euro Fondo De Dinero A - EUR 102,569.190 139,545.349 124,351.397 117,763.142 JPM Euro Fondo De DineroC-EUR 8,100,000.000 77,254.680 17,000.000 8,160,254.680 JPM Euro Fondo De Dinero X - EUR 136,411.228 1,051.300 1,051.300 136,411.228

JPMorgan Investment Funds - Europe Bond Fund JPM Europe Bond A - EUR 3,245,647.764 3,987,562.221 2,517,058.764 4,716,151.221 JPM Europe BondB-EUR 252,862.785 553,319.322 221,461.584 584,720.523 JPM Europe Bond C - EUR 1,461,140.798 716,122.031 1,020,108.198 1,157,154.631 JPM Europe BondD-EUR 343,355.003 689,419.956 338,190.001 694,584.958 JPM Europe Bond X - EUR 2,021,985.421 608,566.601 732,229.497 1,898,322.525

JPMorgan Investment Funds - Europe Corporate Bond Fund (2) JPM Europe Corporate Bond A - EUR 158,270.086 223,253.668 81,703.069 299,820.685 JPM Europe Corporate BondB-EUR 34,838.237 98,097.666 32,007.774 100,928.129 JPM Europe Corporate BondC-EUR 62,964.950 67,034.788 81,765.579 48,234.159 JPM Europe Corporate BondD-EUR 100.000 7,429.495 409.560 7,119.935 JPM Europe Corporate Bond X - EUR 157,170.999 204,335.212 208,522.439 152,983.772

JPMorgan Investment Funds - Europe Recovery Fund JPM Europe Recovery A - EUR 1,107,051.705 1,240,064.855 1,623,605.205 723,511.355 JPM Europe Recovery B - EUR 85,180.726 69,177.662 153,380.374 978.014 JPM Europe Recovery C - EUR 50,000.000 101,341.465 38,748.749 112,592.716 JPM Europe RecoveryD-EUR 1,216.992 29,689.136 14,819.451 16,086.677 JPM Europe Recovery X - EUR 75,451.159 42,947.010 114,073.166 4,325.003

JPMorgan Investment Funds - Europe Select Equity Fund JPM Europe Select EquityA-EUR 17,178.615 9,140.456 16,780.647 9,538.424 JPM Europe Select EquityC-EUR 32,647.841 1,479.827 33,563.273 564.395 JPM Europe Select Equity X - EUR 1,526,370.905 120,960.516 1,380,268.118 267,063.303 (1) Name changed from Asia Select Equity Fund on 1 December 2004. (2) Name changed from Europe Credit Fund on 1 December 2004.

179 JPMorgan Investment Funds Appendix - Unaudited Additional Disclosures (continued)

Shares Outstanding at the Subscriptions Redemptions Shares Outstanding at the Beginning of the Year End of the Year

7. Historical Statement of Changes in the Number of Shares - for the year ended 31 December 2004 (continued)

JPMorgan Investment Funds - Europe Select Large Cap Fund JPM Europe Select Large Cap A - EUR 745,375.028 90,390.891 416,748.041 419,017.878 JPM Europe Select Large Cap B - EUR 76,321.271 351.339 25,007.303 51,665.307 JPM Europe Select Large CapC-EUR 87,695.126 55,464.327 132,255.675 10,903.778 JPM Europe Select Large Cap D - EUR 64,789.013 145,094.400 128,016.387 81,867.026 JPM Europe Select Large Cap X - EUR 1,098,626.535 19,908.981 503,274.137 615,261.379

JPMorgan Investment Funds - Europe Short Duration Fund JPM Europe Short Duration A - EUR 495,220.276 1,502,223.111 782,474.127 1,214,969.260 JPM Europe Short Duration B - EUR 166,391.553 589,302.472 300,793.188 454,900.837 JPM Europe Short DurationC-EUR 477,228.649 236,231.958 103,025.285 610,435.322 JPM Europe Short Duration D - EUR 48,554.813 57,214.240 22,387.254 83,381.799 JPM Europe Short Duration X - EUR 189,489.554 1,139,808.815 479,245.800 850,052.569

JPMorgan Investment Funds - Global 50 Equity Fund JPM Global 50 Equity A - USD 480,682.953 381,927.485 488,643.526 373,966.912 JPM Global 50 Equity B - USD 25,502.777 - 9,142.553 16,360.224 JPM Global 50 Equity C - USD 11,040.182 - 5,381.354 5,658.828 JPM Global 50 EquityD-USD 3,071.986 15,902.338 2,749.743 16,224.581 JPM Global 50 EquityX-USD 240,723.192 26,407.417 102,910.068 164,220.541

JPMorgan Investment Funds - Global Capital Appreciation Fund JPM Global Capital Appreciation A - EUR 596,417.795 148,800.027 416,154.875 329,062.947 JPM Global Capital Appreciation B - EUR 92,328.288 - 50,975.684 41,352.604 JPM Global Capital AppreciationC-EUR 11,001.574 - 196.116 10,805.458 JPM Global Capital AppreciationD-EUR 1,184.490 1,700.976 682.365 2,203.101

JPMorgan Investment Funds - Global Capital Preservation Fund JPM Global Capital Preservation A - EUR 79,470.921 81,407.824 59,789.457 101,089.288 JPM Global Capital PreservationB-EUR 64,649.421 25.246 10,927.964 53,746.703 JPM Global Capital PreservationC-EUR 65,500.567 9,909.347 510.496 74,899.418 JPM Global Capital PreservationD-EUR 343.310 59,049.330 4,276.145 55,116.495 JPM Global Capital Preservation X - EUR - 299,046.356 3,696.120 295,350.236

JPMorgan Investment Funds - Global Convertible Bond Fund (USD) (3) JPM Global Convertible Bond (USD) A - USD - 160,900.647 33,256.468 127,644.180 JPM Global Convertible Bond (USD)D-USD - 3,296.962 - 3,296.962 JPM Global Convertible Bond (USD) X - USD - 87,979.328 41,778.789 46,200.540

JPMorgan Investment Funds - Global Enhanced Bond Fund JPM Global Enhanced Bond A - EUR 1,452,185.041 1,948,508.960 1,877,640.752 1,523,053.249 JPM Global Enhanced Bond B - EUR 52,446.684 7,746.859 21,537.426 38,656.117 JPM Global Enhanced BondC-EUR 558,778.609 201,487.615 602,730.427 157,535.797 JPM Global Enhanced BondD-EUR 231,390.296 334,977.811 214,979.290 351,388.817 JPM Global Enhanced Bond X - EUR 625,457.927 159,264.685 485,223.410 299,499.202 JPM Global Enhanced Bond X (inc) - EUR - 300,000.000 - 300,000.000

JPMorgan Investment Funds - Global Ex-US Bond Fund JPM Global Ex-US Bond A - USD 883,683.552 421,921.124 625,276.262 680,328.414 JPM Global Ex-US Bond B - USD 14,976.184 - 358.764 14,617.420 JPM Global Ex-US BondC-USD 101,182.565 - 97,116.863 4,065.702 JPM Global Ex-US Bond D - USD 1,914.661 1,493.117 1,454.357 1,953.421 JPM Global Ex-US Bond X - USD 767,405.689 126,994.581 237,296.940 657,103.330

(3) This Sub-Fund was launched on 15 June 2004.

180 JPMorgan Investment Funds Appendix - Unaudited Additional Disclosures (continued)

Shares Outstanding at the Subscriptions Redemptions Shares Outstanding at the Beginning of the Year End of the Year

7. Historical Statement of Changes in the Number of Shares - for the year ended 31 December 2004 (continued)

JPMorgan Investment Funds - Global Ex-US Select Small Cap Fund JPM Global Ex-US Select Small Cap A - EUR 387,031.593 39,700.364 126,819.511 299,912.446 JPM Global Ex-US Select Small Cap B - EUR 87,100.343 6,252.911 40,040.031 53,313.223 JPM Global Ex-US Select Small CapC-EUR 6,313.870 7,744.533 6,655.777 7,402.626 JPM Global Ex-US Select Small CapD-EUR 104.595 152.601 25.614 231.582

JPMorgan Investment Funds - Global Financials Fund JPM Global Financials A - USD 755,808.858 1,364,271.714 1,121,521.797 998,558.775 JPM Global Financials C - USD 14,945.409 47,426.351 49,389.936 12,981.824 JPM Global FinancialsD-USD 28,838.927 19,127.089 7,207.256 40,758.760 JPM Global Financials X - USD 12,857.256 8,797.812 - 21,655.068

