Jpmorgan Funds Audited Annual Report As at 30 June 2008

.41SVKER*YRHW [[[NJEQGSQ "VEJUFE"OOVBM3FQPSU +VOF

$FSUBJO PG UIF TVCGVOET PG UIF 'VOE BSF OPU BVUIPSJTFE GPS PGGFS PS EJTUSJCVUJPO JO PS GSPN )POH,POH "DDPSEJOHMZ OPSFGFSFODFJTNBEFUPUIFTFTVCGVOETJOUIJTBOOVBMSFQPSU5IFBUUFOUJPOPGUIFJOWFTUPSTJT ESBXOUPUIFGBDUUIBUDFSUBJOGJHVSFTJOUIJTBOOVBMSFQPSUBSFFYQSFTTFEPOBDPOTPMJEBUFECBTJTBOE UIVT JODMVEFUIFBTTFUTPGUIPTFTVCGVOETXIJDIBSFOPUSFHJTUFSFEJO)POH,POH This report is an abridged version of the audited annual report established in conformity with the Luxembourg Law of 20 December 2002 on Undertakings for Collective Investment as amended. The complete version is available on request from the Company’s registered office in Luxembourg and from JF Funds Limited.

This report does not constitute an offer of shares. Subscriptions are only valid if made on the basis of the current Hong Kong Offering Document which is available free of charge on request, supplemented by the most recent audited annual report of the Company and any subsequent unaudited semi-annual report, from JF Funds Limited. JPMorgan Funds Audited Annual Report As at 30 June 2008

Contents Board of Directors 1 Management and Administration 2 Board of Directors’ Report 3 Investment Managers’ Report 4 Independent Auditor’s Report 5 Financial Statements and Statistical Information Combined Statement of Net Assets 7 Combined Statement of Operations and Changes in Net Assets 13 Statement of Changes in the Number of Shares 19 Statistical Information 24 Notes to the Financial Statements 29 Schedules of Investment

JPMorgan Funds - America Equity Fund 35 JPMorgan Funds - Eastern Europe Equity Fund 38 JPMorgan Funds - Emerging Europe, Middle East and Africa Equity Fund 40 JPMorgan Funds - Emerging Markets Debt Fund 42 JPMorgan Funds - Emerging Markets Equity Fund 46 JPMorgan Funds - Emerging Markets Local Currency Debt Fund 48 JPMorgan Funds - Euroland Equity Fund 50 JPMorgan Funds - Euroland Select Equity Fund 53 JPMorgan Funds - Europe Dynamic Fund 55 JPMorgan Funds - Europe Dynamic Mega Cap Fund 57 JPMorgan Funds - Europe Equity Fund 59 JPMorgan Funds - Europe Small Cap Fund 62 JPMorgan Funds - Europe Technology Fund 65 JPMorgan Funds - Germany Equity Fund 66 JPMorgan Funds - Global Convertibles Fund (EUR) 67 JPMorgan Funds - Global Dynamic Fund 72 JPMorgan Funds - Global Equity Fund (USD) 76 JPMorgan Funds - Global Focus Fund 78 JPMorgan Funds - Global Life Sciences Fund 81 JPMorgan Funds - Global Natural Resources Fund 82 JPMorgan Funds - Global Real Estate Securities Fund (USD) 86 JPMorgan Funds - JF China Fund 88 JPMorgan Funds - JF Greater China Fund 89 JPMorgan Funds - JF Hong Kong Fund 90 JPMorgan Funds - JF India Fund 91 JPMorgan Funds - JF Japan Equity Fund 92 JPMorgan Funds - JF Japan Small Cap Fund 93 JPMorgan Funds - JF Pacific Balanced Fund 94 JPMorgan Funds - JF Pacific Technology Fund 98 JPMorgan Funds - JF Singapore Fund 100 JPMorgan Funds - JF Taiwan Fund 101 JPMorgan Funds - Latin America Equity Fund 102 JPMorgan Funds - Middle East Equity Fund 104 JPMorgan Funds - Russia Fund 106 JPMorgan Funds - US Aggregate Bond Fund 108 JPMorgan Funds - US Dynamic Fund 116 JPMorgan Funds - US Small Cap Growth Fund 119 JPMorgan Funds - US Strategic Growth Fund 121 JPMorgan Funds - US Technology Fund 124 JPMorgan Funds - US Value Fund 125

Appendix: Unaudited Additional Disclosures Fund Total Expense Ratios 127 Summary of Investment Objectives of the Sub-Funds 133 Performance and Volatility 136 Interest Rate Received/(Charged) on Bank Accounts 142 Sub-Fund Share Classes Subject to Taxe d’Abonnement Rate of 0.01% 142 Portfolio Turnover Rate 143 Historical Statements of Changes in the Number of Shares 144 JPMorgan Funds Board of Directors As at 30 June 2008

Chairman Deputy Chairman Iain O.S. Saunders Pierre Jaans Banker Economist Duine, Ardfern 3, rue de Kahler Argyll PA31 8QN L-8356 Garnich United Kingdom Grand Duchy of Luxembourg

Directors André Elvinger Andrea L. Hazen Partner Managing Director Elvinger, Hoss & Prussen JPMorgan Asset Management (UK) Limited 2, place Winston Churchill 20 Finsbury Street L-2014 Luxembourg London EC2Y 9AQ Grand Duchy of Luxembourg United Kingdom

Jean Frijns Robert Van der Meer Professor, Finance and Investments Professor of Finance Antigonelaan 2 9ALange Vijverberg NL-5631 LR Eindhoven NL-2513 AC The Hague The Netherlands The Netherlands

Berndt May Managing Director JPMorgan Asset Management (Europe) S.à r.l. Austrian Branch Führichgasse 8 A-1010 Vienna Austria

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

1 JPMorgan Funds Management and Administration As at 30 June 2008

Management Company, Registrar and Transfer Agent, Global Distributor and Domiciliary Agent JPMorgan Asset Management (Europe) S.à r.l. European Bank & Business Centre 6, route de Trèves L-2633 Senningerberg Grand Duchy of Luxembourg

Advisory Company JPMorgan Asset Management Advisory Company S.à r.l. European Bank & Business Centre 6, route de Trèves L-2633 Senningerberg Grand Duchy of Luxembourg

Investment Managers J.P. Morgan Investment Management Inc. 245 Park Avenue New York, NY 10167 United States of America JPMorgan Asset Management (Japan) Limited Tokyo Building 7 - 3, Marunouchi 2 - Chome Chiyoda-ku Tokyo 100 - 6432 Japan JPMorgan Asset Management (UK) Limited 20 Finsbury Street London EC2Y 9AQ United Kingdom JF Asset Management Limited 21st Floor, Chater House 8 Connaught Road Central, Hong Kong JF Asset Management (Singapore) Limited 168 Robinson Road 17th Floor, Capital Tower Singapore 068912 Highbridge Capital Management LLC 9 West 57th Street New York, NY 10019 United States of America

Custodian, Corporate, Administrative Agent & Paying Agent J.P. Morgan Bank Luxembourg S.A. European Bank & Business Centre 6, route de Trèves L-2633 Senningerberg Grand Duchy of Luxembourg

Independent Auditor PricewaterhouseCoopers S.à r.l. Réviseur d’entreprises 400, route d’Esch B.P. 1443 L-1014 Luxembourg Grand Duchy of Luxembourg

Legal Adviser Elvinger, Hoss & Prussen 2, place Winston Churchill L-2014 Luxembourg Grand Duchy of Luxembourg

2 JPMorgan Funds Board of Directors’ Report As at 30 June 2008

The Board of Directors is pleased to present the Audited Annual Report for the year ended 30 June 2008. The Fund The Fund is a variable capital investment company, organised as a “Société Anonyme”, under the laws of the Grand Duchy of Luxembourg. The Fund is organized as an “umbrella” with a number of Sub-Funds, each of which has its own investment policy and restrictions. At present, the Fund has issued shares in 79 Sub-Funds. During the year, the total net assets of the Fund decreased from USD 89.6 billion to USD 57.6 billion at year end. In response to a deterioration of the market conditions pertaining to a number of asset classes/debt instruments over the last year, widening bid-ask spreads on asset-backed and corporate securities and a sharp decline in market liquidity, the regular pricing basis for the Sub-Funds - using the last available price for securities as supplied by independent price providers - had become an unreliable estimate of the realizable value of those instruments. In managing daily priced funds, the Board’s principle is to fairly value the portfolio to give equal treatment to Shareholders and in this context, the Management Company has implemented a special Fair Value Committee to address any valuation concerns arising from current market and liquidity events. The Committee considers on a daily basis current market information on the portfolios held, including last traded prices, taking into account view of the Senior Management on the reliability of such information; indirect exposure through Over The Counter credit derivatives; the estimated timing of asset disposal to meet anticipated investor redemptions. During the year, the following Sub-Funds were launched: • JPMorgan Funds - Euroland Select Equity Fund on 24 July 2007; • JPMorgan Funds - Emerging Markets Local Currency Debt Fund on 24 January 2008; 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, Bahrain, Belgium, Bermuda, Chile, Denmark, Estonia, Finland, France, Germany, Greece, Hong Kong, Ireland, Italy, Korea, Macau, The Netherlands, Norway, Peru, Portugal, Singapore, Spain, Sweden, Switzerland, Taiwan and United Kingdom. Responsibility of the Directors The responsibility of the Directors of the Fund is governed exclusively by Luxembourg law. With respect to the annual accounts of the Fund, the duties of the Directors are governed by general corporate law and the law of 19 December 2002 on, inter alia, the accounting and annual accounts of undertakings and by the law of 20 December 2002 relating to undertakings for collective investments. Annual General Meeting The next Annual General Meeting of the Company will be held on 19 November 2008.

Board of Directors Luxembourg, 2 October 2008

3 JPMorgan Funds Investment Managers’ Report For the year ended 30 June 2008

Review Global equities, along with all global financial markets, experienced high levels of volatility for most of the review period. Fears about the health of the US economy, and consequently the global economy, dominated the period. Investor sentiment was dented by the financial market turmoil sparked by the US subprime housing crisis, illiquid credit markets, large financial writedowns, fears of counterparty risk and concerns about rising inflation. During the period several large investment banks announced extremely large losses, some high profile hedge funds blew up, and US investment bank Bear Stearns suffered a crisis of confidence and was acquired by JPMorgan in a deal facilitated by the Federal Reserve (Fed). Meanwhile, commodity prices increased significantly and the high price of oil and agriculture products caused widespread concern. The Fed was very active throughout the period and many of its actions were unprecedented not least its involvement in the emergency sale of Bear Stearns. In fact, policymakers threw everything in except the kitchen sink in an all-out effort to prevent a financial and economic meltdown. The Fed cut interest rates by 3.25%, from 5.25% in September 2007 to reach 2.0% by the end of April 2008. In addition, it introduced new lending facility measures to stimulate liquidity and address funding problems for the banking system. These measures were particularly aimed at helping the increasingly distressed mortgage market. Meanwhile, the US Government also announced a fiscal stimulus for 2008 in the form of tax rebates totalling more than USD 100 billion, which US households began to receive in May and June. The Bank of England, meanwhile, raised interest rates by 0.25% in July 2007 to 5.75%, before embarking on an easing cycle from December that brought interest rates down to 5.0% by the end of the review period. UK financial institutions also revealed large credit-related losses and troubled mortgage lender Northern Rock was eventually nationalised. In contrast, the European Central Bank (ECB) kept interest rates constant throughout the twelve-month period, at 4.0%, as economic data remained relatively robust and monetary policymakers focussed on inflation risks. Most major stock markets suffered a sharp correction after the summer of 2007, when the credit crunch significantly impacted markets and credit liquidity shrank, but they then rebounded with some stock markets even reaching new highs before correcting again towards the end of the period as the credit crunch reasserted itself. The first quarter of 2008 was negative for most stock markets, as weak US economic data caused analysts to speculate whether the US had entered recession. Investor sentiment remained subdued for the remainder of the period. Rising commodity prices and strong demand from emerging economies such as China benefited many emerging markets. New oil reserves were discovered off the coast of Brazil, and both Brazil and Peru were awarded investment grade status from the ratings agencies. Growth in China remained robust but investors began to fear overheating in the economy. The mainland China and Hong Kong stock markets performed extremely strongly in the first half of the review period, but sold off over the last few months due to fears of a recession in the US, profit taking, risk aversion, volatility and fears for the economy. The Japanese stock market underperformed global markets for most of the review period, as a combination of yen strength and high raw material input prices led to doubts over the corporate earnings outlook. However, Gross Domestic Product (GDP) growth data for the fourth quarter 2007 and first quarter 2008 was surprisingly robust. Global bond markets also experienced a volatile 12 months, against a backdrop of changing investor sentiment and sharp reversals in interest rate expectations. Bond markets rallied as the credit crunch took hold in the second half of 2007, which benefited defensive assets such as sovereign bonds. However, towards the end of the review period, the prospect of potential interest rate increases caused bond markets to sell off.

Outlook The risk to economic growth across both developed and emerging markets is the major issue for equities. It is unclear how long the economic downturn will last, how bad it will get and which countries and companies will perform relatively better or worse than the average. In past recession cycles, a key factor for equity performance has been the likelihood of interest rate cuts and their magnitude and timing, therefore inflation data will remain in the spotlight for central banks, debt markets and equity investors alike. Another important issue is the ongoing financial crisis, as banks struggle to deal with bad loans, falling asset prices, higher financing costs, lower funds available for lending and faltering consumer demand. As seen with the recent collapse of Lehman Brothers, counterparty risk and rising loan losses continue to drive financial turbulence, making the availability and cost of borrowing both limited and expensive. These problems came to a head in September, prompting the US government to announce plans for a “bad bank” and a coordinated injection of USD-denominated liquidity by several major central banks. These measures should help to reduce blockages in the financial system, but until the problems are visibly resolved further economic weakness and stock market volatility can be expected.

Investment Managers 2 October 2008

The information contained in this report is historical and not necessarily indicative of future performance. 4 PricewaterhouseCoopers Société à responsabilité limitée Réviseur d’Entreprises 400, route d’Esch B.P. 1443 L-1014 Luxembourg Telephone +352 494848-1 Facsimile +352 494848-2900 www.pwc.com/lu [email protected]

Independent Auditor’s Report

To the Shareholders of JPMorgan Funds

Following our appointment by the General Meeting of the Shareholders of the SICAV dated 19 December 2007, we have audited the accompanying Financial Statements of JPMorgan Funds and of each of its Sub-Funds, which comprise the Combined Statement of Net Assets and the Schedule of Investments as at 30 June 2008 and the Combined Statement of Operations and Changes in Net Assets for the year then ended and a summary of significant accounting policies and other explanatory notes to the Financial Statements. Board of Directors of the SICAV’s responsibility for the Financial Statements The Board of Directors of the SICAV is responsible for the preparation and fair presentation of these Financial Statements in accordance with Luxembourg legal and regulatory requirements relating to the preparation of the Financial Statements. This responsibility includes: designing, implementing and maintaining internal control relevant to the preparation and fair presentation of Financial Statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances. Auditor’s responsibility Our responsibility is to express an opinion on these Financial Statements based on our audit. We conducted our audit in accordance with International Standards on Auditing as adopted by the “Institut des Réviseurs d’Entreprises”. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the Financial Statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the Financial Statements. The procedures selected depend on the Auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the Auditor considers internal control relevant to the entity’s preparation and fair presentation of the Financial Statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Board of Directors of the SICAV, as well as evaluating the overall presentation of the Financial Statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, these Financial Statements give a true and fair view of the financial position of JPMorgan Funds and of each of its Sub-Funds as of 30 June 2008 and of the results of its operations and changes in its net assets for the year then ended in accordance with Luxembourg legal and regulatory requirements relating to the preparation of the Financial Statements. Without qualifying our opinion, we draw attention to Note 2 a) to the Financial Statements relating to the valuation of certain assets. This note explains that, in the absence of a liquid market, the assets of certain Sub-Funds have been subject to a valuation process described therein. The list of the related Sub-Funds and their exposure as at 30 June 2008 to assets subject to such valuation process are further disclosed in Note 2 a) to the Financial Statements. Other matter 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. However, we have no observation to make concerning such information in the context of the Financial Statements taken as a whole.

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

John Parkhouse

R.C.S. Luxembourg B 65 477 - TVALU17564447

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6 JPMorgan Funds Combined Statement of Net Assets As at 30 June 2008

JPMorgan Funds America Eastern Europe Emerging Europe, Combined Equity Equity Middle East and Fund Fund Africa Equity Fund USD USD EUR USD

Assets Investments in Securities at Market Value (1) 56,514,513,915 530,476,854 1,529,965,384 1,073,705,205 Acquisition Cost: 55,501,245,042 582,353,584 1,313,628,938 961,384,228 Investments in TBAs at Market Value (2) 27,463,885 - - - Cash at Bank 990,296,443 10,811,126 41,144,341 3,163,907 Time Deposits and Cash Equivalents 235,745,731 - - - Amounts Receivable on Sale of Investments 449,816,542 7,644,216 7,863,318 8,412,639 Amounts Receivable on Sale of TBAs (2) 25,671,824 - - - Amounts Receivable on Subscriptions 200,365,037 1,980,420 5,894,994 15,076,564 Interest and Dividends Receivable, Net 128,595,034 553,268 12,597,653 3,232,409 Tax Reclaims Receivable 4,789,813 - 37,916 15,920 Fee Waiver 1,138,873 4,996 - 50,274 Other Receivables 23,538 389 - - Unrealised Net Gain on Forward Foreign Exchange Contracts 22,430,502 - - - Unrealised Net Gain on Financial Futures Contracts 9,099,328 - - - Option Contracts at Market Value 1,851,049 - - - Total Return Swaps at Market Value 9,469,550 - - -

Total Assets 58,621,271,064 551,471,269 1,597,503,606 1,103,656,918 Liabilities Bank Overdraft 221,879,677 - - - Open Short Positions on TBAs (2) 24,681,116 - - - Amounts Payable on Purchase of Investments 180,167,758 - 2,431,099 1,175,111 Amount Payable on Purchase of TBAs (2) 28,477,909 - - - Amounts Payable on Redemptions 454,483,902 893,611 8,945,070 7,066,536 Management and Advisory Fees Payable 73,411,335 778,803 2,076,281 1,408,805 Performance Fees 2,687,168 - - - Other Payables 13,719,270 113,165 395,451 442,777 Option Contracts at Market Value 3,713 - - - Unrealised Net Loss on Forward Foreign Exchange Contracts 2,077,383 71,335 - - Unrealised Net Loss on Financial Futures Contracts 16,015,197 - - - Credit Default Swaps at Market Value 102,697 - - - Interest Rate Swaps at Market Value 346,732 - - - Total Return Swaps at Market Value 12,099,856 - - - Price Lock Swaps at Market Value 25,431 - - -

Total Liabilities 1,030,179,144 1,856,914 13,847,901 10,093,229 Total Net Assets 57,591,091,920 549,614,355 1,583,655,705 1,093,563,689 Historical Total Net Assets 30 June 2007 89,568,991,703 753,695,199 1,411,797,493 599,428,235 30 June 2006 63,483,121,497 827,863,368 1,303,458,118 589,240,340 30 June 2005 34,719,610,938 1,503,287,228 1,057,799,924 320,585,885 30 June 2004 23,129,291,606 1,745,071,816 622,853,935 260,841,160

(1) Please refer to note 2a). (2) Please refer to note 2k). The accompanying notes form an integral part of these Financial Statements. 7 JPMorgan Funds Combined Statement of Net Assets (continued) As at 30 June 2008

Emerging Markets Emerging Markets Emerging Markets Euroland Euroland Europe Dynamic Europe Dynamic Debt Fund Equity Fund Local Currency Equity Select Equity Fund Mega Cap Debt Fund (3) Fund Fund (4) Fund

EUR USD EUR EUR EUR EUR EUR

193,266,573 6,613,064,288 5,111,970 1,461,213,876 4,835,328 633,436,381 553,521,278 219,722,191 4,731,427,508 5,412,959 1,631,344,385 5,845,019 680,974,764 610,087,688 ------10,243,629 14,362,047 159,364 - 71,070 - 20,781,033 ------32,034,391 20,233 10,979,707 5,152,960 ------439,909 13,353,078 10,000 23,326,541 - 318,981 976,722 3,977,229 11,619,794 89,996 141,466 1,897 345,734 985,427 - 114,722 - 298,636 668 248,404 170,991 - - 8,293 - 9,351 ------366,677 ------175,495 - - 3,245,420 ------

208,469,512 6,652,513,929 5,379,623 1,520,260,330 4,938,547 645,329,207 581,588,411

- - - 64,757,789 - 1,494,200 ------3,687,603 3,128,342 - 20,475 19,107 7,065,268 2,173,257 ------521,057 36,113,596 - 28,401,132 - 3,986,197 6,231,573 200,224 7,409,783 5,165 1,880,820 4,440 797,643 808,859 ------55,406 1,171,759 9,987 291,208 10,590 104,334 125,503 ------12,553 ------1,660 ------

4,464,290 47,823,480 27,705 95,351,424 35,797 13,447,642 9,339,192 204,005,222 6,604,690,449 5,351,918 1,424,908,906 4,902,750 631,881,565 572,249,219

251,870,653 6,821,647,444 - 4,685,250,845 - 1,465,060,727 1,202,156,717 186,643,180 3,782,245,657 - 3,202,176,183 - 1,376,855,052 249,542,128 137,498,590 1,571,057,734 - 1,690,787,425 - 946,700,625 - 41,666,376 501,166,320 - 503,754,815 - 763,499,657 -

(3) This Sub-Fund was launched on 24 January 2008. (4) This Sub-Fund was launched on 24 July 2007. 8 JPMorgan Funds Combined Statement of Net Assets (continued) As at 30 June 2008

Europe Equity Europe Europe Germany Equity Global Global Global Global Fund Small Cap Technology Fund Convertibles Dynamic Equity Focus Fund Fund Fund (EUR) Fund Fund (USD) Fund

EUR EUR EUR EUR EUR USD USD EUR

1,891,663,109 469,848,495 113,902,345 550,124,294 1,714,818,338 1,869,649,929 163,101,138 335,630,357 2,135,161,128 495,832,577 131,629,289 583,713,538 1,955,048,705 1,765,412,134 155,610,837 360,975,042 ------418,081 4,208,139 36,675,417 - - 925,292 ------720,430 1,980,231 205,134 - 7,862,564 8,601,287 - 5,283,807 ------6,921,335 1,158,084 197,603 508,230 1,910,095 7,320,799 13,498 536,921 2,463,949 668,511 78,682 - 6,373,166 2,401,414 346,506 579,552 199,989 163,534 6,296 63,212 50,572 168,500 678 7,635 - - 2,947 - - - 13,987 - 131----8,335 - 946 ----12,857,711 137,206 ------

1,901,968,943 473,818,855 114,811,088 554,903,875 1,780,547,863 1,888,287,470 163,475,807 342,964,510

12,325,587 1,266,360 - - - 1,451,352 243,895 ------41,901 336,238 443,233 1,781,864 20,251,143 3,069,066 - 4,922,645 ------9,666,726 2,321,405 521,017 1,532,228 8,285,869 8,527,338 160,037 1,026,502 2,324,092 694,838 157,745 774,357 2,020,743 1,997,396 133,519 417,648 ------287,702 98,398 43,088 96,410 250,475 288,965 53,069 67,309 ------633,569 ----7,430,770 ------

24,646,008 4,717,239 1,165,083 4,184,859 38,239,000 15,334,117 590,520 7,067,673 1,877,322,935 469,101,616 113,646,005 550,719,016 1,742,308,863 1,872,953,353 162,885,287 335,896,837

6,724,760,335 1,383,590,469 203,196,335 754,261,152 1,697,301,712 3,346,335,559 270,564,769 551,822,932 6,201,107,870 1,315,922,955 192,588,759 181,827,675 1,149,704,455 2,325,259,734 251,794,930 107,907,690 3,650,505,220 760,956,406 190,544,916 52,725,188 475,650,333 1,025,643,976 199,539,466 23,601,757 1,887,740,281 767,269,367 259,246,982 48,746,975 328,088,146 811,491,469 101,899,099 37,914,516

9 JPMorgan Funds Combined Statement of Net Assets (continued) As at 30 June 2008

Global Global Global Real JF China JF Greater JF Hong Kong JF India Life Sciences Natural Estate Securities Fund China Fund Fund Fund Resources Fund (USD) Fund Fund USD EUR USD USD USD USD USD

30,412,264 1,861,387,320 12,295,403 2,607,134,549 615,871,739 245,456,972 2,393,539,326 31,647,334 1,725,527,715 14,050,483 2,495,353,038 597,363,960 281,528,565 2,082,983,734 ------721,126 7,716,669 340,439 61,847,617 7,918,219 11,810,511 99,055,690 ------17,072,320 211,807 31,808,541 4,176,538 981,008 50,431,851 ------654,127 2,631,643 3,711 5,345,886 1,557,395 272,393 6,429,052 15,407 643,996 60,565 11,670,300 1,213,818 349,439 3,480,392 528 - 2,947 ---- 27,260 - 9,745 - - 79,960 - - - - 1,013 ------

31,830,712 1,889,451,948 12,924,617 2,717,807,906 630,737,709 258,950,283 2,552,936,311

------3,240,963 258,457 18,655,385 3,847,811 489,339 ------20,152 12,133,666 - 13,934,350 3,085,113 819,379 14,485,051 40,849 2,445,130 3,061 4,042,048 880,094 360,830 4,532,861 ------37,536 404,036 11,978 692,873 196,311 169,514 838,661 ------15,367 ------

98,537 18,223,795 288,863 37,324,656 8,009,329 1,839,062 19,856,573 31,732,175 1,871,228,153 12,635,754 2,680,483,250 622,728,380 257,111,221 2,533,079,738

47,918,265 1,778,456,610 21,580,292 3,221,787,004 684,910,511 108,208,759 4,123,155,354 60,967,159 943,442,736 - 1,156,132,290 476,255,116 69,447,599 2,682,021,036 56,495,048 106,717,900 - 600,358,547 416,352,335 59,200,392 1,090,513,091 70,563,912 - - 602,532,383 365,924,945 57,440,697 476,864,953

10 JPMorgan Funds Combined Statement of Net Assets (continued) As at 30 June 2008

JF Japan JF Japan JF Pacific JF Pacific JF Singapore JF Taiwan Latin America Middle East Equity Small Cap Balanced Technology Fund Fund Equity Equity Fund Fund Fund Fund Fund Fund

USD USD USD USD USD USD USD USD

779,122,465 134,506,855 141,850,641 40,775,469 576,001,027 1,025,017,310 2,108,424,479 701,977,222 798,018,147 137,397,475 147,519,219 44,313,906 578,166,591 1,217,164,732 1,606,546,856 689,187,656 ------31,908,134 4,740,277 9,330,378 3,344,365 21,581,076 44,643,886 16,641,395 7,155,546 ------23,856,377 2,726,176 3,553,835 - 13,647,458 9,348,514 40,306,320 503,975 ------984,949 753,062 65,209 3,817,620 255,925 8,187,843 9,893,350 2,472,396 571,145 120,043 1,309,680 70,860 160,292 428,387 2,739,710 415,355 ------28,160 4,348 - 88,190 - 150,423 --749-42------318,487 ------

836,443,070 142,846,413 156,457,139 48,012,662 611,645,820 1,087,714,130 2,178,005,254 712,674,917

------30,624,725 1,375,039 4,197,578 ----160,209 ------4,197,691 1,438,075 100,530 3,763,745 7,247,993 5,085,793 83,345,648 1,519,166 1,115,200 177,327 201,661 55,537 711,395 1,285,883 2,487,849 973,652 ------166,985 52,510 112,591 22,446 196,705 473,779 616,902 427,710 ------111,178 307,711 ------

36,104,601 3,042,951 4,723,538 4,149,439 8,156,093 6,845,455 86,450,399 3,080,737 800,338,469 139,803,462 151,733,601 43,863,223 603,489,727 1,080,868,675 2,091,554,855 709,594,180

1,948,180,766 241,926,110 182,226,858 39,446,674 789,840,297 748,278,900 1,748,314,623 341,530,509 3,851,032,031 254,241,348 207,569,440 51,718,815 163,904,802 434,243,842 767,332,573 265,944,060 1,974,843,081 149,225,151 145,855,596 26,382,261 29,867,310 125,282,379 306,829,959 179,320,165 2,425,759,755 213,410,325 110,741,277 29,459,730 10,847,678 75,218,570 158,274,848 11,261,116

11 JPMorgan Funds Combined Statement of Net Assets (continued) As at 30 June 2008

Russia US Aggregate US Dynamic US US US Technology US Value Fund Bond Fund Small Cap Strategic Fund Fund Fund Growth Growth Fund Fund USD USD USD USD USD USD USD

1,551,488,789 362,060,769 1,997,466,213 45,743,533 614,619,857 138,538,549 846,625,176 1,436,542,716 361,589,280 1,961,409,160 48,738,069 581,125,789 143,335,910 849,555,299 ------83,698,115 16,670,091 47,418,066 1,408,145 11,889,094 1,962,414 5,691,505 ------795,454 - - 7,938,154 ------18,225,616 3,896,781 2,753,152 741 2,870,647 751,867 2,721,657 10,058,895 2,092,647 2,109,604 15,058 294,060 6,795 863,098 30,938------22,982 26,700 - 646------3,746 ------106,150 - 97,686 ------

1,663,525,335 384,746,988 2,049,747,035 47,963,577 629,783,554 141,259,625 863,937,276

------4,740,156 - - 551,372 ------25,747,952 372,955 17,064,883 43,674 5,306,608 767,786 7,561,791 1,857,998 201,087 2,539,795 69,352 696,471 158,103 1,072,452 ------471,242 80,026 280,176 16,871 96,603 42,170 143,118 ------722,375 ------

32,817,348 654,068 20,607,229 681,269 6,099,682 968,059 8,777,361 1,630,707,987 384,092,920 2,029,139,806 47,282,308 623,683,872 140,291,566 855,159,915

299,387,847 254,010,752 7,549,424,048 67,473,188 584,352,217 65,053,721 1,776,712,510 117,766,371 252,454,960 4,920,977,009 65,415,360 183,686,288 89,973,113 1,193,279,302 - 200,223,292 1,205,344,952 62,087,458 17,074,486 104,719,465 61,421,956,477 - 23,575,790 432,814,499 72,047,337 4,792,921 128,857,861 483,688,707

12 JPMorgan Funds Combined Statement of Operations and Changes in Net Assets For the Year Ended 30 June 2008

JPMorgan Funds America Eastern Europe Emerging Europe, Combined Equity Equity Middle East and Fund Fund Africa Equity Fund USD USD EUR USD

Net Assets at the Beginning of the Year * 97,744,170,186 753,695,199 1,411,797,493 599,428,235 Income Dividend Income, Net 1,593,020,384 10,674,019 34,214,384 28,332,919 Interest Income, Net 146,289,737 20,918 - - Securities Lending Income 98,737,758 805,540 111,644 27,261 Bank Interest 34,243,141 1,239,708 1,998,852 607,152 Other Income 3,786,020 - - -

Total Income 1,876,077,040 12,740,185 36,324,880 28,967,332 Expenses Management and Advisory Fees 1,218,032,888 13,504,891 23,790,255 13,260,473 Custodian, Corporate, Administration and Domiciliary Agency Fees 39,053,108 82,452 1,751,215 1,104,171 Registrar and Transfer Agency Fees 60,673,351 742,578 1,242,544 827,459 Taxe d’abonnement 34,332,373 409,510 691,429 417,786 Overdraft Interest 94,128 - 149 - Net Interest on Swap Transactions 1,730,044 - - - Sundry Fees** 56,058,906 563,978 1,136,444 857,712

1,409,974,798 15,303,409 28,612,036 16,467,601 Less: Fee Waiver 6,446,730 38,580 60,039 54,816

Total Expenses before Performance Fees 1,403,528,068 15,264,829 28,551,997 16,412,785 Performance Fees 2,687,168 - - -

Total Expenses 1,406,215,236 15,264,829 28,551,997 16,412,785

Net Investment Income/(Loss) 469,861,804 (2,524,644) 7,772,883 12,554,547

Net Realised Gain/(Loss) on Sale of Investments 4,112,765,627 16,171,597 262,878,273 98,097,974 Net Realised Gain/(Loss) on Forward Foreign Exchange Contracts 309,612,125 1,765,545 (488,282) (151,650) Net Realised Gain/(Loss) on Financial Futures Contracts (92,721,516) - - - Net Realised Gain/(Loss) on Foreign Exchange (20,430,672) (6,635) (1,265,576) 573,963 Net Realised Gain/(Loss) on Option Contracts (9,531,989) - - - Net Realised Gain/(Loss) on TBAs 4,083,345 - - - Net Realised Gain/(Loss) on Swaps (23,850,467) - - -

Net Realised Gain/(Loss) for the Year 4,279,926,453 17,930,507 261,124,415 98,520,287

Net Change in Unrealised Gain/(Loss) on Investments (17,809,755,800) (185,022,405) (235,942,841) (40,408,767) Net Change in Unrealised Gain/(Loss) on Forward Foreign Exchange Contracts 4,496,186 (76,444) - - Net Change in Unrealised Gain/(Loss) on Financial Futures Contracts (8,142,158) - - - Net Change in Unrealised Gain/(Loss) on Foreign Exchange (1,083,232) 15,293 (512,639) 1,836 Net Change in Unrealised Gain/(Loss) on Option Contracts 97,671 - - - Net Change in Unrealised Gain/(Loss) on TBAs 304,563 - - - Net Change in Unrealised Gain/(Loss) on Swaps 635,076 - - -

Net Change in Unrealised Gain/(Loss) for the Year (17,813,447,694) (185,083,556) (236,455,480) (40,406,931)

Increase/(Decrease) in Net Assets as a Result of Operations (13,063,659,437) (169,677,693) 32,441,818 70,667,903

Movements in Share Capital Subscriptions 55,107,735,053 808,847,256 1,374,651,496 1,051,445,286 Redemptions (81,577,160,882) (843,250,407) (1,234,004,515) (627,717,375) Increase/(Decrease) in Net Assets as a Result of Movements in Share Capital (26,469,425,829) (34,403,151) 140,646,981 423,727,911

Dividend Distribution (619,993,000) - (1,230,587) (260,360) - - - - Net Assets at the End of the Year 57,591,091,920 549,614,355 1,583,655,705 1,093,563,689

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

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

The accompanying notes form an integral part of these Financial Statements. 13 JPMorgan Funds Combined Statement of Operations and Changes in Net Assets (continued) For the Year Ended 30 June 2008

EUR USD EUR EUR EUR EUR EUR

251,870,653 6,821,647,444 - 4,685,250,845 - 1,465,060,727 1,202,156,717

- 225,056,044 - 71,232,423 170,207 22,022,900 26,319,088 17,530,174 - 160,939 ---- 144,773 1,025,497 - 11,664,443 13,952 2,157,099 2,116,011 180,551 1,970,022 3,391 725,630 3,759 27,803 436,002 - 3,766,370-----

17,855,498 231,817,933 164,330 83,622,496 187,918 24,207,802 28,871,101

2,927,028 99,765,916 26,525 49,872,432 74,611 15,076,007 15,154,822 51,676 7,033,804 5,096 1,339,525 20,645 429,233 311,467 297,291 4,598,754 13,980 1,940,343 28,119 553,656 663,983 96,917 3,187,722 1,300 1,342,208 2,797 451,752 419,967 20 164 57 6 - 70 206 ------181,645 3,149,627 32,813 1,553,689 39,391 553,990 567,275

3,554,577 117,735,987 79,771 56,048,203 165,563 17,064,708 17,117,720 23,497 78,337 44,570 7,847 72,910 6,822 10,865

3,531,080 117,657,650 35,201 56,040,356 92,653 17,057,886 17,106,855 ------

3,531,080 117,657,650 35,201 56,040,356 92,653 17,057,886 17,106,855

14,324,418 114,160,283 129,129 27,582,140 95,265 7,149,916 11,764,246

(20,663,745) 810,511,285 (105,840) (166,057,072) (681,051) (5,379,080) (81,966,348) 22,949,861 289,743 4,342 211,743 - (456,014) (361,799) 1,238,865 - 7,791 (6,789,387) (16,819) (849,740) (1,291,301) (2,070,958) (4,647,788) (13,084) (28,356) (61) (378,452) (848,981) ------

1,454,023 806,153,240 (106,791) (172,663,072) (697,931) (7,063,286) (84,468,429)

(25,189,301) (804,722,485) (300,989) (846,581,330) (1,009,691) (284,957,477) (171,430,178) (431,373) - (12,553) ---- 282,090 - - 1,428,350 (1,660) - - (59,439) (62,098) (1,975) (8,229) - (14,989) (19,903) ------

(25,398,023) (804,784,583) (315,517) (845,161,209) (1,011,351) (284,972,466) (171,450,081) - - (9,619,582) 115,528,940 (293,179) (990,242,141) (1,614,017) (284,885,836) (244,154,264)

219,164,667 4,518,629,444 6,313,374 1,553,986,369 7,825,622 20,146,451 629,704,431 (248,749,523) (4,832,262,158) (668,277) (3,768,129,767) (1,308,855) (559,438,248) (1,013,787,156) (29,584,856) (313,632,714) 5,645,097 (2,214,143,398) 6,516,767 (539,291,797) (384,082,725)

(8,660,993) (18,853,221) - (55,956,400) - (9,001,529) (1,670,509) - - 204,005,222 6,604,690,449 5,351,918 1,424,908,906 4,902,750 631,881,565 572,249,219

(1) This Sub-Fund was launched on 24 January 2008. (2) This Sub-Fund was launched on 24 July 2007. 14 JPMorgan Funds Combined Statement of Operations and Changes in Net Assets (continued) For the Year Ended 30 June 2008

Europe Equity Europe Europe Germany Equity Global Global Global Global Fund Small Cap Technology Fund Convertibles Dynamic Equity Focus Fund Fund Fund (EUR) Fund Fund (USD) Fund

EUR EUR EUR EUR EUR USD USD EUR

6,724,760,335 1,383,590,469 203,196,335 754,261,152 1,697,301,712 3,346,335,559 270,564,769 551,822,932

88,447,002 14,594,659 2,863,739 14,424,601 3,441,454 51,342,775 4,094,823 9,025,817 ----25,442,856 - - 218,093 9,452,120 1,752,559 349,950 1,465,181 - 3,836,529 385,160 539,571 868,964 234,076 91,602 91,502 3,455,462 306,291 27,856 101,796 ------

98,768,086 16,581,294 3,305,291 15,981,284 32,339,772 55,485,595 4,507,839 9,885,277

53,734,030 13,867,259 2,728,718 13,763,567 27,160,981 35,509,279 2,326,767 8,484,680 1,158,327 439,950 79,484 174,708 313,390 574,268 75,048 282,049 2,002,518 694,122 287,130 632,113 1,237,292 1,479,770 184,567 622,872 1,401,395 348,908 77,692 316,540 913,192 1,058,152 96,796 237,079 - - 173 - - 113 38 7,771 ------1,487,279 541,149 153,066 395,990 936,991 1,239,609 251,609 327,319

59,783,549 15,891,388 3,326,263 15,282,918 30,561,846 39,861,191 2,934,825 9,961,770 3,336 12,894 5,687 13,238 5,253 4,412 42,739 30,783

59,780,213 15,878,494 3,320,576 15,269,680 30,556,593 39,856,779 2,892,086 9,930,987 ------

59,780,213 15,878,494 3,320,576 15,269,680 30,556,593 39,856,779 2,892,086 9,930,987

38,987,873 702,800 (15,285) 711,604 1,783,179 15,628,816 1,615,753 (45,710)

100,179,472 (91,857,713) 12,822,822 (4,538,140) (32,508,495) 264,237,460 15,144,954 (124,732,321) 367,179 1,554 (2,954) - 150,148,180 3,594,822 (39,186) (14,073,079) (6,894,523) - (1,024,005) - 2,594,695 (191,603) - (1,750,152) (3,455,620) (123,900) (4,388) - 1,847,337 367,064 109,060 (49,509) ----(11,237,282) ------

90,196,508 (91,980,059) 11,791,475 (4,538,140) 110,844,435 268,007,743 15,214,828 (140,605,061)

(1,277,347,952) (242,216,615) (70,181,682) (157,381,560) (281,774,249) (582,622,369) (39,038,193) (55,331,827) ----4,656,211 137,206 - (891,268) - - 67,563 - (7,866,475) - - - (33,738) (18,451) (1,251) - 121,248 74,110 (1,993) (4,776) ------

(1,277,381,690) (242,235,066) (70,115,370) (157,381,560) (284,863,265) (582,411,053) (39,040,186) (56,227,871) - (1,148,197,309) (333,512,325) (58,339,180) (161,208,096) (172,235,651) (298,774,494) (22,209,605) (196,878,642)

883,895,620 398,977,989 109,616,669 895,151,176 2,026,287,744 1,075,704,042 42,048,308 676,986,242 (4,523,290,366) (979,947,316) (140,827,819) (933,291,917) (1,808,929,210) (2,238,838,585) (126,909,443) (694,946,080) (3,639,394,746) (580,969,327) (31,211,150) (38,140,741) 217,358,534 (1,163,134,543) (84,861,135) (17,959,838)

(59,845,345) (7,201) - (4,193,299) (115,732) (11,473,169) (608,742) (1,087,616)

1,877,322,935 469,101,616 113,646,005 550,719,016 1,742,308,863 1,872,953,353 162,885,287 335,896,837

15 JPMorgan Funds Combined Statement of Operations and Changes in Net Assets (continued) For the Year Ended 30 June 2008

Global Global Global Real JF China JF Greater JF Hong Kong JF India Life Sciences Natural Estate Securities Fund China Fund Fund Fund Resources Fund (USD) Fund Fund USD EUR USD USD USD USD USD

47,918,265 1,778,456,610 21,580,292 3,221,787,004 684,910,511 108,208,759 4,123,155,354

186,435 12,645,128 532,841 65,232,854 23,274,022 6,093,887 28,299,327 14,370 105,004 1,013 35,617 - - 71,271 25,261 - 17,633 - 19,708 - - 16,172 511,962 17,388 617,215 86,394 275,882 1,078,406 ------

242,238 13,262,094 568,875 65,885,686 23,380,124 6,369,769 29,449,004

593,797 32,045,040 88,949 67,166,772 12,870,882 4,696,361 77,421,456 30,324 664,546 65,845 1,981,051 707,892 252,815 - 263,608 1,620,425 52,425 3,041,900 675,375 344,267 3,344,246 17,859 946,570 3,045 1,897,860 374,981 151,901 1,954,870 439 29,107 733---227 ------138,712 1,356,289 71,259 2,473,434 601,981 624,498 11,732,434

1,044,739 36,661,977 282,256 76,561,017 15,231,111 6,069,842 94,453,233 303,194 2,977 153,846 1,093 14,444 207,562 29,055

741,545 36,659,000 128,410 76,559,924 15,216,667 5,862,280 94,424,178 ------

741,545 36,659,000 128,410 76,559,924 15,216,667 5,862,280 94,424,178

(499,307) (23,396,906) 440,465 (10,674,238) 8,163,457 507,489 (64,975,174)

155,376 242,118,499 (3,314,996) 969,760,810 148,732,191 (1,844,750) 1,016,597,775 (3,963) 14,930 (208,506) 71 (769) (4,005) (203,778) -1----(2,840,851) 37,404 754,351 12,755 (449,538) (93,956) (61,114) (5,531,519) ------

188,817 242,887,781 (3,510,747) 969,311,343 148,637,466 (1,909,869) 1,008,021,627 - - - - (4,057,860) (282,948,352) (1,192,253) (992,829,924) (176,644,542) (53,356,763) (1,558,710,365) - - (8,811) ------44,695 (20,442) 67,662 (2,680) (5,001) 3,271 7,850 (226,552) ------

(4,078,302) (282,880,690) (1,203,744) (992,834,925) (176,641,271) (53,348,913) (1,558,892,222)

(4,388,792) (63,389,815) (4,274,026) (34,197,820) (19,840,348) (54,751,293) (615,845,769)

12,663,372 2,061,895,678 9,059,315 4,134,631,601 630,189,443 475,177,007 2,919,392,055 (24,460,671) (1,905,734,320) (13,729,827) (4,625,458,327) (666,527,394) (270,614,100) (3,793,163,424) (11,797,299) 156,161,358 (4,670,512) (490,826,726) (36,337,951) 204,562,907 (873,771,369)

- - - (16,279,208) (6,003,832) (909,152) (100,458,478)

31,732,175 1,871,228,153 12,635,754 2,680,483,250 622,728,380 257,111,221 2,533,079,738

16 JPMorgan Funds Combined Statement of Operations and Changes in Net Assets (continued) For the Year Ended 30 June 2008

JF Japan JF Japan JF Pacific JF Pacific JF Singapore JF Taiwan Latin America Middle East Equity Small Cap Balanced Technology Fund Fund Equity Equity Fund Fund Fund Fund Fund Fund

USD USD USD USD USD USD USD USD

1,948,180,766 241,926,110 182,226,858 39,446,674 789,840,297 748,278,900 1,748,314,623 341,530,509

18,246,828 1,906,246 2,273,554 1,474,807 17,286,824 53,682,317 44,772,244 41,422,667 28,755 - 4,887,699 - 22,078 - - - 1,121,764 - 95,159 9,359 - - 1,360,839 - 86,200 81,703 249,499 62,870 742,503 215,545 512,111 433,353 - - 19,650-----

19,483,547 1,987,949 7,525,561 1,547,036 18,051,405 53,897,862 46,645,194 41,856,020

21,280,545 2,338,960 3,115,666 819,472 11,132,187 12,856,512 29,742,444 9,885,389 295,030 77,100 160,738 106,405 397,538 1,521,401 1,604,522 1,622,543 1,111,238 279,248 202,232 134,737 744,088 713,428 1,674,580 690,482 561,798 77,219 91,574 26,490 274,314 394,330 789,110 314,092 2,446 11 - - - 1 - 11,670 ------744,373 163,257 357,526 97,621 577,850 850,246 1,416,590 701,208

23,995,430 2,935,795 3,927,736 1,184,725 13,125,977 16,335,918 35,227,246 13,225,384 10,623 17,511 40,227 149,979 34 78,437 17,953 619,880

23,984,807 2,918,284 3,887,509 1,034,746 13,125,943 16,257,481 35,209,293 12,605,504 ------

23,984,807 2,918,284 3,887,509 1,034,746 13,125,943 16,257,481 35,209,293 12,605,504

(4,501,260) (930,335) 3,638,052 512,290 4,925,462 37,640,381 11,435,901 29,250,516

(184,186,240) (27,432,454) (4,027,539) 2,582,289 40,451,498 25,203,840 401,648,426 17,464,652 (85,102) (72,433) 1,259,854 7,443 (1,269) (1,026) (182,367) 31,466 - - 1,580,563 - - 195,120 - - 5,389,035 443,210 414,447 36,786 300,500 (835,529) (3,610,742) (199,086) ------

(178,882,307) (27,061,677) (772,675) 2,626,518 40,750,729 24,562,405 397,855,317 17,297,032 - - - (80,669,854) (19,492,184) (15,310,365) (8,513,238) (185,446,878) (278,966,440) (142,100,706) (32,449,890) - - 174,753 (307,711) ------304,195----- 365,741 45,214 60,187 29,967 91,427 57,330 11,708 6,264 ------

(80,304,113) (19,446,970) (14,771,230) (8,790,982) (185,355,451) (278,909,110) (142,088,998) (32,443,626)

(263,687,680) (47,438,982) (11,905,853) (5,652,174) (139,679,260) (216,706,324) 267,202,220 14,103,922

620,106,417 164,295,045 151,110,057 93,955,068 973,454,630 2,125,689,850 2,156,649,321 949,812,212 (1,504,261,034) (218,978,711) (169,697,461) (82,562,905) (1,017,233,598) (1,558,200,006) (2,077,695,419) (593,105,665) (884,154,617) (54,683,666) (18,587,404) 11,392,163 (43,778,968) 567,489,844 78,953,902 356,706,547

- - - (1,323,440) (2,892,342) (18,193,745) (2,915,890) (2,746,798)

800,338,469 139,803,462 151,733,601 43,863,223 603,489,727 1,080,868,675 2,091,554,855 709,594,180

17 JPMorgan Funds Combined Statement of Operations and Changes in Net Assets (continued) For the Year Ended 30 June 2008

Russia US Aggregate US Dynamic US US US Technology US Value Fund Bond Fund Small Cap Strategic Fund Fund Fund Growth Growth Fund Fund USD USD USD USD USD USD USD

299,387,847 254,010,752 7,549,424,048 67,473,188 584,352,217 65,053,721 1,776,712,510

15,446,098 - 53,326,449 109,096 5,109,343 443,328 20,350,795 - 15,697,763------5,988,010 17,164 292,642 48,242 2,199,385 1,490,218 655 2,745,000 49,026 395,879 79,677 633,622 ------

16,936,316 15,698,418 62,059,459 175,286 5,797,864 571,247 23,183,802

13,223,577 2,202,384 64,415,873 1,006,479 8,352,622 1,913,354 18,275,829 912,175 33,946 361,102 27,324 84,249 31,292 106,406 887,642 313,134 2,927,038 100,624 467,012 266,777 958,295 421,079 157,015 1,715,089 28,185 282,926 67,349 514,888 ----6,765 ------452,377 337,317 1,790,775 88,639 418,228 165,025 641,382

15,896,850 3,043,796 71,209,877 1,251,251 9,611,802 2,443,797 20,496,800 91,929 235,211 - 12,612 30,523 21,604 23,181

15,804,921 2,808,585 71,209,877 1,238,639 9,581,279 2,422,193 20,473,619 ------

15,804,921 2,808,585 71,209,877 1,238,639 9,581,279 2,422,193 20,473,619

1,131,395 12,889,833 (9,150,418) (1,063,353) (3,783,415) (1,850,946) 2,710,183

73,460,799 6,360,696 146,176,466 4,612,860 (56,454,557) (14,844,326) 128,957,110 50,884 - (1,016,042) 46 4,222,032 36 3,261,552 - - (4,899,891) ---- 20,926 - 4,810,438 145 306,301 1,503 43,588 ------

73,532,609 6,360,696 145,070,971 4,613,051 (51,926,224) (14,842,787) 132,262,250

68,330,655 4,428,954 (1,169,079,498) (12,947,348) (11,256,412) (13,982,180) (329,682,798) ----(220,313) - (70,336) - - (579,350) ---- 11,233 - 40,332 (11) (1,341) (2,203) (24,153) ------

68,341,888 4,428,954 (1,169,618,516) (12,947,359) (11,478,066) (13,984,383) (329,777,287)

143,005,892 23,679,483 (1,033,697,963) (9,397,661) (67,187,705) (30,678,116) (194,804,854)

2,044,237,799 555,437,801 1,225,166,257 30,080,965 755,023,531 256,454,814 522,262,241 (855,923,551) (445,953,196) (5,711,260,358) (40,874,184) (648,504,171) (150,538,853) (1,249,009,982) 1,188,314,248 109,484,605 (4,486,094,101) (10,793,219) 106,519,360 105,915,961 (726,747,741)

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

1,630,707,987 384,092,920 2,029,139,806 47,282,308 623,683,872 140,291,566 855,159,915

18 JPMorgan Funds Statement of Changes in the Number of Shares (continued) For the Year Ended 30 June 2008

Shares Outstanding Shares Subscribed Shares Redeemed Shares Outstanding at the Beginning at the End of the Year of the Year

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

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

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

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

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

JPMorgan Funds - Emerging Markets Local Currency Debt Fund (1) JPM Emerging Markets Local Currency Debt A(acc) - EUR - 121,134.020 - 121,134.020 JPM Emerging Markets Local Currency Debt A(acc) - USD - 135,977.116 - 135,977.116 JPM Emerging Markets Local Currency Debt B (acc) - USD - 138,508.350 69,254.176 69,254.174 JPM Emerging Markets Local Currency Debt D (acc) - EUR - 120,076.900 - 120,076.900 JPM Emerging Markets Local Currency Debt D (acc) - USD - 118,966.689 - 118,966.689

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

JPMorgan Funds - Euroland Select Equity Fund (2) JPM Euroland Select Equity A(acc) - EUR - 258,809.734 76,763.052 182,046.682 JPM Euroland Select Equity A(dis) - EUR - 1,639.125 - 1,639.125 JPM Euroland Select Equity D (acc) - EUR - 254,696.099 75,149.652 179,546.447 JPM Euroland Select Equity X (acc) - EUR - 270,460.000 - 270,460.000

(1) This Sub-Fund was launched on 24 January 2008. (2) This Sub-Fund was launched on 24 July 2007.

19 JPMorgan Funds Statement of Changes in the Number of Shares (continued) For the Year Ended 30 June 2008

Shares Outstanding Shares Subscribed Shares Redeemed Shares Outstanding at the Beginning at the End of the Year of the Year

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

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

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

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

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

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

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

20 JPMorgan Funds Statement of Changes in the Number of Shares (continued) For the Year Ended 30 June 2008

Shares Outstanding Shares Subscribed Shares Redeemed Shares Outstanding at the Beginning at the End of the Year of the Year

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

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

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

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

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

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

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

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

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

21 JPMorgan Funds Statement of Changes in the Number of Shares (continued) For the Year Ended 30 June 2008

Shares Outstanding Shares Subscribed Shares Redeemed Shares Outstanding at the Beginning at the End of the Year of the Year

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

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

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

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

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

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

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

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

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

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

22 JPMorgan Funds Statement of Changes in the Number of Shares (continued) For the Year Ended 30 June 2008

Shares Outstanding Shares Subscribed Shares Redeemed Shares Outstanding at the Beginning at the End of the Year of the Year

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

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

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

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

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

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

The accompanying notes form an integral part of these financial statements. 23 JPMorgan Funds Statistical Information (continued)

Net Asset Value per Share in Share Class Currency

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

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

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

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

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

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

JPMorgan Funds - Emerging Markets Local Currency Debt Fund (1) JPM Emerging Markets Local Currency Debt A(acc) - EUR 9.47 ---- JPM Emerging Markets Local Currency Debt A(acc) - USD 14.94 ---- JPM Emerging Markets Local Currency Debt B (acc) - USD 15.04 ---- JPM Emerging Markets Local Currency Debt D (acc) - EUR 9.45 ---- JPM Emerging Markets Local Currency Debt D (acc) - USD 14.91 ----

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

JPMorgan Funds - Euroland Select Equity Fund (2) JPM Euroland Select Equity A(acc) - EUR 7.51 ---- JPM Euroland Select Equity A(dis) - EUR 8.13 ---- JPM Euroland Select Equity D (acc) - EUR 7.46 ---- JPM Euroland Select Equity X (acc) - EUR 8.07 ----

(1) This Sub-Fund was launched on 24 January 2008. (2) This Sub-Fund was launched on 24 July 2007.

24 JPMorgan Funds Statistical Information (continued)

Net Asset Value per Share in Share Class Currency

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

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

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

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

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

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

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

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

25 JPMorgan Funds Statistical Information (continued)

Net Asset Value per Share in Share Class Currency

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

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

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

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

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

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

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

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

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

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

26 JPMorgan Funds Statistical Information (continued)

Net Asset Value per Share in Share Class Currency

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

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

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

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

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

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

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

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

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

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

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

27 JPMorgan Funds Statistical Information (continued)

Net Asset Value per Share in Share Class Currency

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

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

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

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

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

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

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

* Share Class inactive. ** Share Class reactivated during the year. The accompanying notes form an integral part of these financial statements. 28 JPMorgan Funds Notes to the Financial Statements As at 30 June 2008

1. Organisation JPMorgan Funds (the “SICAV”) is an investment company incorporated on 14 April 1969 under the name Multi Trust Fund S.A.. The name of the SICAV was changed to Fleming International Fund on 3 July 1984, to Fleming Flagship Fund on 19 October 1988, to Fleming Funds on 2 June 2000, to JPMorgan Fleming Funds on 19 November 2001 and then to JPMorgan Funds on 12 September 2005. It is organized under the Luxembourg Law of 20 December 2002 on Undertakings for Collective Investment as amended, Part I, as a Société Anonyme qualifying as a “Société d’Investissement à Capital Variable” (SICAV). As at 30 June 2008, it comprises 79 Sub-Funds, each relating to a separate investment portfolio consisting of securities, cash and other instruments. On 12 September 2005, JPMorgan Asset Management (Europe) S.à r.l. was appointed by the SICAV to act as Management Company. The Articles of Incorporation were also modified so the SICAV complies with UCITS III regulations. The SICAV is registered with the Registre de Commerce et des Sociétés of Luxembourg, under number B 8478. Each Sub-Fund may contain A, B, C, D, I, J and X Classes of Shares, which may differ in the minimum subscription amount, minimum holding amount, currency and/or eligibility requirements, the fees and expenses, and the dividend policy applicable to them. In addition, each Sub-Fund may contain Classes of Shares named either “JPM” or “JF”. Within each Sub-Fund, individual Classes of Shares may have a currency of denomination that differs from the currency of denomination of the Sub-Fund. The currency of denomination for each Class of Share is indicated by a suffix on the name of the Share Class. During the year, the following new Sub-Funds were launched: - JPMorgan Funds - Euroland Select Equity Fund on 24 July 2007; - JPMorgan Funds - Emerging Markets Local Currency Debt Fund on 24 January 2008; 2. Significant Accounting Policies The Financial Statements are prepared in accordance with Luxembourg regulations relating to Undertakings for Collective Investments. a) Investment Valuation Transferable securities which are admitted to an official exchange listing or dealt in on another regulated market are valued on the basis of the latest available price prevailing at 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. Securities issued by any open-ended investment funds are valued at the latest available price or net asset value, as reported or provided by such funds or their agents. Liquid assets and money market instruments may be valued at nominal values plus any accrued interest or on an amortised cost basis. In managing the daily priced funds, the Board’s principle is to ensure that portfolios are appropriately valued to give equal treatment to Shareholders and in this context the Management Company has implemented a special Fair Value Committee (FVC) to address valuation concerns arising from the current market and liquidity events. The Committee considers on a daily basis; current market information on the portfolio of securities held, including last traded prices, taking into account Senior Management views on the reliability of such information, indirect exposure through Over the Counter credit derivatives, and the estimated timing of asset disposal to meet anticipated investor redemptions. The Financial Statements are presented on the basis of the net asset value calculated on 30 June 2008. In accordance with the prospectus, the net asset values were calculated using the latest exchange rates known at the time of calculation. b) Realised and Unrealised Gains and Losses on Investments Realised and unrealised gains and losses on sales and holdings of investments are calculated on the average book cost. The associated foreign exchange movement between the date of purchase and date of sale of investments is included in realised gains and losses on investments in the Combined Statement of Operations and Changes in Net Assets. c) Income Recognition Interest income is accrued daily and includes the amortisation of premiums and accretion of discounts. Bank interest income is recognised on an accrual basis. Dividend income 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 transactions 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 forward foreign exchange contracts; and (iii) gains and losses arising from the difference between amounts of dividends and interest recorded and the amounts actually received. The resulting gains and losses on translation are included in Net Realised Gain/Loss on Foreign Exchange 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 30 June 2008 are as follows: 1 USD = 0.63373364 EUR 1 USD = 105.76500000 JPY 1 USD = 0.50141650 GBP e) Forward Foreign Exchange Contracts Unrealised gains or losses on outstanding Forward Foreign Exchange Contracts are valued on the basis of currency exchange rates prevailing at the relevant valuation date. The changes in such amounts are included in “Net Change in Unrealised Gain/Loss on Forward Foreign Exchange Contracts” in the Combined Statement of Operations and Changes in Net Assets. Unrealised gains or losses are recorded under Net Change in Unrealised Gain/(Loss) on Forward Foreign Exchange Contracts in the Combined Statement of Net Assets. f) Financial Futures Contracts on Securities and Indices Regulated financial futures contracts are valued at the exchange quoted settlement price. Initial margin deposits are made upon entering into the contracts and can be either in cash 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 SICAV records a realised gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the initial cost of the contract. g) Option Contracts Options purchased are recorded as investments; 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.

29 JPMorgan Funds Notes to the Financial Statements (continued) As at 30 June 2008

The SICAV writes options on securities, futures and interest rate swaps (“swaptions ”). These options are settled in cash and subject the SICAV to unlimited risk of loss. The SICAV, however, is not subject to credit risk on written options as the counterparty has already performed its obligation by paying the premium at the inception of the contract. As of 30 June 2008, the SICAV had written options contracts outstanding as listed on its Schedule of Investments. h) Total Return Swaps The SICAV may enter into swap contracts in which the SICAV and the counterparty agree to exchange payments where one or both parties pay the returns generated by a security, instrument, basket or index thereof. The payments made by the SICAV 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 “Total Return Swaps at Market Value” 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. i) Interest Rate Swaps An interest rate swap is a bilateral agreement in which each of the parties agree to exchange a series of interest payments for another series of interest payments (usually fixed/floating) based on a notional amount that serves as a computation basis and that is usually not exchanged. The market values are recorded under “Interest Rate Swaps at Market Value” in the Combined Statement of Net Assets. j) Credit Default Swaps ACredit Default Swap is a credit derivative transaction in which two parties enter into an agreement, whereby one party pays the other a fixed periodic coupon for the specified 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. The market values are recorded under “Credit Default Swaps at Market Value” in the Combined Statement of Net Assets. k) To Be Announced Securities (“TBA”) TBAs are related 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. The Sub-Funds may enter into Dollar Rolls, principally using To Be Announced (“TBA”) Securities, in which the Sub-Funds sell mortgage-backed securities for delivery in the current month and simultaneously contract to repurchase similar, but not identical, securities at an agreed-upon price on a fixed date. The Sub-Funds account for such Dollar Rolls as purchases and sales and receive compensation as consideration for entering into the commitment to repurchase. The Sub-Funds must maintain liquid securities having a value not less than the repurchase price (including accrued interest) for such Dollar Rolls. The market value of the securities that the Sub-Funds are required to purchase may decline below the agreed upon repurchase price of those securities. The Sub-Funds had TBA Dollar Rolls outstanding as of 30 June 2008, which are included in Amounts Receivable on Sale of TBAs and Amounts Payable on Purchase of TBAs in the Combined Statement of Net Assets. l) Price Lock Swaps The SICAV may enter into swap contracts in which the SICAV and the counterparty agree to exchange payments where one or both parties pay the price difference generated on a security, instrument, basket or index thereof. The payments made by the SICAV to the counterparty and vice versa are calculated by the price difference (current asset price and locked price) of a specific security, index, or other 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, and other asset prices. The market values are recorded under “Price Lock Swaps at Market Value” in the Combined Statement of Net Assets. m) Forward Rate Agreements AForward Rate Agreementis a forward contract in which one party pays a fixed interest rate, and receives a floating interest rate equal to a reference rate (the underlying rate). The payments are calculated over a notional amount over a certain period, and netted. The reference rate is fixed one or two days before the termination date, dependent on the market convention for the particular currency. The market values are recorded under “Forward Rate Agreements at Market Value” in the Combined Statement of Net Assets. n) Consolidation of Mauritian Subsidiary All income, expenses, receivables, payables and investments of Flagship Indian Investment Company (Mauritius) Limited (the “Subsidiary”), a wholly-owned subsidiary of JPMorgan Funds, are consolidated into the Combined Statement of Net Assets and the Combined Statement of Operations and Changes in Net Assets of JPMorgan Funds - JF India Fund. Securities owned by the Subsidiary are individually disclosed in the Schedule of Investments of JPMorgan Funds - JF India Fund. Intercompany balances are eliminated on consolidation. The use of the Mauritius Subsidiary and the tax treatment it is afforded, is based on the law and practice currently in force in the relevant countries, as understood by the Board of Directors. It is subject to any future changes and such changes may adversely affect the returns of the Sub-Fund. This includes any circumstances where the India/Mauritius Double Taxation Treaty may not be applied or ceases to be applied, resulting from, inter alia, any future ruling by the Indian tax authorities. Should the treaty not be applied, or cease to be applied, interest on securities listed on an Indian stock exchange would be subject to tax at a maximum rate of 20%. Capital gains on disposal of such investments would be subject to tax at rates of 0 to 30% in respect of listed securities depending on the length of time the relevant investment has been held. 3. Value of Financial Instruments and Associated Risks The SICAV entered into forward foreign exchange contracts, financial futures contracts, options and swaps which, to varying degrees, represent a market risk in excess of the amount reflected on the Combined Statement of Net Assets. The amount of the contracts represents the extent of the SICAV’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. Investment in fixed income securities is subject to interest rate, sector, security and credit risks. High yield bonds are lower-rated securities and will usually offer higher yields to compensate for the reduced creditworthiness or increased risk of default that these securities carry. Other market and credit risks include the possibility that there may be an illiquid market for the contracts, that a change in the value of the contracts may not directly correlate 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. In emerging and less developed markets, in which some of the Sub-Funds will invest, the legal, judicial and regulatory infrastructure is still developing but there is much legal uncertainty both for local market participants and their overseas counterparts. Some markets may carry higher risks for investors who should therefore ensure that, before investing, they understand the risks involved and are satisfied that an investment is suitable as part of their portfolio. In some markets there may be no secure method of delivery against payment which would minimise the exposure to counterparty risk. It may be necessary to make payment on a purchase or delivery on a sale before receipt of the securities or, as the case may be, sale proceeds.

30 JPMorgan Funds Notes to the Financial Statements (continued) As at 30 June 2008

4. Distribution Policy During the year from 1 July 2007 to 30 June 2008, the SICAV paid dividends as follows: Class Currency Dividend Amount per Share Payment Date JF Eastern Europe Equity A(dist) - EUR EUR 0.02 28.09.07 JPM Eastern Europe Equity A(dist) - EUR EUR 0.08 28.09.07 JPM Emerging Europe, Middle East and Africa Equity A (dist) - USD USD 0.05 28.09.07 JPM Emerging Markets Debt A(inc) - EUR EUR 0.74 28.09.07 JPM Emerging Markets Debt I (inc) - EUR EUR 0.01 28.09.07 JPM Emerging Markets Equity A(dist) - GBP GBP 0.07 28.09.07 JPM Emerging Markets Equity A(dist) - USD USD 0.11 28.09.07 JPM Emerging Markets Equity I (inc) - EUR EUR 0.15 28.09.07 JPM Emerging Markets Equity X (inc) - EUR EUR 0.21 28.09.07 JF Euroland Equity A(dist) - USD USD 0.29 28.09.07 JPM Euroland Equity A(dist) - EUR EUR 1.18 28.09.07 JF Europe Dynamic A(dist) - EUR EUR 0.24 28.09.07 JPM Europe Dynamic A(dist) - EUR EUR 0.21 28.09.07 JPM Europe Dynamic A(dist) - GBP GBP 0.22 28.09.07 JPM Europe Dynamic Mega Cap A(dist) - EUR EUR 0.18 28.09.07 JPM Europe Dynamic Mega Cap A(inc) - EUR EUR 0.14 28.09.07 JF Europe Equity A(dist) - USD USD 0.99 28.09.07 JPM Europe Equity A(dist) - EUR EUR 0.91 28.09.07 JPM Europe Equity I (inc) - EUR EUR 0.15 28.09.07 JPM Europe Small Cap A(dist) - GBP GBP 0.10 28.09.07 JF Germany Equity A(dist) - EUR EUR 0.34 28.09.07 JPM Germany Equity A(dist) - EUR EUR 0.14 28.09.07 JPM Global Convertibles (EUR) I (inc) - EUR EUR 0.26 28.09.07 JF Global Dynamic A(dist) - USD USD 0.12 28.09.07 JPM Global Dynamic A(dist) - GBP GBP 0.10 28.09.07 JPM Global Dynamic A(dist) - USD USD 0.13 28.09.07 JPM Global Dynamic A(inc) - EUR EUR 0.07 28.09.07 JF Global Equity (USD) A(dist) - USD USD 0.35 28.09.07 JPM Global Equity (USD) A(dist) - USD USD 0.20 28.09.07 JPM Global Focus A(dist) - EUR EUR 0.12 28.09.07 JF Global Focus A(dist) - USD USD 0.07 28.09.07 JF China A(dist) - USD USD 0.31 28.09.07 JF Greater China A(dist) - USD USD 0.50 28.09.07 JF Hong Kong A(dist) - USD USD 0.39 28.09.07 JF India A(dist) - USD USD 3.49 28.09.07 JF Latin America Equity A (dist) - USD USD 0.15 28.09.07 JF Pacific Equity A(dist) - GBP GBP 0.09 28.09.07 JF Pacific Equity A(dist) - USD USD 0.56 28.09.07 JF Pacific Technology A(dist) - GBP GBP 0.35 28.09.07 JF Pacific Technology A(dist) - USD USD 0.42 28.09.07 JF Singapore A(dist) - USD USD 0.31 28.09.07 JF Taiwan A(dist) - USD USD 0.87 28.09.07 JPM Latin America Equity A (dist) - USD USD 0.20 28.09.07 JPM Middle East Equity A(dist) - USD USD 0.29 28.09.07 JPM US Aggregate Bond A (dist) - USD USD 0.43 28.09.07 JPM US Dynamic I (inc) - EUR EUR 0.01 28.09.07 It is intended that all those Classes of Shares with the suffix “(dist)” will distribute at least 85% of the net investment income attributable to such Classes of Shares, computed broadly in accordance with the definition of net taxable income under United Kingdom corporation tax principles (subject to the application of any de minimis threshold) so that these Classes of Shares of the SICAV continue to qualify as “distributing” for the purposes of United Kingdom tax legislation relating to offshore Sub-Funds. Classes of 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. Those Classes of Shares with the suffix “(acc)” will not normally pay dividends. 5. Taxation Under current law and practice in the Grand Duchy of Luxembourg, the SICAV is not liable to any income tax, nor are dividends distributed by the SICAV liable to any withholding tax. However, the SICAV, with the exception of those Share Classes identified in the Appendix, is liable to an asset based tax of 0.05% per annum, such tax being payable quarterly and calculated on the total net assets of each Sub-Fund at the end of the relevant quarter. For the Sub-Funds’ Share Classes identified in the Appendix, the rate is 0.01% per annum. No tax is payable on the portion of assets invested in other undertakings for collective investment subject to such tax. No stamp duty or other tax is payable on the issue of shares in the SICAV in the Grand Duchy of Luxembourg. No tax is payable on realised or unrealised capital appreciation of the assets of the SICAV in the Grand Duchy of Luxembourg. Although the SICAV’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 SICAV from some of its securities, as well as interest earned on its cash deposits in certain countries, may be subject to withholding taxes at varying rates, which normally cannot be recovered. 6. Fees and Expenses a) All Sub-Funds - Share Classes A (acc), A (acc) - (hedged), A (dist), A (inc), B (acc), D (acc), D (acc) - (hedged) and J (dist) The fees and expenses charged to these Classes of shares are set at a fixed percentage of the total net assets of each Class of shares. This fixed percentage covers all fees and 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, the taxe d’abonnement, the interest, extraordinary costs or performance fees, 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 a “Fee Waiver’’ in the Combined Statement of Net Assets and the Combined Statement of Operations and Changes in Net Assets.

31 JPMorgan Funds Notes to the Financial Statements (continued) As at 30 June 2008

This fixed annual rate of fees and expenses is categorised as a Total Expense Ratio. The fixed annual rates of fees for each Class of shares are shown in the Appendix. b) All Sub-Funds - Share Classes C (acc), C (acc) - (hedged), I (acc) and I (inc) The maximum total fees and expenses to be borne by shareholders on these Classes of shares 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 including but not limited to Custody, Fiduciary, Accounting, Transfer Agency Fees and Taxes; it does not cover performance fees, if any. This capped annual rate of fees and expenses is categorised as a Capped Expense Ratio. The capped annual rates of fees for each Class of shares are shown in the Appendix. c) All Sub-Funds - Share Classes X (acc) and X (inc) The Annual Management Fee that would normally be payable in respect of the X (acc) and X (inc) Share Classes are administratively levied and collected by the Global Distributor directly from the shareholder or through the relevant J.P.Morgan Chase & Co entity. 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.

Sub-Funds may invest in UCITS and other UCIs managed by the Management Company, the Investment Manager or any other member of JPMorgan Chase & Co. The avoidance of a double-charge of the Annual Management and Advisory Fee on such assets is achieved by either a) excluding the assets from the net assets on which the Annual Management and Advisory Fee is calculated; or b) investing in UCITS or UCIs via classes that do not accrue an Annual Management and Advisory Fee or other equivalent fees payable to the relevant Investment Manager’s group; or c) the Annual Management and Advisory Fee being netted off by a rebate to the SICAV or Sub-Fund of the Annual Management and Advisory Fee (or equivalent) charged to the underlying UCITS or UCIs; or d) charging only the difference between the Annual Management and Advisory Fee of the SICAV or Sub-Fund and the Annual Management and Advisory Fee (or equivalent) charged to the underlying UCITS or UCIs. 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 Fees”) equal to the given percentage (the “Performance Fees Rate”, as set out in the Appendix V 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 Fees is made, when appropriate, and the final Performance Fees are payable annually. Pursuant to the provisions of the relevant Investment Management Agreement, the Investment Manager may be entitled to receive the Performance Fees from the Management Company. Performance Fees Accruals If the Share Class Return exceeds the Benchmark Return and the cumulative Share Class Return exceeds the High Water Mark Return (as set out in Appendix V to the Prospectus), the Performance Fees accrual is increased by the Performance Fees 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 Fees accrual is reduced (but not below zero) by the Performance Fees 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 Fees accrual has been reduced to zero, no new Performance Fees are 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 Fees accrued on any Valuation Day are reflected in the Net Asset Value per Share on the basis of which subscriptions and redemptions may be accepted. The Performance Fees are accrued daily and paid at the end of the financial year. Performance Fees are recorded separately in the Combined Statement of Operations and Changes in Net Assets. As of 30 June 2008, the Performance Fees rate and the benchmarks are as follows: Sub-Fund Applicable Share Performance Fee Performance Benchmark Classes Rate Emerging Markets Local Currency Debt Fund All 10% JPMorgan Global Bond Index – Emerging Markets Global Index (Total Return Gross) 7. Transactions with Connected Parties All transactions with connected parties were carried out on an arm’s length basis. JPMorgan Chase & Co. and its affiliates are counterparties for all securities lending activity and for certain forward foreign exchange contracts and financial futures contracts. The Management Company, Registrar, Global Distributor, Transfer and Domiciliary Agent, Advisory Company, Investment Managers, Custodian, Corporate, Administrative and Paying Agent and other related Agents of the SICAV are considered as connected parties. 8. Securities Lending The SICAV may lend portions of its securities portfolio to third parties. Such lending may only be effected via recognised clearing houses, or through the intermediary of 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 Sub-Fund retains an appropriate share thereof. Prior to 1 April 2008, 65% of any incremental income earned from securities lending was accrued to the applicable Sub-Fund, with the remaining income payable to the relevant parties which arrange the transaction. From 1st April 2008 the applicable percentage changed to 70%. The income earned from the securities lending program is detailed in the Combined Statement of Operations and Changes in Net Assets. As at 30 June 2008, the SICAV valuation of securities on loan dealt with the Custodian was USD 4,277,483,272 as detailed below and received collateral as security with a market value of USD 5,909,552,802. Market Value (USD) JPMorgan Funds - America Equity Fund 47,123,180 JPMorgan Funds - Eastern Europe Equity Fund 74,280,968 JPMorgan Funds - Emerging Europe, Middle East and Africa Equity Fund 24,058,559 JPMorgan Funds - Emerging Markets Debt Fund 19,310,505 JPMorgan Funds - Emerging Markets Equity Fund 100,084,318 JPMorgan Funds - Euroland Equity Fund 597,244,658 JPMorgan Funds - Euroland Select Equity Fund 1,049,023 JPMorgan Funds - Europe Dynamic Fund 186,853,872 JPMorgan Funds - Europe Dynamic Mega Cap Fund 81,569,758 JPMorgan Funds - Europe Equity Fund 508,181,199 JPMorgan Funds - Europe Small Cap Fund 147,159,539 JPMorgan Funds - Europe Technology Fund 59,752,391 JPMorgan Funds - Germany Equity Fund 218,483,220 JPMorgan Funds - Global Dynamic Fund 217,233,737 JPMorgan Funds - Global Equity Fund (USD) 14,060,239

32 JPMorgan Funds Notes to the Financial Statements (continued) As at 30 June 2008

Market Value (USD) JPMorgan Funds - Global Focus Fund 60,252,546 JPMorgan Funds - Global Life Sciences Funds 5,495,340 JPMorgan Funds - Global Real Estate Securities Fund (USD) 1,947,275 JPMorgan Funds - JF Japan Equity Fund 182,683,611 JPMorgan Funds - JF Pacific Balanced Fund 20,836,957 JPMorgan Funds - JF Pacific Equity Fund 109,534,919 JPMorgan Funds - JF Pacific Technology Fund 3,955,680 JPMorgan Funds - Latin America Equity Fund 218,602,205 JPMorgan Funds - US Dynamic Fund 149,557,147 JPMorgan Funds - US Small Cap Growth Fund 1,283,509 JPMorgan Funds - US Strategic Growth Fund 18,730,647 JPMorgan Funds - US Technology Fund 4,131,927 JPMorgan Funds - US Value Fund 79,686,712 9. Information for Swiss Registered Shareholders J.P.Morgan (Suisse) S.A., was authorised by the Federal Banking Commission as Swiss representative of the SICAV and acts also as paying agent. The Prospectus, the articles, the annual and semi-annual reports of the SICAV, as well as the list of the purchases and sales which the SICAV has undertaken during the financial period and all information according to the SFADirective in relation to the transparency of management fees, may be obtained, on simple request and free of charge, at the head off ice of the Swiss representative, J.P.Morgan (Suisse) S.A., 8, rue de la Confédération, CH-1204 Geneva, Switzerland. Payments/compensations (trailer fees) can be paid out from the management fee for the distribution/marketing of the investment fund to distributors. Reimbursements/rebates can be granted out of the management fee to institutional investors who hold the Sub-Fund shares for the economic benefit of third parties. 10. Information for German Registered Shareholders Alist, 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 SICAV and at the office of the German paying and information agent, J.P. Morgan AG, Junghofstraße 14, D-60311 Frankfurt am Main. Additional information on investments within each Sub-Fund’s portfolio is available to shareholders at the registered office of the SICAV and at the office of the German paying and information agent. 11. Authorization of Sub-Funds in Hong Kong The following Sub-Funds are authorized in Hong Kong and available to Hong Kong Residents: JPMorgan Funds - America Equity Fund JPMorgan Funds - Eastern Europe Equity Fund JPMorgan Funds - Emerging Europe, Middle East and Africa Equity Fund JPMorgan Funds - Emerging Markets Debt Fund JPMorgan Funds - Emerging Markets Equity Fund JPMorgan Funds - Emerging Markets Local Currency Debt Fund JPMorgan Funds - Euroland Equity Fund JPMorgan Funds - Euroland Select Equity Fund JPMorgan Funds - Europe Dynamic Fund JPMorgan Funds - Europe Dynamic Mega Cap Fund JPMorgan Funds - Europe Equity Fund JPMorgan Funds - Europe Small Cap Fund JPMorgan Funds - Europe Technology Fund JPMorgan Funds - Germany Equity Fund JPMorgan Funds - Global Convertibles Fund (EUR) JPMorgan Funds - Global Dynamic Fund JPMorgan Funds - Global Equity Fund (USD) JPMorgan Funds - Global Focus Fund JPMorgan Funds - Global Life Sciences Fund JPMorgan Funds - Global Natural Resources Fund JPMorgan Funds - Global Real Estate Securities Fund (USD) JPMorgan Funds - JF China Fund JPMorgan Funds - JF Greater China Fund JPMorgan Funds - JF Hong Kong Fund JPMorgan Funds - JF India Fund JPMorgan Funds - JF Japan Equity Fund JPMorgan Funds - JF Japan Small Cap Fund JPMorgan Funds - JF Pacific Balanced Fund JPMorgan Funds - JF Pacific Technology Fund JPMorgan Funds - JF Singapore Fund JPMorgan Funds - JF Taiwan Fund JPMorgan Funds - Latin America Equity Fund JPMorgan Funds - Middle East Equity Fund JPMorgan Funds - Russia Fund JPMorgan Funds - US Aggregate Bond Fund JPMorgan Funds - US Dynamic Fund JPMorgan Funds - US Small Cap Growth Fund JPMorgan Funds - US Strategic Growth Fund JPMorgan Funds - US Technology Fund JPMorgan Funds - US Value Fund

33 JPMorgan Funds Notes to the Financial Statements (continued) As at 30 June 2008

12. Significant Changes during the Year The following benchmark index changes have occurred during the year: - the benchmark index for JPMorgan Funds - Europe Technology Fund has been changed from Morgan Stanley Eurotec Index to the MSCI Europe IMI IT 10/40 Index with effect from 1 April 2008, - the benchmark index for JPMorgan Funds - JF Asia Equity Fund has been changed from MSCI AC Far East ex Japan Total Return Net to MSCI All Countries Asia Pacific ex-Japan (Total Return Net) with effect from 30 April 2008, - the benchmark index for JPMorgan Funds - JF Japan Small Cap Fund has been changed from Japan TSE 2nd Section (Total Return Net) to S&P/Citigroup Japan Extended Market Index (Total Return Net) with effect from 1 May 2008, 13. Subsequent Events With effect from 1 July 2008, the Operating & Administrative Expenses were changed from a capped rate to a fixed fee for C Classes.

The Board of Directors of JPMorgan Funds has decided to merge several Sub-Funds: - JPMorgan Funds - Global Equity Fund (EUR) has been merged into JPMorgan Funds - Global Equity Fund (USD) on 17 July 2008, - JPMorgan Funds - Global Real Estate Securities Fund (EUR) has been merged into JPMorgan Funds - Global Real Estate Securities Fund (USD) on 31 July 2008.

With effect from 1 August 2008, the following benchmark index changes have occurred: - the benchmark index for JPMorgan Funds - JF China Fund has been changed from BNP Paribas China Index (Price Index) to Morgan Stanley Capital International (MSCI) China 10/40 Capped Index (Total Return Net), - the benchmark index for JPMorgan Funds - JF India Fund has been changed from MSCI India Index (Total Return Net) to Morgan Stanley Capital International (MSCI) India 10/40 Capped Index (Total Return Net)

In addition to the above, JPMorgan Funds - US Growth Alpha Plus was launched on 4 September 2008. 14. Directors’ Fees The only remuneration paid to Directors is an annual fee. This is waived by Mr Berndt May and Ms Andrea L. Hazen. The total Directors’ fees for the year amount to EUR 168,197.19, of which the Chairman is due EUR 36,042.74.

34 JPMorgan Funds - America Equity Fund Schedule of Investments (Market Value Expressed in USD) As at 30 June 2008

% % 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 MEXICO 179,460 Cemex ADR Participation Certificates 4,394,975 0.80 Shares 4,394,975 0.80 UNITED STATES OFAMERICA 102,098 Aetna 4,131,906 0.76 CANADA 65,000 Aflac 4,106,700 0.75 31,800 Research In Motion 3,798,192 0.69 297,200 Altria Group 6,110,432 1.11 163,400 American Electric Power 6,491,882 1.18 3,798,192 0.69 125,500 American Express 4,758,960 0.87 MARSHALL ISLANDS 41,500 Apache 5,753,975 1.05 58,700 Teekay 2,647,957 0.48 39,100 Apple 6,615,329 1.20 159,600 AT&T 5,260,416 0.95 2,647,957 0.48 59,500 Baker Hughes 5,299,070 0.96 78,800 Ball 3,728,816 0.68 SWITZERLAND 238,600 Bank of America 5,774,120 1.05 45,900 Novartis ADR 2,523,582 0.47 81,000 Baxter International 5,130,540 0.93 75,100 Cablevision Systems - AShares 1,701,766 0.31 2,523,582 0.47 76,200 Capital One Financial 2,891,790 0.53 150,800 Cardinal Health 7,716,436 1.40 Total Shares 527,386,573 95.95 118,236 Chevron 11,663,981 2.12 Total Transferable Securities Admitted to an 655,100 Cisco Systems 15,348,993 2.79 527,386,573 95.95 Official Exchange Listing 374,000 Citigroup 6,227,100 1.13 55,800 Clorox 2,910,528 0.53 Transferable Securities Dealt in on Another Regulated Market 420,100 Comcast Special - AShares 7,700,433 1.40 206,300 Community Health Systems 6,828,530 1.24 Convertible Bonds 77,800 ConocoPhillips 7,261,074 1.32 423,300 Corning 9,820,560 1.79 UNITED STATES OFAMERICA 51,350 Devon Energy 6,073,165 1.10 2,975,000 Liberty Media 30.03.23/3.125% 3,090,281 0.57 31,400 Dover 1,502,804 0.27 127,200 Edison International 6,419,784 1.17 3,090,281 0.57 541,200 El Paso 11,608,740 2.11 64,900 Exxon Mobil 5,657,333 1.03 Total Convertible Bonds 3,090,281 0.57 265,400 Freddie Mac 4,477,298 0.81 144,600 General Electric 3,814,548 0.70 Total Transferable Securities Dealt in on Another 3,090,281 0.57 174,600 Genworth Financial - AShares 3,099,150 0.56 Regulated Market 4,100 Google - AShares 2,179,683 0.40 Total Investments 530,476,854 96.52 216,100 Hanesbrands 5,918,979 1.08 Hartford Financial Services Group 5,384,880 81,000 0.98 Cash 10,811,126 1.97 331,800 Hewlett-Packard 14,615,790 2.66 254,200 Home Depot 5,996,578 1.09 Other Assets/(Liabilities) 8,326,375 1.51 518,100 Intel 11,092,521 2.02 97,300 International Business Machines 11,531,996 2.10 Total Net Assets 549,614,355 100.00 77,100 J.C. Penney 2,791,020 0.51 61,200 Johnson & Johnson 3,902,112 0.71 270,700 Johnson Controls 7,771,797 1.41 71,000 Lexmark International - AShares 2,387,020 0.44 98,700 Marathon Oil 5,099,829 0.93 Allocation of Portfolio as at 30 June 2008 % of 338,200 Merck & Co. 12,719,702 2.31 Net Assets 54,100 Merrill Lynch & Co. 1,730,659 0.32 Fixed Income Securities 681,300 Microsoft 18,978,293 3.45 United States of America 0.57 153,700 Molson Coors Brewing - B Shares 8,359,743 1.52 Total Fixed Income Securities 0.57 184,300 Morgan Stanley 6,649,544 1.21 Shares 674,600 News - AShares 10,226,936 1.86 Information Technology 18.99 184,100 Norfolk Southern 11,217,213 2.04 Consumer Discretionary 15.09 109,800 Oshkosh 2,261,880 0.41 Financials 11.97 78,000 PG&E 3,015,480 0.55 Health Care 10.30 94,400 Paccar 3,923,264 0.71 Energy 9.39 276,100 Philip Morris International 13,727,692 2.50 Consumer Staples 9.01 34,800 Polo Ralph Lauren 2,152,380 0.39 Industrials 8.03 36,200 PPG Industries 2,063,762 0.38 Utilities 6.60 153,300 Procter & Gamble 9,309,909 1.69 Telecommunication Services 3.50 85,200 Prudential Financial 5,386,344 0.98 Materials 3.07 177,100 Qualcomm 7,990,752 1.45 Total Shares 95.95 68,600 Questar 4,810,918 0.88 Cash and Other Assets/(Liabilities) 3.48 116,700 Raytheon 6,513,027 1.19 142,000 Rohm & Haas 6,662,640 1.21 Total 100.00 127,000 Royal Caribbean Cruises 2,837,180 0.52 320,700 Safeway 9,111,087 1.66 315,300 Schering-Plough 6,145,197 1.12 293,900 Spirit Aerosystems Holdings - A Shares 5,619,368 1.02 365,700 TD Ameritrade Holding 6,619,170 1.20 165,500 Travelers 7,280,345 1.32 209,600 United Technologies 12,804,464 2.33 187,950 UnitedHealth Group 4,822,797 0.88 402,000 Verizon Communications 14,005,680 2.55 121,300 WABCO Holdings 5,544,623 1.01 356,700 Wal-Mart Stores 20,167,818 3.67 118,600 Williams 4,766,534 0.86 56,700 Wyeth 2,647,323 0.48 225,100 Wyndham Worldwide 3,966,262 0.72 202,300 Xcel Energy 4,003,517 0.73 45,000 Zions Bancorporation 1,422,000 0.26

514,021,867 93.51

35 JPMorgan Funds - America Equity Fund Schedule of Investments (Market Value Expressed in USD) (continued) As at 30 June 2008

% % 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 2007 (Unaudited) % of Net Assets Shares Information Technology 19.79 Financials 15.42 Consumer Discretionary 14.62 Health Care 11.06 Industrials 9.28 Consumer Staples 8.14 Utilities 6.46 Energy 6.18 Materials 3.62 Telecommunication Services 2.99 Total Shares 97.56 Cash and Other Assets/(Liabilities) 2.44 Total 100.00

36 JPMorgan Funds - America Equity Fund Schedule of Investments - Outstanding Forward Foreign Exchange Contracts (Expressed in USD) As at 30 June 2008

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

15-Jul-08 EUR 17,478,348 USD 27,422,333 138,476 15-Jul-08 USD 12,776,977 EUR 8,235,882 (209,811)

Total (71,335)

37 JPMorgan Funds - Eastern Europe Equity Fund Schedule of Investments (Market Value Expressed in EUR) As at 30 June 2008

% % 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 KAZAKHSTAN 673,601 Halyk Savings Bank of Kazakhstan Registered Shares Shares GDR 6,531,319 0.41 804,590 Kazkommertsbank Registered Shares GDR 7,954,374 0.50 RUSSIA 821,713 Zhaikmunai Registered Shares GDR 7,811,208 0.49 47,864 Aeroflot - Russian International Airlines Registered Shares GDR 10,081,193 0.63 22,296,901 1.40 763,090 Chelyabinsk Zink Plant 4,110,564 0.26 531,265 Chelyabinsk Zink Plant GDR 2,642,942 0.17 BERMUDA 1,742,674 Cherkizovo Group Registered Shares GDR 16,764,657 1.06 1,360,430 EastPharma Registered Shares GDR 5,991,944 0.38 6,054,734 Comstar United Telesystems GDR 39,291,787 2.48 17,601,051 West Siberian Resources SDR 15,251,180 0.96 1,692,000 DIXY Group 16,084,160 1.02 1,959,436 Gazpromneft ADR 49,856,684 3.16 21,243,124 1.34 6,356,000 Lenenergo 7,737,578 0.49 CAYMAN ISLANDS 6,290,882 Magnit Registered Shares GDR 43,056,830 2.72 1,236,754 Eurasia Drilling Registered Shares GDR 20,378,088 1.29 5,922,023 Magnitogorsk Iron & Steel Works Registered Shares GDR 65,414,532 4.13 20,378,088 1.29 2,684,209 Mechel ADR 84,033,033 5.31 7,507,485 MMC Norilsk Nickel ADR 119,990,349 7.57 CYPRUS 1,826,774 Mobile Telesystems ADR 89,489,293 5.65 3,381,000 Urals Energy 7,349,906 0.46 363,890 Novolipetsk Steel Registered Shares GDR 13,089,157 0.83 902,552 XXI Century Investments Public 11,977,596 0.76 221,240 OAO Pharmacy Chain 36.6 5,643,341 0.35 41,824 Open Investments 9,809,924 0.62 19,327,502 1.22 1,271,976 RBC Information Systems 6,851,799 0.43 384,898 RBC Information Systems ADR 8,537,298 0.54 JERSEY 959,093 KazakhGold Group Registered Shares GDR 13,396,121 4,933,167 RTM 6,076,200 0.38 0.85 72,362,501 Sberbank 145,830,193 9.20 13,396,121 0.85 215,699 Severstal 3,595,097 0.23 1,088,213 Severstal Registered Shares GDR 17,958,152 1.13 NETHERLANDS 704,516 Severstal-Avto 26,342,054 1.66 553,100 A&D Pharma Holding GDR 1,725,672 0.11 1,559,850 Sistema JSFC Registered Shares GDR 29,734,965 1.88 2,712,200 AMTEL Vredestein Registered Shares GDR 3,437,625 0.22 1,871,550 Sistema-Hals Registered Shares GDR 8,183,843 0.52 343,571 Efes Breweries International GDR 6,259,809 0.39 2,995,539 Sitronics Registered Shares GDR 11,940,771 0.76 674,574 Tatneft Registered Shares GDR 64,445,661 4.07 11,423,106 0.72

906,592,057 57.25 MALAYSIA 42,197 Steppe Cement 167,997 0.01 TURKEY 4,717,361 Eregli Demir ve Celik Fabrikalari 24,127,949 1.52 167,997 0.01 8,495,050 KOC Holding 14,658,803 0.93 1,321,300 Reysas Logistics 3,447,299 0.22 Total Shares 1,484,875,827 93.76 2,296,737 Tekfen Holding 11,153,861 0.70 1,526,100 Tupras Turkiye Petrol Rafine 21,879,232 1.38 Investment Funds 3,542,151 Turk Telekomunikasyon 7,466,436 0.47 UNITED KINGDOM 1,030,293 Turkcell Iletisim Hizmet ADR 9,441,387 0.60 2,695,083 JPMorgan Russian Securities 26,620,075 1.68 11,930,600 Turkiye Garanti Bankasi 17,381,910 1.10 4,673,660 Turkiye Halk Bankasi 13,883,887 0.88 26,620,075 1.68 12,768,100 Turkiye Is Bankasi - C Shares 26,517,857 1.67 Total Investment Funds 26,620,075 1.68 149,958,621 9.47 Total Transferable Securities Admitted to an POLAND 1,511,495,902 95.44 Official Exchange Listing 115,800 Bank Pekao 5,683,107 0.36 279,400 Bank Pekao Registered Shares GDR 13,712,413 0.87 Transferable Securities Dealt in on Another Regulated Market 722,255 KGHM Polska Miedz 21,655,488 1.37 513,673 KGHM Polska Miedz GDR 31,088,293 1.96 Investment Funds 2,522,200 Powszechna Kasa Oszczednosci Bank Polski 34,734,150 2.19 2,280,160 Telekomunikacja Polska 14,299,123 0.90 LUXEMBOURG 2,594,952 Telekomunikacja Polska GDR 16,609,535 1.05 15,050,000 JPMorgan Liquidity Funds - Euro Liquidity Fund (JPM Euro Liquidity X (dist.)) 15,050,000 0.95 137,782,109 8.70 15,050,000 0.95 IRELAND 8,266,450 Dragon Oil 46,910,874 2.96 Total Investment Funds 15,050,000 0.95 46,910,874 2.96 Total Transferable Securities Dealt in on 15,050,000 0.95 Another Regulated Market CZECH REPUBLIC 701,816 CEZ 39,482,811 2.49 Other Transferable Securities 39,482,811 2.49 Shares LUXEMBOURG RUSSIA 412,256 Evraz Group Registered Shares GDR 30,632,793 1.93 1,623,519 Aeroflot - Russian International Airlines 3,419,482 0.22 784,143 Kernel Holding 8,749,399 0.56 3,419,482 0.22 39,382,192 2.49 AUSTRIA Total Shares 3,419,482 0.22 407,640 Raiffeisen International Bank Holding 32,725,339 2.07 Total Other Transferable Securities 3,419,482 0.22 32,725,339 2.07 UNITED STATES OFAMERICA Total Investments 1,529,965,384 96.61 1,740,600 BMB Munai 6,618,461 0.41 1,099,100 CTC Media 17,190,524 1.09 Cash 41,144,341 2.60

23,808,985 1.50 Other Assets/(Liabilities) 12,545,980 0.79

Total Net Assets 1,583,655,705 100.00

38 JPMorgan Funds - Eastern Europe Equity Fund Schedule of Investments (Market Value Expressed in EUR) (continued) As at 30 June 2008

% % 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 2008 % of Net Assets Shares Materials 27.27 Financials 23.72 Energy 15.18 Telecommunication Services 13.03 Consumer Staples 5.19 Utilities 2.98 Consumer Discretionary 2.97 Investment Companies 2.63 Information Technology 1.73 Industrials 1.07 Health Care 0.84 Total Shares 96.61 Cash and Other Assets/(Liabilities) 3.39 Total 100.00

Allocation of Portfolio as at 31 December 2007 (Unaudited) % of Net Assets Shares Financials 35.40 Materials 22.23 Energy 10.25 Telecommunication Services 9.36 Utilities 7.18 Consumer Discretionary 3.30 Consumer Staples 2.23 Information Technology 1.78 Industrials 1.65 Health Care 1.62 Investment Companies 1.41 Total Shares 96.41 Cash and Other Assets/(Liabilities) 3.59 Total 100.00

39 JPMorgan Funds - Emerging Europe, Middle East and Africa Equity Fund Schedule of Investments (Market Value Expressed in USD) As at 30 June 2008

% % 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 ARAB EMIRATES 1,417,480 Arabtec Holding 6,251,801 0.57 Shares and Warrants 3,639,540 Depa 5,168,147 0.47 7,641,537 DP World 6,571,722 0.60 RUSSIA 4,317,798 Emaar Properties 12,754,552 1.17 203,680 Chelyabinsk Zink Plant 1,731,280 0.16 35,283 Chelyabinsk Zink Plant GDR 276,972 0.03 30,746,222 2.81 513,061 Cherkizovo Group Registered Shares GDR 7,788,266 0.71 1,210,545 Comstar United Telesystems GDR 12,395,981 1.13 IRELAND 688,010 DIXY Group 10,320,150 0.95 3,154,819 Dragon Oil 28,250,242 2.58 296,059 Gazpromneft ADR 11,886,769 1.09 2,394,000 Lenenergo 4,598,736 0.42 28,250,242 2.58 475,118 Magnit OAO 22,211,766 2.03 UNITED KINGDOM 760 Magnit OAO Registered Shares GDR 8,208 0.00 158,043 Anglo American 11,056,191 1.01 2,048,811 Magnitogorsk Iron & Steel Works Registered Shares 1,234,621 Hikma Pharmaceuticals 12,311,332 GDR 35,710,776 3.27 1.13 475,857 Mechel ADR 23,507,336 2.15 23,367,523 2.14 1,875,760 MMC Norilsk Nickel ADR 47,306,667 4.33 322,530 Mobile Telesystems ADR 24,931,569 2.28 NETHERLANDS ANTILLES 19,503 Novolipetsk Steel Registered Shares GDR 1,107,770 0.10 2,037,780 Merrill Lynch - Aldar Properties 92,499 Novolipetsk Steel Registered Shares GDR 5,249,318 0.48 - Warrants 12.01.10 6,900,127 0.63 56,060 OAO Pharmacy Chain 36.6 2,256,415 0.20 100,136 Merrill Lynch - Commercial 9,433 Open Investments 3,491,268 0.32 Bank of Qatar - Warrants 25.04.10 4,070,346 0.37 352,645 RBC Information Systems 2,997,482 0.27 760,837 Merrill Lynch - First Gulf Bank - 109,095 RBC Information Systems ADR 3,818,325 0.35 Warrants 07.10.10 5,530,573 0.51 1,686,835 RTM 3,278,477 0.30 95,272 Merrill Lynch - Qatar National Bank - Warrants 6,005,197 22,849,183 Sberbank 72,660,402 6.63 26.07.10 0.55 154,298 Severstal 4,058,037 0.37 22,506,243 2.06 528,111 Severstal Registered Shares GDR 13,752,010 1.26 171,656 Severstal-Avto 10,127,704 0.93 AUSTRIA 303,535 Sistema JSFC Registered Shares GDR 9,130,333 0.84 108,450 Raiffeisen International Bank Holding 13,738,210 1.26 792,497 Sistema-Hals Registered Shares GDR 5,468,229 0.50 859,711 Sitronics Registered Shares GDR 5,407,582 0.49 13,738,210 1.26 184,638 Tatneft Registered Shares GDR 27,834,179 2.55 BERMUDA 373,312,007 34.14 481,832 EastPharma Registered Shares GDR 3,348,732 0.31 6,789,451 West Siberian Resources SDR 9,283,094 0.85 SOUTH AFRICA 2,442,901 African Bank Investments 7,444,028 0.68 12,631,826 1.16 413,228 African Rainbow Minerals 14,666,128 1.34 66,530 Anglo Platinum 11,525,163 1.05 CAYMAN ISLANDS 468,891 Eurasia Drilling Registered Shares GDR 12,191,166 115,808 AngloGold Ashanti ADR 3,936,314 0.36 1.11 627,449 ArcelorMittal South Africa 18,274,630 1.67 12,191,166 1.11 1,611,651 Aveng 11,974,122 1.09 772,068 Distribution and Warehousing Network 1,232,013 0.11 CYPRUS 4,215,207 FirstRand 7,194,490 0.66 1,212,000 Urals Energy 4,157,502 0.38 763,444 Impala Platinum Holdings 31,040,069 2.84 378,822 XXI Century Investments Public 7,932,788 0.73 646,967 Massmart Holdings 5,048,777 0.46 2,618,398 MTN Group 42,467,826 3.88 12,090,290 1.11 414,791 Naspers - N Shares 9,134,150 0.84 7,728,815 Netcare 7,301,201 0.67 KAZAKHSTAN 307,157 Halyk Savings Bank of Kazakhstan Registered Shares 703,462 Sasol 42,161,561 3.86 GDR 4,699,502 0.43 1,360,580 Standard Bank Group 13,297,675 1.22 316,605 Zhaikmunai Registered Shares GDR 4,749,075 0.43 3,410,350 Steinhoff International Holdings 7,061,541 0.65 9,448,577 0.86 233,759,688 21.38 EGYPT ISRAEL 133,017 Orascom Telecom Holding Registered Shares GDR 8,552,993 0.78 2,257,600 Bank Hapoalim 9,928,324 0.91 8,950 Israel 13,854,621 1.27 8,552,993 0.78 1,665,556 Israel Chemicals 38,435,908 3.51 1,158,242 Teva Pharmaceutical Industries ADR 52,624,725 4.81 JERSEY 250,370 KazakhGold Group Registered Shares GDR 5,518,155 0.50 114,843,578 10.50 5,518,155 0.50 TURKEY 1,784,631 Eregli Demir ve Celik Fabrikalari 14,403,332 1.32 LUXEMBOURG 3,122,566 KOC Holding 8,502,320 0.78 295,361 Kernel Holding 5,200,311 0.48 464,600 Reysas Logistics 1,912,713 0.18 867,583 Tekfen Holding 6,648,417 0.61 5,200,311 0.48 575,162 Tupras Turkiye Petrol Rafine 13,011,654 1.19 GERMANY 1,253,454 Turk Telekomunikasyon 4,169,154 0.38 169,095 Deutsche Bank - Arab Bank - 230,415 Turkcell Iletisim Hizmet ADR 3,331,801 0.31 Warrants 22.01.18 5,171,896 0.47 2,734,232 Turkiye Garanti Bankasi 6,285,847 0.57 1,898,900 Turkiye Halk Bankasi 8,901,215 0.81 5,171,896 0.47 2,530,459 Turkiye Is Bankasi - C Shares 8,292,867 0.76 ISLE OFMAN 75,459,320 6.91 1,305,055 Kazakhstan Kagazy Registered Shares GDR 4,371,934 0.40

POLAND 4,371,934 0.40 29,016 Bank Pekao 2,247,026 0.20 55,820 Bank Pekao Registered Shares GDR 4,322,854 0.39 UNITED STATES OFAMERICA 420,347 KGHM Polska Miedz 19,887,428 1.82 161,600 CTC Media 3,988,288 0.36 63,101 KGHM Polska Miedz GDR 6,026,146 0.55 265,028 Powszechna Kasa Oszczednosci Bank Polski 5,759,200 0.53 3,988,288 0.36 625,960 Telekomunikacja Polska 6,194,181 0.57

44,436,835 4.06

40 JPMorgan Funds - Emerging Europe, Middle East and Africa Equity Fund Schedule of Investments (Market Value Expressed in USD) (continued) As at 30 June 2008

% % 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

BRITISH VIRGIN ISLANDS 1,802,373 European Minerals 1,761,190 0.16

1,761,190 0.16 MALAYSIA 17,959 Steppe Cement 112,822 0.01

112,822 0.01

Total Shares and Warrants 1,041,459,316 95.24

Total Transferable Securities Admitted to an 1,041,459,316 95.24 Official Exchange Listing

Transferable Securities Dealt in on Another Regulated Market

Investment Funds LUXEMBOURG 32,245,889 JPMorgan Liquidity Funds - US Dollar Liquidity Fund (JPM US Dollar Liquidity X (dist.)) 32,245,889 2.94

32,245,889 2.94

Total Investment Funds 32,245,889 2.94

Total Transferable Securities Dealt in on 32,245,889 2.94 Another Regulated Market Total Investments 1,073,705,205 98.18

Cash 3,163,907 0.29

Other Assets/(Liabilities) 16,694,577 1.53

Total Net Assets 1,093,563,689 100.00

Allocation of Portfolio as at 30 June 2008 % of Net Assets Shares and Warrants Materials 28.69 Financials 23.74 Energy 14.04 Telecommunication Services 10.17 Health Care 7.12 Consumer Staples 3.69 Consumer Discretionary 3.35 Investment Companies 2.94 Industrials 2.91 Information Technology 1.11 Utilities 0.42 Total Shares and Warrants 98.18 Cash and Other Assets/(Liabilities) 1.82 Total 100.00

Allocation of Portfolio as at 31 December 2007 (Unaudited) % of Net Assets Shares and Warrants Financials 31.29 Materials 17.37 Telecommunication Services 12.80 Health Care 8.96 Energy 8.21 Industrials 5.96 Consumer Discretionary 5.93 Investment Companies 2.94 Utilities 2.67 Consumer Staples 1.59 Information Technology 1.44 Total Shares and Warrants 99.16 Cash and Other Assets/(Liabilities) 0.84 Total 100.00

41 JPMorgan Funds - Emerging Markets Debt Fund Schedule of Investments (Market Value Expressed in EUR) As at 30 June 2008

% % 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 PERU 4,326,970 IIRSANorte Finance 30.05.24/8.750% 3,084,915 1.50 Bonds 2,600,000 Peru (Republic of) 21.07.25/7.350% 1,853,753 0.91 1,730,000 Peru (Republic of) 21.11.33/8.750% 1,419,785 0.70 BRAZIL 2,522,000 Peru (Republic of) 14.03.37/6.550% 1,625,047 0.80 930,000 Banco Nacional de Desenvolvimento Economico e Social 16.06.18/6.369% 589,400 0.29 7,983,500 3.91 5,500,000 Brazil (Republic of) 15.01.18/8.000% 3,881,840 1.90 PHILIPPINES 900,000 Brazil (Republic of) 14.10.19/8.875% 715,089 0.35 5,204,000 Philippines (Republic of) 15.01.14/8.250% 3,561,786 1.74 14,134,000 Brazil (Republic of) 05.01.22/12.500% 5,592,448 2.74 4,500,000 Philippines (Republic of) 14.01.31/7.750% 2,973,003 1.46 3,080,000 Brazil (Republic of) 04.02.25/8.750% 2,463,102 1.21 1,512,000 Brazil (Republic of) 15.05.27/10.125% 1,367,838 0.67 6,534,789 3.20 9,661,000 Brazil (Republic of) 06.03.30/12.250% 10,421,415 5.11 5,213,000 Brazil (Republic of) 20.01.34/8.250% 4,091,905 2.01 UNITED STATES OFAMERICA 6,198,000 Brazil (Republic of) 20.01.37/7.125% 4,365,840 2.14 15,265,000 HSBC Bank 01.01.17/0.000%* 5,314,189 2.60 2,400,000 Brazil (Republic of) 17.08.40/11.000% 2,012,383 0.99 255,000 Lehman Brothers Holdings 03.01.12/10.000% 94,909 0.05

35,501,260 17.41 5,409,098 2.65 VENEZUELA MEXICO 4,857,900 Petroleos de Venezuela 12.04.17/5.250% 2,122,874 1.04 500,000 United Mexican States 19.12.13/8.000% 29,554 0.01 3,369,000 Venezuela (Republic of) 15.08.18/13.625% 2,591,949 1.27 8,690,000 United Mexican States 18.12.14/9.500% 548,952 0.28 3,352,800 Venezuela (Republic of) 07.05.23/9.000% 1,864,496 0.92 19,000,000 United Mexican States 05.12.24/10.000% 1,251,281 0.61 3,661,000 Venezuela (Republic of) 21.04.25/7.650% 1,817,333 0.89 5,000,000 United Mexican States 11.01.40/6.050% 3,085,649 1.51 8,641,200 Venezuela (Republic of) 07.05.28/9.250% 4,857,680 2.38 9,889,000 Venezuela (Republic of) 13.01.34/9.375% 5,624,625 2.76 4,915,436 2.41 ECUADOR 18,878,957 9.26 5,300,000 Ecuador (Republic of) 15.08.30/10.000%* 3,269,780 1.60 RUSSIA 5,330,000 Russia (Republic of) 24.06.28/12.750% 5,986,644 2.94 3,269,780 1.60 15,843,725 Russia (Republic of) 31.03.30/7.500%* 11,261,149 5.52 URUGUAY 26,540,000 Uruguay (Republic of) 14.09.18/5.000% 1,106,629 0.54 17,247,793 8.46 65,500,000 Uruguay (Republic of) 26.06.37/3.700% 2,093,276 1.03 LUXEMBOURG 2,970,000 ALROSA Finance 17.11.14/8.875% 1,987,263 0.98 3,199,905 1.57 2,550,000 Gaz Capital 13.02.18/6.605% 2,297,391 1.13 NETHERLANDS 3,465,000 Gaz Capital 16.08.37/7.288% 2,015,124 0.99 4,980,000 KazMunaiGaz Finance 02.07.18/9.125% 3,146,461 1.54 8,134,895 Gazprom International 01.02.20/7.201% 5,167,576 2.53 1,855,000 RSHB Capital SAfor OJSC 3,146,461 1.54 Russian Agricultural Bank 16.05.13/7.175% 1,175,617 0.58 1,410,000 RSHB Capital SAfor OJSC GABONESE REPUBLIC Russian Agricultural Bank 14.01.14/7.125% 884,606 0.43 2,775,000 Gabonese (Republic of) 12.12.17/8.200% 1,837,748 0.90 2,120,000 RSHB Capital SAfor OJSC Russian Agricultural Bank 29.05.18/7.750% 1,317,355 0.65 1,837,748 0.90 3,000,000 VTB Capital 30.06.35/6.250% 1,756,672 0.86 UKRAINE 16,601,604 8.15 2,085,000 Ukraine (Government of) 21.11.16/6.580% 1,168,588 0.57 1,200,000 Ukraine (Government of) 14.11.17/6.750% 667,816 0.33 ARGENTINA 7,500,000 Argentina (Republic of) 03.08.12/3.092%* 2,554,976 1.25 1,836,404 0.90 6,495,000 Argentina (Republic of) 03.01.16/2.000%* 1,688,911 0.83 5,811,004 Argentina (Republic of) 04.02.18/2.000%* 1,349,008 0.66 COSTA RICA 2,181,000 Costa Rica (Republic of) 1,817,558 8,790,993 Argentina (Republic of) 31.12.33/5.830%* 1,915,609 0.94 01.08.20/9.995% 0.89 4,150,916 Argentina (Republic of) 31.12.33/8.280% 2,028,831 0.99 1,817,558 0.89 7,060,000 Argentina (Republic of) 15.12.35/1.262%* 549,268 0.27 23,365,000 Argentina (Republic of) 15.12.35/0.000%* 1,480,719 0.73 GUATEMALA 11,765,000 Argentina (Republic of) 31.12.38/0.630%* 798,417 0.39 2,275,000 Guatemala (Republic of) 06.10.34/8.125% 1,658,006 0.81 1,020,000 Argentina Nobac 10.02.10/11.258%* 218,587 0.11 1,658,006 0.81 12,584,326 6.17 COLOMBIA UNITED KINGDOM 3,261,000,000 Colombia (Republic of) 22.10.15/12.000% 1,068,531 0.53 2,950,000 Barclays Bank 07.04.10/0.000%* 1,573,757 0.77 630,000 Colombia (Republic of) 27.01.17/7.375% 436,003 0.21 1,955,000 CSFB (City of Kiev Ukraine) 26.11.12/8.250% 1,209,658 0.59 9,138,000 CSFB International (EXIM 1,504,534 0.74 Ukraine) 07.09.11/7.650% 5,655,408 2.77 682,000 CSFB International (EXIM INTERNATIONAL AGENCIES Ukraine) 04.10.12/6.800% 404,142 0.20 37,732,000 International Bank for 3,520,000 Deutsche Bank 20.07.18/0.000%* 2,862,489 1.40 Reconstruction & Development 15.04.17/3.400% 1,228,572 0.60

11,705,454 5.73 1,228,572 0.60 IRELAND EGYPT 64,000,000 Depfa Bank 15.06.15/0.000% 1,999,030 0.97 9,500,000 Arab Republic of Egypt 18.07.12/8.750% 1,090,317 0.53 80,884,632 Red Arrow International Leasing 30.06.12/8.375% 2,174,462 1.07 1,090,317 0.53 7,165,000 TransCapitalInvest Ltd for TURKEY OJSC AK Transneft 05.03.14/5.670% 4,274,884 2.10 2,000,000 Turkey (Republic of) 17.03.36/6.875% 1,053,646 0.52 8,448,376 4.14 1,053,646 0.52 BAHAMAS GUATEMALA 17,020,000 Crédit Suisse 19.01.11/0.000%* 8,028,168 3.94 1,050,000 Guatemala (Republic of) 08.11.11/10.250% 754,081 0.37 8,028,168 3.94 754,081 0.37

42 JPMorgan Funds - Emerging Markets Debt Fund Schedule of Investments (Market Value Expressed in EUR) (continued) As at 30 June 2008

% % 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

CAYMAN ISLANDS Other Transferable Securities 1,065,000 Petrobras International Finance 01.03.18/5.875% 653,002 0.32 Bonds 653,002 0.32 UNITED STATES OFAMERICA GERMANY 915,000 Citigroup Funding 17.07.08/0.000% 610,419 0.30 987,000 Dresdner (EXIM Ukraine) 23.09.09/7.750% 631,018 0.31 1,900,000 Citigroup Funding 09.10.08/0.000% 1,368,802 0.67 985,000 Citigroup Funding 08.01.09/0.000% 652,499 0.32 631,018 0.31 1,490,000 Citigroup Funding 17.12.10/0.000%* 977,123 0.48 1,360,000 Citigroup Funding 07.03.11/0.000%* 837,228 0.41 PANAMA 1,660,000 Citigroup Funding 03.10.11/0.000%* 907,243 0.44 865,000 Panama (Republic of) 15.03.15/7.250% 593,541 0.29 6,100,000 Citigroup Funding 12.03.12/0.000%* 3,406,521 1.67 785,000 Citigroup Funding 481,164 593,541 0.29 20.06.12/0.000%* 0.24 350,000 Morgan Stanley 144A 05.01.22/12.150% 234,893 0.12 EL SALVADOR 869,000 El Salvador (Republic of) 15.06.35/7.650% 575,497 0.28 9,475,892 4.65

575,497 0.28 Total Bonds 9,475,892 4.65 BERMUDA 1,020,000 BW Group 28.06.17/6.625% 557,935 0.27 Total Other Transferable Securities 9,475,892 4.65

557,935 0.27 Total Investments 193,266,573 94.74

DOMINICAN REPUBLIC Cash 10,243,629 5.02 417,160 Dominican Republic 144A 23.01.18/9.040% 273,621 0.13 Other Assets/(Liabilities) 495,020 0.24 273,621 0.13 BARBADOS Total Net Assets 204,005,222 100.00 423,000 Barbados (Government of) 05.12.35/6.625% 262,255 0.13

262,255 0.13 * Variable coupon rates are those quoted as at 30 June 2008. TRINIDAD & TOBAGO 412,000 Trinidad & Tobago (Republic of) 17.05.27/5.875% 251,960 0.12 Allocation of Portfolio as at 30 June 2008 % of 251,960 0.12 Net Assets Fixed Income Securities Total Bonds 180,034,602 88.25 Brazil 17.41 Venezuela 9.29 Russia Total Transferable Securities Admitted to an 180,034,602 88.25 8.46 Official Exchange Listing Luxembourg 8.15 United States of America 7.53 Transferable Securities Dealt in on Another Regulated Market Argentina 6.17 United Kingdom 5.73 Bonds Peru 4.44 Ireland 4.14 TRINIDAD & TOBAGO Bahamas 3.94 2,000,000 National Gas Co. of Trinidad & Philippines Tobago 15.01.36/6.050% 1,161,602 0.57 3.20 Mexico 2.41 1,161,602 0.57 Ecuador 1.60 Uruguay 1.57 PERU Netherlands 1.54 5,323,000 Peru (Republic of) 12.08.37/6.900% 1,078,780 0.53 Guatemala 1.18 Gabonese Republic 0.90 1,078,780 0.53 Ukraine 0.90 IRAQ Costa Rica 0.89 Colombia 2,140,000 Iraq (Republic of) 15.01.28/5.800% 983,916 0.48 0.74 Trinidad & Tobago 0.69 983,916 0.48 International Agencies 0.60 Egypt 0.53 UNITED STATES OFAMERICA Turkey 0.52 740,000 US Treasury 31.12.09/3.250% 474,605 0.23 Iraq 0.48 Cayman Islands 0.32 474,605 0.23 Germany 0.31 VENEZUELA Panama 0.29 El Salvador 96,000 Venezuela (Republic of) 15.09.27/9.250% 57,176 0.03 0.28 Bermuda 0.27 57,176 0.03 Dominican Republic 0.13 Barbados 0.13 Total Bonds 3,756,079 1.84 Total Fixed Income Securities 94.74 Cash and Other Assets/(Liabilities) 5.26 Total Transferable Securities Dealt in on 3,756,079 1.84 Another Regulated Market Total 100.00

43 JPMorgan Funds - Emerging Markets Debt Fund Schedule of Investments (Market Value Expressed in EUR) (continued) As at 30 June 2008

% % 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 2007 (Unaudited) % of Net Assets Fixed Income Securities Brazil 12.56 Argentina 11.16 Venezuela 9.97 United States of America 9.61 Luxembourg 7.46 United Kingdom 6.48 Ireland 4.81 Russia 4.80 Bahamas 4.79 Mexico 2.88 Netherlands 2.64 Peru 2.63 Philippines 2.48 Colombia 2.16 Ukraine 2.02 Guatemala 1.27 Costa Rica 0.93 Uruguay 0.76 Trinidad & Tobago 0.71 Turkey 0.64 Gabonese Republic 0.56 Ghana 0.38 Cayman Islands 0.35 Germany 0.33 Bermuda 0.33 Barbados 0.31 Egypt 0.31 El Salvador 0.28 Dominican Republic 0.16 Total Fixed Income Securities 93.73 Cash and Other Assets/(Liabilities) 6.27 Total 100.00

44 JPMorgan Funds - Emerging Markets Debt Fund Schedule of Investments - Outstanding Forward Foreign Exchange Contracts (Expressed in EUR) As at 30 June 2008

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

31-Jul-08 EUR 2,714,177 TRY 5,370,000 (30,845) 30-Sep-08 EUR 172,000,000 USD 269,524,000 397,522

Total 366,677

Schedule of Investments - Outstanding Financial Futures Contracts (Expressed in EUR)

Unrealised Expiration Number of Notional Gain/ Date Contracts Security Description Currency Value (Loss)

Bond Futures

Sep-08 (146) US 5 Year Note Future USD (10,225,471) (102,695) Sep-08 274 US 10 Year Note Future USD 19,792,591 210,173 Sep-08 44 US Long Bond Future USD 3,232,398 68,017

Total 175,495

45 JPMorgan Funds - Emerging Markets Equity Fund Schedule of Investments (Market Value Expressed in USD) As at 30 June 2008

% % 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 HONG KONG 20,027,500 China Mobile 269,097,786 4.07 Shares 269,097,786 4.07 BRAZIL 7,032,656 Banco Itau Holding Financeira Preference Shares 142,316,792 2.15 BERMUDA 722,814 Companhia de Bebidas das Americas Preference 7,773,800 Esprit Holdings 80,731,028 1.22 Shares ADR 45,660,160 0.69 114,672,000 GOME Electrical Appliances Holdings 54,397,785 0.82 15,431,542 Companhia Vale do Rio Doce ADR 461,094,475 6.98 14,752,000 Li & Fung 44,446,838 0.68 2,499,856 Gol Linhas Aereas Inteligentes ADR 28,373,366 0.43 10,872,826 Yue Yuen Industrial Holdings 25,816,985 0.39 11,497,564 Petroleo Brasileiro ADR 664,789,151 10.07 205,392,636 3.11 1,342,233,944 20.32 UNITED ARAB EMIRATES SOUTH AFRICA 47,111,723 DP World 40,516,082 0.62 17,027,223 African Bank Investments 51,885,492 0.79 38,083,128 Emaar Properties 112,495,593 1.70 17,569,566 FirstRand 29,987,630 0.45 4,536,342 Impala Platinum Holdings 184,438,375 2.79 153,011,675 2.32 5,573,901 Massmart Holdings 43,497,405 0.66 10,017,415 MTN Group 162,472,563 2.46 EGYPT 953,669 Orascom Construction Industries 65,683,874 30,327,777 Netcare 28,649,826 0.43 0.99 5,027,175 Orascom Telecom Holding 65,381,107 8,866,702 RMB Holdings 24,562,442 0.37 0.99 3,789,421 Sasol 227,116,612 3.44 131,064,981 1.98 20,357,800 Steinhoff International Holdings 42,153,282 0.64 INDONESIA 794,763,627 12.03 76,950,033 Bank Rakyat Indonesia 42,513,830 0.64 1,813,297 Telekomunikasi Indonesia ADR 58,043,637 SOUTH KOREA 0.88 26,408,000 Unilever Indonesia 19,310,367 751,539 Hyundai Mobis 60,797,854 0.92 0.29 1,036,334 Hyundai Motor 70,276,709 1.06 119,867,834 1.81 1,562,602 Kookmin Bank 92,233,814 1.40 322,840 KT&G 27,751,289 0.42 LUXEMBOURG 2,401,637 KT&G 144AGDR 102,189,654 1.55 1,402,802 Tenaris ADR 102,951,639 1.56 209,874 POSCO 109,046,281 1.65 460,721 Samsung Electronics Registered Shares GDR 144A134,991,253 2.04 102,951,639 1.56 191,230 Shinsegae 102,829,503 1.56 AUSTRIA 700,116,357 10.60 781,699 Raiffeisen International Bank Holding 99,023,930 1.50 INDIA 99,023,930 1.50 3,103,591 ACC 37,977,345 0.57 9,683,737 Ambuja Cements GDR 16,462,353 0.25 CAYMAN ISLANDS 54,586,000 Agile Property Holdings 47,589,625 7,747,063 Bharti Airtel 130,109,889 1.97 0.72 36,336,000 Shimao Property Holdings 41,694,834 3,458,294 Housing Development Finance 158,226,312 2.40 0.63 1,432,010 Indiabulls Real Estate 9,086,569 0.13 89,284,459 1.35 1,827,589 Indiabulls Real Estate Registered Shares GDR 11,567,019 0.18 1,677,084 Infosys Technologies 67,825,346 1.03 TURKEY 1,199,180 Infosys Technologies ADR 51,360,879 0.78 7,026,420 Akbank 24,287,303 0.37 3,207,778 Reliance Capital 67,438,407 1.02 6,762,615 Anadolu Efes Biracilik Ve Malt Sanayii 58,989,916 0.89 6,612,174 Zee Entertainment Enterprises Ltd 30,793,685 0.47 83,277,219 1.26 580,847,804 8.80 ISRAEL MEXICO 1,727,658 Teva Pharmaceutical Industries ADR 78,496,141 1.19 4,392,099 America Movil ADR - L Shares 230,277,751 3.48 2,820,814 Cemex ADR Participation Certificates 69,081,735 1.05 78,496,141 1.19 1,468,424 Fomento Economico Mexicano ADR 65,153,973 0.99 23,791,419 Grupo Financiero Banorte - O Shares 110,360,428 1.67 HUNGARY 399,439 OTP Bank Registered Shares GDR 32,554,279 22,628,131 Wal-Mart de Mexico - V Shares 90,389,605 1.37 0.50 3,700 Richter Gedeon 802,356 0.01 565,263,492 8.56 167,228 Richter Gedeon GDR 35,703,178 0.54 RUSSIA 69,059,813 1.05 1,540,682 Gazprom OAO ADR 89,821,761 1.36 2,279,286 Mechel ADR 112,596,728 1.70 UNITED KINGDOM 853,212 Anglo American 59,794,342 42,548,902 Sberbank 135,305,508 2.05 0.91 1,995,289 Vimpel-Communications ADR 59,778,858 0.91 59,794,342 0.91 397,502,855 6.02 CHILE 1,244,012 BSCH Chile ADR 53,380,555 TAIWAN 0.81 28,952,453 HON HAI Precision Industry 142,615,872 2.16 53,380,555 0.81 6,003,765 President Chain Store 19,979,580 0.31 42,941,297 Taiwan Semiconductor Manufacturing 91,966,534 1.39 MALAYSIA 7,101,111 Taiwan Semiconductor Manufacturing ADR 77,402,110 1.17 3,810,700 British American Tobacco Malaysia 51,606,266 0.78

331,964,096 5.03 51,606,266 0.78 CHINA ARGENTINA 14,328,000 Anhui Conch Cement - H Shares * 95,799,223 1.45 1,316,169 Banco Macro ADR 22,282,741 0.34 35,269,500 China Merchants Bank - H Shares * 110,786,665 1.67 28,448,000 China National Building Material - H Shares * 54,709,797 0.83 22,282,741 0.34 10,986,000 Tsingtao Brewery - H Shares * 22,367,230 0.34 Total Shares 6,583,947,107 99.69 283,662,915 4.29 Total Transferable Securities Admitted to an 6,583,947,107 99.69 Official Exchange Listing

46 JPMorgan Funds - Emerging Markets Equity Fund Schedule of Investments (Market Value Expressed in USD) (continued) As at 30 June 2008

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

Transferable Securities Dealt in on Another Regulated Market

Investment Funds LUXEMBOURG 29,117,181 JPMorgan Liquidity Funds - US Dollar Liquidity Fund (JPM US Dollar Liquidity X (dist.)) 29,117,181 0.44

29,117,181 0.44

Total Investment Funds 29,117,181 0.44

Total Transferable Securities Dealt in on 29,117,181 0.44 Another Regulated Market Total Investments 6,613,064,288 100.13

Cash 14,362,047 0.22

Other Assets/(Liabilities) (22,735,886) (0.35)

Total Net Assets 6,604,690,449 100.00

* Hong Kong Registered Shares.

Allocation of Portfolio as at 30 June 2008 % of Net Assets Shares Financials 21.49 Materials 18.18 Energy 14.87 Telecommunication Services 14.76 Consumer Discretionary 8.73 Information Technology 8.57 Consumer Staples 7.32 Industrials 3.60 Health Care 2.17 Investment Companies 0.44 Total Shares 100.13 Cash and Other Assets/(Liabilities) (0.13) Total 100.00

Allocation of Portfolio as at 31 December 2007 (Unaudited) % of Net Assets Shares Financials 23.86 Telecommunication Services 16.88 Materials 15.58 Energy 10.67 Consumer Discretionary 9.70 Consumer Staples 7.58 Information Technology 7.34 Industrials 3.46 Health Care 2.98 Utilities 1.23 Investment Companies 0.75 Total Shares 100.03 Bank Overdraft and Other Assets/(Liabilities) (0.03) Total 100.00

47 JPMorgan Funds - Emerging Markets Local Currency Debt Fund Schedule of Investments (Market Value Expressed in EUR) As at 30 June 2008

% % 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 Other Transferable Securities

Bonds Bonds BRAZIL UNITED STATES OFAMERICA 15,000 Brazil (Republic of) 01.01.10/10.000% 55,791 1.04 156,000 Citigroup Funding 19.10.09/0.000%* 107,487 2.01 205,000 Brazil (Republic of) 01.01.12/10.000% 710,510 13.29 110,000 Citigroup Funding 17.12.10/0.000%* 72,137 1.35 1,580,000 Brazil (Republic of) 01.01.17/10.000% 523,419 9.78 70,000 Citigroup Funding 30.05.11/0.000%* 42,267 0.79 15,000 Brazil (Republic of) 15.05.17/0.000% 95,107 1.78 151,000 Citigroup Funding 20.06.12/0.000%* 92,555 1.73

1,384,827 25.89 314,446 5.88 MEXICO 314,446 5.88 5,000,000 United Mexican States 19.12.13/8.000% 295,535 5.52 Total Bonds 4,100,000 United Mexican States 18.12.14/9.500% 258,999 4.84 3,900,000 United Mexican States 05.12.24/10.000% 256,842 4.80 Total Other Transferable Securities 314,446 5.88

811,376 15.16 Total Investments 5,111,970 95.52

TURKEY Cash 159,364 2.98 1,415,000 Turkey (Republic of) 07.03.12/16.000% 636,372 11.89 60,000 Turkey (Republic of) 26.09.12/14.000% 24,780 0.46 Other Assets/(Liabilities) 80,584 1.50 661,152 12.35 Total Net Assets 5,351,918 100.00 HUNGARY 46,000,000 Hungary (Government of) 12.02.09/9.500% 195,761 3.66 13,500,000 Hungary (Government of) 12.10.10/6.750% 53,968 1.01 * Variable coupon rates are those quoted as at 30 June 2008. 37,000,000 Hungary (Government of) 12.06.12/7.250% 145,969 2.73

395,698 7.40 GERMANY Allocation of Portfolio as at 30 June 2008 % of 380,000 Deutsche Bank/London 20.07.18/0.000%* 309,019 5.77 Net Assets Fixed Income Securities 309,019 5.77 Brazil 25.89 COLOMBIA Mexico 15.16 729,000,000 Colombia (Republic of) 22.10.15/12.000% 238,871 4.46 Turkey 12.35 Hungary 7.40 238,871 4.46 United States of America 6.06 Germany 5.77 ARGENTINA Colombia 4.46 759,887 Argentina (Republic of) 04.02.18/2.000%* 176,406 3.30 Argentina 4.10 197,471 Argentina (Republic of) 31.12.33/5.830%* 43,030 0.80 South Africa 3.50 Peru 3.20 219,436 4.10 Egypt 3.00 SOUTH AFRICA Ireland 2.34 1,100,000 South Africa (Republic of) 31.08.10/13.000% 90,959 1.70 Poland 2.29 1,050,000 South Africa (Republic of) 15.09.15/13.500% 96,503 1.80 Total Fixed Income Securities 95.52 Cash and Other Assets/(Liabilities) 4.48 187,462 3.50 Total 100.00 EGYPT 1,400,000 Arab Republic of Egypt 18.07.12/8.750% 160,678 3.00

160,678 3.00 Allocation of Portfolio as at 31 December 2007 (Unaudited) IRELAND 4,664,569 Red Arrow International Leasing 30.06.12/8.375% 125,400 2.34 Not applicable: Sub-Fund launched on 24 January 2008

125,400 2.34 POLAND 420,000 Poland (Government of) 24.10.15/6.250% 122,734 2.29

122,734 2.29

Total Bonds 4,616,653 86.26

Total Transferable Securities Admitted to an 4,616,653 86.26 Official Exchange Listing

Transferable Securities Dealt in on Another Regulated Market

Bonds PERU 845,000 Peru (Republic of) 12.08.37/6.900% 171,251 3.20

171,251 3.20 UNITED STATES OFAMERICA 15,000 US Treasury 31.12.09/3.250% 9,620 0.18

9,620 0.18

Total Bonds 180,871 3.38

Total Transferable Securities Dealt in on Another 180,871 3.38 Regulated Market

48 JPMorgan Funds - Emerging Markets Local Currency Debt Fund Schedule of Investments - Outstanding Forward Foreign Exchange Contracts (Expressed in EUR) As at 30 June 2008

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

31-Jul-08 USD 535,922 TRY 690,000 (12,553)

Total (12,553)

49 JPMorgan Funds - Euroland Equity Fund Schedule of Investments (Market Value Expressed in EUR) As at 30 June 2008

% % 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 SPAIN 3,817,208 BBVA46,760,798 3.28 Shares 5,382,097 BSCH 62,324,683 4.37 7,798 Construcciones y Auxiliar de Ferrocarriles 2,137,042 0.15 FRANCE 131,776 Corporacion Financiera Alba 4,882,301 0.34 6,520 1000mercis 156,415 0.01 23,846 Laboratorios Farmaceuticos Rovi 224,152 0.02 3,384 Acadomia 103,246 0.01 1,040,393 Mapfre 3,152,391 0.22 2,652 AdenClassifieds 38,454 0.00 107,162 Prosegur Companhia de Seguridad Registered Shares 2,955,528 0.21 10,186 Air Liquide 846,457 0.06 141,078 Red Electrica de España 5,822,289 0.41 132,292 Alstom 19,260,392 1.35 152,972 Repsol YPF 3,853,365 0.27 3,199 Areva 2,373,594 0.16 137,242 Tecnicas Reunidas 7,253,240 0.51 244,025 Arkema 8,711,693 0.61 3,761,007 Telefonica 63,523,408 4.46 4,990 Audika 143,463 0.01 450,105 Tubacex 3,429,800 0.24 7,589 Avenir Telecom 9,183 0.00 178,799 Tubos Reunidos - B Shares 702,680 0.05 30,560 BioMerieux 2,207,654 0.15 100,290 Union Fenosa 3,695,687 0.26 831,761 BNP Paribas 47,535,141 3.34 246,138 Bouygues 10,364,871 0.73 210,717,364 14.79 59,832 Bureau Veritas 2,243,700 0.15 9,418 Business & Decision 101,149 0.01 ITALY 115,413 Casino Guichard Perrachon 8,307,428 0.58 11,494 Ansaldo STS 108,733 0.01 103,738 CNP Assurances 7,435,940 0.52 1,541,466 Assicurazioni Generali 37,257,233 2.61 4,821 Devoteam 101,771 0.01 204,972 Brembo 1,358,964 0.10 2,873 Faiveley 119,230 0.01 639,406 Buzzi Unicem 10,096,221 0.71 1,207,962 France Télécom 22,800,283 1.60 3,566 Cobra Automotive Technologies 16,564 0.00 710,780 Gaz de France 28,942,962 2.03 81,505 Danieli & Co. 1,925,148 0.14 28,493 Homair 95,167 0.01 8,421 DiaSorin 110,989 0.01 64,555 IMS-Intl Metal Service 1,387,287 0.10 5,883,291 Enel 35,829,242 2.51 162,510 Lafarge 15,613,961 1.10 2,409,265 ENI 57,075,488 4.00 133,837 Lagardère 4,823,485 0.34 1,816,843 Fiat 18,840,662 1.32 10,455 LeGuide.com 141,247 0.01 162,645 Finmeccanica 2,693,401 0.19 14,659 LISI 833,218 0.06 149,271 Fondiaria-Sai 3,122,749 0.22 23,433 Oberthur Technologies 102,637 0.01 35,538 Gruppo Coin 112,922 0.01 10,742 Outremer Telecom 74,872 0.01 1,089,965 IFIL - Investments 4,485,206 0.31 8,304 Parrot 93,337 0.01 348,342 Istituto Finanziario Industriale 4,410,010 0.31 483,216 Peugeot 16,641,959 1.17 32,571 Landi Renzo 127,597 0.01 89,205 Rallye 3,342,511 0.23 26,906 MARR 172,198 0.01 129,796 Renault 6,794,821 0.48 7,214 Reply 142,116 0.01 1,819 Rubis 98,753 0.01 143,822 Screen Service Broadcasting Technologies 78,311 0.01 503,874 Sanofi-Aventis 21,223,173 1.48 151,019 Trevi Finanziaria 2,408,753 0.17 394,558 Thalès 14,227,761 0.99 1,647,575 Total 88,721,914 6.22 180,372,507 12.66 128,657 Unibail-Rodamco 18,745,325 1.32 NETHERLANDS 10,955 Vallourec 2,417,659 0.17 70,640 Bateman Litwin 130,350 0.01 1,614,387 Vivendi 38,729,144 2.72 238,041 Boskalis Westminster - CVA8,043,405 0.56 114,707 Wendel 7,375,660 0.52 1,377,820 ING Groep - CVA27,673,515 1.94 76,394 Koninklijke KPN 834,222 0.06 403,286,917 28.30 428,377 Koninklijke Philips Electronics 9,248,659 0.65 GERMANY 428,958 Koninklijke DSM 16,017,292 1.12 61,991 Allianz Registered Shares 6,872,322 0.48 62,880 Nutreco Holding 2,659,824 0.19 1,077,128 BASF 46,962,781 3.30 63,927 Smit Internationale 3,964,113 0.28 2,623 Bauer 159,898 0.01 377,642 SNS Reaal 4,595,903 0.32 73,669 Bayerische Motoren Werke 2,240,274 0.16 6,638 Unit 4 Agresso 105,345 0.01 63,335 Bechtle 1,134,963 0.08 195,938 Bilfinger Berger 10,758,956 0.76 73,272,628 5.14 744,791 Daimler Registered Shares 28,994,714 2.03 FINLAND 5,021 Demag Cranes 151,634 0.01 212,091 Konecranes 5,569,510 0.39 63,868 Deutsche Bank Registered Shares 3,486,554 0.25 275,300 Metso 7,925,887 0.55 221,657 Deutsche Boerse 15,786,411 1.11 2,430,373 Nokia 37,330,529 2.62 188,881 Deutsche Lufthansa 2,574,448 0.18 153,640 Nokian Renkaat 4,698,311 0.33 501,323 Deutsche Post 8,236,737 0.58 215,546 Outokumpu 4,839,008 0.34 321,203 E.ON 41,146,104 2.89 233,035 Pohjola Bank 2,586,689 0.18 32,078 Fuchs Petrolub Preference Shares 1,927,888 0.14 119,087 Wartsila 4,796,824 0.34 8,176 Gerry Weber International 163,356 0.01 139,981 YIT 2,229,897 0.16 317,938 Gildemeister 5,621,144 0.39 479,606 Hannover Rueckversicherung Registered Shares 14,934,931 1.05 69,976,655 4.91 47,626 Jungheinrich Preference Shares 843,933 0.06 29,405 K+S 10,545,809 0.74 BELGIUM 136,722 Kloeckner & Co. 4,941,133 0.35 27,288 Ackermans & van Haaren 1,753,254 0.12 210,151 Leoni 5,684,585 0.40 749,677 Belgacom 20,597,376 1.45 147,755 MAN 10,427,070 0.73 13,954 Colruyt 2,336,876 0.16 21,783 Manz Automation 3,566,966 0.25 14,761 Compagnie d’Entreprises CFE 917,396 0.06 326,711 Muenchener Rueckversicherungs Registered Shares 36,179,976 2.54 32,289 Delhaize Group 1,376,480 0.10 87,213 Norddeutsche Affinerie 3,000,127 0.21 160,981 Euronav 4,909,921 0.34 21,336 Phoenix Solar 1,025,408 0.07 22,052 EVS Broadcast Equipement 1,240,866 0.09 65,929 Porsche Automobil Holding Preference Shares 6,445,219 0.45 23,681 Gimv 982,762 0.07 8,835 Roth & Rau 1,197,143 0.08 326,530 KBC Groep 22,974,651 1.61 59,385 Salzgitter 6,907,069 0.48 126,867 SAP 4,229,746 0.30 57,089,582 4.00 255,045 Siemens Registered Shares 17,970,471 1.26 152,460 Suedzucker 1,759,388 0.12 654,536 ThyssenKrupp 26,135,622 1.83 171,337 Vivacon 1,064,003 0.08 21,365 Volkswagen 3,845,914 0.27

336,922,697 23.65

50 JPMorgan Funds - Euroland Equity Fund Schedule of Investments (Market Value Expressed in EUR) (continued) As at 30 June 2008

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

PORTUGAL NORWAY 489,659 Banco Espirito Santo Registered Shares 4,906,383 0.34 16,163 ODIM 173,300 0.01 3,172,353 Energias de Portugal 10,452,903 0.74 3,611,672 Portugal Telecom Registered Shares 25,949,863 1.82 173,300 0.01 146,246 Semapa-Sociedade de Investimento e Gestao 1,172,893 0.08 DENMARK 569,824 Teixeira Duarte - Engenharia Construcoes 529,936 0.04 5,914 Auriga Industries - B Shares 172,864 0.01 43,011,978 3.02 172,864 0.01 LUXEMBOURG 549,299 ArcelorMittal 34,599,837 2.43 Total Shares 1,461,213,876 102.55

34,599,837 2.43 Total Transferable Securities Admitted to an 1,461,213,876 102.55 Official Exchange Listing GREECE 139,591 Alpha Bank 2,680,147 0.19 Total Investments 1,461,213,876 102.55 57,238 Coca Cola Hellenic Bottling 990,217 0.07 360,603 National Bank of Greece 10,320,458 0.72 Bank Overdraft (64,757,789) (4.54) 99,645 OPAP 2,210,126 0.16 419,644 Piraeus Bank 7,243,055 0.51 Other Assets/(Liabilities) 28,452,819 1.99 21 Sprider Stores 47 0.00 Total Net Assets 1,424,908,906 100.00 23,444,050 1.65 AUSTRIA 100,042 Immofinanz 660,277 0.05 16,685 OMV 833,416 0.06 Allocation of Portfolio as at 30 June 2008 % of 5,182 Raiffeisen International Bank Holding 416,011 0.03 Net Assets 198,017 Verbund - Oesterreichische Elektrizitaetswirtschafts - Shares AShares 11,166,179 0.78 Financials 29.04 Materials 13.30 13,075,883 0.92 Industrials 12.11 Energy 11.22 UNITED KINGDOM Consumer Discretionary 10.87 28,448 Aero Inventory 202,103 0.01 Utilities 9.62 31,200 Brammer 108,639 0.01 Telecommunication Services 9.40 63,000 Cape 223,348 0.02 Information Technology 3.85 8,683 Chemring Group 257,348 0.01 Health Care 1.69 47,800 Connaught 256,759 0.02 Consumer Staples 1.45 57,433 Fenner 178,024 0.01 Total Shares 102.55 44,900 Game Group 162,443 0.01 Bank Overdraft and Other Assets/(Liabilities) (2.55) 23,154 Imperial Energy 271,570 0.02 75,504 International Personal Finance 264,814 0.02 Total 100.00 18,868 Interserve 109,517 0.01 59,700 ITE Group 126,197 0.01 33,600 JKX Oil & Gas 219,340 0.02 77,359 PV Crystalox Solar 190,657 0.01 107,652 Record 141,502 0.01 Allocation of Portfolio as at 31 December 2007 (Unaudited) % of 35,100 Regal Petroleum 114,677 0.01 Net Assets 158,727 Royal Dutch Shell - AShares 4,133,251 0.29 Shares 177,242 Senior 221,774 0.01 Financials 28.16 7,900 Spirax-Sarco Engineering 106,637 0.01 Industrials 13.32 15,965 WSP Group 105,531 0.01 Consumer Discretionary 12.21 Utilities 9.66 7,394,131 0.52 Materials 9.30 IRELAND Energy 8.86 39,705 FBD Holdings 710,720 0.05 Telecommunication Services 6.44 293,337 Glanbia 1,361,964 0.10 Information Technology 5.90 55,068 IFG Group 98,572 0.01 Consumer Staples 2.97 99,351 Kerry Group - AShares 1,878,827 0.13 Health Care 2.46 94,309 Paddy Power 1,848,456 0.12 Investment Companies 0.47 66,406 United Drug 231,093 0.02 Total Shares 99.75 Cash and Other Assets/(Liabilities) 0.25 6,129,632 0.43 Total 100.00 SWEDEN 9,839 AF - B Shares 175,187 0.01 60,842 HIQ International 167,158 0.01 8,831 Hoganas - B Shares 91,917 0.01 27,851 KNOW IT 160,394 0.01 12,550 Lindab International 157,481 0.01 9,259 Peab 40,310 0.00 27,107 Peab Industri - B Shares 156,109 0.01

948,556 0.06 ISLE OFMAN 47,718 Eros International 167,361 0.01 32,100 Lamprell 232,268 0.02

399,629 0.03 SWITZERLAND 17,450 Ascom Holding Registered Shares 108,642 0.01 196 Gurit Holding - Bearer Shares 117,024 0.01

225,666 0.02

51 JPMorgan Funds - Euroland Equity Fund Schedule of Investments - Outstanding Financial Futures Contracts (Expressed in EUR) As at 30 June 2008

Unrealised Expiration Number of Notional Gain/ Date Contracts Security Description Currency Value (Loss)

Equity Futures

Sep-08 (1,603) DJ Euro Stoxx 50 Index Future EUR (53,924,920) 3,245,420

Total 3,245,420

52 JPMorgan Funds - Euroland Select Equity Fund Schedule of Investments (Market Value Expressed in EUR) As at 30 June 2008

% % 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 1,780 EFG Eurobank Ergasias 26,878 0.55 951 National Bank of Greece 27,218 0.55 Shares 1,579 Piraeus Bank 27,254 0.55 FRANCE 149,648 3.05 833 Alstom 121,276 2.48 2,963 Arkema 105,779 2.16 PORTUGAL 1,550 Atos Origin 55,118 1.12 8,083 Portugal Telecom Registered Shares 58,076 1.18 1,639 AXA 30,690 0.63 2,001 BNP Paribas 114,357 2.33 58,076 1.18 50 Bourbon 1,953 0.04 2,113 Bouygues 88,978 1.82 LUXEMBOURG 400 ArcelorMittal 25,188 553 Carrefour 19,698 0.40 0.51 1,862 Compagnie Générale des Etablissements Michelin - B Shares 84,032 1.71 25,188 0.51 1,211 Lafarge 116,353 2.37 IRELAND 3,039 Rhodia Registered Shares 35,222 0.72 1,000 Paddy Power 19,600 0.40 3,630 Sanofi-Aventis 152,896 3.12 1,814 Société Générale 99,861 2.04 19,600 0.40 5,894 Total 317,392 6.47 6,359 Vivendi 152,552 3.11 BELGIUM 22 Fortis 227 0.00 1,496,157 30.52 227 0.00 GERMANY 3,309 Bayer 175,410 3.58 Total Shares 4,835,328 98.62 1,800 Demag Cranes 54,360 1.11 49 Deutsche Bank Registered Shares 2,675 0.05 Total Transferable Securities Admitted to an 4,835,328 98.62 1,742 E.ON 223,150 4.55 Official Exchange Listing 2,439 Henkel KGaA57,829 1.18 Total Investments 4,835,328 98.62 3,659 Lanxess 94,512 1.93 1,431 MAN 100,986 2.06 71,070 1.45 1,167 Muenchener Rueckversicherungs Registered Shares 129,234 2.64 Cash 534 Rheinmetall 24,222 0.49 1,844 RWE Non Voting Preference Shares 117,592 2.40 Other Assets/(Liabilities) (3,648) (0.07) 45 Siemens Registered Shares 3,171 0.06 Total Net Assets 1,149 ThyssenKrupp 45,880 0.94 4,902,750 100.00 1,501 Wincor Nixdorf 65,894 1.34

1,094,915 22.33 Allocation of Portfolio as at 30 June 2008 % of SPAIN Net Assets 8,719 BBVA106,808 2.18 Shares 15,700 BSCH 181,806 3.71 Financials 26.20 18,363 Iberdrola 155,718 3.18 Materials 13.19 1,900 Telefonica 32,091 0.65 Utilities 12.27 2,847 Union Fenosa 104,912 2.14 Industrials 11.55 Energy 9.13 581,335 11.86 Consumer Discretionary 7.25 NETHERLANDS Information Technology 6.66 1,107 Akzo Nobel 48,110 0.98 Telecommunication Services 5.73 100 Eriks Group - CVA4,187 0.09 Consumer Staples 3.52 7,778 ING Groep - CVA156,221 3.19 Health Care 3.12 7,656 Koninklijke Ahold 65,191 1.33 Total Shares 98.62 10,185 Koninklijke KPN 111,220 2.27 Cash and Other Assets/(Liabilities) 1.38 605 Smit Internationale 37,516 0.76 4,761 TNT 103,933 2.12 Total 100.00

526,378 10.74 ITALY 7,885 Azimut Holding 43,880 0.89 Allocation of Portfolio as at 31 December 2007 (Unaudited) % of 5,390 Banco Popolare Scarl 60,098 1.23 Net Assets 2,677 Credito Emiliano 14,938 0.30 Shares 286 ENI 6,775 0.14 Financials 27.00 9,577 Fiat 99,313 2.03 Consumer Discretionary 11.82 27,190 Intesa Sanpaolo 98,020 2.00 Utilities 11.55 5,649 Mediobanca 60,614 1.24 Materials 10.92 6,518 UniCredit 25,045 0.51 Energy 9.66 Telecommunication Services 8.60 408,683 8.34 Industrials 7.52 FINLAND Information Technology 5.59 13,402 Nokia 205,855 4.20 Health Care 4.06 21,892 Ruukki Group 50,789 1.03 Consumer Staples 3.27 1,080 YIT 17,204 0.35 Total Shares 99.99 Cash and Other Assets/(Liabilities) 0.01 273,848 5.58 Total 100.00 AUSTRIA 2,433 OMV 121,528 2.48 5,787 Telekom Austria 79,745 1.63

201,273 4.11 GREECE 1,241 Alpha Bank 23,827 0.49 1,719 Coca Cola Hellenic Bottling 29,739 0.61 3,683 Corinth Pipeworks 14,732 0.30

53 JPMorgan Funds - Euroland Select Equity Fund Schedule of Investments - Outstanding Financial Futures Contracts (Expressed in EUR) As at 30 June 2008

Unrealised Expiration Number of Notional Gain/ Date Contracts Security Description Currency Value (Loss)

Equity Futures

Sep-08 2 DJ Euro Stoxx 50 Index Future EUR 67,280 (1,660)

Total (1,660)

54 JPMorgan Funds - Europe Dynamic Fund Schedule of Investments (Market Value Expressed in EUR) As at 30 June 2008

% % 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 62,683 Société Générale 3,450,699 0.55 112,414 Suez 4,832,678 0.76 Shares 127,328 Total 6,856,613 1.09 UNITED KINGDOM 61,398,050 9.72 961,469 Amlin 3,007,590 0.48 59,348 Anglo American 2,635,821 0.42 SWITZERLAND 403,096 AstraZeneca 10,805,809 1.71 595,920 Nestlé Registered Shares 17,088,878 2.70 435,058 Aviva 2,727,326 0.43 330,842 Novartis Registered Shares 11,555,404 1.83 969,273 BG Group 15,852,163 2.51 82,114 Roche Holding - Genussschein 9,289,103 1.47 302,568 BHP Billiton 7,311,711 1.16 28,645 Swiss Life Holding Registered Shares 4,815,199 0.76 667,367 BP 4,906,923 0.78 332,048 UBS Registered Shares 4,411,608 0.70 436,394 British American Tobacco 9,514,282 1.51 34,011 Zurich Financial Services 5,484,295 0.87 124,188 British Energy Group 1,112,843 0.18 251,449 Cadbury 1,991,036 0.32 52,644,487 8.33 45,411 Cairn Energy 1,856,707 0.29 284,177 Charter 3,078,066 0.49 ITALY 283,700 Buzzi Unicem 4,479,623 587,930 Cookson Group 4,644,231 0.73 0.71 1,339,090 Enel 8,155,058 313,831 Dana Petroleum 7,524,390 1.19 1.29 539,480 ENI 12,780,281 323,545 De La Rue 3,637,381 0.57 2.02 448,138 Fiat 4,647,191 876,915 easyJet 2,961,988 0.47 0.74 366,153 Mediobanca 3,928,822 376,057 Eurasian Natural Resources 6,359,426 1.01 0.62 318,755 Prysmian 5,147,893 623,382 Ferrexpo 3,110,173 0.49 0.81 151,724 GlaxoSmithKline 2,130,475 0.34 39,138,868 6.19 1,324,925 Hays 1,515,472 0.24 2,571,617 HMV Group 4,103,419 0.65 NETHERLANDS 66,348 HSBC Holdings 649,887 0.10 466,320 Aegon 3,889,109 0.62 1,382,740 International Power 7,457,997 1.18 99,558 Fugro - CVA5,393,057 0.85 1,253,280 Investec 4,851,012 0.77 110,137 Gemalto 2,536,455 0.40 192,426 Kazakhmys 3,852,362 0.61 81,703 Koninklijke Vopak 3,465,841 0.55 599,836 Laird 2,968,058 0.47 201,711 New World Resources - AShares 4,565,973 0.72 771,743 Legal & General Group 972,470 0.15 299,855 Reed Elsevier 3,178,463 0.50 1,007,836 Lloyds TSB Group 3,942,382 0.62 107,561 Smit Internationale 6,669,858 1.06 1,075,746 Man Group 8,388,862 1.33 259,980 Unilever - CVA4,678,340 0.74 348,321 National Express Group 4,127,234 0.65 189,542 Premier Oil 3,921,591 0.62 34,377,096 5.44 261,337 Prudential 1,750,592 0.28 1,610,175 QinetiQ 4,105,771 0.65 NORWAY 217,878 Petroleum Geo-Services 3,402,274 919,659 RBS 2,478,700 0.39 0.54 958,082 Pronova BioPharma 2,042,570 97,377 Reckitt Benckiser Group 3,126,067 0.49 0.32 114,510 Telenor 1,370,543 169,623 Rio Tinto 12,873,774 2.03 0.22 225,411 Yara International 12,604,211 783,289 Royal Dutch Shell - B Shares 19,908,670 3.15 1.99 5,112,058 RSAInsurance Group 8,044,022 1.27 19,419,598 3.07 193,597 Severn Trent 3,151,539 0.50 1,542,233 Stagecoach Group 5,399,305 0.85 SPAIN 358,498 Standard Chartered 6,415,908 1.02 103,057 ACS Actividades de Construccion y Servicios 3,223,623 0.51 1,489,572 Standard Life 3,911,206 0.62 192,043 Enagas 3,458,694 0.55 1,171,220 Thomas Cook Group 3,404,666 0.54 163,738 Grifols 3,299,321 0.52 2,620,049 Vodafone Group 4,910,873 0.78 470,446 Iberdrola 3,989,382 0.63 197,432 Wellstream Holdings 3,256,388 0.52 124,181 Repsol YPF 3,128,119 0.50 579,937 WM Morrison Supermarkets 1,927,723 0.30 128,565 Xstrata 6,554,911 1.04 17,099,139 2.71

233,139,202 36.90 AUSTRIA 384,391 Immofinanz 2,536,981 0.40 GERMANY 102,484 Intercell 3,197,501 0.51 81,390 BASF 3,548,604 0.56 146,631 OMV 7,324,218 1.16 179,511 Bayer 9,515,878 1.51 118,146 Demag Cranes 3,568,009 0.56 13,058,700 2.07 127,753 E.ON 16,365,159 2.59 164,887 Gildemeister 2,915,202 0.46 BERMUDA 248,510 Frontline 11,107,367 205,628 Hannover Rueckversicherung Registered Shares 6,403,256 1.01 1.76 28,027 K+S 10,051,603 1.59 11,107,367 1.76 96,415 MAN 6,804,007 1.08 130,707 MTU Aero Engines Holding 2,693,871 0.43 GREECE 56,541 Muenchener Rueckversicherungs Registered Shares 6,261,350 0.99 186,737 Alpha Bank 3,585,350 0.57 53,775 Phoenix Solar 2,584,427 0.41 28,928 Coca Cola Hellenic Bottling 500,454 0.08 40,568 RWE 3,238,949 0.51 242,906 Piraeus Bank 4,192,558 0.66 53,405 Salzgitter 6,211,536 0.98 95,340 Public Power 2,097,480 0.33 202,345 SAP 6,746,182 1.07 161,242 SGL Carbon 7,186,556 1.14 10,375,842 1.64 26,611 Siemens Registered Shares 1,875,011 0.30 128,698 Stada Arzneimittel 5,916,247 0.93 LUXEMBOURG 163,008 ArcelorMittal 10,264,614 1.63 101,885,847 16.12 10,264,614 1.63 FRANCE 67,943 Arkema 2,425,565 0.38 BELGIUM 131,624 Euronav 4,014,532 184,753 BNP Paribas 10,558,634 1.67 0.64 43,029 KBC Groep 3,027,520 162,537 Cap Gemini 6,078,884 0.96 0.48 66,147 Compagnie de Saint-Gobain 2,622,729 0.42 7,042,052 1.12 362,697 France Télécom 6,845,906 1.08 129,528 Gaz de France 5,274,380 0.84 SWEDEN 68,119 Renault 3,566,030 0.56 151,228 Ssab Svenskt Stal - B Shares 2,740,611 0.43 96,027 Sanofi-Aventis 4,044,657 0.64 448,053 TeliaSonera 2,054,803 0.33 333,881 SCOR 4,841,275 0.77 4,795,414 0.76

55 JPMorgan Funds - Europe Dynamic Fund Schedule of Investments (Market Value Expressed in EUR) (continued) As at 30 June 2008

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

PORTUGAL 296,096 Galp Energia - B Shares 4,124,617 0.65 Allocation of Portfolio as at 31 December 2007 (Unaudited) % of Net Assets 4,124,617 0.65 Shares Financials JERSEY 16.01 Industrials 381,075 Petrofac 3,506,307 0.55 14.12 Materials 13.73 Energy 3,506,307 0.55 11.22 Telecommunication Services 9.77 FINLAND Health Care 8.50 132,556 Konecranes 3,480,921 0.55 Consumer Staples 8.29 Utilities 6.82 3,480,921 0.55 Information Technology 5.89 Consumer Discretionary DENMARK 5.77 Investment Companies 1.84 46,177 D/S Norden 3,176,217 0.50 Total Shares 101.96 3,176,217 0.50 Bank Overdraft and Other Assets/(Liabilities) (1.96) IRELAND Total 100.00 478,096 Anglo Irish Bank 2,902,043 0.46

2,902,043 0.46

Total Shares 632,936,381 100.17

Total Transferable Securities Admitted to an 632,936,381 100.17 Official Exchange Listing

Transferable Securities Dealt in on Another Regulated Market

Investment Funds LUXEMBOURG 500,000 JPMorgan Liquidity Funds - Euro Liquidity Fund (JPM Euro Liquidity X (dist.)) 500,000 0.08

500,000 0.08

Total Investment Funds 500,000 0.08

Total Transferable Securities Dealt in on Another 500,000 0.08 Regulated Market Total Investments 633,436,381 100.25

Bank Overdraft (1,494,200) (0.24)

Other Assets/(Liabilities) (60,616) (0.01)

Total Net Assets 631,881,565 100.00

Allocation of Portfolio as at 30 June 2008 % of Net Assets Shares Materials 18.82 Financials 18.59 Energy 16.42 Industrials 13.26 Utilities 9.36 Health Care 8.27 Consumer Staples 6.14 Consumer Discretionary 4.00 Information Technology 2.90 Telecommunication Services 2.41 Investment Companies 0.08 Total Shares 100.25 Bank Overdraft and Other Assets/(Liabilities) (0.25) Total 100.00

56 JPMorgan Funds - Europe Dynamic Mega Cap Fund Schedule of Investments (Market Value Expressed in EUR) As at 30 June 2008

% % 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 NETHERLANDS 413,189 ING Groep - CVA8,298,901 1.45 Shares and Rights 183,281 New World Resources - AShares 4,148,787 0.72 231,774 Unilever - CVA4,170,773 0.73 UNITED KINGDOM 161,775 Anglo American 7,184,910 1.27 16,618,461 2.90 517,466 AstraZeneca 13,871,730 2.42 1,619,226 Barclays 5,934,903 1.04 NORWAY 346,977 Barclays - Rights 17.07.08 39,469 0.01 196,620 Petroleum Geo-Services 3,070,319 0.54 412,962 BG Group 6,753,867 1.18 163,959 Yara International 9,168,026 1.60 313,533 BHP Billiton 7,576,686 1.32 2,349,153 BP 17,272,525 3.02 12,238,345 2.14 178,921 British American Tobacco 3,900,844 0.68 SPAIN 72,991 Cairn Energy 2,984,364 0.52 229,168 BBVA2,807,308 0.50 312,486 Eurasian Natural Resources 5,284,390 0.92 171,638 Enagas 3,091,200 0.54 565,655 Ferrexpo 2,822,162 0.49 70,915 Repsol YPF 1,786,349 0.31 734,523 GlaxoSmithKline 10,314,011 1.80 183,801 Telefonica 3,104,399 0.54 742,948 HBOS 2,586,951 0.45 297,179 HBOS - Rights 41,316 18.07.08 0.01 10,789,256 1.89 1,205,960 HSBC Holdings 11,812,525 2.06 169,911 Imperial Tobacco Group 4,009,350 0.70 AUSTRIA 1,023,335 International Power 5,519,497 0.97 280,632 Immofinanz 1,852,171 0.33 145,692 Kazakhmys 2,916,749 0.51 140,263 OMV 7,006,137 1.22 1,349,261 Lloyds TSB Group 5,277,944 0.92 954,237 Man Group 7,441,313 1.30 8,858,308 1.55 2,078,711 RBS 5,602,622 0.98 LUXEMBOURG 101,365 Reckitt Benckiser Group 3,254,092 0.57 121,251 ArcelorMittal 7,635,176 1.33 158,372 Rio Tinto 12,019,864 2.10 857,758 Royal Dutch Shell - B Shares 21,801,430 3.81 7,635,176 1.33 105,401 Severn Trent 1,715,808 0.30 1,427,208 Standard Life 3,747,455 0.65 GREECE 7,474,259 Vodafone Group 14,009,332 2.45 164,421 Alpha Bank 3,156,883 0.55 516,999 WM Morrison Supermarkets 1,718,516 0.30 233,869 Piraeus Bank 4,036,579 0.71 64,331 Xstrata 3,279,928 0.57 7,193,462 1.26 190,694,553 33.32 RUSSIA GERMANY 128,269 Uralkali GDR 5,885,279 1.03 68,126 Allianz Registered Shares 7,552,448 1.32 77,312 BASF 3,370,803 0.59 5,885,279 1.03 110,864 Bayer 5,876,901 1.03 PORTUGAL 98,740 Daimler Registered Shares 3,843,948 0.67 264,926 Galp Energia - B Shares 3,690,419 0.64 180,963 E.ON 23,181,360 4.05 25,017 K+S 8,972,097 1.57 3,690,419 0.64 72,917 MAN 5,145,753 0.90 49,085 Muenchener Rueckversicherungs Registered Shares 5,435,673 0.95 BELGIUM 50,907 Salzgitter 5,920,993 1.03 40,973 KBC Groep 2,882,860 0.50 260,354 SAP 8,680,202 1.52 101,817 Siemens Registered Shares 7,174,026 1.25 2,882,860 0.50 IRELAND 85,154,204 14.88 454,160 Anglo Irish Bank 2,756,751 0.49 SWITZERLAND 203,122 Crédit Suisse Group Registered Shares 5,839,996 1.02 2,756,751 0.49 903,580 Nestlé Registered Shares 25,911,478 4.53 SWEDEN 552,985 Novartis Registered Shares 19,314,251 3.38 143,046 Ssab Svenskt Staal - B Shares 2,592,333 0.46 129,472 Roche Holding - Genussschein 14,646,452 2.56 27,736 Swiss Life Holding Registered Shares 4,662,397 0.81 2,592,333 0.46 493,979 UBS Registered Shares 6,563,032 1.15 16,845 Zurich Financial Services 2,716,267 0.47 Total Shares and Rights 553,521,278 96.73 79,653,873 13.92 Total Transferable Securities Admitted to an 553,521,278 96.73 FRANCE Official Exchange Listing 329,820 BNP Paribas 18,849,213 3.29 Total Investments 553,521,278 96.73 108,678 Cap Gemini 4,064,557 0.71 484,656 France Télécom 9,147,882 1.60 Cash 20,781,033 3.63 71,652 Gaz de France 2,917,669 0.51 50,669 Renault 2,652,522 0.46 Other Assets/(Liabilities) (2,053,092) (0.36) 85,545 Sanofi-Aventis 3,603,155 0.63 108,959 Société Générale 5,998,193 1.05 Total Net Assets 572,249,219 100.00 157,352 Suez 6,764,563 1.18 294,080 Total 15,836,208 2.77

69,833,962 12.20 ITALY 274,691 Buzzi Unicem 4,337,371 0.76 797,887 Enel 4,859,132 0.85 777,072 ENI 18,408,836 3.22 342,558 Fiat 3,552,327 0.62 2,261,665 Intesa Sanpaolo 8,153,302 1.42 326,428 Mediobanca 3,502,572 0.61 1,100,975 UniCredit 4,230,496 0.74

47,044,036 8.22

57 JPMorgan Funds - Europe Dynamic Mega Cap Fund Schedule of Investments (Market Value Expressed in EUR) (continued) As at 30 June 2008

% % 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 2008 % of Net Assets Shares and Rights Financials 24.78 Materials 17.30 Energy 17.23 Health Care 10.79 Utilities 8.40 Consumer Staples 7.51 Telecommunication Services 4.59 Information Technology 2.23 Industrials 2.15 Consumer Discretionary 1.75 Total Shares and Rights 96.73 Cash and Other Assets/(Liabilities) 3.27 Total 100.00

Allocation of Portfolio as at 31 December 2007 (Unaudited) % of Net Assets Shares Financials 22.60 Telecommunication Services 13.04 Energy 12.35 Materials 11.19 Health Care 9.92 Consumer Staples 7.55 Utilities 7.28 Industrials 6.32 Information Technology 5.31 Consumer Discretionary 4.10 Total Shares 99.66 Cash and Other Assets/(Liabilities) 0.34 Total 100.00

58 JPMorgan Funds - Europe Equity Fund Schedule of Investments (Market Value Expressed in EUR) As at 30 June 2008

% % 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 12,319 Aubay 63,196 0.00 10,215 Audika 293,681 0.02 Shares and Rights 15,525 Avenir Telecom 18,785 0.00 25,254 BioMerieux 1,824,349 UNITED KINGDOM 0.10 742,708 BNP Paribas 42,445,762 377,873 3i Group 3,921,003 0.21 2.26 61,976 Bouygues 2,609,809 186,674 Aero Inventory 1,326,189 0.07 0.14 19,265 Business & Decision 206,906 38,014 Anglo American 1,688,315 0.09 0.01 33,083 Casino Guichard Perrachon 2,381,314 1,437,396 AstraZeneca 38,532,327 2.05 0.12 9,870 Devoteam 208,356 1,186,937 Balfour Beatty 6,356,902 0.34 0.01 5,881 Faiveley 244,061 809,676 Barclays 2,967,682 0.16 0.01 32,838 Foncière Des Régions 2,549,871 173,502 Barclays - Rights 17.07.08 19,736 0.00 0.14 483,378 Gaz de France 19,683,152 1,663,577 Beazley Group 2,344,369 0.11 1.05 66,798 Homair 223,105 1,621,451 BG Group 26,518,335 1.41 0.01 82,876 IMS-Intl Metal Service 1,781,005 1,984,426 BHP Billiton 47,954,673 2.55 0.09 172,139 Lafarge 16,539,115 6,761,330 BP 49,713,766 2.65 0.88 21,353 LeGuide.com 288,479 63,800 Brammer 222,152 0.01 0.02 15,749 LISI 895,173 317,483 British American Tobacco 6,921,779 0.37 0.05 47,972 Oberthur Technologies 210,117 174,088 BT Group 436,535 0.02 0.01 21,992 Outremer Telecom 153,284 129,000 Cape 457,331 0.02 0.01 16,999 Parrot 191,069 196,271 Charter 2,125,911 0.11 0.01 439,650 Peugeot 15,141,546 1,251,589 Chaucer Holdings 1,273,403 0.07 0.81 90,865 Rallye 3,404,712 17,870 Chemring Group 529,634 0.03 0.18 118,774 Renault 6,217,819 97,700 Connaught 524,797 0.03 0.33 3,723 Rubis 202,122 1,103,333 Cookson Group 8,715,549 0.46 0.01 379,470 Sanofi-Aventis 15,983,276 339,073 De La Rue 3,811,951 0.20 0.85 1,281,999 Total 69,035,646 205,517 Drax Group 1,919,554 0.10 3.68 1,520,067 Vivendi 36,466,407 303,041 Eurasian Natural Resources 5,124,667 0.27 1.94 184,406 Wendel 11,857,306 117,583 Fenner 364,470 0.02 0.63 1,078,097 Firstgroup 7,010,538 0.37 257,050,992 13.68 91,800 Game Group 332,121 0.02 214,349 GlaxoSmithKline 3,009,842 0.16 GERMANY 2,548,616 Hays 2,915,151 0.16 95,784 Allianz Registered Shares 10,618,614 0.57 3,038,597 HMV Group 4,848,558 0.26 433,286 Altana 4,714,152 0.25 2,179,789 HSBC Holdings 21,351,299 1.14 967,690 BASF 42,191,284 2.25 47,144 Imperial Energy 552,946 0.03 5,370 Bauer 327,355 0.02 1,221,302 Inchcape 4,877,736 0.26 99,155 Bechtle 1,776,858 0.09 425,200 Intermediate Capital Group 7,297,955 0.39 185,756 Bilfinger Berger 10,199,862 0.54 1,131,765 International Personal Finance 3,969,423 0.21 564,293 Daimler Registered Shares 21,967,926 1.17 415,024 Interserve 2,408,965 0.13 10,279 Demag Cranes 310,426 0.02 645,611 Investec 2,498,936 0.13 64,019 Deutsche Beteiligungs 1,032,626 0.06 122,200 ITE Group 258,313 0.01 12,278 Deutsche Boerse 874,439 0.05 483,922 JKX Oil & Gas 3,159,031 0.17 238,313 E.ON 30,527,895 1.63 282,262 Kazakhmys 5,650,875 0.30 16,738 Gerry Weber International 334,425 0.02 405,090 Keller Group 3,205,044 0.17 248,616 Gildemeister 4,395,531 0.23 87,265 Kier Group 1,048,336 0.06 165,376 Hannover Rueckversicherung Registered Shares 5,149,809 0.27 948,247 Land Securities Group 14,813,173 0.79 61,802 Jungheinrich Preference Shares 1,095,131 0.06 12,758,009 Legal & General Group 16,076,304 0.86 184,250 Kloeckner & Co. 6,658,795 0.35 4,873,532 Lloyds TSB Group 19,063,938 1.02 195,881 Leoni 5,298,581 0.28 133,224 Morgan Sindall 1,267,902 0.07 127,286 MAN 8,982,573 0.48 129,966 Mouchel 682,099 0.04 22,301 Manz Automation 3,651,789 0.20 798,824 National Express Group 9,465,216 0.50 163,015 Muenchener Rueckversicherungs Registered Shares 18,052,281 0.96 925,910 National Grid 7,711,917 0.41 116,930 Norddeutsche Affinerie 4,022,392 0.21 180,490 Next 2,219,597 0.12 41,580 Porsche Automobil Holding Non Voting Preference 127,316 Prudential 852,839 0.05 Shares 4,064,861 0.22 721,712 PV Crystalox Solar 1,778,716 0.09 10,242 Roth & Rau 1,387,791 0.07 16,540,635 RBS 44,580,954 2.37 544,330 ThyssenKrupp 21,735,097 1.16 131,531 Reckitt Benckiser Group 4,222,503 0.22 254,832 Vivacon 1,582,507 0.08 220,174 Record 289,406 0.02 71,900 Regal Petroleum 234,908 0.01 210,953,000 11.24 2,538,528 Regus Group 2,598,814 0.14 SPAIN 444,896 Rio Tinto 33,766,003 1.80 2,472,276 BBVA30,285,381 1.61 322,720 Royal Dutch Shell - AShares 8,377,886 0.45 4,456,685 BSCH 51,608,412 2.75 1,078,923 Royal Dutch Shell - AShares 28,095,155 1.50 11,186 Construcciones y Auxiliar de Ferrocarriles 3,065,523 0.17 391,304 Savills 1,092,986 0.06 150,280 Corporacion Financiera Alba 5,567,874 0.30 709,901 Scottish & Southern Energy 12,606,144 0.67 192,583 Grifols 3,880,547 0.21 1,274,980 Segro 6,345,007 0.34 48,775 Laboratorios Farmaceuticos Rovi 458,485 0.02 362,792 Senior 453,943 0.02 110,171 Prosegur Companhia de Seguridad Registered Shares 3,038,516 0.16 16,100 Spirax-Sarco Engineering 217,323 0.01 269,914 Repsol YPF 6,799,134 0.37 1,232,164 Stagecoach Group 4,313,764 0.23 101,137 Tecnicas Reunidas 5,345,090 0.28 472,776 Tullett Prebon 2,587,328 0.14 3,149,843 Telefonica 53,200,848 2.83 1,885,614 Unilever 33,865,307 1.80 73,387 Union Fenosa 2,704,311 0.14 19,946,810 Vodafone Group 37,387,183 1.99 107,352 VT Group 852,075 0.05 165,954,121 8.84 130,801 Wellstream Holdings 2,157,395 0.12 431,779 WM Morrison Supermarkets 1,435,243 0.08 ITALY 32,639 WSP Group 215,748 0.01 23,529 Ansaldo STS 222,584 0.01 1,067,678 Assicurazioni Generali 25,805,777 1.37 587,792,875 31.30 153,726 Benetton Group 1,121,431 0.06 232,843 Brembo 1,543,749 0.08 FRANCE 253,011 Buzzi Unicem 3,995,044 0.21 13,338 1000mercis 319,979 0.02 265,346 Carraro 1,220,592 0.07 6,923 Acadomia 211,221 0.01 7,298 Cobra Automotive Technologies 33,899 0.00 5,428 AdenClassifieds 78,706 0.00 17,238 DiaSorin 227,197 0.01 7,616 Alstom 1,108,813 0.06 4,369,157 Enel 26,608,166 1.42 1,341 Areva - CI 994,995 0.05 2,055,083 ENI 48,684,916 2.59 90,136 Arkema 3,217,855 0.17