JPMorgan Investment Funds - Global Healthtech Fund JPM Global Healthtech A - USD 489,891.422 707,739.604 695,700.990 501,930.036 JPM Global Healthtech B - USD 23,683.850 - 3,293.166 20,390.684 JPM Global Healthtech C - USD 23,011.749 3,227.545 26,152.999 86.295 JPM Global HealthtechD-USD 19,303.730 33,830.162 10,719.387 42,414.505 JPM Global Healthtech X - USD 6,885.400 5,389.317 11,407.723 866.994

JPMorgan Investment Funds - Global High Yield Bond Fund JPM Global High Yield Bond A - EUR 6,016,660.029 7,104,326.642 3,919,546.390 9,201,440.281 JPM Global High Yield Bond B - EUR 153,095.207 240,889.758 306,831.302 87,153.663 JPM Global High Yield Bond C - EUR 955,422.046 1,523,055.293 1,033,634.434 1,444,842.905 JPM Global High Yield BondD-EUR 123,336.243 169,918.573 136,047.495 157,207.321 JPM Global High Yield Bond X - EUR 141,055.623 174,275.149 136,929.772 178,401.000

JPMorgan Investment Funds - Global Opportunities Equity Fund (4) JPM Global Opportunities EquityA-EUR 2,149.533 1,676.072 1,119.122 2,706.483 JPM Global Opportunities EquityC-EUR 8,173.394 - 8,164.394 9.000

JPMorgan Investment Funds - Global Select Equity Fund JPM Global Select Equity A - USD 1,654,992.666 736,315.874 1,753,076.706 638,231.834 JPM Global Select Equity B - USD 5,503.811 - 40.003 5,463.808 JPM Global Select Equity C - USD 13,196.462 4,045.542 456.192 16,785.812 JPM Global Select EquityD-USD 1,292.693 3,206.088 145.812 4,352.969 JPM Global Select Equity X - USD 2,186,965.830 998,772.020 1,325,976.016 1,859,761.834

JPMorgan Investment Funds - Global Short Duration Fund JPM Global Short Duration A - USD 1,051,978.315 1,100,680.225 1,226,699.599 925,958.941 JPM Global Short Duration B - USD 86,271.258 243,110.923 97,592.481 231,789.700 JPM Global Short DurationC-USD 436,038.651 808,696.063 449,493.282 795,241.432 JPM Global Short Duration D - USD - 27,357.657 19,402.973 7,954.684 JPM Global Short Duration X - USD 3,449,195.870 4,262,112.904 3,845,472.328 3,865,836.446

JPMorgan Investment Funds - Global Teletech Fund JPM Global Teletech A - USD 488,085.190 608,672.087 258,572.986 838,184.291 JPM Global Teletech B - USD 29,687.439 - 7,475.216 22,212.223 JPM Global TeletechC-USD 38,446.963 82,788.353 121,145.316 90.000 JPM Global Teletech D - USD 19,527.161 10,443.677 13,793.174 16,177.664 JPM Global Teletech X - USD 134,191.043 - - 134,191.043

(4) Name changed from Global Diversified Equity Fund on 1 December 2004.

181 JPMorgan Investment Funds Appendix - Unaudited Additional Disclosures (continued)

Shares Outstanding at the Subscriptions Redemptions Shares Outstanding at the Beginning of the Year End of the Year

7. Historical Statement of Changes in the Number of Shares - for the year ended 31 December 2004 (continued)

JPMorgan Investment Funds - Global Total Return Fund (EUR) (5) JPM Global Total Return (EUR) A - EUR - 137,285.895 2,031.362 135,254.533 JPM Global Total Return (EUR) C - EUR - 64,021.054 - 64,021.054 JPM Global Total Return (EUR)D-EUR - 16,000.000 - 16,000.000 JPM Global Total Return (EUR) X - EUR - 18,000.000 - 18,000.000

JPMorgan Investment Funds - Investment Strategy 98P Fund (6) JPM Investment Strategy 98P C - EUR 6,450.918 - 6,450.918 -

JPMorgan Investment Funds - Japan 50 Equity Fund (7) JPM Japan 50 Equity A - JPY - 105.030 - 105.030 JPM Japan 50 EquityX-JPY - 52,095.000 104.000 51,991.000

JPMorgan Investment Funds - Japan Select Equity Fund JPM Japan Select Equity A - JPY 3,003,859.199 5,004,782.669 2,473,968.364 5,534,673.504 JPM Japan Select Equity B - JPY 295,449.787 82,354.185 161,998.306 215,805.666 JPM Japan Select EquityC-JPY 191,448.360 603,114.603 244,561.453 550,001.510 JPM Japan Select EquityD-JPY 319,656.773 292,790.248 335,530.019 276,917.002 JPM Japan Select Equity X - JPY 1,168,574.982 1,203,027.624 473,083.876 1,898,518.730

JPMorgan Investment Funds - Latin America Select Equity Fund JPM Latin America Select Equity A - USD 59,829.156 105,041.386 73,678.719 91,191.823 JPM Latin America Select EquityC-USD 30,913.846 108.000 1,700.000 29,321.846 JPM Latin America Select EquityD-USD 249.977 3,976.588 435.802 3,790.763 JPM Latin America Select Equity X - USD 20,587.965 - 20,587.965 -

JPMorgan Investment Funds - Sharp 25 Fund (8) JPM Sharp 25 A - EUR 178,958.583 56,176.622 235,135.205 - JPM Sharp 25 X - EUR 29,746.763 - 29,746.763 -

JPMorgan Investment Funds - Sharp 50 Fund (9) JPM Sharp 50 A - EUR 195,687.442 117,618.555 313,305.997 - JPM Sharp 50 B - EUR 2,996.136 - 2,996.136 - JPM Sharp 50D-EUR 1,580.555 - 1,580.555 - JPM Sharp 50 X - EUR 225,917.414 - 225,917.414 -

JPMorgan Investment Funds - US Bond Fund JPM US Bond A - USD 1,402,037.228 903,226.705 1,234,911.634 1,070,352.299 JPM US Bond B - USD 181,180.504 193,582.775 220,700.070 154,063.209 JPM US Bond C - USD 688,705.972 286,274.072 616,765.761 358,214.283 JPMUSBondD-USD 97,029.304 49,863.467 30,778.612 116,114.159 JPM US Bond X - USD 2,523,669.436 1,584,782.836 1,073,927.870 3,034,524.402

JPMorgan Investment Funds - US Disciplined Equity Fund JPM US Disciplined EquityA-USD 1,101,043.608 783,977.981 775,737.628 1,109,283.961 JPM US Disciplined Equity A (inc) - USD 586,467.895 - - 586,467.895 JPM US Disciplined Equity B - USD 85,502.281 4,694.547 83,092.281 7,104.547 JPM US Disciplined EquityC-USD 658,506.983 989,802.868 288,413.274 1,359,896.577 JPM US Disciplined EquityD-USD 81,639.912 30,887.887 73,760.485 38,767.314 JPM US Disciplined Equity X - USD 1,100,560.098 209,824.036 4,656.800 1,305,727.334

(5) This Sub-Fund was launched on 29 April 2004. (6) This Sub-Fund was closed on 8 January 2004. (7) This Sub-Fund was launched on 20 December 2004. (8) This Sub-Fund merged into Global Capital Preservation Fund on 16 July 2004. (9) This Sub-Fund merged into EUR Global Balanced Fund on 16 July 2004.

182 JPMorgan Investment Funds Appendix - Unaudited Additional Disclosures (continued)

Shares Outstanding at the Subscriptions Redemptions Shares Outstanding at the Beginning of the Year End of the Year

7. Historical Statement of Changes in the Number of Shares - for the year ended 31 December 2004 (continued)

JPMorgan Investment Funds - US Dollar Enhanced Yield Fund JPM US Dollar Enhanced Yield A - USD 1,509,049.351 1,300,894.531 1,538,623.695 1,271,320.187 JPM US Dollar Enhanced Yield B - USD 163,028.401 193,987.679 154,925.789 202,090.291 JPM US Dollar Enhanced YieldC-USD 3,065,188.198 2,291,455.545 3,042,795.068 2,313,848.675 JPM US Dollar Enhanced YieldD-USD - 79,077.649 4,053.975 75,023.674 JPM US Dollar Enhanced Yield X - USD 2,818,374.163 9,303,681.234 5,282,167.602 6,839,887.795

JPMorgan Investment Funds - US Select Equity Fund JPM US Select Equity A - USD 1,401,084.545 381,324.198 1,302,866.249 479,542.494 JPM US Select Equity B - USD 870,240.741 24,597.333 309,417.086 585,420.988 JPM US Select Equity C - USD 485,345.566 15,868.492 145,632.492 355,581.566 JPM US Select EquityD-USD 2,985.047 5,636.578 1,122.801 7,498.824 JPM US Select Equity X - USD 986,055.851 295,124.253 433,090.343 848,089.761

JPMorgan Investment Funds - US Small Cap Core Fund (10) JPM US Small Cap Core A - USD 45,775.323 22,265.863 27,448.085 40,593.101 JPM US Small Cap Core C - USD 172.263 - - 172.263 JPM US Small Cap Core D - USD 1,994.700 1,438.404 741.079 2,692.025

JPMorgan Investment Funds - USD Global Balanced Fund JPM USD Global Balanced A - USD 1,896,602.698 693,258.420 426,098.168 2,163,762.950 JF USD Global Balanced A - USD 5,238.689 12,214.877 3,340.906 14,112.660 JPM USD Global Balanced B - USD 826,114.784 3,172.367 13,255.000 816,032.151 JPM USD Global BalancedC-USD 959,970.000 761,926.072 959,970.000 761,926.072 JPM USD Global BalancedD-USD 2,701.999 9,664.576 959.481 11,407.094 JPM USD Global Balanced X - USD 1,921,715.698 436,508.186 649,279.941 1,708,943.943 JPM USD Global Balanced X (inc) - USD 194,423.029 - 5,153.255 189,269.774

JPMorgan Investment Funds - USD Global Bond Fund JPM USD Global Bond A - USD 2,548,927.552 1,514,353.188 1,892,342.661 2,170,938.079 JF USD Global Bond A - USD 1,511.032 1,494.386 2,145.297 860.121 JPM USD Global Bond B - USD 110,984.929 146,233.873 104,277.837 152,940.965 JPM USD Global Bond C - USD 679,084.718 384,578.312 429,133.161 634,529.869 JPM USD Global BondD-USD 30,526.768 19,444.768 15,027.550 34,943.986 JPM USD Global Bond X - USD 1,451,826.635 1,351,729.475 873,161.029 1,930,395.081

(10) Name changed from US Select Small Cap Fund on 1 December 2004.

183 JPMorgan Investment Funds Appendix - Unaudited Additional Disclosures (continued)

Shares Outstanding at the Subscriptions Redemptions Shares Outstanding at the Beginning of the Year End of the Year

8. Historical Statement of Changes in the Number of Shares - for the year ended 31 December 2003 (continued)

JPM Asia Select Equity A - USD 442,464.65 876,725.84 686,916.66 632,273.83 JPM Asia Select Equity B - USD 115,528.33 23,288.05 11,710.30 127,106.08 JPM Asia Select Equity C - USD 13,836.46 166,969.35 124,767.90 56,037.91 JPM Asia Select EquityD-USD 32,168.35 21,402.46 27,090.81 26,480.00 JPM Asia Select EquityX-USD 323,700.76 189,461.98 127,303.51 385,859.24 JPM Blue and Green 3,449.62 - - 3,449.62 JPM EUR Global Balanced A - EUR 122,407.18 26,696.03 47,465.27 101,637.94 JPM EUR Global Balanced B - EUR 193,924.41 - 111,559.03 82,365.38 JPM EUR Global BalancedC-EUR 44,451.73 3,806.23 9,038.19 39,219.77 JPM EUR Global BalancedD-EUR 1,530.14 955.42 2.07 2,483.49 JPM EUR Global Bond A - EUR 2,462,628.45 3,500,516.95 2,723,748.31 3,239,397.09 JPM EUR Global Bond B - EUR 1,713,871.05 216,918.79 1,101,075.29 829,714.55 JPM EUR Global Bond C - EUR 482,035.67 79,088.54 219,004.30 342,119.91 JPM EUR Global BondD-EUR 438,856.89 330,199.55 295,440.65 473,615.79 JPM EUR Global Bond X - EUR 1,014,288.19 285,774.92 895,876.58 404,186.53 JPM Euro Fondo De Dinero A - EUR 145,453.69 101,090.40 143,974.89 102,569.20 JPM Euro Fondo De DineroC-EUR - 8,100,000.00 - 8,100,000.00 JPM Euro Fondo De Dinero X - EUR 249,576.23 - 113,165.00 136,411.23 JPM Europe Bond A - EUR 3,001,942.04 2,809,337.77 2,565,632.04 3,245,647.77 JPM Europe Bond B - EUR 271,455.98 314,644.49 333,237.68 252,862.79 JPM Europe Bond C - EUR 653,293.76 1,902,321.47 1,094,474.43 1,461,140.80 JPM Europe BondD-EUR 419,214.90 138,718.64 214,578.54 343,355.00 JPM Europe Bond X - EUR 856,982.95 2,131,190.13 966,187.66 2,021,985.42 JPM Europe Credit A - EUR - 376,393.36 218,123.27 158,270.09 JPM Europe Credit B - EUR - 53,106.25 18,268.01 34,838.24 JPM Europe Credit C - EUR - 73,364.95 10,400.00 62,964.95 JPM Europe CreditD-EUR - 100.00 - 100.00 JPM Europe Credit X - EUR - 212,908.81 55,737.81 157,171.00 JPM Europe Disciplined Equity A - EUR 7,773.00 17,917.06 25,690.06 - JPM Europe Disciplined Equity X - EUR 49,900.00 - 49,900.00 - JPM Europe Recovery A - EUR - 1,236,699.33 129,647.63 1,107,051.70 JPM Europe Recovery B - EUR - 86,541.08 1,360.35 85,180.73 JPM Europe Recovery C - EUR - 50,000.00 - 50,000.00 JPM Europe RecoveryD-EUR - 1,231.73 14.74 1,216.99 JPM Europe Recovery X - EUR - 128,687.42 53,236.27 75,451.15 JPM Europe Select EquityA-EUR 27,692.97 29,859.82 40,374.17 17,178.62 JPM Europe Select Equity B - EUR 9,298.42 - 9,298.42 - JPM Europe Select EquityC-EUR 40,326.49 34,899.90 42,578.55 32,647.84 JPM Europe Select Equity X - EUR 1,629,259.06 231,707.41 334,595.56 1,526,370.91 JPM Europe Select Large Cap A - EUR 1,643,472.31 240,347.15 1,138,444.43 745,375.03 JPM Europe Select Large Cap B - EUR 262,310.33 17,391.89 203,380.95 76,321.27 JPM Europe Select Large CapC-EUR 315,286.75 72,932.21 300,523.83 87,695.13 JPM Europe Select Large Cap D - EUR 90,047.99 90,340.02 115,598.99 64,789.02 JPM Europe Select Large Cap X - EUR 1,297,876.82 450,677.98 649,928.27 1,098,626.53 JPM Europe Short Duration A - EUR - 768,326.12 273,105.85 495,220.27 JPM Europe Short Duration B - EUR - 216,597.08 50,205.53 166,391.55 JPM Europe Short Duration C - EUR - 493,482.03 16,253.38 477,228.65 JPM Europe Short Duration D - EUR - 158,663.73 110,108.92 48,554.81 JPM Europe Short Duration X - EUR - 303,142.88 113,653.33 189,489.55 JPM Global 50 Equity A - USD 790,090.68 501,973.35 811,381.08 480,682.95 JPM Global 50 Equity B - USD 16,360.22 9,142.55 - 25,502.77 JPM Global 50 Equity C - USD 22,040.18 - 11,000.00 11,040.18 JPM Global 50 EquityD-USD 2,623.76 1,620.25 1,172.03 3,071.98 JPM Global 50 EquityX-USD 507,970.66 478,886.28 746,133.74 240,723.20 JPM Global Capital Appreciation A - EUR 779,040.72 66,346.24 248,969.17 596,417.79

184 JPMorgan Investment Funds Appendix - Unaudited Additional Disclosures (continued)

Shares Outstanding at the Subscriptions Redemptions Shares Outstanding at the Beginning of the Year End of the Year