59 JPMorgan Funds - Europe Equity Fund Schedule of Investments (Market Value Expressed in EUR) (continued) As at 30 June 2008

% % 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

1,237,897 Fiat 12,836,992 0.68 190,425 Veidekke 852,308 0.05 621,132 Finmeccanica 10,285,946 0.56 282,149 Yara International 15,776,806 0.84 445,432 Fondiaria-Sai 9,318,437 0.50 72,639 Gruppo Coin 230,810 0.01 33,724,044 1.80 377,253 Istituto Finanziario Industriale Preference Shares 4,776,023 0.25 LUXEMBOURG 66,681 Landi Renzo 261,223 0.01 353,314 ArcelorMittal 22,255,505 1.18 55,042 MARR 352,269 0.02 230,279 Oriflame Cosmetics SDR 9,331,913 0.50 414,546 Recordati 2,053,039 0.11 14,767 Reply 290,910 0.02 31,587,418 1.68 293,961 Screen Service Broadcasting Technologies 160,062 0.01 230,973 Trevi Finanziaria 3,684,019 0.20 PORTUGAL 878,049 Banco Espirito Santo Registered Shares 8,798,051 0.47 153,713,085 8.19 2,550,000 Portugal Telecom Registered Shares 18,321,750 0.98 429,949 Teixeira Duarte - Engenharia Construcoes 399,853 0.02 SWITZERLAND 506,184 ABB Registered Shares 9,088,774 0.48 27,519,654 1.47 168,240 Adecco Registered Shares 5,305,305 0.28 35,726 Ascom Holding Registered Shares 222,426 0.01 SWEDEN 16,877 Baloise Holding Registered Shares 1,116,941 0.06 20,146 AF - B Shares 358,707 0.02 7,185 Banque Cantonale Vaudoise Registered Shares 1,467,244 0.08 106,545 B&B Tools - B Shares 1,579,017 0.08 20,518 Bucher Industries Registered Shares 3,397,960 0.18 183,890 BE Group 1,122,176 0.06 4,809 Burckhardt Compression Holding 923,659 0.05 346,079 Betsson 2,569,050 0.14 9,355 Galenica Registered Shares 2,133,158 0.11 124,561 HIQ International 342,221 0.02 400 Gurit Holding - Bearer Shares 238,825 0.01 18,077 Hoganas - B Shares 188,154 0.01 14,956 Helvetia Holding 3,647,759 0.19 323,182 JM 2,646,670 0.14 953 Hiestand Holding Registered Shares 1,044,257 0.06 496,427 Kinnevik Investment 5,888,338 0.31 9,996 Kuoni Reisen Holding Registered - B Shares 3,075,917 0.16 57,029 KNOW IT 328,430 0.02 525,123 Logitech International Registered Shares 8,951,507 0.48 25,688 Lindab International 322,341 0.02 6,758 Meyer Burger Technology 1,281,171 0.07 474,111 NCC - B Shares 4,496,406 0.24 594,280 Nestlé Registered Shares 17,041,848 0.91 361,050 Peab 1,571,866 0.08 21,845 Partners Group Holding 1,916,305 0.10 55,481 Peab Industri - B Shares 319,515 0.02 40,748 Roche Holding - Genussschein 4,609,596 0.25 261,041 Saab - B Shares 4,165,208 0.22 73,720 Swiss Life Holding Registered Shares 12,392,266 0.66 46,887 Wihlborgs Fastigheter 542,522 0.03 183,979 Swiss Reinsurance Registered Shares 7,691,586 0.41 118,812 Syngenta Registered Shares 24,133,065 1.29 26,440,621 1.41 133,548 Zurich Financial Services 21,534,699 1.15 NETHERLANDS 136,182 Bateman Litwin 251,293 0.01 131,214,268 6.99 82,541 Imtech 1,225,734 0.07 BELGIUM 121,949 Koninklijke BAM Groep 1,362,170 0.07 44,730 Ackermans & Van Haaren 2,873,902 0.15 218,968 Koninklijke DSM 8,176,265 0.44 1,024,056 Belgacom 28,135,939 1.50 351,121 New World Resources - AShares 7,948,049 0.42 15,806 Compagnie d’Entreprises CFE 982,343 0.05 54,748 Smit Internationale 3,394,923 0.18 4,588 D’ieteren 805,469 0.04 13,589 Unit 4 Agresso 215,657 0.01 172,312 Euronav 5,255,516 0.29 27,098 EVS Broadcast Equipement 1,524,804 0.08 22,574,091 1.20 33,091 InBev 1,453,357 0.08 AUSTRIA 441,413 KBC Groep 31,057,819 1.65 131,784 OMV 6,582,611 0.35 24,708 Voestalpine 1,264,308 0.07 72,089,149 3.84 FINLAND 7,846,919 0.42 37,395 Kone - B Shares 835,778 0.04 JERSEY 377,997 Metso 10,882,534 0.58 722,681 Petrofac 6,649,457 0.35 1,402,769 Nokia 21,546,532 1.15 118,227 Nokian Renkaat 3,615,382 0.19 6,649,457 0.35 437,088 Outokumpu 9,812,626 0.52 465,863 Pohjola Bank 5,171,079 0.28 IRELAND 282,374 Wartsila 11,374,025 0.61 54,999 FBD Holdings 984,482 0.05 138,863 YIT 2,212,088 0.12 112,758 IFG Group 201,837 0.01 179,435 Paddy Power 3,516,926 0.19 65,450,044 3.49 135,732 United Drug 472,347 0.03 DENMARK 5,175,592 0.28 67,667 Auriga Industries - B Shares 1,977,883 0.11 50,887 D/S Norden 3,500,188 0.19 ISLE OFMAN 62,568 East Asiatic 2,692,926 0.14 96,750 Eros International 339,330 0.02 34,561 FLSmidth & Co. 2,414,299 0.13 222,185 Lamprell 1,607,675 0.08 126,921 Jyske Bank Registered Shares 4,824,515 0.26 745,244 Novo Nordisk - B Shares 31,126,023 1.65 1,947,005 0.10 18,131 Vestas Wind Systems 1,507,234 0.08 BERMUDA 702,732 Hiscox 1,849,622 0.10 48,043,068 2.56 GREECE 1,849,622 0.10 1,740,205 Alapis Holding Industrial and Commercial SA of Pharmaceutical Chemical & Organisation 3,027,957 0.16 Total Shares and Rights 1,891,663,109 100.76 913,530 Alpha Bank 17,539,776 0.93 231,370 OPAP 5,131,787 0.28 Total Transferable Securities Admitted to an 1,891,663,109 100.76 486,011 Piraeus Bank 8,388,550 0.45 Official Exchange Listing 6 Sprider Stores 14 0.00 Total Investments 1,891,663,109 100.76 34,088,084 1.82 Bank Overdraft (12,325,587) (0.66) NORWAY 1,966,271 DnB NOR 15,934,368 0.85 Other Assets/(Liabilities) (2,014,587) (0.10) 108,241 ODIM 1,160,562 0.06 Total Net Assets 1,877,322,935 100.00

60 JPMorgan Funds - Europe Equity Fund Schedule of Investments (Market Value Expressed in EUR) (continued) As at 30 June 2008

% % 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 2008 % of Net Assets Shares and Rights Financials 28.21 Materials 15.31 Energy 13.90 Industrials 10.76 Consumer Discretionary 7.82 Telecommunication Services 7.33 Health Care 5.73 Utilities 5.42 Consumer Staples 4.28 Information Technology 2.00 Total Shares and Rights 100.76 Bank Overdraft and Other Assets/(Liabilities) (0.76) Total 100.00

Allocation of Portfolio as at 31 December 2007 (Unaudited) % of Net Assets Shares and Warrants Financials 25.89 Industrials 13.86 Energy 12.61 Materials 10.24 Consumer Discretionary 9.27 Telecommunication Services 7.74 Health Care 5.58 Utilities 5.48 Consumer Staples 4.84 Information Technology 4.19 Investment Companies 0.70 Total Shares and Warrants 100.40 Bank Overdraft and Other Assets/(Liabilities) (0.40) Total 100.00

61 JPMorgan Funds - Europe Small Cap Fund Schedule of Investments (Market Value Expressed in EUR) As at 30 June 2008

% % 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 987,850 Spirent Communications 814,666 0.17 516,008 St James’s Place 1,431,526 0.31 Shares 505,858 Stagecoach Group 1,770,992 0.38 975,937 Taylor Nelson Sofres 2,880,161 UNITED KINGDOM 0.61 135,000 Tullett Prebon 738,805 633,777 Aegis Group 851,086 0.18 0.16 423,990 UK Coal 2,995,543 139,198 Aero Inventory 988,905 0.21 0.64 60,044 Ultra Electronics Holdings 909,148 359,023 Afren 769,131 0.17 0.19 93,089 Venture Production 1,023,001 156,184 Aggreko 1,448,908 0.31 0.22 129,991 VT Group 1,031,766 137,148 Amec 1,540,988 0.33 0.22 135,989 Weir Group 1,606,169 691,472 Aricom 712,263 0.15 0.34 122,874 Wellstream Holdings 2,026,649 4,735 Arriva 40,575 0.01 0.43 710,466 WH Smith 3,344,858 335,045 Ashmore Group 926,316 0.20 0.71 176,029 Wincanton 638,520 76,932 Atkins (WS) 1,035,535 0.22 0.14 240,767 Wood Group (John) 1,485,756 149,542 Autonomy 1,699,147 0.36 0.32 77,552 WSP Group 512,629 53,300 Aveva Group 1,033,382 0.23 0.11 185,205 Babcock International Group 1,437,240 0.31 125,674,162 26.79 402,401 Balfour Beatty 2,155,147 0.46 1,720,495 Beazley Group 2,424,579 0.52 GERMANY 956,844 BETonSPORTS 121 0.00 124,694 Aixtron 813,005 0.17 301,000 BlueBay Asset Management 829,908 0.18 25,340 Bauer 1,544,726 0.33 159,928 Britvic 582,642 0.12 104,745 Bechtle 1,877,030 0.40 97,325 BSS Group 409,001 0.09 20,495 Bilfinger Berger 1,125,380 0.24 437,517 Cape 1,551,086 0.33 21,451 Centrotherm Photovoltaics 1,263,893 0.27 684,790 Carillion 2,884,269 0.62 96,819 Comdirect Bank 698,065 0.15 342,988 Charter 3,715,078 0.79 97,589 Demag Cranes 2,947,188 0.63 1,820,322 Chaucer Holdings 1,852,048 0.39 77,583 Deutsche Euroshop 1,903,111 0.41 31,539 Chemring Group 934,757 0.20 376,690 Deutz 2,192,336 0.47 320,925 Cookson Group 2,535,080 0.54 16,314 ElringKlinger 978,840 0.21 101,480 Croda International 819,576 0.17 24,313 Fielmann 1,129,339 0.24 109,271 Dana Petroleum 2,619,874 0.56 44,659 GEAGroup 999,022 0.21 338,555 Davis Service Group 1,910,552 0.41 31,185 Gerresheimer 1,027,858 0.22 101,386 De La Rue 1,139,809 0.24 64,357 Gildemeister 1,137,832 0.24 1,242,549 Dimension Data Holdings 714,551 0.15 97,527 Kloeckner & Co. 3,524,626 0.75 125,528 Enodis 502,137 0.11 12,543 Krones 662,396 0.14 1,464,470 FKI 1,545,522 0.33 39,362 KUKA813,219 0.17 393,121 Game Group 1,422,263 0.30 8,970 KWS Saat 1,318,231 0.28 202,000 Halfords Group 679,112 0.14 112,961 Leoni 3,055,595 0.65 1,323,747 Hays 1,514,125 0.32 3,873 Manz Automation 634,204 0.14 155,678 Hikma Pharmaceuticals 983,797 0.21 54,197 Medion 541,428 0.12 500,440 HMV Group 798,531 0.17 91,879 Norddeutsche Affinerie 3,160,638 0.67 74,999 Hunting 820,409 0.17 27,992 Phoenix Solar 1,345,296 0.29 255,088 IG Group Holdings 1,078,436 0.23 132,963 PVATePla 918,774 0.20 473,739 IMI 2,606,070 0.56 3,985 REpower Systems Registered Shares 844,501 0.18 196,698 Imperial Energy 2,307,045 0.49 31,871 SGL Carbon 1,420,490 0.30 371,618 Inchcape 1,484,198 0.32 30,971 Sixt 773,036 0.16 166,783 Inmarsat 1,100,349 0.23 416 SMASolar Technology 22,901 0.00 128,183 Intermediate Capital Group 2,200,079 0.47 20,425 Solar Millennium 561,483 0.12 255,790 International Personal Finance 897,129 0.19 31,132 Solarworld 924,620 0.20 549,128 Interserve 3,187,358 0.68 21,348 Stada Arzneimittel 981,368 0.21 101,452 Intertek Group 1,269,416 0.27 149,662 Tognum 2,572,690 0.55 344,245 ITE Group 727,682 0.16 14,720 Vossloh 1,220,141 0.26 160,148 JKX Oil & Gas 1,045,442 0.22 117,261 Wirecard 986,165 0.21 300,060 Keller Group 2,374,054 0.51 497,171 Ladbrokes 1,603,909 0.34 45,919,427 9.79 819,268 Meggitt 2,174,470 0.46 1,424,587 Melrose 2,718,780 0.58 ITALY 141,647 ACEA 1,709,679 329,405 Micro Focus International 1,095,990 0.23 0.36 215,285 Ansaldo STS 2,036,596 246,085 Mitie Group 657,037 0.14 0.43 321,256 Astaldi 1,699,444 767,254 Morgan Crucible 1,878,837 0.40 0.36 236,938 Banco di Desio e della Brianza 1,431,105 129,756 Morgan Sindall 1,234,897 0.26 0.31 161,559 Benetton Group 1,178,573 180,527 N Brown Group 416,402 0.09 0.25 156,019 Brembo 1,034,406 153,823 National Express Group 1,822,639 0.39 0.22 177,404 Buzzi Unicem 2,801,209 1,528,598 Northern Foods 1,173,675 0.25 0.60 54,334 Carraro 249,936 105,271 Northumbrian Water Group 415,783 0.09 0.05 224,861 Cementir Holding 951,724 58,361 Peter Hambro Mining 950,051 0.20 0.20 760,160 CIR-Compagnie Industriali Riunite 1,336,361 381,020 Premier Farnell 839,129 0.18 0.28 257,032 Cofide 182,236 59,647 Premier Oil 1,234,086 0.26 0.04 161,309 Danieli & Co. 3,810,119 37,854 Provident Financial 382,028 0.08 0.81 84,483 Danieli & Co. - RNC Shares 1,265,555 452,876 QinetiQ 1,154,785 0.25 0.27 133,368 ERG 2,021,859 83,459 Rathbone Brothers 982,044 0.21 0.44 580,177 Immobiliare Grande Distribuzione 1,084,931 735,959 ROK 751,111 0.16 0.23 63,944 Industria Macchine Automatiche 895,216 82,469 Rotork 1,143,419 0.24 0.19 183,499 Interpump Group 1,082,644 305,092 RPS Group 1,156,034 0.25 0.23 87,765 Italcementi 917,144 466,754 Savills 1,303,732 0.28 0.20 30,914 Lottomatica 587,057 626,773 Senior 784,248 0.17 0.13 374,078 Maire Tecnimont 1,591,702 204,241 Serco Group 1,144,840 0.24 0.34 128,746 MARR 823,974 511,603 Severfield-Rowen 1,561,559 0.33 0.18 117,041 Prysmian 1,890,212 98,824 Shaftesbury 481,811 0.10 0.40 326,507 Recordati 1,617,026 147,088 Sibir Energy 1,535,555 0.33 0.34 21,944 Societa Cattolica di Assicurazioni 606,532 45,618 Soco International 1,135,823 0.24 0.13 299,702 Trevi Finanziaria 4,780,247 58,762 Spectris 528,792 0.11 1.02 190,646 Speedy Hire 1,367,419 0.29 37,585,487 8.01 54,109 Spirax-Sarco Engineering 730,380 0.16

62 JPMorgan Funds - Europe Small Cap Fund Schedule of Investments (Market Value Expressed in EUR) (continued) As at 30 June 2008

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

FRANCE 42,174 Smit Internationale 2,615,210 0.56 63,615 Alten 1,466,326 0.31 95,114 Super de Boer 292,951 0.06 31,241 Arkema 1,115,304 0.24 72,029 Ten Cate 1,636,499 0.35 53,305 Beneteau 745,737 0.16 49,696 Unit 4 Agresso 788,676 0.17 24,346 BioMerieux 1,758,755 0.37 36,287 Bureau Veritas 1,360,763 0.29 26,010,683 5.54 21,765 Ciments Français 2,263,560 0.48 178,457 Derichebourg 992,221 0.21 SWEDEN 35,905 EDF Energies Nouvelles 1,520,577 0.32 33,164 AF - B Shares 590,497 0.13 150,611 Etablissements Maurel et Prom 2,239,586 0.48 65,562 B&B Tools - B Shares 971,641 0.21 51,770 Ingenico 1,138,940 0.24 111,250 BE Group 678,896 0.14 27,865 LISI 1,583,847 0.34 107,980 Billerud 515,742 0.11 28,880 Orpea 902,211 0.19 87,315 Elekta - B Shares 1,070,281 0.23 88,697 Rallye 3,323,477 0.71 63,342 Getinge - B Shares 987,267 0.21 19,687 Sa des Ciments Vicat 983,956 0.21 124,503 HIQ International 342,061 0.07 92,064 SEB 3,402,685 0.73 51,947 Hoganas - B Shares 540,689 0.11 24,866 Sechilienne-Sidec 1,195,309 0.25 86,878 Intrum Justitia 982,301 0.21 17,936 Sperian Protection 1,362,957 0.29 226,271 KappAhl Holding 954,010 0.20 82,362 Téléperformance 1,917,387 0.41 141,030 Kinnevik Investment 1,672,819 0.36 80,464 UBISOFT Entertainment 4,482,649 0.96 49,050 Lindab International 615,494 0.13 10,041 Vilmorin & Cie 1,214,760 0.26 29,705 Lundbergforetagen - B Shares 963,649 0.21 125,377 Lundin Petroleum 1,169,186 0.25 34,971,007 7.45 49,831 Meda - AShares 400,188 0.09 38,658 Modern Times Group - B Shares 1,444,042 0.31 SPAIN 48,831 NCC - B Shares 463,107 0.10 39,273 Abengoa 781,533 0.17 431,935 PAResources 3,480,240 0.74 124,530 Amper 1,119,525 0.24 407,819 Peab 1,775,479 0.38 149,138 Banco Pastor 1,339,259 0.29 393,907 Peab Industri - B Shares 2,268,513 0.48 227,812 Cie Automotive 1,467,109 0.31 153,033 Saab - B Shares 2,441,817 0.52 5,861 Construcciones y Auxiliar de Ferrocarriles 1,606,207 0.34 101,229 Wihlborgs Fastigheter 1,171,305 0.25 53,721 Corporacion Financiera Alba 1,990,363 0.42 133,225 Duro Felguera 815,337 0.17 25,499,224 5.44 122,954 Grifols 2,477,523 0.53 69,702 Grupo Catalana Occidente 1,248,363 0.27 GREECE 94,226 Indra Sistemas 1,556,613 0.34 1,928,762 Alapis Holding Industrial and Commercial SA of Pharmaceutical Chemical & Organisation 3,356,046 0.72 134,157 Laboratorios Farmaceuticos Rovi 1,261,076 0.27 4,104 Bank of Greece 379,415 0.07 171,164 Promotora de Informaciones 1,148,510 0.24 98,333 Folli - Follie Registered Shares 1,455,328 0.31 46,128 Prosegur Companhia de Seguridad Registered Shares 1,272,210 0.27 194,930 GEK Group of Companies 1,481,468 0.32 115,226 Solaria Energia y Medio Ambiente 1,048,557 0.22 77,510 Hellenic Petroleum 675,887 0.14 36,996 Tecnicas Reunidas 1,955,239 0.42 108,311 Hellenic Technodomiki Tev 877,319 0.19 432,989 Tubacex 3,299,376 0.70 145,548 Intralot - Integrated Lottery Systems & Services 1,586,473 0.34 566,082 Tubos Reunidos - B Shares 2,224,702 0.47 92,338 JUMBO 1,652,850 0.35 56,997 Vidrala 1,116,571 0.24 588,585 Michaniki 2,201,308 0.47 102,629 Viscofan 1,386,518 0.30 95,327 Motor Oil Hellas Corinth Refineries 1,229,718 0.26 209,582 Zeltia 953,598 0.20 73,277 Sarantis 828,030 0.18 169,668 Sidenor Steel Products Manufacturing 1,642,386 0.35 30,068,189 6.41 SWITZERLAND 17,366,228 3.70 437 Bobst Group Registered Shares 22,255 0.00 BELGIUM 46,888 Bossard Holding - Bearer Shares 2,314,923 0.50 40,978 Ackermans & Van Haaren 2,632,837 0.56 10,916 Bucher Industries Registered Shares 1,807,785 0.39 44,414 Bekaert 4,338,804 0.92 1,149 Burckhardt Compression Holding 220,687 0.05 21,247 Compagnie d’Entreprises CFE 1,320,501 0.28 821,429 Clariant Registered Shares 5,155,042 1.10 4,303 D’ieteren 755,435 0.16 7,881 Dufry Group Registered Shares 455,580 0.10 113,542 Euronav 3,463,031 0.74 36,854 EFG International Registered Shares 652,783 0.14 21,956 Mobistar 1,117,341 0.24 5,326 Galenica Registered Shares 1,214,452 0.26 49,801 Umicore 1,554,289 0.34 11,935 Helvetia Holding 2,910,939 0.62 448 Jelmoli Holding - Bearer Shares 727,981 0.16 15,182,238 3.24 3,165 Kaba Holding Registered - B Shares 607,898 0.13 9,029 Kuoni Reisen Holding Registered - B Shares 2,778,357 0.59 NORWAY 20,562 Partners Group Holding 1,803,757 0.38 133,654 Blom 699,857 0.15 50,005 PSP Swiss Property Registered Shares 1,899,087 0.40 262,246 Ementor 1,108,375 0.24 2,132 St. Galler Kantonalbank Registered Shares 607,931 0.13 82,465 Fred Olsen Energy 3,176,920 0.68 171,769 Temenos Group Registered Shares 3,352,617 0.71 695,818 Norse Energy 585,568 0.12 153,434 Norwegian Energy 617,877 0.13 26,532,074 5.66 176,232 ODIM 1,889,563 0.40 81,118 Petroleum Geo-Services 1,266,698 0.27 NETHERLANDS 4,184,806 Rocksource 939,131 0.20 125,146 Aalberts Industries 1,487,986 0.32 136,883 Scana Industrier 222,709 0.06 19,247 Advanced Metallurgical Group 1,040,878 0.22 102,781 Sevan Marine 811,138 0.17 232,997 BinckBank 1,563,410 0.32 93,518 Songa Offshore 950,235 0.20 103,822 Boskalis Westminster - CVA3,508,145 0.75 108,872 TGS Nopec Geophysical 961,009 0.20 22,614 CSM 497,282 0.11 299,989 Veidekke 1,342,697 0.29 52,411 Draka Holding 904,090 0.19 70,510 Fugro - CVA3,819,527 0.81 14,571,777 3.11 45,589 Gemalto 1,049,915 0.22 28,294 Grontmij - CVA761,109 0.16 FINLAND 46,281 Imtech 687,273 0.15 55,917 Cargotec - B Shares 1,263,724 0.27 120,442 Koninklijke BAM Groep 1,345,337 0.29 73,865 Elisa - AShares 990,530 0.21 24,422 Koninklijke Vopak 1,035,981 0.22 47,661 Konecranes 1,251,578 0.27 27,757 Nutreco Holding 1,174,121 0.25 42,954 Nokian Renkaat 1,313,533 0.28 44,693 OPG Groep - CVA597,545 0.13 21,342 Outotec 860,723 0.18 47,208 Sligro Food Group 1,204,748 0.26 227,464 Pohjola Bank 2,524,850 0.53

63 JPMorgan Funds - Europe Small Cap Fund Schedule of Investments (Market Value Expressed in EUR) (continued) As at 30 June 2008

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

53,864 Poyry 891,988 0.19 ISLE OFMAN 37,907 Stockmann - B Shares 928,722 0.20 107,961 Lamprell 781,179 0.17 157,703 Tietoenator 2,051,716 0.44 134,740 YIT 2,146,408 0.46 781,179 0.17 AUSTRALIA 14,223,772 3.03 425,325 International Ferro Metals 674,641 0.14 DENMARK 24,322 Alm Brand 790,821 0.17 674,641 0.14 41,775 Auriga Industries - B Shares 1,221,069 0.26 CAYMAN ISLANDS 30,688 D/S Norden 2,110,829 0.45 35,194 Subsea 7 570,414 0.12 141,260 DSV 2,130,781 0.45 31,005 East Asiatic 1,334,455 0.28 570,414 0.12 37,326 FLSmidth & Co. 2,607,452 0.56 46,058 Jyske Bank Registered Shares 1,750,754 0.37 Total Shares 468,583,209 99.89 33,953 Sydbank 820,579 0.17 79,789 TK Development 652,589 0.15 Total Transferable Securities Admitted to an 468,583,209 99.89 8,313 Topdanmark 796,950 0.17 Official Exchange Listing

14,216,279 3.03 Transferable Securities Dealt in on Another Regulated Market IRELAND 279,241 C&C Group 975,947 0.21 Investment Funds 238,383 DCC 3,792,674 0.81 LUXEMBOURG 326,218 Glanbia 1,514,630 0.32 1,265,286 JPMorgan Liquidity Funds - Euro Liquidity Fund 73,538 Iaws Group 1,165,724 0.25 (JPM Euro Liquidity X (dist.)) 1,265,286 0.27 66,357 Paddy Power 1,300,597 0.27 398,865 United Drug 1,388,050 0.30 1,265,286 0.27

10,137,622 2.16 Total Investment Funds 1,265,286 0.27 AUSTRIA Total Transferable Securities Dealt in on Another 1,265,286 0.27 64,542 Conwert Immobilien Invest 695,117 0.14 Regulated Market 24,987 Flughafen Wien 1,520,959 0.32 96,589 Immofinanz 637,487 0.14 Total Investments 469,848,495 100.16 51,619 Intercell 1,610,513 0.34 40,319 Oesterreichische Post 980,558 0.21 Bank Overdraft (1,266,360) (0.27) 68,386 RHI 2,095,347 0.45 25,193 Schoeller-Bleckmann Oilfield Equipment 1,677,350 0.36 Other Assets/(Liabilities) 519,481 0.11

9,217,331 1.96 Total Net Assets 469,101,616 100.00 PORTUGAL 288,704 Jeronimo Martins SGPS 1,342,474 0.29 150,320 Mota Engil SGPS 611,802 0.13 171,621 Semapa-Sociedade de Investimento e Gestao 1,376,400 0.29 Allocation of Portfolio as at 30 June 2008 % of 626,804 Sonae Capital SGPS 808,577 0.17 Net Assets 817,427 Teixeira Duarte - Engenharia Construcoes 760,207 0.16 Shares Industrials 37.83 4,899,460 1.04 Financials 13.21 Consumer Discretionary 11.91 BERMUDA Energy 10.96 38,373 Frontline 1,715,114 0.37 Materials 9.31 13,634 Independent Tankers 15,298 0.00 Information Technology 7.17 11,113 Vostok Gas 662,310 0.14 Health Care 4.71 1,710,241 West Siberian Resources SDR 1,481,911 0.32 Consumer Staples 3.69 Investment Companies 0.27 3,874,633 0.83 Telecommunication Services 0.65 JERSEY Utilities 0.45 90,435 Meinl European Land 634,854 0.14 Total Shares 100.16 179,456 Petrofac 1,651,192 0.35 Bank Overdraft and Other Assets/(Liabilities) (0.16) 33,413 Randgold Resources 979,742 0.21 Total 100.00 3,265,788 0.70 CYPRUS 1,078,974 Deep Sea Supply 2,502,085 0.54 2,807 Prosafe Production Public 9,869 0.00 Allocation of Portfolio as at 31 December 2007 (Unaudited) % of Net Assets 2,511,954 0.54 Shares and Rights Industrials 34.99 LUXEMBOURG Financials 17.34 499,787 Colt Telecom Group 930,140 0.20 Consumer Discretionary 14.57 31,669 Oriflame Cosmetics SDR 1,283,367 0.27 Materials 9.32 Information Technology 7.99 2,213,507 0.47 Energy 6.10 GUERNSEY Consumer Staples 4.16 430,922 Assura Group 528,297 0.11 Health Care 3.07 61,607 Mapeley 1,012,235 0.22 Investment Companies 1.56 Utilities 1.33 1,540,532 0.33 Telecommunication Services 0.32 Total Shares and Rights GIBRALTAR 100.75 329,536 PartyGaming 1,075,601 0.23 Bank Overdraft and Other Assets/(Liabilities) (0.75) Total 100.00 1,075,601 0.23

64 JPMorgan Funds - Europe Technology Fund Schedule of Investments (Market Value Expressed in EUR) As at 30 June 2008

% % 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 SPAIN 67,181 Telefonica 1,134,687 1.00 Shares 1,134,687 1.00 UNITED KINGDOM 130,020 Aggreko 1,206,186 1.06 NORWAY 3,294,197 ARM Holdings 3,580,603 3.15 95,145 EDB Business Partner 344,003 0.31 177,481 Autonomy 2,016,600 1.77 167,440 Ementor 707,680 0.62 47,741 Aveva Group 925,604 0.81 332,306 Babcock International Group 2,578,782 2.27 1,051,683 0.93 285,136 BETonSPORTS 36 0.00 4,580 Communisis 3,676 0.00 Total Shares 110,402,345 97.15 143,416 Cookson Group 1,132,885 1.00 3,904,009 Dimension Data Holdings 2,245,072 1.98 Total Transferable Securities Admitted to an 110,402,345 97.15 465,331 Laird 2,302,512 2.03 Official Exchange Listing 1,943,846 Logica 2,653,345 2.34 534,250 M&C Saatchi 668,479 0.59 Transferable Securities Dealt in on Another Regulated Market 380,168 Micro Focus International 1,264,888 1.11 1,271,677 Pace 1,362,149 1.20 Investment Funds 533,455 Premier Farnell 1,174,840 1.03 LUXEMBOURG 50,395 Rotork 698,718 0.62 3,500,000 JPMorgan Liquidity Funds - Euro Liquidity Fund 1,165,047 Sage Group 3,062,774 2.70 (JPM Euro Liquidity X (dist.)) 3,500,000 3.08 2,055,183 Spirent Communications 1,694,881 1.49 212,686 Telecity Group 719,069 0.63 3,500,000 3.08 1,023 Temple Capital Partners 0 0.00 529,657 Vodafone Group 992,759 0.87 Total Investment Funds 3,500,000 3.08

30,283,858 26.65 Total Transferable Securities Dealt in on Another 3,500,000 3.08 Regulated Market FRANCE 1,553,151 Alcatel-Lucent 5,917,505 5.21 Total Investments 113,902,345 100.23 55,526 Alten 1,279,874 1.13 177,619 Cap Gemini 6,642,951 5.85 Cash 418,081 0.37 81,653 Dassault Systèmes 3,142,007 2.76 41,589 Devoteam 877,944 0.77 Other Assets/(Liabilities) (674,421) (0.60) 39,249 Eutelsat Communications 693,922 0.61 149,656 France Télécom 2,824,757 2.49 Total Net Assets 113,646,005 100.00 65,581 Ingenico 1,442,782 1.26 53,930 IPSOS 1,096,936 0.97 232,926 Oberthur Technologies 1,020,216 0.90 34,588 Téléperformance 805,209 0.70 Allocation of Portfolio as at 30 June 2008 % of 136,598 Thomson 446,675 0.39 Net Assets 51,486 Vivendi 1,235,149 1.09 Shares Information Technology 74.47 27,425,927 24.13 Industrials 10.02 GERMANY Telecommunication Services 7.72 124,870 Deutsche Telekom 1,297,399 1.14 Consumer Discretionary 4.94 199,138 Epcos 2,057,096 1.80 Investment Companies 3.08 490,462 Infineon Technologies 2,670,566 2.35 Total Shares 100.23 29,263 Phoenix Solar 1,406,380 1.24 Cash and Other Assets/(Liabilities) (0.23) 11,123 Roth & Rau 1,507,167 1.33 Total 320,645 SAP 10,690,304 9.41 100.00 7,002 SMASolar Technology 385,460 0.34 25,830 Solon Fuer Solartechnik 1,524,487 1.34 111,989 Wirecard 941,827 0.83

22,480,686 19.78 Allocation of Portfolio as at 31 December 2007 (Unaudited) % of Net Assets FINLAND Shares and Warrants 446,157 Nokia 6,852,972 6.03 Information Technology 62.36 191,881 Tietoenator 2,496,372 2.20 Industrials 19.16 Telecommunication Services 9.10 9,349,344 8.23 Consumer Discretionary 4.31 Energy 2.64 NETHERLANDS Financials 0.35 184,608 ASML Holding 2,854,040 2.51 Investment Companies 0.13 64,224 Gemalto 1,479,079 1.30 110,624 Koninklijke KPN 1,208,014 1.06 Total Shares and Warrants 98.05 344,059 STMicroelectronics 2,266,317 2.00 Cash and Other Assets/(Liabilities) 1.95 83,033 Unit 4 Agresso 1,317,734 1.16 Total 100.00 9,125,184 8.03 SWEDEN 939,122 Telefonaktiebolaget LM Ericsson - B Shares 6,132,838 5.39 130,190 TeliaSonera 597,061 0.53

6,729,899 5.92 SWITZERLAND 31,278 ABB Registered Shares 561,611 0.49 4,439 OC Oerlikon Registered Shares 773,138 0.68 76,151 Temenos Group Registered Shares 1,486,328 1.31

2,821,077 2.48

65 JPMorgan Funds - Germany Equity Fund Schedule of Investments (Market Value Expressed in EUR) As at 30 June 2008

% % 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 Transferable Securities Dealt in on Another Regulated Market

Shares Investment Funds GERMANY LUXEMBOURG 237,692 Allianz Registered Shares 26,350,535 4.78 16,750,000 JPMorgan Liquidity Funds - Euro Liquidity Fund 140,704 Amadeus Fire 1,703,925 0.31 (JPM Euro Liquidity X (dist.)) 16,750,000 3.04 767,798 BASF 33,475,993 6.08 103,342 Bauer 6,299,728 1.14 16,750,000 3.04 647,059 Bayer 34,300,598 6.23 34,063 BayWa 1,419,746 0.26 Total Investment Funds 16,750,000 3.04 135,884 Beiersdorf 6,305,018 1.14 419,028 Commerzbank 7,856,775 1.43 Total Transferable Securities Dealt in on Another 16,750,000 3.04 Regulated Market 87,627 Continental 5,634,416 1.02 264,752 D+S europe 3,441,776 0.63 Total Investments 550,124,294 99.89 526,425 Daimler Registered Shares 20,493,725 3.72 49,005 Delticom 2,082,713 0.38 Cash 4,208,139 0.76 77,189 Demag Cranes 2,331,108 0.42 257,831 Deutsche Bank Registered Shares 14,074,994 2.56 Other Assets/(Liabilities) (3,613,417) (0.65) 78,767 Deutsche Boerse 5,609,786 1.02 142,533 Deutsche Lufthansa 1,942,725 0.35 Total Net Assets 550,719,016 100.00 409,768 Deutsche Post 6,732,488 1.22 78,734 Deutsche Postbank 4,380,760 0.80 1,322,844 Deutsche Telekom 13,744,349 2.50 432,112 E.ON 55,353,547 10.05 38,650 ElringKlinger 2,319,000 0.42 Allocation of Portfolio as at 30 June 2008 % of Net Assets 19,057 Estavis 111,674 0.02 Shares 127,187 Fresenius Preference Shares 6,999,101 1.27 Materials 24.21 78,629 Fuchs Petrolub Preference Shares 4,725,603 0.86 Industrials 16.44 217,582 GEAGroup 4,867,309 0.88 Utilities 16.22 54,852 Geneart 693,878 0.13 Financials 16.01 75,965 Gerresheimer 2,503,806 0.45 Consumer Discretionary 8.76 186,545 Hannover Rueckversicherung 5,809,011 1.05 Information Technology 7.37 47,373 Hochtief 2,994,921 0.54 Health Care 3.34 82,384 Homag Group 1,515,866 0.28 Investment Companies 3.04 67,522 K+S 24,216,090 4.40 Telecommunication Services 2.50 82,955 Kloeckner & Co. 2,997,994 0.54 Consumer Staples 1.14 108,314 Kontron 930,417 0.17 Energy 0.86 103,465 KROMI Logistik 867,037 0.16 35,202 Krones 1,859,018 0.34 Total Shares 99.89 116,676 Linde 10,343,327 1.88 Cash and Other Assets/(Liabilities) 0.11 117,710 MAN 8,306,795 1.51 Total 100.00 81,420 Merck KGAA 7,309,073 1.33 172,602 Muenchener Rueckversicherungs Registered Shares 19,113,945 3.47 178,058 Nabaltec 890,290 0.16 130,325 Norddeutsche Affinerie 4,483,180 0.81 39,982 P&I Personal & Informatik 709,680 0.13 Allocation of Portfolio as at 31 December 2007 (Unaudited) % of 16,243 Porsche Automobil Holding Non Voting Preference Net Assets Shares 1,587,916 0.29 Shares 6,123 Puma Rudolf Dassler Sport 1,301,505 0.24 Industrials 17.95 425,596 RWE 33,979,585 6.17 Financials 17.66 62,894 Salzgitter 7,315,201 1.33 Materials 17.04 811,253 SAP 27,047,175 4.91 Utilities 15.96 81,598 SGL Carbon 3,636,823 0.66 Consumer Discretionary 14.59 649,823 Siemens Registered Shares 45,786,529 8.31 Information Technology 7.19 37,912 SMASolar Technology 2,087,056 0.38 Telecommunication Services 4.80 90,702 Software 3,468,444 0.63 Health Care 2.19 73,264 Stada Arzneimittel 3,367,946 0.61 Investment Companies 1.70 52,971 Surteco 1,269,715 0.23 Consumer Staples 1.04 184,268 ThyssenKrupp 7,357,821 1.34 Energy 0.87 139,206 Tognum 2,392,951 0.44 266,310 United Internet Registered Shares 3,331,538 0.60 Total Shares 100.99 74,474 Volkswagen 13,406,065 2.43 Bank Overdraft and Other Assets/(Liabilities) (0.99) 17,996 Vossloh 1,491,688 0.27 Total 100.00 69,565 VTG 1,067,823 0.19 91,940 Wacker Construction Equipment 855,042 0.16 37,707 Wincor Nixdorf 1,655,337 0.30 340,834 Wirecard 2,866,414 0.52

533,374,294 96.85

Total Shares 533,374,294 96.85 Investment Funds CAYMAN ISLANDS 43,900 Deutschland Investment Corporate 0 0.00

0 0.00

Total Investment Funds 0 0.00

Total Transferable Securities Admitted to an 533,374,294 96.85 Official Exchange Listing

66 JPMorgan Funds - Global Convertibles Fund (EUR) Schedule of Investments (Market Value Expressed in EUR) As at 30 June 2008

% % 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 NETHERLANDS 6,150,000 Bayer Capital 01.06.09/6.625% 8,746,837 0.50 Shares 6,199,000 BNP Paribas Arbitrage Issuance 16.11.10/0.000% 5,838,838 0.34 UNITED STATES OFAMERICA 13,400,000 Heidelberg International 68,710 Bank of America 38,841,104 2.23 Finance 09.02.12/0.875% 13,089,442 0.75 1,018,176 Citigroup 27,865,289 1.60 3,950,000 Infineon Technologies Holding 05.06.10/5.000% 3,787,343 0.22 19,800 Lehman Brothers Holdings Preference Shares 10,477,518 0.60 7,300,000 IVG Finance 29.03.17/1.750% 4,024,490 0.23 6,540 Mylan 3,653,978 0.21 14,090,000 Pargesa Netherlands 27.04.13/1.700% 8,213,050 0.47 29,412 News Corp Finance Trust II 144A18,566,755 1.07 24,935,000 Pargesa Netherlands 15.06.14/1.750% 13,308,175 0.77 49,800 Wachovia 27,441,048 1.57 34,800,000 Portugal Telecom International Finance 28.08.14/4.125% 32,886,000 1.89 126,845,692 7.28 5,600,000 Q-Cells International Finance 28.02.12/1.375% 6,332,553 0.36 1,900,000 Wereldhave 1,765,052 BERMUDA 23.03.11/2.500% 0.10 13,100 Bunge 8,099,095 0.46 97,991,780 5.63 8,099,095 0.46 MALAYSIA 24,000,000 Cherating Capital 15,475,775 TAIWAN 05.07.12/2.000% 0.89 18,100,000 Feringghi Capital 12,411,969 1,447,268 Asustek Computer 2,496,187 0.14 22.12.09/0.000% 0.71 32,600,000 IOI Resources 15.01.13/0.000% 19,291,010 1.11 2,496,187 0.14 12,200,000 Paka Capital 12.03.13/0.000% 7,209,671 0.41 18,100,000 Rafflesia Capital 04.10.11/1.250%* 13,332,598 0.77 MALAYSIA 19,300,000 YTL Finance Labuan 15.05.12/0.000% 12,353,370 0.71 5,800,480 YTL Power International 2,081,262 0.12 80,074,393 4.60 2,081,262 0.12 GERMANY 6,500,000 Arcandor 11.07.13/8.875% 6,370,975 0.36 Total Shares 139,522,236 8.00 7,800,000 Dresdner Bank 22.06.09/0.000% 5,820,833 0.33 Bonds 7,905,000 KfW - Kreditanstalt fuer Wiederaufbau 03.02.10/0.500% 8,055,819 0.46 LUXEMBOURG 37,400,000 KfW - Kreditanstalt fuer 12,300,000 Espirito Santo Financial Group 15.11.25/3.550%* 10,954,995 0.63 Wiederaufbau 27.06.13/3.250% 36,210,680 2.08 4,700,000 Qimonda Finance 22.03.13/6.750% 2,204,126 0.13 10,954,995 0.63 7,221,000 Solon Fuer Solartechnik 06.12.12/1.375% 6,036,762 0.35 INDIA 8,050,000 TUI 01.09.12/2.750% 6,586,108 0.38 2,600,000 Jaiprakash Associates 12.09.12/0.000% 1,717,735 0.10 71,285,303 4.09 1,717,735 0.10 LUXEMBOURG 7,205,000 Actelion Finance 22.11.11/0.000% 5,145,162 0.30 Total Bonds 12,672,730 0.73 23,072,000 Finmeccanica Finance 08.08.10/0.375% 20,601,704 1.18 31,250,000 Fortfinlux 07.11.49/6.207%* 20,597,766 1.18 Convertible Bonds 6,150,000 Fortis Luxembourg Finance 28.04.09/0.500% 5,857,875 0.34 JAPAN 12,850,000 Intralot Luxembourg 20.12.13/2.250% 12,900,565 0.74 1,378,000,000 Asahi Breweries 26.05.23/0.000% 8,855,876 0.51 1,900,000 Weather Capital Finance 27.02.13/4.750% 1,805,176 0.10 1,959,000,000 Bank of Kyoto 31.03.14/0.000% 12,904,897 0.74 771,000,000 Capcom 31.03.09/0.000% 5,197,227 0.30 66,908,248 3.84 980,000,000 Casio Computer 31.03.15/0.000% 5,836,380 0.33 JERSEY 1,328,000,000 CSK Holdings 30.09.13/0.250% 7,325,641 0.42 15,100,000 Dana Gas Sukuk 31.10.12/7.500% 9,557,416 0.54 1,915,000,000 Fujitsu 27.05.09/0.000% 11,482,664 0.66 3,900,000 Figaro Finance 18.09.09/3.875% 5,329,537 0.31 640,000,000 Geo 28.09.12/0.000% 3,646,812 0.21 9,850,000 International Power Finance H2O Retailing 6,555,669 1,075,000,000 16.08.11/0.000% 0.38 Jersey III 05.06.15/4.750% 9,707,175 0.56 Hitachi Metals 1,996,642 303,000,000 13.09.16/0.000% 0.11 6,700,000 Premier Oil Finance/Jersey 27.06.14/2.875% 5,314,118 0.31 Konica Minolta Holdings 13,641,605 2,105,000,000 07.12.09/0.000% 0.78 37,000,000 Shire 09.05.14/2.750% 19,891,249 1.14 Nidec 14,607,858 2,234,000,000 17.10.08/0.000% 0.84 1,050,000 UBS/Jersey 31.07.12/3.220% 757,628 0.04 2,033,000,000 Nomura Research Institute 31.03.14/0.000% 11,962,271 0.68 1,575,000,000 Ricoh 07.12.11/0.000% 9,765,663 0.56 50,557,123 2.90 4,707,000,000 Sharp 30.09.13/0.000% 28,150,328 1.62 5,760,000,000 Sony 18.12.08/0.000% 34,956,340 2.01 PORTUGAL 3,435,000,000 Suzuki Motor 29.03.13/0.000% 21,929,312 1.26 7,400,000 Parpublica - Participaçoes 1,600,000,000 Tobu Railway 31.03.16/0.000% 10,180,598 0.58 Publicas 16.12.10/2.690% 7,964,746 0.46 2,410,000,000 Toray Industries 12.03.12/0.000% 13,945,481 0.80 36,800,000 Parpublica - Participaçoes 1,022,000,000 Yamada Denki 28.03.13/0.000% 5,860,350 0.34 Publicas 18.12.14/3.250% 34,310,480 1.97 1,136,000,000 Yamada Denki 31.03.15/0.000% 6,235,507 0.36 42,275,226 2.43 235,037,121 13.49 SINGAPORE FRANCE 11,750,000 CapitaLand 15.11.16/2.100% 5,473,461 0.31 13,245,200 Artemis Conseil 31.07.11/2.000% 16,682,237 0.96 8,250,000 CapitaLand 20.06.22/2.950% 2,976,499 0.17 14,187,300 Cap Gemini 01.01.10/2.500% 7,384,490 0.42 15,500,000 CapitaMall Trust 02.07.13/1.000% 6,761,821 0.40 10,963,200 Cap Gemini 01.01.12/1.000% 4,873,142 0.28 6,700,000 Guocoland 07.05.12/0.000% 2,752,365 0.16 8,863,200 Compagnie Generale des 19,800,000 Guocoland 07.05.12/0.000% 7,222,162 0.41 Etablissements Michelin 01.01.17/0.000% 8,026,071 0.46 9,300,000 Olam International 03.07.13/1.000% 5,304,351 0.30 7,920,300 Iliad 01.01.12/2.200% 6,342,584 0.36 12,500,000 Yanlord Land Group 06.02.12/0.000% 5,655,716 0.32 3,620,000 Nexans 01.01.13/1.500% 3,262,869 0.18 5,981,900 Publicis Groupe 18.01.18/1.000% 2,453,620 0.14 36,146,375 2.07 49,861,500 Rhodia 01.01.14/0.500% 17,040,168 0.98 INDIA 34,361,800 Société Air France 01.04.20/2.750% 7,130,073 0.41 2,600,000 Mahindra & Mahindra 14.04.11/0.000% 1,725,288 0.10 46,793,300 Theolia 01.01.14/2.000% 9,873,386 0.57 11,600,000 Reliance Communications 01.03.12/0.000% 7,652,640 0.44 41,019,700 Valeo 01.01.11/2.375% 17,394,404 1.00 3,312,000 Suzlon Energy 12.06.12/0.000% 2,064,923 0.12 7,560,100 Vilmorin & Cie 01.07.15/4.500% 11,444,101 0.66 6,647,000 Suzlon Energy 11.10.12/0.000% 4,128,179 0.24 3,100,000 Tata Motors 12.07.12/0.000% 1,782,851 0.10 111,907,145 6.42 14,600,000 Tata Steel 05.09.12/1.000% 10,569,088 0.60

27,922,969 1.60

67 JPMorgan Funds - Global Convertibles Fund (EUR) Schedule of Investments (Market Value Expressed in EUR) (continued) As at 30 June 2008

% % 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

SPAIN LIECHTENSTEIN 28,250,000 La Caja de Ahorros y Pensiones 14,678,000 Liechtenstein Landesbank 12.04.11/1.650% 9,003,575 0.52 de Barcelona 19.06.11/3.500% 26,944,850 1.55 9,003,575 0.52 26,944,850 1.55 NORWAY CHINA 11,700,000 Petroleum Geo-Services 03.12.12/2.700% 6,857,878 0.39 252,650,000 China Petroleum & Chemical 24.04.14/0.000% 22,043,352 1.27 6,857,878 0.39 22,043,352 1.27 CANADA CAYMAN ISLANDS 8,000,000 Addax Petroleum 31.05.12/3.750% 5,786,242 0.33 11,700,000 China Overseas Finance Investment Cayman 14.05.14/0.000% 7,691,503 0.44 5,786,242 0.33 1,278,000 EFG Ora Funding II 29.11.09/1.000% 1,389,825 0.08 7,400,000 Siem Industries 12.07.17/0.000% 5,365,892 0.31 UNITED ARAB EMIRATES 3,600,000 Subsea 7 06.06.11/2.800% 2,658,107 0.15 8,900,000 Nakheel Development 2 15.01.11/2.750% 5,321,274 0.31 686,000,000 Zeus Cayman 20.08.08/0.000% 4,109,161 0.24 5,321,274 0.31 21,214,488 1.22 FINLAND BELGIUM 5,000,000 Nokian Renkaat 27.06.14/0.000% 5,157,640 0.30 20,500,000 Fortis Bank 07.12.10/8.750% 14,150,125 0.81 9,250,000 Fortis Bank 19.12.49/6.961%* 6,987,450 0.40 5,157,640 0.30 NETHERLANDS ANTILLES 21,137,575 1.21 8,930,000 Nobel Biocare Investments 08.11.11/1.000% 4,868,927 0.28 SOUTH KOREA 930,000,000 Korea Electric Power 23.11.11/0.000% 5,394,987 0.31 4,868,927 0.28 13,600,000 LG Display 18.04.12/0.000% 8,959,633 0.51 8,600,000 SK Telecom 27.05.09/0.000% 6,205,445 0.36 Total Convertible Bonds 1,093,599,272 62.77 Total Transferable Securities Admitted to an 20,560,065 1.18 1,245,794,238 71.50 Official Exchange Listing BERMUDA 19,115,000 Adecco Financial Service Transferable Securities Dealt in on Another Regulated Market Bermuda 26.08.13/0.000% 12,034,678 0.69 13,100,000 Petroplus Finance 26.03.13/3.375% 8,194,002 0.47 Convertible Bonds

20,228,680 1.16 UNITED STATES OFAMERICA 28,370,000 Amgen 01.02.11/0.125% 16,360,911 0.94 UNITED KINGDOM 27,900,000 Amgen 01.02.13/0.375% 15,404,718 0.88 10,400,000 3i Group 29.05.11/3.625% 12,840,785 0.74 8,203,000 Boston Properties 15.02.37/2.875% 4,821,625 0.28 1,200,000 Peter Hambro Mining 11.08.10/7.125% 1,484,838 0.09 2,947,000 Coeur d’Alene Mines 15.03.28/3.250% 1,610,816 0.09 3,300,000 SVG Capital 05.06.16/8.250% 4,072,812 0.23 9,731,000 Developers Diversified Realty 15.03.12/3.000% 5,403,713 0.31 13,708,000 EMC/Massachusetts 01.12.11/1.750% 9,877,370 0.57 18,398,435 1.06 2,882,000 Gilead Sciences 01.05.11/0.500% 2,627,762 0.15 22,698,000 Intel 14,096,796 TAIWAN 15.12.35/2.950% 0.81 28,630,000 International Game 3,800,000 Asia Cement 20.02.13/0.000% 2,433,634 0.14 Technology 15.12.36/2.600% 17,463,402 1.00 3,625,000 Chi Mei/Taiwan 18.12.11/0.000% 2,575,270 0.15 20,277,000 Liberty Media 30.03.23/3.125% 13,348,163 0.77 20,241,000 ProMOS Technologies 14.02.12/0.000% 11,958,500 0.68 3,000,000 Linear Technology - B Shares 01.05.27/3.125% 1,875,059 0.11 6,089,000 Lockheed Martin 15.08.33/2.426%* 5,326,693 0.31 16,967,404 0.97 41,896,000 Lucent Technologies - B Shares 15.06.25/2.875% 20,942,026 1.20 AUSTRALIA 55,495,000 Medtronic 15.04.11/1.500% 37,367,114 2.14 5,770,000 Alumina Finance 16.05.13/2.000% 3,460,099 0.20 28,103,000 Nabors Industries 15.05.11/0.940% 21,995,123 1.26 21,250,000 Macquarie Communications 8,516,000 Nasdaq OMX Group 144A 15.08.13/2.500% 4,816,712 0.28 Infrastructure Management 24.05.12/2.500% 10,389,443 0.59 5,068,000 NetApp 144A 01.06.13/1.750% 3,151,542 0.18 13,103,000 Newmont Mining 15.07.14/1.250% 10,877,994 0.62 13,849,542 0.79 3,245,000 Patriot Coal 144A 31.05.13/3.250% 2,812,217 0.16 8,260,000 Prologis 4,547,593 ISLE OFMAN 15.11.37/1.875% 0.26 42,440,000 Prudential Financial 26,330,847 20,080,000 AngloGold Ashanti Holdings 27.02.09/2.375% 12,515,403 0.72 12.12.36/0.386%* 1.51 28,770,000 Prudential Financial 144A 15.12.37/1.146%* 17,526,007 1.01 12,515,403 0.72 16,836,000 Rayonier TRS Holdings 15.10.12/3.750% 10,776,235 0.62 7,560,000 Teva Pharmaceutical Finance - BRITISH VIRGIN ISLANDS C Shares 01.02.26/0.250% 4,922,780 0.28 8,650,000 PB Issuer 01.02.13/3.300% 4,828,092 0.28 15,556,000 Vornado Realty Trust 01.04.27/2.850% 8,749,295 0.50 104,350,000 Sherson 04.06.14/0.000% 7,344,963 0.42 7,106,000 Xilinx 15.03.37/3.125% 4,272,517 0.25

12,173,055 0.70 287,305,030 16.49 AUSTRIA CAYMAN ISLANDS 8,500,000 Immofinanz 20.01.14/2.750% 6,336,206 0.36 557,000,000 Keystone Capital 04.04.11/0.100% 3,448,495 0.20 5,800,000 Immofinanz 19.11.17/1.250% 4,886,500 0.28 1,338,000,000 Keystone Capital 04.04.13/0.100% 8,510,222 0.49 3,400,000 Suntech Power Holdings 15.02.12/0.250% 2,224,722 0.13 11,222,706 0.64 4,515,000 Suntech Power Holdings 144A 15.03.13/3.000% 3,254,737 0.19 44,599,000 Transocean - AShares 15.12.37/1.625% 32,150,171 1.85 UNITED STATES OFAMERICA 11,952,000 Transocean - B Shares 15.12.37/1.500% 8,596,926 0.48 17,110,000 Swiss Re American Holding 21.11.21/3.250%* 9,989,824 0.57 12,212,000 Transocean - C Shares 15.12.37/1.500% 8,841,985 0.51 9,989,824 0.57 67,027,258 3.85 HUNGARY SOUTH KOREA 8,300,000 Allami Privatizacios es 7,000,000 KCC - AShares 3,948,161 Vagyonkezelo 28.09.09/1.000% 9,252,674 0.53 30.10.12/0.000% 0.23 6,000,000 KCC - B Shares 30.10.12/0.000% 3,531,591 0.20 9,252,674 0.53 9,000,000 KCC - C Shares 30.10.12/0.000% 5,275,833 0.30 12,755,585 0.73

68 JPMorgan Funds - Global Convertibles Fund (EUR) Schedule of Investments (Market Value Expressed in EUR) (continued) As at 30 June 2008

% % 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

ISRAEL 18,100,000 Teva Pharmaceutical Finance - Allocation of Portfolio as at 30 June 2008 % of D Shares 01.02.26/1.750% 12,732,342 0.73 Net Assets Fixed Income Securities 12,732,342 0.73 United States of America 17.06 CANADA Japan 13.80 17,297,000 Kinross Gold 144A 15.03.28/1.750% 12,208,583 0.70 France 6.42 Netherlands 5.63 12,208,583 0.70 Luxembourg 5.13 Cayman Islands 5.07 LUXEMBOURG Malaysia 4.60 12,300,000 Bank of New Germany 4.09 York/Luxembourg 30.12.2099/9.003%* 11,531,250 0.66 Jersey 2.90 Portugal 2.43 11,531,250 0.66 Singapore 2.07 JAPAN India 2.01 200,000,000 Asset Managers Holdings 18.03.11/0.000% 1,070,057 0.06 South Korea 1.91 470,000,000 Hitachi Zosen 30.09.10/0.000% 2,683,064 0.15 Spain 1.55 300,000,000 Hitachi Zosen 30.09.12/1.500% 1,679,025 0.10 China 1.27 Bermuda 1.25 5,432,146 0.31 Belgium 1.21 United Kingdom 1.06 INDIA Canada 1.03 7,800,000 JSW Steel 28.06.12/0.000% 5,326,214 0.31 Taiwan 0.97 Australia 0.79 5,326,214 0.31 Israel 0.73 BERMUDA Isle of Man 0.72 23,100,000 China Water Affairs Group 03.08.12/0.000% 1,607,939 0.09 British Virgin Islands 0.70 Austria 0.64 1,607,939 0.09 Hungary 0.53 Liechtenstein 0.52 Total Convertible Bonds 415,926,347 23.87 Norway 0.39 United Arab Emirates 0.31 Investment Funds Finland 0.30 LUXEMBOURG Netherlands Antilles 0.28 53,097,753 JPMorgan Liquidity Funds - Euro Liquidity Fund Total Fixed Income Securities 87.37 (JPM Euro Liquidity X (dist.)) 53,097,753 3.05 Shares Financials 6.00 53,097,753 3.05 Investment Companies 3.05 Consumer Discretionary 1.07 Total Investment Funds 53,097,753 3.05 Consumer Staples 0.46 Health Care 0.21 Total Transferable Securities Dealt in on 469,024,100 26.92 Information Technology 0.14 Another Regulated Market Utilities 0.12 Total Investments 1,714,818,338 98.42 Total Shares 11.05 Cash and Other Assets/(Liabilities) 1.58 Cash 36,675,417 2.10 Total 100.00 Other Assets/(Liabilities) (9,184,892) (0.52)

Total Net Assets 1,742,308,863 100.00

* Variable coupon rates are those quoted as at 30 June 2008.

69 JPMorgan Funds - Global Convertibles Fund (EUR) Schedule of Investments (Market Value Expressed in EUR) (continued) As at 30 June 2008

% % 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 2007 (Unaudited) % of Net Assets Fixed Income Securities United States of America 24.84 Japan 9.36 Germany 6.42 Netherlands 6.13 France 5.88 Jersey 4.41 Cayman Islands 3.32 Luxembourg 2.92 Taiwan 2.55 Malaysia 2.36 South Korea 2.06 Belgium 2.06 India 1.71 China 1.70 Singapore 1.35 Bermuda 1.23 Portugal 1.23 Panama 1.17 United Kingdom 1.16 British Virgin Islands 0.99 Isle of Man 0.89 Guernsey 0.81 Ireland 0.66 Australia 0.54 Hungary 0.47 Israel 0.47 Liechtenstein 0.42 Austria 0.40 Norway 0.36 Finland 0.28 Canada 0.28 United Arab Emirates 0.27 Netherlands Antilles 0.25 Hong Kong 0.14 Total Fixed Income Securities 89.09 Shares Investment Companies 3.03 Consumer Staples 1.16 Consumer Discretionary 1.14 Financials 0.85 Health Care 0.20 Total Shares 6.38 Cash and Other Assets/(Liabilities) 4.53 Total 100.00

70 JPMorgan Funds - Global Convertibles Fund (EUR) Schedule of Investments - Outstanding Forward Foreign Exchange Contracts (Expressed in EUR) As at 30 June 2008

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

30-Jul-08 EUR 268,338,441 JPY 44,707,311,219 (386,255) 30-Jul-08 EUR 7,688,774 AUD 12,578,527 45,747 30-Jul-08 EUR 807,331,886 USD 1,251,565,604 12,984,532 30-Jul-08 EUR 26,967,932 HKD 326,115,117 414,771 30-Jul-08 EUR 21,950,884 SGD 46,475,069 240,092 30-Jul-08 EUR 10,105,042 GBP 8,000,000 1,904 30-Jul-08 EUR 48,922,915 CHF 79,108,843 (421,544) 30-Jul-08 JPY 688,073,157 EUR 4,084,708 51,131 30-Jul-08 USD 10,812,068 EUR 6,934,903 (72,667)

Total 12,857,711

Schedule of Investments - Outstanding Financial Futures Contracts (Expressed in EUR)

Unrealised Expiration Number of Notional Gain/ Date Contracts Security Description Currency Value (Loss)

Equity Futures

Sep-08 108 Dax Index Future EUR 17,417,700 (1,192,863) Sep-08 1,544 DJ Euro Stoxx 50 Index Future EUR 51,940,160 (3,597,519) Sep-08 465 DJIAIndex Future USD 33,314,268 (2,640,388)

Total (7,430,770)

71 JPMorgan Funds - Global Dynamic Fund Schedule of Investments (Market Value Expressed in USD) As at 30 June 2008

% % 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 75,974 Noble Energy 7,551,816 0.40 79,660 Norfolk Southern 4,853,684 0.26 Shares and Rights 72,825 Nucor 5,591,503 0.30 80,829 Occidental Petroleum 7,251,170 UNITED STATES OFAMERICA 0.39 337,317 Office Depot 3,649,770 98,903 Abercrombie & Fitch - A Shares 6,210,119 0.33 0.19 312,457 Oracle 6,605,341 424,658 Allied Waste Industries 5,282,745 0.28 0.35 90,308 Parker Hannifin 6,354,071 156,105 American Electric Power 6,202,051 0.33 0.34 182,448 PerkinElmer 5,042,862 94,850 Anadarko Petroleum 7,195,321 0.38 0.27 234,804 Philip Morris International 11,674,455 52,974 Apache 7,344,845 0.39 0.62 136,722 PNC Financial Services Group 7,771,278 70,439 Apple 11,917,574 0.64 0.41 116,670 PPL 5,972,337 85,644 Assurant 5,769,836 0.31 0.32 71,096 Praxair 6,755,542 615,537 AT&T 20,288,099 1.08 0.36 50,247 Priceline.com 5,916,584 448,125 Bank of America 10,844,625 0.58 0.32 230,149 Procter & Gamble 13,976,949 152,500 Bank of New York Mellon 5,659,275 0.30 0.75 85,777 Prudential Financial 5,422,822 118,570 Baxter International 7,510,224 0.40 0.29 201,487 Qualcomm 9,091,093 109,951 BE Aerospace 2,553,062 0.14 0.49 100,736 Raytheon 5,622,076 88,790 Bucyrus International 6,582,003 0.35 0.30 254,438 Safeway 7,228,584 208,383 CA4,795,935 0.26 0.39 401,499 Schering-Plough 7,825,215 111,497 Chesapeake Energy 7,382,216 0.39 0.42 209,002 Southern 7,206,389 135,614 Chevron 13,378,321 0.71 0.38 138,510 Spectra Energy 3,966,926 150,884 Chubb 7,470,267 0.40 0.21 50,700 SPX 6,656,910 107,057 Cimarex Energy 7,425,473 0.40 0.36 97,846 State Street 6,202,458 582,584 Cisco Systems 13,649,943 0.73 0.33 181,540 Steel Dynamics 7,098,214 610,401 Citigroup 10,163,177 0.54 0.38 214,095 Supervalu 6,570,575 142,906 Coca-Cola 7,433,970 0.40 0.35 255,975 TD Ameritrade Holding 4,633,147 331,570 Comcast - AShares 6,163,886 0.33 0.25 130,758 Thermo Fisher Scientific 7,245,301 104,456 Computer Sciences 4,844,669 0.26 0.39 268,855 Time Warner 3,893,020 87,379 ConocoPhillips 8,155,082 0.44 0.21 144,521 TJX 4,559,638 266,702 Corning 6,187,486 0.33 0.24 150,539 Travelers 6,622,211 77,784 CSX 4,833,498 0.26 0.35 80,114 Union Pacific 5,914,015 104,061 Cummins 6,663,026 0.36 0.32 21,219 United States Steel 4,015,059 178,456 CVS Caremark 7,111,472 0.38 0.21 280,907 US Bancorp 7,896,296 248,624 Dell 5,464,755 0.29 0.42 67,626 VF 4,769,662 59,879 Devon Energy 7,081,889 0.38 0.25 185,165 Wal-Mart Stores 10,469,229 117,048 Dominion Resources 5,462,630 0.29 0.56 218,291 Walt Disney 6,876,167 94,950 Dover 4,544,307 0.24 0.37 302,764 Wells Fargo & Co. 7,124,037 392,533 Duke Energy 6,712,314 0.36 0.38 189,763 Western Digital 6,599,957 346,513 El Paso 7,432,704 0.40 0.35 132,129 Wyeth 6,169,103 72,641 ENSCO International 5,973,269 0.32 0.33 258,631 Xilinx 6,509,742 32,000 Esc Telecorp 0 0.00 0.35 70,174 XTO Energy 4,804,112 389,767 Exxon Mobil 33,975,989 1.81 0.26 154,701 Zions Bancorporation 4,888,552 29,541 Fluor 5,446,179 0.29 0.26 184,710 Fossil 5,559,771 0.30 882,674,698 47.13 63,922 Freeport-McMoRan Copper & Gold 7,563,251 0.40 115,121 GameStop - AShares 4,803,999 0.25 UNITED KINGDOM 362,566 Gap 6,011,344 0.32 120,144 Anglo American 8,419,867 0.45 89,753 Gardner Denver 4,958,853 0.27 177,566 AstraZeneca 7,511,071 0.40 81,398 General Dynamics 6,761,732 0.36 425,714 Aviva 4,211,153 0.22 106,221 General Mills 6,377,509 0.34 1,189,675 Barclays 6,880,622 0.37 130,992 Gilead Sciences 6,916,378 0.37 254,930 Barclays - Rights 17.07.08 45,758 0.00 49,620 Goldman Sachs Group 8,646,285 0.46 305,946 BG Group 7,895,514 0.42 18,062 Google - AShares 9,602,301 0.51 546,355 BP 6,338,882 0.34 136,595 Halliburton 7,302,369 0.39 99,115 Eurasian Natural Resources 2,644,825 0.14 103,080 Helmerich & Payne 7,448,561 0.40 459,065 GlaxoSmithKline 10,171,608 0.54 58,407 Hess 7,473,759 0.40 1,250,668 HSBC Holdings 19,330,590 1.03 219,204 Hewlett-Packard 9,655,936 0.52 666,703 ICAP 7,140,162 0.38 278,588 Home Depot 6,571,891 0.35 778,179 Man Group 9,575,601 0.51 313,688 Hudson City Bancorp 5,251,137 0.28 1,609,600 RBS 6,845,551 0.37 457,093 Intel 9,786,361 0.52 70,494 Rio Tinto 8,442,412 0.45 178,748 Interactive Brokers Group - AShares 5,786,072 0.31 627,839 Royal Dutch Shell - B Shares 25,180,349 1.34 126,614 International Business Machines 15,006,291 0.80 252,441 Standard Chartered 7,128,933 0.38 124,342 J.C. Penney 4,501,180 0.24 641,659 Tesco 4,664,480 0.25 220,139 Johnson & Johnson 14,036,063 0.75 219,549 Unilever 6,221,956 0.33 119,452 Kohl’s 4,827,055 0.26 159,491 Vedanta Resources 6,937,344 0.38 160,722 Kraft Foods - AShares 4,570,934 0.24 7,455,160 Vodafone Group 22,049,538 1.18 58,203 L-3 Communications Holdings 5,270,282 0.28 1,170,147 WM Morrison Supermarkets 6,137,585 0.33 134,374 Lexmark International - AShares 4,517,654 0.24 87,874 Xstrata 7,069,646 0.38 73,603 Lockheed Martin 7,295,529 0.39 110,410 Marathon Oil 5,704,885 0.30 190,843,447 10.19 22,383 Mastercard - AShares 6,140,105 0.33 114,408 McDonald’s 6,358,796 0.34 JAPAN Astellas Pharma 7,305,347 127,776 Medco Health Solutions 6,103,860 0.33 171,700 0.39 Canon 7,872,642 116,021 Medtronic 5,970,441 0.32 152,500 0.42 Daihatsu Motor 6,668,369 183,373 Merck & Co. 6,896,658 0.37 580,000 0.36 Daikin Industries 5,361,774 134,728 MetLife 7,168,877 0.38 105,800 0.29 Honda Motor 8,495,523 647,210 Microsoft 18,028,682 0.96 248,900 0.45 Hosiden 4,303,541 126,367 Molson Coors Brewing - B Shares 6,873,101 0.37 201,400 0.23 Itochu 6,950,787 40,822 Monsanto 5,257,057 0.28 650,000 0.37 Kajima 4,742,514 169,060 Morgan Stanley 6,099,685 0.33 1,352,000 0.25 Komatsu 6,758,758 44,901 Mosaic 6,620,652 0.35 241,500 0.36 Konica Minolta Holdings 5,984,295 80,488 Murphy Oil 7,870,921 0.42 353,000 0.32 Kubota 4,876,736 81,463 National Oilwell Varco 7,217,622 0.39 676,000 0.26 Makita 6,807,602 304,180 New York Community Bancorp 5,493,491 0.29 165,900 0.36 Marubeni 7,505,933 391,194 News - B Shares 6,028,300 0.32 895,000 0.40 Matsushita Electric Industrial 6,279,015 106,316 Nike - B Shares 6,378,960 0.34 290,000 0.34 238,100 Mitsubishi 7,879,261 0.42

72 JPMorgan Funds - Global Dynamic Fund Schedule of Investments (Market Value Expressed in USD) (continued) As at 30 June 2008

% % 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

679,000 Mitsubishi Electric 7,350,778 0.39 SPAIN 350,000 Mitsui OSK Lines 5,006,855 0.27 386,519 BBVA7,471,369 0.40 1,272 Mizuho Financial Group 5,965,225 0.32 484,329 BSCH 8,849,980 0.47 240,000 Nikon 7,034,463 0.38 277,875 Iberdrola 3,718,250 0.20 14,600 Nintendo 8,268,709 0.44 358,939 Telefonica 9,566,290 0.51 1,257 Nippon Telegraph & Telephone 6,180,116 0.33 97,754 Union Fenosa 5,684,147 0.30 85,600 Sankyo 5,600,643 0.30 131,500 Sony 5,769,016 0.31 35,290,036 1.88 1,181 Sumitomo Mitsui Financial Group 8,921,846 0.48 ITALY Toyota Motor 9,639,626 203,500 0.51 201,060 ENI 7,515,952 0.40 Yamaguchi Financial Group 5,142,533 370,000 0.27 260,150 Fiat 4,256,923 0.23 1,227,529 Intesa Sanpaolo 6,982,811 0.37 172,671,907 9.22 3,610,191 Telecom Italia - RNC Shares 5,827,725 0.31 FRANCE 1,082,087 UniCredit 6,560,989 0.35 78,239 Accor 5,204,957 0.28 32,022 Alstom 7,356,534 0.39 31,144,400 1.66 249,307 AXA 7,366,302 0.40 HONG KONG 82,746 BNP Paribas 7,462,021 0.40 452,000 Cheung Kong Holdings 6,090,645 0.32 101,744 Bouygues 6,760,632 0.36 457,500 China Mobile 6,147,160 0.33 119,980 Gaz de France 7,709,210 0.41 1,921,000 Hang Lung Properties 6,157,288 0.33 47,352 Ipsen 2,417,910 0.13 581,500 Swire Pacific - AShares 5,945,693 0.32 40,523 Lafarge 6,143,669 0.33 1,202,000 Wharf Holdings 5,031,642 0.27 57,677 Pernod-Ricard 5,906,641 0.32 90,460 Sanofi-Aventis 6,012,266 0.32 29,372,428 1.57 88,480 Société Générale 7,685,917 0.41 113,579 Suez 7,704,753 0.41 FINLAND 157,397 Total 13,374,434 0.71 160,360 Fortum 8,059,326 0.43 199,479 Vivendi 7,551,282 0.40 430,025 Nokia 10,422,650 0.56 84,935 Wartsila 5,398,454 0.29 98,656,528 5.27 23,880,430 1.28 SWITZERLAND 231,298 ABB Registered Shares 6,553,330 0.35 NORWAY 66,268 Compagnie Financière Richemont - Bearer AShares 3,671,790 0.20 403,769 DnB NOR 5,163,185 0.28 145,646 Crédit Suisse Registered Shares 6,607,655 0.35 455,754 Norsk Hydro 6,724,548 0.36 418,270 Nestlé Registered Shares 18,926,728 1.01 310,646 Telenor 5,866,895 0.31 214,761 Novartis Registered Shares 11,836,224 0.63 67,844 Yara International 5,986,118 0.32 64,178 Roche Holding - Genussschein 11,456,079 0.61 15,223 Swatch Group - Bearer Shares 3,813,602 0.20 23,740,746 1.27 77,010 Swiss Reinsurance Registered Shares 5,080,284 0.27 DENMARK Syngenta Registered Shares 5,726,923 17,868 0.31 50,788 Carlsberg - B Shares 4,916,008 0.25 Zurich Financial Services 6,665,707 26,197 0.36 108,556 Novo Nordisk - B Shares 7,154,384 0.39 48,821 Vestas Wind Systems 6,404,109 0.34 80,338,322 4.29 GERMANY 18,474,501 0.98 35,225 Allianz Registered Shares 6,161,963 0.33 AUSTRALIA 96,690 BASF 6,652,139 0.36 402,297 BHP Billiton 16,900,897 0.90 69,020 Bayer 5,773,325 0.31 47,795 E.ON 9,661,061 0.52 16,900,897 0.90 34,031 Linde 4,760,436 0.25 44,243 MAN 4,926,720 0.26 CAYMAN ISLANDS 21,099 Muenchener Rueckversicherungs Registered Shares 3,686,885 0.20 120,776 ACE 6,636,641 0.35 29,565 Porsche Automobil Holding Non Voting Preference 45,526 Transocean 7,007,817 0.38 Shares 4,560,709 0.24 20,718 Salzgitter 3,802,403 0.20 13,644,458 0.73 60,357 Siemens Registered Shares 6,710,634 0.36 NETHERLANDS 59,994 ThyssenKrupp 3,780,075 0.20 166,928 ING Groep - CVA5,290,470 0.28 387,737 Koninklijke KPN 6,681,179 0.36 60,476,350 3.23 CANADA 11,971,649 0.64 39,529 Agrium 4,247,665 0.23 RUSSIA 663,652 CGI Group - AShares 6,484,879 0.35 79,738 Mechel ADR 3,939,057 0.21 77,304 EnCana 7,011,266 0.38 188,352 MMC Norilsk Nickel ADR 4,750,237 0.25 147,180 Husky Energy 7,016,527 0.37 28,674 Potash Corp of Saskatchewan 6,592,062 0.35 8,689,294 0.46 47,077 Research In Motion 5,622,877 0.30 276,065 Talisman Energy 6,147,191 0.33 GREECE 105,174 Toronto-Dominion Bank 6,604,323 0.35 287,353 Piraeus Bank 7,826,179 0.42

49,726,790 2.65 7,826,179 0.42 BERMUDA LUXEMBOURG 162,420 Accenture - A Shares 6,568,265 0.35 76,827 ArcelorMittal 7,637,437 0.41 326,973 Aquarius Platinum 5,383,074 0.29 107,549 Arch Capital Group 7,196,104 0.39 7,637,437 0.41 40,513 Bunge 4,356,768 0.23 BRAZIL 142,547 Covidien 6,815,172 0.35 105,657 Petroleo Brasileiro ADR 7,471,006 0.40 68,054 PartnerRe 4,771,946 0.26 184,471 Tyco Electronics 6,615,130 0.35 7,471,006 0.40 159,528 Weatherford International 7,855,159 0.42 TAIWAN 49,561,618 2.64 667,464 Taiwan Semiconductor Manufacturing ADR 7,275,358 0.39

7,275,358 0.39

73 JPMorgan Funds - Global Dynamic Fund Schedule of Investments (Market Value Expressed in USD) (continued) As at 30 June 2008

% % 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

INDONESIA 7,637,500 Bumi Resources Tbk 6,784,476 0.36 Allocation of Portfolio as at 31 December 2007 (Unaudited) % of Net Assets 6,784,476 0.36 Shares Financials ISRAEL 23.33 Information Technology 135,942 Teva Pharmaceutical Industries ADR 6,176,525 0.33 11.30 Industrials 11.09 Energy 6,176,525 0.33 10.84 Consumer Discretionary 10.02 CHINA Consumer Staples 9.38 8,252,000 Industrial & Commercial Bank of China - H Shares * 5,639,084 0.30 Materials 7.63 Health Care 7.30 5,639,084 0.30 Utilities 4.51 Telecommunication Services AUSTRIA 4.42 Investment Companies 0.88 63,115 OMV 4,974,636 0.27 Total Shares 100.70 4,974,636 0.27 Cash and Other Assets/(Liabilities) (0.70) EGYPT Total 100.00 34,893 Orascom Construction Industries GDR 4,771,618 0.25

4,771,618 0.25 SOUTH KOREA 41,236 LG Electronics 4,667,112 0.25

4,667,112 0.25 INDIA 39,457 Reliance Industries GDR 144A3,866,786 0.21

3,866,786 0.21

Total Shares and Rights 1,865,148,716 99.58

Total Transferable Securities Admitted to an 1,865,148,716 99.58 Official Exchange Listing

Transferable Securities Dealt in on Another Regulated Market

Investment Funds LUXEMBOURG 4,501,213 JPMorgan Liquidity Funds - US Dollar Liquidity Fund (JPM US Dollar Liquidity X (dist.)) 4,501,213 0.24

4,501,213 0.24

Total Investment Funds 4,501,213 0.24

Total Transferable Securities Dealt in on 4,501,213 0.24 Another Regulated Market Total Investments 1,869,649,929 99.82

Bank Overdraft (1,451,352) (0.08)

Other Assets/(Liabilities) 4,754,776 0.25

Total Net Assets 1,872,953,353 100.00

* Hong Kong Registered Shares.

Allocation of Portfolio as at 30 June 2008 % of Net Assets Shares and Rights Financials 19.38 Energy 14.87 Industrials 11.55 Information Technology 10.86 Consumer Discretionary 10.65 Materials 9.36 Health Care 7.38 Consumer Staples 6.56 Utilities 4.56 Telecommunication Services 4.41 Investment Companies 0.24 Total Shares and Rights 99.82 Bank Overdraft and Other Assets/(Liabilities) 0.18 Total 100.00

74 JPMorgan Funds - Global Dynamic Fund Schedule of Investments - Outstanding Forward Foreign Exchange Contracts (Expressed in USD) As at 30 June 2008

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

15-Jul-08 AUD 246,046 EUR 150,933 (1,917) 15-Jul-08 CAD 149,558 EUR 94,333 (1,159) 15-Jul-08 CHF 189,433 EUR 117,682 566 15-Jul-08 DKK 270,017 EUR 36,210 (13) 15-Jul-08 EUR 168,612 SGD 359,015 1,817 15-Jul-08 EUR 520,990 HKD 6,327,189 10,085 15-Jul-08 EUR 390,354 AUD 637,811 3,551 15-Jul-08 EUR 730,770 CAD 1,173,223 (5,464) 15-Jul-08 EUR 292,419 DKK 2,180,796 53 15-Jul-08 EUR 1,388,055 CHF 2,232,099 (4,465) 15-Jul-08 EUR 3,433,660 GBP 2,728,596 (21,630) 15-Jul-08 EUR 375,465 NOK 2,988,502 4,969 15-Jul-08 EUR 3,086,713 JPY 512,786,365 15,236 15-Jul-08 EUR 14,970,418 USD 23,442,417 163,750 15-Jul-08 EUR 109,097 SEK 1,018,735 2,291 15-Jul-08 GBP 259,418 EUR 326,962 1,251 15-Jul-08 HKD 902,271 EUR 75,437 (3,240) 15-Jul-08 JPY 41,375,631 EUR 251,398 (4,916) 15-Jul-08 NOK 376,001 EUR 47,166 (510) 15-Jul-08 USD 1,165,004 EUR 753,433 (23,049)

Total 137,206

75 JPMorgan Funds - Global Equity Fund (USD) Schedule of Investments (Market Value Expressed in USD) As at 30 June 2008

% % 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 10,400 Bayer 869,930 0.54 Shares and Rights 64,920 Deutsche Post 1,683,098 1.03 9,100 E.ON 1,839,432 1.13 UNITED STATES OFAMERICA 19,200 Siemens Registered Shares 2,134,701 1.31 18,200 Allegheny Technologies 1,098,552 0.67 16,300 Apache 2,259,995 1.38 6,527,161 4.01 40,600 Autodesk 1,385,678 0.85 64,100 Bank of America 1,551,220 0.95 CANADA 39,600 BE Aerospace 919,512 0.56 151,800 Talisman Energy 3,380,159 2.08 25,900 Boeing 1,710,695 1.05 123,500 Yamana Gold 2,041,776 1.25 141,100 Cisco Systems 3,305,973 2.03 95,100 Comcast - AShares 1,767,909 1.09 5,421,935 3.33 90,600 Corning 2,101,920 1.29 ITALY 99,500 Duke Energy 1,701,450 1.05 437,400 Intesa Sanpaolo 2,488,154 1.53 225,100 El Paso 4,828,395 2.96 331,400 UniCredit 2,009,369 1.23 12,500 Goldman Sachs Group 2,178,125 1.34 54,800 Hansen Natural 1,583,720 0.97 4,497,523 2.76 24,500 International Business Machines 2,903,740 1.78 69,500 Merck & Co. 2,613,895 1.61 HONG KONG 44,300 MetLife 2,357,203 1.45 75,000 China Mobile 1,007,731 0.62 90,100 Microsoft 2,509,826 1.54 594,000 Hang Lung Properties 1,903,919 1.17 41,800 NeuStar - AShares 894,102 0.55 142,800 News - B Shares 2,200,548 1.35 2,911,650 1.79 29,800 Norfolk Southern 1,815,714 1.12 FINLAND 47,931 Philip Morris International 2,383,129 1.46 108,000 Nokia 2,617,630 1.61 33,300 Procter & Gamble 2,022,309 1.24 32,100 Prudential Financial 2,029,362 1.25 2,617,630 1.61 42,200 Qualcomm 1,904,064 1.17 70,700 Safeway 2,008,587 1.23 TAIWAN 109,400 Schering-Plough 2,132,206 1.31 204,800 Taiwan Semiconductor Manufacturing ADR 2,232,320 1.37 33,500 United Technologies 2,046,515 1.26 37,400 Weatherford International 1,841,576 1.13 2,232,320 1.37 BRAZIL 58,055,920 35.64 28,500 Petroleo Brasileiro ADR 2,015,235 1.24 UNITED KINGDOM 151,500 Barclays 876,218 0.54 2,015,235 1.24 32,464 Barclays - Rights 17.07.08 5,827 0.00 MEXICO 101,700 BG Group 2,624,561 1.61 43,615 Fomento Economico Mexicano ADR 1,935,198 1.19 40,500 BHP Billiton 1,544,345 0.95 127,600 HSBC Holdings 1,977,876 1.22 1,935,198 1.19 202,000 ICAP 2,163,351 1.33 55,800 Standard Chartered 1,575,792 0.97 GREECE 336,900 Tesco 2,449,063 1.51 66,050 Piraeus Bank 1,798,899 1.10 38,600 Vedanta Resources 1,678,975 1.03 1,213,400 Vodafone Group 3,588,777 2.20 1,798,899 1.10 75,500 Wolseley 568,415 0.34 CAYMAN ISLANDS 218,027 WPP Group 2,086,059 1.28 38,800 Focus Media Holding ADR 1,059,240 0.65 14,600 Suntech Power Holdings ADR 534,068 0.33 21,139,259 12.98 JAPAN 1,593,308 0.98 231 East Japan Railway 1,889,236 1.16 SPAIN 40,200 Honda Motor 1,372,117 0.84 80,200 BBVA1,550,257 0.95 453 Japan Tobacco 1,940,235 1.19 142,200 Mitsubishi 4,705,715 2.89 1,550,257 0.95 114,000 Mitsui Fudosan 2,446,745 1.50 26,100 Murata Manufacturing 1,233,867 0.76 NORWAY 19,500 Nidec 1,303,503 0.80 73,300 Norsk Hydro 1,081,525 0.66 3,300 Nintendo 1,868,955 1.15 24,600 Toyota Motor 1,165,282 0.72 1,081,525 0.66 ISRAEL 17,925,655 11.01 20,200 Teva Pharmaceutical Industries ADR 917,787 0.56 FRANCE 33,000 Accor 2,195,370 1.35 917,787 0.56 55,100 AXA 1,628,046 1.00 INDONESIA 29,500 Bouygues 1,960,200 1.20 1,414,000 Bank Rakyat Indonesia 781,215 0.47 10,900 Lafarge 1,652,543 1.01 19,400 Pernod-Ricard 1,986,734 1.22 781,215 0.47 37,800 Rhodia Registered Shares 691,303 0.43 11,100 Schneider Electric 1,201,020 0.74 Total Shares and Rights 158,291,343 97.18 17,300 Société Générale 1,502,784 0.92 56,480 Total 4,799,253 2.95 Total Transferable Securities Admitted to an 158,291,343 97.18 Official Exchange Listing 17,617,253 10.82 SWITZERLAND 17,900 Adecco Registered Shares 890,692 0.55 19,842 Holcim Registered Shares 1,593,559 0.98 14,200 Roche Holding - Genussschein 2,534,768 1.55 10,425 Zurich Financial Services 2,652,594 1.63

7,671,613 4.71

76 JPMorgan Funds - Global Equity Fund (USD) Schedule of Investments (Market Value Expressed in USD) (continued) As at 30 June 2008

% % 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 Dealt in on Another Regulated Market

Investment Funds LUXEMBOURG 4,809,795 JPMorgan Liquidity Funds - US Dollar Liquidity Fund (JPM US Dollar Liquidity X (dist.)) 4,809,795 2.95

4,809,795 2.95

Total Investment Funds 4,809,795 2.95

Total Transferable Securities Dealt in on Another 4,809,795 2.95 Regulated Market Total Investments 163,101,138 100.13

Bank Overdraft (243,895) (0.15)

Other Assets/(Liabilities) 28,044 0.02

Total Net Assets 162,885,287 100.00

Allocation of Portfolio as at 30 June 2008 % of Net Assets Shares and Rights Financials 20.55 Industrials 13.53 Information Technology 13.20 Energy 10.72 Consumer Staples 10.01 Consumer Discretionary 8.77 Materials 6.86 Utilities 5.14 Health Care 5.03 Telecommunication Services 3.37 Investment Companies 2.95 Total Shares and Rights 100.13 Bank Overdraft and Other Assets/(Liabilities) (0.13) Total 100.00

Allocation of Portfolio as at 31 December 2007 (Unaudited) % of Net Assets Shares Financials 25.01 Information Technology 14.66 Industrials 11.64 Energy 10.16 Consumer Staples 9.94 Consumer Discretionary 7.91 Health Care 6.80 Materials 6.55 Telecommunication Services 3.61 Utilities 3.16 Total Shares 99.44 Cash and Other Assets/(Liabilities) 0.56 Total 100.00

77 JPMorgan Funds - Global Focus Fund Schedule of Investments (Market Value Expressed in EUR) As at 30 June 2008

% % 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 264,410 Intercell 8,249,592 2.46 Shares 30,105 Schoeller-Bleckmann Oilfield Equipment 2,004,391 0.60

UNITED STATES OFAMERICA 10,253,983 3.06 96,957 Abbott Laboratories 3,260,882 0.97 76,129 Celgene 3,077,581 0.92 GREECE 436,098 Cisco Systems 6,475,348 1.93 893,478 Corinth Pipeworks 3,573,912 1.06 214,503 Corning 3,153,756 0.94 648,052 Sidenor Steel Products Manufacturing 6,273,143 1.87 90,914 CR Bard 5,109,321 1.52 72,836 Edison International 2,329,626 0.69 9,847,055 2.93 52,555 FirstEnergy 2,703,105 0.80 CAYMAN ISLANDS 108,752 General Mills 4,137,945 1.23 5,248,000 Agile Property Holdings 2,899,557 0.85 65,545 Goldman Sachs Group 7,238,009 2.16 4,330,000 Belle International Holdings 2,469,755 0.74 240,110 Merck & Co. 5,722,955 1.70 1,291,000 Hengan International Group 2,412,587 0.73 494,846 News - B Shares 4,832,585 1.44 195,289 Norfolk Southern 7,540,770 2.25 7,781,899 2.32 121,587 Paychex 2,417,177 0.72 176,568 Quanta Services 3,624,346 1.08 TAIWAN 184,205 Safeway 3,316,496 0.99 255,977 Chunghwa Telecom ADR 4,136,642 1.23 76,599 Shaw Group 2,977,165 0.89 895,000 HON HAI Precision Industry 2,793,909 0.83 237,077 Staples 3,565,282 1.06 251,132 SYSCO 4,398,928 1.31 6,930,551 2.06 350,547 TD Ameritrade Holding 4,020,977 1.20 NETHERLANDS 177,226 Verizon Communications 3,913,022 1.17 303,346 Koninklijke KPN 3,312,538 0.98 260,008 Walt Disney 5,190,438 1.54 666,133 Vimetco Registered Shares GDR 3,584,061 1.07 200,642 Xilinx 3,200,456 0.95 282,304 Zions Bancorporation 5,653,415 1.68 6,896,599 2.05 97,859,585 29.14 AUSTRALIA 1,574,074 International Ferro Metals 2,496,761 0.74 UNITED KINGDOM 136,564 Macquarie Group 4,046,859 1.21 2,711,894 Afren 5,809,658 1.73 1,963,298 Aricom 2,022,330 0.60 6,543,620 1.95 906,728 BAE Systems 5,030,946 1.50 1,885,775 Beazley Group 2,657,498 0.79 ISRAEL 301,513 Cadbury 2,387,455 0.71 1,003,801 Makhteshim-Agan Industries 5,913,811 1.76 3,604,016 Central African Mining & Exploration 2,550,838 0.76 494,574 Cookson Group 3,906,784 1.16 5,913,811 1.76 410,947 Hikma Pharmaceuticals 2,596,952 0.77 SPAIN 1,292,571 International Power 6,971,658 2.08 454,348 BSCH 5,261,350 1.57 1,336,185 RBS 3,601,337 1.07 139,071 Royal Dutch Shell - AShares 3,621,409 1.08 5,261,350 1.57 1,665,133 TUI Travel 4,324,829 1.29 4,194,770 Vodafone Group 7,862,442 2.34 ISLE OFMAN 683,107 Lamprell 4,942,792 1.47 53,344,136 15.88 4,942,792 1.47 FRANCE 35,943 Alstom 5,232,941 1.56 RUSSIA 48,363 Compagnie Générale des Etablissements Michelin - B 396,979 Magnitogorsk Iron & Steel Works Registered Shares Shares 2,182,622 0.65 GDR 4,385,021 1.31 292,008 Rhodia Registered Shares 3,384,373 1.00 146,800 Sodexo 6,067,244 1.81 4,385,021 1.31 123,743 Suez 5,319,712 1.59 JERSEY 194,812 Vivendi 4,673,540 1.39 331,647 Shire 3,456,009 1.03 26,860,432 8.00 3,456,009 1.03 JAPAN IRELAND 2,113 Japan Tobacco 5,735,384 1.71 149,245 Elan 3,368,460 1.00 155,500 Mitsubishi 3,261,093 0.97 13,200 Nintendo 4,737,678 1.41 3,368,460 1.00 931,000 Nippon Sheet Glass 2,928,692 0.87 24,190 ORIX 2,201,701 0.66 PANAMA 158,200 Toyota Motor 4,749,074 1.41 116,836 Willbros Group 3,288,986 0.98 180,300 Yakult Honsha 3,230,217 0.96 3,288,986 0.98 26,843,839 7.99 INDIA GERMANY 217,190 Reliance Capital 2,893,674 0.86 124,297 Bayer 6,588,984 1.96 27,365 E.ON 3,505,457 1.04 2,893,674 0.86 206,180 Lanxess 5,325,629 1.59 SOUTH AFRICA 71,143 Wincor Nixdorf 3,123,178 0.93 1,182,677 African Bank Investments 2,283,889 0.68 18,543,248 5.52 2,283,889 0.68 SWITZERLAND CYPRUS 240,920 Nestlé Registered Shares 6,908,733 2.06 292,337 Marfin Popular Bank Public 1,356,444 0.40 57,118 Roche Holding - Genussschein 6,461,444 1.92 1,356,444 0.40 13,370,177 3.98 FINLAND Total Shares 334,430,357 99.57 208,084 Nokia 3,196,170 0.95 3,883,029 Ruukki Group 9,008,627 2.68 Total Transferable Securities Admitted to an 334,430,357 99.57 Official Exchange Listing 12,204,797 3.63

78 JPMorgan Funds - Global Focus Fund Schedule of Investments (Market Value Expressed in EUR) (continued) As at 30 June 2008

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

Transferable Securities Dealt in on Another Regulated Market

Investment Funds LUXEMBOURG 1,200,000 JPMorgan Liquidity Funds - Euro Liquidity Fund (JPM Euro Liquidity X (dist.)) 1,200,000 0.36

1,200,000 0.36

Total Investment Funds 1,200,000 0.36

Total Transferable Securities Dealt in on Another 1,200,000 0.36 Regulated Market Total Investments 335,630,357 99.93

Cash 925,292 0.28

Other Assets/(Liabilities) (658,812) (0.20)

Total Net Assets 335,896,837 100.00

Allocation of Portfolio as at 30 June 2008 % of Net Assets Shares Financials 17.11 Industrials 14.18 Health Care 13.01 Materials 11.59 Consumer Discretionary 10.39 Consumer Staples 8.97 Information Technology 6.53 Utilities 6.20 Energy 5.86 Telecommunication Services 5.72 Investment Companies 0.36 Total Shares 99.92 Cash and Other Assets/(Liabilities) 0.08 Total 100.00

Allocation of Portfolio as at 31 December 2007 (Unaudited) % of Net Assets Shares Financials 18.68 Industrials 18.45 Information Technology 12.09 Health Care 9.38 Consumer Discretionary 8.97 Materials 8.10 Energy 7.89 Consumer Staples 7.69 Utilities 5.45 Telecommunication Services 3.58 Investment Companies 0.19 Total Shares 100.47 Cash and Other Assets/(Liabilities) (0.47) Total 100.00

79 JPMorgan Funds - Global Focus Fund Schedule of Investments - Outstanding Forward Foreign Exchange Contracts (Expressed in EUR) As at 30 June 2008

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

07-Jul-08 AUD 8,484 EUR 5,165 1 07-Jul-08 CAD 188,398 EUR 118,518 (650) 07-Jul-08 CHF 6,808 EUR 4,226 14 07-Jul-08 EUR 321,076 GBP 252,543 1,936 07-Jul-08 EUR 1,400,684 USD 2,165,329 28,075 07-Jul-08 EUR 297,316 JPY 48,393,321 7,185 07-Jul-08 EUR 29,343 SEK 273,579 434 07-Jul-08 EUR 37,602 HKD 453,163 768 07-Jul-08 EUR 122,854 CAD 188,398 4,986 07-Jul-08 EUR 13,288 SGD 28,063 209 07-Jul-08 EUR 77,724 CHF 126,296 (933) 07-Jul-08 EUR 96,395 AUD 156,814 904 07-Jul-08 EUR 4,582 NOK 36,315 56 07-Jul-08 GBP 48,029 EUR 60,448 247 07-Jul-08 HKD 453,163 EUR 37,104 (270) 07-Jul-08 JPY 4,364,651 EUR 26,689 (522) 07-Jul-08 USD 2,165,329 EUR 1,374,795 (2,186) 11-Jul-08 AUD 21,535,416 EUR 12,650,199 458,868 11-Jul-08 CAD 25,965,802 EUR 16,448,950 (201,384) 11-Jul-08 CHF 3,005,525 EUR 1,863,309 9,023 11-Jul-08 DKK 28,056,395 EUR 3,760,558 1,106 11-Jul-08 EUR 818,231 SGD 1,764,769 (4,595) 11-Jul-08 EUR 3,871,450 CHF 6,100,917 70,802 11-Jul-08 EUR 2,320,398 DKK 17,308,439 (232) 11-Jul-08 EUR 14,638,171 JPY 2,349,716,956 544,671 11-Jul-08 EUR 37,583,584 GBP 29,934,043 (240,096) 11-Jul-08 EUR 53,274,101 USD 83,041,230 622,741 11-Jul-08 EUR 18,513,085 HKD 226,153,804 125,393 11-Jul-08 EUR 3,429,507 SEK 32,101,557 37,464 11-Jul-08 EUR 4,859,223 AUD 7,958,508 14,709 11-Jul-08 GBP 10,001,950 EUR 12,536,960 101,177 11-Jul-08 HKD 163,218,150 EUR 13,386,679 (116,041) 11-Jul-08 JPY 3,786,017,647 EUR 23,676,386 (968,017) 11-Jul-08 NOK 6,537,870 EUR 813,441 1,247 11-Jul-08 SEK 72,791,765 EUR 7,774,881 (83,266) 11-Jul-08 SGD 6,194,862 EUR 2,904,763 (16,401) 11-Jul-08 USD 174,397,323 EUR 111,606,383 (1,031,719) 07-Aug-08 EUR 21,615 HKD 265,323 - 07-Aug-08 EUR 113,201 CAD 179,975 468 07-Aug-08 EUR 1,219,141 USD 1,919,679 259

Total (633,569)

80 JPMorgan Funds - Global Life Sciences Fund Schedule of Investments (Market Value Expressed in USD) As at 30 June 2008

% % 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 ITALY 13,866 DiaSorin 288,376 0.91 Shares 7,981 Newron Pharmaceuticals 246,981 0.78

UNITED STATES OFAMERICA 535,357 1.69 27,000 Abbott Laboratories 1,432,890 4.52 19,200 Aetna 777,024 2.45 IRELAND 8,320 Alexion Pharmaceuticals 606,362 1.91 12,883 Elan ADR 454,770 1.43 100,100 Barrier Therapeutics 403,403 1.27 14,100 BioMarin Pharmaceuticals 420,462 1.33 454,770 1.43 282,300 Bionovo 321,822 1.01 SWEDEN 33,400 Bristol-Myers Squibb 685,368 2.16 20,046 Elekta - B Shares 387,730 1.22 21,200 Celgene 1,352,348 4.26 93,900 Combinatorx 329,965 1.04 387,730 1.22 7,100 CR Bard 629,628 1.98 20,900 CVS Caremark 832,865 2.62 DENMARK 40,510 Cypress Bioscience 289,241 0.91 5,987 Genmab 228,637 0.72 98,900 Cytokinetics 382,743 1.21 271,288 Dusa Pharmaceuticals 549,358 1.73 228,637 0.72 22,900 Gilead Sciences 1,209,120 3.81 16,000 Hologic 349,442 1.10 Total Shares 30,412,264 95.84 6,900 Illumina 613,548 1.93 36,600 Incyte 277,428 0.87 Total Transferable Securities Admitted to an 30,412,264 95.84 291,100 Lev Pharmaceuticals 538,535 1.70 Official Exchange Listing 23,916 Medivation 300,385 0.95 Total Investments 30,412,264 95.84 32,300 Merck & Co. 1,214,803 3.83 165,700 Protalix BioTherapeutics 490,472 1.55 Cash 721,126 2.27 23,900 Rigel Pharmaceuticals 577,902 1.82 63,400 Schering-Plough 1,235,666 3.89 Other Assets/(Liabilities) 598,785 1.89 50,500 Seattle Genetics 440,360 1.39 122,000 Synergetics USA330,010 1.04 Total Net Assets 31,732,175 100.00 28,000 Thoratec 490,840 1.55 184,200 ULURU 156,570 0.50 5,680 United Therapeutics 549,739 1.73 13,700 VCAAntech 385,655 1.22 12,000 Xenoport 480,600 1.51 Allocation of Portfolio as at 30 June 2008 % of 8,600 Zimmer Holdings 584,972 1.84 Net Assets Shares 19,239,526 60.63 Health Care 89.29 Materials 3.93 UNITED KINGDOM Consumer Staples 2.62 47,125 Hikma Pharmaceuticals 469,919 1.47 Total Shares 95.84 Oxford Biomedica 246,946 538,359 0.78 Cash and Other Assets/(Liabilities) 4.16 27,305 SSL International 243,417 0.77 19,883 Synergy Healthcare 291,454 0.92 Total 100.00

1,251,736 3.94 GERMANY 14,885 Bayer 1,245,087 3.93 Allocation of Portfolio as at 31 December 2007 (Unaudited) % of 21,588 Wilex 248,673 0.78 Net Assets Shares 1,493,760 4.71 Health Care 94.36 AUSTRIA Materials 2.50 28,783 Intercell 1,417,046 4.47 Total Shares 96.86 Cash and Other Assets/(Liabilities) 3.14 1,417,046 4.47 Total 100.00 SWITZERLAND 970 Galenica Holding Registered Shares 349,015 1.10 9,324 Novartis Registered Shares 513,878 1.62 3,054 Roche Holding - Genussschein 545,154 1.72

1,408,047 4.44 JAPAN 50,400 Chugai Pharmaceutical 809,621 2.55 12,600 Suzuken 466,998 1.47

1,276,619 4.02 JERSEY 61,106 Shire 1,004,791 3.17

1,004,791 3.17 ISRAEL 20,200 Teva Pharmaceutical Industries ADR 917,787 2.89

917,787 2.89 FRANCE 8,943 Sanofi-Aventis 594,381 1.87 10,336 Transgene 202,077 0.64

796,458 2.51

81 JPMorgan Funds - Global Natural Resources Fund Schedule of Investments (Market Value Expressed in EUR) As at 30 June 2008

% % 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 375,000 Pacific Rubiales Energy - Warrants 12.07.12 1,641,959 0.09 Shares, Warrants and Rights 5,800,000 Peak Gold 2,829,799 0.15 1,706,250 Peak Gold - Warrants 03.04.12 152,086 0.01 CANADA 1,709,452 Peregrine Diamonds 237,914 0.01 805,000 Addax Petroleum 24,517,076 1.31 5,090,000 Petaquilla Copper 3,247,513 0.17 331,000 Agnico-Eagle Mines 15,559,298 0.83 452,381 Petaquilla Copper - Warrants 27.07.09 0 0.00 916,600 Amerigo Resources 923,079 0.05 770,000 Petaquilla Copper - Warrants 21.12.09 0 0.00 4,198,132 Antrim Energy 8,796,986 0.47 2,316,900 Petaquilla Minerals 2,173,860 0.12 1,070,806 Anvil Mining 6,383,174 0.34 489,600 Petrobank Energy & Resources 15,891,251 0.85 1,759,700 Aquila Resources 748,481 0.04 295,000 Petro-Canada 10,338,931 0.55 312,500 Aquila Resources - Warrants 15.12.08 0 0.00 143,264 Petrolifera Petroleum 778,735 0.04 1,465,600 Aquiline Resources 7,608,982 0.41 3,198,600 Platinum Group Metals 5,632,113 0.30 1,780,000 Aurelian Resources 6,390,942 0.34 1,975,409 Platmin 8,773,005 0.47 744,400 Baffinland Iron Mines 1,396,885 0.07 415,000 Quadra Mining 5,490,242 0.29 949,100 Banro 4,007,271 0.21 1,224,313 Red Back Mining 6,501,793 0.35 850,932 Barrick Gold 24,356,444 1.30 1,750,000 Redox Diamonds 547,320 0.03 3,589,500 Brazauro Resources 1,728,851 0.09 3,989,647 Scorpio Mining 3,094,491 0.17 1,300,000 Brazauro Resources - Warrants 22.03.09 0 0.00 3,889,600 SEMAFO 3,284,519 0.18 4,502,934 Brazilian Diamonds 225,330 0.01 775,000 Sherwood Copper 2,477,169 0.13 3,347,200 Calvalley Petroleums - AShares 8,458,552 0.45 2,132,791 Shore Gold 3,668,715 0.20 229,000 Cameco 6,064,840 0.32 2,250,000 Silvercorp Metals 8,556,952 0.46 2,390,000 Canadian Royalties 3,049,728 0.16 907,591 Skye Resources 4,734,665 0.25 780,000 Centenario Copper 2,610,246 0.14 100,000 Skye Resources - Warrants 26.01.09 5,317 0.00 1,770,169 Consolidated Puma Minerals 1,467,113 0.08 3,704,300 Stornoway Diamond 741,462 0.04 1,375,200 Consolidated Thompson Iron Mines 7,586,954 0.41 2,000,000 Stream Oil & Gas 1,344,843 0.07 9,000,000 Crowflight Minerals 2,730,343 0.15 1,000,000 Stream Oil & Gas - Warrants 02.08.09 0 0.00 827,279 Denison Mines 4,491,638 0.24 732,800 Talisman Energy 10,340,882 0.55 2,850,000 Diamonds North Resources 2,050,103 0.11 460,000 Thompson Creek Metals 5,748,921 0.31 4,067,400 Eastern Platinum 6,767,551 0.36 145,889 Tournigan Gold 68,441 0.00 1,890,000 Eldorado Gold 10,332,520 0.55 2,600,000 Tsar Emerald 165 0.00 3,550,000 Enhanced Oil Resources 2,997,748 0.16 353,332 Uranium North Resources 58,568 0.00 1,775,000 Enhanced Oil Resources - 3,750,000 Uranium One 11,423,344 Warrants 11.10.09 0 0.00 0.61 670,000 Verenex Energy 3,436,542 1,249,724 Equinox Minerals AUD 3,563,266 0.19 0.18 1,777,123 Victoria Resources 778,123 3,049,724 Equinox Minerals CAD 8,679,705 0.46 0.04 2,650,000 Western Canadian Coal 14,918,371 3,042,000 Etruscan Resources 3,291,837 0.18 0.80 215,545 Western Canadian Coal - 2,372,888 European Goldfields 7,077,785 0.38 Warrants 28.06.12 774,571 0.04 1,409,837 Exeter Resource 3,756,743 0.20 1,268,550 Yamana Gold 13,290,931 0.71 3,768,600 First Calgary Petroleums CAD 5,421,768 0.29 101,367 First Calgary Petroleums GBP 140,928 0.01 602,729,832 32.21 230,000 First Quantum Minerals 9,886,532 0.53 1,631,474 First Uranium 6,306,692 0.34 AUSTRALIA 140,000 Fording Canadian Coal Trust 8,310,502 0.44 4,450,000 Aditya Birla Minerals 5,937,347 0.32 1,100,000 Franco-Nevada 16,940,013 0.91 8,960,000 Aim Resources AUD 365,739 0.02 6,088,788 Galantas Gold 476,073 0.02 31,496,230 Aim Resources GBP 1,130,538 0.06 2,000,000 Galantas Gold - Warrants 26.07.08 0 0.00 4,562,500 Aim Resources - Warrants 28.09.10 0 0.00 600,000 Gammon Gold 4,098,330 0.22 1,500,000 Alumina 4,331,695 0.23 426,900 Global Alumina 378,757 0.02 6,220,000 Avoca Resources 8,488,417 0.45 5,300,000 Global Alumina 5,340,473 0.29 1,840,909 Beach Petroleum 1,502,884 0.08 3,195,209 Globestar Mining 3,117,862 0.17 4,324,500 Berkeley Resources 2,239,459 0.11 1,200,000 Gold Reserve 1,351,098 0.07 1,103,282 BHP Billiton 29,373,538 1.56 1,674,000 Gold Wheaton 523,550 0.03 7,603,283 Blina Diamonds 416,900 0.02 410,000 Goldcorp 12,199,724 0.65 16,000,000 Carnarvon Petroleum 5,166,354 0.28 290,691 Golden Peaks Resources 194,558 0.01 4,400,000 Carrick Gold 3,297,206 0.18 1,718,944 Great Panther Resources 1,301,008 0.07 1,325,000 Centamin Egypt AUD 969,694 0.05 2,760,272 Greystar Resources 6,794,064 0.36 14,264,602 Centamin Egypt GBP 10,412,557 0.56 1,875,000 High River Gold Mines 1,888,253 0.10 1,310,046 Coal of Africa AUD 3,336,193 0.18 2,609,400 Ithaca Energy 4,782,349 0.26 3,096,872 Coal of Africa GBP 7,750,692 0.41 1,276,529 Jaguar Mining 7,849,052 0.42 880,000 Condor Nickel 108,567 0.01 1,626,600 Jinshan Gold Mines 2,614,851 0.14 12,108,602 CopperCo 4,241,800 0.23 2,131,000 Kinross Gold 31,817,707 1.70 1,800,350 Curnamona Energy 636,170 0.03 50,000 Kinross Gold - Warrants 07.09.11 124,476 0.01 6,500,000 Diamonex AUD 990,015 0.05 2,045,257 Kirkland Lake Gold 12,754,871 0.68 800,000 Diamonex GBP 131,444 0.01 5,443,500 La Mancha Resources 1,361,982 0.07 1,800,000 Dwyka Resources 528,937 0.03 1,750,000 Lundin Mining 6,808,657 0.36 372,200 Dwyka Resources AUD 107,711 0.01 2,109,241 Lundin Mining SDR 8,202,099 0.44 5,486,429 Dwyka Resources GBP 1,594,872 0.09 13,288,500 Mano River Resources 1,810,518 0.10 10,000,000 Emmerson Resources 1,492,638 0.08 13,500,000 Mart Resources 5,151,060 0.28 2,500,000 Fortescue Metals Group 18,124,885 0.97 3,731,168 Mediterranean Resources 350,081 0.02 2,082,122 Fusion Resources 761,107 0.04 1,823,784 Mediterranean Resources - 9,350,000 Gindalbie Metals 8,231,287 0.44 Warrants 24.05.09 0 0.00 275,000 Global Forest 83,770 0.00 1,450,000 Moto Goldmines 3,319,572 0.18 8,736,744 Indophil Resources 7,318,812 0.39 684,300 Nautilus Minerals CAD 980,201 0.05 9,350,000 Integra Mining 2,506,413 0.13 2,181,400 Nautilus Minerals GBP 3,236,216 0.17 14,000,000 International Ferro Metals 22,206,489 1.19 4,771,498 Nevsun Resources 6,178,145 0.33 6,300,000 Jabiru Metals 2,206,971 0.12 46,428 Nevsun Resources - Warrants 25.10.08 2,323 0.00 1,587,758 Kagara Zinc 4,449,697 0.24 105,882 Nevsun Resources - Warrants 31.10.09 0 0.00 6,774,617 Leyshon Resources 1,939,372 0.10 200,000 Nexen 5,028,043 0.27 1,829,469 Lion Selection 2,039,691 0.11 152,500 Niko Resources 9,409,270 0.50 19,000,000 Lynas 15,048,224 0.80 1,029,000 North Atlantic Resources 164,130 0.01 2,627,401 Mantra Resources 6,098,733 0.33 1,557,913 Novagold Resources 7,591,257 0.41 479,682 Mantra Resources - Warrants 30.06.09 979,009 0.05 1,916,700 Oilexco 23,007,113 1.23 40,000,000 Metals X 9,869,685 0.53 370,000 OPTI Canada 5,515,168 0.29 2,235,000 Minara Resources 4,425,366 0.24 2,300,000 Orezone Resources CAD 1,640,082 0.09 2,932,300 Mineral Deposits 1,410,839 0.08 7,050,000 Orezone Resources USD 5,182,674 0.28 29,500,000 Mintails 5,751,224 0.31 2,673,354 Pacific Rubiales Energy 22,574,766 1.21 1,923,981 Mirabela Nickel AUD 7,396,367 0.40 82 JPMorgan Funds - Global Natural Resources Fund Schedule of Investments (Market Value Expressed in EUR) (continued) As at 30 June 2008

% % 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

234,950 Mirabela Nickel CAD 889,862 0.05 3,570,000 Regal Petroleum 11,663,715 0.62 7,464,641 Monarch Gold Mining 1,341,588 0.07 1,250,000 Ridge Mining 1,816,837 0.10 2,200,000 Mount Gibson Iron 4,181,822 0.22 238,100 Rio Tinto 18,070,932 0.97 5,400,000 Murchison Metals 9,705,191 0.52 7,500,000 ROXI Petroleum 1,132,758 0.06 3,475,500 New Hope 11,328,160 0.61 4,885,200 Serabi Mining 1,136,078 0.06 3,424,198 NGM Resources 139,773 0.01 2,057,200 Sibir Energy 21,476,559 1.15 4,820,000 Oilex 2,510,738 0.13 5,619,200 Target Resources 798,979 0.04 690,000 Ophir Energy 2,114,798 0.11 779,200 Target Resources - Warrants 12.07.08 0 0.00 15,500,000 PanAust 9,632,082 0.51 850,000 Tullow Oil 10,179,027 0.54 1,409,091 Platinum Australia 2,575,423 0.14 860,703 Valiant Petroleum 11,552,766 0.62 2,875,600 Pluton Resources 3,591,457 0.19 466,609 Volga Gas 2,684,795 0.14 900,000 Riversdale Mining 6,475,610 0.35 1,344,423 West African Diamonds 220,896 0.01 4,325,000 Roc Oil 4,439,911 0.24 280,000 Xstrata 14,275,853 0.76 35,586,515 St Barbara 7,913,464 0.42 1,783,384 ZincOx Resources 3,268,293 0.17 7,908,114 St Barbara - Rights 04.07.08 2,360,790 0.13 3,250,000 Straits Resources 13,543,402 0.72 310,748,529 16.61 826,200 Strike Resources 1,067,110 0.06 UNITED STATES OFAMERICA 7,000,000 Sylvania Resources 8,847,207 0.47 302,745 Century Aluminum 12,873,785 0.69 43,800,486 Tanami Gold 1,761,210 0.09 1,900,000 Coeur d’Alene Mines 3,648,405 0.19 4,000,000 Terramin Australia 8,041,966 0.43 274,400 ConocoPhillips 16,229,761 0.87 5,000,000 West Wits Mining 502,623 0.03 495,000 Denbury Resources 11,268,038 0.60 6,583,400 Windimurra Vanadium 11,310,652 0.60 248,300 Devon Energy 18,610,502 0.99 95,000 Freeport-McMoRan Copper & Gold 7,123,420 0.38 329,674,147 17.62 6,776,805 Frontier Mining 438,962 0.02 UNITED KINGDOM 464,000 Newmont Mining 15,278,963 0.82 2,845,135 Afren 6,095,098 0.33 339,800 Quicksilver Resources 8,329,455 0.45 4,850,666 African Copper 2,207,049 0.12 435,000 Range Resources 18,255,141 0.98 2,852,000 African Diamonds 2,811,592 0.15 168,500 Southern Copper 11,619,180 0.62 10,241,952 African Eagle Resources 938,488 0.05 333,250 XTO Energy 14,458,186 0.77 3,086,900 Alexander Mining 245,014 0.01 1,555,221 Archipelago Metals 19,656 0.00 138,133,798 7.38 777,611 Archipelago Metals - Warrants 31.12.10 0 0.00 BERMUDA 6,400,000 Archipelago Resources 1,900,886 0.10 2,025,000 Aquarius Platinum 21,127,604 1.13 19,700,000 Aricom 20,292,333 1.08 8,992,200 Petra Diamonds 11,876,552 0.64 1,333,333 Aricom - Warrants 06.05.10 412,870 0.02 2,000,000 Sierra Leone Diamond 4,276,993 0.23 4,913,500 Avocet Mining 9,849,087 0.53 2,598,200 Tanzanite One 1,330,608 0.07 1,116,600 Bezant Resources 801,593 0.04 722,500 Weatherford International 22,545,645 1.20 679,698 BHP Billiton 16,425,251 0.88 1,740,113 Xceldiam 46,845 0.00 12,347,600 Braemore Resources 1,217,265 0.07 4,250,000 Cadogan Petroleum 9,668,733 0.52 61,204,247 3.27 292,500 Cairn Energy 11,959,370 0.64 5,024,700 Caledon Resources 7,557,275 0.40 JERSEY 1,487,250 Cape Diamonds 187,972 0.01 3,320,000 Heritage Oil 14,308,714 0.76 4,652,500 Central China Goldfields 310,182 0.02 1,415,476 KazakhGold Group Registered Shares GDR 19,770,646 1.06 2,310,833 China Goldmines 2,906,028 0.16 2,675,300 Minera IRL 2,366,893 0.13 4,065,503 Cluff Gold 3,686,755 0.20 750,000 Randgold Resources ADR 22,053,931 1.18 1,816,057 Coal International 1,842,200 0.10 5,446,600 Cordillera Resources 41,303 0.01 58,500,184 3.13 1,755,000 DiamondCorp 1,574,866 0.08 SOUTH AFRICA 1,560,000 Emerald Energy 7,625,408 0.41 6,000,000 DRDGOLD 3,058,076 0.17 416,666 Equatorial Biofuels 194,849 0.01 2,078,735 Gold Fields 16,608,739 0.89 5,125,334 Eurasia Mining 210,530 0.01 199,500 Impala Platinum Holdings 5,140,379 0.27 600,000 Eurasia Mining - Warrants 30.09.09 0 0.00 8,475,000 Metorex 15,769,721 0.84 1,231,485 Eurasian Natural Resources 20,825,401 1.11 13,836,155 European Nickel 5,071,326 0.27 40,576,915 2.17 990,000 Faroe Petroleum 2,230,349 0.12 1,425,000 Firestone Diamonds 2,665,537 0.14 PAPUA NEW GUINEA 4,900,000 Frontier Mining 317,394 0.02 16,938,919 Lihir Gold 33,952,353 1.81 2,390,000 Galantas Gold 191,512 0.01 488,078 New Britain Palm Oil 3,349,633 0.18 1,195,000 Galantas Gold - Warrants 03.09.08 0 0.00 730,600 GCM Resources 2,788,655 0.15 37,301,986 1.99 3,035,500 Gemfields Resources 1,342,785 0.07 BRAZIL 15,000,000 GMAResources 1,374,477 0.07 342,000 Cia Vale do Rio Doce ADR 6,476,099 0.34 11,524,400 Hidefield Gold 528,001 0.03 570,000 Petroleo Brasileiro ADR 25,542,444 1.37 600,000 Hidefield Gold - Warrants 28.10.08 0 0.00 3,550,000 Highland Gold Mining 7,930,415 0.42 32,018,543 1.71 895,000 Hunting 9,790,351 0.52 2,295,000 Iofina 2,436,521 0.13 NORWAY 136,649 Jordan Energy and Mining 1,441,874 0.08 5,118,900 DNO International 6,739,360 0.36 4,065,200 Jubilee Platinum 2,748,804 0.15 2,118,700 Norsk Hydro 19,811,111 1.06 3,722,000 KimCor Diamonds 221,097 0.01 8,007,033 Kopane Diamond Developments 1,087,898 0.06 26,550,471 1.42 3,300,000 Kopane Diamond Developments - Warrants 17.07.09 0 0.00 IRELAND 9,742,500 Lonrho 2,832,086 0.16 6,945,833 Aminex 2,032,280 0.12 1,000,000 Mantle Diamonds 189,583 0.01 2,199,166 Aminex - Warrants 31.08.09 27,795 0.00 1,858,168 Max Petroleum 1,303,425 0.07 7,180,583 Glencar Mining 780,488 0.04 548,300 Mediterranean Oil & Gas 1,029,089 0.05 7,150,000 Kenmare Resources 3,885,820 0.21 8,339,473 Mwana Africa 4,216,060 0.23 2,867,052 Maple Energy 9,421,435 0.50 4,661,240 Norseman Gold 1,201,821 0.06 6,615,859 Ormonde Mining 918,950 0.05 6,343,700 Pangea Diamondfields 3,648,062 0.19 6,169,546 Petroceltic International 732,975 0.04 1,178,376 Peter Hambro Mining 19,182,619 1.03 3,489,400 Petroneft Resources 1,367,737 0.07 535,000 R.E.A. Holdings 3,938,745 0.21 37,586,100 Providence Resources 3,952,000 0.21 19,180 R.E.A. Holdings Preference Shares 26,544 0.00 1,500,000 Rambler Metals and Mining 928,957 0.05 23,119,480 1.24

83 JPMorgan Funds - Global Natural Resources Fund Schedule of Investments (Market Value Expressed in EUR) (continued) As at 30 June 2008

% % 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

HONG KONG ISRAEL 16,500,000 CNOOC 17,991,415 0.96 643,100 Metal-Tech 411,442 0.02 7,000,000 Fushan International Energy Group 3,412,543 0.18 411,442 0.02 21,403,958 1.14 NEW ZEALAND INDONESIA 30,168 Allied Medical 3,676 0.00 3,200,000 Astra Agro Lestari 6,491,828 0.34 13,500,000 Bumi Resources 7,599,887 0.41 3,676 0.00 13,527,000 International Nickel Indonesia 5,618,448 0.30 Total Shares, Warrants and Rights 1,812,694,757 96.87 19,710,163 1.05 Bonds BRITISH VIRGIN ISLANDS 428,700 CIC Energy 2,046,025 0.11 UNITED KINGDOM 12,909,900 European Minerals 7,994,496 0.43 3 Eurasia Mining 31.03.09/0.031% 24,646 0.00 294,559 Gem Diamonds 4,039,338 0.22 2,061,500 Mineral Securities AUD 1,544,816 0.08 24,646 0.00 1,941,380 Mineral Securities GBP 1,392,466 0.07 930,500 Niger Uranium 163,176 0.01 Total Bonds 24,646 0.00 2,521,000 Titanium Resources Group 892,152 0.05 Convertible Bonds 18,072,469 0.97 CANADA 2,000,000 Western Canadian Coal 24.03.11/7.500% 2,849,815 0.15 MALAYSIA 11,850,000 IOI 17,122,445 0.92 2,849,815 0.15 17,122,445 0.92 Total Convertible Bonds 2,849,815 0.15 RUSSIA Total Transferable Securities Admitted to an 87,500 LUKOIL ADR 5,461,992 0.29 1,815,569,218 97.02 Official Exchange Listing 720,000 MMC Norilsk Nickel ADR 11,507,589 0.62

16,969,581 0.91 Transferable Securities Dealt in on Another Regulated Market BAHAMAS Investment Funds 926,200 Petrominerales 9,860,464 0.53 JERSEY 5,000,000 ETFS Agriculture 32,130,296 9,860,464 0.53 1.72 76,000 ETFS Physical Platinum 9,910,175 0.53 GUERNSEY 3,800,000 Central Rand Gold 4,262,458 0.22 42,040,471 2.25 2,100,000 Mariana Resources 218,968 0.01 486,000 Origo Resource Partners - GUERNSEY Warrants 14.12.12 285,626 0.02 2,430,000 Origo Resource Partners 3,777,631 0.20 4,033,800 Shanta Gold 325,014 0.02 2,736,200 Tethys Petroleum 4,441,383 0.24 3,777,631 0.20

9,533,449 0.51 Total Investment Funds 45,818,102 2.45

PERU Total Transferable Securities Dealt in on 45,818,102 2.45 5,053,890 Minsur 9,164,777 0.49 Another Regulated Market Total Investments 1,861,387,320 99.47 9,164,777 0.49 NETHERLANDS Cash 7,716,669 0.41 1,091,263 Vimetco Registered Shares GDR 5,871,430 0.31 Other Assets/(Liabilities) 2,124,164 0.12 5,871,430 0.31 Total Net Assets INDIA 1,871,228,153 100.00 555,000 Sterlite Industries India ADR 5,676,796 0.30

5,676,796 0.30 * Hong Kong Registered Shares. KAZAKHSTAN 492,629 Zhaikmunai GDR 144A4,682,934 0.25 Allocation of Portfolio as at 30 June 2008 % of 4,682,934 0.25 Net Assets CAYMAN ISLANDS Fixed Income Securities 5,828,800 Commoditrade 775,371 0.04 Canada 0.15 2,800,000 Leaf Clean Energy 3,415,022 0.18 Total Fixed Income Securities 0.15 Shares, Warrants and Rights 4,190,393 0.22 Materials 65.61 Energy 26.93 SINGAPORE Investment Companies 2.45 2,205,000 Straits Asia Resources 3,625,830 0.19 Industrials 1.68 Consumer Staples 1.65 3,625,830 0.19 Financials 1.00 CHINA Total Shares, Warrants and Rights 99.32 3,100,000 China Coal Energy - H Shares * 3,435,618 0.18 Cash and Other Assets/(Liabilities) 0.53

3,435,618 0.18 Total 100.00 FRANCE 290,000 Recylex 2,401,200 0.13

2,401,200 0.13

84 JPMorgan Funds - Global Natural Resources Fund Schedule of Investments (Market Value Expressed in EUR) (continued) As at 30 June 2008

% % 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 2007 (Unaudited) % of Net Assets Fixed Income Securities Canada 0.05 United Kingdom 0.00 Total Fixed Income Securities 0.05 Shares and Warrants Materials 72.12 Energy 21.55 Industrials 2.28 Investment Companies 1.74 Consumer Staples 1.36 Financials 1.13 Utilities 0.02 Health Care 0.00 Total Shares and Warrants 100.20 Bank Overdraft and Other Assets/(Liabilities) (0.25) Total 100.00

85 JPMorgan Funds - Global Real Estate Securities Fund (USD) Schedule of Investments (Market Value Expressed in USD) As at 30 June 2008

% % 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 SINGAPORE 70,000 Ascendas Real Estate Investment Trust 113,712 0.90 Shares 23,000 CapitaLand 96,365 0.76 88,000 CapitaMall Trust 193,407 1.53 UNITED STATES OFAMERICA 4,900 AMB Property 245,441 1.94 403,484 3.19 4,700 American Campus Communities 130,989 1.04 6,100 Apartment Investment & Management - A Shares 205,936 1.63 AUSTRIA 3,500 Boston Properties 313,635 2.48 11,599 Conwert Immobilien Invest 197,119 1.56 4,300 Brandywine Realty Trust 67,639 0.54 11,300 Immofinanz 117,684 0.93 4,100 Camden Property Trust 178,678 1.41 6,100 Colonial Properties Trust 118,828 0.94 314,803 2.49 9,200 DCT Industrial Trust 76,452 0.61 NETHERLANDS 5,600 Developers Diversified Realty 193,536 1.53 2,300 Corio 179,069 1.42 10,500 Digital Realty Trust 429,345 3.40 592 Wereldhave 62,494 0.49 5,600 Duke Realty 123,872 0.98 5,800 DuPont Fabros Technology 107,648 0.85 241,563 1.91 3,000 HCP 93,810 0.74 2,300 Lexington Realty Trust 31,395 0.25 FINLAND 7,700 Liberty Property Trust 253,330 2.00 28,606 Citycon 143,542 1.14 3,800 National Retail Properties 79,268 0.63 1,500 Pennsylvania Real Estate Investment Trust 34,515 0.27 143,542 1.14 8,200 Prologis 441,324 3.50 GERMANY 4,100 Weingarten Realty Investors 123,082 0.97 4,229 Alstria Office REIT 70,068 0.56 5,091 GWB Immobilien 39,765 0.31 3,248,723 25.71 JAPAN 109,833 0.87 26 BLife Investment 75,223 0.60 SWEDEN 5 Crescendo Investment 12,008 0.10 8,200 Hufvudstaden - AShares 79,986 0.63 8 Global One Real Estate Investment 90,767 0.71 26 Joint Reit Investment 64,653 0.50 79,986 0.63 30,000 Mitsubishi Estate 689,264 5.45 30,000 Mitsui Fudosan 643,880 5.10 CYPRUS 38 Mori Hills REIT Investment 182,159 1.44 8,764 Mirland Development 75,420 0.60 14 New City Residence Investment 28,592 0.23 49 Nippon Accommodations Fund 224,696 1.78 75,420 0.60 16 Nippon Building Fund 189,098 1.50 19 Tokyu REIT 155,032 1.23 Total Shares 12,295,403 97.31 45 Top REIT 168,487 1.33 Total Transferable Securities Admitted to an 12,295,403 97.31 2,523,859 19.97 Official Exchange Listing AUSTRALIA Total Investments 12,295,403 97.31 139,988 CFS Retail Property Trust 248,968 1.97 240,224 Commonwealth Property Office Fund 285,210 2.26 Cash 340,439 2.69 37,100 Goodman Group 110,208 0.87 45,277 GPT Group 96,630 0.76 Other Assets/(Liabilities) (88) 0.00 197,900 ING Industrial Fund 298,694 2.36 27,047 Westfield Group 423,307 3.36 Total Net Assets 12,635,754 100.00

1,463,017 11.58 HONG KONG 24,000 Henderson Land Development 149,544 1.18 Allocation of Portfolio as at 30 June 2008 % of 172,000 Link REIT 391,646 3.10 Net Assets 29,000 New World Development 59,043 0.47 Shares 122,000 Sino Land 242,445 1.92 Financials 96.24 43,000 Sun Hung Kai Properties 583,279 4.62 Consumer Discretionary 1.07 Total Shares 97.31 1,425,957 11.29 Cash and Other Assets/(Liabilities) 2.69 UNITED KINGDOM Total 100.00 15,941 Great Portland Estates 108,093 0.86 9,609 Hammerson 169,695 1.34 17,501 Land Securities Group 431,403 3.42 42,500 Safestore Holdings 135,616 1.07 Allocation of Portfolio as at 31 December 2007 (Unaudited) % of 844,807 6.69 Net Assets Shares and Rights FRANCE Financials 97.92 484 Gecina 59,265 0.47 Industrials 0.49 3,046 Unibail-Rodamco 700,298 5.54 Total Shares and Rights 98.41 759,563 6.01 Cash and Other Assets/(Liabilities) 1.59 CANADA Total 100.00 18,900 Artis Real Estate Investment Trust 285,603 2.26 6,239 Artis Real Estate Investment Trust 144 A 94,284 0.75 4,809 First Capital Realty 112,921 0.89 8,664 RioCan Real Estate Investment Trust 168,038 1.33

660,846 5.23

86 JPMorgan Funds - Global Real Estate Securities (USD) Schedule of Investments - Outstanding Forward Foreign Exchange Contracts (Expressed in USD) As at 30 June 2008

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

15-Jul-08 CHF 68,879 USD 65,921 1,758 15-Jul-08 EUR 106,869 USD 166,683 1,834 15-Jul-08 GBP 43,746 USD 86,391 761 15-Jul-08 JPY 25,934,416 USD 242,037 3,359 15-Jul-08 NOK 291,830 USD 55,873 1,456 15-Jul-08 SEK 128,520 USD 21,102 312 15-Jul-08 SGD 102,809 USD 75,403 214 15-Jul-08 USD 675,694 JPY 72,545,184 (10,739) 15-Jul-08 USD 445,181 EUR 289,185 (10,821) 15-Jul-08 USD 240,570 CAD 246,776 (2,959) 15-Jul-08 USD 287,346 HKD 2,242,562 (255) 15-Jul-08 USD 147,979 SGD 204,020 (2,079) 15-Jul-08 USD 85,185 AUD 89,508 (698) 15-Jul-08 ZAR 985,282 USD 122,815 2,490

Total (15,367)

87 JPMorgan Funds - JF China Fund Schedule of Investments (Market Value Expressed in USD) As at 30 June 2008

% % 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 Other Transferable Securities

Shares and Warrants Shares CHINA HONG KONG 10,918,000 Air China - H Shares * 5,375,222 0.20 30,392,000 Euro Asia Agricultural 0 0.00 1,770,000 Angang Steel - H Shares * 3,549,213 0.13 20,576,000 China Citic Bank - H Shares * 11,528,279 0.43 0 0.00 22,705,000 China Communications Construction - H Shares * 38,832,865 1.45 260,579,000 China Construction Bank - H Shares * 209,807,572 7.83 Total Shares 0 0.00 18,078,500 China COSCO Holdings - H Shares * 44,131,779 1.65 67,163,000 China Life Insurance - H Shares * 235,079,542 8.77 Total Other Transferable Securities 0 0.00 42,244,000 China Merchants Bank - H Shares * 132,694,591 4.95 13,826,000 China National Building Material - H Shares * 26,589,484 0.99 Total Investments 2,607,134,549 97.26 201,524,000 China Petroleum & Chemical - H Shares * 188,613,049 7.04 2,551,000 China Railway Construction - H Shares * 3,597,702 0.13 Cash 61,847,617 2.31 32,034,000 China Shenhua Energy - H Shares * 125,676,680 4.69 51,877,000 China Shipping Container Lines - H Shares * 20,286,017 0.76 Other Assets/(Liabilities) 11,501,084 0.43 26,826,373 China Vanke - B Shares 34,222,138 1.28 29,656,800 Guangzhou R&F Properties - H Shares * 55,285,443 2.06 Total Net Assets 2,680,483,250 100.00 2,726,000 Guangzhou Shipyard International - H Shares * 6,990,012 0.26 189,611,000 Industrial & Commercial Bank of China - H Shares * 129,572,500 4.83 10,073,000 Jiangxi Copper - H Shares * 19,759,337 0.74 17,250,000 Maanshan Iron & Steel - H Shares * 10,018,655 0.37 * Hong Kong Registered Shares. 13,388,993 Shanghai Zhenhua Port Machinery - B Shares 19,347,095 0.72 3,425,000 Weichai Power - H Shares * 14,710,502 0.55 5,034,327 Yantai Changyu Pioneer Wine - B Shares 31,627,117 1.18 15,300,000 Yanzhou Coal Mining - H Shares * 28,443,402 1.06 Allocation of Portfolio as at 30 June 2008 % of Net Assets 24,164,000 Zijin Mining Group 20,540,190 0.77 Shares and Warrants Financials 1,416,278,386 52.84 33.25 Energy 13.99 HONG KONG Telecommunication Services 10.80 18,215,000 China Mobile 244,744,285 9.13 Materials 10.46 13,140,500 China Netcom Group Hong Kong 35,800,816 1.33 Consumer Discretionary 10.25 31,700,000 China Overseas Land & Investment 50,071,669 1.87 Industrials 7.07 23,000,000 China Resources Power Holdings 56,027,796 2.09 Investment Companies 3.36 4,856,000 China Unicom 9,015,075 0.34 Utilities 3.03 108,292,000 CNOOC 186,324,941 6.95 Information Technology 2.87 Consumer Staples 2.18 581,984,582 21.71 Total Shares and Warrants 97.26 CAYMAN ISLANDS Cash and Other Assets/(Liabilities) 2.74 31,352,000 Ajisen China Holdings 31,232,617 1.16 Total 100.00 41,239,500 Asia Cement China Holdings 26,595,213 0.99 73,232,000 Belle International Holdings 65,911,335 2.46 198,680 Ctrip.com International ADR 9,218,752 0.34 14,961,000 Hidili Industry International Development 26,086,849 0.98 Intime Department Store Group 1,892,073 3,440,000 0.07 Allocation of Portfolio as at 31 December 2007 (Unaudited) % of 14,133,500 Li Ning 32,617,024 1.22 Net Assets 13,339,000 Parkson Retail Group 97,310,038 3.63 Shares and Warrants 556,444 Perfect World ADR 13,794,191 0.52 Financials 35.97 60,188,000 Soho China 32,796,005 1.22 Materials 12.30 8,157,600 Tencent Holdings 63,066,949 2.35 Telecommunication Services 10.69 14,724,000 Xinao Gas Holdings 25,258,295 0.94 Energy 10.51 Consumer Discretionary 10.24 425,779,341 15.88 Industrials 9.32 BERMUDA Utilities 3.78 16,286,000 China Yurun Food Group 26,768,532 1.00 Investment Companies 2.98 50,000 Kerry Properties 262,510 0.01 Consumer Staples 1.88 7,670,000 Ports Design 21,929,177 0.82 Information Technology 1.74 16,612,000 Sinofert Holdings 12,885,444 0.48 Total Shares and Warrants 99.41 Cash and Other Assets/(Liabilities) 0.59 61,845,663 2.31 Total 100.00 SWITZERLAND 2,819,841 UBS - China State Shipbuilding - Warrants 14.06.10 31,089,073 1.16

31,089,073 1.16

Total Shares and Warrants 2,516,977,045 93.90 Investment Funds CAYMAN ISLANDS 3,740,975 JF China Pioneer A-Share Fund 90,157,504 3.36

90,157,504 3.36

Total Investment Funds 90,157,504 3.36

Total Transferable Securities Admitted to an 2,607,134,549 97.26 Official Exchange Listing

88 JPMorgan Funds - JF Greater China Fund Schedule of Investments (Market Value Expressed in USD) As at 30 June 2008

% % 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 554,000 Deutsche Bank - MediaTek - Shares and Warrants Warrants 07.08.2008 6,388,797 1.03

HONG KONG 6,388,797 1.03 1,294,500 BOC Hong Kong Holdings 3,427,238 0.55 2,597,000 Cathay Pacific Airways 4,947,808 0.79 Total Shares and Warrants 615,871,739 98.90 1,871,000 Cheung Kong Holdings 25,211,495 4.05 3,677,705 China Mobile 49,415,168 7.94 Total Transferable Securities Admitted to an 615,871,739 98.90 3,889,000 China Netcom Group Hong Kong 10,595,440 1.70 Official Exchange Listing 2,572,000 China Resources Power Holdings 6,265,369 1.01 615,871,739 98.90 13,409,000 CNOOC 23,071,244 3.70 Total Investments 486,400 Dah Sing Financial Holdings 3,922,530 0.63 2,619,000 Hang Lung Properties 8,394,554 1.35 Cash 7,918,219 1.27 785,600 Hang Seng Bank 16,568,740 2.66 553,600 Hong Kong Exchanges & Clearing 8,091,388 1.30 Other Assets/(Liabilities) (1,061,578) (0.17) 824,000 Sun Hung Kai Properties 11,177,250 1.79 1,801,000 Wharf Holdings 7,539,091 1.21 Total Net Assets 622,728,380 100.00

178,627,315 28.68 * Hong Kong Registered Shares. TAIWAN 3,785,680 Asia Cement 5,675,402 0.91 9,263,000 AU Optronics 14,558,323 2.34 2,074,388 Cathay Financial Holding 4,511,025 0.72 Allocation of Portfolio as at 30 June 2008 % of 18,825,000 Chinatrust Financial Holding 18,173,723 2.92 Net Assets 2,021,422 Chroma Ate 4,229,334 0.68 Shares and Warrants Chunghwa Telecom 14,649,885 5,664,000 2.35 Financials 41.29 First Financial Holding 11,857,433 10,807,000 1.90 Information Technology 18.15 Formosa Plastics 8,152,092 3,380,000 1.31 Telecommunication Services 12.79 High Tech Computer 8,289,951 370,000 1.33 Materials 7.26 HON HAI Precision Industry 19,083,416 3,874,125 3.06 Energy 6.95 MediaTek 2,663,921 231,000 0.43 Consumer Discretionary 5.71 Powertech Technology 5,084,629 1,449,000 0.82 Industrials 5.10 Ruentex Development 3,298,552 4,251,000 0.53 Utilities 1.01 Shin Zu Shing 449,506 85,000 0.08 Consumer Staples 0.64 3,607,000 Siliconware Precision Industries 5,318,394 0.85 Total Shares and Warrants 1,267,000 Taiwan Fertilizer 4,759,077 0.77 98.90 Cash and Other Assets/(Liabilities) 16,184,732 Taiwan Semiconductor Manufacturing 34,662,523 5.57 1.10 1,497,228 Tripod Technology 3,744,303 0.60 Total 100.00 1,790,520 Wistron 2,560,414 0.41

171,721,903 27.58 CHINA 43,620,000 China Construction Bank - H Shares * 35,121,043 5.64 Allocation of Portfolio as at 31 December 2007 (Unaudited) % of 2,470,000 China COSCO Holdings - H Shares * 6,029,565 0.97 Net Assets 6,305,000 China Life Insurance - H Shares * 22,068,349 3.54 Shares and Warrants 6,715,000 China Merchants Bank - H Shares * 21,092,799 3.39 Financials 37.47 2,266,000 China National Building Material - H Shares * 4,357,860 0.70 Information Technology 17.70 21,616,000 China Petroleum & Chemical - H Shares * 20,231,137 3.25 Telecommunication Services 9.43 3,286,500 China Railway Construction - H Shares * 4,634,986 0.74 Consumer Discretionary 8.76 3,896,000 China Shenhua Energy - H Shares * 15,284,896 2.45 Materials 8.52 14,094,000 China Shipping Container Lines - H Shares * 5,511,327 0.89 Energy 5.99 10,229,353 China Vanke - B Shares 13,049,484 2.10 Industrials 5.77 2,322,000 Guangzhou R&F Properties - H Shares * 4,328,613 0.69 Investment Companies 2.87 633,153 Yantai Changyu Pioneer Wine - B Shares 3,977,653 0.64 Utilities 1.08 3,858,000 Zijin Mining Group - H Shares * 3,279,426 0.53 Consumer Staples 0.89 Total Shares and Warrants 98.48 158,967,138 25.53 Cash and Other Assets/(Liabilities) 1.52 CAYMAN ISLANDS Total 100.00 1,048,000 Ajisen China Holdings 1,044,009 0.17 5,797,500 Asia Cement China Holdings 3,738,788 0.60 5,130,573 Belle International Holdings 4,617,693 0.74 85,618 Ctrip.com International ADR 3,972,675 0.64 3,529,000 Hutchison Telecommunications International 5,004,134 0.80 2,994,000 Li Ning 6,909,497 1.11 2,186,000 Lifestyle International Holdings 3,071,728 0.49 5,950,000 Morgan Stanley - Cathay Financial Holding - Warrants 08.10.2008 12,944,820 2.08 4,463,000 Morgan Stanley - Acer - Warrants 18.08.2008 8,797,466 1.41 886,500 Parkson Retail Group 6,467,153 1.04 149,932 Perfect World ADR 3,716,799 0.60 1,175,200 Tencent Holdings 9,085,549 1.46

69,370,311 11.14 BERMUDA 2,405,000 Cheung Kong Infrastructure Holdings 10,175,391 1.63 914,800 Esprit Holdings 9,500,212 1.52 1,026,000 Great Eagle Holdings 3,025,501 0.49 1,541,878 Kerry Properties 8,095,171 1.30

30,796,275 4.94

89 JPMorgan Funds - JF Hong Kong Fund Schedule of Investments (Market Value Expressed in USD) As at 30 June 2008

% % 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 and Warrants Investment Funds HONG KONG HONG KONG 289,800 Bank of East Asia 1,573,526 0.61 325,000 BOCI-Prudential - W.I.S.E. - CSI 300 China Tracker 3,116,000 BOC Hong Kong Holdings 8,249,727 3.21 Fund 1,289,633 0.50 1,365,000 Cheung Kong Holdings 18,393,207 7.15 592,000 China Merchants Holdings International 2,288,396 0.89 1,289,633 0.50 1,911,000 China Mobile 25,676,988 9.99 2,356,712 China Netcom Group Hong Kong 6,420,776 2.50 Total Investment Funds 1,289,633 0.50 3,542,000 China Overseas Land & Investment 5,594,759 2.18 590,000 China Resources Enterprise 1,683,077 0.65 Total Transferable Securities Dealt in on Another 1,289,633 0.50 Regulated Market 610,000 China Resources Power Holdings 1,485,955 0.58 7,733,000 CNOOC 13,305,237 5.17 Total Investments 245,456,972 95.47 1,566,000 Hang Lung Properties 5,019,424 1.95 471,100 Hang Seng Bank 9,935,760 3.86 Cash 11,810,511 4.59 537,000 Henderson Land Development 3,346,052 1.30 2,699,000 Hong Kong & China Gas 6,415,562 2.49 Other Assets/(Liabilities) (156,262) (0.06) 174,800 Hong Kong Aircraft Engineering 2,691,575 1.05 522,900 Hong Kong Exchanges & Clearing 7,642,679 2.97 Total Net Assets 257,111,221 100.00 1,318,000 Hutchison Whampoa 13,281,895 5.17 18,555 Industrial and Commercial Bank of China Asia - Warrants 06.11.08 4,116 0.00 2,185,500 Link REIT 4,976,407 1.94 * Hong Kong Registered Shares. 2,549,000 New World Development 5,189,702 2.02 2,440,000 Shun TAK Holdings 2,283,678 0.89 1,060,000 Sun Hung Kai Properties 14,378,502 5.59 824,000 Swire Pacific - AShares 8,425,196 3.28 Allocation of Portfolio as at 30 June 2008 % of Net Assets 515,000 Television Broadcasts 2,971,268 1.16 Shares and Warrants 1,705,000 Wharf Holdings 7,137,230 2.78 Financials 55.15 417,000 Wheelock & Co. 1,117,389 0.43 Telecommunication Services 13.89 Consumer Discretionary 179,488,083 69.81 10.50 Energy 6.59 BERMUDA Utilities 3.07 217,000 Cheung Kong Infrastructure Holdings 918,112 0.36 Industrials 3.49 540,000 COSCO Pacific 884,803 0.34 Materials 2.28 1,085,900 Esprit Holdings 11,277,088 4.39 Investment Companies 0.50 147,600 Jardine Matheson Holdings 4,531,320 1.76 Total Shares and Warrants 95.47 998,195 Kerry Properties 5,240,725 2.04 Cash and Other Assets/(Liabilities) 4.53 698,000 Pacific Basin Shipping 996,926 0.39 285,500 Yue Yuen Industrial Holdings 677,906 0.26 Total 100.00

24,526,880 9.54 CHINA China Construction Bank - H Shares * 3,779,417 4,694,000 1.47 Allocation of Portfolio as at 31 December 2007 (Unaudited) % of 404,000 China COSCO Holdings - H Shares * 986,212 0.38 Net Assets 722,000 China Life Insurance - H Shares * 2,527,097 0.98 Shares and Warrants 799,000 China Merchants Bank - H Shares * 2,509,776 0.98 Financials 56.76 3,888,000 China Petroleum & Chemical - H Shares * 3,638,909 1.42 Telecommunication Services 12.85 1,260,000 China Railway Construction - H Shares * 1,776,991 0.69 Consumer Discretionary 12.10 968,000 China Shenhua Energy - H Shares * 3,797,685 1.48 Industrials 5.32 876,000 Guangzhou R&F Properties - H Shares * 1,633,017 0.64 Energy 5.07 368,000 Jiangxi Copper - H Shares * 721,874 0.28 Materials 2.04 942,000 Zijin Mining Group 800,731 0.31 Utilities 1.04 Information Technology 0.98 22,171,709 8.63 Total Shares and Warrants 96.16 CAYMAN ISLANDS Cash and Other Assets/(Liabilities) 3.84 1,959,500 Asia Cement China Holdings 1,263,675 0.49 3,281,000 Belle International Holdings 2,953,014 1.15 Total 100.00 760,000 China Resources Land 1,052,348 0.41 2,540,000 Hutchison Telecommunications International 3,601,728 1.40 1,258,500 Li Ning 2,904,342 1.13 2,311,000 Lifestyle International Holdings 3,247,376 1.26 405,500 Parkson Retail Group 2,958,184 1.15

17,980,667 6.99

Total Shares and Warrants 244,167,339 94.97

Total Transferable Securities Admitted to an 244,167,339 94.97 Official Exchange Listing

90 JPMorgan Funds - JF India Fund Schedule of Investments (Market Value Expressed in USD) As at 30 June 2008

% % 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 Investment Funds LUXEMBOURG Shares and Warrants 16,836,478 Morgan Stanley Growth Fund 16,622,812 0.66 INDIA 1,578,922 ABB 29,545,272 1.17 16,622,812 0.66 1,981,589 ACC 24,247,876 0.96 520,406 Aditya Birla Nuvo 14,438,555 0.57 Total Investment Funds 16,622,812 0.66 16,669,095 Ambuja Cements 29,479,981 1.16 4,746,885 Ambuja Cements GDR 8,069,704 0.32 Total Transferable Securities Admitted to an 2,393,539,326 94.49 5,186,675 Axis Bank 73,074,810 2.88 Official Exchange Listing 3,810,000 Bharat Heavy Electricals 122,382,221 4.83 Total Investments 2,393,539,326 94.49 7,597,998 Bharti Airtel 127,606,382 5.04 79,108 Centurion Bank of Punjab GDR 1,141,007 0.05 Cash 99,055,690 3.91 1,320,000 Container Corp of India 23,838,072 0.94 635,763 Divi’s Laboratories 19,790,890 0.78 Other Assets/(Liabilities) 40,484,722 1.60 2,000,598 DLF 18,466,342 0.73 8,810,869 Exide Industries 13,294,780 0.52 Total Net Assets 2,533,079,738 100.00 358,933 Financial Technologies India 14,051,000 0.54 769,231 Financial Technologies India GDR 4,290,833 0.17 3,526,336 Gammon India 17,354,549 0.69 618,296 Gammon India GDR 3,134,761 0.12 6,206,608 HDFC Bank 145,594,060 5.75 Allocation of Portfolio as at 30 June 2008 % of 152,292 HDFC Bank ADR 10,643,688 0.42 Net Assets 4,195,345 Housing Development Finance 191,948,390 7.58 Shares and Warrants 4,512,910 ICICI Bank 66,225,076 2.61 Financials 31.40 2,543,300 ICICI Bank ADR 73,374,205 2.90 Industrials 13.65 1,918,000 Indiabulls Financial Services 11,466,911 0.45 Energy 12.54 11,267,510 Indian Hotels 20,307,493 0.80 Information Technology 12.01 4,018,069 Infosys Technologies 162,500,460 6.42 Telecommunication Services 9.11 590,000 Infosys Technologies ADR 25,269,700 1.00 Utilities 3.84 8,870,510 Infrastructure Development Finance 21,388,784 0.84 Materials 3.39 18,634,847 ITC 81,490,843 3.22 Consumer Staples 3.22 1,500,000 Jaiprakash Associates 5,033,182 0.20 Health Care 3.05 587,140 Jindal Steel & Power 23,946,343 0.95 Consumer Discretionary 1.62 5,007,074 Kotak Mahindra Bank 53,807,536 2.12 Investment Companies 0.66 2,100,000 Kotak Mahindra Bank Registered Shares GDR 22,509,581 0.89 Total Shares and Warrants 94.49 1,941,083 Larsen & Toubro 98,746,863 3.90 Cash and Other Assets/(Liabilities) 5.51 1,825,113 Mahindra & Mahindra 20,762,812 0.82 Total 2,440,795 Nagarjuna Construction 7,621,623 0.30 100.00 4,099,364 NTPC 14,499,788 0.57 3,353,022 Oil & Natural Gas 63,636,758 2.51 5,838,941 Petronet LNG 7,722,712 0.30 5,238,136 PTC India 8,519,823 0.34 5,013,949 Punj Lloyd 24,856,671 0.98 Allocation of Portfolio as at 31 December 2007 (Unaudited) % of Net Assets 1,760,696 Reliance Capital 37,015,820 1.46 Shares, Warrants and Rights 7,500,000 Reliance Communications 77,331,470 3.05 Financials 32.12 5,207,390 Reliance Industries 254,052,000 10.03 Industrials 20.12 1,900,882 Reliance Infrastructure 34,682,410 1.37 Energy 10.88 9,654,448 Satyam Computer Services 98,208,071 3.88 Information Technology 8.50 1,885,000 Shriram Transport Finance 12,625,923 0.50 Telecommunication Services 7.83 719,412 State Bank of India 19,117,717 0.75 Materials 5.67 91,179 State Bank of India GDR 4,732,190 0.19 Utilities 4.96 1,759,037 Sun Pharmaceuticals Industries 57,383,232 2.27 Consumer Discretionary 3.86 27,000 Tata Steel Preference Shares 69,551 0.00 Health Care 2.39 Consumer Staples 2,301,298,721 90.84 2.14 Investment Companies 0.51 UNITED STATES OFAMERICA Total Shares, Warrants and Rights 98.98 9,000,000 Citigroup - NTPC - Warrants 05.08.08 31,858,213 1.26 Cash and Other Assets/(Liabilities) 1.02 31,858,213 1.26 Total 100.00 ISLE OFMAN 13,200,000 Unitech Corporate Parks 15,334,557 0.61

15,334,557 0.61 CAYMAN ISLANDS 1,450,000 Morgan Stanley - Reliance Communications - Warrants 05.08.08 14,912,554 0.59

14,912,554 0.59 UNITED KINGDOM 115,981 Deutsche Bank - HDFC Bank - Warrants 13.04.10 2,713,723 0.10 1,050,000 Deutsche Bank - Reliance Communications - Warrants 24.09.08 10,798,746 0.43

13,512,469 0.53

Total Shares and Warrants 2,376,916,514 93.83

91 JPMorgan Funds - JF Japan Equity Fund Schedule of Investments (Market Value Expressed in USD) As at 30 June 2008

% % 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 85,700 Yamato Kogyo 4,100,052 0.51

Shares 779,122,465 97.35 JAPAN 514,000 Air Water 6,074,788 0.76 Total Shares 779,122,465 97.35 186,900 Alpine Electronics 1,980,947 0.25 Total Transferable Securities Admitted to an 779,122,465 97.35 134,100 Aruze 3,993,902 0.50 Official Exchange Listing 1,095,000 Asahi Glass 13,293,434 1.66 67,100 Asahi Pretec 2,099,948 0.26 Total Investments 779,122,465 97.35 95,500 Astellas Pharma 4,063,253 0.51 519,000 Canon 26,792,795 3.35 Cash 31,908,134 3.99 463 Central Japan Railway 5,121,827 0.64 664,000 Daihatsu Motor 7,634,132 0.95 Other Assets/(Liabilities) (10,692,130) (1.34) 836,700 Daiichi Sankyo 23,139,484 2.89 114,200 Daito Trust Construction 5,560,724 0.69 Total Net Assets 800,338,469 100.00 482,300 Denso 16,644,400 2.08 2,304 East Japan Railway 18,843,285 2.35 91,000 Fanuc 8,922,328 1.11 121,300 FUJIFILM Holdings 4,186,120 0.52 Allocation of Portfolio as at 30 June 2008 % of 670,000 Hanwa 4,155,628 0.52 Net Assets 264,800 Hitachi Capital 4,281,265 0.53 Shares 137,300 Hitachi Construction Machinery 3,862,029 0.48 Industrials 24.17 249,500 Hitachi Koki 4,123,538 0.52 Consumer Discretionary 23.51 834,000 Hitachi Metals 13,752,149 1.72 Financials 15.92 113,500 Hitachi Software Engineering 2,505,767 0.31 Materials 10.92 451,700 Honda Motor 15,417,548 1.93 Health Care 8.60 547 Inpex Holdings 6,930,270 0.87 Information Technology 8.38 1,502,000 Itochu 16,061,665 2.01 Consumer Staples 3.20 580,700 Japan Securities Finance 4,963,389 0.62 Telecommunication Services 1.78 4,597 Japan Tobacco 19,689,321 2.46 Energy 0.87 160,900 JFE Holdings 8,138,940 1.02 Total Shares 97.35 201,000 Kissei Pharmaceutical 4,513,544 0.56 Cash and Other Assets/(Liabilities) 2.65 145,500 Kobayashi Pharmaceutical 4,691,108 0.59 552,100 Komatsu 15,451,387 1.93 Total 100.00 699,000 Konica Minolta Holdings 11,849,922 1.48 214,800 Makita 8,814,182 1.10 1,088,000 Marubeni 9,124,531 1.14 256,000 Maruetsu 2,166,312 0.27 581,000 Matsushita Electric Industrial 12,579,681 1.57 Allocation of Portfolio as at 31 December 2007 (Unaudited) % of 248,000 Mitsubishi 8,206,874 1.03 Net Assets 1,105,000 Mitsubishi Electric 11,962,606 1.49 Shares 1,246,000 Mitsubishi Heavy Industries 5,961,102 0.74 Consumer Discretionary 29.48 972,000 Mitsubishi Tanabe Pharma 12,755,978 1.59 Industrials 18.57 2,952,000 Mitsubishi UFJ Financial Group 26,264,189 3.28 Information Technology 12.87 958,000 Mitsui & Co. 21,240,581 2.65 Financials 11.17 2,377,000 Mitsui Engineering & Shipbuilding 7,551,383 0.95 Health Care 9.99 349,000 Mitsui Fudosan 7,490,474 0.94 Materials 7.14 584,000 Mitsui OSK Lines 8,354,295 1.05 Consumer Staples 4.42 4,795 Mizuho Financial Group 22,486,834 2.81 Telecommunication Services 2.84 1,333,000 Mizuno 7,776,306 0.97 Energy 1.11 48,700 Nintendo 27,581,241 3.45 Total Shares 97.59 2,354,000 Nippon Express 11,328,757 1.42 Cash and Other Assets/(Liabilities) 2.41 1,432,000 Nippon Steel 7,785,184 0.97 1,233 Nippon Telegraph & Telephone 6,062,119 0.76 Total 100.00 254,900 Nissin Kogyo 3,882,607 0.49 525,600 Nomura Holdings 7,817,036 0.98 5,559 NTT DoCoMo 8,199,348 1.02 900 OAK Capital 153 0.00 3,182 Pacific Golf Group International Holdings 3,189,070 0.40 8,436 Rakuten 4,275,229 0.53 4,734 SBI E*Trade Securities 3,715,048 0.46 222,600 Seiko Epson 6,145,625 0.77 272,900 Seven & I Holdings 7,818,153 0.98 1,627 Seven Bank 3,615,043 0.45 329,000 Shin-Etsu Chemical 20,468,208 2.56 740,000 Shinwa Kaiun Kaisha 4,058,053 0.51 199,000 Shionogi & Co. 3,941,805 0.50 259,000 Shiseido 5,950,645 0.74 207,000 Shizuoka Bank 2,121,571 0.27 1,753 Sony Financial Holdings 7,077,303 0.88 164,600 Stanley Electric 3,999,641 0.50 172,400 Sumco 3,830,568 0.48 1,672,000 Sumitomo Metal Industries 7,382,631 0.92 3,997 Sumitomo Mitsui Financial Group 30,195,273 3.77 427,000 Suruga Bank 5,575,446 0.70 1,746,000 Taiyo Nippon Sanso 14,609,843 1.83 307,800 Takeda Pharmaceutical 15,715,218 1.96 321,700 Tenma 5,006,554 0.63 251,400 Tocalo 4,000,437 0.50 140,500 Toyoda Gosei 4,118,092 0.50 228,500 Toyota Boshoku 6,146,480 0.77 629,800 Toyota Motor 29,833,102 3.73 596,100 Toyota Tsusho 14,033,839 1.75 604,500 Trend Micro 20,004,255 2.50 10,511 Yahoo! Japan 4,064,671 0.51

92 JPMorgan Funds - JF Japan Small Cap Fund Schedule of Investments (Market Value Expressed in USD) As at 30 June 2008

% % 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 50,580 Welcia Kanto 1,154,926 0.83 2,034 Works Applications 2,576,996 1.84 Shares 186 Worldintec 342,930 0.25 14,700 Yamato Kogyo 703,276 JAPAN 0.50 27,500 Yusen Air & Sea Service 500,000 130,600 ABC-Mart 3,371,040 2.42 0.36 173,100 Aeon Delight 3,551,525 2.54 134,506,855 96.21 864,700 Ai Holdings 4,562,025 3.26 905 Bals 1,257,836 0.90 16,300 cocokara fine HOLDINGS 353,694 0.25 Total Shares 134,506,855 96.21 12,000 Dai-Dan 57,183 0.04 Total Transferable Securities Admitted to an 134,506,855 96.21 206,000 Daiichi Chuo Kisen Kaisha 1,400,407 1.00 Official Exchange Listing 347,000 Dainippon Screen Manufacturing 1,400,927 1.00 46,300 Daiseki 1,479,639 1.06 Total Investments 134,506,855 96.21 30,400 Daito Trust Construction 1,480,263 1.06 93,300 Doutor Nichires Holdings 1,427,310 1.02 Cash 4,740,277 3.39 270,700 DTS 4,965,329 3.55 426 EPS 1,864,870 1.34 Other Assets/(Liabilities) 556,330 0.40 51,400 Ferrotec 733,834 0.52 775 Fidec 387,628 0.28 Total Net Assets 139,803,462 100.00 741 Fields 1,310,140 0.94 16,100 Fuji Pharmaceutical 313,582 0.22 462,500 GMO internet 1,906,585 1.36 125,800 Hitachi Transport System 1,596,214 1.14 Allocation of Portfolio as at 30 June 2008 % of 131,200 Hosiden 2,803,498 2.01 Net Assets 93,300 Hudson Soft 1,585,213 1.13 Shares 60 Industrial & Infrastructure Fund Investment 188,342 0.13 Consumer Discretionary 29.37 312,000 Japan Asia Investment 1,292,072 0.92 Industrials 23.48 192,600 Japan Securities Finance 1,646,200 1.18 Information Technology 22.07 446,000 JFE Shoji Holdings 3,360,866 2.40 Financials 10.08 589 kabu.com Securities 707,257 0.51 Health Care 6.49 82,100 Katakura Industries 1,298,665 0.93 Materials 3.64 315,000 Keiyo Bank 1,906,113 1.36 Consumer Staples 1.08 186,000 Kinden 1,883,477 1.35 Total Shares 96.21 101,000 Kissei Pharmaceutical 2,268,000 1.62 Cash and Other Assets/(Liabilities) 3.79 94,500 K’s Holdings 1,569,862 1.12 124,000 Kyorin 1,556,961 1.11 Total 100.00 207,000 Kyowa Exeo 1,927,812 1.38 206,000 Maruetsu 1,743,204 1.25 198,300 Matsui Securities 1,196,193 0.86 2,779 MCJ 543,109 0.39 853,500 Mitsui Mining 2,953,539 2.11 Allocation of Portfolio as at 31 December 2007 (Unaudited) % of 30,500 Modec 997,778 0.71 Net Assets 139,100 Moshi Moshi Hotline 3,544,410 2.54 Shares 278,100 NEC Networks & System Integration 3,523,415 2.52 Consumer Discretionary 30.66 1,267 NET One Systems 1,425,547 1.02 Information Technology 18.65 364,000 Nippon Light Metal 598,837 0.43 Industrials 17.73 43,650 Nitori 2,253,383 1.61 Materials 13.13 207,000 Nohmi Bosai 1,317,175 0.94 Financials 7.50 52,000 Okuwa 774,850 0.55 Health Care 4.40 74,500 Onoken 1,286,924 0.92 Consumer Staples 2.88 81,390 Optex 1,107,363 0.79 Total Shares 94.95 643 Osaka Securities Exchange 2,717,544 1.94 Cash and Other Assets/(Liabilities) 5.05 129,400 Osaka Securities Finance 371,934 0.27 552 Outsourcing 400,828 0.29 Total 100.00 1,299 Pacific Golf Group International Holdings 1,301,886 0.93 36,780 Point 1,057,166 0.76 5,354 Rakuten 2,713,321 1.94 1,302 re-plus 587,202 0.42 6,800 San-A217,312 0.16 117,400 Sankei Building 748,145 0.54 240,000 Sanki Engineering 1,962,842 1.40 44,300 Sankyo 2,898,464 2.07 11,618 SBI Holdings 2,552,851 1.83 119,600 Shinkawa 1,509,630 1.08 317,000 Shinmaywa Industries 1,258,829 0.90 155,000 Shionogi & Co. 3,070,250 2.20 33,800 Shoei 648,740 0.47 387,000 Showa Aircraft Industry 4,024,961 2.88 508 Simplex Technology 259,848 0.19 215 So-net M3 829,386 0.59 180,300 SRAHoldings 2,795,745 2.00 14,600 Sumco 324,398 0.23 161,000 Suruga Bank 2,102,217 1.50 419,000 Taiheiyo Cement 843,824 0.60 318,900 Tecmo 2,924,720 2.09 183,000 Tokai Tokyo Securities 666,147 0.48 83 Toridoll 171,862 0.12 230,000 Towa 2,537,796 1.82 213,500 Trancom 3,219,709 2.30 84,900 TS Tech 1,376,670 0.98 2,545 United Technology Holdings 2,454,404 1.76

93 JPMorgan Funds - JF Pacific Balanced Fund Schedule of Investments (Market Value Expressed in USD) As at 30 June 2008

% % 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 CAYMAN ISLANDS 890,000 Belle International Holdings 801,031 0.53 Shares 1,300,000 Qin Jia Yuan Media Services Co. 746,695 0.49

JAPAN 1,547,726 1.02 45,000 Canon 2,323,075 1.53 240 East Japan Railway 1,962,842 1.29 BERMUDA 240 KDDI 1,488,583 0.98 85,163 Jardine Strategic Holdings 1,464,804 0.97 51,000 Komatsu 1,427,315 0.94 240,000 Mitsubishi UFJ Financial Group 2,135,300 1.41 1,464,804 0.97 65,000 Mitsui & Co. 1,441,167 0.95 INDONESIA 49,000 Mitsui Fudosan 1,051,671 0.70 1,100,000 Bank Rakyat Indonesia 607,735 0.40 2,100 Nintendo 1,189,335 0.78 623,000 United Tractors 820,003 0.54 21,000 Nitto Denko 810,098 0.53 360,000 Sojitz 1,204,935 0.80 1,427,738 0.94 130 Sumitomo Mitsui Financial Group 982,083 0.65 31,000 Suzuki Motor 735,688 0.49 THAILAND 43,400 Toyota Motor 2,055,822 1.35 77,700 PTT 701,297 0.46

18,807,914 12.40 701,297 0.46 AUSTRALIA Total Shares 58,026,405 38.24 83,000 ANZ Banking 1,493,707 0.98 21,000 CSL 720,724 0.47 Bonds 5,100 Incitec Pivot 907,034 0.60 38,000 Newcrest Mining 1,070,367 0.71 SOUTH KOREA 349,880 Qantas Airways 1,022,526 0.67 900,000 Hynix Semiconductor Registered Shares 27.06.17/7.875% 692,530 0.46 8,100 Rio Tinto 1,055,130 0.70 2,000,000 Hyundai Capital Services 24.01.12/5.625% 1,874,990 1.23 16,250 Southern Cross Airports Corp Holdings 1,445,029 0.95 3,000,000 Pusan Bank 30.10.17/6.000%* 2,738,430 1.80 21,000 Wesfarmers 753,025 0.50 1,000,000 Shinhan Bank 03.11.14/4.625%* 991,940 0.65 33,000 WorleyParsons 1,201,091 0.79 2,000,000 Shinhan Bank 20.09.36/6.819%* 1,710,996 1.13 1,500,000 Shinsegae 27.06.11/6.125% 1,504,192 0.99 9,668,633 6.37 SOUTH KOREA 9,513,078 6.26 13,000 Daelim Industrial 1,328,558 0.88 CAYMAN ISLANDS 45,000 Kangwon Land 984,241 0.65 2,000,000 Agile Property Holdings 22.09.13/9.000% 1,722,174 1.13 38,000 Kookmin Bank 2,242,980 1.47 2,500,000 Hutchison Whampoa Finance 06 21.09.16/4.625% 3,422,179 2.26 3,400 Lotte Shopping 1,011,557 0.67 2,000,000 Parkson Retail Group 14.11.11/7.875% 2,000,138 1.32 2,618 Samsung Electronics 1,562,798 1.03 1,100 Samsung Electronics 144AGDR 322,300 0.21 7,144,491 4.71 7,452,434 4.91 NETHERLANDS 1,500,000 Arpeni Pratama Ocean Line HONG KONG Investment (Netherlands) 03.05.13/8.750% 1,202,971 0.79 Cathay Pacific Airways 1,066,913 560,000 0.71 2,000,000 GT 2005 BONDS 21.07.10/10.250% 1,800,578 1.19 103,000 Cheung Kong Holdings 1,387,912 0.91 875,000 Majapahit Holding Registered 111,000 China Mobile 1,491,442 0.98 Shares 28.06.17/7.250% 781,007 0.51 2,000,000 Matahari Finance 06.10.09/9.500% 1,990,808 1.31 3,946,267 2.60 1,300,000 Pakuwon Jati Finance 14.11.11/12.000% 1,248,000 0.82 CHINA 340,000 China COSCO Holdings - H Shares ** 829,981 0.55 7,023,364 4.62 425,000 China Life Insurance - H Shares ** 1,487,557 0.98 AUSTRALIA 1,700,000 China Petroleum & Chemical - H Shares ** 1,591,087 1.05 3,000,000 New South Wales Treasury 01.12.10/7.000% 2,863,322 1.89 3,500,000 New South Wales Treasury 01.05.12/6.000% 3,219,046 2.12 3,908,625 2.58 TAIWAN 6,082,368 4.01 441,000 Asia Cement 661,137 0.44 INDONESIA 757,000 AU Optronics 1,189,750 0.78 1,000,000 Bank Danamon Indonesia 30.03.14/7.650%* 994,867 0.66 330,000 Cathay Financial Holding 717,628 0.47 2,000,000 Lippo Karawaci Finance 09.03.11/8.875% 1,942,402 1.28 282,179 InnoLux Display 506,714 0.34 2,937,269 1.94 3,075,229 2.03 BRITISH VIRGIN ISLANDS SINGAPORE 1,500,000 Citic Resources Finance 15.05.14/6.750% 1,406,250 0.93 144,000 Keppel 1,179,139 0.78 1,000,000 Wharf Finance 06.11.17/6.125% 984,956 0.65 428,000 SembCorp Industries 1,308,743 0.86 2,391,206 1.58 2,487,882 1.64 PAKISTAN INDIA 500,000 Pakistan International Sukuk 27.01.10/5.350%* 485,798 0.32 43,000 Bharti Airtel 722,174 0.48 1,900,000 Pakistan Mobile 36,000 ICICI Bank 528,285 0.35 Communications 13.11.13/8.625% 1,567,865 1.03 11,000 Reliance Industries 536,655 0.35 2,053,663 1.35 1,787,114 1.18 BERMUDA MALAYSIA 1,500,000 China Glass Holdings 12.07.12/9.625% 1,320,000 0.87 490,000 Telekom Malaysia 476,878 0.31 1,000,000 Shanghai Zendai Property 06.06.12/10.000% 707,561 0.47 490,000 TM International 922,265 0.61 555,000 Zelan 351,599 0.22 2,027,561 1.34

1,750,742 1.14 PHILIPPINES 1,000,000 Development Bank of Philippines 15.09.16/8.375%* 1,019,174 0.67 1,000,000 Rizal Commercial Banking 27.10.16/9.875%* 1,008,333 0.67

2,027,507 1.34

94 JPMorgan Funds - JF Pacific Balanced Fund Schedule of Investments (Market Value Expressed in USD) (continued) As at 30 June 2008

% % 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 Transferable Securities Dealt in on Another Regulated Market 3,000,000 Standard Chartered 16.12.08/3.463%* 1,935,000 1.28 Bonds 1,935,000 1.28 MALAYSIA INDIA 3,000,000 Bank Pembangunan & 1,600,000 Reliance Industries 15.01.97/10.250% 1,905,440 1.26 Infrastruktur 25.04.11/5.000% 921,897 0.61 5,000,000 Malaysia (Government of) 28.04.11/3.756% 1,513,789 1.00 1,905,440 1.26 2,435,686 1.61 HONG KONG 1,400,000 Wing Hang Financial Holdings 10.10.13/5.250%* 1,402,670 0.92 AUSTRALIA 2,000,000 Envestra Victoria 20.05.11/8.210%* 1,891,460 1.25 1,402,670 0.92 1,891,460 1.25 CHINA 1,000,000 Sino-Forest Registered Shares 17.08.11/9.125% 1,021,336 0.67 THAILAND 1,700,000 Bangkok Bank (Hong Kong) 15.03.29/9.025% 1,828,119 1.20 1,021,336 0.67 1,828,119 1.20 MONGOLIA 800,000 Trade & Development Bank of CAYMAN ISLANDS Mongolia 22.01.10/8.625% 759,520 0.50 1,000,000 SPACE 05.01.09/0.000% 1,111,017 0.73