8. Historical Statement of Changes in the Number of Shares - for the year ended 31 December 2003 (continued)

JPM Global Capital Appreciation B - EUR 121,136.75 - 28,808.46 92,328.29 JPM Global Capital AppreciationC-EUR 11,001.57 112,631.12 112,631.12 11,001.57 JPM Global Capital AppreciationD-EUR 228.23 956.26 - 1,184.49 JPM Global Capital PreservationA-EUR 112,239.84 15,233.65 48,002.57 79,470.92 JPM Global Capital PreservationB-EUR 122,073.60 - 57,424.17 64,649.43 JPM Global Capital PreservationC-EUR 104,433.13 10.35 38,942.91 65,500.57 JPM Global Capital PreservationD-EUR - 380.31 37.00 343.31 JPM Global Diversified Equity A - EUR 2,573.76 577.91 1,002.14 2,149.53 JPM Global Diversified Equity B - EUR 3,748.77 - 3,748.77 - JPM Global Diversified Equity C - EUR 8,173.39 - - 8,173.39 JPM Global Enhanced Bond A - EUR 1,180,522.63 1,582,333.98 1,310,671.56 1,452,185.05 JPM Global Enhanced Bond B - EUR 9,436.38 157,643.40 114,633.09 52,446.69 JPM Global Enhanced BondC-EUR 552,760.48 740,393.52 734,375.40 558,778.60 JPM Global Enhanced BondD-EUR 238,441.12 175,730.12 182,780.94 231,390.30 JPM Global Enhanced Bond X - EUR 1,405,200.12 1,556,625.18 2,336,367.37 625,457.93 JPM Global ex-US Bond A - USD 1,084,123.06 679,688.64 880,128.15 883,683.55 JPM Global ex-US Bond B - USD 63,568.50 13,016.70 61,609.02 14,976.18 JPM Global ex-US BondC-USD 49,308.40 66,225.61 14,351.45 101,182.56 JPM Global ex-US Bond D - USD 11,898.73 199.30 10,183.38 1,914.65 JPM Global ex-US Bond X - USD 712,970.00 468,625.47 414,189.78 767,405.69 JPM Global ex-US Select Small Cap A - EUR 591,141.40 100,947.64 305,057.44 387,031.60 JPM Global ex-US Select Small CapB-EUR 127,199.60 2,063.26 42,162.52 87,100.34 JPM Global ex-US Select Small CapC-EUR 2,217.63 4,096.24 - 6,313.87 JPM Global ex-US Select Small CapD-EUR - 206.52 101.93 104.59 JPM Global Financials A - USD 365,282.66 1,514,264.62 1,123,738.42 755,808.86 JPM Global Financials C - USD 15,381.63 1,841.56 2,277.79 14,945.40 JPM Global FinancialsD-USD 27,491.70 8,667.24 7,320.02 28,838.92 JPM Global Financials X - USD - 12,857.26 - 12,857.26 JPM Global Healthtech A - USD 371,947.75 888,575.61 770,631.94 489,891.42 JPM Global Healthtech B - USD 20,390.68 3,293.17 - 23,683.85 JPM Global Healthtech C - USD 126,140.08 19,419.97 122,548.30 23,011.75 JPM Global HealthtechD-USD 2,892.42 19,816.98 3,405.66 19,303.74 JPM Global Healthtech X - USD 6,018.41 4,092.65 3,225.66 6,885.40 JPM Global High Yield Bond A - EUR 1,165,230.71 6,363,588.15 1,512,158.83 6,016,660.03 JPM Global High Yield Bond B - EUR 74,425.96 587,275.95 508,606.71 153,095.20 JPM Global High Yield Bond C - EUR 1,277,167.39 561,815.63 883,560.97 955,422.05 JPM Global High Yield BondD-EUR 18,916.19 212,035.02 107,614.96 123,336.25 JPM Global High Yield Bond X - EUR 54,326.65 211,426.01 124,697.04 141,055.62 JPM Global Select Equity A - USD 639,242.73 6,731,934.83 5,716,184.90 1,654,992.66 JPM Global Select Equity B - USD 5,702.81 - 199.00 5,503.81 JPM Global Select EquityC-USD 13,196.46 - - 13,196.46 JPM Global Select EquityD-USD 35.03 1,257.67 - 1,292.70 JPM Global Select Equity X - USD 1,794,112.92 915,882.06 523,029.15 2,186,965.83 JPM Global Short Duration A - USD - 1,570,024.89 518,046.57 1,051,978.32 JPM Global Short Duration B - USD - 167,719.63 81,448.37 86,271.26 JPM Global Short DurationC-USD - 452,414.06 16,375.40 436,038.66 JPM Global Short Duration X - USD - 6,099,832.27 2,650,636.40 3,449,195.87 JPM Global Teletech A - USD 958,641.91 600,713.25 1,071,269.97 488,085.19 JPM Global TeletechB-USD 36,228.59 1,894.00 8,435.15 29,687.44 JPM Global Teletech C - USD 80.00 38,446.96 80.00 38,446.96 JPM Global Teletech D - USD 97,906.01 30,648.55 109,027.40 19,527.16 JPM Global Teletech X - USD 244,258.72 - 110,067.68 134,191.04 JPM Investment Strategy 98P C - EUR 768,871.49 4,014.89 766,435.47 6,450.91 JPM Japan Select Equity A - JPY 2,026,460.43 4,291,635.20 3,314,236.43 3,003,859.20 JPM Japan Select Equity B - JPY 250,596.26 88,531.77 43,678.24 295,449.79

185 JPMorgan Investment Funds Appendix - Unaudited Additional Disclosures (continued)

Shares Outstanding at the Subscriptions Redemptions Shares Outstanding at the Beginning of the Year End of the Year

8. Historical Statement of Changes in the Number of Shares - for the year ended 31 December 2003 (continued)

JPM Japan Select EquityC-JPY 50,163.87 836,861.61 695,577.12 191,448.36 JPM Japan Select EquityD-JPY 18,692.30 385,883.93 84,919.46 319,656.77 JPM Japan Select Equity X - JPY 1,173,590.39 1,102,536.71 1,107,552.12 1,168,574.98 JPM Latin America Select Equity A - USD 67,237.78 149,933.13 157,341.76 59,829.15 JPM Latin America Select EquityC-USD 30,913.85 - - 30,913.85 JPM Latin America Select EquityD-USD 8.95 687.15 446.13 249.97 JPM Latin America Select Equity X - USD 41,811.76 862.67 22,086.46 20,587.97 JPM Sharp 25 A - EUR 117,286.01 174,507.94 112,835.37 178,958.58 JPM Sharp 25 C - EUR 89,300.00 - 89,300.00 - JPM Sharp 25 X - EUR 518,411.68 - 488,664.92 29,746.76 JPM Sharp 50 A - EUR 260,375.64 74,495.04 139,183.24 195,687.44 JPM Sharp 50B-EUR 2,996.14 - - 2,996.14 JPM Sharp 50 C - EUR 112,662.17 65,849.87 178,512.04 - JPM Sharp 50D-EUR 13,704.95 1,409.75 13,534.15 1,580.55 JPM Sharp 50 X - EUR 170,534.03 129,308.39 73,925.01 225,917.41 JPM US Bond A - USD 3,509,746.67 1,290,322.80 3,398,032.24 1,402,037.23 JPM US Bond B - USD 312,505.51 29,608.12 160,933.13 181,180.50 JPM US Bond C - USD 1,017,015.55 375,367.63 703,677.21 688,705.97 JPMUSBondD-USD 29,500.65 86,098.24 18,569.59 97,029.30 JPM US Bond X - USD 3,302,692.69 1,673,495.23 2,452,518.48 2,523,669.44 JPM US Disciplined Equity A - USD 2,616,832.50 2,101,052.87 3,616,841.76 1,101,043.61 JPM US Disciplined Equity A (inc) - USD 586,467.90 - - 586,467.90 JPM US Disciplined Equity B - USD 173,008.53 70,982.40 158,488.65 85,502.28 JPM US Disciplined EquityC-USD 501,030.54 1,177,571.80 1,020,095.36 658,506.98 JPM US Disciplined EquityD-USD 97,223.29 81,353.98 96,937.36 81,639.91 JPM US Disciplined Equity X - USD 1,323,459.26 233,132.71 456,031.88 1,100,560.09 JPM US Dollar Enhanced Yield A - USD 3,393,621.21 8,929,180.16 10,813,752.02 1,509,049.35 JPM US Dollar Enhanced Yield B - USD 351,851.06 85,722.50 274,545.15 163,028.41 JPM US Dollar Enhanced YieldC-USD 3,370,804.08 4,572,117.01 4,877,732.89 3,065,188.20 JPM US Dollar Enhanced Yield X - USD 2,498,754.77 2,723,501.08 2,403,881.69 2,818,374.16 JPM US Select Equity A - USD 4,783,222.12 5,543,350.53 8,925,488.10 1,401,084.55 JPM US Select Equity B - USD 1,052,417.24 147,424.72 329,601.22 870,240.74 JPM US Select Equity C - USD 568,931.13 492,901.46 576,487.02 485,345.57 JPM US Select EquityD-USD 576.22 2,444.11 35.29 2,985.04 JPM US Select Equity X - USD 2,271,777.37 705,874.97 1,991,596.49 986,055.85 JPM US Select Small Cap A - USD 559,684.28 257,703.71 771,612.67 45,775.33 JPM US Select Small Cap B - USD 53,419.00 - 53,419.00 - JPM US Select Small CapC-USD 172.26 186,931.49 186,931.49 172.26 JPM US Select Small Cap D - USD 1,959.06 466.28 430.64 1,994.70 JPM US Select Small Cap X - USD 791,748.11 7,155.06 798,903.17 - JPM USD Global Balanced A - USD 4,312,762.23 1,588,226.79 4,004,386.32 1,896,602.70 JF USD Global Balanced A - USD - 5,992.38 753.69 5,238.69 JPM USD Global Balanced B - USD 904,703.57 29,557.98 108,146.77 826,114.78 JPM USD Global BalancedC-USD - 959,970.00 - 959,970.00 JPM USD Global BalancedD-USD 474.67 2,559.51 332.18 2,702.00 JPM USD Global Balanced X - USD 855,562.23 1,992,914.51 926,761.04 1,921,715.70 JPM USD Global Balanced X (inc) - USD 215,798.20 370.00 21,745.16 194,423.03 JPM USD Global Bond A - USD 3,461,253.95 2,673,762.60 3,586,089.00 2,548,927.55 JF USD Global Bond A - USD - 13,524.16 12,013.12 1,511.04 JPM USD Global Bond B - USD 349,726.10 46,580.07 285,321.24 110,984.93 JPM USD Global Bond C - USD 1,336,541.33 226,067.80 883,524.41 679,084.72 JPM USD Global BondD-USD 16,909.64 21,649.97 8,032.84 30,526.77 JPM USD Global Bond X - USD 1,237,640.36 1,841,963.76 1,627,777.49 1,451,826.63