759,520 0.50 1,111,017 0.73 INDIA Total Bonds 48,224,473 31.78 700,000 Reliance Industries 06.08.46/10.500% 925,855 0.61 Convertible Bonds 925,855 0.61 MALAYSIA 2,000,000 AMCORP Capital Labuan 08.02.10/1.000% 2,307,000 1.52 NETHERLANDS 1,000,000 IOI Resources 15.01.13/0.000% 933,750 0.61 500,000 Paiton Energy Funding 15.02.14/9.340% 487,500 0.32

3,240,750 2.13 487,500 0.32 SINGAPORE Total Bonds 8,679,637 5.72 3,000,000 CapitaCommercial Trust 06.05.13/2.000% 2,179,899 1.44 Convertible Bonds 2,179,899 1.44 MALAYSIA BERMUDA 6,000,000 Berjaya Land 15.08.11/8.000% 1,898,984 1.25 2,000,000 Pacific Andes Holding 18.04.12/4.000% 1,925,500 1.27 1,898,984 1.25 1,925,500 1.27 SOUTH KOREA JAPAN 1,000,000 KCC 30.10.12/0.000% 928,779 0.61 100,000,000 Sharp 30.09.13/0.000% 943,697 0.62 100,000,000 Yamada Denki 28.03.13/0.000% 904,828 0.60 928,779 0.61

1,848,525 1.22 Total Convertible Bonds 2,827,763 1.86 SOUTH KOREA Total Transferable Securities Dealt in on Another 11,507,400 7.58 200,000,000 Korea Electric Power 23.11.11/0.000% 1,830,757 1.21 Regulated Market

1,830,757 1.21 Other Transferable Securities NETHERLANDS 1,500,000 Medco CB Finance 12.05.11/0.000% 1,717,500 1.14 Bonds CAYMAN ISLANDS 1,717,500 1.14 2,500,000 Shui On Development Holding 12.10.08/8.500% 2,483,085 1.64 CAYMAN ISLANDS 12,000,000 Fair Vantage 03.06.13/1.000% 1,460,152 0.96 2,483,085 1.64 INTERNATIONAL AGENCIES 1,460,152 0.96 5,000,000 Asian Development Bank 25.04.11/4.265% 1,527,507 1.01 AUSTRALIA 1,500,000 Macquarie Communications 1,527,507 1.01 Infrastructure Management 23.08.13/2.500% 1,126,950 0.74 Total Bonds 4,010,592 2.65 1,126,950 0.74 4,010,592 2.65 INDIA Total Other Transferable Securities 1,000,000 Subex 09.03.12/2.000% 788,172 0.52 Total Investments 141,850,641 93.49 788,172 0.52 Cash 9,330,378 6.15 Total Convertible Bonds 16,118,205 10.63 Other Assets/(Liabilities) 552,582 0.36 Investment Funds Total Net Assets SINGAPORE 151,733,601 100.00 35,740 ABF Pan Asia Bond Index Fund 3,963,566 2.61

3,963,566 2.61 * Variable coupon rates are those quoted as at 30 June 2008. ** Hong Kong Registered Shares. Total Investment Funds 3,963,566 2.61

Total Transferable Securities Admitted to an 126,332,649 83.26 Official Exchange Listing

95 JPMorgan Funds - JF Pacific Balanced Fund Schedule of Investments (Market Value Expressed in USD) (continued) As at 30 June 2008

% % 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 2008 % of Net Assets Fixed Income Securities South Korea 8.08 Cayman Islands 8.04 Netherlands 6.08 Australia 6.00 Malaysia 4.99 Bermuda 2.61 India 2.39 Indonesia 1.94 British Virgin Islands 1.58 Singapore 1.44 Pakistan 1.35 Philippines 1.34 United Kingdom 1.28 Japan 1.22 Thailand 1.20 International Agencies 1.01 Hong Kong 0.92 China 0.67 Mongolia 0.50 Total Fixed Income Securities 52.64 Shares Industrials 10.65 Financials 10.07 Consumer Discretionary 4.96 Information Technology 4.50 Materials 2.98 Telecommunication Services 2.75 Investment Companies 2.61 Energy 1.86 Health Care 0.47 Total Shares 40.85 Cash and Other Assets/(Liabilities) 6.51 Total 100.00

Allocation of Portfolio as at 31 December 2007 (Unaudited) % of Net Assets Fixed Income Securities Cayman Islands 6.58 South Korea 4.72 Netherlands 4.03 Bermuda 4.00 Malaysia 3.63 India 2.00 Australia 1.57 Singapore 1.55 Indonesia 1.48 British Virgin Islands 1.22 Pakistan 1.16 United Kingdom 1.09 Taiwan 1.06 Philippines 1.04 Hong Kong 1.00 Thailand 0.81 International Agencies 0.77 Canada 0.53 Mongolia 0.42 Total Fixed Income Securities 38.66 Shares Financials 19.29 Industrials 13.85 Materials 6.91 Consumer Discretionary 7.38 Telecommunication Services 3.07 Information Technology 2.78 Investment Companies 2.29 Energy 1.71 Utilities 0.77 Consumer Staples 0.54 Health Care 0.40 Total Shares 58.99 Cash and Other Assets/(Liabilities) 2.35 Total 100.00

96 JPMorgan Funds - JF Pacific Balanced Fund Schedule of Investments - Outstanding Financial Futures Contracts (Expressed in USD) As at 30 June 2008

Unrealised Expiration Number of Notional Gain/ Date Contracts Security Description Currency Value (Loss)

Equity Futures

Jul-08 (31) H-Shares Index Future HKD (2,363,841) 53,457 Jul-08 (21) Hang Seng Index Future HKD (2,977,807) 72,291 Sep-08 (27) Topix Index Future JPY (3,365,906) 192,739

Total 318,487

Schedule of Investments - Outstanding Forward Foreign Exchange Contracts (Expressed in USD)

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

16-Jul-08 JPY 818,725,000 USD 8,158,695 (411,341) 16-Jul-08 USD 7,922,021 JPY 818,725,000 174,668 16-Jul-08 USD 3,084,360 EUR 2,000,000 (69,180) 16-Jul-08 USD 2,803,200 AUD 3,000,000 (74,877) 15-Oct-08 JPY 1,395,160,000 USD 13,000,000 269,552

Total (111,178)

97 JPMorgan Funds - JF Pacific Technology Fund Schedule of Investments (Market Value Expressed in USD) As at 30 June 2008

% % 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 RUSSIA 10,000 Vimpel-Communications ADR 299,600 0.68 Shares 299,600 0.68 JAPAN 75,000 Canon 3,871,791 8.83 Total Shares 40,775,469 92.96 15,000 Elpida Memory 482,201 1.10 32,000 FUJIFILM Holdings 1,104,335 2.52 Total Transferable Securities Admitted to an 40,775,469 92.96 40,000 Hoya 928,474 2.11 Official Exchange Listing 12,200 Murata Manufacturing 576,750 1.31 6,300 Nintendo 3,568,005 8.13 Total Investments 40,775,469 92.96 7,000 Nitto Denko 270,033 0.62 400 NTT DoCoMo 589,987 1.35 Cash 3,344,365 7.62 30,000 Sharp 490,427 1.12 25,000 Sumco 555,477 1.27 Other Assets/(Liabilities) (256,611) (0.58) 9,000 Toyota Motor 426,323 0.97 Total Net Assets 43,863,223 100.00 12,863,803 29.33 TAIWAN 660,968 AU Optronics 1,038,820 2.37 290,876 Chroma Ate 608,587 1.39 Allocation of Portfolio as at 30 June 2008 % of 300,000 Chunghwa Telecom 775,947 1.77 Net Assets 330,500 Delta Electronics 920,173 2.10 Shares 930,000 Fortune Electric 1,475,437 3.36 Information Technology 47.40 78,000 GeoVision 439,473 1.00 Consumer Discretionary 14.42 230,830 HON HAI Precision Industry 1,137,037 2.59 Telecommunication Services 14.09 288,250 InnoLux Display 517,615 1.18 Industrials 11.85 1,710,985 Taiwan Semiconductor Manufacturing 3,664,383 8.35 Energy 2.66 Financials 1.92 10,577,472 24.11 Materials 0.62 Total Shares 92.96 SOUTH KOREA Cash and Other Assets/(Liabilities) 7.04 7,000 Daelim Industrial 715,377 1.63 Total 28,000 Doosan Infracore 810,315 1.84 100.00 25,000 Hynix Semiconductor 596,944 1.36 4,375 Hyundai Mobis 353,928 0.81 26,720 KT 1,142,044 2.60 13,000 LG 843,075 1.92 5,300 NHN 923,830 2.11 Allocation of Portfolio as at 31 December 2007 (Unaudited) % of 2,000 Samsung Electronics 1,193,887 2.72 Net Assets 9,500 Samsung Electronics 144AGDR 2,783,500 6.35 Shares 2,500 SK Telecom 454,871 1.04 Information Technology 48.98 Industrials 19.17 9,817,771 22.38 Consumer Discretionary 14.87 Telecommunication Services 6.22 SINGAPORE Energy 3.34 1,210,000 CSE Global 933,882 2.12 Materials 3.08 400,000 Swiber Holdings 726,230 1.66 Financials 2.32 1,660,112 3.78 Total Shares 97.98 Cash and Other Assets/(Liabilities) 2.02 INDIA 50,000 Bharti Airtel 839,737 1.92 Total 100.00 9,000 Reliance Industries 439,081 1.00

1,278,818 2.92 HONG KONG 50,000 China Mobile 671,821 1.53 800,000 Lenovo Group 541,559 1.24

1,213,380 2.77 CAYMAN ISLANDS 19,000 Focus Media Holding ADR 518,700 1.18 546,000 Xinyi Glass Holding Co. 353,514 0.81

872,214 1.99 PHILIPPINES 15,000 Philippine Long Distance Telephone ADR 791,850 1.81

791,850 1.81 UNITED STATES OFAMERICA 11,000 Deere & Co. 789,030 1.80

789,030 1.80 AUSTRALIA 150,000 Telstra 611,419 1.39

611,419 1.39

98 JPMorgan Funds - JF Pacific Technology Fund Schedule of Investments - Outstanding Forward Foreign Exchange Contracts (Expressed in USD) As at 30 June 2008

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

18-Jul-08 JPY 400,000,000 USD 3,960,200 (174,673) 22-Jul-08 JPY 300,000,000 USD 2,947,389 (107,577) 03-Sep-08 JPY 200,000,000 USD 1,906,323 (8,699) 08-Sep-08 JPY 150,000,000 USD 1,440,369 (16,762)

Total (307,711)

99 JPMorgan Funds - JF Singapore Fund Schedule of Investments (Market Value Expressed in USD) As at 30 June 2008

% % 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 Allocation of Portfolio as at 30 June 2008 % of Shares Net Assets Shares SINGAPORE Financials 54.18 9,000,000 Allgreen Properties 6,549,304 1.09 Industrials 12.63 6,000,000 Ascendas Real Estate Investment Trust 9,746,775 1.62 Consumer Staples 10.02 20,000,000 Ausgroup 10,364,218 1.72 Telecommunication Services 7.83 6,600,000 CapitaLand 27,652,615 4.58 Materials 6.15 3,000,000 CapitaMall Trust 6,593,407 1.09 Consumer Discretionary 3.22 4,400,000 City Developments 35,123,672 5.82 Energy 1.42 4,300,000 Cosco Corp Singapore 10,114,300 1.68 4,000,000 DBS Group Holdings 55,452,240 9.18 Total Shares 95.45 2,400,000 Guocoland 3,845,786 0.64 Cash and Other Assets/(Liabilities) 4.55 12,100,000 Hong Fok Crop 8,004,704 1.33 Total 100.00 3,900,000 Hong Leong Asia 5,704,730 0.95 3,000,000 Hotel Properties 5,931,861 0.98 7,000,000 Keppel 57,319,269 9.49 4,000,000 Keppel Land 14,583,410 2.42 25,700,000 Oceanus Group 6,989,599 1.15 Allocation of Portfolio as at 31 December 2007 (Unaudited) % of 10,200,000 Olam International 18,218,972 3.02 Net Assets 4,530,000 Oversea-Chinesse Banking 27,204,307 4.50 Shares 6,700,000 SembCorp Industries 20,487,339 3.39 Financials 44.31 7,500,000 SembCorp Marine 22,272,042 3.69 Industrials 18.89 2,900,000 Singapore Exchange 14,729,685 2.44 Consumer Staples 9.75 2,400,000 Singapore Press Holdings 7,497,519 1.24 Materials 9.45 15,000,000 Singapore Telecommunications 39,913,264 6.61 Consumer Discretionary 6.29 2,500,000 SMRT 3,417,987 0.57 Telecommunication Services 4.52 3,500,000 StarHub 7,332,133 1.22 Energy 2.77 5,000,000 Straits Asia Resources 12,973,648 2.15 Total Shares 4,717,000 Swiber Holdings 8,564,071 1.42 95.98 Cash and Other Assets/(Liabilities) 27,000,000 Tiong Woon Holding 9,526,260 1.58 4.02 4,100,000 United Overseas Bank 56,115,256 9.30 Total 100.00 4,600,000 Wilmar International 17,109,045 2.84 3,000,000 Yanlord Land Group 4,079,533 0.68

533,416,951 88.39 BERMUDA 18,000,000 China Hongxing Sports 6,020,067 1.00 15,500,000 FibreChem Technologies 7,633,504 1.26 1,237,000 Synear Food Holdings 395,527 0.07

14,049,098 2.33 MAURITIUS 20,000,000 Golden Agri-Resources 13,377,926 2.22

13,377,926 2.22 INDONESIA 8,000,000 Bumi Resources 7,106,489 1.18 16,804,500 Indofood Sukses Makmur 4,369,061 0.72

11,475,550 1.90 CAYMAN ISLANDS 6,300,000 China Sky Chemical Fibre 3,681,502 0.61

3,681,502 0.61

Total Shares 576,001,027 95.45

Total Transferable Securities Admitted to an 576,001,027 95.45 Official Exchange Listing Total Investments 576,001,027 95.45

Cash 21,581,076 3.58

Other Assets/(Liabilities) 5,907,624 0.97

Total Net Assets 603,489,727 100.00

100 JPMorgan Funds - JF Taiwan Fund Schedule of Investments (Market Value Expressed in USD) As at 30 June 2008

% % 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 CHINA 1,186,000 China National Building Material - H Shares * 2,280,857 0.21 Shares 393,000 China Shenhua Energy - H Shares * 1,541,829 0.14 8,602,000 China Shipping Container Lines - H Shares * 3,363,732 0.31 TAIWAN 648,142 Huangshan Tourism Development - B Shares 892,492 0.08 3,818,000 Acer 7,522,781 0.70 218,320 Yantai Changyu Pioneer Wine - B Shares 1,371,550 0.13 2,741,000 Ambassador Hotel 3,987,320 0.37 11,216,040 Asia Cement 16,814,821 1.56 9,450,460 0.87 1,222,000 Astro 2,903,005 0.27 18,768,000 AU Optronics 29,496,988 2.73 BERMUDA 10,457,000 Bank of Kaohsiung 4,875,339 0.45 732,500 Kerry Properties 3,845,773 0.35 23,664,772 Cathay Financial Holding 51,462,107 4.76 15,929,000 Cheng Loong 5,327,161 0.49 3,845,773 0.35 6,609,000 Chien Kuo Construction 4,137,430 0.38 CAYMAN ISLANDS 34,041,000 China Airlines 14,805,311 1.37 3,512,000 TCC International Holdings 2,553,052 0.24 19,680,000 China Development Financial Holding 7,943,328 0.73 1,485,000 China Ecotek 2,226,277 0.21 2,553,052 0.24 7,631,000 China Metal Products 11,301,926 1.05 5,894,000 China Motor 3,806,339 0.35 Total Shares 1,025,017,310 94.83 35,359,000 Chinatrust Financial Holding 34,135,707 3.16 1,102,000 Chipbond Technology 907,743 0.08 Total Transferable Securities Admitted to an 1,025,017,310 94.83 5,224,000 Chong Hong Construction 13,270,853 1.23 Official Exchange Listing 3,095,000 Chroma ATE 6,475,535 0.60 4,376,000 Chung Hsin Electric & Machinery Manufacturing 3,027,875 0.28 Total Investments 1,025,017,310 94.83 20,443,000 Chunghwa Telecom 52,875,634 4.89 21,900,000 Continental Engineering 12,555,519 1.16 Cash 44,643,886 4.13 2,414,000 Delta Electronics 6,721,021 0.62 1,157,000 Depo Auto Parts Industrial 3,023,068 0.28 Other Assets/(Liabilities) 11,207,479 1.04 3,367,000 Far Eastern Department Stores 3,583,331 0.33 11,728,190 Far Eastern Textile 15,283,358 1.41 Total Net Assets 1,080,868,675 100.00 218,000 Farglory Land Development 680,217 0.06 14,140,000 First Financial Holding 15,514,399 1.44 10,106,000 Formosa Plastics 24,374,273 2.26 * Hong Kong Registered Shares. 3,780,000 Formosan Rubber Group 1,955,387 0.18 511,261 Foxsemicon Integrated Technology 867,543 0.08 1,798,000 Gallant Precision Machining 811,618 0.08 20,736,000 Goldsun Development & Construction 10,248,435 0.95 Allocation of Portfolio as at 30 June 2008 % of 8,246,000 GTM 4,904,128 0.45 Net Assets 12,934,000 Hey Song 6,072,801 0.56 Shares 13,719,443 HON HAI Precision Industry 67,580,123 6.25 Information Technology 37.05 14,206,564 InnoLux Display 25,510,963 2.36 Financials 22.72 491,000 International Games System 3,648,122 0.34 Industrials 12.69 8,261,000 Janfusun Fancyworld 4,069,257 0.38 Consumer Discretionary 8.87 2,918,000 KGI Securities 2,124,804 0.20 Materials 6.94 2,694,123 MediaTek 31,068,964 2.87 Telecommunication Services 4.89 1,224,000 National Petroleum 1,048,567 0.10 Consumer Staples 1.67 3,183,000 Novatek Microelectronics 9,250,102 0.86 Total Shares 94.83 22,530,000 Polaris Securities 13,510,577 1.25 Cash and Other Assets/(Liabilities) 5.17 1,764,000 Powertech Technology 6,189,983 0.57 8,943,000 President Chain Store 29,760,890 2.75 Total 100.00 10,694,000 Rich Development 5,954,814 0.55 26,952,000 Ruentex Development 20,913,331 1.93 11,067,000 Sanyang Industrial 4,558,072 0.42 37,111,000 Shin Kong Financial Holding 24,761,046 2.29 10,104,000 Siliconware Precision Industries 14,897,990 1.38 Allocation of Portfolio as at 31 December 2007 (Unaudited) % of 1,499,000 Silitech Technology 4,198,188 0.39 Net Assets 3,146,500 Simplo Technology 15,654,745 1.45 Shares 12,983,000 Synnex Technology International 26,735,997 2.47 Information Technology 47.80 8,018,000 T JOIN Transportation 4,425,091 0.41 Materials 15.31 49,646,000 Taishin Financial Holdings 21,183,384 1.96 Financials 11.99 3,880,000 Taiwan Development 1,514,926 0.14 Industrials 10.99 103,188,000 Taiwan High Speed Rail 30,429,410 2.81 Consumer Discretionary 6.73 29,859,000 Taiwan Kolin 6,808,049 0.63 Energy 4.03 50,520,549 Taiwan Semiconductor Manufacturing 108,198,869 10.01 Investment Companies 0.47 6,536,000 Taiwan Sogo Shin Kong 6,439,091 0.60 Consumer Staples 0.37 6,142,000 Tang Eng Iron Works 5,292,036 0.49 Telecommunication Services 0.31 41,104,000 Tatung 16,590,577 1.53 Total Shares 98.00 23,502,000 Teco Electric and Machinery 13,164,217 1.22 Cash and Other Assets/(Liabilities) 2.00 4,958,000 Ton Yi Industrial 2,401,404 0.22 1,964,676 Topoint Technology 2,566,702 0.24 Total 100.00 5,879,393 Tripod Technology 14,703,325 1.36 3,058,601 TXC 5,159,815 0.48 10,341,000 Unimicron Technology 11,755,008 1.09 19,364,000 Wei Chuan Food 10,591,183 0.98 7,433,610 Wistron 10,629,940 0.98 3,597,275 XinTec 5,274,423 0.49 36,292,000 Yuanta Financial Holding 25,410,379 2.35 5,831,304 Yulon Motor 5,917,765 0.55 1,702,000 Yung Chi Paint & Varnish Manufacturing 2,175,868 0.20 5,398,000 Yungtay Engineering 3,201,450 0.30

1,009,168,025 93.37

101 JPMorgan Funds - Latin America Equity Fund Schedule of Investments (Market Value Expressed in USD) As at 30 June 2008

% % 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 LUXEMBOURG 441,873 Tenaris ADR 32,429,060 1.55 Shares 32,429,060 1.55 BRAZIL 1,469,003 All America Latina Logistica 18,942,686 0.91 UNITED STATES OFAMERICA 1,670,385 Banco Bradesco ADR 33,975,631 1.62 448,433 NII Holdings 20,896,978 1.00 2,151,801 Banco Itau Holding Financeira Preference Shares 43,545,058 2.08 2,835,550 Bovespa Holding 35,229,749 1.68 20,896,978 1.00 3,844,834 Bradespar Preference Shares 104,031,150 4.97 PANAMA 9,700 Brasil Brokers Participacoes 8,693,267 0.42 497,694 Copa Holdings - AShares 13,830,916 0.66 66,348 Companhia de Bebidas das Americas ADR 3,927,802 0.19 548,253 Companhia de Bebidas das Americas ADR 13,830,916 0.66 Preference Shares 34,633,142 1.66 208,660 Companhia de Transmissao de Energia Eletrica ARGENTINA Paulista Preference Shares 6,715,509 0.32 283,327 Telecom Argentina ADR 4,128,074 0.20 108,610 Companhia Energética de Minas Gerais ADR 2,650,084 0.13 1,830,336 Companhia Energetica de Minas Gerais Preference 4,128,074 0.20 Shares 44,677,357 2.14 887,385 Companhia Siderúrgica Nacional ADR 39,399,894 1.88 Total Shares 2,105,774,526 100.68 6,521,925 Companhia Vale do Rio Doce ADR 194,875,119 9.32 862,597 Estacio Participaçes 13,667,100 0.65 Total Transferable Securities Admitted to an 2,105,774,526 100.68 1,444,701 Fertilizantes Heringer 20,714,346 0.99 Official Exchange Listing 3,092,801 Gerdau ADR 73,206,600 3.50 1,439,547 Global Village Telecom Holding 35,273,937 1.69 Transferable Securities Dealt in on Another Regulated Market 55,380 Investimentos Itau 348,894 0.02 6,298,722 Investimentos Itau Preference Shares 39,523,873 1.89 Investment Funds 2,285,800 JBS 11,646,658 0.56 LUXEMBOURG 2,402,556 Localiza Rent ACAR 27,211,832 1.30 2,649,953 JPMorgan Liquidity Funds - US Dollar Liquidity 2,001,703 Lojas Renner 39,301,783 1.88 Fund (JPM US Dollar Liquidity X (dist.)) 2,649,953 0.13 563,352 Lupatech 20,679,630 0.99 2,250,576 Marcopolo Preference Shares 9,292,373 0.44 2,649,953 0.13 1,761,800 MMX Mineracao e Metalicos 54,192,223 2.59 1,893,380 NET Servicos de Comunicacao ADR 24,216,330 1.16 Total Investment Funds 2,649,953 0.13 331,403 Odontoprev 8,523,960 0.41 775,291 Perdigao 21,162,212 1.01 Total Transferable Securities Dealt in on 2,649,953 0.13 3,734,107 Petroleo Brasileiro ADR 215,906,067 10.32 Another Regulated Market 965,054 Randon Participacoes Preference Shares 9,204,544 0.44 2,233,488 Redecard 41,764,467 2.00 Total Investments 2,108,424,479 100.81 4,187,126 Sadia Preference Shares 29,689,407 1.42 718,339 Tim Participaçoes ADR 20,041,658 0.95 Cash 16,641,395 0.80 624,470 Totvs 20,760,155 0.99 125,404 Unibanco - Uniao de Bancos Brasileiros GDR 15,887,433 0.76 Other Assets/(Liabilities) (33,511,019) (1.61) 1,839,727 Usinas Siderurgicas de Minas Gerais Preference A Shares 92,156,626 4.41 Total Net Assets 2,091,554,855 100.00 4,779,413 Vivo Participacoes Preference Shares 30,290,259 1.44 1,776,835 Weg 22,287,787 1.07

1,468,246,602 70.20 Allocation of Portfolio as at 30 June 2008 % of MEXICO Net Assets 30,307,221 America Movil SAB - L Shares 79,611,945 3.81 Shares 1,410,352 America Movil SAB ADR - L Shares 73,944,755 3.54 Materials 27.11 2,348,206 Banco Compartamos 8,769,612 0.42 Financials 19.85 2,484,525 Cemex ADR Participation Certificates 60,846,017 2.91 Telecommunication Services 12.91 8,364,601 Controladora Comercial Mexicana 25,558,728 1.22 Consumer Discretionary 10.69 2,266,286 Desarrolladora Homex SAB 22,482,595 1.07 Energy 10.32 165,169 Desarrolladora Homex SAB ADR 9,873,803 0.47 Consumer Staples 7.97 647,473 Fomento Economico Mexicano ADR 28,728,377 1.37 Industrials 7.13 5,788,413 Genomma Lab Internacional - B Shares 8,927,710 0.43 Utilities 3.28 2,106,191 Grupo Famsa - AShares 7,698,252 0.37 Information Technology 0.99 8,398,415 Grupo Financiero Banorte - O Shares 38,957,436 1.86 Health Care 0.43 6,514,395 Grupo Mexico - B Shares 15,007,943 0.72 Investment Companies 0.13 625,412 Grupo Televisa ADR 14,778,486 0.71 Total Shares 100.81 4,594,509 Grupo Televisa Participation Certificates 21,791,495 1.04 Cash and Other Assets/(Liabilities) (0.81) 1,296,617 Mexichem 10,689,638 0.51 Total 7,997,072 Urbi Desarrollos Urbanos 27,693,808 1.32 100.00

455,360,600 21.77 BERMUDA 72,786 Bunge 7,827,406 0.37 247,077 Credicorp 19,963,822 0.96 999,585 Dufry South America BDR 21,953,048 1.05 1,339,072 GP Investments BDR 15,964,840 0.76 993,172 Laep Investments BDR 1,713,816 0.08

67,422,932 3.22 CHILE 750,874 Embotelladora Andina Preference B Shares 1,876,545 0.09 332,499 Empresa Nacional de Electricidad ADR 14,503,606 0.69 431,814 Empresa Nacional de Telecomunicaciones 5,857,752 0.28 2,495,417 La Polar 10,290,560 0.50 1,167,363 SACI Falabella 5,028,117 0.24 123,800 Sociedad Quimica y Minera de Chile ADR 5,902,784 0.28

43,459,364 2.08

102 JPMorgan Funds - Latin America Equity Fund Schedule of Investments (Market Value Expressed in USD) (continued) As at 30 June 2008

% % 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 31 December 2007 (Unaudited) % of Net Assets Shares Financials 21.58 Materials 20.35 Telecommunication Services 15.48 Energy 9.62 Industrials 9.00 Consumer Staples 8.28 Consumer Discretionary 8.11 Utilities 2.99 Information Technology 1.06 Health Care 1.05 Investment Companies 0.94 Total Shares 98.46 Cash and Other Assets/(Liabilities) 1.54 Total 100.00

103 JPMorgan Funds - Middle East Equity Fund Schedule of Investments (Market Value Expressed in USD) As at 30 June 2008

% % 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 236,470 Commercial Bank of Qatar 9,610,094 1.35 Shares, Warrants and Rights 108,327 Qatar National Bank 6,826,676 0.96 150,720 United Development 2,516,311 0.36 TURKEY 3,923,515 Akbank 13,561,899 1.91 18,953,081 2.67 133,650 BIM Birlesik Magazalar 4,984,704 0.70 3,486,491 Eregli Demir ve Celik Fabrikalari 28,138,638 3.97 UNITED KINGDOM 1,277,722 Haci Omer Sabanci Holding 4,354,036 0.61 1,133,472 Hikma Pharmaceuticals 11,302,699 1.59 5,827,659 KOC Holding 15,867,918 2.24 1,531,788 Reysas Logistics 6,306,224 0.89 11,302,699 1.59 1,307,924 Tekfen Holding 10,022,815 1.42 NETHERLANDS 1,866,200 Tofas Turk Otomobil Fabrikasi 5,416,111 0.76 1,499,900 Morgan Stanley - Warrants 29.04.09 8,559,677 1.21 825,249 Tupras Turkiye Petrol Rafine 18,669,270 2.63 576,440 Turcas Petrolculuk 2,227,470 0.32 8,559,677 1.21 984,765 Turk Ekonomi Bankasi 842,949 0.12 984,765 Turk Ekonomi Bankasi - Rights 11.07.08 24,084 0.00 SWITZERLAND 2,224,107 Turk Telekomunikasyon 7,397,674 1.04 67,391 Orascom Development Holding 7,812,298 1.10 2,633,107 Turkcell Iletisim Hizmet 15,133,416 2.13 9,914,120 Turkiye Garanti Bankasi 22,792,009 3.21 7,812,298 1.10 3,315,900 Turkiye Halk Bankasi 15,543,492 2.19 OMAN 6,892,070 Turkiye Is Bankasi - C Shares 22,586,819 3.18 260,072 Bank Muscat SAOG Registered Shares GDR 4,863,684 0.69 4,617,500 Turkiye Vakiflar Bankasi Tao - D Shares 5,985,265 0.84 1,935,676 Yapi ve Kredi Bankasi 3,550,541 0.50 4,863,684 0.69 203,405,334 28.66 GERMANY 2,501,454 Deutsche Bank - Abu Dhabi ISRAEL Commercial Bank - Warrants 12.02.09 3,480,011 0.49 44,100 Africa Israel Investments 2,657,308 0.37 3,555,959 Bank Hapoalim 15,638,162 2.20 3,480,011 0.49 1,048,546 Bank Leumi Le-Israel 5,177,079 0.73 6,518,280 Bezeq Israeli Telecommunication 12,787,800 1.80 BERMUDA 165,200 Excellence Investments 2,462,731 0.35 324,352 EastPharma Registered Shares GDR 2,254,246 0.32 20,340 Israel 31,486,369 4.44 2,691,886 Israel Chemicals 62,120,446 8.75 2,254,246 0.32 1,462,108 Teva Pharmaceutical Industries ADR 66,430,877 9.36 Total Shares, Warrants and Rights 700,839,671 98.77 198,760,772 28.00 Total Transferable Securities Admitted to an 700,839,671 98.77 EGYPT Official Exchange Listing 344,832 Commercial International Bank 5,533,102 0.78 607,912 Ghabbour Auto 5,619,920 0.79 Transferable Securities Dealt in on Another Regulated Market 1,069,808 National Societe General Bank 7,619,258 1.08 540,323 Orascom Construction Industries 37,214,702 5.24 Investment Funds 300,536 Orascom Telecom Holding Registered Shares GDR 19,324,465 2.73 LUXEMBOURG 69,915 Six of October Development & Investment 2,099,484 0.30 1,137,551 JPMorgan Liquidity Funds - US Dollar Liquidity 666,480 Suez Canal Bank 2,784,244 0.39 Fund (JPM US Dollar Liquidity X (dist.)) 1,137,551 0.16 3,171,421 Telecom Egypt 9,749,062 1.37 1,137,551 0.16 89,944,237 12.68 MOROCCO Total Investment Funds 1,137,551 0.16 37,350 Attijariwafa Bank 16,778,100 2.36 15,800 Brasseries Maroc 4,219,469 0.60 Total Transferable Securities Dealt in on Another 1,137,551 0.16 26,730 Douja Promotion Groupe Addoha 7,927,861 1.12 Regulated Market 14,530 Douja Promotion Groupe Total Investments 701,977,222 98.93 Addoha - Rights 31.12.18 4,261,553 0.60 338,300 Maroc Telecom 8,718,449 1.23 Cash 7,155,546 1.01 40,550 ONA10,394,579 1.46 Other Assets/(Liabilities) 461,412 0.06 52,300,011 7.37 UNITED ARAB EMIRATES Total Net Assets 709,594,180 100.00 3,593,232 Arabtec Holding 15,847,962 2.24 5,243,564 Depa 7,445,861 1.05 6,469,276 DP World 5,563,577 0.78 4,706,194 Emaar Properties 13,901,854 1.96 Allocation of Portfolio as at 30 June 2008 % of Net Assets 42,759,254 6.03 Shares, Warrants and Rights JORDAN Financials 48.02 1,107,540 Arab Bank 33,874,935 4.78 Materials 12.72 510,011 Dar Al Dawa Development & Investment 3,275,300 0.46 Health Care 11.73 Telecommunication Services 10.30 37,150,235 5.24 Industrials 10.20 Energy 2.63 NETHERLANDS ANTILLES Consumer Discretionary 1.87 2,815,200 Merrill Lynch - Aldar Properties - Consumer Staples 1.30 Warrants 12.01.10 9,532,549 1.34 Investment Companies 0.16 671,088 Merrill Lynch - First Gulf Bank - Total Shares, Warrants and Rights Warrants 07.10.10 4,878,182 0.69 98.93 1,932,890 Merrill Lynch - Sorouh Real Cash and Other Assets/(Liabilities) 1.07 Estate - Warrants 12.01.10 4,883,401 0.69 Total 100.00 19,294,132 2.72

104 JPMorgan Funds - Middle East Equity Fund Schedule of Investments (Market Value Expressed in USD) (continued) As at 30 June 2008

% % 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 2007 (Unaudited) % of Net Assets Shares and Warrants Financials 47.87 Health Care 11.41 Telecommunication Services 10.87 Industrials 10.60 Consumer Discretionary 6.99 Investment Companies 2.86 Consumer Staples 2.30 Materials 2.24 Energy 1.38 Total Shares and Warrants 96.52 Cash and Other Assets/(Liabilities) 3.48 Total 100.00

105 JPMorgan Funds - Russia Fund Schedule of Investments (Market Value Expressed in USD) As at 30 June 2008

% % 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 BRITISH VIRGIN ISLANDS 16,613,233 European Minerals 16,233,628 1.00 Shares 16,233,628 1.00 RUSSIA 69,230 Aeroflot - Russian International Airlines Registered JERSEY Shares GDR 23,008,618 1.40 644,879 KazakhGold Group Registered Shares GDR 14,213,133 0.87 2,550,103 Bank St. Petersburg 17,961,538 1.10 183,680 Chelyabinsk Zink Plant 1,561,280 0.10 14,213,133 0.87 505,419 Chelyabinsk Zink Plant GDR 3,967,539 0.24 910,567 Cherkizovo Group Registered Shares GDR 13,822,407 0.85 ISLE OFMAN 3,361,432 Kazakhstan Kagazy Registered Shares GDR 11,260,797 3,805,969 Comstar United Telesystems GDR 38,973,123 2.39 0.69 886,910 DIXY Group 13,303,650 0.82 11,260,797 0.69 818,027 Gazpromneft ADR 32,843,784 2.01 155,389 Lebedyansky 12,778,221 0.78 KAZAKHSTAN 5,995,000 Lenenergo 11,516,051 0.71 675,948 Zhaikmunai Registered Shares GDR 10,139,220 0.62 1,531,379 Magnit OAO 71,591,968 4.39 4,744,911 Magnitogorsk Iron & Steel Works Registered Shares 10,139,220 0.62 GDR 82,703,799 5.07 1,504,101 Mechel ADR 74,302,589 4.56 UNITED KINGDOM 5,483,424 MMC Norilsk Nickel ADR 138,291,953 8.48 145,200 Imperial Energy 2,687,299 0.17 902,439 Mobile Telesystems ADR 69,758,535 4.28 2,007,300 Ukrproduct Group 2,843,915 0.17 481,515 Novolipetsk Steel Registered Shares GDR 27,330,169 1.68 169,589 OAO Pharmacy Chain 36.6 6,825,957 0.42 5,531,214 0.34 12,139 Open Investments 4,492,791 0.28 GEORGIA 1,688,108 RBC Information Systems 14,348,918 0.88 201,359 Bank of Georgia Registered Shares GDR 4,731,937 0.29 202,981 RBC Information Systems ADR 7,104,335 0.44 2,216,301 RTM 4,307,529 0.26 4,731,937 0.29 45,684,407 Sberbank 145,276,414 8.91 3,819,110 Severstal Registered Shares GDR 99,449,624 6.09 NETHERLANDS 358,330 Severstal-Avto 21,141,470 1.30 1,588,843 AMTEL Vredestein Registered Shares GDR 3,177,686 0.19 977,604 Sistema JSFC Registered Shares GDR 29,406,328 1.80 3,326,140 Sistema-Hals Registered Shares GDR 22,950,366 1.41 3,177,686 0.19 4,237,817 Sitronics Registered Shares GDR 26,655,869 1.63 645,118 Tatneft Registered Shares GDR 97,251,539 5.96 Total Shares 1,502,688,584 92.15 216,958 Veropharm 11,998,835 0.74 Total Transferable Securities Admitted to an 6,100,000 World Trade Center Moscow 4,022,950 1,502,688,584 92.15 0.25 Official Exchange Listing 1,128,948,149 69.23 Transferable Securities Dealt in on Another Regulated Market KAZAKHSTAN 3,213,659 Alliance Bank Registered Shares GDR 16,486,071 1.01 Investment Funds 874,182 Halyk Savings Bank of Kazakhstan Registered Shares LUXEMBOURG GDR 13,374,985 0.82 48,800,205 JPMorgan Liquidity Funds - US Dollar Liquidity 2,083,598 Kazkommertsbank Registered Shares GDR 32,486,896 1.99 Fund (JPM US Dollar Liquidity X (dist.)) 48,800,205 2.99

62,347,952 3.82 48,800,205 2.99 LUXEMBOURG 362,797 Evraz Group Registered Shares GDR 42,537,948 2.61 Total Investment Funds 48,800,205 2.99

42,537,948 2.61 Total Transferable Securities Dealt in on 48,800,205 2.99 Another Regulated Market CAYMAN ISLANDS 1,553,552 Eurasia Drilling Registered Shares GDR 40,392,352 2.48 Total Investments 1,551,488,789 95.14

40,392,352 2.48 Cash 83,698,115 5.13

IRELAND Other Assets/(Liabilities) (4,478,917) (0.27) 4,245,020 Dragon Oil 38,012,590 2.33 Total Net Assets 1,630,707,987 100.00 38,012,590 2.33 BERMUDA 25,487,316 West Siberian Resources SDR 34,848,347 2.14 Allocation of Portfolio as at 30 June 2008 % of 34,848,347 2.14 Net Assets Shares AUSTRIA Materials 210,825 Raiffeisen International Bank Holding 26,706,853 1.64 32.41 Financials 18.49 26,706,853 1.64 Energy 16.88 Telecommunication Services 8.47 CYPRUS Consumer Staples 7.01 3,508,144 Urals Energy 12,033,923 0.74 Investment Companies 2.99 606,758 XXI Century Investments Public 12,705,922 0.78 Information Technology 2.95 Consumer Discretionary 2.66 24,739,845 1.52 Industrials 1.41 Health Care UNITED STATES OFAMERICA 1.16 Utilities 1,179,450 BMB Munai 7,076,700 0.43 0.71 611,965 CTC Media 15,103,296 0.93 Total Shares 95.14 Cash and Other Assets/(Liabilities) 4.86 22,179,996 1.36 Total 100.00 MALAYSIA 2,656,224 Steppe Cement 16,686,937 1.02

16,686,937 1.02

106 JPMorgan Funds - Russia Fund Schedule of Investments (Market Value Expressed in USD) (continued) As at 30 June 2008

% % 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 31 December 2007 (Unaudited) % of Net Assets Shares Materials 30.90 Financials 22.31 Energy 12.00 Utilities 6.52 Telecommunication Services 5.67 Consumer Staples 4.87 Information Technology 3.34 Investment Companies 2.93 Industrials 2.77 Health Care 2.30 Consumer Discretionary 1.63 Total Shares 95.24 Cash and Other Assets/(Liabilities) 4.76 Total 100.00

107 JPMorgan Funds - US Aggregate Bond Fund Schedule of Investments (Market Value Expressed in USD) As at 30 June 2008

% % 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 600,000 General Electric Capital 20.09.13/5.400% 608,988 0.16 1,100,000 General Electric Capital 09.06.14/5.650% 1,133,153 0.30 Bonds 100,000 General Electric Capital 15.09.17/5.625% 99,875 0.03 1,100,000 General Electric Capital 1,082,173 UNITED STATES OFAMERICA 01.05.18/5.625% 0.28 65,000 General Electric Capital 66,029 15,000 Abbey National Capital Trust I 30.06.30/8.963%* 16,457 0.00 15.03.32/6.750% 0.02 100,000 General Electric Capital 91,377 115,000 Alcoa 01.02.17/5.550% 108,716 0.03 14.01.38/5.875% 0.02 Genworth Financial 34,422 95,000 Allstate Life Global Funding 35,000 15.06.14/5.750% 0.01 Trusts 30.04.13/5.375% 94,844 0.02 10,000 Genworth Financial 15.06.34/6.500% 8,879 0.00 150,000 American Electric Power - C 300,000 Golden West Financial 01.10.12/4.750% 287,508 0.07 Shares 15.03.10/5.375% 151,940 0.04 100,000 Goldman Sachs Group 15.01.09/3.875% 100,184 0.03 285,000 American General Finance 01.10.12/5.375% 265,825 0.07 90,000 Goldman Sachs Group 15.05.09/6.650% 92,174 0.02 100,000 American International Group 15.05.13/4.250% 92,100 0.02 555,000 Goldman Sachs Group 15.01.11/6.875% 579,945 0.15 100,000 American International Group 18.10.16/5.600% 94,848 0.02 525,000 Goldman Sachs Group 15.01.12/6.600% 547,042 0.14 75,000 Anheuser-Busch 01.04.36/5.750% 64,284 0.02 150,000 Goldman Sachs Group 01.04.13/5.250% 150,224 0.04 50,000 Appalachian Power 01.05.09/6.600% 50,841 0.01 125,000 Goldman Sachs Group 15.07.13/4.750% 121,508 0.03 25,000 Arizona Public Service 15.05.15/4.650% 21,945 0.01 150,000 Goldman Sachs Group 15.10.13/5.250% 148,599 0.04 500,000 AT&T 15.01.13/4.950% 500,200 0.13 235,000 Goldman Sachs Group 15.01.14/5.150% 230,673 0.06 630,000 AT&T 15.09.14/5.100% 624,310 0.16 300,000 Goldman Sachs Group 15.11.14/5.500% 299,136 0.08 60,000 AT&T 15.06.16/5.625% 59,988 0.02 150,000 Goldman Sachs Group 18.01.18/5.950% 144,366 0.04 300,000 AT&T 15.01.38/6.300% 285,786 0.08 300,000 Goldman Sachs Group 01.10.37/6.750% 277,583 0.07 150,000 Bank of America 15.02.10/7.800% 157,897 0.04 175,000 Hewlett-Packard 01.03.17/5.400% 173,718 0.05 250,000 Bank of America 15.01.11/7.400% 263,515 0.07 50,000 Home Depot 01.03.16/5.400% 46,235 0.01 200,000 Baxter International 15.03.15/4.625% 192,671 0.05 150,000 HRPT Properties Trust 15.01.18/6.650% 137,928 0.04 100,000 Bear Stearns 25.03.09/3.250% 99,107 0.03 35,000 HSBC Finance 15.12.08/4.125% 35,032 0.01 350,000 Bear Stearns 15.11.14/5.700% 338,842 0.09 200,000 HSBC Finance 01.08.10/6.375% 205,860 0.05 250,000 Bear Stearns 02.10.17/6.400% 248,518 0.06 625,000 HSBC Finance 15.10.11/6.375% 645,284 0.17 100,000 Bear Stearns 01.02.18/7.250% 105,101 0.03 200,000 HSBC Finance 15.07.13/4.750% 193,860 0.05 200,000 BellSouth 15.09.14/5.200% 198,322 0.05 500,000 HSBC Finance 15.01.14/5.250% 493,648 0.13 75,000 BellSouth 15.11.34/6.000% 70,247 0.02 125,000 International Business Machines 01.08.27/6.220% 125,339 0.03 60,000 Boeing 15.02.33/6.125% 61,618 0.02 35,000 International Paper 15.01.09/4.250% 34,880 0.01 155,000 Burlington Northern Santa Fe 15.03.09/6.125% 157,530 0.04 165,000 International Paper 01.04.10/4.000% 162,536 0.04 100,000 Burlington Northern Santa Fe 15.07.11/6.750% 104,482 0.03 150,000 John Deere Capital 15.07.09/4.400% 151,648 0.04 100,000 Capital One Financial 15.09.11/5.700% 96,173 0.03 45,000 John Deere Capital 03.04.18/5.350% 44,331 0.01 220,000 Capital One Financial 15.11.13/6.250% 218,574 0.06 200,000 Kellogg 06.03.13/4.250% 194,898 0.05 75,000 Carolina Power & Light 15.09.13/5.125% 75,652 0.02 25,000 Kinder Morgan Energy Partners 15.11.14/5.125% 23,847 0.01 70,000 Caterpillar Financial Services 15.03.16/5.500% 70,260 0.02 400,000 Kraft Foods 01.02.18/6.125% 390,547 0.10 75,000 CenterPoint Energy Houston 175,000 Kraft Foods 01.02.38/6.875% 171,731 0.04 Electric 15.01.14/5.750% 74,952 0.02 15,000 Kroger 01.04.11/6.800% 15,630 0.00 40,000 CenterPoint Energy Resources 01.11.17/6.125% 39,362 0.01 180,000 Lehman Brothers Holdings 10.11.09/3.950% 175,441 0.05 35,000 Centex 15.05.14/5.700% 30,113 0.01 310,000 Lehman Brothers Holdings 15.08.10/7.875% 316,096 0.08 225,000 CIT Group 30.11.12/7.625% 197,872 0.05 75,000 Lehman Brothers Holdings 18.01.12/6.625% 74,347 0.02 500,000 Citigroup 29.07.09/4.250% 501,118 0.13 250,000 Lehman Brothers Holdings 17.05.13/5.750% 236,094 0.06 500,000 Citigroup 27.08.12/5.625% 496,342 0.13 75,000 Lehman Brothers Holdings 28.12.17/6.750% 70,906 0.02 150,000 Citigroup 15.09.14/5.000% 138,932 0.04 30,000 Lockheed Martin 01.12.29/8.500% 36,956 0.01 430,000 Citigroup 15.08.17/6.000% 418,401 0.11 125,000 Macys Retail Holdings 15.08.13/7.625% 124,073 0.03 140,000 Citigroup 21.11.17/6.125% 136,243 0.04 250,000 Marathon Oil 01.10.17/6.000% 250,764 0.07 15,000 Citigroup 15.06.32/6.625% 14,446 0.00 200,000 Marshall & Ilsley 01.04.11/5.350% 192,337 0.05 60,000 Cleveland Electric Illuminating - 100,000 Merrill Lynch & Co. 15.07.08/3.125% 99,934 0.03 D Shares 01.11.17/7.880% 66,057 0.02 175,000 Merrill Lynch & Co. 15.01.09/4.125% 174,412 0.05 50,000 Coca-Cola Enterprises 01.02.12/8.500% 56,594 0.01 290,000 Merrill Lynch & Co. 15.08.12/6.050% 285,071 0.07 60,000 Columbus Southern Power 01.05.18/6.050% 60,156 0.02 280,000 Merrill Lynch & Co. 25.04.13/6.150% 272,930 0.07 300,000 Comcast Cable Communications 295,000 Merrill Lynch & Co. 15.07.14/5.450% 280,272 0.07 Holdings 15.03.13/8.375% 332,045 0.08 40,000 Merrill Lynch & Co. 15.01.15/5.000% 36,615 0.01 35,000 Connecticut Light & Power 01.05.18/5.650% 34,574 0.01 200,000 Merrill Lynch & Co. 28.08.17/6.400% 190,924 0.05 20,000 ConocoPhillips 25.05.10/8.750% 21,873 0.01 290,000 Merrill Lynch & Co. 25.04.18/6.875% 282,313 0.07 15,000 Consolidated Edison Co. of New 300,000 Monsanto 15.08.12/7.375% 325,225 0.08 York 01.09.10/7.500% 15,937 0.00 550,000 Morgan Stanley 15.04.11/6.750% 569,154 0.15 55,000 Consolidated Edison Co. of New 300,000 Morgan Stanley 01.04.12/6.600% 306,416 0.08 York 01.07.12/5.625% 55,812 0.01 300,000 Morgan Stanley 01.03.13/5.300% 294,134 0.08 130,000 Countrywide Home Loans 15.07.09/5.625% 125,697 0.03 150,000 Morgan Stanley 01.04.14/4.750% 137,759 0.04 100,000 Countrywide Home Loans 22.03.11/4.000% 90,485 0.02 300,000 New Cingular Wireless Services 01.03.11/7.875% 320,484 0.08 50,000 CSFB USA 15.11.11/6.125% 51,408 0.01 35,000 New Cingular Wireless Services 01.03.31/8.750% 42,075 0.01 175,000 CSFB USA 15.01.12/6.500% 182,507 0.05 15,000 News America Holdings 20.01.24/7.750% 16,223 0.00 150,000 CSFB USA 15.01.14/5.125% 147,951 0.04 80,000 Nisource Finance 01.03.13/6.150% 79,901 0.02 75,000 CSFB USA 15.01.15/4.875% 72,106 0.02 19,000 Norfolk Southern 17.05.25/5.590% 17,522 0.00 90,000 Daimler Finance North America 01.09.09/7.200% 92,729 0.02 21,000 Norfolk Southern 15.02.31/7.250% 22,606 0.01 100,000 Daimler Finance North America 15.01.12/7.300% 105,654 0.03 100,000 Northrop Grumman Systems 15.02.11/7.125% 106,595 0.03 40,000 Dow Chemical 01.02.11/6.125% 41,218 0.01 25,000 Odyssey Re Holdings 01.11.13/7.650% 26,514 0.01 360,000 Dow Chemical 01.10.12/6.000% 370,298 0.10 50,000 Parker Hannifin 15.05.18/5.500% 50,086 0.01 65,000 Dow Chemical 01.11.29/7.375% 70,938 0.02 150,000 Peco Energy 01.03.18/5.350% 147,670 0.04 25,000 DTE Energy 01.06.11/7.050% 25,994 0.01 100,000 PNC Funding 15.11.15/5.250% 94,596 0.02 100,000 Duke Energy Carolinas 01.10.08/4.200% 100,142 0.03 110,000 Progress Energy 15.04.12/6.850% 116,221 0.03 255,000 Duke Energy Carolinas 15.04.18/5.100% 248,849 0.06 105,000 Protective Life Secured Trusts 24.11.08/3.700% 105,144 0.03 20,000 FleetBoston Financial 01.12.09/7.375% 21,020 0.01 240,000 Protective Life Secured Trusts 07.10.09/4.000% 239,385 0.06 20,000 Florida Power 15.06.18/5.650% 20,215 0.01 100,000 Protective Life Secured Trusts 01.04.11/4.000% 97,102 0.03 35,000 Florida Power & Light 01.10.33/5.950% 34,609 0.01 110,000 Prudential Financial 20.09.14/5.100% 105,735 0.03 40,000 FPL Group Capital 15.06.13/5.350% 40,426 0.01 35,000 PSEG Power 15.04.31/8.625% 42,266 0.01 100,000 General Electric Capital 15.06.09/3.250% 100,021 0.03 55,000 Public Service Electric & Gas 01.05.18/5.300% 54,282 0.01 200,000 General Electric Capital 19.01.10/7.375% 211,210 0.04 100,000 Regions Financial 10.12.37/7.375% 79,080 0.02 300,000 General Electric Capital 22.02.11/6.125% 315,032 0.08 65,000 Safeway 01.11.08/4.125% 64,863 0.02 470,000 General Electric Capital 15.02.12/5.875% 487,372 0.13 150,000 SLM 15.01.10/4.000% 140,190 0.04 230,000 General Electric Capital 15.06.12/6.000% 238,587 0.05 20,000 SLM 15.01.13/5.375% 17,147 0.00 500,000 General Electric Capital 19.10.12/5.250% 505,286 0.13 325,000 Sprint Capital 30.01.11/7.625% 318,529 0.08 700,000 General Electric Capital 01.05.13/4.800% 691,284 0.18 35,000 Sprint Capital 01.05.19/6.900% 30,401 0.01

108 JPMorgan Funds - US Aggregate Bond Fund Schedule of Investments (Market Value Expressed in USD) (continued) As at 30 June 2008

% % 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 Sprint Capital 15.03.32/8.750% 9,453 0.00 CANADA 400,000 Sprint Nextel 01.12.16/6.000% 339,937 0.09 10,000 Canadian Natural Resources 15.01.32/7.200% 10,717 0.00 100,000 State Street 15.06.10/7.650% 105,003 0.03 60,000 Devon Financing 30.09.31/7.875% 70,713 0.02 105,000 Textron Financial 03.02.11/5.125% 104,474 0.03 150,000 Textron Financial 28.04.13/5.400% 149,287 0.04 81,430 0.02 100,000 Toyota Motor Credit 01.08.08/2.875% 99,974 0.03 50,000 Travelers 15.05.18/5.800% 49,215 0.01 Total Bonds 36,486,674 9.50 155,000 UBS Preferred Funding Trust I 01.10.10/8.622%* 155,801 0.04 75,000 Union Pacific 15.01.15/4.875% 72,221 0.02 Total Transferable Securities Admitted to an 36,486,674 9.50 Official Exchange Listing 100,000 United Parcel Service 15.01.18/5.500% 101,424 0.03 40,000 Valero Energy 15.04.32/7.500% 40,862 0.01 150,000 Verizon Communications 15.02.16/5.550% 148,146 0.04 Transferable Securities Dealt in on Another Regulated Market 185,000 Verizon Communications 01.04.17/5.500% 178,423 0.05 150,000 Verizon Florida - F Shares 15.01.13/6.125% 150,236 0.04 Bonds 45,000 Verizon Global Funding 01.09.12/7.375% 48,348 0.01 UNITED STATES OFAMERICA 225,000 Verizon Maryland - AShares 01.03.12/6.125% 229,708 0.06 183,232 ABN Amro Mortgage 2003-7 A3 25.07.18/4.500% 173,010 0.05 250,000 Verizon New England - C Shares 01.10.13/4.750% 236,176 0.06 50,000 Alabama Power 15.05.38/6.125% 50,723 0.01 15,000 Verizon New York - B Shares 01.04.32/7.375% 15,498 0.00 170,000 American General Finance 15.12.17/6.900% 152,753 0.04 200,000 Verizon Virginia - AShares 15.03.13/4.625% 193,171 0.05 500,000 American Home Mortgage 40,000 Virginia Electric and Power 15.12.10/4.500% 40,293 0.01 Investment Trust 2005-3 2A4 25.09.35/4.848%* 403,483 0.11 250,000 Virginia Electric and Power 30.11.12/5.100% 250,605 0.06 150,000 American Water Capital 15.10.17/6.085% 144,029 0.04 140,000 Virginia Electric and Power 15.09.17/5.950% 140,842 0.04 100,000 AmeriCredit Automobile 250,000 Virginia Electric and Power 30.04.18/5.400% 244,844 0.06 Receivables Trust 2008-AF A3 12.12.12/5.680% 98,586 0.03 380,000 Wachovia 17.02.09/3.625% 378,360 0.10 100,000 AmeriCredit Automobile 285,000 Wachovia 01.05.13/5.500% 277,082 0.07 Receivables Trust 2008-AF A4 14.10.14/6.960% 98,969 0.03 100,000 Wachovia 15.02.14/4.875% 94,012 0.02 150,000 ASIF Global Financing XXIII 144A 150,374 450,000 Wachovia 01.02.18/5.750% 415,574 0.11 22.10.08/3.900% 0.04 49,920 Banc of America Commercial 250,000 Wachovia Bank NA 15.08.15/5.000% 232,155 0.06 Mortgage 2003-2 A2 11.03.41/4.342% 49,547 0.01 60,000 Wal-Mart Stores 53,058 01.09.35/5.250% 0.01 450,000 Banc of America Commercial 45,000 Washington Mutual 15.01.10/4.200% 39,966 0.01 Mortgage 2005-6 ASB 10.09.47/5.352%* 436,931 0.12 50,000 Washington Mutual 01.04.10/8.250% 44,174 0.01 329,698 Banc of America Funding 2004-2 100,000 Washington Mutual 01.11.17/7.250% 81,663 0.02 30PO 20.09.34/0.000% 217,172 0.06 250,000 Washington Mutual 1,250,000 Banc of America Funding 2005-6 Bank/Henderson 15.06.11/6.875% 215,414 0.06 2A7 25.10.35/5.500% 1,188,817 0.31 100,000 Wells Fargo & Co. 01.08.11/6.375% 104,511 0.03 594,526 Banc of America Funding 500,000 Wells Fargo & Co. 23.10.12/5.250% 504,416 0.13 2005-E 4A1 20.03.35/4.106%* 590,548 0.16 225,000 Wells Fargo & Co. 15.11.14/5.000% 222,575 0.06 66,197 Banc of America Mortgage Securities 2003-8 APO 25.11.33/0.000% 46,624 0.01 34,156,941 8.89 619,884 Banc of America Mortgage Securities 2004-5 2A2 25.06.34/5.500% 497,116 0.13 UNITED KINGDOM 148,083 Banc of America Mortgage 110,000 AstraZeneca 01.06.14/5.400% 112,361 0.03 Securities 2004-9 XPO 25.11.34/0.000% 93,582 0.03 90,000 British Telecommunications 15.12.10/8.375% 97,407 0.03 600,000 Banc of America Mortgage 45,000 British Telecommunications 15.12.30/9.125% 54,478 0.01 Securities 2004-E 2A5 25.06.34/4.112%* 578,562 0.15 35,000 RBS 30.09.31/7.648%* 34,113 0.01 550,334 Banc of America Mortgage 200,000 Vodafone Group 15.09.15/5.000% 190,408 0.05 Securities 2004-J 3A1 25.11.34/5.069%* 538,667 0.14 95,000 Bank of America 01.10.10/4.250% 95,017 0.02 488,767 0.13 200,000 Bank of America 14.10.16/5.625% 198,401 0.05 350,000 Bank of America 01.05.18/5.650% 330,252 0.09 MEXICO 264,456 Bear Stearns Adjustable Rate 260,000 United Mexican States 16.01.13/6.375% 274,989 0.07 Mortgage Trust 2003-7 3A 25.10.33/4.928%* 257,293 0.07 165,000 United Mexican States 03.03.15/6.625% 177,358 0.05 1,165,249 Bear Stearns Adjustable Rate Mortgage Trust 2006-1 A1 25.02.36/4.625%* 1,117,387 0.29 452,347 0.12 181,390 Bear Stearns Asset Backed Securities Trust 2006-SD1 A 141,263 LUXEMBOURG 25.04.36/2.853%* 0.04 Telecom Italia Capital 151,040 150,000 Bear Stearns Commercial 160,000 15.11.13/5.250% 0.04 Mortgage Securities 2005-PWR9 300,000 Telecom Italia Capital 30.09.14/4.950% 278,693 0.07 AAB 11.09.42/4.804% 144,202 0.04 360,000 Bear Stearns Commercial 429,733 0.11 Mortgage Securities 2006-PW11 A4 347,031 SPAIN 11.03.39/5.623%* 0.09 Telefonica Emisiones 352,199 255,051 Bear Stearns Commercial 350,000 04.02.13/5.855% 0.09 Mortgage Securities 2006-PW14 A1 01.12.38/5.044% 253,073 0.07 352,199 0.09 100,000 Branch Banking & Trust 15.01.13/4.875% 96,493 0.03 AUSTRALIA 174,755 Capital One Auto Finance Trust 55,000 BHP Billiton Finance 29.03.17/5.400% 53,139 0.02 2007-C A2B 17.05.10/2.891%* 172,469 0.05 200,000 Rio Tinto Finance USA 15.07.13/5.875% 200,373 0.05 100,000 Capital One Auto Finance Trust 2007-C A3A 16.04.12/5.130% 94,609 0.03 253,512 0.07 40,000 Capital One Bank 15.09.10/5.750% 39,694 0.01 368,257 Capital One Prime Auto NETHERLANDS Receivables Trust 2007-2 A2 15.03.10/5.050% 370,560 0.10 45,000 Deutsche Telekom International 669,667 Chase Mortgage Finance 2003-S6 Finance 22.07.13/5.250% 44,311 0.01 A1 25.06.18/5.000% 646,946 0.17 100,000 Deutsche Telekom International 80,000 Cisco Systems 22.02.16/5.500% 81,029 0.02 Finance 15.06.30/8.250% 119,132 0.03 200,000 Citibank Credit Card Issuance Trust 2005-B1 B1 15.09.10/4.400% 200,550 0.05 163,443 0.04 474,197 Citicorp Mortgage Securities 2003-10 A1 25.11.18/4.500% 447,743 0.12 FRANCE 1,186,454 Citicorp Mortgage Securities 90,000 France Télécom 01.03.11/7.750% 95,860 0.02 2004-1 3A1 25.01.34/4.750% 1,151,372 0.30 10,000 France Télécom 01.03.31/8.500% 12,442 0.01 1,985,056 Citicorp Mortgage Securities 2004-2 A1 25.03.34/5.000% 1,944,551 0.51 108,302 0.03 1,547,126 Citicorp Mortgage Securities 2004-5 2A5 25.08.34/4.500% 1,466,668 0.38

109 JPMorgan Funds - US Aggregate Bond Fund Schedule of Investments (Market Value Expressed in USD) (continued) As at 30 June 2008

% % 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

1,265,976 Citicorp Mortgage Securities 1,310,027 Fannie Mae Pool No: 254717 01.04.13/4.500% 1,305,159 0.34 2004-8 1A1 25.10.34/5.500% 1,219,366 0.32 82,718 Fannie Mae Pool No: 254774 01.05.13/5.500% 83,946 0.02 955,121 Citicorp Mortgage Securities 116,760 Fannie Mae Pool No: 254827 01.05.13/5.500% 118,501 0.03 2004-8 2A2 25.10.34/4.750% 882,112 0.23 1,057,381 Fannie Mae Pool No: 254919 01.09.18/4.000% 1,037,059 0.27 1,340,767 Citicorp Mortgage Securities 743,979 Fannie Mae Pool No: 255052 01.11.23/4.000% 700,451 0.18 2005-3 2A2 1,244,728 25.04.20/5.000% 0.32 391,925 Fannie Mae Pool No: 255174 01.03.14/4.000% 385,583 0.10 Citicorp Mortgage Securities 1,000,000 746,891 Fannie Mae Pool No: 255441 01.06.19/3.500% 689,842 0.18 2006-4 1A2 25.08.36/6.000% 926,470 0.24 1,063,178 Fannie Mae Pool No: 256648 01.01.22/7.500% 1,108,616 0.29 271,251 Citigroup Commercial Mortgage Trust 2006-C4 A1 15.03.49/5.915%* 273,692 0.07 65,775 Fannie Mae Pool No: 357639 01.11.34/5.500% 64,778 0.02 37,321 Citigroup Mortgage Loan Trust 107,960 Fannie Mae Pool No: 386652 01.11.08/4.955% 107,758 0.03 2003-UP3 A3 25.09.33/7.000% 36,707 0.01 209,005 Fannie Mae Pool No: 535574 01.11.13/7.500% 216,623 0.06 200,000 CNH Equipment Trust 2007-A 151,406 Fannie Mae Pool No: 545622 01.04.17/7.500% 158,596 0.04 A3 15.10.10/4.990% 201,411 0.05 520,286 Fannie Mae Pool No: 545967 01.10.17/5.500% 523,456 0.14 100,000 CNH Equipment Trust 2008-B 1,643,756 Fannie Mae Pool No: 555182 01.01.18/6.000% 1,683,052 0.44 A4A 17.11.14/5.600% 99,281 0.03 1,455,955 Fannie Mae Pool No: 555606 01.07.18/4.000% 1,427,973 0.37 400,000 Comcast 15.03.11/5.500% 401,067 0.11 666,587 Fannie Mae Pool No: 555698 01.08.18/4.000% 653,776 0.17 275,000 Comcast 15.03.16/5.900% 272,099 0.07 109,123 Fannie Mae Pool No: 555791 01.12.22/6.500% 113,388 0.03 150,000 Comcast Cable Holdings 01.02.12/9.800% 170,071 0.04 799,204 Fannie Mae Pool No: 555969 01.12.18/4.000% 783,844 0.20 100,000 Comcast Holdings 15.07.12/10.625% 114,908 0.03 16,787 Fannie Mae Pool No: 583745 01.06.16/6.000% 17,188 0.00 60,000 Commercial Mortgage Pass 51,445 Fannie Mae Pool No: 598559 01.08.31/6.500% 52,868 0.01 Through Certificates 2004-LB4A 64,337 Fannie Mae Pool No: 602589 01.09.31/7.000% 67,373 0.02 A4 15.10.37/4.584% 58,010 0.02 442,115 Fannie Mae Pool No: 622534 01.09.31/3.000% 382,008 0.10 200,000 Continental Airlines 02.10.10/7.487% 193,761 0.05 14,588 Fannie Mae Pool No: 627139 01.03.17/6.500% 15,205 0.00 935,026 Countrywide Alternative Loan 1,025,832 Fannie Mae Pool No: 629035 01.03.17/5.500% 1,032,083 0.27 Trust 2002-18 A2 25.02.33/5.250% 905,604 0.24 18,268 Fannie Mae Pool No: 637095 01.03.17/7.500% 19,087 0.00 750,000 Countrywide Alternative Loan 358,152 Fannie Mae Pool No: 650236 01.12.32/5.000% 343,296 0.09 Trust 2004-18CB 2A4 25.09.34/5.700% 466,350 0.12 1,151,468 Fannie Mae Pool No: 657348 01.09.17/5.000% 1,137,614 0.31 150,672 Countrywide Alternative Loan Trust 2004-28CB 3A1 25.01.35/6.000% 137,074 0.04 68,674 Fannie Mae Pool No: 665775 01.09.17/5.500% 69,130 0.02 897,449 Countrywide Alternative Loan 10,484 Fannie Mae Pool No: 666358 01.08.17/6.000% 10,735 0.00 Trust 2004-2CB 1A9 25.03.34/5.750% 690,910 0.18 23,233 Fannie Mae Pool No: 668811 01.11.17/6.000% 23,788 0.01 179,971 Countrywide Alternative Loan 20,871 Fannie Mae Pool No: 674349 01.03.33/6.000% 21,043 0.01 Trust 2005-26CB A10 25.07.35/8.550%* 177,903 0.05 77,003 Fannie Mae Pool No: 675555 01.12.32/6.000% 77,640 0.02 600,000 Countrywide Alternative Loan 368,046 Fannie Mae Pool No: 679263 01.11.24/4.500% 341,075 0.09 Trust 2005-28CB 1A4 25.08.35/5.500% 493,563 0.13 520,578 Fannie Mae Pool No: 682424 01.07.18/4.000% 510,573 0.13 1,000,000 Countrywide Alternative Loan 44,347 Fannie Mae Pool No: 689977 01.03.27/8.000% 46,661 0.01 Trust 2005-54CB 1A11 25.11.35/5.500% 876,068 0.23 26,497 Fannie Mae Pool No: 695533 01.06.27/8.000% 27,880 0.01 203,390 Countrywide Alternative Loan 211,470 Fannie Mae Pool No: 698023 01.04.19/3.500% 195,318 0.05 Trust 2005-5R A1 25.12.18/5.250% 196,534 0.05 624,287 Fannie Mae Pool No: 702901 01.05.33/6.000% 629,457 0.16 959,349 Countrywide Alternative Loan 873,763 Fannie Mae Pool No: 709848 01.06.18/5.000% 863,250 0.22 Trust 2005-J1 1A4 25.02.35/2.618%* 28,021 0.01 120,591 Fannie Mae Pool No: 720393 01.07.18/4.500% 116,502 0.03 434,000 Countrywide Alternative Loan 244,501 Fannie Mae Pool No: 722985 01.07.33/3.844%* 247,392 0.06 Trust 2007-21CB 1A5 25.09.37/6.000% 272,665 0.07 260,961 Fannie Mae Pool No: 725017 01.12.33/5.500% 257,005 0.07 659,590 Countrywide Home Loan Mortgage Pass Through Trust 1,176,409 Fannie Mae Pool No: 725027 01.11.33/5.000% 1,127,330 0.29 2005-22 2A1 25.11.35/5.253%* 602,135 0.16 211,797 Fannie Mae Pool No: 725171 01.01.19/4.000% 207,727 0.05 227,256 Countrywide Home Loan 83,020 Fannie Mae Pool No: 725382 01.01.16/8.000% 86,853 0.02 Mortgage Pass Through Trust 1,618,919 Fannie Mae Pool No: 725445 01.05.19/4.500% 1,564,028 0.41 2003-26 1A6 25.08.33/3.500% 195,212 0.05 83,394 Fannie Mae Pool No: 725704 01.08.34/6.000% 84,084 0.02 87,448 Countrywide Home Loan 745,982 Fannie Mae Pool No: 726128 01.07.18/4.000% 731,645 0.19 Mortgage Pass Through Trust 508,318 Fannie Mae Pool No: 727226 01.06.18/4.000% 498,549 0.13 2003-J7 4A3 25.08.18/6.580%* 80,814 0.02 1,002,439 Fannie Mae Pool No: 727466 01.08.18/4.500% 968,450 0.25 253,087 Countrywide Home Loan 535,693 Fannie Mae Pool No: 728807 01.06.33/5.000% 513,344 0.13 Mortgage Pass Through Trust 246,715 Fannie Mae Pool No: 729347 01.07.18/4.000% 241,974 0.06 2004-7 2A1 25.06.34/4.032%* 249,113 0.07 404,686 Fannie Mae Pool No: 729379 01.08.33/6.000% 408,038 0.11 783,475 Countrywide Home Loan Mortgage Pass Through Trust 509,994 Fannie Mae Pool No: 730022 01.08.18/4.000% 500,192 0.13 2004-J6 2A1 25.07.14/4.750% 775,932 0.20 46,341 Fannie Mae Pool No: 730332 01.09.18/4.000% 45,450 0.01 699,061 Countrywide Home Loan 1,517,575 Fannie Mae Pool No: 730338 01.09.18/5.000% 1,499,317 0.39 Mortgage Pass Through Trust 253,983 Fannie Mae Pool No: 730536 01.08.18/4.000% 249,102 0.06 2004-J8 1A2 25.11.19/4.750% 667,337 0.17 472,098 Fannie Mae Pool No: 730675 01.08.33/4.500% 437,502 0.11 188,298 Credit-Based Asset Servicing and 772,986 Fannie Mae Pool No: 731594 01.08.18/4.000% 758,130 0.20 Securitization 2006-CB1 AF2 25.01.36/5.236%* 181,456 0.05 334,231 Fannie Mae Pool No: 734763 01.08.33/4.500% 309,738 0.08 196,812 CSFB Mortgage Securities 574,889 Fannie Mae Pool No: 735023 01.11.14/4.500% 571,638 0.15 1998-C2 A2 15.11.30/6.300% 197,601 0.05 595,661 Fannie Mae Pool No: 735290 01.12.19/4.500% 575,464 0.15 88,211 CSFB Mortgage Securities 676,880 Fannie Mae Pool No: 735332 01.08.34/4.778%* 686,725 0.18 2001-CK1 A3 18.12.35/6.380% 90,250 0.02 484,099 Fannie Mae Pool No: 735386 01.01.20/5.500% 487,049 0.13 777,959 CSFB Mortgage Securities 627,848 Fannie Mae Pool No: 735522 01.12.18/4.000% 615,781 0.16 2003-21 AP 25.09.33/0.000% 524,760 0.14 253,123 Fannie Mae Pool No: 735911 01.08.20/6.500% 263,842 0.07 1,408,299 CSFB Mortgage Securities Fannie Mae Pool No: 740456 501,977 2003-23 2A5 25.10.18/5.000% 1,289,554 0.34 519,595 01.10.18/4.500% 0.13 664,215 CSFB Mortgage Securities 260,009 Fannie Mae Pool No: 740822 01.09.18/5.500% 261,593 0.07 2003-27 AP 25.11.33/0.000% 435,374 0.11 101,745 Fannie Mae Pool No: 743097 01.10.18/3.500% 94,591 0.02 165,000 CSFB Mortgage Securities 1,292,711 Fannie Mae Pool No: 745406 01.03.21/6.000% 1,323,614 0.34 2003-C5 A4 15.12.36/4.900%* 159,322 0.04 1,030,900 Fannie Mae Pool No: 745407 01.04.24/6.000% 1,051,940 0.27 641,960 CSFB Mortgage Securities 2004-3 307,100 Fannie Mae Pool No: 745446 01.04.33/4.891%* 311,167 0.08 AP 25.06.34/0.000% 416,278 0.11 154,066 Fannie Mae Pool No: 748306 01.11.33/6.500% 158,327 0.04 298,110 CSFB Mortgage Securities 85,273 Fannie Mae Pool No: 754922 01.09.33/5.500% 84,333 0.02 2005-10 AP 25.11.35/0.000% 183,298 0.05 219,408 Fannie Mae Pool No: 755973 01.11.28/8.000% 230,859 0.06 350,000 CSFB USA 15.08.13/5.500% 350,405 0.09 88,336 Fannie Mae Pool No: 755994 01.10.28/8.000% 92,946 0.02 90,807 DLJ Commercial Mortgage 120,150 Fannie Mae Pool No: 759298 01.01.34/5.000% 115,138 0.03 1999-CG2 A1B 10.06.32/7.300%* 92,558 0.02 218,379 Fannie Mae Pool No: 759424 01.01.34/5.500% 215,070 0.06 125,000 Electronic Data Systems - B 404,124 Fannie Mae Pool No: 763029 01.05.33/4.500% 374,746 0.10 Shares 01.08.13/6.500% 129,468 0.03 120,693 Fannie Mae Pool No: 763795 01.02.34/5.000% 115,658 0.03 280,000 Exelon Generation 15.06.11/6.950% 289,845 0.08 202,785 Fannie Mae Pool No: 766610 01.01.34/4.116%* 204,483 0.05 50,000 Fannie Mae 15.01.10/7.250% 53,055 0.01 310,219 Fannie Mae Pool No: 768005 01.09.13/4.000% 305,564 0.08 28,093 Fannie Mae Interest Strip 340 1 01.09.33/0.000% 19,641 0.01 556,687 Fannie Mae Pool No: 769844 01.12.18/5.000% 549,990 0.14 25,319 Fannie Mae Pool No: 190632 01.02.14/6.000% 25,846 0.01 410,792 Fannie Mae Pool No: 771959 01.02.34/5.500% 404,530 0.11 33,701 Fannie Mae Pool No: 252409 01.03.29/6.500% 34,902 0.01 631,004 Fannie Mae Pool No: 773153 01.06.19/4.000% 618,877 0.16 396,661 Fannie Mae Pool No: 254305 01.05.22/6.500% 411,551 0.11 601,463 Fannie Mae Pool No: 775902 01.04.30/8.500% 660,081 0.17

110 JPMorgan Funds - US Aggregate Bond Fund Schedule of Investments (Market Value Expressed in USD) (continued) As at 30 June 2008

% % 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

561,748 Fannie Mae Pool No: 780956 01.05.19/4.500% 542,701 0.14 48,610 Fannie Mae REMICS 2003-52 358,119 Fannie Mae Pool No: 781309 01.07.34/4.835%* 367,602 0.10 SX 25.10.31/15.503%* 55,246 0.01 15,330 Fannie Mae Pool No: 782613 01.05.19/3.500% 14,159 0.00 201,198 Fannie Mae REMICS 2003-68 71,907 Fannie Mae Pool No: 787741 01.08.30/9.000% 79,344 0.02 QP 25.07.22/3.000% 190,266 0.05 422,310 Fannie Mae Pool No: 788150 01.03.32/6.000% 425,808 0.11 460,514 Fannie Mae REMICS 2003-80 SY 51,967 195,835 Fannie Mae Pool No: 789426 01.07.19/3.500% 180,877 0.05 25.06.23/5.168%* 0.01 Fannie Mae REMICS 2003-81 365,497 Fannie Mae Pool No: 790235 01.08.34/4.917%* 370,718 0.10 1,650,000 LC 25.09.18/4.500% 1,599,624 0.42 244,030 Fannie Mae Pool No: 791961 01.09.34/4.563%* 248,236 0.06 422,557 Fannie Mae REMICS 2003-81 SP 25.09.33/7.081%* 313,606 0.08 153,179 Fannie Mae Pool No: 796815 01.09.19/5.500% 154,112 0.04 250,000 Fannie Mae REMICS 2003-83 316,204 Fannie Mae Pool No: 800982 01.11.34/5.500% 311,412 0.08 PG 25.06.23/5.000% 248,224 0.06 561,103 Fannie Mae Pool No: 801342 01.09.34/4.976%* 570,741 0.15 1,000,000 Fannie Mae REMICS 2003-86 347,530 Fannie Mae Pool No: 807942 01.12.34/5.500% 342,262 0.09 PW 25.06.15/4.500% 1,004,847 0.26 550,511 Fannie Mae Pool No: 810896 01.01.35/4.835%* 556,005 0.14 80,055 Fannie Mae REMICS 2004-10 547,891 Fannie Mae Pool No: 815426 01.02.35/4.500% 507,741 0.13 SC 25.02.34/18.670%* 87,540 0.02 448,021 Fannie Mae Pool No: 816597 01.02.35/4.872%* 452,803 0.12 65,963 Fannie Mae REMICS 2004-14 380,688 Fannie Mae Pool No: 820347 01.09.35/5.000% 364,806 0.09 SD 25.03.34/5.351%* 43,699 0.01 308,549 Fannie Mae Pool No: 823660 01.05.35/4.272%* 309,654 0.08 116,101 Fannie Mae REMICS 2004-25 716,493 Fannie Mae Pool No: 843026 01.09.35/5.250%* 727,493 0.19 SA 25.04.34/12.698%* 123,326 0.03 747,773 Fannie Mae Pool No: 843028 01.09.35/5.156%* 761,542 0.20 1,000,000 Fannie Mae REMICS 2004-27 519,006 Fannie Mae Pool No: 847108 01.10.35/6.500% 534,368 0.14 HB 25.05.19/4.000% 917,544 0.24 503,583 Fannie Mae Pool No: 852874 01.04.20/4.000% 493,905 0.13 1,516,600 Fannie Mae REMICS 2004-36 1,160,420 Fannie Mae Pool No: 888417 01.01.36/6.500% 1,192,513 0.31 PB 25.05.32/5.500% 1,566,161 0.41 1,067,793 Fannie Mae Pool No: 888658 01.12.20/4.000% 1,047,271 0.27 1,651,977 Fannie Mae REMICS 2004-46 HS 25.05.30/3.518%* 82,574 0.02 3,613,370 Fannie Mae Pool No: 888889 01.12.18/4.500% 3,490,854 0.91 400,000 Fannie Mae REMICS 2004-76 5,501,524 Fannie Mae Pool No: 889265 01.06.20/5.500% 5,535,049 1.44 CL 25.10.19/4.000% 376,348 0.10 646,371 Fannie Mae Pool No: 896463 01.10.34/5.149%* 644,126 0.17 400,000 Fannie Mae REMICS 2004-81 820,443 Fannie Mae Pool No: 905694 01.12.36/5.803%* 811,213 0.21 AC 25.11.19/4.000% 375,185 0.10 608,329 Fannie Mae Pool No: 907742 01.12.36/7.000% 631,144 0.16 2,080,697 Fannie Mae REMICS 2004-92 978,831 Fannie Mae Pool No: 961192 01.01.38/7.000% 1,028,471 0.27 BX 25.09.34/5.500% 2,125,615 0.55 278,981 Fannie Mae REMICS 2003-33 1,000,000 Fannie Mae REMICS 2005-109 CH 25.07.17/4.000% 275,722 0.07 PC 25.12.35/6.000% 1,040,898 0.27 1,000,000 Fannie Mae REMICS 2003-55 500,000 Fannie Mae REMICS 2005-110 HY 25.06.23/5.000% 973,464 0.25 MN 25.06.35/5.500% 506,438 0.13 391,842 Fannie Mae REMICS 2006-59 991,937 Fannie Mae REMICS 2005-17 QO 25.01.33/0.000% 306,824 0.08 EP 25.03.35/4.500% 989,487 0.26 234,498 Fannie Mae REMICS 2006-65 357,218 Fannie Mae REMICS 2005-40 QO 25.07.36/0.000% 176,847 0.05 YA 25.09.20/5.000% 362,361 0.09 2,086,027 Fannie Mae REMICS 2007-7 SG 25.08.36/4.018%* 146,452 0.04 401,063 Fannie Mae REMICS 2005-47 466,484 Fannie Mae REMICS 1992-145 AN 25.12.16/5.000% 406,211 0.11 ZB 25.08.22/8.000% 498,743 0.13 1,072,739 Fannie Mae REMICS 2005-56 S 25.07.35/4.228%* 106,018 0.03 767,255 Fannie Mae REMICS 1993-203 1,372,118 Fannie Mae REMICS 2005-57 PL 25.10.23/6.500% 800,600 0.21 PA 25.05.27/5.500% 1,394,799 0.36 86,553 Fannie Mae REMICS 1993-25 J 25.03.23/7.500% 93,284 0.02 290,721 Fannie Mae REMICS 2005-76 9,370 Fannie Mae REMICS 1994-34 PZ 25.09.35/5.500% 277,852 0.07 DZ 25.03.09/6.000% 9,421 0.00 2,150,960 Fannie Mae REMICS 2005-84 815,000 Fannie Mae REMICS 1994-63 MB 25.10.35/5.750% 2,211,044 0.58 PK 25.04.24/7.000% 867,245 0.23 1,360,000 Fannie Mae REMICS 2005-84 88,946 Fannie Mae REMICS 1997-39 XH 25.10.35/5.750% 1,377,846 0.36 PD 20.05.27/7.500% 94,272 0.02 950,490 Fannie Mae REMICS 2005-84 533,101 Fannie Mae REMICS 1997-50 XM 25.10.35/5.750% 974,337 0.25 SK 25.05.23/4.500%* 45,568 0.01 834,070 Fannie Mae REMICS 2005-86 72,816 Fannie Mae REMICS 1998-36 GB 25.10.35/5.000% 771,957 0.20 ZB 18.07.28/6.000% 74,997 0.02 430,118 Fannie Mae REMICS 2006-110 772,719 Fannie Mae REMICS 1998-58 PO 25.11.36/0.000% 312,787 0.08 PC 25.10.28/6.500% 802,364 0.21 161,469 Fannie Mae REMICS 2006-111 42,455 Fannie Mae REMICS 2001-44 EO 25.11.36/0.000% 125,828 0.03 PD 25.09.31/7.000% 44,905 0.01 1,000,000 Fannie Mae REMICS 2006-124 25,777 Fannie Mae REMICS 2001-7 PF 25.03.31/7.000% 27,284 0.01 HB 25.11.36/6.031%* 999,976 0.26 152,804 Fannie Mae REMICS 2001-71 462,223 Fannie Mae REMICS 2006-18 MB 25.12.16/6.000% 158,761 0.04 PA 25.01.26/5.500% 469,531 0.12 269,340 Fannie Mae REMICS 2002-2 221,236 Fannie Mae REMICS 2006-22 MG 25.02.17/6.000% 279,904 0.07 AO 25.04.36/0.000% 164,757 0.04 367,310 Fannie Mae REMICS 2002-3 781,009 Fannie Mae REMICS 2006-36 OG 25.02.17/6.000% 381,531 0.10 PO 25.05.36/0.000% 596,340 0.16 487,884 Fannie Mae REMICS 2002-47 248,658 Fannie Mae REMICS 2006-44 PE 25.08.17/5.500% 497,115 0.13 GO 25.06.36/0.000% 191,030 0.05 1,118,797 Fannie Mae REMICS 2002-63 789,362 Fannie Mae REMICS 2006-44 P 25.12.33/0.000% 593,966 0.15 KC 25.10.17/5.000% 1,130,533 0.29 1,000,000 Fannie Mae REMICS 2006-53 1,000,000 Fannie Mae REMICS 2002-73 WE 25.06.36/6.000% 1,021,334 0.27 TE 25.03.29/5.500% 1,010,753 0.26 439,665 Fannie Mae REMICS 2006-58 66,151 Fannie Mae REMICS 2002-74 AP 25.07.36/0.000% 334,198 0.09 VB 25.11.31/6.000% 67,225 0.02 796,408 Fannie Mae REMICS 2006-58 37,087 Fannie Mae REMICS 2002-8 SR 25.03.09/11.258%* 37,151 0.01 PO 25.07.36/0.000% 609,192 0.16 500,000 Fannie Mae REMICS 2002-94 1,000,000 Fannie Mae REMICS 2006-77 BK 25.01.18/5.500% 509,960 0.13 PC 25.08.36/6.500% 1,062,104 0.28 1,500,000 Fannie Mae REMICS 2003-106 3,258,778 Fannie Mae REMICS 2007-106 WE 25.11.22/4.500% 1,449,160 0.38 A7 25.10.37/6.250%* 3,237,171 0.84 306,643 Fannie Mae REMICS 2003-116 158,111 Fannie Mae REMICS 2007-15 SB 25.11.33/5.118%* 30,324 0.01 NO 25.03.22/0.000% 128,616 0.03 600,000 Fannie Mae REMICS 2003-117 1,511,628 Fannie Mae REMICS 2007-16 JB 25.06.33/3.500% 551,661 0.14 FC 25.03.37/3.233%* 1,484,247 0.39 450,000 Fannie Mae REMICS 2003-128 1,000,000 Fannie Mae REMICS 2007-84 NG 25.01.19/4.000% 421,414 0.11 PD 25.08.32/6.000% 1,026,843 0.27 400,000 Fannie Mae REMICS 2003-32 1,789,872 Fannie Mae REMICS 2007-84 KC 25.05.18/5.000% 396,874 0.10 PE 25.05.34/6.000% 1,849,631 0.48 3,000,000 Fannie Mae REMICS 2003-35 2,000,000 Fannie Mae REMICS 2007-84 BC 25.05.18/5.000% 2,976,444 0.77 PG 25.12.36/6.000% 2,046,928 0.53 200,000 Fannie Mae REMICS 2003-39 3,838,258 Fannie Mae REMICS 2008-16 IS 25.03.38/3.718%* 281,355 0.07 LW 25.05.23/5.500% 197,301 0.05 45,179 Fannie Mae REMICS G93-1 KA 25.01.23/7.900% 49,187 0.01

111 JPMorgan Funds - US Aggregate Bond Fund Schedule of Investments (Market Value Expressed in USD) (continued) As at 30 June 2008

% % 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

153,552 Fannie Mae REMICS G93-17 46,331 Freddie Mac Gold Pool No: SH 25.04.23/19.554%* 175,633 0.05 G30234 01.11.22/6.500% 48,213 0.01 32,427 Fannie Mae Whole Loan 274,302 Freddie Mac Gold Pool No: 2003-W4 2A 25.10.42/6.500% 34,013 0.01 P50201 01.01.34/5.500% 265,730 0.07 140,797 Fannie Mae Whole Loan 95,474 Freddie Mac Gold Pool No: 2004-W2 2A2 25.02.44/7.000% 150,084 0.04 P60089 01.12.14/7.000% 98,100 0.03 358,995 Federal Home Loan Banks 85,776 Freddie Mac Gold Pool No: 00-0606 Y 28.12.12/5.270% 355,689 0.09 P60090 01.03.16/7.000% 88,135 0.02 44,128 FHLMC Structured Pass 354,911 Freddie Mac Gold Pool No: Through Securities T-41 3A 25.07.32/7.500%* 44,687 0.01 P60151 01.05.19/6.000% 362,584 0.09 59,329 FHLMC Structured Pass 372,513 Freddie Mac Non Gold Pool No: Through Securities T-54 2A 25.02.43/6.500% 60,833 0.02 1B1665 01.04.34/4.140%* 373,526 0.10 80,905 FHLMC Structured Pass 768,370 Freddie Mac Non Gold Pool No: Through Securities T-54 3A 25.02.43/7.000% 85,694 0.02 1B3485 01.07.37/5.383%* 782,524 0.20 100,000 Fifth Third Bancorp 15.01.17/5.450% 84,947 0.02 7,410 Freddie Mac Non Gold Pool No: 425,469 First Horizon Asset Securities 555325 01.06.17/8.750% 7,995 0.00 2003-7 2A1 25.09.18/4.500% 405,223 0.11 710,969 Freddie Mac Non Gold Pool No: 222,319 First Horizon Asset Securities 972200 01.03.36/5.467%* 726,885 0.19 2004-AR7 2A1 25.02.35/4.911%* 217,736 0.06 225,877 Freddie Mac REMICS 1578 K 15.09.23/6.900% 238,353 0.06 500,000 First Horizon Asset Securities 157,974 Freddie Mac REMICS 1609 LG 15.11.23/11.917%* 166,394 0.04 2004-AR7 2A2 25.02.35/4.911%* 490,731 0.13 98,121 Freddie Mac REMICS 1668 D 15.02.14/6.500% 101,765 0.03 322,911 First Horizon Asset Securities 712,182 Freddie Mac REMICS 1702 PX 15.09.23/6.500% 740,669 0.19 2005-AR1 2A2 25.04.35/5.001%* 310,540 0.08 11,320 Freddie Mac REMICS 1807 A 15.11.08/6.000% 11,369 0.00 369,371 First Union - Chase Commercial 354,115 Freddie Mac REMICS 1863 Z 15.07.26/6.500% 369,931 0.10 Mortgage 1999-C2 A2 372,752 15.06.31/6.645% 0.10 118,560 Freddie Mac REMICS 2061 Z 15.06.28/6.500% 122,581 0.03 Ford Credit Auto Owner Trust 1,200,000 147,646 Freddie Mac REMICS 2075 PH 15.08.28/6.500% 154,961 0.04 2006-B A4 15.09.11/5.250% 1,222,573 0.32 213,652 Freddie Mac REMICS 2102 TC 15.12.13/6.000% 221,053 0.06 500,000 Ford Credit Auto Owner Trust 2007-B A3A 15.11.11/5.150% 508,666 0.13 853,110 Freddie Mac REMICS 2110 PG 15.01.29/6.000% 876,430 0.23 50,000 Freddie Mac 15.10.08/5.125% 50,350 0.01 100,000 Freddie Mac REMICS 2169 TB 15.06.29/7.000% 105,781 0.03 364,766 Freddie Mac Gold Pool No: 500,000 Freddie Mac REMICS 2172 QC 15.07.29/7.000% 534,498 0.14 A11312 01.07.33/6.000% 368,357 0.10 14,305 Freddie Mac REMICS 2189 SA 15.02.28/13.062%* 14,566 0.00 168,957 Freddie Mac Gold Pool No: 105,226 Freddie Mac REMICS 2259 ZM 15.10.30/7.000% 111,094 0.03 A17537 01.01.34/6.000% 170,620 0.04 500,000 Freddie Mac REMICS 2283 K 15.12.23/6.500% 531,973 0.14 224,880 Freddie Mac Gold Pool No: 456,759 Freddie Mac REMICS 2344 ZD 15.08.31/6.500% 478,219 0.12 A28796 01.11.34/6.500% 231,521 0.06 237,649 Freddie Mac REMICS 2345 PQ 15.08.16/6.500% 249,798 0.07 1,040,190 Freddie Mac Gold Pool No: 169,277 Freddie Mac REMICS 2355 BP 15.09.16/6.000% 176,080 0.05 A46987 01.07.35/5.500% 1,024,425 0.27 159,872 Freddie Mac REMICS 2360 PG 15.09.16/6.000% 166,204 0.04 891,413 Freddie Mac Gold Pool No: 230,645 Freddie Mac REMICS 2363 PF 15.09.16/6.000% 239,765 0.06 A61376 01.07.32/6.500% 917,737 0.24 169,735 Freddie Mac REMICS 2366 MD 15.10.16/6.000% 172,411 0.04 313,047 Freddie Mac Gold Pool No: 144,588 Freddie Mac REMICS 2410 NG 15.02.32/6.500% 151,686 0.04 B10294 01.10.18/4.500% 302,238 0.08 113,912 Freddie Mac REMICS 2416 SH 17.02.32/11.036%* 116,730 0.03 136,519 Freddie Mac Gold Pool No: 752,418 Freddie Mac REMICS 2423 TB 15.03.32/6.500% 789,043 0.21 B10492 01.11.18/4.000% 133,682 0.03 167,477 Freddie Mac REMICS 2424 OG 15.03.17/6.000% 174,321 0.05 1,202,245 Freddie Mac Gold Pool No: Freddie Mac REMICS 2425 OB 222,523 B11402 01.12.18/3.500% 1,120,417 0.29 213,775 15.03.17/6.000% 0.06 337,553 Freddie Mac Gold Pool No: 121,050 Freddie Mac REMICS 2434 TC 15.04.32/7.000% 128,087 0.03 B14730 01.05.14/4.000% 330,538 0.09 326,060 Freddie Mac REMICS 2453 BD 15.05.17/6.000% 339,366 0.09 535,087 Freddie Mac Gold Pool No: 100,000 Freddie Mac REMICS 2466 PG 15.04.32/6.500% 104,638 0.03 B14857 01.05.19/4.500% 516,609 0.13 65,596 Freddie Mac REMICS 2472 VB 15.11.17/6.000% 65,930 0.02 1,083,592 Freddie Mac Gold Pool No: 431,555 Freddie Mac REMICS 2483 HZ 15.08.32/4.500% 344,608 0.09 C02660 01.11.36/6.500% 1,115,592 0.29 218,929 Freddie Mac REMICS 2484 LZ 15.07.32/6.500% 230,765 0.06 84,988 Freddie Mac Gold Pool No: 344,918 Freddie Mac REMICS 2503 BH 15.09.17/5.500% 353,137 0.09 C90600 01.12.22/6.000% 86,785 0.02 19,939 Freddie Mac REMICS 2519 BT 15.09.31/8.500% 21,696 0.01 706,946 Freddie Mac Gold Pool No: 238,435 Freddie Mac REMICS 2521 PU 15.05.10/5.500% 241,880 0.06 C90985 01.08.26/6.500% 730,209 0.19 84,279 Freddie Mac REMICS 2527 VU 15.10.13/5.500% 86,196 0.02 3,399,638 Freddie Mac Gold Pool No: 500,000 Freddie Mac REMICS 2537 TE 15.12.17/5.500% 508,484 0.13 E01280 01.12.17/5.000% 3,355,549 0.87 283,696 Freddie Mac REMICS 2541 GX 15.02.17/5.500% 288,609 0.08 880,859 Freddie Mac Gold Pool No: 2,000,000 Freddie Mac REMICS 2543 AN 15.12.17/5.000% 2,017,326 0.53 E01304 01.01.18/4.500% 850,441 0.22 415,000 Freddie Mac REMICS 2544 HC 15.12.32/6.000% 423,727 0.11 46,445 Freddie Mac Gold Pool No: Freddie Mac REMICS 2565 MB 118,891 E01403 01.04.18/6.000% 47,512 0.01 115,922 15.05.30/6.000% 0.03 1,135,265 Freddie Mac Gold Pool No: 200,000 Freddie Mac REMICS 2575 ME 15.02.33/6.000% 203,409 0.05 E01418 01.07.18/4.000% 1,111,673 0.29 1,045,442 Freddie Mac REMICS 2591 QU 15.06.17/3.750% 1,033,556 0.27 269,578 Freddie Mac Gold Pool No: 178,269 Freddie Mac REMICS 2597 DS 15.02.33/5.079%* 15,902 0.00 E01424 01.08.18/4.000% 263,976 0.07 194,685 Freddie Mac REMICS 2610 DS 15.03.33/4.629%* 15,635 0.00 630,297 Freddie Mac Gold Pool No: 194,186 Freddie Mac REMICS 2611 SH 15.10.21/5.179%* 17,800 0.00 E01647 01.05.19/4.000% 617,199 0.16 1,873,114 Freddie Mac REMICS 2614 KB 15.04.17/4.500% 1,872,517 0.49 1,090,606 Freddie Mac Gold Pool No: 500,000 Freddie Mac REMICS 2628 WA 15.07.28/4.000% 491,461 0.13 E96427 01.04.18/5.000% 1,076,462 0.28 71,174 Freddie Mac REMICS 2630 KN 15.04.13/2.500% 71,044 0.02 1,087,677 Freddie Mac Gold Pool No: 1,180,000 Freddie Mac REMICS 2631 LC 15.06.18/4.500% 1,143,080 0.30 E99955 01.10.18/5.000% 1,073,571 0.28 1,407,274 Freddie Mac REMICS 2632 NH 15.06.13/3.500% 1,386,440 0.36 46,828 Freddie Mac Gold Pool No: 374,131 Freddie Mac REMICS 2636 Z 15.06.18/4.500% 359,975 0.09 G01448 01.08.32/7.000% 49,082 0.01 28,861 Freddie Mac REMICS 2643 HI 15.12.16/4.500% 2,270 0.00 805,436 Freddie Mac Gold Pool No: 203,532 Freddie Mac REMICS 2646 AC 15.08.17/3.500% 199,371 0.05 G01907 01.08.34/4.500% 746,916 0.19 272,663 Freddie Mac REMICS 2650 PO 15.12.32/0.000% 223,664 0.06 427,416 Freddie Mac Gold Pool No: Freddie Mac REMICS 2650 SO 601,516 G01919 01.09.35/4.000% 387,848 0.10 742,219 15.12.32/0.000% 0.16 886,594 Freddie Mac Gold Pool No: 272,337 Freddie Mac REMICS 2656 SH 15.02.25/14.186%* 301,525 0.08 G02272 01.10.35/4.000% 805,185 0.21 1,000,000 Freddie Mac REMICS 2658 PE 15.11.16/4.500% 999,132 0.26 843,293 Freddie Mac Gold Pool No: 139,671 Freddie Mac REMICS 2668 SB 15.10.15/5.003%* 132,853 0.03 G03029 01.10.29/6.000% 851,595 0.22 200,000 Freddie Mac REMICS 2672 ME 15.11.22/5.000% 199,027 0.05 15,117 Freddie Mac Gold Pool No: 1,450,000 Freddie Mac REMICS 2675 CK 15.09.18/4.000% 1,364,994 0.36 G10706 01.07.12/8.000% 15,883 0.00 124,221 Freddie Mac REMICS 2683 VA 15.02.21/5.500% 126,600 0.03 675,027 Freddie Mac Gold Pool No: 1,500,000 Freddie Mac REMICS 2684 PO 15.01.33/0.000% 1,042,683 0.27 G11435 01.06.18/5.000% 666,273 0.17 202,295 Freddie Mac REMICS 2686 GB 15.05.20/5.000% 205,051 0.05 2,568,191 Freddie Mac Gold Pool No: 129,422 Freddie Mac REMICS 2694 BA 15.06.31/4.000% 122,772 0.03 G12906 01.07.21/6.000% 2,627,179 0.68 1,000,000 Freddie Mac REMICS 2695 DG 15.10.18/4.000% 946,400 0.25 903,966 Freddie Mac Gold Pool No: 924,476 Freddie Mac REMICS 2697 LE 15.11.20/4.500% 922,870 0.24 G13012 01.03.22/6.000% 924,729 0.24 1,000,000 Freddie Mac REMICS 2707 QE 15.11.18/4.500% 962,240 0.25

112 JPMorgan Funds - US Aggregate Bond Fund Schedule of Investments (Market Value Expressed in USD) (continued) As at 30 June 2008

% % 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

500,000 Freddie Mac REMICS 2720 PC 15.12.23/5.000% 497,269 0.13 5,211 Government National Mortgage 102,224 Freddie Mac REMICS 2722 EG 15.12.33/0.000% 51,931 0.01 Association 2002-51 SG 20.04.31/21.745%* 6,096 0.00 400,000 Freddie Mac REMICS 2744 PD 15.08.33/5.500% 408,695 0.11 109,806 Government National Mortgage 611,300 Freddie Mac REMICS 2751 BA 15.10.18/4.000% 577,666 0.15 Association 2002-54 GB 20.08.32/6.500% 115,212 0.03 500,518 Freddie Mac REMICS 2755 PA 15.02.29/0.000% 441,373 0.11 85,524 Government National Mortgage Association 2002-79 KV 87,775 500,000 Freddie Mac REMICS 2759 GC 15.05.29/5.000% 505,292 0.13 20.11.13/6.000% 0.02 Government National Mortgage 289,256 Freddie Mac REMICS 2762 LO 15.03.34/0.000% 155,399 0.04 1,230,358 Association 2003-1 SX 16.06.31/4.629%* 81,006 0.02 1,000,000 Freddie Mac REMICS 2764 UC 15.05.27/5.000% 1,013,859 0.26 57,545 Government National Mortgage 50,563 Freddie Mac REMICS 2766 SX 15.03.34/9.122%* 37,019 0.01 Association 2003-4 NY 20.12.13/5.500% 58,956 0.02 76,156 Freddie Mac REMICS 2776 SK 15.04.34/5.368%* 54,699 0.01 300,000 Government National Mortgage 1,628,823 Freddie Mac REMICS 2778 US 15.06.33/4.729%* 110,517 0.03 Association 2003-98 PC 20.02.29/5.000% 303,988 0.08 214,502 Freddie Mac REMICS 2780 JG 15.04.19/4.500% 205,953 0.05 1,091,862 Government National Mortgage 500,000 Freddie Mac REMICS 2783 AT 15.04.19/4.000% 458,993 0.12 Association 2006-57 PZ 20.10.36/5.565% 1,115,031 0.29 800,000 Freddie Mac REMICS 2809 UC 15.06.19/4.000% 746,778 0.19 957,064 Government National Mortgage 462,086 Freddie Mac REMICS 2812 AB 15.10.18/4.500% 462,646 0.12 Association 2007-49 NO 20.12.35/0.000% 791,377 0.21 225,507 Freddie Mac REMICS 2827 SQ 15.01.19/7.500%* 227,664 0.06 1,886,670 Government National Mortgage 1,000,000 Freddie Mac REMICS 2833 NB 15.08.19/4.500% 959,447 0.25 Association 2007-74 SL 16.11.37/4.069%* 162,140 0.04 492,356 Freddie Mac REMICS 2840 JO 15.06.23/0.000% 346,933 0.09 2,834,209 Government National Mortgage 870,410 Freddie Mac REMICS 2841 YA 15.07.27/5.500% 886,015 0.23 Association 2008-25 SB 20.03.38/4.418%* 270,656 0.07 1,000,000 Freddie Mac REMICS 2864 GB 15.09.19/4.000% 940,726 0.24 400,000 GS Mortgage Securities II 2004-GG2 A6 391,414 1,000,000 Freddie Mac REMICS 2872 JE 15.02.18/4.500% 993,221 0.26 10.08.38/5.396%* 0.10 GSR Mortgage Loan Trust 1,069,538 Freddie Mac REMICS 2907 VC 15.05.34/4.500% 987,505 0.26 684,186 2004-10F 2A1 25.08.19/5.000% 668,081 0.17 500,000 Freddie Mac REMICS 2931 QC 15.01.19/4.500% 490,324 0.13 1,150,000 GSR Mortgage Loan Trust 563,956 Freddie Mac REMICS 2945 ZB 15.03.35/5.500% 542,579 0.14 2004-6F 3A4 25.05.34/6.500% 1,107,894 0.29 1,000,000 Freddie Mac REMICS 2958 QD 15.04.20/4.500% 970,763 0.25 500,000 GSR Mortgage Loan Trust 519,058 Freddie Mac REMICS 2962 WJ 15.06.24/5.500% 532,221 0.14 2004-9 5A5 25.08.34/3.896%* 477,416 0.12 800,000 Freddie Mac REMICS 2965 GD 15.04.20/4.500% 772,561 0.20 1,200,000 GSR Mortgage Loan Trust 1,000,000 Freddie Mac REMICS 2971 GC 15.07.18/5.000% 1,006,790 0.26 2007-1F 2A4 25.01.37/5.500% 1,028,583 0.27 100,000 Freddie Mac REMICS 2975 KO 15.05.35/0.000% 58,372 0.02 25,000 Historic TW 15.06.18/6.875% 25,064 0.01 302,764 Freddie Mac REMICS 3000 JF 15.04.35/2.871%* 294,730 0.08 110,000 Household Automotive Trust 1,000,000 Freddie Mac REMICS 3047 OB 15.12.33/5.500% 1,024,085 0.27 2005-1 A4 18.06.12/4.350% 109,309 0.03 200,000 Freddie Mac REMICS 3047 OD 15.10.35/5.500% 199,053 0.05 583,000 HSBC Finance 15.05.11/6.750% 607,816 0.16 700,000 Freddie Mac REMICS 3064 OE 15.11.35/5.500% 682,819 0.18 3,456,045 Indymac Index Mortgage Loan 623,639 Freddie Mac REMICS 3068 AO 15.01.35/0.000% 537,044 0.14 Trust 2005-AR11 A7 25.08.35/0.711%* 49,501 0.01 1,000,000 Freddie Mac REMICS 3074 BH 15.11.35/5.000% 963,955 0.25 30,000 International Lease Finance 01.05.13/5.875% 28,336 0.01 237,302 Freddie Mac REMICS 3101 EA 15.06.20/6.000% 242,283 0.06 200,000 International Lease Finance 20.09.13/5.625% 187,729 0.05 237,206 Freddie Mac REMICS 3117 EO 15.02.36/0.000% 183,229 0.05 400,000 International Lease Finance 01.06.14/5.650% 354,351 0.09 312,491 Freddie Mac REMICS 3117 OK 15.02.36/0.000% 227,575 0.06 90,000 iStar Financial 15.12.10/6.000% 78,793 0.02 395,027 Freddie Mac REMICS 3118 DM 15.02.24/5.000% 390,327 0.10 100,000 John Hancock Global Funding II 424,528 Freddie Mac REMICS 3134 PO 15.03.36/0.000% 324,127 0.08 144A 30.01.09/3.500% 99,782 0.03 430,385 Freddie Mac REMICS 3138 PO 15.04.36/0.000% 325,903 0.08 30,000 Kellogg 03.12.12/5.125% 30,410 0.01 434,389 Freddie Mac REMICS 3150 PO 15.05.36/0.000% 329,751 0.09 30,000 Kerr-McGee 01.07.24/6.950% 31,695 0.01 1,286,617 Freddie Mac REMICS 3152 MO 15.03.36/0.000% 962,685 0.25 60,000 Keycorp 14.05.13/6.500% 54,957 0.01 179,686 Freddie Mac REMICS 3158 LX 15.05.36/0.000%* 142,517 0.04 15,000 LB-UBS Commercial Mortgage Trust 2004-C2 A2 14,896 1,000,000 Freddie Mac REMICS 3162 OB 15.11.30/6.000% 1,032,041 0.27 15.03.29/3.246% 0.00 LB-UBS Commercial Mortgage 618,662 Freddie Mac REMICS 3169 BN 15.06.34/5.000% 598,395 0.16 300,000 Trust 2008-C1 A2 15.04.41/6.317%* 292,257 0.08 116,637 Freddie Mac REMICS 3189 SN 15.11.35/10.556%* 132,741 0.03 1,000,000 Lehman Mortgage Trust 2008-2 1,000,000 Freddie Mac REMICS 3195 PD 15.07.36/6.500% 1,061,347 0.28 1A6 25.03.38/6.000% 891,450 0.23 750,417 Freddie Mac REMICS 3260 CS 15.01.37/3.669%* 53,637 0.01 310,000 M&T Bank 04.12.17/6.625% 299,611 0.08 5,000,000 Freddie Mac REMICS 3430 AI 15.09.12/1.417% 130,683 0.03 200,000 MassMutual Global Funding II 900,000 General Electric Capital 01.02.11/5.200% 928,215 0.24 144A 15.03.10/3.500% 198,332 0.05 550,000 Genworth Global Funding 600,000 Mastr Adjustable Rate Mortgages Trusts 08.10.10/5.200% 552,716 0.14 Trust 2004-13 3A6 21.11.34/3.788%* 585,737 0.15 196,217 Ginnie Mae I Pool No: 456388 15.03.28/7.500% 207,622 0.05 299,758 MASTR Alternative Loans Trust 81,245 Ginnie Mae I Pool No: 465505 15.06.28/7.500% 85,968 0.02 2004-10 1A1 25.09.19/4.500% 276,321 0.07 165,343 Ginnie Mae I Pool No: 530795 15.01.23/6.500% 171,611 0.04 549,548 MASTR Alternative Loans Trust 21,793 Ginnie Mae I Pool No: 591882 15.07.32/6.500% 22,470 0.01 2004-4 10A1 25.05.24/5.000% 510,435 0.13 34,936 Ginnie Mae I Pool No: 607645 15.02.33/6.500% 36,022 0.01 232,856 MASTR Alternative Loans Trust 26,168 Ginnie Mae I Pool No: 607728 15.03.33/6.000% 26,532 0.01 2004-6 7A1 25.07.34/6.000% 216,505 0.06 63,246 Ginnie Mae I Pool No: 611453 15.04.32/7.000% 66,428 0.02 1,415,372 MASTR Alternative Loans Trust 63,971 Ginnie Mae I Pool No: 621970 15.02.34/6.000% 64,860 0.02 2005-6 3A1 25.11.20/5.500% 1,397,052 0.36 33,482 Ginnie Mae I Pool No: 781570 15.01.16/8.000% 35,562 0.01 401,051 MASTR Asset Securitization Trust 2003-11 6A2 396,245 23,018 Ginnie Mae I Pool No: 781614 15.06.33/7.000% 24,176 0.01 25.12.33/4.000% 0.10 MASTR Asset Securitization 257,211 Ginnie Mae I Pool No: 781648 15.08.33/6.000% 260,788 0.07 400,000 Trust 2006-2 1A30 25.06.36/6.000% 328,960 0.09 797,999 GMAC Mortgage Corp Loan MBNACredit Card Master Note Trust 2003-J7 A2 25.11.33/4.500% 775,505 0.20 35,000 Trust 2003-C1 C1 15.06.12/4.171%* 34,507 0.01 640,000 GMAC Mortgage Corp Loan Merrill Lynch Mortgage Trust Trust 2005-AR3 3A4 19.06.35/4.850%* 613,160 0.16 250,000 2005-MCP1 ASB 12.06.43/4.674%* 240,478 0.06 110,000 Goldman Sachs Capital I 15.02.34/6.345% 97,085 0.03 400,000 Merrill Lynch/Countrywide 565,800 Government National Mortgage Commercial Mortgage Trust Association 1994-7 PQ 16.10.24/6.500% 596,813 0.16 2006-1 A4 12.02.39/5.603%* 384,511 0.10 351,105 Government National Mortgage 250,000 MetLife Life and Annuity Co of Association 2000-10 ZP 16.02.30/7.500% 377,751 0.10 Connecticut 144A 15.08.14/5.125% 234,616 0.06 38,964 Government National Mortgage 100,000 Metropolitan Life Global Association 2000-6 Z 20.02.30/7.500% 41,729 0.01 Funding I 144A 18.09.13/5.200% 98,759 0.03 1,000,000 Government National Mortgage 125,000 Midamerican Energy 15.03.18/5.300% 121,119 0.03 Association 2001-21 PE 16.05.31/6.500% 1,058,152 0.28 200,000 Midamerican Funding 01.03.11/6.750% 207,763 0.05 179,061 Government National Mortgage Monumental Global Funding II Association 2001-8 Z 20.03.31/6.500% 187,334 0.05 200,000 144A 30.07.09/4.375% 200,657 0.05 305,272 Government National Mortgage Morgan Stanley 148,854 Association 2002-40 UK 20.06.32/6.500% 320,090 0.08 150,000 15.05.10/4.250% 0.04 508,048 Government National Mortgage 75,000 Morgan Stanley 15.10.13/6.750% 78,384 0.02 Association 2002-41 SY 16.06.32/5.029%* 46,777 0.01 290,000 Morgan Stanley 28.12.17/5.950% 266,621 0.07 283,982 Government National Mortgage 231,096 Morgan Stanley Capital I Association 2002-45 QE 20.06.32/6.500% 297,772 0.08 2004-HQ3 A2 13.01.41/4.050% 228,816 0.06 92,940 Government National Mortgage 230,000 Morgan Stanley Capital I Association 2002-47 PG 16.07.32/6.500% 97,646 0.03 2004-T13 A4 13.09.45/4.660% 221,626 0.06

113 JPMorgan Funds - US Aggregate Bond Fund Schedule of Investments (Market Value Expressed in USD) (continued) As at 30 June 2008

% % 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

237,752 Morgan Stanley Capital I 500,000 US Treasury 15.08.15/10.625% 715,469 0.19 2006-IQ12 A1 15.12.43/5.257% 237,240 0.06 1,900,000 US Treasury 15.05.17/8.750% 2,562,625 0.67 73,087 Morgan Stanley Capital I 1,000,000 US Treasury (Strip Principal) 15.05.16/0.000% 730,447 0.19 2006-T23 A1 12.08.41/5.682% 73,618 0.02 4,500,000 US Treasury (Strip Principal) 15.05.17/0.000% 3,097,542 0.81 469,744 Morgan Stanley Mortgage Loan 2,000,000 US Treasury (Strip) 15.02.11/0.000% 1,856,311 0.48 Trust 2004-3 1A 25.05.19/5.000% 457,329 0.12 8,700,000 US Treasury (Strip) 15.05.14/0.000% 7,033,515 1.83 159,210 MortgageIT Trust 2005-1 1A1 25.02.35/2.803%* 134,593 0.04 3,000,000 US Treasury (Strip) 15.11.14/0.000% 2,367,867 0.62 100,000 National City Bank 21.01.10/2.928%* 90,372 0.02 1,700,000 US Treasury (Strip) 15.02.15/0.000% 1,325,529 0.35 200,000 National Rural Utilities 3,000,000 US Treasury (Strip) 15.05.15/0.000% 2,308,376 0.60 Cooperative Finance 01.03.14/4.750% 196,151 0.05 10,465,000 US Treasury (Strip) 15.11.15/0.000% 7,840,545 2.04 30,000 Nationwide Financial Services 01.07.12/5.900% 30,109 0.01 1,835,000 US Treasury (Strip) 15.05.16/0.000% 1,338,200 0.35 100,000 NCNB 15.09.09/9.375% 105,404 0.03 10,350,000 US Treasury (Strip) 15.11.16/0.000% 7,318,361 1.91 100,000 New York Life Global Funding US Treasury (Strip) 4,796,187 144A 15.01.09/3.875% 100,207 0.03 6,975,000 15.05.17/0.000% 1.25 100,000 New York Life Global Funding 2,250,000 US Treasury (Strip) 15.02.18/0.000% 1,492,236 0.39 144A 09.05.13/4.650% 99,204 0.03 1,000,000 US Treasury (Strip) 15.05.20/0.000% 582,379 0.15 33,474 Nomura Asset Acceptance 149,179 Vendee Mortgage Trust 1998-1 2003-A1 A1 25.05.33/5.500% 31,104 0.01 2E 15.03.28/7.000% 157,580 0.04 27,743 Nomura Asset Acceptance 50,000 Wachovia Bank 18.08.10/7.800% 52,434 0.01 2003-A1 A2 25.05.33/6.000% 25,010 0.01 250,000 Wachovia Bank 15.01.38/6.600% 228,147 0.06 3,475 Nomura Asset Acceptance 180,000 Wachovia Bank Commercial 2003-A1 A5 25.04.33/7.000% 3,342 0.00 Mortgage Trust 2003-C9 A2 15.12.35/3.958% 179,543 0.05 100,000 Oracle 15.01.16/5.250% 99,263 0.03 250,000 Wachovia Bank Commercial 250,000 Oracle 15.04.18/5.750% 250,073 0.07 Mortgage Trust 2004-C15 A2 15.10.41/4.039% 247,455 0.06 85,000 Oracle 15.04.38/6.500% 85,625 0.02 169,713 WaMu Mortgage Pass Through Certificates 2003-AR8 A 167,277 200,000 Pacific Gas & Electric 30.11.17/5.625% 199,561 0.05 25.08.33/4.030%* 0.04 100,000 Pacific Life Global Funding 1,385,336 WaMu Mortgage Pass Through Certificates 2003-S10 A5 1,330,952 144A 15.01.09/3.750% 100,103 0.03 25.10.18/5.000% 0.35 200,000 Pacific Life Global Funding 829,503 WaMu Mortgage Pass Through Certificates 2003-S8 A4 769,618 144A 15.04.13/5.150% 199,298 0.05 25.09.18/4.500% 0.20 WaMu Mortgage Pass Through 45,000 Pacificorp 15.08.34/5.900% 43,171 0.01 794,169 Certificates 2003-S8 A5 25.09.18/4.500% 723,475 0.19 90,000 Pioneer Natural Resources 15.07.16/5.875% 81,933 0.02 610,448 WaMu Mortgage Pass Through 200,000 Potomac Electric Power 15.11.37/6.500% 198,271 0.05 Certificates 2004-RS2 A4 25.11.33/5.000% 426,670 0.11 93,384 Procter & Gamble - Esop - A 181,076 WaMu Mortgage Pass Through Shares 01.01.21/9.360% 117,636 0.03 Certificates 2004-S3 2A3 25.07.34/12.011%* 184,693 0.05 60,000 PSE&G Transition Funding 500,000 Washington Mutual Alternative 2001-1 A6 15.06.15/6.610% 63,878 0.02 Mortgage Pass-Through 45,000 PSEG Power 01.04.09/3.750% 44,886 0.01 Certificates 2005-4 CB7 25.06.35/5.500% 431,882 0.11 30,000 PSEG Power 15.04.11/7.750% 32,075 0.01 250,000 Washington Mutual 55,000 PSEG Power 01.12.15/5.500% 52,832 0.01 Bank/Henderson 15.08.14/5.650% 198,697 0.05 25,000 RBS Capital Trust I 01.07.13/4.709%* 21,715 0.01 300,000 Washington Mutual Finance 15.05.11/6.875% 309,910 0.08 10,000 RBS Capital Trust II 03.01.34/6.425%* 8,903 0.00 300,000 Wells Fargo Bank 09.02.15/4.750% 289,964 0.08 70,000 RBS Capital Trust III 30.09.14/5.512%* 60,880 0.02 20,000 Wells Fargo Financial 15.07.09/6.850% 20,294 0.01 411,732 Residential Accredit Loans 250,000 Wells Fargo Mortgage Backed 2001-QS19 A2 25.12.16/6.000% 409,731 0.11 Securities Trust 2003-11 1A4 25.10.18/4.750% 243,026 0.06 647,196 Residential Accredit Loans 153,690 Wells Fargo Mortgage Backed 2003-QR19 CB4 25.10.33/5.750% 562,723 0.15 Securities Trust 2004-7 2A2 25.07.19/5.000% 148,856 0.04 690,718 Residential Accredit Loans 332,067 Wells Fargo Mortgage Backed 2003-QS14 A1 25.07.18/5.000% 651,821 0.17 Securities Trust 2004-BB A4 25.01.35/4.556%* 323,677 0.08 200,000 Residential Accredit Loans 474,951 Wells Fargo Mortgage Backed 2004-QS8 A2 25.06.34/5.000% 190,358 0.05 Securities Trust 2004-EE 3A1 25.12.34/4.018%* 473,809 0.12 56,737 Residential Accredit Loans 661,464 Wells Fargo Mortgage Backed 2006-QS4 A7 25.04.36/13.322%* 60,913 0.02 Securities Trust 2004-P 2A1 25.09.34/4.234%* 657,927 0.17 2,688 Residential Asset Securities 160,797 Wells Fargo Mortgage Backed 2002-KS4 AIIB 25.07.32/2.983%* 2,337 0.00 Securities Trust 2004-S A4 25.09.34/3.541%* 160,371 0.04 511,996 Residential Asset Securitization 250,000 Wells Fargo Mortgage Backed Trust 2003-A13 A3 25.01.34/5.500% 473,465 0.12 Securities Trust 2004-S A5 25.09.34/3.541%* 249,021 0.06 204,657 Residential Funding Mortgage 1,000,000 Wells Fargo Mortgage Backed Securities I 2003-S7 A17 25.05.33/4.000% 187,432 0.05 Securities Trust 2007-9 1A8 25.07.37/5.500% 820,506 0.21 340,195 Residential Funding Mortgage 460,131 WFS Financial Owner Trust Securities I 2004-S6 2A6 25.06.34/0.000% 239,319 0.06 2005-1 A4 17.08.12/3.870% 461,608 0.12 716,311 Residential Funding Mortgage 25,000 Wyeth 01.02.24/6.450% 25,915 0.01 Securities I 2004-S6 3A5 25.06.19/4.500% 681,643 0.18 267,792 Residential Funding Mortgage 318,552,258 82.94 Securities I 2005-SA4 1A1 25.09.35/4.926%* 260,913 0.07 27,656 Salomon Brothers Mortgage UNITED KINGDOM Securities VII 2003-UP2 PO1 25.12.18/0.000% 22,370 0.01 200,000 Barclays Bank 12.09.12/5.450% 203,735 0.05 165,000 Simon Property Group 15.08.14/5.625% 158,684 0.04 300,000 Barclays Bank 144A 04.12.17/6.050% 289,041 0.08 50,000 Simon Property Group 01.05.16/6.100% 49,114 0.01 1,000,000 British Telecommunications 15.01.13/5.150% 976,593 0.25 125,000 Spectra Energy Capital 01.03.14/5.500% 122,418 0.03 50,000 Spectra Energy Capital 15.08.14/5.668% 49,489 0.01 1,469,369 0.38 937,223 Structured Adjustable Rate Mortgage Loan Trust 2004-16 CANADA 3A2 25.11.34/5.450%* 886,406 0.23 150,000 Canadian Natural Resources 01.02.18/5.900% 148,574 0.04 439,995 Structured Asset Securities 150,000 CIT Group Funding Co. of 2002-23XS A7 25.11.32/6.080%* 378,646 0.10 Canada 01.07.10/4.650% 125,462 0.03 1,485,439 Structured Asset Securities 110,000 Conoco Funding 15.10.11/6.350% 116,362 0.03 2003-29 1A1 25.09.18/4.750% 1,420,634 0.37 100,000 ConocoPhillips Canada Funding 668,845 Structured Asset Securities Co. I 15.04.12/5.300% 102,271 0.03 2004-20 1A3 25.11.34/5.250% 624,622 0.16 150,000 ConocoPhillips Canada Funding 100,000 SunTrust Banks 15.03.18/7.250% 101,685 0.03 Co. I 15.10.16/5.625% 153,343 0.04 225,000 SunTrust Banks 05.11.12/5.250% 220,649 0.06 40,000 Husky Energy 15.06.19/6.150% 39,738 0.01 150,000 SunTrust Banks 11.09.17/6.000% 144,532 0.04 250,000 Marathon Oil Canada 01.05.12/8.375% 270,173 0.07 30,000 TCI Communications 15.02.26/7.875% 32,376 0.01 240,000 Potash Corp of Saskatchewan 31.05.11/7.750% 258,023 0.07 480,000 Time Warner Entertainment 15.03.23/8.375% 519,726 0.14 80,000 TransCanada Pipelines 15.06.13/4.000% 75,201 0.02 15,000 Union Pacific 15.01.11/6.650% 15,632 0.00 140,000 TransCanada Pipelines 15.10.37/6.200% 129,583 0.03 500,000 US Treasury 31.05.12/4.750% 528,906 0.14 1,418,730 0.37

114 JPMorgan Funds - US Aggregate Bond Fund Schedule of Investments (Market Value Expressed in USD) (continued) As at 30 June 2008

% % 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

CAYMAN ISLANDS 1,000,000 TIAA Seasoned Commercial Allocation of Portfolio as at 30 June 2008 % of Mortgage Trust 2007-C4 A3 15.08.39/6.094%* 979,026 0.24 Net Assets Fixed Income Securities 979,026 0.24 United States of America 92.50 MEXICO United Kingdom 0.51 275,000 United Mexican States 08.10.08/4.625% 275,839 0.07 Canada 0.39 Cayman Islands 0.25 275,839 0.07 Mexico 0.19 Luxembourg 0.11 SWITZERLAND Spain 0.09 150,000 UBS/Stamford 25.04.18/5.750% 146,488 0.04 Netherlands 0.07 Australia 0.07 146,488 0.04 Switzerland 0.04 NETHERLANDS France 0.03 100,000 Siemens International Agencies 0.01 Financieringsmaatschappij 144A 17.10.16/5.750% 100,639 0.03 Total Fixed Income Securities 94.26 Cash and Other Assets/(Liabilities) 5.74 100,639 0.03 Total 100.00 INTERNATIONAL AGENCIES 20,000 Corporacion Andina de Fomento 21.05.13/5.200% 19,748 0.01

19,748 0.01 Allocation of Portfolio as at 31 December 2007 (Unaudited) % of Total Bonds 322,962,097 84.08 Net Assets Fixed Income Securities Total Transferable Securities Dealt in on Another 322,962,097 84.08 United States of America 93.29 Regulated Market United Kingdom 0.43 Cayman Islands 0.26 Other Transferable Securities Canada 0.26 Mexico 0.18 Bonds Luxembourg 0.04 UNITED STATES OFAMERICA France 0.03 348,366 Banc of America Funding 2005-7 Netherlands 0.01 30PO 25.11.35/0.000% 209,195 0.06 International Agencies 0.01 345,000 Greenwich Capital Commercial Total Fixed Income Securities 94.51 Funding 2002-C1 A4 336,477 11.01.35/4.948% 0.09 Cash and Other Assets/(Liabilities) 5.49 233,452 Greenwich Capital Commercial Funding 2004-GG1 A3 10.06.36/4.344% 233,201 0.06 Total 100.00 125,000 GS Mortgage Securities II 2004-GG2 A3 10.08.38/4.602% 124,989 0.03 11,628 Impac Secured Assets CMN Owner Trust 2004-3 1A4 25.11.34/2.883%* 8,603 0.00 16,378 Indymac Index Mortgage Loan Trust 2004-AR7 A1 25.09.34/2.923%* 13,070 0.00 250,000 KeyBank 17.09.12/5.500% 244,027 0.06 112,000 LB-UBS Commercial Mortgage Trust 2003-C7 A4 15.09.35/4.931%* 109,934 0.03 100,000 Metropolitan Life Global Funding I 144A 19.08.10/4.625% 100,171 0.03 200,000 New York Life Global Funding 144A 15.09.13/5.375% 203,276 0.05 35,000 Pacificorp 15.09.08/4.300% 35,010 0.01 350,000 Principal Life Income Funding Trusts 14.12.12/5.300% 350,114 0.09 300,000 Pubic Services Oklahoma 15.11.37/6.625% 283,679 0.07 65,116 Residential Funding Mortgage Securities I 2003-S7 A20 25.05.33/4.000% 63,041 0.02 174,000 Time Warner Entertainment 01.05.12/10.150% 195,289 0.05 102,759 Wells Fargo Mortgage Backed Securities Trust 2003-17 2A4 25.01.34/5.500% 101,922 0.03

2,611,998 0.68

Total Bonds 2,611,998 0.68

Total Other Transferable Securities 2,611,998 0.68

Total Investments 362,060,769 94.26

Cash 16,670,091 4.34

Other Assets/(Liabilities) 5,362,060 1.40

Total Net Assets 384,092,920 100.00

* Variable coupon rates are those quoted as at 30 June 2008.

115 JPMorgan Funds - US Dynamic Fund Schedule of Investments (Market Value Expressed in USD) As at 30 June 2008

% % 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 247,550 Lorillard 16,786,366 0.83 156,100 Manitowoc 5,010,810 0.25 Shares 303,100 Marathon Oil 15,661,177 0.77 414,700 McDonald’s 23,049,026 UNITED STATES OFAMERICA 1.14 274,900 Medco Health Solutions 13,131,973 268,000 Acuity Brands 13,255,280 0.65 0.65 130,900 MEMC Electronic Materials 8,225,756 127,700 Aeropostale 4,014,888 0.20 0.41 541,350 Merck & Co. 20,360,174 438,000 Aetna 17,725,860 0.87 1.00 293,800 MetLife 15,633,098 83,000 AK Steel Holding 5,783,440 0.29 0.77 189,100 Morgan Stanley 6,822,728 126,000 Alliant Energy 4,238,640 0.21 0.34 258,000 Nasdaq OMX Group 7,154,340 505,700 Altria Group 10,397,192 0.51 0.35 83,600 National Oilwell Varco 7,406,960 417,800 American Electric Power 16,599,194 0.82 0.37 90,600 Nike - B Shares 5,436,000 201,000 AMERIGROUP 4,237,080 0.21 0.27 231,620 Noble Energy 23,023,028 414,000 Amkor Technology 4,400,820 0.22 1.13 340,400 Norfolk Southern 20,740,572 251,500 Annaly Capital Management 3,918,370 0.19 1.02 178,200 Northern Trust 12,117,600 253,300 Apache 35,120,045 1.73 0.60 165,100 Nucor 12,676,378 352,000 Applied Materials 6,765,440 0.33 0.62 218,200 Nvidia 4,067,248 152,600 Assurant 10,280,662 0.51 0.20 382,700 Occidental Petroleum 34,332,017 701,349 AT&T 23,116,463 1.14 1.69 356,600 Omnicom Group 15,825,908 108,800 Autoliv 5,082,048 0.25 0.78 1,470,889 Oracle 31,094,593 48,000 Autozone 5,806,560 0.29 1.53 177,400 Owens & Minor 8,218,942 881,800 Bank of America 21,339,560 1.05 0.41 85,800 Owens-Illinois 3,619,902 194,100 Bank of Hawaii 9,322,623 0.46 0.18 160,050 Parker Hannifin 11,261,118 432,300 Bank of New York Mellon 16,042,653 0.79 0.55 522,100 Pepsi Bottling Group 14,702,336 517,900 BB&T 11,839,194 0.58 0.72 521,660 Perrigo 16,980,033 406,500 BJ’s Wholesale Club 15,886,020 0.78 0.84 1,331,400 Pfizer 23,219,616 324,700 BMC Software 11,806,092 0.58 1.14 505,700 Philip Morris International 25,143,404 350,800 Capital One Financial 13,312,860 0.66 1.24 34,100 Priceline.com 4,015,275 375,200 Caterpillar 27,603,464 1.36 0.20 236,800 Procter & Gamble 14,380,864 388,300 CBS - B Shares 7,571,850 0.37 0.71 246,600 Prologis 13,272,012 115,400 Celanese - AShares 5,362,638 0.26 0.65 1,110,300 QLogic 16,099,350 527,200 CenturyTel 18,910,664 0.93 0.79 364,100 RadioShack 4,438,379 26,900 CF Industries Holdings 4,181,605 0.21 0.22 68,500 Reliance Steel & Aluminum 5,304,640 361,800 Chevron 35,691,570 1.76 0.26 580,000 Reynolds American 27,265,800 338,500 Chubb 16,759,135 0.83 1.34 113,000 Ross Stores 4,035,230 264,100 Church & Dwight 14,834,497 0.73 0.20 145,600 RR Donnelley & Sons 4,270,448 227,600 Cigna 8,148,080 0.40 0.21 129,400 SCANA 4,758,038 204,200 Citigroup 3,399,930 0.17 0.23 73,500 Snap-On 3,774,225 40,300 Cleveland-Cliffs 4,776,356 0.24 0.19 72,800 Southern Copper 7,921,368 300,600 CommScope 15,492,924 0.76 0.39 238,700 State Street 15,131,193 395,000 ConocoPhillips 36,865,350 1.82 0.74 134,400 Steel Dynamics 5,255,040 194,200 Corn Products International 9,564,350 0.47 0.26 129,500 Supervalu 3,974,355 448,400 Corning 10,402,880 0.51 0.20 437,156 Sybase 13,053,478 317,700 CSX 19,741,878 0.97 0.64 1,716,800 Symantec 33,348,840 184,400 Cummins 11,807,132 0.58 1.64 500,900 TD Ameritrade Holding 9,066,290 726,200 CVS Caremark 28,939,070 1.43 0.45 195,300 TECO Energy 4,142,313 411,100 Deere & Co. 29,488,203 1.46 0.20 115,300 Terra Industries 5,979,458 299,100 Devon Energy 35,374,557 1.74 0.29 141,800 Texas Instruments 4,000,178 247,100 DIRECTV 6,360,354 0.31 0.20 194,900 Thermo Fisher Scientific 10,799,409 424,700 Dominion Resources 19,820,749 0.98 0.53 136,100 TJX 4,293,955 161,500 DPL 4,268,445 0.21 0.21 355,200 Travelers 15,625,248 130,200 Eaton 11,011,014 0.54 0.77 143,500 TRW Automotive Holdings 2,676,275 344,400 Edison International 17,381,868 0.86 0.13 114,200 Tupperware Brands 3,773,168 570,200 Eli Lilly & Co. 26,075,246 1.29 0.18 64,500 United States Steel 12,204,690 362,835 Embarq 16,715,808 0.82 0.60 724,000 US Bancorp 20,351,640 651,500 Endo Pharmaceuticals Holdings 15,668,575 0.77 1.00 459,600 Viacom - B Shares 13,912,092 82,700 Energen 6,435,714 0.32 0.68 306,000 W&T Offshore 18,020,340 213,100 Expedia 3,960,037 0.20 0.89 517,800 Walt Disney 16,310,700 165,800 Express Scripts 10,660,940 0.53 0.80 397,400 Washington Federal 7,210,823 391,850 Exxon Mobil 34,157,565 1.68 0.35 419,900 Watson Pharmaceuticals 11,354,096 134,200 Fossil 4,039,420 0.20 0.56 77,600 Watson Wyatt Worldwide - AShares 4,141,512 109,836 Freeport-McMoRan Copper & Gold 12,995,796 0.64 0.21 446,000 Western Digital 15,511,880 716,700 Fulton Financial 7,217,169 0.36 0.77 1,153,100 Windstream 14,160,068 91,700 GameStop - AShares 3,826,641 0.19 0.70 327,700 Xerox 4,387,903 917,600 Gap 15,213,808 0.75 0.22 132,700 Gardner Denver 7,331,675 0.36 1,848,037,304 91.07 104,300 Goldman Sachs Group 18,174,275 0.90 126,800 Hanesbrands 3,473,052 0.17 CAYMAN ISLANDS 124,500 Hasbro 4,308,945 0.21 185,500 ACE 10,193,225 0.50 200,300 Hewitt Associates - A Shares 7,675,496 0.38 160,000 Fresh Del Monte Produce 3,779,200 0.19 767,800 Hewlett-Packard 33,821,590 1.67 441,259 Herbalife 16,873,744 0.83 561,600 Honeywell International 27,838,512 1.37 837,900 Seagate Technology 16,020,648 0.79 117,022 Hospitality Properties Trust 2,855,337 0.14 176,100 Transocean 27,107,073 1.34 361,500 Integrated Device Technology 3,578,850 0.18 706,100 Intel 15,117,601 0.75 73,973,890 3.65 263,900 International Business Machines 31,277,428 1.54 192,100 Investment Technology Group 6,439,192 0.32 BERMUDA Accenture - A Shares 34,313,340 435,200 Johnson & Johnson 27,748,352 1.37 848,500 1.69 Arch Capital Group 8,550,094 225,900 Kinetic Concepts 8,902,719 0.44 127,785 0.42 Frontline 17,470,385 145,900 Lear 2,068,862 0.10 247,526 0.86 Invesco 6,011,628 145,700 Lehman Brothers Holdings 3,129,636 0.15 247,800 0.30 Warner Chilcott - AShares 4,911,972 135,000 Lexmark International - AShares 4,538,700 0.22 288,600 0.24 290,750 Lockheed Martin 28,819,140 1.42 71,257,419 3.51

116 JPMorgan Funds - US Dynamic Fund Schedule of Investments (Market Value Expressed in USD) (continued) As at 30 June 2008

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

MARSHALL ISLANDS 66,000 Genco Shipping & Trading 4,197,600 0.21

4,197,600 0.21

Total Shares 1,997,466,213 98.44

Total Transferable Securities Admitted to an 1,997,466,213 98.44 Official Exchange Listing Total Investments 1,997,466,213 98.44

Cash 47,418,066 2.34

Other Assets/(Liabilities) (15,744,473) (0.78)

Total Net Assets 2,029,139,806 100.00

Allocation of Portfolio as at 30 June 2008 % of Net Assets Shares Energy 14.92 Information Technology 14.48 Financials 14.35 Industrials 14.09 Health Care 11.14 Consumer Discretionary 9.25 Consumer Staples 8.55 Materials 4.24 Utilities 3.83 Telecommunication Services 3.59 Total Shares 98.44 Cash and Other Assets/(Liabilities) 1.56 Total 100.00

Allocation of Portfolio as at 31 December 2007 (Unaudited) % of Net Assets Shares Financials 17.25 Information Technology 14.62 Industrials 14.50 Health Care 12.62 Energy 12.52 Consumer Staples 7.56 Consumer Discretionary 7.38 Materials 4.24 Telecommunication Services 3.37 Utilities 3.26 Total Shares 97.32 Cash and Other Assets/(Liabilities) 2.68 Total 100.00

117 JPMorgan Funds - US Dynamic Fund Schedule of Investments - Outstanding Financial Futures Contracts (Expressed in USD) As at 30 June 2008

Unrealised Expiration Number of Notional Gain/ Date Contracts Security Description Currency Value (Loss)

Equity Futures

Sep-08 33 S&P 500 Index Future USD 10,545,975 (722,375)

Total (722,375)

118 JPMorgan Funds - US Small Cap Growth Fund Schedule of Investments (Market Value Expressed in USD) As at 30 June 2008

% % 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 5,200 Synaptics 196,560 0.42 16,600 Syntel 575,024 1.22 Shares 19,900 Taleo - AShares 389,043 0.82 27,400 Tessera Technologies 442,510 UNITED STATES OFAMERICA 0.94 13,250 Theravance 157,211 24,400 Acme Packet 193,492 0.41 0.33 53,216 thinkorswim Group 398,588 4,050 Affiliated Managers Group 359,923 0.76 0.84 30,250 Thoratec 530,283 3,550 Alexion Pharmaceuticals 258,724 0.55 1.12 93,850 TurboChef Technologies 462,681 2,550 Allegheny Technologies 153,918 0.33 0.98 60,350 Ulta Salon Cosmetics & Fragrance 660,833 19,600 Allscripts Healthcare Solutions 245,000 0.52 1.40 6,025 Varian Semiconductor Equipment Associates 210,574 47,950 American Apparel 298,728 0.63 0.44 23,650 VeriFone Holdings 274,577 6,950 American Public Education 275,567 0.58 0.58 27,950 Viasat 569,062 34,950 Anadigics 322,588 0.68 1.20 26,750 Viropharma 295,454 22,400 Ansys 1,062,208 2.25 0.62 25,800 Volcom 623,328 84,427 Art Technology Group 266,789 0.56 1.32 10,000 Waste Connections 322,900 10,600 Bally Technologies 360,400 0.76 0.68 8,850 W-H Energy Services 844,202 17,100 Bancorp 139,878 0.30 1.78 14,350 World Fuel Services 314,696 6,500 Bankrate 254,995 0.54 0.67 6,625 WSFS Financial 300,775 30,400 Bare Escentuals 573,040 1.21 0.63 19,450 BioMarin Pharmaceuticals 579,999 1.23 44,330,689 93.76 19,400 Blackboard 749,810 1.59 9,400 Bucyrus International 696,822 1.47 IRELAND 11,450 Cabot Oil & Gas 780,775 1.65 8,600 Icon ADR 662,372 1.40 30,000 Calamos Asset Management - A Shares 515,700 1.09 31,550 California Pizza Kitchen 365,664 0.77 662,372 1.40 21,800 Cbeyond 367,548 0.78 9,997 Century Aluminum 670,799 1.42 BERMUDA 47,650 Castlepoint Holdings 449,816 12,700 Cogent Communications Group 171,577 0.36 0.95 9,000 Comstock Resources 716,130 1.51 449,816 0.95 15,600 DealerTrack Holdings 241,800 0.51 3,300 Deckers Outdoor 458,238 0.97 BRITISH VIRGIN ISLANDS 9,900 Digital River 388,674 0.82 15,200 UTi Worldwide 300,656 0.64 10,600 Diodes 299,026 0.63 13,750 Eagle Materials 349,662 0.74 300,656 0.64 13,700 EnerSys 471,006 1.00 71,400 Enzo Biochem 851,802 1.80 Total Shares 45,743,533 96.75 27,950 Exelixis 142,545 0.30 7,950 Exterran Holdings 580,350 1.23 Total Transferable Securities Admitted to an 45,743,533 96.75 27,200 Finish Line - AShares 235,552 0.50 Official Exchange Listing Flir Systems 693,745 16,900 1.47 Total Investments 45,743,533 96.75 10,400 FTI Consulting 730,496 1.55 7,600 General Cable 445,436 0.94 Cash 1,408,145 2.98 34,959 Gentiva Health Services 675,062 1.43 19,900 Geo Group 439,790 0.93 Other Assets/(Liabilities) 130,630 0.27 11,550 Healthways 353,545 0.75 9,800 Heico 324,282 0.69 Total Net Assets 47,282,308 100.00 10,850 Hittite Microwave 395,916 0.84 24,000 Hologic 524,162 1.11 7,623 Hornbeck Offshore Services 449,223 0.95 50,750 Iconix Brand Group 609,000 1.29 6,150 Illumina 546,858 1.16 Allocation of Portfolio as at 30 June 2008 % of 17,300 Innospec 346,000 0.73 Net Assets 23,200 Insulet 370,968 0.78 Shares 11,250 Investment Technology Group 377,100 0.80 Information Technology 28.29 14,450 IPG Photonics 274,694 0.58 Health Care 17.71 12,100 J Crew Group 383,812 0.81 Industrials 14.31 11,720 Kaydon 593,501 1.26 Consumer Discretionary 12.42 28,800 LKQ 514,656 1.09 Energy 11.09 20,500 LoopNet 229,395 0.48 Financials 6.57 50,700 Magma Design Automation 314,847 0.67 Materials 3.22 13,250 Masimo 457,390 0.97 Telecommunication Services 1.93 44,150 MedAssets 746,135 1.58 Consumer Staples 1.21 15,995 Medivation 200,897 0.42 Total Shares 96.75 16,500 Meridian Bioscience 452,100 0.96 Cash and Other Assets/(Liabilities) 3.25 23,550 Microsemi 600,761 1.27 5,400 Morningstar 393,174 0.83 Total 100.00 19,150 MSCI - AShares 681,740 1.44 10,650 Myriad Genetics 487,344 1.03 15,500 National Financial Partners 312,790 0.66 18,650 NetSuite 374,306 0.79 31,750 Neutral Tandem 545,465 1.15 48,550 Nuance Communications 767,576 1.62 10,300 Oceaneering International 787,950 1.67 8,400 Old Dominion Freight Line 247,212 0.52 43,400 Omnicell 546,406 1.16 43,350 Pacific Sunwear of California 366,308 0.78 14,600 Penn Virginia 1,086,532 2.30 8,050 Powell Industries 407,491 0.86 8,050 ProAssurance 391,552 0.83 13,000 Psychiatric Solutions 495,040 1.05 15,950 Red Robin Gourmet Burgers 456,170 0.96 34,200 Resource Capital 260,946 0.55 77,450 Smith & Wesson Holding 398,093 0.84 32,750 Sucampo Pharmaceuticals - AShares 329,793 0.70 23,003 Susser Holdings 223,359 0.47 43,900 Switch & Data Facilities 754,641 1.60

119 JPMorgan Funds - US Small Cap Growth Fund Schedule of Investments (Market Value Expressed in USD) (continued) As at 30 June 2008

% % 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 31 December 2007 (Unaudited) % of Net Assets Shares Information Technology 27.19 Health Care 18.40 Consumer Discretionary 16.17 Industrials 15.29 Financials 7.07 Energy 6.88 Materials 3.01 Telecommunication Services 2.10 Consumer Staples 1.85 Total Shares 97.96 Cash and Other Assets/(Liabilities) 2.04 Total 100.00

120 JPMorgan Funds - US Strategic Growth Fund Schedule of Investments (Market Value Expressed in USD) As at 30 June 2008

% % 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 66,200 Investment Technology Group 2,219,024 0.36 83,500 Juniper Networks 1,877,915 0.30 Shares 52,300 Kirby 2,508,831 0.40 35,000 L-3 Communications Holdings 3,169,250 UNITED STATES OFAMERICA 0.51 31,900 Laboratory Corp. of America Holdings 2,228,215 143,300 Activision 4,905,159 0.79 0.36 38,600 Linear Technology 1,245,622 75,300 Aeropostale 2,367,432 0.38 0.20 61,270 Lockheed Martin 6,073,082 19,400 Aflac 1,225,692 0.20 0.97 34,700 Mastercard - AShares 9,518,904 66,000 AGCO 3,432,000 0.55 1.53 106,700 McDonald’s 5,930,386 35,400 AK Steel Holding 2,466,672 0.40 0.95 188,700 Medco Health Solutions 9,014,199 61,700 Altera 1,274,722 0.21 1.45 30,500 MEMC Electronic Materials 1,916,620 112,900 Altria Group 2,321,224 0.37 0.31 52,700 Mettler Toledo International 4,927,450 103,700 Amkor Technology 1,102,331 0.18 0.79 412,750 Microsoft 11,497,564 106,400 Amphenol - A Shares 4,768,848 0.77 1.84 92,200 Molson Coors Brewing - B Shares 5,014,758 39,000 Analog Devices 1,239,420 0.20 0.80 37,000 Mosaic 5,455,650 73,900 Annaly Capital Management 1,151,362 0.18 0.87 82,400 Murphy Oil 8,057,896 54,900 Apple 9,288,531 1.49 1.29 120,800 Nasdaq OMX Group 3,349,784 132,600 Applied Biosystems 4,423,536 0.71 0.54 45,600 National Oilwell Varco 4,040,160 18,500 Assurant 1,246,345 0.20 0.65 57,900 National Semiconductor 1,195,056 23,000 Autoliv 1,074,330 0.17 0.19 49,900 Nike - B Shares 2,994,000 20,600 Autozone 2,491,982 0.40 0.48 75,300 Noble Energy 7,484,820 33,800 Bally Technologies 1,149,200 0.18 1.20 61,600 Norfolk Southern 3,753,288 120,150 Baxter International 7,610,301 1.22 0.60 72,300 Northern Trust 4,916,400 153,300 Biogen Idec 8,613,927 1.38 0.79 67,700 Nucor 5,198,006 137,000 BJ’s Wholesale Club 5,353,960 0.86 0.83 68,000 Nvidia 1,267,520 145,200 BMC Software 5,279,472 0.85 0.20 86,600 Occidental Petroleum 7,768,886 24,700 BorgWarner 1,085,812 0.17 1.24 142,200 ON Semiconductor 1,308,240 18,900 Brink’s 1,241,730 0.20 0.21 432,000 Oracle 9,132,480 50,600 Broadcom - AShares 1,398,078 0.22 1.46 52,500 Owens & Minor 2,432,325 46,400 Burger King Holdings 1,228,672 0.20 0.39 50,200 Parker Hannifin 3,532,072 32,000 Burlington Northern Santa Fe 3,131,200 0.50 0.57 54,200 Pepsi Bottling Group 1,526,272 94,500 Caterpillar 6,952,365 1.12 0.25 146,800 Perrigo 4,778,340 32,650 CenturyTel 1,171,155 0.19 0.77 112,900 Philip Morris International 5,613,388 15,600 CF Industries Holdings 2,425,020 0.39 0.90 21,100 Priceline.com 2,484,525 75,850 Chevron 7,482,602 1.20 0.40 48,600 Prologis 2,615,652 35,700 Chubb 1,767,507 0.28 0.42 336,000 QLogic 4,872,000 94,100 Church & Dwight 5,285,597 0.85 0.78 41,800 Questar 2,931,434 24,600 Cleveland-Cliffs 2,915,592 0.47 0.47 58,100 Raytheon 3,242,561 26,800 Coca-Cola 1,394,136 0.22 0.52 60,000 Rockwood Holdings 2,109,600 62,800 Colgate-Palmolive 4,301,800 0.69 0.34 18,200 Ryder System 1,242,696 95,600 CommScope 4,927,224 0.79 0.20 24,100 Snap-On 1,237,535 80,000 ConocoPhillips 7,466,400 1.20 0.20 19,500 Sohu.com 1,376,700 123,000 Corn Products International 6,057,750 0.97 0.22 60,500 State Street 3,835,095 384,200 Corning 8,913,440 1.43 0.61 42,300 Steel Dynamics 1,653,930 50,600 Costco Wholesale 3,553,638 0.57 0.27 6,000 Strayer Education 1,307,400 85,300 CSX 5,300,542 0.85 0.21 172,946 Sybase 5,164,168 58,000 Cummins 3,713,740 0.60 0.83 555,200 Symantec 10,784,760 123,900 CVS Caremark 4,937,415 0.79 1.73 80,500 TD Ameritrade Holding 1,457,050 58,200 Devon Energy 6,883,314 1.10 0.23 97,900 TECO Energy 2,076,459 25,700 DeVry 1,546,626 0.25 0.33 45,500 Terra Industries 2,359,630 199,000 DIRECTV Group 5,122,260 0.82 0.38 81,300 Texas Instruments 2,293,473 111,200 Dolby Laboratories - AShares 4,432,432 0.71 0.37 148,600 Thermo Fisher Scientific 8,233,926 91,100 DPL 2,407,773 0.39 1.32 216,700 TJX 6,836,885 41,900 DreamWorks Animation SKG - A Shares 1,218,033 0.20 1.10 31,000 Tupperware Brands 1,024,240 97,800 Edison International 4,935,966 0.79 0.16 24,550 United States Steel 4,645,351 42,100 Edwards Lifesciences 2,617,357 0.42 0.74 105,800 Viacom - B Shares 3,202,566 28,200 Embarq 1,299,174 0.21 0.51 64,300 W&T Offshore 3,786,627 213,900 Endo Pharmaceuticals Holdings 5,144,295 0.82 0.61 87,500 Wal-Mart Stores 4,947,250 37,500 Energen 2,918,250 0.47 0.79 150,855 Walt Disney 4,751,933 48,400 ENSCO International 3,979,932 0.64 0.76 37,400 Walter Industries 4,076,600 50,200 Expedia 932,867 0.15 0.65 20,900 Watson Wyatt Worldwide - AShares 1,115,433 118,700 Express Scripts 7,632,410 1.22 0.18 130,500 Western Digital 4,538,790 85,700 Exxon Mobil 7,470,469 1.20 0.73 101,100 Windstream 1,241,508 28,300 Flowserve 3,766,730 0.61 0.20 49,300 Xilinx 1,240,881 25,500 Fluor 4,701,180 0.75 0.20 110,700 Yum! Brands 3,861,216 43,985 Freeport-McMoRan Copper & Gold 5,204,305 0.83 0.62 19,700 FTI Consulting 1,383,728 0.22 563,730,508 90.39 54,800 GameStop - AShares 2,286,804 0.37 71,200 Gardner Denver 3,933,800 0.63 BERMUDA 85,800 General Dynamics 7,127,406 1.14 266,600 Accenture - A Shares 10,781,304 1.73 67,700 Gilead Sciences 3,574,560 0.57 73,600 Bunge 7,914,944 1.27 71,900 Goodrich 3,433,944 0.55 64,000 Frontline 4,517,120 0.72 37,400 Hanesbrands 1,024,386 0.16 14,140 Independent Tankers Corp. 25,036 0.00 97,100 Harris 4,947,245 0.79 268,800 Warner Chilcott - AShares 4,574,976 0.74 36,000 Hess 4,606,560 0.74 107,100 Hewitt Associates - A Shares 4,104,072 0.66 27,813,380 4.46 211,550 Hewlett-Packard 9,318,778 1.49 128,700 Honeywell International 6,379,659 1.02 CAYMAN ISLANDS ACE 1,011,080 69,600 Hudson City Bancorp 1,165,104 0.19 18,400 0.16 Fresh Del Monte Produce 4,497,248 107,000 Integrated Device Technology 1,059,300 0.17 190,400 0.72 Herbalife 5,108,864 343,700 Intel 7,358,617 1.18 133,600 0.82 Seagate Technology 2,762,840 83,800 International Business Machines 9,931,976 1.59 144,500 0.44 Transocean 7,527,177 47,800 Intersil - AShares 1,170,622 0.19 48,900 1.21 6,600 Intuitive Surgical 1,778,436 0.28 20,907,209 3.35

121 JPMorgan Funds - US Strategic Growth Fund Schedule of Investments (Market Value Expressed in USD) (continued) As at 30 June 2008

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

MARSHALL ISLANDS 34,100 Genco Shipping & Trading 2,168,760 0.35

2,168,760 0.35

Total Shares 614,619,857 98.55

Total Transferable Securities Admitted to an 614,619,857 98.55 Official Exchange Listing Total Investments 614,619,857 98.55

Cash 11,889,094 1.90

Other Assets/(Liabilities) (2,825,079) (0.45)

Total Net Assets 623,683,872 100.00

Allocation of Portfolio as at 30 June 2008 % of Net Assets Shares Information Technology 25.18 Industrials 18.13 Energy 12.74 Consumer Discretionary 10.83 Health Care 10.76 Consumer Staples 8.00 Materials 6.17 Financials 4.16 Utilities 1.98 Telecommunication Services 0.60 Total Shares 98.55 Cash and Other Assets/(Liabilities) 1.45 Total 100.00

Allocation of Portfolio as at 31 December 2007 (Unaudited) % of Net Assets Shares Information Technology 27.42 Industrials 16.64 Health Care 13.87 Consumer Discretionary 9.96 Energy 8.79 Financials 7.65 Consumer Staples 7.51 Materials 4.07 Utilities 1.67 Telecommunication Services 1.03 Total Shares 98.61 Cash and Other Assets/(Liabilities) 1.39 Total 100.00

122 JPMorgan Funds - US Strategic Growth Fund Schedule of Investments - Outstanding Forward Foreign Exchange Contracts (Expressed in USD) As at 30 June 2008

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

15-Jul-08 EUR 36,341,114 USD 56,981,993 322,649 15-Jul-08 USD 18,692,114 EUR 11,991,351 (216,499)

Total 106,150

123 JPMorgan Funds - US Technology Fund Schedule of Investments (Market Value Expressed in USD) As at 30 June 2008

% % 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 Allocation of Portfolio as at 30 June 2008 % of Shares Net Assets Shares UNITED STATES OFAMERICA Information Technology 83.10 92,400 Adobe Systems 3,641,484 2.60 Consumer Discretionary 6.75 75,200 Amazon.com 5,582,096 3.98 Industrials 2.80 53,600 American Tower - A Shares 2,219,040 1.58 Telecommunication Services 2.74 101,600 Amphenol - A Shares 4,553,712 3.25 Health Care 1.96 58,800 Ansys 2,788,296 1.99 Energy 1.40 39,900 Apple 6,750,681 4.81 145,900 Applied Materials 2,804,198 2.00 Total Shares 98.75 73,400 AT&T 2,419,264 1.72 Cash and Other Assets/(Liabilities) 1.25 66,400 Autodesk 2,266,232 1.61 Total 100.00 35,500 Bankrate 1,392,665 0.99 104,400 Cisco Systems 2,446,092 1.74 44,700 CommScope 2,303,838 1.64 160,100 Corning 3,714,320 2.65 41,000 Digital River 1,609,660 1.15 Allocation of Portfolio as at 31 December 2007 (Unaudited) % of 79,500 DIRECTV Group 2,046,330 1.46 Net Assets 56,300 Dolby Laboratories - AShares 2,244,118 1.60 Shares 71,900 Electronic Arts 3,192,360 2.27 Information Technology 83.78 232,400 EMC/Massachusetts 3,390,716 2.42 Consumer Discretionary 6.63 7,200 First Solar 1,964,592 1.40 Industrials 5.62 72,294 Flir Systems 2,967,669 2.11 Telecommunication Services 2.79 13,300 Google - AShares 7,070,679 5.04 Total Shares 22,700 Harris 1,156,565 0.82 98.82 Cash and Other Assets/(Liabilities) 102,100 Hewlett-Packard 4,497,505 3.21 1.18 31,000 Illumina 2,756,520 1.96 Total 100.00 193,800 Intel 4,149,258 2.96 203,100 Juniper Networks 4,567,719 3.26 55,300 Lam Research 2,018,450 1.44 49,800 MEMC Electronic Materials 3,129,432 2.23 60,400 NetApp 1,319,740 0.94 66,600 NeuStar - AShares 1,424,574 1.02 99,000 Nuance Communications 1,565,190 1.12 165,650 Nvidia 3,087,716 2.20 88,300 Omniture 1,726,265 1.23 285,700 Oracle 6,039,698 4.30 15,600 Priceline.com 1,836,900 1.31 119,500 Qualcomm 5,391,840 3.84 26,900 Salesforce.com 1,838,615 1.31 140,100 Symantec 2,721,442 1.94 81,300 Tessera Technologies 1,312,995 0.94 28,800 VMware - AShares 1,483,776 1.06

119,392,242 85.10 CANADA 61,800 Research In Motion 7,381,392 5.26

7,381,392 5.26 BERMUDA 62,700 Accenture - A Shares 2,535,588 1.81 178,600 Marvell Technology Group 3,125,857 2.23

5,661,445 4.04 FINLAND 127,400 Nokia ADR 3,083,080 2.20

3,083,080 2.20 TAIWAN 277,100 Taiwan Semiconductor Manufacturing ADR 3,020,390 2.15

3,020,390 2.15

Total Shares 138,538,549 98.75

Total Transferable Securities Admitted to an 138,538,549 98.75 Official Exchange Listing Total Investments 138,538,549 98.75

Cash 1,962,414 1.40

Other Assets/(Liabilities) (209,397) (0.15)

Total Net Assets 140,291,566 100.00

124 JPMorgan Funds - US Value Fund Schedule of Investments (Market Value Expressed in USD) As at 30 June 2008

% % 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 643,400 Wachovia 9,618,830 1.12 264,300 Walt Disney 8,325,450 0.97 Shares 13,200 Washington Post - B Shares 7,647,156 0.89 193,500 Western Union 4,854,915 UNITED STATES OFAMERICA 0.57 591,400 Williams 23,768,366 1 ACCO Brands 11 0.00 2.77 324,500 Wilmington Trust 8,592,760 96,300 Aflac 6,084,234 0.71 1.00 273,717 Windstream 3,361,245 448,800 Albemarle 18,248,208 2.13 0.39 277,900 WR Berkley 6,708,506 258,600 Altria Group 5,316,816 0.62 0.78 88,000 Wyeth 4,108,720 187,700 American Electric Power 7,457,321 0.87 0.48 210,800 American Express 7,993,536 0.94 797,758,550 93.29 269,500 Anheuser-Busch Companies 16,787,155 1.96 287,300 Assurant 19,355,401 2.26 BERMUDA 731,600 AT&T 24,113,536 2.82 130,800 Covidien 6,253,548 0.73 386,868 AutoNation 4,019,559 0.47 58,700 Everest Re Group 4,707,740 0.55 78,100 Autozone 9,447,757 1.11 442,000 OneBeacon Insurance Group 7,902,960 0.93 361,178 Bank of America 8,740,508 1.02 234,100 Tyco Electronics 8,394,826 0.98 242,230 Bank of New York Mellon 8,989,155 1.05 47,000 Baxter International 2,976,980 0.35 27,259,074 3.19 159,600 Bed Bath & Beyond 4,539,024 0.53 599,200 Belo - AShares 4,428,088 0.52 MARSHALL ISLANDS 341,400 Teekay 15,400,554 50 Berkshire Hathaway - AShares 5,996,000 0.70 1.80 204,800 Cablevision Systems - AShares 4,640,768 0.54 15,400,554 1.80 326,100 CBS - B Shares 6,358,950 0.74 225,500 CenturyTel 8,088,685 0.95 CANADA 711,332 Charles Schwab 14,674,779 1.72 349,100 Brookfield Properties 6,206,998 0.73 235,000 Chevron 23,182,750 2.71 367,800 Chubb 18,209,778 2.13 6,206,998 0.73 575,600 Citigroup 9,583,740 1.12 195,100 Coca-Cola 10,149,102 1.19 Total Shares 846,625,176 99.00 433,400 Comcast Special - AShares 7,944,222 0.93 282,011 ConocoPhillips 26,320,087 3.08 Total Transferable Securities Admitted to an 846,625,176 99.00 45,200 Costco Wholesale 3,174,396 0.37 Official Exchange Listing Coventry Health Care 6,855,425 221,500 0.80 Total Investments 846,625,176 99.00 166,700 CVS Caremark 6,642,995 0.78 316,800 Devon Energy 37,467,936 4.38 Cash 5,691,505 0.67 124,100 Dover 5,939,426 0.69 117,800 Emerson Electric 5,780,446 0.68 Other Assets/(Liabilities) 2,843,234 0.33 580,600 Exxon Mobil 50,610,902 5.92 191,000 Fortune Brands 11,853,460 1.39 Total Net Assets 855,159,915 100.00 195,000 Freddie Mac 3,289,650 0.38 198,900 General Electric 5,246,982 0.61 204,500 Genuine Parts 8,147,280 0.95 133,600 Hewlett-Packard 5,885,080 0.69 175,700 Illinois Tool Works 8,194,648 0.96 Allocation of Portfolio as at 30 June 2008 % of 69,000 International Business Machines 8,177,880 0.96 Net Assets 156,500 J.C. Penney 5,665,300 0.66 Shares 71,900 Johnson & Johnson 4,584,344 0.54 Financials 23.83 258,700 Johnson Controls 7,427,277 0.87 Energy 16.09 176,000 Loews 8,384,640 0.98 Consumer Discretionary 14.26 109,300 M&T Bank 7,703,464 0.90 Industrials 9.13 73,100 McDonald’s 4,062,898 0.48 Consumer Staples 8.44 289,100 Merck & Co. 10,873,051 1.27 Utilities 6.24 222,800 MetLife 11,855,188 1.39 Telecommunication Services 6.21 510,900 Microsoft 14,231,630 1.66 Health Care 5.49 323,900 News - AShares 4,910,324 0.58 Information Technology 5.07 277,200 Northeast Utilities 7,079,688 0.83 Materials 4.24 818,700 Old Republic International 9,939,018 1.16 Total Shares 99.00 114,300 Omnicom Group 5,072,634 0.59 Cash and Other Assets/(Liabilities) 1.00 122,000 Oneok 5,879,180 0.69 169,700 Oshkosh 3,495,820 0.41 Total 100.00 122,900 P G&E 4,751,314 0.56 98,300 Paccar 4,085,348 0.48 175,800 Philip Morris International 8,740,776 1.02 75,100 PPG Industries 4,281,451 0.50 64,800 Prudential Financial 4,096,656 0.48 Allocation of Portfolio as at 31 December 2007 (Unaudited) % of 55,000 Public Storage 4,358,750 0.51 Net Assets Shares 148,000 Qualcomm 6,677,760 0.78 Financials 111,700 Rayonier 4,712,623 0.55 27.47 Consumer Discretionary 72,300 Raytheon 4,035,063 0.47 13.75 Energy 258,100 Safeway 7,332,621 0.86 12.22 Industrials 408,100 Schering-Plough 7,953,869 0.93 8.62 Consumer Staples 97,600 Sigma-Aldrich 5,301,632 0.62 8.53 Telecommunication Services 390,000 Staples 9,254,700 1.08 7.91 Health Care 136,600 SunTrust Banks 4,845,202 0.57 6.88 Utilities 682,600 Synovus Financial 5,952,272 0.70 5.33 Materials 195,100 SYSCO 5,392,564 0.63 4.73 Information Technology 95,900 TJX 3,025,645 0.36 3.96 329,361 Total System Services 7,328,282 0.86 Total Shares 99.40 158,600 UGI 4,459,832 0.52 Cash and Other Assets/(Liabilities) 0.60 197,300 United Technologies 12,053,057 1.41 Total 129,800 UnitedHealth Group 3,330,668 0.39 100.00 503,900 Verizon Communications 17,555,876 2.05 109,800 VF 7,744,194 0.91 62,600 Vulcan Materials 3,714,058 0.44 168,700 WABCO Holdings 7,711,277 0.90

125 JPMorgan Funds - US Value Fund Schedule of Investments - Outstanding Forward Foreign Exchange Contracts (Expressed in USD) As at 30 June 2008

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

15-Jul-08 EUR 13,233,298 USD 20,752,796 114,189 15-Jul-08 USD 1,212,394 EUR 779,334 (16,503)

Total 97,686

126 JPMorgan Funds Appendix - Unaudited Additional Disclosures

1. Fund Total Expense Ratios*** (continued) For the For the For the For the For the For the Capped year year year year year year Expense ended ended ended ended ended ended Ratio Inception 30 Jun 08 30 Jun 08* 30 Jun 07 30 Jun 06 30 Jun 05 30 Jun 04 30 Jun 08 Date

JPMorgan Funds - America Equity Fund JPM America Equity A (acc) - USD 1.90% - 1.90% 1.90% 1.50% - - 31-Mar-05 JPM America Equity A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.65% - 16-Nov-88 JF America Equity A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 01-Jun-01 JPM America Equity A (acc) - EUR (hedged) 1.90% - 1.90% - - - - 15-Mar-07 JPM America Equity B (acc) - USD 1.15% - 1.20% 1.20% 1.20% - - 26-Aug-04 JPM America Equity C (acc) - USD 0.83% - 0.79% 0.79% 0.72% - 0.85% 26-Aug-04 JPM America Equity C (acc) - EUR (hedged) 0.85% -----0.85% 28-Jan-08 JPM America Equity D (acc) - USD 2.65% - 2.65% 2.65% 2.65% 2.65% - 13-Oct-00 JPM America Equity D (acc) - EUR (hedged) 2.65% - 2.65% - - - - 15-Mar-07 JPM America Equity D (acc) - EUR 2.65% - 2.65% 2.65% - - - 08-May-06 JPM America Equity X (acc) - USD 0.12% - 0.10% 0.11% 0.09% - 0.15% 24-Nov-04

JPMorgan Funds - Eastern Europe Equity Fund JPM Eastern Europe Equity A(acc) - EUR 1.95% - 1.95% 1.95% 1.95% - - 31-Mar-05 JPM Eastern Europe Equity A(dist) - EUR 1.95% - 1.95% 1.95% 1.95% 1.95% - 04-Jul-94 JF Eastern Europe Equity A(dist) - EUR 1.95% - 1.95% 1.95% 1.95% 1.95% - 15-Jun-01 JPM Eastern Europe Equity B (acc) - EUR 1.20% - 1.55% 1.55% - - - 20-Mar-06 JPM Eastern Europe Equity C (acc) - EUR 1.09% - 1.06% 1.05% 0.45% - 1.10% 24-Feb-05 JPM Eastern Europe Equity D (acc) - EUR 2.95% - 2.95% 2.95% 2.95% 2.95% - 13-Oct-00 JPM Eastern Europe Equity I (acc) - EUR 1.04% - 1.02% 1.06% - - 1.06% 26-Jun-06 JPM Eastern Europe Equity X (acc) - EUR 0.19% - 0.17% 0.16% 0.13% - 0.20% 09-Nov-04

JPMorgan Funds - Emerging Europe, Middle East and Africa Equity Fund JPM Emerging Europe, Middle East and Africa Equity A (acc)- USD 1.95% - 1.95% 1.95% 1.95% - - 31-Mar-05 JPM Emerging Europe, Middle East and Africa Equity A (dist) - USD 1.95% - 1.95% 1.95% 1.95% 1.95% - 16-Apr-97 JPM Emerging Europe, Middle East and Africa Equity B (acc) - USD 1.20% - 1.55% 1.55% 1.55% - - 03-Sep-04 JPM Emerging Europe, Middle East and Africa Equity C (acc) - USD 1.10% - 1.08% 1.08% 0.45% - 1.10% 01-Feb-05 JPM Emerging Europe, Middle East and Africa Equity D (acc) - USD 2.95% - 2.95% 2.95% 2.95% 2.95% - 13-Oct-00 JPM Emerging Europe, Middle East and Africa Equity I (acc) - USD 1.06% - 1.05% 0.01% - - 1.06% 26-Jun-06 JPM Emerging Europe, Middle East and Africa Equity X (acc) - USD** - - 0.12% 0.20% 0.08% - - 08-Feb-05

JPMorgan Funds - Emerging Markets Debt Fund JPM Emerging Markets Debt A(acc) - EUR 1.55% - 1.55% 1.55% 1.55% - - 01-Apr-05 JPM Emerging Markets Debt A(dist) - EUR 1.55% - 1.55% 1.55% 1.55% 1.40% - 14-Mar-97 JPM Emerging Markets Debt C (acc) - EUR 0.70% - 0.03% - - - 0.70% 13-Jun-06 JPM Emerging Markets Debt D (acc) - EUR 2.25% - 2.25% 2.25% 2.25% 2.25% - 13-Oct-00 JPM Emerging Markets Debt I (inc) - EUR 0.66% - 0.03% - - - 0.66% 14-Jun-07 JPM Emerging Markets Debt X (acc) - EUR 0.15% - 0.02% - - - 0.15% 21-May-97

JPMorgan Funds - Emerging Markets Equity Fund JPM Emerging Markets Equity A(acc) - USD 1.90% - 1.90% 1.90% - - - 31-Mar-05 JPM Emerging Markets Equity A(dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 18-Apr-94 JPM Emerging Markets Equity A(dist) - GBP 1.90% - 1.90% 1.90% 1.90% 1.90% - 13-Oct-00 JPM Emerging Markets Equity A(acc) - EUR 1.90% - 1.90% 1.90% 1.90% - - 26-Sep-05 JPM Emerging Markets Equity B (acc) - USD 1.15% - 1.50% 1.50% 1.50% - - 21-Dec-04 JPM Emerging Markets Equity C (acc) - USD 1.08% - 1.07% 1.07% 0.45% - 1.10% 01-Feb-05 JPM Emerging Markets Equity D (acc) - USD 2.90% - 2.90% 2.90% 2.90% 2.90% - 13-Oct-00 JPM Emerging Markets Equity D (acc) - EUR 2.90% - 2.90% 2.90% - - - 08-May-06 JPM Emerging Markets Equity I (acc) - USD 1.03% - 1.02% - - - 1.06% 27-Jun-06 JPM Emerging Markets Equity I (inc) - EUR 1.03% - 1.02% 0.09% - - 1.06% 30-May-06 JPM Emerging Markets Equity X (acc) - USD 0.18% - 0.17% 0.18% 0.12% - 0.20% 23-Nov-04 JPM Emerging Markets Equity X (inc) - EUR 0.18% - 0.17% 0.10% - - 0.20% 19-Dec-05

JPMorgan Funds - Emerging Markets Local Currency Debt Fund (4) JPM Emerging Markets Local Currency Debt A(acc) - EUR 1.40% 1.40% -----24-Jan-08 JPM Emerging Markets Local Currency Debt A(acc) - USD 1.40% 1.40% -----24-Jan-08 JPM Emerging Markets Local Currency Debt B (acc) - USD 0.85% 0.85% -----14-Feb-08 JPM Emerging Markets Local Currency Debt D (acc) - EUR 1.90% 1.90% -----24-Jan-08 JPM Emerging Markets Local Currency Debt D (acc) - USD 1.90% 1.90% -----24-Jan-08

JPMorgan Funds - Euroland Equity Fund JPM Euroland Equity A(acc) - EUR 1.90% - 1.90% 1.90% 1.90% - - 31-Mar-05 JPM Euroland Equity A(dist) - EUR 1.90% - 1.90% 1.90% 1.90% 1.65% - 16-Nov-88 JF Euroland Equity A(dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 01-Jun-01 JPM Euroland Equity A(inc) - EUR 1.90% ------18-Oct-07 JPM Euroland Equity B (acc) - EUR 1.15% ------23-Jan-08 JPM Euroland Equity C (acc) - EUR 0.83% - 0.83% 0.83% 0.54% - 0.85% 09-Sep-04 JPM Euroland Equity D (acc) - EUR 2.65% - 2.65% 2.65% 2.65% 2.65% - 13-Oct-00 JPM Euroland Equity I (acc) - EUR 0.78% - 0.78% - - - 0.81% 28-Jun-06 JPM Euroland Equity X (acc) - EUR 0.15% -----0.15% 03-Aug-07

(4) This Sub-Fund was launched on 24 January 2008.