186 JPMorgan Investment Funds Appendix - Unaudited Additional Disclosures (continued)

Shares Outstanding at the Subscriptions Redemptions Shares Outstanding at the Beginning of the Year End of the Year

9. Historical Statement of Changes in the Number of Shares - for the year ended 31 December 2002

JPM Asia Select Equity Fund A - USD 236,759.42 583,220.54 377,515.31 442,464.65 JPM Asia Select Equity Fund B - USD 104,618.43 60,864.74 49,954.84 115,528.33 JPM Asia Select Equity FundC-USD 59,926.01 38,189.98 84,279.53 13,836.46 JPM Asia Select Equity Fund D - USD - 46,722.83 14,554.48 32,168.35 JPM Asia Select Equity Fund X - USD 107,286.24 250,095.87 33,681.35 323,700.76 JPM Blue and Green 3,449.62 - - 3,449.62 JPM EUR Global Balanced Fund A - EUR 155,288.55 24,929.94 57,811.31 122,407.18 JPM EUR Global Balanced Fund B - EUR 211,546.32 4,773.49 22,395.40 193,924.41 JPM EUR Global Balanced FundC-EUR 87,593.72 1,393.81 44,535.80 44,451.73 JPM EUR Global Balanced Fund D - EUR - 1,561.49 31.35 1,530.14 JPM EUR Global Bond Fund A - EUR 2,566,236.70 2,274,697.71 2,378,305.96 2,462,628.45 JPM EUR Global Bond Fund B - EUR 1,855,180.77 896,776.20 1,038,085.92 1,713,871.05 JPM EUR Global Bond Fund C - EUR 550,400.26 338,954.67 407,319.26 482,035.67 JPM EUR Global Bond Fund D - EUR 108,862.30 525,309.85 195,315.26 438,856.89 JPM EUR Global Bond Fund X - EUR 1,189,097.34 634,084.18 808,893.33 1,014,288.19 JPM Euro Fondo De Dinero A - EUR 121,584.54 298,519.71 274,650.56 145,453.69 JPM Euro Fondo De Dinero X - EUR - 249,576.23 - 249,576.23 JPM Europe Bond Fund A - EUR 4,298,577.10 2,571,654.69 3,868,289.75 3,001,942.04 JPM Europe Bond Fund B - EUR 463,182.77 197,657.90 389,384.69 271,455.98 JPM Europe Bond FundC-EUR 600,994.08 285,904.39 233,604.71 653,293.76 JPM Europe Bond Fund D - EUR 45,231.55 560,071.59 186,088.24 419,214.90 JPM Europe Bond Fund X - EUR 796,093.05 721,713.66 660,823.76 856,982.95 JPM Europe Disciplined Equity Fund A - EUR 623.54 38,451.91 31,302.45 7,773.00 JPM Europe Disciplined Equity Fund X - EUR 49,900.00 - - 49,900.00 JPM Europe Select Equity FundA-EUR 4,051.33 33,846.82 10,205.18 27,692.97 JPM Europe Select Equity Fund B - EUR 15,087.19 - 5,788.77 9,298.42 JPM Europe Select Equity Fund C - EUR 112,206.19 6,659.72 78,539.42 40,326.49 JPM Europe Select Equity Fund X - EUR 1,072,089.33 650,282.21 93,112.48 1,629,259.06 JPM Europe Select Large Cap Fund A - EUR 3,078,473.27 5,627,649.60 7,062,650.56 1,643,472.31 JPM Europe Select Large Cap Fund B - EUR 4,990,771.22 158,217.63 4,886,678.52 262,310.33 JPM Europe Select Large Cap Fund C - EUR 527,391.55 83,382.38 295,487.18 315,286.75 JPM Europe Select Large Cap FundD-EUR 545.30 119,027.82 29,525.13 90,047.99 JPM Europe Select Large Cap FundX-EUR 1,420,570.07 832,597.19 955,290.44 1,297,876.82 JPM Global 50 Equity Fund A - USD 1,463,924.64 513,097.37 1,186,931.33 790,090.68 JPM Global 50 Equity Fund B - USD 75,322.78 100.00 59,062.56 16,360.22 JPM Global 50 Equity FundC-USD 159,454.72 3,108.57 140,523.11 22,040.18 JPM Global 50 Equity Fund D - USD 2,033.63 3,772.24 3,182.11 2,623.76 JPM Global 50 Equity Fund X - USD 647,681.90 199,158.82 338,870.06 507,970.66 JPM Global Capital Appreciation FundA-EUR 1,023,699.63 68,275.20 312,934.11 779,040.72 JPM Global Capital Appreciation FundB-EUR 126,866.49 9,871.80 15,601.54 121,136.75 JPM Global Capital Appreciation FundC-EUR 40,566.96 25,310.05 54,875.44 11,001.57 JPM Global Capital Appreciation FundD-EUR 228.23 - - 228.23 JPM Global Capital Preservation Fund A - EUR 108,087.96 33,793.08 29,641.20 112,239.84 JPM Global Capital Preservation FundB-EUR 159,957.54 66.39 37,950.33 122,073.60 JPM Global Capital Preservation Fund C - EUR 110,726.07 719.54 7,012.48 104,433.13 JPM Global Capital Preservation Fund D - EUR 601.07 122.19 723.26 - JPM Global Capital Preservation Fund X - EUR 552,322.02 87.62 552,409.64 - JPM Global Diversified Equity Fund A - EUR 3,315.91 660.46 1,402.61 2,573.76 JPM Global Diversified Equity Fund B - EUR 10,991.13 - 7,242.36 3,748.77 JPM Global Diversified Equity FundC-EUR 18,768.10 3,721.55 14,316.26 8,173.39 JPM Global Diversified Equity Fund X - EUR 12,839.79 981.08 13,820.87 - JPM Global Enhanced Bond Fund A - EUR 356,168.69 1,479,569.48 655,215.54 1,180,522.63 JPM Global Enhanced Bond Fund B - EUR 4,808.10 12,827.07 8,198.79 9,436.38 JPM Global Enhanced Bond Fund C - EUR 230,077.49 691,916.70 369,233.71 552,760.48

187 JPMorgan Investment Funds Appendix - Unaudited Additional Disclosures (continued)

Shares Outstanding at the Subscriptions Redemptions Shares Outstanding at the Beginning of the Year End of the Year

9. Historical Statement of Changes in the Number of Shares - for the year ended 31 December 2002 (continued)

JPM Global Enhanced Bond Fund D - EUR 11,914.03 246,830.88 20,303.79 238,441.12 JPM Global Enhanced Bond Fund X - EUR 1,434,710.39 1,484,541.59 1,514,051.86 1,405,200.12 JPM Global ex-US Bond Fund A - USD 1,383,080.92 208,065.56 507,023.42 1,084,123.06 JPM Global ex-US Bond Fund B - USD 41,881.18 49,471.44 27,784.12 63,568.50 JPM Global ex-US Bond FundC-USD 37,073.69 12,544.45 309.74 49,308.40 JPM Global ex-US Bond Fund D - USD 8,549.77 10,032.66 6,683.70 11,898.73 JPM Global ex-US Bond Fund X - USD 565,318.18 325,288.29 177,636.47 712,970.00 JPM Global ex-US Select Small Cap Fund A - EUR 826,158.87 76,554.38 311,571.85 591,141.40 JPM Global ex-US Select Small Cap Fund B - EUR 57,094.36 83,082.87 12,977.63 127,199.60 JPM Global ex-US Select Small Cap Fund C - EUR 10,533.98 10,105.57 18,421.92 2,217.63 JPM Global Financials Fund A - USD 164,210.41 630,732.64 429,660.39 365,282.66 JPM Global Financials FundC-USD 10,749.58 22,641.06 18,009.01 15,381.63 JPM Global Financials Fund D - USD 6,504.00 27,801.83 6,814.13 27,491.70 JPM Global Financials Fund X - USD - 22,495.72 22,495.72 - JPM Global Healthtech Fund A - USD 529,606.81 484,597.21 642,256.27 371,947.75 JPM Global Healthtech FundB-USD 53,131.76 - 32,741.08 20,390.68 JPM Global Healthtech FundC-USD 128,140.08 2,600.31 4,600.31 126,140.08 JPM Global Healthtech FundD-USD - 2,961.68 69.26 2,892.42 JPM Global Healthtech Fund X - USD 15,893.89 33,711.80 43,587.28 6,018.41 JPM Global High Yield Bond Fund A - EUR 707,854.12 1,390,074.41 932,697.82 1,165,230.71 JPM Global High Yield Bond Fund B - EUR 120,789.59 69,864.58 116,228.21 74,425.96 JPM Global High Yield Bond Fund C - EUR 1,285,995.75 153,974.70 162,803.06 1,277,167.39 JPM Global High Yield Bond FundD-EUR 48,960.26 101,956.99 132,001.06 18,916.19 JPM Global High Yield Bond Fund X - EUR 67,265.21 106,434.24 119,372.80 54,326.65 JPM Global Select Equity Fund A - USD 646,451.18 824,726.53 831,934.98 639,242.73 JPM Global Select Equity Fund B - USD 387,208.33 72,805.52 454,311.04 5,702.81 JPM Global Select Equity FundC-USD 275,279.71 2,424.21 264,507.46 13,196.46 JPM Global Select Equity FundD-USD - 35.03 - 35.03 JPM Global Select Equity Fund X - USD 1,941,755.93 489,482.16 637,125.17 1,794,112.92 JPM Global Teletech Fund A - USD 1,023,788.53 615,670.27 680,816.89 958,641.91 JPM Global Teletech FundB-USD 60,761.68 37,375.22 61,908.31 36,228.59 JPM Global Teletech FundC-USD 115,778.76 80.00 115,778.76 80.00 JPM Global Teletech Fund D - USD 4,853.32 103,163.05 10,110.36 97,906.01 JPM Global Teletech Fund X - USD 287,669.04 525.51 43,935.83 244,258.72 JPM Investment Strategy 98P Fund C - EUR 784,834.29 15,403.64 31,366.44 768,871.49 JPM Japan Select Equity Fund A - JPY 1,853,318.66 3,449,471.71 3,276,329.94 2,026,460.43 JPM Japan Select Equity Fund B - JPY 401,405.34 177,420.11 328,229.19 250,596.26 JPM Japan Select Equity Fund C - JPY 46,300.22 25,003.25 21,139.60 50,163.87 JPM Japan Select Equity Fund D - JPY - 19,045.20 352.90 18,692.30 JPM Japan Select Equity Fund X - JPY 1,156,828.30 709,977.74 693,215.65 1,173,590.39 JPM Latin America Select Equity Fund A - USD 124,270.57 36,596.32 93,629.11 67,237.78 JPM Latin America Select Equity FundB-USD 14,263.67 - 14,263.67 - JPM Latin America Select Equity FundC-USD 119,724.79 44,785.47 133,596.41 30,913.85 JPM Latin America Select Equity Fund D - USD 8.95 - - 8.95 JPM Latin America Select Equity Fund X - USD 41,811.76 - - 41,811.76 JPM EUR Sharp 25 Fund A - EUR 229,237.19 166,330.68 278,281.86 117,286.01 JPM EUR Sharp 25 Fund B - EUR 5,051.84 - 5,051.84 - JPM EUR Sharp 25 Fund C - EUR 149,000.00 - 59,700.00 89,300.00 JPM EUR Sharp 25 Fund D - EUR - 75.38 75.38 - JPM EUR Sharp 25 Fund X - EUR 376,596.16 893,442.27 751,626.75 518,411.68 JPM EUR Sharp 50 Fund A - EUR 341,210.83 279,819.30 360,654.49 260,375.64 JPM EUR Sharp 50 Fund B - EUR 4,854.99 2,996.14 4,854.99 2,996.14 JPM EUR Sharp 50 Fund C - EUR 140,457.99 59,807.75 87,603.57 112,662.17 JPM EUR Sharp 50 Fund D - EUR - 15,321.94 1,616.99 13,704.95 JPM EUR Sharp 50 Fund X - EUR 236,633.19 125,733.26 191,832.42 170,534.03

188 JPMorgan Investment Funds Appendix - Unaudited Additional Disclosures (continued)

Shares Outstanding at the Subscriptions Redemptions Shares Outstanding at the Beginning of the Year End of the Year

9. Historical Statement of Changes in the Number of Shares - for the year ended 31 December 2002 (continued)

JPM US Bond Fund A - USD 4,594,184.08 1,681,970.98 2,766,408.39 3,509,746.67 JPM US Bond Fund B - USD 514,496.59 170,669.01 372,660.09 312,505.51 JPM US Bond Fund C - USD 1,476,532.04 138,310.34 597,826.83 1,017,015.55 JPMUSBondFundD-USD 9,741.30 26,250.26 6,490.91 29,500.65 JPM US Bond Fund X - USD 3,499,147.25 1,147,190.40 1,343,644.96 3,302,692.69 JPM US Disciplined Equity Fund A - USD 1,188,064.33 7,546,889.13 6,118,120.96 2,616,832.50 JPM US Disciplined Equity Fund A (inc) - USD - 586,467.90 - 586,467.90 JPM US Disciplined Equity Fund B - USD 283,201.44 - 110,192.91 173,008.53 JPM US Disciplined Equity Fund C - USD 358,732.83 322,400.47 180,102.76 501,030.54 JPM US Disciplined Equity Fund D - USD 261.53 100,120.17 3,158.41 97,223.29 JPM US Disciplined Equity Fund X - USD 1,789,944.85 329,282.21 795,767.80 1,323,459.26 JPM US Dollar Enhanced Yield Fund A - USD 3,921,763.43 5,531,829.09 6,059,971.31 3,393,621.21 JPM US Dollar Enhanced Yield Fund B - USD 341,065.95 466,053.65 455,268.54 351,851.06 JPM US Dollar Enhanced Yield Fund C - USD 5,965,686.64 4,580,294.00 7,175,176.56 3,370,804.08 JPM US Dollar Enhanced Yield Fund X - USD 2,702,718.43 1,688,362.96 1,892,326.62 2,498,754.77 JPM US Select Equity Fund A - USD 2,655,440.98 11,591,229.98 9,463,448.84 4,783,222.12 JPM US Select Equity Fund B - USD 5,739,581.85 591,369.12 5,278,533.73 1,052,417.24 JPM US Select Equity Fund C - USD 347,127.35 277,309.33 55,505.55 568,931.13 JPM US Select Equity FundD-USD - 610.38 34.16 576.22 JPM US Select Equity Fund X - USD 2,388,091.26 559,440.97 675,754.86 2,271,777.37 JPM US Select Small Cap Fund A - USD 795,133.66 234,743.97 470,193.35 559,684.28 JPM US Select Small Cap Fund B - USD 72,576.51 2,476.25 21,633.76 53,419.00 JPM US Select Small Cap Fund C - USD 172.26 - - 172.26 JPM US Select Small Cap FundD-USD 119.64 1,842.24 2.82 1,959.06 JPM US Select Small Cap Fund X - USD 925,980.96 157,436.18 291,669.03 791,748.11 JPM USD Global Balanced Fund A - USD 4,877,903.89 424,268.37 989,410.03 4,312,762.23 JPM USD Global Balanced Fund JF - USD ---- JPM USD Global Balanced Fund B - USD 1,117,139.32 57,106.44 269,542.19 904,703.57 JPM USD Global Balanced FundC-USD---- JPM USD Global Balanced Fund D - USD - 553.57 78.90 474.67 JPM USD Global Balanced Fund X - USD 971,648.25 37,717.93 153,803.95 855,562.23 JPM USD Global Balanced Fund X (inc) - USD 448,818.58 2,419.11 235,439.49 215,798.20 JPM USD Global Bond Fund A - USD 4,227,038.40 1,225,936.02 1,991,720.47 3,461,253.95 JPM USD Global Bond Fund JF - USD ---- JPM USD Global Bond Fund B - USD 524,858.86 136,088.74 311,221.50 349,726.10 JPM USD Global Bond FundC-USD 1,039,108.93 714,155.99 416,723.59 1,336,541.33 JPM USD Global Bond FundD-USD - 17,044.14 134.50 16,909.64 JPM USD Global Bond Fund X - USD 2,884,417.20 1,931,556.34 3,578,333.18 1,237,640.36