127 JPMorgan Funds Appendix - Unaudited Additional Disclosures (continued)

1. Fund Total Expense Ratios (continued) For the For the For the For the For the For the Capped year year year year year year Expense ended ended ended ended ended ended Ratio Inception 30 Jun 08 30 Jun 08* 30 Jun 07 30 Jun 06 30 Jun 05 30 Jun 04 30 Jun 08 Date

JPMorgan Funds - Euroland Select Equity Fund (7) JPM Euroland Select Equity A(acc) - EUR 1.90% ------24-Jul-07 JPM Euroland Select Equity A(dist) - EUR 1.90% ------02-Jan-08 JPM Euroland Select Equity D (acc) - EUR 2.65% ------24-Jul-07 JPM Euroland Select Equity X (acc) - EUR 0.15% -----0.15% 30-Nov-07

JPMorgan Funds - Europe Dynamic Fund JPM Europe Dynamic A(acc) - EUR 1.90% - 1.90% 1.90% 1.90% - - 01-Apr-05 JPM Europe Dynamic A(dist) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% - 08-Dec-00 JF Europe Dynamic A(dist) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% - 27-May-04 JPM Europe Dynamic A(dist) - GBP 1.90% - 1.90% 1.90% 1.90% 1.90% - 08-Dec-00 JPM Europe Dynamic B (acc) - EUR 1.15% - 1.50% 1.50% 1.50% - - 26-Aug-04 JPM Europe Dynamic C (acc) - EUR 0.98% - 0.97% 0.98% 0.84% - 1.00% 26-Aug-04 JPM Europe Dynamic D (acc) - EUR 2.90% - 2.90% 2.90% 2.90% 2.90% - 08-Dec-00 JPM Europe Dynamic D (acc) - USD 2.90% - 2.90% 2.90% 2.90% - - 01-Oct-04 JPM Europe Dynamic I (acc) - EUR** - - 0.91% - - - - 12-Jul-06 JPM Europe Dynamic X (acc) - EUR 0.14% - 0.13% 0.14% 0.10% - 0.15% 25-Oct-04

JPMorgan Funds - Europe Dynamic Mega Cap Fund JPM Europe Dynamic Mega Cap A(acc) - EUR 1.90% - 1.90% 1.95% - - - 20-Sep-05 JPM Europe Dynamic Mega Cap A(dist) - EUR 1.90% - 1.90% 1.95% - - - 09-May-06 JPM Europe Dynamic Mega Cap A(inc) - EUR 1.90% - 1.90% 1.90% - - - 15-May-06 JPM Europe Dynamic Mega Cap A(acc) - USD 1.90% ------26-Sep-07 JPM Europe Dynamic Mega Cap B (acc) - EUR 1.15% - 1.50% 1.50% - - - 27-Mar-06 JPM Europe Dynamic Mega Cap C (acc) - EUR 0.99% - 0.99% 1.00% - - 1.00% 11-Jan-06 JPM Europe Dynamic Mega Cap D (acc) - EUR 2.90% - 2.90% 2.90% - - - 03-Feb-06 JPM Europe Dynamic Mega Cap D (acc) - USD 2.90% ------26-Sep-07 JPM Europe Dynamic Mega Cap I (acc) - EUR 0.94% - 0.84% - - - 0.96% 07-Aug-06 JPM Europe Dynamic Mega Cap X (acc) - EUR 0.14% - 0.14% 0.20% - - 0.15% 27-Jan-06

JPMorgan Funds - Europe Equity Fund JPM Europe Equity A(acc) - EUR 1.90% - 1.90% 1.90% 1.90% - - 01-Apr-05 JPM Europe Equity A(dist) - EUR 1.90% - 1.90% 1.90% 1.90% 1.65% - 01-Dec-88 JPM Europe Equity A(acc) - USD 1.90% - 1.90% 1.90% 1.90% 1.65% - 13-Oct-00 JF Europe Equity A(dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 01-Jun-01 JPM Europe Equity B (acc) - EUR 1.15% - 1.30% 1.30% 1.30% - - 26-Aug-04 JPM Europe Equity C (acc) - EUR 0.82% - 0.81% 0.82% 0.72% - 0.85% 26-Aug-04 JPM Europe Equity D (acc) - EUR 2.65% - 2.65% 2.65% 2.65% 2.65% - 13-Oct-00 JPM Europe Equity D (acc) - USD 2.65% - 2.65% 2.65% - - - 27-Jun-06 JPM Europe Equity I (acc) - EUR** - - 0.78% - - - - 28-Jun-06 JPM Europe Equity I (inc) - EUR 0.77% - 0.16% - - - 0.81% 16-Apr-07 JPM Europe Equity X (acc) - EUR 0.12% - 0.12% 0.13% 0.10% - 0.15% 14-Sep-04

JPMorgan Funds - Europe Small Cap Fund JPM Europe Small Cap A(acc) - EUR 1.90% - 1.90% 1.90% 1.90% - - 01-Apr-05 JPM Europe Small Cap A(dist) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% - 18-Apr-94 JF Europe Small Cap A(dist) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% - 13-Oct-00 JPM Europe Small Cap A(dist) - GBP 1.90% - 1.90% 1.90% 1.90% 1.90% - 13-Oct-00 JPM Europe Small Cap B (acc) - EUR 1.15% - 1.50% 1.50% 1.50% - - 26-Aug-04 JPM Europe Small Cap C (acc) - EUR 0.98% - 0.99% 1.00% 0.84% - 1.00% 26-Aug-04 JPM Europe Small Cap D (acc) - EUR 2.90% - 2.90% 2.90% 2.90% 2.90% - 13-Oct-00 JPM Europe Small Cap I (acc) - EUR 0.94% - 0.95% - - - 0.96% 27-Jun-06 JPM Europe Small Cap X (acc) - EUR 0.14% - 0.15% 0.15% 0.09% - 0.15% 24-Nov-04

JPMorgan Funds - Europe Technology Fund JPM Europe Technology A(acc) - EUR 1.90% - 1.90% 1.90% 1.90% - - 01-Apr-05 JPM Europe Technology A(dist) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% - 08-Nov-99 JF Europe Technology A(dist) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% - 15-Jun-01 JPM Europe Technology A(dist) - GBP 1.90% - 1.90% 1.90% 1.90% 1.90% - 13-Oct-00 JPM Europe Technology B (acc) - EUR 1.15% ------23-May-08 JPM Europe Technology C (acc) - EUR 0.57% -----1.05% 20-Jun-08 JPM Europe Technology D (acc) - EUR 2.90% - 2.90% 2.90% 2.90% 2.90% - 13-Oct-00 JPM Europe Technology X (acc) - EUR 0.19% -----0.20% 09-Aug-07

JPMorgan Funds - Germany Equity Fund JPM Germany Equity A(acc) - EUR 1.90% - 1.90% 1.90% 1.90% - - 31-Mar-05 JPM Germany Equity A(dist) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% - 02-Jun-00 JF Germany Equity A(dist) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% - 15-Jun-01 JPM Germany Equity B (acc) - EUR 1.15% ------10-Dec-07 JPM Germany Equity C (acc) - EUR 0.93% -----0.95% 18-Jan-08 JPM Germany Equity D (acc) - EUR 2.90% - 2.90% 2.90% 2.90% 2.90% - 13-Oct-00 JPM Germany Equity I (acc) - EUR 0.91% -----0.91% 10-Apr-08 JPM Germany Equity X (acc) - EUR 0.14% -----0.15% 30-Nov-07

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

128 JPMorgan Funds Appendix - Unaudited Additional Disclosures (continued)

JPMorgan Funds - Global Convertibles Fund (EUR) JPM Global Convertibles (EUR) A(acc) - EUR 1.65% - 1.65% 1.65% 1.65% - - 31-Mar-05 JPM Global Convertibles (EUR) A(dist) - EUR 1.65% - 1.65% 1.65% 1.65% 1.65% - 04-May-01 JF Global Convertibles (EUR) A(dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 20-Jun-03 JPM Global Convertibles (EUR) B (acc) - EUR 1.00% - 1.25% 1.25% 1.25% - - 01-Dec-04 JPM Global Convertibles (EUR) C (acc) - EUR 0.91% - 0.90% 0.91% 0.77% - 0.95% 08-Sep-04 JPM Global Convertibles (EUR) D (acc) - EUR 2.15% - 2.15% 2.15% 2.15% 2.15% - 04-May-01 JPM Global Convertibles (EUR) I (acc) - EUR 0.89% - 0.30% - - - 0.91% 01-Mar-07 JPM Global Convertibles (EUR) I (inc) - EUR 0.90% - 0.43% - - - 0.91% 09-Jan-07 JPM Global Convertibles (EUR) X (acc) - EUR 0.12% - 0.11% 0.11% 0.09% - 0.15% 23-Nov-04

JPMorgan Funds - Global Dynamic Fund JPM Global Dynamic A(acc) - USD 1.90% - 1.90% 1.90% 1.90% - - 31-Mar-05 JPM Global Dynamic A(dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 08-Dec-00 JF Global Dynamic A(dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 27-May-04 JPM Global Dynamic A(acc) - EUR 1.90% - 1.90% - - - - 21-Nov-06 JPM Global Dynamic A(acc) - EUR (hedged) 1.90% ------30-Oct-07 JPM Global Dynamic A(dist) - GBP 1.90% - 1.90% 1.90% 1.90% 1.90% - 08-Dec-00 JPM Global Dynamic A(inc) - EUR 1.90% - 1.90% 1.90% - - - 15-May-06 JPM Global Dynamic B (acc) - USD 1.15% - 1.50% 1.50% 1.50% - - 26-Aug-04 JPM Global Dynamic C (acc) - USD 0.96% - 0.95% 0.96% 0.84% - 1.00% 26-Aug-04 JPM Global Dynamic C (acc) - EUR 0.97% - 0.03% - - - 1.00% 20-Jun-07 JPM Global Dynamic C (acc) - EUR (hedged) 0.97% -----1.00% 24-Jan-08 JPM Global Dynamic D (acc) - USD 2.90% - 2.90% 2.90% 2.90% 2.90% - 08-Dec-00 JPM Global Dynamic D (acc) - EUR 2.90% - 2.90% 2.90% - - - 08-May-06 JPM Global Dynamic D (acc) - EUR (hedged) 2.90% ------30-Oct-07 JPM Global Dynamic I (acc) - USD 0.93% - 0.14% - - - 0.96% 07-May-07 JPM Global Dynamic X (acc) - USD 0.12% - 0.11% 0.12% 0.09% - 0.15% 23-Nov-04 JPM Global Dynamic X (acc) - EUR 0.12% - 0.05% - - - - 19-Jan-07

JPMorgan Funds - Global Equity Fund (USD) JF Global Equity (USD) A(dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 01-Jun-01 JPM Global Equity (USD) A(acc) - USD 1.90% - 1.90% 1.90% 1.90% - - 31-Mar-05 JPM Global Equity (USD) A(dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.65% - 16-Nov-88 JPM Global Equity (USD) B (acc) - USD** - - - 1.30% - - - 22-Jun-06 JPM Global Equity (USD) C (acc) - USD 0.80% - 0.78% 0.79% 0.64% - 0.80% 09-Sep-04 JPM Global Equity (USD) D (acc) - USD 2.65% - 2.65% 2.65% 2.65% 2.65% - 13-Oct-00 JPM Global Equity (USD) X (acc) - USD 0.15% - 0.14% 0.04% - - 0.15% 21-Mar-06

JPMorgan Funds - Global Focus Fund JPM Global Focus A(acc) - EUR 1.90% - 1.90% 1.90% 1.90% - - 31-Mar-05 JPM Global Focus A(acc) - EUR (hedged) 1.90% ------11-Jul-07 JPM Global Focus A(dist) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% - 23-May-03 JF Global Focus A(dist) - USD 1.90% - 1.90% - - - - 04-Dec-06 JPM Global Focus C (acc) - EUR 0.99% - 1.00% 0.44% - - 1.00% 20-Jan-06 JPM Global Focus D (acc) - EUR 2.90% - 2.90% 2.90% 2.90% 2.50% - 23-May-03 JPM Global Focus D (acc) - EUR (hedged) 2.90% ------11-Jul-07 JPM Global Focus X (acc) - EUR 0.15% - 0.15% 0.15% 0.09% - 0.15% 24-Nov-04

JPMorgan Funds - Global Life Sciences Fund JPM Global Life Sciences A(acc) - USD 1.90% - 1.90% 1.90% 1.90% - - 31-Mar-05 JPM Global Life Sciences A(dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 14-Apr-00 JF Global Life Sciences A(dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 13-Oct-00 JPM Global Life Sciences A(dist) - GBP 1.90% - 1.90% 1.90% 1.90% 1.90% - 13-Oct-00 JPM Global Life Sciences D (acc) - USD 2.90% - 2.90% 2.90% 2.90% 2.90% - 13-Oct-00

JPMorgan Funds - Global Natural Resources Fund JPM Global Natural Resources A(acc) - EUR 1.90% - 1.90% 1.90% 1.90% - - 21-Dec-04 JPM Global Natural Resources A(dist) - EUR 1.90% - 1.90% 1.90% 1.90% - - 14-Mar-05 JPM Global Natural Resources A(acc) - USD 1.90% - 1.90% - - - - 12-Sep-06 JPM Global Natural Resources B (acc) - EUR 1.15% - 1.50% 1.50% - - - 25-Apr-05 JPM Global Natural Resources C (acc) - EUR 0.98% - 0.97% 1.01% 0.31% - 1.05% 14-Mar-05 JPM Global Natural Resources C (acc) - USD 0.97% - 0.23% - - - 1.05% 05-Apr-07 JPM Global Natural Resources D (acc) - EUR 2.90% - 2.90% 2.90% - - - 05-Dec-05 JPM Global Natural Resources D (acc) - USD 2.90% - 2.90% - - - - 08-Jun-07 JPM Global Natural Resources X (acc) - EUR 0.13% - 0.13% 0.14% 0.04% - 0.20% 19-Apr-05

JPMorgan Funds - Global Real Estate Securities Fund (USD) JPM Global Real Estate Securities A(acc) - USD 1.90% - 1.90% - - - - 01-Sep-06 JPM Global Real Estate Securities C (acc) - USD 0.79% -----0.80% 20-Feb-08 JPM Global Real Estate Securities D (acc) - USD 2.65% - 2.65% - - - - 01-Sep-06 JPM Global Real Estate Securities X (acc) - USD 0.15% - 0.10% - - - 0.15% 06-Nov-06

129 JPMorgan Funds Appendix - Unaudited Additional Disclosures (continued)

JPMorgan Funds - JF China Fund JF China A(acc) - USD 1.90% - 1.90% 1.90% 1.90% - - 31-Mar-05 JF China A(dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 04-Jul-94 JF China B (acc) - USD 1.15% - 1.50% 1.50% - - - 21-Feb-06 JF China C (acc) - USD 0.94% - 0.94% 0.97% 0.41% - 1.00% 01-Feb-05 JF China D (acc) - USD 2.90% - 2.90% 2.90% 2.90% 2.90% - 13-Oct-00 JF China I (acc) - USD 0.82% - 0.30% - - - 0.96% 26-Feb-07 JF China X (acc) - USD 0.17% - 0.02% - - - 0.20% 18-May-07

JPMorgan Funds - JF Greater China Fund JF Greater China A(acc) - USD 1.90% - 1.90% 1.90% 1.90% - - 31-Mar-05 JF Greater China A(dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 18-May-01 JF Greater China B (acc) - USD 1.15% - 1.50% 1.50% - - - 10-Feb-06 JF Greater China C (acc) - USD 1.00% - 0.98% 1.00% 0.41% - 1.00% 01-Feb-05 JF Greater China D (acc) - USD 2.90% - 2.90% 2.90% 2.90% 2.90% - 13-Oct-00 JF Greater China I (acc) - USD** - - 0.58% 0.20% 0.11% - - 09-Dec-04 JF Greater China X (acc) - USD 0.20% - 0.19% - - - 0.20% 09-Dec-04

JPMorgan Funds - JF Hong Kong Fund JF Hong Kong A(acc) - USD 1.90% - 1.90% 1.90% 1.90% - - 31-Mar-05 JF Hong Kong A(dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 18-May-01 JF Hong Kong B (acc) - USD 1.15% - 1.50% 1.50% - - - 10-Feb-06 JF Hong Kong C (acc) - USD 1.00% - 1.00% 1.00% 0.44% - 1.00% 20-Jan-05 JF Hong Kong D (acc) - USD 2.90% - 2.90% 2.90% 2.90% 2.90% - 25-May-01

JPMorgan Funds - JF India Fund JF India A(acc) - USD 2.10% - 2.10% 2.10% 2.10% - - 31-Mar-05 JF India A(dist) - USD 2.10% - 2.10% 2.10% 2.10% 2.10% - 31-Aug-95 JF India B (acc) - USD 1.35% - 1.70% 1.70% 1.70% - - 03-Sep-04 JF India C (acc) - USD 1.08% - 1.09% 1.10% 0.58% - 1.20% 05-Jan-05 JF India D (acc) - USD 2.90% - 2.90% 2.90% 2.90% 2.90% - 13-Oct-00 JF India X (acc) - USD 0.29% - 0.30% 0.34% 0.22% - 0.40% 09-Dec-04

JPMorgan Funds - JF Japan Equity Fund JF Japan Equity A(acc) - USD 1.90% - 1.90% 1.90% 1.90% - - 31-Mar-05 JF Japan Equity A(dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.65% - 01-Dec-88 JF Japan Equity A(acc) - EUR 1.90% - 1.90% 1.90% - - - 12-Jun-06 JF Japan Equity A(acc) - JPY 1.90% - 1.90% 1.90% - - - 10-Jan-06 JF Japan Equity A(dist) - GBP 1.90% - 1.90% 1.90% 1.90% 1.65% - 13-Oct-00 JF Japan Equity B (acc) - USD 1.15% - 1.25% 1.25% 1.25% - - 26-Aug-04 JF Japan Equity C (acc) - USD 0.93% - 0.89% 0.91% 0.24% - 0.95% 26-Aug-04 JF Japan Equity D (acc) - USD 2.65% - 2.65% 2.65% 2.65% 2.65% - 13-Oct-00 JF Japan Equity D (acc) - EUR 2.65% - 2.65% 2.65% - - - 08-May-06 JF Japan Equity I (acc) - USD 0.88% - 0.85% - - - 0.91% 27-Jun-06 JF Japan Equity J (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 02-Apr-02 JF Japan Equity X (acc) - USD 0.14% - 0.11% 0.13% 0.09% - 0.15% 24-Nov-04

JPMorgan Funds - JF Japan Small Cap Fund JF Japan Small Cap A(acc) - USD 1.90% - 1.90% 1.90% 1.90% - - 31-Mar-05 JF Japan Small Cap A(dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 04-Jul-94 JF Japan Small Cap B (acc) - USD 1.15% - 1.50% 1.50% - - - 14-Sep-05 JF Japan Small Cap C (acc) - USD 0.98% - 0.95% 0.50% - - 1.00% 02-Feb-05 JF Japan Small Cap D (acc) - USD 2.90% - 2.90% 2.90% 2.90% 2.90% - 13-Oct-00 JF Japan Small Cap X (acc) - USD 0.19% - 0.15% 0.18% 0.11% - 0.20% 16-Dec-04

JPMorgan Funds - JF Pacific Balanced Fund JF Pacific Balanced A(acc) - USD 1.90% - 1.90% 1.90% 1.90% - - 01-Apr-05 JF Pacific Balanced A(dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 15-Jun-01 JF Pacific Balanced B (acc) - USD 1.15% ------10-Sep-07 JF Pacific Balanced D (acc) - USD 2.35% - 2.35% 2.35% 2.35% 2.35% - 22-Jun-01

JPMorgan Funds - JF Pacific Technology Fund JF Pacific Technology A(acc) - USD 1.90% - 1.90% 1.90% 1.90% - - 31-Mar-05 JF Pacific Technology A(dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 02-Jun-00 JF Pacific Technology A(dist) - GBP 1.90% - 1.90% 1.90% 1.90% 1.90% - 13-Oct-00 JF Pacific Technology B (acc) - USD 1.15% - 1.50% 1.50% - - - 08-May-06 JF Pacific Technology C (acc) - USD 0.57% -----1.05% 20-Jun-08 JF Pacific Technology D (acc) - USD 2.90% - 2.90% 2.90% 2.90% 2.90% - 13-Oct-00

JPMorgan Funds - JF Singapore Fund JF Singapore A(acc) - USD 1.90% - 1.90% 1.90% 1.90% - - 31-Mar-05 JF Singapore A(dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 18-May-01 JF Singapore B (acc) - USD 1.15% - 1.50% 1.50% - - - 13-Feb-06 JF Singapore C (acc) - USD 0.95% - 0.97% 0.92% 0.44% - 1.00% 20-Jan-05 JF Singapore D (acc) - USD 2.90% - 2.90% 2.90% 2.90% 2.90% - 25-May-01 JF Singapore I (acc) - USD 0.92% - 0.92% - - - 0.96% 29-Jun-06 JF Singapore X (acc) - USD 0.20% - 0.20% 0.20% - - - 24-May-06

130 JPMorgan Funds Appendix - Unaudited Additional Disclosures (continued)

JPMorgan Funds - JF Taiwan Fund JF Taiwan A(acc) - USD 1.90% - 1.90% 1.90% 1.90% - - 31-Mar-05 JF Taiwan A(dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 18-May-01 JF Taiwan B (acc) - USD 1.30% - 1.65% 1.65% 1.65% - - 03-Nov-04 JF Taiwan C (acc) - USD 1.09% - 1.06% 1.15% 0.75% - 1.15% 03-Nov-04 JF Taiwan D (acc) - USD 2.90% - 2.90% 2.90% 2.90% 2.90% - 25-May-01 JF Taiwan I (acc) - USD 1.02% - 1.01% - - - 1.11% 29-Jun-06 JF Taiwan X (acc) - USD 0.28% - 0.27% 0.13% - - 0.35% 03-Feb-06

JPMorgan Funds - Latin America Equity Fund JPM Latin America Equity A (acc) - USD 1.90% - 1.90% 1.90% 1.90% - - 31-Mar-05 JPM Latin America Equity A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 12-May-92 JF Latin America Equity A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 13-Oct-00 JPM Latin America Equity B (acc) - USD 1.15% - 1.50% 1.50% - - - 08-Mar-06 JPM Latin America Equity C (acc) - USD 1.07% - 1.05% 1.05% 0.50% - 1.10% 13-Jan-05 JPM Latin America Equity D (acc) - USD 2.90% - 2.90% 2.90% 2.90% 2.90% - 13-Oct-00 JPM Latin America Equity I (acc) - USD 1.02% - 1.01% 0.01% - - 1.06% 26-Jun-06 JPM Latin America Equity X (acc) - USD 0.17% - 0.15% 0.16% 0.13% - 0.20% 09-Nov-04

JPMorgan Funds - Middle East Equity Fund JPM Middle East Equity A(acc) - USD 1.95% - 1.95% 1.95% 1.95% - - 31-Mar-05 JPM Middle East Equity A(dist) - USD 1.95% - 1.95% 1.95% 1.95% 1.95% - 18-Feb-98 JPM Middle East Equity B (acc) - USD 1.20% - 1.55% 1.55% 1.55% - - 22-Mar-05 JPM Middle East Equity C (acc) - USD 0.98% -----1.10% 21-Jan-08 JPM Middle East Equity D (acc) - USD 2.95% - 2.95% 2.95% 2.95% 2.95% - 13-Oct-00

JPMorgan Funds - Russia Fund JPM Russia A(acc) - USD 1.90% - 1.90% 1.90% - - - 23-Nov-05 JPM Russia A(dist) - USD 1.90% - 1.90% 1.90% - - - 18-Nov-05 JPM Russia B (acc) - USD 1.15% - 1.50% 1.50% - - - 04-May-06 JPM Russia C (acc) - USD 1.10% -----1.10% 13-Nov-07 JPM Russia D (acc) - USD 2.90% - 2.90% 2.90% - - - 27-Jan-06 JPM Russia I (acc) - USD 1.06% - 0.35% - - - 1.06% 25-Aug-06

JPMorgan Funds - US Aggregate Bond Fund JPM US Aggregate Bond A (acc) - USD 1.10% - 1.10% 1.10% 1.10% - - 31-Mar-05 JPM US Aggregate Bond A (dist) - USD 1.10% - 1.10% 1.10% 1.10% 1.10% - 15-Sep-00 JPM US Aggregate Bond B (acc) - USD 0.75% - 0.80% 0.80% - - - 08-Dec-05 JPM US Aggregate Bond C (acc) - USD 0.60% - 0.60% 0.58% - - 0.60% 13-Jul-05 JPM US Aggregate Bond D (acc) - USD 1.35% - 1.35% 1.35% 1.35% 1.50% - 13-Oct-00 JPM US Aggregate Bond X (acc) - USD 0.10% - 0.10% 0.10% 0.03% - 0.10% 30-Mar-05

JPMorgan Funds - US Dynamic Fund JPM US Dynamic A(acc) - USD 1.90% - 1.90% 1.90% 1.90% - - 31-Mar-05 JPM US Dynamic A(dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 18-Jul-03 JPM US Dynamic A(acc) - EUR 1.90% - 1.90% 1.90% - - - 16-Mar-06 JPM US Dynamic B (acc) - USD 1.15% - 1.50% 1.50% 1.50% - - 01-Sep-04 JPM US Dynamic C (acc) - USD 0.94% - 0.93% 0.94% 0.84% - 1.00% 26-Aug-04 JPM US Dynamic D (acc) - USD 2.90% - 2.90% 2.90% 2.90% 2.90% - 18-Jul-03 JPM US Dynamic D (acc) - EUR 2.90% - 2.90% 2.90% - - - 08-May-06 JPM US Dynamic I (acc) - USD 0.90% - 0.89% 0.11% - - 0.96% 17-May-06 JPM US Dynamic I (inc) - EUR 0.90% - 0.01% - - - 0.96% 25-Jun-07 JPM US Dynamic X (acc) - USD 0.10% - 0.09% 0.11% 0.10% - 0.15% 25-Oct-04

JPMorgan Funds - US Small Cap Growth Fund JPM US Small Cap Growth A(acc) - USD 1.90% - 1.90% 1.90% 1.90% - - 31-Mar-05 JPM US Small Cap Growth A(dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.65% - 11-Sep-84 JPM US Small Cap Growth A(dist) - GBP 1.90% - 1.90% 1.90% 1.90% 1.65% - 13-Oct-00 JPM US Small Cap Growth B (acc) - USD 1.15% ------23-May-05 JPM US Small Cap Growth D (acc) - USD 2.65% - 2.65% 2.65% 2.65% 2.65% - 13-Oct-00 JPM US Small Cap Growth X (acc) - USD 0.14% -----0.15% 27-May-08

JPMorgan Funds - US Strategic Growth Fund JPM US Strategic Growth A(acc) - USD 1.90% - 1.90% 1.90% 1.90% - - 31-Mar-05 JPM US Strategic Growth A(acc) - EUR (hedged) 1.90% - 1.90% - - - - 15-Mar-07 JPM US Strategic Growth A(dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.65% - 20-Oct-00 JPM US Strategic Growth A(dist) - GBP 1.90% - 1.90% 1.90% 1.90% 1.65% - 13-Oct-00 JPM US Strategic Growth B (acc) - USD 1.15% - 1.20% 1.20% - - - 22-Sep-05 JPM US Strategic Growth C (acc) - USD 0.83% - 0.82% 0.27% - - 0.85% 08-Mar-06 JPM US Strategic Growth C (acc) - EUR (hedged) 0.85% -----0.85% 06-Dec-07 JPM US Strategic Growth D (acc) - USD 2.65% - 2.65% 2.65% 2.65% 2.65% - 20-Oct-00 JPM US Strategic Growth D (acc) - EUR (hedged) 2.65% - 2.65% - - - - 15-Mar-07 JPM US Strategic Growth X (acc) - USD 0.13% - 0.13% 0.13% - - 0.15% 05-Oct-05

131 JPMorgan Funds Appendix - Unaudited Additional Disclosures (continued)

JPMorgan Funds - US Technology Fund JPM US Technology A(acc) - USD 1.90% - 1.90% 1.90% 1.90% - - 31-Mar-05 JPM US Technology A(dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 05-Dec-97 JF US Technology A(dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 13-Oct-00 JPM US Technology A(dist) - GBP 1.90% - 1.90% 1.90% 1.90% 1.90% - 13-Oct-00 JPM US Technology C (acc) - USD 0.57% -----1.05% 20-Jun-08 JPM US Technology D (acc) - USD 2.90% - 2.90% 2.90% 2.90% 2.90% - 13-Oct-00 JPM US Technology X (acc) - USD 0.19% -----0.20% 08-Oct-07

JPMorgan Funds - US Value Fund JPM US Value A(acc) - USD 1.90% - 1.90% 1.90% 1.90% - - 31-Mar-05 JPM US Value A(dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.65% - 20-Oct-00 JF US Value A(dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 27-May-04 JPM US Value A(dist) - GBP 1.90% - 1.90% 1.90% 1.90% 1.65% - 13-Oct-00 JPM US Value A(acc) - EUR (hedged) 1.90% - 1.90% - - - - 13-Nov-06 JPM US Value B (acc) - USD 1.15% - 1.20% 1.20% 1.20% - - 11-Oct-04 JPM US Value C (acc) - USD 0.82% - 0.79% 0.79% 0.70% - 0.85% 01-Sep-04 JPM US Value D (acc) - USD 2.65% - 2.65% 2.65% 2.65% 2.65% - 20-Oct-00 JPM US Value D (acc) - EUR (hedged) 2.65% - 2.65% - - - - 13-Nov-06 JPM US Value X (acc) - USD 0.12% - 0.11% 0.12% 0.09% - 0.15% 03-Feb-05

* These figures include the Performance Fees. ** Share Class inactive. *** The Total Expense Ratio (“TER”) represents the total operating cost as a percentage of the Fund’s average daily net assets. The total operating cost comprises investment management and advisory fees, custodian fees, taxe d’abonnement and other expenses, as summarised in the Combined Statement of Operations. Overdraft interest and Performance Fees are excluded from the calculation. Since 1 January 2002, the TER has been in place. The Expense Ratio related to the capped Share Classes C and X that were launched during the year is weighted in accordance with the proportional period of time elapsed since their inception date.

132 JPMorgan Funds Appendix - Unaudited Additional Disclosures (continued)

2. Summary of Investment Objectives of the Sub-Funds JPMorgan Funds – America Equity Fund Seeks to provide long-term capital growth by investing primarily in US companies. JPMorgan Funds – Eastern Europe Equity Fund Seeks to provide long-term capital growth by investing primarily in companies in central and eastern Europe (the “Eastern Europe Countries”). JPMorgan Funds - Emerging Europe, Middle East and Africa Equity Fund Seeks to provide long-term capital growth by investing primarily in companies of the emerging markets of central, eastern and southern Europe, Middle East and Africa. The Russian Trading System (RTS) Stock Exchange and the Moscow Interbank Currency Exchange are now recognized as regulated markets. JPMorgan Funds – Emerging Markets Debt Fund Seeks to achieve a return in excess of the bond markets of emerging countries by investing primarily in emerging market bonds and other debt securities. The Russian Trading System (RTS) Stock Exchange and the Moscow Interbank Currency Exchange are now recognized as regulated markets. JPMorgan Funds – Emerging Markets Equity Fund Seeks to provide long-term capital growth by investing primarily in emerging markets companies. The Russian Trading System (RTS) Stock Exchange and the Moscow Interbank Currency Exchange are now recognized as regulated markets. JPMorgan Funds – Emerging Markets Local Currency Debt Fund To achieve a return in excess of the bond markets of emerging countries through exposure primarily to local currency emerging market fixed and floating rate debt instruments. JPMorgan Funds – Euroland Equity Fund Seeks to provide long-term capital growth by investing primarily in companies of countries which are or might become part of the Euro zone (the “Euroland Countries”). The Sub-Fund may invest up to 10% in companies from other Continental European countries. JPMorgan Funds – Euroland Select Equity Fund Seeks to achieve a return in excess of Euro-zone equity markets by investing primarily in companiesof countries which are part of the Euro-zone (the “Euroland Countries”). JPMorgan Funds – Europe Dynamic Fund Seeks to maximise long-term capital growth by investing primarily in an aggressively managed portfolio of European companies. JPMorgan Funds – Europe Dynamic Mega Cap Fund Seeks to maximise long-term capital growth by investing primarily in an aggressively managed portfolio of mega capitalisation European companies normally with a capitalisation in excess of USD 3 billion at the time of purchase. JPMorgan Funds – Europe Equity Fund Seeks to provide long-term capital growth by investing primarily in European companies. JPMorgan Funds – Europe Small Cap Fund Seeks to provide long-term capital growth by investing primarily in small capitalisation European companies. JPMorgan Funds – Europe Technology Fund Seeks to provide long-term capital growth by investing primarily in technology (including media and telecommunication) related European companies. JPMorgan Funds – Germany Equity Fund Seeks to provide long-term capital growth by investing primarily in German companies. JPMorgan Funds – Global Convertibles Fund (EUR) Seeks to provide a return by investing primarily in a diversified portfolio of convertible securities and warrants, globally. The Sub-Fund may hold to a limited extent straight bonds and equities. Investments in securities denominated in currencies other than EUR may be hedged to EUR although the Investment Manager may take currency positions subject to the restrictions set out in the “Investment Restrictions” in Appendix II in the Prospectus. JPMorgan Funds – Global Dynamic Fund Seeks to maximise long-term capital growth by investing primarily in an aggressively managed portfolio of companies, globally. JPMorgan Funds – Global Equity Fund (USD) Seeks to provide long-term capital growth by investing primarily in companies, globally. The Sub-Fund may invest, to a limited extent, in fixed-interest securities. JPMorgan Funds – Global Focus Fund Seeks to provide superior long-term capital growth by investing primarily in an aggressively managed portfolio of large, medium and small companies, globally, that the Investment Manager believes to be in earnings recovery situations. JPMorgan Funds – Global Life Sciences Fund Seeks to provide long-term capital growth by investing primarily in companies from the biotechnology, healthcare and life sciences sectors (“Life Sciences Companies”), globally.

133 JPMorgan Funds Appendix - Unaudited Additional Disclosures (continued)

2. Summary of Investment Objectives of the Sub-Funds (continued) JPMorgan Funds – Global Natural Resources Fund Seeks to provide long-term capital growth by investing primarily in natural resources companies, globally. The Russian Trading System (RTS) Stock Exchange and the Moscow Interbank Currency Exchange are now recognized as regulated markets. JPMorgan Funds – Global Real Estate Securities Fund (USD) Seeks to provide long-term capital growth by investing primarily in a concentrated portfolio of Real Estate Investment Trusts (“REITs”) and in companies that own, develop, operate or finance real estate, where real estate assets or activities account for more than 50% of their total market capitalisation (“Real Estate Companies”). JPMorgan Funds – JF China Fund Seeks to provide long-term capital growth by investing primarily in companies of the People’s Republic of China. JPMorgan Funds – JF Greater China Fund Seeks to provide long-term capital growth by investing primarily in companies from the People’s Republic of China, Hong Kong and Taiwan (“Greater China”). JPMorgan Funds – JF Hong Kong Fund Seeks to provide long-term capital growth by investing primarily in Hong Kong companies. JPMorgan Funds – JF India Fund Seeks to provide long-term capital growth by investing primarily in Indian companies. AMauritius subsidiary, wholly owned by JPMorgan Funds, may be used to facilitate an efficient means of investing. JPMorgan Funds – JF Japan Equity Fund Seeks to provide long-term capital growth by investing primarily in Japanese companies. JPMorgan Funds – JF Japan Small Cap Fund Seeks to provide long-term capital growth by investing primarily in small capitalisation Japanese companies. JPMorgan Funds – JF Pacific Balanced Fund Seeks to provide long-term capital growth and income by investing primarily in companies and sovereign issuers of countries in the Pacific Basin (including Japan). JPMorgan Funds – JF Pacific Technology Fund Seeks to provide long-term capital growth by investing primarily in technology, media and telecommunications related companies in the Pacific Basin (including Japan). JPMorgan Funds – JF Singapore Fund Seeks to provide long-term capital growth by investing primarily in Singaporean companies. JPMorgan Funds – JF Taiwan Fund Seeks to provide long-term capital growth by investing primarily in Taiwanese companies. JPMorgan Funds – Latin America Equity Fund Seeks to provide long-term capital growth by investing primarily in Latin American companies. JPMorgan Funds – Middle East Equity Fund Seeks to provide long-term capital growth by investing primarily in companies in the Middle East region. Additionally the Fund may invest, to a limited extent, in Morocco and Tunisia. JPMorgan Funds – Russia Fund Seeks to provide long-term capital growth by investing primarily in a concentrated portfolio of Russian companies and the other CIS states through either investments in Global Depository Receipts and American Depository Receipts or direct investment in the securities of such companies, including securities listed or quoted on stock exchanges outside Russia and the other CIS states. The Sub-Fund will limit any direct investments or unlisted securities in Russia and the other CIS states (together with any other securities not dealt in on a Regulated Market) to 10% of its net assets; until such time as Russia and/or any of the other CIS states become Regulated Markets. JPMorgan Funds – US Aggregate Bond Fund Seeks to achieve a return in excess of US bond markets by investing primarily in US bonds and other debt securities. JPMorgan Funds – US Dynamic Fund Seeks to maximise long-term capital growth by investing primarily in an aggressively managed portfolio of US companies. JPMorgan Funds – US Small Cap Growth Fund Seeks to provide long-term capital growth by investing primarily in a growth style biased portfolio of small capitalisation US companies. JPMorgan Funds – US Strategic Growth Fund Seeks to provide long-term capital growth by investing primarily in a growth style biased portfolio of US companies. JPMorgan Funds – US Technology Fund Seeks to provide long-term capital growth by investing primarily in technology, media and telecommunications related US companies.

134 JPMorgan Funds Appendix - Unaudited Additional Disclosures (continued)

2. Summary of Investment Objectives of the Sub-Funds (continued) JPMorgan Funds – US Value Fund Seeks to provide long-term capital growth by investing primarily in a value style biased portfolio of US companies.

135 JPMorgan Funds Appendix - Unaudited Additional Disclosures (continued)

3. Performance and Volatility Performance Returns for periods greater than one year are annualized. Fund performance includes reinvestment of income and is net of all expenses. Volatility The standard deviation (D) of the price is calculated on a daily basis throughout each Fund’s financial year. The details below relate to the year from 1 July 2007 to 30 June 2008. If D is equal to or less than 0.1 then volatility will be Low If D is greater than 0.1 but less or equal to 1.0 then volatility will be Medium If D is greater than 1.0 but less than or equal to 2.4 then volatility will be High If D is greater than 2.4 then volatility will be Very High

Performance (continued) 3 Months 6 Months 9 Months 1 year 2 years 3 years 4 years 5 years Volatility

JPMorgan Funds - America Equity Fund JPM America Equity A (acc) - USD -3.00% -13.66% -17.53% -17.97% 1.59% 1.88% - - High JPM America Equity A (dist) - USD -3.02% -13.67% -17.58% -18.01% 1.61% 1.64% 3.32% 5.82% High JF America Equity A (dist) - USD -3.03% -13.67% -17.58% -18.02% 1.61% 1.65% 3.27% 5.71% High JPM America Equity A (acc) - EUR (hedged) -2.86% -6.55% -7.82% -3.81% ----High JPM America Equity B (acc) - USD -2.84% -13.32% -17.11% -17.45% 2.36% 2.65% - - High JPM America Equity C (acc) - USD -2.80% -13.20% -16.94% -17.11% 2.73% 3.08% - - High JPM America Equity C (acc) - EUR (hedged) -2.66% ------High JPM America Equity D (acc) - USD -3.17% -13.98% -18.03% -18.56% 0.86% 1.13% 2.66% 5.07% High JPM America Equity D (acc) - EUR (hedged) -3.06% -7.00% -8.19% -4.44% ----High JPM America Equity D (acc) - EUR -3.21% -13.99% -18.08% -18.63% 0.90% - - - High JPM America Equity X (acc) - USD -2.52% -12.86% -16.44% -16.50% 3.51% 3.85% - - High

JPMorgan Funds - Eastern Europe Equity Fund JPM Eastern Europe Equity A(acc) - EUR 9.02% -9.95% -3.22% 3.35% 19.50% 37.99% - - High JPM Eastern Europe Equity A(dist) - EUR 9.05% -9.93% -3.22% 3.20% 17.66% 35.85% 42.28% 49.97% High JF Eastern Europe Equity A(dist) - EUR 9.05% -9.92% -3.22% 3.30% 17.86% 36.07% 42.48% 50.21% High JPM Eastern Europe Equity B (acc) - EUR 9.31% -9.57% -2.71% 4.01% 7.71% - - - High JPM Eastern Europe Equity C (acc) - EUR 9.27% -9.54% -2.61% 4.21% 20.87% 40.08% - - High JPM Eastern Europe Equity D (acc) - EUR 8.79% -10.36% -3.93% 2.35% 18.19% 35.94% 41.72% 48.96% High JPM Eastern Europe Equity I (acc) - EUR 9.29% -9.51% -2.61% 4.26% 20.74% - - - High JPM Eastern Europe Equity X (acc) - EUR 9.50% -9.15% -1.95% 5.18% 21.98% 41.86% - - High

JPMorgan Funds - Emerging Europe Middle East and Africa Equity Fund JPM Emerging Europe Middle East and Africa Equity A (acc)- USD 8.63% -3.67% 5.18% 13.69% 30.31% 47.34% - - High JPM Emerging Europe Middle East and Africa Equity A (dist) - USD 8.63% -3.66% 5.21% 13.60% 28.63% 45.11% 50.56% 66.30% High JPM Emerging Europe Middle East and Africa Equity B (acc) - USD 8.84% -3.30% 5.72% 14.37% 31.09% 7.50% - - High JPM Emerging Europe Middle East and Africa Equity C (acc) - USD 8.84% -3.24% 5.89% 14.66% 31.75% 49.53% - - High JPM Emerging Europe Middle East and Africa Equity D (acc) - USD 8.36% -4.16% 4.41% 12.54% 28.72% 44.96% 48.59% 63.31% High JPM Emerging Europe Middle East and Africa Equity I (acc) - USD 8.87% -3.20% 5.91% 14.71% 31.78% - - - High JPM Emerging Europe Middle East and Africa Equity X (acc) - USD** High

JPMorgan Funds - Emerging Markets Debt Fund JPM Emerging Markets Debt A(acc) - EUR -0.30% -2.85% -2.85% -3.98% 4.41% -2.90% - - Medium JPM Emerging Markets Debt A(dist) - EUR -0.33% -2.89% -2.89% -4.02% 4.36% -2.67% 1.88% -1.34% Medium JPM Emerging Markets Debt C (acc) - EUR -0.10% -2.42% -2.32% -3.10% ----Medium JPM Emerging Markets Debt D (acc) - EUR -0.43% -3.16% -3.41% -4.59% 3.69% -3.54% 1.36% -2.42% Medium JPM Emerging Markets Debt X (acc) - EUR 0.00% -2.16% -1.86% -2.66% ----Medium JPM Emerging Markets Debt I (Inc) - EUR -0.10% -2.43% -2.23% -3.21% ----Medium

JPMorgan Funds - Emerging Markets Equity Fund JPM Emerging Markets Equity A(acc) - USD -1.99% -14.34% -9.59% 1.59% 24.33% 33.67% - - High JPM Emerging Markets Equity A(dist) - USD -2.04% -14.35% -9.61% 1.23% 22.50% 31.26% 41.88% 52.86% High JPM Emerging Markets Equity A(dist) - GBP -2.02% -14.36% -9.61% 1.44% 23.88% 84.32% 98.89% 102.37% High JPM Emerging Markets Equity A(acc) - EUR -2.04% -14.36% -9.62% 1.59% 24.33% - - - High JPM Emerging Markets Equity B (acc) - USD -1.83% -14.02% -9.14% 2.22% 25.07% 34.57% - - High JPM Emerging Markets Equity C (acc) - USD -1.82% -14.00% -9.02% 2.45% 25.59% 35.34% - - High JPM Emerging Markets Equity D (acc) - USD -2.26% -14.77% -10.27% 0.58% 22.87% 31.66% 42.09% 52.84% High JPM Emerging Markets Equity D (acc) - EUR -2.25% -14.74% -10.25% 0.56% 22.89% - - - High JPM Emerging Markets Equity I (acc) - USD -1.75% -13.94% -8.97% 2.51% ----High JPM Emerging Markets Equity I (inc) - EUR -1.79% -13.95% -8.98% 1.02% 24.22% - - - High JPM Emerging Markets Equity X (acc) - USD -1.59% -13.59% -8.42% 3.37% 26.90% 37.22% - - High JPM Emerging Markets Equity X (inc) - EUR -1.59% -13.63% -8.42% 1.45% 23.85% - - - High

JPMorgan Funds - Emerging Markets Local Currency Debt Fund (1) JPM Emerging Markets Local Currency Debt A(acc) - EUR 1.07% ------Medium JPM Emerging Markets Local Currency Debt A(acc) - USD 1.07% ------Medium JPM Emerging Markets Local Currency Debt B (acc) - USD 1.17% ------Medium JPM Emerging Markets Local Currency Debt D (acc) - EUR 0.96% ------Medium JPM Emerging Markets Local Currency Debt D (acc) - USD 0.96% ------Medium

136 JPMorgan Funds Appendix - Unaudited Additional Disclosures (continued)

Performance (continued) 3 Months 6 Months 9 Months 1 year 2 years 3 years 4 years 5 years Volatility

JPMorgan Funds - Euroland Equity Fund JPM Euroland Equity A(acc) - EUR -4.04% -20.54% -23.40% -27.31% -3.57% 4.43% High JPM Euroland Equity A(dist) - EUR -4.07% -20.54% -23.37% -28.90% -5.42% 2.28% 7.17% 11.02% High JF Euroland Equity A(dist) - USD -4.08% -20.59% -23.42% -26.18% -2.49% -1.38% 3.94% 9.76% High JPM Euroland Equity A(inc) - EUR -4.10% -20.49% ------High JPM Euroland Equity B (acc) - EUR -3.86% ------High JPM Euroland Equity C (acc) - EUR -3.81% -20.14% -22.76% -26.56% -2.56% 5.65% - - High JPM Euroland Equity D (acc) - EUR -4.25% -20.84% -23.83% -27.84% -4.26% 3.59% 7.76% 11.48% High JPM Euroland Equity I (acc) - EUR -3.75% -20.10% -22.70% -26.47% -2.50% - - - High JPM Euroland Equity X (acc) - EUR -3.68% -19.82% -22.28% -----High

JPMorgan Funds - Euroland Select Equity Fund (2) JPM Euroland Select Equity A(acc) - EUR -4.09% -20.44% -20.61% -----High JPM Euroland Select Equity A(dis) - EUR -4.13% ------High JPM Euroland Select Equity D (acc) - EUR -4.24% -20.72% -21.06% -----High JPM Euroland Select Equity X (acc) - EUR -3.81% -19.78% ------High

JPMorgan Funds - Europe Dynamic Fund JPM Europe Dynamic A(acc) - EUR -0.29% -17.34% -20.51% -23.62% -0.76% 9.05% - - High JPM Europe Dynamic A(dist) - EUR -0.30% -17.41% -20.55% -24.58% -2.28% 7.25% 11.92% 15.63% High JF Europe Dynamic A(dist) - EUR -0.33% -17.37% -20.56% -24.62% -2.26% 7.29% 11.80% - High JPM Europe Dynamic A(dist) - GBP -0.30% -17.38% -20.53% -23.79% -1.13% 28.60% 31.80% 29.27% High JPM Europe Dynamic B (acc) - EUR -0.12% -17.07% -20.16% -23.16% -0.27% 9.64% - - High JPM Europe Dynamic C (acc) - EUR -0.06% -16.95% -19.95% -22.85% 0.18% 10.23% - - High JPM Europe Dynamic D (acc) - USD -0.54% -17.79% -21.12% -24.34% -1.73% 0.71% - - High JPM Europe Dynamic D (acc) - EUR -0.52% -17.80% -21.12% -24.39% -1.74% 7.79% 12.23% 15.80% High JPM Europe Dynamic I (acc) - EUR** ------High JPM Europe Dynamic X (acc) - EUR 0.12% -16.64% -19.47% -22.25% 1.00% 11.32% - - High

JPMorgan Funds - Europe Dynamic Mega Cap Fund JPM Europe Dynamic Mega Cap A(acc) - EUR 0.00% -17.63% -20.18% -22.63% -1.48% - - - High JPM Europe Dynamic Mega Cap A(dist) - EUR 0.00% -17.55% -20.09% -23.85% -2.31% - - - High JPM Europe Dynamic Mega Cap A(inc) - EUR 0.00% -17.60% -20.14% -23.61% -2.16% - - - High JPM Europe Dynamic Mega Cap A(acc) - USD 0.00% -17.58% -17.41% -----High JPM Europe Dynamic Mega Cap B (acc) - EUR 0.21% -17.29% -19.73% -22.16% -0.98% - - - High JPM Europe Dynamic Mega Cap C (acc) - EUR 0.19% -17.20% -19.58% -21.95% -0.62% - - - High JPM Europe Dynamic Mega Cap D (acc) - EUR -0.21% -17.97% -20.72% -23.40% -2.40% - - - High JPM Europe Dynamic Mega Cap D (acc) - USD -0.25% -18.00% -20.70% -----High JPM Europe Dynamic Mega Cap I (acc) - EUR 0.31% -17.16% -19.50% -21.84% ----High JPM Europe Dynamic Mega Cap X (acc) - EUR 0.39% -16.87% -19.08% -21.23% 0.24% - - - High

JPMorgan Funds - Europe Equity Fund JPM Europe Equity A(acc) - EUR -2.85% -18.24% -22.68% -27.51% -5.74% 2.25% - - High JPM Europe Equity A(dist) - EUR -2.90% -18.27% -22.70% -28.85% -7.45% 0.34% 4.45% 8.45% High JPM Europe Equity A(acc) - USD -2.88% -18.21% -22.67% -27.46% -5.75% -3.80% 0.86% 6.56% High JF Europe Equity A(dist) - USD -2.89% -18.25% -22.69% -26.54% -4.79% -3.17% 1.37% 7.16% High JPM Europe Equity B (acc) - EUR -2.73% -17.97% -22.32% -27.05% -5.20% 2.88% - - High JPM Europe Equity C (acc) - EUR -2.61% -17.81% -22.05% -26.69% -4.78% 3.42% - - High JPM Europe Equity D (acc) - EUR -3.06% -18.54% -23.12% -28.00% -6.41% 1.48% 5.32% 9.24% High JPM Europe Equity D (acc) - USD -3.14% -18.58% -23.13% -28.08% -6.48% - - - High JPM Europe Equity I (acc) - EUR** ------High JPM Europe Equity I (inc) - EUR -2.53% -17.73% -22.02% -27.85% ----High JPM Europe Equity X (acc) - EUR -2.45% -17.52% -21.64% -26.17% -4.14% 4.19% - - High

JPMorgan Funds - Europe Small Cap Fund JPM Europe Small Cap A(acc) - EUR -2.52% -17.00% -24.37% -30.82% -4.22% 6.56% - - High JPM Europe Small Cap A(dist) - EUR -2.54% -16.98% -24.39% -30.85% -4.56% 5.97% 13.71% 21.11% High JF Europe Small Cap A(dist) - EUR -2.55% -16.99% -24.40% -30.86% -4.59% 5.95% 13.72% 21.15% High JPM Europe Small Cap A(dist) - GBP -2.57% -16.97% -24.40% -30.88% -4.35% 25.47% 33.36% 40.00% High JPM Europe Small Cap B (acc) - EUR -2.36% -16.66% -24.00% -30.43% -3.75% 7.38% - - High JPM Europe Small Cap C (acc) - EUR -2.32% -16.56% -23.84% -30.20% -3.36% 7.68% - - High JPM Europe Small Cap D (acc) - EUR -2.74% -17.38% -24.95% -31.51% -5.14% 5.38% 12.98% 20.11% High JPM Europe Small Cap I (acc) - EUR -2.30% -16.55% -23.84% -30.16% -3.35% - - - High JPM Europe Small Cap X (acc) - EUR -2.14% -16.26% -23.39% -29.61% -2.58% 8.71% - - High

JPMorgan Funds - Europe Technology Fund JPM Europe Technology A(acc) - EUR -1.58% -21.75% -26.77% -28.36% -3.34% 2.33% - - High JPM Europe Technology A(dist) - EUR -1.58% -21.72% -26.79% -28.41% -3.89% 1.89% 0.87% 11.68% High JF Europe Technology A(dist) - EUR -1.70% -21.81% -26.90% -28.45% -4.08% 1.82% 0.83% 11.64% High JPM Europe Technology A(dist) - GBP -1.51% -21.70% -26.73% -28.34% -3.47% 19.43% 13.89% 26.03% High JPM Europe Technology B (acc) - EUR* ------High JPM Europe Technology C (acc) - EUR* ------High JPM Europe Technology D (acc) - EUR -1.71% -22.05% -27.26% -29.05% -4.20% 1.29% 0.19% 10.65% High JPM Europe Technology X (acc) - EUR -1.16% -21.07% -25.83% -----High

137 JPMorgan Funds Appendix - Unaudited Additional Disclosures (continued)

Performance (continued) 3 Months 6 Months 9 Months 1 year 2 years 3 years 4 years 5 years Volatility

JPMorgan Funds - Germany Equity Fund JPM Germany Equity A(acc) - EUR 0.74% -17.55% -16.63% -19.37% 7.88% 13.63% - - High JPM Germany Equity A(dist) - EUR 0.73% -17.52% -16.62% -20.52% 6.06% 11.45% 13.35% 17.86% High JF Germany Equity A(dist) - EUR 0.76% -17.54% -16.63% -20.46% 6.08% 11.51% 13.69% 18.28% High JPM Germany Equity B (acc) - EUR 0.97% -17.25% ------High JPM Germany Equity C (acc) - EUR 1.00% ------High JPM Germany Equity D (acc) - EUR 0.36% -18.18% -17.46% -20.29% 6.71% 12.25% 13.97% 17.96% High JPM Germany Equity I (acc) - EUR* ------High JPM Germany Equity X (acc) - EUR 1.19% -16.75% ------High

JPMorgan Funds - Global Convertibles Fund (EUR) JPM Global Convertibles (EUR) A(acc) - EUR -2.02% -9.28% -8.63% -8.06% 1.60% 4.97% - - Medium JPM Global Convertibles (EUR) A(dist) - EUR -2.06% -9.29% -8.65% -8.09% 1.58% 4.99% 2.47% 5.24% Medium JF Global Convertibles (EUR) A(dist) - USD -2.06% -9.37% -8.74% -8.25% 1.34% -1.85% -2.53% 2.33% Medium JPM Global Convertibles (EUR) B (acc) - EUR -1.89% -8.99% -8.22% -7.58% 2.05% 10.58% 6.55% 7.25% Medium JPM Global Convertibles (EUR) C (acc) - EUR -1.86% -8.91% -8.09% -7.39% 2.37% 5.83% - - Medium JPM Global Convertibles (EUR) D (acc) - EUR -2.19% -9.52% -8.95% -8.55% 1.04% 0.10% - - Medium JPM Global Convertibles (EUR) I (acc) - EUR -1.82% -8.92% -8.06% -7.35% ----Medium JPM Global Convertibles (EUR) I (inc) - EUR -1.85% -8.89% -8.10% -9.67% ----Medium JPM Global Convertibles (EUR) X (acc) - EUR -1.66% -8.53% -7.58% -6.61% 3.21% 6.81% - - Medium

JPMorgan Funds - Global Dynamic Fund JPM Global Dynamic A(acc) - USD -1.26% -13.78% -15.42% -13.33% 4.72% 10.23% - - High JPM Global Dynamic A(dist) - USD -1.30% -13.75% -15.40% -13.94% 3.96% 9.25% 11.37% 15.64% High JF Global Dynamic A(dist) - USD -1.33% -13.81% -15.44% -13.96% 3.94% 9.24% 11.32% - High JPM Global Dynamic A(acc) - EUR -1.29% -13.75% -15.37% -13.30% ----High JPM Global Dynamic A(acc) - EUR (hedged) -0.64% -9.47% ------High JPM Global Dynamic A(dist) - GBP -1.30% -13.75% -15.41% -13.63% 4.32% 43.58% 41.44% 39.11% High JPM Global Dynamic A(inc) - EUR -1.23% -13.72% -15.40% -14.00% 4.15% - - - High JPM Global Dynamic B (acc) - USD -1.13% -13.45% -15.00% -12.83% 5.24% 10.83% - - High JPM Global Dynamic C (acc) - USD -1.05% -13.37% -14.80% -12.52% 5.75% 11.48% - - High JPM Global Dynamic C (acc) - EUR -1.03% -13.29% -14.73% -12.41% ----High JPM Global Dynamic C (acc) - EUR (hedged) -0.48% ------High JPM Global Dynamic D (acc) - USD -1.54% -14.21% -16.08% -14.21% 3.60% 8.93% 10.74% 14.78% High JPM Global Dynamic D (acc) - EUR -1.59% -14.25% -16.06% -14.25% 3.62% - - - High JPM Global Dynamic D (acc) - EUR (hedged) -1.07% -10.08% ------High JPM Global Dynamic I (acc) - USD -1.00% -13.31% -14.72% -12.46% ----High JPM Global Dynamic X (acc) - USD -0.86% -12.95% -14.25% -11.77% 6.69% 12.63% - - High JPM Global Dynamic X (acc) - EUR -0.80% -12.94% -14.22% -11.70% ----High

JPMorgan Funds - Global Equity Fund (USD) JF Global Equity (USD) A(dist) - USD -2.07% -12.65% -13.36% -11.90% 0.71% 5.59% 7.12% 10.78% High JPM Global Equity (USD) A(acc) - USD -2.10% -12.69% -13.38% -11.22% 1.44% 6.44% - - High JPM Global Equity (USD) A(dist) - USD -2.05% -12.64% -13.37% -11.90% 0.72% 5.58% 7.13% 10.77% High JPM Global Equity (USD) B (acc) - USD** ------High JPM Global Equity (USD) C (acc) - USD -1.84% -12.18% -12.68% -10.25% 2.58% 7.75% - - High JPM Global Equity (USD) D (acc) - USD -2.28% -13.07% -13.91% -11.92% 0.66% 5.51% 6.84% 10.34% High JPM Global Equity (USD) X (acc) - USD -1.68% -11.97% -12.26% -9.70% 3.29% - - - High

JPMorgan Funds - Global Focus Fund JPM Global Focus A(acc) - EUR -0.83% -20.81% -25.22% -29.04% -4.91% 2.55% - - High JPM Global Focus A(acc) - EUR (hedged) -0.38% -16.88% -19.69% -----High JPM Global Focus A(dist) - EUR -0.86% -20.82% -25.24% -29.41% -5.35% 2.05% 5.34% 9.45% High JF Global Focus A(dist) - USD -0.72% -20.81% -25.18% -29.34% ----High JPM Global Focus C (acc) - EUR -0.65% -20.42% -24.71% -28.35% -4.09% - - - High JPM Global Focus D (acc) - EUR -1.07% -21.23% -25.80% -29.75% -5.81% 1.48% 4.66% 8.60% High JPM Global Focus D (acc) - EUR (hedged) -0.65% -17.23% -20.27% -----High JPM Global Focus X (acc) - EUR -0.37% -20.08% -24.23% -27.74% -3.30% 4.52% - - High

JPMorgan Funds - Global Life Sciences Fund JPM Global Life Sciences A(acc) - USD 5.66% -10.58% -12.46% -11.24% -2.33% 0.34% - - High JPM Global Life Sciences A(dist) - USD 5.69% -10.63% -12.41% -11.31% -2.30% 0.33% -1.47% 2.85% High JF Global Life Sciences A(dist) - USD 5.43% -10.68% -12.61% -11.33% -2.36% 0.28% -1.50% 2.82% High JPM Global Life Sciences A(dist) - GBP 5.65% -10.58% -12.45% -11.25% -2.28% 27.04% 17.67% 17.57% High JPM Global Life Sciences D (acc) - USD 5.36% -11.02% -13.08% -12.06% -3.21% -0.65% -2.40% 1.84% High

JPMorgan Funds - Global Natural Resources Fund JPM Global Natural Resources A(acc) - EUR 7.57% -4.52% -5.30% -2.08% 18.62% 34.48% - - High JPM Global Natural Resources A(dist) - EUR 7.53% -4.48% -5.30% -2.07% 18.60% 34.50% - - High JPM Global Natural Resources A(acc) - USD 7.47% -4.54% -5.37% -2.08% ----High JPM Global Natural Resources B (acc) - EUR 7.72% -4.15% -4.86% -1.47% 19.32% - - - High JPM Global Natural Resources C (acc) - EUR 7.79% -4.07% -4.65% -1.16% 19.93% 36.36% - - High JPM Global Natural Resources C (acc) - USD 7.85% -4.05% -4.63% -1.15% ----High JPM Global Natural Resources D (acc) - EUR 7.22% -5.02% -6.08% -3.11% 17.26% - - - High JPM Global Natural Resources D (acc) - USD 7.27% -5.00% -6.08% -3.04% ----High JPM Global Natural Resources X (acc) - EUR 8.00% -3.69% -4.08% -0.34% 21.08% 38.14% - - High

138 JPMorgan Funds Appendix - Unaudited Additional Disclosures (continued)

Performance (continued) 3 Months 6 Months 9 Months 1 year 2 years 3 years 4 years 5 years Volatility

JPMorgan Funds - Global Real Estate Securities Fund (USD) JPM Global Real Estate Securities A(acc) - USD -8.40% -13.54% -24.37% -23.20% ----High JPM Global Real Estate Securities C (acc) - USD -8.15% ------High JPM Global Real Estate Securities D (acc) - USD -8.60% -13.78% -24.81% -23.77% ----High JPM Global Real Estate Securities X (acc) - USD -7.96% -12.69% -23.34% -21.82% ----High

JPMorgan Funds - JF China Fund JF China A(acc) - USD -3.55% -28.65% -30.26% -0.40% 40.81% 54.26% - - Very High JF China A(dist) - USD -3.57% -28.67% -30.28% -0.94% 39.59% 52.68% 42.73% 56.15% Very High JF China B (acc) - USD -3.39% -28.44% -29.95% 0.15% 41.67% - - - Very High JF China C (acc) - USD -3.34% -28.34% -29.80% 0.52% 42.48% 56.70% - - Very High JF China D (acc) - USD -3.79% -29.00% -30.76% -1.34% 39.07% 51.66% 41.39% 54.30% Very High JF China I (acc) - USD** ------Very High JF China X (acc) - USD -3.21% -28.06% -29.39% 1.27% Very High

JPMorgan Funds - JF Greater China Fund JF Greater China A(acc) - USD -5.74% -22.85% -25.69% -2.75% 26.86% 27.45% - - High JF Greater China A(dist) - USD -5.74% -22.86% -25.68% -4.33% 23.26% 23.80% 23.63% 31.85% High JF Greater China B (acc) - USD -5.55% -22.58% -25.33% -2.20% 27.72% - - - High JF Greater China C (acc) - USD -5.54% -22.51% -25.18% -1.93% 28.25% 29.12% - - High JF Greater China D (acc) - USD -5.97% -23.24% -26.24% -3.70% 25.41% 25.73% 25.09% 33.28% High JF Greater China I (acc) - USD** ------High JF Greater China X (acc) - USD -5.37% -22.21% -24.76% -1.15% 29.51% 30.58% - - High

JPMorgan Funds - JF Hong Kong Fund JF Hong Kong A(acc) - USD -4.64% -25.10% -22.96% 0.67% 21.35% 19.82% - - High JF Hong Kong A(dist) - USD -4.66% -25.13% -22.96% -0.07% 20.03% 18.19% 22.44% 31.39% High JF Hong Kong B (acc) - USD -4.46% -24.83% -22.55% 1.37% 22.05% - - - High JF Hong Kong C (acc) - USD -4.45% -24.79% -22.45% 1.54% 22.82% 21.38% - - High JF Hong Kong D (acc) - USD -4.92% -25.52% -23.54% -0.34% 19.94% 18.21% 22.17% 31.22% High

JPMorgan Funds - JF India Fund JF India A(acc) - USD -22.76% -43.92% -33.53% -21.63% 11.97% 24.34% - - High JF India A(dist) - USD -22.75% -43.90% -33.52% -24.99% 8.89% 21.45% 39.17% 64.04% High JF India B (acc) - USD -22.62% -43.69% -33.20% -21.17% 12.62% 25.14% - - High JF India C (acc) - USD -22.59% -43.64% -33.04% -20.87% 13.23% 26.08% - - High JF India D (acc) - USD -22.90% -44.13% -33.93% -22.26% 10.99% 22.94% 40.40% 65.29% High JF India X (acc) - USD -22.41% -43.39% -32.63% -20.21% 14.26% 27.50% - - High

JPMorgan Funds - JF Japan Equity Fund JF Japan Equity A(acc) - USD -1.40% -11.18% -19.92% -19.66% -9.80% 0.69% - - High JF Japan Equity A(dist) - USD -1.42% -11.17% -19.92% -19.67% -9.81% 0.71% 0.59% 9.30% High JF Japan Equity A(dist) - GBP -1.39% -11.17% -19.90% -19.65% -9.80% 27.71% 21.51% 28.30% High JF Japan Equity A(acc) - EUR -1.44% -11.21% -19.92% -19.69% -9.80% - - - High JF Japan Equity A(acc) - JPY -1.47% -11.19% -19.96% -19.70% -9.80% - - - High JF Japan Equity B (acc) - USD -1.24% -10.83% -19.43% -19.02% -9.24% 1.41% - - High JF Japan Equity C (acc) - USD -1.23% -10.79% -19.37% -18.90% -9.01% 1.71% - - High JF Japan Equity D (acc) - USD -1.55% -11.55% -20.33% -20.25% -10.39% -0.04% -0.21% 8.23% High JF Japan Equity D (acc) - EUR -1.73% -11.57% -20.47% -20.28% -10.47% - - - High JF Japan Equity I (acc) - USD -1.08% -10.66% -19.27% -18.79% -8.95% - - - High JF Japan Equity J (dist) - USD -1.40% -11.16% -19.94% -19.65% -9.80% 0.71% 0.55% 9.16% High JF Japan Equity X (acc) - USD -0.98% -10.42% -18.87% -18.22% -8.37% 2.56% - - High

JPMorgan Funds - JF Japan Small Cap Fund JF Japan Small Cap A(acc) - USD -9.63% -13.48% -21.65% -24.22% -16.51% -5.23% - - High JF Japan Small Cap A(dist) - USD -9.53% -13.38% -21.54% -24.16% -16.47% -5.21% -5.83% 8.43% High JF Japan Small Cap B (acc) - USD -9.44% -13.09% -21.20% -23.82% -16.19% - - - High JF Japan Small Cap C (acc) - USD -9.27% -12.91% -21.00% -23.47% -15.83% - - - High JF Japan Small Cap D (acc) - USD -9.73% -13.74% -22.10% -24.94% -17.15% -6.05% -6.59% 7.18% High JF Japan Small Cap X (acc) - USD -9.14% -12.62% -20.51% -22.89% -15.31% -3.72% - - High

JPMorgan Funds - JF Pacific Balanced Fund JF Pacific Balanced A(acc) - USD -0.30% -10.02% -11.39% -5.11% 8.28% 11.18% - - Medium JF Pacific Balanced A(dist) - USD -0.35% -10.04% -11.40% -5.14% 7.10% 9.64% 8.92% 12.37% Medium JF Pacific Balanced B (acc) - USD -0.11% -9.68% -10.88% -----Medium JF Pacific Balanced D (acc) - USD -0.38% -10.19% -11.66% -5.52% 7.79% 10.59% 9.64% 13.03% Medium

JPMorgan Funds - JF Pacific Technology Fund JF Pacific Technology A(acc) - USD -3.89% -13.73% -15.09% -7.65% 12.06% 17.08% - - High JF Pacific Technology A(dist) - USD -3.84% -13.71% -15.00% -10.94% 8.83% 13.84% 12.78% 17.24% High JF Pacific Technology A(dist) - GBP -3.87% -13.71% -15.05% -9.01% 10.22% 53.17% 46.08% 43.60% High JF Pacific Technology B (acc) - USD*** -3.64% -13.39% - - -0.29% - - - High JF Pacific Technology C (acc) - USD* ------High JF Pacific Technology D (acc) - USD -4.07% -14.19% -15.69% -8.51% 10.88% 15.65% 14.18% 18.37% High

139 JPMorgan Funds Appendix - Unaudited Additional Disclosures (continued)

Performance (continued) 3 Months 6 Months 9 Months 1 year 2 years 3 years 4 years 5 years Volatility

JPMorgan Funds - JF Singapore Fund JF Singapore A(acc) - USD -0.78% -17.07% -21.86% -17.04% 23.80% 35.86% - - High JF Singapore A(dist) - USD -0.78% -17.08% -21.87% -17.77% 22.49% 33.74% 44.53% 57.76% High JF Singapore B (acc) - USD -0.63% -16.75% -21.49% -16.57% 24.46% - - - High JF Singapore C (acc) - USD -0.39% -16.57% -21.22% -16.17% 24.97% 37.51% - - High JF Singapore D (acc) - USD -1.04% -17.50% -22.47% -17.89% 22.31% 33.71% 43.96% 56.98% High JF Singapore I (acc) - USD -0.59% -16.68% -21.30% -16.26% 25.20% - - - High JF Singapore X (acc) - USD -0.38% -16.32% -20.85% -15.61% 26.35% - - - High

JPMorgan Funds - JF Taiwan Fund JF Taiwan A(acc) - USD -14.49% -9.46% -22.09% -15.73% 6.71% 11.84% - - High JF Taiwan A(dist) - USD -14.52% -9.49% -22.09% -19.67% 0.72% 4.59% 7.38% 8.64% High JF Taiwan B (acc) - USD -14.38% -26.01% -36.26% -31.04% -3.44% - - - High JF Taiwan C (acc) - USD -14.29% -9.07% -21.56% -15.04% 7.72% 12.99% - - High JF Taiwan D (acc) - USD -14.70% -9.92% -22.67% -16.54% 5.62% 10.52% 12.33% 12.84% High JF Taiwan I (acc) - USD -14.33% -9.06% -21.55% -15.02% ----High JF Taiwan X (acc) - USD -14.11% -8.71% -21.06% -14.31% 8.59% - - - High

JPMorgan Funds - Latin America Equity Fund JPM Latin America Equity A (acc) - USD 7.40% 1.92% 4.67% 14.77% 45.90% 65.17% - - High JPM Latin America Equity A (dist) - USD 7.43% 1.93% 4.67% 14.36% 44.43% 62.02% 88.18% 99.87% High JF Latin America Equity A (dist) - USD 7.41% 1.93% 4.67% 14.31% 44.40% 61.92% 89.37% 83.69% High JPM Latin America Equity B (acc) - USD 7.61% 2.31% 5.17% 15.50% 46.92% - - - High JPM Latin America Equity C (acc) - USD 7.65% 2.34% 5.31% 15.75% 47.69% 67.75% - - High JPM Latin America Equity D (acc) - USD 7.15% 1.39% 3.87% 13.62% 44.01% 62.22% 87.97% 96.90% High JPM Latin America Equity I (acc) - USD 7.66% 2.38% 5.35% 15.76% 47.59% - - - High JPM Latin America Equity X (acc) - USD 7.88% 2.81% 6.03% 16.80% 49.30% 70.47% - - High

JPMorgan Funds - Middle East Equity Fund JPM Middle East Equity A(acc) - USD 3.31% -10.62% -0.71% 12.77% 32.87% 26.23% - - High JPM Middle East Equity A(dist) - USD 3.24% -10.62% -0.72% 12.63% 31.93% 25.34% 42.30% 54.25% High JPM Middle East Equity B (acc) - USD 3.49% -10.27% -0.20% 13.49% 33.64% 27.46% - - High JPM Middle East Equity C (acc) - USD -0.11% ------High JPM Middle East Equity D (acc) - USD 3.04% -11.05% -1.45% 11.66% 31.19% 24.40% 40.67% 52.18% High

JPMorgan Funds - Russia Fund JPM Russia A(acc) - USD 8.88% 4.57% 14.77% 27.99% 41.35% - - - High JPM Russia A(dist) - USD 8.88% 4.56% 14.76% 27.94% 39.18% - - - High JPM Russia B (acc) - USD 9.04% 4.89% 15.31% 28.67% 42.23% - - - High JPM Russia C (acc) - USD 9.10% 5.02% ------High JPM Russia D (acc) - USD 8.57% 3.99% 13.85% 26.63% 39.46% - - - High JPM Russia I (acc) - USD 8.99% 4.96% 15.48% -----High

JPMorgan Funds - US Aggregate Bond Fund JPM US Aggregate Bond A (acc) - USD -0.95% 1.97% 4.01% 7.34% 6.32% 3.70% - - Medium JPM US Aggregate Bond A (dist) - USD -0.91% 1.96% 4.01% 3.56% 2.51% 0.20% 1.16% 0.08% Medium JPM US Aggregate Bond B (acc) - USD -0.79% 2.17% 4.34% 7.82% 6.73% - - - Medium JPM US Aggregate Bond C (acc) - USD -0.79% 2.25% 4.42% 8.00% 6.93% - - - Medium JPM US Aggregate Bond D (acc) - USD -0.92% 1.89% 3.86% 7.22% 6.08% 3.41% 3.89% 2.22% Medium JPM US Aggregate Bond X (acc) - USD -0.67% 2.52% 4.88% 8.55% 7.50% 4.81% - - Medium

JPMorgan Funds - US Dynamic Fund JPM US Dynamic A(acc) - USD -0.62% -13.72% -17.66% -20.30% -2.34% 2.26% - - High JPM US Dynamic A(dist) - USD -0.64% -13.77% -17.73% -20.32% -2.38% 2.26% 6.42% - High JPM US Dynamic A(acc) - EUR -0.64% -13.84% -17.78% -20.38% -2.40% - - - High JPM US Dynamic B (acc) - USD -0.40% -13.38% -17.28% -19.83% -1.89% 2.74% - - High JPM US Dynamic C (acc) - USD -0.37% -13.35% -17.17% -19.57% -1.47% 3.30% - - High JPM US Dynamic D (acc) - USD -0.88% -14.22% -18.36% -21.16% -3.33% 1.20% 5.19% - High JPM US Dynamic D (acc) - EUR -0.89% -14.20% -18.36% -21.09% -3.34% - - - High JPM US Dynamic I (acc) - USD -0.41% -13.27% -17.07% -19.48% -1.41% - - - High JPM US Dynamic I (inc) - EUR -0.37% -13.26% -17.08% -19.62% ----High JPM US Dynamic X (acc) - USD -0.22% -12.95% -16.59% -18.85% -0.64% 4.22% - - High

JPMorgan Funds - US Small Cap Growth Fund JPM US Small Cap Growth A(acc) - USD 0.34% -16.61% -19.80% -15.16% -0.59% 4.44% - - High JPM US Small Cap Growth A(dist) - USD 0.27% -16.67% -19.85% -15.21% -0.63% 4.39% 5.51% 10.91% High JPM US Small Cap Growth A(dist) - GBP 0.24% -16.67% -19.95% -15.30% -0.68% 34.43% 30.56% 31.03% High JPM US Small Cap Growth B (acc) - USD 0.36% -16.42% ------High JPM US Small Cap Growth D (acc) - USD 0.13% -16.98% -20.30% -15.84% -1.34% 3.56% 4.56% 9.74% High JPM US Small Cap Growth X (acc) - USD* ------High

140 JPMorgan Funds Appendix - Unaudited Additional Disclosures (continued)

Performance (continued) 3 Months 6 Months 9 Months 1 year 2 years 3 years 4 years 5 years Volatility

JPMorgan Funds - US Strategic Growth Fund JPM US Strategic Growth A(acc) - USD 2.53% -10.19% -10.98% -10.32% 3.57% 5.49% - - High JPM US Strategic Growth A(acc) - EUR (hedged) 2.74% -2.85% -0.43% 4.78% ----High JPM US Strategic Growth A(dist) - USD 2.52% -10.19% -10.93% -10.32% 3.62% 5.55% 4.32% 5.52% High JPM US Strategic Growth A(dist) - GBP 2.49% -10.17% -10.93% -10.34% 3.63% 36.36% 28.33% 22.19% High JPM US Strategic Growth B (acc) - USD 2.72% -9.86% -10.43% -9.65% 4.31% - - - High JPM US Strategic Growth C (acc) - USD 2.76% -9.70% -10.22% -9.32% 4.71% - - - High JPM US Strategic Growth C (acc) - EUR (hedged) 3.10% -2.23% ------High JPM US Strategic Growth D (acc) - USD 2.32% -10.56% -11.46% -10.95% 2.73% 4.60% 3.40% 4.57% High JPM US Strategic Growth D (acc) - EUR (hedged) 2.50% -3.20% -0.95% 3.89% ----High JPM US Strategic Growth X (acc) - USD 3.00% -9.40% -9.75% -8.69% 5.52% - - - High

JPMorgan Funds - US Technology Fund JPM US Technology A(acc) - USD 2.51% -16.30% -17.24% -12.45% 1.11% 2.50% - - High JPM US Technology A(dist) - USD 2.39% -16.34% -17.33% -12.54% 1.10% 2.50% 1.22% 7.49% High JF US Technology A(dist) - USD 2.53% -16.06% -16.92% -12.43% 1.27% 2.67% 1.30% 7.46% High JPM US Technology A(dist) - GBP 2.62% -16.37% -17.25% -12.31% 1.09% 30.87% 22.76% 25.19% High JPM US Technology C (acc) - USD* ------High JPM US Technology D (acc) - USD 2.01% -16.94% -17.84% -13.14% 0.00% 1.37% 0.17% 6.21% High JPM US Technology X (acc) - USD 2.89% -15.67% ------High

JPMorgan Funds - US Value Fund JPM US Value A(acc) - USD -2.75% -13.33% -15.72% -16.47% 0.09% 2.85% - - High JPM US Value A(dist) - USD -2.74% -13.35% -15.71% -16.50% 0.11% 2.60% 5.83% 9.02% High JF US Value A(dist) - USD -2.73% -13.32% -15.72% -16.51% 0.12% 2.62% 5.82% - High JPM US Value A(dist) - GBP -2.76% -13.35% -15.75% -16.50% 0.10% 30.70% 30.66% 27.53% High JPM US Value A(acc) - EUR (hedged) -2.60% -6.19% -5.71% -2.26% ----High JPM US Value B (acc) - USD -2.57% -13.05% -15.34% -15.91% 0.81% 3.63% - - High JPM US Value C (acc) - USD -2.49% -12.86% -15.04% -15.54% 1.23% 4.08% - - High JPM US Value D (acc) - USD -2.93% -13.68% -16.23% -17.10% -0.65% 2.06% 5.10% 8.12% High JPM US Value D (acc) - EUR (hedged) -2.81% -6.58% -6.26% -2.98% ----High JPM US Value X (acc) - USD -2.30% -12.58% -14.58% -15.00% 1.90% 4.84% - - High

(1) This Sub-Fund was launched on 24 January 2008 (2) This Sub-Fund was launched on 24 July 2007 * No data is applicable for these Share Classes because they were launched or reactivated less than 3 months before the year end. ** Share Class inactive. *** Share Class reactivated during the year.

141 JPMorgan 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 China I (acc) - USD JF China X (acc) - USD JF Greater China X (acc) - USD JF India X (acc) - USD JF Japan Equity I (acc) - USD JF Japan Equity X (acc) - USD JF Japan Small Cap X (acc) - USD JF Singapore I (acc) - USD JF Singapore X (acc) - USD JF Taiwan I (acc) - USD JF Taiwan X (acc) - USD JPM America Equity X (acc) - USD JPM Eastern Europe Equity I (acc) - EUR JPM Eastern Europe Equity X (acc) - EUR JPM Emerging Europe, Middle East and Africa Equity I (acc) - USD JPM Emerging Markets Debt I (inc) - EUR JPM Emerging Markets Debt X (acc) - EUR JPM Emerging Markets Equity I (acc) - USD JPM Emerging Markets Equity I (inc) - EUR JPM Emerging Markets Equity X (acc) - USD JPM Emerging Markets Equity X (inc) - EUR JPM Emerging Markets Local Currency Debt X (acc) - USD JPM Euroland Equity I (acc) - EUR JPM Euroland Equity X (acc) - EUR JPM Euroland Select Equity X (acc) - EUR JPM Europe Dynamic Mega Cap I (acc) - EUR JPM Europe Dynamic Mega Cap X (acc) - EUR JPM Europe Dynamic X (acc) - EUR JPM Europe Equity I (inc) - EUR JPM Europe Equity X (acc) - EUR JPM Europe Small Cap I (acc) - EUR JPM Europe Small Cap X (acc) - EUR JPM Europe Technology X (acc) - EUR JPM Germany Equity I (acc) - EUR JPM Germany Equity X (acc) - EUR JPM Global Convertibles (EUR) X (acc) - EUR JPM Global Dynamic I (acc) - USD JPM Global Dynamic X (acc) - EUR JPM Global Dynamic X (acc) - USD JPM Global Equity (USD) X (acc) - USD JPM Global Focus X (acc) - EUR JPM Global Natural Resources X (acc) - EUR JPM Global Real Estate Securities (USD) X (acc) - USD JPM Latin America Equity I (acc) - USD JPM Latin America Equity X (acc) - USD JPM Russia I (acc) - USD JPM US Aggregate Bond X (acc) - USD JPM US Dynamic I (acc) - USD JPM US Dynamic I (inc) - EUR JPM US Dynamic X (acc) - USD JPM US Small Cap Growth X (acc) - USD JPM US Strategic Growth X (acc) - USD JPM US Technology X (acc) - USD JPM US Value X (acc) - USD

142 JPMorgan Funds Appendix - Unaudited Additional Disclosures (continued)

6. Portfolio Turnover Ratio The Portfolio Turnover Ratio is an indicator of the relevance of the additional costs incurred by a fund when buying and selling investments according to its investment policy. The portfolio turnover rate is disclosed in accordance with the standard method outlined below: (Total securities’ purchases and sales - total subscriptions and redemptions of Sub-Fund shares) Average net Sub-Fund assets in Sub-Fund currency The Portfolio Turnover Ratio is expressed as a percentage and in the case the outcome of the calculation is negative, a zero value has been published.

Sub-Fund Portfolio Turnover Ratio (%) JPMorgan Funds - America Equity Fund 4.72 JPMorgan Funds - Eastern Europe Equity Fund 0.00 JPMorgan Funds - Emerging Europe Middle East and Africa Equity Fund 0.00 JPMorgan Funds - Emerging Markets Debt Fund 0.00 JPMorgan Funds - Emerging Markets Equity Fund 0.00 JPMorgan Funds - Emerging Markets Local Currency Debt Fund 26.88 JPMorgan Funds - Euroland Equity Fund 129.86 JPMorgan Funds - Euroland Select Equity Fund 216.45 JPMorgan Funds - Europe Dynamic Fund 491.11 JPMorgan Funds - Europe Dynamic Mega Cap Fund 291.34 JPMorgan Funds - Europe Equity Fund 200.85 JPMorgan Funds - Europe Small Cap Fund 157.27 JPMorgan Funds - Europe Technology Fund 258.02 JPMorgan Funds - Germany Equity Fund 0.00 JPMorgan Funds - Global Convertibles Fund (EUR) 8.12 JPMorgan Funds - Global Dynamic Fund 265.56 JPMorgan Funds - Global Equity Fund (USD) 92.87 JPMorgan Funds - Global Focus Fund 429.05 JPMorgan Funds - Global Life Sciences Fund 261.23 JPMorgan Funds - Global Natural Resources Fund 0.00 JPMorgan Funds - Global Real Estate Securities Fund (USD) 319.53 JPMorgan Funds - JF China Fund 1.64 JPMorgan Funds - JF Greater China Fund 107.71 JPMorgan Funds - JF Hong Kong Fund 9.25 JPMorgan Funds - JF India Fund 0.00 JPMorgan Funds - JF Japan Equity Fund 228.62 JPMorgan Funds - JF Japan Small Cap Fund 155.99 JPMorgan Funds - JF Pacific Balanced Fund 257.62 JPMorgan Funds - JF Pacific Technology Fund 90.34 JPMorgan Funds - JF Singapore Fund 0.00 JPMorgan Funds - JF Taiwan Fund 207.46 JPMorgan Funds - Latin America Equity Fund 57.81 JPMorgan Funds - Middle East Equity Fund 0.00 JPMorgan Funds - Russia Fund 0.00 JPMorgan Funds - US Aggregate Bond Fund 0.00 JPMorgan Funds - US Dynamic Fund 129.81 JPMorgan Funds - US Small Cap Growth Fund 117.73 JPMorgan Funds - US Strategic Growth Fund 142.21 JPMorgan Funds - US Technology Fund 0.00 JPMorgan Funds - US Value Fund 0.00

143 JPMorgan Funds Appendix - Unaudited Additional Disclosures (continued)

Shares Outstanding Shares Subscribed Shares Redeemed Shares Outstanding at the Beginning at the End of the Year of the Year

7. Historical Statement of Changes in the Number of Shares - for the year ended 30 June 2007 (continued) JPMorgan Funds - America Equity Fund JPM America Equity A (acc) - USD 4,147,584.799 1,317,483.456 3,273,874.209 2,191,194.046 JPM America Equity A (acc) - EUR (hedged) - 26,946.066 - 26,946.066 JPM America Equity A (dist) - USD 6,972,770.257 1,786,563.160 3,202,523.423 5,556,809.994 JF America Equity A (dist) - USD 599,707.703 175,065.015 229,258.920 545,513.798 JPM America Equity B (acc) - USD 286,768.822 - 68,021.621 218,747.201 JPM America Equity C (acc) - USD 10,584,072.026 1,385,297.318 4,891,032.692 7,078,336.652 JPM America Equity D (acc) - USD 6,260,800.755 1,175,550.048 5,503,749.213 1,932,601.590 JPM America Equity D (acc) - EUR 501.365 22,733.143 13,676.637 9,557.871 JPM America Equity D (acc) - EUR (hedged) - 26,490.066 - 26,490.066 JPM America Equity X (acc) - USD 2,169,929.449 95,039.650 1,270,790.426 994,178.673

JPMorgan Funds - Eastern Europe Equity Fund JPM Eastern Europe Equity A(acc) - EUR 2,292,870.062 2,242,226.839 2,544,942.231 1,990,154.670 JPM Eastern Europe Equity A(dist) - EUR 17,236,854.500 4,110,222.598 7,188,378.121 14,158,698.977 JF Eastern Europe Equity A(dist) - EUR 5,011,854.514 7,632,581.480 7,702,674.769 4,941,761.225 JPM Eastern Europe Equity B (acc) - EUR 6,640.000 144,210.261 6,640.001 144,210.260 JPM Eastern Europe Equity C (acc) - EUR 9,142,193.731 410,509.582 8,887,696.314 665,006.999 JPM Eastern Europe Equity D (acc) - EUR 3,670,961.878 2,114,579.636 2,824,718.651 2,960,822.863 JPM Eastern Europe Equity I (acc) - EUR 4,697,055.454 14,058,348.504 6,997,095.808 11,758,308.150 JPM Eastern Europe Equity X (acc) - EUR 4,156,418.049 1,038,465.194 1,914,083.299 3,280,799.944

JPMorgan Funds - Emerging Europe, Middle East and Africa Equity Fund (1) JPM Emerging Europe, Middle East and Africa Equity A (acc)- USD 2,239,043.956 2,629,600.901 1,671,926.028 3,196,718.829 JPM Emerging Europe, Middle East and Africa Equity A (dist) - USD 6,604,909.375 1,638,790.257 2,879,377.650 5,364,321.982 JPM Emerging Europe, Middle East and Africa Equity B (acc) - USD 427,603.655 211,003.374 420,277.829 218,329.200 JPM Emerging Europe, Middle East and Africa Equity C (acc) - USD 8,638,068.671 755,353.205 9,227,208.250 166,213.626 JPM Emerging Europe, Middle East and Africa Equity D (acc) - USD 1,812,315.009 769,669.847 1,204,970.683 1,377,014.173 JPM Emerging Europe, Middle East and Africa Equity I (acc) - USD 3,439,165.440 12,429,510.038 8,828,642.479 7,040,032.999 JPM Emerging Europe, Middle East and Africa Equity X (acc) - USD 89,663.735 8,892.234 98,555.969 -

JPMorgan Funds - Emerging Markets Debt Fund (2) JPM Emerging Markets Debt A(acc) - EUR 2,867,573.254 11,277,729.772 7,001,321.726 7,143,981.300 JPM Emerging Markets Debt A(dist) - EUR 8,661,114.189 15,152,456.055 13,144,027.713 10,669,542.531 JPM Emerging Markets Debt C (acc) - EUR - 653,748.769 - 653,748.769 JPM Emerging Markets Debt D (acc) - EUR 3,014,088.631 4,747,133.391 2,813,077.917 4,948,144.105 JPM Emerging Markets Debt I (inc) - EUR - 250,000.001 - 250,000.001 JPM Emerging Markets Debt X (acc) - EUR - 5,656.002 - 5,656.002

JPMorgan Funds - Emerging Markets Equity Fund JPM Emerging Markets Equity A(acc) - USD 29,006,169.351 25,646,412.444 21,688,137.801 32,964,443.994 JPM Emerging Markets Equity A(acc) - EUR 12,537,814.432 29,008,382.658 12,538,058.782 29,008,138.308 JPM Emerging Markets Equity A(dist) - USD 94,935,520.919 72,349,157.725 58,117,279.004 109,167,399.640 JPM Emerging Markets Equity A(dist) - GBP 76,127.830 257,381.632 53,243.439 280,266.023 JPM Emerging Markets Equity B (acc) - USD 2,007,454.257 2,363,841.715 1,132,650.398 3,238,645.574 JPM Emerging Markets Equity C (acc) - USD 25,097,941.284 29,238,089.404 29,112,939.890 25,223,090.798 JPM Emerging Markets Equity D (acc) - USD 5,218,648.687 2,321,311.612 3,314,622.433 4,225,337.866 JPM Emerging Markets Equity D (acc) - EUR 11,685.069 363,037.291 123,891.467 250,830.893 JPM Emerging Markets Equity I (acc) - USD - 22,231,580.608 458,058.931 21,773,521.677 JPM Emerging Markets Equity I (inc) - EUR 1,400,000.000 659,800.000 422,000.000 1,637,800.000 JPM Emerging Markets Equity X (acc) - USD 30,831,353.603 12,379,921.462 9,320,225.710 33,891,049.355 JPM Emerging Markets Equity X (inc) - EUR 10,330,431.042 7,609,910.433 0.102 17,940,341.373

JPMorgan Funds - Euroland Equity Fund JPM Euroland Equity A(acc) - EUR 32,699,773.224 43,471,389.838 33,198,331.098 42,972,831.964 JPM Euroland Equity A(dist) - EUR 46,944,388.203 45,372,753.515 47,233,093.245 45,084,048.473 JF Euroland Equity A(dist) - USD 13,761,111.249 26,434,909.240 15,040,993.786 25,155,026.703 JPM Euroland Equity C (acc) - EUR 21,099,132.574 16,019,021.833 16,070,634.105 21,047,520.302 JPM Euroland Equity D (acc) - EUR 11,055,092.934 26,981,112.892 11,217,717.683 26,818,488.143 JPM Euroland Equity I (acc) - EUR - 21,891,072.110 1,892,547.343 19,998,524.767

JPMorgan Funds - Europe Dynamic Fund JPM Europe Dynamic A(acc) - EUR 14,432,666.893 747,235.039 4,491,751.532 10,688,150.400 JPM Europe Dynamic A(dist) - EUR 49,003,541.127 1,395,478.591 8,381,869.298 42,017,150.420 JPM Europe Dynamic A(dist) - GBP 125,938.330 1,662.245 7,136.446 120,464.129 JF Europe Dynamic A(dist) - EUR 2,234,289.640 195,263.207 698,651.811 1,730,901.036 JPM Europe Dynamic B (acc) - EUR 2,088,181.497 12,659.681 469,480.257 1,631,360.921 JPM Europe Dynamic C (acc) - EUR 13,925,366.854 1,569,362.612 3,418,543.698 12,076,185.768 JPM Europe Dynamic D (acc) - EUR 5,325,729.956 6,637.965 1,892,343.632 3,440,024.289 JPM Europe Dynamic D (acc) - USD 48,164.660 - 12,554.512 35,610.148 JPM Europe Dynamic I (acc) - EUR - 1,071,473.018 - 1,071,473.018 JPM Europe Dynamic X (acc) - EUR 6,783,515.719 13,174.653 1,273,949.501 5,522,740.871

JPMorgan Funds - Europe Dynamic Mega Cap Fund JPM Europe Dynamic Mega Cap A(acc) - EUR 18,194,469.431 85,030,986.636 39,563,419.587 63,662,036.480 JPM Europe Dynamic Mega Cap A(dist) - EUR 102,811.064 19,443,887.920 8,854,115.388 10,692,583.596 JPM Europe Dynamic Mega Cap A(inc) - EUR 387.177 91,698.847 15,924.239 76,161.785 JPM Europe Dynamic Mega Cap B (acc) - EUR 735,935.005 1,113,600.904 548,907.703 1,300,628.206 JPM Europe Dynamic Mega Cap C (acc) - EUR 2,369,114.164 5,872,377.716 1,805,067.743 6,436,424.137 JPM Europe Dynamic Mega Cap D (acc) - EUR 98,037.919 4,164,274.010 2,070,581.477 2,191,730.452 JPM Europe Dynamic Mega Cap I (acc) - EUR - 543,017.929 47,244.095 495,773.834 JPM Europe Dynamic Mega Cap X (acc) - EUR 1,193,798.741 3,516,109.483 1,174,552.938 3,535,355.286 (1) Name changed from Emerging Europe Equity Fund on 2 October 2006. (2) Name changed from FF Emerging Markets Debt Fund and currency changed from USD to EUR on 1 July 2006. 144 JPMorgan Funds Appendix - Unaudited Additional Disclosures (continued)

Shares Outstanding Shares Subscribed Shares Redeemed Shares Outstanding at the Beginning at the End of the Year of the Year

7. Historical Statement of Changes in the Number of Shares - for the year ended 30 June 2007 (continued) JPMorgan Funds - Europe Equity Fund JPM Europe Equity A(acc) - USD 8,143,453.710 9,301,320.598 4,710,054.760 12,734,719.548 JPM Europe Equity A(acc) - EUR 48,739,057.051 47,137,921.929 38,942,576.062 56,934,402.918 JPM Europe Equity A(dist) - EUR 102,038,639.375 30,736,598.237 54,738,249.281 78,036,988.331 JF Europe Equity A(dist) - USD 1,788,500.248 1,444,453.732 1,272,674.752 1,960,279.228 JPM Europe Equity B (acc) - EUR 993,395.772 900,933.925 527,095.712 1,367,233.985 JPM Europe Equity C (acc) - EUR 25,099,800.559 25,266,439.636 18,716,843.295 31,649,396.900 JPM Europe Equity D (acc) - EUR 18,955,399.885 27,092,923.975 26,076,430.908 19,971,892.952 JPM Europe Equity D (acc) - USD 397.456 410,718.239 134,262.633 276,853.062 JPM Europe Equity I (acc) - EUR - 2,849,429.208 47,348.001 2,802,081.207 JPM Europe Equity I (inc) - EUR - 10,000,000.000 - 10,000,000.000 JPM Europe Equity X (acc) - EUR 17,253,104.209 6,944,843.118 3,372,512.821 20,825,434.506

JPMorgan Funds - Europe Small Cap Fund JPM Europe Small Cap A(acc) - EUR 3,551,608.633 7,815,851.482 6,280,381.464 5,087,078.651 JPM Europe Small Cap A(dist) - EUR 20,094,871.537 17,252,011.080 21,584,946.040 15,761,936.577 JPM Europe Small Cap A(dist) - GBP 33,157.723 10,746.201 1,388.646 42,515.278 JF Europe Small Cap A(dist) - EUR 15,185,686.426 10,289,087.338 17,302,643.715 8,172,130.049 JPM Europe Small Cap B (acc) - EUR 115,307.885 245,051.368 39,937.464 320,421.789 JPM Europe Small Cap C (acc) - EUR 9,918,365.123 2,624,683.147 10,470,164.429 2,072,883.841 JPM Europe Small Cap D (acc) - EUR 6,380,666.197 11,895,535.516 10,213,255.615 8,062,946.098 JPM Europe Small Cap I (acc) - EUR - 11,661,953.547 5,622,620.773 6,039,332.774 JPM Europe Small Cap X (acc) - EUR 1,004,202.777 970,853.698 135,506.351 1,839,550.124

JPMorgan Funds - Europe Technology Fund JPM Europe Technology A(acc) - EUR 1,202,234.138 2,356,378.065 2,640,749.571 917,862.632 JPM Europe Technology A(dist) - EUR 18,936,244.969 8,125,811.001 11,986,055.720 15,076,000.250 JPM Europe Technology A(dist) - GBP 50,864.596 6,028.134 15,776.618 41,116.112 JF Europe Technology A(dist) - EUR 2,900,668.851 2,436,040.396 2,244,259.943 3,092,449.304 JPM Europe Technology D (acc) - EUR 2,670,426.840 2,429,526.270 2,655,232.780 2,444,720.330

JPMorgan Funds - Germany Equity Fund JPM Germany Equity A(acc) - EUR 4,222,808.750 15,811,078.970 6,749,656.493 13,284,231.227 JPM Germany Equity A(dist) - EUR 9,142,237.127 20,947,544.857 8,407,124.281 21,682,657.703 JF Germany Equity A(dist) - EUR 1,397,549.385 476,934.920 484,750.483 1,389,733.822 JPM Germany Equity D (acc) - EUR 13,360,361.447 86,855,575.567 30,698,227.139 69,517,709.875

JPMorgan Funds - Global Convertibles Fund (EUR) (3) JPM Global Convertibles (EUR) A(acc) - EUR 15,332,519.948 32,301,382.644 24,894,128.920 22,739,773.672 JPM Global Convertibles (EUR) A(dist) - EUR 47,995,864.261 59,712,595.490 36,499,388.318 71,209,071.433 JF Global Convertibles (EUR) A(dist) - USD 488,127.635 1,170,042.027 341,754.467 1,316,415.195 JPM Global Convertibles (EUR) B (acc) - EUR 458,789.881 469,296.697 6,286.420 921,800.158 JPM Global Convertibles (EUR) C (acc) - EUR 17,237,479.505 22,353,412.138 24,468,448.544 15,122,443.099 JPM Global Convertibles (EUR) D (acc) - EUR 19,221,079.641 18,366,733.635 16,009,964.103 21,577,849.173 JPM Global Convertibles (EUR) I (inc) - EUR - 445,121.951 - 445,121.951 JPM Global Convertibles (EUR) I (acc) - EUR - 3,051,941.001 93,758.001 2,958,183.000 JPM Global Convertibles (EUR) X (acc) - EUR 7,348,586.526 154,004.609 427,370.299 7,075,220.836

JPMorgan Funds - Global Dynamic Fund JPM Global Dynamic A(acc) - USD 21,189,670.034 16,899,441.692 13,354,922.319 24,734,189.407 JPM Global Dynamic A(acc) - EUR - 491,084.533 4,450.001 486,634.532 JPM Global Dynamic A(dist) - USD 90,136,845.419 32,789,058.322 35,699,907.257 87,225,996.484 JF Global Dynamic A(dist) - USD 733,075.483 648,440.625 394,729.297 986,786.811 JPM Global Dynamic A(dist) - GBP 845,711.865 170,721.290 319,722.868 696,710.287 JPM Global Dynamic A(inc) - EUR 496.381 1,474,075.117 156,023.291 1,318,548.207 JPM Global Dynamic B (acc) - USD 6,639,962.487 1,609,199.049 1,657,928.561 6,591,232.975 JPM Global Dynamic C (acc) - USD 18,403,257.935 10,474,618.971 10,704,109.827 18,173,767.079 JPM Global Dynamic C (acc) - EUR - 5,527,880.001 - 5,527,880.001 JPM Global Dynamic D (acc) - EUR 643.365 154,957.802 38,494.008 117,107.159 JPM Global Dynamic D (acc) - USD 8,797,031.906 16,589,727.921 8,190,910.266 17,195,849.561 JPM Global Dynamic I (acc) - USD - 1,952,030.000 - 1,952,030.000 JPM Global Dynamic X (acc) - USD 17,012,943.314 4,240,683.880 5,539,511.036 15,714,116.158 JPM Global Dynamic X (acc) - EUR - 17,330,026.813 - 17,330,026.813

JPMorgan Funds - Global Equity Fund (USD) (4) JPM Global Equity (USD) A(acc) - USD 1,244,050.960 535,086.101 1,283,969.115 495,167.946 JPM Global Equity (USD) A(dist) - USD 1,398,753.173 143,741.661 548,506.142 993,988.692 JF Global Equity (USD) A(dist) - USD 1,237,430.880 205,195.619 288,303.076 1,154,323.423 JPM Global Equity (USD) B (acc) - USD 24,404.580 - 24,404.580 - JPM Global Equity (USD) C (acc) - USD 8,538,694.026 8,258.895 - 8,546,952.921 JPM Global Equity (USD) D (acc) - USD 2,887,294.164 117,888.042 277,527.727 2,727,654.479 JPM Global Equity (USD) X (acc) - USD 1,048,640.488 578,043.574 133,917.137 1,492,766.925

JPMorgan Funds - Global Focus Fund (5) JPM Global Focus A(acc) - EUR 570,981.270 9,376,781.810 1,524,909.233 8,422,853.847 JPM Global Focus A(dist) - EUR 3,069,926.974 7,510,075.831 3,216,028.877 7,363,973.928 JF Global Focus A(dist) - USD - 884,914.336 75,970.289 808,944.047 JPM Global Focus C (acc) - EUR 721,984.765 10,847,201.865 1,206,882.031 10,362,304.599 JPM Global Focus D (acc) - EUR 1,227,485.556 3,351,632.202 1,333,741.783 3,245,375.975 JPM Global Focus X (acc) - EUR 1,072,576.185 727,160.882 426,399.209 1,373,337.858

(3) Name changed from Global Convertible Bond Fund (EUR) on 29 August 2006. (4) Name changed from Global Equity Fund on 29 August 2006. (5) Name changed from Global Recovery Fund on 29 August 2006.

145 JPMorgan Funds Appendix - Unaudited Additional Disclosures (continued)

Shares Outstanding Shares Subscribed Shares Redeemed Shares Outstanding at the Beginning at the End of the Year of the Year

7. Historical Statement of Changes in the Number of Shares - for the year ended 30 June 2007 (continued) JPMorgan Funds - Global Life Sciences Fund JPM Global Life Sciences A(acc) - USD 203,952.653 563,957.582 679,469.240 88,440.995 JPM Global Life Sciences A(dist) - USD 4,395,062.472 1,974,930.735 2,657,040.183 3,712,953.024 JPM Global Life Sciences A(dist) - GBP 18,090.243 408.019 1,089.620 17,408.642 JF Global Life Sciences A(dist) - USD 4,087,861.939 3,191,109.794 5,006,569.995 2,272,401.738 JPM Global Life Sciences D (acc) - USD 1,077,146.537 753,419.178 911,647.873 918,917.842

JPMorgan Funds - Global Natural Resources Fund JPM Global Natural Resources A(acc) - EUR 34,264,546.125 38,741,505.247 31,238,424.094 41,767,627.278 JPM Global Natural Resources A(dist) - EUR 2,992,978.432 16,981,607.874 6,326,602.588 13,647,983.718 JPM Global Natural Resources A(acc) - USD - 1,706,403.250 124,952.200 1,581,451.050 JPM Global Natural Resources B (acc) - EUR 1,088,061.679 955,801.383 284,020.393 1,759,842.669 JPM Global Natural Resources C (acc) - EUR 7,754,952.338 12,043,364.935 14,316,402.090 5,481,915.183 JPM Global Natural Resources C (acc) - USD - 224,985.925 - 224,985.925 JPM Global Natural Resources D (acc) - EUR 9,714,749.024 11,566,855.923 9,168,295.501 12,113,309.446 JPM Global Natural Resources D (acc) - USD - 2,437.992 - 2,437.992 JPM Global Natural Resources X (acc) - EUR 5,178,017.275 1,682,000.970 206,994.989 6,653,023.256

JPMorgan Funds - Global Real Estate Securities Fund (USD) (6) JPM Global Real Estate Securities A(acc) - USD - 955,818.762 477,188.737 478,630.025 JPM Global Real Estate Securities D (acc) - USD - 251,368.884 - 251,368.884 JPM Global Real Estate Securities X (acc) - USD - 1,181,531.621 - 1,181,531.621

JPMorgan Funds - JF Asia Equity Fund JF Asia Equity A (acc) - USD 4,124,227.609 1,507,809.314 1,667,680.573 3,964,356.350 JF Asia Equity A (dist) - USD 15,593,152.815 8,028,685.400 11,866,620.890 11,755,217.325 JF Asia Equity A (dist) - GBP 77,224.791 2,193.590 37,602.450 41,815.931 JF Asia Equity B (acc) - USD 11,745.049 - 11,745.049 - JF Asia Equity C (acc) - USD 4,261,228.045 364,271.702 4,274,442.923 351,056.824 JF Asia Equity D (acc) - USD 1,919,752.942 893,692.575 920,527.283 1,892,918.234 JF Asia Equity D (acc) - EUR 501.365 28,337.186 603.136 28,235.415 JF Asia Equity I (acc) - USD 3,697,232.303 9,017,447.881 3,894,452.361 8,820,227.823 JF Asia Equity X (acc) - USD 529,504.646 172,077.848 25,974.044 675,608.450

JPMorgan Funds - JF China Fund JF China A(acc) - USD 2,952,122.589 13,096,612.012 8,145,816.246 7,902,918.355 JF China A(dist) - USD 36,340,248.733 72,060,315.843 55,722,962.197 52,677,602.379 JF China B (acc) - USD 1,239,453.749 4,924,988.268 2,496,013.271 3,668,428.746 JF China C (acc) - USD 309,143.828 2,385,902.761 1,072,361.908 1,622,684.681 JF China D (acc) - USD 9,411,230.569 18,504,857.090 14,645,227.302 13,270,860.357 JF China I (acc) - USD - 1,616,926.699 524,395.051 1,092,531.648 JF China X (acc) - USD - 2,086,541.580 98,107.560 1,988,434.020

JPMorgan Funds - JF Greater China Fund JF Greater China A(acc) - USD 2,263,602.362 2,725,767.575 2,919,342.527 2,070,027.410 JF Greater China A(dist) - USD 17,545,691.601 7,665,939.482 8,961,725.298 16,249,905.785 JF Greater China B (acc) - USD 1,182,225.820 126,718.228 1,217,773.130 91,170.918 JF Greater China C (acc) - USD 2,372,097.036 2,179,374.203 2,096,711.107 2,454,760.132 JF Greater China D (acc) - USD 5,327,111.376 3,548,431.241 3,479,580.530 5,395,962.087 JF Greater China I (acc) - USD - 2,399,908.437 2,399,908.437 - JF Greater China X (acc) - USD 42,727.329 44,491.254 8,515.330 78,703.253

JPMorgan Funds - JF Hong Kong Fund JF Hong Kong A(acc) - USD 279,424.162 1,396,362.322 1,021,428.415 654,358.069 JF Hong Kong A(dist) - USD 1,800,970.915 1,553,572.031 1,455,795.643 1,898,747.303 JF Hong Kong B (acc) - USD 21,000.000 7,385.524 26,299.072 2,086.452 JF Hong Kong C (acc) - USD 12,827.370 125,706.000 129,475.400 9,057.970 JF Hong Kong D (acc) - USD 441,696.471 537,701.939 512,955.867 466,442.543

JPMorgan Funds - JF India Fund JF India A(acc) - USD 9,389,755.457 29,020,380.982 20,234,273.246 18,175,863.193 JF India A(dist) - USD 35,581,405.692 21,971,735.949 25,975,781.563 31,577,360.078 JF India B (acc) - USD 2,581,574.947 3,618,195.714 2,865,435.151 3,334,335.510 JF India C (acc) - USD 4,812,033.055 3,495,638.453 3,927,567.946 4,380,103.562 JF India D (acc) - USD 21,036,070.815 13,887,521.233 15,169,504.772 19,754,087.276 JF India X (acc) - USD 121,009.046 2,109,735.051 297,434.766 1,933,309.331

JPMorgan Funds - JF Japan Equity Fund JF Japan Equity A(acc) - USD 51,290,467.999 15,696,060.066 39,357,043.641 27,629,484.424 JF Japan Equity A(acc) - EUR 251,889.169 615,761.485 308,140.785 559,509.869 JF Japan Equity A(acc) - JPY 4,770,064.290 7,314,846.781 8,900,941.792 3,183,969.279 JF Japan Equity A(dist) - USD 77,182,810.005 29,028,417.787 68,158,477.421 38,052,750.371 JF Japan Equity A(dist) - GBP 327,056.610 59,919.543 77,074.016 309,902.137 JF Japan Equity B (acc) - USD 2,722,552.515 185,780.668 947,326.156 1,961,007.027 JF Japan Equity C (acc) - USD 25,534,724.866 3,111,997.308 22,407,932.495 6,238,789.679 JF Japan Equity D (acc) - USD 22,698,395.273 9,565,932.326 19,438,487.143 12,825,840.456 JF Japan Equity D (acc) - EUR 622.822 755,530.179 369,404.547 386,748.454 JF Japan Equity J (dist) - USD 5,940,851.011 1,876,024.770 4,212,825.849 3,604,049.932 JF Japan Equity I (acc) - USD 0.001 17,328,088.379 11,280,561.745 6,047,526.635 JF Japan Equity X (acc) - USD 3,870,721.921 505,313.050 3,143,365.963 1,232,669.008

(6) This Sub-Fund was launched on 1 September 2006.

146 JPMorgan Funds Appendix - Unaudited Additional Disclosures (continued)

Shares Outstanding Shares Subscribed Shares Redeemed Shares Outstanding at the Beginning at the End of the Year of the Year

7. Historical Statement of Changes in the Number of Shares - for the year ended 30 June 2007 (continued) JPMorgan Funds - JF Japan Small Cap Fund JF Japan Small Cap A(acc) - USD 2,079,520.415 3,966,092.521 2,713,525.633 3,332,087.303 JF Japan Small Cap A(dist) - USD 13,869,069.353 4,999,268.328 7,417,332.090 11,451,005.591 JF Japan Small Cap B (acc) - USD 440,676.261 70,567.723 110,574.048 400,669.936 JF Japan Small Cap C (acc) - USD 2,004,201.932 1,382,231.945 1,009,906.715 2,376,527.162 JF Japan Small Cap D (acc) - USD 2,994,034.019 1,478,953.367 2,443,063.773 2,029,923.613 JF Japan Small Cap X (acc) - USD 453,392.598 3,375,177.860 681,080.288 3,147,490.170

JPMorgan Funds - JF Pacific Technology Fund JF Pacific Technology A(acc) - USD 613,682.762 300,711.866 696,242.574 218,152.054 JF Pacific Technology A(dist) - USD 4,419,660.550 3,546,972.657 5,237,814.229 2,728,818.978 JF Pacific Technology A(dist) - GBP 7,159.151 570.551 1,155.340 6,574.362 JF Pacific Technology B (acc) - USD 129,291.470 - 129,291.470 - JF Pacific Technology D (acc) - USD 407,642.516 197,792.245 312,162.595 293,272.166

JPMorgan Funds - JF Singapore Fund JF Singapore A(acc) - USD 995,597.359 8,241,425.543 4,366,007.950 4,871,014.952 JF Singapore A(dist) - USD 4,509,553.720 21,009,259.300 15,500,392.486 10,018,420.534 JF Singapore B (acc) - USD 20,259.189 1,068,517.985 76,383.506 1,012,393.668 JF Singapore C (acc) - USD 998,810.116 1,123,968.421 1,144,098.845 978,679.692 JF Singapore D (acc) - USD 1,210,955.038 4,840,686.645 2,608,495.024 3,443,146.659 JF Singapore I (acc) - USD - 4,507,865.883 1,692,284.390 2,815,581.493 JF Singapore X (acc) - USD 10,000.000 32,841.715 16,194.603 26,647.112

JPMorgan Funds - JF Taiwan Fund JF Taiwan A(acc) - USD 6,217,417.582 13,801,551.010 7,887,699.067 12,131,269.525 JF Taiwan A(dist) - USD 15,339,352.098 25,909,734.119 24,576,661.471 16,672,424.746 JF Taiwan B (acc) - USD 144,587.850 - 114,291.498 30,296.352 JF Taiwan C (acc) - USD 6,770,226.124 395,504.507 6,515,377.961 650,352.670 JF Taiwan D (acc) - USD 2,717,541.439 1,484,666.801 2,124,250.617 2,077,957.623 JF Taiwan I (acc) - USD 0.001 17,264,826.976 3,585,523.782 13,679,303.195 JF Taiwan X (acc) - USD 160,061.802 63,985.189 86,200.106 137,846.885

JPMorgan Funds - Latin America Equity Fund JPM Latin America Equity A (acc) - USD 1,918,114.362 8,165,835.489 4,790,701.865 5,293,247.986 JPM Latin America Equity A (dist) - USD 7,449,530.717 6,835,809.700 5,408,950.580 8,876,389.837 JF Latin America Equity A (dist) - USD 2,405,480.811 11,331,287.761 7,338,686.497 6,398,082.075 JPM Latin America Equity B (acc) - USD 3,457,728.199 1,143,607.565 1,954,607.539 2,646,728.225 JPM Latin America Equity C (acc) - USD 9,165,261.509 1,660,257.197 9,073,228.332 1,752,290.374 JPM Latin America Equity D (acc) - USD 3,735,483.153 3,896,341.999 2,796,401.842 4,835,423.310 JPM Latin America Equity I (acc) - USD 5,515,171.024 23,232,264.732 4,425,174.772 24,322,260.984 JPM Latin America Equity X (acc) - USD 3,016,255.232 155,346.365 500,813.619 2,670,787.978

JPMorgan Funds - Middle East Equity Fund JPM Middle East Equity A(acc) - USD 2,237,966.202 3,608,203.259 3,815,921.210 2,030,248.251 JPM Middle East Equity A(dist) - USD 8,373,495.442 9,517,236.409 9,274,628.300 8,616,103.551 JPM Middle East Equity B (acc) - USD 6,300.000 554,510.234 - 560,810.234 JPM Middle East Equity D (acc) - USD 5,440,163.096 1,795,073.895 4,099,452.778 3,135,784.213

JPMorgan Funds - Russia Fund JPM Russia A(acc) - USD 3,026,166.472 10,882,969.896 8,167,116.884 5,742,019.484 JPM Russia A(dist) - USD 5,526,749.246 6,713,674.964 6,280,221.391 5,960,202.819 JPM Russia B (acc) - USD 427,830.018 587,710.061 53,000.000 962,540.079 JPM Russia D (acc) - USD 326,660.741 7,747,791.764 2,992,555.930 5,081,896.575 JPM Russia I (acc) - USD - 1,020,000.001 1,020,000.001 -

JPMorgan Funds - US Aggregate Bond Fund JPM US Aggregate Bond A (acc) - USD 178,383.687 2,132,549.946 490,578.236 1,820,355.397 JPM US Aggregate Bond A (dist) - USD 2,854,395.715 11,182,304.287 7,137,730.921 6,898,969.081 JPM US Aggregate Bond B (acc) - USD 797,858.600 961,878.585 - 1,759,737.185 JPM US Aggregate Bond C (acc) - USD 2,240,709.753 65,789.474 290,234.495 2,016,264.732 JPM US Aggregate Bond D (acc) - USD 602,934.645 2,360,683.451 1,269,663.755 1,693,954.341 JPM US Aggregate Bond X (acc) - USD 17,615,619.613 902,124.303 9,781,796.682 8,735,947.234

JPMorgan Funds - US Dynamic Fund JPM US Dynamic A(acc) - USD 98,179,196.738 112,544,953.949 67,463,025.350 143,261,125.337 JPM US Dynamic A(acc) - EUR 1,832,985.998 13,795,807.066 2,967,928.397 12,660,864.667 JPM US Dynamic A(dist) - USD 138,272,807.910 107,586,396.412 96,054,494.911 149,804,709.411 JPM US Dynamic B (acc) - USD 8,875,839.249 4,028,031.116 4,422,125.671 8,481,744.694 JPM US Dynamic C (acc) - USD 66,622,657.227 55,969,083.656 45,102,646.274 77,489,094.609 JPM US Dynamic D (acc) - USD 8,241,221.278 9,670,473.280 7,960,709.508 9,950,985.050 JPM US Dynamic D (acc) - EUR 501.365 131,094.112 38,433.158 93,162.319 JPM US Dynamic I (inc) - EUR - 64,815,236.185 32,407,618.092 32,407,618.093 JPM US Dynamic I (acc) - USD 2,500,000.000 9,500,471.576 2,226,377.158 9,774,094.418 JPM US Dynamic X (acc) - USD 22,339,544.970 48,421,902.343 45,861,245.404 24,900,201.909

147 JPMorgan Funds Appendix - Unaudited Additional Disclosures (continued)

Shares Outstanding Shares Subscribed Shares Redeemed Shares Outstanding at the Beginning at the End of the Year of the Year

7. Historical Statement of Changes in the Number of Shares - for the year ended 30 June 2007 (continued) JPMorgan Funds - US Small Cap Growth Fund JPM US Small Cap Growth A(acc) - USD 337,233.538 1,225,111.846 1,314,943.632 247,401.752 JPM US Small Cap Growth A(dist) - USD 711,060.490 45,242.873 282,112.126 474,191.237 JPM US Small Cap Growth A(dist) - GBP 215.514 - 64.611 150.903 JPM US Small Cap Growth D (acc) - USD 384,172.501 1,915,183.855 313,270.118 1,986,086.238

JPMorgan Funds - US Strategic Growth Fund JPM US Strategic Growth A(acc) - USD 5,554,669.177 10,396,529.332 4,820,567.186 11,130,631.323 JPM US Strategic Growth A(acc) - EUR (hedged) - 3,376,594.381 1,509.436 3,375,084.945 JPM US Strategic Growth A(dist) - USD 9,967,356.538 34,770,599.039 13,705,342.365 31,032,613.212 JPM US Strategic Growth A(dist) - GBP 28,393.835 635.779 25,074.944 3,954.670 JPM US Strategic Growth B (acc) - USD 1,143,551.797 941,487.880 349,613.643 1,735,426.034 JPM US Strategic Growth C (acc) - USD 641,058.058 4,435,630.259 2,104,109.472 2,972,578.845 JPM US Strategic Growth D (acc) - USD 432,730.237 311,179.912 307,646.225 436,263.924 JPM US Strategic Growth D (acc) - EUR (hedged) - 26,490.066 - 26,490.066 JPM US Strategic Growth X (acc) - USD 3,711,013.447 5,435,332.359 529,036.120 8,617,309.686

JPMorgan Funds - US Technology Fund JPM US Technology A(acc) - USD 178,419.945 1,180,352.223 970,527.312 388,244.856 JPM US Technology A(dist) - GBP 40,163.033 1,753.184 8,545.158 33,371.059 JPM US Technology A(dist) - USD 14,013,006.695 8,700,971.987 15,207,432.702 7,506,545.980 JF US Technology A(dist) - USD 3,959,547.876 6,928,855.541 6,953,201.026 3,935,202.391 JPM US Technology D (acc) - USD 3,425,483.037 2,461,818.928 3,090,447.571 2,796,854.394

JPMorgan Funds - US Value Fund JPM US Value A(acc) - USD 17,525,395.184 40,906,758.343 30,685,347.005 27,746,806.522 JPM US Value A(acc) - EUR (hedged) - 3,585,219.422 2,142,583.388 1,442,636.034 JPM US Value A(dist) - USD 53,645,880.704 46,760,790.075 46,188,299.108 54,218,371.671 JPM US Value A(dist) - GBP 39,901.555 21,411.794 2,716.678 58,596.671 JF US Value A(dist) - USD 314,520.824 488,480.864 624,938.133 178,063.555 JPM US Value B (acc) - USD 224,746.041 535,566.173 254,727.348 505,584.866 JPM US Value C (acc) - USD 9,517,928.147 14,693,150.896 9,744,273.341 14,466,805.702 JPM US Value D (acc) - USD 5,017,070.643 4,228,404.432 2,306,316.949 6,939,158.126 JPM US Value D (acc) - EUR (hedged) - 268,507.456 29,282.885 239,224.571 JPM US Value X (acc) - USD 3,155,183.098 6,464,554.694 1,912,520.818 7,707,216.974

148 JPMorgan Funds Appendix - Unaudited Additional Disclosures (continued)

Shares Outstanding Shares Subscribed Shares Redeemed Shares Outstanding at the Beginning at the End of the Year of the Year

8. Historical Statement of Changes in the Number of Shares - for the year ended 30 June 2006 (continued) JPMorgan Funds - America Equity Fund JPM America Equity A (acc) - USD 4,340,982.362 5,969,094.971 6,162,492.534 4,147,584.799 JPM America Equity A (dist) - USD 15,516,407.677 2,389,260.541 10,932,897.961 6,972,770.257 JF America Equity A (dist) - USD 769,070.957 98,288.210 267,651.464 599,707.703 JPM America Equity B (acc) - USD 1,540,282.417 271,153.903 1,524,667.498 286,768.822 JPM America Equity C (acc) - USD 3,989,550.233 10,093,358.063 3,498,836.270 10,584,072.026 JPM America Equity D (acc) - USD 9,739,467.474 4,590,040.361 8,068,707.080 6,260,800.755 JPM America Equity D (acc) - EUR - 501.365 - 501.365 JPM America Equity X (acc) - USD 6,678,025.327 2,108,498.076 6,616,593.954 2,169,929.449

JPMorgan Funds - Eastern Europe Equity Fund JPM Eastern Europe Equity A(acc) - EUR 689,019.697 4,529,265.647 2,925,415.282 2,292,870.062 JPM Eastern Europe Equity A(dist) - EUR 29,482,834.241 21,134,461.964 33,380,441.705 17,236,854.500 JF Eastern Europe Equity A(dist) - EUR 2,037,569.098 11,367,435.696 8,393,150.280 5,011,854.514 JPM Eastern Europe Equity B (acc) - EUR - 6,640.000 - 6,640.000 JPM Eastern Europe Equity C (acc) - EUR 10,598,114.772 4,068,087.154 5,524,008.195 9,142,193.731 JPM Eastern Europe Equity D (acc) - EUR 1,456,253.176 5,121,625.039 2,906,916.337 3,670,961.878 JPM Eastern Europe Equity I (acc) - EUR - 4,697,055.454 - 4,697,055.454 JPM Eastern Europe Equity X (acc) - EUR 4,300,000.000 967,255.898 1,110,837.849 4,156,418.049

JPMorgan Funds - Emerging Europe Equity Fund JPM Emerging Europe Equity A(acc)- USD 894,548.178 4,594,117.218 3,249,621.440 2,239,043.956 JPM Emerging Europe Equity A(dist) - USD 7,262,913.307 6,649,107.023 7,307,110.955 6,604,909.375 JPM Emerging Europe Equity B (acc) - USD 103,079.328 502,991.273 178,466.946 427,603.655 JPM Emerging Europe Equity C (acc) - USD 5,478,532.023 5,990,350.028 2,830,813.380 8,638,068.671 JPM Emerging Europe Equity D (acc) - USD 1,028,886.077 2,530,062.412 1,746,633.480 1,812,315.009 JPM Emerging Europe Equity I (acc) - USD - 3,439,165.440 - 3,439,165.440 JPM Emerging Europe Equity X (acc) - USD 30,066.932 613,756.937 554,160.134 89,663.735

JPMorgan Funds - Emerging Markets Equity Fund JPM Emerging Markets Equity A(acc) - USD 1,956,647.164 50,467,633.274 23,418,111.087 29,006,169.351 JPM Emerging Markets Equity A(acc) - EUR - 12,981,076.859 443,262.427 12,537,814.432 JPM Emerging Markets Equity A(dist) - USD 88,259,146.173 80,536,130.588 73,859,755.842 94,935,520.919 JPM Emerging Markets Equity A(dist) - GBP 23,470.387 60,113.791 7,456.348 76,127.830 JPM Emerging Markets Equity B (acc) - USD 421,454.886 2,369,090.890 783,091.519 2,007,454.257 JPM Emerging Markets Equity C (acc) - USD 5,137,715.967 37,485,208.077 17,524,982.760 25,097,941.284 JPM Emerging Markets Equity D (acc) - USD 1,243,536.605 6,793,138.269 2,818,026.187 5,218,648.687 JPM Emerging Markets Equity D (acc) - EUR - 11,685.069 - 11,685.069 JPM Emerging Markets Equity I (inc) - EUR - 1,400,000.000 - 1,400,000.000 JPM Emerging Markets Equity X (acc) - USD 3,648,325.038 29,840,332.816 2,657,304.251 30,831,353.603 JPM Emerging Markets Equity X (inc) - EUR - 10,330,431.052 - 10,330,431.042

JPMorgan Funds - Euroland Equity Fund JPM Euroland Equity A(acc) - EUR 6,822,046.594 39,069,865.145 13,192,138.515 32,699,773.224 JPM Euroland Equity A(dist) - EUR 36,699,936.958 42,109,609.888 31,865,158.643 46,944,388.203 JF Euroland Equity A(dist) - USD 7,740,421.628 9,635,783.769 3,615,094.148 13,761,111.249 JPM Euroland Equity C (acc) - EUR 7,777,781.336 15,494,883.401 2,173,532.163 21,099,132.574 JPM Euroland Equity D (acc) - EUR 2,102,130.392 13,505,703.244 4,552,740.702 11,055,092.934

JPMorgan Funds - Europe Dynamic Fund JPM Europe Dynamic A(acc) - EUR 3,882,884.678 22,205,763.158 11,655,980.943 14,432,666.893 JPM Europe Dynamic A(dist) - EUR 64,623,849.353 31,362,229.543 46,982,537.769 49,003,541.127 JPM Europe Dynamic A(dist) - GBP 104,619.918 86,451.088 65,132.676 125,938.330 JF Europe Dynamic A(dist) - EUR 1,384,950.061 5,551,488.804 4,702,149.225 2,234,289.640 JPM Europe Dynamic B (acc) - EUR 680,691.849 1,782,318.962 374,829.314 2,088,181.497 JPM Europe Dynamic C (acc) - EUR 4,022,585.265 12,727,544.824 2,824,763.235 13,925,366.854 JPM Europe Dynamic D (acc) - EUR 4,794,274.029 6,443,612.964 5,912,157.037 5,325,729.956 JPM Europe Dynamic D (acc) - USD 80.580 58,461.670 10,377.590 48,164.660 JPM Europe Dynamic X (acc) - EUR 5,097,244.347 4,722,887.755 3,036,616.383 6,783,515.719

JPMorgan Funds - Europe Dynamic Mega Cap Fund (1) JPM Europe Dynamic Mega Cap A(acc) - EUR - 22,291,117.955 4,096,648.524 18,194,469.431 JPM Europe Dynamic Mega Cap A(dist) - EUR - 102,811.064 - 102,811.064 JPM Europe Dynamic Mega Cap A(inc) - EUR - 387.177 - 387.177 JPM Europe Dynamic Mega Cap B (acc) - EUR - 735,935.005 - 735,935.005 JPM Europe Dynamic Mega Cap C (acc) - EUR - 2,400,669.892 31,555.728 2,369,114.164 JPM Europe Dynamic Mega Cap D (acc) - EUR - 98,452.320 414.401 98,037.919 JPM Europe Dynamic Mega Cap X (acc) - EUR - 1,334,938.073 141,139.332 1,193,798.741

JPMorgan Funds - Europe Equity Fund JPM Europe Equity A(acc) - USD 6,335,490.174 4,684,868.642 2,876,905.106 8,143,453.710 JPM Europe Equity A(acc) - EUR 10,023,859.503 60,541,077.098 21,825,879.550 48,739,057.051 JPM Europe Equity A(dist) - EUR 78,759,029.909 73,661,707.824 50,382,098.358 102,038,639.375 JF Europe Equity A(dist) - USD 1,734,451.617 885,759.932 831,711.301 1,788,500.248 JPM Europe Equity B (acc) - EUR 803,211.008 742,163.871 551,979.107 993,395.772 JPM Europe Equity C (acc) - EUR 10,119,341.749 23,219,736.794 8,239,277.984 25,099,800.559 JPM Europe Equity D (acc) - EUR 18,528,418.610 21,349,903.750 20,922,922.475 18,955,399.885 JPM Europe Equity D (acc) - USD - 397.456 - 397.456 JPM Europe Equity X (acc) - EUR 12,907,926.968 15,777,243.640 11,432,066.399 17,253,104.209

(1) This Sub-Fund was launched on 20 September 2005.

149 JPMorgan Funds Appendix - Unaudited Additional Disclosures (continued)

Shares Outstanding Shares Subscribed Shares Redeemed Shares Outstanding at the Beginning at the End of the Year of the Year

8. Historical Statement of Changes in the Number of Shares - for the year ended 30 June 2006 (continued) JPMorgan Funds - Europe Small Cap Fund JPM Europe Small Cap A(acc) - EUR 440,378.675 7,979,259.005 4,868,029.047 3,551,608.633 JPM Europe Small Cap A(dist) - EUR 19,313,160.775 18,683,003.539 17,901,292.777 20,094,871.537 JPM Europe Small Cap A(dist) - GBP 29,805.873 49,199.047 45,847.197 33,157.723 JF Europe Small Cap A(dist) - EUR 919,132.690 24,030,246.621 9,763,692.885 15,185,686.426 JPM Europe Small Cap B (acc) - EUR 71,574.111 112,067.955 68,334.181 115,307.885 JPM Europe Small Cap C (acc) - EUR 8,650,117.852 3,986,792.134 2,718,544.863 9,918,365.123 JPM Europe Small Cap D (acc) - EUR 2,671,423.809 8,572,065.755 4,862,823.367 6,380,666.197 JPM Europe Small Cap X (acc) - EUR 365,368.672 1,168,225.313 529,391.208 1,004,202.777

JPMorgan Funds - Europe Technology Fund JPM Europe Technology A(acc) - EUR 383,778.891 2,521,430.003 1,702,974.756 1,202,234.138 JPM Europe Technology A(dist) - EUR 23,713,581.827 9,883,805.709 14,661,142.567 18,936,244.969 JPM Europe Technology A(dist) - GBP 25,152.662 31,632.996 5,921.062 50,864.596 JF Europe Technology A(dist) - EUR 3,394,398.510 3,116,558.048 3,610,287.707 2,900,668.851 JPM Europe Technology D (acc) - EUR 1,517,151.223 2,629,258.882 1,475,983.265 2,670,426.840

JPMorgan Funds - FF Emerging Markets Debt Fund JPM FF Emerging Markets Debt A(acc) - USD 260,393.826 6,585,473.282 3,978,293.854 2,867,573.254 JPM FF Emerging Markets Debt A(dist) - USD 9,068,036.255 17,160,941.789 17,567,863.855 8,661,114.189 JPM FF Emerging Markets Debt D (acc) - USD 1,040,699.463 3,979,931.881 2,006,542.713 3,014,088.631

JPMorgan Funds - Germany Equity Fund JPM Germany Equity A(acc) - EUR 784,611.459 7,411,035.321 3,972,838.030 4,222,808.750 JPM Germany Equity A(dist) - EUR 2,695,252.997 11,022,495.934 4,575,511.804 9,142,237.127 JF Germany Equity A(dist) - EUR 1,672,991.982 267,934.965 543,377.562 1,397,549.385 JPM Germany Equity D (acc) - EUR 696,006.220 18,312,272.830 5,647,917.603 13,360,361.447

JPMorgan Funds - Global Convertible Bond Fund (EUR) JPM Global Convertible Bond (EUR) A(acc) - EUR 3,572,356.508 26,655,191.007 14,895,027.567 15,332,519.948 JPM Global Convertible Bond (EUR) A(dist) - EUR 40,456,521.379 52,200,668.320 44,661,325.438 47,995,864.261 JF Global Convertible Bond (EUR) A(dist) - USD 676,240.269 88,434.463 276,547.097 488,127.635 JPM Global Convertible Bond (EUR) B (acc) - EUR 66,426.910 545,376.634 153,013.663 458,789.881 JPM Global Convertible Bond (EUR) C (acc) - EUR 3,004,025.826 19,436,898.911 5,203,445.232 17,237,479.505 JPM Global Convertible Bond (EUR) D (acc) - EUR 2,050,978.199 25,346,411.858 8,176,310.416 19,221,079.641 JPM Global Convertible Bond (EUR) X (acc) - EUR 1,366,823.569 6,465,499.731 483,736.774 7,348,586.526

JPMorgan Funds - Global Dynamic Fund JPM Global Dynamic A(acc) - USD 2,542,841.958 25,505,004.514 6,858,176.438 21,189,670.034 JPM Global Dynamic A(dist) - USD 51,452,288.945 74,751,773.172 36,067,216.698 90,136,845.419 JF Global Dynamic A(dist) - USD 246,008.589 673,781.230 186,714.336 733,075.483 JPM Global Dynamic A(dist) - GBP 498,193.024 467,367.569 119,848.728 845,711.865 JPM Global Dynamic A(inc) - EUR - 496.381 - 496.381 JPM Global Dynamic B (acc) - USD 624,397.496 7,194,398.256 1,178,833.265 6,639,962.487 JPM Global Dynamic C (acc) - USD 2,094,691.632 20,463,975.878 4,155,409.575 18,403,257.935 JPM Global Dynamic D (acc) - EUR - 643.365 - 643.365 JPM Global Dynamic D (acc) - USD 3,461,475.529 9,340,403.286 4,004,846.909 8,797,031.906 JPM Global Dynamic X (acc) - USD 25,168,404.013 19,970,305.944 28,125,766.643 17,012,943.314

JPMorgan Funds - Global Equity Fund JPM Global Equity A(acc) - USD 706,268.469 1,587,690.078 1,049,907.587 1,244,050.960 JPM Global Equity A(dist) - USD 1,294,831.828 1,358,975.414 1,255,054.069 1,398,753.173 JF Global Equity A(dist) - USD 1,403,959.102 182,464.803 348,993.025 1,237,430.880 JPM Global Equity B (acc) - USD - 24,404.580 - 24,404.580 JPM Global Equity C (acc) - USD 10,287,077.703 8,938.500 1,757,322.177 8,538,694.026 JPM Global Equity D (acc) - USD 42,204.780 2,914,496.515 69,407.131 2,887,294.164 JPM Global Equity X (acc) - USD - 1,048,640.488 - 1,048,640.488

JPMorgan Funds - Global Life Sciences Fund JPM Global Life Sciences A(acc) - USD 9,249.461 417,566.761 222,863.569 203,952.653 JPM Global Life Sciences A(dist) - USD 7,142,895.853 4,105,769.970 6,853,603.351 4,395,062.472 JPM Global Life Sciences A(dist) - GBP 19,110.857 821.792 1,842.406 18,090.243 JF Global Life Sciences A(dist) - USD 862,517.686 8,373,095.735 5,147,751.482 4,087,861.939 JPM Global Life Sciences B (acc) - USD - 27,247.540 27,247.540 - JPM Global Life Sciences D (acc) - USD 481,691.724 1,513,429.006 917,974.193 1,077,146.537

JPMorgan Funds - Global Natural Resources Fund JPM Global Natural Resources A(acc) - EUR 6,177,084.157 52,793,557.760 24,706,095.792 34,264,546.125 JPM Global Natural Resources A(dist) - EUR 177,419.656 3,673,445.738 857,886.962 2,992,978.432 JPM Global Natural Resources B (acc) - EUR - 1,088,061.679 - 1,088,061.679 JPM Global Natural Resources C (acc) - EUR 3,377,849.110 8,141,876.317 3,764,773.089 7,754,952.338 JPM Global Natural Resources D (acc) - EUR - 12,252,534.194 2,537,785.170 9,714,749.024 JPM Global Natural Resources X (acc) - EUR 180,191.280 5,095,975.349 98,149.354 5,178,017.275

JPMorgan Funds - Global Recovery Fund JPM Global Recovery A(acc) - EUR 171,958.268 770,445.672 371,422.670 570,981.270 JPM Global Recovery A(dist) - EUR 1,068,685.011 3,780,171.583 1,778,929.620 3,069,926.974 JPM Global Recovery C (acc) - EUR - 722,195.718 210.953 721,984.765 JPM Global Recovery D (acc) - EUR 206,384.911 1,685,549.828 664,449.183 1,227,485.556 JPM Global Recovery X (acc) - EUR 190,310.162 987,800.037 105,534.014 1,072,576.185

150 JPMorgan Funds Appendix - Unaudited Additional Disclosures (continued)

Shares Outstanding Shares Subscribed Shares Redeemed Shares Outstanding at the Beginning at the End of the Year of the Year

8. Historical Statement of Changes in the Number of Shares - for the year ended 30 June 2006 (continued) JPMorgan Funds - JF China Fund (2) JF China A(acc) - USD 1,304,111.860 4,830,163.267 3,182,152.538 2,952,122.589 JF China A(dist) - USD 30,690,063.549 30,510,084.021 24,859,898.837 36,340,248.733 JF China B (acc) - USD - 1,239,453.749 - 1,239,453.749 JF China C (acc) - USD 52,183.468 393,872.181 136,911.821 309,143.828 JF China D (acc) - USD 3,754,807.797 10,004,967.398 4,348,544.626 9,411,230.569

JPMorgan Funds - JF Greater China Fund (3) JF Greater China A(acc) - USD 360,263.440 3,397,341.819 1,494,002.897 2,263,602.362 JF Greater China A(dist) - USD 22,662,699.546 7,094,964.566 12,211,972.511 17,545,691.601 JF Greater China B (acc) - USD - 1,182,225.820 - 1,182,225.820 JF Greater China C (acc) - USD 2,183,164.265 810,876.434 621,943.663 2,372,097.036 JF Greater China D (acc) - USD 3,172,797.584 4,543,109.050 2,388,795.258 5,327,111.376 JF Greater China X (acc) - USD 45,823.227 42,722.954 45,818.852 42,727.329

JPMorgan Funds - JF Hong Kong Fund (4) JF Hong Kong A(acc) - USD 157,208.701 236,887.343 114,671.882 279,424.162 JF Hong Kong A(dist) - USD 1,834,380.537 1,492,071.508 1,525,481.130 1,800,970.915 JF Hong Kong B (acc) - USD - 21,000.000 - 21,000.000 JF Hong Kong C (acc) - USD 6,882.503 9,057.971 3,113.104 12,827.370 JF Hong Kong D (acc) - USD 257,713.265 615,267.103 431,283.897 441,696.471 JF Hong Kong X (acc) - USD - 20,000.001 20,000.001 -

JPMorgan Funds - JF India Fund (5) JF India A(acc) - USD 5,579,873.393 19,666,720.696 15,856,838.632 9,389,755.457 JF India A(dist) - USD 24,056,967.754 41,949,285.011 30,424,847.073 35,581,405.692 JF India B (acc) - USD 131,921.327 3,140,467.008 690,813.388 2,581,574.947 JF India C (acc) - USD 773,208.619 5,203,729.626 1,164,905.190 4,812,033.055 JF India D (acc) - USD 7,512,683.719 25,718,673.352 12,195,286.256 21,036,070.815 JF India X (acc) - USD 206,202.173 125,730.621 210,923.748 121,009.046

JPMorgan Funds - JF Japan Equity Fund (6) JF Japan Equity A(acc) - USD 6,643,490.773 60,622,328.242 15,975,351.016 51,290,467.999 JF Japan Equity A(acc) - EUR - 503,778.339 251,889.170 251,889.169 JF Japan Equity A(acc) - JPY - 6,241,922.934 1,471,858.644 4,770,064.290 JF Japan Equity A(dist) - USD 66,250,387.401 71,290,430.490 60,358,007.886 77,182,810.005 JF Japan Equity A(dist) - GBP 174,930.011 256,358.210 104,231.611 327,056.610 JF Japan Equity B (acc) - USD 756,227.854 2,486,404.038 520,079.377 2,722,552.515 JF Japan Equity C (acc) - USD 12,629,236.399 17,648,523.877 4,743,035.410 25,534,724.866 JF Japan Equity D (acc) - USD 8,950,611.897 26,552,992.441 12,805,209.065 22,698,395.273 JF Japan Equity D (acc) - EUR - 622.822 - 622.822 JF Japan Equity J (dist) - USD 3,557,921.459 7,099,499.360 4,716,569.808 5,940,851.011 JF Japan Equity X (acc) - USD 2,476,098.147 6,432,078.632 5,037,454.858 3,870,721.921

JPMorgan Funds - JF Japan Small Cap Fund (7) JF Japan Small Cap A(acc) - USD 118,218.926 5,440,400.281 3,479,098.792 2,079,520.415 JF Japan Small Cap A(dist) - USD 14,191,693.873 15,577,551.577 15,900,176.097 13,869,069.353 JF Japan Small Cap B (acc) - USD - 440,786.262 110.001 440,676.261 JF Japan Small Cap C (acc) - USD - 3,683,696.474 1,679,494.542 2,004,201.932 JF Japan Small Cap D (acc) - USD 980,764.707 5,930,017.044 3,916,747.732 2,994,034.019 JF Japan Small Cap X (acc) - USD 257,965.072 604,065.859 408,638.333 453,392.598

JPMorgan Funds - JF Pacific Balanced Fund (8) JF Pacific Balanced A(acc) - USD 65,825.070 1,142,356.329 343,059.923 865,121.476 JF Pacific Balanced A(dist) - USD 6,675,738.837 4,408,220.295 3,710,309.865 7,373,649.267 JF Pacific Balanced D (acc) - USD 892,513.389 2,462,208.405 1,331,346.797 2,023,374.997

JPMorgan Funds - JF Pacific Technology Fund (9) JF Pacific Technology A(acc) - USD 29,563.363 889,590.542 305,471.143 613,682.762 JF Pacific Technology A(dist) - USD 3,055,332.061 7,313,078.567 5,948,750.078 4,419,660.550 JF Pacific Technology A(dist) - GBP 10,507.212 7,902.819 11,250.880 7,159.151 JF Pacific Technology B (acc) - USD - 129,291.470 - 129,291.470 JF Pacific Technology D (acc) - USD 414,299.637 403,779.546 410,436.667 407,642.516

JPMorgan Funds - JF Singapore Fund (10) JF Singapore A(acc) - USD 10,132.687 1,894,547.388 909,082.716 995,597.359 JF Singapore A(dist) - USD 1,408,287.600 9,554,637.453 6,453,371.333 4,509,553.720 JF Singapore B (acc) - USD - 84,934.887 64,675.698 20,259.189 JF Singapore C (acc) - USD 24,603.414 1,150,808.473 176,601.771 998,810.116 JF Singapore D (acc) - USD 359,138.031 1,879,369.965 1,027,552.958 1,210,955.038 JF Singapore X (acc) - USD - 10,000.000 - 10,000.000

(2) Name changed from China Fund on 13 September 2005. (3) Name changed from Greater China Fund on 13 September 2005. (4) Name changed from Hong Kong Fund on 13 September 2005. (5) Name changed from India Fund on 13 September 2005. (6) Name changed from Japan Equity Fund on 13 September 2005. (7) Name changed from Japan Small Cap Fund on 13 September 2005. (8) Name changed from Pacific Balanced Fund on 13 September 2005. (9) Name changed from Pacific Technology Fund on 13 September 2005. (10) Name changed from Singapore Fund on 13 September 2005. 151 JPMorgan Funds Appendix - Unaudited Additional Disclosures (continued)

Shares Outstanding Shares Subscribed Shares Redeemed Shares Outstanding at the Beginning at the End of the Year of the Year

8. Historical Statement of Changes in the Number of Shares - for the year ended 30 June 2006 (continued) JPMorgan Funds - JF Taiwan Fund (11) JF Taiwan A(acc) - USD 66,980.748 13,483,520.712 7,333,083.878 6,217,417.582 JF Taiwan A(dist) - USD 9,483,034.706 24,514,350.769 18,658,033.377 15,339,352.098 JF Taiwan B (acc) - USD - 144,587.850 - 144,587.850 JF Taiwan C (acc) - USD 12,164.293 8,203,458.018 1,445,396.187 6,770,226.124 JF Taiwan D (acc) - USD 121,449.959 4,858,464.801 2,262,373.321 2,717,541.439 JF Taiwan X (acc) - USD - 160,061.802 - 160,061.802

JPMorgan Funds - Latin America Equity Fund JPM Latin America Equity A (acc) - USD 227,505.630 6,812,211.753 5,121,603.021 1,918,114.362 JPM Latin America Equity A (dist) - USD 8,979,003.338 7,776,594.328 9,306,066.949 7,449,530.717 JF Latin America Equity A (dist) - USD 338,543.952 8,010,459.154 5,943,522.295 2,405,480.811 JPM Latin America Equity B (acc) - USD - 3,468,142.098 10,413.899 3,457,728.199 JPM Latin America Equity C (acc) - USD 3,056,907.667 11,180,827.461 5,072,473.619 9,165,261.509 JPM Latin America Equity D (acc) - USD 832,489.976 5,416,287.683 2,513,294.506 3,735,483.153 JPM Latin America Equity I (acc) - USD - 5,515,171.024 - 5,515,171.024 JPM Latin America Equity X (acc) - USD 3,800,000.000 972,223.124 1,755,967.892 3,016,255.232

JPMorgan Funds - Middle East Equity Fund (12) JPM Middle East Equity A(acc) - USD 1,087,014.222 6,985,085.569 5,834,133.589 2,237,966.202 JPM Middle East Equity A(dist) - USD 7,460,463.851 18,396,767.783 17,483,736.192 8,373,495.442 JPM Middle East Equity B (acc) - USD 552,847.784 160,565.635 707,113.419 6,300.000 JPM Middle East Equity D (acc) - USD 2,263,740.907 9,455,542.815 6,279,120.626 5,440,163.096

JPMorgan Funds - Russia Fund (14) JPM Russia A(acc) - USD - 4,519,268.292 1,493,101.820 3,026,166.472 JPM Russia A(dist) - USD - 11,792,213.242 6,265,463.996 5,526,749.246 JPM Russia B (acc) - USD - 427,830.018 - 427,830.018 JPM Russia D (acc) - USD - 388,964.537 62,303.796 326,660.741

JPMorgan Funds - US Aggregate Bond Fund JPM US Aggregate Bond A (acc) - USD 29,528.513 957,869.448 809,014.274 178,383.687 JPM US Aggregate Bond A (dist) - USD 3,785,263.420 1,201,188.069 2,132,055.774 2,854,395.715 JPM US Aggregate Bond B (acc) - USD - 797,858.610 - 797,858.600 JPM US Aggregate Bond C (acc) - USD - 2,347,283.183 106,573.430 2,240,709.753 JPM US Aggregate Bond D (acc) - USD 215,720.387 716,640.327 329,426.069 602,934.645 JPM US Aggregate Bond X (acc) - USD 14,774,634.252 5,651,342.562 2,810,357.201 17,615,619.613

JPMorgan Funds - US Dynamic Fund JPM US Dynamic A(acc) - USD 5,211,788.941 116,913,039.285 23,945,631.488 98,179,196.738 JPM US Dynamic A(acc) - EUR - 1,933,416.595 100,430.597 1,832,985.998 JPM US Dynamic A(dist) - USD 60,352,089.847 138,751,624.322 60,830,906.259 138,272,807.910 JPM US Dynamic B (acc) - USD 1,683,404.511 8,270,131.062 1,077,696.324 8,875,839.249 JPM US Dynamic C (acc) - USD 7,078,236.833 71,598,434.579 12,054,014.185 66,622,657.227 JPM US Dynamic D (acc) - USD 937,090.503 9,059,578.506 1,755,447.731 8,241,221.278 JPM US Dynamic D (acc) - EUR - 501.365 - 501.365 JPM US Dynamic I (acc) - USD - 2,500,000.000 - 2,500,000.000 JPM US Dynamic X (acc) - USD 13,039,404.597 25,594,201.386 16,294,061.013 22,339,544.970

JPMorgan Funds - US Small Cap Growth Fund JPM US Small Cap Growth A(acc) - USD 251,313.150 497,929.523 412,009.135 337,233.538 JPM US Small Cap Growth A(dist) - USD 813,082.468 226,020.738 328,042.716 711,060.490 JPM US Small Cap Growth A(dist) - GBP 5,655.612 64.598 5,504.696 215.514 JPM US Small Cap Growth D (acc) - USD 180,557.341 451,609.104 247,993.944 384,172.501

JPMorgan Funds - US Strategic Growth Fund JPM US Strategic Growth A(acc) - USD 1,000.000 8,098,050.264 2,544,381.087 5,554,669.177 JPM US Strategic Growth A(dist) - USD 2,883,813.821 11,359,970.788 4,276,428.071 9,967,356.538 JPM US Strategic Growth A(dist) - GBP 4,118.814 24,714.967 439.946 28,393.835 JPM US Strategic Growth B (acc) - USD - 1,272,771.456 129,219.659 1,143,551.797 JPM US Strategic Growth C (acc) - USD - 641,058.058 - 641,058.058 JPM US Strategic Growth D (acc) - USD 165,691.859 511,820.981 244,782.603 432,730.237 JPM US Strategic Growth X (acc) - USD - 4,516,098.582 805,085.135 3,711,013.447

JPMorgan Funds - US Technology Fund JPM US Technology A(acc) - USD 146,620.958 273,580.858 241,781.871 178,419.945 JPM US Technology A(dist) - GBP 40,939.962 2,913.377 3,690.306 40,163.033 JPM US Technology A(dist) - USD 17,939,619.505 10,061,424.252 13,988,037.062 14,013,006.695 JF US Technology A(dist) - USD 5,107,123.959 7,766,002.722 8,913,578.805 3,959,547.876 JPM US Technology D (acc) - USD 1,565,878.908 4,871,433.192 3,011,829.063 3,425,483.037

JPMorgan Funds - US Value Fund (13) JPM US Value A(acc) - USD 8,748,748.842 44,986,422.955 36,209,776.613 17,525,395.184 JPM US Value A(dist) - USD 78,867,878.915 47,812,693.696 73,034,691.907 53,645,880.704 JPM US Value A(dist) - GBP 72,341.322 1,940.618 34,380.385 39,901.555 JF US Value A(dist) - USD 195,805.902 457,492.691 338,777.769 314,520.824 JPM US Value B (acc) - USD 431,015.101 728,653.838 934,922.898 224,746.041 JPM US Value C (acc) - USD 4,477,160.250 13,229,935.378 8,189,167.481 9,517,928.147 JPM US Value D (acc) - USD 13,285,389.828 3,514,717.257 11,783,036.442 5,017,070.643 JPM US Value X (acc) - USD 5,608,351.387 3,244,229.790 5,697,398.079 3,155,183.098

(11) Name changed from Taiwan Fund on 13 September 2005. (12) This Sub-Fund’s year end is 29 June 2006. (13) Name changed from US Strategic Value Fund on 1 June 2006.

152 JPMorgan Funds Appendix - Unaudited Additional Disclosures (continued)

Shares Outstanding Shares Subscribed Shares Redeemed Shares Outstanding at the Beginning at the End of the Year of the Year

9. Historical Statement of Changes in the Number of Shares - for the year ended 30 June 2005 (continued) JPMorgan Fleming Funds - America Equity Fund JPMF America Equity A (acc) - USD - 5,182,263.846 841,281.484 4,340,982.362 JPMF America Equity A (dist) - USD 23,526,449.710 8,746,135.613 16,756,178.646 15,516,407.677 JF America Equity A (dist) - USD 885,151.740 160,723.581 276,804.364 769,070.957 JPMF America Equity B (acc) - USD - 2,422,206.009 881,923.592 1,540,282.417 JPMF America Equity C (acc) - USD - 5,963,937.493 1,974,387.260 3,989,550.233 JPMF America Equity D (acc) - USD 2,611,664.602 9,207,655.323 2,079,852.451 9,739,467.474 JPMF America Equity X (acc) - USD - 9,273,650.699 2,595,625.372 6,678,025.327

JPMorgan Fleming Funds - China Fund JF China A(acc) - USD - 1,385,713.208 81,601.348 1,304,111.860 JF China A(dist) - USD 35,233,559.915 9,726,365.957 14,269,862.323 30,690,063.549 JF China C (acc) - USD - 52,183.526 0.058 52,183.468 JF China D (acc) - USD 1,263,841.633 3,512,035.071 1,021,068.907 3,754,807.797

JPMorgan Fleming Funds - Eastern Europe Equity Fund JPMF Eastern Europe Equity A(acc) - EUR - 1,021,163.239 332,143.542 689,019.697 JPMF Eastern Europe Equity A(dist) - EUR 27,299,669.119 23,001,588.989 20,818,423.867 29,482,834.241 JF Eastern Europe Equity A(dist) - EUR 1,785,017.474 2,504,632.122 2,252,080.498 2,037,569.098 JPMF Eastern Europe Equity C (acc) - EUR - 10,598,114.772 - 10,598,114.772 JPMF Eastern Europe Equity D (acc) - EUR 590,684.749 1,360,303.633 494,735.206 1,456,253.176 JPMF Eastern Europe Equity X (acc) - EUR 7,182,802.036 2,882,802.036 4,300,000.000

JPMorgan Fleming Funds - Emerging Europe Equity Fund JPMF Emerging Europe Equity A(acc) - USD 916,103.291 21,555.113 894,548.178 JPMF Emerging Europe Equity A(dist) - USD 10,398,841.365 6,812,049.239 9,947,977.297 7,262,913.307 JPMF Emerging Europe Equity B (acc) - USD - 103,079.328 - 103,079.328 JPMF Emerging Europe Equity C (acc) - USD - 5,478,532.023 - 5,478,532.023 JPMF Emerging Europe Equity D (acc) - USD 404,590.865 909,938.635 285,643.423 1,028,886.077 JPMF Emerging Europe Equity X (acc) - USD - 46,999.632 16,932.700 30,066.932

JPMorgan Fleming Funds - Emerging Markets Equity Fund JPMF Emerging Markets Equity A(acc) - USD - 2,210,996.969 254,349.805 1,956,647.164 JPMF Emerging Markets Equity A(dist) - USD 42,484,423.172 85,190,265.543 39,415,542.542 88,259,146.173 JPMF Emerging Markets Equity A(dist) - GBP 41,036.888 38,204.637 55,771.138 23,470.387 JPMF Emerging Markets Equity B (acc) - USD - 581,604.318 160,149.432 421,454.886 JPMF Emerging Markets Equity C (acc) - USD - 5,137,715.967 - 5,137,715.967 JPMF Emerging Markets Equity D (acc) - USD 348,170.103 1,119,301.087 223,934.585 1,243,536.605 JPMF Emerging Markets Equity X (acc) - USD - 3,665,989.822 17,664.784 3,648,325.038

JPMorgan Fleming Funds - Euroland Equity Fund JPMF Euroland Equity A(acc) - EUR - 7,277,020.503 454,973.909 6,822,046.594 JPMF Euroland Equity A(dist) - EUR 13,406,997.846 37,233,113.750 13,940,174.638 36,699,936.958 JF Euroland Equity A(dist) - USD 9,842,453.905 2,565,757.622 4,667,789.899 7,740,421.628 JPMF Euroland Equity C (acc) - EUR - 8,270,591.362 492,810.026 7,777,781.336 JPMF Euroland Equity D (acc) - EUR 998,643.589 1,575,828.951 472,342.148 2,102,130.392

JPMorgan Fleming Funds - Europe Dynamic Fund JPMF Europe Dynamic A(acc) - EUR - 3,937,133.875 54,249.197 3,882,884.678 JPMF Europe Dynamic A(dist) - EUR 80,545,705.170 50,266,433.848 66,188,289.665 64,623,849.353 JPMF Europe Dynamic A(dist) - GBP 110,911.010 30,519.407 36,810.499 104,619.918 JF Europe Dynamic A(dist) - EUR 1,000.000 1,604,627.585 220,677.524 1,384,950.061 JPMF Europe Dynamic B (acc) - EUR - 1,331,760.606 651,068.757 680,691.849 JPMF Europe Dynamic C (acc) - EUR - 6,824,076.941 2,801,491.676 4,022,585.265 JPMF Europe Dynamic D (acc) - EUR 3,587,545.978 3,880,203.839 2,673,475.788 4,794,274.029 JPMF Europe Dynamic D (acc) - USD - 80.580 - 80.580 JPMF Europe Dynamic X (acc) - EUR - 5,483,305.666 386,061.319 5,097,244.347

JPMorgan Fleming Funds - Europe Equity Fund JPMF Europe Equity A(acc) - EUR - 10,982,568.295 958,708.792 10,023,859.503 JPMF Europe Equity A(dist) - EUR 53,453,144.834 66,395,548.403 41,089,663.328 78,759,029.909 JPMF Europe Equity A(dist) - USD 6,969,566.391 1,741,238.165 2,375,314.382 6,335,490.174 JF Europe Equity A(dist) - USD 1,865,401.120 581,000.185 711,949.688 1,734,451.617 JPMF Europe Equity B (acc) - EUR - 1,735,313.789 932,102.781 803,211.008 JPMF Europe Equity C (acc) - EUR - 13,705,170.749 3,585,829.000 10,119,341.749 JPMF Europe Equity D (acc) - EUR 6,074,378.742 18,749,633.160 6,295,593.292 18,528,418.610 JPMF Europe Equity X (acc) - EUR - 14,018,689.011 1,110,762.043 12,907,926.968

JPMorgan Fleming Funds - Europe Small Cap Fund JPMF Europe Small Cap A(dist) - EUR 31,263,231.938 11,760,713.350 23,710,784.513 19,313,160.775 JPMF Europe Small Cap A(acc) - EUR - 449,060.218 8,681.543 440,378.675 JPMF Europe Small Cap A(dist) - GBP 9,804.901 27,412.536 7,411.564 29,805.873 JF Europe Small Cap A(dist) - EUR 283,213.761 3,002,130.351 2,366,211.422 919,132.690 JPMF Europe Small Cap B (acc) - EUR - 84,138.445 12,564.334 71,574.111 JPMF Europe Small Cap C (acc) - EUR - 10,585,000.099 1,934,882.247 8,650,117.852 JPMF Europe Small Cap D (acc) - EUR 722,859.386 2,789,992.239 841,427.816 2,671,423.809 JPMF Europe Small Cap X (acc) - EUR - 535,228.761 169,860.089 365,368.672

JPMorgan Fleming Funds - Europe Technology Fund JPMF Europe Technology A(acc) - EUR - 389,300.997 5,522.106 383,778.891 JPMF Europe Technology A(dist) - EUR 32,508,541.604 8,733,034.768 17,527,994.545 23,713,581.827 JPMF Europe Technology A(dist) - GBP 37,069.351 1,077.935 12,994.624 25,152.662 JF Europe Technology A(dist) - EUR 4,706,890.075 1,312,330.312 2,624,821.877 3,394,398.510 JPMF Europe Technology D (acc) - EUR 1,553,683.430 1,143,921.917 1,180,454.124 1,517,151.223

153 JPMorgan Funds Appendix - Unaudited Additional Disclosures (continued)

Shares Outstanding Shares Subscribed Shares Redeemed Shares Outstanding at the Beginning at the End of the Year of the Year

9. Historical Statement of Changes in the Number of Shares - for the year ended 30 June 2005 (continued) JPMorgan Fleming Funds - FF Emerging Markets Debt Fund JPMF FF Emerging Markets Debt A(acc) - USD - 293,876.057 33,482.231 260,393.826 JPMF FF Emerging Markets Debt A(dist) - USD 3,355,486.212 10,104,102.649 4,391,552.606 9,068,036.255 JPMF FF Emerging Markets Debt D (acc) - USD 301,891.135 932,250.768 193,442.440 1,040,699.463

JPMorgan Fleming Funds - Germany Equity Fund JPMF Germany Equity A(acc) - EUR - 822,138.965 37,527.506 784,611.459 JPMF Germany Equity A(dist) - EUR 3,134,860.957 4,263,418.098 4,703,026.058 2,695,252.997 JF Germany Equity A(dist) - EUR 2,261,836.710 73,425.748 662,270.476 1,672,991.982 JPMF Germany Equity D (acc) - EUR 481,865.598 549,154.748 335,014.126 696,006.220

JPMorgan Fleming Funds - Global Convertible Bond Fund (EUR) (1) JPMF Global Convertible Bond (EUR) A(acc) - EUR - 3,836,170.888 263,814.380 3,572,356.508 JPMF Global Convertible Bond (EUR) A(dist) - EUR 32,906,541.421 35,481,882.204 27,931,902.246 40,456,521.379 JF Global Convertible Bond (EUR) A(dist) - USD 394,677.554 502,341.953 220,779.238 676,240.269 JPMF Global Convertible Bond (EUR) B (acc) - EUR - 110,729.896 44,302.986 66,426.910 JPMF Global Convertible Bond (EUR) C (acc) - EUR - 4,055,823.677 1,051,797.851 3,004,025.826 JPMF Global Convertible Bond (EUR) D (acc) - EUR 1,131,176.735 5,364,173.194 4,444,371.730 2,050,978.199 JPMF Global Convertible Bond (EUR) X (acc) - EUR - 1,435,033.295 68,209.726 1,366,823.569

JPMorgan Fleming Funds - Global Equity Fund JPMF Global Equity A(acc) - USD - 829,070.792 122,802.323 706,268.469 JPMF Global Equity A(dist) - USD 2,548,500.737 6,087,758.852 7,341,427.761 1,294,831.828 JF Global Equity A(dist) - USD 1,680,417.749 166,153.430 442,612.077 1,403,959.102 JPMF Global Equity C (acc) - USD - 10,287,077.703 - 10,287,077.703 JPMF Global Equity D (acc) - USD 22,643.391 40,440.370 20,878.981 42,204.780

JPMorgan Fleming Funds - Global Life Sciences Fund JPMF Global Life Sciences A(acc) - USD - 9,249.726 0.265 9,249.461 JPMF Global Life Sciences A(dist) - USD 8,679,080.370 2,025,882.135 3,562,066.652 7,142,895.853 JF Global Life Sciences A(dist) - USD 732,153.151 4,273,737.751 4,143,373.216 862,517.686 JPMF Global Life Sciences A(dist) - GBP 20,775.034 551.268 2,215.445 19,110.857 JPMF Global Life Sciences B (acc) - USD - 15,840.000 15,840.000 - JPMF Global Life Sciences D (acc) - USD 298,915.921 492,850.822 310,075.019 481,691.724

JPMorgan Fleming Funds - Global Natural Resources Fund (2) JPMF Global Natural Resources A(acc) - EUR - 8,336,956.094 2,159,871.937 6,177,084.157 JPMF Global Natural Resources A(dist) - EUR - 178,931.337 1,511.681 177,419.656 JPMF Global Natural Resources B (acc) - EUR - 50,000.001 50,000.001 - JPMF Global Natural Resources C (acc) - EUR - 3,994,441.680 616,592.570 3,377,849.110 JPMF Global Natural Resources X (acc) - EUR - 180,191.280 - 180,191.280

JPMorgan Fleming Funds - Global Recovery Fund JPMF Global Recovery A(acc) - EUR - 171,958.268 - 171,958.268 JPMF Global Recovery A(dist) - EUR 2,760,231.286 1,347,243.711 3,038,789.986 1,068,685.011 JPMF Global Recovery B (acc) - EUR - 72,986.401 72,986.401 - JPMF Global Recovery D (acc) - EUR 80,104.632 206,727.133 80,446.854 206,384.911 JPMF Global Recovery X (acc) - EUR - 208,892.413 18,582.251 190,310.162

JPMorgan Fleming Funds - Greater China Fund JF Greater China A(acc) - USD - 385,545.179 25,281.739 360,263.440 JF Greater China A(dist) - USD 26,439,486.380 11,797,629.795 15,574,416.629 22,662,699.546 JF Greater China C (acc) - USD - 2,183,164.265 - 2,183,164.265 JF Greater China D (acc) - USD 1,227,636.565 3,099,355.750 1,154,194.731 3,172,797.584 JF Greater China X (acc) - USD - 54,174.898 8,351.671 45,823.227

JPMorgan Fleming Funds - Hong Kong Fund JF Hong Kong A(acc) - USD - 160,314.098 3,105.397 157,208.701 JF Hong Kong A(dist) - USD 2,360,633.146 1,904,570.628 2,430,823.237 1,834,380.537 JF Hong Kong C (acc) - USD - 6,882.503 - 6,882.503 JF Hong Kong D (acc) - USD 125,587.813 256,104.766 123,979.314 257,713.265

JPMorgan Fleming Funds - India Fund JF India A(acc) - USD - 6,612,772.182 1,032,898.789 5,579,873.393 JF India A(dist) - USD 19,995,356.655 20,057,928.284 15,996,317.185 24,056,967.754 JF India B (acc) - USD - 138,346.120 6,424.793 131,921.327 JF India C (acc) - USD - 860,858.620 87,650.001 773,208.619 JF India D (acc) - USD 1,893,886.590 7,340,170.550 1,721,373.421 7,512,683.719 JF India X (acc) - USD - 228,729.283 22,527.110 206,202.173

(1) Name changed from Global Convertible Bond Fund on 1 December 2004. (2) This Sub-Fund was launched on 21 December 2004.