189 JPMorgan Investment Funds Appendix - Unaudited Additional Disclosures (continued)

Shares Outstanding at the Subscriptions Redemptions Shares Outstanding at the Beginning of the Year End of the Year

10. Historical Statement of Changes in the Number of Shares - for the year ended 31 December 2001

JPM Asia Select Equity Fund A - USD 273,099.83 105,985.39 142,325.80 236,759.42 JPM Asia Select Equity Fund B - USD 91,698.43 12,920.00 - 104,618.43 JPM Asia Select Equity FundC-USD 142.00 60,162.63 378.62 59,926.01 JPM Asia Select Equity Fund X - USD 271,822.83 28,680.92 193,217.51 107,286.24 JPM Blue and Green 3,449.62 - - 3,449.62 JPM EUR Global Balanced Fund A - EUR 171,566.53 46,938.66 63,216.64 155,288.55 JPM EUR Global Balanced Fund B - EUR 238,560.38 20,541.31 47,555.37 211,546.32 JPM EUR Global Balanced FundC-EUR 114,807.99 71,384.09 98,598.36 87,593.72 JPM EUR Global Bond Fund A - EUR 1,372,826.09 3,088,624.94 1,895,214.33 2,566,236.70 JPM EUR Global Bond Fund B - EUR 2,165,398.13 1,187,117.48 1,497,334.84 1,855,180.77 JPM EUR Global Bond Fund C - EUR 474,611.13 271,480.27 195,691.14 550,400.26 JPM EUR Global Bond Fund D - EUR - 144,579.78 35,717.48 108,862.30 JPM EUR Global Bond Fund X - EUR 520,255.80 1,119,548.73 450,707.19 1,189,097.34 JPM Euro Fondo De Dinero A - EUR 72,650.95 99,679.60 50,746.01 121,584.54 JPM Euro Fondo De Dinero X - EUR 4,203.32 - 4,203.32 - JPM Europe Bond Fund A - EUR 2,152,277.56 5,510,809.51 3,364,509.97 4,298,577.10 JPM Europe Bond Fund B - EUR 601,773.70 812,848.62 951,439.55 463,182.77 JPM Europe Bond FundC-EUR 435,235.34 430,146.56 264,387.82 600,994.08 JPM Europe Bond Fund D - EUR - 46,652.07 1,420.52 45,231.55 JPM Europe Bond Fund X - EUR 985,785.27 655,747.27 845,439.49 796,093.05 JPM Europe Disciplined Equity Fund A - EUR - 623.54 - 623.54 JPM Europe Disciplined Equity Fund X - EUR - 49,900.00 - 49,900.00 JPM Europe Select Equity FundA-EUR 3,906.37 2,208.55 2,063.59 4,051.33 JPM Europe Select Equity Fund B - EUR 21,022.27 2,205.28 8,140.36 15,087.19 JPM Europe Select Equity Fund C - EUR 123,250.01 17,045.77 28,089.59 112,206.19 JPM Europe Select Equity Fund X - EUR - 1,383,294.24 311,204.91 1,072,089.33 JPM Europe Select Large Cap Fund A - EUR 2,673,188.64 1,950,918.12 1,545,633.49 3,078,473.27 JPM Europe Select Large Cap Fund B - EUR 1,302,990.26 5,544,507.77 1,856,726.81 4,990,771.22 JPM Europe Select Large Cap Fund C - EUR 222,511.80 466,216.53 161,336.78 527,391.55 JPM Europe Select Large Cap FundD-EUR - 545.30 - 545.30 JPM Europe Select Large Cap FundX-EUR 2,215,245.97 1,048,499.54 1,843,175.44 1,420,570.07 JPM Global 50 Equity Fund A - USD 2,581,330.47 426,455.36 1,543,861.19 1,463,924.64 JPM Global 50 Equity Fund B - USD 172,014.12 40,371.09 137,062.43 75,322.78 JPM Global 50 Equity FundC-USD 317,316.17 11,894.15 169,755.60 159,454.72 JPM Global 50 Equity Fund D - USD - 2,294.86 261.23 2,033.63 JPM Global 50 Equity Fund X - USD 2,376,406.44 170,892.82 1,899,617.36 647,681.90 JPM Global Capital Appreciation FundA-EUR 987,307.31 292,086.20 255,693.88 1,023,699.63 JPM Global Capital Appreciation FundB-EUR 203,804.58 664.01 77,602.10 126,866.49 JPM Global Capital Appreciation FundC-EUR 101,653.65 29,565.39 90,652.08 40,566.96 JPM Global Capital Appreciation FundD-EUR - 228.23 - 228.23 JPM Global Capital Preservation Fund A - EUR 116,384.50 27,759.15 36,055.69 108,087.96 JPM Global Capital Preservation FundB-EUR 159,584.51 35,176.08 34,803.05 159,957.54 JPM Global Capital Preservation Fund C - EUR 163,522.18 12,295.11 65,091.22 110,726.07 JPM Global Capital Preservation Fund D - EUR - 619.56 18.49 601.07 JPM Global Capital Preservation Fund X - EUR 210,157.63 576,537.40 234,373.01 552,322.02 JPM Global Diversified Equity Fund A - EUR 2,504.30 1,625.69 814.08 3,315.91 JPM Global Diversified Equity Fund B - EUR 15,211.71 5,773.59 9,994.17 10,991.13 JPM Global Diversified Equity FundC-EUR 83,826.00 13,634.05 78,691.95 18,768.10 JPM Global Diversified Equity Fund X - EUR 35,453.69 - 22,613.90 12,839.79 JPM Global Enhanced Bond Fund A - EUR 32,247.00 405,637.39 81,715.70 356,168.69 JPM Global Enhanced Bond Fund B - EUR - 4,808.10 - 4,808.10 JPM Global Enhanced Bond Fund C - EUR 210,870.50 23,839.62 4,632.63 230,077.49 JPM Global Enhanced Bond Fund D - EUR - 13,041.08 1,127.05 11,914.03 JPM Global Enhanced Bond Fund X - EUR 1,220,169.83 4,066,156.07 3,851,615.51 1,434,710.39

190 JPMorgan Investment Funds Appendix - Unaudited Additional Disclosures (continued)

Shares Outstanding at the Subscriptions Redemptions Shares Outstanding at the Beginning of the Year End of the Year