154 JPMorgan Funds Appendix - Unaudited Additional Disclosures (continued)

Shares Outstanding Shares Subscribed Shares Redeemed Shares Outstanding at the Beginning at the End of the Year of the Year

9. Historical Statement of Changes in the Number of Shares - for the year ended 30 June 2005 (continued) JPMorgan Fleming Funds - Japan Equity Fund JF Japan Equity A(acc) - USD - 7,181,692.811 538,202.038 6,643,490.773 JF Japan Equity A(dist) - USD 94,489,488.474 43,498,037.476 71,737,138.549 66,250,387.401 JF Japan Equity A(dist) - GBP 163,928.800 96,352.314 85,351.103 174,930.011 JF Japan Equity B (acc) - USD - 1,320,556.647 564,328.793 756,227.854 JF Japan Equity C (acc) - USD - 15,296,580.508 2,667,344.109 12,629,236.399 JF Japan Equity D (acc) - USD 6,510,571.564 7,287,189.813 4,847,149.480 8,950,611.897 JF Japan Equity J (dist) - USD 5,045,617.921 2,257,358.399 3,745,054.861 3,557,921.459 JF Japan Equity X (acc) - USD - 4,401,362.664 1,925,264.517 2,476,098.147

JPMorgan Fleming Funds - Japan Small Cap Fund JF Japan Small Cap A(acc) - USD - 122,931.568 4,712.642 118,218.926 JF Japan Small Cap A(dist) - USD 19,596,109.418 9,555,505.194 14,959,920.739 14,191,693.873 JF Japan Small Cap C (acc) - USD - 228,846.154 228,846.154 - JF Japan Small Cap D (acc) - USD 544,894.584 1,226,410.430 790,540.307 980,764.707 JF Japan Small Cap X (acc) - USD - 371,898.696 113,933.624 257,965.072

JPMorgan Fleming Funds - Latin America Equity Fund JPMF Latin America Equity A (acc) - USD - 239,116.706 11,611.076 227,505.630 JPMF Latin America Equity A (dist) - USD 11,259,865.968 7,859,710.838 10,140,573.468 8,979,003.338 JF Latin America Equity A (dist) - USD 4,275.364 726,312.403 392,043.815 338,543.952 JPMF Latin America Equity C (acc) - USD - 3,150,385.720 93,478.053 3,056,907.667 JPMF Latin America Equity D (acc) - USD 150,426.073 890,206.561 208,142.658 832,489.976 JPMF Latin America Equity X (acc) - USD - 6,822,252.156 3,022,252.156 3,800,000.000

JPMorgan Fleming Funds - Middle East Equity Fund JPMF Middle East Equity A(acc) - USD - 1,691,450.456 604,436.234 1,087,014.222 JPMF Middle East Equity A(dist) - USD 971,862.068 11,591,546.395 5,102,944.612 7,460,463.851 JPMF Middle East Equity B (acc) - USD - 552,847.784 - 552,847.784 JPMF Middle East Equity D (acc) - USD 28,908.156 2,593,301.732 358,468.981 2,263,740.907

JPMorgan Fleming Funds - Pacific Balanced Fund JF Pacific Balanced A(acc) - USD - 99,818.355 33,993.285 65,825.070 JF Pacific Balanced A(dist) - USD 5,791,080.188 5,582,029.590 4,697,370.941 6,675,738.837 JF Pacific Balanced D (acc) - USD 97,842.465 855,774.088 61,103.164 892,513.389

JPMorgan Fleming Funds - Pacific Technology Fund JF Pacific Technology A(acc) - USD - 30,428.160 864.797 29,563.363 JF Pacific Technology A(dist) - GBP 8,590.725 4,281.808 2,365.321 10,507.212 JF Pacific Technology A(dist) - USD 4,064,826.406 2,231,824.734 3,241,319.079 3,055,332.061 JF Pacific Technology D (acc) - USD 201,680.188 336,412.215 123,792.766 414,299.637

JPMorgan Fleming Funds - Singapore Fund JF Singapore A(acc) - USD - 10,132.687 - 10,132.687 JF Singapore A(dist) - USD 892,622.077 1,775,660.392 1,259,994.869 1,408,287.600 JF Singapore C (acc) - USD - 24,603.414 - 24,603.414 JF Singapore D (acc) - USD 46,412.629 397,431.167 84,705.765 359,138.031

JPMorgan Fleming Funds - Taiwan Fund JF Taiwan A(acc) - USD - 66,980.748 - 66,980.748 JF Taiwan A(dist) - USD 6,558,260.552 9,558,710.246 6,633,936.092 9,483,034.706 JF Taiwan B (acc) - USD - 42,573.382 42,573.382 - JF Taiwan C (acc) - USD - 86,010.797 73,846.504 12,164.293 JF Taiwan D (acc) - USD 41,244.714 139,341.180 59,135.935 121,449.959

JPMorgan Fleming Funds - US Aggregate Bond Fund (3) JPMF US Aggregate Bond A (acc) - USD - 30,519.219 990.706 29,528.513 JPMF US Aggregate Bond A (dist) - USD 2,009,555.935 2,484,562.316 708,854.831 3,785,263.420 JPMF US Aggregate Bond D (acc) - USD 57,528.184 787,034.376 628,842.173 215,720.387 JPMF US Aggregate Bond X (acc) - USD - 15,075,100.768 300,466.516 14,774,634.252

JPMorgan Fleming Funds - US Dynamic Fund JPMF US Dynamic A(acc) - USD - 5,372,028.799 160,239.858 5,211,788.941 JPMF US Dynamic A(dist) - USD 34,870,201.886 54,701,810.653 29,219,922.692 60,352,089.847 JPMF US Dynamic B (acc) - USD - 1,898,957.909 215,553.398 1,683,404.511 JPMF US Dynamic C (acc) - USD - 8,055,223.066 976,986.233 7,078,236.833 JPMF US Dynamic D (acc) - USD 430,722.733 1,117,935.782 611,568.012 937,090.503 JPMF US Dynamic X (acc) - USD - 14,344,991.200 1,305,586.603 13,039,404.597

JPMorgan Fleming Funds - US Small Cap Growth Fund (4) JPMF US Small Cap Growth A(acc) - USD - 471,414.119 220,100.969 251,313.150 JPMF US Small Cap Growth A(dist) - USD 1,069,243.855 543,250.899 799,412.286 813,082.468 JPMF US Small Cap Growth A(dist) - GBP 7,834.151 942.652 3,121.191 5,655.612 JPMF US Small Cap Growth B (acc) - USD - 1,274,431.701 1,274,431.701 - JPMF US Small Cap Growth D (acc) - USD 160,536.886 116,908.397 96,887.942 180,557.341

JPMorgan Fleming Funds - US Strategic Growth Fund JPMF US Strategic Growth A(acc) - USD - 1,000.000 - 1,000.000 JPMF US Strategic Growth A(dist) - USD 816,119.545 2,758,121.357 690,427.081 2,883,813.821 JPMF US Strategic Growth A(dist) - GBP 7,453.603 1,029.032 4,363.821 4,118.814 JPMF US Strategic Growth D (acc) - USD 36,331.576 142,474.762 13,114.479 165,691.859

(3) Name changed from FF USD Bond Fund on 2 May 2005. (4) Name changed from America Small Cap Fund on 1 December 2004. 155 JPMorgan Funds Appendix - Unaudited Additional Disclosures (continued)

Shares Outstanding Shares Subscribed Shares Redeemed Shares Outstanding at the Beginning at the End of the Year of the Year

9. Historical Statement of Changes in the Number of Shares - for the year ended 30 June 2005 (continued) JPMorgan Fleming Funds - US Technology Fund JPMF US Technology A(acc) - USD - 262,788.025 116,167.067 146,620.958 JPMF US Technology A(dist) - GBP 46,709.857 3,365.501 9,135.396 40,939.962 JPMF US Technology A(dist) - USD 21,786,408.921 15,295,984.342 19,142,773.757 17,939,619.505 JF US Technology A(dist) - USD 7,578,185.568 4,564,519.886 7,035,581.495 5,107,123.959 JPMF US Technology D (acc) - USD 732,136.987 2,492,196.555 1,658,454.634 1,565,878.908

156 JPMorgan Funds Appendix - Unaudited Additional Disclosures (continued)

Shares Outstanding Shares Subscribed Shares Redeemed Shares Outstanding at the Beginning at the End of the Year of the Year

10. Historical Statement of Changes in the Number of Shares - for the year ended 30 June 2004 (continued) JPMorgan Funds - America Equity Fund JPM America Equity A - USD 22,774,945.341 20,927,675.484 20,176,171.115 23,526,449.710 JF America Equity A - USD 1,320,200.157 1,444,879.919 1,879,928.336 885,151.740 JPM America Equity D - USD 6,036,639.233 2,024,702.876 5,449,677.507 2,611,664.602

JPMorgan Funds - China Fund JF China A- USD 22,369,834.807 39,469,026.871 26,605,301.763 35,233,559.915 JF China D - USD 877,533.307 1,733,031.622 1,346,723.296 1,263,841.633

JPMorgan Funds - Eastern Europe Equity Fund JPM Eastern Europe Equity A- EUR 28,182,671.263 19,362,867.250 20,245,869.394 27,299,669.119 JF Eastern Europe Equity A- EUR 1,088,837.385 3,083,018.022 2,386,837.933 1,785,017.474 JPM Eastern Europe EquityD-EUR 90,496.796 719,575.853 219,387.900 590,684.749

JPMorgan Funds - Emerging Europe Equity Fund JPM Emerging Europe Equity A- USD 9,105,216.664 12,226,561.928 10,932,937.227 10,398,841.365 JPM Emerging Europe EquityD-USD 788,108.685 528,617.998 912,135.818 404,590.865

JPMorgan Funds - Emerging Markets Equity Fund JPM Emerging Markets Equity A- USD 39,565,436.288 34,058,606.036 31,139,619.152 42,484,423.172 JPM Emerging Markets Equity A- GBP 5,624.073 41,503.287 6,090.472 41,036.888 JPM Emerging Markets Equity D - USD 33,694.195 481,797.004 167,321.096 348,170.103

JPMorgan Funds - Euroland Equity Fund JPM Euroland Equity A- EUR 12,636,853.401 8,535,223.973 7,765,079.528 13,406,997.846 JF Euroland Equity A- USD 12,223,070.229 2,130,283.838 4,510,900.162 9,842,453.905 JPM Euroland Equity D - EUR 4,409,553.136 1,076,237.028 4,487,146.575 998,643.589

JPMorgan Funds - Europe Dynamic Fund JPM Europe Dynamic A- EUR 42,375,115.202 85,094,834.073 46,924,244.105 80,545,705.170 JPM Europe Dynamic A- GBP 51,681.163 140,527.511 81,297.664 110,911.010 JF Europe Dynamic A- EUR - 11,000.000 10,000.000 1,000.000 JPM Europe Dynamic D - EUR 2,144,776.195 3,930,045.104 2,487,275.321 3,587,545.978

JPMorgan Funds - Europe Equity Fund JPM Europe Equity A- EUR 31,380,449.352 46,254,160.375 24,181,464.893 53,453,144.834 JPM Europe Equity A- USD 8,894,399.254 2,239,604.893 4,164,437.756 6,969,566.391 JF Europe Equity A- USD 2,205,433.324 329,412.409 669,444.613 1,865,401.120 JPM Europe Equity D - EUR 2,325,029.103 5,559,455.625 1,810,105.986 6,074,378.742

JPMorgan Funds - Europe Small Cap Fund JPM Europe Small Cap A- EUR 27,956,984.806 16,210,799.960 12,904,552.828 31,263,231.938 JPM Europe Small Cap A- GBP 9,171.844 717.057 84.000 9,804.901 JF Europe Small Cap A- EUR 10,562.197 447,278.970 174,627.406 283,213.761 JPM Europe Small Cap D - EUR 88,742.893 914,859.331 280,742.838 722,859.386

JPMorgan Funds - Europe Technology Fund JPM Europe Technology A- EUR 40,300,972.331 29,002,299.572 36,794,730.299 32,508,541.604 JPM Europe Technology A- GBP 35,358.235 5,115.006 3,403.890 37,069.351 JF Europe Technology A- EUR 3,402,421.121 6,954,174.951 5,649,705.997 4,706,890.075 JPM Europe TechnologyD-EUR 86,561.196 2,504,834.614 1,037,712.380 1,553,683.430

JPMorgan Funds - FF Emerging Markets Debt Fund JPM FF Emerging Markets Debt A- USD 3,767,106.461 5,530,467.470 5,942,087.719 3,355,486.212 JPM FF Emerging Markets Debt D - USD 162,292.763 259,366.637 119,768.265 301,891.135

JPMorgan Funds - FF USD Bond Fund JPM FF USD Bond A- USD 2,246,441.289 904,512.029 1,141,397.383 2,009,555.935 JPM FF USD Bond D - USD 3,045.096 150,780.907 96,297.819 57,528.184

JPMorgan Funds - Germany Equity Fund JPM Germany Equity A- EUR 1,814,310.223 9,419,648.443 8,099,097.709 3,134,860.957 JF Germany Equity A- EUR 2,779,372.117 232,393.226 749,928.633 2,261,836.710 JPM Germany Equity D - EUR 275,790.681 1,064,913.657 858,838.740 481,865.598

JPMorgan Funds - Global Convertible Bond Fund JPM Global Convertible Bond A- EUR 15,586,511.929 34,560,229.200 17,240,199.708 32,906,541.421 JPM Global Convertible Bond D - EUR 284,195.847 1,205,114.090 358,133.202 1,131,176.735 JF Global Convertible Bond A- USD 859.110 410,716.930 16,898.483 394,677.557

JPMorgan Funds - Global Dynamic Fund JPM Global Dynamic A- USD 40,733,345.576 67,913,022.193 35,985,458.174 72,660,909.595 JPM Global Dynamic A- GBP 41,419.481 148,443.995 23,364.006 166,499.470 JF Global Dynamic A- USD - 11,000.001 10,000.001 1,000.000 JPM Global Dynamic D - USD 289,067.467 1,120,426.959 209,414.243 1,200,080.183

JPMorgan Funds - Global Equity Fund JPM Global Equity A- USD 2,238,199.900 1,601,945.791 1,291,644.954 2,548,500.737 JF Global Equity A- USD 1,857,767.484 284,861.402 462,211.137 1,680,417.749 JPM Global Equity D - USD 10,082.737 12,972.058 411.404 22,643.391

157 JPMorgan Funds Appendix - Unaudited Additional Disclosures (continued)

Shares Outstanding Shares Subscribed Shares Redeemed Shares Outstanding at the Beginning at the End of the Year of the Year

10. Historical Statement of Changes in the Number of Shares - for the year ended 30 June 2004 (continued) JPMorgan Funds - Global Life Sciences Fund JPM Global Life Sciences A- USD 11,233,310.113 10,579,527.366 13,133,757.109 8,679,080.370 JPM Global Life Sciences A- GBP 21,937.354 2,637.401 3,799.721 20,775.034 JF Global Life Sciences A- USD 684,873.911 640,503.387 593,224.147 732,153.151 JPM Global Life Sciences D - USD 185,039.411 338,375.009 224,498.498 298,915.921

JPMorgan Funds - Global Recovery Fund JPM Global Recovery A- EUR 505,712.340 3,528,829.541 1,274,310.590 2,760,231.286 JPM Global Recovery D - EUR 1,000.000 90,117.684 11,013.052 80,104.632

JPMorgan Funds - Greater China Fund JF Greater China A- USD 8,415,080.907 35,462,365.053 17,437,959.580 26,439,486.380 JF Greater China D - USD 156,752.340 1,954,927.577 884,043.352 1,227,636.565

JPMorgan Funds - Hong Kong Fund JF Hong Kong A- USD 1,535,951.055 2,992,632.907 2,167,950.816 2,360,633.146 JF Hong KongD-USD 42,260.798 108,258.668 24,931.653 125,587.813

JPMorgan Funds - India Fund JF India A- USD 6,851,582.000 28,081,602.249 14,937,827.602 19,995,356.655 JF India D - USD 2,000.000 2,365,957.937 474,071.347 1,893,886.590

JPMorgan Funds - Japan Equity Fund JF Japan Equity A- USD 43,040,618.761 99,015,151.118 47,566,281.410 94,489,488.474 JF Japan Equity A- GBP 15,439.301 160,165.392 11,675.893 163,928.800 JF Japan Equity D - USD 617,421.165 8,668,292.521 2,775,142.122 6,510,571.564 JF Japan EquityJ-USD 707,289.345 7,354,960.754 3,016,632.178 5,045,617.921

JPMorgan Funds - Japan Small Cap Fund JF Japan Small Cap A- USD 11,163,726.009 33,555,054.930 25,122,671.521 19,596,109.418 JF Japan Small Cap D - USD 41,393.515 702,037.050 198,535.981 544,894.584

JPMorgan Funds - Latin America Equity Fund JPM Latin America Equity A - USD 6,942,674.279 12,259,776.381 7,942,584.692 11,259,865.968 JF Latin America Equity A - USD 3,182.764 848,756.072 847,663.472 4,275.364 JPM Latin America Equity D - USD 5,505.772 159,353.213 14,432.912 150,426.073

JPMorgan Funds - Middle East Equity Fund JPM Middle East Equity A- USD 922,375.503 1,321,159.620 1,271,673.055 971,862.068 JPM Middle East EquityD-USD 3,052.017 35,264.268 9,408.129 28,908.156

JPMorgan Funds - Pacific Balanced Fund JF Pacific Balanced A- USD 2,612,329.987 6,297,537.673 3,118,787.472 5,791,080.188 JF Pacific Balanced D - USD 1,742.405 97,635.597 1,535.537 97,842.465

JPMorgan Funds - Pacific Technology Fund JF Pacific Technology A- USD 3,587,238.241 5,973,653.453 5,496,065.288 4,064,826.406 JF Pacific Technology A- GBP 8,040.992 1,220.634 670.901 8,590.725 JF Pacific Technology D - USD 35,386.595 186,796.685 20,503.092 201,680.188

JPMorgan Funds - Singapore Fund JF Singapore A- USD 758,880.749 1,340,740.378 1,206,999.050 892,622.077 JF Singapore D - USD 1,115.285 57,624.832 12,327.488 46,412.629

JPMorgan Funds - Taiwan Fund JF Taiwan A- USD 5,937,346.617 10,255,404.920 9,634,490.985 6,558,260.552 JF Taiwan D - USD 1,533.861 73,991.750 34,280.897 41,244.714

JPMorgan Funds - US Dynamic Fund JPM US Dynamic A- USD - 44,986,940.651 10,116,738.765 34,870,201.886 JPM US DynamicD-USD - 448,890.567 18,167.834 430,722.733

JPMorgan Funds - US Strategic Growth Fund JPM US Strategic Growth A- USD 4,560,137.459 2,832,644.942 6,576,662.856 816,119.545 JPM US Strategic Growth A- GBP 7,370.395 2,086.707 2,003.499 7,453.603 JPM US Strategic Growth D - USD 209,221.098 33,819.589 206,709.111 36,331.576

JPMorgan Funds - US Technology Fund JPM US Technology A- USD 29,511,804.905 47,210,879.249 54,936,274.584 21,786,408.921 JPM US Technology A- GBP 41,706.260 1,979,938.569 1,974,934.983 46,709.857 JF US Technology A- USD 4,593,729.116 14,725,219.555 11,740,763.103 7,578,185.568 JPM US Technology D - USD 169,559.032 1,108,965.482 546,387.527 732,136.987

158

For further information concerning JPMorgan 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

GB HK H102 10/08 JPM Series II Funds_AR_HK_1-4.ai 13/10/08 12:50:38

JPMorgan Series II Funds www.jfam.com Audited Annual Report 31 July 2008

Certain of the sub-funds of the Fund are not authorised for offer or distribution in or from Hong Kong. Accordingly, no reference is made to these sub-funds in this audited annual report. The attention of the investors is drawn to the fact that certain figures in this audited annual report are expressed on a consolidated basis and, thus, include the assets of those sub-funds which are not registered in Hong Kong.

JPMorgan Funds Board of Directors As at 31 December 2007

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

Directors André Elvinger Pierre Jaans Partner Economist Elvinger, Hoss & Prussen 3, rue de Kahler 2, place Winston Churchill L-8356 Garnich L-2014 Luxembourg Grand Duchy of Luxembourg Grand Duchy of Luxembourg Berndt May Jean Frijns Vice President Professor, Finance and Investments JPMorgan Asset Management (Europe) S.à r.l. Antigonelaan 2 Austrian Branch NL-5631 LR Eindhoven Führichgasse 8 The Netherlands A-1010 Vienna Austria Andrea L. Hazen Managing Director JPMorgan Asset Management (UK) Limited Robert Van der Meer Finsbury Dials Professor of Finance 20 Finsbury Street 9A Lange Vijverberg London EC2Y 9AQ NL-2513 AC The Hague United Kingdom The Netherlands

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

1 JPMorgan Funds Management and Administration As at 31 December 2007

Management Company, Registrar, Transfer Agent, Global Distributor and Domiciliary Agent JPMorgan Asset Management (Europe) S.à r.l. European Bank & Business Centre 6, route de Trèves L-2633 Senningerberg Grand Duchy of Luxembourg

Advisory Company JPMorgan Asset Management Advisory Company S.à r.l. European Bank & Business Centre 6, route de Trèves L-2633 Senningerberg Grand Duchy of Luxembourg

Investment Managers JPMorgan Asset Management (UK) Limited Finsbury Dials 20 Finsbury Street London EC2Y 9AQ United Kingdom

JF Asset Management Limited 21st Floor, Chater House 8 Connaught Road Central, Hong Kong

JF Asset Management (Singapore) Limited 168 Robinson Road 17th Floor, Capital Tower Singapore 068912

JPMorgan Asset Management (Japan) Limited Tokyo Building 7 - 3, Marunouchi 2 - Chome Chiyoda-ku Tokyo 100 - 6432 Japan

J.P. Morgan Investment Management Inc. 245 Park Avenue New York, NY 10167 United States of America

Custodian, Corporate, Administrative Agent & Paying Agent J.P. Morgan Bank Luxembourg S.A. European Bank & Business Centre 6, route de Trèves L-2633 Senningerberg Grand Duchy of Luxembourg

Independent Auditor PricewaterhouseCoopers S.à r.l. Réviseur d’entreprises 400, route d’Esch B.P. 1443 L-1014 Luxembourg Grand Duchy of Luxembourg

Principal Legal Adviser Elvinger, Hoss & Prussen 2, place Winston Churchill L-2014 Luxembourg Grand Duchy of Luxembourg

2 This page has been left blank intentionally This page has been left blank intentionally JPMorgan Funds Combined Statement of Net Assets As at 31 December 2007

JPMorgan America America America Funds Equity Large Micro Combined Fund Cap Fund Cap Fund USD USD USD USD

Assets Investments in Securities at Market Value 81,608,094,550 1,028,289,415 50,241,052 114,093,939 Acquisition Cost: 67,835,342,707 977,406,198 44,089,520 116,160,814 Investment in TBAs at Market Value (1) 217,744,244--- Cash at Bank 967,986,177 27,148,571 2,322,857 9,652,874 Time Deposits 203,463,426--- Amounts Receivable on Sale of Investments 123,960,456 74,036 - 1,328,542 Amounts Receivable on Sale of TBAs (1) 30,122,115--- Amounts Receivable on Subscriptions 317,171,654 305,167 2,709 42,612 Interest and Dividends Receivable, Net 108,378,977 1,003,479 47,564 18,417 Tax Reclaims Receivable 4,039,523--- Fee Waiver 607,653 147 2,067 - Other Receivables 819,621--- Unrealised Net Gain on Forward Foreign Exchange Contracts 15,194,705--- Unrealised Net Gain on Financial Futures Contracts 2,341,628--- Credit Default Swaps at Market Value 49,047--- Forward Rate Agreement Swaps at Market Value 15,876--- Interest Rate Swaps at Market Value 202,781--- Option Contracts at Market Value 3,492,455--- Total Return Swaps at Market Value 739,399--- Price Lock Swaps at Market Value 37,813--- Total Assets 83,604,462,100 1,056,820,815 52,616,249 125,136,384 Liabilities Bank Overdraft 49,511,049 91 - - Open Short Positions on TBAs (1) 20,451,240--- Amounts Payable on Purchase of Investments 175,586,163 - - 335,403 Amounts Payable on Purchase of TBAs (1) 132,599,367--- Amounts Payable on Redemptions 501,289,968 1,345,090 20,021 6,475,295 Interest and Dividends Payable, Net 32,374--- Management and Advisory Fees Payable 101,895,921 1,418,046 66,357 176,850 Performance Fees 957,369 - - 457 Other Payables 16,483,539 22,676 10,896 13,101 Unrealised Net Loss on Forward Foreign Exchange Contracts 7,632,396 31,498 - - Unrealised Net Loss on Financial Futures Contracts 1,477,293--- Total Return Swaps at Market Value 2,564,658--- Total Liabilities 1,010,481,337 2,817,401 97,274 7,001,106 Total Net Assets 82,593,980,763 1,054,003,414 52,518,975 118,135,278

Historical Total Net Assets 30 June 2007 89,568,991,703 753,695,199 43,630,540 211,101,103 30 June 2006 63,483,121,497 827,863,368 41,129,009 408,669,979 30 June 2005 34,719,610,938 1,503,287,228 58,998,921 342,001,754 30 June 2004 23,129,291,606 1,745,071,816 152,412,467 435,358,090 30 June 2003 12,863,760,470 1,526,388,408 316,042,423 209,899,786

(1) Please refer to note 2k). The accompanying notes form an integral part of these Financial Statements. JPMorgan Funds Combined Statement of Net Assets (continued) As at 31 December 2007 Emerging Brazil Eastern Europe, Middle Emerging Emerging Emerging Emerging Euro Liquid Euroland Alpha Plus Europe East and Africa Markets Alpha Markets Markets Markets Small Reserve Equity Fund (2) Equity Fund Equity Fund Plus Fund Debt Fund Equity Fund Cap Fund (3) Fund Fund USD EUR USD USD EUR USD USD EUR EUR

10,176,255 1,709,046,072 937,553,307 504,983,083 195,341,350 8,714,781,900 4,817,215 160,988,747 3,638,235,342 10,087,810 1,208,192,209 719,066,230 450,374,960 209,543,293 5,218,359,944 4,787,673 161,080,083 3,363,796,279 ------1,897,456 42,494,411 3,044,346 19,883,755 6,917,669 - 238,832 150,142 27,929,501 ------135,300,000 - - - - 106,628 - 16,388,265 - - 494,575 ------21,367,830 7,402,867 1,255,544 740,119 24,509,796 - 6,053,490 10,681,784 17,724 6,760,621 1,730,017 133,094 3,517,539 16,908,010 4,910 317,271 228,879 - 1,809 5 - - 244,955 - - 210,672 8,320 - 2,574---12,946 20,067 ------2,705,768 ------1,000 ------

12,099,755 1,779,670,743 949,733,116 526,363,104 209,222,445 8,772,832,926 5,073,903 302,829,717 3,677,780,753

-----9,030,625------6,971,119 - 460,076 - - 25,102 ------4,512,831 2,872,808 927,344 475,950 37,393,386 - 5,609,729 25,303,564 ------15,862 2,003,336 1,089,030 704,733 246,132 9,523,038 5,916 110,950 4,841,785 ------15,223 - - 10,173 456,007 263,803 53,057 16,629 4,356,686 15,030 82,676 99,199 ------27,134 84,430 ---- 36,317 - - 2,059,768 -----

62,352 6,972,174 4,225,641 10,743,155 823,141 60,763,811 36,169 5,803,355 30,269,650 12,037,403 1,772,698,569 945,507,475 515,619,949 208,399,304 8,712,069,115 5,037,734 297,026,362 3,647,511,103

- 1,411,797,493 599,428,235 375,656,648 251,870,653 6,821,647,444 - 99,718,976 4,685,250,845 - 1,303,458,118 589,240,340 - 186,643,180 3,782,245,657 - 10,021,587 3,202,176,183 - 1,057,799,924 320,585,885 - 137,498,590 1,571,057,734 - - 1,690,787,425 - 622,853,935 260,841,160 - 41,666,376 501,166,320 - - 503,754,815 - 480,024,118 165,704,152 - 55,395,625 339,672,520 - - 429,177,914

(2) This Sub-Fund was launched on 18 October 2007. (3) This Sub-Fund was launched on 15 November 2007. 4 JPMorgan Funds Combined Statement of Net Assets (continued) As at 31 December 2007

Euroland Europe Europe Europe Europe Europe Europe Europe Select Equity 130/30 Aggregate Plus Balanced Convergence Dynamic Dynamic Mega Dynamic Small Europe Equity Europe Focus Fund (4) Fund Bond Fund Fund (EUR) Equity Fund Fund Cap Fund Cap Fund Fund Fund EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR

7,435,063 9,568,684 120,601,268 165,643,246 406,488,315 1,174,251,708 1,035,134,803 121,952,589 3,533,191,254 52,384,526 7,416,592 10,259,963 128,845,747 169,465,696 337,221,529 1,103,731,337 985,764,918 120,621,343 3,376,302,152 55,832,736 - - 54,135,425 ------9,387 546,334 7,740,190 5,131,562 7,136,357 - 2,943,273 662,403 - 168,367 ------45,945 - - 1,087,473 5,564,294 1,711,951 899,893 ------242 6,359,500 164,528 1,078,978 9,518 3,236,307 173,602 4,917,038 20,324 - 4,924 1,970,355 1,966,471 1,157,130 800,107 1,297,871 29,187 3,398,737 16,275 226 59 - 6,910 56,472 220,306 137,013 14,316 123,595 32,250 6,626 2,144 19,694 ----3,598 - 11,672 ------283 - - 303,758 1,279,204 ------10,465 ------20,745 - - 3,350 ------7,855 ------67,072 ------1,062,793 ------370,017 ------

7,451,302 10,502,869 192,317,205 174,191,921 415,917,252 1,176,369,112 1,048,313,561 124,547,646 3,542,530,517 52,654,442

-----14,564,865 - - 543,332 ------2,087,035 - - 4,965,211 977,827 1,310,224 51,333 - - - 54,314,931 ------3,719 1,121,217 2,124,067 888,985 3,738,347 7,177,389 245,370 18,127,683 193,148 109------7,450 14,989 112,569 272,768 693,569 1,392,106 1,414,755 114,004 4,614,247 40,491 - 2,951 -----43,320 - 32,398 7,649 3,679 33,233 6,787 43,424 71,910 35,451 24,669 35,806 18,945 ------664,351 58,388 ------

15,208 25,338 58,333,336 2,462,010 1,625,978 24,732,439 9,605,422 1,737,587 23,372,401 284,982 7,436,094 10,477,531 133,983,869 171,729,911 414,291,274 1,151,636,673 1,038,708,139 122,810,059 3,519,158,116 52,369,460

- 7,504,635 174,653,253 157,292,381 504,849,268 1,465,060,727 1,202,156,717 181,667,931 6,724,760,335 120,306,237 - - 173,312,859 77,878,440 368,646,238 1,376,855,052 249,542,128 210,032,447 6,201,107,870 11,481,518 - - 224,227,903 38,879,800 334,606,089 946,700,625 - 9,839,516 3,650,505,220 - - - 170,847,940 29,781,967 110,261,661 763,499,657 - - 1,887,740,281 - - - 212,266,390 18,544,033 61,727,888 334,801,204 - - 969,337,272 -

(4) This Sub-Fund was launched on 24 July 2007. 5 JPMorgan Funds Combined Statement of Net Assets (continued) As at 31 December 2007

Europe High Europe Europe Europe Europe Europe Europe Germany Global Global Yield Bond Micro Cap Select 130/30 Small Cap Strategic Strategic Technology Equity Aggregate Convertibles Fund Fund Fund Fund Growth Fund Value Fund Fund Fund Bond Fund Fund (EUR) EUR EUR EUR EUR EUR EUR EUR EUR USD EUR

56,591,074 111,051,511 10,820,964 839,016,743 2,541,761,147 4,816,149,053 187,745,009 781,870,616 55,365,790 2,096,585,715 64,425,878 119,606,820 11,587,999 824,333,534 2,344,806,396 4,721,815,502 178,106,204 686,616,429 55,021,024 2,156,359,416 ------43,077,855 - 65,168 4,147,893 368,868---430,671 - 7,309,746 117,010,166 3,200,000 ------501,847 - 561,598 5,876,655 - 112,448 679,994 1,941,660 12,371,728 ------30,122,115 - 2,968,081 1,868 945 770,391 4,894,123 4,039,101 4,059,097 2,406,799 229,710 9,158,983 1,360,711 53,262 7,623 472,040 800,822 4,687,923 54,480 - 599,068 5,641,380 - 52,574 - 139,390 173,392 990,441 8,283 119,110 - - 1,388 1,198 7,094 -----30,864 ------75,690 - 10,491 230 287 2,858 ------5,367,155 - - 7,202 ------1,104,427 ------44,126 ------4,337 ------104,249 ------550,158 939,383 - - 55,665 ------37,813 -

64,189,280 115,810,153 11,268,361 840,960,162 2,553,506,139 4,825,942,208 192,409,988 785,087,010 139,417,721 2,248,179,224

- - - 915,471 721,103 7,651,795 - 1,942,792 ------20,451,240 - - - - 1,452,391 ----1,175,759 11,085,473 ------52,808,017 - 458,172 985,870 - 4,557,932 15,577,469 27,773,502 626,444 7,560,941 10,700,352 38,287,583 ------55,595 170,277 16,693 1,169,122 3,449,346 7,288,208 274,519 1,410,485 54,489 2,636,863 --53------12,536 21,719 8,749 53,327 24,533 - 20,079 - 38,602 39,431 ------133,345 ------62,261 - - 172,923 ------

526,303 1,177,866 25,495 8,148,243 19,772,451 42,775,766 921,042 10,914,218 85,534,727 52,049,350 63,662,977 114,632,287 11,242,866 832,811,919 2,533,733,688 4,783,166,442 191,488,946 774,172,792 53,882,994 2,196,129,874

120,462,285 350,264,462 7,487,132 1,383,590,469 2,862,619,054 9,169,138,960 203,196,335 754,261,152 50,010,254 1,697,301,712 56,405,091 177,092,335 - 1,315,922,955 2,173,253,875 6,726,029,589 192,588,759 181,827,675 94,432,324 1,149,704,455 43,927,007 - - 760,956,406 830,688,334 4,238,897,967 190,544,916 52,725,188 407,603,770 475,650,333 51,115,790 - - 767,269,367 283,980,514 2,144,975,187 259,246,982 48,746,975 424,187,944 328,088,146 92,294,101 - - 512,607,656 169,710,289 657,221,039 198,977,946 39,039,889 259,263,203 140,022,787

6 JPMorgan Funds Combined Statement of Net Assets (continued) As at 31 December 2007

Global Global Global Global Global Life Global Natural Global Real Global Real Global Socially Dynamic Equity Equity Focus Sciences Resources Estate Securities Estate Securities Responsible Fund Fund (EUR) Fund (USD) Fund Fund Fund Fund (EUR) Fund (USD) Fund USD EUR USD EUR USD EUR EUR USD USD

2,665,273,389 72,364,272 237,186,555 695,495,240 36,626,082 2,134,925,281 9,151,930 14,026,337 53,242,681 2,213,206,844 72,331,598 197,825,413 710,511,415 35,717,092 1,763,064,003 10,189,624 15,039,685 48,816,837 ------10,176,296 935,017 1,078,334 109,244 1,285,653 - 562,769 626,688 2,407,987 ------69,521 263,180 - 53,534 309,547 214,354 323,827 636,073 ------3,992,328 41,036 54,791 1,876,625 113,673 10,938,888 5,934 1,265 602 2,377,975 92,930 273,686 1,229,317 12,849 749,051 40,148 62,912 40,954 156,033 62 234 25,892 655 - 566 584 7,614 2,323 906 14,318 1,308 9,871 - 11,720 15,809 - - 193 - 124 - 174,062 66,540 71,441 93,586 4,303 280,072 ----32,846 24,533 ------

2,681,982,647 73,784,009 238,871,098 698,737,750 38,102,317 2,147,096,829 10,086,807 15,153,396 56,429,497

-----1,216,091------601,750 - - 179,662 - 36,690 650,704 807,599 271,664 ------31,354,796 159,842 111,938 3,141,943 222,065 13,074,645 48,212 - 1,421,762 ------3,087,084 75,040 189,111 910,038 51,832 2,706,490 11,852 4,017 72,845 ------49,707 12,435 47,034 28,593 16,700 368,257 80,395 88,595 99,428 - - - 2,249,571 ------

35,093,337 247,317 348,083 6,509,807 290,597 17,402,173 791,163 900,211 1,865,699 2,646,889,310 73,536,692 238,523,015 692,227,943 37,811,720 2,129,694,656 9,295,644 14,253,185 54,563,798

3,346,335,559 149,208,707 270,564,769 551,822,932 47,918,265 1,778,456,610 22,851,772 21,580,292 54,795,054 2,325,259,734 130,915,285 251,794,930 107,907,690 60,967,159 943,442,736 - - 35,025,585 1,025,643,976 77,217,407 199,539,466 23,601,757 56,495,048 106,717,900 - - 31,173,533 811,491,469 226,562,884 101,899,099 37,914,516 70,563,912---15,725,649 367,228,443 237,317,958 84,992,251 5,575,012 73,242,989---5,843,769

7 JPMorgan Funds Combined Statement of Net Assets (continued) As at 31 December 2007

JF Asia JF Asia JF Japan JF Japan JF Korea Alpha Plus Equity JF China JF Greater JF Hong JF India Alpha Plus JF Japan Small Cap Equity Fund Fund Fund China Fund Kong Fund Fund Fund Equity Fund Fund Fund (5) USD USD USD USD USD USD USD USD USD USD

172,817,638 765,201,575 4,692,934,254 827,919,054 418,246,810 5,312,993,867 27,809,317 1,224,481,400 173,494,120 9,047,764 160,566,774 653,388,996 3,104,580,649 605,661,885 372,507,460 2,434,775,662 27,509,780 1,232,252,162 170,546,239 9,210,844 ------10,602,748 22,871,889 33,860,653 13,510,777 19,809,384 38,890,730 3,312,460 31,183,092 12,086,041 2,113,643 ------5,099,484 1,309,953 - - 1,630,798 12,613,001 1,550,982 343,564 1,003,833 277,108 ------40,431 2,473,175 24,203,056 3,268,216 6,770,502 28,462,914 - 6,543,198 2,652,858 4,945 295,173 1,910,147 - 78 28,372 356,332 12,052 431,718 229,733 105,899 ------95,359 - 3,417 - - 13,290 - - 1,013 - 42 ------113,860 ------40,012 ------

188,969,334 793,766,739 4,750,998,976 844,698,125 446,581,267 5,393,316,844 32,688,228 1,262,982,972 189,466,585 11,602,661

------1,526,572 - - 767,292 9,782,173 - 1,908,574 1,737,316 3,682,627 175,153 ------202,973 978,459 22,697,289 1,945,817 1,089,311 16,377,948 77,875 4,670,352 2,835,469 - - - 32,214 ------254,367 902,025 5,529,166 793,329 463,845 5,697,173 39,188 1,636,776 178,743 13,094 815,084 ------14,347 171,345 1,903,046 537,536 276,415 3,343,959 9,440 220,824 48,090 17,292 ------

2,813,343 2,051,829 30,161,715 4,043,974 11,611,744 25,419,080 2,035,077 8,265,268 6,744,929 205,539 186,155,991 791,714,910 4,720,837,261 840,654,151 434,969,523 5,367,897,764 30,653,151 1,254,717,704 182,721,656 11,397,122

112,533,474 864,817,828 3,221,787,004 684,910,511 108,208,759 4,123,155,354 51,558,445 1,948,180,766 241,926,110 - 46,475,242 738,412,667 1,156,132,290 476,255,116 69,447,599 2,682,021,036 185,379,443 3,851,032,031 254,241,348 - - 753,441,240 600,358,547 416,352,335 59,200,392 1,090,513,091 240,091,957 1,974,843,081 149,225,151 - - 832,076,718 602,532,383 365,924,945 57,440,697 476,864,953 - 2,425,759,755 213,410,325 - - 739,813,947 272,959,693 84,918,883 27,186,721 93,990,615 - 743,522,294 64,244,303 -

(5) This Sub-Fund was launched on 28 September 2007. 8 JPMorgan Funds Combined Statement of Net Assets (continued) As at 31 December 2007

JF Pacific JF Pacific JF Pacific JF Tokyo Latin America Middle East Balanced Equity Technology JF Singapore JF Taiwan Alpha Plus Equity Equity Russia Sterling Bond Fund Fund Fund Fund Fund Fund Fund Fund Fund Fund USD USD USD USD USD JPY USD USD USD GBP

192,969,970 1,134,012,004 60,010,644 776,023,430 772,586,607 1,229,748,700 2,240,626,270 642,920,205 795,099,271 140,207,567 188,274,206 961,361,372 59,948,259 644,800,709 832,675,143 1,259,892,826 1,536,764,563 506,532,266 684,306,027 153,833,984 ------47,762,810 4,152,804 25,496,334 1,003,552 34,171,048 18,135,818 38,082,119 17,757,391 23,907,990 28,037,131 1,410,978 ------409,324 - 1,209,846 - 1,640,466 ------284,011 1,020,018 415,194 3,801,249 11,111,637 2,944,409 18,476,184 - 13,751,938 61,669 1,217,517 1,635,837 110,051 428,607 89 - 6,326,138 - 1,962,679 3,622,726 ------226,664 4,370 - 24,927 - 8,478 - - 654,905 - 77,320 106,685 - 171,945 ------223,966 ------

199,230,498 1,162,164,193 62,757,765 814,424,334 803,474,617 1,271,430,133 2,283,185,983 667,132,179 838,962,074 193,289,716

------1,129,370 - 12,274,693 ----47,911,486 ------245,512 2,643,536 280,232 4,710,799 1,861,658 15,924 4,527,984 - 2,897,233 84,076 ------248,465 1,541,172 71,371 734,597 484,911 2,120,802 2,645,692 881,193 1,016,980 118,191 ------374,322 164,352 30,989 420,188 535,507 960,483 299,580 174,317 227,091 13,021 744,319 3,279,062 ------43,721 ------

1,612,618 7,628,122 1,511,962 5,865,584 15,156,769 3,097,209 7,473,256 1,055,510 4,141,304 48,170,495 197,617,880 1,154,536,071 61,245,803 808,558,750 788,317,848 1,268,332,924 2,275,712,727 666,076,669 834,820,770 145,119,221

182,226,858 1,210,682,811 39,446,674 789,840,297 748,278,900 7,182,106,766 1,748,314,623 341,530,509 299,387,847 173,300,783 207,569,440 1,562,304,523 51,718,815 163,904,802 434,243,842 27,194,449,831 767,332,573 265,944,060 117,766,371 252,728,711 145,855,596 1,309,121,778 26,382,261 29,867,310 125,282,379 - 306,829,959 179,320,165 - 177,965,752 110,741,277 1,344,425,582 29,459,730 10,847,678 75,218,570 - 158,274,848 11,261,116 - 83,875,835 41,386,815 868,370,069 20,111,780 6,191,757 61,259,091 - 72,944,228 7,590,093 - 86,386,622

9 JPMorgan Funds Combined Statement of Net Assets (continued) As at 31 December 2007

UK Equity US 130/30 US Aggregate US Dynamic US Select US Small Cap US Strategic US Technology US Value Fund Fund (6) Bond Fund Fund 130/30 Fund (7) Growth Fund Growth Fund Fund Fund GBP USD USD USD USD USD USD USD USD

223,988,371 13,480,282 379,662,141 4,082,865,216 505,943,683 56,066,080 679,939,621 208,110,867 1,080,051,126 206,459,024 12,942,417 373,799,775 3,567,392,997 505,691,913 51,654,679 609,211,215 193,984,269 918,218,660 ------70,903 752,221 18,035,965 149,691,291 14,175,431 1,294,950 8,836,900 2,576,511 10,146,896 ------201,951 21,520 301,721 - 5,151,542 - 174,387 - 24,896,212 ------480,297 48,998 3,327,653 2,386,175 2,416,808 775,080 3,307,058 373,714 1,262,461 475,202 13,538 1,978,124 3,996,321 462,561 21,945 342,912 20,379 1,251,346 ------16,196 23,514 - - 5,028------57,327 - - 241,417 - 218,256 - - - - - 62,750 ------114,051------

225,216,724 14,504,133 403,329,118 4,239,001,753 528,391,442 58,163,083 692,819,134 211,081,471 1,117,608,041

------1,658,976 - 1,359,009 ------354,212 103,568 1,386,235 38,417,522 858,918 837,103 1,182,126 225,335 29,482,780 ------306,166 19,679 187,333 5,388,117 354,453 79,238 752,205 242,671 1,452,267 - 10,958 ------2,987 18,189 56,616 29,871 53,455 14,758 24,756 22,599 9,335 ------52,352 ------468,573 ----

663,365 152,394 1,630,184 43,835,510 3,394,375 931,099 3,318,096 490,605 30,996,734 224,553,359 14,351,739 401,698,934 4,195,166,243 524,997,067 57,231,984 689,501,038 210,590,866 1,086,611,307

428,716,683 - 254,010,752 7,549,424,048 - 67,473,188 584,352,217 65,053,721 1,776,712,510 432,500,309 - 252,454,960 4,920,977,009 - 65,415,360 183,686,288 89,973,113 1,193,279,302 279,431,568 - 200,223,292 1,205,344,952 - 62,087,458 17,074,486 104,719,465 61,421,956,477 282,985,851 - 23,575,790 432,814,499 - 72,047,337 4,792,921 128,857,861 483,688,707 214,508,615 - 26,755,479 - - 78,979,188 24,387,929 125,619,165 394,662,597

(6) This Sub-Fund was launched on 2 August 2007. (7) This Sub-Fund was launched on 5 July 2007. JPMorgan Funds Combined Statement of Operations and Changes in Net Assets For the Period from 1 July 2007 to 31 December 2007

JPMorgan America America America Funds Equity Large Micro Combined Fund Cap Fund Cap Fund USD USD USD USD

Net Assets at the Beginning of the Period * 93,813,715,248 753,695,199 43,630,540 211,101,103 Income Dividend Income, Net 657,247,721 5,524,782 309,973 129,499 Interest Income, Net 75,877,577--- Securities Lending Income 35,742,337 415,809 15,408 30,892 Bank Interest 17,498,457 881,277 27,283 70,511 Interest on Swap Transactions 297,314--- Total Income 786,663,406 6,821,868 352,664 230,902 Expenses Management and Advisory Fees 687,200,545 7,742,851 328,702 1,386,795 Custodian, Corporate, Administration and Domiciliary Agency Fees 25,134,087 43,240 5,456 18,586 Registrar and Transfer Agency Fees 32,985,495 375,774 47,678 106,804 Taxe d’abonnement 20,062,935 269,317 11,775 35,215 Overdraft Interest 149,268--- Interest on Swap Transactions 115,233--- Sundry Fees** 22,919,092 289,981 35,627 70,880 788,566,655 8,721,163 429,238 1,618,280 Less: Fee Waiver 2,666,282 12,786 16,335 3,245 Total Expenses before Performance Fees 785,900,373 8,708,377 412,903 1,615,035 Performance Fees 907,457 - - 457

Total Expenses 786,807,830 8,708,377 412,903 1,615,492

Net Investment Income/(Loss) (144,424) (1,886,509) (60,239) (1,384,590)

Net Realised Gain/(Loss) on Sale of Investments 4,839,444,167 43,339,250 1,355,237 18,550,018 Net Realised Gain/(Loss) on Forward Foreign Exchange Contracts 160,024,873 601,629 - - Net Realised Gain/(Loss) on Financial Futures Contracts (41,583,999)--- Net Realised Gain/(Loss) on Foreign Exchange 2,611,274 (61,358) - - Net Realised Gain/(Loss) on Option Contracts 6,459,844--- Net Realised Gain/(Loss) on TBAs (3,771,400)--- Net Realised Gain/(Loss) on Swaps (20,130,124)---

Net Realised Gain/(Loss) for the Period 4,943,054,635 43,879,521 1,355,237 18,550,018 Net Change in Unrealised Gain/(Loss) on Investments (4,459,257,056) (82,262,458) (1,155,479) (39,746,639) Net Change in Unrealised Gain/(Loss) on Forward Foreign Exchange Contracts (7,209,661) (36,607) - - Net Change in Unrealised Gain/(Loss) on Financial Futures Contracts (198,603)--- Net Change in Unrealised Gain/(Loss) on Foreign Exchange (4,162,236) 9,833 - - Net Change in Unrealised Gain/(Loss) on Option Contracts (6,236,862)--- Net Change in Unrealised Gain/(Loss) on TBAs 1,338,840--- Net Change in Unrealised Gain/(Loss) on Swaps 1,572,996---

Net Change in Unrealised Gain/(Loss) for the Period (4,472,152,582) (82,289,232) (1,155,479) (39,746,639)

Increase/(Decrease) in Net Assets as a Result of Operations 468,757,629 (40,296,220) 139,519 (22,581,211)

Movements in Share Capital Subscriptions 33,346,792,069 632,806,439 24,072,520 15,734,052 Redemptions (44,441,854,247) (292,202,004) (15,323,604) (86,118,666) Increase/(Decrease) in Net Assets as a Result of Movements in Share Capital (11,095,062,178) 340,604,435 8,748,916 (70,384,614)

Dividend Distribution (593,429,936)---

Net Assets at the End of the Period 82,593,980,763 1,054,003,414 52,518,975 118,135,278

* The opening balance was combined using the foreign exchange rates as at 31 December 2007. The same net assets when combined using the foreign exchange rate ruling as at 30 June 2007 reflected a figure of USD 89,568,991,703. ** Sundry Fees are principally comprised of Directors’ fees, audit and tax related fees, registration, publication, mailing, printing, legal and marketing expenses The accompanying notes form an integral part of these Financial Statements. JPMorgan Funds Combined Statement of Operations and Changes in Net Assets (continued) For the Period from 1 July 2007 to 31 December 2007 Emerging Brazil Eastern Europe, Middle Emerging Emerging Emerging Emerging Euro Liquid Euroland Alpha Plus Europe East and Africa Markets Alpha Markets Markets Markets Small Reserve Equity Fund (1) Equity Fund Equity Fund Plus Fund Debt Fund Equity Fund Cap Fund (2) Fund Fund USD EUR USD USD EUR USD USD EUR EUR

- 1,411,797,493 599,428,235 375,656,648 251,870,653 6,821,647,444 - 99,718,976 4,685,250,845

22,074 10,805,903 5,244,300 1,762,151 - 106,447,503 4,472 - 20,455,572 ----9,147,566 - 3,814 3,941,070 110 - 69,733 14,767 - 57,250 407,189 - 460 5,121,027 14,777 1,233,867 323,869 298,146 44,629 1,752,462 2,958 1,394 567,202 ------

36,851 12,109,503 5,582,936 2,060,297 9,249,445 108,607,154 11,244 3,942,924 26,143,911

30,420 11,477,742 5,383,441 3,714,677 1,581,301 51,418,539 10,209 445,717 33,097,685 8,073 1,039,443 554,666 294,269 24,856 3,716,796 313 25,887 892,209 10,934 627,936 386,558 169,575 148,293 2,411,511 5,355 371,199 1,223,062 1,351 359,983 175,876 125,124 50,780 1,760,287 505 11,712 938,386 - 100 - 11,224 - 1,120 - - 37 ------16,468 538,279 271,389 165,388 84,058 1,511,374 11,248 66,165 960,618 67,246 14,043,483 6,771,930 4,480,257 1,889,288 60,819,627 27,630 920,680 37,111,997 29,349 69,485 41,685 4,365 921 36,479 15,428 247,356 198

37,897 13,973,998 6,730,245 4,475,892 1,888,367 60,783,148 12,202 673,324 37,111,799 ------15,223 - -

37,897 13,973,998 6,730,245 4,475,892 1,888,367 60,783,148 27,425 673,324 37,111,799

(1,046) (1,864,495) (1,147,309) (2,415,595) 7,361,078 47,824,006 (16,181) 3,269,600 (10,967,888)

1,258 157,466,017 44,218,287 52,684,260 (9,070,783) 469,241,100 (13,090) 44 29,202,070 - (399,316) (4,088) 82,783 9,712,187 648,279 - - 173,011 - - - (4,250,916) 882,214---(7,268,085) (20,127) 219,682 285,043 (1,713,904) (1,213,436) (3,688,780) 35,994 - 2,411 6,715 - - 7,789,825 ------79,801 - - (24,908,247) -----

67,647 157,286,383 44,499,242 29,683,801 310,182 466,200,599 22,904 44 22,109,407

88,444 48,574,576 65,757,333 27,618,086 (12,935,626) 810,062,691 29,542 (88,467) (402,011,758) ----1,907,718 ------(27,134) 22,165---(1,817,070) 693 (258,965) 13,100 (49,824) (83,651) 25,659 (5) - (7,020) - - - (564,586) ------(36,317) - - 900,423 -----

52,820 48,315,611 65,770,433 27,876,965 (11,089,394) 810,088,350 29,537 (88,467) (403,835,848)

119,421 203,737,499 109,122,366 55,145,171 (3,418,134) 1,324,112,955 36,260 3,181,177 (392,694,329)

12,082,982 738,320,924 393,799,155 223,314,083 114,232,938 2,893,196,624 5,001,474 408,422,547 1,148,411,742 (165,000) (579,926,760) (156,581,921) (138,404,403) (145,625,160) (2,308,034,687) - (214,296,338) (1,737,500,755) 11,917,982 158,394,164 237,217,234 84,909,680 (31,392,222) 585,161,937 5,001,474 194,126,209 (589,089,013)

- (1,230,587) (260,360) (91,550) (8,660,993) (18,853,221) - - (55,956,400)

12,037,403 1,772,698,569 945,507,475 515,619,949 208,399,304 8,712,069,115 5,037,734 297,026,362 3,647,511,103

(1) This Sub-Fund was launched on 18 October 2007. (2) This Sub-Fund was launched on 15 November 2007. 10 JPMorgan Funds Combined Statement of Operations and Changes in Net Assets (continued) For the Period from 1 July 2007 to 31 December 2007

Euroland Europe Europe Europe Europe Europe Europe Europe Select Equity 130/30 Aggregate Plus Balanced Convergence Dynamic Dynamic Mega Dynamic Small Europe Equity Europe Focus Fund (3) Fund Bond Fund Fund (EUR) Equity Fund Fund Cap Fund Cap Fund Fund Fund EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR

- 7,504,635 174,653,253 157,292,381 504,849,268 1,465,060,727 1,202,156,717 181,667,931 6,724,760,335 120,306,237

6,538 63,173 122,661 645,819 2,631,170 6,962,360 7,969,567 357,537 37,465,808 656,188 - - 3,775,745 1,829,226 -----14,626 156 - 5,543 48,095 40,032 695,754 498,025 - 3,934,255 - 2,150 468 42,361 82,739 82,718 11,721 169,558 34,290 165,865 8,029 ------

8,844 63,641 3,946,310 2,605,879 2,753,920 7,669,835 8,637,150 391,827 41,565,928 678,843

37,880 89,711 709,416 1,557,419 4,255,240 9,249,691 8,896,935 1,006,269 36,865,770 596,573 9,245 26,897 29,953 35,192 443,464 265,551 182,242 74,343 802,429 36,399 13,871 16,097 112,940 111,598 227,591 325,839 364,319 57,921 1,315,225 61,426 1,849 3,850 33,765 45,636 111,271 290,269 259,191 26,615 966,278 15,318 - 584 3,772 - 2,917 12,420 206------20,045 34,717 107,729 65,012 86,156 317,309 313,118 56,674 928,221 46,629 82,890 171,856 997,575 1,814,857 5,126,639 10,461,079 10,016,011 1,221,822 40,877,923 756,345 36,395 61,625 142,344 20 2,031 1,424 48 16,477 - 20,778

46,495 110,231 855,231 1,814,837 5,124,608 10,459,655 10,015,963 1,205,345 40,877,923 735,567 - 1,427 -----43,320 - -

46,495 111,658 855,231 1,814,837 5,124,608 10,459,655 10,015,963 1,248,665 40,877,923 735,567

(37,651) (48,017) 3,091,079 791,042 (2,370,688) (2,789,820) (1,378,813) (856,838) 688,005 (56,724)

(236,748) (332,975) (2,844,941) (267,976) 63,780,606 66,210,729 (5,040,218) 1,820,765 282,215,110 (5,499,641) - 34 3,590,282 2,407,243 (49,113) (259,925) (348,775) (2,909) 214,828 1,265 (9,243) (5,054) (3,035,634) (425,976) - (1,381,443) (1,254,322) - (1,016,508) (250,984) (61) 1,392 3,951,693 (54,876) (170,187) 16,919 (125,603) (10,333) (1,692,335) (57,463) - - 91,423 ------(2,185,385) ------645,254 ------

(246,052) (336,603) 212,692 1,658,415 63,561,306 64,586,280 (6,768,918) 1,807,523 279,721,095 (5,806,823)

18,471 (753,034) (4,311,169) (11,400,623) (76,311,786) (166,898,723) (65,493,883) (30,233,172) (876,960,831) (7,638,962) - - 253,388 1,221,709 ------10,465 26,459 (75,236) -----21,783 - (400) (476,329) (17,239) (99,821) (20,506) (24,855) (1,223) (93,342) (1,630) - - 114,419 ------(173,936) ------362,170 156,091 ------

18,471 (380,799) (4,411,077) (10,271,389) (76,411,607) (166,919,229) (65,518,738) (30,234,395) (877,054,173) (7,618,809)

(265,232) (765,419) (1,107,306) (7,821,932) (15,220,989) (105,122,769) (73,666,469) (29,283,710) (596,645,073) (13,482,356)

7,701,326 5,143,802 65,183,622 70,086,623 111,007,465 15,463,580 365,539,665 63,020,581 567,290,748 51,364,581 - (1,405,487) (102,616,694) (46,875,083) (183,316,197) (214,763,336) (453,651,265) (92,594,743) (3,116,402,549) (105,814,261) 7,701,326 3,738,315 (37,433,072) 23,211,540 (72,308,732) (199,299,756) (88,111,600) (29,574,162) (2,549,111,801) (54,449,680)

- - (2,129,006) (952,078) (3,028,273) (9,001,529) (1,670,509) - (59,845,345) (4,741)

7,436,094 10,477,531 133,983,869 171,729,911 414,291,274 1,151,636,673 1,038,708,139 122,810,059 3,519,158,116 52,369,460

(3) This Sub-Fund was launched on 24 July 2007. 11 JPMorgan Funds Combined Statement of Operations and Changes in Net Assets (continued) For the Period from 1 July 2007 to 31 December 2007

120,462,285 350,264,462 7,487,132 1,383,590,469 2,862,619,054 9,169,138,960 203,196,335 754,261,152 50,010,254 1,697,301,712

- 457,087 57,646 5,753,206 11,908,999 60,463,287 544,044 433,912 117,083 988,111 3,451,211 - 258 -----1,478,640 12,112,860 30,140 - - 769,559 1,410,236 7,001,743 96,799 201,166 905 - 272 44,435 6,966 172,488 399,603 446,077 50,510 65,221 13,844 1,883,957 ------297,314 -

3,481,623 501,522 64,870 6,695,253 13,718,838 67,911,107 691,353 700,299 1,907,786 14,984,928

506,547 2,052,100 91,077 9,133,914 21,819,638 57,578,578 1,653,219 8,480,152 290,128 14,147,036 17,842 123,393 12,815 266,263 495,385 955,446 44,275 99,492 41,800 160,496 84,843 101,466 16,348 436,641 873,352 2,048,068 164,384 374,643 79,951 654,371 19,741 46,088 3,755 225,980 635,257 1,400,002 48,140 200,219 15,784 508,808 1,926 - 232 - - 2,965 123 - 41 ------115,233 - 48,888 68,736 31,964 334,193 589,980 1,198,688 83,293 215,881 118,021 462,934 679,787 2,391,783 156,191 10,396,991 24,413,612 63,183,747 1,993,434 9,370,387 660,958 15,933,645 10,744 - 45,121 5,277 - - 822 159 190,288 1,573

669,043 2,391,783 111,070 10,391,714 24,413,612 63,183,747 1,992,612 9,370,228 470,670 15,932,072 ------

669,043 2,391,783 111,070 10,391,714 24,413,612 63,183,747 1,992,612 9,370,228 470,670 15,932,072 2,812,580 (1,890,261) (46,200) (3,696,461) (10,694,774) 4,727,360 (1,301,259) (8,669,929) 1,437,116 (947,144)

(4,863,653) (298,465) (268,518) 2,812,299 (15,006,955) 420,503,873 24,443,738 7,895,360 787,171 38,306,291 863,546 (397) 40 4,024 56,962 (121,258) (25) - 1,064,311 87,086,190 - - (19,694) - (7,035,239) (3,190,425) (1,024,006) - (353,979) 4,420,470 (75) 59,278 2,759 118,445 811,386 (2,455,046) (2,264) - 63,627 1,594,801 ------(37,105) (976,070) ------233,444 ------(83,504) -

(4,000,182) (239,584) (285,413) 2,934,768 (21,173,846) 414,737,144 23,417,443 7,895,360 1,673,965 130,431,682

(4,448,483) (48,534,451) (826,191) (201,549,324) (206,038,101) (1,402,192,767) (42,815,933) (28,538,129) 257,463 (101,317,583) (55,456) ------(45,112) (2,834,345) - - 7,202 - (110,377) (62,261) 67,563 - (86,916) 668,722 (1,621) (3,378) (993) (30,271) (26,679) (75,484) (2,643) - (52,342) (318,045) ------68,207 (4,022,035) ------(194,178) - - - 63,013 -----209,491 -

(4,505,560) (48,537,829) (756,969) (201,579,595) (206,176,199) (1,402,330,512) (42,751,013) (28,538,129) 156,613 (107,823,286)

(5,693,162) (50,667,674) (1,088,582) (202,341,288) (238,043,777) (982,866,008) (20,634,829) (29,312,698) 3,267,694 21,661,252

91,634,908 531,995 5,087,448 292,014,874 1,033,560,391 707,319,739 94,663,015 560,653,608 57,136,894 1,103,163,345 (141,363,832) (185,496,496) (243,132) (640,444,935) (1,117,452,523) (4,024,762,941) (85,735,575) (507,235,971) (54,908,055) (625,880,703) (49,728,924) (184,964,501) 4,844,316 (348,430,061) (83,892,132) (3,317,443,202) 8,927,440 53,417,637 2,228,839 477,282,642

(1,377,222) - - (7,201) (6,949,457) (85,663,308) - (4,193,299) (1,623,793) (115,732)

63,662,977 114,632,287 11,242,866 832,811,919 2,533,733,688 4,783,166,442 191,488,946 774,172,792 53,882,994 2,196,129,874

12 JPMorgan Funds Combined Statement of Operations and Changes in Net Assets (continued) For the Period from 1 July 2007 to 31 December 2007

3,346,335,559 149,208,707 270,564,769 551,822,932 47,918,265 1,778,456,610 22,851,772 21,580,292 54,795,054

20,718,906 653,425 1,488,552 3,933,055 54,550 6,536,038 209,051 296,498 295,385 3,883---20,102 54,126 1,373 1,013 - 1,477,723 55,810 131,237 179,467 7,931 - 10,378 10,211 - 274,342 9,161 21,251 73,853 4,818 444,611 7,455 11,305 9,317 ------

22,474,854 718,396 1,641,040 4,186,375 87,401 7,034,775 228,257 319,027 304,702

21,380,102 555,405 1,382,138 5,373,997 329,914 16,146,912 115,902 71,189 423,928 329,403 34,546 40,838 179,270 11,881 400,609 32,872 37,904 13,209 846,328 70,066 108,902 333,383 133,809 873,017 23,031 26,675 43,156 649,970 27,131 60,842 161,924 10,008 501,857 2,743 1,955 13,265 113 39 - 7,719 578 27,054 - 733 ------651,759 46,146 141,087 179,828 71,982 675,203 28,872 32,541 37,513 23,857,675 733,333 1,733,807 6,236,121 558,172 18,624,652 203,420 170,997 531,071 7,593 18,046 10,547 14,677 144,666 2,845 58,743 73,059 1,688

23,850,082 715,287 1,723,260 6,221,444 413,506 18,621,807 144,677 97,938 529,383 ------

23,850,082 715,287 1,723,260 6,221,444 413,506 18,621,807 144,677 97,938 529,383

(1,375,228) 3,109 (82,220) (2,035,069) (326,105) (11,587,032) 83,580 221,089 (224,681)

273,049,673 3,242,796 12,064,605 (22,389,073) 1,906,908 100,184,761 (2,588,349) (2,110,728) 2,045,850 451,101 4,803,033 (13,533) (4,082,049) 33 (324,546) 575,028 (151,438) 9,601 (191,603) 11,182 - (1,750,151) - 1--- 667,137 (17,411) 108,053 105,036 13,344 514,944 7,287 29,636 33,158 ------

273,976,308 8,039,600 12,159,125 (28,116,237) 1,920,285 100,375,160 (2,006,034) (2,232,530) 2,088,609

(234,793,619) (10,618,007) (7,167,352) (45,003,317) (1,913,800) (46,946,679) (469,261) (450,521) (2,330,502) 4,303 (253,786) - (2,507,270) - - 27,390 31,089 ------73,723 (5,491) (2,299) (11,203) (1,715) 70,596 (1,055) (5,832) (4,503) ------

(234,715,593) (10,877,284) (7,169,651) (47,521,790) (1,915,515) (46,876,083) (442,926 (425,264) (2,335,005)

37,885,487 (2,834,575) 4,907,254 (77,673,096) (321,335) 41,912,045 (2,365,380) (2,436,705) (471,077)

692,829,192 46,399,301 17,951,044 595,418,251 7,187,634 1,450,158,812 2,646,495 7,201,570 15,581,578 (1,418,687,760) (119,004,042) (54,291,310) (376,252,528) (16,972,844) (1,140,832,811) (13,817,688) (12,091,972) (15,341,757) (725,858,568) (72,604,741) (36,340,266) 219,165,723 (9,785,210) 309,326,001 (11,171,193) (4,890,402) 239,821

(11,473,169) (232,699) (608,742) (1,087,616) - - (19,555) - -

2,646,889,310 73,536,692 238,523,015 692,227,943 37,811,720 2,129,694,656 9,295,644 14,253,185 54,563,798

13 JPMorgan Funds Combined Statement of Operations and Changes in Net Assets (continued) For the Period from 1 July 2007 to 31 December 2007

112,533,474 864,817,828 3,221,787,004 684,910,511 108,208,759 4,123,155,354 51,558,445 1,948,180,766 241,926,110 -

2,049,957 17,117,761 26,290,634 17,932,849 1,997,871 14,258,548 194,374 9,282,521 687,626 105,572 - 22,653 35,618 - - 71,274 - 60,689 - - - 30,569 -----471,186 - - 63,432 196,385 364,631 39,404 189,807 434,154 788 3,890 29,056 16,151 ------

2,113,389 17,367,368 26,690,883 17,972,253 2,187,678 14,763,976 195,162 9,818,286 716,682 121,723

1,188,634 5,999,718 37,600,850 6,903,511 2,088,845 43,723,377 316,620 13,297,084 1,197,264 35,314 90,367 435,657 1,152,754 386,176 135,534 3,874,329 11,118 177,419 44,799 17,978 66,930 361,642 1,793,620 382,061 183,263 1,846,992 32,249 659,807 151,936 10,774 42,496 174,822 1,188,435 216,576 81,751 1,231,435 9,314 351,619 40,685 1,425 -167---31,063 - 2,446 11 ------60,570 216,530 1,230,221 308,744 272,210 991,945 34,441 415,909 80,972 16,021 1,448,997 7,188,536 42,965,880 8,197,068 2,761,603 51,699,141 403,742 14,904,284 1,515,667 81,512 - 6,762 1,093 6,214 138,358 - 2,301 69 8,268 36,970

1,448,997 7,181,774 42,964,787 8,190,854 2,623,245 51,699,141 401,441 14,904,215 1,507,399 44,542 815,084 ------

2,264,081 7,181,774 42,964,787 8,190,854 2,623,245 51,699,141 401,441 14,904,215 1,507,399 44,542

(150,692) 10,185,594 (16,273,904) 9,781,399 (435,567) (36,935,165) (206,279) (5,085,929) (790,717) 77,181

23,476,006 133,905,937 773,324,059 135,211,355 17,443,788 565,074,187 1,224,333 (68,292,514) (9,847,714) 99,369 - 11,692 - - 1,005 - (3,372) 27,635 (2,422) 794 151,340 210,968---(1,733,121) (331,793) - - (45,849) (210,967) (129,103) (181,796) 51,863 (29,344) 466,509 77,349 1,375,113 307,350 (31,233) ------

23,416,379 133,999,494 773,142,263 135,263,218 17,415,449 563,807,575 966,517 (66,889,766) (9,542,786) 23,081

(1,174,189) (30,991,652) 483,742,170 27,104,848 28,454,180 1,008,952,249 (4,718,001) (69,544,934) (13,653,683) (163,080) ------113,860 (37,800)---44,695---40,012 (12,417) (52,515) (44,632) (4,009) (204) (88,065) 2,181 197,591 (3,528) 1,471 ------

(1,072,746) (31,081,967) 483,697,538 27,100,839 28,453,976 1,008,908,879 (4,715,820) (69,347,343) (13,657,211) (121,597)

22,192,941 113,103,121 1,240,565,897 172,145,456 45,433,858 1,535,781,290 (3,955,582) (141,323,038) (23,990,714) (21,335)

140,859,363 238,081,573 3,004,097,589 415,582,954 415,990,865 1,942,590,518 2,691,442 390,593,060 105,386,825 11,423,688 (89,429,787) (409,580,819) (2,729,334,021) (425,980,938) (133,754,807) (2,133,170,920) (19,641,154) (942,733,084) (140,600,565) (5,231) 51,429,576 (171,499,246) 274,763,568 (10,397,984) 282,236,058 (190,580,402) (16,949,712) (552,140,024) (35,213,740) 11,418,457

- (14,706,794) (16,279,208) (6,003,832) (909,152) (100,458,478) ----

186,155,991 791,714,910 4,720,837,261 840,654,151 434,969,523 5,367,897,764 30,653,151 1,254,717,704 182,721,656 11,397,122

(4) This Sub-Fund was launched on 28 September 2007. 14 JPMorgan Funds Combined Statement of Operations and Changes in Net Assets (continued) For the Period from 1 July 2007 to 31 December 2007

182,226,858 1,210,682,811 39,446,674 789,840,297 748,278,900 7,182,106,766 1,748,314,623 341,530,509 299,387,847 173,300,783

1,322,358 14,105,229 1,167,251 7,113,240 53,043,798 17,622,152 19,297,894 1,133,392 4,277,834 - 2,563,649 36,017 - 22,078 -----4,665,928 40,134 209,478 2,874---441,605 - - 2,036 189,686 115,721 42,096 413,437 43,501 - 381,725 198,763 478,584 21,976 ------

4,115,827 14,466,445 1,212,221 7,548,755 53,087,299 17,622,152 20,121,224 1,332,155 4,756,418 4,689,940

1,765,443 9,589,562 452,346 6,563,529 6,273,786 28,851,544 14,412,436 3,845,204 4,123,316 761,380 93,864 378,564 63,661 207,224 684,893 1,498,258 781,750 638,542 445,075 19,651 111,942 545,874 72,584 447,267 321,528 3,212,516 858,513 313,502 336,188 64,128 52,597 290,425 14,974 174,512 161,548 641,078 413,670 137,541 144,344 36,854 ------4,184 2,216 187 ------191,215 291,297 38,991 319,549 296,660 3,700,209 773,427 235,061 145,969 56,120 2,215,061 11,095,722 642,556 7,712,081 7,738,415 37,903,605 17,243,980 5,172,066 5,195,079 938,133 4,542 - 74,617 - 9,677 1,417,936 29,507 262,799 95,495 7,341

2,210,519 11,095,722 567,939 7,712,081 7,728,738 36,485,669 17,214,473 4,909,267 5,099,584 930,792 ------

2,210,519 11,095,722 567,939 7,712,081 7,728,738 36,485,669 17,214,473 4,909,267 5,099,584 930,792

1,905,308 3,370,723 644,282 (163,326) 45,358,561 (18,863,517) 2,906,751 (3,577,112) (343,166) 3,759,148

8,856,638 115,857,398 6,220,469 40,950,339 35,805,499 (371,076,576) 185,399,649 14,446,438 25,754,485 (1,249,179) 304,878 (49,831) (10,971) 10,326 - - (64,293) 23,337 12,167 24,616 346,719 (126,620) - - 171,720 ----(734,686) 709,942 419,943 182,399 (183,571) 178,652 - (2,561,106) (115,449) 105,771 273,322 ------(398,817) ------

10,218,177 116,100,890 6,391,897 40,777,094 36,155,871 (371,076,576) 182,774,250 14,354,326 25,872,423 (2,084,744)

(4,946,023) (42,109,702) (4,912,416) (52,058,593) (146,907,554) (463,916,709) 59,883,378 91,148,483 64,177,826 (742,809) (458,388) (3,279,062) ------(52,421) (14,292) (297,798) ------902,746 430 60,751 (2,902) 10,648 6,056 - 56,549 22,479 (2,559) (1,053,998) ------897,906 ------

(5,418,273) (45,625,811) (4,915,318) (52,047,945) (146,901,498) (463,916,709) 59,939,927 91,170,962 64,175,267 (48,576)

6,705,212 73,845,802 2,120,861 (11,434,177) (65,387,066) (853,856,802) 245,620,928 101,948,176 89,704,524 1,625,828

137,806,061 272,324,716 66,095,787 572,225,380 851,468,241 1,480,098,191 1,421,725,557 449,770,044 767,958,618 5,368,520 (129,120,251) (394,900,254) (45,094,079) (539,180,408) (727,848,482) (6,540,015,231) (1,137,032,491) (224,425,262) (322,230,219) (28,041,324) 8,685,810 (122,575,538) 21,001,708 33,044,972 123,619,759 (5,059,917,040) 284,693,066 225,344,782 445,728,399 (22,672,804)

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

197,617,880 1,154,536,071 61,245,803 808,558,750 788,317,848 1,268,332,924 2,275,712,727 666,076,669 834,820,770 145,119,221

15 JPMorgan Funds Combined Statement of Operations and Changes in Net Assets (continued) For the Period from 1 July 2007 to 31 December 2007

UK Equity US 130/30 US Aggregate US Dynamic US Select US Small Cap US Strategic US Technology US Value Fund Fund (5) Bond Fund Fund 130/30 Fund (6) Growth Fund Growth Fund Fund Fund GBP USD USD USD USD USD USD USD USD

428,716,683 - 254,010,752 7,549,424,048 - 67,473,188 584,352,217 65,053,721 1,776,712,510

4,190,311 54,518 - 35,019,394 1,251,183 57,608 2,318,671 187,030 11,515,846 - 12 6,833,994---279-- 7,649 ----5,260 131,465 6,603 1,584,037 239,900 7,390 3,368 4,575,302 33,788 32,355 263,177 47,617 285,210 - - - 1,506,446 -----

4,437,860 61,920 6,837,362 41,101,142 1,284,971 95,223 2,713,592 241,250 13,385,093

2,577,621 84,176 835,586 44,794,059 841,386 586,448 4,290,328 982,390 10,988,654 21,364 5,252 13,526 245,205 39,383 22,081 38,535 16,525 63,993 119,890 18,565 146,834 1,900,454 104,018 53,730 233,978 139,744 538,592 67,824 3,813 67,386 1,219,663 63,682 15,944 143,998 38,471 304,992 ----34-6,869 ------79,373 54,298 148,330 1,138,256 118,188 41,429 198,002 79,535 344,390 2,866,072 166,104 1,211,662 49,297,637 1,166,691 719,632 4,911,710 1,256,665 12,240,621 - 63,658 120,455 - 55,862 832 4,942 14,558 2,418

2,866,072 102,446 1,091,207 49,297,637 1,110,829 718,800 4,906,768 1,242,107 12,238,203 - 10,958 ------

2,866,072 113,404 1,091,207 49,297,637 1,110,829 718,800 4,906,768 1,242,107 12,238,203

1,571,788 (51,484) 5,746,155 (8,196,495) 174,142 (623,577) (2,193,176) (1,000,857) 1,146,890

12,413,473 (193,395) 143,921 154,460,658 (986,984) 6,009,358 (23,115,953) (973,434) (103,998,723) - 403,331 - 92,700 791,900 46 956,353 41 2,148,489 (914,517) - - 803,531 (111,825) ---- (4,747) (24,570) - 3,557,097 (207,911) 145 190,448 1,437 14,830 ------94,377 - - 3,739,539 ----

11,494,209 279,743 143,921 158,913,986 3,224,719 6,009,549 (21,969,152) (971,956) 106,162,042

(29,457,729) 537,865 9,819,831 (689,664,332) 251,770 (5,541,411) 25,977,926 4,941,779 (164,920,209) - 57,327 - - 241,417 - (108,207) - (220,374) (57,585) - - 205,775 ----- 8,743 - - (9,538) (8) (12) (6,646) (2,354) (24,729) ------114,051 - - (468,573) ----

(29,506,571) 709,243 9,819,831 (689,468,095) 24,606 (5,541,423) 25,863,073 4,939,425 (165,165,312

(16,440,574) 937,502 15,709,907 (538,750,604) 3,423,467 (155,451) 1,700,745 2,966,612 (57,856,380)

49,010,718 13,695,219 320,669,058 915,078,480 564,943,706 24,847,764 476,367,438 194,550,105 239,684,449 (230,110,445) (280,982) (185,608,863) (3,730,093,504) (43,370,105) (34,933,517) (372,919,362) (51,979,572) (871,929,272) (181,099,727) 13,414,237 135,060,195 (2,815,015,024) 521,573,601 (10,085,753) 103,448,076 142,570,533 (632,244,823)

(6,623,023) - (3,081,920) (492,178) -----

224,553,359 14,351,739 401,698,934 4,195,166,243 524,997,067 57,231,984 689,501,038 210,590,866 1,086,611,307

(5) This Sub-Fund was launched on 2 August 2007. (6) This Sub-Fund was launched on 5 July 2007.

16 JPMorgan Funds Statement of Changes in the Number of Shares (continued) For the Period from 1 July 2007 to 31 December 2007

Shares Outstanding Shares Subscribed Shares Redeemed Shares Outstanding at the Beginning at the End of the Period of the Period

JPMorgan Funds - America Equity Fund JPM America Equity A (acc) - USD 2,191,194.046 1,313,392.306 1,136,391.633 2,368,194.719 JPM America Equity A (acc) - EUR (hedged) 26,946.066 2,100,932.908 232,533.277 1,895,345.697 JPM America Equity A (dist) - USD 5,556,809.994 4,821,075.015 2,243,297.979 8,134,587.030 JF America Equity A (dist) - USD 545,513.798 96,657.179 198,227.397 443,943.580 JPM America Equity B (acc) - USD 218,747.201 68,253.000 68,253.000 218,747.201 JPM America Equity C (acc) - USD 7,078,336.652 7,450,620.163 2,223,913.608 12,305,043.207 JPM America Equity D (acc) - EUR 9,557.871 9,539.613 4,477.830 14,619.654 JPM America Equity D (acc) - EUR (hedged) 26,490.066 436,048.386 196,299.141 266,239.311 JPM America Equity D (acc) - USD 1,932,601.590 984,488.573 851,795.548 2,065,294.615 JPM America Equity X (acc) - USD 994,178.673 - 97,737.396 896,441.277

JPMorgan Funds - America Large Cap Fund JPM America Large Cap A (acc) - USD 335,908.279 209,733.120 189,832.888 355,808.511 JPM America Large Cap A (dist) - USD 2,949,629.026 1,706,445.404 947,044.461 3,709,029.969 JPM America Large Cap B (acc) - USD 112,091.757 1,141.466 6,392.694 106,840.529 JPM America Large Cap D (acc) - USD 459,732.645 214,114.441 207,585.728 466,261.358

JPMorgan Funds - America Micro Cap Fund JPM America Micro Cap A (acc) - USD 3,708,190.884 443,079.552 2,709,619.198 1,441,651.238 JPM America Micro Cap A (dist) - USD 1,080,853.310 71,954.783 377,109.691 775,698.402 JF America Micro Cap A (dist) - USD 123,062.631 20,271.281 75,927.999 67,405.913 JPM America Micro Cap D (acc) - USD 1,080,076.610 71,036.966 355,155.671 795,957.905 JPM America Micro Cap X (acc) - USD 15,487.006 - 15,487.006 -

JPMorgan Funds - Brazil Alpha Plus Fund (1) JPM Brazil Alpha Plus A (acc) - USD - 840,786.526 16,425.933 824,360.593 JPM Brazil Alpha Plus D (acc) - USD - 200,000.000 - 200,000.000 JPM Brazil Alpha Plus I (acc) - USD - 150,000.000 - 150,000.000

JPMorgan Funds - Eastern Europe Equity Fund JPM Eastern Europe Equity A (acc) - EUR 1,990,154.670 4,540,610.950 1,822,078.596 4,708,687.024 JPM Eastern Europe Equity A (dist) - EUR 14,158,698.977 3,656,166.805 3,382,423.727 14,432,442.055 JF Eastern Europe Equity A (dist) - EUR 4,941,761.225 6,020,276.689 4,932,714.992 6,029,322.922 JPM Eastern Europe Equity B (acc) - EUR 218,329.200 267,818.996 46,257.100 439,891.096 JPM Eastern Europe Equity C (acc) - EUR 665,006.999 1,963,054.903 212,956.288 2,415,105.614 JPM Eastern Europe Equity D (acc) - EUR 2,960,822.863 1,283,916.369 978,792.829 3,265,946.403 JPM Eastern Europe Equity I (acc) - EUR 11,758,308.150 2,333,295.693 4,051,080.100 10,040,523.743 JPM Eastern Europe Equity X (acc) - EUR 3,280,799.944 402,291.985 816,878.551 2,866,213.378

JPMorgan Funds - Emerging Europe, Middle East and Africa Equity Fund JPM Emerging Europe, Middle East and Africa Equity A (acc)- USD 3,196,718.829 3,110,625.029 1,355,919.396 4,951,424.462 JPM Emerging Europe, Middle East and Africa Equity A (dist) - USD 5,364,321.982 3,447,849.846 1,335,444.405 7,476,727.423 JPM Emerging Europe, Middle East and Africa Equity B (acc) - USD 218,329.200 267,818.996 46,257.100 439,891.096 JPM Emerging Europe, Middle East and Africa Equity C (acc) - USD 166,213.626 402,663.015 12,610.186 556,266.455 JPM Emerging Europe, Middle East and Africa Equity D (acc) - USD 1,377,014.173 897,163.896 431,727.528 1,842,450.541 JPM Emerging Europe, Middle East and Africa Equity I (acc) - USD 7,040,032.999 - 536,175.711 6,503,857.288

JPMorgan Funds - Emerging Markets Alpha Plus Fund JPM Emerging Markets Alpha Plus A (acc) - USD 19,494,071.733 11,097,292.288 7,123,059.195 23,468,304.826 JPM Emerging Markets Alpha Plus A (dist) - USD 6,839,557.721 3,859,300.074 1,934,071.155 8,764,786.640 JPM Emerging Markets Alpha Plus D (acc) - USD 176,073.632 106,308.435 106,553.807 175,828.260

JPMorgan Funds - Emerging Markets Debt Fund JPM Emerging Markets Debt A (acc) - EUR 7,143,981.300 1,111,299.745 4,686,568.945 3,568,712.100 JPM Emerging Markets Debt A (dist) - EUR 10,669,542.531 6,482,543.458 5,319,169.738 11,832,916.251 JPM Emerging Markets Debt C (acc) - EUR 653,748.769 324,900.116 600,884.473 377,764.412 JPM Emerging Markets Debt D (acc) - EUR 4,948,144.105 2,139,875.430 3,327,837.598 3,760,181.937 JPM Emerging Markets Debt I (acc) - EUR 250,000.001 1,179,756.185 138,000.001 1,291,756.185 JPM Emerging Markets Debt X (acc) - EUR 5,656.002 - - 5,656.002

JPMorgan Funds - Emerging Markets Equity Fund JPM Emerging Markets Equity A (acc) - USD 32,964,443.994 12,325,340.456 18,375,606.610 26,914,177.840 JPM Emerging Markets Equity A (acc) - EUR 29,008,138.308 10,923,888.740 8,242,081.547 31,689,945.501 JPM Emerging Markets Equity A (dist) - USD 109,167,399.640 41,105,158.644 33,872,020.959 116,400,537.325 JPM Emerging Markets Equity A (dist) - GBP 280,266.023 292,777.540 32,219.910 540,823.653 JPM Emerging Markets Equity B (acc) - USD 3,238,645.574 529,614.679 978,863.659 2,789,396.594 JPM Emerging Markets Equity C (acc) - USD 25,223,090.798 29,263,103.076 12,320,715.144 42,165,478.730 JPM Emerging Markets Equity D (acc) - USD 4,225,337.866 1,603,672.209 1,289,587.398 4,539,422.677 JPM Emerging Markets Equity D (acc) - EUR 250,830.893 534,699.886 226,129.096 559,401.683 JPM Emerging Markets Equity I (acc) - USD 21,773,521.677 6,406,119.725 1,787,942.256 26,391,699.146 JPM Emerging Markets Equity I (inc) - EUR 1,637,800.000 623,433.579 895,800.000 1,365,433.579 JPM Emerging Markets Equity X (acc) - USD 33,891,049.355 3,405,408.458 6,326,424.829 30,970,032.984 JPM Emerging Markets Equity X (inc) - EUR 17,940,341.373 281,101.223 - 18,221,442.596

JPMorgan Funds - Emerging Markets Small Cap Fund (2) JPM Emerging Markets Small Cap Fund A (acc) - USD - 102,175.000 - 102,175.000 JPM Emerging Markets Small Cap Fund A (acc) - EUR - 198,909.974 - 198,909.974 JPM Emerging Markets Small Cap Fund A (acc) - GBP - 500,114.751 - 500,114.751 JPM Emerging Markets Small Cap Fund D (acc) - USD - 100,000.000 - 100,000.000

JPMorgan Funds - Euro Liquid Reserve Fund JPM Euro Liquid Reserve A (acc) - EUR 108,599.181 517,265.790 216,886.534 408,978.437 JPM Euro Liquid Reserve D (acc) - EUR 866,611.558 3,438,450.711 1,858,342.885 2,446,719.384

JPMorgan Funds - Euroland Equity Fund JPM Euroland Equity A (acc) - EUR 42,972,831.964 13,723,736.839 24,403,270.667 32,293,298.136 JPM Euroland Equity A (dist) - EUR 45,084,048.473 9,431,283.059 16,516,610.872 37,998,720.660 JPM Euroland Equity A (inc) - EUR - 4,506,344.001 1,663,965.001 2,842,379.000 JF Euroland Equity A (dist) - USD 25,155,026.703 4,370,345.956 14,504,295.372 15,021,077.287 JPM Euroland Equity C (acc) - EUR 21,047,520.302 8,461,174.988 5,640,557.511 23,868,137.779 JPM Euroland Equity D (acc) - EUR 26,818,488.143 5,838,770.911 14,861,577.441 17,795,681.613 JPM Euroland Equity I (acc) - EUR 19,998,524.767 6,980,293.472 288,076.473 26,690,741.766 JPM Euroland Equity X (acc) - EUR - 319,182.001 4,750.001 314,432.000

17 JPMorgan Funds Statement of Changes in the Number of Shares (continued) For the Period from 1 July 2007 to 31 December 2007

Shares Outstanding Shares Subscribed Shares Redeemed Shares Outstanding at the Beginning at the End of the Period of the Period

JPMorgan Funds - Euroland Select Equity Fund (3) JPM Euroland Select Equity A (acc) - EUR - 250,000.000 - 250,000.000 JPM Euroland Select Equity D (acc) - EUR - 250,000.000 - 250,000.000 JPM Euroland Select Equity X (acc) - EUR - 270,460.000 - 270,460.000 JPMorgan Funds - Europe 130/30 Fund JPM Europe 130/30 A (acc) - EUR 371,996.101 369,463.507 143,827.001 597,632.607 JPM Europe 130/30 A (acc) - USD - 348.676 - 348.676 JPM Europe 130/30 A (dist) - EUR - 57,250.975 - 57,250.975 JPM Europe 130/30 A (dist) - GBP - 486.331 - 486.331 JPM Europe 130/30 D (acc) - EUR 371,996.101 11,710.920 1,936.632 381,770.389 JPM Europe 130/30 D (acc) - USD - 348.676 - 348.676 JPM Europe 130/30 X (acc) - EUR - 86,678.961 - 86,678.961

JPMorgan Funds - Europe Aggregate Plus Bond Fund JPM Europe Aggregate Plus Bond A (acc) - EUR 6,627,178.217 1,326,563.345 3,916,577.729 4,037,163.833 JPM Europe Aggregate Plus Bond A (inc) - EUR 10,615,345.591 4,549,451.195 5,135,974.443 10,028,822.343 JPM Europe Aggregate Plus Bond B (acc) - EUR 17,973.757 - - 17,973.757 JPM Europe Aggregate Plus Bond C (acc) - EUR 8,456.381 20,772.231 14,886.740 14,341.872 JPM Europe Aggregate Plus Bond D (acc) - EUR 4,063,727.126 2,383,880.879 3,073,109.923 3,374,498.082 JPM Europe Aggregate Plus Bond X (acc) - EUR 88,171.002 3,900.000 8,831.000 83,240.002

JPMorgan Funds - Europe Balanced Fund (EUR) JPM Europe Balanced (EUR) A (acc) - EUR 417,712.342 3,591,971.998 362,641.693 3,647,042.647 JPM Europe Balanced (EUR) A (dist) - EUR 6,894,461.212 802,882.011 1,370,725.719 6,326,617.504 JPM Europe Balanced (EUR) B (acc) - EUR - 3,282.675 - 3,282.675 JPM Europe Balanced (EUR) D (acc) - EUR 7,608,389.311 1,558,334.351 2,597,191.932 6,569,531.730

JPMorgan Funds - Europe Convergence Equity Fund JPM Europe Convergence Equity A (acc) - EUR 2,149,096.781 2,590,688.783 1,504,761.053 3,235,024.511 JPM Europe Convergence Equity A (dist) - EUR 11,167,050.299 1,210,231.367 3,901,752.057 8,475,529.609 JPM Europe Convergence Equity C (acc) - EUR 222,991.540 257,780.034 147,885.611 332,885.963 JPM Europe Convergence Equity D (acc) - EUR 2,870,158.020 477,683.838 927,812.793 2,420,029.065

JPMorgan Funds - Europe Dynamic Fund JPM Europe Dynamic A (acc) - EUR 10,688,150.400 46,320.575 1,395,804.801 9,338,666.174 JPM Europe Dynamic A (dist) - EUR 42,017,150.420 480,689.852 7,139,899.348 35,357,940.924 JPM Europe Dynamic A (dist) - GBP 120,464.129 673.678 15,445.044 105,692.763 JF Europe Dynamic A (dist) - EUR 1,730,901.036 53,200.567 721,498.589 1,062,603.014 JPM Europe Dynamic B (acc) - EUR 1,631,360.921 33,608.701 121,085.574 1,543,884.048 JPM Europe Dynamic C (acc) - EUR 12,076,185.768 229,682.164 1,333,999.630 10,971,868.302 JPM Europe Dynamic D (acc) - EUR 3,440,024.289 939.599 669,993.595 2,770,970.293 JPM Europe Dynamic D (acc) - USD 35,610.148 - 1,569.264 34,040.884 JPM Europe Dynamic I (acc) - EUR 1,071,473.018 - 1,071,473.018 - JPM Europe Dynamic X (acc) - EUR 5,522,740.871 - 240,681.699 5,282,059.172

JPMorgan Funds - Europe Dynamic Mega Cap Fund JPM Europe Dynamic Mega Cap A (acc) - EUR 63,662,036.480 22,190,637.477 23,995,593.444 61,857,080.513 JPM Europe Dynamic Mega Cap A (acc) - USD - 31,363.738 31,009.881 353.857 JPM Europe Dynamic Mega Cap A (dist) - EUR 10,692,583.596 1,879,456.589 5,793,850.125 6,778,190.060 JPM Europe Dynamic Mega Cap A (inc) - EUR 76,161.785 20,274.000 383.000 96,052.785 JPM Europe Dynamic Mega Cap B (acc) - EUR 1,300,628.206 191,041.650 361,418.600 1,130,251.256 JPM Europe Dynamic Mega Cap C (acc) - EUR 6,436,424.137 1,346,680.965 3,044,403.105 4,738,701.997 JPM Europe Dynamic Mega Cap D (acc) - EUR 2,191,730.452 995,551.028 1,099,140.886 2,088,140.594 JPM Europe Dynamic Mega Cap D (acc) - USD - 353.858 - 353.858 JPM Europe Dynamic Mega Cap I (acc) - EUR 495,773.834 - - 495,773.834 JPM Europe Dynamic Mega Cap X (acc) - EUR 3,535,355.286 998,199.183 816,284.373 3,717,270.096

JPMorgan Funds - Europe Dynamic Small Cap Fund JPM Europe Dynamic Small Cap A (acc) - EUR 5,797,932.988 1,450,428.642 3,547,288.620 3,701,073.010 JPM Europe Dynamic Small Cap A (dist) - EUR 267,520.678 35,533.477 100,990.445 202,063.710 JPM Europe Dynamic Small Cap D (acc) - EUR 97,517.650 25,658.271 24,011.998 99,163.923 JPM Europe Dynamic Small Cap X (acc) - EUR 2,042,466.663 1,824,993.598 778,825.801 3,088,634.460

JPMorgan Funds - Europe Equity Fund JPM Europe Equity A (acc) - USD 12,734,719.548 3,138,031.410 5,557,021.858 10,315,729.100 JPM Europe Equity A (acc) - EUR 56,934,402.918 9,967,907.705 28,537,576.153 38,364,734.470 JPM Europe Equity A (dist) - EUR 78,036,988.331 5,727,786.016 41,543,232.833 42,221,541.514 JF Europe Equity A (dist) - USD 1,960,279.228 240,004.873 818,370.591 1,381,913.510 JPM Europe Equity B (acc) - EUR 1,367,233.985 142,099.239 499,406.692 1,009,926.532 JPM Europe Equity C (acc) - EUR 31,649,396.900 1,785,782.653 14,130,125.248 19,305,054.305 JPM Europe Equity D (acc) - EUR 19,971,892.952 1,605,143.972 10,546,055.120 11,030,981.804 JPM Europe Equity D (acc) - USD 276,853.062 49,548.154 140,587.556 185,813.660 JPM Europe Equity I (acc) - EUR 2,802,081.207 144,021.000 476,004.000 2,470,098.207 JPM Europe Equity I (inc) - EUR 10,000,000.000 - - 10,000,000.000 JPM Europe Equity X (acc) - EUR 20,825,434.506 1,530,791.090 6,684,491.539 15,671,734.057

JPMorgan Funds - Europe Focus Fund JPM Europe Focus A (acc) - EUR 5,622,397.142 3,578,043.224 7,483,827.085 1,716,613.281 JPM Europe Focus A (acc) - USD - 348.676 - 348.676 JPM Europe Focus A (dist) - EUR 45,358.562 17,554.475 27,312.520 35,600.517 JPM Europe Focus C (acc) - EUR 1,505,000.000 - 1,505,000.000 - JPM Europe Focus D (acc) - EUR 731,409.410 323,471.035 376,393.135 678,487.310 JPM Europe Focus D (acc) - USD - 348.676 - 348.676 JPM Europe Focus X (acc) - EUR 2,397,165.000 439,155.568 117,629.000 2,718,691.568

JPMorgan Funds - Europe High Yield Bond Fund JPM Europe High Yield Bond A (acc) - EUR 1,472,615.427 2,076,878.931 3,000,153.149 549,341.209 JPM Europe High Yield Bond A (dist) - EUR 10,756,335.442 3,555,049.636 7,508,003.851 6,803,381.227 JPM Europe High Yield Bond C (acc) - EUR 9,428,085.301 160,056.486 - 160,056.486 JPM Europe High Yield Bond D (acc) - EUR - 7,155,133.034 11,725,540.902 4,857,677.433 JPM Europe High Yield Bond X (acc) - EUR - 372,374.395 60,710.001 311,664.394

18 JPMorgan Funds Statement of Changes in the Number of Shares (continued) For the Period from 1 July 2007 to 31 December 2007

Shares Outstanding Shares Subscribed Shares Redeemed Shares Outstanding at the Beginning at the End of the Period of the Period

JPMorgan Funds - Europe Micro Cap Fund JPM Europe Micro Cap A (acc) - EUR 4,053,391.654 329.913 2,913,790.091 1,139,931.476 JPM Europe Micro Cap A (dist) - EUR 12,247,101.143 25,412.608 6,246,834.234 6,025,679.517 JPM Europe Micro Cap D (acc) - EUR 3,822,052.072 4,893.840 2,461,584.358 1,365,361.554

JPMorgan Funds - Europe Select 130/30 Fund JPM Europe Select 130/30 A (acc) - EUR 371,996.100 329,347.920 2,000.000 699,344.020 JPM Europe Select 130/30 A (acc) - USD - 348.676 - 348.676 JPM Europe Select 130/30 A (dist) - GBP - 586.331 - 586.331 JPM Europe Select 130/30 D (acc) - EUR 371,996.100 109,614.197 23,490.086 458,120.211 JPM Europe Select 130/30 D (acc) - USD - 348.676 - 348.676 JPM Europe Select 130/30 X (acc) - EUR - 87,455.670 - 87,455.670 JPMorgan Funds - Europe Small Cap Fund JPM Europe Small Cap A (acc) - EUR 5,087,078.651 1,154,479.971 3,501,187.574 2,740,371.048 JPM Europe Small Cap A (dist) - EUR 15,761,936.577 3,290,683.419 6,713,583.065 12,339,036.931 JPM Europe Small Cap A (dist) - GBP 42,515.278 19,811.989 9,448.729 52,878.538 JF Europe Small Cap A (dist) - EUR 8,172,130.049 1,318,834.746 5,407,307.651 4,083,657.144 JPM Europe Small Cap B (acc) - EUR 320,421.789 17,326.828 53,375.142 284,373.475 JPM Europe Small Cap C (acc) - EUR 2,072,883.841 651,061.660 1,031,249.340 1,692,696.161 JPM Europe Small Cap D (acc) - EUR 8,062,946.098 3,911,828.766 7,113,345.799 4,861,429.065 JPM Europe Small Cap I (acc) - EUR 6,039,332.774 224,008.790 792,626.633 5,470,714.931 JPM Europe Small Cap X (acc) - EUR 1,839,550.124 131,236.088 1,103,669.660 867,116.552

JPMorgan Funds - Europe Strategic Growth Fund JPM Europe Strategic Growth A (acc) - EUR 59,013,609.635 26,445,338.478 20,937,373.784 64,521,574.329 JPM Europe Strategic Growth A (dist) - EUR 101,494,122.779 35,061,310.348 50,318,709.032 86,236,724.095 JPM Europe Strategic Growth A (dist) - GBP 102,488.614 1,563.560 36,669.424 67,382.750 JPM Europe Strategic Growth B (acc) - EUR 1,451,568.877 652,777.263 511,886.626 1,592,459.514 JPM Europe Strategic Growth C (acc) - EUR 26,389,883.097 3,359,674.431 10,068,234.681 19,681,322.847 JPM Europe Strategic Growth D (acc) - EUR 18,439,700.275 4,888,892.119 7,608,692.788 15,719,899.606 JPM Europe Strategic Growth I (acc) - EUR 960,953.311 8,014,622.623 481,858.078 8,493,717.856 JPM Europe Strategic Growth I (inc) - EUR 280,000.000 84,000.000 - 364,000.000 JPM Europe Strategic Growth X (acc) - EUR 3,671,714.102 731,691.572 595,770.255 3,807,635.419

JPMorgan Funds - Europe Strategic Value Fund JPM Europe Strategic Value A (acc) - EUR 57,131,296.717 8,645,135.097 37,278,175.134 28,498,256.680 JPM Europe Strategic Value A (dist) - EUR 328,831,753.444 21,366,850.397 132,357,727.950 217,840,875.891 JPM Europe Strategic Value A (dist) - GBP 46,512.465 1,583.035 20,221.964 27,873.536 JPM Europe Strategic Value B (acc) - EUR 1,141,494.355 57,637.340 492,424.771 706,706.924 JPM Europe Strategic Value C (acc) - EUR 28,575,829.232 2,441,238.621 24,398,874.868 6,618,192.985 JPM Europe Strategic Value D (acc) - EUR 49,338,136.002 3,720,778.803 28,410,417.293 24,648,497.512 JPM Europe Strategic Value I (acc) - EUR 9,441,809.443 6,041,346.061 5,569,441.261 9,913,714.243 JPM Europe Strategic Value I (inc) - EUR 294,000.000 - 98,000.000 196,000.000 JPM Europe Strategic Value X (acc) - EUR 7,308,747.656 75,150.593 3,336,062.032 4,047,836.217

JPMorgan Funds - Europe Technology Fund JPM Europe Technology A (acc) - EUR 917,862.632 1,113,889.704 794,450.008 1,237,302.328 JPM Europe Technology A (dist) - EUR 15,076,000.250 6,314,648.342 5,879,296.307 15,511,352.285 JPM Europe Technology A (dist) - GBP 41,116.112 816.727 2,752.524 39,180.315 JF Europe Technology A (dist) - EUR 3,092,449.304 1,072,687.542 2,086,930.752 2,078,206.094 JPM Europe Technology D (acc) - EUR 2,444,720.330 1,115,127.445 780,939.872 2,778,907.903 JPM Europe Technology X (acc) - EUR - 43,518.313 - 43,518.313

JPMorgan Funds - Germany Equity Fund JPM Germany Equity A (acc) - EUR 13,284,231.227 9,816,065.222 11,230,080.060 11,870,216.389 JPM Germany Equity A (dist) - EUR 21,682,657.703 19,718,352.524 15,847,497.106 25,553,513.121 JF Germany Equity A (dist) - EUR 1,389,733.822 163,985.871 512,524.085 1,041,195.608 JPM Germany Equity B (acc) - EUR - 117,670.393 - 117,670.393 JPM Germany Equity D (acc) - EUR 69,517,709.875 51,739,838.373 41,594,513.070 79,663,035.178 JPM Germany Equity X (acc) - EUR - 108,185.001 - 108,185.001

JPMorgan Funds - Global Aggregate Bond Fund JPM Global Aggregate Bond A (acc) - USD 425,136.684 761,532.300 727,793.989 458,874.995 JPM Global Aggregate Bond A (dist) - USD 2,306,034.591 1,662,100.082 1,269,395.733 2,698,738.940 JPM Global Aggregate Bond C (acc) - USD 59,184.700 654,195.045 451,022.433 262,357.312 JPM Global Aggregate Bond D (acc) - USD 1,185,061.672 1,597,284.360 1,876,777.792 905,568.240 JPM Global Aggregate Bond X (acc) - USD 124,073.985 - 124,073.985 -

JPMorgan Funds - Global Convertibles Fund (EUR) JPM Global Convertibles (EUR) A (acc) - EUR 22,739,773.672 21,920,252.423 8,503,607.246 36,156,418.849 JPM Global Convertibles (EUR) A (dist) - EUR 71,209,071.433 47,974,190.280 23,560,834.269 95,622,427.444 JF Global Convertibles (EUR) A (dist) - USD 1,316,415.195 1,035,931.049 409,243.442 1,943,102.802 JPM Global Convertibles (EUR) B (acc) - EUR 921,800.158 726,019.299 26,322.757 1,621,496.700 JPM Global Convertibles (EUR) C (acc) - EUR 15,122,443.099 3,510,844.497 5,404,845.939 13,228,441.657 JPM Global Convertibles (EUR) D (acc) - EUR 21,577,849.173 17,473,699.079 12,659,918.135 26,391,630.117 JPM Global Convertibles (EUR) I (acc) - EUR 2,958,183.000 120,372.000 2,164,551.000 914,004.000 JPM Global Convertibles (EUR) I (inc) - EUR 445,121.951 4,892.161 - 450,014.112 JPM Global Convertibles (EUR) X (acc) - EUR 7,075,220.836 101,055.353 318,797.205 6,857,478.984

19 JPMorgan Funds Statement of Changes in the Number of Shares (continued) For the Period from 1 July 2007 to 31 December 2007

Shares Outstanding Shares Subscribed Shares Redeemed Shares Outstanding at the Beginning at the End of the Period of the Period

JPMorgan Funds - Global Dynamic Fund JPM Global Dynamic A (acc) - USD 24,734,189.407 8,418,435.642 8,336,499.293 24,816,125.756 JPM Global Dynamic A (acc) - EUR 486,634.532 814,020.780 168,008.372 1,132,646.940 JPM Global Dynamic A (acc) - EUR (hedged) - 154,057.711 43,310.899 110,746.812 JPM Global Dynamic A (dist) - USD 87,225,996.484 10,157,937.771 43,695,325.210 53,688,609.045 JPM Global Dynamic A (dist) - GBP 696,710.287 47,960.371 63,567.412 681,103.246 JPM Global Dynamic A (inc) - EUR 1,318,548.207 572,735.063 215,223.000 1,676,060.270 JF Global Dynamic A (dist) - USD 986,786.811 215,187.151 392,454.179 809,519.783 JPM Global Dynamic B (acc) - USD 6,591,232.975 997,179.312 1,488,982.803 6,099,429.484 JPM Global Dynamic C (acc) - USD 18,173,767.079 5,537,875.357 7,331,363.425 16,380,279.011 JPM Global Dynamic C (acc) - EUR 5,527,880.001 3,817,074.398 2,175,254.580 7,169,699.819 JPM Global Dynamic D (acc) - EUR 117,107.159 60,210.775 2,600.077 174,717.857 JPM Global Dynamic D (acc) - EUR (hedged) - 88,113.735 58,788.222 29,325.513 JPM Global Dynamic D (acc) - USD 17,195,849.561 6,166,745.000 10,241,730.796 13,120,863.765 JPM Global Dynamic I (acc) - USD 1,952,030.000 2,075,880.000 147,664.000 3,880,246.000 JPM Global Dynamic X (acc) - USD 15,714,116.158 3,167,481.811 4,940,489.195 13,941,108.774 JPM Global Dynamic X (acc) - EUR 17,330,026.813 670,241.287 - 18,000,268.100

JPMorgan Funds - Global Equity Fund (EUR) JPM Global Equity (EUR) A (acc) - EUR 969,919.453 932,717.887 1,622,822.209 279,815.131 JPM Global Equity (EUR) A (dist) - EUR 640,459.203 42,938.985 112,414.588 570,983.600 JPM Global Equity (EUR) C (acc) - EUR 7,449,840.519 2,442,695.971 7,113,047.241 2,779,489.249 JPM Global Equity (EUR) D (acc) - EUR 347,961.632 65,169.133 82,732.957 330,397.808

JPMorgan Funds - Global Equity Fund (USD) JPM Global Equity (USD) A (acc) - USD 495,167.946 141,832.689 42,797.129 594,203.506 JPM Global Equity (USD) A (dist) - USD 993,988.692 304,013.698 226,410.974 1,071,591.416 JF Global Equity (USD) A (dist) - USD 1,154,323.423 77,196.933 214,914.556 1,016,605.800 JPM Global Equity (USD) C (acc) - USD 8,546,952.921 4,310.655 - 8,551,263.576 JPM Global Equity (USD) D (acc) - USD 2,727,654.479 66,511.654 2,709,156.742 85,009.391 JPM Global Equity (USD) X (acc) - USD 1,492,766.925 280,301.303 371,177.930 1,401,890.298 JPMorgan Funds - Global Focus Fund JPM Global Focus A (acc) - EUR 8,422,853.847 22,786,681.082 7,000,001.204 24,209,533.725 JPM Global Focus A (acc) - EUR (hedged) - 144,587.047 44,428.146 100,158.901 JPM Global Focus A (dist) - EUR 7,363,973.928 3,197,824.053 5,081,984.445 5,479,813.536 JF Global Focus A (dist) - USD 808,944.047 913,155.954 439,564.460 1,282,535.541 JPM Global Focus C (acc) - EUR 10,362,304.599 3,658,757.238 10,098,494.248 3,922,567.589 JPM Global Focus D (acc) - EUR 3,245,375.975 1,280,635.919 1,138,064.713 3,387,947.181 JPM Global Focus D (acc) - EUR (hedged) - 150,865.063 50,376.850 100,488.213 JPM Global Focus X (acc) - EUR 1,373,337.858 3,954,233.096 233,928.788 5,093,642.166

JPMorgan Funds - Global Life Sciences Fund JPM Global Life Sciences A (acc) - USD 88,440.995 3,850.917 21,193.397 71,098.515 JPM Global Life Sciences A (dist) - USD 3,712,953.024 141,337.252 929,082.378 2,925,207.898 JPM Global Life Sciences A (dist) - GBP 17,408.642 142.609 902.051 16,649.200 JF Global Life Sciences A (dist) - USD 2,272,401.738 887,595.810 1,371,462.897 1,788,534.651 JPM Global Life Sciences D (acc) - USD 918,917.842 224,129.105 353,702.122 789,344.825

JPMorgan Funds - Global Natural Resources Fund JPM Global Natural Resources A (acc) - EUR 41,767,627.278 25,087,532.833 24,618,447.372 42,236,712.739 JPM Global Natural Resources A (dist) - EUR 13,647,983.718 20,496,376.054 13,353,996.422 20,790,363.350 JPM Global Natural Resources A (acc) - USD 1,581,451.050 5,304,579.269 1,717,127.241 5,168,903.078 JPM Global Natural Resources B (acc) - EUR 1,759,842.669 301,317.454 79,787.999 1,981,372.124 JPM Global Natural Resources C (acc) - EUR 5,481,915.183 5,881,426.641 5,744,737.937 5,618,603.887 JPM Global Natural Resources C (acc) - USD 224,985.925 4,130,590.816 1,267,881.879 3,087,694.862 JPM Global Natural Resources D (acc) - EUR 12,113,309.446 8,639,723.352 5,879,206.018 14,873,826.780 JPM Global Natural Resources D (acc) - USD 2,437.992 126,386.759 1,783.524 127,041.227 JPM Global Natural Resources X (acc) - EUR 6,653,023.256 672,933.427 456,988.590 6,868,968.093

JPMorgan Funds - Global Real Estate Securities Fund (EUR) JPM Global Real Estate Securities A (acc) - EUR 1,313,151.212 157,398.506 904,841.645 565,708.073 JPM Global Real Estate Securities A (inc) - EUR 162,782.172 6,892.666 162,175.992 7,498.846 JPM Global Real Estate Securities C (acc) - EUR 48,000.000 - - 48,000.000 JPM Global Real Estate Securities D (acc) - EUR 365,993.029 68,498.919 233,010.259 201,481.689 JPM Global Real Estate Securities X (acc) - EUR 144,301.002 9,185.000 - 153,486.002

JPMorgan Funds - Global Real Estate Securities Fund (USD) JPM Global Real Estate Securities A (acc) - USD 478,630.025 567,700.247 826,451.486 219,878.786 JPM Global Real Estate Securities D (acc) - USD 251,368.884 43,413.909 270,955.091 23,827.702 JPM Global Real Estate Securities X (acc) - USD 1,181,531.621 - - 1,181,531.621

JPMorgan Funds - Global Socially Responsible Fund JPM Global Socially Responsible A (acc) - USD 1,233,569.552 564,355.917 157,280.609 1,640,644.860 JPM Global Socially Responsible A (dist) - USD 3,887,419.330 788,494.314 1,457,386.196 3,218,527.448 JPM Global Socially Responsible D (acc) - USD 433,841.068 124,480.803 77,613.732 480,708.139

JPMorgan Funds - JF Asia Alpha Plus Fund JF Asia Alpha Plus A (acc) - USD 6,032,052.467 5,665,238.882 4,036,307.875 7,660,983.474 JF Asia Alpha Plus A (dist) - USD - 1,317,200.001 11,800.001 1,305,400.000

JPMorgan Funds - JF Asia Equity Fund JF Asia Equity A (acc) - USD 3,964,356.350 310,242.746 781,002.607 3,493,596.489 JF Asia Equity A (dist) - USD 11,755,217.325 2,825,239.672 5,754,979.591 8,825,477.406 JF Asia Equity A (dist) - GBP 41,815.931 3,541.660 29,917.667 15,439.924 JF Asia Equity C (acc) - USD 351,056.824 414,957.327 274,900.623 491,113.528 JF Asia Equity D (acc) - USD 1,892,918.234 1,470,719.011 882,991.969 2,480,645.276 JF Asia Equity D (acc) - EUR 28,235.415 322,433.348 35,214.394 315,454.369 JF Asia Equity I (acc) - USD 8,820,227.823 1,553,016.532 2,685,351.214 7,687,893.141 JF Asia Equity X (acc) - USD 675,608.450 14,036.624 206,099.520 483,545.554

20 JPMorgan Funds Statement of Changes in the Number of Shares (continued) For the Period from 1 July 2007 to 31 December 2007

Shares Outstanding Shares Subscribed Shares Redeemed Shares Outstanding at the Beginning at the End of the Period of the Period

JPMorgan Funds - JF China Fund JF China A (acc) - USD 7,902,918.355 12,121,290.633 11,597,405.795 8,426,803.193 JF China A (dist) - USD 52,677,602.379 33,198,625.821 30,323,554.105 55,552,674.095 JF China B (acc) - USD 3,668,428.746 1,328,552.604 1,549,541.583 3,447,439.767 JF China C (acc) - USD 1,622,684.681 1,476,604.549 1,380,008.144 1,719,281.086 JF China D (acc) - USD 13,270,860.357 8,803,463.184 7,552,907.939 14,521,415.602 JF China I (acc) - USD 1,092,531.648 232,738.557 674,102.052 651,168.153 JF China X (acc) - USD 1,988,434.020 1,366,130.981 1,917,929.990 1,436,635.011

JPMorgan Funds - JF Greater China Fund JF Greater China A (acc) - USD 2,070,027.410 10,173,110.955 3,038,338.288 9,204,800.077 JF Greater China A (dist) - USD 16,249,905.785 3,214,734.957 8,519,054.555 10,945,586.187 JF Greater China B (acc) - USD 91,170.918 46,179.139 12,017.958 125,332.099 JF Greater China C (acc) - USD 2,454,760.132 693,736.914 757,352.479 2,391,144.567 JF Greater China D (acc) - USD 5,395,962.087 1,940,848.522 2,136,527.409 5,200,283.200 JF Greater China X (acc) - USD 78,703.253 93,121.301 51,705.020 120,119.534

JPMorgan Funds - JF Hong Kong Fund JF Hong Kong A (acc) - USD 654,358.069 2,386,552.274 2,067,724.726 973,185.617 JF Hong Kong A (dist) - USD 1,898,747.303 5,119,388.841 1,065,255.715 5,952,880.429 JF Hong Kong B (acc) - USD 2,086.452 26,261.000 15,090.551 13,256.901 JF Hong Kong C (acc) - USD 9,057.970 479,723.475 71,660.998 417,120.447 JF Hong Kong D (acc) - USD 466,442.543 1,733,971.229 840,158.661 1,360,255.111

JPMorgan Funds - JF India Fund JF India A (acc) - USD 18,175,863.193 22,061,950.082 16,751,267.772 23,486,545.503 JF India A (dist) - USD 31,577,360.078 9,819,536.362 13,491,709.438 27,905,187.002 JF India B (acc) - USD 3,334,335.510 1,399,860.650 2,252,591.982 2,481,604.178 JF India C (acc) - USD 4,380,103.562 1,346,254.867 1,290,407.192 4,435,951.237 JF India D (acc) - USD 19,754,087.276 5,827,607.702 6,039,705.239 19,541,989.739 JF India X (acc) - USD 1,933,309.331 147,057.830 85,270.848 1,995,096.313

JPMorgan Funds - JF Japan Alpha Plus Fund JF Japan Alpha Plus A (acc) - USD 1,168,316.439 236,654.900 524,964.132 880,007.207 JF Japan Alpha Plus A (dist) - USD 2,386,472.707 - 890,201.733 1,496,270.974 JF Japan Alpha Plus D (acc) - USD 8,084.351 4,750.868 686.000 12,149.219 JPMorgan Funds - JF Japan Equity Fund JF Japan Equity A (acc) - USD 27,629,484.424 5,729,847.609 13,703,982.082 19,655,349.951 JF Japan Equity A (acc) - EUR 559,509.869 81,390.636 430,876.162 210,024.343 JF Japan Equity A (acc) - JPY 3,183,969.279 393,091.909 1,263,597.066 2,313,464.122 JF Japan Equity A (dist) - USD 38,052,750.371 9,205,417.535 20,476,476.836 26,781,691.070 JF Japan Equity A (dist) - GBP 309,902.137 67,818.566 72,583.351 305,137.352 JF Japan Equity B (acc) - USD 1,961,007.027 902,275.734 827,490.893 2,035,791.868 JF Japan Equity C (acc) - USD 6,238,789.679 186,922.710 2,389,449.853 4,036,262.536 JF Japan Equity D (acc) - USD 12,825,840.456 2,107,895.329 5,292,313.101 9,641,422.684 JF Japan Equity D (acc) - EUR 386,748.454 19,057.005 242,057.541 163,747.918 JF Japan Equity I (acc) - USD 6,047,526.635 175,983.437 887,144.419 5,336,365.653 JF Japan Equity J (dist) - USD 3,604,049.932 158,470.068 1,577,525.479 2,184,994.521 JF Japan Equity X (acc) - USD 1,232,669.008 40,236.160 543,634.178 729,270.990

JPMorgan Funds - JF Japan Small Cap Fund JF Japan Small Cap A (acc) - USD 3,332,087.303 1,003,368.820 2,784,773.096 1,550,683.027 JF Japan Small Cap A (dist) - USD 11,451,005.591 8,183,484.750 6,658,454.799 12,976,035.542 JF Japan Small Cap B (acc) - USD 400,669.936 561,238.370 158,438.966 803,469.340 JF Japan Small Cap C (acc) - USD 2,376,527.162 720,000.000 667,805.544 2,428,721.618 JF Japan Small Cap D (acc) - USD 2,029,923.613 158,195.985 858,128.703 1,329,990.895 JF Japan Small Cap X (acc) - USD 3,147,490.170 - 2,145,095.963 1,002,394.207

JPMorgan Funds - JF Korea Equity Fund (4) JPM JF Korea Equity A (acc) - USD - 797,494.086 - 797,494.086 JPM JF Korea Equity A (acc) - EUR - 229,645.455 508.310 229,137.145 JPM JF Korea Equity D (acc) - USD - 100,000.000 - 100,000.000

JPMorgan Funds - JF Pacific Balanced Fund JF Pacific Balanced A (acc) - USD 238,925.383 1,678,432.764 923,118.447 994,239.700 JF Pacific Balanced A (dist) - USD 5,341,840.387 2,894,343.652 3,715,818.551 4,520,365.488 JF Pacific Balanced B (acc) - USD - 505,300.000 - 505,300.000 JF Pacific Balanced D (acc) - USD 1,777,866.786 1,129,938.786 519,614.944 2,388,190.628

JPMorgan Funds - JF Pacific Equity Fund JF Pacific Equity A (acc) - USD 1,584,582.371 3,844,583.620 1,252,312.708 4,176,853.283 JF Pacific Equity A (acc) - EUR 472,520.055 475,362.522 484,962.338 462,920.239 JF Pacific Equity A (dist) - USD 14,502,667.016 993,790.839 3,113,615.844 12,382,842.011 JF Pacific Equity A (dist) - GBP 45,201.722 432.483 679.152 44,955.053 JF Pacific Equity B (acc) - USD 15,679.473 977,109.748 11,134.018 981,655.203 JF Pacific Equity C (acc) - USD 3,721,261.158 2,274,179.992 2,596,791.909 3,398,649.241 JF Pacific Equity D (acc) - USD 2,837,051.351 4,956,947.553 5,407,607.785 2,386,391.119 JF Pacific Equity D (acc) - EUR 46,626.153 2,500.000 2,889.941 46,236.212 JF Pacific Equity I (acc) - USD 3,096,442.665 - 844,136.531 2,252,306.134

JPMorgan Funds - JF Pacific Technology Fund JF Pacific Technology A (acc) - USD 218,152.054 2,507,781.814 1,543,838.185 1,182,095.683 JF Pacific Technology A (dist) - USD 2,728,818.978 1,476,228.698 1,280,886.969 2,924,160.707 JF Pacific Technology A (dist) - GBP 6,574.362 425.914 572.138 6,428.138 JF Pacific Technology B (acc) - USD - 18,884.003 - 18,884.003 JF Pacific Technology D (acc) - USD 293,272.166 236,871.118 179,141.967 351,001.317

21 JPMorgan Funds Statement of Changes in the Number of Shares (continued) For the Period from 1 July 2007 to 31 December 2007

Shares Outstanding Shares Subscribed Shares Redeemed Shares Outstanding at the Beginning at the End of the Period of the Period

JPMorgan Funds - JF Singapore Fund JF Singapore A (acc) - USD 4,871,014.952 3,908,801.616 5,106,389.269 3,673,427.299 JF Singapore A (dist) - USD 10,018,420.534 6,565,527.915 7,035,597.585 9,548,350.864 JF Singapore B (acc) - USD 1,012,393.668 301,996.202 371,236.498 943,153.372 JF Singapore C (acc) - USD 978,679.692 10,733.242 655,608.130 333,804.804 JF Singapore D (acc) - USD 3,443,146.659 1,551,677.603 2,017,110.073 2,977,714.189 JF Singapore I (acc) - USD 2,815,581.493 6,405,885.749 - 9,221,467.242 JF Singapore X (acc) - USD 26,647.112 - - 26,647.112

JPMorgan Funds - JF Taiwan Fund JF Taiwan A (acc) - USD 12,131,269.525 14,389,443.792 12,370,785.886 14,149,927.431 JF Taiwan A (dist) - USD 16,672,424.746 28,242,528.762 24,919,626.263 19,995,327.245 JF Taiwan B (acc) - USD 30,296.352 - - 30,296.352 JF Taiwan C (acc) - USD 650,352.670 255,877.348 359,047.766 547,182.252 JF Taiwan D (acc) - USD 2,077,957.623 911,810.113 1,020,137.565 1,969,630.171 JF Taiwan I (acc) - USD 13,679,303.195 4,349,704.216 2,659,122.361 15,369,885.050 JF Taiwan X (acc) - USD 137,846.885 - - 137,846.885

JPMorgan Funds - JF Tokyo Alpha Plus Fund JF Tokyo Alpha Plus A (acc) - JPY 5,411,056.343 1,542,626.846 5,453,729.408 1,499,953.781 JF Tokyo Alpha Plus A (dist) - JPY 1,957,506.667 157,310.624 1,881,888.686 232,928.605

JPMorgan Funds - Latin America Equity Fund JPM Latin America Equity A (acc) - USD 5,293,247.986 9,358,858.075 7,938,157.392 6,713,948.669 JPM Latin America Equity A (dist) - USD 8,876,389.837 5,056,842.570 4,845,847.879 9,087,384.528 JF Latin America Equity A (dist) - USD 6,398,082.075 11,666,349.966 9,613,229.501 8,451,202.540 JPM Latin America Equity B (acc) - USD 2,646,728.225 286,439.914 1,082,333.067 1,850,835.072 JPM Latin America Equity C (acc) - USD 1,752,290.374 2,006,514.782 1,555,019.549 2,203,785.607 JPM Latin America Equity D (acc) - USD 4,835,423.310 2,725,962.880 1,934,325.155 5,627,061.035 JPM Latin America Equity I (acc) - USD 24,322,260.984 6,795,554.150 930,072.256 30,187,742.878 JPM Latin America Equity X (acc) - USD 2,670,787.978 455,004.216 560,746.175 2,565,046.019

JPMorgan Funds - Middle East Equity Fund JPM Middle East Equity A (acc) - USD 2,030,248.251 4,701,870.717 1,735,438.315 4,996,680.653 JPM Middle East Equity A (dist) - USD 8,616,103.551 10,555,558.073 5,160,633.224 14,011,028.400 JPM Middle East Equity B (acc) - USD 560,810.234 143,422.372 248,966.585 455,266.021 JPM Middle East Equity D (acc) - USD 3,135,784.213 1,300,682.533 1,267,735.044 3,168,731.702

JPMorgan Funds - Russia Fund JPM Russia A (acc) - USD 5,742,019.484 16,103,226.540 7,467,658.304 14,377,587.720 JPM Russia A (dist) - USD 5,960,202.819 6,606,076.755 4,235,852.011 8,330,427.563 JPM Russia B (acc) - USD 962,540.079 2,674,262.923 830,508.056 2,806,294.946 JPM Russia C (acc) - USD - 2,096,074.001 3,450.001 2,092,624.000 JPM Russia D (acc) - USD 5,081,896.575 6,300,151.534 4,156,088.272 7,225,959.837 JPM Russia I (acc) - USD - 12,196,714.082 - 12,196,714.082 JPMorgan Funds - Sterling Bond Fund JPM Sterling Bond A (acc) - GBP 599,456.246 147,927.823 407,881.868 339,502.201 JPM Sterling Bond A (dist) - GBP 153,538,499.591 2,185,239.673 19,150,637.384 136,573,101.880 JPM Sterling Bond D (acc) - GBP 1,231,058.596 165,414.969 449,612.607 946,860.958 JPM Sterling Bond X (acc) - GBP 96,462.929 - 27,912.964 68,549.965

JPMorgan Funds - UK Equity Fund JPM UK Equity A (acc) - GBP 3,986,802.894 562,332.303 2,932,254.572 1,616,880.625 JPM UK Equity A (dist) - GBP 28,776,130.087 3,676,083.891 15,078,623.658 17,373,590.320 JPM UK Equity C (acc) - GBP 2,297,109.382 425,303.223 416,185.257 2,306,227.348 JPM UK Equity D (acc) - GBP 5,647,377.766 94,497.944 4,454,028.939 1,287,846.771

JPMorgan Funds - US 130/30 Fund (5) JPM US 130/30 A (acc) - USD - 344,885.579 7,348.872 337,536.707 JPM US 130/30 A (acc) - EUR (hedged) - 289,282.467 2,861.925 286,420.542 JPM US 130/30 D (acc) - USD - 269,528.493 149.451 269,379.042 JPM US 130/30 D (acc) - EUR (hedged) - 264,903.639 1,753.663 263,149.976 JPM US 130/30 X (acc) - USD - 230,425.830 - 230,425.830

JPMorgan Funds - US Aggregate Bond Fund JPM US Aggregate Bond A (acc) - USD 1,820,355.397 11,582,643.023 2,573,336.036 10,829,662.384 JPM US Aggregate Bond A (dist) - USD 6,898,969.081 6,668,225.166 7,392,544.603 6,174,649.644 JPM US Aggregate Bond B (acc) - USD 1,759,737.185 24,198.731 - 1,783,935.916 JPM US Aggregate Bond C (acc) - USD 2,016,264.732 2,316,843.694 1,083,133.604 3,249,974.822 JPM US Aggregate Bond D (acc) - USD 1,693,954.341 1,903,124.360 1,701,200.750 1,895,877.951 JPM US Aggregate Bond X (acc) - USD 8,735,947.234 5,744,635.459 3,330,449.827 11,150,132.866

JPMorgan Funds - US Dynamic Fund JPM US Dynamic A (acc) - USD 143,261,125.337 17,282,428.005 80,202,183.027 80,341,370.315 JPM US Dynamic A (acc) - EUR 12,660,864.667 1,624,568.161 5,400,248.493 8,885,184.335 JPM US Dynamic A (dist) - USD 149,804,709.411 20,827,752.500 78,521,082.363 92,111,379.548 JPM US Dynamic B (acc) - USD 8,481,744.694 507,886.488 4,778,164.328 4,211,466.854 JPM US Dynamic C (acc) - USD 77,489,094.609 4,805,400.030 40,180,799.401 42,113,695.238 JPM US Dynamic D (acc) - USD 9,950,985.050 1,890,846.291 4,522,713.007 7,319,118.334 JPM US Dynamic D (acc) - EUR 93,162.319 40,341.775 34,978.665 98,525.429 JPM US Dynamic I (acc) - USD 9,774,094.418 10,457,764.664 11,867,419.182 8,364,439.900 JPM US Dynamic I (acc) - EUR 32,407,618.093 3,413,985.490 8,038,585.209 27,783,018.374 JPM US Dynamic X (acc) - USD 24,900,201.909 489,668.399 12,023,139.682 13,366,730.626

JPMorgan Funds - US Select 130/30 Fund (6) JPM US Select 130/30 A (acc) - USD - 23,803,686.670 1,502,356.497 22,301,330.173 JPM US Select 130/30 A (acc) - EUR (hedged) - 2,888,031.839 302,716.430 2,585,315.409 JPM US Select 130/30 A (dist ) - USD - 1,959,574.395 170,447.645 1,789,126.750 JPM US Select 130/30 C (acc) - USD - 7,378,752.400 421,782.623 6,956,969.777 JPM US Select 130/30 D (acc) - USD - 346,016.404 259,196.549 86,819.855 JPM US Select 130/30 D (acc) - EUR (hedged) - 596,065.906 509,349.476 86,716.430 JPM US Select 130/30 X (acc) - USD - 17,617,589.387 231,705.096 17,385,884.291

22 JPMorgan Funds Statement of Changes in the Number of Shares (continued) For the Period from 1 July 2007 to 31 December 2007

Shares Outstanding Shares Subscribed Shares Redeemed Shares Outstanding at the Beginning at the End of the Period of the Period

JPMorgan Funds - US Small Cap Growth Fund JPM US Small Cap Growth A (acc) - USD 247,401.752 1,280,142.479 1,276,317.348 251,226.883 JPM US Small Cap Growth A (dist) - USD 474,191.237 38,723.979 78,910.802 434,004.414 JPM US Small Cap Growth A (dist) - GBP 150.903 854.644 854.644 150.903 JPM US Small Cap Growth B (acc) - USD - 77,159.748 - 77,159.748 JPM US Small Cap Growth D (acc) - USD 1,986,086.238 103,704.713 966,718.944 1,123,072.007

JPMorgan Funds - US Strategic Growth Fund JPM US Strategic Growth A (acc) - USD 11,130,631.323 10,467,437.691 9,649,045.437 11,949,023.577 JPM US Strategic Growth A (acc) - EUR (hedged) 3,375,084.945 5,142,439.600 3,622,042.036 4,895,482.509 JPM US Strategic Growth A (dist) - USD 31,032,613.212 23,735,195.733 20,454,967.955 34,312,840.990 JPM US Strategic Growth A (dist) - GBP 3,954.670 21,640.225 3,815.720 21,779.175 JPM US Strategic Growth B (acc) - USD 1,735,426.034 1,185,907.745 789,496.356 2,131,837.423 JPM US Strategic Growth C (acc) - USD 2,972,578.845 701,914.148 249,934.514 3,424,558.479 JPM US Strategic Growth C (acc) - EUR (hedged) - 259,883.373 - 259,883.373 JPM US Strategic Growth D (acc) - USD 436,263.924 275,879.062 191,568.978 520,574.008 JPM US Strategic Growth D (acc) - EUR (hedged) 26,490.066 43,309.799 18,936.737 50,863.128 JPM US Strategic Growth X (acc) - USD 8,617,309.686 3,072,158.540 383,297.858 11,306,170.368

JPMorgan Funds - US Technology Fund JPM US Technology A (acc) - USD 388,244.856 3,733,200.592 2,204,869.410 1,916,576.038 JPM US Technology A (dist) - GBP 33,371.059 411.890 2,947.885 30,835.064 JPM US Technology A (dist) - USD 7,506,545.980 12,890,578.081 1,764,032.777 18,633,091.284 JF US Technology A (dist) - USD 3,935,202.391 7,059,812.337 2,627,938.755 8,367,075.973 JPM US Technology D (acc) - USD 2,796,854.394 3,996,255.633 3,692,641.231 3,100,468.796 JPM US Technology I (acc) - USD - 900,000.000 - 900,000.000 JPM US Technology X (acc) - USD - 3,084,498.359 - 3,084,498.359

JPMorgan Funds - US Value Fund JPM US Value A (acc) - USD 27,746,806.522 5,277,182.385 18,347,580.279 14,676,408.628 JPM US Value A (acc) - EUR (hedged) 1,442,636.034 1,019,046.743 1,208,600.266 1,253,082.511 JPM US Value A (dist) - USD 54,218,371.671 5,845,777.683 25,896,423.920 34,167,725.434 JPM US Value A (dist) - GBP 58,596.671 7,306.401 15,081.330 50,821.742 JF US Value A (dist) - USD 178,063.555 35,866.138 132,843.366 81,086.327 JPM US Value B (acc) - USD 505,584.866 - 483,476.145 22,108.721 JPM US Value C (acc) - USD 14,466,805.702 1,078,493.119 6,964,157.633 8,581,141.188 JPM US Value D (acc) - USD 6,939,158.126 1,358,670.729 2,726,606.115 5,571,222.740 JPM US Value D (acc) - EUR (hedged) 239,224.571 280,476.828 284,538.358 235,163.041 JPM US Value X (acc) - USD 7,707,216.974 331,545.000 1,005,920.787 7,032,841.187

The accompanying notes form an integral part of these Financial Statements. 23 JPMorgan Funds Statistical Information (continued)

Net Asset Value per Share in Share Class Currency

31 December 30 June 30 June 30 June 30 June 30 June 2007 2007 2006 2005 2004 2003

JPMorgan Funds - America Equity Fund JPM America Equity A (acc) - USD 12.37 13.02 10.35 10.11 - - JPM America Equity A (acc) - EUR (hedged) - 11.28 ---- JPM America Equity A (dist) - USD 94.10 99.09 78.70 77.43 71.71 62.92 JF America Equity A (dist) - USD 50.49 53.17 42.23 41.53 38.55 33.91 JPM America Equity B (acc) - USD 13.81 14.50 11.43 11.09 - - JPM America Equity C (acc) - USD 14.01 14.67 11.53 11.13 - - JPM America Equity D (acc) - USD 11.73 12.39 9.92 9.76 9.12 8.05 JPM America Equity D (acc) - EUR 7.64 8.78 7.42--- JPM America Equity D (acc) - EUR (hedged) - 11.26 ---- JPM America Equity X (acc) - USD 13.30 13.88 10.83 10.39 - -

JPMorgan Funds - America Large Cap Fund JPM America Large Cap A (acc) - USD 12.70 12.68 10.63 10.05 8.65 7.67 JPM America Large Cap A (dist) - USD 11.30 11.29 9.47 9.04 - - JPM America Large Cap B (acc) - USD 12.05 11.99 10.00--- JPM America Large Cap D (acc) - USD 10.28 10.30 8.71 8.30 8.02 7.14

JPMorgan Funds - America Micro Cap Fund JPM America Micro Cap A (acc) - USD 11.19 12.84 11.64 10.33 - - JPM America Micro Cap A (dist) - USD 113.74 130.55 118.35 105.08 92.77 69.23 JF America Micro Cap A (dist) - USD 16.69 19.15 17.37 15.42 13.42 10.16 JPM America Micro Cap D (acc) - USD 15.89 18.33 16.78 15.05 13.61 10.07 JPM America Micro Cap X (acc) - USD - 13.82 12.29 10.72 - -

JPMorgan Funds - Brazil Alpha Plus Fund (1) JPM Brazil Alpha Plus A (acc) - USD 10.25 ----- JPM Brazil Alpha Plus D (acc) - USD 10.24 ----- JPM Brazil Alpha Plus I (acc) - USD 10.28 -----

JPMorgan Funds - Eastern Europe Equity Fund JPM Eastern Europe Equity A (acc) - EUR 26.04 22.69 16.87 10.96 - - JPM Eastern Europe Equity A (dist) - EUR 64.36 56.17 42.84 27.93 21.54 16.57 JF Eastern Europe Equity A (dist) - EUR 43.06 37.55 28.58 18.63 14.37 11.05 JPM Eastern Europe Equity B (acc) - EUR 16.05 10.72 9.66--- JPM Eastern Europe Equity C (acc) - EUR 25.15 21.83 16.05 10.33 - - JPM Eastern Europe Equity D (acc) - EUR 45.58 39.92 29.96 19.66 15.31 11.85 JPM Eastern Europe Equity I (acc) - EUR 16.51 14.33 10.56--- JPM Eastern Europe Equity X (acc) - EUR 29.30 25.31 18.49 11.80 - -

JPMorgan Funds - Emerging Europe, Middle East and Africa Equity Fund JPM Emerging Europe, Middle East and Africa Equity A (acc)- USD 26.13 22.14 15.67 10.40 - - JPM Emerging Europe, Middle East and Africa Equity A (dist) - USD 76.46 64.84 46.84 31.30 24.37 17.07 JPM Emerging Europe, Middle East and Africa Equity B (acc) - USD 16.05 13.57 9.57 12.67 - - JPM Emerging Europe, Middle East and Africa Equity C (acc) - USD 27.49 23.20 16.27 10.70 - - JPM Emerging Europe, Middle East and Africa Equity D (acc) - USD 56.54 48.15 34.42 23.07 18.41 13.01 JPM Emerging Europe, Middle East and Africa Equity I (acc) - USD 18.13 15.30 10.73--- JPM Emerging Europe, Middle East and Africa Equity X (acc) - USD - - 9.77 10.49 - -

JPMorgan Funds - Emerging Markets Alpha Plus Fund JPM Emerging Markets Alpha Plus A (acc) - USD 15.92 14.17 ---- JPM Emerging Markets Alpha Plus A (dist) - USD 15.90 14.17 ---- JPM Emerging Markets Alpha Plus D (acc) - USD 15.81 14.15 ----

JPMorgan Funds - Emerging Markets Debt Fund JPM Emerging Markets Debt A (acc) - EUR 10.17 10.29 11.59 10.82 - - JPM Emerging Markets Debt A (dist) - EUR 9.33 10.21 12.90 13.36 11.43 14.14 JPM Emerging Markets Debt C (acc) - EUR 12.01 9.99 ---- JPM Emerging Markets Debt D (acc) - EUR 9.92 12.19 13.83 13.01 11.03 13.23 JPM Emerging Markets Debt I (inc) - EUR 9.89 9.97 ---- JPM Emerging Markets Debt X (acc) - EUR 9.72 9.77 ----

JPMorgan Funds - Emerging Markets Equity Fund JPM Emerging Markets Equity A (acc) - USD 25.32 21.35 14.59 10.79 - - JPM Emerging Markets Equity A (acc) - EUR 13.74 12.60 9.11--- JPM Emerging Markets Equity A (dist) - USD 36.45 30.84 21.53 16.11 11.67 8.57 JPM Emerging Markets Equity A (dist) - GBP 30.45 25.56 19.12 14.88 10.63 8.61 JPM Emerging Markets Equity B (acc) - USD 26.82 22.56 15.36 11.32 - - JPM Emerging Markets Equity C (acc) - USD 26.28 22.06 14.95 10.97 - - JPM Emerging Markets Equity D (acc) - USD 40.68 34.47 23.79 17.78 12.92 9.52 JPM Emerging Markets Equity D (acc) - EUR 10.07 9.28 6.78--- JPM Emerging Markets Equity I (acc) - USD 17.58 14.76 ---- JPM Emerging Markets Equity I (inc) - EUR 11.71 10.85 7.81--- JPM Emerging Markets Equity X (acc) - USD 29.44 24.61 16.54 12.02 - - JPM Emerging Markets Equity X (inc) - EUR 12.69 11.75 8.53---

JPMorgan Funds - Emerging Markets Small Cap Fund (2) JPM Emerging Markets Small Cap A (acc) - USD 10.08 ----- JPM Emerging Markets Small Cap A (acc) - EUR 6.86 ----- JPM Emerging Markets Small Cap A (dist) - GBP 5.06 ----- JPM Emerging Markets Small Cap C (acc)- USD* ------JPM Emerging Markets Small Cap D (acc)- USD 10.06 -----

JPMorgan Funds - Euro Liquid Reserve Fund JPM Euro Liquid Reserve A (acc) - EUR 102.78 100.98 10.02--- JPM Euro Liquid Reserve D (acc) - EUR 104.17 102.39 ----

JPMorgan Funds - Euroland Equity Fund JPM Euroland Equity A (acc) - EUR 15.24 16.66 13.04 10.69 - - JPM Euroland Equity A (dist) - EUR 53.06 59.30 47.29 39.46 32.76 27.18 JPM Euroland Equity A (inc) - EUR 9.42 ----- JF Euroland Equity A (dist) - USD 13.91 14.29 10.77 8.48 7.11 5.53 JPM Euroland Equity C (acc) - EUR 18.32 19.92 15.42 12.51 - - JPM Euroland Equity D (acc) - EUR 11.95 13.11 10.34 8.54 7.22 6.01 JPM Euroland Equity I (acc) - EUR 11.89 12.92 ---- JPM Euroland Equity X (acc) - EUR 9.79 ----- 24 JPMorgan Funds Statistical Information (continued)

Net Asset Value per Share in Share Class Currency

31 December 30 June 30 June 30 June 30 June 30 June 2007 2007 2006 2005 2004 2003

JPMorgan Funds - Euroland Select Equity Fund (3) JPM Euroland Select Equity A (acc) - EUR 9.44 ----- JPM Euroland Select Equity D (acc) - EUR 9.41 ----- JPM Euroland Select Equity X (acc) - EUR 10.06 -----

JPMorgan Funds - Europe 130/30 Fund JPM Europe 130/30 A (acc) - EUR 9.29 10.09 ---- JPM Europe 130/30 A (acc) - USD 14.95 ----- JPM Europe 130/30 A (dist) - EUR 9.14 ----- JPM Europe 130/30 A (dist) - GBP 6.74 ----- JPM Europe 130/30 D (acc) - EUR 9.24 10.09 ---- JPM Europe 130/30 D (acc) - USD 14.95 ----- JPM Europe 130/30 X (acc) - EUR 9.96 -----

JPMorgan Funds - Europe Aggregate Plus Bond Fund JPM Europe Aggregate Plus Bond A (acc) - EUR 10.04 10.13 10.01 10.31 - - JPM Europe Aggregate Plus Bond A (inc) - EUR 5.72 6.02 6.23 6.67 6.38 6.53 JPM Europe Aggregate Plus Bond B (acc) - EUR 10.17 10.24 10.09 10.36 - - JPM Europe Aggregate Plus Bond C (acc) - EUR 9.81 9.86 ---- JPM Europe Aggregate Plus Bond D (acc) - EUR 10.36 10.46 10.38 10.73 11.35 11.71 JPM Europe Aggregate Plus Bond X (acc) - EUR 9.85 9.88 ----

JPMorgan Funds - Europe Balanced Fund (EUR) JPM Europe Balanced (EUR) A (acc) - EUR 12.05 12.58 11.37 10.45 - - JPM Europe Balanced (EUR) A (dist) - EUR 7.97 8.46 7.88 7.39 6.83 6.42 JPM Europe Balanced (EUR) B (acc) - EUR 9.90 ----- JPM Europe Balanced (EUR) D (acc) - EUR 11.77 12.32 11.18 10.33 9.55 8.98

JPMorgan Funds - Europe Convergence Equity Fund JPM Europe Convergence Equity A (acc) - EUR 19.95 20.45 13.40 10.93 - - JPM Europe Convergence Equity A (dist) - EUR 30.31 31.39 20.77 17.03 11.49 8.03 JPM Europe Convergence Equity C (acc) - EUR 17.15 17.50 11.45 10.83 - - JPM Europe Convergence Equity D (acc) - EUR 36.00 37.09 24.54 20.22 13.78 9.69

JPMorgan Funds - Europe Dynamic Fund JPM Europe Dynamic A (acc) - EUR 16.55 17.91 13.89 10.76 9.06 7.51 JPM Europe Dynamic A (dist) - EUR 16.20 17.74 14.02 10.99 - - JPM Europe Dynamic A (dist) - GBP 18.07 18.08 14.68 11.27 9.26 8.54 JF Europe Dynamic A (dist) - EUR 18.42 20.19 15.94 12.49 10.34 - JPM Europe Dynamic B (acc) - EUR 19.68 21.24 16.41 12.66 - - JPM Europe Dynamic C (acc) - EUR 20.00 21.53 16.55 12.71 - - JPM Europe Dynamic D (acc) - EUR 16.18 17.59 13.78 10.78 8.93 7.43 JPM Europe Dynamic D (acc) - USD 26.49 26.48 19.62 14.52 - - JPM Europe Dynamic I (acc) - EUR - 13.24 ---- JPM Europe Dynamic X (acc) - EUR 20.25 21.71 16.55 12.60 - -

JPMorgan Funds - Europe Dynamic Mega Cap Fund JPM Europe Dynamic Mega Cap A (acc) - EUR 13.16 14.01 11.17--- JPM Europe Dynamic Mega Cap A (acc) - USD 14.79 ----- JPM Europe Dynamic Mega Cap A (dist) - EUR 11.00 11.91 9.51--- JPM Europe Dynamic Mega Cap A (inc) - EUR 11.31 12.20 9.74--- JPM Europe Dynamic Mega Cap B (acc) - EUR 11.51 12.23 9.71--- JPM Europe Dynamic Mega Cap C (acc) - EUR 12.50 13.26 10.48--- JPM Europe Dynamic Mega Cap D (acc) - EUR 11.85 12.69 10.21--- JPM Europe Dynamic Mega Cap D (acc) - USD 14.27 ----- JPM Europe Dynamic Mega Cap I (acc) - EUR 11.71 12.41 ---- JPM Europe Dynamic Mega Cap X (acc) - EUR 12.45 13.14 10.30---

JPMorgan Funds - Europe Dynamic Small Cap Fund JPM Europe Dynamic Small Cap A (acc) - EUR 20.97 24.82 17.45 12.19 - - JPM Europe Dynamic Small Cap A (dist) - EUR 12.90 15.27 10.76--- JPM Europe Dynamic Small Cap D (acc) - EUR 13.79 16.42 11.65--- JPM Europe Dynamic Small Cap X (acc) - EUR 13.35 15.72 10.87---

JPMorgan Funds - Europe Equity Fund JPM Europe Equity A (acc) - EUR 13.76 15.52 12.71 10.54 - - JPM Europe Equity A (acc) - USD 19.37 20.08 15.56 12.37 10.72 8.35 JPM Europe Equity A (dist) - EUR 46.70 53.65 44.85 37.79 32.40 26.83 JF Europe Equity A (dist) - USD 55.53 58.63 46.30 36.79 31.82 24.71 JPM Europe Equity B (acc) - EUR 16.08 18.08 14.72 12.14 - - JPM Europe Equity C (acc) - EUR 16.34 18.32 14.85 12.18 - - JPM Europe Equity D (acc) - EUR 11.27 12.75 10.53 8.79 7.57 6.28 JPM Europe Equity D (acc) - USD 16.14 16.79 13.11--- JPM Europe Equity I (acc) - EUR 11.01 12.34 ---- JPM Europe Equity I (inc) - EUR 8.91 10.16 ---- JPM Europe Equity X (acc) - EUR 16.38 18.30 14.73 12.00 - -

JPMorgan Funds - Europe Focus Fund JPM Europe Focus A (acc) - EUR 10.99 12.39 9.56--- JPM Europe Focus A (acc) - USD 14.92 ----- JPM Europe Focus A (dist) - EUR 10.22 11.61 ---- JPM Europe Focus C (acc) - EUR 10.00 10.48 ---- JPM Europe Focus D (acc) - EUR 10.80 12.23 9.53--- JPM Europe Focus D (acc) - USD 14.92 ----- JPM Europe Focus X (acc) - EUR 9.49 10.60 ----

JPMorgan Funds - Europe High Yield Bond Fund JPM Europe High Yield Bond A (acc) - EUR 10.81 11.38 10.56 10.06 - - JPM Europe High Yield Bond A (dist) - EUR 2.68 3.00 2.98 3.03 3.05 3.10 JPM Europe High Yield Bond C (acc) - EUR 10.01 ----- JPM Europe High Yield Bond D (acc) - EUR 7.19 7.58 7.08 6.78 7.61 7.70 JPM Europe High Yield Bond X (acc) - EUR 9.59 -----

25 JPMorgan Funds Statistical Information (continued)

Net Asset Value per Share in Share Class Currency

31 December 30 June 30 June 30 June 30 June 30 June 2007 2007 2006 2005 2004 2003

JPMorgan Funds - Europe Micro Cap Fund JPM Europe Micro Cap A (acc) - EUR 13.46 17.45 11.56--- JPM Europe Micro Cap A (dist) - EUR 13.54 17.55 11.66--- JPM Europe Micro Cap D (acc) - EUR 12.97 16.90 11.29---

JPMorgan Funds - Europe Select 130/30 Fund JPM Europe Select 130/30 A (acc) - EUR 9.00 10.06 ---- JPM Europe Select 130/30 A (acc) - USD 14.88 ----- JPM Europe Select 130/30 A (dist) - GBP 6.52 ----- JPM Europe Select 130/30 D (acc) - EUR 8.96 10.06 ---- JPM Europe Select 130/30 D (acc) - USD 14.88 ----- JPM Europe Select 130/30 X (acc) - EUR 9.52 -----

JPMorgan Funds - Europe Small Cap Fund JPM Europe Small Cap A (acc) - EUR 15.82 18.98 14.34 10.97 - - JPM Europe Small Cap A (dist) - EUR 45.34 54.43 41.42 31.92 24.31 18.31 JPM Europe Small Cap A (dist) - GBP 16.52 18.20 14.24 10.73 8.16 6.35 JF Europe Small Cap A (dist) - EUR 13.36 16.04 12.21 9.41 7.16 5.39 JPM Europe Small Cap B (acc) - EUR 16.87 20.21 15.20 11.51 - - JPM Europe Small Cap C (acc) - EUR 17.15 20.50 15.34 11.63 - - JPM Europe Small Cap D (acc) - EUR 12.89 15.55 11.87 9.17 7.01 5.31 JPM Europe Small Cap I (acc) - EUR 11.18 13.36 ---- JPM Europe Small Cap X (acc) - EUR 19.13 22.76 16.89 12.70 - - JPMorgan Funds - Europe Strategic Growth Fund JPM Europe Strategic Growth A (acc) - EUR 15.54 16.87 13.18 10.68 - - JPM Europe Strategic Growth A (dist) - EUR 9.80 10.72 8.48 6.93 5.89 4.86 JPM Europe Strategic Growth A (dist) - GBP 13.49 13.45 10.94 8.77 7.43 6.33 JPM Europe Strategic Growth B (acc) - EUR 18.33 19.83 15.40 12.40 - - JPM Europe Strategic Growth C (acc) - EUR 15.77 17.03 13.18 10.57 - - JPM Europe Strategic Growth D (acc) - EUR 10.52 11.46 9.02 7.36 6.31 5.21 JPM Europe Strategic Growth I (acc) - EUR 12.55 13.55 ---- JPM Europe Strategic Growth I (inc) - EUR 12.80 13.97 10.81--- JPM Europe Strategic Growth X (acc) - EUR 17.82 19.17 14.71 11.72 - -

JPMorgan Funds - Europe Strategic Value Fund JPM Europe Strategic Value A (acc) - EUR 13.62 15.67 12.75 10.58 - - JPM Europe Strategic Value A (dist) - EUR 17.01 19.92 16.47 13.91 11.82 9.56 JPM Europe Strategic Value A (dist) - GBP 19.16 20.48 17.32 14.38 12.33 10.31 JPM Europe Strategic Value B (acc) - EUR 16.09 18.46 14.93 12.32 - - JPM Europe Strategic Value C (acc) - EUR 16.28 18.64 15.02 12.34 - - JPM Europe Strategic Value D (acc) - EUR 16.09 18.59 15.24 12.74 10.85 8.79 JPM Europe Strategic Value I (acc) - EUR 10.84 12.42 ---- JPM Europe Strategic Value I (inc) - EUR 11.23 13.20 10.65--- JPM Europe Strategic Value X (acc) - EUR 15.71 17.92 14.33 11.69 - -

JPMorgan Funds - Europe Technology Fund JPM Europe Technology A (acc) - EUR 14.30 15.62 11.99 10.46 - - JPM Europe Technology A (dist) - EUR 9.53 10.42 8.09 7.06 7.21 4.71 JPM Europe Technology A (dist) - GBP 6.76 6.75 5.39 4.58 4.66 3.15 JF Europe Technology A (dist) - EUR 5.18 5.66 4.41 3.84 3.92 2.56 JPM Europe Technology D (acc) - EUR 5.17 5.68 4.40 3.88 4.00 2.63 JPM Europe Technology X (acc) - EUR 9.68 -----

JPMorgan Funds - Germany Equity Fund JPM Germany Equity A (acc) - EUR 18.18 18.59 12.95 10.64 - - JPM Germany Equity A (dist) - EUR 10.10 10.48 7.43 6.20 5.43 4.40 JF Germany Equity A (dist) - EUR 25.60 26.54 18.82 15.69 13.64 11.03 JPM Germany Equity B (acc) - EUR 10.03 ----- JPM Germany Equity D (acc) - EUR 3.41 3.50 2.46 2.04 1.79 1.47 JPM Germany Equity X (acc) - EUR 10.21 -----

JPMorgan Funds - Global Aggregate Bond Fund JPM Global Aggregate Bond A (acc) - USD 10.76 10.22 9.83 9.90 - - JPM Global Aggregate Bond A (dist) - USD 12.60 12.44 13.96 14.50 14.25 14.04 JPM Global Aggregate Bond B (acc) - USD - - 9.68 9.72 - - JPM Global Aggregate Bond C (acc) - USD 10.72 10.15 9.71 9.75 - - JPM Global Aggregate Bond D (acc) - USD 13.39 12.75 12.31 12.44 12.20 12.08 JPM Global Aggregate Bond X (acc) - USD - 10.31 9.81 9.79 - -

JPMorgan Funds - Global Convertibles Fund (EUR) JPM Global Convertibles (EUR) A (acc) - EUR 12.83 12.66 11.28 10.13 - - JPM Global Convertibles (EUR) A (dist) - EUR 11.52 11.37 10.13 9.09 9.51 8.82 JF Global Convertibles (EUR) A (dist) - USD 19.28 17.52 14.80 12.60 13.24 11.43 JPM Global Convertibles (EUR) B (acc) - EUR 13.13 12.93 11.48 10.24 - - JPM Global Convertibles (EUR) C (acc) - EUR 13.35 13.13 11.61 10.35 - - JPM Global Convertibles (EUR) D (acc) - EUR 11.35 11.23 10.06 9.07 9.47 8.77 JPM Global Convertibles (EUR) I (acc) - EUR 10.65 10.47 ---- JPM Global Convertibles (EUR) I (inc) - EUR 10.46 10.55 ---- JPM Global Convertibles (EUR) X (acc) - EUR 13.60 13.32 11.69 10.33 - -

26 JPMorgan Funds Statistical Information (continued)

Net Asset Value per Share in Share Class Currency

31 December 30 June 30 June 30 June 30 June 30 June 2007 2007 2006 2005 2004 2003

JPMorgan Funds - Global Dynamic Fund JPM Global Dynamic A (acc) - USD 15.46 15.38 12.18 10.20 - - JPM Global Dynamic A (acc) - EUR 7.87 8.52 ---- JPM Global Dynamic A (acc) - EUR (hedged)* ------JPM Global Dynamic A (dist) - USD 18.47 18.51 14.76 12.47 10.95 8.94 JPM Global Dynamic A (dist) - GBP 13.30 13.24 11.48 10.05 8.73 7.85 JPM Global Dynamic A (inc) - EUR 8.24 8.99 7.55--- JF Global Dynamic A (dist) - USD 17.16 17.19 13.71 11.58 10.18 - JPM Global Dynamic B (acc) - USD 18.14 18.01 14.21 11.85 - - JPM Global Dynamic C (acc) - USD 18.47 18.29 14.35 11.90 - - JPM Global Dynamic C (acc) - EUR 6.82 9.91 ---- JPM Global Dynamic D (acc) - EUR 7.88 8.57 7.25--- JPM Global Dynamic D (acc) - EUR (hedged)* ------JPM Global Dynamic D (acc) - USD 17.88 17.88 14.31 12.10 10.73 8.82 JPM Global Dynamic I (acc) - USD 10.29 10.19 ---- JPM Global Dynamic X (acc) - USD 17.14 16.91 13.16 10.82 - - JPM Global Dynamic X (acc) - EUR 7.73 11.20 ----

JPMorgan Funds - Global Equity Fund (EUR) JPM Global Equity (EUR) A (acc) - EUR 12.91 13.26 11.73 10.42 - - JPM Global Equity (EUR) A (dist) - EUR 56.39 58.31 51.57 46.32 44.43 39.56 JPM Global Equity (EUR) C (acc) - EUR 12.65 12.91 11.29--- JPM Global Equity (EUR) D (acc) - EUR 7.79 8.03 7.16 6.41 6.18 5.54

JPMorgan Funds - Global Equity Fund (USD) JPM Global Equity (USD) A (acc) - USD 13.87 13.64 11.77 10.15 - - JPM Global Equity (USD) A (dist) - USD 27.30 27.07 23.51 20.43 18.56 15.50 JF Global Equity (USD) A (dist) - USD 47.65 47.24 41.04 35.64 32.39 27.04 JPM Global Equity (USD) B (acc) - USD - - 10.30--- JPM Global Equity (USD) C (acc) - USD 15.76 15.42 13.16 11.23 - - JPM Global Equity (USD) D (acc) - USD 12.32 12.16 10.57 9.19 8.41 7.06 JPM Global Equity (USD) X (acc) - USD 11.95 11.65 9.87---

JPMorgan Funds - Global Focus Fund JPM Global Focus A (acc) - EUR 15.09 16.84 13.25 11.10 - - JPM Global Focus A (acc) - EUR (hedged)* ------JPM Global Focus A (dist) - EUR 20.46 22.95 18.14 15.26 13.35 11.00 JF Global Focus A (dist) - USD 15.32 15.78 ---- JPM Global Focus C (acc) - EUR 11.56 12.84 10.02--- JPM Global Focus D (acc) - EUR 19.97 22.39 17.80 15.06 13.26 11.00 JPM Global Focus D (acc) - EUR (hedged)* ------JPM Global Focus X (acc) - EUR 16.98 18.78 14.53 11.95 - -

JPMorgan Funds - Global Life Sciences Fund JPM Global Life Sciences A (acc) - USD 12.10 12.19 11.35 10.71 - - JPM Global Life Sciences A (dist) - USD 7.90 7.96 7.40 6.99 7.50 6.18 JPM Global Life Sciences A (dist) - GBP 3.99 3.99 4.03 3.92 4.16 3.78 JF Global Life Sciences A (dist) - USD 5.43 5.47 ---- JPM Global Life Sciences D (acc) - USD 5.08 5.14 4.83 4.61 5.00 4.14

JPMorgan Funds - Global Natural Resources Fund JPM Global Natural Resources A (acc) - EUR 24.12 23.52 16.78 11.32 - - JPM Global Natural Resources A (acc) - USD 21.70 19.45 ---- JPM Global Natural Resources A (dist) - EUR 20.77 20.26 14.46 9.75 - - JPM Global Natural Resources B (acc) - EUR 14.71 14.31 10.17--- JPM Global Natural Resources C (acc) - EUR 21.36 20.73 14.65 9.80 - - JPM Global Natural Resources C (acc) - USD 17.04 15.20 ---- JPM Global Natural Resources D (acc) - EUR 16.74 16.41 11.82--- JPM Global Natural Resources D (acc) - USD 15.29 13.78 ---- JPM Global Natural Resources X (acc) - EUR 24.40 23.58 16.53 10.96 - -

JPMorgan Funds - Global Real Estate Securities Fund (EUR) JPM Global Real Estate Securities A (acc) - EUR 9.87 11.43 ---- JPM Global Real Estate Securities A (inc) - EUR 9.72 11.42 ---- JPM Global Real Estate Securities C (acc) - EUR 8.25 9.50 ---- JPM Global Real Estate Securities D (acc) - EUR 9.77 11.35 ---- JPM Global Real Estate Securities X (acc) - EUR 8.31 9.53 ----

JPMorgan Funds - Global Real Estate Securities Fund (USD) JPM Global Real Estate Securities A (acc) - USD 10.34 11.64 ---- JPM Global Real Estate Securities D (acc) - USD 10.23 11.57 ---- JPM Global Real Estate Securities X (acc) - USD 9.93 11.09 ----

JPMorgan Funds - Global Socially Responsible Fund JPM Global Socially Responsible A (acc) - USD 13.88 14.03 11.47 10.05 - - JPM Global Socially Responsible A (dist) - USD 8.53 8.62 7.05 6.23 5.79 4.99 JPM Global Socially Responsible D (acc) - USD 9.07 9.21 7.61 6.73 6.32 5.48

JPMorgan Funds - JF Asia Alpha Plus Fund JF Asia Alpha Plus A (acc) - USD 22.69 18.66 12.00--- JF Asia Alpha Plus A (dist) - USD 9.43 -----

JPMorgan Funds - JF Asia Equity Fund JF Asia Equity A (acc) - USD 20.91 18.32 12.48 10.30 - - JF Asia Equity A (dist) - USD 55.89 50.37 35.13 29.79 24.73 20.35 JF Asia Equity A (dist) - GBP 17.47 15.72 11.92 10.52 8.52 7.73 JF Asia Equity B (acc) - USD - - 10.51 10.64 - - JF Asia Equity C (acc) - USD 25.46 22.21 14.92 12.20 - - JF Asia Equity D (acc) - USD 23.98 21.08 14.47 12.03 10.40 8.57 JF Asia Equity D (acc) - EUR 9.84 9.41 6.83--- JF Asia Equity I (acc) - USD 17.84 15.55 10.50--- JF Asia Equity X (acc) - USD 23.03 20.00 13.40 10.87 - -

27 JPMorgan Funds Statistical Information (continued)

Net Asset Value per Share in Share Class Currency

31 December 30 June 30 June 30 June 30 June 30 June 2007 2007 2006 2005 2004 2003

JPMorgan Funds - JF China Fund JF China A (acc) - USD 38.08 27.28 14.96 10.34 - - JF China A (dist) - USD 63.20 45.51 25.16 17.47 16.64 11.84 JF China B (acc) - USD 27.85 19.90 10.87--- JF China C (acc) - USD 37.58 26.79 14.56 9.97 - - JF China D (acc) - USD 47.87 34.45 19.08 13.33 12.80 9.15 JF China I (acc) - USD 16.90 12.05 ---- JF China X (acc) - USD 15.50 11.01 ----

JPMorgan Funds - JF Greater China Fund JF Greater China A (acc) - USD 23.85 18.92 11.97 10.09 - - JF Greater China A (dist) - USD 33.24 26.80 17.50 14.96 13.18 9.89 JF Greater China B (acc) - USD 20.68 16.37 10.30--- JF Greater China C (acc) - USD 24.88 19.66 12.32 10.29 - - JF Greater China D (acc) - USD 36.96 29.46 18.81 16.01 14.16 10.65 JF Greater China X (acc) - USD 25.39 19.98 12.42 10.30 - -

JPMorgan Funds - JF Hong Kong Fund JF Hong Kong A (acc) - USD 21.95 16.33 11.52 10.31 - - JF Hong Kong A (dist) - USD 59.78 44.79 31.96 28.96 23.59 17.42 JF Hong Kong B (acc) - USD 19.65 14.57 10.25--- JF Hong Kong C (acc) - USD 22.83 16.91 11.79 10.46 - - JF Hong Kong D (acc) - USD 35.27 26.36 18.78 16.99 13.94 10.32

JPMorgan Funds - JF India Fund JF India A (acc) - USD 34.43 24.64 15.58 11.16 - - JF India A (dist) - USD 102.76 76.86 48.95 35.08 22.46 13.72 JF India B (acc) - USD 44.77 31.98 20.13 14.37 - - JF India C (acc) - USD 35.45 25.25 15.80 11.21 - - JF India D (acc) - USD 68.93 49.54 31.57 22.81 14.72 9.03 JF India X (acc) - USD 38.30 27.17 16.87 11.88 - - JPMorgan Funds - JF Japan Alpha Plus Fund JF Japan Alpha Plus A (acc) - USD 10.85 12.12 11.71 9.88 - - JF Japan Alpha Plus A (dist) - USD 13.99 15.62 15.10 12.74 - - JF Japan Alpha Plus D (acc) - USD 13.53 15.17 14.82 12.62 - -

JPMorgan Funds - JF Japan Equity Fund JF Japan Equity A (acc) - USD 11.09 12.26 12.25 9.65 - - JF Japan Equity A (acc) - EUR 6.31 7.60 8.03--- JF Japan Equity A (acc) - JPY 942.00 1,134.00 1,049.00--- JF Japan Equity A (dist) - USD 28.10 31.07 31.05 24.44 24.38 17.04 JF Japan Equity A (dist) - GBP 7.23 7.94 8.63 6.99 6.88 5.30 JF Japan Equity B (acc) - USD 12.46 13.72 13.63 10.66 - - JF Japan Equity C (acc) - USD 12.60 13.86 13.71 10.69 - - JF Japan Equity D (acc) - USD 9.35 10.37 10.44 8.28 8.34 5.86 JF Japan Equity D (acc) - EUR 5.24 6.32 6.73--- JF Japan Equity J (dist) - USD 15.05 16.64 16.63 13.09 13.08 9.17 JF Japan Equity I (acc) - USD 9.19 10.11 ---- JF Japan Equity X (acc) - USD 12.38 13.56 13.32 10.30 - - JPMorgan Funds - JF Japan Small Cap Fund JF Japan Small Cap A (acc) - USD 9.87 11.27 12.75 10.13 - - JF Japan Small Cap A (dist) - USD 9.42 10.76 12.17 9.67 10.64 5.74 JF Japan Small Cap B (acc) - USD 8.94 10.20 11.49--- JF Japan Small Cap C (acc) - USD 6.74 7.67 8.59--- JF Japan Small Cap D (acc) - USD 7.64 8.78 10.03 8.05 8.95 4.85 JF Japan Small Cap X (acc) - USD 11.49 13.02 14.47 11.30 - -

JPMorgan Funds - JF Korea Equity Fund (4) JF Korea Equity A (acc) - USD 10.12 ----- JF Korea Equity A (acc) - EUR 10.09 ----- JF Korea Equity D (acc) - USD 10.12 -----

JPMorgan Funds - JF Pacific Balanced Fund JF Pacific Balanced A (acc) - USD 14.87 14.10 11.48 10.02 - - JF Pacific Balanced A (dist) - USD 28.50 27.03 22.45 19.89 18.90 15.84 JF Pacific Balanced B (acc) - USD 10.43 ----- JF Pacific Balanced D (acc) - USD 20.41 19.40 15.86 13.91 13.23 11.10

JPMorgan Funds - JF Pacific Equity Fund JF Pacific Equity A (acc) - USD 15.75 14.76 12.22 9.90 - - JF Pacific Equity A (acc) - EUR 9.53 9.72 8.50--- JF Pacific Equity A (dist) - USD 76.01 71.83 59.82 48.91 43.34 34.02 JF Pacific Equity A (dist) - GBP 12.26 11.51 10.42 8.85 7.74 6.70 JF Pacific Equity B (acc) - USD 16.28 15.21 12.43 10.01 - - JF Pacific Equity C (acc) - USD 16.02 14.95 12.25 9.83 - - JF Pacific Equity D (acc) - USD 16.56 15.59 12.99 10.61 9.42 7.41 JF Pacific Equity D (acc) - EUR 7.54 7.72 6.80--- JF Pacific Equity I (acc) - USD 13.09 12.21 ----

JPMorgan Funds - JF Pacific Technology Fund JF Pacific Technology A (acc) - USD 17.48 16.33 12.15 9.97 - - JF Pacific Technology A (dist) - USD 11.89 11.52 8.72 7.25 6.79 5.51 JF Pacific Technology A (dist) - GBP 11.13 10.67 8.88 7.68 7.08 6.33 JF Pacific Technology B (acc) - USD 9.78 - 8.52--- JF Pacific Technology D (acc) - USD 15.65 14.68 11.03 9.14 8.57 7.00

28 JPMorgan Funds Statistical Information (continued)

Net Asset Value per Share in Share Class Currency

31 December 30 June 30 June 30 June 30 June 30 June 2007 2007 2006 2005 2004 2003

JPMorgan Funds - JF Singapore Fund JF Singapore A (acc) - USD 27.71 27.70 15.57 11.07 - - JF Singapore A (dist) - USD 38.17 38.49 21.83 15.73 11.38 8.14 JF Singapore B (acc) - USD 19.05 19.01 10.65--- JF Singapore C (acc) - USD 27.46 27.33 15.28 10.78 - - JF Singapore D (acc) - USD 49.78 50.02 28.40 20.42 14.89 10.67 JF Singapore I (acc) - USD 18.05 17.96 10.34--- JF Singapore X (acc) - USD 18.87 18.71 ----

JPMorgan Funds - JF Taiwan Fund JF Taiwan A (acc) - USD 15.97 17.16 12.75 10.67 - - JF Taiwan A (dist) - USD 16.33 18.40 14.57 12.99 11.41 10.32 JF Taiwan B (acc) - USD 12.07 12.95 9.59--- JF Taiwan C (acc) - USD 18.08 19.35 14.24 11.83 - - JF Taiwan D (acc) - USD 14.62 15.78 11.84 10.01 8.82 8.02 JF Taiwan I (acc) - USD 12.69 13.58 ---- JF Taiwan X (acc) - USD 12.40 13.21 9.66---

JPMorgan Funds - JF Tokyo Alpha Plus Fund JF Tokyo Alpha Plus A (acc) - JPY 730.03 969.95 904.66--- JF Tokyo Alpha Plus A (dist) - JPY 744.12 987.81 920.98--- JF Tokyo Alpha Plus X (acc) - JPY - - 927.36---

JPMorgan Funds - Latin America Equity Fund JPM Latin America Equity A (acc) - USD 32.33 28.71 17.18 11.15 - - JPM Latin America Equity A (dist) - USD 61.74 55.03 33.32 22.00 13.90 10.50 JF Latin America Equity A (dist) - USD 44.66 39.82 24.11 15.93 9.95 8.78 JPM Latin America Equity B (acc) - USD 19.08 16.90 10.07--- JPM Latin America Equity C (acc) - USD 35.47 31.36 18.58 11.97 - - JPM Latin America Equity D (acc) - USD 50.27 44.86 27.11 17.78 11.28 8.72 JPM Latin America Equity I (acc) - USD 20.59 18.21 10.80--- JPM Latin America Equity X (acc) - USD 39.83 35.06 20.62 13.15 - -

JPMorgan Funds - Middle East Equity Fund JPM Middle East Equity A (acc) - USD 22.03 17.46 11.88 11.02 - - JPM Middle East Equity A (dist) - USD 32.40 25.97 18.26 17.09 11.30 8.21 JPM Middle East Equity B (acc) - USD 22.50 17.79 12.07 11.07 - - JPM Middle East Equity D (acc) - USD 28.97 23.08 15.87 14.88 9.81 7.14

JPMorgan Funds - Russia Fund JPM Russia A (acc) - USD 22.52 18.40 12.89--- JPM Russia A (dist) - USD 22.16 18.11 12.99--- JPM Russia B (acc) - USD 14.72 12.00 8.37--- JPM Russia C (acc) - USD 10.16 ----- JPM Russia D (acc) - USD 17.79 14.61 10.34--- JPM Russia I (acc) - USD 11.09 -----

JPMorgan Funds - Sterling Bond Fund JPM Sterling Bond A (acc) - GBP 10.35 10.24 10.54 10.57 - - JPM Sterling Bond A (dist) - GBP 0.96 1.00 1.07 1.14 1.64 1.10 JPM Sterling Bond D (acc) - GBP 10.48 10.40 10.77 10.85 9.91 10.31 JPM Sterling Bond X (acc) - GBP 10.61 10.45 10.64 10.56 - -

JPMorgan Funds - UK Equity Fund JPM UK Equity A (acc) - GBP 12.93 13.59 12.63 10.44 - - JPM UK Equity A (dist) - GBP 9.17 9.96 9.61 8.13 7.15 6.32 JPM UK Equity C (acc) - GBP 14.19 14.84 13.67 11.20 - - JPM UK Equity D (acc) - GBP 9.06 9.55 8.94 7.44 8.27 7.31

JPMorgan Funds - US 130/30 Fund (5) JPM US 130/30 A (acc) - USD 10.13 ----- JPM US 130/30 A (acc) - EUR (hedged) 7.39 ----- JPM US 130/30 D (acc) - USD 10.10 ----- JPM US 130/30 D (acc) - EUR (hedged) 7.36 ----- JPM US 130/30 X (acc) - USD 9.80 -----

JPMorgan Funds - US Aggregate Bond Fund JPM US Aggregate Bond A (acc) - USD 11.19 10.63 10.13 10.27 - - JPM US Aggregate Bond A (dist) - USD 11.71 11.53 11.37 11.87 11.41 11.89 JPM US Aggregate Bond B (acc) - USD 11.06 10.48 9.96--- JPM US Aggregate Bond C (acc) - USD 11.09 10.50 9.96--- JPM US Aggregate Bond D (acc) - USD 12.68 12.05 11.52 11.72 11.18 11.63 JPM US Aggregate Bond X (acc) - USD 11.52 10.88 10.27 10.32 - -

JPMorgan Funds - US Dynamic Fund JPM US Dynamic A (acc) - USD 12.97 14.04 11.74 10.48 - - JPM US Dynamic A (acc) - EUR 7.38 8.68 7.68--- JPM US Dynamic A (dist) - USD 17.87 19.34 16.18 14.43 12.26 - JPM US Dynamic B (acc) - USD 14.42 15.58 12.98 11.54 - - JPM US Dynamic C (acc) - USD 15.65 16.86 13.97 12.34 - - JPM US Dynamic D (acc) - USD 17.16 18.67 15.77 14.21 12.19 - JPM US Dynamic D (acc) - EUR 7.09 8.39 7.50--- JPM US Dynamic I (acc) - USD 11.15 12.01 9.95--- JPM US Dynamic I (inc) - EUR 6.37 10.09 ---- JPM US Dynamic X (acc) - USD 15.83 16.98 13.96 12.23 - -

29 JPMorgan Funds Statistical Information (continued)

Net Asset Value per Share in Share Class Currency

31 December 30 June 30 June 30 June 30 June 30 June 2007 2007 2006 2005 2004 2003

JPMorgan Funds - US Select 130/30 Fund (6) JPM US Select 130/30 A (acc) - USD 10.14 ----- JPM US Select 130/30 A (acc) - EUR (hedged) 7.41 ----- JPM US Select 130/30 A (dist) - USD 10.32 ----- JPM US Select 130/30 C (acc) - USD 9.76 ----- JPM US Select 130/30 D (acc) - USD 10.10 ----- JPM US Select 130/30 D (acc) - EUR (hedged) 7.38 ----- JPM US Select 130/30 X (acc) - USD 10.50 -----

JPMorgan Funds - US Small Cap Growth Fund JPM US Small Cap Growth A (acc) - USD 14.09 13.85 11.89 10.37 - - JPM US Small Cap Growth A (dist) - USD 97.08 95.41 81.93 71.48 66.30 52.35 JPM US Small Cap Growth A (dist) - GBP 7.47 7.30 6.81 6.10 5.58 4.86 JPM US Small Cap Growth B (acc) - USD 10.05 ----- JPM US Small Cap Growth D (acc) - USD 9.60 9.47 8.19 7.20 6.74 5.36

JPMorgan Funds - US Strategic Growth Fund JPM US Strategic Growth A (acc) - USD 13.54 13.56 11.35 10.44 - - JPM US Strategic Growth A (acc) - EUR (hedged) 8.13 11.08 ---- JPM US Strategic Growth A (dist) - USD 7.26 7.27 6.08 5.59 5.56 5.11 JPM US Strategic Growth A (dist) - GBP 5.28 5.25 4.77 4.52 4.43 4.48 JPM US Strategic Growth B (acc) - USD 12.57 12.54 10.43--- JPM US Strategic Growth C (acc) - USD 11.96 11.91 9.87--- JPM US Strategic Growth C (acc) - EUR (hedged) 6.71 ----- JPM US Strategic Growth D (acc) - USD 6.91 6.94 5.86 5.43 5.44 5.03 JPM US Strategic Growth D (acc) - EUR (hedged) 8.08 11.06 ---- JPM US Strategic Growth X (acc) - USD 12.87 12.77 10.50---

JPMorgan Funds - US Technology Fund JPM US Technology A (acc) - USD 13.19 12.61 10.80 10.27 - - JPM US Technology A (dist) - USD 6.67 6.38 5.46 5.19 5.32 4.06 JPM US Technology A (dist) - GBP 1.41 2.68 1.24 1.22 1.23 1.04 JF US Technology A (dist) - USD 1.93 1.85 1.58 1.50 1.54 1.18 JPM US Technology D (acc) - USD 1.83 1.75 1.52 1.46 1.51 1.16 JPM US Technology I (acc) - USD 10.14 ----- JPM US Technology X (acc) - USD 9.70 -----

JPMorgan Funds - US Value Fund JPM US Value A (acc) - USD 13.05 13.54 11.29 10.42 - - JPM US Value A (acc) - EUR (hedged) 8.14 11.48 ---- JPM US Value A (dist) - USD 16.41 17.03 14.19 13.19 11.53 9.80 JPM US Value A (dist) - GBP 11.84 12.20 11.05 10.64 9.18 8.60 JF US Value A (dist) - USD 14.41 14.96 12.46 11.58 10.13 - JPM US Value B (acc) - USD 14.41 14.90 12.33 11.30 - - JPM US Value C (acc) - USD 14.85 15.32 12.63 11.53 - - JPM US Value D (acc) - USD 15.72 16.37 13.75 12.78 11.27 9.65 JPM US Value D (acc) - EUR (hedged) 8.07 11.42 ---- JPM US Value X (acc) - USD 14.07 14.47 11.85 10.74 - -

(1) This Sub-Fund was launched on 18 October 2007. (2) This Sub-Fund was launched on 15 November 2007. (3) This Sub-Fund was launched on 24 July 2007. (4) This Sub-Fund was launched on 28 September 2007. (5) This Sub-Fund was launched on 2 August 2007. (6) This Sub-Fund was launched on 5 July 2007. * Share Classes launched and closed during the period.

The accompanying notes form an integral part of these Financial Statements. 30 JPMorgan Funds Notes to the Unaudited Financial Statements As at 31 December 2007

1. Organisation JPMorgan Funds (the “SICAV”) is an investment company incorporated on 14 April 1969 under the name Multi Trust Fund S.A.. The name of the SICAV was changed to Fleming International Fund on 3 July 1984, to Fleming Flagship Fund on 19 October 1988, to Fleming Funds on 2 June 2000, to JPMorgan Fleming Funds on 19 November 2001 and then to JPMorgan Funds on 12 September 2005. It is organized under the Luxembourg Law of 20 December 2002 on Undertakings for Collective Investment as amended, Part I, as a Société Anonyme qualifying as a “Société d’Investissement à Capital Variable” (SICAV). As at 31 December 2007, it comprises 70 Sub-Funds, each relating to a separate investment portfolio consisting of securities, cash and other instruments. On 12 September 2005, JPMorgan Asset Management (Europe) S.à r.l. was appointed by the SICAV to act as Management Company. The Articles of Incorporation were also modified so the SICAV complies with UCITS III regulations. The SICAV is registered with the Registre de Commerce et des Sociétés of Luxembourg, under number B 8478. Each Sub-Fund may contain A, B, C, D, I, J and X Classes of Shares, which may differ in the minimum subscription amount, minimum holding amount, currency and/or eligibility requirements, the fees and expenses, and the dividend policy applicable to them. In addition, each Sub-Fund may contain Classes of Shares named either “JPM” or “JF”. Within each Sub-Fund, individual classes of shares may have a currency of denomination that differs from the currency of denomination of the Sub-Fund. The currency of denomination for each class of share is indicated by a suffix on the name of the share class. During the period, the following new Sub-Funds were launched: - JPMorgan Funds - US Select 130/30 Fund on 5 July 2007; - JPMorgan Funds - Euroland Select Equity Fund on 24 July 2007; - JPMorgan Funds - US 130/30 Fund on 2 August 2007; - JPMorgan Funds - JF Korea Equity Fund on 28 September 2007; - JPMorgan Funds - Brazil Alpha Plus Fund on 18 October 2007; - JPMorgan Funds - Emerging Markets Small Cap Fund on 15 November 2007. 2. Significant Accounting Policies The Financial Statements are prepared in accordance with Luxembourg regulations relating to Undertakings for Collective Investments. a) Investment Valuation Transferable securities which are admitted to an official exchange listing or dealt in on another regulated market are valued on the basis of the latest available price prevailing at 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. Securities issued by any open-ended investment funds are valued at the latest available price or net asset value, as reported or provided by such funds or their agents. Liquid assets and money market instruments may be valued at nominal values plus any accrued interest or on an amortised cost basis. In response to a deterioration of the market conditions pertaining to a number of asset classes/debt instruments during the 3rd quarter of 2007, widening bid-ask spreads on asset-backed and corporate securities and a sharp decline in market liquidity, the regular pricing basis for the funds - using the last available price for securities as supplied by independent price providers - had become an unreliable estimate of the realisable value of those instruments. As a result, from 21 December 2007, the Management Company, pursuant to the terms of the prospectus, has adopted other appropriate valuation principles to value a certain number of assets and introduced a pricing adjustment (the “Pricing Adjustment”), assessed and validated daily on JPMorgan Funds - Global Aggregate Bond Fund. As at 31 December 2007, “Investment in Securities at Market Value” includes a pricing adjustment of -1.50% on the portfolio of JPMorgan Funds - Global Aggregate Bond Fund. The Financial Statements are presented on the basis of the net asset value calculated on 31 December 2007. In accordance with the prospectus, the net asset values were calculated using the latest exchange rates known at the time of calculation. b) Realised and Unrealised Gains and Losses on Investments Realised and unrealised gains and losses on sales and holdings of investments are calculated on the average book cost. The associated foreign exchange movement between the date of purchase and date of sale of investments is included in realised gains and losses on investments in the Combined Statement of Operations and Changes in Net Assets. c) Income Recognition Interest income is accrued daily and includes the amortisation of premiums and accretion of discounts. Bank interest income is recognised on an accrual basis. Dividend income 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 transactions 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 forward foreign exchange contracts; and (iii) gains and losses arising from the difference between amounts of dividends and interest recorded and the amounts actually received. The resulting gains and losses on translation are included in Net Realised Gain/Loss on Foreign Exchange in the Combined Statement of Operations and Changes in Net Assets.

31 JPMorgan Funds Notes to the Unaudited Financial Statements (continued) As at 31 December 2007

The reference currency of the Combined Statements is USD. The principal exchange rates applied as at 31 December 2007 are as follows: 1 USD = 0.50203323 GBP 1 USD = 0.68071202 EUR 1 USD = 113.255 JPY e) Forward Foreign Exchange Contracts Unrealised gains or losses on outstanding forward currency 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 Net Change in Unrealised Gain/Loss on Forward Foreign Exchange Contracts in the Combined Statement of Operations and Changes in Net Assets. Unrealised gains or losses are recorded under Net Change in Unrealised Gain/(Loss) on Financial Futures Contracts in the Combined Statement of Net Assets. f) Financial Futures Contracts on Securities and Indices Regulated financial futures contracts are valued at the exchange quoted settlement price. Initial margin deposits are made upon entering into the contracts and can be either in cash 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 SICAV records a realised gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the initial cost of the contract. g) Option Contracts Options purchased are recorded as investments; 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. The Fund writes options on securities, futures and interest rate swaps (“swaptions ”). These options are settled in cash and subject the Fund to unlimited risk of loss. The Fund, however, is not subject to credit risk on written options as the counterparty has already performed its obligation by paying the premium at the inception of the contract. As of 31 December 2007, the Fund had written options contracts outstanding as listed on its Portfolio of Investments. h) 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. The market values are recorded under “Total Return Swaps at Market Value” in the Combined Statement of Net Assets. i) Interest Rate Swaps An interest rate swap is a bilateral agreement in which each of the parties agree to exchange a series of interest payments for another series of interest payments (usually fixed/floating) based on a notional amount that serves as a computation basis and that is usually not exchanged. The market values are recorded under “Interest Rate Swaps at Market Value” in the Combined Statement of Net Assets. j) Credit Default Swaps A Credit Default Swap is a credit derivative transaction in which two parties enter into an agreement, whereby one party pays the other a fixed periodic coupon for the specified 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. The market values are recorded under “Credit Default Swaps at Market Value” in the Combined Statement of Net Assets. k) To Be Announced Securities (“TBA”) TBAs are related 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. The Funds may enter into Dollar Rolls, principally using To Be Announced (“TBA”) Securities, in which the Funds sell mortgage-backed securities for delivery in the current month and simultaneously contract to repurchase similar, but not identical, securities at an agreed-upon price on a fixed date. The Funds account for such Dollar Rolls as purchases and sales and receive compensation as consideration for entering into the commitment to repurchase. The Funds must maintain liquid securities having a value not less than the repurchase price (including accrued interest) for such Dollar Rolls. The market value of the securities that the Funds are required to purchase may decline below the agreed upon repurchase price of those securities. The Funds had TBA Dollar Rolls outstanding as of 31 December 2007, which are included in Amounts Receivable on Sale of TBAs and Amounts Payable on Purchase of TBAs in the Combined Statement of Net Assets. l) Price Lock Swaps The SICAV may enter into swap contracts in which the SICAV and the counterparty agree to exchange payments where one or both parties pay the price difference generated on a security, instrument, basket or index thereof. The payments made by the SICAV to the counterparty and vice versa are calculated by the price difference (current asset price and locked price) of a specific security, index, or other 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, and other asset prices. The market values are recorded under “Price Lock Swaps at Market Value” in the Combined Statement of Net Assets. m) Forward Rate Agreements A Forward Rate Agreement is a forward contract in which one party pays a fixed interest rate, and receives a floating interest rate equal to a reference rate (the underlying rate). The payments are calculated over a notional amount over a certain period, and netted. The reference rate is fixed one or two days before the termination date, dependent on the market convention for the particular currency. The market values are recorded under “Forward Rate Agreements at Market Value” in the Combined Statement of Net Assets. 32 JPMorgan Funds Notes to the Unaudited Financial Statements (continued) As at 31 December 2007 n) Consolidation of Mauritian Subsidiary All income, expenses, receivables, payables and investments of Flagship Indian Investment Company (Mauritius) Limited (the “Subsidiary”), a wholly-owned subsidiary of JPMorgan Funds, are consolidated into the Combined Statement of Net Assets and the Combined Statement of Operations and Changes in Net Assets of JPMorgan Funds - JF India Fund. Securities owned by the Subsidiary are individually disclosed in the Schedule of Investments of JPMorgan Funds - JF India Fund. Intercompany balances are eliminated on consolidation. The use of the Mauritius Subsidiary and the tax treatment it is afforded, is based on the law and practice currently in force in the relevant countries, as understood by the Board of Directors. It is subject to any future changes and such changes may adversely affect the returns of the Sub-Fund. This includes any circumstances where the India/Mauritius Double Taxation Treaty may not be applied or ceases to be applied, resulting from, inter alia, any future ruling by the Indian tax authorities. Should the treaty not be applied, or cease to be applied, interest on securities listed on an Indian stock exchange would be subject to tax at a maximum rate of 20%. Capital gains on disposal of such investments would be subject to tax at rates of 0 to 30% in respect of listed securities depending on the length of time the relevant investment has been held. 3. Value of Financial Instruments and Associated Risks The SICAV entered into forward foreign exchange contracts, financial futures contracts, options and swaps which, to varying degrees, represent a market risk in excess of the amount reflected on the Combined Statement of Net Assets. The amount of the contracts represents the extent of the SICAV’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. Investment in fixed income securities is subject to interest rate, sector, security and credit risks. High yield bonds are lower-rated securities and will usually offer higher yields to compensate for the reduced creditworthiness or increased risk of default that these securities carry. Other market and credit risks include the possibility that there may be an illiquid market for the contracts, that a change in the value of the contracts may not directly correlate 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. In emerging and less developed markets, in which some of the Sub-Funds will invest, the legal, judicial and regulatory infrastructure is still developing but there is much legal uncertainty both for local market participants and their overseas counterparts. Some markets may carry higher risks for investors who should therefore ensure that, before investing, they understand the risks involved and are satisfied that an investment is suitable as part of their portfolio. In some markets there may be no secure method of delivery against payment which would minimise the exposure to counterparty risk. It may be necessary to make payment on a purchase or delivery on a sale before receipt of the securities or, as the case may be, sale proceeds. 4. Distribution Policy During the period from 1 July 2007 to 31 December 2007, the SICAV paid dividends as follows: Class Currency Dividend Amount per Share Payment Date JF Eastern Europe Equity A (dist) - EUR EUR 0.02 28.09.07 JPM Eastern Europe Equity A (dist) - EUR EUR 0.08 28.09.07 JPM Emerging Europe, Middle East and Africa Equity A (dist) - USD USD 0.05 28.09.07 JPM Emerging Markets Alpha Plus A (dist) - USD USD 0.01 28.09.07 JPM Emerging Markets Debt A (inc) - EUR EUR 0.74 28.09.07 JPM Emerging Markets Debt I (inc) - EUR EUR 0.01 28.09.07 JPM Emerging Markets Equity A (dist) - GBP GBP 0.07 28.09.07 JPM Emerging Markets Equity A (dist) - USD USD 0.11 28.09.07 JPM Emerging Markets Equity I (inc) - EUR EUR 0.15 28.09.07 JPM Emerging Markets Equity X (inc) - EUR EUR 0.21 28.09.07 JF Euroland Equity A (dist) - USD USD 0.29 28.09.07 JPM Euroland Equity A (dist) - EUR EUR 1.18 28.09.07 JPM Europe Aggregate Plus Bond A (inc) - EUR EUR 0.25 28.09.07 JPM Europe Balanced (EUR) A (dist) - EUR EUR 0.14 28.09.07 JPM Europe Convergence Equity A (dist) - EUR EUR 0.29 28.09.07 JF Europe Dynamic A (dist) - EUR EUR 0.24 28.09.07 JPM Europe Dynamic A (dist) - EUR EUR 0.21 28.09.07 JPM Europe Dynamic A (dist) - GBP GBP 0.22 28.09.07 JPM Europe Dynamic Mega Cap A (dist) - EUR EUR 0.18 28.09.07 JPM Europe Dynamic Mega Cap A (inc) - EUR EUR 0.14 28.09.07 JF Europe Equity A (dist) - USD USD 0.99 28.09.07 JPM Europe Equity A (dist) - EUR EUR 0.91 28.09.07 JPM Europe Equity I (inc) - EUR EUR 0.15 28.09.07 JPM Europe Focus A (dist) - EUR EUR 0.09 28.09.07 JPM Europe High Yield Bond A (inc) - EUR EUR 0.17 28.09.07 JPM Europe Small Cap A (dist) - GBP GBP 0.10 28.09.07 JPM Europe Strategic Growth A (dist) - EUR EUR 0.07 28.09.07 JPM Europe Strategic Growth A (dist) - GBP GBP 0.08 28.09.07 JPM Europe Strategic Growth I (inc) - EUR EUR 0.13 28.09.07 JPM Europe Strategic Value A (dist) - EUR EUR 0.31 28.09.07 JPM Europe Strategic Value A (dist) - GBP GBP 0.32 28.09.07 JPM Europe Strategic Value I (inc) - EUR EUR 0.31 28.09.07 JF Germany Equity A (dist) - EUR EUR 0.34 28.09.07 JPM Germany Equity A (dist) - EUR EUR 0.14 28.09.07 JPM Global Aggregate Bond A (inc) - USD USD 0.48 28.09.07 JPM Global Convertibles (EUR) I (inc) - EUR EUR 0.26 28.09.07 JF Global Dynamic A (dist) - USD USD 0.12 28.09.07 JPM Global Dynamic A (dist) - GBP GBP 0.10 28.09.07 JPM Global Dynamic A (dist) - USD USD 0.13 28.09.07 JPM Global Dynamic A (inc) - EUR EUR 0.07 28.09.07 JPM Global Equity (EUR) A (dist) - EUR EUR 0.38 28.09.07 JF Global Equity (USD) A (dist) - USD USD 0.35 28.09.07 JPM Global Equity (USD) A (dist) - USD USD 0.20 28.09.07 JPM Global Focus A (dist) - EUR EUR 0.12 28.09.07 JF Global Focus A (dist) - USD USD 0.07 28.09.07 JF Asia Equity A (dist) - GBP GBP 0.55 28.09.07 JF Asia Equity A (dist) - USD USD 1.48 28.09.07 JF China A (dist) - USD USD 0.31 28.09.07 JF Greater China A (dist) - USD USD 0.50 28.09.07 JF Hong Kong A (dist) - USD USD 0.39 28.09.07 JF India A (dist) - USD USD 3.49 28.09.07 JF Latin America Equity A (dist) - USD USD 0.15 28.09.07 33 JPMorgan Funds Notes to the Unaudited Financial Statements (continued) As at 31 December 2007

Class Currency Dividend Amount per Share Payment Date JF Pacific Equity A (dist) - GBP GBP 0.09 28.09.07 JF Pacific Equity A (dist) - USD USD 0.56 28.09.07 JF Pacific Technology A (dist) - GBP GBP 0.35 28.09.07 JF Pacific Technology A (dist) - USD USD 0.42 28.09.07 JF Singapore A (dist) - USD USD 0.31 28.09.07 JF Taiwan A (dist) - USD USD 0.87 28.09.07 JPM Global Real Estate Securities (EUR) A (inc) - EUR EUR 0.12 28.09.07 JPM Latin America Equity A (dist) - USD USD 0.20 28.09.07 JPM Middle East Equity A (dist) - USD USD 0.29 28.09.07 JPM Sterling Bond A (dist) - GBP GBP 0.05 28.09.07 JPM Sterling Fixed Income Fund C (dist) - GBP GBP 1.11 28.09.07 JPM UK Equity A (dist) - GBP GBP 0.31 28.09.07 JPM US Aggregate Bond A (dist) - USD USD 0.43 28.09.07 JPM US Dynamic I (inc) - EUR EUR 0.01 28.09.07 It is intended that all those Classes of Shares with the suffix “(dist)” will distribute at least 85% of the net investment income attributable to such Classes of Shares, computed broadly in accordance with the definition of net taxable income under United Kingdom corporation tax principles (subject to the application of any de minimis threshold) so 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. 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. Those Classes of Shares with the suffix “(acc)” will not normally pay dividends. 5. Taxation Under current law and practice in the Grand Duchy of Luxembourg, the SICAV is not liable to any income tax, nor are dividends distributed by the SICAV liable to any withholding tax. However, the SICAV, with the exception of those share classes identified in the Appendix, is liable to an asset based tax of 0.05% per annum, such tax being payable quarterly and calculated on the total net assets of each Sub-Fund at the end of the relevant quarter. For the Sub-Funds’ share classes identified in the Appendix, the rate is 0.01% per annum. No tax is payable on the portion of assets invested in other undertakings for collective investment subject to such tax. No stamp duty or other tax is payable on the issue of shares in the SICAV in the Grand Duchy of Luxembourg. No tax is payable on realised or unrealised capital appreciation of the assets of the SICAV in the Grand Duchy of Luxembourg. Although the SICAV’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 SICAV from some of its securities, as well as interest earned on its cash deposits in certain countries, may be subject to withholding taxes at varying rates, which normally cannot be recovered. 6. Fees and Expenses a) All Sub-Funds - Share Classes A (acc), A (acc) - (hedged), A (dist), A (inc), B (acc), D (acc), D (acc) - (hedged) and J (dist) The fees and expenses charged to these Classes of shares are set at a fixed percentage of the total net assets of each Class of shares. This fixed percentage covers all fees and 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 fees, 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 a “Fee Waiver’’ in the Combined Statement of Net Assets and the Combined Statement of Operations and Changes in Net Assets. This fixed annual rate of fees and expenses is categorised as a Total Expense Ratio. The fixed annual rates of fees for each Class of shares are shown in the Appendix. b) All Sub-Funds - Share Classes C (acc), C (acc) - (hedged), I (acc) and I (inc) The maximum total fees and expenses to be borne by shareholders on these Classes of shares 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, not limited to Custody, Fiduciary, Accounting, Transfer Agency Fees and Taxes; it does not cover performance fees, if any. This capped annual rate of fees and expenses is categorised as a Capped Expense Ratio. The capped annual rates of fees for each Class of shares are shown in the Appendix. c) All Sub-Funds - Share Classes X (acc) and X (inc) The Annual Management Fee that would normally be payable in respect of the X (acc) and X (inc) Share Classes are administratively levied and collected by the Global Distributor directly from the shareholder or through the relevant J.P.Morgan Chase & Co entity. 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.

Performance Fees Accruals 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 Appendix V to the Prospectus), the Performance Fees accrual is increased by the Performance Fees 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 Fees accrual is reduced (but not below zero) by the Performance Fees 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 Fees accrual has been reduced to zero, no new Performance Fees are 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 Fees accrued on any Valuation Day are reflected in the Net Asset Value per Share on the basis of which subscriptions and redemptions may be accepted. The Performance Fees are accrued daily and paid at the end of the financial year. Performance Fees are recorded separately in the Combined Statement of Operations and Changes in Net Assets. As of 31 December 2007, the Performance Fees rate and the benchmarks are as follows: Sub-Fund Performance Benchmark Fees Rate JPMorgan Funds - America Micro Cap Fund 10% Russell Micro Cap Index (Total Return Net) JPMorgan Funds - Morgan Stanley Capital International (MSCI) Emerging Emerging Markets Alpha Plus Fund 10% Markets (Total Return Net) JPMorgan Funds - Europe Dynamic Small Cap Fund 10% HSBC Smaller Pan-European (Total Return Gross) JPMorgan Funds - Morgan Stanley Capital International (MSCI) Europe (Total Europe 130/30 Fund 10% Return Net) JPMorgan Funds - Morgan Stanley Capital International (MSCI) Europe (Total Europe Focus Fund 10% Return Net) JPMorgan Funds - Europe Micro Cap Fund 10% HSBC Smaller Pan-European Index (Total Return Gross) JPMorgan Funds - Morgan Stanley Capital International (MSCI) Europe (Total Europe Select 130/30 Fund 10% Return Net) JPMorgan Funds - Morgan Stanley Capital International (MSCI) All Countries Far JF Asia Alpha Plus Fund 10% East ex-Japan Index (Total Return Net) JPMorgan Funds - JF Japan Alpha Plus Fund 10% Tokyo Stock Price Index (TOPIX) (Total Return Net) JPMorgan Funds - JF Tokyo Alpha Plus Fund 10% Tokyo Stock Price Index (TOPIX) (Total Return Net) JPMorgan Funds - Standard & Poor’s (S&P) rating Group 500 Index (Total US 130/30 Fund 10% Return Net) JPMorgan Funds - Standard & Poor’s (S&P) rating Group 500 Index (Total US Select 130/30 Fund 10% Return Net) 7. Transactions with Connected Parties All transactions with connected parties were carried out on an arm’s length basis. JPMorgan Chase & Co. and its affiliates are counterparties for all securities lending activity and for certain forward foreign exchange contracts and financial futures contracts. The Management Company, Registrar, Global Distributor, Transfer and Domiciliary Agent, Advisory Company, Investment Managers, Custodian, Corporate, Administrative and Paying Agent and other related Agents of the SICAV are considered as connected parties. 8. Information for Swiss Registered Shareholders J.P. Morgan (Suisse) S.A. was authorised by the Federal Banking Commission as Swiss representative of the SICAV and acts also as paying agent. The prospectus, the simplified prospectus, the articles, the annual and semi-annual reports of the SICAV, as well as the list of the purchases and sales which the SICAV has undertaken during the financial period 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, P.O. Box 5160, CH-1211 Geneva 11, Switzerland. Payments/compensations (trailer fees) can be paid out from the management fee for the distribution/marketing of the investment fund to distributors. Reimbursements/rebates can be granted out of the management fee to institutional investors who hold the fund units for the economic benefit of third parties. 9. Information for German Registered Shareholders A list, specifying for each investment within each Sub-Fund the total purchases and sales which occurred during the period under review, may be obtained free of charge upon request at the registered office of the SICAV and at the office of the German paying and information agent, J.P. Morgan AG, Junghofstraße 14, D-60311 Frankfurt am Main. Additional information on investments within each Sub-Fund’s portfolio is available to shareholders at the registered office of the SICAV and at the office of the German paying and information agent. 10. Securities Lending The SICAV may lend portions of its securities portfolio to third parties. Such lending may only be effected via recognised clearing houses, or through the intermediary of 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 Sub-Fund retains an appropriate share thereof. During the period, 65% of any incremental income earned from securities lending was accrued to the applicable Sub-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.

35 JPMorgan Funds Notes to the Unaudited Financial Statements (continued) As at 31 December 2007

As at 31 December 2007, the SICAV valuation of securities on loan dealt with the Custodian was USD 6,051,769,709, as detailed below and received collateral as security with a market value of USD 7,617,911,265. Market Value (USD) JPMorgan Funds - America Equity Fund 81,911,073 JPMorgan Funds - America Large Cap Fund 852,128 JPMorgan Funds - America Micro-Cap Fund 3,897,363 JPMorgan Funds - Eastern Europe Equity Fund 17,391,288 JPMorgan Funds - Emerging Europe, Middle East and Africa Equity Fund 6,720,932 JPMorgan Funds - Emerging Markets Debt Fund 41,831,044 JPMorgan Funds - Emerging Markets Equity Fund 132,270,016 JPMorgan Funds - Euroland Equity Fund 979,826,192 JPMorgan Funds - Europe 130/30 Fund 956,651 JPMorgan Funds - Europe Aggregate Plus Bond Fund 2,569,794 JPMorgan Funds - Europe Balanced Fund (EUR) 15,373,788 JPMorgan Funds - Europe Convergence Equity Fund 1,307,638 JPMorgan Funds - Europe Dynamic Fund 191,594,489 JPMorgan Funds - Europe Dynamic Mega Cap Fund 137,873,113 JPMorgan Funds - Europe Equity Fund 609,727,929 JPMorgan Funds - Europe High Yield Bond Fund 14,407,119 JPMorgan Funds - Europe Select 130/30 Fund 1,204,529 JPMorgan Funds - Europe Small Cap Fund 242,641,837 JPMorgan Funds - Europe Strategic Growth Fund 521,339,737 JPMorgan Funds - Europe Strategic Value Fund 923,351,028 JPMorgan Funds - Europe Technology Fund 42,697,831 JPMorgan Funds - Germany Equity Fund 291,280,968 JPMorgan Funds - Global Aggregate Bond Fund 468,525 JPMorgan Funds - Global Dynamic Fund 177,061,243 JPMorgan Funds - Global Equity Fund (EUR) 4,105,299 JPMorgan Funds - Global Equity Fund (USD) 17,817,974 JPMorgan Funds - Global Focus Fund 106,343,376 JPMorgan Funds - Global Life Sciences Fund 1,102,741 JPMorgan Funds - Global Real Estate Securities Fund (EUR) 509,181 JPMorgan Funds - Global Real Estate Securities Fund (USD) 384,725 JPMorgan Funds - JF Asia Equity Fund 6,793,568 JPMorgan Funds - JF Japan Equity Fund 279,275,244 JPMorgan Funds - JF Pacific Balanced Fund 18,908,289 JPMorgan Funds - JF Pacific Equity Fund 163,754,972 JPMorgan Funds - JF Pacific Technology Fund 3,651,882 JPMorgan Funds - Latin America Equity Fund 271,582,060 JPMorgan Funds - UK Equity Fund 58,734,837 JPMorgan Funds - US Dynamic Fund 459,968,887 JPMorgan Funds - US Small Cap Growth Fund 461,664 JPMorgan Funds - US Strategic Growth Fund 15,110,767 JPMorgan Funds - US Technology Fund 3,212,433 JPMorgan Funds - US Value Fund 201,495,555 11. Authorization of Sub-Funds in Hong Kong The following Sub-Funds are authorized in Hong Kong and available to Hong Kong Residents: JPMorgan Funds - America Equity Fund JPMorgan Funds - Eastern Europe Equity Fund JPMorgan Funds - Emerging Europe, Middle East and Africa Equity Fund JPMorgan Funds - Emerging Markets Debt Fund JPMorgan Funds - Emerging Markets Equity Fund JPMorgan Funds - Euroland Equity Fund JPMorgan Funds - Euroland Select Equity Fund JPMorgan Funds - Europe Dynamic Fund JPMorgan Funds - Europe Dynamic Mega Cap Fund JPMorgan Funds - Europe Equity Fund JPMorgan Funds - Europe Small Cap Fund JPMorgan Funds - Europe Technology Fund JPMorgan Funds - Germany Equity Fund JPMorgan Funds - Global Convertibles Fund (EUR) JPMorgan Funds - Global Dynamic Fund JPMorgan Funds - Global Equity Fund (USD) JPMorgan Funds - Global Focus Fund JPMorgan Funds - Global Life Sciences Fund JPMorgan Funds - Global Natural Resources Fund JPMorgan Funds - Global Real Estate Securities Fund (USD) JPMorgan Funds - JF China Fund JPMorgan Funds - JF Greater China Fund JPMorgan Funds - JF Hong Kong Fund JPMorgan Funds - JF India Fund JPMorgan Funds - JF Japan Equity Fund JPMorgan Funds - JF Japan Small Cap Fund

36 JPMorgan Funds Notes to the Unaudited Financial Statements (continued) As at 31 December 2007

JPMorgan Funds - JF Pacific Balanced Fund JPMorgan Funds - JF Pacific Technology Fund JPMorgan Funds - JF Singapore Fund JPMorgan Funds - JF Taiwan Fund JPMorgan Funds - Latin America Equity Fund JPMorgan Funds - Middle East Equity Fund JPMorgan Funds - Russia Fund JPMorgan Funds - US Aggregate Bond Fund JPMorgan Funds - US Dynamic Fund JPMorgan Funds - US Small Cap Growth Fund JPMorgan Funds - US Strategic Growth Fund JPMorgan Funds - US Technology Fund JPMorgan Funds - US Value Fund 12. 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 SICAV. Additional information on investments within each Sub-Fund’s portfolio is available at the registered office of the SICAV. 13. Subsequent Events Subsequent to period-end, the following significant events have occurred: For accounting periods from 1 January 2008, the benchmark used for the calculations of the Performance Fees for the Euro hedged Share Classes of JPMorgan Funds - US 130/30 Fund and JPMorgan Funds - US Select 130/30 has changed from Standard & Poor’s (S&P) Rating Group 500 Index (Total Return Net) to Standard & Poor’s (S&P) Rating Group 500 Index (Total Return Net) hedged to Euro.

JPMorgan Funds - JF Tokyo Alpha Plus Fund was renamed JPMorgan Funds - Japan Dynamic Fund on 1 January 2008. JPMorgan Funds - Europe Strategic Growth Small Cap Fund was launched on 10 January 2008. JPMorgan Funds - Europe Strategic Value Small Cap Fund was launched on 10 January 2008. JPMorgan Funds - Emerging Markets Local Currency Debt Fund was launched on 24 January 2008. JPMorgan Funds - Highbridge Europe STEEP Fund was launched on 7 February 2008.

From 11 January 2008, the Management Company of the SICAV has decided to Fair Value the following Sub-Funds on a daily basis: JPMorgan Funds - Sterling Bond Fund; JPMorgan Funds - Europe Aggregate Plus Bond Fund.

37 JPMorgan Funds - America Equity Fund Schedule of Investments (Market Value Expressed in USD) As at 31 December 2007

% % 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 CANADA 151,000 Research In Motion 17,875,380 1.70 Shares UNITED STATES OF AMERICA 17,875,380 1.70 91,700 3M 7,843,101 0.74 MEXICO 245,400 Aetna 14,309,274 1.36 271,900 Cemex ADR Participation Certificates 7,232,540 0.69 280,300 Aflac 17,600,037 1.67 372,000 Altria Group 28,446,840 2.70 7,232,540 0.69 225,753 AMBAC Financial Group 6,041,150 0.57 281,500 American Electric Power 13,244,575 1.26 BERMUDA 265,700 American Express 13,606,497 1.29 116,900 Lazard - A Shares 4,754,323 0.44 128,900 Apache 14,042,366 1.33 46,800 Apple 9,397,440 0.89 4,754,323 0.44 55,300 Baker Hughes 4,596,536 0.44 Total Shares 127,600 Ball 5,822,388 0.55 1,028,289,415 97.56 645,700 Bank of America 26,764,265 2.54 Total Transferable Securities Admitted to an 1,028,289,415 97.56 183,900 Baxter International 10,800,447 1.02 Official Exchange Listing 167,800 Cablevision Systems - A Shares 4,111,100 0.39 150,600 Capital One Financial 7,051,092 0.67 Total Investments 1,028,289,415 97.56 261,800 Cardinal Health 15,184,400 1.44 157,900 Celanese - A Shares 6,704,434 0.64 Cash 27,148,571 2.58 156,136 Chevron 14,762,659 1.40 650,600 Cisco Systems 18,080,174 1.72 Other Assets/(Liabilities) (1,434,572) (0.14) 334,100 Citigroup 9,912,747 0.94 154,800 Clorox 10,193,580 0.97 Total Net Assets 1,054,003,414 100.00 759,700 Comcast Special - A Shares 13,917,704 1.32 224,700 Community Health Systems 8,289,183 0.79 123,200 ConocoPhillips 11,070,752 1.05 727,700 Corning 17,639,448 1.67 Allocation of Portfolio as at 31 December 2007 (Unaudited) %of 498,800 Dell 12,481,073 1.18 Net Assets 145,850 Devon Energy 13,260,682 1.26 287,700 Dover 13,306,125 1.26 Shares 220,600 Edison International 11,912,400 1.13 Information Technology 19.79 789,700 El Paso 13,796,059 1.31 Financials 15.42 78,300 Exxon Mobil 7,429,104 0.70 Consumer Discretionary 14.62 410,500 Freddie Mac 13,837,955 1.31 Health Care 11.06 197,400 Genworth Financial - A Shares 5,027,778 0.48 Industrials 9.28 294,100 Hanesbrands 8,117,160 0.77 Consumer Staples 8.14 112,400 Hartford Financial Services Group 9,936,160 0.94 Utilities 6.46 Energy 395,800 Hewlett-Packard 20,454,944 1.94 6.18 Materials 419,500 Home Depot 11,263,575 1.07 3.62 Telecommunication Services 2.99 771,800 Intel 20,938,934 1.99 151,000 International Business Machines 16,656,810 1.58 Total Shares 97.56 193,500 J.C. Penney 8,417,250 0.80 Cash and Other Assets/(Liabilities) 2.44 385,700 Johnson Controls 14,182,189 1.35 Total 121,500 Lexmark International - A Shares 4,263,435 0.40 100.00 75,540 Liberty Media - Capital - A Shares 8,915,231 0.85 87,700 MBIA 1,741,722 0.17 513,500 Merck & Co. 30,183,530 2.86 1,343,000 Microsoft 48,388,290 4.59 268,400 Molson Coors Brewing - B Shares 14,085,632 1.34 Allocation of Portfolio as at 30 June 2007 %of 185,400 Morgan Stanley 9,802,098 0.93 Net Assets 550,800 News - A Shares 11,522,736 1.09 422,600 Norfolk Southern 21,556,826 2.05 Shares 218,800 Oshkosh Truck 10,432,384 0.99 Consumer Discretionary 19.15 104,600 PNC Financial Services Group 6,865,944 0.65 Financials 19.08 90,000 PPG Industries 6,397,200 0.61 Information Technology 18.28 255,400 Procter & Gamble 18,978,774 1.80 Health Care 12.70 266,500 Qualcomm 10,537,410 1.00 Industrials 9.93 Energy 158,700 Questar 8,665,020 0.82 4.74 Utilities 4.25 260,500 Raytheon 16,054,615 1.52 Telecommunication Services 3.22 220,600 Rohm & Haas 11,954,314 1.13 Materials 2.87 283,200 Royal Caribbean Cruises 1.14 12,058,656 Consumer Staples 2.18 398,000 Safeway 14,049,400 1.33 Total Shares 639,600 Schering-Plough 17,269,200 1.64 96.40 387,200 Spirit Aerosystems Holdings - A Shares 13,385,504 1.27 Cash and Other Assets/(Liabilities) 3.60 368,800 Sprint Nextel 4,967,736 0.47 Total 357,600 TD Ameritrade Holding 7,141,272 0.68 100.00 223,800 Travelers 12,232,908 1.16 332,400 United Technologies 25,657,956 2.43 233,700 UnitedHealth Group 13,771,941 1.31 593,900 Verizon Communications 26,588,903 2.52 217,400 WABCO Holdings 10,865,652 1.03 130,000 Wachovia 5,002,400 0.47 638,700 Wal-Mart Stores 30,753,405 2.92 173,300 Wells Fargo & Co. 5,252,723 0.50 301,000 Williams Companies 10,917,270 1.04 151,200 Wyeth 6,714,792 0.64 400,000 Wyndham Worldwide 9,568,000 0.91 421,600 Xcel Energy 9,595,616 0.91 120,000 Xilinx 2,641,200 0.25 392,200 Yahoo! 9,197,090 0.88

998,427,172 94.73

38 JPMorgan Funds - America Equity Fund Schedule of Investments - Outstanding Forward Foreign Exchange Contracts (Expressed in USD) As at 31 December 2007

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

17-Jan-08 EUR 17,573,456 USD 25,844,921 (20,627) 17-Jan-08 USD 605,344 EUR 419,335 (10,871)

Total (31,498)

39 JPMorgan Funds - Eastern Europe Equity Fund Schedule of Investments (Market Value Expressed in EUR) As at 31 December 2007

% % 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 HUNGARY 830,607 Magyar Telekom Telecommunications ADR 14,700,508 0.83 Shares 227,900 OTP Bank 7,905,160 0.45 RUSSIA 47,864 Aeroflot - Russian International Airlines Registered 22,605,668 1.28 Shares GDR 12,360,591 0.69 CYPRUS 763,090 Chelyabinsk Zink Plant 5,830,765 0.33 902,552 XXI Century Investments Public 17,622,425 0.99 531,265 Chelyabinsk Zink Plant GDR 4,122,679 0.23 1,613,587 Cherkizovo Group Registered Shares GDR 15,190,707 0.86 17,622,425 0.99 4,416,220 Comstar United Telesystems GDR 36,374,706 2.05 1,692,000 DIXY Group 16,815,765 0.95 JERSEY 412,256 Evraz Group Registered Shares GDR 21,608,326 1.22 849,824 Kazakhgold Registered Shares GDR 14,491,060 0.82 697,344 Fifth Power Generation GDR 4,186,415 0.24 1,930,378 Gazpromneft ADR 41,129,186 2.32 14,491,060 0.82 2,554,188 Magnitogorsk Iron & Steel Works Registered NETHERLANDS Shares GDR 29,146,657 1.64 2,712,200 AMTEL Vredestein Registered Shares GDR 5,280,210 0.30 1,518,003 Mechel ADR 102,469,464 5.78 343,571 Efes Breweries International GDR 7,483,933 0.42 728,085 MMC Norilsk Nickel ADR 133,320,761 7.52 505,448 Mobile Telesystems ADR 1.97 34,839,974 12,764,143 0.72 221,240 OAO Pharmacy Chain 36.6 10,858,312 0.61 335,835 Open Investments 70,894,105 4.00 BERMUDA 957,251 Polyus Gold ADR 29,974,164 1.69 1,360,430 EastPharma Registered Shares GDR 9,631,034 0.54 1,271,976 RBC Information Systems 9,048,126 0.51 384,898 RBC Information Systems ADR 10,951,796 0.62 9,631,034 0.54 4,933,167 RTM 10,301,069 0.58 ROMANIA 55,988,540 Sberbank 160,451,824 9.05 553,100 A&D Pharma Holding GDR 8,296,500 0.47 215,699 Severstal JSC 3,330,080 0.19 569,156 Severstal Registered Shares GDR 0.50 8,814,063 8,296,500 0.47 781,916 Severstal-Avto 28,262,986 1.59 1,559,850 Sistema JSFC Registered Shares GDR 44,595,963 2.52 UNITED STATES OF AMERICA 1,405,700 Sistema-Hals Registered Shares GDR 9,568,769 0.54 1,740,600 BMB Munai 7,390,604 0.42 2,995,539 Sitronics Registered Shares GDR 11,622,867 0.66 454,202 Tatneft Registered Shares GDR 37,410,872 2.11 7,390,604 0.42 946,800 Unified Energy System Registered Shares GDR 83,140,260 4.69 Total Shares 1,652,417,247 93.21 986,621,252 55.66 Investment Funds TURKEY 7,056,124 Akbank 35,941,248 2.04 UNITED KINGDOM 2,281,651 Arcelik 10,692,124 0.60 2,801,443 JPMorgan Russian Securities 27,500,761 1.55 7,695,946 Is Finansal Kiralama 9,945,666 0.56 7,387,000 KOC Holding 26,661,138 1.50 27,500,761 1.55 1,321,300 Reysas Logistics 4,807,290 0.27 Total Investment Funds 869,597 Tekfen Holding 3,239,790 0.18 27,500,761 1.55 4,867,417 Trakya Cam Sanayii 7,933,695 0.45 Total Transferable Securities Admitted to an 1,679,918,008 94.76 961,480 Tupras Turkiye Petrol Rafine 19,029,969 1.07 Official Exchange Listing 5,821,432 Turk Ekonomi Bankasi 9,963,136 0.56 10,371,837 Turk Sise ve Cam Fabrikalari 14,249,072 0.80 Transferable Securities Dealt in on Another Regulated Market 5,965,300 Turkiye Garanti Bankasi 37,503,772 2.13 12,768,100 Turkiye Is Bankasi - C Shares 55,745,067 3.14 Investment Funds 3,279,711 Turkiye Vakiflar Bankasi Tao - D Shares 7,904,144 0.45 LUXEMBOURG 3,640,700 Yapi ve Kredi Bankasi 0.49 8,774,131 24,935,423 JPMorgan Liquidity Funds - Euro Liquidity Fund (JPM Euro Liquidity X (dist.)) 24,935,423 1.41 252,390,242 14.24 POLAND 24,935,423 1.41 115,800 Bank Pekao 7,424,561 0.42 279,400 Bank Pekao Registered Shares GDR 17,881,796 1.01 Total Investment Funds 24,935,423 1.41 349,120 KGHM Polska Miedz 10,367,615 0.58 513,673 KGHM Polska Miedz GDR 1.74 Total Transferable Securities Dealt in on 24,935,423 1.41 30,665,479 Another Regulated Market 2,522,200 Powszechna Kasa Oszczednosci Bank Polski 37,099,830 2.09 2,280,160 Telekomunikacja Polska 14,593,996 0.82 Other Transferable Securities 3,161,384 Telekomunikacja Polska GDR 20,874,324 1.18 Shares 138,907,601 7.84 RUSSIA AUSTRIA 1,623,519 Aeroflot - Russian International Airlines 4,192,641 0.24 267,500 Erste Bank der Oesterreichischen Sparkassen 13,027,250 0.73 400,059 Raiffeisen International Bank Holding 41,774,161 2.37 4,192,641 0.24 182,000 Wiener Staedtische Versicherung 10,192,000 0.57 Total Shares 4,192,641 0.24 64,993,411 3.67 IRELAND Total Other Transferable Securities 4,192,641 0.24 11,536,829 Dragon Oil 54,007,130 3.04 Total Investments 1,709,046,072 96.41 54,007,130 3.04 Cash 42,494,411 2.40 CZECH REPUBLIC 779,880 CEZ 39,881,410 2.24 Other Assets/(Liabilities) 21,158,086 1.19 39,881,410 2.24 Total Net Assets 1,772,698,569 100.00 CAYMAN ISLANDS 1,236,754 Eurasia Drilling Registered Shares GDR 22,814,767 1.28

22,814,767 1.28

44 JPMorgan Funds - Eastern Europe Equity Fund Schedule of Investments (Market Value Expressed in EUR) (continued) As at 31 December 2007

% % 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 31 December 2007 (Unaudited) %of Net Assets

Shares Financials 35.40 Materials 22.23 Energy 10.25 Telecommunication Services 9.36 Utilities 7.18 Consumer Discretionary 3.30 Consumer Staples 2.23 Information Technology 1.78 Industrials 1.65 Health Care 1.62 Investment Companies 1.41 Total Shares 96.41 Cash and Other Assets/(Liabilities) 3.59 Total 100.00

Allocation of Portfolio as at 30 June 2007 %of Net Assets

Shares Financials 28.94 Materials 26.71 Energy 10.01 Telecommunication Services 9.15 Utilities 4.96 Consumer Discretionary 3.30 Consumer Staples 2.95 Health Care 2.90 Industrials 2.84 Investment Companies 1.55 Information Technology 0.88 Total Shares 94.19 Cash and Other Assets/(Liabilities) 5.81 Total 100.00

45 JPMorgan Funds - Emerging Europe, Middle East and Africa Equity Fund Schedule of Investments (Market Value Expressed in USD) As at 31 December 2007

% % 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 EGYPT 469,898 Ghabbour Auto 4,888,979 0.52 Shares and Warrants 228,090 Orascom Construction Industries 23,484,501 2.48 RUSSIA 223,476 Orascom Telecom Holding Registered Shares GDR 18,213,294 1.93 203,680 Chelyabinsk Zink Plant 2,286,308 0.24 3,294,860 Telecom Egypt 12,565,472 1.33 35,283 Chelyabinsk Zink Plant GDR 402,226 0.04 475,057 Cherkizovo Group Registered Shares GDR 6,570,038 0.70 59,152,246 6.26 1,088,340 Comstar United Telesystems GDR 13,168,914 1.39 POLAND 582,300 DIXY Group 8,501,580 0.90 39,800 Bank Pekao 3,748,710 0.40 146,124 Fifth Power Generation GDR 1,288,705 0.14 55,820 Bank Pekao Registered Shares GDR 5,248,209 0.55 355,554 Gazpromneft ADR 11,128,840 1.18 183,800 KGHM Polska Miedz 8,018,373 0.85 471,707 Magnitogorsk Iron & Steel Works Registered Shares 63,101 KGHM Polska Miedz GDR 5,533,958 0.58 GDR 7,907,602 0.84 314,310 Powszechna Kasa Oszczednosci Bank Polski 6,791,836 0.72 254,727 Mechel ADR 25,260,003 2.67 730,350 Telekomunikacja Polska 6,867,150 0.73 138,423 MMC Norilsk Nickel ADR 37,235,787 3.94 56,060 OAO Pharmacy Chain 36.6 4,041,926 0.43 36,208,236 3.83 75,747 Open Investments 23,490,171 2.48 195,832 Polyus Gold ADR 9,008,272 0.95 UNITED ARAB EMIRATES 109,095 RBC Information Systems ADR 4,560,171 0.48 2,036,600 Arabtec Holding 5,211,815 0.55 352,645 Rosbusinessconsulting Information Systems 3,685,140 0.39 7,641,537 DP World 9,093,429 0.96 1,686,835 RTM 5,174,467 0.55 3,530,290 Emaar Properties 14,608,627 1.55 12,483,470 Sberbank 52,555,409 5.56 154,298 Severstal JSC 3,499,479 0.37 28,913,871 3.06 6,590 Severstal Registered Shares GDR 149,923 0.02 IRELAND 171,656 Severstal-Avto 9,114,934 0.96 3,984,948 Dragon Oil 27,404,626 2.90 332,643 Sistema JSFC Registered Shares GDR 13,971,006 1.48 504,000 Sistema-Hals Registered Shares GDR 5,040,000 0.53 27,404,626 2.90 942,156 Sitronics Registered Shares GDR 5,370,289 0.57 144,698 Tatneft Registered Shares GDR 17,508,458 1.85 UNITED KINGDOM 185,670 Unified Energy System Registered Shares GDR 23,951,430 2.53 137,200 Anglo American 8,521,339 0.90 1,802,373 European Minerals 2,490,102 0.26 294,871,078 31.19 1,058,310 Hikma Pharmaceuticals 10,355,784 1.10

SOUTH AFRICA 21,367,225 2.26 2,972,470 African Bank Investments 14,571,103 1.54 174,588 African Rainbow Minerals 3,891,901 0.41 NETHERLANDS ANTILLES 72,910 Anglo Platinum 11,449,179 1.21 2,233,200 Merrill Lynch - Aldar Properties 117,399 AngloGold Ashanti ADR 5,044,635 0.53 - Warrants 12.01.10 7,319,760 0.77 527,920 ArcelorMittal South Africa 10,857,126 1.15 91,000 Merrill Lynch - Commercial Bank of Qatar - Warrants 0.49 783,300 Aveng 7,134,089 0.75 25.04.10 4,594,748 758,000 Merrill Lynch - First Gulf Bank - 362,649 Bidvest Group 6,671,737 0.71 Warrants 07.10.10 4,653,408 0.49 259,310 Discovery Holdings 1,046,397 0.11 772,068 Distribution and Warehousing Network 0.21 1,984,780 16,567,916 1.75 4,619,440 FirstRand 14,250,410 1.51 199,660 Freeworld Coatings 310,896 0.03 CAYMAN ISLANDS 458,110 Impala Platinum Holdings 16,622,083 1.76 434,419 Eurasia Drilling Registered Shares GDR 11,772,755 1.25 364,800 Lewis Group 2,443,647 0.26 709,010 Massmart Holdings 7,551,080 0.80 11,772,755 1.25 2,436,290 MTN Group 48,045,633 5.08 AUSTRIA 414,791 Naspers - N Shares 10,398,151 1.10 66,850 Raiffeisen International Bank Holding 10,254,670 1.08 8,470,000 Network Healthcare Holdings 14,868,599 1.57 1,677,420 Standard Bank Group 2.74 25,873,182 10,254,670 1.08 3,981,800 Steinhoff International Holdings 11,697,159 1.24 1,510,940 Woolworths Holdings 3,557,947 0.38 CYPRUS 257,663 XXI Century Investments Public 7,390,641 0.78 218,269,734 23.09 7,390,641 0.78 TURKEY 1,219,662 Akbank 9,126,474 0.97 BERMUDA 1,215,376 Is Finansal Kiralama 2,307,380 0.24 546,859 EastPharma Registered Shares GDR 5,687,334 0.60 1,901,460 Karsan Otomotiv Sanayi Ve Ticaret 4,390,424 0.46 1,436,330 KOC Holding 7,615,552 0.81 5,687,334 0.60 464,600 Reysas Logistics 2,483,217 0.26 JERSEY 605,573 Tekfen Holding 3,314,377 0.35 159,634 Kazakhgold Registered Shares GDR 3,998,832 0.42 2,014,821 Trakya Cam Sanayii 4,824,474 0.51 337,730 Tupras Turkiye Petrol Rafine 1.04 9,819,832 3,998,832 0.42 1,498,220 Turkiye Garanti Bankasi 13,837,411 1.46 2,853,740 Turkiye Is Bankasi - C Shares 18,303,374 1.94 HUNGARY 1,182,107 Turkiye Vakiflar Bankasi Tao - D Shares 4,185,165 0.44 78,200 OTP Bank 3,984,829 0.42 2,328,516 Yapi ve Kredi Bankasi 8,243,944 0.87 3,984,829 0.42 88,451,624 9.35 ISLE OF MAN ISRAEL 326,755 Kazakhstan Kagazy Registered Shares GDR 1,708,929 0.18 4,446,820 Bezeq Israeli Telecommunication 8,181,779 0.87 4,644,520 Israel Discount Bank - A Shares 11,689,755 1.24 1,708,929 0.18 266,270 Ormat Industries 4,085,390 0.43 1,063,100 Teva Pharmaceutical Industries ADR 49,784,973 5.26 Total Shares and Warrants 909,746,443 96.22

73,741,897 7.80 Total Transferable Securities Admitted to an 909,746,443 96.22 Official Exchange Listing

46 JPMorgan Funds - Emerging Europe, Middle East and Africa Equity Fund Schedule of Investments (Market Value Expressed in USD) (continued) As at 31 December 2007

% % 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 Dealt in on Another Regulated Market

Investment Funds LUXEMBOURG 27,806,864 JPMorgan Liquidity Funds - US Dollar Liquidity Fund (JPM US Dollar Liquidity X (dist.)) 27,806,864 2.94

27,806,864 2.94

Total Investment Funds 27,806,864 2.94

Total Transferable Securities Dealt in on 27,806,864 2.94 Another Regulated Market Total Investments 937,553,307 99.16

Cash 3,044,346 0.32

Other Assets/(Liabilities) 4,909,822 0.52

Total Net Assets 945,507,475 100.00

Allocation of Portfolio as at 31 December 2007 (Unaudited) %of Net Assets

Shares and Warrants Financials 31.29 Materials 17.37 Telecommunication Services 12.80 Health Care 8.96 Energy 8.21 Industrials 5.96 Consumer Discretionary 5.93 Investment Companies 2.94 Utilities 2.67 Consumer Staples 1.59 Information Technology 1.44 Total Shares and Warrants 99.16 Cash and Other Assets/(Liabilities) 0.84 Total 100.00

Allocation of Portfolio as at 30 June 2007 %of Net Assets

Shares Financials 26.95 Materials 18.19 Telecommunication Services 15.10 Health Care 10.67 Consumer Discretionary 8.60 Energy 5.96 Industrials 5.31 Consumer Staples 2.40 Utilities 1.73 Information Technology 0.96 Total Shares 95.87 Cash and Other Assets/(Liabilities) 4.13 Total 100.00

47 JPMorgan Funds - Emerging Markets Debt Fund Schedule of Investments (Market Value Expressed in EUR) As at 31 December 2007

% % 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 PHILIPPINES 5,204,000 Philippine Government Bonds International Bond 15.01.14/8.250% 3,985,229 1.91 1,500,000 Philippine Government BRAZIL International Bond 14.01.31/7.750% 1,186,992 0.57 5,500,000 Brazil (Republic of) 15.01.18/8.000% 4,191,314 2.01 900,000 Brazil (Republic of) 0.37 14.10.19/8.875% 761,880 5,172,221 2.48 3,080,000 Brazil (Republic of) 04.02.25/8.750% 2,679,236 1.29 1,512,000 Brazil (Republic of) 15.05.27/10.125% 1,490,746 0.71 UNITED STATES OF AMERICA 9,661,000 Brazil (Republic of) 06.03.30/12.250% 11,400,118 5.47 7,370,000 Citibank (New York) 02.07.10/15.000% 3,130,601 1.50 7,298,000 Brazil (Republic of) 20.01.37/7.125% 5,646,940 2.71 1,200,000 Citigroup Funding 17.03.08/0.000% 808,122 0.39 900,000 Citigroup Funding 26.06.08/0.000% 616,623 0.30 26,170,234 12.56 4,555,346 2.19 ARGENTINA 12,750,000 Argentina Nobac 25.03.10/15.661%* 2,729,010 1.32 COLOMBIA 4,118,597 Argentina (Republic of) 31.12.33/8.280% 2,691,576 1.29 4,949,000,000 Colombia (Republic of) 22.10.15/12.000% 1,870,658 0.90 8,015,000 Argentina (Republic of) 31.12.33/5.830%* 2,015,402 0.97 630,000 Colombia (Republic of) 27.01.17/7.375% 476,987 0.23 21,992,322 Argentina (Republic of) 15.12.35/1.262%* 2,154,092 1.03 6,668,000,000 Santa Fe de Bogota 26.07.28/9.750% 2,149,514 1.03 11,765,000 Argentina (Republic of) 31.12.38/0.630%* 1,006,763 0.48 23,817,191 Central Bank Argentina 20.01.10/15.394%* 5,231,714 2.51 4,497,159 2.16 5,215,000 Central Bank Argentina 30.09.14/2.000%* 1,089,271 0.52 UKRAINE 18,862,840 Central Bank Argentina 04.02.18/2.000%* 5,000,261 2.40 5,085,000 Ukraine (Government of) 21.11.16/6.580% 3,414,691 1.64 1,200,000 Ukraine (Government of) 14.11.17/6.750% 801,457 0.38 21,918,089 10.52 VENEZUELA 4,216,148 2.02 3,465,000 Venezuela (Republic of) 15.08.18/13.625% 3,016,735 1.45 COSTA RICA 18,560,000 Venezuela (Republic of) 13.01.34/9.375% 12,651,703 6.07 2,181,000 Costa Rica (Republic of) 01.08.20/9.995% 1,939,970 0.93 2,784,500 Venezuela (Republic of) 31.03.38/7.000% 1,393,624 0.67 1,939,970 0.93 17,062,062 8.19 GUATEMALA LUXEMBOURG 2,275,000 Guatemala (Republic of) 10.06.34/8.125% 1,838,986 0.88 2,970,000 ALROSA Finance 17.11.14/8.875% 2,189,510 1.06 2,550,000 Gaz Capital for Gazprom 1.17 13.02.18/6.605% 2,439,818 1,838,986 0.88 7,295,000 Gaz Capital for Gazprom 16.08.37/7.288% 5,061,283 2.43 3,681,640 Gazprom International 01.02.20/7.201% 2,568,319 1.23 URUGUAY 1,855,000 RSHB Capital SA for OJSC 26,540,000 Uruguay (Republic of) 14.09.18/5.000% 992,695 0.48 Russian Agricultural Bank 16.05.13/7.175% 1,296,965 0.62 20,000,000 Uruguay (Republic of) 26.06.37/3.700% 582,412 0.28 3,000,000 VTB Capital for Vneshtorgbank 30.06.35/6.250% 1,983,668 0.95 1,575,107 0.76

15,539,563 7.46 TURKEY 2,000,000 Turkey Government UNITED KINGDOM International Bond 17.03.36/6.875% 1,343,181 0.64 2,950,000 Barclays Bank 07.04.10/0.000%* 1,964,324 0.94 9,138,000 CSFB (Exim Ukraine) 07.09.11/7.650% 6,250,497 3.00 1,343,181 0.64 682,000 CSFB International (Exim Ukraine) 04.10.12/6.800% 453,505 0.22 GABONESE REPUBLIC 1,955,000 CSFB (City of Kiev Ukraine) 26.11.12/8.250% 1,341,223 0.64 1,640,000 Gabonese (Republic of) 12.12.17/8.200% 1,161,022 0.56 3,520,000 Deutsche Bank 20.07.18/0.000%* 3,491,846 1.68 1,161,022 0.56 13,501,395 6.48 GHANA IRELAND 1,100,000 Ghana (Republic of ) 04.10.17/8.500% 788,827 0.38 64,000,000 Depfa Bank 15.06.15/0.000% 1,989,135 0.95 120,305,687 Red Arrow International 788,827 0.38 Leasing 31.03.12/8.375% 3,353,413 1.61 CAYMAN ISLANDS 7,165,000 TransCapitalInvest Ltd for 1,065,000 Petrobras International Finance 01.03.18/5.875% 721,729 0.35 OJSC AK Transneft 05.03.14/5.670% 4,690,621 2.25 721,729 0.35 10,033,169 4.81 BERMUDA RUSSIA 1,020,000 BW Group 28.06.17/6.625% 684,762 0.33 8,025,000 Russian (Republic of) 24.06.28/12.750% 10,009,604 4.80 684,762 0.33 10,009,604 4.80 GERMANY BAHAMAS 987,000 Dresdner (Exim Ukraine) 23.09.09/7.750% 682,851 0.33 17,020,000 Crédit Suisse 19.01.11/0.000%* 9,977,183 4.79 682,851 0.33 9,977,183 4.79 BARBADOS MEXICO 955,000 Barbados (Government of) 05.12.35/6.625% 645,631 0.31 500,000 United Mexican States 19.12.13/8.000% 31,334 0.02 6,755,000 United Mexican States 2.86 15.08.31/8.300% 5,966,407 645,631 0.31 5,997,741 2.88 EGYPT 5,000,000 Arab Republic of Egypt 18.07.12/8.750% 641,920 0.31 NETHERLANDS 14,840,000 Lehman Brothers Treasury 2.64 03.01.12/10.000% 5,502,261 641,920 0.31 5,502,261 2.64 EL SALVADOR PERU 485,000 El Salvador (Republic of) 10.04.32/8.250% 404,428 0.19 2,756,810 IIRSA Norte Finance 30.05.24/8.750% 2,139,317 1.02 240,000 El Salvador (Republic of) 15.06.35/7.650% 189,510 0.09 500,000 Peru (Republic of) 21.11.33/8.750% 452,571 0.22 4,052,000 Peru (Republic of) 14.03.37/6.550% 2,896,157 1.39 593,938 0.28 5,488,045 2.63

51 JPMorgan Funds - Emerging Markets Debt Fund Schedule of Investments (Market Value Expressed in EUR) (continued) As at 31 December 2007

% % 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

DOMINICAN REPUBLIC 417,160 Dominican Republic 144A 23.01.18/9.040% 325,851 0.16 Allocation of Portfolio as at 31 December 2007 (Unaudited) %of Net Assets 325,851 0.16 Fixed Income Securities TRINIDAD & TOBAGO Brazil 12.56 412,000 Trinidad & Tobago (Republic Argentina 11.16 of) 17.05.27/5.875% 277,957 0.12 Venezuela 9.97 United States of America 9.61 277,957 0.12 Luxembourg 7.46 United Kingdom Total Bonds 6.48 172,861,952 82.95 Ireland 4.81 Russia 4.80 Total Transferable Securities Admitted to an 172,861,952 82.95 Official Exchange Listing Bahamas 4.79 Mexico 2.88 Transferable Securities Dealt in on Another Regulated Market Netherlands 2.64 Peru 2.63 Bonds Philippines 2.48 Colombia 2.16 VENEZUELA Ukraine 2.02 1,095,000 Petroleos de Venezuela 12.04.27/5.375% 461,211 0.22 Guatemala 1.27 7,345,000 Petroleos de Venezuela 12.04.37/5.500% 2,984,228 1.43 Costa Rica 0.93 386,000 Venezuela (Republic of) 15.09.27/9.250% 264,055 0.13 Uruguay 0.76 Trinidad & Tobago 0.71 3,709,494 1.78 Turkey 0.64 Gabonese Republic 0.56 ARGENTINA Ghana 0.38 67,751,335 Argentina (Republic of) 15.12.35/0.000%* 1,300,008 0.62 Cayman Islands 0.35 Germany 0.33 1,300,008 0.62 Bermuda 0.33 TRINIDAD & TOBAGO Barbados 0.31 2,000,000 National Gas Co. of Trinidad Egypt 0.31 & Tobago 15.01.36/6.050% 1,214,202 0.58 El Salvador 0.28 Dominican Republic 0.16 1,214,202 0.58 Total Fixed Income Securities 93.73 Cash and Other Assets/(Liabilities) 6.27 GUATEMALA 1,050,000 Guatemala (Republic of) 0.39 Total 08.11.11/10.250% 829,107 100.00 829,107 0.39 UNITED STATES OF AMERICA 505,000 US Treasury (i) 30.04.08/4.875% 345,586 0.17 Allocation of Portfolio as at 30 June 2007 %of 345,586 0.17 Net Assets

Total Bonds 7,398,397 3.54 Fixed Income Securities Argentina 13.22 Total Transferable Securities Dealt in on 7,398,397 3.54 Brazil 12.72 Another Regulated Market United States of America 11.60 Venezuela 10.89 Other Transferable Securities Russia 6.63 United Kingdom 6.09 Bonds Peru 5.59 UNITED STATES OF AMERICA Ireland 5.35 4,750,000 Morgan Stanley 144A 04.08.16/14.400% 4,245,431 2.04 Luxembourg 5.34 1,700,000 Morgan Stanley 144A 05.01.22/12.150% 1,322,692 0.64 Mexico 3.97 1,900,000 Citigroup Funding 10.01.08/0.000% 1,361,383 0.65 Ukraine 2.56 1,900,000 Citigroup Funding 09.10.08/0.000% 1,384,224 0.66 Guatemala 2.41 1,490,000 Citigroup Funding 17.12.10/0.000%* 1,014,998 0.49 Netherlands 2.31 Colombia 1,660,000 Citigroup Funding 03.10.11/0.000%* 1,098,003 0.53 2.01 Costa Rica 1.56 6,100,000 Citigroup Funding 12.03.12/0.000%* 4,148,606 1.99 Trinidad & Tobago 1.44 785,000 Citigroup Funding 20.06.12/0.000%* 505,664 0.24 Turkey 1.36 Uruguay 1.15 15,081,001 7.24 El Salvador 0.80 Germany 0.46 Total Bonds 15,081,001 7.24 Bermuda 0.30 Barbados 0.23 Total Other Transferable Securities 15,081,001 7.24 Dominican Republic 0.14 Total Fixed Income Securities 98.13 Total Investments 195,341,350 93.73 Cash and Other Assets/(Liabilities) 1.87 Total Cash 6,917,669 3.32 100.00

Other Assets/(Liabilities) 6,140,285 2.95

Total Net Assets 208,399,304 100.00

* Variable coupon rates are those quoted as at 31 December 2007. (i) Security partially or totally held as collateral against futures positions by the broker.

52 JPMorgan Funds - Emerging Markets Debt Fund Schedule of Investments - Outstanding Financial Futures Contracts (Expressed in EUR) As at 31 December 2007

Unrealised Expiration Number of Notional Gain/ Date Contracts Security Description Currency Value (Loss)

Bond Futures

Mar-08 12 US 10 Year Note Future USD 921,897 (1,170) Mar-08 189 US Long Bond Future USD 14,843,521 (83,260)

Total (84,430)

Schedule of Investments - Outstanding Forward Foreign Exchange Contracts (Expressed in EUR)

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

31-Mar-08 EUR 127,000,000 USD 182,740,300 2,705,768

Total 2,705,768

53 JPMorgan Funds - Emerging Markets Equity Fund Schedule of Investments (Market Value Expressed in USD) As at 31 December 2007

% % 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 38,957,500 Shimao Property Holdings 98,882,607 1.14 11,774,000 Tsingtao Brewery - H Shares * 38,639,157 0.44 Shares BRAZIL 384,788,565 4.42 8,069,828 Banco Itau Holding Financeira Preference Shares 214,455,753 2.46 TAIWAN 774,923 Cia de Bebidas das Americas Preference Shares 31,039,453 HON HAI Precision Industry 191,477,765 2.20 ADR 56,662,370 0.65 6,333,765 President Chain Store 16,466,776 0.19 17,327,792 Cia Vale do Rio Doce ADR 501,639,578 5.76 45,021,297 Taiwan Semiconductor Manufacturing 83,803,719 0.96 2,680,170 Gol Linhas Aereas Inteligentes ADR 68,344,335 0.79 7,846,581 Taiwan Semiconductor Manufacturing ADR 77,053,425 0.88 6,325,628 Petroleo Brasileiro ADR 618,836,187 7.10 368,801,685 4.23 1,459,938,223 16.76 EGYPT INDIA 1,022,381 Orascom Construction Industries 105,265,938 1.21 2,556,527 ACC 65,704,434 0.76 10,775,710 Orascom Telecom Holding 176,017,884 2.02 10,382,523 Ambuja Cements GDR 39,453,587 0.45 8,306,075 Bharti Airtel 2.28 198,864,166 281,283,822 3.23 1,328,259 Hero Honda Motors 23,626,255 0.27 4,058,307 Housing Development Finance 302,035,267 3.47 TURKEY 1,522,900 Indiabulls Real Estate 27,926,934 0.32 7,533,439 Akbank 56,371,139 0.65 2,017,484 Indiabulls Real Estate Registered Shares GDR 36,835,006 0.42 8,071,147 Anadolu Efes Biracilik Ve Malt Sanayii 93,180,386 1.07 1,751,410 Infosys Technologies 80,009,415 0.92 4,737,993 Migros Turk 93,191,807 1.07 1,328,500 Infosys Technologies ADR 61,310,275 0.70 1,918,600 Reliance Capital 127,597,635 1.47 242,743,332 2.79 7,089,300 Zee Entertainment Enterprises Ltd 56,595,404 0.65 UNITED ARAB EMIRATES 50,511,533 DP World 60,108,724 0.69 1,019,958,378 11.71 35,664,500 Emaar Properties 147,582,598 1.69 SOUTH AFRICA 15,235,424 African Bank Investments 74,684,329 0.86 207,691,322 2.38 1,057,428 Discovery Holdings 4,267,055 0.05 INDONESIA 18,837,467 FirstRand 58,111,292 0.67 82,502,533 Bank Rakyat Indonesia 65,002,395 0.75 4,863,672 Impala Platinum Holdings 176,473,688 2.03 1,944,120 Telekomunikasi Indonesia ADR 82,372,364 0.94 1,160,736 Imperial Holdings 18,203,745 0.21 27,860,500 Unilever Indonesia 20,022,718 0.23 5,976,110 Massmart Holdings 63,646,616 0.73 11,662,260 MTN Group 2.64 229,989,313 167,397,477 1.92 32,516,380 Network Healthcare Holdings 57,080,639 0.65 9,506,541 RMB Holdings 43,570,832 0.50 ISRAEL 4,062,800 Sasol 210,216,687 2.41 3,421,760 Teva Pharmaceutical Industries ADR 160,241,021 1.84 25,042,524 Steinhoff International Holdings 73,566,323 0.84 160,241,021 1.84 1,009,810,519 11.59 AUSTRIA SOUTH KOREA 838,070 Raiffeisen International Bank Holding 128,558,431 1.48 805,740 Hyundai Mobis 75,016,579 0.86 1,111,040 Hyundai Motor 84,935,366 0.97 128,558,431 1.48 1,675,313 Kookmin Bank 123,421,521 1.42 HUNGARY 322,840 KT&G 27,472,078 0.32 32,200 OTP Bank 1,640,812 0.02 2,634,477 KT&G 144A GDR 116,575,607 1.34 774,279 OTP Bank Registered Shares GDR 78,589,319 0.90 224,917 POSCO 138,081,652 1.58 3,700 Richter Gedeon 882,712 0.01 493,880 Samsung Electronics Registered Shares GDR 144A 145,941,540 1.68 177,645 Richter Gedeon GDR 41,213,640 0.47 204,935 Shinsegae 158,854,164 1.82 122,326,483 1.40 870,298,507 9.99 CAYMAN ISLANDS HONG KONG 58,524,000 Agile Property Holdings 104,882,931 1.20 21,472,000 China Mobile 371,595,039 4.26 8,334,700 Esprit Holdings 1.41 122,871,583 104,882,931 1.20 30,735,000 GOME Electrical Appliances Holdings 78,248,515 0.90 12,152,000 Li & Fung 49,538,006 0.57 CHILE 11,656,826 Yue Yuen Industrial Holdings 41,467,413 0.48 1,333,744 BSCH Chile ADR 67,740,858 0.78

663,720,556 7.62 67,740,858 0.78 RUSSIA LUXEMBOURG 640,344 Fifth Power Generation GDR 5,647,356 0.06 1,503,940 Tenaris ADR 67,511,867 0.77 1,256,092 Mechel ADR 124,560,363 1.43 1,795,132 OAO Gazprom ADR 100,886,418 1.16 67,511,867 0.77 37,231,600 Sberbank 156,745,036 1.80 UNITED KINGDOM 264,219 TGK-5 Registered Shares GDR 1,074,737 0.01 1,031,711 Anglo American 63,912,526 0.73 777,000 Unified Energy System Registered Shares GDR 100,233,000 1.15 2,372,200 Vimpel-Communications ADR 1.17 101,933,434 63,912,526 0.73 591,080,344 6.78 MALAYSIA 4,085,600 British American Tobacco Malaysia 50,485,112 0.58 MEXICO 5,083,531 America Movil ADR - L Shares 309,942,885 3.56 50,485,112 0.58 1,574,300 Fomento Economico Mexicano ADR 59,540,026 0.68 ARGENTINA 25,508,290 Grupo Financiero Banorte - O Shares 108,777,356 1.25 1,411,100 Banco Macro ADR 33,668,846 0.39 29,277,112 Wal-Mart de Mexico - V Shares 104,534,207 1.20 33,668,846 0.39 582,794,474 6.69 Total Shares CHINA 8,649,635,279 99.28 15,360,000 Anhui Conch Cement - H Shares * 132,910,297 1.53 Total Transferable Securities Admitted to an 8,649,635,279 99.28 30,498,000 China National Building Material - H Shares * 114,356,504 1.31 Official Exchange Listing

54 JPMorgan Funds - Emerging Markets Equity Fund Schedule of Investments (Market Value Expressed in USD) (continued) As at 31 December 2007

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

Transferable Securities Dealt in on Another Regulated Market

Investment Funds LUXEMBOURG 65,146,621 JPMorgan Liquidity Funds - US Dollar Liquidity Fund (JPM US Dollar Liquidity X (dist.)) 65,146,621 0.75

65,146,621 0.75

Total Investment Funds 65,146,621 0.75

Total Transferable Securities Dealt in on 65,146,621 0.75 Another Regulated Market Total Investments 8,714,781,900 100.03

Bank Overdraft (9,030,625) (0.10)

Other Assets/(Liabilities) 6,317,840 0.07

Total Net Assets 8,712,069,115 100.00

* Hong Kong Registered Shares.

Allocation of Portfolio as at 31 December 2007 (Unaudited) %of Net Assets

Shares Financials 23.86 Telecommunication Services 16.88 Materials 15.58 Energy 10.67 Consumer Discretionary 9.70 Consumer Staples 7.58 Information Technology 7.34 Industrials 3.46 Health Care 2.98 Utilities 1.23 Investment Companies 0.75 Total Shares 100.03 Bank Overdraft and Other Assets/(Liabilities) (0.03) Total 100.00

Allocation of Portfolio as at 30 June 2007 %of Net Assets

Shares Financials 21.24 Telecommunication Services 18.59 Materials 13.58 Information Technology 10.94 Consumer Discretionary 10.89 Consumer Staples 10.27 Energy 6.67 Health Care 3.38 Industrials 1.51 Total Shares 97.07 Cash and Other Assets/(Liabilities) 2.93 Total 100.00

55 JPMorgan Funds - Euroland Equity Fund Schedule of Investments (Market Value Expressed in EUR) As at 31 December 2007

% % 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 360,294 Siemens 39,221,605 1.07 207,393 Solarworld 8,658,658 0.24 Shares 1,374,468 ThyssenKrupp 52,710,848 1.45 FRANCE 56,302 Vossloh 4,509,790 0.12 4,928 1000mercis 138,477 0.00 23,627 Wirecard 273,128 0.01 7,816 AdenClassifieds 226,586 0.01 144,313 Alstom 21,287,611 0.58 901,619,864 24.72 234,987 Arkema 10,461,621 0.29 SPAIN 5,121 Aubay 34,823 0.00 160,112 Acciona 34,568,181 0.95 5,465 Audika 187,996 0.01 3,413,575 BBVA 57,074,974 1.56 89,040 Avenir Telecom 180,751 0.00 4,980,817 BSCH 73,616,475 2.02 22,145 BioMerieux 1,736,611 0.05 417,708 Bolsas y Mercados Españoles 19,444,307 0.53 1,178,919 BNP Paribas 88,100,617 2.42 191,819 Campofrio Alimentacion 1,730,207 0.05 714,673 Bouygues 40,836,415 1.12 53,701 Companhia de Distribucion Integral Logista 2,733,381 0.08 11,764 Business & Decision 270,572 0.01 160,881 Corporacion Financiera Alba 7,426,267 0.20 64,065 Carbone Lorraine 3,041,165 0.08 726,782 Gestevision Telecinco 12,725,953 0.35 132,442 Carrefour 7,020,750 0.19 870,524 Grifols 13,606,290 0.37 178,039 Casino Guichard Perrachon 13,228,298 0.36 852,941 Inditex 35,908,816 0.98 256,040 CNP Assurances 22,441,906 0.62 23,290 Laboratorios Farmaceuticos Rovi 239,654 0.01 163,347 Compagnie de Saint-Gobain 10,571,818 0.29 107,300 Prosegur Companhia de Seguridad Registered 428,137 Compagnie Générale des Etablissements Michelin - Shares 2,578,419 0.07 B Shares 34,071,142 0.93 141,078 Red Electrica de España 6,083,283 0.17 6,653 DU Pareil AU Même 229,928 0.01 274,485 Tecnicas Reunidas 12,077,340 0.33 708,383 Electricite de France 57,775,717 1.58 6,829,025 Telefonica 151,809,226 4.16 75,993 Euler Hermès 6,330,977 0.17 724,333 Tubacex 4,845,788 0.13 294,425 France Télécom 7,228,134 0.20 645,508 Tubos Reunidos - B Shares 3,156,534 0.09 33,791 GameLoft 198,691 0.01 1,440,987 Gaz de France 58,691,400 1.61 439,625,095 12.05 10,428 Ginger 213,774 0.01 259,981 Groupe Danone 16,087,624 0.44 ITALY 149,979 Haulotte 3,065,571 0.08 40,144 Acotel Group 3,372,096 0.09 21,516 Homair 78,533 0.00 79,362 Aeffe 213,484 0.01 35,641 IMS-Intl Metal Service 927,735 0.03 401,562 Ansaldo STS 3,435,363 0.09 80,467 Ipsen 3,294,319 0.09 371,214 Assicurazioni Generali 11,455,664 0.32 7,895 LeGuide.com 144,873 0.00 162,563 Banca Popolare dell’Emilia Romagna 2,601,008 0.07 204,832 Nexans 17,574,586 0.48 181,017 Biesse 2,338,740 0.06 22,214 Oberthur Technologies 118,401 0.00 15,936 Brembo 173,862 0.01 13,822 Outremer Telecom 231,657 0.01 327,996 Cementir 1,949,936 0.05 514,484 Peugeot 26,958,962 0.74 28,783 Cobra Automotive Technologies 181,765 0.01 150,954 PPR 16,518,896 0.45 271,019 Danieli & Co - RNC Shares 4,412,189 0.12 88,649 Rallye 4,303,022 0.12 10,527,391 Enel 85,692,963 2.35 929,756 Sanofi-Aventis 58,779,174 1.61 3,530,104 ENI 88,782,116 2.43 38,131 SEB 4,646,262 0.13 3,596,618 Fiat 63,516,274 1.74 120,415 Société BIC 5,887,089 0.16 554,401 Fondiaria-Sai 15,733,900 0.43 842,998 Société Générale 83,642,262 2.29 490,474 Geox 6,734,208 0.18 565,915 Thalès 22,879,943 0.63 36,227 Gruppo Coin 199,067 0.01 3,206,539 Total 181,746,630 4.98 251,326 IFI-Istituto Finanziario Industriale 5,785,524 0.16 209,932 Unibail-Rodamco 30,897,792 0.85 1,767,219 IFIL - Investments 11,363,218 0.31 2,054,568 Vivendi 64,985,986 1.78 4,593,978 Intesa Sanpaolo 24,853,421 0.68 123,742 Wendel Investissement 12,250,458 0.34 739,638 Milano Assicurazioni 3,960,761 0.11 808,403 Prysmian 13,516,498 0.37 939,525,555 25.76 726,912 RCS MediaGroup 2,173,467 0.06 12,547 Reply 276,034 0.01 GERMANY 152,688 Screen Service Broadcasting Technologies 201,548 0.01 870,011 Allianz Registered Shares 128,706,969 3.53 213,439 Trevi Finanziaria 2,599,687 0.07 350,996 Arques Industries 8,248,406 0.23 4,970,178 UniCredito Italiano 28,180,909 0.77 1,053,800 BASF 106,865,858 2.93 98,947 Bechtle 2,713,127 0.07 383,703,702 10.52 21,878 D+S Europe 269,756 0.01 1,336,035 Daimler 88,846,327 2.44 NETHERLANDS 404,734 Deutsche Bank Registered Shares 36,183,220 0.99 1,298,570 ASML Holding 28,101,055 0.77 2,507,172 Deutsche Lufthansa 45,680,674 1.25 101,045 Bateman Litwin 256,205 0.01 717,077 E.ON 104,399,240 2.86 332,103 Boskalis Westminster - CVA 13,646,112 0.37 38,685 Fuchs Petrolub Preference Shares 2,343,924 0.06 337,539 Heineken 15,050,864 0.41 12,748 Gerry Weber International 283,515 0.01 62,023 Hunter Douglas 3,155,110 0.08 309,099 Gildemeister 5,718,331 0.16 197,925 Imtech 3,307,327 0.09 428,996 Hannover Rueckversicherung Registered Shares 13,534,824 0.37 3,624,265 ING Groep - CVA 97,057,817 2.66 172,634 Henkel KGaA 6,033,558 0.17 596,769 Koninklijke BAM Groep 9,458,789 0.26 506,219 Hypo Real Estate Holding 18,274,506 0.50 1,086,269 Koninklijke DSM 35,010,450 0.96 71,836 Jungheinrich Preference Shares 1,920,176 0.05 229,203 Nutreco Holding 9,058,103 0.25 396,038 Kloeckner & Co. 10,891,045 0.30 654,789 Royal Dutch Shell - A Shares 18,897,211 0.52 101,589 Krones 5,586,379 0.15 73,600 Smit Internationale 5,011,424 0.14 471 KSB 203,472 0.01 374,854 SNS Reaal 5,769,003 0.16 227,287 KUKA 5,911,735 0.16 133,033 TomTom 6,875,145 0.19 254,574 Leoni 8,553,686 0.23 113,261 Unilever - CVA 2,857,575 0.08 602,197 MAN 68,530,019 1.88 78,080 Merck KGaA 6,894,464 0.19 253,512,190 6.95 531,207 MTU Aero Engines Holding 21,248,280 0.58 FINLAND 259,511 Muenchener Rueckversicherungs Registered Shares 34,499,392 0.95 18,013 Alma Media 209,851 0.01 20,296 Porsche Preference Shares 28,128,023 0.77 432,014 Citycon 1,516,369 0.04 92,249 Q-Cells 9,003,502 0.25 101,169 Cramo - B Shares 1,746,177 0.05 20,309 Roth & Rau 5,221,444 0.14 450,378 Konecranes 10,588,387 0.29 159,538 Salzgitter 16,280,853 0.45 1,021,018 Metso 38,216,704 1.05 142,386 SGL Carbon 5,271,130 0.14 6,220,550 Nokia 164,720,164 4.52

60 JPMorgan Funds - Euroland Equity Fund Schedule of Investments (Market Value Expressed in EUR) (continued) As at 31 December 2007

% % 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

323,705 Outotec 12,145,412 0.33 38,794 KNOW IT 248,371 0.01 395,529 Rautaruukki 11,660,195 0.32 42,644 Peab 298,968 0.01 452,009 YIT 6,771,095 0.18 1,220,878 0.03 247,574,354 6.79 ISLE OF MAN BELGIUM 48,662 Eros International 263,595 0.01 36,328 Ackermans & Van Haaren 2,415,812 0.07 1,204,940 Belgacom 40,570,330 1.11 263,595 0.01 155,220 Compagnie Maritime Belge 9,134,697 0.25 SWITZERLAND 383,007 Delhaize Group 22,639,544 0.62 4,778 Medisize Holding 221,041 0.01 102,910 Dexia (Strip) 1,029 0.00 48,148 EVS Broadcast Equipement 3,842,210 0.11 221,041 0.01 2,362,276 Fortis (Strip) 23,623 0.00 2 Fortis 0.00 37 Total Shares 3,620,930,477 99.28 739,742 KBC Groep 71,207,565 1.95 285,422 Solvay - A Shares 27,369,116 0.75 Total Transferable Securities Admitted to an 3,620,930,477 99.28 72,664 Tessenderlo Chemie 2,442,964 0.07 Official Exchange Listing

179,646,927 4.93 Transferable Securities Dealt in on Another Regulated Market PORTUGAL Investment Funds 1,033,307 Banco Espirito Santo Registered Shares 15,623,602 0.43 8,951,500 Energias de Portugal 39,744,660 1.09 LUXEMBOURG 672,340 Galp Energia - B Shares 12,767,737 0.35 17,304,865 JPMorgan Liquidity Funds - Euro Liquidity Fund 590,552 Jeronimo Martins SGPS 3,212,603 0.09 (JPM Euro Liquidity X (dist.)) 17,304,865 0.47 3,884,052 Portugal Telecom Registered Shares 35,111,830 0.96 343,626 Semapa-Sociedade de Investimento e Gestao 2,989,546 0.08 17,304,865 0.47 Total Investment Funds 109,449,978 3.00 17,304,865 0.47 GREECE Total Transferable Securities Dealt in on 17,304,865 0.47 1,874,075 Alapis Holding Industrial and Commercial SA of Another Regulated Market Pharmaceutical Chemical & Organisation 4,366,595 0.11 Total Investments 3,638,235,342 99.75 167,089 Coca Cola Hellenic Bottling 4,945,834 0.14 1,242,064 EFG Eurobank Ergasias 0.82 29,859,219 27,929,501 0.77 39,000 Fourlis 1,025,700 0.03 Cash 16,916 I Kloukinas-I Lappas 145,478 0.00 (18,653,740) (0.52) 399,568 Intralot - Integrated Lottery Systems & Services 5,474,082 0.15 Other Assets/(Liabilities) 172,602 Marfin Financial Group Holdings 1,014,900 0.03 Total Net Assets 29,391 Michaniki 161,063 0.00 3,647,511,103 100.00 346,734 National Bank of Greece 16,261,825 0.45 279,103 Neochimiki LV Lavrentiadis 5,755,104 0.16 307,052 Piraeus Bank 8,198,288 0.22 17,110 Sarantis 239,540 0.01 Allocation of Portfolio as at 31 December 2007 (Unaudited) %of Net Assets 21 Sprider Stores 104 0.00 Shares 77,447,732 2.12 Financials 28.16 LUXEMBOURG Industrials 13.32 886,150 ArcelorMittal 46,768,133 1.28 Consumer Discretionary 12.21 Utilities 9.66 46,768,133 1.28 Materials 9.30 Energy 8.86 IRELAND Telecommunication Services 6.44 2,098,417 Anglo Irish Bank 22,620,935 0.62 Information Technology 5.90 293,710 Paddy Power 6,725,887 0.18 Consumer Staples 2.97 71,340 United Drug 282,506 0.01 Health Care 2.46 Investment Companies 0.47 29,629,328 0.81 Total Shares 99.75 CYPRUS Cash and Other Assets/(Liabilities) 0.25 800,000 Marfin Popular Bank Public 7,328,000 0.20 Total 100.00 7,328,000 0.20 UNITED KINGDOM 33,948 Aero Inventory 299,198 0.02 27,951 Axon Group 0.01 202,381 %of 9,453 Chemring Group 0.01 Allocation of Portfolio as at 30 June 2007 266,602 Net Assets 28,741 Genus 316,048 0.01 15,647 Imperial Energy 314,632 0.01 Shares and Rights 96,304 International Personal Finance 247,448 0.00 Financials 33.82 41,368 Interserve 266,013 0.00 Industrials 11.89 194,041 Jarvis 44,070 0.00 Consumer Discretionary 10.47 52,000 JKX Oil & Gas 282,206 0.01 Materials 8.70 119,531 Record 258,507 0.00 Energy 8.27 203,742 Senior 325,982 0.01 Utilities 7.30 36,998 Severfield-Rowen 228,631 0.01 Telecommunication Services 6.69 7,886 Tradus 192,469 0.01 Information Technology 3.93 18,965 WSP Group 149,918 0.00 Consumer Staples 3.86 Health Care 1.54 3,394,105 0.10 Total Shares and Rights 96.47 SWEDEN Cash and Other Assets/(Liabilities) 3.53 12,961 Angpanneforeningen - B Shares 230,424 0.00 Total 61,866 HIQ International 218,665 0.00 100.00 25,709 KappAhl Holding 224,450 0.01

61 JPMorgan Funds - Euroland Select Equity Fund Schedule of Investments (Market Value Expressed in EUR) As at 31 December 2007

% % 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 759 Philips Electronics 22,360 0.30 16,026 Royal KPN 200,004 2.69 Shares GERMANY 406,144 5.46 1,950 Allianz Registered Shares 288,502 3.87 GREECE 2,625 Bayer 164,141 2.21 1,750 Coca Cola Hellenic Bottling 51,800 0.69 244 Deutsche Bank Registered Shares 21,814 0.29 3,800 Corinth Pipeworks 22,724 0.31 452 Deutsche Boerse 61,359 0.83 3,823 EFG Eurobank Ergasias 91,905 1.24 8,330 Deutsche Lufthansa 151,773 2.04 2,032 National Bank of Greece 95,301 1.28 2,366 E.ON 344,466 4.63 3,397 Piraeus Bank 90,700 1.22 1,880 Epcos 22,316 0.30 3,678 Sidenor Steel Products Manufacturing 37,663 0.51 4,417 Hannover Rueckversicherung 139,356 1.87 4,558 Lanxess 153,149 2.06 390,093 5.25 1,138 MTU Aero Engines Holding 45,520 0.61 245 Rheinmetall 13,323 0.18 PORTUGAL 2,950 RWE Non Voting Preference Shares 245,056 3.30 7,529 Banco BPI Registered Shares 40,581 0.55 375 Siemens 40,822 0.55 9,909 Galp Energia - B Shares 188,172 2.53 7,327 Symrise 141,265 1.90 1,505 ThyssenKrupp 57,717 0.78 228,753 3.08 8,073 TUI 154,436 2.08 BELGIUM 2,319 United Internet Registered Shares 38,611 0.52 310 Delhaize Group 18,324 0.24 1,201 Volkswagen Preference Shares 120,100 1.62 5,427 Fortis 99,531 1.34 378 Mobistar 23,659 0.32 2,203,726 29.64 FRANCE 141,514 1.90 1,186 Alstom 174,947 2.35 IRELAND 1,402 Arkema 62,417 0.84 3,376 Allied Irish Banks 52,632 0.71 1,639 AXA 44,696 0.60 1,150 BNP Paribas 85,940 1.16 52,632 0.71 3,611 Cap Gemini 155,851 2.10 622 Crédit Agricole 14,368 0.19 Total Shares 7,435,063 99.99 1,635 IPSOS 31,833 0.43 1,573 Lafarge 195,603 2.63 Total Transferable Securities Admitted to an 7,435,063 99.99 582 Neuf Cegetel 20,149 0.27 Official Exchange Listing 870 PPR 95,204 1.28 Total Investments 7,435,063 99.99 4,026 Sanofi-Aventis 254,524 3.42 8,155 SCOR 141,979 1.91 9,387 0.13 86 Société Générale 8,533 0.11 Cash 3,500 Suez 164,710 2.22 5,957 Total 337,643 4.54 Other Assets/(Liabilities) (8,356) (0.12) 4,665 Vivendi 147,554 1.98 Total Net Assets 7,436,094 100.00 1,935,951 26.03 SPAIN 7,749 BBVA 129,563 1.75 Allocation of Portfolio as at 31 December 2007 (Unaudited) %of 18,340 BSCH 271,065 3.65 Net Assets 5,132 Telefonica 114,084 1.53 1,647 Union Fenosa 76,108 1.02 Shares Financials 27.00 590,820 7.95 Consumer Discretionary 11.82 Utilities 11.55 ITALY Materials 10.92 1,970 Banca Popolare di Milano 0.25 18,193 Energy 9.66 6,087 Banco Popolare 91,731 1.23 Telecommunication Services 8.60 9,513 Fiat 168,000 2.26 Industrials 7.52 18,480 Intesa Sanpaolo 99,977 1.34 Information Technology 5.59 120,035 Seat Pagine Gialle 32,469 0.44 Health Care 4.06 76,873 Telecom Italia - RNC Shares 124,534 1.67 Consumer Staples 3.27 8,216 UniCredito Italiano 46,585 0.63 Total Shares 99.99 Cash and Other Assets/(Liabilities) 0.01 581,489 7.82 Total FINLAND 100.00 5,488 Konecranes 129,023 1.73 6,680 Nokia 176,886 2.38 22,000 Ruukki Group 61,380 0.83 7,369 YIT 110,388 1.48 Allocation of Portfolio as at 30 June 2007 477,677 6.42 Not available as this Sub-Fund was launched on 24 July 2007 AUSTRIA 1,800 Intercell 47,718 0.64 3,293 OMV 181,148 2.44 189 Schoeller-Bleckmann Oilfield Equipment 11,618 0.16 8,228 Telekom Austria 157,155 2.11 595 Verbund - Oesterreichische Elektrizitaetswirtschafts - A Shares 28,625 0.38

426,264 5.73 NETHERLANDS 586 CSM 13,876 0.18 411 ING Groep - CVA 11,007 0.15 16,779 Koninklijke Ahold 158,897 2.14

62 JPMorgan Funds - Europe Dynamic Fund Schedule of Investments (Market Value Expressed in EUR) As at 31 December 2007

% % 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 FRANCE 75,831 Alstom 11,185,831 0.98 Shares 171,241 BNP Paribas 12,796,840 1.12 UNITED KINGDOM 143,724 Business Objects 6,011,975 0.52 137,933 Anglo American 5,816,470 0.50 55,485 Compagnie de Saint-Gobain 3,590,989 0.31 451,096 AstraZeneca 13,272,712 1.15 73,178 Electricite de France 5,968,398 0.52 718,816 Barclays 4,926,856 0.43 556,115 Eutelsat Communications 11,339,185 0.98 615,787 BG Group 9,526,801 0.83 645,758 France Télécom 15,853,359 1.38 788,549 BHP Billiton 16,743,699 1.45 66,853 Peugeot 3,503,097 0.30 3,041,465 BP 25,486,034 2.21 162,764 Sanofi-Aventis 10,289,940 0.89 530,597 British American Tobacco 14,237,756 1.24 57,598 Société Générale 5,714,874 0.50 543,031 De La Rue 7,363,013 0.64 124,438 Total 7,053,146 0.61 795,364 Diageo 11,593,254 1.01 137,464 Vinci 6,979,047 0.61 838,542 Eurasian Natural Resources 7,276,721 0.63 392,102 GlaxoSmithKline 6,783,919 0.59 100,286,681 8.72 524,486 HSBC Holdings 5,987,933 0.52 SPAIN 575,374 Imperial Chemical Industries 5,203,637 0.45 1,742,031 BSCH 25,747,218 2.24 1,095,561 International Power 6,788,655 0.59 194,732 Bolsas y Mercados Españoles 9,064,775 0.79 761,925 Laird Group 5,852,522 0.51 1,380,314 Telefonica 30,684,380 2.66 891,957 Man Group 6,851,328 0.59 442,444 National Express Group 7,492,930 0.65 65,496,373 5.69 402,634 Prudential 3,859,765 0.34 145,184 Reckitt Benckiser Group 5,685,215 0.49 NORWAY 150,456 Rio Tinto 10,959,140 0.95 1,152,727 DnB NOR 12,016,420 1.04 2,990,106 Royal & Sun Alliance Insurance Group 5,947,681 0.52 2,329,283 Pronova BioPharma 6,399,028 0.56 493,296 Severfield-Rowen 3,048,353 0.26 281,739 Renewable Energy 9,807,483 0.85 361,009 Shire 5,590,042 0.49 333,314 Tandberg 4,745,664 0.41 1,040,124 SSL International 7,397,101 0.64 671,757 Yara International 21,193,262 1.84 1,387,773 Standard Life 4,755,986 0.41 210,712 Vedanta Resources 5,862,699 0.51 54,161,857 4.70 11,435,774 Vodafone Group 29,089,038 2.53 ITALY 2,334,245 WM Morrison Supermarkets 10,104,348 0.88 1,434,135 Enel 11,673,859 1.02 953,813 Wood Group (John) 5,671,054 0.49 477,011 ENI 11,996,827 1.05 327,597 Fiat 5,785,363 0.50 259,174,662 22.50 413,578 Mediobanca 5,814,907 0.50 GERMANY 483,449 Prysmian 8,083,267 0.70 144,053 BASF 14,608,415 1.26 131,938 Saipem 3,616,421 0.31 196,061 Bayer 12,259,694 1.05 79,637 Centrotherm Photovoltaics 5,972,775 0.52 46,970,644 4.08 81,601 Continental 7,261,673 0.63 FINLAND 259,144 Daimler 17,233,076 1.50 306,519 Elisa - A Shares 6,369,465 0.55 60,778 Deutsche Boerse 8,250,613 0.72 968,076 Nokia 25,634,652 2.23 844,126 Deutsche Telekom 12,678,772 1.10 132,608 Outotec 4,975,452 0.43 187,387 E.ON 27,281,673 2.37 66,546 Wartsila - B Shares 3,494,330 0.30 64,113 Hamburger Hafen und Logistik 3,910,893 0.34 115,037 MAN 13,091,211 1.14 40,473,899 3.51 29,870 Muenchener Rueckversicherungs Registered Shares 3,970,918 0.34 30,955 Norddeutsche Affinerie 825,570 0.07 GREECE 112,948 Q-Cells 11,023,725 0.96 215,521 Coca Cola Hellenic Bottling 6,379,422 0.55 182,263 RWE 17,497,248 1.52 280,743 Hellenic Exchanges Holding Clearing Settlement and Registry 0.58 260,211 SGL Carbon 9,633,011 0.84 6,664,839 378,955 National Bank of Greece 1.54 90,968 Siemens 9,902,776 0.86 17,772,990 266,668 Public Power 0.81 239,468 Solarworld 9,997,789 0.87 9,306,713 124,148 Solon Fuer Solartechnik 8,938,656 0.78 40,123,964 3.48 166,571 Stada Arzneimittel 7,004,311 0.61 282,219 Tognum 5,816,534 0.51 DENMARK 47,375 Volkswagen 7,395,238 0.64 46,491 D/S Norden 3,540,712 0.31 34,788 Wacker Chemie 6,877,588 0.60 127,034 FLSmidth & Co. 8,840,172 0.77 201,999 Novo Nordisk - B Shares 9,019,175 0.78 221,432,159 19.23 93,694 Vestas Wind Systems 6,834,143 0.59 NETHERLANDS 28,234,202 2.45 175,565 Akzo Nobel 9,543,713 0.82 392,041 ASML Holding 8,483,767 0.74 SWEDEN 294,552 Boskalis Westminster - CVA 12,103,142 1.05 209,963 Hennes & Mauritz - B Shares 8,709,818 0.76 235,328 Fugro - CVA 12,307,654 1.07 641,835 Nordea Bank 7,274,332 0.63 261,246 Gemalto 5,598,502 0.49 1,129,842 TeliaSonera 7,173,799 0.62 218,815 ING Groep - CVA 5,859,866 0.51 671,607 Royal Dutch Shell - B Shares 19,132,522 1.66 23,157,949 2.01 551,097 Royal KPN 6,877,691 0.60 220,602 Smit Internationale 15,020,790 1.30 BELGIUM 74,174 KBC Groep 0.62 903,204 Unilever - CVA 22,787,837 1.98 7,139,989 25,266 Umicore 4,252,015 0.37 117,715,484 10.22 11,392,004 0.99 SWITZERLAND 554,288 ABB Registered Shares 10,931,504 0.94 PORTUGAL 382,121 Banco Espirito Santo Registered Shares 0.50 142,474 Crédit Suisse Group 5,848,806 0.51 5,777,670 421,253 Portugal Telecom Registered Shares 0.33 78,384 Nestlé Registered Shares 24,646,978 2.14 3,808,127 630,606 Novartis Registered Shares 23,570,329 2.05 9,585,797 0.83 73,522 Roche Holding - Genussschein 8,605,099 0.75 58,296 Swatch Group - Bearer Shares 12,035,994 1.05 LUXEMBOURG 65,869 Syngenta Registered Shares 11,397,428 0.99 176,428 ArcelorMittal 9,313,634 0.81 30,606 Zurich Financial Services 6,116,222 0.53 9,313,634 0.81 103,152,360 8.96

79 JPMorgan Funds - Europe Dynamic Fund Schedule of Investments (Market Value Expressed in EUR) (continued) As at 31 December 2007

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

IRELAND 587,996 Anglo Irish Bank 6,338,597 0.55 Allocation of Portfolio as at 30 June 2007 %of Net Assets 6,338,597 0.55 Shares UNITED STATES OF AMERICA Industrials 24.45 122,997 Autoliv SDR 0.39 4,503,507 Financials 21.80 Materials 15.98 4,503,507 0.39 Energy 11.26 TURKEY Consumer Discretionary 8.65 703,837 TAV Havalimanlari Holding 4,384,043 0.38 Utilities 5.05 Health Care 4.58 4,384,043 0.38 Information Technology 2.91 Telecommunication Services 2.71 HUNGARY Consumer Staples 2.05 37,398 MOL Hungarian Oil and Gas 0.31 3,596,846 Total Shares 99.44 Cash and Other Assets/(Liabilities) 0.56 3,596,846 0.31 Total AUSTRIA 100.00 71,787 Voestalpine 3,557,046 0.31

3,557,046 0.31

Total Shares 1,153,051,708 100.12

Total Transferable Securities Admitted to an 1,153,051,708 100.12 Official Exchange Listing

Transferable Securities Dealt in on Another Regulated Market

Investment Funds LUXEMBOURG 21,200,000 JPMorgan Liquidity Funds - Euro Liquidity Fund (JPM Euro Liquidity X (dist.)) 21,200,000 1.84

21,200,000 1.84

Total Investment Funds 21,200,000 1.84

Total Transferable Securities Dealt in on 21,200,000 1.84 Another Regulated Market Total Investments 1,174,251,708 101.96

Bank Overdraft (14,564,865) (1.26)

Other Assets/(Liabilities) (8,050,170) (0.70)

Total Net Assets 1,151,636,673 100.00

Allocation of Portfolio as at 31 December 2007 (Unaudited) %of Net Assets

Shares Financials 16.01 Industrials 14.12 Materials 13.73 Energy 11.22 Telecommunication Services 9.77 Health Care 8.50 Consumer Staples 8.29 Utilities 6.82 Information Technology 5.89 Consumer Discretionary 5.77 Investment Companies 1.84 Total Shares 101.96 Bank Overdraft and Other Assets/(Liabilities) (1.96) Total 100.00

80 JPMorgan Funds - Europe Dynamic Mega Cap Fund Schedule of Investments (Market Value Expressed in EUR) As at 31 December 2007

% % 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 96,192 Smit Internationale 6,549,713 0.63 882,384 Unilever - CVA 22,262,548 2.14 Shares UNITED KINGDOM 86,072,513 8.29 124,383 Anglo American 5,245,083 0.50 FINLAND 324,965 AstraZeneca 9,561,528 0.92 1,537,096 Nokia 40,702,302 3.92 741,177 Barclays 5,080,121 0.49 166,938 Wartsila - B Shares 8,765,914 0.84 452,809 BG Group 7,005,379 0.67 1,137,485 BHP Billiton 24,152,850 2.33 49,468,216 4.76 4,876,219 BP 40,860,402 3.93 258,691 British American Tobacco 6,941,576 0.67 ITALY 1,056,166 Diageo 15,394,713 1.48 657,710 Enel 5,353,759 0.53 764,311 Eurasian Natural Resources 6,632,558 0.64 438,789 ENI 11,035,543 1.06 1,205,477 GlaxoSmithKline 20,856,458 2.01 249,443 Fiat 4,405,163 0.42 918,621 HSBC Holdings 10,487,680 1.01 2,937,126 Intesa Sanpaolo 15,889,852 1.53 799,355 International Power 4,953,211 0.48 347,840 Mediobanca 4,890,630 0.47 590,557 Prudential 5,661,248 0.55 182,268 Prysmian 3,047,521 0.29 304,044 Rio Tinto 22,146,413 2.13 118,985 Saipem 3,261,379 0.31 1,138,596 RBS 6,885,500 0.66 16,194,914 Vodafone Group 41,194,804 3.97 47,883,847 4.61 2,061,543 WM Morrison Supermarkets 8,923,891 0.86 NORWAY 111,767 Xstrata 5,446,564 0.52 1,105,365 DnB NOR 11,522,702 1.12 246,150 Renewable Energy 8,568,611 0.82 247,429,979 23.82 396,457 Yara International 12,507,822 1.20 GERMANY 104,373 BASF 10,584,466 1.01 32,599,135 3.14 147,972 Bayer 9,252,689 0.89 SWEDEN 153,198 Daimler 10,187,667 0.98 186,049 Hennes & Mauritz - B Shares 7,717,803 0.74 50,957 Deutsche Boerse 6,917,413 0.67 476,969 Nordea Bank 5,405,799 0.52 1,148,127 Deutsche Telekom 17,244,868 1.66 1,205,438 TeliaSonera 7,653,787 0.74 267,248 E.ON 38,908,636 3.75 53,779 Hamburger Hafen und Logistik 3,280,519 0.32 20,777,389 2.00 88,255 MAN 10,043,419 0.97 63,741 Muenchener Rueckversicherungs Registered Shares 8,473,729 0.82 GREECE 98,305 Q-Cells 9,594,568 0.92 284,793 National Bank of Greece 13,356,792 1.29 142,709 RWE 13,700,064 1.32 106,663 Siemens 11,611,334 1.12 13,356,792 1.29 177,783 Solarworld 7,422,440 0.71 IRELAND 32,865 Volkswagen 5,130,227 0.49 850,956 Anglo Irish Bank 9,173,306 0.88

162,352,039 15.63 9,173,306 0.88 SWITZERLAND BELGIUM 400,874 ABB Registered Shares 7,905,918 0.76 83,900 KBC Groep 8,076,214 0.78 126,743 Crédit Suisse Group 5,203,021 0.50 79,163 Nestlé Registered Shares 24,891,926 2.40 8,076,214 0.78 979,429 Novartis Registered Shares 36,608,380 3.52 128,314 Roche Holding - Genussschein 15,018,018 1.45 DENMARK 51,507 Swatch Group - Bearer Shares 10,634,314 1.02 177,141 Novo Nordisk - B Shares 7,909,275 0.76 55,631 Syngenta Registered Shares 9,625,929 0.93 125,100 UBS Registered Shares 3,963,773 0.38 7,909,275 0.76 41,418 Zurich Financial Services 8,276,864 0.80 LUXEMBOURG 126,684 ArcelorMittal 6,687,648 0.64 122,128,143 11.76 FRANCE 6,687,648 0.64 62,453 Alstom 9,212,442 0.88 UNITED STATES OF AMERICA 316,358 BNP Paribas 23,641,433 2.28 123,555 Autoliv SDR 4,523,938 0.44 64,019 Electricite de France 5,221,390 0.50 462,468 Eutelsat Communications 9,429,723 0.91 4,523,938 0.44 798,035 France Télécom 19,591,759 1.89 207,592 Sanofi-Aventis 13,123,966 1.26 PORTUGAL 124,718 Société Générale 12,374,520 1.19 349,375 Portugal Telecom Registered Shares 3,158,350 0.30 158,408 Suez 7,454,681 0.72 151,753 Total 8,601,360 0.83 3,158,350 0.30 102,765 Vinci 5,217,379 0.50 Total Shares 1,035,134,803 99.66 113,868,653 10.96 Total Transferable Securities Admitted to an 1,035,134,803 99.66 SPAIN Official Exchange Listing 1,275,761 BBVA 21,330,724 2.06 Total Investments 1,035,134,803 99.66 2,523,569 BSCH 37,298,350 3.59 1,846,167 Telefonica 41,040,292 3.95 Cash 2,943,273 0.28 99,669,366 9.60 Other Assets/(Liabilities) 630,063 0.06 NETHERLANDS 72,638 Akzo Nobel 3,948,602 0.38 Total Net Assets 1,038,708,139 100.00 230,923 ASML Holding 4,997,174 0.48 86,723 Fugro - CVA 4,535,613 0.44 402,721 ING Groep - CVA 10,784,868 1.04 961,652 Royal Dutch Shell - B Shares 27,395,230 2.64 448,619 Royal KPN 5,598,765 0.54

81 JPMorgan Funds - Europe Dynamic Mega Cap Fund Schedule of Investments (Market Value Expressed in EUR) (continued) As at 31 December 2007

% % 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 31 December 2007 (Unaudited) %of Net Assets

Shares Financials 22.60 Telecommunication Services 13.04 Energy 12.35 Materials 11.19 Health Care 9.92 Consumer Staples 7.55 Utilities 7.28 Industrials 6.32 Information Technology 5.31 Consumer Discretionary 4.10 Total Shares 99.66 Cash and Other Assets/(Liabilities) 0.34 Total 100.00

Allocation of Portfolio as at 30 June 2007 %of Net Assets

Shares Financials 28.13 Energy 17.86 Materials 11.71 Industrials 10.94 Consumer Discretionary 6.55 Health Care 5.98 Utilities 5.64 Telecommunication Services 5.25 Information Technology 3.94 Consumer Staples 1.83 Total Shares 97.83 Cash and Other Assets/(Liabilities) 2.17 Total 100.00

82 JPMorgan Funds - Europe Equity Fund Schedule of Investments (Market Value Expressed in EUR) As at 31 December 2007

% % 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 44,656 D+S Europe 550,608 0.02 676,050 Daimler 44,957,325 1.28 Shares and Warrants 2,288,704 Deutsche Lufthansa 41,700,187 1.18 UNITED KINGDOM 238,313 E.ON 34,695,990 0.99 2,053,896 3i Group 28,071,779 0.80 26,022 Gerry Weber International 578,729 0.01 69,213 Aero Inventory 610,003 0.02 287,960 Gildemeister 5,327,260 0.15 1,437,396 AstraZeneca 42,292,866 1.20 66,756 Jungheinrich Preference Shares 1,784,388 0.05 255,996 Autonomy 3,092,729 0.09 927 KSB 400,464 0.01 231,539 Aveva Group 3,062,544 0.09 249,501 KUKA 6,489,521 0.18 57,020 Axon Group 412,857 0.01 222,850 Leoni 7,487,760 0.21 3,168,772 Barclays 21,719,164 0.62 361,233 MAN 41,108,315 1.17 1,663,577 Beazley Group 3,704,923 0.10 285,773 Merck KGaA 25,233,756 0.72 3,586,477 BHP Billiton 76,153,657 2.16 163,015 Muenchener Rueckversicherungs Registered Shares 21,671,214 0.61 6,472,069 BP 54,232,868 1.54 8,585 Norddeutsche Affinerie 228,962 0.01 15,024,379 BT Group 55,818,485 1.59 2,498 Porsche Automobil Preference Shares 3,461,953 0.10 1,558,618 Charter 16,653,168 0.47 75,437 Q-Cells 7,362,651 0.21 19,210 Chemring Group 541,778 0.01 20,534 Roth & Rau 5,279,291 0.15 1,103,333 Cookson Group 10,442,223 0.30 461,939 SGL Carbon 17,100,982 0.49 449,667 Dairy Crest Group 3,514,967 0.10 177,929 Solarworld 7,428,536 0.21 130,131 De La Rue 1,764,460 0.05 1,155,949 ThyssenKrupp 44,330,644 1.26 1,470,988 DS Smith 4,228,399 0.12 48,210 Wirecard 557,308 0.02 1,067,017 Eurasian Natural Resources 9,259,388 0.26 1,603,502 Firstgroup 17,567,575 0.50 475,957,252 13.52 55,890 Genus 614,591 0.02 FRANCE 119,981 GlaxoSmithKline 2,075,841 0.06 10,901 1000mercis 306,318 0.01 1,466,493 Great Portland Estates 9,340,664 0.27 16,541 AdenClassifieds 479,524 0.01 1,026,175 Halfords Group 4,250,731 0.12 90,136 Arkema 4,012,855 0.11 10,546,967 Hays 16,445,852 0.47 17,643 Aubay 119,972 0.00 1,228,765 Hiscox 4,698,388 0.13 10,436 Audika 358,998 0.01 2,450,652 HSBC Holdings 27,978,517 0.80 181,600 Avenir Telecom 368,648 0.01 686,443 IMI 3,753,270 0.11 1,066,763 BNP Paribas 79,719,199 2.27 31,942 Imperial Energy 642,295 0.02 24,038 Business & Decision 552,874 0.02 2,567,089 Inchcape 13,070,188 0.37 68,446 Carbone Lorraine 3,249,132 0.09 196,544 International Personal Finance 505,010 0.01 493,297 Compagnie Générale des Etablissements Michelin - 1,799,847 International Power 11,152,770 0.32 B Shares 39,256,575 1.12 83,344 Interserve 535,936 0.01 13,593 DU Pareil AU Même 469,774 0.01 712,503 Intertek Group 9,554,632 0.27 539,211 Electricite de France 43,978,049 1.25 391,818 Jarvis 88,988 0.00 70,796 GameLoft 416,280 0.01 694,795 JKX Oil & Gas 3,770,674 0.11 330,318 Gaz de France 13,453,852 0.38 808,651 Kazakhmys 15,076,300 0.43 20,312 Ginger 416,396 0.01 313,778 Keller Group 2,978,184 0.08 137,201 Haulotte 2,804,388 0.08 176,073 Kier Group 3,456,943 0.10 50,434 Homair 184,084 0.01 26,013,925 Legal & General Group 45,607,405 1.30 63,004 IMS-Intl Metal Service 1,639,994 0.05 4,873,532 Lloyds TSB Group 31,239,661 0.89 34,276 Ipsen 1,403,259 0.04 1,027,244 Michael Page International 3,889,536 0.11 16,122 LeGuide.com 295,839 0.01 1,112,005 Morgan Crucible 3,046,091 0.09 202,452 Nexans 17,370,382 0.49 163,229 Morgan Sindall 2,330,540 0.07 39,050 Oberthur Technologies 208,136 0.01 798,824 National Express Group 13,528,340 0.38 22,659 Outremer Telecom 379,765 0.01 1,287,337 National Grid 14,714,679 0.42 274,144 Peugeot 14,365,146 0.41 1,433,770 Next 31,202,219 0.89 379,470 Sanofi-Aventis 23,990,093 0.68 267,322 Petrofac 1,991,743 0.06 29,204 SEB 3,558,507 0.10 2,137,912 RAB Capital 2,500,230 0.07 139,042 Société Générale 13,795,747 0.39 143,702 Reckitt Benckiser Group 5,627,182 0.16 2,028,605 Total 114,981,331 3.27 244,138 Record 527,992 0.01 2,077,152 Vivendi 65,700,318 1.87 2,633,295 Regus Group 2,892,115 0.08 450,082 Rightmove 2,813,348 0.08 447,835,435 12.73 544,449 Rio Tinto 39,657,393 1.13 274,607 Rotork 3,675,020 0.10 SPAIN 3,540,366 RBS 21,409,867 0.61 152,447 Acciona 32,913,307 0.94 894,172 RPS Group 3,903,983 0.11 5,949,279 BSCH 87,930,344 2.50 159,935 Schroders Non Voting Shares 2,524,221 0.07 161,289 Corporacion Financiera Alba 7,445,100 0.21 1,227,306 Scottish & Southern Energy 27,657,622 0.79 782,032 Gas Natural SDG 31,617,554 0.90 415,992 Senior 665,576 0.02 40,302 Gestevision Telecinco 705,688 0.02 76,433 Severfield-Rowen 472,322 0.01 964,478 Grifols 15,074,791 0.43 771,583 Smith & Nephew 6,015,635 0.17 47,527 Laboratorios Farmaceuticos Rovi 489,053 0.01 641,995 Spectris 5,932,373 0.17 776,958 Repsol 18,950,006 0.54 1,292,611 SSL International 9,192,726 0.26 266,935 Tecnicas Reunidas 11,745,140 0.33 4,344,226 Stagecoach Group 17,185,186 0.49 4,504,194 Telefonica 100,128,233 2.84 674,143 Sthree 2,008,685 0.05 20,340 Tradus 496,426 0.01 306,999,216 8.72 2,688,326 Unilever 69,694,864 1.98 ITALY 19,946,810 Vodafone Group 50,738,455 1.44 155,154 Aeffe 417,364 0.01 107,352 VT Group 1,004,362 0.03 852,389 Assicurazioni Generali 26,304,725 0.75 968,733 Weir Group 10,849,634 0.31 616,518 Azimut Holding 5,456,184 0.16 67,752 Wellstream Holdings 955,403 0.03 32,475 Brembo 354,302 0.01 259,628 WSP Group 2,052,348 0.05 265,346 Carraro 1,807,006 0.05 58,805 Cobra Automotive Technologies 371,354 0.01 921,136,789 26.17 138,517 Danieli & Co - RNC Shares 2,255,057 0.06 GERMANY 1,920,220 Enel 15,630,591 0.44 476,117 Allianz Registered Shares 70,441,510 2.00 3,434,157 ENI 86,369,049 2.45 264,379 Arques Industries 6,212,906 0.18 2,814,505 Fiat 49,704,158 1.41 775,362 BASF 78,629,460 2.23 415,235 Fondiaria-Sai 11,784,369 0.33 107,131 Bechtle 2,937,532 0.08 350,845 Geox 4,817,102 0.14

84 JPMorgan Funds - Europe Equity Fund Schedule of Investments (Market Value Expressed in EUR) (continued) As at 31 December 2007

% % 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

72,781 Gruppo Coin 399,932 0.01 643,100 Galp Energia - B Shares 12,212,469 0.35 314,803 IFI-Istituto Finanziario Industriale preference 2,550,000 Portugal Telecom Registered Shares 23,052,000 0.66 Shares 7,246,765 0.21 429,949 Teixeira Duarte - Engenharia Construcoes 885,695 0.03 8,464,057 Intesa Sanpaolo 45,790,548 1.30 391,237 Prysmian 6,541,483 0.19 58,807,696 1.68 414,546 Recordati 2,528,731 0.07 25,620 Reply 563,640 0.02 DENMARK 857,055 Saras 3,391,795 0.10 289,228 D/S Norden 22,027,339 0.63 305,481 Screen Service Broadcasting Technologies 403,235 0.01 174,300 D/S Torm 4,195,031 0.12 49,549 Trevi Finanziaria 603,507 0.02 34,561 FLSmidth & Co. 2,405,066 0.07 4,018,203 UniCredito Italiano 22,783,211 0.65 436,661 Novo Nordisk - B Shares 19,496,740 0.55 265,461 Sydbank 7,777,241 0.22 295,524,108 8.40 55,901,417 1.59 SWITZERLAND 506,184 ABB Registered Shares 9,982,811 0.28 LUXEMBOURG 16,877 Baloise Holding Registered Shares 1,134,554 0.03 430,522 ArcelorMittal 22,718,646 0.65 21,613 Bucher Industries Registered Shares 3,482,608 0.10 14,884 Orco Property Group 1,211,409 0.03 1,385,184 Crédit Suisse Group 56,864,220 1.62 256,485 Oriflame Cosmetics SDR 11,399,650 0.32 170 Lindt & Sprüngli Registered Shares 4,111,499 0.12 9,847 Medisize Holding 455,545 0.01 35,329,705 1.00 30,760 Meyer Burger Technology 7,708,066 0.22 GREECE 59,428 Nestlé Registered Shares 18,686,475 0.53 1,874,075 Alapis Holding Industrial and Commercial SA of 208,144 Roche Holding - Genussschein 24,361,412 0.69 Pharmaceutical Chemical & Organisation 4,366,595 0.13 7,467 Sika - Bearer Shares 9,400,657 0.27 38,935 Fourlis 1,023,990 0.03 185,094 Sonova Holding Registered Shares 14,182,252 0.40 36,571 I Kloukinas-I Lappas 314,511 0.01 20,046 Swatch Group - Bearer Shares 4,138,767 0.12 251,008 Marfin Financial Group Holdings 1,475,927 0.04 1,184,768 Swiss Reinsurance Registered Shares 57,272,233 1.63 59,993 Michaniki 328,762 0.01 42,464 Zurich Financial Services 8,485,894 0.24 312,143 Neochimiki LV Lavrentiadis 6,436,389 0.18 486,011 Piraeus Bank 12,976,494 0.37 220,266,993 6.26 34,008 Sarantis 476,112 0.01 6 Sprider Stores 30 0.00 NETHERLANDS 170,058 Bateman Litwin 431,191 0.01 27,398,810 0.78 218,968 DSM 7,057,339 0.20 57,095 Fugro - CVA 2,986,068 0.08 AUSTRIA 217,690 Imtech 3,637,600 0.10 52,204 Schoeller-Bleckmann Oilfield Equipment 3,208,980 0.09 1,240,645 ING Groep - CVA 33,224,473 0.94 479,581 Voestalpine 23,763,239 0.68 3,685,463 Royal Dutch Shell - A shares 106,350,736 3.02 568,836 Royal Dutch Shell - B Shares 16,204,815 0.46 26,972,219 0.77 645,508 Royal KPN 8,055,940 0.23 CYPRUS 54,460 Smit Internationale 3,708,181 0.12 1,129,881 Marfin Popular Bank Public 10,349,710 0.29 285,478 TomTom 14,753,503 0.42 10,349,710 0.29 196,409,846 5.58 NORWAY BELGIUM 693,051 DnB NOR 7,224,600 0.21 48,241 Ackermans & Van Haaren 3,208,026 0.09 25,318 Arseus - Warrants 28.01.11 20,508 0.00 7,224,600 0.21 43,040 Arseus (Strip) 430 0.00 1,013,423 Belgacom 34,121,952 0.97 IRELAND 114,824 Compagnie Maritime Belge 6,757,392 0.19 256,271 Paddy Power 5,867,996 0.16 177,706 Delhaize Group 10,504,202 0.30 145,607 United Drug 576,604 0.02 85,030 Dexia (Strip) 850 0.00 9,310 D’ieteren 2,257,861 0.06 6,444,600 0.18 1,901,264 Fortis 19,013 0.00 ISLE OF MAN 799,602 InBev 45,609,298 1.30 98,272 Eros International 532,326 0.02 615,791 KBC Groep 59,276,042 1.69 397,903 Lamprell 2,314,544 0.06 72,139 Tessenderlo Chemie 2,425,313 0.07 2,846,870 0.08 164,200,887 4.67 FINLAND Total Shares and Warrants 3,508,491,254 99.70 36,782 Alma Media 428,510 0.01 108,334 Cramo - B Shares 1,869,845 0.05 Total Transferable Securities Admitted to an 3,508,491,254 99.70 Official Exchange Listing 859,859 Metso 32,184,522 0.91 3,989,290 Nokia 3.00 105,636,399 Transferable Securities Dealt in on Another Regulated Market 285,000 OKO Bank - A Shares 3,762,000 0.11 260,969 Orion - B Shares 4,243,356 0.12 Investment Funds 299,990 Ramirent 3,374,887 0.10 LUXEMBOURG 151,499,519 4.30 24,700,000 JPMorgan Liquidity Funds - Euro Liquidity Fund (JPM Euro Liquidity X (dist.)) 24,700,000 0.70 SWEDEN 26,459 Angpanneforeningen - B Shares 470,395 0.01 24,700,000 0.70 370,216 Betsson 3,271,312 0.10 126,395 HIQ International 446,742 0.01 Total Investment Funds 24,700,000 0.70 52,458 KappAhl Holding 457,979 0.01 728,963 Kinnevik Investment 11,262,598 0.32 Total Transferable Securities Dealt in on 24,700,000 0.70 73,292 KNOW IT 469,237 0.01 Another Regulated Market 87,049 Peab 610,281 0.02 Total Investments 3,533,191,254 100.40 2,016,122 SKF - B Shares 23,415,400 0.67 4,940,014 Volvo - B Shares 56,981,638 1.62 Bank Overdraft (543,332) (0.02) 97,385,582 2.77 Other Assets/(Liabilities) (13,489,806) (0.38) PORTUGAL 1,587,917 Banco BPI Registered Shares 8,558,873 0.24 Total Net Assets 3,519,158,116 100.00 932,451 Banco Espirito Santo Registered Shares 14,098,659 0.40

85 JPMorgan Funds - Europe Equity Fund Schedule of Investments (Market Value Expressed in EUR) (continued) As at 31 December 2007

% % 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 2007 (Unaudited) %of Net Assets

Shares and Warrants Financials 25.89 Industrials 13.86 Energy 12.61 Materials 10.24 Consumer Discretionary 9.27 Telecommunication Services 7.74 Health Care 5.58 Utilities 5.48 Consumer Staples 4.84 Information Technology 4.19 Investment Companies 0.70 Total Shares and Warrants 100.40 Bank Overdraft and Other Assets/(Liabilities) (0.40) Total 100.00

Allocation of Portfolio as at 30 June 2007 %of Net Assets

Shares and Rights Financials 35.48 Industrials 13.65 Consumer Discretionary 10.10 Materials 9.80 Energy 8.42 Health Care 5.55 Telecommunication Services 5.37 Utilities 4.38 Information Technology 3.49 Consumer Staples 3.30 Total Shares and Rights 99.54 Cash and Other Assets/(Liabilities) 0.46 Total 100.00

86 JPMorgan Funds - Europe Small Cap Fund Schedule of Investments (Market Value Expressed in EUR) As at 31 December 2007

% % 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 185,071 Petrofac 1,378,914 0.17 9,868,300 Pipex Communications 1,149,387 0.14 Shares and Rights 546,850 Premier Foods 1,520,033 0.18 UNITED KINGDOM 210,419 Provident Financial 2,380,906 0.29 397,960 Aga Foodservice Group 1,988,419 0.24 129,276 Punch Taverns 1,338,314 0.16 321,563 Aggreko 2,376,258 0.29 80,744 Quintain Estates & Development 576,968 0.07 295,163 Amec 3,349,796 0.40 2,353,104 RAB Capital 2,751,891 0.33 589,758 Amlin 2,382,982 0.29 83,459 Rathbone Brothers 1,207,448 0.14 671,053 Amlin - B Shares 203,815 0.02 1,691,835 Regus Group 1,858,121 0.22 1,028,754 ARM Holdings 1,729,674 0.21 183,606 Rightmove 1,147,675 0.14 183,009 Arriva 1,976,465 0.24 735,959 ROK 1,307,242 0.16 154,221 Autonomy 1,863,169 0.22 117,140 Rotork 1,567,665 0.19 126,052 Aveva Group 1,667,278 0.20 314,638 RPS Group 1,373,719 0.16 364,897 Babcock International Group 2,783,068 0.33 318,193 Savills 1,225,293 0.15 780,996 Balfour Beatty 5,326,571 0.64 646,385 Senior 1,034,199 0.12 1,720,495 Beazley Group 3,831,685 0.46 309,933 Severfield-Rowen 1,915,250 0.23 170,673 Berkeley Group Holdings 3,087,106 0.37 380,525 SIG 3,830,986 0.45 956,844 BETonSPORTS 130 0.00 273,877 Southern Cross Healthcare 1,966,312 0.24 184,146 BlueBay Asset Management 906,358 0.11 116,407 Spectris 1,075,662 0.13 703,556 Bodycote International 1,783,903 0.21 49,788 Speedy Hire 566,055 0.06 636,138 Brit Insurance Holdings 1,966,605 0.24 1,893,057 Spirent Communications 1,636,345 0.20 368,469 Britvic 1,703,673 0.20 310,907 SSL International 2,211,093 0.27 229,057 BSS Group 1,215,924 0.15 674,974 St James’s Place 2,569,436 0.31 159,975 Burren Energy 2,646,323 0.32 1,380,524 Stagecoach Group 5,461,171 0.66 946,929 Carillion 4,490,618 0.54 599,872 Sthree 1,787,386 0.21 692,290 Cattles 2,773,809 0.33 505,693 Taylor Nelson Sofres 1,421,060 0.17 257,158 Charter 2,747,623 0.33 70,710 Tradus 1,725,775 0.21 1,820,322 Chaucer Holdings 2,523,728 0.30 200,613 VT Group 1,876,891 0.23 80,236 Chemring Group 2,262,891 0.27 209,434 Weir Group 2,345,623 0.28 249,454 Close Brothers Group 3,253,842 0.39 126,718 Wellstream Holdings 1,786,910 0.21 324,526 Cookson Group 3,071,396 0.37 582,429 WH Smith 2,562,646 0.31 209,224 Croda International 1,629,793 0.20 279,880 Wincanton 1,406,967 0.17 274,536 CSR 2,227,893 0.27 523,857 Wood Group (John) 3,114,679 0.37 452,444 Dairy Crest Group 3,536,675 0.42 147,207 WSP Group 1,163,665 0.14 112,690 Dana Petroleum 2,137,637 0.26 338,555 Davis Service Group 2,400,833 0.29 238,707,865 28.66 1,281,429 Dimension Data Holdings 1,064,220 0.13 FRANCE 572,682 DS Smith 1,646,191 0.20 171,117 Arkema 7,618,129 0.91 342,275 Erinaceous Group 13,969 0.00 20,864 Bacou Dalloz 1,628,435 0.20 128,482 Expro International Group 1,818,753 0.22 66,924 Beneteau 1,156,447 0.14 241,321 Findel 1,951,805 0.23 76,205 Bourbon 3,378,168 0.41 142,485 Firstgroup 1,561,031 0.19 102,523 Business Objects 4,288,537 0.51 1,464,470 FKI 1,201,342 0.14 64,046 Carbone Lorraine 3,040,264 0.37 939,948 Galiform 1,169,340 0.14 25,319 Ciments Français 2,987,136 0.36 2,380,675 Galliford Try 3,211,842 0.39 47,000 Derichebourg 258,970 0.03 890,961 Game Group 2,796,666 0.34 111,766 EDF Energies Nouvelles 5,451,945 0.65 1,173,877 GKN 4,480,556 0.54 39,187 Eramet 13,833,011 1.67 57,061 Go-Ahead Group 1,920,313 0.23 165,161 Etablissements Maurel et Prom 2,373,364 0.28 234,252 Greene King 2,526,704 0.30 32,371 Euler Hermès 2,696,828 0.32 519,076 Halfords Group 2,150,172 0.26 106,359 Haulotte 2,173,978 0.26 295,437 Headlam Group 1,743,551 0.21 33,407 Ipsen 1,367,683 0.16 213,370 Helical Bar 901,202 0.11 15,377 LISI 982,437 0.12 540,606 Helphire Group 2,695,656 0.32 32,077 Nexans 2,752,207 0.33 857,932 Henderson Group 1,500,630 0.18 32,709 Pierre & Vacances 2,968,996 0.36 842,986 Hiscox 3,223,298 0.39 75,238 Rallye 3,652,053 0.44 36,971 Homeserve 856,209 0.10 31,036 Rémy Cointreau 1,523,557 0.18 519,841 IG Group Holdings 2,882,868 0.35 140,942 Rhodia Registered Shares 3,664,492 0.44 192,635 IMI 1,053,272 0.13 172,452 Saft Groupe 4,999,383 0.60 129,942 Imperial Energy 2,612,893 0.31 28,786 SEB 3,507,574 0.42 371,618 Inchcape 1,892,072 0.23 25,870 Société Foncière Financière et de Participations 2,302,171 0.28 340,052 Informa 2,097,914 0.25 118,592 UBISOFT Entertainment 7,897,041 0.95 106,888 Intermediate Capital Group 2,430,485 0.29 554,507 Interserve 3,565,704 0.43 86,502,806 10.39 149,255 Intertek Group 2,001,502 0.24 601,664 Invensys 1,829,437 0.22 ITALY 319,336 Investec 2,002,583 0.24 55,558 Acotel Group 4,666,872 0.56 271,568 JKX Oil & Gas 1,473,808 0.18 272,694 Aeffe 733,547 0.09 341,630 Keller Group 3,242,537 0.39 360,999 Ansaldo STS 3,088,346 0.37 177,846 Kier Group 3,491,754 0.42 605,001 ASM 2,985,680 0.36 1,974,378 Kingston Communications 1,499,432 0.18 260,384 Astaldi 1,314,939 0.16 121,153 Luminar Group Holdings 705,140 0.08 535,040 Azimut Holding 4,735,104 0.57 1,009,638 Mecom Group 674,222 0.08 137,748 Banca Popolare dell’Etruria e del Lazio 1,286,566 0.15 826,530 Meggitt 3,636,673 0.44 275,639 Banco di Desio e della Brianza 1,958,415 0.24 814,050 Melrose 1,724,654 0.21 187,947 Benetton Group 2,259,123 0.27 422,051 Michael Page International 1,598,045 0.19 344,332 Brembo 3,756,662 0.45 339,712 Micro Focus International 1,163,063 0.14 86,058 Buzzi Unicem - RNC Shares 1,089,494 0.13 430,695 Mitie Group 1,668,734 0.20 299,623 Cementir 1,781,259 0.21 1,158,785 Morgan Crucible 3,174,234 0.38 299,015 Cofide 328,917 0.04 65,622 Morgan Sindall 936,934 0.11 186,263 Danieli & Co. 4,023,281 0.48 390,172 N Brown Group 1,247,208 0.15 281,894 Davide Campari-Milano 1,867,548 0.22 117,716 National Express Group 1,993,558 0.24 374,882 De Longhi 1,387,063 0.17 456,251 New Star Asset Management Group 1,170,768 0.14 1,803,356 Ducati Motor Holding 2,587,816 0.31 1,528,598 Northern Foods 1,937,920 0.23 314,387 Geox 4,316,534 0.52 175,151 Northgate 1,870,226 0.22 565,110 Impregilo 2,600,919 0.31 771,676 Northumbrian Water Group 3,586,274 0.43 384,899 Indesit 4,045,288 0.49 332,499 Pennon Group 3,022,874 0.36 445,526 Interpump Group 3,123,137 0.38 98 JPMorgan Funds - Europe Small Cap Fund Schedule of Investments (Market Value Expressed in EUR) (continued) As at 31 December 2007

% % 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

36,003 Italmobiliare 2,260,628 0.27 408,792 Peab Industri - B Shares 2,509,058 0.30 543,551 Milano Assicurazioni 2,910,716 0.35 1,012,012 Securitas Direct - B Shares 2,763,030 0.33 652,376 Piaggio & C. 1,513,512 0.18 255,954 Prysmian 4,279,551 0.51 48,811,214 5.86 379,838 Recordati 2,317,012 0.28 NETHERLANDS 342,413 Snai 1,765,139 0.21 165,923 Aalberts Indistries 2,231,664 0.27 52,458 Societa Cattolica di Assicurazioni 1,817,670 0.22 29,225 Arcadis 1,351,948 0.16 64,921 Societa Iniziative Autostradali e Servizi 670,634 0.08 77,011 ASM International 1,191,360 0.14 346,067 Trevi Finanziaria 4,215,096 0.51 119,883 Boskalis Westminster - CVA 4,925,992 0.58 63,094 Draka Holding 1,410,782 0.17 75,686,468 9.09 80,357 Fugro - CVA 4,202,671 0.50 GERMANY 63,549 Hunter Douglas 3,232,738 0.39 247,844 Aixtron 2,356,996 0.28 172,721 Imtech 2,886,168 0.35 185,496 Arques Industries 4,359,156 0.52 282,395 Koninklijke BAM Groep 4,475,961 0.54 68,765 Bauer 3,335,103 0.40 66,472 Nutreco Holding 2,626,973 0.32 46,775 Bechtle 1,282,571 0.15 51,992 OPG Groep - CVA 969,651 0.12 107,794 D+S Europe 1,329,100 0.16 131,571 Smit Internationale 8,958,669 1.08 137,651 Deutsche Beteiligungs 2,947,108 0.35 95,219 Vedior - CVA 1,644,432 0.20 25,802 ElringKlinger 2,193,170 0.26 59,627 Fuchs Petrolub Preference Shares 3,612,800 0.43 40,109,009 4.82 72,653 GEA Group 1,729,141 0.21 SPAIN 105,029 Gildemeister 1,943,037 0.23 77,405 Bolsas y Mercados Españoles 3,603,203 0.43 66,522 Jungheinrich Preference Shares 1,778,133 0.21 265,021 CIE Automotive 1,780,941 0.21 9,050 K+S 1,472,888 0.18 103,793 Duro Felguera 862,520 0.10 103,722 Kontron 1,423,066 0.17 78,044 General de Alquiler de Maquinaria 1,767,697 0.21 29,542 Krones 1,624,515 0.20 169,305 Grifols 2,646,237 0.32 45,450 KUKA 1,182,155 0.14 203,741 Indra Sistemas - A Shares 3,756,984 0.46 10,356 KWS Saat 1,482,565 0.18 76,258 Mecalux 1,868,321 0.22 95,732 Leoni 3,216,595 0.39 138,756 Papeles y Cartones de Europa 871,388 0.10 118,258 Medion 2,173,582 0.26 82,372 Papeles y Cartones de Europa - 112,525 MTU Aero Engines Holding 0.54 4,501,000 Rights 20.11.07 59,308 0.01 48,222 MVV Energie 0.18 1,508,866 126,227 Prosegur Companhia de Seguridad Registered Shares 3,033,235 0.36 151,487 Norddeutsche Affinerie 0.49 4,040,158 71,938 Solaria Energia y Medio Ambiente 1,534,438 0.18 60,134 Nordex 0.23 1,897,228 59,100 Tecnicas Reunidas 2,600,400 0.31 153,531 PVA TePla 0.22 1,810,130 843,649 Tubacex 5,644,012 0.69 11,256 Roth & Rau 0.35 2,893,918 549,788 Tubos Reunidos - B Shares 2,688,463 0.32 91,133 SGL Carbon 0.41 3,373,744 63,189 Vidrala 1,554,449 0.19 19,262 Solon Fuer Solartechnik 0.17 1,386,864 118,504 Viscofan 1,719,493 0.21 60,853 Tognum 1,254,180 0.15 94,131 United Internet Registered Shares 1,567,281 0.19 35,991,089 4.32 16,995 Vossloh 1,361,300 0.16 135,400 Wirecard 1,565,224 0.19 DENMARK 68,205 Alm. Brand Skadesforsikring 2,578,925 0.31 66,601,574 8.00 176,376 D/S Norden 13,432,634 1.61 146,175 D/S Torm 3,518,122 0.42 SWITZERLAND 97,572 DSV 1,465,266 0.18 1,048 Bank Sarasin & Compagnie Registered - B Shares 3,342,666 0.40 49,965 East Asiatic 2,649,633 0.32 11,704 Banque Cantonale Vaudoise Registered Shares 3,532,139 0.42 61,512 FLSmidth & Co. 4,280,560 0.51 5,386 Bobst Group Registered Shares 258,902 0.03 65,133 Jyske Bank Registered Shares 3,484,555 0.42 54,545 Bossard Holding - Bearer Shares 2,825,655 0.34 11,690 SimCorp 1,568,996 0.19 4,772 Bucher Industries Registered Shares 768,936 0.09 39,037 TrygVesta 2,033,484 0.24 2,610 Burckhardt Compression Holding 562,060 0.07 6,148 Galenica Holding Registered Shares 1,875,768 0.23 35,012,175 4.20 12,979 Georg Fischer Registered Shares 5,437,561 0.65 13,883 Helvetia Holding 3,416,183 0.41 BELGIUM 1,102 Lindt & Sprüngli Preference Shares 2,600,165 0.31 42,969 Ackermans & Van Haaren 2,857,438 0.34 7,895 Meyer Burger Technology 1,978,387 0.24 24,364 Bekaert 2,221,266 0.27 35,774 Panalpina Welttransport Holding 4,247,368 0.51 80,741 Compagnie Maritime Belge 4,751,608 0.57 23,741 Partners Group Registered Shares 2,173,744 0.25 17,239 D’ieteren 4,180,802 0.50 11,504 PubliGroupe Registered Shares 2,553,596 0.31 50,289 EVS Broadcast Equipement 4,013,062 0.49 12,798 Rieter Holding Registered Shares 3,839,169 0.46 32,656 Omega Pharma 1,523,402 0.18 2,944 Sika - Bearer Shares 3,706,379 0.45 61,856 Tessenderlo Chemie 2,079,599 0.25 81,176 Sonova Holding Registered Shares 6,219,859 0.75 22,739 Umicore 3,826,746 0.46 11,126 St. Galler Kantonalbank Registered Shares 3,335,924 0.40 2,313 Sulzer Registered Shares 2,322,614 0.28 25,453,923 3.06 198,341 Temenos Group Registered Shares 3,237,782 0.39 GREECE 114,058 Vontobel Holding Registered Shares 0.46 3,840,638 114,394 Folli - Follie Registered Shares 2,887,305 0.35 225,085 GEK Group of Companies 2,250,850 0.27 62,075,495 7.45 177,433 Hellenic Exchanges Holding Clearing Settlement SWEDEN and Registry 4,212,259 0.51 38,580 Angpanneforeningen - B Shares 685,886 0.08 317,182 Lamda Development 4,503,984 0.53 229,960 Axis Communications 3,796,270 0.46 217,485 Metka 3,336,220 0.40 75,702 Bergman & Beving - B Shares 1,562,148 0.19 517,845 Michaniki 2,837,791 0.34 380,165 Betsson 3,359,223 0.40 496,079 Sidenor Steel Products Manufacturing 5,079,849 0.61 115,595 Bjorn Borg 1,394,518 0.17 126,909 D. Carnegie & Co. 1,641,805 0.20 25,108,258 3.01 125,761 Getinge - B Shares 2,315,664 0.28 FINLAND 253,012 Hexagon - B Shares 3,708,268 0.45 128,782 Amer Sports - A Shares 2,343,832 0.28 144,838 HIQ International 511,928 0.06 159,261 Cramo - B Shares 2,748,845 0.33 120,947 Intrum Justitia 1,446,285 0.17 105,305 Konecranes 2,475,721 0.30 619,883 KappAhl Holding 5,411,827 0.65 27,742 Lemminkainen 877,202 0.11 360,226 Kinnevik Investment 5,565,551 0.67 142,943 Nokian Renkaat 3,424,914 0.41 136,496 Lindab International 2,123,330 0.25 329,450 OKO Bank - A Shares 4,348,740 0.51 795,729 PA Resources 4,399,788 0.53 65,934 Outotec 2,473,844 0.30 801,143 Peab 5,616,635 0.67 83,234 Poyry 1,423,301 0.17

99 JPMorgan Funds - Europe Small Cap Fund Schedule of Investments (Market Value Expressed in EUR) (continued) As at 31 December 2007

% % 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

43,769 Stockmann - B Shares 1,303,441 0.16 45,326 Wartsila - B Shares 0.29 2,380,068 Allocation of Portfolio as at 31 December 2007 (Unaudited) %of Net Assets 23,799,908 2.86 Shares and Rights AUSTRIA Industrials 34.99 82,825 Andritz 3,322,111 0.40 Financials 17.34 28,851 Flughafen Wien 2,270,285 0.27 Consumer Discretionary 14.57 81,574 Intercell Bearer Shares 2,162,527 0.26 Materials 9.32 34,912 Mayr-Melnhof Karton 2,642,838 0.32 Information Technology 7.99 183,788 Polytec Holding 1,617,334 0.19 Energy 6.10 48,820 Schoeller-Bleckmann Oilfield Equipment 3,000,965 0.36 Consumer Staples 4.16 90,807 Zumtobel 2,261,094 0.27 Health Care 3.07 Investment Companies 1.56 17,277,154 2.07 Utilities 1.33 Telecommunication Services 0.32 NORWAY Total Shares and Rights 360,422 ABG Sundal Collier 565,157 0.08 100.75 102,155 Blom 941,878 0.11 Bank Overdraft and Other Assets/(Liabilities) (0.75) 203,494 ODIM 2,112,357 0.25 Total 119,647 Petroleum Geo-Services 2,352,648 0.28 100.00 635,530 Scana Industrier 1,498,793 0.18 279,268 Tandberg 3,976,167 0.48

11,447,000 1.38 Allocation of Portfolio as at 30 June 2007 %of IRELAND Net Assets 277,319 DCC 5,277,381 0.63 512,313 Glanbia 2,331,024 0.28 Shares 23,140 Kingspan Group 237,902 0.03 Industrials 34.57 95,142 Paddy Power 2,178,752 0.26 Financials 18.82 Consumer Discretionary 15.73 10,025,059 1.20 Materials 9.46 Information Technology 6.78 PORTUGAL Energy 4.34 993,317 Grupo Soares da Costa 0.24 2,066,099 Consumer Staples 3.31 333,368 Jeronimo Martins 1,813,522 0.22 Health Care 3.19 300,033 Semapa-Sociedade de Investimento e Gestao 2,610,287 0.31 Utilities 1.57 1,266,460 Sonae 2,456,932 0.30 Investment Companies 1.21 Telecommunication Services 0.91 8,946,840 1.07 Total Shares 99.89 BERMUDA Cash and Other Assets/(Liabilities) 0.11 131,185 Frontline 4,295,090 0.51 Total 125,595 Golar LNG 1,906,362 0.23 100.00

6,201,452 0.74 CYPRUS 1,255,215 Deep Sea Supply 3,889,222 0.47

3,889,222 0.47 LUXEMBOURG 53,500 Oriflame Cosmetics SDR 2,377,844 0.29

2,377,844 0.29 CAYMAN ISLANDS 133,838 Subsea 7 2,039,874 0.25

2,039,874 0.25

Total Shares and Rights 826,064,229 99.19

Total Transferable Securities Admitted to an 826,064,229 99.19 Official Exchange Listing

Transferable Securities Dealt in on Another Regulated Market

Investment Funds LUXEMBOURG 12,952,514 JPMorgan Liquidity Funds - Euro Liquidity Fund (JPM Euro Liquidity X (dist.)) 12,952,514 1.56

12,952,514 1.56

Total Investment Funds 12,952,514 1.56

Total Transferable Securities Dealt in on 12,952,514 1.56 Another Regulated Market Total Investments 839,016,743 100.75

Bank Overdraft (915,471) (0.11)

Other Assets/(Liabilities) (5,289,353) (0.64)

Total Net Assets 832,811,919 100.00

100 JPMorgan Funds - Europe Technology Fund Schedule of Investments (Market Value Expressed in EUR) As at 31 December 2007

% % 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 NORWAY 206,878 EDB Business Partner 1,043,249 0.54 Shares and Warrants 228,256 Tandberg 3,249,868 1.70 GERMANY 28,635 Centrotherm Photovoltaics 2,147,625 1.12 4,293,117 2.24 128,737 Deutsche Telekom 1,933,630 1.01 BELGIUM 77,412 Epcos 918,880 0.48 43,390 EVS Broadcast Equipement 3,462,522 1.81 579,519 Infineon Technologies 4,676,718 2.45 5,895 KSB 2,546,640 1.33 3,462,522 1.81 22,002 Q-Cells 2,147,395 1.12 11,131 Roth & Rau 2,861,780 1.49 SWEDEN 190,805 SAP 6,779,302 3.54 39,169 AddTech - B Shares 579,261 0.30 143,214 Siemens 15,590,276 8.14 231,170 TeliaSonera 1,467,787 0.77 54,329 Solarworld 2,268,236 1.18 26,558 Solon Fuer Solartechnik 1,912,176 1.00 2,047,048 1.07 100,312 Wirecard 1,159,607 0.61 SWITZERLAND 83,534 ABB Registered Shares 1,647,433 0.86 44,942,265 23.47 FRANCE 1,647,433 0.86 20,893 Alstom 3,081,926 1.61 PORTUGAL 148,001 Atos Origin 5,203,715 2.72 75,282 Portugal Telecom Registered Shares 680,549 0.36 303,487 Business Objects 12,694,861 6.63 141,497 Cap Gemini 6,107,010 3.18 680,549 0.36 175,220 Dassault Systèmes 7,029,826 3.67 15,497 Devoteam 378,902 0.20 Total Shares and Warrants 187,501,793 97.91 107,587 France Télécom 2,641,261 1.38 133,872 GFI Informatique 819,297 0.43 Total Transferable Securities Admitted to an 187,501,793 97.91 13,234 Neuf Cegetel 458,161 0.24 Official Exchange Listing 167,450 Oberthur Technologies 892,509 0.47 98,200 Thomson 946,648 0.49 Transferable Securities Dealt in on Another Regulated Market 24,865 Téléperformance 0.34 649,225 Investment Funds 40,574 Vivendi 1,283,356 0.67 LUXEMBOURG 42,186,697 22.03 243,216 JPMorgan Liquidity Funds - Euro Liquidity Fund (JPM Euro Liquidity X (dist.)) 243,216 0.13 UNITED KINGDOM 383,446 Aggreko 2,833,555 1.48 243,216 0.13 2,368,181 ARM Holdings 3,981,691 2.09 98,905 Axon Group 716,128 0.37 Total Investment Funds 243,216 0.13 238,893 Babcock International Group 1,822,036 0.95 285,136 BETonSPORTS 39 0.00 Total Transferable Securities Dealt in on 243,216 0.13 178,942 British Sky Broadcasting Group 1,516,433 0.79 Another Regulated Market 344,881 Cable & Wireless 872,126 0.46 187,745,009 98.05 526,986 Clean Energy Brazil 650,237 0.34 Total Investments 142,187 Clean Energy Brazil - Warrants 18.12.2011 26,991 0.01 430,671 0.22 3,856 Communisis 3,830 0.00 Cash 193,121 Cookson Group 1,827,746 0.95 2,806,571 Dimension Data Holdings 2,330,843 1.22 Other Assets/(Liabilities) 3,313,266 1.73 1,008,519 Kewill Systems 1,117,558 0.58 334,524 Laird Group 2,569,556 1.34 Total Net Assets 191,488,946 100.00 1,678,897 LogicaCMG 2,674,810 1.40 534,250 M&C Saatchi 905,494 0.47 1,341,043 Managment Consulting Group 627,325 0.33 273,301 Micro Focus International 935,693 0.49 Allocation of Portfolio as at 31 December 2007 (Unaudited) %of 301,597 Monitise 55,207 0.03 Net Assets 267,805 Morse 239,659 0.13 Shares and Warrants 1,271,677 Pace Micro Technology 1,573,405 0.82 Information Technology 638,889 Sage Group 1,990,269 1.04 62.36 Industrials 19.16 112,062 Severfield-Rowen 692,494 0.36 Telecommunication Services 9.10 2,482,196 Spirent Communications 2,145,592 1.12 Consumer Discretionary 4.31 1,023 Temple Capital Partners 0.00 0 Energy 2.64 739,897 Vislink 476,536 0.25 Financials 0.35 999,686 Vodafone Group 2,542,889 1.33 Investment Companies 0.13 103,702 WPP Group 905,532 0.47 Total Shares and Warrants 98.05 36,033,674 18.82 Cash and Other Assets/(Liabilities) 1.95 Total NETHERLANDS 100.00 483,435 ASML Holding 10,461,533 5.47 215,415 Philips Electronics 6,346,126 3.30 177,341 Royal KPN 2,213,216 1.16 900,877 STMicroelectronics 8,909,673 4.65 59,692 Unit 4 Agresso 1,132,954 0.59

29,063,502 15.17 FINLAND 533,775 Nokia 14,134,362 7.38 245,432 Tietoenator 3,755,110 1.96

17,889,472 9.34 SPAIN 29,779 Solaria Energia y Medio Ambiente 635,186 0.33 207,842 Telefonica 4,620,328 2.41

5,255,514 2.74

109 JPMorgan Funds - Europe Technology Fund Schedule of Investments (Market Value Expressed in EUR) (continued) As at 31 December 2007

% % 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 2007 %of Net Assets

Shares and Warrants Information Technology 48.41 Industrials 22.67 Consumer Discretionary 11.33 Telecommunication Services 8.77 Health Care 2.60 Financials 1.84 Energy 0.68 Total Shares and Warrants 96.30 Cash and Other Assets/(Liabilities) 3.70 Total 100.00

110 JPMorgan Funds - Germany Equity Fund Schedule of Investments (Market Value Expressed in EUR) As at 31 December 2007

% % 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 Transferable Securities Dealt in on Another Regulated Market

Shares Investment Funds GERMANY LUXEMBOURG 243,607 Allianz Registered Shares 36,041,656 4.66 13,151,572 JPMorgan Liquidity Funds - Euro Liquidity Fund 159,242 Amadeus Fire 2,738,962 0.35 (JPM Euro Liquidity X (dist)) 13,151,572 1.70 369,742 BASF 37,495,536 4.84 140,853 Bauer 6,831,370 0.88 13,151,572 1.70 711,874 Bayer 44,513,481 5.75 152,238 Beiersdorf 8,068,614 1.04 Total Investment Funds 13,151,572 1.70 581,341 Commerzbank 15,266,015 1.97 177,523 Continental 2.04 Total Transferable Securities Dealt in on 13,151,572 1.70 15,797,772 Another Regulated Market 306,648 D+S europe 3,780,970 0.49 868,567 Daimler 57,759,705 7.46 Total Investments 781,870,616 100.99 60,530 Delticom 3,008,341 0.39 317,144 Deutsche Bank Registered Shares 28,352,674 3.66 Bank Overdraft (1,942,792) (0.25) 161,645 Deutsche Boerse 21,943,309 2.83 118,753 Deutsche Lufthansa 2,163,680 0.28 Other Assets/(Liabilities) (5,755,032) (0.74) 387,743 Deutsche Post 9,115,838 1.18 50,313 Deutsche Postbank 3,056,515 0.39 Total Net Assets 774,172,792 100.00 2,476,378 Deutsche Telekom 37,195,198 4.80 520,285 E.ON 75,748,293 9.78 58,236 ElringKlinger 4,950,060 0.64 63,220 Estavis 880,655 0.11 Allocation of Portfolio as at 31 December 2007 (Unaudited) %of 110,962 Fresenius Preference Shares 6,313,738 0.82 Net Assets 111,404 Fuchs Petrolub Preference Shares 6,749,968 0.87 237,807 GEA Group 5,659,807 0.73 Shares 67,258 Geneart 813,822 0.11 Industrials 17.95 87,410 Gerresheimer 3,339,062 0.43 Financials 17.66 15,243 Hamburger Hafen und Logistik 929,823 0.12 Materials 17.04 76,186 Hochtief 7,009,112 0.91 Utilities 15.96 133,007 Homag Group 2,753,245 0.36 Consumer Discretionary 14.59 76,922 K+S 12,519,055 1.62 Information Technology 7.19 259,404 Kontron 3,559,023 0.46 Telecommunication Services 4.80 126,913 KROMI Logistik 1,437,924 0.19 Health Care 2.19 57,808 Krones 3,178,862 0.41 Investment Companies 1.70 165,439 MAN 18,826,958 2.43 Consumer Staples 1.04 111,518 Merck KGaA 9,847,039 1.27 Energy 0.87 192,241 Münchener Rückversicherungs Registered Shares 25,556,519 3.30 Total Shares 100.99 190,733 Nabaltec 1,487,717 0.19 Bank Overdraft and Other Assets/(Liabilities) (0.99) 70,532 P&I Personal & Informatik 1,465,655 0.19 Total 2,660 Porsche Preference Shares 3,686,467 0.48 100.00 12,088 Puma Rudolf Dassler Sport 3,300,024 0.43 497,867 RWE 47,795,232 6.17 70,460 Salzgitter 7,190,443 0.93 859,031 SAP 30,521,371 3.94 65,318 SGL Carbon 2,418,072 0.31 Allocation of Portfolio as at 30 June 2007 %of 710,424 Siemens 77,336,757 9.99 Net Assets 123,323 Software 7,469,674 0.96 64,951 Surteco 1,753,027 0.23 Shares 223,798 Symrise 4,314,825 0.56 Financials 20.68 308,324 ThyssenKrupp 11,824,225 1.53 Materials 20.03 141,467 Tognum 2,915,635 0.38 Industrials 19.68 138,021 TUI 2,640,342 0.34 Consumer Discretionary 15.22 262,884 United Internet Registered Shares 4,377,019 0.57 Utilities 11.68 129,498 Volkswagen 20,214,638 2.61 Information Technology 4.76 16,071 Volkswagen Preference Shares 1,607,100 0.21 Health Care 3.09 Telecommunication Services 243,773 Wacker Construction Equipment 3,563,961 0.46 1.39 Consumer Staples 69,290 Wincor Nixdorf 4,503,850 0.58 0.67 Energy 0.26 443,807 Wirecard 5,130,409 0.66 Total Shares 97.46 768,719,044 99.29 Cash and Other Assets/(Liabilities) 2.54 Total Total Shares 768,719,044 99.29 100.00 Investment Funds CAYMAN ISLANDS 43,900 Deutschland Investment Corporate 0 0.00

0 0.00

Total Investment Funds 0 0.00

Total Transferable Securities Admitted to an 768,719,044 99.29 Official Exchange Listing

111 JPMorgan Funds - Global Convertibles Fund (EUR) Schedule of Investments (Market Value Expressed in EUR) As at 31 December 2007

% % 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 3,200,000 Conti-Gummi Finance 19.05.11/1.625% 5,744,234 0.26 17,900,000 Heidelberg International Shares Finance 09.02.12/0.875% 19,157,869 0.87 UNITED STATES OF AMERICA 28,000,000 Pargesa Netherlands 27.04.13/1.700% 17,372,448 0.79 130,300 AMG Capital Trust II 144A 3,933,649 0.18 10,435,000 Pargesa Netherlands 15.06.14/1.750% 5,971,478 0.27 301,400 General Motors - C Shares 4,074,609 0.19 31,600,000 Portugal Telecom International Finance 1.50 6,540 Mylan 4,497,933 0.20 28.08.14/4.125% 33,022,000 3,100,000 Q-Cells International Finance 0.22 28,179 News Finance Trust II 144A 20,909,966 0.95 28.02.12/1.375% 4,797,250 28,500,000 STMicroelectronics 0.87 3,001 Washington Mutual - R Shares 1,756,688 0.08 23.02.16/0.000% 19,117,126 8,036,000 Suedzucker International Finance 08.12.08/3.000% 8,019,928 0.37 35,172,845 1.60 BERMUDA 134,551,609 6.14 18,000 Bunge 13,574,123 0.62 FRANCE 21,822,000 Artemis Conseil 31.07.11/2.000% 31,514,110 1.43 13,574,123 0.62 11,614,300 Cap Gemini 01.01.10/2.500% 6,469,165 0.29 MALAYSIA 8,937,300 Compagnie Generale des 7,522,905 IOI 11,961,188 0.54 Etablissements Michelin 01.01.17/0.000% 10,014,245 0.46 745,400 France Télécom 01.01.09/1.600% 20,932,366 0.95 11,961,188 0.54 5,981,900 Publicis Groupe 18.01.18/1.000% 2,575,208 0.12 46,828,300 Rhodia 01.01.14/0.500% 20,651,280 0.94 CAYMAN ISLANDS 34,361,800 Société Air France 01.04.20/2.750% 9,610,996 0.44 228,850 Vale Capital 10,196,455 0.46 46,793,300 Theolia 01.01.14/2.000% 10,774,157 0.49 35,889,100 Valeo 01.01.11/2.375% 16,597,919 0.76 10,196,455 0.46 UNITED ARAB EMIRATES 129,139,446 5.88 1,225,805 Aldar Properties 2,771,405 0.13 JERSEY 9,800,000 Aldar Funding 10.11.11/5.767% 13,552,092 0.61 2,771,405 0.13 11,700,000 Dana Gas Sukuk 31.10.12/7.500% 8,322,726 0.38 5,700,000 Figaro Finance 18.09.09/3.875% 6,507,763 0.30 Total Shares 73,676,016 3.35 7,135,000 Lonza Finance 15.07.09/1.500% 6,529,636 0.30 Bonds 8,100,000 Premier Oil Finance 27.06.14/2.875% 6,414,717 0.29 12,571,000 UBS / Jersey 19.07.10/0.000% 12,910,417 0.59 BELGIUM 15,072,000 UBS / Jersey 25.01.12/1.000% 14,563,019 0.66 40,500,000 Fortis Bank 07.12.10/8.750% 39,123,000 1.78 21,350,000 UBS / Jersey 31.07.12/3.220% 19,815,853 0.90 8,000,000 Vedanta Finance Jersey 21.02.26/4.600% 8,304,687 0.38 39,123,000 1.78 96,920,910 4.41 UNITED STATES OF AMERICA 12,400,000 Merrill Lynch & Co. 07.10.09/0.000% 8,476,281 0.38 LUXEMBOURG 8,500,000 Acergy 11.10.13/2.250% 6,703,575 0.31 8,476,281 0.38 10,220,000 Actelion Finance 22.11.11/0.000% 7,316,710 0.33 31,250,000 Fortfinlux 1.30 INDIA 07.11.49/5.940%* 28,570,625 6,150,000 Fortis Luxembourg Finance 0.28 1,700,000 Jaiprakash Associates 12.09.12/0.000% 1,870,702 0.09 28.04.09/0.500% 6,188,745 8,000,000 Swatch Group Finance /Lux 15.10.10/2.625% 6,811,638 0.31 1,870,702 0.09 7,600,000 Weather Capital Finance 27.02.13/4.750% 8,583,440 0.39

Total Bonds 49,469,983 2.25 64,174,733 2.92 TAIWAN Convertible Bonds 14,230,000 Asustek Computer 15.01.09/0.000% 13,266,461 0.60 JAPAN 6,888,000 AU Optronics 26.11.09/0.000% 4,934,904 0.22 2,133,000,000 Bank of Kyoto 31.03.14/0.000% 16,586,214 0.77 11,622,000 Chi Mei 18.12.11/0.000% 10,065,108 0.46 536,000,000 Capcom 31.03.09/0.000% 3,753,157 0.17 1,400,000 Chunghwa Picture Tubes 02.10.12/0.000% 1,038,475 0.05 1,328,000,000 CSK Holdings 30.09.13/0.250% 8,185,398 0.37 20,241,000 ProMOS Technologies 14.02.12/0.000% 13,379,424 0.61 1,915,000,000 Fujitsu 27.05.09/0.000% 11,830,344 0.54 19,610,000 United Microelectronics 15.02.08/0.000% 13,332,077 0.61 640,000,000 Geo 28.09.12/0.000% 3,830,035 0.17 1,075,000,000 H2O Retailing 16.08.11/0.000% 7,252,739 0.33 56,016,449 2.55 303,000,000 Hitachi Metals 13.09.16/0.000% 2,027,593 0.09 MALAYSIA 1,545,000,000 Konica Minolta Holdings 07.12.09/0.000% 10,595,032 0.48 10,700,000 Cherating Capital 05.07.12/2.000% 7,702,427 0.35 2,234,000,000 Nidec 17.10.08/0.000% 17,155,169 0.78 18,100,000 Feringghi Capital 22.12.09/0.000% 14,538,647 0.66 2,033,000,000 Nomura Research Institute 31.03.14/0.000% 14,207,896 0.65 18,100,000 Rafflesia Capital 04.10.11/0.000%* 15,498,004 0.71 1,149,000,000 Ricoh 07.12.11/0.000% 7,424,632 0.34 19,300,000 YTL Finance Labuan 15.05.12/0.000% 14,086,287 0.64 3,368,000,000 Sharp 30.09.13/0.000% 21,609,565 0.98 3,150,000,000 Sony 18.12.08/0.000% 22,591,030 1.03 51,825,365 2.36 3,435,000,000 Suzuki Motor 29.03.13/0.000% 25,410,831 1.16 1,600,000,000 Tobu Railway 31.03.16/0.000% 10,214,377 0.47 UNITED STATES OF AMERICA 2,410,000,000 Toray Industries 12.03.12/0.000% 15,885,462 0.72 33,683,000 Hewlett-Packard 14.10.17/0.000% 19,718,444 0.91 56,600 Schering-Plough 13.08.10/6.000% 9,507,629 0.43 198,559,474 9.05 33,110,000 Swiss Re American Holding (RGD) 21.11.21/3.250%* 22,060,562 1.00 GERMANY 40,600,000 Dresdner Bank 22.06.09/0.000% 29,650,142 1.35 51,286,635 2.34 83,350,000 KfW - Kreditanstalt fuer Wiederaufbau 08.08.08/0.750% 85,742,145 3.90 CAYMAN ISLANDS 18,185,000 KfW - Kreditanstalt fuer 11,700,000 China Overseas Finance Wiederaufbau 03.02.10/0.500% 22,593,953 1.03 Investment Cayman 14.05.14/0.000% 9,965,767 0.46 3,060,000 Solon Fuer Solartechnik 06.12.12/1.375% 2,991,150 0.14 580,000,000 NC International 15.03.11/0.000% 6,622,233 0.30 7,400,000 Siem Industries 12.07.17/0.000% 5,449,637 0.25 140,977,390 6.42 7,200,000 Subsea 7 06.06.11/2.800% 5,548,565 0.25 9,600,000 YTL Power Finance Cayman 09.05.10/0.000% 8,894,035 0.40 NETHERLANDS 686,000,000 Zeus Cayman 20.08.08/0.000% 4,808,429 0.22 9,200,000 Bayer Capital 01.06.09/6.625% 15,201,108 0.70 6,199,000 BNP Paribas Arbitrage 41,288,666 1.88 Issuance 16.11.10/0.000% 6,148,168 0.29

120 JPMorgan Funds - Global Convertibles Fund (EUR) Schedule of Investments (Market Value Expressed in EUR) (continued) As at 31 December 2007

% % 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

CHINA LIECHTENSTEIN 288,130,000 China Petroleum & Chemical 24.04.14/0.000% 34,316,200 1.56 14,678,000 Liechtenstein Landesbank 12.04.11/1.650% 9,316,874 0.42 1,706,000 Datang International Power Generation 09.09.08/0.750% 3,091,947 0.14 9,316,874 0.42

37,408,147 1.70 AUSTRIA 9,000,000 Immofinanz 19.11.17/1.250% 8,698,114 0.40 SOUTH KOREA 9,500,000 Hynix Semiconductor 29.09.11/0.000% 6,561,884 0.31 8,698,114 0.40 1,630,000,000 Korea Electric Power 23.11.11/0.000% 10,409,326 0.47 6,600,000 LG.Philips LCD 18.04.12/0.000% 5,337,322 0.24 FINLAND 8,600,000 SK Telecom 27.05.09/0.000% 8,652,681 0.39 6,200,000 Nokian Renkaat 27.06.14/0.000% 6,238,750 0.28

30,961,213 1.41 6,238,750 0.28 SINGAPORE CANADA 11,750,000 CapitaLand 15.11.16/2.100% 6,108,788 0.28 8,000,000 Addax Petroleum 31.05.12/3.750% 6,179,027 0.28 1,300,000 Enercoal Resources Pte 01.10.12/0.000% 1,526,497 0.07 29,200,000 Guocoland 07.05.12/0.000% 14,707,671 0.67 6,179,027 0.28 12,500,000 Yanlord Land Group 06.02.12/0.000% 7,314,431 0.33 BELGIUM 5,750,000 Fortis Bank 19.12.49/6.949%* 6,020,250 0.27 29,657,387 1.35 INDIA 6,020,250 0.27 6,700,000 Reliance Communications 01.03.12/0.000% 6,008,815 0.28 UNITED ARAB EMIRATES 6,458,000 Suzlon Energy 12.06.12/0.000% 5,300,462 0.24 8,900,000 Nakheel Development 15.01.11/2.750% 6,011,385 0.27 5,126,000 Suzlon Energy 11.10.12/0.000% 4,056,346 0.18 3,100,000 Tata Motors 12.07.12/0.000% 2,205,167 0.10 6,011,385 0.27 12,700,000 Tata Steel 05.09.12/1.000% 10,734,385 0.49 NETHERLANDS ANTILLES 28,305,175 1.29 8,930,000 Nobel Biocare Investments 08.11.11/1.000% 5,481,399 0.25 PORTUGAL 5,481,399 0.25 9,400,000 Parpublica - Participaçes Publicas 16.12.10/2.690% 12,036,681 0.55 HONG KONG 15,100,000 Parpublica - Participaçes 25,530,000 Gainlead International 22.02.12/0.000% 3,041,536 0.14 Publicas 18.12.14/3.250% 14,939,940 0.68 3,041,536 0.14 26,976,621 1.23 Total Convertible Bonds 1,315,191,766 59.90 UNITED KINGDOM 37,000,000 Shire 1.16 09.05.14/2.750% 25,475,988 Total Transferable Securities Admitted to an 1,438,337,765 65.50 Official Exchange Listing 25,475,988 1.16 Transferable Securities Dealt in on Another Regulated Market BERMUDA 16,685,000 Adecco Financial Service Convertible Bonds Bermuda 26.08.13/0.000% 10,505,389 0.48 11,500,000 Hongkong Land CB 2005 21.12.12/2.750% 11,116,027 0.51 UNITED STATES OF AMERICA 3,982,000 Noble Group 13.06.14/0.000% 3,351,676 0.15 60,320,000 Amgen 01.02.11/0.125% 37,775,705 1.73 13,708,000 EMC/Massachusetts 01.12.11/1.750% 12,570,853 0.58 24,973,092 1.14 6,130,000 Ford Motor 15.12.36/4.250% 4,209,276 0.19 2,382,000 General Cable 144A 15.10.12/1.000% 1,832,245 0.08 BRITISH VIRGIN ISLANDS 19,129,000 Gilead Sciences 01.05.11/0.500% 17,269,552 0.79 2,400,000 CNOOC Finance 2004 15.12.09/0.000% 3,626,834 0.17 29,716,000 Intel 15.12.35/2.950% 21,997,992 1.00 6,320,000 PB Issuer 01.02.13/3.300% 4,276,287 0.19 17,921,000 Liberty Media 30.03.23/0.750% 12,839,490 0.58 24,590,000 Shanghai Industrial 6,089,000 Lockheed Martin 15.08.33/4.619%* 6,238,422 0.28 Investment Treasury 16.03.09/0.000% 2,739,986 0.12 54,953,000 Lucent Technologies - B 104,350,000 Sherson 04.06.14/0.000% 11,098,185 0.51 Shares 15.06.25/2.875% 31,141,467 1.42 2,523,000 Maxtor 30.04.10/6.800% 1,932,116 0.09 21,741,292 0.99 38,850,000 Medtronic 15.04.11/1.500% 28,362,972 1.29 ISLE OF MAN 54,704,000 Merrill Lynch & Co. 13.03.32/0.000% 40,600,232 1.85 28,650,000 AngloGold Ashanti Holdings 27.02.09/2.375% 19,560,907 0.89 46,029,000 Nabors Industries - B Shares 15.06.23/0.000% 31,645,819 1.44 16,538,000 Newmont Mining 144A 15.07.14/1.250% 14,029,803 0.64 19,560,907 0.89 2,125,000 Newmont Mining 144A 15.07.17/1.625% 1,786,444 0.08 28,327,000 Omnicom Group 31.07.32/0.000% 19,716,386 0.90 GUERNSEY 81,314,000 Prudential Financial 12.12.36/2.733%* 55,434,444 2.52 18,000,000 Calyon Financial Products 15,190,000 Rayonier TRS Holdings 144A 15.10.12/3.750% 10,869,941 0.49 Guernsey 0.81 08.08.11/2.000% 17,730,000 29,909,000 St Jude Medical 15.12.08/1.220% 20,563,010 0.94 55,705,000 Teva Pharmaceutical Finance - 17,730,000 0.81 C Shares 01.02.26/0.250% 39,625,421 1.80 IRELAND 25,383,000 Walt Disney 15.04.23/2.125% 19,848,692 0.90 11,750,000 Unicredito Italiano Bank / 52,292,000 Wyeth 15.01.24/4.886%* 37,750,762 1.72 Ireland 19.12.08/2.500% 14,499,500 0.66 10,696,000 Xilinx 15.03.37/3.125% 6,325,278 0.29 13,738,000 Yahoo! 01.04.08/0.000% 11,080,269 0.50 14,499,500 0.66 485,446,591 22.10 AUSTRALIA 22,000,000 Macquarie Communications CAYMAN ISLANDS Infrastructure Management 24.05.12/2.500% 11,370,329 0.52 3,400,000 Suntech Power Holdings 15.02.12/0.250% 4,278,786 0.20 750,000 Western Areas 02.07.12/8.000% 456,518 0.02 18,143,000 Transocean - A Shares 15.12.37/1.625% 13,600,612 0.62 5,966,667 Transocean - B Shares 15.12.37/1.500% 4,498,202 0.20 11,826,847 0.54 12,212,000 Transocean - C Shares 15.12.37/1.500% 9,185,705 0.42 HUNGARY 31,563,305 1.44 8,300,000 Allami Privatizacios es Vagyonkezelo 28.09.09/1.000% 10,347,585 0.47 PANAMA 56,419,000 Carnival 29.04.33/1.132%* 25,731,411 1.17 10,347,585 0.47 25,731,411 1.17

121 JPMorgan Funds - Global Convertibles Fund (EUR) Schedule of Investments (Market Value Expressed in EUR) (continued) As at 31 December 2007

% % 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

SOUTH KOREA 5,900,000 KCC - A Shares 30.10.12/0.000% 3,991,300 0.18 Allocation of Portfolio as at 31 December 2007 (Unaudited) %of 6,000,000 KCC - B Shares 30.10.12/0.000% 4,217,011 0.19 Net Assets 9,000,000 KCC - C Shares 30.10.12/0.000% 6,065,144 0.28 Fixed Income Securities 14,273,455 0.65 United States of America 24.84 Japan 9.36 ISRAEL Germany 6.42 13,500,000 Teva Pharmaceutical Finance - Netherlands 6.13 D Shares 0.47 01.02.26/1.750% 10,257,905 France 5.88 Jersey 4.41 10,257,905 0.47 Cayman Islands 3.32 NORWAY Luxembourg 2.92 11,700,000 Petroleum Geo-Services 03.12.12/2.700% 7,961,842 0.36 Taiwan 2.55 Malaysia 2.36 7,961,842 0.36 South Korea 2.06 Belgium 2.06 INDIA India 1.71 7,800,000 JSW Steel 28.06.12/0.000% 7,446,649 0.34 China 1.70 Singapore 1.35 7,446,649 0.34 Bermuda 1.23 Portugal 1.23 JAPAN Panama 1.17 340,000,000 Asset Managers 18.03.11/0.000% 2,118,046 0.10 United Kingdom 1.16 470,000,000 Hitachi Zosen 30.09.10/0.000% 2,912,703 0.13 British Virgin Islands 0.99 300,000,000 Hitachi Zosen 30.09.12/1.500% 1,836,750 0.08 Isle of Man 0.89 Guernsey 0.81 6,867,499 0.31 Ireland 0.66 Australia 0.54 BERMUDA Hungary 0.47 23,100,000 China Water Affairs Group 03.08.12/0.000% 2,118,968 0.10 Israel 0.47 Liechtenstein 0.42 2,118,968 0.10 Austria 0.40 Norway 0.36 Total Convertible Bonds 591,667,625 26.94 Finland 0.28 Canada Investment Funds 0.28 United Arab Emirates 0.27 LUXEMBOURG Netherlands Antilles 0.25 66,580,325 JPMorgan Liquidity Funds - Euro Liquidity Fund Hong Kong 0.14 (JPM Euro Liquidity X (dist.)) 66,580,325 3.03 Total Fixed Income Securities 89.09 Shares 66,580,325 3.03 Investment Companies 3.03 Consumer Staples 1.16 Total Investment Funds 66,580,325 3.03 Consumer Discretionary 1.14 Financials 0.85 Total Transferable Securities Dealt in on 658,247,950 29.97 Health Care 0.20 Another Regulated Market Total Shares 6.38 Total Investments 2,096,585,715 95.47 Cash and Other Assets/(Liabilities) 4.53 Total Cash 117,010,166 5.33 100.00

Other Assets/(Liabilities) (17,466,007) (0.80)

Total Net Assets 2,196,129,874 100.00

* Variable coupon rates are those quoted as at 31 December 2007.