10. Historical Statement of Changes in the Number of Shares - for the year ended 31 December 2001 (continued)

JPM Global ex-US Bond Fund A - USD 1,280,446.69 804,973.90 702,339.67 1,383,080.92 JPM Global ex-US Bond Fund B - USD 83,935.23 7,171.54 49,225.59 41,881.18 JPM Global ex-US Bond FundC-USD 67,333.88 18,559.72 48,819.91 37,073.69 JPM Global ex-US Bond Fund D - USD - 8,614.13 64.36 8,549.77 JPM Global ex-US Bond Fund X - USD 371,301.99 456,130.55 262,114.36 565,318.18 JPM Global ex-US Select Small Cap Fund A - EUR 1,574,280.28 161,470.41 909,591.82 826,158.87 JPM Global ex-US Select Small Cap Fund B - EUR 101,615.57 14,003.95 58,525.16 57,094.36 JPM Global ex-US Select Small Cap Fund C - EUR 65,962.84 14,666.67 70,095.53 10,533.98 JPM Global Financials Fund A - USD 220,033.68 230,325.07 286,148.34 164,210.41 JPM Global Financials Fund B - USD - 4,232.23 4,232.23 - JPM Global Financials FundC-USD 11,470.00 11,244.58 11,965.00 10,749.58 JPM Global Financials Fund D - USD - 6,504.00 - 6,504.00 JPM Global Financials Fund X - USD 26,328.63 92,644.50 118,973.13 - JPM Global Healthtech Fund A - USD 679,033.19 166,856.20 316,282.58 529,606.81 JPM Global Healthtech FundB-USD 67,546.54 20,390.68 34,805.46 53,131.76 JPM Global Healthtech FundC-USD 149,922.37 3,000.00 24,782.29 128,140.08 JPM Global Healthtech Fund X - USD 74,990.32 89,716.79 148,813.22 15,893.89 JPM Global High Yield Bond Fund A - EUR 791,098.19 1,590,727.96 1,673,972.03 707,854.12 JPM Global High Yield Bond Fund B - EUR 67,846.15 183,132.64 130,189.20 120,789.59 JPM Global High Yield Bond Fund C - EUR 324,245.79 1,061,005.93 99,255.97 1,285,995.75 JPM Global High Yield Bond FundD-EUR - 163,832.76 114,872.50 48,960.26 JPM Global High Yield Bond Fund X - EUR 86,763.24 268,898.27 288,396.30 67,265.21 JPM Global Select Equity Fund A - USD 533,084.95 582,720.40 469,354.17 646,451.18 JPM Global Select Equity Fund B - USD 321,756.34 158,448.22 92,996.23 387,208.33 JPM Global Select Equity FundC-USD 301,127.87 24,323.32 50,171.48 275,279.71 JPM Global Select Equity Fund X - USD 247,250.65 1,995,753.75 301,248.47 1,941,755.93 JPM Global Teletech Fund A - USD 1,681,811.37 653,405.64 1,311,428.48 1,023,788.53 JPM Global Teletech FundB-USD 68,883.53 8,708.35 16,830.20 60,761.68 JPM Global Teletech FundC-USD 141,594.36 28,283.78 54,099.38 115,778.76 JPM Global Teletech Fund D - USD - 4,865.08 11.76 4,853.32 JPM Global Teletech Fund X - USD 376,249.35 62,986.03 151,566.34 287,669.04 JPM Investment Strategy 98P Fund C - EUR 764,514.58 55,012.73 34,693.02 784,834.29 JPM Japan Select Equity Fund A - JPY 1,858,592.14 1,910,251.54 1,915,525.02 1,853,318.66 JPM Japan Select Equity Fund B - JPY 982,919.61 290,216.45 871,730.72 401,405.34 JPM Japan Select Equity Fund C - JPY 661,779.54 65,145.69 680,625.01 46,300.22 JPM Japan Select Equity Fund X - JPY 2,606,385.04 721,981.16 2,171,537.90 1,156,828.30 JPM Latin America Select Equity Fund A - USD 167,722.51 41,418.42 84,870.36 124,270.57 JPM Latin America Select Equity FundB-USD 8,633.67 6,130.00 500.00 14,263.67 JPM Latin America Select Equity FundC-USD 118,339.17 7,182.28 5,796.66 119,724.79 JPM Latin America Select Equity Fund D - USD - 8.95 - 8.95 JPM Latin America Select Equity Fund X - USD 24,998.89 22,705.64 5,892.77 41,811.76 JPM EUR Sharp 25 Fund A - EUR - 235,345.19 6,108.00 229,237.19 JPM EUR Sharp 25 Fund B - EUR - 5,051.84 - 5,051.84 JPM EUR Sharp 25 Fund C - EUR - 259,000.00 110,000.00 149,000.00 JPM EUR Sharp 25 Fund X - EUR - 376,596.16 - 376,596.16 JPM EUR Sharp 50 Fund A - EUR - 344,910.67 3,699.84 341,210.83 JPM EUR Sharp 50 Fund B - EUR - 4,854.99 - 4,854.99 JPM EUR Sharp 50 Fund C - EUR - 140,457.99 - 140,457.99 JPM EUR Sharp 50 Fund X - EUR - 236,633.19 - 236,633.19 JPM US Bond Fund A - USD 4,369,103.99 3,263,652.18 3,038,572.09 4,594,184.08 JPM US Bond Fund B - USD 593,231.77 179,796.35 258,531.53 514,496.59 JPM US Bond Fund C - USD 1,580,608.08 979,224.38 1,083,300.42 1,476,532.04 JPMUSBondFundD-USD - 10,044.01 302.71 9,741.30 JPM US Bond Fund X - USD 3,703,794.91 1,284,505.58 1,489,153.24 3,499,147.25

191 JPMorgan Investment Funds Appendix - Unaudited Additional Disclosures (continued)

Shares Outstanding at the Subscriptions Redemptions Shares Outstanding at the Beginning of the Year End of the Year

10. Historical Statement of Changes in the Number of Shares - for the year ended 31 December 2001 (continued)

JPM US Disciplined Equity Fund A - USD 367,771.93 1,138,879.68 318,587.28 1,188,064.33 JPM US Disciplined Equity Fund B - USD 308,316.71 128,009.93 153,125.20 283,201.44 JPM US Disciplined Equity Fund C - USD 719,140.75 167,692.51 528,100.43 358,732.83 JPM US Disciplined Equity Fund D - USD - 261.53 - 261.53 JPM US Disciplined Equity Fund X - USD 871,983.49 1,092,904.50 174,943.14 1,789,944.85 JPM US Dollar Enhanced Yield Fund A - USD 2,164,628.17 3,602,967.93 1,845,832.67 3,921,763.43 JPM US Dollar Enhanced Yield Fund B - USD 61,129.85 399,702.23 119,766.13 341,065.95 JPM US Dollar Enhanced Yield Fund C - USD 261,475.90 8,003,228.44 2,299,017.70 5,965,686.64 JPM US Dollar Enhanced Yield Fund X - USD 512,888.85 2,358,205.39 168,375.81 2,702,718.43 JPM US Select Equity Fund A - USD 2,048,453.69 2,199,544.20 1,592,556.91 2,655,440.98 JPM US Select Equity Fund B - USD 1,964,976.66 5,554,495.47 1,779,890.28 5,739,581.85 JPM US Select Equity Fund C - USD 69,054.69 330,403.58 52,330.92 347,127.35 JPM US Select Equity Fund X - USD 1,872,811.97 1,612,186.94 1,096,907.65 2,388,091.26 JPM US Select Small Cap Fund A - USD 548,361.25 865,309.22 618,536.81 795,133.66 JPM US Select Small Cap Fund B - USD 97,518.76 15,010.51 39,952.76 72,576.51 JPM US Select Small Cap Fund C - USD 172.26 - - 172.26 JPM US Select Small Cap FundD-USD - 119.64 - 119.64 JPM US Select Small Cap Fund X - USD 621,408.78 606,893.40 302,321.22 925,980.96 JPM USD Global Balanced Fund A - USD 6,249,283.66 439,028.76 1,810,408.53 4,877,903.89 JPM USD Global Balanced Fund B - USD 1,362,038.25 106,636.89 351,535.82 1,117,139.32 JPM USD Global Balanced Fund X - USD 800,830.31 225,087.45 54,269.51 971,648.25 JPM USD Global Balanced Fund X (inc) - USD 466,686.85 427.90 18,296.17 448,818.58 JPM USD Global Bond Fund A - USD 2,929,968.26 2,999,800.41 1,702,730.27 4,227,038.40 JPM USD Global Bond Fund B - USD 510,199.06 455,637.51 440,977.71 524,858.86 JPM USD Global Bond FundC-USD 1,149,552.52 1,140,371.34 1,250,814.93 1,039,108.93 JPM USD Global Bond Fund X - USD 2,957,668.04 762,856.13 836,106.97 2,884,417.20

11. Portfolio Turnover Ratio The portfolio turnover is an indicator of the relevance of the additional costs incurred by a Sub-Fund when buying and selling investments according to its investment policy. The Portfolio Turnover Ratio is disclosed in accordance with the standard method outlined below:

(Total securities purchases and sales – total subscription and redemption of Sub-Fund shares ) —————————————————————————————————————————— x 100 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.

Global Balanced Fund (USD) 147.86% Europe Select Large Cap Fund 279.84% Global Teletech Fund 96.69% Global ex-US Select Small Cap Fund 177.71% Blue and Green Fund 96.45% Global Healthtech Fund 33.05% Global Balanced Fund (EUR) 87.98% Europe Recovery Fund 417.60% US Disciplined Equity Fund 51.43% Global 50 Equity Fund 201.07% JF Asia Diversified Fund 23.62% US Dynamic Small Cap Fund 11.48% Global Financials Fund 7.26% US Bond Fund 1716.46% Japan Select Equity Fund 5.49% Global Enhanced Bond Fund 1485.81% Global Capital Appreciation Fund 0.00% Global Bond Fund (USD) 517.73% Global Capital Preservation (EUR) Fund 0.00% Global Bond Fund (EUR) 452.20% Global Capital Preservation (USD) Fund 0.00% Global ex-US Bond Fund 240.54% Japan 50 Equity Fund 142.07% Global Short Duration Fund 264.44% US Select Equity Fund 135.84% Europe Bond Fund 67.07% Global Total Return (USD) Fund 118.81% Europe Corporate Bond Fund 78.75% Global Select Equity Fund 103.74% Europe Short Duration Fund 31.29% Global Total Return (EUR) Fund 98.76% Global High Yield Bond Fund 0.00% Europe Select Equity Fund 56.84% Global Convertibles Fund (USD) 0.00% Europe Strategic Dividend Fund 10.64% US Dollar Enhanced Yield Fund 16.91%

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For further information concerning JPMorgan Investment Funds, please contact the Global Distributor:

JPMorgan Asset Management (Europe) S.à r.l. Postal Address: L-2888 Luxembourg Tel No: (352) 34 101 Fax No: (352) 3410 8000 E-mail: [email protected]

Internet: www.jpmorganassetmanagement.com

CH GB H62 03/07