122 JPMorgan Funds - Global Convertibles Fund (EUR) Schedule of Investments (Market Value Expressed in EUR) (continued) As at 31 December 2007

% % 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 2007 %of Net Assets

Fixed Income Securities United States of America 26.35 Japan 10.21 Netherlands 8.90 Jersey 5.76 France 5.11 Germany 5.01 Luxembourg 4.06 Taiwan 3.71 Malaysia 3.32 Cayman Islands 2.83 China 1.81 United Kingdom 1.77 South Korea 1.75 Bermuda 1.19 British Virgin Islands 1.11 Hong Kong 1.01 Australia 0.97 Netherlands Antilles 0.91 Ireland 0.76 Portugal 0.68 Hungary 0.60 Liechtenstein 0.59 Panama 0.59 South Africa 0.59 Singapore 0.54 Finland 0.36 India 0.33 Belgium 0.30 Isle of Man 0.30 Canada 0.25 Italy 0.08 Total Fixed Income Securities 91.75 Shares Media 1.87 Financials 0.95 Investment Companies 0.38 Industrials 0.33 Total Shares 3.53 Cash and Other Assets/(Liabilities) 4.72 Total 100.00

123 JPMorgan Funds - Global Convertibles Fund (EUR) Schedule of Investments - Outstanding Financial Futures Contracts (Expressed in EUR) As at 31 December 2007

Unrealised Expiration Number of Notional Gain/ Date Contracts Security Description Currency Value (Loss)

Equity Futures

Mar-08 1,009 DJ EURO STOXX 50 Index Future EUR 44,789,510 847,560 Mar-08 172 FUSD500 Index Future USD 43,736,156 256,867

Total 1,104,427

Schedule of Investments - Outstanding Forward Foreign Exchange Contracts (Expressed in EUR)

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

30-Jan-08 AUD 7,921,883 EUR 4,768,238 (45,489) 30-Jan-08 EUR 12,319,685 AUD 20,500,411 98,060 30-Jan-08 EUR 61,777,805 CHF 102,466,459 (34,789) 30-Jan-08 EUR 48,726,828 HKD 558,244,261 (18,418) 30-Jan-08 EUR 224,352,327 JPY 36,675,884,512 3,304,094 30-Jan-08 EUR 26,187,902 SGD 55,366,960 87,704 30-Jan-08 EUR 1,081,238,570 USD 1,586,136,928 2,142,827 30-Jan-08 USD 21,786,298 EUR 14,988,695 (166,834)

Total 5,367,155

Schedule of Investments - Outstanding Future Option Contracts (Expressed in USD)

Unrealised Expiration Number of Market Gain/ Date Contracts Security Description Currency Value (Loss)

22-Mar-08 12,000 DOW JONES Industrial Call Option USD 939,383 (4,022,035)

Total 939,383 (4,022,035)

124 JPMorgan Funds - Global Dynamic Fund Schedule of Investments (Market Value Expressed in USD) As at 31 December 2007

% % 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 97,400 Noble Energy 7,899,140 0.30 288,426 Northeast Utilities 9,016,197 0.34 Shares 281,948 Nvidia 9,851,263 0.37 UNITED STATES OF AMERICA 138,017 Occidental Petroleum 10,867,459 0.41 107,520 Abercrombie & Fitch - A Shares 8,606,976 0.33 467,977 Oracle 10,857,066 0.41 165,154 Aetna 9,630,130 0.36 118,003 Parker Hannifin 8,996,549 0.34 287,867 Altria Group 22,013,189 0.83 242,437 Pepsi Bottling Group 9,760,514 0.37 103,398 Amazon.com 9,909,664 0.37 203,258 PepsiCo 15,701,680 0.59 179,927 American Electric Power 8,465,565 0.32 87,840 Praxair 8,032,968 0.30 160,268 Anadarko Petroleum 10,826,103 0.41 69,549 Precision Castparts 9,777,894 0.37 94,407 Apache 10,284,699 0.39 81,009 Priceline.com 9,611,718 0.36 98,667 Apple 19,812,334 0.75 361,163 Procter & Gamble 26,838,023 1.01 648,037 AT&T 27,489,730 1.04 86,844 Prudential Financial 8,124,256 0.31 435,196 Bank of America 18,038,874 0.68 133,610 Raytheon 8,234,384 0.31 152,500 Bank of New York Mellon 7,455,725 0.28 143,829 Reynolds American 9,580,450 0.36 118,570 Baxter International 6,963,616 0.26 306,407 Safeway 10,816,167 0.41 172,831 BE Aerospace 9,196,337 0.35 376,237 Schering-Plough 10,158,399 0.38 348,379 Bristol-Myers Squibb 9,573,455 0.36 456,999 Sierra Pacific Resources 7,869,523 0.30 83,496 Bunge 9,898,451 0.37 243,402 Southern 9,507,282 0.36 96,296 Cameron International 9,464,934 0.36 69,350 Southern Copper 7,378,146 0.28 265,864 Chesapeake Energy 10,480,359 0.40 129,276 State Street 10,495,918 0.40 111,909 Chevron 10,580,996 0.40 163,807 Thermo Fisher Scientific 9,530,291 0.36 188,027 Chubb 10,275,676 0.39 192,804 Travelers 10,538,667 0.40 190,438 Cigna 10,426,480 0.39 277,302 Tupperware Brands 9,248,022 0.35 174,035 Cimarex Energy 7,286,845 0.28 75,437 Union Pacific 9,650,655 0.36 563,101 Cisco Systems 15,648,577 0.59 248,358 US Bancorp 7,855,564 0.30 467,370 Citigroup 13,866,868 0.52 235,964 Verizon Communications 10,564,108 0.40 249,561 Coca-Cola 15,654,962 0.59 288,400 Walt Disney 9,410,492 0.36 121,986 ConocoPhillips 10,961,662 0.41 145,618 Woodward Governor 10,132,100 0.38 326,455 Corning 7,913,269 0.30 401,562 Xcel Energy 9,139,551 0.35 225,132 Covidien 10,103,924 0.38 517,434 Xerox 8,408,302 0.32 157,014 CROCS 6,013,636 0.23 229,849 Zoran 5,252,050 0.20 69,409 Cummins 8,974,584 0.34 204,344 CVS Caremark 8,167,630 0.31 1,253,903,340 47.37 50,017 Deckers Outdoor 8,201,287 0.31 UNITED KINGDOM 118,794 Deere & Co. 10,918,357 0.41 416,289 3i Group 8,358,397 0.32 76,903 Devon Energy 6,992,021 0.26 135,764 Anglo American 8,410,321 0.32 515,783 Duke Energy 10,527,131 0.40 816,437 BAE Systems 8,123,173 0.31 527,681 EMC/Massachusetts 9,704,054 0.37 1,000,588 Barclays 10,074,975 0.38 32,000 Esc Telecorp 0 0.00 466,685 BG Group 10,606,620 0.40 75,940 Express Scripts 5,602,853 0.21 1,198,425 Centrica 8,647,425 0.33 534,206 Exxon Mobil 50,685,465 1.91 525,813 GlaxoSmithKline 13,364,402 0.51 184,710 Fossil 7,885,270 0.30 1,117,617 HSBC Holdings 18,744,447 0.71 100,331 Freeport-McMoRan Copper & Gold 10,513,685 0.40 502,400 ICAP 7,285,319 0.28 126,880 GameStop - A Shares 7,973,139 0.30 1,057,082 International Power 9,622,600 0.36 471,303 Gap 10,062,319 0.38 944,002 Man Group 10,652,227 0.40 94,156 General Dynamics 8,474,040 0.32 674,205 Prudential 9,494,649 0.36 702,609 General Electric 26,277,577 0.99 123,562 Rio Tinto 13,221,736 0.50 40,657 Goldman Sachs Group 8,686,775 0.33 1,291,897 RBS 11,477,050 0.43 139,137 Goodrich 10,072,127 0.38 345,406 Schroders 9,047,387 0.34 27,096 Google - A Shares 19,075,584 0.72 366,472 Standard Chartered 13,511,848 0.51 198,663 Guess ? 8,065,718 0.30 1,301,810 Taylor Wimpey 5,374,149 0.20 108,531 Hartford Financial Services Group 9,594,140 0.36 1,092,926 Tesco 10,367,959 0.39 116,501 Hess 12,048,533 0.46 171,256 Vedanta Resources 6,999,881 0.26 374,219 Hewlett-Packard 19,339,638 0.73 7,176,501 Vodafone Group 26,817,181 1.01 92,350 Humana 7,032,452 0.27 1,170,147 WM Morrison Supermarkets 7,441,130 0.28 609,030 Intel 16,522,984 0.62 180,996 International Business Machines 19,965,669 0.75 227,642,876 8.60 211,394 Janus Capital Group 7,018,281 0.27 389,150 Johnson & Johnson 26,368,804 1.00 JAPAN 274,598 Kraft Foods - A Shares 9,094,686 0.34 220,300 Aisin Seiki 9,064,483 0.34 82,941 L-3 Communications Holdings 8,874,687 0.34 189,000 Astellas Pharma 8,127,058 0.31 150,013 Lehman Brothers Holdings 9,690,840 0.37 810,000 Chuo Mitsui Trust Holdings 6,129,266 0.23 73,603 Lockheed Martin 7,956,484 0.30 732,000 Itochu 7,057,914 0.27 150,917 Loews 7,446,245 0.28 1,743 Japan Tobacco 10,280,553 0.39 107,845 Loews - Carolina Group 9,272,513 0.35 131,100 JFE Holdings 6,551,817 0.25 214,605 Manitowoc 10,597,195 0.40 727,000 Kawasaki Kisen Kaisha 7,048,219 0.27 172,854 Marathon Oil 10,794,732 0.41 304,700 Komatsu 8,178,782 0.31 172,933 McDermott International 10,289,513 0.39 430,000 Konica Minolta Holdings 7,513,752 0.28 160,313 McDonald’s 9,527,402 0.36 214,000 Makita 8,956,426 0.34 95,095 Medco Health Solutions 9,625,516 0.36 493,300 Mitsubishi 13,328,312 0.50 71,501 MEMC Electronic Materials 6,470,840 0.24 651,000 Mitsui OSK Lines 8,196,777 0.31 339,081 Merck & Co. 19,931,181 0.75 1,696 Mizuho Financial Group 7,996,680 0.30 122,680 Merrill Lynch & Co. 6,521,669 0.25 284,000 Nikon 9,704,472 0.37 146,074 Metlife 9,030,295 0.34 17,800 Nintendo 10,514,503 0.40 78,289 Mettler Toledo International 9,008,715 0.34 1,146,000 Nippon Steel 7,002,181 0.26 816,820 Microsoft 29,430,025 1.11 951,900 Nissan Motor 10,338,060 0.39 181,387 Molson Coors Brewing - B Shares 9,519,190 0.36 260,000 Olympus 10,606,154 0.40 182,817 Morgan Stanley 9,665,535 0.37 139,300 Shin-Etsu Chemical 8,634,374 0.33 123,074 Mosaic 11,887,718 0.45 638,300 Sumitomo 8,944,259 0.34 116,036 Murphy Oil 9,865,381 0.37 1,590 Sumitomo Mitsui Financial Group 11,750,739 0.44 133,289 National Oilwell Varco 9,951,357 0.38 332,700 Suzuki Motor 9,899,775 0.37 448,026 News - B Shares 9,681,842 0.37 239,800 Toyota Motor 12,788,769 0.48 138,607 Nike - B Shares 9,071,828 0.34 208,613,325 7.88

125 JPMorgan Funds - Global Dynamic Fund Schedule of Investments (Market Value Expressed in USD) (continued) As at 31 December 2007

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

SWITZERLAND ITALY 348,657 ABB Registered Shares 10,101,350 0.38 288,830 Fiat 7,493,239 0.28 125,279 Compagnie Financière Richemont - Bearer A 1,392,206 Intesa Sanpaolo 11,064,641 0.42 Shares 8,663,824 0.33 2,409,633 Parmalat 9,389,509 0.36 247,698 Crédit Suisse Group 14,937,940 0.56 3,377,017 Telecom Italia - RNC Shares 8,036,831 0.30 103,070 Julius Baer Holding Registered Shares 8,546,223 0.32 1,303,201 UniCredito Italiano 10,855,030 0.41 44,619 Nestlé Registered Shares 20,610,697 0.78 247,964 Novartis Registered Shares 13,615,474 0.51 46,839,250 1.77 104,041 Roche Holding - Genussschein 17,888,736 0.68 19,459 Swatch Group - Bearer Shares 5,902,015 0.22 NORWAY 204,153 UBS Registered Shares 9,502,631 0.36 519,501 DnB NOR 7,955,576 0.30 116,480 Xstrata 8,338,674 0.32 731,658 Norsk Hydro 10,516,880 0.40 33,820 Zurich Financial Services 9,928,574 0.38 553,374 Orkla 10,707,603 0.40 422,316 Telenor 10,058,941 0.38 128,036,138 4.84 39,239,000 1.48 FRANCE 43,824 Alstom 9,496,642 0.36 FINLAND 271,375 AXA 10,871,552 0.41 160,360 Fortum 7,293,460 0.28 119,401 BNP Paribas 13,108,093 0.50 505,279 Nokia 19,655,578 0.74 103,508 Bouygues 8,688,619 0.33 84,935 Wartsila - B Shares 6,551,870 0.25 65,112 Electricite de France 7,801,441 0.29 226,380 France Télécom 8,164,435 0.31 33,500,908 1.27 53,408 Lafarge 9,756,379 0.37 AUSTRALIA 65,726 Renault 9,469,127 0.36 1,353,446 AXA Asia Pacific Holdings 8,850,505 0.33 104,071 Sanofi-Aventis 9,665,422 0.37 455,051 BHP Billiton 16,180,545 0.61 66,187 Société Générale 9,647,360 0.36 116,650 Macquarie Group 7,835,871 0.30 123,865 Suez 8,563,220 0.32 199,479 Vivendi 9,269,002 0.35 32,866,921 1.24

114,501,292 4.33 CAYMAN ISLANDS 89,842 Garmin 9,033,613 0.34 GERMANY 311,036 Seagate Technology 8,043,391 0.30 40,085 Allianz Registered Shares 8,712,312 0.33 48,972 Transocean 7,254,712 0.27 57,977 BASF 8,637,203 0.33 91,460 XL Capital - A Shares 4,623,303 0.18 106,826 Bayer 9,813,004 0.37 79,382 Daimler 7,754,972 0.29 28,955,019 1.09 60,599 Deutsche Bank Registered Shares 7,958,653 0.30 76,443 E.ON 16,349,552 0.62 GREECE 64,369 Linde 8,553,068 0.32 70,950 DryShips 5,619,240 0.21 41,278 Merck KGaA 5,354,463 0.20 145,481 National Bank of Greece 10,023,415 0.38 50,185 Muenchener Rueckversicherungs Registered Shares 9,800,905 0.37 265,826 Piraeus Bank 10,426,662 0.39 3,728 Porsche Preference Shares 7,589,991 0.29 73,705 Siemens 11,786,961 0.45 26,069,317 0.98 122,845 ThyssenKrupp 6,920,850 0.26 INDIA 91,192 ICICI Bank ADR 5,613,780 0.21 109,231,934 4.13 142,972 Reliance Capital 9,508,438 0.36 HONG KONG 70,787 Reliance Industries 144A GDR 10,387,992 0.39 486,000 Cheung Kong Holdings 8,572,714 0.32 1,556,000 China Everbright 4,847,072 0.18 25,510,210 0.96 581,500 China Mobile 10,063,455 0.38 BERMUDA 1,500,000 Citic Pacific 8,383,809 0.32 161,353 ACE 10,013,567 0.38 2,059,000 Hang Lung Properties 8,815,896 0.33 131,293 Arch Capital Group 9,189,197 0.34 990,000 Henderson Land Development 9,232,766 0.35 167,100 Tyco Electronics 6,304,683 0.24 479,000 Sun Hung Kai Properties 9,763,292 0.37 664,500 Swire Pacific - A Shares 8,739,890 0.33 25,507,447 0.96

68,418,894 2.58 BRAZIL 310,842 Companhia Vale do Rio Doce ADR 10,518,893 0.40 CANADA 114,680 Petroleo Brasileiro ADR 13,409,532 0.50 187,191 Barrick Gold 7,691,469 0.29 824,451 CGI Group - A Shares 9,559,464 0.36 23,928,425 0.90 96,992 EnCana 6,720,901 0.25 202,485 Husky Energy 9,125,968 0.34 DENMARK 80,110 Potash Corp of Saskatchewan 11,853,968 0.45 131,894 Danske Bank - Bearer Shares 5,195,950 0.19 88,942 Research In Motion 10,528,954 0.40 156,104 Novo Nordisk - B Shares 10,239,251 0.39 125,969 Toronto-Dominion Bank 8,901,560 0.34 15,435,201 0.58 64,382,284 2.43 AUSTRIA SPAIN 137,854 OMV 11,140,318 0.42 433,760 BBVA 10,654,237 0.40 799,044 BSCH 17,349,290 0.66 11,140,318 0.42 134,023 Inditex 8,288,921 0.31 LUXEMBOURG 487,122 Telefonica 15,907,934 0.60 126,511 ArcelorMittal 9,807,357 0.37 97,754 Union Fenosa 6,636,011 0.25 9,807,357 0.37 58,836,393 2.22 EGYPT NETHERLANDS 43,455 Orascom Construction Industries GDR 9,125,550 0.34 284,442 ASML Holding 9,042,480 0.34 283,085 ING Groep - CVA 11,136,892 0.42 9,125,550 0.34 700,948 Royal Dutch Shell - B Shares 29,334,547 1.11 SINGAPORE 49,513,919 1.87 1,714,000 CapitaLand 7,356,884 0.28 7,356,884 0.28

126 JPMorgan Funds - Global Dynamic Fund Schedule of Investments (Market Value Expressed in USD) (continued) As at 31 December 2007

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

SOUTH KOREA 2,714,000 STX Pan Ocean 6,584,283 0.25 Allocation of Portfolio as at 30 June 2007 %of Net Assets 6,584,283 0.25 Shares MAURITIUS Financials 25.44 4,147,000 Golden Agri-Resources 0.24 6,019,284 Industrials 13.06 Information Technology 11.95 6,019,284 0.24 Consumer Discretionary 10.57 SWEDEN Energy 10.53 102,743 Alfa Laval 5,750,049 0.23 Materials 7.94 Consumer Staples 6.33 5,750,049 0.23 Health Care 4.98 Telecommunication Services 4.57 RUSSIA Utilities 4.01 19,359 MMC Norilsk Nickel ADR 0.21 5,207,571 Total Shares 99.38 Cash and Other Assets/(Liabilities) 0.62 5,207,571 0.21 Total 100.00 Total Shares 2,641,923,389 99.82

Total Transferable Securities Admitted to an 2,641,923,389 99.82 Official Exchange Listing

Transferable Securities Dealt in on Another Regulated Market

Investment Funds LUXEMBOURG 23,350,000 JPMorgan Liquidity Funds - US Dollar Liquidity Fund (JPM US Dollar Liquidity X (dist.)) 23,350,000 0.88

23,350,000 0.88

Total Investment Funds 23,350,000 0.88

Total Transferable Securities Dealt in on 23,350,000 0.88 Another Regulated Market Total Investments 2,665,273,389 100.70

Cash 10,176,296 0.38

Other Assets/(Liabilities) (28,560,375) (1.08)

Total Net Assets 2,646,889,310 100.00

Allocation of Portfolio as at 31 December 2007 (Unaudited) %of Net Assets

Shares Financials 23.33 Information Technology 11.30 Industrials 11.09 Energy 10.84 Consumer Discretionary 10.02 Consumer Staples 9.38 Materials 7.63 Health Care 7.30 Utilities 4.51 Telecommunication Services 4.42 Investment Companies 0.88 Total Shares 100.70 Cash and Other Assets/(Liabilities) (0.70) Total 100.00

127 JPMorgan Funds - Global Dynamic Fund Schedule of Investments - Outstanding Forward Foreign Exchange Contracts (Expressed in USD) As at 31 December 2007

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

17-Jan-08 EUR 10,764 AUD 18,009 26 17-Jan-08 EUR 17,377 CAD 25,524 (591) 17-Jan-08 EUR 44,790 CHF 74,229 60 17-Jan-08 EUR 95,259 GBP 69,189 2,230 17-Jan-08 EUR 17,274 HKD 197,459 55 17-Jan-08 EUR 75,999 JPY 12,535,572 793 17-Jan-08 EUR 12,779 NOK 102,316 (68) 17-Jan-08 EUR 1,127 SEK 10,625 5 17-Jan-08 EUR 467,136 USD 684,611 1,848 17-Jan-08 USD 6,683 DKK 34,197 (55)

Total 4,303

128 JPMorgan Funds - Global Equity Fund (USD) Schedule of Investments (Market Value Expressed in USD) As at 31 December 2007

% % 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 GERMANY 18,200 Daimler 1,777,991 0.74 Shares 100,520 Deutsche Post 3,471,696 1.46 UNITED STATES OF AMERICA 27,800 Siemens 4,445,798 1.86 22,000 Allegheny Technologies 1,936,000 0.80 52,831 Altria Group 4,039,987 1.69 9,695,485 4.06 57,500 Amgen 2,712,275 1.14 ITALY 29,900 Apache 3,257,306 1.37 457,200 Intesa Sanpaolo 3,633,625 1.52 49,264 Autodesk 2,477,487 1.04 991,100 Telecom Italia - RNC Shares 2,358,680 0.99 26,200 Boeing 2,313,198 0.97 402,700 UniCredito Italiano 3,354,295 1.41 170,300 Cisco Systems 4,732,637 1.98 148,000 Comcast - A Shares 2,727,640 1.14 9,346,600 3.92 176,000 Corning 4,266,240 1.79 97,600 Duke Energy 1,992,016 0.84 BRAZIL 317,900 El Paso 5,553,713 2.33 92,444 Companhia Vale do Rio Doce ADR 3,128,305 1.31 58,200 Hansen Natural 2,635,878 1.11 35,800 Petroleo Brasileiro ADR 4,186,094 1.76 26,100 Hartford Financial Services Group 2,307,240 0.97 32,500 International Business Machines 3,585,075 1.50 7,314,399 3.07 80,300 Merck & Co. 4,720,034 1.98 FINLAND 45,900 Merrill Lynch & Co. 2,440,044 1.02 131,000 Nokia 5,095,958 2.14 106,347 Microsoft 3,831,682 1.61 50,600 NeuStar - A Shares 1,420,342 0.60 5,095,958 2.14 173,500 News - B Shares 3,749,335 1.57 33,400 Occidental Petroleum 2,629,916 1.10 CANADA 75,074 Office Depot 1,032,268 0.43 139,101 Talisman Energy 2,617,886 1.09 55,600 Procter & Gamble 4,131,636 1.73 128,400 Yamana Gold 1,660,928 0.70 32,032 Prudential Financial 2,996,594 1.26 51,100 Qualcomm 2,020,494 0.85 4,278,814 1.79 132,934 Schering-Plough 3,589,218 1.50 MEXICO 50,400 Sepracor 1,360,800 0.57 107,115 Fomento Economico Mexicano ADR 4,051,089 1.70 52,441 Sirf Technology Holdings 1,354,551 0.57 49,994 United Technologies 3,859,037 1.62 4,051,089 1.70 18,900 Weatherford International 1,343,979 0.56 97,800 Yahoo! 2,293,410 0.96 NETHERLANDS 90,900 ING Groep - CVA 3,576,111 1.50 87,310,032 36.60 3,576,111 1.50 UNITED KINGDOM 322,316 Barclays 3,245,417 1.36 SPAIN 177,300 BG Group 4,029,600 1.69 143,100 BBVA 3,514,896 1.47 180,800 HSBC Holdings 3,036,221 1.27 269,824 ICAP 3,912,726 1.64 3,514,896 1.47 76,200 Standard Chartered 2,809,499 1.18 TAIWAN 368,700 Tesco 3,497,644 1.47 319,909 Taiwan Semiconductor Manufacturing ADR 3,141,506 1.32 46,800 Vedanta Resources 1,912,893 0.80 1,290,300 Vodafone Group 4,821,599 2.02 3,141,506 1.32 91,943 Wolseley 1,355,245 0.57 240,627 WPP Group 3,086,724 1.29 HONG KONG 721,000 Hang Lung Properties 3,087,062 1.29 31,707,568 13.29 3,087,062 1.29 FRANCE 46,300 Accor 3,713,729 1.57 GREECE 72,000 AXA 2,884,392 1.21 77,250 Piraeus Bank 3,030,026 1.27 30,500 Bouygues 2,560,216 1.07 13,100 Lafarge 2,393,060 1.00 3,030,026 1.27 11,812 Pernod-Ricard 2,750,705 1.15 SOUTH KOREA 52,999 Rhodia Registered Shares 2,024,313 0.85 28,500 Hana Financial Group 1,533,632 0.64 13,300 Schneider Electric 1,801,633 0.76 74,180 Total 6,176,654 2.59 1,533,632 0.64

24,304,702 10.20 Total Shares 237,186,555 99.44 JAPAN Total Transferable Securities Admitted to an 237,186,555 99.44 287 East Japan Railway 2,336,444 0.98 Official Exchange Listing 440 Japan Tobacco 2,595,206 1.09 43,100 Komatsu 1,156,894 0.49 Total Investments 237,186,555 99.44 177,600 Mitsubishi 4,798,517 2.01 127,000 Mitsui Fudosan 2,724,913 1.14 Cash 1,078,334 0.45 29,700 Nidec 2,171,348 0.91 225,200 Nissan Motor 2,445,773 1.03 Other Assets/(Liabilities) 258,126 0.11 405 Sumitomo Mitsui Financial Group 2,993,113 1.25 Total Net Assets 238,523,015 100.00 21,222,208 8.90 SWITZERLAND 34,633 Crédit Suisse Group 2,088,615 0.87 24,042 Holcim Registered Shares 2,574,295 1.08 22,286 Roche Holding - Genussschein 3,831,839 1.61 61,518 UBS Registered Shares 2,863,454 1.20 12,325 Zurich Financial Services 3,618,264 1.52

14,976,467 6.28

132 JPMorgan Funds - Global Equity Fund (USD) Schedule of Investments (Market Value Expressed in USD) (continued) As at 31 December 2007

% % 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 31 December 2007 (Unaudited) %of Net Assets

Shares Financials 25.01 Information Technology 14.66 Industrials 11.64 Energy 10.16 Consumer Staples 9.94 Consumer Discretionary 7.91 Health Care 6.80 Materials 6.55 Telecommunication Services 3.61 Utilities 3.16 Total Shares 99.44 Cash and Other Assets/(Liabilities) 0.56 Total 100.00

Allocation of Portfolio as at 30 June 2007 %of Net Assets

Shares Financials 26.82 Information Technology 16.40 Industrials 13.81 Consumer Staples 8.88 Health Care 8.02 Energy 7.48 Materials 7.21 Consumer Discretionary 6.85 Utilities 1.85 Telecommunication Services 1.45 Total Shares 98.77 Cash and Other Assets/(Liabilities) 1.23 Total 100.00

133 JPMorgan Funds - Global Focus Fund Schedule of Investments (Market Value Expressed in EUR) As at 31 December 2007

% % 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 SOUTH KOREA 321,810 Hana Financial Group 11,787,986 1.71 Shares 189,812 LG. Philips LCD ADR 3,404,613 0.49 UNITED STATES OF AMERICA 23,474 Samsung Electronics 9,485,745 1.37 307,439 Abbott Laboratories 11,924,627 1.73 118,332 Apache 8,775,119 1.27 24,678,344 3.57 90 Apartment Investment & Management - A Shares 2,160 0.00 SWEDEN 105,814 Bucyrus International - A Shares 7,212,250 1.04 1,480,593 Atlas Copco - B Shares 13,905,426 2.01 759,895 Cisco Systems 14,374,924 2.08 636,124 Skanska - B Shares 8,212,623 1.19 497,448 Citigroup 10,046,821 1.45 581,013 Corning 9,586,981 1.38 22,118,049 3.20 378,268 General Electric 9,630,185 1.39 17,444 Google - A Shares 8,359,536 1.21 ITALY 177,854 International Game Technology 5,360,862 0.77 639,395 Banco Popolare 9,635,683 1.39 358,522 Merck & Co. 14,345,273 2.07 1,348,057 Intesa Sanpaolo 7,292,988 1.05 707,086 News - B Shares 10,401,367 1.50 1,046,528 Polynt 3,660,232 0.53 357,053 Norfolk Southern 12,397,994 1.79 114,761 Polo Ralph Lauren 4,848,858 0.70 20,588,903 2.97 438,097 Safeway 10,527,092 1.52 TAIWAN 395,028 Schering-Plough 7,260,308 1.05 1,174,039 HON HAI Precision Industry Registered Shares 328,082 Sysco 7,115,273 1.03 GDR 9,821,952 1.42 321,496 Yahoo! 5,131,943 0.74 1,485,250 Taiwan Semiconductor Manufacturing ADR 9,928,290 1.43

157,301,573 22.72 19,750,242 2.85 JAPAN SINGAPORE 1,147,000 Amada 6,769,880 0.97 4,757,000 CapitaMall Trust 7,721,598 1.12 901,100 Chugai Pharmaceutical 8,665,608 1.24 5,824,000 Singapore Telecommunications 10,741,436 1.55 1,505,000 Daiwa Securities Group 9,190,439 1.33 302,000 Elpida Memory 7,042,790 1.02 18,463,034 2.67 2,450,000 Fukuoka Financial Group 9,630,523 1.39 3,052 Japan Tobacco 12,253,694 1.77 AUSTRALIA 6,161,622 International Ferro Metals 1.36 1,110,000 Kubota 5,050,390 0.73 9,461,592 4,898,123 Macquarie Infrastructure Group 1.29 3,589,000 Nippon Sheet Glass 12,317,303 1.78 8,896,876 2,962 West Japan Railway 9,880,617 1.43 18,358,468 2.65 887,300 Yokogawa Electric 6,548,999 0.95 INDIA 87,350,243 12.61 432,301 Bharti Airtel 7,045,476 1.01 166,109 Reliance Capital 1.09 UNITED KINGDOM 7,519,947 1,615,740 BAE Systems 10,943,038 1.57 14,565,423 2.10 1,896,050 Biffa 8,561,009 1.23 350,676 Greene King 3,782,485 0.55 GREECE 1,659,110 International Power 10,280,692 1.49 1,009,320 Corinth Pipeworks 6,035,734 0.87 661,537 Pennon Group 6,014,283 0.87 812,447 Sidenor Steel Products Manufacturing 8,319,457 1.20 4,813,408 Premier Foods 13,379,426 1.93 2,024,696 Taylor Wimpey 5,689,647 0.82 14,355,191 2.07 2,396,351 TUI Travel 9,658,357 1.40 571,753 Wolseley 5,736,819 0.83 FINLAND 3,883,029 Ruukki Group 10,833,651 1.57 74,045,756 10.69 10,833,651 1.57 FRANCE 34,504 Cie Générale de Géophysique-Veritas 6,711,718 0.98 ISRAEL 1,711,708 Makhteshim-Agan Industries 1.51 125,449 Rémy Cointreau 6,158,291 0.89 10,431,512 112,550 Renault 11,037,778 1.59 10,431,512 1.51 299,321 Rhodia Registered Shares 7,782,346 1.12 203,223 Sanofi-Aventis 12,847,758 1.86 CYPRUS 257,677 Suez 12,126,280 1.75 1,079,810 Marfin Popular Bank Public 9,891,060 1.43

56,664,171 8.19 9,891,060 1.43 NETHERLANDS HONG KONG 493,209 ING Groep - CVA 13,208,137 1.91 2,282,000 China Resources Power Holdings 5,257,105 0.76 664,078 Royal Dutch Shell - A Shares 19,165,291 2.77 732,688 Vimetco Registered Shares GDR 4,713,183 0.68 5,257,105 0.76

37,086,611 5.36 BRAZIL 317,279 Cía Energética de Minas Gerais ADR 4,060,342 0.59 SPAIN 56,027 Acciona 12,096,229 1.74 4,060,342 0.59 715,220 BSCH 10,570,952 1.53 1,533,712 Iberdrola Renovables 8,496,764 1.23 PAKISTAN 379,747 United Bank Registered Shares GDR 3,066,431 0.44 31,163,945 4.50 3,066,431 0.44 AUSTRIA 374,038 Intercell 9,915,747 1.43 Total Shares 694,195,240 100.28 208,689 OMV 11,479,982 1.66 364,725 Telekom Austria 6,966,248 1.01 Total Transferable Securities Admitted to an 694,195,240 100.28 Official Exchange Listing 28,361,977 4.10 GERMANY 105,555 Continental 9,393,339 1.36 488,389 Lanxess 16,409,870 2.37

25,803,209 3.73

134 JPMorgan Funds - Global Focus Fund Schedule of Investments (Market Value Expressed in EUR) (continued) As at 31 December 2007

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

Transferable Securities Dealt in on Another Regulated Market

Investment Funds LUXEMBOURG 1,300,000 JPMorgan Liquidity Funds - Euro Liquidity Fund (JPM Euro Liquidity X (dist.)) 1,300,000 0.19

1,300,000 0.19

Total Investment Funds 1,300,000 0.19

Total Transferable Securities Dealt in on 1,300,000 0.19 Another Regulated Market Total Investments 695,495,240 100.47

Cash 109,244 0.02

Other Assets/(Liabilities) (3,376,541) (0.49)

Total Net Assets 692,227,943 100.00

Allocation of Portfolio as at 31 December 2007 (Unaudited) %of Net Assets

Shares Financials 18.68 Industrials 18.45 Information Technology 12.09 Health Care 9.38 Consumer Discretionary 8.97 Materials 8.10 Energy 7.89 Consumer Staples 7.69 Utilities 5.45 Telecommunication Services 3.58 Investment Companies 0.19 Total Shares 100.47 Cash and Other Assets/(Liabilities) (0.47) Total 100.00

Allocation of Portfolio as at 30 June 2007 %of Net Assets

Shares Financials 18.15 Industrials 16.45 Consumer Discretionary 12.36 Materials 11.23 Information Technology 11.11 Consumer Staples 7.54 Energy 5.11 Health Care 4.14 Utilities 3.53 Telecommunication Services 2.95 Total Shares 92.57 Cash and Other Assets/(Liabilities) 7.43 Total 100.00

135 JPMorgan Funds - Global Focus Fund Schedule of Investments - Outstanding Forward Foreign Exchange Contracts (Expressed in EUR) As at 31 December 2007

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

08-Jan-08 EUR 45,717 AUD 77,006 (269) 08-Jan-08 EUR 59,240 CAD 87,669 (1,830) 08-Jan-08 EUR 56,791 CHF 93,454 477 08-Jan-08 EUR 182,489 GBP 130,531 5,560 08-Jan-08 EUR 8,553 HKD 98,154 (14) 08-Jan-08 EUR 168,770 JPY 27,221,689 5,047 08-Jan-08 EUR 4,297 NOK 34,833 (71) 08-Jan-08 EUR 18,744 SEK 176,663 50 08-Jan-08 EUR 5,551 SGD 11,818 (12) 08-Jan-08 EUR 764,896 USD 1,128,666 (3,297) 08-Jan-08 JPY 27,221,689 EUR 167,642 (3,918) 08-Jan-08 SEK 53,965 USD 8,506 (79) 08-Jan-08 SGD 5,408 EUR 2,540 5 09-Jan-08 AUD 44,799,533 EUR 27,822,656 (1,071,606) 09-Jan-08 CAD 46,713,549 EUR 33,013,807 (473,374) 09-Jan-08 CHF 49,243,846 EUR 29,852,676 (177,621) 09-Jan-08 EUR 16,573,372 AUD 26,340,550 844,695 09-Jan-08 EUR 3,762,376 CAD 5,103,746 207,131 09-Jan-08 EUR 7,422,516 CHF 12,245,078 43,455 09-Jan-08 EUR 118,926,378 GBP 84,256,392 4,726,635 09-Jan-08 EUR 1,111,349 ILS 6,300,070 (3,055) 09-Jan-08 EUR 87,814,285 JPY 14,281,847,971 1,908,575 09-Jan-08 EUR 14,925,359 NOK 115,203,873 479,411 09-Jan-08 EUR 20,456,672 SEK 189,511,873 403,396 09-Jan-08 EUR 18,162,803 SGD 38,060,435 246,015 09-Jan-08 EUR 211,955,840 USD 305,123,480 4,286,817 09-Jan-08 GBP 77,039,483 EUR 108,425,036 (4,006,974) 09-Jan-08 HKD 64,610,511 EUR 5,860,364 (221,290) 09-Jan-08 JPY 10,203,795,769 EUR 62,833,813 (1,457,700) 09-Jan-08 NOK 148,004,715 EUR 18,664,184 (105,186) 09-Jan-08 SEK 37,304,546 EUR 4,047,725 (100,330) 09-Jan-08 SGD 3,482,872 EUR 1,665,021 (25,474) 09-Jan-08 USD 557,773,217 EUR 387,385,077 (7,761,001) 01-Feb-08 EUR 5,488 AUD 9,126 48 01-Feb-08 EUR 14,376 CAD 20,591 34 01-Feb-08 EUR 56,361 CHF 93,454 (20) 01-Feb-08 EUR 11,101 GBP 8,065 182 01-Feb-08 EUR 26,720 HKD 301,825 364 01-Feb-08 EUR 168,034 JPY 27,221,689 3,935 01-Feb-08 EUR 9,081 NOK 72,844 (44) 01-Feb-08 EUR 12,978 SEK 122,698 (3) 01-Feb-08 EUR 85,893 USD 123,661 1,765

Total (2,249,571)

136 JPMorgan Funds - Global Life Sciences Fund Schedule of Investments (Market Value Expressed in USD) As at 31 December 2007

% % 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 ITALY 13,866 DiaSorin 268,882 0.71 Shares UNITED STATES OF AMERICA 268,882 0.71 25,500 Abbott Laboratories 1,452,990 3.84 SWEDEN 15,800 Adams Respiratory Therapeutics 942,312 2.49 14,956 Elekta - B Shares 247,618 0.65 9,520 Alexion Pharmaceuticals 732,659 1.94 124,200 Barrier Therapeutics 478,170 1.26 247,618 0.65 19,700 BioMarin Pharmaceuticals 705,654 1.87 253,300 Bionovo 438,209 1.16 JAPAN 36,600 Celgene 1,706,658 4.51 12,200 Chugai Pharmaceutical 172,354 0.46 116,700 Combinatorx 519,315 1.37 51,710 Cypress Bioscience 592,080 1.57 172,354 0.46 101,600 Cytokinetics 530,352 1.40 Total Shares 305,088 Dusa Pharmaceuticals 610,176 1.61 36,401,010 96.26 48,800 Enzo Biochem 656,848 1.74 Total Transferable Securities Admitted to an 36,401,010 96.26 66,100 Exelixis 586,968 1.55 Official Exchange Listing 13,900 Genentech 931,856 2.46 36,100 Gilead Sciences 1,683,704 4.45 Other Transferable Securities 11,100 Hologic 779,220 2.06 58,200 Human Genome Sciences 622,158 1.65 Shares 36,500 InterMune 492,020 1.30 BELGIUM 43,590 Keryx Biopharmaceuticals 375,310 0.99 21,887 Ablynx (when issued)* 225,072 0.60 116,600 Kosan Biosciences 454,740 1.20 364,500 Lev Pharmaceuticals 1.89 714,420 225,072 0.60 35,400 Medivation 523,920 1.39 34,000 Merck & Co. 5.29 1,998,520 Total Shares 225,072 0.60 61,974 Neurometrix 594,950 1.57 38,700 Northstar Neuroscience 361,845 0.96 225,072 0.60 11,700 Onyx Pharmaceuticals 687,141 1.82 Total Other Transferable Securities 12,600 Pharmion 787,752 2.08 116,700 Protalix BioTherapeutics 385,110 1.02 Total Investments 36,626,082 96.86 32,500 Savient Pharmaceuticals 756,925 2.00 58,000 Schering-Plough 1,566,000 4.14 Cash 1,285,653 3.40 41,527 Sucampo Pharmaceuticals - A Shares 768,665 2.03 125,300 Synergetics USA 285,684 0.76 Other Assets/(Liabilities) (100,015) (0.26) 66,300 Third Wave Technologies 619,242 1.64 189,200 Uluru 565,708 1.50 Total Net Assets 37,811,720 100.00 4,480 United Therapeutics 448,582 1.19 13,400 Xenoport 757,770 2.00 * When issued: A security traded before it receives final trading authorisation with the investor 27,113,633 71.70 receiving the certificate only after the final approval is granted. UNITED KINGDOM 37,670 Gyrus Group 465,591 1.23 47,125 Hikma Pharmaceuticals 461,128 1.22 Allocation of Portfolio as at 31 December 2007 (Unaudited) %of 116,445 Nestor Healthcare Group 75,383 0.20 Net Assets 336,559 Oxford Biomedica 170,950 0.45 24,853 Shire 565,344 1.50 Shares 17,200 Shire ADR 1,172,352 3.10 Health Care 94.36 22,941 SSL International 239,676 0.63 Materials 2.50 16,750 Synergy Healthcare 260,242 0.69 Total Shares 96.86 219,438 Vectura Group 234,940 0.62 Cash and Other Assets/(Liabilities) 3.14 Total 3,645,606 9.64 100.00 GERMANY 10,274 Bayer 943,767 2.50 11,903 Geneart 211,582 0.56 19,331 Wilex 193,676 0.51 Allocation of Portfolio as at 30 June 2007 %of 1,349,025 3.57 Net Assets FRANCE Shares 8,943 Sanofi-Aventis 830,566 2.20 Health Care 98.59 15,807 Transgene 344,836 0.91 Industrials 0.28 Total Shares 98.87 1,175,402 3.11 Cash and Other Assets/(Liabilities) 1.13 AUSTRIA Total 28,783 Intercell Bearer Shares 1,120,940 2.96 100.00

1,120,940 2.96 SWITZERLAND 3,869 Roche Holding - Genussschein 665,233 1.76

665,233 1.76 DENMARK 5,308 Novo Nordisk - B Shares 348,165 0.92

348,165 0.92 IRELAND 13,401 Elan ADR 294,152 0.78

294,152 0.78

137 JPMorgan Funds - Global Natural Resources Fund Schedule of Investments (Market Value Expressed in EUR) As at 31 December 2007

% % 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 2,250,000 Petro Rubiales Energy - Warrants 12.07.12 783,709 0.04 Shares and Warrants 570,600 Petrobank Energy & Resources 22,943,532 1.08 CANADA 295,000 Petro-Canada 10,789,057 0.51 443,677 Agnico-Eagle Mines 15,831,012 0.73 926,200 Petrominerales 12,814,044 0.60 1,493,870 Alamos Gold 5,744,524 0.26 3,228,600 Platinum Group Metals 8,996,559 0.42 916,600 Amerigo Resources 1,545,245 0.08 375,738 Quadra Mining 4,653,922 0.22 4,198,132 Antrim Energy 14,447,251 0.68 1,224,313 Red Back Mining 5,458,516 0.26 1,759,700 Aquila Resources 784,550 0.04 1,750,000 Redox Diamonds 609,551 0.03 312,500 Aquila Resources - Warrants 15.12.08 0 0.00 3,989,647 Scorpio Mining 3,474,135 0.16 1,465,600 Aquiline Resources 9,301,137 0.44 3,889,600 SEMAFO 2,411,555 0.11 2,680,000 Aurelian Resources 14,786,390 0.69 566,000 Sherwood Copper 2,121,294 0.10 744,400 Baffinland Iron Mines 2,437,286 0.11 2,132,791 Shore Gold 6,344,222 0.30 949,100 Banro 6,889,408 0.32 580,000 Silver Wheaton 6,949,581 0.33 1,520,734 Barrick Gold 42,534,466 2.00 2,250,000 Silvercorp Metals 14,263,500 0.67 3,101,400 Bayou Bend Petroleum 1,166,685 0.05 1,366,000 Skye Resources 6,618,354 0.31 449,500 Bow Valley Energy 1,925,781 0.09 100,000 Skye Resources - Warrants 26.01.09 30,303 0.00 1,300,000 Brazauro Resources - Warrants 22.03.08 0 0.00 3,704,300 Stornoway Diamond 1,625,732 0.08 4,502,934 Brazilian Diamonds 313,688 0.01 2,000,000 Stream Oil & Gas 2,089,890 0.10 2,797,200 Calvalley Petroleums - A Shares 11,165,555 0.52 1,000,000 Stream Oil Gas - Warrants 20.08.09 0 0.00 84,400 Canadian Natural Resources 4,216,819 0.20 179,100 Suramina Resources 162,196 0.01 1,861,000 Canadian Royalties 3,565,178 0.17 732,800 Talisman Energy 9,387,920 0.44 465,300 Centenario Copper 2,168,510 0.10 460,000 Thompson Creek Metals 5,687,984 0.27 515,700 CIC Energy 5,076,232 0.24 1,903,700 Tournigan Gold 1,724,027 0.08 1,770,169 Consolidated Puma Minerals 1,985,376 0.09 299,053 Trivalence Mining 38,541 0.00 1,375,200 Consolidated Thompson Iron Mines 6,064,175 0.28 788,558 Uranium North Resources 225,227 0.01 10,468,853 Crowflight Minerals 4,229,892 0.20 3,020,000 Uranium One 18,976,480 0.89 1,012,279 Denison Mines 6,304,344 0.30 2,125,660 Victoria Resources 1,910,230 0.09 2,605,400 Diamonds North Resources 1,433,850 0.07 215,545 Western Canadian - Warrants 28.06.12 0 0.00 4,067,400 Eastern Platinum 7,367,030 0.35 2,438,180 Western Canadian Coal 2,547,764 0.12 1,892,178 Eldorado Gold 7,724,347 0.36 1,937,500 Yamana Gold 17,060,469 0.80 3,550,000 Enhanced Oil Resources 2,646,149 0.12 1,775,000 Enhanced Oil Resources - 686,633,139 32.25 Warrants 11.10.09 0 0.00 AUSTRALIA 6,099,448 Equinox Minerals 23,114,879 1.09 2,122,200 Aditya Birla Minerals 2,929,089 0.13 3,208,789 Etruscan Resources 4,805,978 0.23 4,562,500 Aim Resources - Warrants 28.09.10 0 0.00 2,642,888 European Goldfields 9,818,842 0.46 8,960,000 Aim Resources AUD 669,194 0.02 901,400 Exeter Resource 3,189,947 0.15 31,496,230 Aim Resources GBP 2,246,339 0.10 3,768,600 First Calgary Petroleums CAD 6,957,098 0.33 12,132,600 Allegiance Mining 7,756,609 0.35 101,367 First Calgary Petroleums GBP 188,986 0.01 1,070,806 Anvil Mining 11,428,040 0.53 312,932 First Quantum Minerals 18,484,036 0.87 1,395,800 Atlas Iron 1,951,521 0.08 1,048,942 Franco-Nevada 11,085,090 0.52 6,867,233 Avoca Resources 9,478,247 0.44 2,000,000 Galantas Gold - Warrants 26.07.08 13,933 0.00 4,324,500 Berkeley Resources 3,100,640 0.15 4,844,550 Global Alumina 6,334,573 0.30 653,282 BHP Billiton 15,812,378 0.73 3,195,209 Globestar Mining 3,806,252 0.18 7,746,000 Blina Diamonds 740,511 0.03 830,000 Goldcorp 19,294,631 0.91 1,150,000 Cape Lambert Iron Ore - 290,691 Golden Peaks Resources 346,282 0.02 Warrants 31.10.08 133,988 0.01 309,091 Golden Peaks Resources - 4,400,000 Carrick Gold 4,995,058 0.23 Warrants 30.03.08 0 0.00 1,325,000 Centamin Egypt AUD 1,079,951 0.05 1,718,944 Great Panther Resources 1,532,759 0.07 14,264,602 Centamin Egypt GBP 11,450,180 0.54 133,875 Great Panther Resources - 12,108,602 CopperCo 6,619,868 0.31 Warrants 01.06.08 0 0.00 1,800,350 Curnamona Energy 1,011,158 0.05 2,760,272 Greystar Resources 12,191,112 0.57 6,500,000 Diamonex 1,631,161 0.08 215,000 Heritage Oil 7,653,526 0.36 372,200 Dwyka Diamonds AUD 190,141 0.01 3,396,400 High River Gold Mines 6,601,235 0.31 5,486,429 Dwyka Diamonds GBP 2,901,251 0.14 2,609,400 Ithaca Energy 5,544,248 0.26 10,000,000 Emmerson Resources 1,433,988 0.07 1,626,600 Jinshan Gold Mines 3,104,799 0.15 10,588,470 Fortescue Metals Group 53,585,943 2.52 3,686,010 Kinross Gold 45,963,355 2.16 2,082,122 Fusion Resources 1,219,176 0.06 50,000 Kinross Gold - Warrants 07.09.11 91,259 0.00 10,421,000 Gindalbie Metals 7,471,794 0.35 1,901,741 Kirkland Lake Gold 16,692,604 0.78 275,000 Global Forest 82,156 0.00 5,443,500 La Mancha Resources 1,516,842 0.07 97,975 Global Iron 22,245 0.00 455,300 Lundin Mining 2,975,108 0.14 1,610,046 GVM Metals AUD 1,741,210 0.08 2,140,100 Lundin Mining SDR 13,984,640 0.66 3,096,872 GVM Metals GBP 3,212,717 0.15 13,288,500 Mano River Resources 1,585,585 0.07 6,978,800 Herald Resources 9,298,649 0.44 13,500,000 Mart Resources 4,326,072 0.20 8,736,744 Indophil Resources 5,011,354 0.24 3,731,168 Mediterranean Resources 649,811 0.03 13,651,605 International Ferro Metals 20,962,973 0.98 1,823,784 Mediterranean Resources - 4,167,922 Jabiru Metals 0.15 Warrants 24.05.09 0 0.00 3,237,406 2,777,758 Kagara Zinc 0.49 684,300 Nautilus Minerals CAD 1,811,475 0.09 10,389,700 6,774,617 Leyshon Resources 0.11 2,344,300 Nautilus Minerals GBP 6,166,601 0.29 2,328,593 1,829,469 Lion Selection 0.09 4,771,498 Nevsun Resources 7,478,930 0.35 1,863,733 19,500,430 Lynas 0.51 46,428 Nevsun Resources - Warrants 25.10.08 9,056 0.00 10,777,553 878,900 MacArthur Coal 0.25 105,882 Nevsun Resources - Warrants 31.10.09 0 0.00 5,225,126 2,214,364 Mantra Resources 0.12 183,370 Niko Resources 10,873,318 0.51 2,646,143 347,182 Mantra Resources - Warrants 0.02 1,029,000 North Atlantic Resources 297,485 0.01 30.06.09 350,573 1,400,000 Mariana Resources 0.01 1,557,913 Novagold Resources 8,997,046 0.42 199,319 1,090,800 Mavuzi Resources 0.02 3,355,642 Oilexco 30,202,321 1.42 423,636 530,000 Mavuzi Resources - Warrants 0.01 7,050,000 Orezone Resources 5,902,794 0.28 30.06.10 131,419 40,000,000 Metals X 0.41 1,214,750 Pacific Stratus Energy 9,740,122 0.46 8,723,427 1,372,657 Midwest 0.19 3,592,200 Peak Gold 1,426,388 0.07 3,969,553 2,050,000 Minara Resources 0.37 1,768,000 Peregrine Diamonds 849,833 0.04 7,839,134 1,157,300 Mineral Deposits 0.04 4,069,762 Petaquilla Copper 9,922,915 0.47 912,755 29,500,000 Mintails 0.54 452,381 Petaquilla Copper Warrants 24.12.09 0 0.00 11,456,966 1,734,852 Mirabela Nickel AUD 0.35 2,316,900 Petaquilla Minerals 4,955,048 0.23 7,359,614 234,950 Mirabela Nickel CAD 0.05 4,500,000 Petro Rubiales Energy 3,793,151 0.18 978,766 6,398,264 Monarch Gold Mining 2,752,510 0.13

138 JPMorgan Funds - Global Natural Resources Fund Schedule of Investments (Market Value Expressed in EUR) (continued) As at 31 December 2007

% % 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

1,325,000 Moto Goldmines 2,510,655 0.12 5,197,300 ROXI Petroleum 2,713,123 0.13 5,760,000 Murchison Metals 11,907,836 0.56 5,167,500 Serabi Mining 1,961,867 0.09 3,475,500 New Hope 4,776,166 0.22 1,890,000 Sibir Energy 14,056,247 0.66 3,424,198 NGM Resources 347,810 0.02 1,466,071 Sierra Leone Diamond 2,842,641 0.13 23,306,200 Norseman Gold 2,960,393 0.14 5,619,200 Target Resources 1,447,635 0.07 4,820,000 Oilex 4,377,487 0.21 779,200 Target Resources - Warrants 12.07.08 31,696 0.00 690,000 Ophir Energy 1,871,156 0.09 1,429,100 Tullow Oil 12,721,207 0.60 16,792,233 Pan Australian Resources 9,932,942 0.47 726,764 Valiant Petroleum 6,158,917 0.29 2,875,600 Pluton Resources 3,762,763 0.18 300,000 Vedanta Resources 8,346,984 0.38 5,592,205 Riversdale Mining 34,682,843 1.63 491,409 Volga Gas 2,232,127 0.10 2,840,608 Roc Oil 5,142,665 0.24 1,740,113 Xceldiam 106,175 0.00 26,978,400 St Barbara 11,686,607 0.55 1,358,600 ZincOx Resources 4,844,827 0.23 4,428,236 Straits Resources 17,356,768 0.81 7,600,000 Sylvania Resources 12,675,049 0.60 335,530,967 15.75 43,800,486 Tanami Gold 3,402,174 0.16 UNITED STATES OF AMERICA 4,000,000 Terramin Australia 8,484,429 0.40 210,000 Alcoa 5,322,011 0.25 5,000,000 West Wits Mining 1,194,990 0.06 980,000 Big Sky Energy 37,357 0.00 4,131,300 Windimurra Vanadium 4,813,440 0.23 3,589,500 Brazauro Resources 1,175,260 0.06 319,745 Century Aluminum 11,933,983 0.56 413,619,628 19.42 212,600 ConocoPhillips 13,004,483 0.61 UNITED KINGDOM 495,000 Denbury Resources 10,037,813 0.47 4,958,029 Afren 6,873,902 0.32 261,300 Devon Energy 16,171,945 0.76 4,850,666 African Copper 4,262,598 0.20 321,800 Freeport-McMoRan Copper & Gold 22,954,577 1.08 10,241,952 African Eagle Resources 1,444,266 0.07 1,276,529 Jaguar Mining 9,559,635 0.45 3,086,900 Alexander Mining 705,267 0.03 1,706,250 Peak Gold - Warrants 03.04.12 213,952 0.01 2,199,166 Aminex - Warrants 31.08.09 134,184 0.01 3,489,400 Petroneft Resources 1,562,043 0.07 5,317,842 Archipelago Resources 1,676,445 0.08 219,900 Quicksilver Resources 8,909,464 0.42 1,338,462 Ariana Resources 90,742 0.00 476,400 Range Resources 16,717,212 0.78 21,780,538 Aricom 22,149,342 1.04 213,400 Southern Copper 15,454,631 0.73 1,333,333 Aricom - Warrants 05.06.10 442,931 0.02 2,600,000 Tasr Emerald 1,327,388 0.06 5,443,500 Avocet Mining 12,971,928 0.61 404,000 Weatherford International 19,555,794 0.92 1,116,600 Bezant Resources 1,650,270 0.08 333,250 XTO Energy 11,982,073 0.56 720,398 BHP Billiton 15,296,611 0.72 12,347,600 Braemore Resources 3,345,099 0.16 165,919,621 7.79 2,166,459 Brinkley Mining 139,532 0.01 SOUTH AFRICA 6,850,000 Cadogan Petroleum 3,808,074 0.18 478,200 AngloGold Ashanti 14,010,684 0.66 447,151 Cairn Energy 18,595,118 0.87 1,431,474 First Uranium 9,473,474 0.44 5,024,700 Caledon Resources 2,486,761 0.12 1,720,724 Gold Fields 17,016,056 0.80 1,573,250 Cape Diamonds 533,297 0.03 184,500 Impala Platinum Holdings 4,556,963 0.21 4,652,500 Central China Goldfields 442,217 0.02 6,541,600 Metorex 14,188,147 0.67 2,473,333 China Goldmines 3,462,610 0.16 1,975,409 Platmin 12,839,285 0.60 3,308,503 Cluff Gold 3,967,896 0.19 812,900 Coal International 231,466 0.01 72,084,609 3.38 2,178,500 Copper Resources 4,918,161 0.23 5,446,600 Cordillera Resources 44,311 0.00 BRAZIL 1,600,000 DiamondCorp 2,093,526 0.10 1,915,338 Cia Vale do Rio Doce ADR 37,744,825 1.77 1,528,000 Emerald Energy 4,102,225 0.19 451,100 Petroleo Brasileiro ADR 35,905,601 1.69 679,881 Empyrean Energy 322,650 0.02 4,166,667 Equatorial Biofuels 84,744 0.00 73,650,426 3.46 5,125,334 Eurasia Mining 208,485 0.01 JERSEY 513,339 Eurasian Natural Resources 4,454,666 0.21 1,190,000 KazakhGold Group Registered Shares GDR 0.96 2,600,000 European Diamonds - 20,291,685 Warrants 17.07.09 0 0.00 2,675,300 Minera IRL 1,133,583 0.05 6,309,900 European Minerals 5,934,149 0.28 1,109,220 Randgold Resources ADR 27,937,197 1.31 14,666,155 European Nickel 9,147,556 0.43 1,190,205 Faroe Petroleum 2,691,030 0.13 49,362,465 2.32 1,425,000 Firestone Diamonds 2,019,120 0.09 SWITZERLAND 3,500,000 Frontier Mining GBP 433,044 0.02 960,000 Addax Petroleum 28,756,887 1.35 6,776,805 Frontier Mining USD 838,473 0.04 351,900 Xstrata 17,148,585 0.81 2,390,000 Galantas Gold 259,250 0.01 1,195,000 Galantas Gold - Warrants 03.09.08 16,203 0.00 45,905,472 2.16 730,600 GCM Resources 973,292 0.05 294,559 Gem Diamonds (Britain) 3,818,222 0.18 PAPUA NEW GUINEA 3,035,500 Gemfields Resources 1,440,553 0.07 17,577,712 Lihir Gold 37,074,159 1.74 11,524,400 Hidefield Gold 859,433 0.04 488,078 New Britain Palm Oil 2,488,330 0.12 600,000 Hidefield Gold - Warrants 28.10.08 0 0.00 2,931,100 Highland Gold Mining 6,994,783 0.33 39,562,489 1.86 825,000 Hunting 7,975,803 0.37 NORWAY 4,065,200 Jubilee Platinum 4,082,222 0.19 29,011 Det Norske Oljeselskap 269,304 0.01 3,722,000 KimCor Diamonds 328,035 0.02 7,418,900 DNO International 9,464,727 0.45 4,675,000 Kopane Diamond Developments 998,374 0.05 1,913,700 Norsk Hydro 18,724,752 0.88 700,000 Kopane Diamonds - Warrants 17.07.09 0 0.00 10,392,500 Lonrho 6,531,317 0.31 28,458,783 1.34 1,000,000 Mantle Diamonds 203,387 0.01 2,183,168 Max Petroleum 1,938,918 0.09 BERMUDA 548,300 Mediterranean Oil & Gas 1,115,168 0.05 2,640,807 Aquarius Platinum 20,409,975 0.95 8,339,473 Mwana Africa 5,088,410 0.24 76,586 Lithic Metals and Energy 6,750 0.00 5,403,850 Oriel Resources 3,993,289 0.19 2,598,200 Tanzanite One 2,101,073 0.10 5,753,700 Pangea Diamondfields 4,095,788 0.19 1,532,904 Zambezi Resources 353,342 0.02 1,081,237 Peter Hambro Mining 17,475,440 0.82 8,992,200 Petra Diamonds 17,640,278 0.83 22,871,140 1.07 535,000 R.E.A. Holdings 3,685,093 0.17 MALAYSIA 19,180 REA Holdings 27,697 0.00 14,250,000 IOI 22,657,063 1.06 2,149,500 Regal Petroleum 3,934,614 0.18 584,700 Rio Tinto 42,589,256 2.00 22,657,063 1.06

139 JPMorgan Funds - Global Natural Resources Fund Schedule of Investments (Market Value Expressed in EUR) (continued) As at 31 December 2007

% % 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 UNITED ARAB EMIRATES 2,852,000 African Diamonds 3,635,033 0.17 583,123 Indago Petroleum 521,837 0.02 6,945,833 Aminex 2,477,668 0.12 6,088,788 Galantas Gold 678,661 0.03 521,837 0.02 11,742,000 Glencar Mining 1,102,377 0.05 NEW ZEALAND 6,541,759 Kenmare Resources 4,834,171 0.23 30,168 Allied Medical 3,605 0.00 2,520,000 Maple Energy 3,382,725 0.16 6,615,859 Ormonde Mining 1,027,124 0.05 3,605 0.00 6,169,546 Petroceltic International 744,516 0.03 38,586,100 Providence Resources 0.16 3,302,132 Total Shares and Warrants 2,096,725,793 98.46 1,344,423 West African Diamonds 397,031 0.02 Bonds 21,581,438 1.02 UNITED KINGDOM RUSSIA 3 Eurasia Mining 31.03.08/0.031% 26,440 0.00 96,844 MMC Norilsk Nickel ADR 17,733,253 0.83 26,440 0.00 17,733,253 0.83 Total Bonds INDONESIA 26,440 0.00 13,500,000 Bumi Resources 0.28 5,870,556 Convertible Bonds 1,553,000 International Nickel Indonesia 10,833,441 0.51 CANADA 16,703,997 0.79 2,000,000 Western Canadian Coal 24.03.11/7.500% 1,029,967 0.05

INDIA 1,029,967 0.05 901,400 Sterlite Industries India ADR 16,045,478 0.75 Total Convertible Bonds 1,029,967 0.05 16,045,478 0.75 NETHERLANDS Total Transferable Securities Admitted to an 2,097,782,200 98.51 Official Exchange Listing 81,696 Advanced Metallurgical Group 4,125,648 0.20 1,008,983 Bateman Engineering 4,747,274 0.22 Transferable Securities Dealt in on Another Regulated Market 771,263 Vimetco Registered Shares GDR 4,961,326 0.23 Investment Funds 13,834,248 0.65 LUXEMBOURG GUERNSEY 33,650,527 JPMorgan Liquidity Funds - Euro Liquidity Fund 3,800,000 Central Rand Gold 6,028,377 0.28 (JPM Euro Liquidity X (dist.)) 33,650,527 1.58 486,000 Origo Resource Partners - Warrants 14.12.12 214,166 0.01 33,650,527 1.58 4,033,800 Shanta Gold 913,402 0.04 2,336,200 Tethys Petroleum 4,882,401 0.23 GUERNSEY 2,430,000 Origo Resource Partners 3,492,554 0.16 12,038,346 0.57 3,492,554 0.16 PERU 5,053,890 Minsur 9,776,687 0.46 Total Investment Funds 37,143,081 1.74

9,776,687 0.46 Total Transferable Securities Dealt in on 37,143,081 1.74 Another Regulated Market CAYMAN ISLANDS 10,228,800 Commoditrade 3,843,193 0.18 Total Investments 2,134,925,281 100.25 2,800,000 Leaf Clean Energy 4,062,307 0.19 930,500 Niger Uranium 334,344 0.02 Bank Overdraft (1,216,091) (0.06)

8,239,844 0.39 Other Assets/(Liabilities) (4,014,534) (0.19) BRITISH VIRGIN ISLANDS Total Net Assets 1,941,380 Mineral Securities GBP 1,881,147 0.09 2,129,694,656 100.00 2,061,500 Mineral Securities AUD 2,007,730 0.09 2,521,000 Titanium Resources Group 2,675,806 0.13

6,564,683 0.31 Allocation of Portfolio as at 31 December 2007 (Unaudited) %of Net Assets HONG KONG 5,600,000 CNOOC 6,294,061 0.30 Fixed Income Securities Canada 0.05 6,294,061 0.30 United Kingdom 0.00 Total Fixed Income Securities SINGAPORE 0.05 4,095,000 Straits Asia Resources 5,837,830 0.27 Shares and Warrants Materials 72.12 5,837,830 0.27 Energy 21.55 Industrials 2.28 FRANCE Investment Companies 1.74 290,000 Recylex 4,335,500 0.20 Consumer Staples 1.36 Financials 1.13 4,335,500 0.20 Utilities 0.02 Health Care 0.00 ISRAEL Total Shares and Warrants 643,100 Metal-Tech (Israel) 959,184 0.05 100.20 Bank Overdraft and Other Assets/(Liabilities) (0.25) 959,184 0.05 Total 100.00

140 JPMorgan Funds - Global Natural Resources Fund Schedule of Investments (Market Value Expressed in EUR) (continued) As at 31 December 2007

% % 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 2007 %of Net Assets

Fixed Income Securities Canada 0.08 Total Fixed Income Securities 0.08 Shares, Warrants and Rights Materials 72.57 Energy 20.36 Financials 1.59 Industrials 1.18 Consumer Staples 0.80 Utilities 0.07 Total Shares, Warrants and Rights 96.57 Cash and Other Assets/(Liabilities) 3.35 Total 100.00

141 JPMorgan Funds - Global Real Estate Securities Fund (USD) Schedule of Investments (Market Value Expressed in USD) As at 31 December 2007

% % 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 CANADA 16,000 Artis Real Estate Investment Trust 239,390 1.69 Shares and Rights 6,239 Artis Real Estate Investment Trust 144A 93,313 0.65 JAPAN 26,100 Huntingdon Real Estate Investment Trust 61,434 0.43 1 BLife Investment 4,106 0.02 7,089 RioCan Real Estate Investment Trust 152,713 1.07 19 DA Office Investment 121,460 0.84 20 Global One Real Estate Investment 241,932 1.70 546,850 3.84 15 Japan Hotel and Resort 55,494 0.39 FINLAND 17 Japan Logistics Fund 121,284 0.85 16,049 Sponda 187,200 1.32 32 MID Reit 147,773 1.04 29,826 Technopolis 247,122 1.73 31,000 Mitsubishi Estate 737,672 5.18 3,162 YIT 69,584 0.49 34,000 Mitsui Fudosan 729,503 5.12 31 Mori Hills REIT Investment 210,763 1.48 503,906 3.54 29 Nippon Building Fund 402,013 2.82 6,800 Nomura Real Estate Holdings 162,112 1.14 SWEDEN 7,000 Sumitomo Realty & Development 170,898 1.20 25,300 Castellum 256,636 1.80 17 Tokyu REIT 157,609 1.11 2,636 Russian Real Estate Investment 122,937 0.86 38 Top REIT 177,829 1.25 379,573 2.66 3,440,448 24.14 AUSTRIA UNITED STATES OF AMERICA 11,104 Conwert Immobilien Invest 196,564 1.38 2,300 Alexandria Real Estate Equities 234,899 1.64 10,470 Immoeast 112,281 0.79 2,600 AMB Property 146,614 1.03 2,900 Boston Properties 268,917 1.89 308,845 2.17 3,400 Camden Property Trust 161,874 1.14 NETHERLANDS 1,200 Cedar Shopping Centers 12,756 0.09 2,800 Corio 219,940 1.54 17,000 Colonial Properties Trust 379,440 2.66 7,000 Digital Realty Trust 273,000 1.92 219,940 1.54 3,300 Kilroy Realty 175,461 1.23 7,700 Kimco Realty 281,127 1.97 GERMANY 6,600 Liberty Property Trust 187,968 1.32 9,111 Alstria Office 137,191 0.96 15,900 MFA Mortgage Investments 144,372 1.01 519 DIC Asset 16,583 0.12 1,700 Mid-America Apartment Communities 73,967 0.52 4,381 GWB Immobilien 63,715 0.45 12,089 National Retail Properties 290,015 2.03 4,300 Public Storage 320,995 2.25 217,489 1.53 11,000 UDR 223,080 1.57 CYPRUS 7,675 Mirland Development 78,350 0.55 3,174,485 22.27 HONG KONG 78,350 0.55 55,000 Hang Lung Properties 235,490 1.65 JERSEY 26,000 Henderson Land Development 242,477 1.70 3,262 China Real Estate Opportunities 53,280 0.36 79,000 Link REIT 169,125 1.19 70,000 Sino Land 241,387 1.69 53,280 0.36 19,000 Sun Hung Kai Properties 387,270 2.72 28,000 Wharf Holdings 140,884 0.99 Total Shares and Rights 14,026,337 98.41 3,375 Wharf Holdings - Rights 14.01.08 3,864 0.03 Total Transferable Securities Admitted to an 14,026,337 98.41 1,420,497 9.97 Official Exchange Listing AUSTRALIA Total Investments 14,026,337 98.41 120,521 CFS Retail Property Trust 247,542 1.75 155,789 Commonwealth Property Office Fund 212,637 1.49 Cash 626,688 4.40 38,919 GPT Group 140,061 0.98 202,229 ING Office Fund 291,111 2.04 Other Assets/(Liabilities) (399,840) (2.81) 54,293 Stockland 392,206 2.75 87,909 Valad Property Group 97,224 0.68 Total Net Assets 14,253,185 100.00

1,380,781 9.69 SINGAPORE %of 71,000 Ascendas Real Estate Investment Trust 117,286 0.82 Allocation of Portfolio as at 31 December 2007 (Unaudited) Net Assets 168,000 Ascott Group 140,503 0.99 63,000 CapitaLand 1.90 270,411 Shares and Rights 260,000 Macquarie MEAG Prime REIT 1.40 199,475 Financials 97.92 280,000 Mapletree Logistics Trust 1.45 207,078 Industrials 0.49 Total Shares and Rights 934,753 6.56 98.41 Cash and Other Assets/(Liabilities) 1.59 FRANCE Total 2,900 Klepierre 150,387 1.06 100.00 2,803 Unibail-Rodamco 606,050 4.25

756,437 5.31 UNITED KINGDOM 13,899 Great Portland Estates 130,052 0.91 11,029 Land Securities Group 329,310 2.31 16,517 Segro 151,341 1.06

610,703 4.28

145 JPMorgan Funds - Global Real Estate Securities Fund (USD) Schedule of Investments (Market Value Expressed in USD) (continued) As at 31 December 2007

% % 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 2007 %of Net Assets

Fixed Income Securities Germany 0.05 Total Fixed Income Securities 0.05 Shares and Rights Financials 92.00 Consumer Discretionary 2.84 Consumer Staples 2.23 Information Technology 1.23 Investment Companies 0.02 Total Shares and Rights 98.32 Cash and Other Assets/(Liabilities) 1.63 Total 100.00

146 JPMorgan Funds - Global Real Estate Securities Fund (USD) Schedule of Investments - Outstanding Forward Foreign Exchange Contracts (Expressed in USD) As at 31 December 2007

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

17-Jan-08 AUD 1,612,747 USD 1,404,289 9,999 17-Jan-08 CAD 103,809 USD 104,174 2,085 17-Jan-08 EUR 54,129 JPY 8,831,891 1,417 17-Jan-08 EUR 730,095 USD 1,066,934 5,944 17-Jan-08 GBP 497,834 USD 1,007,849 (16,677) 17-Jan-08 HKD 7,265,737 USD 933,910 (1,873) 17-Jan-08 JPY 9,042,334 CAD 81,024 (2,949) 17-Jan-08 JPY 11,233,030 HKD 769,834 613 17-Jan-08 JPY 132,865,601 USD 1,206,897 (31,586) 17-Jan-08 NOK 291,830 USD 53,052 702 17-Jan-08 SEK 485,877 USD 73,693 1,853 17-Jan-08 SGD 356,835 USD 247,092 (115) 17-Jan-08 USD 881,315 AUD 1,002,527 2,155 17-Jan-08 USD 98,945 CAD 99,957 (3,371) 17-Jan-08 USD 1,621,248 EUR 1,105,139 (2,761) 17-Jan-08 USD 438,376 GBP 213,940 12,427 17-Jan-08 USD 749,128 HKD 5,828,969 1,397 17-Jan-08 USD 1,948,849 JPY 215,168,075 45,502 17-Jan-08 USD 264,491 SEK 1,709,075 (1,245) 17-Jan-08 USD 795,059 SGD 1,145,778 2,029 17-Jan-08 USD 391,508 ZAR 2,677,324 (554) 17-Jan-08 ZAR 3,662,606 USD 536,804 (459)

Total 24,533

147 JPMorgan Funds - JF China Fund Schedule of Investments (Market Value Expressed in USD) As at 31 December 2007

% % 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 Investment Funds Shares and Warrants CAYMAN ISLANDS 3,337,319 JF China Pioneer A-Share Fund 140,467,758 2.98 CHINA 44,282,000 Air China - H Shares * 61,648,241 1.31 140,467,758 2.98 26,784,000 Ajisen China Holdings 47,725,872 1.01 35,024,000 Aluminum Corp. of China 74,351,497 1.57 Total Investment Funds 140,467,758 2.98 11,380,560 Angang Steel - H Shares * 30,782,914 0.65 2,708,000 Anhui Conch Cement - H Shares * 23,432,362 0.50 Total Transferable Securities Admitted to an 4,692,934,254 99.41 31,645,000 China Communications Construction - H Shares * 81,538,890 1.73 Official Exchange Listing 237,222,000 China Construction Bank - H Shares * 199,490,603 4.23 53,391,000 China COSCO Holdings - H Shares * 148,180,002 3.14 Other Transferable Securities 79,293,000 China Life Insurance - H Shares * 407,099,913 8.62 Shares 55,223,000 China Merchants Bank - H Shares * 225,472,237 4.78 6,481,000 China Molybdenum - H Shares 11,897,307 0.25 HONG KONG 15,902,000 China National Building Material - H Shares * 59,626,767 1.26 30,392,000 Euro Asia Agricultural 0 0.00 180,860,000 China Petroleum & Chemical - H Shares * 271,263,917 5.75 56,880,000 China Shenhua Energy - H Shares * 337,236,804 7.14 0 0.00 12,088,151 China Vanke - B Shares 31,379,682 0.65 24,187,000 China Yurun Food Group 41,734,067 0.88 Total Shares 0 0.00 698,865 Ctrip.com International ADR 39,870,248 0.84 974,763 E-House China Holdings ADR 21,552,010 0.46 Total Other Transferable Securities 0 0.00 25,018,000 Golden Eagle Retail Group 27,581,297 0.58 21,974,800 Guangzhou R&F Properties - H Shares * 78,312,911 1.66 Total Investments 4,692,934,254 99.41 5,542,000 Guangzhou Shipyard International - H Shares 31,224,036 0.66 194,285,000 Industrial & Commercial Bank of China - H Shares * 138,227,959 2.93 Cash 33,860,653 0.72 27,769,000 Intime Department Store Group 32,002,475 0.68 10,940,000 Parkson Retail Group 126,148,511 2.67 Other Assets/(Liabilities) (5,957,646) (0.13) 12,922,000 Ping An Insurance Group Co. of China - H Shares * 137,407,288 2.91 18,314,650 Shanghai Zhenhua Port Machinery - B Shares 1.09 51,244,391 Total Net Assets 7,575,500 Shimao Property Holdings 19,228,266 0.41 4,720,837,261 100.00 11,414,000 Tencent Holdings 81,938,788 1.74 1,211,723 UBS - China State Shipbuilding - Warrants 14.06.2010 41,417,327 0.88 * Hong Kong Registered Shares. 10,889,058 UBS - Citic Securities - Warrants 30.05.2008 134,019,131 2.84 3,184,244 UBS - Sany Heavy Industry - Warrants 13.02.2008 24,858,589 0.53 Allocation of Portfolio as at 31 December 2007 (Unaudited) %of 3,528,000 Weichai Power - H Shares * 25,733,833 0.55 Net Assets 12,610,000 Xinao Gas Holdings 24,247,668 0.51 6,246,700 Yantai Changyu Pioneer Wine Co. - B Shares 46,845,746 0.99 Shares and Warrants Financials 29,150,000 Zijin Mining Group 43,571,323 0.92 35.97 Materials 12.30 Telecommunication Services 3,178,292,872 67.32 10.69 Energy 10.51 HONG KONG Consumer Discretionary 10.24 59,500,000 Belle International Holdings 87,410,826 1.85 Industrials 9.32 1,227,000 Cheung Kong Holdings 21,643,457 0.46 Utilities 3.78 26,236,500 China Mobile 454,049,611 9.62 Investment Companies 2.98 43,486,000 China Overseas Land & Investment 88,524,524 1.88 Consumer Staples 1.88 45,538,000 China Resources Power Holdings 154,113,797 3.26 Information Technology 1.74 22,172,000 China Unicom 50,820,160 1.08 Total Shares and Warrants 99.41 136,184,000 CNOOC 224,856,574 4.76 Cash and Other Assets/(Liabilities) 0.59 1,991,500 Hong Kong Exchanges & Clearing 56,165,112 1.19 Total 3,978,000 Kerry Properties 32,075,916 0.68 100.00 10,461,500 Ports Design 36,812,893 0.78

1,206,472,870 25.56 CAYMAN ISLANDS 14,678,000 China Dongxiang Group 10,762,832 0.24 Allocation of Portfolio as at 30 June 2007 %of Net Assets 4,386,000 Greentown China Holdings 6,814,514 0.14 13,356,500 Li Ning 1.04 49,225,956 Shares and Warrants 47,665,000 Soho China 46,927,180 0.99 Financials 39.29 Telecommunication Services 12.92 113,730,482 2.41 Energy 12.42 UNITED KINGDOM Materials 9.02 1,213,933 UBS - Kweichow Moutai - Consumer Discretionary 8.23 Warrants 14.12.2010 38,213,179 0.81 Industrials 5.99 Consumer Staples 3.09 38,213,179 0.81 Utilities 3.07 Investment Companies 2.94 SWITZERLAND Information Technology 2.20 2,220,000 UBS - Industrial Bank - Total Shares and Warrants Warrants 29.09.2008 15,757,093 0.33 99.17 Cash and Other Assets/(Liabilities) 0.83 15,757,093 0.33 Total 100.00 Total Shares and Warrants 4,552,466,496 96.43

154 JPMorgan Funds - JF Greater China Fund Schedule of Investments (Market Value Expressed in USD) As at 31 December 2007

% % 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 Investment Funds Shares and Warrants CAYMAN ISLANDS 573,594 JF China Pioneer A-Share Fund 24,142,567 2.87 HONG KONG 2,344,800 Bank of East Asia 15,901,025 1.90 24,142,567 2.87 7,051,000 Belle International Holdings 10,358,550 1.24 5,945,000 BOC Hong Kong Holdings 16,347,178 1.95 Total Investment Funds 24,142,567 2.87 2,326,000 Cheung Kong Holdings 41,029,080 4.88 4,582,000 China Mobile 79,296,221 9.43 Total Transferable Securities Admitted to an 827,919,054 98.48 2,690,000 China Resources Power Holdings 9,103,740 1.08 Official Exchange Listing 15,603,000 CNOOC 25,762,477 3.06 827,919,054 98.48 1,087,700 Esprit Holdings 16,035,061 1.91 Total Investments 4,088,000 Hang Lung Properties 17,503,343 2.08 13,510,777 1.61 1,083,500 Hong Kong Exchanges & Clearing 30,557,318 3.63 Cash 1,125,000 Hutchison Whampoa 12,402,654 1.48 2,490,878 Kerry Properties 20,084,764 2.39 Other Assets/(Liabilities) (775,680) (0.09) 2,710,000 Li Ning 9,987,822 1.19 2,638,500 Lifestyle International Holdings 7,102,971 0.84 Total Net Assets 840,654,151 100.00 1,095,000 Sun Hung Kai Properties 22,319,008 2.65

333,791,212 39.71 * Hong Kong Registered Shares. CHINA 6,386,000 Air China - H Shares * 8,890,422 1.05 4,126,000 Ajisen China Holdings 7,352,037 0.86 Allocation of Portfolio as at 31 December 2007 (Unaudited) %of 4,026,000 Aluminum Corp. of China 8,546,686 1.02 Net Assets 4,496,000 China Communications Construction - H Shares * 11,584,732 1.38 32,570,000 China Construction Bank - H Shares * 27,389,571 3.26 Shares and Warrants 6,120,000 China COSCO Holdings - H Shares * 16,985,290 2.02 Financials 37.47 7,927,000 China Life Insurance - H Shares * 40,698,183 4.84 Information Technology 17.70 6,166,000 China Merchants Bank - H Shares * 25,175,413 2.99 Telecommunication Services 9.43 2,770,000 China National Building Material - H Shares * 10,386,501 1.24 Consumer Discretionary 8.76 16,416,000 China Petroleum & Chemical - H Shares * 24,621,632 2.93 Materials 8.52 5,009,500 China Shenhua Energy - H Shares * 29,700,910 3.53 Energy 5.99 110,288 Ctrip.com International ADR 6,291,930 0.75 Industrials 5.77 232,002 E-House China Holdings ADR 5,129,564 0.61 Investment Companies 2.87 Utilities 3,362,800 Guangzhou R&F Properties - H Shares * 11,984,212 1.43 1.08 Consumer Staples 0.89 3,999,000 Intime Department Store Group 4,608,661 0.55 1,029,000 Parkson Retail Group 11,865,340 1.41 Total Shares and Warrants 98.48 2,604,232 Shanghai Zhenhua Port Machinery - B Shares 7,286,641 0.87 Cash and Other Assets/(Liabilities) 1.52 2,670,000 Shimao Property Holdings 6,777,041 0.81 Total 4,872,500 Soho China 4,797,077 0.57 100.00 1,822,000 Tencent Holdings 13,079,768 1.56 999,171 Yantai Changyu Pioneer Wine - B Shares 7,493,062 0.89

290,644,673 34.57 Allocation of Portfolio as at 30 June 2007 %of TAIWAN Net Assets 5,426,000 Acer 10,450,668 1.24 4,139,680 Asia Cement 6,037,192 0.73 Shares and Warrants 4,043,000 AU Optronics 7,836,718 0.94 Financials 32.89 8,065,388 Cathay Financial Holding 16,874,235 2.02 Information Technology 24.13 2,373,422 Chroma Ate 4,746,552 0.56 Consumer Discretionary 8.95 3,631,000 Formosa Chemicals & Fibre 9,071,356 1.08 Materials 8.08 1,118,150 Foxconn Technology 9,030,656 1.07 Telecommunication Services 7.03 3,644,125 HON HAI Precision Industry 22,480,065 2.67 Industrials 6.50 2,986,000 Nan Ya Plastics 7,900,929 0.94 Energy 5.19 941,000 Powertech Technology 3,213,679 0.38 Investment Companies 4.65 1,147,000 Realtek Semiconductor 3,899,560 0.46 Utilities 1.29 561,550 Richtek Technology 4,967,252 0.59 Health Care 0.59 11,356,732 Taiwan Semiconductor Manufacturing 21,139,693 2.51 Consumer Staples 0.49 1,413,258 Topoint Technology 3,391,610 0.40 Total Shares and Warrants 99.79 1,576,228 Tripod Technology 5,577,079 0.66 Cash and Other Assets/(Liabilities) 0.21 3,369,655 TXC 5,805,817 0.69 Total 3,352,729 UBS - Innolux Display - 100.00 Warrants 10.03.08 11,331,725 1.35 5,998,888 Vanguard International Semiconductor 4,429,675 0.53 4,718,961 Wistron 8,682,354 1.03 3,185,480 Zyxel Communications 4,067,363 0.48

170,934,178 20.33 CAYMAN ISLANDS 45,775 New Oriental Education & Technology Group ADR 3,758,585 0.45 163,849 Perfect World ADR 4,647,839 0.55

8,406,424 1.00

Total Shares and Warrants 803,776,487 95.61

155 JPMorgan Funds - JF Hong Kong Fund Schedule of Investments (Market Value Expressed in USD) As at 31 December 2007

% % 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 CAYMAN ISLANDS 218,400 Lee & Man Paper Manufacturing 947,709 0.22 Shares and Warrants HONG KONG 947,709 0.22 121,000 ASM Pacific Technology 884,146 0.21 Total Shares and Warrants 1,965,600 Bank of East Asia 13,329,518 3.06 418,246,810 96.16 2,702,000 Belle International Holdings 3,969,480 0.91 Total Transferable Securities Admitted to an 418,246,810 96.16 4,122,000 BOC Hong Kong Holdings 11,334,410 2.61 Official Exchange Listing 1,608,000 Cheung Kong Holdings 28,364,042 6.52 730,000 China Merchants Holdings International 4,477,839 1.03 Total Investments 418,246,810 96.16 2,467,000 China Mobile 42,693,972 9.82 1,751,212 China Netcom Group Hong Kong 5,185,783 1.19 Cash 19,809,384 4.55 2,652,000 China Overseas Land & Investment 5,398,681 1.24 1,140,000 China Resources Enterprise 4,902,990 1.13 Other Assets/(Liabilities) (3,086,671) (0.71) 864,000 China Resources Land 1,913,908 0.44 1,336,000 China Resources Power Holdings 4,521,411 1.04 Total Net Assets 434,969,523 100.00 364,800 China State Construction International Holdings 561,177 0.13 3,508,000 China Unicom 8,040,642 1.85 10,936,000 CNOOC 18,056,684 4.15 * Hong Kong Registered Shares. 5,888,000 Comba Telecom Systems Holdings 1,939,834 0.45 708,000 COSCO Pacific 1,846,976 0.42 418,800 Dah Sing Financial Holdings 4,152,701 0.95 1,454,200 Esprit Holdings 21,438,067 4.93 Allocation of Portfolio as at 31 December 2007 (Unaudited) %of 1,903,000 Hang Lung Properties 8,147,960 1.87 Net Assets 527,900 Hang Seng Bank 10,665,262 2.45 741,000 Henderson Land Development 6,910,586 1.59 Shares and Warrants 160,800 Hong Kong Aircraft Engineerg 4,328,815 1.00 Financials 56.76 1,079,000 Hong Kong Exchanges & Clearing 30,430,407 7.00 Telecommunication Services 12.85 2,852,000 Hutchison Whampoa 31,442,105 7.23 Consumer Discretionary 12.10 18,555 Industrial and Commercial Bank Industrials 5.32 of China Asia - Warrants 06.11.08 5,947 0.00 Energy 5.07 166,000 Jardine Matheson Holdings 4,548,400 1.05 Materials 2.04 1,360,695 Kerry Properties 10,971,729 2.52 Utilities 1.04 Information Technology 600,800 Li & Fung 2,449,180 0.56 0.98 1,073,500 Li Ning 3,956,430 0.91 Total Shares and Warrants 96.16 2,318,000 Lifestyle International Holdings 6,240,169 1.43 Cash and Other Assets/(Liabilities) 3.84 415,000 Melco International Development 0.14 628,824 Total 847,302 MTR 3,046,735 0.70 100.00 661,000 New World Development 2,296,330 0.53 3,742,000 Pacific Basin Shipping 5,986,624 1.38 2,372,000 Shun TAK Holdings 3,636,717 0.84 1,405,000 Sun Hung Kai Properties 28,637,631 6.58 175,000 Swire Pacific - A Shares 2,301,702 0.53 Allocation of Portfolio as at 30 June 2007 %of 804,000 Television Broadcasts 4,844,150 1.11 Net Assets 726,000 Texwinca Holdings 640,308 0.15 Shares 355,128,272 81.65 Financials 56.23 Consumer Discretionary 16.04 CHINA Telecommunication Services 12.39 1,712,000 Aluminum Corp. of China 3,634,358 0.84 Industrials 5.48 7,674,000 China Construction Bank - H Shares * 6,453,410 1.48 Energy 4.16 2,004,000 China COSCO Holdings - H Shares * 5,561,850 1.28 Information Technology 1.83 1,873,000 China Life Insurance - H Shares * 9,616,210 2.21 Utilities 0.56 1,582,000 China Merchants Bank - H Shares * 6,459,212 1.48 Materials 0.52 2,656,000 China Petroleum & Chemical - H Shares * 0.92 3,983,617 Total Shares 97.21 721,000 China Shenhua Energy - H Shares * 0.98 4,274,749 Cash and Other Assets/(Liabilities) 2.79 682,000 Dalian Port PDA - H Shares* 523,691 0.12 Total 40,970 E-House China Holdings ADR 905,847 0.21 100.00 648,000 Foxconn International Holdings 1,422,140 0.33 817,600 Guangzhou R&F Properties - H Shares * 2,913,730 0.67 3,728,000 Intime Department Store Group 4,296,346 0.99 415,000 Parkson Retail Group 4,785,341 1.10 2,074,500 Shimao Property Holdings 5,265,532 1.21 819,500 Soho China 806,815 0.18

60,902,848 14.00 BERMUDA 352,000 Shui On Construction and Materials 1,267,981 0.29

1,267,981 0.29

156 JPMorgan Funds - JF India Fund Schedule of Investments (Market Value Expressed in USD) As at 31 December 2007

% % 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 780,000 Deutsche Bank - Sun Shares, Warrants and Rights Pharmaceutical Industries - Warrants 23.06.08 23,878,920 0.44 INDIA 2,705,000 ABB 1.91 102,324,949 23,878,920 0.44 3,669,589 ACC 94,310,864 1.76 550,900 Aditya Birla Nuvo 0.51 27,558,310 Total Shares, Warrants and Rights 5,285,589,630 98.47 4,746,885 Ambuja Cements GDR 18,038,163 0.34 5,563,000 Bharat Heavy Electricals 365,521,075 6.81 Investment Funds 10,534,000 Bharti Airtel 252,205,178 4.70 36,313,244 Centurion Bank of Punjab 51,625,390 0.96 LUXEMBOURG 79,108 Centurion Bank of Punjab GDR 1,682,061 0.03 16,836,478 Morgan Stanley Growth Fund 27,404,237 0.51 1,000,000 Container Corp of India 47,021,872 0.88 950,000 Divi’s Laboratories 45,192,650 0.84 27,404,237 0.51 4,850,000 DLF 131,463,123 2.45 Total Investment Funds 9,600,000 Exide Industries 18,506,612 0.34 27,404,237 0.51 640,000 Exide Industries - Rights 31.12.08 745,473 0.01 Total Transferable Securities Admitted to an 5,312,993,867 98.98 510,587 Financial Technologies India 33,482,924 0.62 Official Exchange Listing 769,231 Financial Technologies India GDR 7,185,286 0.13 3,800,000 Gammon India 56,536,114 1.05 Total Investments 5,312,993,867 98.98 618,296 Gammon India GDR 9,107,500 0.17 1,028,954 GlaxoSmithkline Pharmaceuticals 26,819,011 0.50 Cash 38,890,730 0.72 20,000,000 Gujarat Ambuja Cements 75,813,835 1.41 5,200,000 HDFC Bank 228,829,095 4.26 Other Assets/(Liabilities) 16,013,167 0.30 152,292 HDFC Bank ADR 19,907,610 0.37 4,100,000 Housing Development Finance 305,138,225 5.68 Total Net Assets 5,367,897,764 100.00 4,971,589 ICICI Bank 155,102,956 2.89 2,500,000 ICICI Bank ADR 153,900,000 2.87 16,520,020 Indian Hotels 66,445,604 1.24 5,170,000 Infosys Technologies 236,180,379 4.39 Allocation of Portfolio as at 31 December 2007 (Unaudited) %of 913,000 Infosys Technologies ADR 42,134,950 0.78 Net Assets 4,500,000 Infrastructure Development Finance 25,538,530 0.48 21,975,978 ITC 115,440,953 2.15 Shares, Warrants and Rights 5,652,033 Kotak Mahindra Bank 185,617,249 3.46 Financials 32.12 2,100,000 Kotak Mahindra Bank Registered Shares GDR 68,764,549 1.28 Industrials 20.12 3,180,000 Larsen & Toubro 336,095,753 6.26 Energy 10.88 4,721,288 Mahindra & Mahindra 100,351,385 1.87 Information Technology 8.50 1,600,000 Maruti Udyog 40,146,490 0.75 Telecommunication Services 7.83 7,555,000 Nagarjuna Construction 67,729,845 1.26 Materials 5.67 8,970,000 NTPC 55,070,142 1.03 Utilities 4.96 Consumer Discretionary 887,000 Oil & Natural Gas 27,648,819 0.52 3.86 Health Care 6,298,057 Petronet LNG 16,906,407 0.31 2.39 Consumer Staples 2.14 5,650,000 PTC India 23,055,506 0.43 Investment Companies 0.51 5,360,000 Punj Lloyd 76,508,138 1.43 Total Shares, Warrants and Rights 820,000 Reliance Capital 54,534,588 1.02 98.98 7,950,000 Reliance Communications 148,405,392 2.76 Cash and Other Assets/(Liabilities) 1.02 2,113,079 Reliance Energy 115,990,948 2.16 Total 7,174,000 Reliance Industries 528,170,242 9.84 100.00 12,000,000 Satyam Computer Services 137,212,614 2.56 1,550,000 State Bank of India 96,839,661 1.80 378,400 State Bank of India GDR 47,583,800 0.89 11,000,000 Steel Authority Of India 78,345,626 1.46 1,056,017 Sun Pharmaceuticals Industries 32,624,533 0.61 Allocation of Portfolio as at 30 June 2007 %of 36,000 Tata Iron & Steel 870,447 0.02 Net Assets 27,000 TATA Steel Preference Shares 68,667 0.00 1,470,656 Ultra Tech Cement 36,648,583 0.68 Fixed Income Securities 5,459,710 Axis Bank 135,458,293 2.52 India 0.29 Total Fixed Income Securities 0.29 5,124,406,369 95.46 Shares and Warrants Industrials 32.29 UNITED STATES OF AMERICA Financials 21.36 9,000,000 Citigroup - NTPC - Warrants 1.03 26.06.08 55,093,191 Information Technology 18.30 Consumer Discretionary 13.50 55,093,191 1.03 Telecommunication Services 8.25 ISLE OF MAN Utilities 3.64 13,200,000 Unitech Corporate Parks 29,579,715 0.55 Investment Companies 0.47 Total Shares and Warrants 97.81 29,579,715 0.55 Cash and Other Assets/(Liabilities) 1.90 CAYMAN ISLANDS Total 900,000 Morgan Stanley - ONGC - 100.00 Warrants 04.06.08 27,997,337 0.52

27,997,337 0.52 UNITED KINGDOM 115,981 Deutsche Bank - HDFC Bank - Warrants 13.04.10 5,090,545 0.09 1,050,000 Deutsche Bank - Reliance Communications - Warrants 24.09.08 19,543,553 0.36

24,634,098 0.45

157 JPMorgan Funds - JF Japan Equity Fund Schedule of Investments (Market Value Expressed in USD) As at 31 December 2007

% % 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 580,100 Toyota Tsusho 15,519,871 1.24 108,300 TS Tech 4,876,871 0.39 Shares 240,810 USS 14,777,533 1.18 JAPAN 20,990 Yahoo! Japan 9,266,699 0.74 318,500 Aeon Credit Service 4,668,315 0.37 1,226,000 Yaskawa Electric 16,497,497 1.31 435,600 Aisin Seiki 17,923,235 1.43 996,700 Alpine Electronics 16,483,326 1.31 1,224,481,400 97.59 132,800 Asahi Pretec 3,576,354 0.29 390,700 Canon 17,938,634 1.43 Total Shares 1,224,481,400 97.59 766,000 Chiba Bank 6,154,783 0.49 641,500 Citizen Holdings Co. 0.49 Total Transferable Securities Admitted to an 1,224,481,400 97.59 6,168,324 Official Exchange Listing 1,122,000 Daicel Chemical Industries 6,637,588 0.53 1,401,700 Daiichi Sankyo 42,575,145 3.39 Total Investments 1,224,481,400 97.59 100,000 Daiseki 2,966,756 0.24 521,300 Denso 21,081,224 1.68 Cash 31,183,092 2.49 10,441 SBI E*Trade Securities 9,587,780 0.76 4,090 East Japan Railway 33,296,367 2.65 Other Assets/(Liabilities) (946,788) (0.08) 100,500 Fanuc 9,654,673 0.77 389,400 FCC 6,852,450 0.55 Total Net Assets 1,254,717,704 100.00 600,900 FUJIFILM Holdings 25,096,084 2.00 181,800 Funai Electric 7,801,404 0.62 205,600 Futaba Industrial 5,682,116 0.45 527,300 Hitachi Construction Machinery 15,597,148 1.24 Allocation of Portfolio as at 31 December 2007 (Unaudited) %of 976,000 Hitachi Metals 12,995,523 1.04 Net Assets 5,129,500 Hitachi Zosen 6,929,615 0.55 662,600 Honda Motor 21,939,429 1.75 Shares 1,300 Inpex Holdings 13,889,012 1.11 Consumer Discretionary 29.48 80,500 Jafco 2,615,690 0.21 Industrials 18.57 1,203,700 Japan Securities Finance 10,330,638 0.82 Information Technology 12.87 5,775 Japan Tobacco 34,062,072 2.71 Financials 11.17 561,000 Juroku Bank 3,046,356 0.24 Health Care 9.99 3,131 KDDI 23,001,121 1.83 Materials 7.14 317,000 Kissei Pharmaceutical 6,409,695 0.51 Consumer Staples 4.42 231,500 Kobayashi Pharmaceutical 8,544,170 0.68 Telecommunication Services 2.84 731,000 Koito Manufacturing 9,849,508 0.78 Energy 1.11 960,700 Komatsu 25,787,188 2.06 Total Shares 97.59 206,200 Konami 6,663,653 0.53 Cash and Other Assets/(Liabilities) 2.41 603,000 Makino Milling 4,152,929 0.33 Total 155,600 Makita 6,512,242 0.52 100.00 814,400 Mitsubishi 22,004,009 1.75 838,000 Mitsubishi Electric 8,642,303 0.69 263,000 Mitsubishi Estate 6,258,311 0.50 3,419,600 Mitsubishi UFJ Financial Group 31,612,920 2.52 1,400,000 Mitsui & Co. 29,234,912 2.33 Allocation of Portfolio as at 30 June 2007 %of 3,107,000 Mitsui Engineering & Shipbuilding 11,961,079 0.95 Net Assets 1,281,000 Mizuno 8,098,503 0.65 598,500 Murata Manufacturing 34,243,786 2.73 Shares 370,000 Musashi Seimitsu Industry 10,192,927 0.81 Consumer Discretionary 23.87 761,000 Nabtesco 11,947,005 0.95 Financials 23.51 310,700 Nichicon 3,113,721 0.25 Information Technology 17.56 133,400 Nidec 9,752,788 0.78 Industrials 14.24 55,600 Nintendo 32,843,053 2.62 Health Care 6.90 1,960,000 Nippon Express 9,950,996 0.79 Materials 5.12 209,000 Nippon Seiki 4,530,440 0.36 Energy 2.77 475,000 Nissin Kogyo 10,988,477 0.88 Telecommunication Services 1.92 Consumer Staples 168,200 Nitto Denko 8,792,053 0.70 1.81 Utilities 1,212,500 Nomura Holdings 20,287,736 1.62 1.17 384,600 Nomura Research Institute 12,496,826 1.00 Total Shares 98.87 1,516 NTT Data 6,652,704 0.53 Cash and Other Assets/(Liabilities) 1.13 7,670 NTT DoCoMo 1.00 12,596,530 Total 7,551 NTT Urban Development 12,067,732 0.96 100.00 900 OAK Capital 397 0.00 1,274,000 Obayashi 6,321,911 0.50 765,000 Sankyu 4,140,612 0.33 257,100 Santen Pharmaceutical 6,276,822 0.50 221,900 Shin-Etsu Chemical 13,754,254 1.10 1,087,000 Shionogi & Co. 18,955,675 1.50 823,000 Shiseido 19,220,653 1.53 368,200 Sony 20,156,638 1.61 2,128 Sony Financial Holdings 8,023,098 0.64 1,578,000 Sumitomo Chemical 13,891,360 1.11 1,028,000 Sumitomo Heavy Industries 9,349,168 0.75 340,000 Sumitomo Metal Mining 5,733,963 0.46 3,186 Sumitomo Mitsui Financial Group 23,545,821 1.88 559,000 Suruga Bank 6,011,761 0.48 881,500 Suzuki Motor 26,229,791 2.09 2,999,000 Taiyo Nippon Sanso 27,777,590 2.21 709,500 Takeda Pharmaceutical 42,599,444 3.40 256,400 Tocalo 3,848,660 0.31 422,300 Tokyo Electron 25,579,250 2.04 480,000 Tokyu Livable 5,556,311 0.44 123,000 Toyo Suisan Kaisha 2,204,671 0.18 1,733,000 Toyo Tire & Rubber 6,380,831 0.51 691,000 Toyoda Gosei 24,222,065 1.93 377,600 Toyota Boshoku 12,102,671 0.96 1,067,300 Toyota Motor 56,920,154 4.54 159 JPMorgan Funds - JF Japan Small Cap Fund Schedule of Investments (Market Value Expressed in USD) As at 31 December 2007

% % 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 48,400 Welcia Kanto 1,581,211 0.87 693 Works Applications 752,629 0.41 Shares 381 Wowow 740,100 0.41 JAPAN 127,500 Xebio 3,602,490 1.97 301,400 Aeon Delight 5,442,259 2.98 130,000 Yamaguchi Financial Group 1,493,356 0.82 907,300 Ai Holdings 6,088,455 3.33 130,400 Arisawa Manufacturing 1,469,166 0.80 173,494,120 94.95 262,000 Asics 3,724,515 2.04 95,100 Atrium 1,943,901 1.06 Total Shares 173,494,120 94.95 42,700 Capcom 1,076,407 0.59 97,000 D&M Holdings 0.22 Total Transferable Securities Admitted to an 173,494,120 94.95 400,830 Official Exchange Listing 73,000 Daidoh 889,497 0.49 108,000 Daihatsu Diesel Manufacturing 1,087,104 0.59 Total Investments 173,494,120 94.95 727,000 Dainippon Ink & Chemicals 3,594,720 1.97 294,400 DTS 4,637,408 2.54 Cash 12,086,041 6.61 253,000 Eagle Industry 2,868,324 1.57 183,600 Foster Electric 5,057,896 2.77 Other Assets/(Liabilities) (2,858,505) (1.56) 85,200 Fuji Machine Manufacturing 1,820,529 1.00 255,600 Furuno Electric 3,629,021 1.99 Total Net Assets 182,721,656 100.00 156,100 Hudson Soft 2,673,913 1.46 501,000 Ishihara Sangyo Kaisha 959,931 0.53 393 J-Rep 1,266,567 0.69 125,800 Katakura Industries 2,221,535 1.22 Allocation of Portfolio as at 31 December 2007 (Unaudited) %of 384,000 Keiyo Bank 2,183,533 1.20 Net Assets 150,000 Kissei Pharmaceutical 3,032,979 1.66 480,000 Kyowa Exeo 3,589,775 1.96 Shares 168,400 Matsuda Sangyo 3,880,835 2.12 Consumer Discretionary 30.66 153,300 Matsumotokiyoshi Holdings 3,681,745 2.01 Information Technology 18.65 1,378 MCJ 692,316 0.38 Industrials 17.73 276,000 Mitsubishi Gas Chemical 2,680,676 1.47 Materials 13.13 947,500 Mitsui Mining 2,827,734 1.54 Financials 7.50 85,800 Mitsumi Electric 2,878,813 1.58 Health Care 4.40 72,250 Moshi Moshi Hotline 3,597,987 1.97 Consumer Staples 2.88 314,700 NEC Networks and System Integration 3,934,618 2.14 Total Shares 94.95 255,600 Neturen 2,979,047 1.63 Cash and Other Assets/(Liabilities) 5.05 240,000 Nichias 885,789 0.48 Total 7,600 Nichi-iko Pharmaceutical 177,158 0.10 100.00 204,600 Nihon Kohden 4,823,469 2.64 246,000 Nihon Nohyaku 1,331,491 0.73 154,000 Nippon Seiki 3,338,219 1.83 123,400 Nissin Kogyo 2,854,691 1.56 117,000 Nohmi Bosai 776,866 0.43 Allocation of Portfolio as at 30 June 2007 %of 192,390 Optex 2,836,884 1.55 Net Assets 600 Osaka Securities Exchange 2,770,739 1.52 40,650 Pal 836,294 0.46 Shares 1,405 Re-plus 1,488,676 0.81 Industrials 35.64 73,100 Roland DG 3,711,315 2.03 Financials 20.56 388,000 Showa Aircraft Industry 3,682,840 2.02 Consumer Discretionary 16.44 179,600 Siix 1,847,459 1.01 Information Technology 15.67 187,300 SRA Holdings 2,890,825 1.58 Materials 9.55 155,400 Suruga 2,564,501 1.40 Health Care 2.03 442,000 Taihei Kogyo 2,212,829 1.21 Total Shares 99.89 389,000 Taiyo Nippon Sanso 3,603,029 1.97 Cash and Other Assets/(Liabilities) 0.11 586,000 Takasago International 4,020,326 2.20 Total 384,800 Tecmo 4,447,514 2.43 100.00 294,300 Towa 2,749,277 1.50 22,700 Toyo Tanso 1,787,859 0.98 103,500 Toyota Boshoku 3,317,337 1.82 217,600 Trancom 3,418,042 1.87 78,400 TS Tech 3,530,440 1.93 776,000 Ube Industries 2,610,534 1.43 1,956 United Technology Holdings 3,557,777 1.95 79,800 Valor 959,672 0.53 1,391 Vantec Group 2,223,045 1.22 224,600 Venture Link 366,880 0.20 1,399 Wacom 2,890,521 1.58

160 JPMorgan Funds - JF Pacific Balanced Fund Schedule of Investments (Market Value Expressed in USD) As at 31 December 2007

% % 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 248,000 China Life Insurance - H Shares ** 1,273,262 0.64 252,000 China Shenhua Energy - H Shares ** 1,494,087 0.76 Shares HONG KONG 6,250,563 3.16 290,000 Bank of East Asia 1,966,606 1.00 MALAYSIA 1,000,653 C C Land Holdings 1,441,828 0.73 570,000 Telekom Malaysia 1,941,230 0.98 81,000 Cheung Kong Holdings 1,428,786 0.72 490,000 Tenaga Nasional Berhad 1,417,722 0.72 948,000 China Everbright 2,953,101 1.49 1,860,000 Tradewinds 779,204 0.39 167,500 China Mobile 2,898,760 1.47 555,000 Zelan 928,345 0.47 2,300,000 China Pharmaceutical Group 790,180 0.40 1,100,582 Chinese Estates Holdings 1,949,818 0.99 5,066,501 2.56 2,900,000 Fubon Bank 1,732,398 0.88 5,100,000 Guangzhou Investment 1,549,466 0.78 BERMUDA 310,000 Hang Lung Properties 1,327,308 0.67 1,700,000 Citic Resources Holdings 998,109 0.51 210,000 Henderson Land Development 1,958,466 0.99 11,000,000 China Power New Energy Development 1,847,258 0.93 1,300,000 Heng Tai Consumables Group 223,312 0.11 2,015,812 Enerchina Holdings 94,321 0.05 92,163 Jardine Strategic Holdings 1,450,646 0.73 55,000,000 Yugang International 1,833,157 0.93 214,000 Kingboard Chemicals 1,224,895 0.62 1,412,000 Pacific Andes Holdings 605,087 0.31 4,772,845 2.42 5,438,856 Pacific Andes International Holdings 1,506,000 0.76 TAIWAN 4,800,000 Qin Jia Yuan Media Services 2,541,294 1.29 130,000 Foxsemicon Integrated Technology 507,969 0.26 5,000,000 Rexcapital Financial Holdings 858,892 0.43 310,800 HON HAI Precision Industry 1,917,279 0.97 3,101,250 Sinolink Worldwide Holdings 695,726 0.35 390,179 InnoLux Display 1,302,517 0.66 330,000 Television Broadcasts 1,988,270 1.01 3,727,765 1.89 31,090,839 15.73 THAILAND JAPAN 1,100,000 Mermaid Maritime 1,368,537 0.69 213 East Japan Railway 1,734,016 0.88 180,000 PTT (Foreign) 2,004,739 1.02 741,000 Haseko 1,262,752 0.64 23,000 Hitachi Construction Machinery 680,323 0.34 3,373,276 1.71 46,700 Hoya 1,467,944 0.74 155,000 Itochu 1,494,504 0.75 PHILIPPINES 50,500 Joint 967,595 0.49 3,700,000 Rizal Commercial Banking 2,151,163 1.09 77,500 Komatsu 2,080,261 1.05 203,000 Kubota 1,356,858 0.69 2,151,163 1.09 68,000 Mitsui & Co. 1,419,981 0.72 INDONESIA 2,800 Nintendo 1,653,967 0.84 1,600,000 United Tractors 1,856,850 0.94 103,000 Sharp 1,827,999 0.92 55,800 Sodick 293,153 0.15 1,856,850 0.94 118,000 Tokyo Tatemono 1,102,327 0.56 36,600 Toyota Motor 1,951,914 0.99 Total Shares 112,042,046 56.70 19,293,594 9.76 Bonds SOUTH KOREA SOUTH KOREA 8,300 Daelim Industrial 1,586,269 0.80 900,000 Hynix Semiconductor 27.06.17/7.875% 815,903 0.41 53,000 Hanwha Chemical 1,046,872 0.53 2,000,000 Hyundai Capital Services 24.01.12/5.625% 1,951,880 0.99 24,000 Hyundai Motor 1,834,721 0.93 3,000,000 Pusan Bank 30.10.17/6.000%* 2,961,659 1.50 16,000 LG 1,194,106 0.60 2,000,000 Shinhan Bank 20.09.36/6.819%* 1,829,570 0.93 13,000 LG Electronics 1,387,999 0.70 77,000 Woori Investment & Securities 2,166,293 1.10 7,559,012 3.83

9,216,260 4.66 CAYMAN ISLANDS 2,000,000 Agile Property Holdings 22.09.13/9.000% 1,895,034 0.96 AUSTRALIA 2,500,000 Hutchison Whampoa Finance 310,000 Qantas Airways 1,485,680 0.75 06 21.09.16/4.625% 3,359,414 1.70 52,000 QBE Insurance Group 1,506,219 0.76 2,000,000 Parkson Retail Group 14.11.11/7.875% 2,011,834 1.02 19,000 Rio Tinto 2,234,752 1.13 16,250 Southern Cross Airports Corp Holdings 1,449,165 0.73 7,266,282 3.68 61,000 Wesfarmers 2,181,867 1.11 NETHERLANDS 1,500,000 Arpeni Pratama Ocean Line 8,857,683 4.48 Investment 03.05.13/8.750% 1,380,885 0.70 SINGAPORE 2,000,000 GT 2005 BONDS 21.07.10/10.250% 1,973,041 1.00 1,000,000 Ausgroup 1,154,272 0.59 875,000 Majapahit Holding 28.06.17/7.250% 827,271 0.42 250,000 City Developments 2,415,676 1.22 1,000,000 Matahari Finance 06.10.09/9.500% 1,003,456 0.51 1,800,000 Rickmers Maritime 1,492,950 0.76 1,300,000 Pakuwon Jati Finance 14.11.11/12.000% 1,296,750 0.65 520,000 SembCorp Industries 2,055,847 1.04 130,933 Singapore Airlines 1,547,522 0.78 6,481,403 3.28 INDONESIA 8,666,267 4.39 1,000,000 Bank Danamon Indonesia 30.03.14/7.650%* 1,009,052 0.51 INDIA 2,000,000 Lippo Karawaci Finance 09.03.11/8.875% 1,915,518 0.97 55,000 ACC 1,413,536 0.71 51,000 Bharti Airtel 1,221,043 0.62 2,924,570 1.48 48,000 DLF 1,301,078 0.66 BRITISH VIRGIN ISLANDS 47,000 ICICI Bank 1,466,300 0.74 1,500,000 Citic Resources Finance 15.05.14/6.750% 1,422,646 0.72 88,800 Tata Steel 2,147,104 1.09 1,000,000 Wharf Finance 06.11.17/6.125% 991,443 0.50 66,600 Tata Steel Preference Shares 169,379 0.09 2,414,089 1.22 7,718,440 3.91 BERMUDA CHINA 1,500,000 China Glass Holdings 12.07.12/9.625% 1,520,765 0.77 988,000 Aluminum Corp. of China 2,097,398 1.06 1,000,000 Shanghai Zendai Property 06.06.12/10.000% 878,618 0.44 410,000 China COSCO Holdings - H Shares ** 1,137,903 0.58 196,000 China Fishery Group 247,913 0.12 2,399,383 1.21

163 JPMorgan Funds - JF Pacific Balanced Fund Schedule of Investments (Market Value Expressed in USD) (continued) As at 31 December 2007

% % 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

PAKISTAN Investment Funds 500,000 Pakistan International Sukuk 27.01.10/7.570%* 504,347 0.26 1,900,000 Pakistan Mobile SINGAPORE Communications 13.11.13/8.625% 1,782,303 0.90 40,000 ABF Pan Asia Bond Index Fund 4,534,000 2.29

2,286,650 1.16 4,534,000 2.29 INDIA Total Investment Funds 4,534,000 2.29 1,600,000 Reliance Industries 15.01.97/10.250% 2,041,360 1.03 Total Transferable Securities Admitted to an 179,719,985 90.95 2,041,360 1.03 Official Exchange Listing UNITED KINGDOM Transferable Securities Dealt in on Another Regulated Market 3,000,000 Standard Chartered 14.06.07/5.088%* 2,160,000 1.09 Bonds 2,160,000 1.09 HONG KONG PHILIPPINES 1,700,000 Bangkok Bank 15.03.29/9.025% 1,966,829 1.00 1,000,000 Development Bank of Philippines 15.09.16/8.375%* 1,037,324 0.52 1,966,829 1.00 1,000,000 Rizal Commercial Banking 27.10.16/9.875%* 1,015,000 0.52 AUSTRALIA 2,052,324 1.04 2,000,000 Envestra Victoria 20.05.11/7.708%* 1,760,933 0.89 CANADA 1,760,933 0.89 1,000,000 Sino-Forest 17.08.11/9.125% 1,050,865 0.53 INDIA 1,050,865 0.53 700,000 Reliance Industries 06.08.46/10.500% 958,055 0.48 MONGOLIA 958,055 0.48 800,000 Trade & Development Bank of Mongolia 22.01.10/8.625% 823,252 0.42 MALAYSIA 3,000,000 Bank Pembangunan & 823,252 0.42 Infrastruktur 25.04.11/5.000% 925,226 0.47

Total Bonds 39,459,190 19.97 925,226 0.47 Convertible Bonds Total Bonds 5,611,043 2.84 BERMUDA Convertible Bonds 3,000,000 Celestial Nutrifoods 12.06.11/0.000% 2,179,707 1.11 2,000,000 Pacific Andes Holding 18.04.12/4.000% 2,100,000 1.06 MALAYSIA 6,000,000 Shui On Construction and 6,000,000 Berjaya Land 15.08.11/8.000% 1,820,886 0.92 Materials 31.07.09/0.000% 1,227,728 0.62 1,820,886 0.92 5,507,435 2.79 SOUTH KOREA MALAYSIA 1,800,000 KCC 30.10.12/0.000% 1,782,000 0.90 2,000,000 AMCORP Capital Labuan 08.02.10/1.000% 2,306,000 1.17 2,000,000 Cherating Capital 05.07.12/2.000% 2,115,000 1.07 1,782,000 0.90

4,421,000 2.24 Total Convertible Bonds 3,602,886 1.82

CAYMAN ISLANDS Total Transferable Securities Dealt in on 9,213,929 4.66 15,000,000 China Nickel Resources Holding 12.12.12/0.000% 1,870,013 0.94 Another Regulated Market 8,000,000 HKR International 26.04.10/0.000% 1,359,591 0.69 Other Transferable Securities 3,229,604 1.63 Bonds SINGAPORE CAYMAN ISLANDS 2,500,000 CapitaLand 20.06.22/2.950% 1,586,151 0.80 2,500,000 Shui On Development Holding 1.27 2,000,000 Guocoland 07.05.12/0.000% 1,486,038 0.75 12.10.08/8.500% 2,505,000

3,072,189 1.55 2,505,000 1.27 TAIWAN INTERNATIONAL AGENCIES 5,000,000 Asian Development Bank/Pasig 0.77 2,000,000 Powerchip Semiconductor 30.06.11/0.000% 2,087,098 1.06 25.04.11/4.265% 1,531,056

2,087,098 1.06 1,531,056 0.77 THAILAND Total Bonds 4,036,056 2.04 1,500,000 Thoresen Thai Agencies 24.09.12/2.500% 1,608,750 0.81 Total Other Transferable Securities 4,036,056 2.04 1,608,750 0.81 NETHERLANDS Total Investments 192,969,970 97.65 1,300,000 Medco CB Finance 12.05.11/0.000% 1,480,440 0.75 Cash 4,152,804 2.10 1,480,440 0.75 Other Assets/(Liabilities) 495,106 0.25 AUSTRALIA 1,500,000 Macquarie Communications Total Net Assets Infrastructure Management 23.08.13/2.500% 1,335,000 0.68 197,617,880 100.00

1,335,000 0.68 * Variable coupon rates are those quoted as at 31 December 2007. INDIA ** Hong Kong Registered Shares. 1,000,000 Subex 09.03.12/2.000% 943,233 0.48

943,233 0.48

Total Convertible Bonds 23,684,749 11.99

164 JPMorgan Funds - JF Pacific Balanced Fund Schedule of Investments (Market Value Expressed in USD) (continued) As at 31 December 2007

% % 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 2007 (Unaudited) %of Net Assets

Fixed Income Securities Cayman Islands 6.58 South Korea 4.72 Netherlands 4.03 Bermuda 4.00 Malaysia 3.63 India 2.00 Australia 1.57 Singapore 1.55 Indonesia 1.48 British Virgin Islands 1.22 Pakistan 1.16 United Kingdom 1.09 Taiwan 1.06 Philippines 1.04 Hong Kong 1.00 Thailand 0.81 International Agencies 0.77 Canada 0.53 Mongolia 0.42 Total Fixed Income Securities 38.66 Shares Financials 19.29 Industrials 13.85 Materials 6.91 Consumer Discretionary 7.38 Telecommunication Services 3.07 Information Technology 2.78 Investment Companies 2.29 Energy 1.71 Utilities 0.77 Consumer Staples 0.54 Health Care 0.40 Total Shares 58.99 Cash and Other Assets/(Liabilities) 2.35 Total 100.00

Allocation of Portfolio as at 30 June 2007 %of Net Assets

Fixed Income Securities Cayman Islands 6.43 Netherlands 6.15 Malaysia 3.48 Bermuda 3.47 India 3.02 Japan 2.84 Taiwan 2.33 Hong Kong 2.23 Philippines 1.72 British Virgin Islands 1.67 South Korea 1.59 Peru 1.44 Australia 1.44 United Kingdom 1.38 Pakistan 1.34 Indonesia 1.09 International Agencies 0.82 China 0.60 Mongolia 0.44 Total Fixed Income Securities 43.48 Shares, Warrants and Rights Financials 10.78 Information Technology 8.37 Consumer Discretionary 7.80 Industrials 7.64 Materials 4.70 Telecommunication Services 3.14 Investment Companies 3.05 Consumer Staples 2.72 Energy 2.53 Investment Companies 2.43 Health Care 0.55 Total Shares, Warrants and Rights 53.71 Cash and Other Assets/(Liabilities) 2.81 Total 100.00

165 JPMorgan Funds - JF Pacific Balanced Fund Schedule of Investments - Outstanding Forward Foreign Exchange Contracts (Expressed in USD) As at 31 December 2007

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

16-Jan-08 JPY 1,837,870,000 USD 17,000,000 (744,319)

Total (744,319)

166 JPMorgan Funds - JF Pacific Technology Fund Schedule of Investments (Market Value Expressed in USD) As at 31 December 2007

% % 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 HONG KONG 250,000 China Infrastructure Machinery Holdings 386,501 0.62 Shares 28,000 China Mobile 484,569 0.79 JAPAN 470,000 Xinyi Glass Holding Co. 451,880 0.74 45,000 Asahi Glass 595,603 0.97 84,000 Canon 3,856,783 6.30 1,322,950 2.15 13,000 FUJIFILM Holdings 542,934 0.89 Total Shares 17,200 Hitachi Construction Machinery 508,763 0.83 60,010,644 97.98 75 KDDI 550,969 0.90 Total Transferable Securities Admitted to an 60,010,644 97.98 15,000 Komatsu 402,631 0.66 Official Exchange Listing 5,800 Kyocera 507,510 0.83 11,900 Murata Manufacturing 680,871 1.11 Total Investments 60,010,644 97.98 10,300 Nintendo 6,084,235 9.93 60,000 Nippon Electric Glass 967,374 1.58 Cash 1,003,552 1.64 14,000 Nitto Denko 731,800 1.20 22,000 Sharp 390,446 0.64 Other Assets/(Liabilities) 231,607 0.38 47,000 Sumco 1,336,277 2.18 7,000 Tokyo Electron 423,999 0.69 Total Net Assets 61,245,803 100.00 10,000 Toyota Motor 533,310 0.87

18,113,505 29.58 %of TAIWAN Allocation of Portfolio as at 31 December 2007 (Unaudited) Net Assets 1,000,968 AU Optronics 1,940,219 3.17 340,876 Chroma Ate 1.11 681,710 Shares 380,500 Delta Electronics 2.10 1,287,767 Information Technology 48.98 800,000 Fortune Electric 2.11 1,294,690 Industrials 19.17 38,300 Foxconn Technology 309,327 0.51 Consumer Discretionary 14.87 78,000 GeoVision 694,757 1.13 Telecommunication Services 6.22 450,830 HON HAI Precision Industry 2,781,103 4.54 Energy 3.34 614,250 InnoLux Display 2,050,524 3.35 Materials 3.08 32,375 MediaTek 400,927 0.65 Financials 2.32 62,000 Richtek Technology 548,428 0.90 Total Shares 97.98 1,400,985 Taiwan Semiconductor Manufacturing 2,607,827 4.26 Cash and Other Assets/(Liabilities) 2.02 14,597,279 23.83 Total 100.00 SOUTH KOREA 23,000 Cheil Industries 1,284,326 2.10 6,000 Daelim Industrial 1,146,701 1.87 19,000 LG 1,418,001 2.32 6,000 NHN 1,448,430 2.37 Allocation of Portfolio as at 30 June 2007 %of 17,000 Samsung Electronics 144A GDR 5,023,500 8.20 Net Assets 47,000 Samsung Heavy Industries 2,017,297 3.29 15,700 Samsung Techwin 706,550 1.15 Shares 7,200 SK Chemicals 580,397 0.95 Information Technology 68.73 8,200 Taewoong 783,579 1.28 Industrials 20.52 Consumer Discretionary 7.14 14,408,781 23.53 Financials 2.93 Total Shares INDIA 99.32 Cash and Other Assets/(Liabilities) 10,000 Bharat Heavy Electricals 657,057 1.07 0.68 116,000 Bharti Airtel 2,777,274 4.53 Total 17,500 Infosys Technologies 799,450 1.31 100.00

4,233,781 6.91 MALAYSIA 377,000 IJM 988,517 1.62 440,000 KNM Group 1,054,250 1.72

2,042,767 3.34 SINGAPORE 1,290,000 CSE Global 1,052,115 1.72 420,000 Swiber Holdings 989,909 1.61

2,042,024 3.33 CANADA 10,000 Research In Motion 1,183,800 1.94 62,000 Uranium One 572,317 0.93

1,756,117 2.87 CHINA 26,000 Focus Media Holding ADR 1,493,440 2.44

1,493,440 2.44

170 JPMorgan Funds - JF Singapore Fund Schedule of Investments (Market Value Expressed in USD) As at 31 December 2007

% % 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 Allocation of Portfolio as at 31 December 2007 (Unaudited) %of Shares Net Assets SINGAPORE 22,500,000 Ausgroup 25,971,109 3.22 Shares 5,000,000 CapitaCommercial Trust 8,190,489 1.01 Financials 44.31 10,500,000 CapitaLand 45,068,427 5.57 Industrials 18.89 Consumer Staples 3,500,000 City Developments 33,819,464 4.18 9.75 Materials 9.45 6,500,000 Cosco Corp Singapore 26,192,286 3.24 Consumer Discretionary 6.29 4,700,000 DBS Group Holdings 67,309,925 8.32 Telecommunication Services 4.52 4,000,000 Guocoland 1.92 15,537,738 Energy 2.77 12,100,000 Hong Fok 10,955,903 1.35 Total Shares 3,900,000 Hong Leong Asia 9,919,823 1.23 95.98 3,800,000 Hotel Properties 10,716,063 1.33 Cash and Other Assets/(Liabilities) 4.02 4,800,000 Keppel 42,399,779 5.24 Total 9,300,000 Olam International 18,319,740 2.27 100.00 6,500,000 Oversea-Chinese Banking 37,109,483 4.59 7,900,000 SembCorp Industries 31,233,066 3.86 8,200,000 SembCorp Marine 22,727,398 2.81 5,000,000 Singapore Press Holdings 15,413,326 1.91 5,000,000 Singapore Technologies Engineering 12,786,840 1.58 Allocation of Portfolio as at 30 June 2007 %of 13,500,000 Singapore Telecommunications 36,577,274 4.52 Net Assets 4,600,000 Straits Asia Resources 9,633,674 1.19 9,500,000 Swiber Holdings 22,390,794 2.77 Shares and Rights 27,000,000 Tiong Woon Holding 18,661,875 2.31 Financials 43.84 5,765,000 Unisteel Technology 6,773,915 0.84 Industrials 29.44 Consumer Staples 5,450,000 United Overseas Bank 74,283,937 9.19 9.02 Consumer Discretionary 5,685,000 Wilmar International 20,747,028 2.57 5.52 Energy 4.41 11,000,000 Yangzijiang Shipbuilding Holdings 15,129,942 1.87 Materials 4.10 6,800,000 Yanlord Land Group 1.83 14,758,087 Information Technology 1.88 Total Shares and Rights 652,627,385 80.72 98.21 Cash and Other Assets/(Liabilities) 1.79 CHINA Total 12,000,000 Celestial Nutrifoods 8,377,108 1.03 100.00 38,300,000 China Hongxing Sports 24,751,521 3.06 9,000,000 China Sky Chemical Fibre 13,560,962 1.68 11,647,000 FibreChem Technologies 11,109,248 1.37 14,356,000 Synear Food Holdings 16,868,399 2.09

74,667,238 9.23 AUSTRALIA 250,000 BHP Billiton 8,889,413 1.10 89,000 Rio Tinto 10,468,046 1.29

19,357,459 2.39 MAURITIUS 10,000,000 Golden Agri-Resources 14,514,791 1.80

14,514,791 1.80 HONG KONG 500,000 Cheung Kong Holdings 8,819,665 1.09

8,819,665 1.09 INDONESIA 3,000,000 Indo Tambangraya Megah 6,036,892 0.75

6,036,892 0.75

Total Shares 776,023,430 95.98

Total Transferable Securities Admitted to an 776,023,430 95.98 Official Exchange Listing Total Investments 776,023,430 95.98

Cash 34,171,048 4.23

Other Assets/(Liabilities) (1,635,728) (0.21)

Total Net Assets 808,558,750 100.00

171 JPMorgan Funds - JF Taiwan Fund Schedule of Investments (Market Value Expressed in USD) As at 31 December 2007

% % 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 Investment Funds Shares HONG KONG 1,191,500 iShares Asia Trust - iShares FTSE/Xinhua A50 TAIWAN China Tracker 3,734,535 0.47 8,668,000 Acer 16,694,874 2.12 11,158,040 Asia Cement 16,272,571 2.06 3,734,535 0.47 11,068,000 AU Optronics 21,453,572 2.72 19,900,772 Cathay Financial Holding 41,635,976 5.28 Total Investment Funds 3,734,535 0.47 70,500 Cathay Financial Holding Registered Shares GDR 1,424,100 0.18 11,458,000 Chang Hwa Commercial Bank 6,204,566 0.79 Total Transferable Securities Admitted to an 772,586,607 98.00 18,698,000 Chinatrust Financial Holding 13,202,852 1.67 Official Exchange Listing 2,520,000 Chroma ATE 5,039,690 0.64 Total Investments 772,586,607 98.00 4,416,900 Delta Electronics 14,948,588 1.90 1,498,000 Depo Auto Parts Industrial 5,254,200 0.67 Cash 18,135,818 2.30 11,795,190 Far Eastern Textile 13,590,852 1.72 70,600 Far Eastern Textile GDR 813,479 0.10 (2,404,577) (0.30) 4,404,000 Feng Hsin Iron & Steel 7,316,965 0.93 Other Assets/(Liabilities) 6,007,000 Formosa Chemicals & Fibre 15,007,335 1.90 Total Net Assets 467,895 Formosa International Hotels 4,174,806 0.53 788,317,848 100.00 10,067,000 Formosa Petrochemical 29,517,725 3.74 9,402,000 Formosa Plastics 26,295,053 3.34 * Hong Kong Registered Shares. 2,831,707 Foxconn Technology 22,870,072 2.90 551,261 Foxsemicon Integrated Technology 2,154,026 0.27 10,341,443 HON HAI Precision Industry 63,794,823 8.09 17,796,564 InnoLux Display 59,409,488 7.54 %of 1,002,000 Insyde Software 0.33 Allocation of Portfolio as at 31 December 2007 (Unaudited) 2,598,874 Net Assets 881,455 Largan Precision 11,634,490 1.48 1,375,123 MediaTek 17,029,322 2.16 Shares 1,404,528 MJC Probe 4,278,145 0.54 Information Technology 47.80 8,945,000 Nan Ya Plastics 23,668,390 3.00 Materials 15.31 3,187,000 President Chain Store 8,285,690 1.05 Financials 11.99 5,564,000 Quanta Computer 7,926,072 1.01 Industrials 10.99 2,206,575 Realtek Semiconductor 7,501,893 0.95 Consumer Discretionary 6.73 1,368,800 Richtek Technology 12,107,870 1.54 Energy 4.03 26,739,000 Ruentex Development 21,101,943 2.68 Investment Companies 0.47 2,640,000 Shih Wei Navigation 4,175,005 0.53 Consumer Staples 0.37 1,451,750 Shin Zu Shing 8,531,298 1.08 Telecommunication Services 0.31 2,254,053 Siliconware Precision Industries 4,036,240 0.51 Total Shares 98.00 2,195,500 Simplo Technology 11,078,149 1.42 Cash and Other Assets/(Liabilities) 2.00 5,949,000 Sincere Navigation 9,700,849 1.23 Total 3,171,000 Synnex Technology International 7,844,083 1.00 100.00 1,738,000 Taiwan Fertilizer 4,256,501 0.54 53,680,000 Taiwan High Speed Railway 12,717,248 1.61 2,954,000 Taiwan Prosperity Chemical 8,543,351 1.08 31,009,549 Taiwan Semiconductor Manufacturing 57,721,916 7.32 1,547,676 Topoint Technology 3,714,194 0.47 Allocation of Portfolio as at 30 June 2007 %of 2,861,393 Tripod Technology 10,124,306 1.28 Net Assets 4,558,000 Tung Ho Steel Enterprise 7,404,541 0.94 6,047,601 TXC 10,419,841 1.32 Shares 4,862,000 U-Ming Marine Transport 12,864,808 1.63 Information Technology 72.27 7,536,000 Vanguard International Semiconductor 5,564,704 0.71 Industrials 12.26 10,941,000 WEI Chih Steel Industrial 2,780,526 0.35 Consumer Discretionary 5.91 9,517,610 Wistron 17,511,325 2.22 Financials 5.43 4,238,275 XinTec 7,824,026 0.99 Materials 4.09 8,029,304 Yulon Motor 0.96 7,534,729 Total Shares 99.96 7,230,420 Zyxel Communications 1.17 9,232,122 Bank Overdraft and Other Assets/(Liabilities) 0.04 Total 726,788,064 92.19 100.00 CHINA 2,404,000 China COSCO Holdings - H Shares * 6,672,000 0.85 1,707,065 China International Marine Containers - B Shares 3,166,520 0.40 1,240,000 China Merchants Bank - H Shares * 5,062,847 0.64 1,574,000 China National Building Material - H Shares * 5,901,933 0.75 648,142 Huangshan Tourism Development - B Shares 1,794,705 0.23 385,924 Yantai Changyu Pioneer Wine Co. - B Shares 2,894,152 0.37

25,492,157 3.24 HONG KONG 140,500 China Mobile 2,431,497 0.31 1,345,000 CNOOC 2,220,761 0.28 732,500 Kerry Properties 5,906,387 0.75 1,716,000 Pacific Basin Shipping 2,745,336 0.35 3,124,000 TCC International Holdings 3,267,870 0.41

16,571,851 2.10

Total Shares 768,852,072 97.53

172 JPMorgan Funds - Latin America Equity Fund Schedule of Investments (Market Value Expressed in USD) As at 31 December 2007

% % 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 LUXEMBOURG 828,818 Tenaris ADR 37,205,640 1.63 Shares 591,330 Ternium ADR 23,357,535 1.03 BRAZIL 1,702,626 All America Latina Logistica 21,347,247 0.94 60,563,175 2.66 731,529 Anhanguera Educacional Participacoes 14,695,147 0.65 ARGENTINA 2,526,239 Banco Bradesco ADR 80,839,648 3.55 171,051 Banco Macro ADR 4,081,277 0.18 3,391,041 Banco Itau Holding Financeira Preference Shares 90,116,946 3.96 637,541 BBVA Banco Frances ADR 5,100,328 0.22 2,673,827 Bradespar Preference Shares 72,040,308 3.17 157,552 Pampa Holding GDR 3,139,034 0.14 503,963 Brasil Telecom Participaçes ADR 37,303,341 1.64 864,966 Telecom Argentina ADR 19,729,874 0.87 697,921 Brasil Telecom Preference Shares 7,226,204 0.32 613,764 Cia de Bebidas das Americas ADR 44,878,424 1.97 32,050,513 1.41 1,182,574 Cia Energetica de Minas Gerais Preference Shares 22,280,525 0.98 5,981,442 Cia Vale do Rio Doce ADR 173,162,746 7.61 BERMUDA 67,378 Companhia de Bebidas das Americas ADR 4,652,451 0.20 212,725 Credicorp 15,990,538 0.70 225,183 Companhia de Transmissao de Energia Eletrica 2,648,571 Laep Investments BDR 11,658,538 0.51 Paulista Preference Shares 5,112,786 0.22 593,790 CPFL Energia 11,674,561 0.51 27,649,076 1.21 2,045,826 Cyrela Brazil Realty 27,525,385 1.21 PANAMA 421,079 Cía. Siderúrgica Nacional ADR 37,513,928 1.65 550,042 Copa Holdings - A Shares 20,665,078 0.91 795,139 Duratex Preference Shares 19,587,740 0.86 446,603 EDP - Energias do Brasil 7,251,977 0.32 20,665,078 0.91 1,081,096 Fertilizantes Heringer 12,227,282 0.54 1,348,684 Gafisa 24,265,553 1.07 UNITED STATES OF AMERICA 539,990 Gerdau ADR 16,118,701 0.71 324,363 NII Holdings 15,598,617 0.69 367,802 GP Investments BDR 16,710,233 0.73 1,221,334 GVT Holding 24,544,843 1.08 15,598,617 0.69 717,545 Industrias Romi 8,683,860 0.38 4,045,826 Investimentos Itau Preference Shares 27,789,373 1.22 Total Shares 2,219,196,753 97.52 2,093,840 Localiza Rent A CAR 23,219,477 1.02 1,431,915 Lojas Renner 1.29 Total Transferable Securities Admitted to an 2,219,196,753 97.52 29,287,237 Official Exchange Listing 724,623 Lupatech 25,090,909 1.10 88,100 MMX Mineracao e Metalicos 46,356,615 2.04 Transferable Securities Dealt in on Another Regulated Market 1,447,871 NET Servicos de Comunicacao ADR 18,199,738 0.80 942,309 Odontoprev 23,938,258 1.05 Investment Funds 1,052,521 Perdigao 26,297,393 1.16 2,237,148 Petroleo Brasileiro ADR 218,860,189 9.62 LUXEMBOURG 21,429,517 JPMorgan Liquidity Funds - US Dollar Liquidity 912,816 Positivo Informatica 22,388,511 0.98 Fund (JPM US Dollar Liquidity X (dist.)) 21,429,517 0.94 1,210,548 Redecard 19,184,390 0.84 617,083 Tam Preference Shares 15,065,281 0.66 21,429,517 0.94 338,531 Telemar Norte Leste Preference Shares 13,024,475 0.57 262,064 Tim Participaçes ADR 0.40 9,214,170 Total Investment Funds 21,429,517 0.94 712,724 Totvs 24,013,530 1.06 465,758 Unibanco - Uniao de Bancos Brasileiros GDR 64,675,156 2.84 Total Transferable Securities Dealt in on 21,429,517 0.94 748,713 Usinas Siderurgicas de Minas Gerais Preference A Another Regulated Market Shares 34,842,062 1.53 581,466 Votorantim Celulose e Papel Preference Shares 17,709,307 0.78 Total Investments 2,240,626,270 98.46 912,398 Weg 12,957,192 0.57 Cash 17,757,391 0.78 1,451,873,099 63.80 Other Assets/(Liabilities) 17,329,066 0.76 MEXICO 1,859,361 America Movil ADR - L Shares 4.98 113,365,240 Total Net Assets 33,366,338 America Movil SAB - L Shares 101,870,244 4.48 2,275,712,727 100.00 1,760,306 Banco Compartamos 7,636,060 0.33 2,538,622 Cemex ADR Participation Certificates 67,527,345 2.97 5,230,471 Controladora Comercial Mexicana 0.62 13,998,172 %of 2,533,689 Desarrolladora Homex SAB 0.95 Allocation of Portfolio as at 31 December 2007 (Unaudited) 21,599,974 Net Assets 168,600 Desarrolladora Homex SAB ADR 8,554,764 0.38 1,281,733 Fomento Economico Mexicano 4,824,993 0.21 Shares 888,983 Fomento Economico Mexicano ADR 33,621,337 1.48 Financials 21.58 2,678,102 Grupo Aeroportuario del Pacifico - B Shares 12,323,778 0.54 Materials 20.35 222,737 Grupo Aeroportuario del Sureste ADR 13,520,136 0.59 Telecommunication Services 15.48 3,167,160 Grupo Famsa - A Shares 10,304,156 0.45 Energy 9.62 11,182,344 Grupo Financiero Banorte - O Shares 47,685,902 2.09 Industrials 9.00 2,276,680 Grupo Mexico - B Shares 14,751,300 0.65 Consumer Staples 8.28 7,989,522 Urbi Desarrollos Urbanos 27,902,529 1.23 Consumer Discretionary 8.11 9,995,391 Wal-Mart de Mexico - V Shares 35,688,639 1.57 Utilities 2.99 Information Technology 1.06 535,174,569 23.52 Health Care 1.05 Investment Companies 0.94 CHILE Total Shares 132,214 Cencosud Registered Shares GDR 8,061,471 0.35 98.46 5,297,137 Cia de Telecomunicaciones de Chile - A Shares 10,487,692 0.46 Cash and Other Assets/(Liabilities) 1.54 786,017 Compania Cervecerias Unidas 5,582,777 0.24 Total 229,324 Distribucion y Servicio D&S ADR 7,081,525 0.31 100.00 1,287,167 Embotelladora Andina Preference - B Shares 3,677,620 0.16 284,288 Empresa Nacional de Electricidad ADR 10,859,802 0.49 484,758 Enersis ADR 7,838,537 0.34 3,369,385 La Polar 22,033,202 0.97

75,622,626 3.32

174 JPMorgan Funds - Latin America Equity Fund Schedule of Investments (Market Value Expressed in USD) (continued) As at 31 December 2007

% % 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 2007 %of Net Assets

Shares Materials 22.36 Financials 19.04 Telecommunication Services 16.98 Energy 8.52 Industrials 8.30 Consumer Staples 7.79 Consumer Discretionary 7.18 Utilities 3.30 Health Care 1.98 Information Technology 1.22 Total Shares 96.67 Cash and Other Assets/(Liabilities) 3.33 Total 100.00

175 JPMorgan Funds - Middle East Equity Fund Schedule of Investments (Market Value Expressed in USD) As at 31 December 2007

% % 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 172,700 Commercial Bank of Qatar 8,721,120 1.31 Shares and Warrants 83,250 Qatar National Bank 4,986,263 0.75 TURKEY 94,500 United Development 1,025,565 0.15 3,353,305 Akbank 25,244,991 3.78 853,500 Arcelik 5,663,136 0.85 14,732,948 2.21 42,300 BIM Birlesik Magazalar 3,706,265 0.56 UNITED KINGDOM 711,552 Haci Omer Sabanci Holding 3,843,609 0.58 1,014,443 Hikma Pharmaceuticals 9,579,174 1.44 824,462 Hurriyet Gazetecilik 2,510,803 0.38 1,699,506 Is Finansal Kiralama 3,180,565 0.48 9,579,174 1.44 1,657,653 Karsan Otomotiv Sanayi Ve Ticaret 3,807,293 0.57 3,983,900 KOC Holding 19,994,905 3.00 JORDAN 423,388 Migros Turk 8,211,685 1.23 88,900 Arab Bank 3,677,927 0.56 1,454,348 Reysas Logistics 7,484,841 1.12 484,231 DAR AL Dawa Development & Investment 3,224,783 0.48 1,266,244 Tekfen Holding 6,624,474 0.99 1,114,300 Tofas Turk Otomobil Fabrikasi 5,782,170 0.87 6,902,710 1.04 291,900 Tupras Turkiye Petrol Rafine 8,194,207 1.23 OMAN 547,300 Turcas Petrolculuk 4,446,187 0.67 246,922 Bank Muscat SAOG Registered Shares GDR 4,764,520 0.72 984,765 Turk Ekonomi Bankasi 2,462,855 0.37 3,723,640 Turk Sise ve Cam Fabrikalari 7,412,120 1.11 4,764,520 0.72 1,746,754 Turkcell Iletisim Hizmet 19,019,566 2.86 3,612,320 Turkiye Garanti Bankasi 33,187,066 4.98 BERMUDA 4,041,251 Turkiye Is Bankasi - C Shares 25,611,263 3.85 307,952 EastPharma Registered Shares GDR 3,202,701 0.47 2,503,729 Turkiye Vakiflar Bankasi Tao - D Shares 8,647,135 1.30 4,833,327 Yapi ve Kredi Bankasi 17,021,797 2.56 3,202,701 0.47 Total Shares and Warrants 222,056,933 33.34 623,841,982 93.66

EGYPT Total Transferable Securities Admitted to an 623,841,982 93.66 2,109,675 Al Arafa Investments and Consulting 3,797,415 0.56 Official Exchange Listing 433,300 Commercial International Bank 7,202,879 1.08 1,399,300 Credit Agricole Egypt 6,727,258 1.01 Transferable Securities Dealt in on Another Regulated Market 891,200 EFG-Hermes Holding 1.54 10,283,820 Investment Funds 742,242 Ghabbour Auto 7,678,550 1.15 807,680 National Societe General Bank 6,566,504 0.99 LUXEMBOURG 458,769 Orascom Construction Industries 47,171,565 7.08 19,078,223 JPMorgan Liquidity Funds - US Dollar Liquidity 639,856 Orascom Hotels & Development 9,240,052 1.39 Fund (JPM US Dollar Liquidity X (dist.)) 19,078,223 2.86 341,337 Orascom Telecom Holding Registered Shares GDR 27,716,564 4.16 229,000 Six of October Development & Investment 9,371,003 1.41 19,078,223 2.86 2,276,606 Talaat Moustafa Group 4,845,243 0.73 2,703,800 Telecom Egypt 10,160,622 1.53 Total Investment Funds 19,078,223 2.86

150,761,475 22.63 Total Transferable Securities Dealt in on 19,078,223 2.86 Another Regulated Market ISRAEL 642,920,205 96.52 72,700 Africa Israel Investments 6,686,674 1.00 Total Investments 1,790,700 Bank Hapoalim 8,828,761 1.33 23,907,990 3.59 1,343,307 Bank Leumi Le-Israel 6,369,965 0.96 Cash 5,174,984 Bezeq Israeli Telecommunication 9,467,444 1.42 165,200 Excellence Investments 2,901,229 0.44 Other Assets/(Liabilities) (751,526) (0.11) 8,200 Israel 8,980,650 1.35 546,000 Israel Chemicals 7,168,715 1.08 Total Net Assets 666,076,669 100.00 4,289,700 Israel Discount Bank - A Shares 10,781,800 1.62 872,400 Makhteshim-Agan Industries 7,753,916 1.16 606,981 Mizrahi Tefahot Bank 4,683,901 0.70 172,800 Ormat Industries 2,620,533 0.39 Allocation of Portfolio as at 31 December 2007 (Unaudited) %of 1,281,598 Teva Pharmaceutical Industries ADR 59,965,970 9.00 Net Assets

136,209,558 20.45 Shares and Warrants Financials 47.87 MOROCCO Health Care 11.41 19,800 Attijariwafa Bank 7,701,610 1.16 Telecommunication Services 10.87 7,100 Banque Marocaine du Commerce Exterieur 2,524,712 0.38 Industrials 10.60 15,000 Brasseries Maroc 3,429,485 0.51 Consumer Discretionary 6.99 13,800 Douja Promotion Groupe Addoha 5,862,050 0.88 Investment Companies 2.86 321,200 Maroc Telecom 6,053,064 0.91 Consumer Staples 2.30 38,500 ONA 7,739,737 1.16 Materials 2.24 Energy 1.38 33,310,658 5.00 Total Shares and Warrants 96.52 Cash and Other Assets/(Liabilities) 3.48 UNITED ARAB EMIRATES 2,945,900 Arabtec Holding 7,538,784 1.14 Total 100.00 5,096,176 DP World 5,809,641 0.87 3,078,264 Emaar Properties 12,738,107 1.91

26,086,532 3.92 NETHERLANDS ANTILLES 2,815,200 Merrill Lynch - Aldar Properties - Warrants 12.01.10 9,227,381 1.38 517,000 Merrill Lynch - First Gulf Bank - Warrants 07.10.10 3,173,895 0.48 1,645,000 Merrill Lynch - Sorouh Real Estate - Warrants 12.01.10 3,833,497 0.58

16,234,773 2.44

176 JPMorgan Funds - Middle East Equity Fund Schedule of Investments (Market Value Expressed in USD) (continued) As at 31 December 2007

% % 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 2007 %of Net Assets

Shares Financials 34.09 Industrials 16.58 Telecommunication Services 15.28 Health Care 14.06 Consumer Discretionary 7.64 Consumer Staples 5.07 Investment Companies 2.23 Materials 2.01 Energy 0.64 Total Shares 97.60 Cash and Other Assets/(Liabilities) 2.40 Total 100.00

177 JPMorgan Funds - Russia Fund Schedule of Investments (Market Value Expressed in USD) As at 31 December 2007

% % 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 UNITED KINGDOM 72,600 Imperial Energy 2,144,595 0.25 Shares 2,007,300 Ukrproduct Group 3,298,631 0.40 RUSSIA 61,031 Aeroflot - Russian International Airlines Registered 5,443,226 0.65 Shares GDR 23,153,535 2.77 NETHERLANDS 390,100 Bank St. Petersburg 2,086,849 0.26 1,588,843 AMTEL Vredestein Registered Shares GDR 4,544,091 0.54 183,680 Chelyabinsk Zink Plant 2,061,808 0.26 505,419 Chelyabinsk Zink Plant GDR 5,761,777 0.70 4,544,091 0.54 743,841 Cherkizovo Group Registered Shares GDR 10,287,321 1.23 2,289,348 Comstar United Telesystems GDR 27,701,111 3.32 UNITED STATES OF AMERICA 486,900 DIXY Group 7,108,740 0.85 481,708 BMB Munai 3,008,514 0.36 144,373 Fifth Power Generation GDR 1,273,262 0.15 559,821 Gazpromneft ADR 17,522,397 2.10 3,008,514 0.36 155,389 Lebedyansky 13,961,162 1.67 119,400 Magnit OAO 6,029,700 0.72 Total Shares 770,648,823 92.31 1,440,427 Magnitogorsk Iron & Steel Works Registered Shares GDR 24,147,030 2.89 Total Transferable Securities Admitted to an 770,648,823 92.31 Official Exchange Listing 496,991 Mechel ADR 49,284,112 5.90 275,643 MMC Norilsk Nickel ADR 74,147,967 8.88 Transferable Securities Dealt in on Another Regulated Market 169,589 OAO Pharmacy Chain 36.6 12,227,367 1.46 98,659 Open Investments 30,595,493 3.66 Investment Funds 152,856 Polyus Gold ADR 7,031,376 0.84 202,981 RBC Information Systems ADR 8,484,606 1.02 LUXEMBOURG 448,158 Rosbusinessconsulting Information Systems 4,683,251 0.56 24,450,448 JPMorgan Liquidity Funds - US Dollar Liquidity Fund (JPM US Dollar Liquidity X (dist)) 2.93 2,216,301 RTM 6,798,636 0.81 24,450,448 16,934,563 Sberbank 71,294,510 8.54 1,414,745 Severstal Registered Shares GDR 32,185,449 3.86 24,450,448 2.93 170,130 Severstal-Avto 9,033,903 1.08 Total Investment Funds 24,450,448 2.93 467,974 Sistema JSFC Registered Shares GDR 19,654,908 2.35 1,687,430 Sistema-Hals Registered Shares GDR 16,874,300 2.02 Total Transferable Securities Dealt in on 24,450,448 2.93 2,583,732 Sitronics Registered Shares GDR 14,727,272 1.76 Another Regulated Market 257,630 Tatneft Registered Shares GDR 31,173,230 3.73 411,974 Unified Energy System Registered Shares GDR 53,144,646 6.37 Total Investments 795,099,271 95.24 137,891 Veropharm 6,934,917 0.83 Cash 28,037,131 3.36 589,370,635 70.59 Other Assets/(Liabilities) 11,684,368 1.40 KAZAKHSTAN 830,093 Alliance Bank Registered Shares GDR 0.53 4,399,493 Total Net Assets 292,600 Halyk Savings Bank Kazakhstan Registered Shares 834,820,770 100.00 GDR 4,535,300 0.54 2,134,458 Kazkommertsbank Registered Shares GDR 29,013,411 3.47

37,948,204 4.54 Allocation of Portfolio as at 31 December 2007 (Unaudited) %of Net Assets IRELAND 4,124,060 Dragon Oil 28,361,304 3.40 Shares Materials 30.90 28,361,304 3.40 Financials 22.31 Energy 12.00 CAYMAN ISLANDS Utilities 6.52 664,274 Eurasia Drilling Registered Shares GDR 18,001,825 2.16 Telecommunication Services 5.67 Consumer Staples 4.87 18,001,825 2.16 Information Technology 3.34 BRITISH VIRGIN ISLANDS Investment Companies 2.93 Industrials 12,127,092 European Minerals 16,754,413 2.01 2.77 Health Care 2.30 Consumer Discretionary 1.63 16,754,413 2.01 Total Shares 95.24 ISLE OF MAN Cash and Other Assets/(Liabilities) 4.76 2,399,017 Kazakhstan Kagazy Registered Shares GDR 12,546,859 1.50 Total 100.00 12,546,859 1.50 JERSEY 475,246 Kazakhgold Registered Shares GDR 11,904,912 1.43

11,904,912 1.43 Allocation of Portfolio as at 30 June 2007 %of Net Assets MALAYSIA 2,120,904 Steppe Cement 11,554,360 1.38 Shares Materials 37.58 11,554,360 1.38 Financials 19.83 AUSTRIA Telecommunication Services 10.81 71,616 Raiffeisen International Bank Holding 10,985,766 1.32 Energy 9.16 Consumer Staples 7.74 Utilities 10,985,766 1.32 3.69 Consumer Discretionary 3.07 LUXEMBOURG Industrials 3.01 137,420 Evraz Group Registered Shares GDR 10,581,340 1.27 Information Technology 3.00 Health Care 1.57 10,581,340 1.27 Total Shares 99.46 CYPRUS Cash and Other Assets/(Liabilities) 0.54 336,201 XXI Century Investments Public 9,643,374 1.16 Total 100.00 9,643,374 1.16

178 JPMorgan Funds - US Aggregate Bond Fund Schedule of Investments (Market Value Expressed in USD) As at 31 December 2007

% % 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 300,000 Goldman Sachs Group 15.11.14/5.500% 302,953 0.08 150,000 Goldman Sachs Group 01.09.17/6.250% 155,144 0.04 Bonds 300,000 Goldman Sachs Group 01.10.37/6.750% 288,134 0.07 UNITED STATES OF AMERICA 175,000 Hewlett-Packard 01.03.17/5.400% 176,526 0.04 15,000 Abbey National Capital Trust I 30.06.30/8.963%* 17,378 0.00 150,000 HRPT Properties Trust 15.01.18/6.650% 143,672 0.04 115,000 Alcoa 01.02.17/5.550% 111,644 0.03 100,000 HSBC Finance 15.01.08/4.625% 99,973 0.02 150,000 American Electric Power - C 625,000 HSBC Finance 15.10.11/6.375% 644,025 0.16 Shares 15.03.10/5.375% 151,585 0.04 500,000 HSBC Finance 15.01.14/5.250% 498,889 0.12 285,000 American General Finance 01.10.12/5.375% 286,726 0.07 125,000 International Business Machines 01.08.27/6.220% 128,208 0.03 100,000 American International Group 15.05.13/4.250% 93,740 0.02 35,000 International Paper 15.01.09/4.250% 34,877 0.01 75,000 Anheuser-Busch 01.04.36/5.750% 73,003 0.02 165,000 International Paper 01.04.10/4.000% 162,087 0.04 50,000 Appalachian Power 01.05.09/6.600% 51,107 0.01 150,000 John Deere Capital 15.07.09/4.400% 149,342 0.04 25,000 Arizona Public Service 15.05.15/4.650% 22,977 0.01 25,000 Kinder Morgan Energy Partners 15.11.14/5.125% 24,172 0.01 280,000 AT&T 15.09.14/5.100% 276,587 0.07 175,000 Kraft Foods 01.02.38/6.875% 178,848 0.04 60,000 AT&T 15.06.16/5.625% 60,297 0.02 15,000 Kroger 01.04.11/6.800% 15,818 0.00 300,000 AT&T 15.01.38/6.300% 300,170 0.07 150,000 Lehman Brothers Holdings 22.01.08/4.000% 149,797 0.04 300,000 Bank of America 15.01.08/3.875% 299,861 0.07 180,000 Lehman Brothers Holdings 10.11.09/3.950% 174,908 0.04 150,000 Bank of America 15.02.10/7.800% 159,791 0.04 110,000 Lehman Brothers Holdings 15.08.10/7.875% 117,217 0.03 250,000 Bank of America 15.01.11/7.400% 267,405 0.07 75,000 Lehman Brothers Holdings 18.01.12/6.625% 77,482 0.02 100,000 Bear Stearns 25.03.09/3.250% 96,999 0.02 250,000 Lehman Brothers Holdings 17.05.13/5.750% 253,197 0.06 350,000 Bear Stearns 15.11.14/5.700% 333,872 0.08 250,000 Marathon Oil 01.10.17/6.000% 253,197 0.06 250,000 Bear Stearns 02.10.17/6.400% 241,672 0.06 200,000 Marshall & Ilsley 01.04.11/5.350% 200,096 0.05 200,000 BellSouth 15.09.14/5.200% 198,236 0.05 125,000 May Department Stores 15.08.13/7.625% 133,729 0.03 75,000 BellSouth 15.11.34/6.000% 72,219 0.02 290,000 Merrill Lynch & Co. 15.08.12/6.050% 295,209 0.07 60,000 Boeing 15.02.33/6.125% 62,480 0.02 100,000 Merrill Lynch & Co. 21.04.08/3.700% 99,909 0.02 155,000 Burlington Northern Santa Fe 15.03.09/6.125% 156,880 0.04 100,000 Merrill Lynch & Co. 15.07.08/3.125% 98,686 0.02 220,000 Capital One Financial 15.11.13/6.250% 209,965 0.05 175,000 Merrill Lynch & Co. 15.01.09/4.125% 173,075 0.04 100,000 Capital One Financial 15.09.11/5.700% 97,856 0.02 375,000 Merrill Lynch & Co. 15.07.14/5.450% 367,154 0.10 75,000 Carolina Power & Light 15.09.13/5.125% 76,202 0.02 40,000 Merrill Lynch & Co. 15.01.15/5.000% 37,590 0.01 70,000 Caterpillar Financial Services 15.03.16/5.500% 70,078 0.02 300,000 Merrill Lynch & Co. 28.08.17/6.400% 302,601 0.09 75,000 CenterPoint Energy Houston 300,000 Monsanto 15.08.12/7.375% 327,254 0.09 Electric 15.01.14/5.750% 75,093 0.02 350,000 Morgan Stanley 15.04.11/6.750% 366,258 0.09 40,000 CenterPoint Energy Resources 01.11.17/6.125% 39,996 0.01 150,000 Morgan Stanley 01.04.14/4.750% 140,617 0.04 35,000 Centex 15.05.14/5.700% 30,983 0.01 300,000 Morgan Stanley 01.04.12/6.600% 315,557 0.09 225,000 CIT Group 30.11.12/7.625% 228,294 0.06 300,000 Morgan Stanley 01.03.13/5.300% 301,237 0.08 100,000 CIT Group 08.05.08/4.000% 99,111 0.02 300,000 New Cingular Wireless Services 01.03.11/7.875% 325,603 0.08 60,000 Citigroup 01.02.08/3.500% 59,907 0.01 35,000 New Cingular Wireless Services 01.03.31/8.750% 44,824 0.01 100,000 Citigroup 29.07.09/4.250% 99,104 0.02 15,000 News America Holdings 20.01.24/7.750% 16,657 0.00 500,000 Citigroup 27.08.12/5.625% 504,508 0.13 80,000 Nisource Finance 01.03.13/6.150% 83,529 0.02 150,000 Citigroup 15.09.14/5.000% 143,043 0.04 19,000 Norfolk Southern 17.05.25/5.590% 17,759 0.00 430,000 Citigroup 15.08.17/6.000% 436,433 0.11 21,000 Norfolk Southern 15.02.31/7.250% 23,344 0.01 140,000 Citigroup 21.11.17/6.125% 142,544 0.04 100,000 Northrop Grumman 15.02.11/7.125% 107,579 0.03 15,000 Citigroup 15.06.32/6.625% 14,980 0.00 25,000 Odyssey Re Holdings 01.11.13/7.650% 27,129 0.01 75,000 Comcast Cable Communications 100,000 PNC Funding 15.11.15/5.250% 96,204 0.02 Holdings 15.03.13/8.375% 84,904 0.02 110,000 Progress Energy 15.04.12/6.850% 116,823 0.03 20,000 ConocoPhillips 25.05.10/8.750% 21,952 0.01 240,000 Protective Life Secured Trust 07.10.09/4.000% 241,457 0.06 15,000 Consolidated Edison Co. of 100,000 Protective Life Secured Trust 01.04.11/4.000% 97,705 0.02 New York 01.09.10/7.500% 16,105 0.00 105,000 Protective Life Secured Trust 24.11.08/3.700% 104,355 0.03 55,000 Consolidated Edison Co. of 110,000 Prudential Financial 20.09.14/5.100% 106,535 0.03 New York 01.07.12/5.625% 56,975 0.01 35,000 PSEG Power 15.04.31/8.625% 42,436 0.01 100,000 Countrywide Home Loans 21.05.08/3.250% 92,400 0.02 100,000 Regions Financial 10.12.37/7.375% 98,697 0.02 130,000 Countrywide Home Loans 15.07.09/5.625% 98,878 0.02 65,000 Safeway 01.11.08/4.125% 64,468 0.02 100,000 Countrywide Home Loans 22.03.11/4.000% 73,551 0.02 150,000 SLM 15.01.10/4.000% 139,677 0.03 175,000 Credit Suisse First Boston USA 15.01.12/6.500% 185,025 0.05 20,000 SLM 15.01.13/5.375% 17,919 0.00 150,000 Credit Suisse First Boston USA 15.01.14/5.125% 152,536 0.04 35,000 Sprint Capital 01.05.19/6.900% 34,425 0.01 75,000 Credit Suisse First Boston USA 15.01.15/4.875% 73,365 0.02 10,000 Sprint Capital 15.03.32/8.750% 11,191 0.00 50,000 Credit Suisse First Boston USA 15.11.11/6.125% 52,000 0.01 325,000 Sprint Capital 30.01.11/7.625% 338,804 0.08 150,000 DaimlerChrysler NA Holding 15.01.08/4.750% 149,949 0.04 400,000 Sprint Nextel 01.12.16/6.000% 380,656 0.09 90,000 DaimlerChrysler NA Holding 01.09.09/7.200% 92,810 0.02 100,000 State Street 15.06.10/7.650% 106,432 0.03 60,000 Devon Financing 30.09.31/7.875% 70,821 0.02 105,000 Textron Financial 03.02.11/5.125% 106,655 0.03 40,000 Dow Chemical 01.02.11/6.125% 41,226 0.01 100,000 Toyota Motor Credit 01.08.08/2.875% 99,084 0.02 360,000 Dow Chemical 01.10.12/6.000% 372,960 0.09 155,000 UBS Preferred Funding Trust I 01.10.10/8.622%* 166,495 0.04 65,000 Dow Chemical 01.11.29/7.375% 70,418 0.02 75,000 Union Pacific 15.01.15/4.875% 71,879 0.02 25,000 DTE Energy 01.06.11/7.050% 26,840 0.01 50,000 UnitedHealth Group 30.01.08/3.300% 49,943 0.01 100,000 Duke Energy 01.10.08/4.200% 99,171 0.02 40,000 Valero Energy 15.04.32/7.500% 44,082 0.01 25,000 FleetBoston Financial 15.02.08/3.850% 24,875 0.01 150,000 Verizon Communications 15.02.16/5.550% 150,343 0.04 20,000 FleetBoston Financial 01.12.09/7.375% 20,959 0.01 185,000 Verizon Communications 01.04.17/5.500% 184,257 0.05 35,000 Florida Power & Light 01.10.33/5.950% 34,899 0.01 150,000 Verizon Florida 15.01.13/6.125% 154,678 0.04 100,000 General Electric Capital 15.06.09/3.250% 98,610 0.02 45,000 Verizon Global Funding 01.09.12/7.375% 49,276 0.01 200,000 General Electric Capital 19.01.10/7.375% 211,925 0.05 225,000 Verizon Maryland 01.03.12/6.125% 234,467 0.06 300,000 General Electric Capital 22.02.11/6.125% 313,519 0.08 15,000 Verizon New York 01.04.32/7.375% 16,120 0.00 470,000 General Electric Capital 15.02.12/5.875% 490,508 0.12 200,000 Verizon Virginia 15.03.13/4.625% 195,814 0.05 230,000 General Electric Capital 15.06.12/6.000% 241,266 0.06 40,000 Virginia Electric and Power 15.12.10/4.500% 40,192 0.01 1,100,000 General Electric Capital 09.06.14/5.650% 1,143,722 0.28 250,000 Virginia Electric and Power 30.11.12/5.100% 253,172 0.06 100,000 General Electric Capital 15.09.17/5.625% 102,670 0.03 140,000 Virginia Electric and Power 15.09.17/5.950% 143,542 0.04 65,000 General Electric Capital 15.03.32/6.750% 73,036 0.02 380,000 Wachovia 17.02.09/3.625% 375,093 0.09 35,000 Genworth Financial 15.06.14/5.750% 34,834 0.01 100,000 Wachovia 15.02.14/4.875% 97,551 0.02 300,000 Golden West Financial 01.10.12/4.750% 294,362 0.07 250,000 Wachovia Bank NA 15.08.15/5.000% 239,415 0.06 100,000 Goldman Sachs Group 15.01.09/3.875% 99,120 0.02 60,000 Wal-Mart Stores 01.09.35/5.250% 52,206 0.01 90,000 Goldman Sachs Group 15.05.09/6.650% 92,296 0.02 100,000 Washington Mutual 01.11.17/7.250% 89,102 0.02 255,000 Goldman Sachs Group 15.01.11/6.875% 268,280 0.07 45,000 Washington Mutual 15.01.10/4.200% 40,183 0.01 300,000 Goldman Sachs Group 15.01.12/6.600% 316,947 0.08 50,000 Washington Mutual 01.04.10/8.250% 48,631 0.01 150,000 Goldman Sachs Group 0.04 01.04.13/5.250% 152,365 250,000 Washington Mutual 125,000 Goldman Sachs Group 15.07.13/4.750% 124,151 0.03 Bank/Henderson 15.06.11/6.875% 236,715 0.06 150,000 Goldman Sachs Group 15.10.13/5.250% 152,447 0.04 500,000 Wells Fargo & Co. 23.10.12/5.250% 510,591 0.13 235,000 Goldman Sachs Group 15.01.14/5.150% 235,369 0.06 100,000 Wells Fargo & Co. 01.08.11/6.375% 104,407 0.03

186 JPMorgan Funds - US Aggregate Bond Fund Schedule of Investments (Market Value Expressed in USD) (continued) As at 31 December 2007

% % 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

525,000 Wells Fargo & Co. 15.11.14/5.000% 513,396 0.13 150,000 Bear Stearns Commercial Mortgage Securities 2005-PWR9 26,119,707 6.50 AAB 11.09.42/4.804% 147,249 0.04 360,000 Bear Stearns Commercial MEXICO Mortgage Securities 2006-PW11 260,000 United Mexican States 16.01.13/6.375% 276,237 0.07 A4 11.03.39/5.457%* 360,716 0.09 165,000 United Mexican States 03.03.15/6.625% 178,744 0.04 270,179 Bear Stearns Commercial Mortgage Securities 2006-PW14 454,981 0.11 A1 01.12.38/5.044% 270,318 0.07 380,000 Capital One Prime Auto UNITED KINGDOM Receivables Trust 2007-2 A2 15.03.10/5.050% 380,736 0.09 90,000 British Telecommunications 15.12.10/8.625% 98,613 0.03 713,173 Chase Mortgage Finance 45,000 British Telecommunications 15.12.30/9.125% 58,697 0.01 2003-S6 A1 25.06.18/5.000% 712,484 0.18 35,000 RBS 30.09.31/7.648%* 35,589 0.01 39,970 CHN Equipment Trust 2003-B A4B 15.02.11/3.380% 39,948 0.01 192,899 0.05 200,000 Citibank Credit Card Issuance Trust 2005-B1 B1 15.09.10/4.400% 199,211 0.05 LUXEMBOURG 508,602 Citicorp Mortgage Securities 160,000 Telecom Italia Capital 15.11.13/5.250% 160,582 0.04 2003-10 A1 25.11.18/4.500% 493,959 0.12 1,348,614 Citicorp Mortgage Securities 160,582 0.04 2004-1 3A1 25.01.34/4.750% 1,321,730 0.33 2,252,468 Citicorp Mortgage Securities FRANCE 2004-2 A1 25.03.34/5.000% 2,200,380 0.55 90,000 France Télécom 01.03.11/7.750% 96,573 0.03 1,679,235 Citicorp Mortgage Securities 10,000 France Télécom 01.03.31/8.500% 12,832 0.00 2004-5 2A5 25.08.34/4.500% 1,632,218 0.41 292,968 Citigroup Commercial Mortgage 109,405 0.03 Trust 2006-C4 A1 15.03.49/5.723%* 297,326 0.07 39,458 Citigroup Mortgage Loan Trust NETHERLANDS 2003-UP3 A3 25.09.33/7.000% 40,288 0.01 45,000 Deutsche Telekom International 200,000 CNH Equipment Trust 2007-A Finance 22.07.13/5.250% 45,865 0.01 A3 15.10.10/4.990% 200,293 0.05 60,000 Commercial Mortgage Pass 45,865 0.01 Through Certificates CAYMAN ISLANDS 2004-LB4A A4 15.10.37/4.584% 58,851 0.01 25,000 XL Capital 15.09.14/5.250% 24,099 0.01 1,106,976 Countrywide Alternative Loan Trust 25.02.33/5.250% 1,099,534 0.27 24,099 0.01 166,500 Countrywide Alternative Loan Trust 2004-28CB 3A1 25.01.35/6.000% 167,239 0.04 CANADA 872,134 Countrywide Alternative Loan 10,000 Canadian Natural Resources 15.01.32/7.200% 10,751 0.00 Trust 2004-2CB 1A9 25.03.34/5.750% 774,955 0.19 215,473 Countrywide Alternative Loan 10,751 0.00 Trust 2005-26CB A10 25.07.35/4.232%* 211,750 0.05 600,000 Countrywide Alternative Loan Total Bonds 27,118,289 6.75 Trust 2005-28CB 1A4 25.08.35/5.500% 560,829 0.14 1,000,000 Countrywide Alternative Loan Trust 2005-54CB 1A11 25.11.35/5.500% 921,194 0.23 Total Transferable Securities Admitted to an 27,118,289 6.75 Official Exchange Listing 231,071 Countrywide Alternative Loan Trust 2005-5R A1 25.12.18/5.250% 231,027 0.06 Transferable Securities Dealt in on Another Regulated Market 1,026,443 Countrywide Alternative Loan Trust 2005-J1 1A4 25.02.35/0.023%* 15,397 0.00 Bonds 434,000 Countrywide Alternative Loan Trust 2007-21CB 1A5 25.09.37/6.000% 398,140 0.10 UNITED STATES OF AMERICA 50,788 Countrywide Asset-Backed 198,017 ABN Amro Mortgage 2003-7 Certificates 2004-AB2 A2 25.05.36/5.135%* 50,950 0.01 A3 25.07.18/4.500% 191,991 0.05 236,733 Countrywide Home Loan 170,000 American General Finance 15.12.17/6.900% 169,256 0.04 Mortgage Pass Through 2003-26 500,000 American Home Mortgage 1A6 25.08.33/3.500% 204,309 0.05 Investment Trust 2005-3 2A4 25.09.35/4.848%* 482,021 0.12 94,669 Countrywide Home Loan 150,000 American Water Capital 144A 15.10.17/6.085% 148,132 0.04 Mortgage Pass Through 2003-J7 69,054 AmeriCredit Automobile 4A3 25.08.18/3.516%* 89,437 0.02 Receivables Trust 2004-BM A4 07.03.11/2.670% 68,788 0.02 272,878 Countrywide Home Loan 150,000 ASIF Global Financing XXIII Mortgage Pass Through 2004-7 144A 22.10.08/3.900% 149,338 0.04 2A1 25.06.34/4.038%* 272,835 0.07 80,000 Banc of America Commercial 917,820 Countrywide Home Loan Mortgage 2003-2 A2 11.03.41/4.342% 79,413 0.02 Mortgage Pass Through 2004-J6 450,000 Banc of America Commercial 2A1 25.07.14/4.750% 912,053 0.23 Mortgage 2005-6 ASB 10.09.47/5.181%* 446,995 0.11 684,576 Countrywide Home Loan 348,711 Banc of America Funding Mortgage Pass Through Trust 2004-2 30PO 20.09.34/0.000% 245,165 0.06 2005-22 2A1 25.11.35/5.256%* 682,999 0.17 1,250,000 Banc of America Funding 65,963 Countrywide Home Loan 2005-6 2A7 25.10.35/5.500% 1,228,795 0.31 Mortgage Pass Through Trust 637,507 Banc of America Funding 2003-26 1A6 25.08.33/4.000% 46,607 0.01 2005-E 4A1 20.03.35/4.106%* 630,957 0.16 761,325 Countrywide Home Loan 68,018 Banc of America Mortgage Mortgage Pass Through Trust Securities 2003-8 APO 25.11.33/0.000% 49,886 0.01 2004-J8 1A2 25.11.19/4.750% 747,327 0.19 603,107 Banc of America Mortgage 682,362 Credit Suisse First Boston Securities 2004-5 2A2 25.06.34/5.500% 524,009 0.13 Mortgage Securities 25.11.33/0.000% 454,972 0.11 150,592 Banc of America Mortgage 94,328 Credit Suisse First Boston Securities 2004-9 XPO 25.11.34/0.000% 98,141 0.02 Mortgage Securities 2001-CK1 600,000 Banc of America Mortgage A3 16.12.35/6.380% 97,632 0.02 Securities 2004-E 2A5 25.06.34/4.111%* 586,441 0.15 165,000 Credit Suisse First Boston 578,483 Banc of America Mortgage Mortgage Securities 2003-C5 A4 15.12.36/4.900%* 161,897 0.04 Securities 2004-J 3A1 25.11.34/5.072%* 573,056 0.14 302,517 Credit Suisse First Boston Mortgage Securities 2005-10 AP 0.05 95,000 Bank of America 01.10.10/4.250% 94,601 0.02 25.11.35/0.000% 191,007 395,487 CS First Boston Mortgage 200,000 Bank of America 14.10.16/5.625% 199,965 0.05 Securities 1998-C2 A2 15.11.30/6.300% 397,704 0.10 150,000 Bank of America 0.04 01.09.17/6.000% 152,757 812,305 CS First Boston Mortgage 280,523 Bear Stearns Adjustable Rate Securities 2003-21 AP 25.09.33/0.000% 571,388 0.14 Mortgage Trust 2003-7 3A 0.07 25.10.33/4.950%* 280,061 1,408,404 CS First Boston Mortgage 1,247,180 Bear Stearns Adjustable Rate Securities 2003-23 2A5 25.10.18/5.000% 1,352,533 0.34 Mortgage Trust 2006-1 A1 25.02.36/4.625%* 1,226,827 0.31 94,695 DLJ Commercial Mortgage 10.06.32/7.300%* 97,207 0.02 197,659 Bear Stearns Asset Backed 50,000 Fannie Mae 0.01 Securities Trust 2006-SD1 A 25.04.36/5.235%* 167,021 0.04 15.01.10/7.250% 53,452

187 JPMorgan Funds - US Aggregate Bond Fund Schedule of Investments (Market Value Expressed in USD) (continued) As at 31 December 2007

% % 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

441,176 Fannie Mae 01.11.24/4.500% 414,637 0.10 857,907 Fannie Mae Pool No: 555969 01.12.18/4.000% 816,755 0.20 514,081 Fannie Mae 1992-145 ZB 25.08.22/8.000% 548,275 0.14 19,580 Fannie Mae Pool No: 583745 01.06.16/6.000% 19,999 0.00 823,310 Fannie Mae 1993-203 PL 25.10.23/6.500% 853,765 0.21 55,800 Fannie Mae Pool No: 598559 01.08.31/6.500% 57,273 0.01 95,952 Fannie Mae 1993-25 J 25.03.23/7.500% 102,884 0.03 64,863 Fannie Mae Pool No: 602589 01.09.31/7.000% 67,416 0.02 16 Fannie Mae 1993-8 H 25.01.08/7.000% 16 0.00 449,853 Fannie Mae Pool No: 622534 01.09.31/3.000% 391,460 0.10 21,610 Fannie Mae 1994-34 DZ 25.03.09/6.000% 21,678 0.01 15,229 Fannie Mae Pool No: 627139 01.03.17/6.500% 15,674 0.00 815,000 Fannie Mae 1994-63 PK 25.04.24/7.000% 866,713 0.22 1,140,760 Fannie Mae Pool No: 629035 01.03.17/5.500% 1,151,632 0.29 96,005 Fannie Mae 1997-39 PD 20.05.27/7.500% 101,630 0.03 19,452 Fannie Mae Pool No: 637095 01.03.17/7.500% 20,279 0.01 588,911 Fannie Mae 1997-50 SK 25.05.23/2.125%* 41,264 0.01 376,718 Fannie Mae Pool No: 650236 01.12.32/5.000% 363,715 0.09 77,836 Fannie Mae 1998-36 ZB 18.07.28/6.000% 77,652 0.02 75,867 Fannie Mae Pool No: 665775 01.09.17/5.500% 76,345 0.02 46,845 Fannie Mae 2001-44 PD 25.09.31/7.000% 49,380 0.01 15,584 Fannie Mae Pool No: 666358 01.08.17/6.000% 15,917 0.00 30,025 Fannie Mae 2001-7 PF 25.03.31/7.000% 31,624 0.01 25,883 Fannie Mae Pool No: 668811 01.11.17/6.000% 26,437 0.01 171,023 Fannie Mae 2001-71 MB 25.12.16/6.000% 175,799 0.04 23,404 Fannie Mae Pool No: 674349 01.03.33/6.000% 23,700 0.01 418,581 Fannie Mae 2002-3 OG 25.02.17/6.000% 430,421 0.11 81,445 Fannie Mae Pool No: 675555 01.12.32/6.000% 82,476 0.02 500,000 Fannie Mae 2002-47 PE 25.08.17/5.500% 504,077 0.13 559,204 Fannie Mae Pool No: 682424 01.07.18/4.000% 532,379 0.13 89,039 Fannie Mae 2002-74 VB 25.11.31/6.000% 89,701 0.02 45,056 Fannie Mae Pool No: 689977 01.03.27/8.000% 46,901 0.01 48,727 Fannie Mae 2002-8 SR 25.03.09/6.017%* 48,565 0.01 32,469 Fannie Mae Pool No: 695533 01.06.27/8.000% 33,798 0.01 500,000 Fannie Mae 2002-94 BK 25.01.18/5.500% 507,785 0.13 225,726 Fannie Mae Pool No: 698023 01.04.19/3.500% 209,554 0.05 1,500,000 Fannie Mae 2003-106 WE 25.11.22/4.500% 1,435,779 0.36 652,004 Fannie Mae Pool No: 702901 01.05.33/6.000% 660,256 0.16 336,647 Fannie Mae 2003-116 SB 25.11.33/2.735%* 28,696 0.01 936,012 Fannie Mae Pool No: 709848 01.06.18/5.000% 932,063 0.23 600,000 Fannie Mae 2003-117 JB 25.06.33/3.500% 545,281 0.14 131,570 Fannie Mae Pool No: 720393 01.07.18/4.500% 128,590 0.03 450,000 Fannie Mae 2003-128 NG 25.01.19/4.000% 419,868 0.10 350,511 Fannie Mae Pool No: 722985 01.07.33/3.874%* 358,168 0.09 400,000 Fannie Mae 2003-32 KC 25.05.18/5.000% 387,176 0.10 277,544 Fannie Mae Pool No: 725017 01.12.33/5.500% 275,679 0.07 200,000 Fannie Mae 2003-39 LW 25.05.23/5.500% 195,478 0.05 1,233,613 Fannie Mae Pool No: 725027 01.11.33/5.000% 1,196,026 0.30 50,308 Fannie Mae 2003-52 SX 25.10.31/8.355%* 55,041 0.01 228,367 Fannie Mae Pool No: 725171 01.01.19/4.000% 217,413 0.05 221,418 Fannie Mae 2003-68 QP 25.07.22/3.000% 206,826 0.05 4,444,840 Fannie Mae Pool No: 725352 01.04.19/4.500% 4,344,136 1.08 504,420 Fannie Mae 2003-80 SY 25.06.23/2.785%* 47,673 0.01 106,104 Fannie Mae Pool No: 725382 01.01.16/8.000% 110,305 0.03 1,650,000 Fannie Mae 2003-81 LC 25.09.18/4.500% 1,600,339 0.40 1,755,485 Fannie Mae Pool No: 725445 01.05.19/4.500% 1,715,712 0.43 250,000 Fannie Mae 2003-83 PG 25.06.23/5.000% 247,149 0.06 90,949 Fannie Mae Pool No: 725704 01.08.34/6.000% 92,100 0.02 87,059 Fannie Mae 2004-10 SC 25.02.34/9.140%* 98,359 0.02 803,345 Fannie Mae Pool No: 726128 01.07.18/4.000% 764,809 0.19 126,961 Fannie Mae 2004-25 SA 25.04.34/6.146%* 131,541 0.03 580,698 Fannie Mae Pool No: 727226 01.06.18/4.000% 552,843 0.14 100,000 Branch Banking & Trust 15.01.13/4.875% 97,385 0.02 1,088,003 Fannie Mae Pool No: 727466 01.08.18/4.500% 1,063,352 0.26 40,000 Capital One Bank 15.09.10/5.750% 41,211 0.01 566,578 Fannie Mae Pool No: 728807 01.06.33/5.000% 549,315 0.14 80,000 Cisco Systems 22.02.16/5.500% 81,099 0.02 268,401 Fannie Mae Pool No: 729347 01.07.18/4.000% 255,526 0.06 100,000 Citigroup Global Markets 456,299 Fannie Mae Pool No: 729379 01.08.33/6.000% 462,074 0.12 Holdings 15.02.08/6.500% 100,177 0.02 561,006 Fannie Mae Pool No: 730022 01.08.18/4.000% 534,096 0.13 400,000 Comcast 15.03.11/5.500% 404,098 0.10 50,517 Fannie Mae Pool No: 730332 01.09.18/4.000% 48,094 0.01 125,000 Comcast 15.03.16/5.900% 124,991 0.03 274,348 Fannie Mae Pool No: 730536 01.08.18/4.000% 261,188 0.07 150,000 Comcast 15.03.16/5.900% 149,989 0.04 496,003 Fannie Mae Pool No: 730675 01.08.33/4.500% 466,165 0.12 100,000 Comcast Holdings 15.07.12/10.625% 117,935 0.03 349,448 Fannie Mae Pool No: 734763 01.08.33/4.500% 328,426 0.08 350,000 Credit Suisse First Boston USA 15.08.13/5.500% 361,736 0.09 670,191 Fannie Mae Pool No: 735023 01.11.14/4.500% 669,445 0.17 280,000 Exelon Generation 15.06.11/6.950% 293,648 0.07 644,388 Fannie Mae Pool No: 735290 01.12.19/4.500% 629,788 0.16 1,000,000 Fannie Mae 2004-27 HB 25.05.19/4.000% 913,323 0.23 764,050 Fannie Mae Pool No: 735333 01.08.34/4.795%* 765,154 0.19 1,516,600 Fannie Mae 2004-36 PB 25.05.32/5.500% 1,552,483 0.39 673,496 Fannie Mae Pool No: 735522 01.12.18/4.000% 641,189 0.16 400,000 Fannie Mae 2004-76 CL 25.10.19/4.000% 374,886 0.09 272,699 Fannie Mae Pool No: 735911 01.08.20/6.500% 280,667 0.07 400,000 Fannie Mae 2004-81 AC 25.11.19/4.000% 373,450 0.09 560,671 Fannie Mae Pool No: 740456 01.10.18/4.500% 547,968 0.14 1,000,000 Fannie Mae 2005-109 PC 25.12.35/6.000% 1,011,668 0.25 289,053 Fannie Mae Pool No: 740822 01.09.18/5.500% 291,808 0.07 2,400,000 Fannie Mae 2005-110 GJ 25.11.30/5.500% 2,420,721 0.60 113,554 Fannie Mae Pool No: 743097 01.10.18/3.500% 105,946 0.03 2,000,000 Fannie Mae 2005-110 GK 25.08.34/5.500% 1,972,934 0.49 1,512,356 Fannie Mae Pool No: 745406 01.03.21/6.000% 1,544,729 0.38 500,000 Fannie Mae 2005-110 MN 25.06.35/5.500% 501,081 0.12 1,132,772 Fannie Mae Pool No: 745407 01.04.24/6.000% 1,151,140 0.29 400,114 Fannie Mae 2005-40 YA 25.09.20/5.000% 400,679 0.10 338,016 Fannie Mae Pool No: 745446 01.04.33/4.885%* 340,405 0.08 464,711 Fannie Mae 2005-47 AN 25.12.16/5.000% 464,759 0.12 182,962 Fannie Mae Pool No: 748306 01.11.33/6.500% 187,794 0.05 281,563 Fannie Mae 2005-76 PZ 25.09.35/5.500% 264,309 0.07 89,397 Fannie Mae Pool No: 754922 01.09.33/5.500% 88,703 0.02 2,358,719 Fannie Mae 2005-84 MB 25.10.35/5.750% 2,394,845 0.60 240,235 Fannie Mae Pool No: 755973 01.11.28/8.000% 250,070 0.06 1,360,000 Fannie Mae 2005-84 XH 25.10.35/5.750% 1,358,078 0.34 90,195 Fannie Mae Pool No: 755994 01.10.28/8.000% 93,887 0.02 1,000,000 Fannie Mae 2005-84 XM 25.10.35/5.750% 1,014,575 0.25 130,340 Fannie Mae Pool No: 759298 01.01.34/5.000% 126,368 0.03 450,514 Fannie Mae 2006-110 PO 25.11.36/0.000% 334,579 0.08 234,222 Fannie Mae Pool No: 759424 01.01.34/5.500% 232,648 0.06 234,556 Fannie Mae 2006-22 AO 25.04.36/0.000% 167,344 0.04 408,160 Fannie Mae Pool No: 763029 01.05.33/4.500% 381,962 0.10 265,305 Fannie Mae 2006-44 GO 25.06.36/0.000% 194,367 0.05 128,153 Fannie Mae Pool No: 763795 01.02.34/5.000% 124,248 0.03 837,482 Fannie Mae 2006-44 P 25.12.33/0.000% 603,292 0.15 254,108 Fannie Mae Pool No: 766610 01.01.34/4.154%* 252,858 0.06 1,000,000 Fannie Mae 2006-53 WE 25.06.36/6.000% 1,005,032 0.25 356,884 Fannie Mae Pool No: 768005 01.09.13/4.000% 352,659 0.09 461,354 Fannie Mae 2006-58 AP 25.07.36/0.000% 343,136 0.09 585,383 Fannie Mae Pool No: 769844 01.12.18/5.000% 582,914 0.15 1,000,000 Fannie Mae 2006-77 PC 25.08.36/6.500% 1,047,896 0.26 477,388 Fannie Mae Pool No: 771959 01.02.34/5.500% 471,651 0.12 50,131 Fannie Mae G93-1 KA 25.01.23/7.900% 54,368 0.01 674,338 Fannie Mae Pool No: 773153 01.06.19/4.000% 641,991 0.16 29,464 Fannie Mae Interest Strip 340 1 01.09.33/0.000% 20,703 0.01 694,481 Fannie Mae Pool No: 775902 01.04.30/8.500% 746,811 0.19 839,704 Fannie Mae Pool No: 731594 01.08.18/4.000% 799,424 0.20 609,794 Fannie Mae Pool No: 780956 01.05.19/4.500% 595,978 0.15 754,087 Fannie Mae Pool No: 843026 01.09.35/5.261%* 762,567 0.19 465,783 Fannie Mae Pool No: 781309 01.07.34/4.873%* 470,133 0.12 776,995 Fannie Mae Pool No: 843028 01.09.35/5.149%* 784,616 0.20 15,884 Fannie Mae Pool No: 782613 01.05.19/3.500% 14,746 0.00 28,182 Fannie Mae Pool No: 190632 01.02.14/6.000% 28,728 0.01 78,897 Fannie Mae Pool No: 787741 01.08.30/9.000% 85,715 0.02 36,973 Fannie Mae Pool No: 252409 01.03.29/6.500% 38,127 0.01 447,767 Fannie Mae Pool No: 788150 01.03.32/6.000% 453,434 0.11 444,586 Fannie Mae Pool No: 254305 01.05.22/6.500% 457,864 0.11 203,816 Fannie Mae Pool No: 789426 01.07.19/3.500% 189,214 0.05 98,842 Fannie Mae Pool No: 254774 01.05.13/5.500% 100,715 0.03 437,440 Fannie Mae Pool No: 790235 01.08.34/4.935%* 435,494 0.11 138,554 Fannie Mae Pool No: 254827 01.05.13/5.500% 141,214 0.04 271,343 Fannie Mae Pool No: 791961 01.09.34/4.594%* 272,560 0.07 1,145,983 Fannie Mae Pool No: 254919 01.09.18/4.000% 1,091,012 0.27 186,979 Fannie Mae Pool No: 796815 01.09.19/5.500% 188,761 0.05 764,161 Fannie Mae Pool No: 255052 01.11.23/4.000% 722,576 0.18 335,750 Fannie Mae Pool No: 800982 01.11.34/5.500% 333,494 0.08 775,559 Fannie Mae Pool No: 255441 01.06.19/3.500% 719,996 0.18 604,815 Fannie Mae Pool No: 801342 01.09.34/4.900%* 602,619 0.15 1,185,431 Fannie Mae Pool No: 256648 01.01.22/7.500% 1,235,701 0.31 358,524 Fannie Mae Pool No: 807942 01.12.34/5.500% 356,115 0.09 69,880 Fannie Mae Pool No: 357639 01.11.34/5.500% 69,410 0.02 604,671 Fannie Mae Pool No: 810896 01.01.35/4.833%* 608,348 0.15 108,816 Fannie Mae Pool No: 386652 01.11.08/4.955% 108,699 0.03 572,041 Fannie Mae Pool No: 815426 01.02.35/4.500% 537,630 0.13 267,718 Fannie Mae Pool No: 535574 01.11.13/7.500% 275,501 0.07 535,056 Fannie Mae Pool No: 816597 01.02.35/4.853%* 534,258 0.13 177,914 Fannie Mae Pool No: 545622 01.04.17/7.500% 185,670 0.05 399,842 Fannie Mae Pool No: 820347 01.09.35/5.000% 387,659 0.10 581,785 Fannie Mae Pool No: 545967 01.10.17/5.500% 587,330 0.15 388,951 Fannie Mae Pool No: 823660 01.05.35/4.671%* 390,290 0.10 1,836,818 Fannie Mae Pool No: 555182 01.01.18/6.000% 1,876,137 0.47 581,041 Fannie Mae Pool No: 847108 01.10.35/6.500% 595,756 0.15 1,585,844 Fannie Mae Pool No: 555606 01.07.18/4.000% 1,509,773 0.38 554,038 Fannie Mae Pool No: 852874 01.04.20/4.000% 527,461 0.13 720,936 Fannie Mae Pool No: 555698 01.08.18/4.000% 686,354 0.17 1,143,716 Fannie Mae Pool No: 888658 01.12.20/4.000% 1,088,853 0.27 121,248 Fannie Mae Pool No: 555791 01.12.22/6.500% 125,137 0.03 3,950,913 Fannie Mae Pool No: 888889 01.12.18/4.500% 3,861,400 0.96

188 JPMorgan Funds - US Aggregate Bond Fund Schedule of Investments (Market Value Expressed in USD) (continued) As at 31 December 2007

% % 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

729,260 Fannie Mae Pool No: 896463 01.10.34/5.154%* 740,431 0.18 114,488 Freddie Mac 2259 ZM 15.10.30/7.000% 118,014 0.03 879,457 Fannie Mae Pool No: 905694 01.12.36/5.825%* 890,450 0.22 500,000 Freddie Mac 2283 K 15.12.23/6.500% 525,682 0.13 661,949 Fannie Mae Pool No: 907742 01.12.36/7.000% 682,033 0.17 500,573 Freddie Mac 2344 ZD 15.08.31/6.500% 514,325 0.13 316,312 Fannie Mae REMICS 2003-33 267,731 Freddie Mac 2345 PQ 15.08.16/6.500% 277,489 0.07 CH 25.07.17/4.000% 310,105 0.08 194,455 Freddie Mac 2355 BP 15.09.16/6.000% 199,659 0.05 1,000,000 Fannie Mae REMICS 2003-55 181,525 Freddie Mac 2360 PG 15.09.16/6.000% 185,978 0.05 HY 25.06.23/5.000% 950,610 0.24 264,076 Freddie Mac 2363 PF 15.09.16/6.000% 271,009 0.07 250,147 Fannie Mae REMICS 2006-65 192,176 Freddie Mac 2366 MD 15.10.16/6.000% 192,871 0.05 QO 25.07.36/0.000% 189,740 0.05 160,733 Freddie Mac 2410 NG 15.02.32/6.500% 167,426 0.04 2,370,663 Fannie Mae REMICS 2007-7 122,650 Freddie Mac 2416 SH 17.02.32/5.945%* 126,340 0.03 SG 25.08.36/1.635%* 137,403 0.03 187,147 Freddie Mac 2424 OG 15.03.17/6.000% 192,296 0.05 306,335 Fannie Mae REMICS 2002-2 240,689 Freddie Mac 2425 OB 0.06 MG 25.02.17/6.000% 315,122 0.08 15.03.17/6.000% 247,762 1,266,245 Fannie Mae REMICS 2002-63 134,894 Freddie Mac 2434 TC 15.04.32/7.000% 142,058 0.04 KC 25.10.17/5.000% 1,263,990 0.31 365,693 Freddie Mac 2453 BD 15.05.17/6.000% 375,839 0.09 3,000,000 Fannie Mae REMICS 2003-35 100,000 Freddie Mac 2466 PG 15.04.32/6.500% 103,988 0.03 BC 25.05.18/5.000% 2,960,894 0.74 134,279 Freddie Mac 2472 VB 15.11.17/6.000% 134,693 0.03 422,557 Fannie Mae REMICS 2003-81 211,953 Freddie Mac 2484 LZ 15.07.32/6.500% 221,741 0.06 SP 25.09.33/1.550%* 272,240 0.07 384,970 Freddie Mac 2503 BH 15.09.17/5.500% 389,489 0.10 1,000,000 Fannie Mae REMICS 2003-86 22,175 Freddie Mac 2519 BT 15.09.31/8.500% 23,930 0.01 PW 25.06.15/4.500% 992,853 0.25 297,730 Freddie Mac 2521 PU 15.05.10/5.500% 299,718 0.07 1,834,648 Fannie Mae REMICS 2004-46 91,019 Freddie Mac 2527 VU 15.10.13/5.500% 91,805 0.02 HS 25.05.30/1.135%* 58,052 0.01 500,000 Freddie Mac 2537 TE 15.12.17/5.500% 506,260 0.13 1,096,503 Fannie Mae REMICS 2005-17 363,324 Freddie Mac 2541 GX 15.02.17/5.500% 366,160 0.09 EP 25.03.35/4.500% 1,085,760 0.27 415,000 Freddie Mac 2544 HC 15.12.32/6.000% 415,721 0.10 1,175,042 Fannie Mae REMICS 2005-56 S 25.07.35/1.845%* 69,384 0.02 130,315 Freddie Mac 2565 MB 15.05.30/6.000% 131,914 0.03 1,035,086 Fannie Mae REMICS 2005-57 200,000 Freddie Mac 2575 ME 15.02.33/6.000% 198,215 0.05 PA 25.05.27/5.500% 1,040,074 0.26 197,549 Freddie Mac 2597 DS 15.02.33/2.522%* 13,291 0.00 838,769 Fannie Mae REMICS 2005-86 213,931 Freddie Mac 2610 DS 0.00 GB 25.10.35/5.000% 758,121 0.19 15.03.33/2.073%* 15,030 1,000,000 Fannie Mae REMICS 2006-124 217,120 Freddie Mac 2611 SH 15.10.21/2.623%* 15,406 0.00 HB 25.11.36/6.039%* 1,000,595 0.25 166,990 Freddie Mac 2630 KN 15.04.13/2.500% 165,175 0.04 551,531 Fannie Mae REMICS 2006-18 1,180,000 Freddie Mac 2631 LC 15.06.18/4.500% 1,142,543 0.28 PA 25.01.26/5.500% 554,643 0.14 365,827 Freddie Mac 2636 Z 15.06.18/4.500% 349,674 0.09 824,811 Fannie Mae REMICS 2006-36 33,843 Freddie Mac 2643 HI 15.12.16/4.500% 2,573 0.00 PO 25.05.36/0.000% 627,934 0.16 227,378 Freddie Mac 2646 AC 15.08.17/3.500% 219,220 0.05 848,576 Fannie Mae REMICS 2006-58 294,609 Freddie Mac 2650 PO 15.12.32/0.000% 243,543 0.06 PO 25.07.36/0.000% 626,421 0.16 3,146,887 Freddie Mac 2650 QN 15.01.33/4.500% 3,100,035 0.77 417,657 Fannie Mae REMICS 2006-59 806,864 Freddie Mac 2650 SO 15.12.32/0.000% 656,895 0.16 QO 25.01.33/0.000% 336,465 0.08 139,671 Freddie Mac 2668 SB 15.10.15/2.731%* 130,856 0.03 3,425,149 Fannie Mae REMICS 2007-106 200,000 Freddie Mac 2672 ME 15.11.22/5.000% 197,713 0.05 A7 25.10.37/6.250%* 3,418,382 0.85 1,450,000 Freddie Mac 2675 CK 15.09.18/4.000% 1,361,068 0.34 1,000,000 Fannie Mae REMICS 2007-84 144,955 Freddie Mac 2683 VA 15.02.21/5.500% 146,209 0.04 PD 25.08.32/6.000% 1,015,466 0.25 1,500,000 Freddie Mac 2684 PO 15.01.33/0.000% 970,299 0.24 1,789,872 Fannie Mae REMICS 2007-84 233,250 Freddie Mac 2686 GB 0.06 PE 25.05.34/6.000% 1,798,259 0.45 15.05.20/5.000% 233,828 2,000,000 Fannie Mae REMICS 2007-84 143,073 Freddie Mac 2694 BA 15.06.31/4.000% 136,332 0.03 PG 25.12.36/6.000% 1,992,578 0.50 500,000 Freddie Mac 2695 DE 15.01.17/4.000% 484,819 0.12 165,736 Fannie Mae REMICS G93-17 1,000,000 Freddie Mac 2695 DG 15.10.18/4.000% 943,688 0.23 SH 25.04.23/9.234%* 195,008 0.05 500,000 Freddie Mac 2720 PC 15.12.23/5.000% 495,288 0.12 34,457 Fannie Mae Whole Loan 102,224 Freddie Mac 2722 EG 15.12.33/0.000% 49,710 0.01 2003-W4 2A 25.10.42/6.500% 35,888 0.01 400,000 Freddie Mac 2744 PD 15.08.33/5.500% 405,164 0.10 153,420 Fannie Mae Whole Loan 563,949 Freddie Mac 2755 PA 15.02.29/0.000% 459,830 0.11 2004-W2 2A2 25.02.44/7.000% 162,602 0.04 1,000,000 Freddie Mac 2764 UC 15.05.27/5.000% 1,001,955 0.25 382,648 Federal Home Loan Bank 50,563 Freddie Mac 2766 SX 15.03.34/0.820%* 40,367 0.01 System 00-0606 Y 28.12.12/5.270% 389,314 0.10 76,156 Freddie Mac 2776 SK 15.04.34/1.534%* 58,924 0.01 48,065 FHLMC Structured Pass 500,000 Freddie Mac 2783 AT 15.04.19/4.000% 457,945 0.11 Through Securities T-41 3A 25.07.32/7.500%* 50,762 0.01 800,000 Freddie Mac 2809 UC 15.06.19/4.000% 742,474 0.18 63,954 FHLMC Structured Pass 225,508 Freddie Mac 2827 SQ 15.01.19/7.500%* 230,810 0.06 Through Securities T-54 2A 25.02.43/6.500% 65,353 0.02 1,000,000 Freddie Mac 2833 NB 15.08.19/4.500% 960,073 0.24 87,251 FHLMC Structured Pass 1,000,000 Freddie Mac 2864 GB 0.23 Through Securities T-54 3A 25.02.43/7.000% 91,786 0.02 15.09.19/4.000% 934,993 500,000 Freddie Mac 2931 QC 0.12 100,000 Fifth Third Bancorp 15.01.17/5.450% 94,608 0.02 15.01.19/4.500% 487,147 477,296 First Horizon Asset Securities 548,693 Freddie Mac 2945 ZB 15.03.35/5.500% 492,112 0.12 2003-7 2A1 25.09.18/4.500% 464,978 0.12 1,000,000 Freddie Mac 2958 QD 15.04.20/4.500% 972,126 0.24 257,298 First Horizon Asset Securities 573,234 Freddie Mac 2962 WJ 15.06.24/5.500% 581,545 0.14 2004-AR7 2A1 25.02.35/4.915%* 257,841 0.06 800,000 Freddie Mac 2965 GD 15.04.20/4.500% 773,018 0.19 500,000 First Horizon Asset Securities 1,000,000 Freddie Mac 2971 GC 15.07.18/5.000% 996,630 0.25 2004-AR7 2A2 25.02.35/4.915%* 503,966 0.13 100,000 Freddie Mac 2975 KO 15.05.35/0.000% 69,594 0.02 363,998 First Horizon Asset Securities 1,000,000 Freddie Mac 3047 OB 15.12.33/5.500% 1,012,843 0.25 2005-AR1 2A2 25.04.35/5.012%* 365,293 0.09 200,000 Freddie Mac 3047 OD 15.10.35/5.500% 196,244 0.05 426,135 First Union - Chase Commercial 700,000 Freddie Mac 3064 OE 15.11.35/5.500% 677,625 0.17 Mortgage 1999-C2 A2 15.06.31/6.645% 431,937 0.11 1,000,000 Freddie Mac 3074 BH 15.11.35/5.000% 953,971 0.24 1,200,000 Ford Credit Auto Owner Trust 327,504 Freddie Mac 3101 EA 15.06.20/6.000% 326,230 0.08 2006-B A4 15.09.11/5.250% 1,210,640 0.30 254,890 Freddie Mac 3117 EO 15.02.36/0.000% 191,084 0.05 500,000 Ford Credit Auto Owner Trust 331,461 Freddie Mac 3117 OK 15.02.36/0.000% 232,280 0.06 2007-B A3A 15.11.11/5.150% 503,581 0.13 404,054 Freddie Mac 3118 DM 15.02.24/5.000% 376,093 0.09 50,000 Freddie Mac 15.10.08/5.125% 50,385 0.01 448,742 Freddie Mac 3134 PO 15.03.36/0.000% 348,929 0.09 14,542 Freddie Mac 1512 J 15.05.08/6.500% 14,520 0.00 453,623 Freddie Mac 3138 PO 15.04.36/0.000% 350,278 0.09 246,662 Freddie Mac 1578 K 15.09.23/6.900% 257,422 0.06 456,994 Freddie Mac 3150 PO 15.05.36/0.000% 353,393 0.09 175,788 Freddie Mac 1609 LG 15.11.23/6.365%* 181,446 0.05 1,355,493 Freddie Mac 3152 MO 15.03.36/0.000% 979,948 0.24 113,687 Freddie Mac 1668 D 15.02.14/6.500% 116,889 0.03 227,984 Freddie Mac 3158 LX 15.05.36/0.000%* 196,888 0.05 29,756 Freddie Mac 1807 A 15.11.08/6.000% 29,829 0.01 181,495 Freddie Mac 3189 SN 15.11.35/1.791%* 189,712 0.05 383,211 Freddie Mac 1863Z 0.10 15.07.26/6.500% 394,902 398,241 Freddie Mac Gold Pool No: 133,309 Freddie Mac 2061 Z 15.06.28/6.500% 136,580 0.03 A11312 01.07.33/6.000% 402,908 0.10 162,813 Freddie Mac 2075 PH 15.08.28/6.500% 169,021 0.04 180,635 Freddie Mac Gold Pool No: 249,007 Freddie Mac 2102 TC 15.12.13/6.000% 255,039 0.06 A17537 01.01.34/6.000% 182,752 0.05 100,000 Freddie Mac 2169 TB 15.06.29/7.000% 104,488 0.03 240,844 Freddie Mac Gold Pool No: 500,000 Freddie Mac 2172 QC 15.07.29/7.000% 519,228 0.13 A28796 01.11.34/6.500% 247,279 0.06 19,236 Freddie Mac 2189 SA 15.02.28/7.524%* 19,467 0.00

189 JPMorgan Funds - US Aggregate Bond Fund Schedule of Investments (Market Value Expressed in USD) (continued) As at 31 December 2007

% % 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

1,103,485 Freddie Mac Gold Pool No: 168,654 Ginnie Mae I Pool No: 530795 15.01.23/6.500% 174,352 0.04 A46987 01.07.35/5.500% 1,095,036 0.27 24,815 Ginnie Mae I Pool No: 591882 15.07.32/6.500% 25,579 0.01 950,354 Freddie Mac Gold Pool No: 39,944 Ginnie Mae I Pool No: 607645 15.02.33/6.500% 41,174 0.01 A61376 01.07.32/6.500% 975,746 0.24 27,213 Ginnie Mae I Pool No: 607728 15.03.33/6.000% 27,770 0.01 336,529 Freddie Mac Gold Pool No: 63,953 Ginnie Mae I Pool No: 611453 15.04.32/7.000% 66,791 0.02 B10294 01.10.18/4.500% 328,484 0.08 67,395 Ginnie Mae I Pool No: 621970 15.02.34/6.000% 68,775 0.02 153,100 Freddie Mac Gold Pool No: 38,422 Ginnie Mae I Pool No: 781570 15.01.16/8.000% 40,641 0.01 B10492 01.11.18/4.000% 145,660 0.04 24,175 Ginnie Mae I Pool No: 781614 15.06.33/7.000% 25,248 0.01 383,561 Freddie Mac Gold Pool No: 279,748 Ginnie Mae I Pool No: 781648 0.07 B14730 01.05.14/4.000% 364,922 0.09 15.08.33/6.000% 285,474 580,629 Freddie Mac Gold Pool No: 867,124 GMAC Mortgage Corp Loan Trust 2003-J7 A2 0.21 B14857 01.05.19/4.500% 566,748 0.14 25.11.33/4.500% 851,328 1,238,564 Freddie Mac Gold Pool No: 640,000 GMAC Mortgage Corp Loan Trust 2005-AR3 3A4 0.16 C02660 01.11.36/6.500% 1,271,657 0.32 19.06.35/4.851%* 634,688 92,721 Freddie Mac Gold Pool No: 110,000 Goldman Sachs Group 15.02.34/6.345% 98,930 0.02 C90600 01.12.22/6.000% 94,128 0.02 565,800 Government National Mortgage 832,296 Freddie Mac Gold Pool No: Association 1994-7 PQ 16.10.24/6.500% 593,757 0.15 C90985 01.08.26/6.500% 853,905 0.21 377,910 Government National Mortgage 974,966 Freddie Mac Gold Pool No: Association 2000-10 ZP 16.02.30/7.500% 399,491 0.10 E01304 01.01.18/4.500% 951,658 0.24 42,909 Government National Mortgage 50,528 Freddie Mac Gold Pool No: Association 2000-6 Z 20.02.30/7.500% 44,786 0.01 E01403 01.04.18/6.000% 51,562 0.01 201,136 Government National Mortgage 1,231,564 Freddie Mac Gold Pool No: Association 2001-8 Z 20.03.31/6.500% 207,484 0.05 E01418 01.07.18/4.000% 1,171,718 0.29 338,068 Government National Mortgage 291,214 Freddie Mac Gold Pool No: Association 2002-40 UK 20.06.32/6.500% 351,797 0.09 E01424 01.08.18/4.000% 277,063 0.07 552,232 Government National Mortgage 675,485 Freddie Mac Gold Pool No: Association 2002-41 SY 16.06.32/2.473%* 46,991 0.01 E01647 01.05.19/4.000% 642,660 0.16 313,038 Government National Mortgage 1,137,310 Freddie Mac Gold Pool No: Association 2002-45 QE 20.06.32/6.500% 325,904 0.08 E99955 01.10.18/5.000% 1,132,512 0.28 100,000 Government National Mortgage 52,524 Freddie Mac Gold Pool No: Association 2002-47 PG 16.07.32/6.500% 104,244 0.03 G01448 01.08.32/7.000% 54,560 0.01 5,753 Government National Mortgage 832,583 Freddie Mac Gold Pool No: Association 2002-51 SG 20.04.31/11.055%* 6,477 0.00 G01907 01.08.34/4.500% 780,157 0.19 121,806 Government National Mortgage 442,609 Freddie Mac Gold Pool No: Association 2002-54 GB 20.08.32/6.500% 126,813 0.03 G01919 01.09.35/4.000% 403,514 0.10 92,216 Government National Mortgage 929,687 Freddie Mac Gold Pool No: Association 2002-79 KV 20.11.13/6.000% 93,459 0.02 G02272 01.10.35/4.000% 848,181 0.21 1,389,920 Government National Mortgage 911,970 Freddie Mac Gold Pool No: Association 2003-1 SX 16.06.31/2.073%* 75,200 0.02 G03029 01.10.29/6.000% 922,657 0.23 62,013 Government National Mortgage 19,525 Freddie Mac Gold Pool No: Association 2003-4 NY 20.12.13/5.500% 62,753 0.02 G10706 01.07.12/8.000% 20,379 0.01 300,000 Government National Mortgage 738,914 Freddie Mac Gold Pool No: Association 2003-98 PC 20.02.29/5.000% 291,646 0.07 G11435 01.06.18/5.000% 735,797 0.18 25,116 Government National Mortgage 2,942,294 Freddie Mac Gold Pool No: Association 2006-38 ZL 20.09.33/6.500% 25,029 0.01 G12906 01.07.21/6.000% 3,002,519 0.75 1,061,992 Government National Mortgage 51,655 Freddie Mac Gold Pool No: Association 2006-57 PZ 20.10.36/5.565% 1,032,864 0.26 G30234 01.11.22/6.500% 53,220 0.01 986,772 Government National Mortgage 311,458 Freddie Mac Gold Pool No: Association 2007-49 NO 20.12.35/0.000% 771,452 0.19 P50201 01.01.34/5.500% 306,786 0.08 400,000 GS Mortgage Securities II 113,941 Freddie Mac Gold Pool No: 2004-GG2 A6 10.08.38/5.396%* 400,966 0.10 P60089 01.12.14/7.000% 117,501 0.03 1,200,000 GSR Mortgage Loan Trust 102,265 Freddie Mac Gold Pool No: 2007-1F 2A4 25.01.37/5.500% 1,132,312 0.28 P60090 01.03.16/7.000% 105,460 0.03 743,844 GSR Mortgage Loan Trust 517,736 Freddie Mac Gold Pool No: 2004-10F 2A1 25.08.19/5.000% 740,671 0.18 P60151 01.05.19/6.000% 526,636 0.13 1,150,000 GSR Mortgage Loan Trust 419,156 Freddie Mac Non Gold Pool 2004-6F 3A4 25.05.34/6.500% 1,163,722 0.29 No: 1B1665 01.04.34/4.135%* 414,065 0.10 100,000 GTE 15.04.08/6.460% 100,305 0.02 992,266 Freddie Mac Non Gold Pool 25,000 Historic TW 15.06.18/6.875% 26,104 0.01 No: 1B3485 01.07.37/5.359%* 995,091 0.25 110,000 Household Automotive Trust 11,574 Freddie Mac Non Gold Pool 2005-1 A4 18.06.12/4.350% 109,367 0.03 No: 555325 01.06.17/8.750% 11,604 0.00 35,000 HSBC Finance 15.12.08/4.125% 34,812 0.01 773,612 Freddie Mac Non Gold Pool 583,000 HSBC Finance 15.05.11/6.750% 603,997 0.15 No: 972200 01.03.36/5.483%* 780,031 0.19 200,000 HSBC Finance 15.07.13/4.750% 195,449 0.05 811,233 Freddie Mac REMICS 1702 PX 15.09.23/6.500% 830,573 0.21 3,689,476 Indymac Index Mortgage Loan 421,977 Freddie Mac REMICS 2483 HZ 15.08.32/4.500% 352,618 0.09 Trust 2005-AR11 A7 25.08.35/0.719%* 50,684 0.01 2,354,000 Freddie Mac REMICS 2496 VK 15.02.19/6.000% 2,375,481 0.59 40,000 International Lease Finance 01.05.08/4.500% 39,847 0.01 2,000,000 Freddie Mac REMICS 2543 AN 15.12.17/5.000% 1,988,891 0.50 30,000 International Lease Finance 01.05.13/5.875% 30,942 0.01 1,202,172 Freddie Mac REMICS 2591 QU 15.06.17/3.750% 1,173,713 0.29 200,000 International Lease Finance 20.09.13/5.625% 204,268 0.05 2,174,067 Freddie Mac REMICS 2614 KB 15.04.17/4.500% 2,149,424 0.54 400,000 International Lease Finance 01.06.14/5.650% 400,831 0.10 1,524,901 Freddie Mac REMICS 2632 NH 15.06.13/3.500% 1,472,500 0.37 90,000 iStar Financial 15.12.10/6.000% 83,359 0.02 1,025,120 Freddie Mac REMICS 2697 LE 15.11.20/4.500% 1,011,614 0.25 100,000 John Hancock Global Funding 611,326 Freddie Mac REMICS 2751 BA 15.10.18/4.000% 576,668 0.14 II 144A 30.01.09/3.500% 98,944 0.02 289,256 Freddie Mac REMICS 2762 LO 15.03.34/0.000% 173,358 0.04 30,000 Kellogg 03.12.12/5.125% 30,459 0.01 1,849,543 Freddie Mac REMICS 2778 US 15.06.33/2.173%* 113,198 0.03 30,000 Kerr-McGee 01.07.24/6.950% 31,913 0.01 214,521 Freddie Mac REMICS 2780 JG 15.04.19/4.500% 204,463 0.05 400,000 Kraft Foods 01.02.18/6.125% 400,066 0.10 525,643 Freddie Mac REMICS 2840 JO 15.06.23/0.000% 391,164 0.10 15,000 LB-UBS Commercial Mortgage Trust 2004-C2 A2 0.00 1,053,665 Freddie Mac REMICS 2841 YA 15.07.27/5.500% 1,059,451 0.26 15.03.29/3.246% 14,728 75,000 Lehman Brothers Holdings 0.02 1,000,000 Freddie Mac REMICS 2872 JE 15.02.18/4.500% 981,761 0.24 28.12.17/6.750% 76,467 30,000 Lockheed Martin 0.01 681,931 Freddie Mac REMICS 3068 AO 15.01.35/0.000% 571,593 0.14 01.12.29/8.500% 38,970 310,000 Manuf & Traders Trust 0.08 1,000,000 Freddie Mac REMICS 3162 OB 15.11.30/6.000% 1,019,800 0.25 04.12.17/6.625% 306,698 200,000 MassMutual Global Funding II 647,573 Freddie Mac REMICS 3169 BN 15.06.34/5.000% 625,174 0.16 144A 15.03.10/3.500% 197,432 0.05 1,000,000 Freddie Mac REMICS 3195 PD 0.26 15.07.36/6.500% 1,054,547 600,000 Mastr Adjustable Rate 845,457 Freddie Mac REMICS 3260 CS 15.01.37/1.113%* 38,404 0.01 Mortgages Trust 2004-13 3A6 21.11.34/3.786%* 592,135 0.15 900,000 General Electric Capital 01.02.11/5.200% 921,600 0.23 323,769 MASTR Alternative Loans Trust 10,000 Genworth Financial 15.06.34/6.500% 9,581 0.00 2004-10 1A1 25.09.19/4.500% 313,851 0.08 550,000 Genworth Global Funding 591,855 MASTR Alternative Loans Trust Trusts 08.10.10/5.200% 556,011 0.14 2004-4 10A1 25.05.24/5.000% 556,118 0.14 198,235 Ginnie Mae I Pool No: 456388 15.03.28/7.500% 208,518 0.05 247,396 MASTR Alternative Loans Trust 82,114 Ginnie Mae I Pool No: 465505 15.06.28/7.500% 86,374 0.02 2004-6 7A1 25.07.34/6.000% 248,475 0.06

190 JPMorgan Funds - US Aggregate Bond Fund Schedule of Investments (Market Value Expressed in USD) (continued) As at 31 December 2007

% % 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

453,371 MASTR Asset Securitization 480,000 Time Warner Entertainment 15.03.23/8.375% 561,396 0.14 Trust 2003-11 6A2 25.12.33/4.000% 449,194 0.11 16,646 Toyota Auto Receivables Owner 35,000 MBNA Credit Card Master Trust 2003-B A4 15.01.10/2.790% 16,632 0.00 Note Trust 2003-C1 C1 15.08.13/7.625% 34,899 0.01 15,000 Union Pacific 15.01.11/6.650% 15,607 0.00 250,000 Merrill Lynch Mortgage Trust 6,250,000 US Treasury 15.02.10/6.500% 6,670,898 1.66 2005-MCP1 ASB 12.06.43/4.674%* 244,598 0.06 500,000 US Treasury 15.02.19/8.875% 698,125 0.17 400,000 Merrill Lynch/Countrywide 1,000,000 US Treasury 15.02.21/7.875% 1,333,750 0.33 Commercial Mortgage Trust 70,000 US Treasury 15.11.09/3.500% 70,481 0.02 2006-1 A4 12.02.39/5.428%* 400,136 0.10 45,000 US Treasury 15.11.14/4.250% 46,153 0.01 100,000 Metropolitan Life Global 1,800,000 US Treasury 0.47 Funding I 144A 18.09.13/5.200% 101,160 0.03 30.06.11/5.125% 1,905,750 200,000 Monumental Global Funding II 2,000,000 US Treasury 30.09.11/4.500% 2,079,062 0.52 144A 30.07.09/4.375% 200,381 0.05 2,200,000 US Treasury 31.01.12/4.750% 2,310,000 0.58 150,000 Morgan Stanley 15.05.10/4.250% 148,488 0.04 10,600,000 US Treasury 31.10.11/4.625% 11,070,375 2.76 75,000 Morgan Stanley 15.10.13/6.750% 80,454 0.02 4,350,000 US Treasury (Strip) 15.11.12/0.000% 3,665,478 0.91 290,000 Morgan Stanley 28.12.17/5.950% 287,328 0.07 3,000,000 US Treasury (Strip) 15.02.14/0.000% 2,378,246 0.58 250,000 Morgan Stanley Capital I 7,400,000 US Treasury (Strip) 15.05.14/0.000% 5,785,914 1.44 2004-HQ3 A2 13.01.41/4.050% 246,811 0.06 4,300,000 US Treasury (Strip) 15.08.14/0.000% 3,328,535 0.83 230,000 Morgan Stanley Capital I 6,000,000 US Treasury (Strip) 15.11.14/0.000% 4,582,404 1.14 2004-T13 A4 13.09.45/4.660% 222,593 0.06 34,450,000 US Treasury (Strip) 15.02.15/0.000% 25,893,542 6.45 259,423 Morgan Stanley Capital I 2,465,000 US Treasury (Strip) 15.11.15/0.000% 1,779,053 0.44 2006-IQ12 A1 15.12.43/5.257% 260,637 0.06 2,835,000 US Treasury (Strip) 15.05.16/0.000% 1,993,855 0.50 78,832 Morgan Stanley Capital I 2,350,000 US Treasury (Strip) 15.11.16/0.000% 1,610,363 0.40 2006-T23 A1 12.08.41/5.682% 80,021 0.02 11,075,000 US Treasury (Strip) 15.05.17/0.000% 7,376,625 1.84 519,172 Morgan Stanley Mortgage Loan 1,185,000 US Treasury (Strip) 15.11.17/0.000% 770,243 0.19 Trust 2004-3 1A 25.05.19/5.000% 512,948 0.13 1,750,000 US Treasury (Strip) 15.02.18/0.000% 1,117,420 0.28 189,152 MortgageIT Trust 2005-1 1A1 25.02.35/5.185%* 184,103 0.05 1,600,000 US Treasury (Strip) 15.02.19/0.000% 968,053 0.24 30,000 Nationwide Financial Services 01.07.12/5.900% 31,135 0.01 2,000,000 US Treasury (Strip) 15.05.19/0.000% 1,196,155 0.30 100,000 NCNB 15.09.09/9.375% 108,550 0.03 1,000,000 US Treasury (Strip) 15.05.20/0.000% 563,481 0.14 100,000 New York Life Global Funding 2,500,000 US Treasury (Strip) 15.05.20/8.750% 1,412,625 0.35 144A 15.01.09/3.875% 99,347 0.02 1,000,000 US Treasury (Strip) 15.08.20/0.000% 557,434 0.14 35,574 Nomura Asset Acceptance 162,067 Vendee Mortgage Trust 1998-1 2003-A1 A1 25.05.33/5.500% 34,881 0.01 2E 15.09.27/7.000% 170,373 0.05 29,404 Nomura Asset Acceptance 180,000 Wachovia Bank Commercial 2003-A1 A2 25.05.33/6.000% 29,501 0.01 Mortgage Trust 2003-C9 A2 15.12.35/3.958% 178,173 0.05 3,497 Nomura Asset Acceptance 250,000 Wachovia Bank Commercial 2003-A1 A5 25.04.33/7.000% 3,489 0.00 Mortgage Trust 2004-C15 A2 15.10.41/4.039% 246,462 0.05 58,708 Onyx Acceptance Grantor Trust 50,000 Wachovia Bank/Charlotte 0.01 2004-C A4 15.12.11/3.500% 58,392 0.01 18.08.10/7.800% 53,781 100,000 Oracle and Ozark Holding 0.02 588,338 Wamu Alternative Mortgage 15.01.16/5.250% 99,805 Pass-Through Certificates 150,000 Pacific Gas and Electric 30.11.17/5.625% 147,902 0.04 2003-S8 A5 25.09.18/4.500% 519,464 0.13 100,000 Pacific Life Global Funding 500,000 Wamu Alternative Mortgage 144A 15.01.09/3.750% 98,751 0.02 Pass-Through Certificates 45,000 Pacificorp 15.08.34/5.900% 43,566 0.01 2005-4 CB7 25.06.35/5.500% 477,025 0.12 90,000 Pioneer Natural Resources 15.07.16/5.875% 82,496 0.02 188,358 Washington Mutual 2003-AR4 75,000 Popular North America 01.04.08/4.250% 74,816 0.02 A6 25.05.33/3.423%* 188,320 0.05 200,000 Potomac Electric Power 15.11.37/6.500% 198,832 0.05 213,316 Washington Mutual 2003-AR8 150,000 Principal Life Global Funding I A 25.08.33/4.030%* 211,594 0.05 144A 26.06.08/2.800% 148,073 0.04 1,406,124 Washington Mutual 2003-S10 95,158 Procter & Gamble - Esop 01.01.21/9.360% 120,393 0.03 A5 25.10.18/5.000% 1,383,120 0.34 60,000 PSE&G Transition Funding 829,503 Washington Mutual 2003-S8 A4 25.09.18/4.500% 795,910 0.20 2001-1 A6 15.06.15/6.610% 63,765 0.02 595,407 Washington Mutual 2004-RS2 45,000 PSEG Power 01.04.09/3.750% 44,403 0.01 A4 25.11.33/5.000% 463,714 0.12 55,000 PSEG Power 01.12.15/5.500% 54,493 0.01 181,076 Washington Mutual 2004-S3 30,000 PSEG Power 15.04.11/7.750% 32,057 0.01 2A3 25.07.34/5.459%* 176,683 0.04 25,000 RBS Capital Trust I 01.07.13/4.709%* 22,313 0.01 250,000 Wells Fargo Mortgage Backed 10,000 RBS Capital Trust II 03.01.34/6.425%* 8,888 0.00 Securities Trust 2003-11 1A4 25.10.18/4.750% 247,136 0.06 70,000 RBS Capital Trust III 30.09.14/5.512%* 63,055 0.02 165,661 Wells Fargo Mortgage Backed 500,000 Residential Accredit Loans Securities Trust 2004-7 2A2 25.07.19/5.000% 164,008 0.04 2001-QS19 A2 25.12.16/6.000% 494,419 0.12 373,137 Wells Fargo Mortgage Backed 628,940 Residential Accredit Loans Securities Trust 2004-BB A4 25.01.35/4.558%* 370,612 0.09 2003-QR19 CB4 25.10.33/5.750% 597,578 0.15 558,807 Wells Fargo Mortgage Backed 762,330 Residential Accredit Loans Securities Trust 2004-EE 3A1 25.12.34/3.999%* 550,725 0.14 2003-QS14 A1 25.07.18/5.000% 753,729 0.19 721,940 Wells Fargo Mortgage Backed 200,000 Residential Accredit Loans Securities Trust 2004-P 2A1 25.09.34/4.235%* 702,155 0.17 2004-QS8 A2 25.06.34/5.000% 195,649 0.05 217,976 Wells Fargo Mortgage Backed 56,737 Residential Accredit Loans Securities Trust 2004-S A4 25.09.34/3.541%* 215,612 0.05 2006-QS4 A7 25.04.36/5.030%* 57,053 0.01 250,000 Wells Fargo Mortgage Backed 3,255 Residential Asset Securities Securities Trust 2004-S A5 25.09.34/3.540%* 247,121 0.06 2002-KS4 AIIB 25.07.32/5.365%* 3,041 0.00 297,224 Wells Fargo Mortgage Backed 498,170 Residential Asset Securitization Securities Trust 2005-AR10 2A12 0.07 Trust 2003-A13 A3 25.01.34/5.500% 455,155 0.11 25.06.35/4.109%* 296,103 219,318 Residential Funding Mortgage 500,000 WFS Financial Owner Trust 2005-1 A4 0.12 Securities I 2003-S7 A17 25.05.33/4.000% 201,416 0.05 17.08.12/3.870% 496,411 351,522 Residential Funding Mortgage 250,000 Wachovia Bank 15.01.38/6.600% 244,003 0.06 Securities I 2004-S6 2A6 25.06.34/0.000% 246,202 0.06 250,000 Washington Mutual 716,311 Residential Funding Mortgage Bank/Henderson 15.08.14/5.650% 221,429 0.06 Securities I 2004-S6 3A5 25.06.19/4.500% 691,721 0.17 300,000 Washington Mutual Finance 15.05.11/6.875% 315,218 0.08 323,227 Residential Funding Mortgage 20,000 Wells Fargo Financial 15.07.09/6.850% 20,671 0.01 Securities I 2005-SA4 1A1 25.09.35/4.943%* 328,276 0.08 25,000 Wyeth 01.02.24/6.450% 26,182 0.01 32,101 Salomon Brothers Mortgage Securities VII 2003-UP2 PO1 25.12.18/0.000% 26,227 0.01 345,928,096 86.12 989,146 Structured Adjustable Rate Mortgage Loan Trust 2004- 16 UNITED KINGDOM 3A2 25.11.34/5.450%* 971,836 0.24 200,000 Barclays Bank 12.09.12/5.450% 204,249 0.04 692,712 Structured Asset Securities 300,000 Barclays Bank 144A 04.12.17/6.050% 307,716 0.08 2004-20 1A3 25.11.34/5.250% 672,322 0.17 1,000,000 British Telecommunications 15.01.13/5.150% 1,005,069 0.25 225,000 SunTrust Banks 05.11.12/5.250% 230,010 0.06 150,000 SunTrust Banks 11.09.17/6.000% 150,012 0.04 1,517,034 0.37 30,000 TCI Communications 15.02.26/7.875% 33,868 0.01

191 JPMorgan Funds - US Aggregate Bond Fund Schedule of Investments (Market Value Expressed in USD) (continued) As at 31 December 2007

% % 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

CAYMAN ISLANDS 1,000,000 TIAA Seasoned Commercial Mortgage Trust 2007-C4 A3 15.08.39/6.097%* 1,023,350 0.25 Allocation of Portfolio as at 31 December 2007 (Unaudited) %of 1,023,350 0.25 Net Assets

CANADA Fixed Income Securities 150,000 CIT Group Funding Co. of United States of America Canada 01.07.10/4.650% 142,221 0.04 93.29 United Kingdom 110,000 Conoco Funding 0.03 0.43 15.10.11/6.350% 116,766 Cayman Islands 100,000 ConocoPhillips Canada Funding 0.26 Canada Co. 15.04.12/5.300% 102,979 0.03 0.26 Mexico 150,000 ConocoPhillips Canada Funding 0.18 Luxembourg Co. 15.10.16/5.625% 152,799 0.04 0.04 France 240,000 Potash Corp of Saskatchewan 31.05.11/7.750% 263,051 0.06 0.03 Netherlands 0.01 80,000 TransCanada Pipelines 15.06.13/4.000% 74,500 0.02 International Agencies 0.01 140,000 TransCanada Pipelines 15.10.37/6.200% 143,710 0.03 Total Fixed Income Securities 94.51 996,026 0.25 Cash and Other Assets/(Liabilities) 5.49 Total MEXICO 100.00 275,000 United Mexican States 08.10.08/4.625% 274,601 0.07

274,601 0.07 INTERNATIONAL AGENCIES 20,000 Corporacion Andina de Allocation of Portfolio as at 30 June 2007 %of Fomento 21.05.13/5.200% 20,167 0.01 Net Assets

20,167 0.01 Fixed Income Securities United States of America 98.53 Total Bonds 349,759,274 87.07 Canada 0.31 Mexico 0.29 Total Transferable Securities Dealt in on 349,759,274 87.07 United Kingdom 0.08 Another Regulated Market Italy 0.06 France 0.04 Other Transferable Securities Netherlands 0.02 Cayman Islands 0.01 Bonds International Agencies 0.01 UNITED STATES OF AMERICA Total Fixed Income Securities 99.35 358,803 Banc of America Funding Cash and Other Assets/(Liabilities) 0.65 2005-7 30PO 25.11.35/0.000% 215,943 0.05 Total 345,000 Greenwich Capital Commercial 100.00 Funding 2002-C1 A4 11.01.35/4.948% 342,286 0.09 303,532 Greenwich Capital Commercial Funding 2004-GG1 A3 10.06.36/4.344% 301,437 0.07 125,000 GS Mortgage Securities II 2004-GG2 A3 10.08.38/4.602% 124,524 0.03 14,433 Impac Secured Assets CMN Owner Trust 2004-3 1A4 25.11.34/5.625%* 14,388 0.00 20,985 Indymac Index Mortgage Loan Trust 2004-AR7 A1 25.09.34/5.305%* 20,600 0.01 250,000 KeyBank 17.09.12/5.500% 251,102 0.06 112,000 LB-UBS Commercial Mortgage Trust 2003-C7 A4 15.09.35/4.931%* 110,443 0.03 100,000 Metropolitan Life Global Funding I 144A 19.08.10/4.625% 100,048 0.02 200,000 New York Life Global Funding 144A 15.09.13/5.375% 196,484 0.05 35,000 Pacificorp 15.09.08/4.300% 34,877 0.01 350,000 Principal Life Income Funding Trusts 14.12.12/5.300% 354,397 0.09 300,000 Pubic Sevices Oklahoma 15.11.37/6.625% 299,233 0.07 75,179 Residential Funding Mortgage Securities I 2003-S7 A20 25.05.33/4.000% 73,278 0.02 174,000 Time Warner Entertainment 01.05.12/10.150% 203,508 0.05 102,759 Wells Fargo Mortgage Backed Securities Trust 2003-17 2A4 25.01.34/5.500% 102,113 0.03

2,744,661 0.68 CANADA 40,000 Husky Energy 15.06.19/6.150% 39,917 0.01

39,917 0.01

Total Bonds 2,784,578 0.69

Total Other Transferable Securities 2,784,578 0.69

Total Investments 379,662,141 94.51

Cash 18,035,965 4.49

Other Assets/(Liabilities) 4,000,828 1.00

Total Net Assets 401,698,934 100.00

* Variable coupon rates are those quoted as at 31 December 2007.

192 JPMorgan Funds - US Dynamic Fund Schedule of Investments (Market Value Expressed in USD) As at 31 December 2007

% % 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 853,850 Merck & Co. 50,189,303 1.20 217,600 Meredith 12,028,928 0.29 Shares 671,900 Metlife 41,536,858 0.99 UNITED STATES OF AMERICA 294,000 Mirant 11,495,400 0.27 682,400 Aetna 39,790,744 0.95 685,600 Nasdaq Stock Market 33,587,544 0.80 189,300 AK Steel Holding 8,601,792 0.21 114,000 National Oilwell Varco 8,511,240 0.20 883,700 Allied Waste Industries 9,738,374 0.23 328,800 NBTY 9,170,232 0.22 780,500 Altria Group 59,684,835 1.42 1,803,200 Nvidia 63,003,808 1.50 631,400 Ameriprise Financial 35,288,946 0.84 950,700 Occidental Petroleum 74,858,118 1.78 1,027,900 Amkor Technology 9,138,031 0.22 581,200 Omnicom Group 27,973,156 0.67 545,400 Annaly Capital Management 9,686,304 0.23 2,310,300 ON Semiconductor 20,885,112 0.50 642,900 Arrow Electronics 25,677,426 0.61 3,184,889 Oracle 73,889,425 1.76 1,788,349 AT&T 75,861,765 1.81 204,100 Owens-Illinois 10,182,549 0.24 148,100 Autoliv 7,939,641 0.19 314,900 Packaging Corp of America 8,993,544 0.21 129,100 Autozone 15,574,624 0.37 323,750 Parker Hannifin 24,682,700 0.59 948,000 Avnet 33,663,480 0.80 663,400 Pepsi Bottling Group 26,708,484 0.64 1,470,400 Bank of New York Mellon 71,887,856 1.71 344,800 PepsiAmericas 11,864,568 0.28 850,400 Big Lots 13,351,280 0.32 827,460 Perrigo 29,838,208 0.71 444,000 BMC Software 16,037,280 0.38 2,279,000 Pfizer 52,280,260 1.25 178,400 BorgWarner 8,862,912 0.21 589,200 PNC Financial Services Group 38,675,088 0.92 1,138,900 Bristol-Myers Squibb 31,296,972 0.75 279,900 Precision Castparts 39,351,141 0.94 1,006,800 Cadence Design Systems 17,165,940 0.41 370,400 Prologis 22,890,720 0.55 132,200 Carpenter Technology 9,991,676 0.24 847,000 RadioShack 14,593,810 0.35 841,800 Caterpillar 61,889,136 1.48 892,800 Reynolds American 59,469,408 1.42 571,300 CBS - B Shares 15,682,185 0.37 304,900 RR Donnelley & Sons 11,619,739 0.28 239,400 Celanese - A Shares 10,164,924 0.24 1,118,900 Schering-Plough 30,210,300 0.72 425,900 Centerpoint Energy 7,457,509 0.18 1,149,200 Sepracor 31,028,400 0.74 790,100 CenturyTel 33,002,477 0.79 287,400 Sherwin-Williams 16,815,774 0.40 111,100 CF Industries Holdings 12,645,402 0.30 273,200 Sotheby’s 11,201,200 0.27 751,500 Chevron 71,054,325 1.69 259,300 Southern Copper 27,586,927 0.66 751,900 Chubb 41,091,335 0.98 206,700 Stanley Works 10,016,682 0.24 213,000 Church & Dwight 11,693,700 0.28 184,900 Steel Dynamics 11,238,222 0.27 375,600 Cigna 20,564,100 0.49 474,900 Supervalu 17,936,973 0.43 96,400 Cleveland-Cliffs 9,829,908 0.23 636,700 Sybase 16,573,301 0.40 540,300 CommScope 26,588,163 0.63 307,000 Synopsys 7,982,000 0.19 322,600 Computer Sciences 16,084,836 0.38 424,000 Tempur-Pedic International 11,312,320 0.27 851,800 ConocoPhillips 76,542,748 1.82 238,700 Terra Industries 11,755,975 0.28 455,900 Continental Airlines - B Shares 9,961,415 0.24 530,400 Tesoro 25,512,240 0.61 316,800 Coventry Health Care 18,852,768 0.45 224,700 Thor Industries 8,538,600 0.20 290,400 CSX 12,943,128 0.31 842,000 Travelers 46,023,720 1.10 235,100 Cummins 30,398,430 0.72 236,300 Tupperware Brands 7,880,605 0.19 224,900 Darden Restaurants 6,267,963 0.15 316,100 Union Pacific 40,438,673 0.96 716,300 Deere & Co. 65,835,133 1.57 76,800 United States Steel 9,117,696 0.22 158,700 DeVry 8,373,012 0.20 601,500 UnitedHealth Group 35,446,395 0.84 587,400 Discover Financial Services 8,940,228 0.21 1,299,900 US Bancorp 41,115,837 0.98 532,200 Dollar Tree Stores 13,831,878 0.33 363,100 UST 19,850,677 0.47 334,600 Dominion Resources 15,886,808 0.38 970,800 Valero Energy 67,616,220 1.61 270,300 Eaton 26,454,261 0.63 180,100 Viacom - B Shares 7,928,002 0.19 660,500 Edison International 35,667,000 0.85 1,225,500 Walt Disney 39,988,065 0.95 624,700 Eli Lilly & Co. 33,727,553 0.80 294,600 WellPoint 25,986,666 0.62 660,635 Embarq 32,542,880 0.78 1,384,600 Wells Fargo & Co. 41,967,226 1.00 887,800 Endo Pharmaceuticals Holdings 23,695,382 0.56 1,323,900 Western Digital 39,611,088 0.94 169,700 Energen 11,062,743 0.26 1,469,000 Xerox 23,871,250 0.57 344,200 Energizer Holdings 39,169,960 0.93 484,700 Expedia 15,355,296 0.37 3,853,309,014 91.85 768,050 Exxon Mobil 72,872,584 1.74 BERMUDA 767,900 Federated Investors - B Shares 32,021,430 0.76 1,945,200 Accenture - A Shares 72,030,756 1.71 266,300 FirstEnergy 19,642,288 0.47 218,985 Arch Capital Group 15,326,760 0.37 266,400 Fossil 11,372,616 0.27 1,210,200 Invesco 37,903,464 0.90 515,200 FPL Group 35,523,040 0.85 553,900 Lazard - A Shares 22,527,113 0.54 184,500 Franklin Resources 21,082,815 0.50 272,500 XL Capital - A Shares 13,774,875 0.33 295,936 Freeport-McMoRan Copper & Gold 31,011,133 0.74 775,400 Frontier Oil 32,109,314 0.77 161,562,968 3.85 926,800 Global Industries 20,148,632 0.48 352,800 Goldman Sachs Group 75,379,248 1.80 CAYMAN ISLANDS 397,400 Hasbro 10,546,996 0.25 834,259 Herbalife 33,428,758 0.80 273,900 Hewitt Associates - A Shares 10,493,109 0.25 1,336,600 Seagate Technology 34,564,476 0.82 1,162,300 Hewlett-Packard 60,067,664 1.43 729,000 Honeywell International 44,993,880 1.07 67,993,234 1.62 983,603 Hudson City Bancorp 14,645,849 0.35 268,900 Humana 20,476,735 0.49 Total Shares 4,082,865,216 97.32 494,410 Idearc 8,711,504 0.21 548,500 International Business Machines 1.44 Total Transferable Securities Admitted to an 4,082,865,216 97.32 60,505,035 Official Exchange Listing 721,600 Johnson & Johnson 48,895,616 1.17 222,700 Johnson Controls 8,188,679 0.20 Total Investments 4,082,865,216 97.32 276,300 Kinetic Concepts 15,041,772 0.36 2,312,600 Kroger 62,694,586 1.49 Cash 149,691,291 3.57 550,550 Lockheed Martin 59,514,455 1.42 757,900 Loews 37,394,786 0.89 Other Assets/(Liabilities) (37,390,264) (0.89) 326,050 Loews - Carolina Group 28,033,779 0.67 595,300 Manitowoc 29,395,914 0.70 Total Net Assets 4,195,166,243 100.00 1,218,600 Marathon Oil 76,101,570 1.81 139,700 Mastercard - A Shares 29,670,883 0.71 739,100 McDonald’s 43,924,713 1.05 423,600 MEMC Electronic Materials 38,335,800 0.91 333,300 Men’s Wearhouse 9,185,748 0.22 193 JPMorgan Funds - US Dynamic Fund Schedule of Investments (Market Value Expressed in USD) (continued) As at 31 December 2007

% % 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 31 December 2007 (Unaudited) %of Net Assets

Shares Financials 17.25 Information Technology 14.62 Industrials 14.50 Health Care 12.62 Energy 12.52 Consumer Staples 7.56 Consumer Discretionary 7.38 Materials 4.24 Telecommunication Services 3.37 Utilities 3.26 Total Shares 97.32 Cash and Other Assets/(Liabilities) 2.68 Total 100.00

Allocation of Portfolio as at 30 June 2007 %of Net Assets

Shares Financials 21.85 Information Technology 14.75 Health Care 11.49 Industrials 11.10 Consumer Discretionary 10.56 Energy 10.44 Consumer Staples 7.94 Telecommunication Services 4.04 Utilities 3.73 Materials 3.42 Total Shares 99.32 Cash and Other Assets/(Liabilities) 0.68 Total 100.00

194 JPMorgan Funds - US Dynamic Fund Schedule of Investments - Outstanding Financial Futures Contracts (Expressed in USD) As at 31 December 2007

Unrealised Expiration Number of Notional Gain/ Date Contracts Security Description Currency Value (Loss)

Equity Futures

Mar-08 100 FUSD500 Index Future USD 37,355,000 62,750

Total 62,750

195 JPMorgan Funds - US Small Cap Growth Fund Schedule of Investments (Market Value Expressed in USD) As at 31 December 2007

% % 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 33,500 Resource Capital 341,365 0.60 9,100 SandRidge Energy 322,140 0.56 Shares 50,100 Smith & Wesson Holding Corp 296,091 0.52 UNITED STATES OF AMERICA 30,250 Sonic 677,600 1.18 9,000 Adams Respiratory Therapeutics 536,760 0.94 28,400 Sucampo Pharmaceuticals - A Shares 525,684 0.92 4,050 Affiliated Managers Group 482,395 0.84 31,403 Susser Holdings 653,182 1.14 2,550 Allegheny Technologies 224,400 0.39 42,500 Switch & Data Facilities Co. 683,187 1.19 31,700 Allscripts Healthcare Solutions 625,441 1.09 5,500 Synaptics 226,765 0.40 10,250 American Commercial Lines 174,762 0.32 17,750 Syntel 684,795 1.20 34,750 Anadigics 419,293 0.73 19,200 Taleo - A Shares 637,248 1.11 25,600 Ansys 1,075,200 1.88 20,262 TechTarget 302,917 0.53 87,927 Art Technology Group 385,111 0.67 19,500 Tessera Technologies 820,560 1.43 7,650 Arthrocare 374,850 0.66 12,750 Theravance 252,514 0.44 17,400 Bancorp 235,248 0.41 21,750 Thoratec 397,590 0.69 9,600 Bankrate 460,704 0.81 28,500 TurboChef Technologies 467,970 0.82 19,650 BioMarin Pharmaceuticals 703,863 1.23 4,850 Under Armour - A Shares 207,483 0.36 17,800 Blackboard 737,454 1.29 17,050 United Natural Foods 527,414 0.92 4,350 Bucyrus International 435,565 0.76 6,025 Varian Semiconductor Equipment Associates 223,407 0.39 11,550 Cabot Oil & Gas 463,963 0.81 23,050 VeriFone Holdings 546,977 0.96 27,850 California Pizza Kitchen 436,409 0.76 22,400 Viasat 791,168 1.38 16,200 Cbeyond 641,844 1.12 25,950 Viropharma 223,689 0.39 12,697 Century Aluminum 696,177 1.22 5,250 W-H Energy Services 305,078 0.53 48,900 Champion Enterprises 458,682 0.80 11,750 WMS Industries 437,100 0.76 16,100 Chemed 909,811 1.59 14,450 World Fuel Services 428,587 0.75 10,850 Childrens Place Retail Stores 281,774 0.49 6,525 WSFS Financial 343,737 0.60 25,500 Cogent Communications Group 613,530 1.07 8,600 Comstock Resources 296,700 0.52 53,812,623 94.03 15,200 DealerTrack Holdings 505,400 0.88 IRELAND 9,800 Digital River 323,890 0.57 13,600 Icon ADR 867,408 1.52 16,300 Diodes 495,846 0.87 13,950 Eagle Materials 497,876 0.87 867,408 1.52 44,650 Endeavor Acquisition 647,425 1.13 19,550 EnerSys 485,035 0.85 BERMUDA 62,600 Enzo Biochem 842,596 1.47 46,550 Castlepoint Holdings 544,635 0.95 26,750 Exelixis 237,540 0.42 6,950 Exterran Holdings 568,510 0.99 544,635 0.95 16,800 Flir Systems 544,152 0.95 CANADA 2,650 Formfactor 90,127 0.16 41,144 SunOpta 534,049 0.93 41,250 FTD Group 530,475 0.93 10,300 FTI Consulting 638,188 1.12 534,049 0.93 7,650 GameStop - A Shares 480,726 0.84 10,250 Gaylord Entertainment 425,478 0.74 BRITISH VIRGIN ISLANDS 12,200 General Cable 915,244 1.60 15,500 UTi Worldwide 307,365 0.53 48,309 Gentiva Health Services 932,847 1.63 18,900 Geo Group 534,870 0.93 307,365 0.53 13,450 Healthways 807,404 1.41 9,500 Heico 525,350 0.92 Total Shares 56,066,080 97.96 10,950 Hittite Microwave 532,061 0.93 9,900 Hologic 1.21 Total Transferable Securities Admitted to an 56,066,080 97.96 694,980 Official Exchange Listing 7,323 Hornbeck Offshore Services 340,300 0.59 31,550 Iconix Brand Group 637,941 1.11 Total Investments 56,066,080 97.96 8,650 Illumina 521,768 0.91 16,600 Innospec 305,440 0.53 Cash 1,294,950 2.26 17,650 Interface - A Shares 296,873 0.52 17,000 Investment Technology Group 809,710 1.41 Other Assets/(Liabilities) (129,046) (0.22) 54,316 INVESTools 982,033 1.72 13,950 IPG Photonics 284,441 0.50 Total Net Assets 57,231,984 100.00 12,650 J Crew Group 622,760 1.09 8,970 Kaydon 489,762 0.86 21,550 Keryx Biopharmaceuticals 185,545 0.32 27,700 LKQ 609,954 1.07 Allocation of Portfolio as at 31 December 2007 (Unaudited) %of 20,100 LoopNet 282,606 0.49 Net Assets 48,600 Magma Design Automation 607,014 1.06 26,889 Marlin Business Services 314,601 0.55 Shares 13,250 Masimo 530,663 0.93 Information Technology 27.19 20,500 MedAssets 441,775 0.77 Health Care 18.40 15,695 Medivation 232,286 0.41 Consumer Discretionary 16.17 13,450 Meridian Bioscience 415,605 0.73 Industrials 15.29 24,150 Microsemi 554,243 0.97 Financials 7.07 5,200 Morningstar 401,491 0.70 Energy 6.88 18,950 MSCI - A Shares 697,550 1.22 Materials 3.01 8,650 Myriad Genetics 413,816 0.72 Telecommunication Services 2.10 15,000 National Financial Partners 692,850 1.21 Consumer Staples 1.85 25,400 Neurometrix 243,840 0.43 Total Shares 97.96 30,250 Neutral Tandem 559,625 0.98 Cash and Other Assets/(Liabilities) 2.04 18,825 Northstar Neuroscience 176,014 0.31 Total 41,900 Nuance Communications 782,273 1.37 100.00 10,000 Oceaneering International 695,000 1.21 23,800 Omnicell 640,696 1.12 50,850 Pacific Sunwear of California 721,053 1.26 21,600 Penn Virginia 948,456 1.66 9,650 Powell Industries 430,004 0.75 5,050 ProAssurance 281,285 0.49 12,600 Psychiatric Solutions 413,532 0.72 31,000 Quiksilver 266,910 0.47 22,400 Red Robin Gourmet Burgers 732,704 1.28 199 JPMorgan Funds - US Small Cap Growth Fund Schedule of Investments (Market Value Expressed in USD) (continued) As at 31 December 2007

% % 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 2007 %of Net Assets

Shares Information Technology 25.45 Health Care 19.23 Industrials 17.35 Consumer Discretionary 15.05 Financials 10.30 Energy 5.82 Materials 2.88 Consumer Staples 1.93 Telecommunication Services 1.33 Total Shares 99.34 Cash and Other Assets/(Liabilities) 0.66 Total 100.00

200 JPMorgan Funds - US Strategic Growth Fund Schedule of Investments (Market Value Expressed in USD) As at 31 December 2007

% % 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 49,800 Kinetic Concepts 2,711,112 0.39 90,600 Kirby 4,279,038 0.62 Shares 278,100 Kroger 7,539,291 1.09 UNITED STATES OF AMERICA 72,470 Lockheed Martin 7,834,007 1.14 171,400 Aetna 9,994,334 1.45 63,775 Loews - Carolina Group 5,483,375 0.80 51,200 AGCO 3,557,376 0.52 17,200 Lubrizol 965,608 0.14 108,500 Allied Waste Industries 1,195,670 0.17 84,700 Manitowoc 4,182,486 0.61 124,600 Altria Group 9,528,162 1.38 134,400 Marathon Oil 8,393,280 1.22 112,200 Amazon.com 10,753,248 1.56 56,100 Mastercard - A Shares 11,915,079 1.73 75,700 Annaly Capital Management 1,344,432 0.20 137,400 McAfee 5,081,052 0.74 56,600 Apple 11,365,280 1.65 136,100 McDonald’s 8,088,423 1.17 141,500 Arrow Electronics 5,651,510 0.82 101,800 Medco Health Solutions 10,304,196 1.49 72,043 AT&T 3,056,064 0.44 85,300 MEMC Electronic Materials 7,719,650 1.12 22,500 Autoliv 1,206,225 0.17 45,800 Men’s Wearhouse 1,262,248 0.18 20,600 Autozone 2,485,184 0.36 168,350 Merck & Co. 9,895,613 1.44 156,100 Avnet 5,543,111 0.80 73,200 Meredith 4,046,496 0.59 55,600 Bally Technologies 2,887,308 0.42 19,500 Metlife 1,205,490 0.17 112,300 Bank of New York Mellon 5,490,347 0.80 184,550 Microsoft 6,649,337 0.96 141,450 Baxter International 8,307,358 1.21 69,700 Mirant 2,725,270 0.40 79,500 Belden 3,639,510 0.53 48,000 Mosaic 4,636,320 0.67 148,400 BJ’s Wholesale Club 5,073,796 0.74 122,800 Nasdaq Stock Market 6,015,972 0.87 26,600 BorgWarner 1,321,488 0.19 111,900 National Oilwell Varco 8,354,454 1.21 293,700 Bristol-Myers Squibb 8,070,876 1.17 70,100 NAVTEQ 5,288,344 0.77 47,800 Bunge 5,666,690 0.82 60,950 NCR 1,522,531 0.22 209,600 CA 5,382,528 0.78 80,000 Nike - B Shares 5,236,000 0.76 13,300 Cameron International 1,307,257 0.19 772,400 Novell 5,329,560 0.77 30,900 Celanese - A Shares 1,312,014 0.19 319,800 Nvidia 11,173,812 1.62 96,500 Centerpoint Energy 1,689,715 0.25 337,200 ON Semiconductor 3,048,288 0.44 32,150 CenturyTel 1,342,905 0.19 496,800 Oracle 11,525,760 1.67 18,300 CF Industries Holdings 2,082,906 0.30 50,600 Parker Hannifin 3,857,744 0.56 87,350 Chevron 8,258,942 1.20 132,800 Pepsi Bottling Group 5,346,528 0.78 55,500 Church & Dwight 3,046,950 0.44 157,200 PepsiAmericas 5,409,252 0.78 51,850 Cigna 2,838,787 0.41 176,300 Perrigo 6,357,378 0.92 15,400 Cleveland-Cliffs 1,570,338 0.23 53,800 Precision Castparts 7,563,742 1.10 31,400 Coca-Cola 1,969,722 0.29 23,100 Priceline.com 2,740,815 0.40 101,400 CommScope 4,989,894 0.72 57,100 Prologis 3,528,780 0.51 603,100 Compuware 5,301,249 0.77 90,500 RadioShack 1,559,315 0.23 99,500 ConocoPhillips 8,941,070 1.30 96,700 Raytheon 5,959,621 0.86 47,300 Coventry Health Care 2,814,823 0.41 38,900 Republic Services 1,239,743 0.18 34,050 Cummins 4,402,665 0.64 35,000 RR Donnelley & Sons 1,333,850 0.19 107,400 Deere & Co. 9,871,134 1.43 305,850 Schering-Plough 8,257,950 1.20 47,200 DeVry 2,490,272 0.36 33,800 Sherwin-Williams 1,977,638 0.29 25,800 Eli Lilly & Co. 1,392,942 0.20 46,900 Southern Copper 4,989,691 0.72 110,600 EMC/Massachusetts 2,033,934 0.30 69,500 Southern Union 2,062,760 0.30 41,100 Energen 2,679,309 0.39 71,100 State Street 5,772,609 0.84 49,100 Energizer Holdings 5,587,580 0.81 25,350 Steel Dynamics 1,540,773 0.22 83,100 Expedia 2,632,608 0.38 89,100 Supervalu 3,365,307 0.49 43,200 Express Scripts 3,187,296 0.46 206,100 Sybase 5,364,783 0.78 86,700 Exxon Mobil 8,226,096 1.19 41,600 Telephone & Data Systems 2,693,600 0.39 78,000 Federated Investors - B Shares 3,252,600 0.47 43,100 Tempur-Pedic International 1,149,908 0.17 127,800 Flowers Foods 3,081,258 0.45 39,200 Terra Industries 1,930,600 0.28 31,600 Fossil 1,349,004 0.20 74,200 Tesoro 3,569,020 0.52 293,700 Foundry Networks 5,374,710 0.78 163,900 Thermo Fisher Scientific 9,535,702 1.38 34,100 FPL Group 2,351,195 0.34 25,000 Travelers 1,366,500 0.20 51,585 Freeport-McMoRan Copper & Gold 5,405,592 0.78 53,200 Union Pacific 6,805,876 0.99 97,000 Frontier Oil 4,016,770 0.58 13,850 United States Steel 1,644,272 0.24 50,300 GameStop - A Shares 3,160,852 0.46 99,900 Valero Energy 6,958,035 1.01 90,000 General Dynamics 8,100,000 1.18 124,400 Viacom - B Shares 5,476,088 0.79 52,100 Global Industries 1,132,654 0.16 152,655 Walt Disney 4,981,133 0.72 24,500 Goldman Sachs Group 5,234,670 0.76 74,800 Waters 5,923,412 0.86 30,700 Guess ? 1,246,420 0.18 173,600 Western Digital 5,194,112 0.76 51,300 Hasbro 1,361,502 0.20 60,000 Western Refining 1,465,800 0.22 49,800 Health Net 2,413,308 0.35 157,500 Hewitt Associates - A Shares 6,033,825 0.88 640,529,177 92.92 211,250 Hewlett-Packard 10,917,400 1.58 BERMUDA 117,700 Honeywell International 7,264,444 1.05 276,200 Accenture - A Shares 10,227,686 1.49 84,400 Hudson City Bancorp 1,256,716 0.18 21,700 ACE 1,346,702 0.20 36,550 Humana 2,783,283 0.40 35,500 Axis Capital Holdings 1,412,190 0.20 21,000 IHS - A Shares 1,283,520 0.19 32,800 Endurance Specialty Holdings 1,377,600 0.20 395,800 Intel 10,738,054 1.56 194,700 Invesco 6,098,004 0.88 132,900 Interactive Data 4,328,553 0.63 296,800 Warner Chilcott - A Shares 5,223,680 0.76 100,000 International Business Machines 11,031,000 1.60 10,300 Intuitive Surgical 3,363,465 0.49 25,685,862 3.73 56,900 Invitrogen 5,272,923 0.76 17,200 ITT Educational Services 1,492,960 0.22 CAYMAN ISLANDS 156,200 Janus Capital Group 5,185,840 0.75 131,000 Herbalife 5,249,170 0.76 54,500 Johnson Controls 2,003,965 0.29 198,700 Seagate Technology 5,138,382 0.75 169,600 Juniper Networks 5,739,264 0.83 102,800 Kansas City Southern 3,528,096 0.51 10,387,552 1.51

201 JPMorgan Funds - US Strategic Growth Fund Schedule of Investments (Market Value Expressed in USD) (continued) As at 31 December 2007

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

SWITZERLAND 29,000 Mettler Toledo International 3,337,030 0.47

3,337,030 0.47

Total Shares 679,939,621 98.61

Total Transferable Securities Admitted to an 679,939,621 98.61 Official Exchange Listing Total Investments 679,939,621 98.61

Cash 8,836,900 1.28

Other Assets/(Liabilities) 724,517 0.11

Total Net Assets 689,501,038 100.00

Allocation of Portfolio as at 31 December 2007 (Unaudited) %of Net Assets

Shares Information Technology 27.42 Industrials 16.64 Health Care 13.87 Consumer Discretionary 9.96 Energy 8.79 Financials 7.65 Consumer Staples 7.51 Materials 4.07 Utilities 1.67 Telecommunication Services 1.03 Total Shares 98.61 Cash and Other Assets/(Liabilities) 1.39 Total 100.00

Allocation of Portfolio as at 30 June 2007 %of Net Assets

Shares Information Technology 27.80 Health Care 14.29 Consumer Discretionary 13.21 Industrials 12.38 Consumer Staples 8.22 Energy 7.64 Financials 7.46 Materials 3.59 Utilities 1.69 Telecommunication Services 1.09 Total Shares 97.37 Cash and Other Assets/(Liabilities) 2.63 Total 100.00

202 JPMorgan Funds - US Strategic Growth Fund Schedule of Investments - Outstanding Forward Foreign Exchange Contracts (Expressed in USD) As at 31 December 2007

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

17-Jan-08 EUR 43,323,194 USD 63,423,566 240,115 17-Jan-08 USD 1,728,283 EUR 1,190,974 (21,859)

Total 218,256

203 JPMorgan Funds - US Technology Fund Schedule of Investments (Market Value Expressed in USD) As at 31 December 2007

% % 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 GUERNSEY 67,700 Amdocs 2,301,123 1.09 Shares UNITED STATES OF AMERICA 2,301,123 1.09 117,000 Adobe Systems 5,020,470 2.38 Total Shares 89,200 Amazon.com 8,548,928 4.06 208,110,867 98.82 116,700 Amphenol - A Shares 5,463,894 2.59 Total Transferable Securities Admitted to an 208,110,867 98.82 67,400 Ansys 2,830,800 1.34 Official Exchange Listing 56,500 Apple 11,345,200 5.39 167,500 Applied Materials 3,009,975 1.43 Total Investments 208,110,867 98.82 234,200 Arris Group 2,330,290 1.11 84,400 AT&T 3,580,248 1.70 Cash 2,576,511 1.22 76,200 Autodesk 3,832,098 1.82 51,700 Bankrate 2,481,083 1.18 Other Assets/(Liabilities) (96,512) (0.04) 50,150 Broadcom - A Shares 1,311,924 0.62 136,400 CA 3,502,752 1.66 Total Net Assets 210,590,866 100.00 151,000 Cadence Design Systems 2,574,550 1.22 39,600 Ceradyne 1,878,228 0.89 211,000 Cisco Systems 5,863,690 2.78 99,200 Citrix Systems 3,740,832 1.78 Allocation of Portfolio as at 31 December 2007 (Unaudited) %of 51,300 CommScope 2,524,473 1.20 Net Assets 184,000 Corning 4,460,160 2.12 47,200 Digital River 1,559,960 0.74 Shares 64,800 Dolby Laboratories - A Shares 3,331,368 1.58 Information Technology 83.78 67,600 EchoStar Communications - A Shares 2,503,904 1.19 Consumer Discretionary 6.63 267,300 EMC/Massachusetts 4,915,647 2.33 Industrials 5.62 82,794 Flir Systems 2,681,698 1.27 Telecommunication Services 2.79 144,700 Foundry Networks 2,648,010 1.26 Total Shares 98.82 11,500 Google - A Shares 8,096,000 3.84 Cash and Other Assets/(Liabilities) 1.18 74,700 Harris 4,662,027 2.21 Total 57,600 Hewlett-Packard 2,976,768 1.41 100.00 175,200 Intel 4,753,176 2.26 27,300 International Business Machines 3,011,463 1.43 39,300 Kla-Tencor 1,930,809 0.92 45,000 L-3 Communications Holdings 4,815,000 2.29 63,600 Lam Research 2,775,504 1.32 Allocation of Portfolio as at 30 June 2007 %of 142,700 Magma Design Automation 1,782,323 0.85 Net Assets 76,200 MEMC Electronic Materials 6,896,100 3.28 37,700 Micros Systems 2,693,665 1.28 Shares 108,600 Microsoft 3,912,858 1.86 Information Technology 88.09 69,300 Network Appliance 1,753,983 0.83 Consumer Discretionary 4.07 113,800 Nuance Communications 2,124,646 1.01 Telecommunication Services 4.03 190,250 Nvidia 6,647,335 3.16 Industrials 3.64 328,200 Oracle 7,614,240 3.62 Total Shares 99.83 55,300 Qualcomm 2,186,562 1.04 Cash and Other Assets/(Liabilities) 0.17 52,200 SanDisk 1,738,787 0.83 Total 161,000 Symantec 2,635,570 1.25 100.00 150,100 Teradyne 1,574,549 0.75 58,200 Tessera Technologies 2,449,056 1.16 110,000 Texas Instruments 3,698,200 1.76 66,700 VeriFone Holdings 1,582,791 0.75 137,600 Xerox 2,236,000 1.06

176,487,594 83.81 CANADA 84,100 Research In Motion 9,955,758 4.73 63,200 Rogers Communications - B Shares 2,907,200 1.38

12,862,958 6.11 FINLAND 185,800 Nokia ADR 7,220,188 3.43

7,220,188 3.43 CAYMAN ISLANDS 133,300 Seagate Technology 3,447,138 1.63

3,447,138 1.63 TAIWAN 318,300 Taiwan Semiconductor Manufacturing ADR 3,125,706 1.48

3,125,706 1.48 BERMUDA 72,000 Accenture - A Shares 2,666,160 1.27

2,666,160 1.27

204 JPMorgan Funds - US Value Fund Schedule of Investments (Market Value Expressed in USD) As at 31 December 2007

% % 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 61,300 WM Wrigley Jr 3,627,121 0.33 120,200 Wyeth 5,338,082 0.49 Shares UNITED STATES OF AMERICA 1,034,779,997 95.22 1 ACCO Brands 16 0.00 BERMUDA 199,900 Aflac 12,551,721 1.16 134,100 Covidien 6,018,408 0.56 451,100 Albemarle 19,261,970 1.77 157,200 IPC Holdings 4,648,404 0.43 248,100 Altria Group 18,972,207 1.75 449,000 OneBeacon Insurance Group 9,927,390 0.91 214,600 American Electric Power 10,096,930 0.93 229,600 Tyco Electronics 8,662,808 0.80 343,400 American Express 17,585,514 1.62 334,800 Anheuser-Busch Companies 17,828,100 1.64 29,257,010 2.70 477,900 Assurant 32,683,581 3.01 844,700 AT&T 35,832,174 3.30 BAHAMAS 366,668 Autonation 5,676,021 0.52 295,300 Teekay 16,014,119 1.47 66,300 Autozone 7,998,432 0.74 370,378 Bank of America 15,352,168 1.41 16,014,119 1.47 273,430 Bank of New York Mellon 13,367,993 1.23 89,200 Baxter International 5,238,716 0.48 Total Shares 1,080,051,126 99.40 209,700 Bed Bath & Beyond 6,127,434 0.56 46 Berkshire Hathaway - A Shares 0.59 Total Transferable Securities Admitted to an 1,080,051,126 99.40 6,440,000 Official Exchange Listing 502,400 Brookfield Properties 9,972,640 0.92 236,600 CBS - B Shares 6,494,670 0.60 Total Investments 1,080,051,126 99.40 229,000 CenturyTel 9,565,330 0.88 810,232 Charles Schwab 20,417,846 1.88 Cash 10,146,896 0.93 193,200 Chevron 18,267,060 1.68 440,500 Chubb 24,073,325 2.22 Other Assets/(Liabilities) (3,586,715) (0.33) 590,500 Citigroup 17,520,135 1.61 313,600 Clear Channel Communications 10,976,000 1.01 Total Net Assets 1,086,611,307 100.00 109,500 Clorox 7,210,575 0.66 252,300 Coca-Cola 15,826,779 1.46 113,900 Columbia Sportswear 5,085,635 0.47 494,300 Comcast Special - A Shares 9,055,576 0.83 Allocation of Portfolio as at 31 December 2007 (Unaudited) %of 242,811 ConocoPhillips 21,818,997 2.01 Net Assets 122,700 Costco Wholesale 8,630,718 0.79 315,600 Coventry Health Care 18,781,356 1.73 Shares 88,000 Crane 3,845,600 0.35 Financials 27.47 489,300 Devon Energy 44,487,156 4.09 Consumer Discretionary 13.75 209,400 Dover 9,684,750 0.89 Energy 12.22 138,900 Emerson Electric 7,989,528 0.74 Industrials 8.62 508,000 Exxon Mobil 48,199,040 4.44 Consumer Staples 8.53 182,400 Fortune Brands 13,331,616 1.23 Telecommunication Services 7.91 129,100 Freddie Mac 4,351,961 0.40 Health Care 6.88 203,900 General Electric 7,625,860 0.70 Utilities 5.33 197,400 Genuine Parts 9,396,240 0.86 Materials 4.73 152,100 Illinois Tool Works 8,278,803 0.76 Information Technology 3.96 85,900 International Business Machines 9,475,629 0.87 Total Shares 99.40 145,500 J.C. Penney 6,329,250 0.58 Cash and Other Assets/(Liabilities) 0.60 155,200 Johnson Controls 5,706,704 0.53 Total 354,844 Liberty Media - Interactive - A Shares 6,905,264 0.64 100.00 207,300 Loews 10,228,182 0.94 157,300 M&T Bank 12,860,848 1.18 97,200 McDonald’s 5,776,596 0.53 304,300 Merck & Co. 17,886,754 1.65 228,600 Metlife 14,132,052 1.30 Allocation of Portfolio as at 30 June 2007 %of 523,800 Microsoft 18,872,514 1.74 Net Assets 284,100 Northeast Utilities 8,880,966 0.82 754,400 Old Republic International 11,730,920 1.08 Shares 237,800 Omnicom Group 11,445,314 1.05 Financials 33.84 119,000 PPG Industries 8,458,520 0.78 Consumer Discretionary 15.28 73,800 Prudential Financial 6,903,990 0.64 Industrials 9.70 151,700 Qualcomm 5,998,218 0.55 Energy 9.02 204,600 Rayonier 9,677,580 0.89 Telecommunication Services 7.46 97,200 Raytheon 5,990,436 0.55 Consumer Staples 6.75 224,600 Safeway 7,928,380 0.73 Health Care 6.03 558,300 Schering-Plough 15,074,100 1.39 Utilities 3.90 Materials 152,500 Sigma-Aldrich 8,509,500 0.78 3.85 Information Technology 3.70 462,900 Sprint Nextel 6,235,263 0.57 429,400 Staples 9,893,376 0.91 Total Shares 99.53 157,500 SunTrust Banks 9,765,000 0.90 Cash and Other Assets/(Liabilities) 0.47 708,300 Synovus Financial 17,070,030 1.57 Total 250,000 Sysco 7,965,000 0.73 100.00 188,500 TJX 5,432,570 0.50 296,500 UGI 8,041,080 0.74 202,300 United Technologies 15,615,537 1.44 109,600 UnitedHealth Group 6,458,728 0.59 572,000 Verizon Communications 25,608,440 2.36 141,700 VF 9,988,433 0.92 69,200 Vulcan Materials 5,476,488 0.50 181,300 WABCO Holdings 9,061,374 0.83 393,700 Wachovia 15,149,576 1.39 170,900 Walt Disney 5,576,467 0.51 17,200 Washington Post - B Shares 13,753,980 1.27 357,900 Western Union 8,689,812 0.80 853,100 Williams 30,941,937 2.85 332,800 Wilmington Trust 11,737,856 1.08 666,817 Windstream 8,681,957 0.80 205 JPMorgan Funds - US Value Fund Schedule of Investments - Outstanding Forward Foreign Exchange Contracts (Expressed in USD) As at 31 December 2007

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

17-Jan-08 EUR 25,491,812 USD 37,388,128 72,236 17-Jan-08 USD 19,352,850 EUR 13,254,414 (124,588)

Total (52,352)

206 JPMorgan Funds Appendix - Unaudited Additional Disclosures

1. Fund Total Expense Ratios**** (continued) For the For the Capped period period For the For the For the For the For the Expense ended ended year ended year ended year ended year ended year ended Ratio Inception 31 Dec 07 31 Dec 07* 30 Jun 07 30 Jun 06 30 Jun 05 30 Jun 04 30 Jun 03 31 Dec 07 Date

JPMorgan Funds - America Equity Fund JPM America Equity A (acc) - USD 1.90% - 1.90% 1.90% 1.50% - - - 31-Mar-05 JPM America Equity A (acc) - EUR (hedged) 1.90% - 1.90% -----15-Mar-07 JPM America Equity A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.65% 1.65% - 16-Nov-88 JF America Equity A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 01-Jun-01 JPM America Equity B (acc) - USD 1.15% - 1.20% 1.20% 1.20% - - - 26-Aug-04 JPM America Equity C (acc) - USD 0.81% - 0.79% 0.79% 0.72% - - 0.85% 26-Aug-04 JPM America Equity D (acc) - USD 2.65% - 2.65% 2.65% 2.65% 2.65% 2.25% - 13-Oct-00 JPM America Equity D (acc) - EUR 2.65% - 2.65% 2.65% - - - - 08-May-06 JPM America Equity D (acc) - EUR (hedged) 2.65% - 2.65% -----15-Mar-07 JPM America Equity X (acc) - USD 0.11% - 0.10% 0.11% 0.09% - - 0.15% 24-Nov-04

JPMorgan Funds - America Large Cap Fund JPM America Large Cap A (acc) - USD 1.90% - 1.90% 1.90% 1.90% - - - 31-Mar-05 JPM America Large Cap A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.65% 1.65% - 01-Apr-99 JPM America Large Cap B (acc) - USD 1.15% - 1.20% 1.20% - - - - 21-Feb-06 JPM America Large Cap D (acc) - USD 2.65% - 2.65% 2.65% 2.65% 2.65% 2.25% - 13-Oct-00

JPMorgan Funds - America Micro Cap Fund JPM America Micro Cap A (acc) - USD 1.90% 1.90% 1.90% 1.90% 1.90% - - - 31-Mar-05 JPM America Micro Cap A (dist) - USD 1.90% 1.90% 1.90% 1.90% 1.90% 1.90% 1.90% - 16-Nov-88 JF America Micro Cap A (dist) - USD 1.90% 1.90% 1.90% 1.90% 1.90% 1.90% 1.90% - 20-Jun-03 JPM America Micro Cap D (acc) - USD 2.90% 2.90% 2.90% 2.90% 2.90% 2.90% 2.50% - 13-Oct-00 JPM America Micro Cap X (acc) - USD** - 0.41% 0.11% 0.13% 0.08% - - - 09-Dec-04

JPMorgan Funds - Brazil Alpha Plus Fund (1) JPM Brazil Alpha Plus A (acc) - USD* 1.90% ------18-Oct-07 JPM Brazil Alpha Plus D (acc) - USD* 2.90% ------18-Oct-07 JPM Brazil Alpha Plus I (acc) - USD* 0.22% ------1.06% 18-Oct-07

JPMorgan Funds - Eastern Europe Equity Fund JPM Eastern Europe Equity A (acc) - EUR 1.95% - 1.95% 1.95% 1.95% - - - 31-Mar-05 JPM Eastern Europe Equity A (dist) - EUR 1.95% - 1.95% 1.95% 1.95% 1.95% 1.95% - 04-Jul-94 JF Eastern Europe Equity A (dist) - EUR 1.95% - 1.95% 1.95% 1.95% 1.95% 1.95% - 15-Jun-01 JPM Eastern Europe Equity B (acc) - EUR 1.20% - 1.55% 1.55% - - - - 20-Mar-06 JPM Eastern Europe Equity C (acc) - EUR 1.10% - 1.06% 1.05% 0.45% - - 1.10% 24-Feb-05 JPM Eastern Europe Equity D (acc) - EUR 2.95% - 2.95% 2.95% 2.95% 2.95% 2.55% - 13-Oct-00 JPM Eastern Europe Equity I (acc) - EUR 1.04% - 1.02% 1.06% - - - 1.06% 26-Jun-06 JPM Eastern Europe Equity X (acc) - EUR 0.19% - 0.17% 0.16% 0.13% - - 0.20% 09-Nov-04

JPMorgan Funds - Emerging Europe, Middle East and Africa Equity Fund JPM Emerging Europe, Middle East and Africa Equity A (acc)- USD 1.95% - 1.95% 1.95% 1.95% - - - 31-Mar-05 JPM Emerging Europe, Middle East and Africa Equity A (dist) - USD 1.95% - 1.95% 1.95% 1.95% 1.95% 1.95% - 16-Apr-97 JPM Emerging Europe, Middle East and Africa Equity B (acc) - USD 1.20% - 1.55% 1.55% 1.55% - - - 03-Sep-04 JPM Emerging Europe, Middle East and Africa Equity C (acc) - USD 1.10% - 1.08% 1.08% 0.45% - - 1.10% 01-Feb-05 JPM Emerging Europe, Middle East and Africa Equity D (acc) - USD 2.95% - 2.95% 2.95% 2.95% 2.95% 2.55% - 13-Oct-00 JPM Emerging Europe, Middle East and Africa Equity I (acc) - USD 1.06% - 1.05% 0.01% - - - 1.06% 26-Jun-06 JPM Emerging Europe, Middle East and Africa Equity X (acc) - USD - - 0.12% 0.20% 0.08% - - 0.20% 08-Feb-05

JPMorgan Funds - Emerging Markets Alpha Plus Fund JPM Emerging Markets Alpha Plus A (acc) - USD 1.90% - 1.90% -----30-Aug-06 JPM Emerging Markets Alpha Plus A (dist) - USD 1.90% - 1.90% -----30-Aug-06 JPM Emerging Markets Alpha Plus D (acc) - USD 2.90% - 2.90% -----30-Aug-06

JPMorgan Funds - Emerging Markets Debt Fund JPM Emerging Markets Debt A (acc) - EUR 1.55% - 1.55% 1.55% 1.55% - - - 01-Apr-05 JPM Emerging Markets Debt A (dist) - EUR 1.55% - 1.55% 1.55% 1.55% 1.40% 1.40% - 14-Mar-97 JPM Emerging Markets Debt C (acc) - EUR 0.37% - 0.03% ----0.70% 13-Jun-06 JPM Emerging Markets Debt D (acc) - EUR 2.25% - 2.25% 2.25% 2.25% 2.25% 2.00% - 13-Oct-00 JPM Emerging Markets Debt I (inc) - EUR 0.10% - 0.03% ----0.66% 14-Jun-07 JPM Emerging Markets Debt X (acc) - EUR 0.38% - 0.02% ----0.15% 21-May-97

JPMorgan Funds - Emerging Markets Equity Fund JPM Emerging Markets Equity A (acc) - USD 1.90% - 1.90% 1.90% - - - - 31-Mar-05 JPM Emerging Markets Equity A (acc) - EUR 1.90% - 1.90% 1.90% 1.90% - - - 26-Sep-05 JPM Emerging Markets Equity A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 18-Apr-94 JPM Emerging Markets Equity A (dist) - GBP 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 13-Oct-00 JPM Emerging Markets Equity B (acc) - USD 1.15% - 1.50% 1.50% 1.50% - - - 21-Dec-04 JPM Emerging Markets Equity C (acc) - USD 1.08% - 1.07% 1.07% 0.45% - - 1.10% 01-Feb-05 JPM Emerging Markets Equity D (acc) - USD 2.90% - 2.90% 2.90% 2.90% 2.90% 2.50% - 13-Oct-00 JPM Emerging Markets Equity D (acc) - EUR 2.90% - 2.90% 2.90% - - - - 08-May-06 JPM Emerging Markets Equity I (acc) - USD 1.03% - 1.02% ----1.06% 27-Jun-06 JPM Emerging Markets Equity I (inc) - EUR 1.03% - 1.02% 0.09% - - - 1.06% 30-May-06 JPM Emerging Markets Equity X (acc) - USD 0.18% - 0.17% 0.18% 0.12% - - 0.20% 23-Nov-04 JPM Emerging Markets Equity X (inc) - EUR 0.18% - 0.17% 0.10% - - - 0.20% 19-Dec-05

JPMorgan Funds - Emerging Markets Small Cap Fund (2) JPM Emerging Markets Small Cap A (acc) - USD* 1.90% 4.54% ------15-Nov-07 JPM Emerging Markets Small Cap A (acc) - EUR* 1.90% 4.54% ------15-Nov-07 JPM Emerging Markets Small Cap A (dist) - GBP* 1.90% 4.54% ------15-Nov-07 JPM Emerging Markets Small Cap D (acc) - USD* 2.90% 5.44% ------15-Nov-07

JPMorgan Funds - Euro Liquid Reserve Fund JPM Euro Liquid Reserve A (acc) - EUR 0.65% - 0.65% 0.65% - - - - 22-May-06 JPM Euro Liquid Reserve D (acc) - EUR 0.75% - 0.75% -----30-Aug-06

(1) This Sub-Fund was launched on 18 October 2007. (2) This Sub-Fund was launched on 15 November 2007.

207 JPMorgan Funds Appendix - Unaudited Additional Disclosures (continued)

1. Fund Total Expense Ratios (continued) For the For the Capped period period For the For the For the For the For the Expense ended ended year ended year ended year ended year ended year ended Ratio Inception 31 Dec 07 31 Dec 07* 30 Jun 07 30 Jun 06 30 Jun 05 30 Jun 04 30 Jun 03 31 Dec 07 Date

JPMorgan Funds - Euroland Equity Fund JPM Euroland Equity A (acc) - EUR 1.90% - 1.90% 1.90% 1.90% - - - 31-Mar-05 JPM Euroland Equity A (dist) - EUR 1.90% - 1.90% 1.90% 1.90% 1.65% 1.65% - 16-Nov-88 JPM Euroland Equity A (inc) - EUR* 1.90% ------18-Oct-07 JF Euroland Equity A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 01-Jun-01 JPM Euroland Equity C (acc) - EUR 0.83% - 0.83% 0.83% 0.54% - - 0.85% 09-Sep-04 JPM Euroland Equity D (acc) - EUR 2.65% - 2.65% 2.65% 2.65% 2.65% 2.25% - 13-Oct-00 JPM Euroland Equity I (acc) - EUR 0.78% - 0.78% ----0.81% 28-Jun-06 JPM Euroland Equity X (acc) - EUR 0.06% ------0.15% 03-Aug-07

JPMorgan Funds - Euroland Select Equity Fund (3) JPM Euroland Equity A (acc) - EUR 1.90% ------24-Jul-07 JPM Euroland Equity D (acc) - EUR 2.65% ------24-Jul-07 JPM Euroland Equity X (acc) - EUR* 0.03% ------0.15% 30-Nov-07

JPMorgan Funds - Europe 130/30 Fund JPM Europe 130/30 A (acc) - EUR 1.90% 1.93% 1.90% -----25-Jun-07 JPM Europe 130/30 A (acc) - USD* 1.90% 2.96% ------25-Jun-07 JPM Europe 130/30 A (dist) - EUR 1.90% 1.90% ------20-Dec-07 JPM Europe 130/30 A (dist) - GBP 1.90% 1.90% ------20-Jul-07 JPM Europe 130/30 D (acc) - EUR 2.90% 2.94% 2.90% -----25-Jun-07 JPM Europe 130/30 D (acc) - USD* 2.90% 3.90% ------20-Dec-07 JPM Europe 130/30 X (acc) - EUR 0.06% 0.59% -----0.15% 09-Aug-07

JPMorgan Funds - Europe Aggregate Plus Bond Fund JPM Europe Aggregate Plus Bond A (acc) - EUR 1.10% - 1.10% 1.10% 1.10% - - - 31-Mar-05 JPM Europe Aggregate Plus Bond A (inc) - EUR 1.10% - 1.10% 1.10% 1.10% 1.10% 1.10% - 18-May-95 JPM Europe Aggregate Plus Bond B (acc) - EUR 0.70% - 0.80% 0.80% 0.80% - - - 23-Dec-04 JPM Europe Aggregate Plus Bond C (acc) - EUR 0.60% - 0.30% ----0.60% 19-Jun-07 JPM Europe Aggregate Plus Bond D (acc) - EUR 1.50% - 1.50% 1.50% 1.50% 1.50% 1.35% - 13-Oct-00 JPM Europe Aggregate Plus Bond X (acc) - EUR 0.57% - 0.02% ----0.10% 21-May-07

JPMorgan Funds - Europe Balanced Fund (EUR) JPM Europe Balanced (EUR) A (acc) - EUR 1.85% - 1.85% 1.85% 1.85% - - - 31-Mar-05 JPM Europe Balanced (EUR) A (dist) - EUR 1.85% - 1.85% 1.85% 1.85% 1.40% 1.40% - 31-Aug-95 JPM Europe Balanced (EUR) B (acc) - EUR 1.05% ------10-Dec-07 JPM Europe Balanced (EUR) D (acc) - EUR 2.35% - 2.35% 2.35% 2.35% 2.35% 2.20% - 13-Oct-00

JPMorgan Funds - Europe Convergence Equity Fund JPM Europe Convergence Equity A (acc) - EUR 1.95% - 1.95% 1.95% 1.95% - - - 01-Apr-05 JPM Europe Convergence Equity A (dist) - EUR 1.95% - 1.95% 1.95% 1.95% 1.95% 1.95% - 15-Sep-00 JPM Europe Convergence Equity C (acc) - EUR 1.11% - 1.10% 1.08% 0.27% - - 1.10% 04-Apr-05 JPM Europe Convergence Equity D (acc) - EUR 2.95% - 2.95% 2.95% 2.95% 2.95% 2.55% - 13-Oct-00 JPM Europe Convergence Equity I (acc) - EUR** - - 0.12% -----27-Jun-06

JPMorgan Funds - Europe Dynamic Fund JPM Europe Dynamic A (acc) - EUR 1.90% - 1.90% 1.90% 1.90% - - - 01-Apr-05 JPM Europe Dynamic A (dist) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 08-Dec-00 JPM Europe Dynamic A (dist) - GBP 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 08-Dec-00 JF Europe Dynamic A (dist) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% - - 27-May-04 JPM Europe Dynamic B (acc) - EUR 1.15% - 1.50% 1.50% 1.50% - - - 26-Aug-04 JPM Europe Dynamic C (acc) - EUR 0.98% - 0.97% 0.98% 0.84% - - 1.00% 26-Aug-04 JPM Europe Dynamic D (acc) - EUR 2.90% - 2.90% 2.90% 2.90% 2.90% 2.50% - 08-Dec-00 JPM Europe Dynamic D (acc) - USD 2.90% - 2.90% 2.90% 2.90% - - - 01-Oct-04 JPM Europe Dynamic I (acc) - EUR** 0.87% - 0.91% ----0.96% 12-Jul-06 JPM Europe Dynamic X (acc) - EUR 0.14% - 0.13% 0.14% 0.10% - - 0.15% 25-Oct-04

JPMorgan Funds - Europe Dynamic Mega Cap Fund JPM Europe Dynamic Mega Cap A (acc) - EUR 1.90% - 1.90% 1.95% - - - - 20-Sep-05 JPM Europe Dynamic Mega Cap A (acc) - USD 1.90% ------26-Sep-07 JPM Europe Dynamic Mega Cap A (dist) - EUR 1.90% - 1.90% 1.95% - - - - 09-May-06 JPM Europe Dynamic Mega Cap A (inc) - EUR 1.90% - 1.90% 1.90% - - - - 15-May-06 JPM Europe Dynamic Mega Cap B (acc) - EUR 1.15% - 1.50% 1.50% - - - - 27-Mar-06 JPM Europe Dynamic Mega Cap C (acc) - EUR 0.98% - 0.99% 1.00% - - - 1.00% 11-Jan-06 JPM Europe Dynamic Mega Cap D (acc) - EUR 2.90% - 2.90% 2.90% - - - - 03-Feb-06 JPM Europe Dynamic Mega Cap D (acc) - USD 2.90% ------26-Sep-07 JPM Europe Dynamic Mega Cap I (acc) - EUR 0.93% - 0.84% ----0.96% 07-Aug-06 JPM Europe Dynamic Mega Cap X (acc) - EUR 0.14% - 0.14% 0.20% - - - 0.15% 27-Jan-06

JPMorgan Funds - Europe Dynamic Small Cap Fund JPM Europe Dynamic Small Cap A (acc) - EUR 1.90% 2.46% 1.90% 1.90% - - - - 27-Jan-05 JPM Europe Dynamic Small Cap A (dist) - EUR 1.90% 2.43% 1.90% 1.90% - - - - 12-Jan-06 JPM Europe Dynamic Small Cap D (acc) - EUR 2.90% 3.40% 2.90% 2.90% - - - - 06-Dec-05 JPM Europe Dynamic Small Cap X (acc) - EUR 0.15% 0.73% 0.15% 0.15% - - - - 17-Jan-06

JPMorgan Funds - Europe Equity Fund JPM Europe Equity A (acc) - USD 1.90% - 1.90% 1.90% 1.90% 1.65% 1.65% - 13-Oct-00 JPM Europe Equity A (acc) - EUR 1.90% - 1.90% 1.90% 1.90% - - - 01-Apr-05 JPM Europe Equity A (dist) - EUR 1.90% - 1.90% 1.90% 1.90% 1.65% 1.65% - 01-Dec-88 JF Europe Equity A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 01-Jun-01 JPM Europe Equity B (acc) - EUR 1.15% - 1.30% 1.30% 1.30% - - - 26-Aug-04 JPM Europe Equity C (acc) - EUR 0.81% - 0.81% 0.82% 0.72% - - 0.85% 26-Aug-04 JPM Europe Equity D (acc) - EUR 2.65% - 2.65% 2.65% 2.65% 2.65% 2.25% - 13-Oct-00 JPM Europe Equity D (acc) - USD 2.65% - 2.65% 2.65% - - - - 27-Jun-06 JPM Europe Equity I (acc) - EUR 0.77% - 0.78% ----0.81% 28-Jun-06 JPM Europe Equity I (inc) - EUR 0.55% - 0.16% ----0.81% 16-Apr-07 JPM Europe Equity X (acc) - EUR 0.12% - 0.12% 0.13% 0.10% - - 0.15% 14-Sep-04 (3) This Sub-Fund was launched on 24 July 2007.

208 JPMorgan Funds Appendix - Unaudited Additional Disclosures (continued)

JPMorgan Funds - Europe Focus Fund JPM Europe Focus A (acc) - EUR 1.90% 1.90% 1.90% 1.90% - - - - 13-Mar-06 JPM Europe Focus A (acc) - USD* 1.90% 1.86% ------20-Dec-07 JPM Europe Focus A (dist) - EUR 1.90% 1.94% 1.90% -----17-Nov-06 JPM Europe Focus C (acc) - EUR 0.69% 1.01% 0.22% ----1.00% 12-Apr-07 JPM Europe Focus D (acc) - EUR 2.90% 2.91% 2.90% 2.90% - - - - 13-Mar-06 JPM Europe Focus D (acc) - USD* 2.90% 2.90% ------20-Dec-07 JPM Europe Focus X (acc) - EUR 0.11% 0.15% 0.04% ----0.15% 30-Mar-07

JPMorgan Funds - Europe High Yield Bond Fund JPM Europe High Yield Bond A (acc) - EUR 1.10% - 1.10% 1.10% 1.10% - - - 01-Apr-05 JPM Europe High Yield Bond A (dist) - EUR 1.10% - 1.10% 1.10% 1.10% 1.10% 1.10% - 05-Oct-98 JPM Europe High Yield Bond C (acc) - EUR* 0.02% ------0.60% 07-Dec-07 JPM Europe High Yield Bond D (acc) - EUR 1.65% - 1.65% 1.65% 1.65% 1.65% 1.35% - 13-Oct-00 JPM Europe High Yield Bond X (acc) - EUR 0.05% ------0.10% 06-Jul-07

JPMorgan Funds - Europe Micro Cap Fund JPM Europe Micro Cap A (acc) - EUR 1.90% - 1.90% 1.90% - - - - 23-Nov-05 JPM Europe Micro Cap A (dist) - EUR 1.90% - 1.90% 1.90% - - - - 18-Nov-05 JPM Europe Micro Cap D (acc) - EUR 1.90% - 2.90% 2.90% - - - - 05-Dec-05

JPMorgan Funds - Europe Select 130/30 Fund JPM Europe Select 130/30 A (acc) - EUR 1.90% 1.90% 1.90% -----25-Jun-07 JPM Europe Select 130/30 A (acc) - USD* 1.90% 1.87% ------20-Dec-07 JPM Europe Select 130/30 A (dist) - GBP* 1.90% 1.90% ------20-Jul-07 JPM Europe Select 130/30 D (acc) - EUR 2.90% 2.90% 2.90% -----25-Jun-07 JPM Europe Select 130/30 D (acc) - USD* 2.90% 2.91% ------20-Dec-07 JPM Europe Select 130/30 X (acc) - EUR* 0.06% 0.15% -----0.15% 09-Aug-07

JPMorgan Funds - Europe Small Cap Fund JPM Europe Small Cap A (acc) - EUR 1.90% - 1.90% 1.90% 1.90% - - - 01-Apr-05 JPM Europe Small Cap A (dist) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 18-Apr-94 JPM Europe Small Cap A (dist) - GBP 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 13-Oct-00 JF Europe Small Cap A (dist) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 13-Oct-00 JPM Europe Small Cap B (acc) - EUR 1.15% - 1.50% 1.50% 1.50% - - - 26-Aug-04 JPM Europe Small Cap C (acc) - EUR 0.98% - 0.99% 1.00% 0.84% - - 1.00% 26-Aug-04 JPM Europe Small Cap D (acc) - EUR 2.90% - 2.90% 2.90% 2.90% 2.90% 2.50% - 13-Oct-00 JPM Europe Small Cap I (acc) - EUR 0.95% - 0.95% ----0.96% 27-Jun-06 JPM Europe Small Cap X (acc) - EUR 0.15% - 0.15% 0.15% 0.09% - - 0.15% 24-Nov-04

JPMorgan Funds - Europe Strategic Growth Fund JPM Europe Strategic Growth A (acc) - EUR 1.90% - 1.90% 1.90% 1.90% - - - 01-Apr-05 JPM Europe Strategic Growth A (dist) - EUR 1.90% - 1.90% 1.90% 1.90% 1.65% 1.65% - 14-Feb-00 JPM Europe Strategic Growth A (dist) - GBP 1.90% - 1.90% 1.90% 1.90% 1.65% 1.65% - 13-Oct-00 JPM Europe Strategic Growth B (acc) - EUR 1.15% - 1.30% 1.30% 1.30% - - - 26-Aug-04 JPM Europe Strategic Growth C (acc) - EUR 0.92% - 0.93% 0.93% 0.31% - - 0.95% 01-Mar-05 JPM Europe Strategic Growth D (acc) - EUR 2.65% - 2.65% 2.65% 2.65% 2.65% 2.25% - 13-Oct-00 JPM Europe Strategic Growth I (inc) - EUR 0.88% - 0.49% 0.04% - - - 0.91% 13-Jun-06 JPM Europe Strategic Growth I (acc) - EUR 0.88% - 0.44% ----0.91% 29-Jun-06 JPM Europe Strategic Growth X (acc) - EUR 0.13% - 0.14% 0.15% 0.10% - - 0.15% 23-Nov-04

JPMorgan Funds - Europe Strategic Value Fund JPM Europe Strategic Value A (acc) - EUR 1.90% - 1.90% 1.90% 1.90% - - - 01-Apr-05 JPM Europe Strategic Value A (dist) - EUR 1.90% - 1.90% 1.90% 1.90% 1.65% 1.65% - 14-Feb-00 JPM Europe Strategic Value A (dist) - GBP 1.90% - 1.90% 1.90% 1.90% 1.65% 1.65% - 13-Oct-00 JPM Europe Strategic Value B (acc) - EUR 1.15% - 1.30% 1.30% 1.30% - - - 26-Aug-04 JPM Europe Strategic Value C (acc) - EUR 0.91% - 0.91% 0.92% 0.79% - - 0.95% 01-Sep-04 JPM Europe Strategic Value D (acc) - EUR 2.65% - 2.65% 2.65% 2.65% 2.65% 2.25% - 13-Oct-00 JPM Europe Strategic Value I (inc) - EUR 0.87% - 0.87% 0.04% - - - 0.91% 13-Jun-06 JPM Europe Strategic Value I (acc) - EUR 0.87% - 0.87% ----0.91% 27-Jun-06 JPM Europe Strategic Value X (acc) - EUR 0.12% - 0.13% 0.14% 0.09% - - 0.15% 23-Nov-04

JPMorgan Funds - Europe Technology Fund JPM Europe Technology A (acc) - EUR 1.90% - 1.90% 1.90% 1.90% - - - 01-Apr-05 JPM Europe Technology A (dist) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 08-Nov-99 JPM Europe Technology A (dist) - GBP 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 13-Oct-00 JF Europe Technology A (dist) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 15-Jun-01 JPM Europe Technology D (acc) - EUR 2.90% - 2.90% 2.90% 2.90% 2.90% 2.50% - 13-Oct-00 JPM Europe Technology X (acc) - EUR 0.07% ------0.20% 09-Aug-07

JPMorgan Funds - Germany Equity Fund JPM Germany Equity A (acc) - EUR 1.90% - 1.90% 1.90% 1.90% - - - 31-Mar-05 JPM Germany Equity A (dist) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 02-Jun-00 JF Germany Equity A (dist) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 15-Jun-01 JPM Germany Equity B (acc) - EUR* 1.15% ------10-Dec-07 JPM Germany Equity D (acc) - EUR 2.90% - 2.90% 2.90% 2.90% 2.90% 2.50% - 13-Oct-00 JPM Germany Equity X (acc) - EUR* 0.01% ------0.15% 30-Nov-07

JPMorgan Funds - Global Aggregate Bond Fund JPM Global Aggregate Bond A (acc) - USD 1.10% - 1.10% 1.10% 1.10% - - - 31-Mar-05 JPM Global Aggregate Bond A (dist) - USD 1.10% - 1.10% 1.10% 1.10% 1.10% 1.10% - 16-Nov-88 JPM Global Aggregate Bond B (acc) - USD** 1.10% - 0.80% 0.80% 0.80% - - - 23-Dec-04 JPM Global Aggregate Bond C (acc) - USD 0.60% - 0.60% 0.59% 0.28% - - 0.60% 13-Jan-05 JPM Global Aggregate Bond D (acc) - USD 1.50% - 1.50% 1.50% 1.50% 1.50% 1.35% - 13-Oct-00 JPM Global Aggregate Bond X (acc) - USD** 0.09% - 0.10% 0.10% 0.04% - - 0.10% 01-Feb-05

209 JPMorgan Funds Appendix - Unaudited Additional Disclosures (continued)

JPMorgan Funds - Global Convertibles Fund (EUR) JPM Global Convertibles (EUR) A (acc) - EUR 1.65% - 1.65% 1.65% 1.65% - - - 31-Mar-05 JPM Global Convertibles (EUR) A (dist) - EUR 1.65% - 1.65% 1.65% 1.65% 1.65% 1.65% - 04-May-01 JF Global Convertibles (EUR) A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 20-Jun-03 JPM Global Convertibles (EUR) B (acc) - EUR 1.00% - 1.25% 1.25% 1.25% - - - 01-Dec-04 JPM Global Convertibles (EUR) C (acc) - EUR 0.90% - 0.90% 0.91% 0.77% - - 0.95% 08-Sep-04 JPM Global Convertibles (EUR) D (acc) - EUR 2.15% - 2.15% 2.15% 2.15% 2.15% 2.00% - 04-May-01 JPM Global Convertibles (EUR) I (inc) - EUR 0.89% - 0.43% ----0.91% 09-Jan-07 JPM Global Convertibles (EUR) I (acc) - EUR 0.74% - 0.30% ----0.91% 01-Mar-07 JPM Global Convertibles (EUR) X (acc) - EUR 0.11% - 0.11% 0.11% 0.09% - - 0.15% 23-Nov-04

JPMorgan Funds - Global Dynamic Fund JPM Global Dynamic A (acc) - USD 1.90% - 1.90% 1.90% 1.90% - - - 31-Mar-05 JPM Global Dynamic A (acc) - EUR 1.90% - 1.90% -----21-Nov-06 JPM Global Dynamic A (acc) - EUR (hedged)* 1.90% ------30-Oct-07 JPM Global Dynamic A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 08-Dec-00 JF Global Dynamic A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - - 27-May-04 JPM Global Dynamic A (inc) - EUR 1.90% - 1.90% 1.90% - - - - 15-May-06 JPM Global Dynamic A (dist) - GBP 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 08-Dec-00 JPM Global Dynamic B (acc) - USD 1.15% - 1.50% 1.50% 1.50% - - - 26-Aug-04 JPM Global Dynamic C (acc) - USD 0.95% - 0.95% 0.96% 0.84% - - 1.00% 26-Aug-04 JPM Global Dynamic C (acc) - EUR 0.52% - 0.03% ----1.00% 20-Jun-07 JPM Global Dynamic D (acc) - EUR 2.90% - 2.90% 2.90% - - - - 08-May-06 JPM Global Dynamic D (acc) - EUR (hedged)* 2.90% ------30-Oct-07 JPM Global Dynamic D (acc) - USD 2.90% - 2.90% 2.90% 2.90% 2.90% 2.50% - 08-Dec-00 JPM Global Dynamic I (acc) - USD 0.60% - 0.14% ----0.96% 07-May-07 JPM Global Dynamic X (acc) - USD 0.12% - 0.11% 0.12% 0.09% - - 0.15% 23-Nov-04 JPM Global Dynamic X (acc) - EUR 0.11% - 0.05% ----0.15% 19-Jan-07

JPMorgan Funds - Global Equity Fund (EUR) JPM Global Equity (EUR) A (acc) - EUR 1.90% - 1.90% 1.90% 1.90% - - - 31-Mar-05 JPM Global Equity (EUR) A (dist) - EUR 1.90% - 1.90% 1.90% 1.90% 1.65% 1.65% - 01-Dec-88 JPM Global Equity (EUR) C (acc) - EUR 0.79% - 0.79% 0.78% - - - 0.80% 06-Jul-05 JPM Global Equity (EUR) D (acc) - EUR 2.65% - 2.65% 2.65% 2.65% 2.65% 2.25% - 13-Oct-00

JPMorgan Funds - Global Equity Fund (USD) JPM Global Equity (USD) A (acc) - USD 1.90% - 1.90% 1.90% 1.90% - - - 31-Mar-05 JPM Global Equity (USD) A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.65% 1.65% - 16-Nov-88 JF Global Equity (USD) A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 01-Jun-01 JPM Global Equity (USD) B (acc) - USD** 1.30% - 1.30% 1.30% - - - - 22-Jun-06 JPM Global Equity (USD) C (acc) - USD 0.79% - 0.78% 0.79% 0.64% - - 0.80% 09-Sep-04 JPM Global Equity (USD) D (acc) - USD 2.65% - 2.65% 2.65% 2.65% 2.65% 2.25% - 13-Oct-00 JPM Global Equity (USD) X (acc) - USD 0.14% - 0.14% 0.04% - - - 0.15% 21-Mar-06

JPMorgan Funds - Global Focus Fund JPM Global Focus A (acc) - EUR 1.90% - 1.90% 1.90% 1.90% - - - 31-Mar-05 JPM Global Focus A (acc) - EUR (hedged)* 1.90% - - JPM Global Focus A (dist) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 23-May-03 JF Global Focus A (dist) - USD 1.90% - 1.90% -----04-Dec-06 JPM Global Focus B (acc) - EUR** 1.50% - - JPM Global Focus C (acc) - EUR 0.99% - 1.00% 0.44% - - - 1.00% 20-Jan-06 JPM Global Focus D (acc) - EUR 2.90% - 2.90% 2.90% 2.90% 2.50% 2.50% - 23-May-03 JPM Global Focus D (acc) - EUR (hedged)* 2.90% - - JPM Global Focus X (acc) - EUR 0.15% - 0.15% 0.15% 0.09% - - 0.15% 24-Nov-04

JPMorgan Funds - Global Life Sciences Fund JPM Global Life Sciences A (acc) - USD 1.90% - 1.90% 1.90% 1.90% - - - 31-Mar-05 JPM Global Life Sciences A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 14-Apr-00 JPM Global Life Sciences A (dist) - GBP 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 13-Oct-00 JF Global Life Sciences A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 13-Oct-00 JPM Global Life Sciences D (acc) - USD 2.90% - 2.90% 2.90% 2.90% 2.90% 2.50% - 13-Oct-00

JPMorgan Funds - Global Natural Resources Fund JPM Global Natural Resources A (acc) - EUR 1.90% - 1.90% 1.90% 1.90% - - - 21-Dec-04 JPM Global Natural Resources A (dist) - EUR 1.90% - 1.90% 1.90% 1.90% - - - 14-Mar-05 JPM Global Natural Resources A (acc) - USD 1.90% - 1.90% -----12-Sep-06 JPM Global Natural Resources B (acc) - EUR 1.15% - 1.50% 1.50% - - - - 25-Apr-05 JPM Global Natural Resources C (acc) - EUR 0.98% - 0.97% 1.01% 0.31% - - 1.05% 14-Mar-05 JPM Global Natural Resources C (acc) - USD 0.74% - 0.23% ----1.05% 05-Apr-07 JPM Global Natural Resources D (acc) - EUR 2.90% - 2.90% 2.90% - - - - 05-Dec-05 JPM Global Natural Resources D (acc) - USD 2.90% - 2.90% -----08-Jun-07 JPM Global Natural Resources X (acc) - EUR 0.13% - 0.13% 0.14% 0.04% - - 0.20% 19-Apr-05

JPMorgan Funds - Global Real Estate Securities Fund (EUR) JPM Global Real Estate Securities A (acc) - EUR 1.90% - 1.90% -----01-Sep-06 JPM Global Real Estate Securities A (inc) - EUR 1.90% - 1.90% -----01-Sep-06 JPM Global Real Estate Securities C (acc) - EUR 0.48% - 0.09% ----0.80% 22-May-07 JPM Global Real Estate Securities D (acc) - EUR 2.65% - 2.65% -----01-Sep-06 JPM Global Real Estate Securities X (acc) - EUR 0.10% - 0.02% ----0.15% 21-May-07

JPMorgan Funds - Global Real Estate Securities Fund (USD) JPM Global Real Estate Securities A (acc) - USD 1.90% - 1.90% -----01-Sep-06 JPM Global Real Estate Securities D (acc) - USD 2.65% - 2.65% -----01-Sep-06 JPM Global Real Estate Securities X (acc) - USD 0.15% - 0.10% ----0.15% 06-Nov-06

JPMorgan Funds - Global Socially Responsible Fund JPM Global Socially Responsible A (acc) - USD 1.90% - 1.90% 1.90% 1.90% - - - 31-Mar-05 JPM Global Socially Responsible A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 02-Jun-00 JPM Global Socially Responsible D (acc) - USD 2.90% - 2.90% 2.90% 2.90% 2.90% 2.50% - 13-Oct-00 210 JPMorgan Funds Appendix - Unaudited Additional Disclosures (continued)

JPMorgan Funds - JF Asia Alpha Plus Fund JF Asia Alpha Plus A (acc) - USD 1.90% 2.88% 1.90% 1.90% - - - - 09-Nov-05 JF Asia Alpha Plus A (dist) - USD* 1.90% 3.02% ------19-Oct-07

JPMorgan Funds - JF Asia Equity Fund JF Asia Equity A (acc) - USD 1.90% - 1.90% 1.90% 1.90% - - - 31-Mar-05 JF Asia Equity A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.65% 1.65% - 02-Oct-98 JF Asia Equity A (dist) - GBP 1.90% - 1.90% 1.90% 1.90% 1.65% 1.65% - 13-Oct-00 JF Asia Equity B (acc) - USD** 1.15% - 1.25% 1.25% 1.25% - - - 23-Dec-04 JF Asia Equity C (acc) - USD 1.01% - 0.99% 0.99% 0.84% - - 1.00% 26-Aug-04 JF Asia Equity D (acc) - USD 2.65% - 2.65% 2.65% 2.65% 2.65% 2.25% - 13-Oct-00 JF Asia Equity D (acc) - EUR 2.65% - 2.65% 2.65% - - - - 08-May-06 JF Asia Equity I (acc) - USD 0.96% - 0.95% 0.01% - - - 0.96% 26-Jun-06 JF Asia Equity X (acc) - USD 0.20% - 0.20% 0.20% 0.11% - - 0.20% 16-Dec-04

JPMorgan Funds - JF China Fund JF China A (acc) - USD 1.90% - 1.90% 1.90% 1.90% - - - 31-Mar-05 JF China A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 04-Jul-94 JF China B (acc) - USD 1.15% - 1.50% 1.50% - - - - 21-Feb-06 JF China C (acc) - USD 0.94% - 0.94% 0.97% 0.41% - - 1.00% 01-Feb-05 JF China D (acc) - USD 2.90% - 2.90% 2.90% 2.90% 2.90% 2.50% - 13-Oct-00 JF China I (acc) - USD 0.76% - 0.30% ----0.96% 26-Feb-07 JF China X (acc) - USD 0.11% - 0.02% ----0.20% 18-May-07

JPMorgan Funds - JF Greater China Fund JF Greater China A (acc) - USD 1.90% - 1.90% 1.90% 1.90% - - - 31-Mar-05 JF Greater China A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 18-May-01 JF Greater China B (acc) - USD 1.15% - 1.50% 1.50% - - - - 10-Feb-06 JF Greater China C (acc) - USD 0.99% - 0.98% 1.00% 0.41% - - 1.00% 01-Feb-05 JF Greater China D (acc) - USD 2.90% - 2.90% 2.90% 2.90% 2.90% 2.50% - 13-Oct-00 JF Greater China I (acc) - USD** - - 0.58% 0.20% 0.11% - - - 09-Dec-04 JF Greater China X (acc) - USD 0.20% - 0.19% ----0.20% 09-Dec-04

JPMorgan Funds - JF Hong Kong Fund JF Hong Kong A (acc) - USD 1.90% - 1.90% 1.90% 1.90% - - - 31-Mar-05 JF Hong Kong A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 18-May-01 JF Hong Kong B (acc) - USD 1.15% - 1.50% 1.50% - - - - 10-Feb-06 JF Hong Kong C (acc) - USD 1.02% - 1.00% 1.00% 0.44% - - 1.00% 20-Jan-05 JF Hong Kong D (acc) - USD 2.90% - 2.90% 2.90% 2.90% 2.90% 2.50% - 25-May-01

JPMorgan Funds - JF India Fund JF India A (acc) - USD 2.10% - 2.10% 2.10% 2.10% - - - 31-Mar-05 JF India A (dist) - USD 2.10% - 2.10% 2.10% 2.10% 2.10% 2.10% - 31-Aug-95 JF India B (acc) - USD 1.35% - 1.70% 1.70% 1.70% - - - 03-Sep-04 JF India C (acc) - USD 1.08% - 1.09% 1.10% 0.58% - - 1.20% 05-Jan-05 JF India D (acc) - USD 2.90% - 2.90% 2.90% 2.90% 2.90% 2.70% - 13-Oct-00 JF India X (acc) - USD 0.28% - 0.30% 0.34% 0.22% - - 0.40% 09-Dec-04

JPMorgan Funds - JF Japan Alpha Plus Fund JF Japan Alpha Plus A (acc) - USD 1.90% - 1.90% 1.90% 1.90% - - - 31-Mar-05 JF Japan Alpha Plus A (dist) - USD 1.90% - 1.90% 1.90% 1.90% - - - 18-Aug-04 JF Japan Alpha Plus D (acc) - USD 2.90% - 2.90% 2.90% 2.90% - - - 18-Aug-04

JPMorgan Funds - JF Japan Equity Fund JF Japan Equity A (acc) - USD 1.90% - 1.90% 1.90% 1.90% - - - 31-Mar-05 JF Japan Equity A (acc) - EUR 1.90% - 1.90% 1.90% - - - - 12-Jun-06 JF Japan Equity A (acc) - JPY 1.90% - 1.90% 1.90% - - - - 10-Jan-06 JF Japan Equity A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.65% 1.65% - 01-Dec-88 JF Japan Equity A (dist) - GBP 1.90% - 1.90% 1.90% 1.90% 1.65% 1.65% - 13-Oct-00 JF Japan Equity B (acc) - USD 1.15% - 1.25% 1.25% 1.25% - - - 26-Aug-04 JF Japan Equity C (acc) - USD 0.90% - 0.89% 0.91% 0.24% - - 0.95% 26-Aug-04 JF Japan Equity D (acc) - USD 2.65% - 2.65% 2.65% 2.65% 2.65% 2.25% - 13-Oct-00 JF Japan Equity D (acc) - EUR 2.65% - 2.65% 2.65% - - - - 08-May-06 JF Japan Equity J (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 02-Apr-02 JF Japan Equity I (acc) - USD 0.86% - 0.85% ----0.91% 27-Jun-06 JF Japan Equity X (acc) - USD 0.12% - 0.11% 0.13% 0.09% - - 0.15% 24-Nov-04

JPMorgan Funds - JF Japan Small Cap Fund JF Japan Small Cap A (acc) - USD 1.90% - 1.90% 1.90% 1.90% - - - 31-Mar-05 JF Japan Small Cap A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 04-Jul-94 JF Japan Small Cap B (acc) - USD 1.15% - 1.50% 1.50% - - - - 14-Sep-05 JF Japan Small Cap C (acc) - USD 0.96% - 0.95% 0.50% - - - 1.00% 02-Feb-05 JF Japan Small Cap D (acc) - USD 2.90% - 2.90% 2.90% 2.90% 2.90% 2.50% - 13-Oct-00 JF Japan Small Cap X (acc) - USD 0.16% - 0.15% 0.18% 0.11% - - 0.20% 16-Dec-04

JPMorgan Funds - JF Korea Equity Fund (4) JF Korea Equity A (acc) - USD 1.90% ------28-Sep-07 JF Korea Equity A (acc) - EUR 1.90% ------28-Sep-07 JF Korea Equity D (acc) - USD 2.90% ------28-Sep-07

JPMorgan Funds - JF Pacific Balanced Fund JF Pacific Balanced A (acc) - USD 1.90% - 1.90% 1.90% 1.90% - - - 01-Apr-05 JF Pacific Balanced A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 15-Jun-01 JF Pacific Balanced B (acc) - USD 1.15% ------10-Sep-07 JF Pacific Balanced D (acc) - USD 2.35% - 2.35% 2.35% 2.35% 2.35% 2.20% - 22-Jun-01

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

211 JPMorgan Funds Appendix - Unaudited Additional Disclosures (continued)

JPMorgan Funds - JF Pacific Equity Fund JF Pacific Equity A (acc) - USD 1.90% - 1.90% 1.90% 1.90% - - - 31-Mar-05 JF Pacific Equity A (acc) - EUR 1.90% - 1.90% 1.90% - - - - 20-Sep-05 JF Pacific Equity A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.65% 1.65% - 01-Dec-88 JF Pacific Equity A (dist) - GBP 1.90% - 1.90% 1.90% 1.90% 1.65% 1.65% - 13-Oct-00 JF Pacific Equity B (acc) - USD 1.15% - 1.25% 1.25% 1.25% - - - 27-Dec-04 JF Pacific Equity C (acc) - USD 0.95% - 0.94% 0.94% 0.24% - - 1.00% 31-Mar-05 JF Pacific Equity D (acc) - USD 2.65% - 2.65% 2.65% 2.65% 2.65% 2.25% - 13-Oct-00 JF Pacific Equity D (acc) - EUR 2.65% - 2.65% 2.65% 0.24% - - - 08-May-06 JF Pacific Equity I (acc) - USD 0.91% - 0.90% ----0.96% 28-Jun-06

JPMorgan Funds - JF Pacific Technology Fund JF Pacific Technology A (acc) - USD 1.90% - 1.90% 1.90% 1.90% - - - 31-Mar-05 JF Pacific Technology A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 02-Jun-00 JF Pacific Technology A (dist) - GBP 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 13-Oct-00 JF Pacific Technology B (acc) - USD* 1.15% - 1.50% 1.50% - - - - 08-May-06 JF Pacific Technology D (acc) - USD 2.90% - 2.90% 2.90% 2.90% 2.90% 2.50% - 13-Oct-00

JPMorgan Funds - JF Singapore Fund JF Singapore A (acc) - USD 1.90% - 1.90% 1.90% 1.90% - - - 31-Mar-05 JF Singapore A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 18-May-01 JF Singapore B (acc) - USD 1.15% - 1.50% 1.50% - - - - 13-Feb-06 JF Singapore C (acc) - USD 0.96% - 0.97% 0.92% 0.44% - - 1.00% 20-Jan-05 JF Singapore D (acc) - USD 2.90% - 2.90% 2.90% 2.90% 2.90% 2.50% - 25-May-01 JF Singapore I (acc) - USD 0.92% - 0.92% ----0.96% 29-Jun-06 JF Singapore X (acc) - USD 0.20% - 0.20% 0.20% - - - - 24-May-06

JPMorgan Funds - JF Taiwan Fund JF Taiwan A (acc) - USD 1.90% - 1.90% 1.90% 1.90% - - - 31-Mar-05 JF Taiwan A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 18-May-01 JF Taiwan B (acc) - USD 1.30% - 1.65% 1.65% 1.65% - - - 03-Nov-04 JF Taiwan C (acc) - USD 1.06% - 1.06% 1.15% 0.75% - - 1.15% 03-Nov-04 JF Taiwan D (acc) - USD 2.90% - 2.90% 2.90% 2.90% 2.90% 2.50% - 25-May-01 JF Taiwan I (acc) - USD 1.02% - 1.01% ----1.11% 29-Jun-06 JF Taiwan X (acc) - USD 0.27% - 0.27% 0.13% - - - 0.35% 03-Feb-06

JPMorgan Funds - JF Tokyo Alpha Plus Fund JF Tokyo Alpha Plus A (acc) - JPY 1.90% - 1.90% 1.90% - - - - 01-Feb-06 JF Tokyo Alpha Plus A (dist) - JPY 1.90% - 1.90% 1.90% - - - - 08-Feb-06 JF Tokyo Alpha Plus X (acc) - JPY** - - 0.07% 0.06% - - - 0.15% 08-Feb-06

JPMorgan Funds - Latin America Equity Fund JPM Latin America Equity A (acc) - USD 1.90% - 1.90% 1.90% 1.90% - - - 31-Mar-05 JPM Latin America Equity A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 12-May-92 JF Latin America Equity A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 13-Oct-00 JPM Latin America Equity B (acc) - USD 1.15% - 1.50% 1.50% - - - - 08-Mar-06 JPM Latin America Equity C (acc) - USD 1.06% - 1.05% 1.05% 0.50% - - 1.10% 13-Jan-05 JPM Latin America Equity D (acc) - USD 2.90% - 2.90% 2.90% 2.90% 2.90% 2.50% - 13-Oct-00 JPM Latin America Equity I (acc) - USD 1.02% - 1.01% 0.01% - - - 1.06% 26-Jun-06 JPM Latin America Equity X (acc) - USD 0.17% - 0.15% 0.16% 0.13% - - 0.20% 09-Nov-04

JPMorgan Funds - Middle East Equity Fund JPM Middle East Equity A (acc) - USD 1.95% - 1.95% 1.95% 1.95% - - - 31-Mar-05 JPM Middle East Equity A (dist) - USD 1.95% - 1.95% 1.95% 1.95% 1.95% 1.95% - 18-Feb-98 JPM Middle East Equity B (acc) - USD 1.20% - 1.55% 1.55% 1.55% - - - 22-Mar-05 JPM Middle East Equity D (acc) - USD 2.95% - 2.95% 2.95% 2.95% 2.95% 2.55% - 13-Oct-00

JPMorgan Funds - Russia Fund JPM Russia A (acc) - USD 1.90% - 1.90% 1.90% - - - - 23-Nov-05 JPM Russia A (dist) - USD 1.90% - 1.90% 1.90% - - - - 18-Nov-05 JPM Russia B (acc) - USD 1.15% - 1.50% 1.50% - - - - 04-May-06 JPM Russia C (acc) - USD* 0.15% ------1.10% 13-Nov-07 JPM Russia D (acc) - USD 2.90% - 2.90% 2.90% - - - - 27-Jan-06 JPM Russia I (acc) - USD 0.59% - 0.35% ----1.06% 25-Aug-06

JPMorgan Funds - Sterling Bond Fund JPM Sterling Bond A (acc) - GBP 1.15% - 1.15% 1.15% 1.15% - - - 31-Mar-05 JPM Sterling Bond A (dist) - GBP 1.15% - 1.15% 1.15% 1.15% 1.10% 1.10% - 01-Feb-92 JPM Sterling Bond B (dist) - GBP** 0.80% - 0.85% -----12-Jul-06 JPM Sterling Bond D (acc) - GBP 1.70% - 1.70% 1.70% 1.70% 1.80% 1.65% - 13-Oct-00 JPM Sterling Bond X (acc) - GBP 0.10% - 0.10% 0.10% 0.05% - - 0.10% 13-Dec-04

JPMorgan Funds - UK Equity Fund JPM UK Equity A (acc) - GBP 1.90% - 1.90% 1.90% 1.90% - - - 31-Mar-05 JPM UK Equity A (dist) - GBP 1.90% - 1.90% 1.90% 1.90% 1.65% 1.65% - 01-Apr-92 JPM UK Equity C (acc) - GBP 0.92% - 0.91% 0.92% 0.51% - - 0.95% 13-Dec-04 JPM UK Equity D (acc) - GBP 2.65% - 2.65% 2.65% 2.65% 2.65% 2.25% - 13-Oct-00 JPM UK Equity I (acc) - GBP** - - 0.20% ----0.91% 12-Jul-06

JPMorgan Funds - US 130/30 Fund (5) JPM US 130/30 A (acc) - USD 1.90% 2.17% ------02-Aug-07 JPM US 130/30 A (acc) - EUR (hedged) 1.90% ------02-Aug-07 JPM US 130/30 D (acc) - USD 2.90% 3.03% ------02-Aug-07 JPM US 130/30 D (acc) - EUR (hedged) 2.90% ------02-Aug-07 JPM US 130/30 X (acc) - USD* 0.04% 1.07% -----0.15% 03-Oct-07

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

212 JPMorgan Funds Appendix - Unaudited Additional Disclosures (continued)

JPMorgan Funds - US Aggregate Bond Fund JPM US Aggregate Bond A (acc) - USD 1.10% - 1.10% 1.10% 1.10% - - - 31-Mar-05 JPM US Aggregate Bond A (dist) - USD 1.10% - 1.10% 1.10% 1.10% 1.10% 1.10% - 15-Sep-00 JPM US Aggregate Bond B (acc) - USD 0.75% - 0.80% 0.80% - - - - 08-Dec-05 JPM US Aggregate Bond C (acc) - USD 0.60% - 0.60% 0.58% - - - 0.60% 13-Jul-05 JPM US Aggregate Bond D (acc) - USD 1.35% - 1.35% 1.35% 1.35% 1.50% 1.35% - 13-Oct-00 JPM US Aggregate Bond X (acc) - USD 0.10% - 0.10% 0.10% 0.03% - - 0.10% 30-Mar-05

JPMorgan Funds - US Dynamic Fund JPM US Dynamic A (acc) - USD 1.90% - 1.90% 1.90% 1.90% - - - 31-Mar-05 JPM US Dynamic A (acc) - EUR 1.90% - 1.90% 1.90% - - - - 16-Mar-06 JPM US Dynamic A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - - 18-Jul-03 JPM US Dynamic B (acc) - USD 1.15% - 1.50% 1.50% 1.50% - - - 01-Sep-04 JPM US Dynamic C (acc) - USD 0.93% - 0.93% 0.94% 0.84% - - 1.00% 26-Aug-04 JPM US Dynamic D (acc) - USD 2.90% - 2.90% 2.90% 2.90% 2.90% - - 18-Jul-03 JPM US Dynamic D (acc) - EUR 2.90% - 2.90% 2.90% - - - - 08-May-06 JPM US Dynamic I (inc) - EUR 0.46% - 0.01% ----0.96% 25-Jun-07 JPM US Dynamic I (acc) - USD 0.89% - 0.89% 0.11% - - - 0.96% 17-May-06 JPM US Dynamic X (acc) - USD 0.09% - 0.09% 0.11% 0.10% - - 0.15% 25-Oct-04

JPMorgan Funds - US Select 130/30 (6) JPM US Select 130/30 A (acc) - USD 1.90% ------05-Jul-07 JPM US Select 130/30 A (dist) - USD 1.90% ------09-Aug-07 JPM US Select 130/30 A (acc) - EUR (hedged) 1.90% ------05-Jul-07 JPM US Select 130/30 C (acc) - USD* 0.17% ------1.00% 01-Nov-07 JPM US Select 130/30 D (acc) - USD 2.90% ------05-Jul-07 JPM US Select 130/30 D (acc) - EUR (hedged) 2.90% ------05-Jul-07 JPM US Select 130/30 X (acc) - USD 0.06% ------0.15% 07-Aug-07

JPMorgan Funds - US Small Cap Growth Fund JPM US Small Cap Growth A (acc) - USD 1.90% - 1.90% 1.90% 1.90% - - - 31-Mar-05 JPM US Small Cap Growth A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.65% 1.65% - 11-Sep-84 JPM US Small Cap Growth A (dist) - GBP 1.90% - 1.90% 1.90% 1.90% 1.65% 1.65% - 13-Oct-00 JPM US Small Cap Growth D (acc) - USD 2.65% - 2.65% 2.65% 2.65% 2.65% 2.25% - 13-Oct-00

JPMorgan Funds - US Strategic Growth Fund JPM US Strategic Growth A (acc) - USD 1.90% - 1.90% 1.90% 1.90% - - - 31-Mar-05 JPM US Strategic Growth A (acc) - EUR (hedged) 1.90% - 1.90% -----15-Mar-07 JPM US Strategic Growth A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.65% 1.65% - 20-Oct-00 JPM US Strategic Growth A (dist) - GBP 1.90% - 1.90% 1.90% 1.90% 1.65% 1.65% - 13-Oct-00 JPM US Strategic Growth B (acc) - USD 1.15% - 1.20% 1.20% - - - - 22-Sep-05 JPM US Strategic Growth C (acc) - USD 0.83% - 0.82% 0.27% - - - 0.85% 08-Mar-06 JPM US Strategic Growth C (acc) - EUR (hedged)* 0.05% ------0.85% 06-Dec-07 JPM US Strategic Growth D (acc) - USD 2.65% - 2.65% 2.65% 2.65% 2.65% 2.25% - 20-Oct-00 JPM US Strategic Growth D (acc) - EUR (hedged) 2.65% - 2.65% -----15-Mar-07 JPM US Strategic Growth X (acc) - USD 0.13% - 0.13% 0.13% - - - 0.15% 05-Oct-05

JPMorgan Funds - US Technology Fund JPM US Technology A (acc) - USD 1.90% - 1.90% 1.90% 1.90% - - - 31-Mar-05 JPM US Technology A (dist) - GBP 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 13-Oct-00 JPM US Technology A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 05-Dec-97 JF US Technology A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 13-Oct-00 JPM US Technology D (acc) - USD 2.90% - 2.90% 2.90% 2.90% 2.90% 2.50% - 13-Oct-00 JPM US Technology I (acc) - USD 0.28% ------1.01% 20-Sep-07 JPM US Technology X (acc) - USD* 0.04% ------0.20% 08-Oct-07

JPMorgan Funds - US Value Fund JPM US Value A (acc) - USD 1.90% - 1.90% 1.90% 1.90% - - - 31-Mar-05 JPM US Value A (acc) - EUR (hedged) 1.90% - 1.90% -----13-Nov-06 JPM US Value A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.65% 1.65% - 20-Oct-00 JPM US Value A (dist) - GBP 1.90% - 1.90% 1.90% 1.90% 1.65% 1.65% - 13-Oct-00 JF US Value A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - - 27-May-04 JPM US Value B (acc) - USD 1.15% - 1.20% 1.20% 1.20% - - - 11-Oct-04 JPM US Value C (acc) - USD 0.80% - 0.79% 0.79% 0.70% - - 0.85% 01-Sep-04 JPM US Value D (acc) - USD 2.65% - 2.65% 2.65% 2.65% 2.65% 2.25% - 20-Oct-00 JPM US Value D (acc) - EUR (hedged) 2.65% - 2.65% -----13-Nov-06 JPM US Value X (acc) - USD 0.10% - 0.11% 0.12% 0.09% - - 0.15% 03-Feb-05

(6) This Sub-Fund was launched on 5 July 2007.

* These figures include the Performance Fees. In case the share class has been opened during the year, the performance fee is extrapolated on a yearly basis. ** No data is applicable for these Share Classes as they were launched less than 3 months before the period end. *** Share Class opened and closed during the period. **** The Total Expense Ratio (“TER”) represents the total operating cost as a percentage of the Fund’s average daily net assets. The total operating cost comprises investment management and advisory fees, custodian fees, taxe d’abonnement and other expenses, as summarised in the Combined Statement of Operations. Overdraft interest and Performance Fees are excluded from the calculation. Since 1 January 2002, the TER has been in place. The Expense Ratio related to the capped share classes C and X that were launched during the year is weighted in accordance with the proportional period of time elapsed since their inception date.

213 JPMorgan Funds Appendix - Unaudited Additional Disclosures (continued)

2. Summary of Investment Objectives of the Sub-Funds JPMorgan Funds – America Equity Fund Seeks to provide long-term capital growth by investing primarily in US companies. JPMorgan Funds – America Large Cap Fund Seeks to provide long-term capital growth by investing primarily in large capitalisation Blue Chip US companies. JPMorgan Funds – America Micro Cap Fund Seeks to provide long-term capital growth by investing primarily in microcapitalisation US companies. JPMorgan Funds – Brazil Alpha Plus Fund Seeks to provide superior long-term capital growth by investing primarily in a concentrated portfolio of Brazilian companies. JPMorgan Funds – Eastern Europe Equity Fund Seeks to provide long-term capital growth by investing primarily in companies in central and eastern Europe (the “Eastern Europe Countries”). JPMorgan Funds - Emerging Europe, Middle East and Africa Equity Fund Seeks to provide long-term capital growth by investing primarily in companies of the emerging markets of central, eastern and southern Europe, Middle East and Africa. The Russian Trading System (RTS) Stock Exchange and the Moscow Interbank Currency Exchange are now recognized as regulated markets. JPMorgan Funds – Emerging Markets Alpha Plus Fund Seeks to provide superior long term capital growth by investing primarily in a concentrated portfolio of emerging markets companies. The Russian Trading System (RTS) Stock Exchange and the Moscow Interbank Currency Exchange are now recognized as regulated markets. JPMorgan Funds – Emerging Markets Debt Fund Seeks to achieve a return in excess of the bond markets of emerging countries by investing primarily in emerging market bonds and other debt securities. The Russian Trading System (RTS) Stock Exchange and the Moscow Interbank Currency Exchange are now recognized as regulated markets. JPMorgan Funds – Emerging Markets Equity Fund Seeks to provide long-term capital growth by investing primarily in emerging markets companies. The Russian Trading System (RTS) Stock Exchange and the Moscow Interbank Currency Exchange are now recognized as regulated markets. JPMorgan Funds – Emerging Markets Small Cap Fund Seeks to provide long-term capital growth by investing primarily in small capitalisation emerging markets companies. JPMorgan Funds – Euro Liquid Reserve Fund Seeks to achieve a competitive level of return in the reference currency and a high degree of liquidity by investing primarily in EUR denominated short term bonds and other debt securities. JPMorgan Funds – Euroland Equity Fund Seeks to provide long-term capital growth by investing primarily in companies of countries which are or might become part of the Euro zone (the “Euroland Countries”). The Sub-Fund may invest up to 10% in companies from other Continental European countries. JPMorgan Funds – Euroland Select Equity Fund Seeks to achieve a return in excess of Euro-zone equity markets by investing primarily in companiesof countries which are part of the Euro-zone (the “Euroland Countries”). JPMorgan Funds – Europe 130/30 Fund Seeks to provide long term capital growth, through exposure to European companies by direct investments in securities of such companies and through the use of financial derivative instruments. JPMorgan Funds –Europe Aggregate Plus Bond Fund Seeks to achieve a return in excess of the European bond markets by investing primarily in European and non-European bonds and other debt securities denominated in European currencies. JPMorgan Funds – Europe Balanced Fund (EUR) Seeks to provide long-term capital growth and income by investing primarily in European companies and sovereign issuers. A substantial part of the assets of the Sub-Fund will be denominated in or hedged into EUR. JPMorgan Funds – Europe Convergence Equity Fund Seeks to provide long-term capital growth by investing primarily in companies of those countries that joined the EU after 1 January 2004 or are applying or likely to apply for membership of the European Union (the “Converging European Countries”). JPMorgan Funds – Europe Dynamic Fund Seeks to maximise long-term capital growth by investing primarily in an aggressively managed portfolio of European companies. JPMorgan Funds – Europe Dynamic Mega Cap Fund Seeks to maximise long-term capital growth by investing primarily in an aggressively managed portfolio of mega capitalisation European companies normally with a capitalisation in excess of USD 3 billion at the time of purchase.

214 JPMorgan Funds Appendix - Unaudited Additional Disclosures (continued)

2. Summary of Investment Objectives of the Sub-Funds (continued) JPMorgan Funds – Europe Dynamic Small Cap Fund Seeks to maximise long-term capital growth by investing primarily in an aggressively managed portfolio of small capitalisation European companies. JPMorgan Funds – Europe Equity Fund Seeks to provide long-term capital growth by investing primarily in European companies. JPMorgan Funds – Europe Focus Fund Seeks to provide superior long-term capital growth by investing primarily in an aggressively managed portfolio of large, medium and small European companies. JPMorgan Funds – Europe High Yield Bond Fund Seeks to achieve a return in excess of European bond markets by investing primarily in below investment grade European and non-European bonds denominated in European currencies and other debt securities. JPMorgan Funds – Europe Micro Cap Fund Seeks to provide long-term capital growth by investing primarily in micro capitalisation European companies. A minimum of 67% of the assets of the Sub-Fund will be composed of shares of companies listed on an Eligible Market in the European Union with a maximum capitalisation of EUR 5 billion at any time. JPMorgan Funds – Europe Select 130/30 Fund Seeks to provide long term capital growth, by seeking exposure to European companies by direct investments in securities of such companies and through the use of financial derivative instruments. JPMorgan Funds – Europe Small Cap Fund Seeks to provide long-term capital growth by investing primarily in small capitalisation European companies. JPMorgan Funds – Europe Strategic Growth Fund Seeks to provide long-term capital growth by investing primarily in a growth style biased portfolio of European companies. JPMorgan Funds – Europe Strategic Value Fund Seeks to provide long-term capital growth by investing primarily in a value style biased portfolio of European companies. JPMorgan Funds – Europe Technology Fund Seeks to provide long-term capital growth by investing primarily in technology (including media and telecommunication) related European companies. JPMorgan Funds – Germany Equity Fund Seeks to provide long-term capital growth by investing primarily in German companies. JPMorgan Funds – Global Aggregate Bond Fund Seeks to achieve a return in excess of global bond markets by investing primarily in global bonds and other debt securities. JPMorgan Funds – Global Convertibles Fund (EUR) Seeks to provide a return by investing primarily in a diversified portfolio of convertible securities and warrants, globally. The Sub-Fund may hold to a limited extent straight bonds and equities. Investments in securities denominated in currencies other than EUR may be hedged to EUR although the Investment Manager may take currency positions subject to the restrictions set out in the “Investment Restrictions” in Appendix II in the Prospectus. JPMorgan Funds – Global Dynamic Fund Seeks to maximise long-term capital growth by investing primarily in an aggressively managed portfolio of companies, globally. JPMorgan Funds – Global Equity Fund (EUR) Seeks to provide long-term capital growth by investing primarily in companies, globally. The Sub-Fund may invest, to a limited extent, in fixed-interest securities. A substantial part of the assets of the Sub-Fund will be denominated in or hedged into EUR. JPMorgan Funds – Global Equity Fund (USD) Seeks to provide long-term capital growth by investing primarily in companies, globally. The Sub-Fund may invest, to a limited extent, in fixed-interest securities. JPMorgan Funds – Global Focus Fund Seeks to provide superior long-term capital growth by investing primarily in an aggressively managed portfolio of large, medium and small companies, globally, that the Investment Manager believes to be in earnings recovery situations. JPMorgan Funds – Global Life Sciences Fund Seeks to provide long-term capital growth by investing primarily in companies from the biotechnology, healthcare and life sciences sectors (“Life Sciences Companies”), globally. JPMorgan Funds – Global Natural Resources Fund Seeks to provide long-term capital growth by investing primarily in natural resources companies, globally. The Russian Trading System (RTS) Stock Exchange and the Moscow Interbank Currency Exchange are now recognized as regulated markets.

215 JPMorgan Funds Appendix - Unaudited Additional Disclosures (continued)

2. Summary of Investment Objectives of the Sub-Funds (continued) JPMorgan Funds – Global Real Estate Securities Fund (EUR) Seeks to provide long-term capital growth by investing primarily in a concentrated portfolio of Real Estate Investment Trusts (“REITs”) and in companies that own, develop, operate or finance real estate, where real estate assets or activities account for more than 50% of their total market capitalisation (“Real Estate Companies”). JPMorgan Funds – Global Real Estate Securities Fund (USD) Seeks to provide long-term capital growth by investing primarily in a concentrated portfolio of Real Estate Investment Trusts (“REITs”) and in companies that own, develop, operate or finance real estate, where real estate assets or activities account for more than 50% of their total market capitalisation (“Real Estate Companies”). JPMorgan Funds – Global Socially Responsible Fund Seeks to provide long-term capital growth by investing primarily in companies, globally, that the Investment Manager believes to be socially responsible. Such companies would be expected to work towards environmental sustainability, develop positive relationships with their shareholders and uphold or support universal human rights. JPMorgan Funds – JF Asia Alpha Plus Fund Seeks to provide superior long term capital growth by investing primarily in a concentrated portfolio (generally 25 to 50 companies) of companies in Asia (excluding Japan). Subject to the limits in Appendix III of the current prospectus the Sub-Fund will have the ability to hedge against directional risk using index futures and/or cash. In this context, exposure to equities could be low. JPMorgan Funds – JF Asia Equity Fund Seeks to provide long-term capital growth by investing primarily in companies in Asia (excluding Japan). JPMorgan Funds – JF China Fund Seeks to provide long-term capital growth by investing primarily in companies of the People’s Republic of China. JPMorgan Funds – JF Greater China Fund Seeks to provide long-term capital growth by investing primarily in companies from the People’s Republic of China, Hong Kong and Taiwan (“Greater China”). JPMorgan Funds – JF Hong Kong Fund Seeks to provide long-term capital growth by investing primarily in Hong Kong companies. JPMorgan Funds – JF India Fund Seeks to provide long-term capital growth by investing primarily in Indian companies. A Mauritius subsidiary, wholly owned by JPMorgan Funds, may be used to facilitate an efficient means of investing. JPMorgan Funds – JF Japan Alpha Plus Fund Seeks to provide superior long term capital growth by investing primarily in a concentrated portfolio (approximately 25 to 50 companies) of Japanese companies. Subject to the limits in Appendix III of the current prospectus the Sub-Fund will have the ability to hedge against directional risk using index futures and/or cash. In this context, exposure to equities could be low. JPMorgan Funds – JF Japan Equity Fund Seeks to provide long-term capital growth by investing primarily in Japanese companies. JPMorgan Funds – JF Japan Small Cap Fund Seeks to provide long-term capital growth by investing primarily in small capitalisation Japanese companies. JPMorgan Funds – JF Korea Equity Fund Seeks to provide long-term capital growth by investing primarily in a concentrated portfolio of Korean companies, using derivative strategies where appropriate. JPMorgan Funds – JF Pacific Balanced Fund Seeks to provide long-term capital growth and income by investing primarily in companies and sovereign issuers of countries in the Pacific Basin (including Japan). JPMorgan Funds – JF Pacific Equity Fund Seeks to provide long-term capital growth by investing primarily in companies in the Pacific Basin (including Japan, Australia, Hong Kong, New Zealand, Singapore, China, Indonesia, Korea, Malaysia, the Philippines, Taiwan, Thailand and the Indian sub-continent, excluding the United States of America.). JPMorgan Funds – JF Pacific Technology Fund Seeks to provide long-term capital growth by investing primarily in technology, media and telecommunications related companies in the Pacific Basin (including Japan). JPMorgan Funds – JF Singapore Fund Seeks to provide long-term capital growth by investing primarily in Singaporean companies. JPMorgan Funds – JF Taiwan Fund Seeks to provide long-term capital growth by investing primarily in Taiwanese companies.

216 JPMorgan Funds Appendix - Unaudited Additional Disclosures (continued)

2. Summary of Investment Objectives of the Sub-Funds (continued) JPMorgan Funds – JF Tokyo Alpha Plus Fund Seeks to provide superior long term capital growth by investing primarily in a concentrated portfolio (generally 25 to 50 companies) of Japanese companies. Subject to the limits in Appendix III of the current prospectus, the Sub-Fund will have the ability to hedge against directional risk using index futures and/or cash, and in this context, exposure to equities could be low. JPMorgan Funds – Latin America Equity Fund Seeks to provide long-term capital growth by investing primarily in Latin American companies. JPMorgan Funds – Middle East Equity Fund Seeks to provide long-term capital growth by investing primarily in companies in the Middle East region. Additionally the Fund may invest, to a limited extent, in Morocco and Tunisia. JPMorgan Funds – Russia Fund Seeks to provide long-term capital growth by investing primarily in a concentrated portfolio of Russian companies and the other CIS states through either investments in Global Depository Receipts and American Depository Receipts or direct investment in the securities of such companies, including securities listed or quoted on stock exchanges outside Russia and the other CIS states. The Sub-Fund will limit any direct investments or unlisted securities in Russia and the other CIS states (together with any other securities not dealt in on a Regulated Market) to 10% of its net assets; until such time as Russia and/or any of the other CIS states become Regulated Markets. JPMorgan Funds – Sterling Bond Fund Seeks to achieve a return in excess of sterling bond markets by investing primarily in GBP denominated bonds and other debt securities. JPMorgan Funds – UK Equity Fund Seeks to provide long-term capital growth by investing primarily in UK companies. JPMorgan Funds – US 130/30 Fund Seeks to provide long term capital growth, through exposure to US companies by direct investments in securities of such companies and through the use of financial derivative instruments. JPMorgan Funds – US Aggregate Bond Fund Seeks to achieve a return in excess of US bond markets by investing primarily in US bonds and other debt securities. JPMorgan Funds – US Dynamic Fund Seeks to maximise long-term capital growth by investing primarily in an aggressively managed portfolio of US companies. JPMorgan Funds – US Select 130/30 Fund Seeks to provide long term capital growth, by seeking exposure to US companies by direct investments in securities of such companies and through the useof financial derivative instruments. JPMorgan Funds – US Small Cap Growth Fund Seeks to provide long-term capital growth by investing primarily in a growth style biased portfolio of small capitalisation US companies. JPMorgan Funds – US Strategic Growth Fund Seeks to provide long-term capital growth by investing primarily in a growth style biased portfolio of US companies. JPMorgan Funds – US Technology Fund Seeks to provide long-term capital growth by investing primarily in technology, media and telecommunications related US companies. JPMorgan Funds – US Value Fund Seeks to provide long-term capital growth by investing primarily in a value style biased portfolio of US companies.

217 JPMorgan Funds Appendix - Unaudited Additional Disclosures (continued)

3. Performance and Volatility Performance Returns for periods greater than one year are annualized. Fund performance includes reinvestment of income and is net of all expenses. Volatility The standard deviation (D) of the price is calculated on a daily basis throughout each Fund’s financial year. The details below relate to the period from 1 July 2007 to 31 December 2007. If D is equal to or less than 0.1 then volatility will be Low If D is greater than 0.1 but less or equal to 1.0 then volatility will be Medium If D is greater than 1.0 but less than or equal to 2.4 then volatility will be High If D is greater than 2.4 then volatility will be Very High

Performance (continued) 3 Months 6 Months 9 Months 1 year 2 years 3 years 4 years 5 years Volatility

JPMorgan Funds - America Equity Fund JPM America Equity A (acc) - USD -4.53% -5.04% 2.82% 5.40% ----Medium JPM America Equity A (acc) - EUR (hedged) -1.37% 2.85% 12.56% -----Medium JPM America Equity A (dist) - USD -4.53% -5.04% 2.83% 5.40% 9.75% 7.05% 8.80% 13.85% Medium JF America Equity A (dist) - USD -4.53% -5.04% 2.82% 5.41% 9.75% 7.02% 8.69% 13.65% Medium JPM America Equity B (acc) - USD -4.36% -4.70% 3.37% 6.14% 10.59% 7.93% - - Medium JPM America Equity C (acc) - USD -4.26% -4.50% 3.69% 6.58% 11.08% 8.44% - - Medium JPM America Equity D (acc) - USD -4.71% -5.39% 2.26% 4.63% 8.87% 6.19% 7.83% 12.67% Medium JPM America Equity D (acc) - EUR -4.71% -5.39% 2.25% 4.61% ----Medium JPM America Equity D (acc) - EUR (hedged) -1.29% 2.74% 12.22% -----Medium JPM America Equity X (acc) - USD -4.11% -4.19% 4.22% 7.30% 11.93% 9.30% - - Medium

JPMorgan Funds - America Large Cap Fund JPM America Large Cap A (acc) - USD -1.29% 0.13% 5.51% 6.39% 11.13%---Medium JPM America Large Cap A (dist) - USD Medium JPM America Large Cap B (acc) - USD -1.13% 0.50% 6.02% 7.09% ----Medium JPM America Large Cap D (acc) - USD -1.49% -0.23% 4.88% 5.57% 10.19% 7.08% 7.53% 11.63% Medium

JPMorgan Funds - America Micro Cap Fund JPM America Micro Cap A (acc) - USD -9.54% -12.85% -7.76% -8.60% -0.03%---High JPM America Micro Cap A (dist) - USD -9.56% -12.88% -7.79% -8.68% -0.08% 3.00% 7.35% 19.51% High JF America Micro Cap A (dist) - USD -9.56% -12.88% -7.79% -8.68% -0.10% 3.00% 7.37% - High JPM America Micro Cap D (acc) - USD -9.79% -13.31% -8.48% -9.59% -1.06% 1.92% 6.15% 17.78% High JPM America Micro Cap X (acc) - USD** ------High

JPMorgan Funds - Brazil Alpha Plus Fund (1) JPM Brazil Alpha Plus A ( acc ) - USD* ------High JPM Brazil Alpha Plus D ( acc ) - USD* ------High JPM Brazil Alpha Plus I ( acc ) - USD* ------High

JPMorgan Funds - Eastern Europe Equity Fund JPM Eastern Europe Equity A (acc) - EUR 7.44% 14.74% 23.67% 29.53% 36.41%---High JPM Eastern Europe Equity A (dist) - EUR 7.44% 14.72% 23.50% 29.35% 35.59% 61.26% 62.20% 70.50% High JF Eastern Europe Equity A (dist) - EUR 7.44% 14.73% 23.61% 29.46% 35.71% 61.41% 62.31% 70.65% High JPM Eastern Europe Equity B (acc) - EUR 7.57% 15.00% 24.05% -----High JPM Eastern Europe Equity C (acc) - EUR 7.67% 15.23% 24.46% 30.63% 38.17%---High JPM Eastern Europe Equity D (acc) - EUR 7.18% 14.20% 22.79% 28.31% 34.76% 59.60% 59.92% 67.66% High JPM Eastern Europe Equity I (acc) - EUR 7.67% 15.24% 24.49% 30.69% ----High JPM Eastern Europe Equity X (acc) - EUR 7.91% 15.74% 25.30% 31.81% 39.54% 67.55% - - High

JPMorgan Funds - Emerging Europe, Middle East and Africa Equity Fund JPM Emerging Europe, Middle East and Africa Equity A (acc)- USD 9.21% 18.01% 25.19% 32.50% ----High JPM Emerging Europe, Middle East and Africa Equity A (dist) - USD 9.21% 18.00% 25.09% 32.39% 39.88% 57.48% 61.18% 96.79% High JPM Emerging Europe, Middle East and Africa Equity B (acc) - USD 9.34% 18.26% 25.57% 33.04% - 13.12% - - High JPM Emerging Europe, Middle East and Africa Equity C (acc) - USD 9.45% 18.53% 26.00% 33.61% ----High JPM Emerging Europe, Middle East and Africa Equity D (acc) - USD 8.94% 17.42% 24.26% 31.18% 38.84% 55.86% 58.06% 91.80% High JPM Emerging Europe, Middle East and Africa Equity I (acc) - USD 9.46% 18.53% 26.03% 33.68% ----High

JPMorgan Funds - Emerging Markets Alpha Plus Fund JPM Emerging Markets Alpha Plus A (acc) - USD 7.52% 12.30% 18.64% 25.88% ----High JPM Emerging Markets Alpha Plus A (dist) - USD 7.53% 12.28% 18.58% 25.73% ----High JPM Emerging Markets Alpha Plus D (acc) - USD 7.26% 11.74% 18.56% 25.42% ----High

JPMorgan Funds - Emerging Markets Debt Fund JPM Emerging Markets Debt A (acc) - EUR -0.06% -1.19% -1.44% 0.34% -6.38%---Medium JPM Emerging Markets Debt A (dist) - EUR -0.06% -1.38% -8.87% -7.23% -10.26% -1.84% -0.40% 5.48% Medium JPM Emerging Markets Debt C (acc) - EUR 0.15% -0.73% ------Medium JPM Emerging Markets Debt D (acc) - EUR -0.24% -1.53% -1.96% -0.35% -6.96% -0.58% 0.81% 1.70% Medium JPM Emerging Markets Debt X (acc) - EUR 0.29% -0.49% ------Medium JPM Emerging Markets Debt I (acc) - EUR 0.17% -0.75% ------Medium

JPMorgan Funds - Emerging Markets Equity Fund JPM Emerging Markets Equity A (acc) - USD 5.55% 18.61% 33.36% 36.85% 42.27%---High JPM Emerging Markets Equity A (acc) - EUR 5.55% 18.61% 33.36% 36.85% 42.29%---High JPM Emerging Markets Equity A (dist) - USD 5.55% 18.54% 32.89% 36.36% 41.02% 51.32% 58.48% 79.14% High JPM Emerging Markets Equity A (dist) - GBP 5.55% 18.42% 32.99% 36.47% 107.59% 128.33% 122.54% 137.73% High JPM Emerging Markets Equity B (acc) - USD 5.68% 18.87% 33.79% 37.42% 43.01% 53.90% - - High JPM Emerging Markets Equity C (acc) - USD 5.76% 19.09% 34.18% 37.98% 43.82%---High JPM Emerging Markets Equity D (acc) - USD 5.29% 18.02% 32.37% 35.49% 40.44% 50.27% 57.13% 77.26% High JPM Emerging Markets Equity D (acc) - EUR 5.28% 18.02% 32.36% 35.48% ----High JPM Emerging Markets Equity I (inc) - EUR 5.78% 18.48% 32.34% 36.09% ----High JPM Emerging Markets Equity X (acc) - USD 6.00% 19.63% 35.08% 39.21% 45.48% 57.29% - - High JPM Emerging Markets Equity X (inc) - EUR 6.00% 18.78% 32.64% 36.69% ----High JPM Emerging Markets Equity I (acc) - USD 5.78% 19.12% 34.22% -----High

218 JPMorgan Funds Appendix - Unaudited Additional Disclosures (continued)

Performance (continued) 3 Months 6 Months 9 Months 1 year 2 years 3 years 4 years 5 years Volatility

JPMorgan Funds - Emerging Markets Small Cap Fund (2) JPM Emerging Markets Small Cap A (acc) - USD* ------High JPM Emerging Markets Small Cap A (acc) - EUR* ------High JPM Emerging Markets Small Cap A (acc) - GBP* ------High JPM Emerging Markets Small Cap D (acc) - USD* ------High

JPMorgan Funds - Euro Liquid Reserve Fund JPM Euro Liquid Reserve A (acc) - EUR 0.92% 1.81% 2.64% -----Medium JPM Euro Liquid Reserve D (acc) - EUR 0.90% 1.76% 2.57% 3.35% ----Medium

JPMorgan Funds - Euroland Equity Fund JPM Euroland Equity A (acc) - EUR -3.57% -8.53% -1.53% 1.47% 13.22%---Medium JPM Euroland Equity A (dist) - EUR -3.57% -8.54% -3.69% -0.75% 11.63% 19.04% 20.36% 22.79% Medium JPM Euroland Equity A (inc) - EUR* ------Medium JF Euroland Equity A (dist) - USD -3.57% -7.79% -3.69% -0.75% 2.54% 5.41% 11.44% 21.28% Medium JPM Euroland Equity C (acc) - EUR -3.31% -8.04% -0.74% 2.57% 14.59% 22.22% - - Medium JPM Euroland Equity D (acc) - EUR -3.75% -8.87% -2.08% 0.72% 12.31% 19.29% 20.10% 22.30% Medium JPM Euroland Equity I (acc) - EUR -3.30% -8.01% -0.70% 2.62% ----Medium JPM Euroland Equity X (acc) - EUR -3.10% ------Medium

JPMorgan Funds - Euroland Select Equity Fund (3) JPM Euroland Select Equity A (acc) - EUR -0.16% ------High JPM Euroland Select Equity D (acc) - EUR -0.35% ------High JPM Euroland Select Equity X (acc) - EUR* ------High

JPMorgan Funds - Europe 130/30 Fund JPM Europe 130/30 A (acc) - EUR -2.55% -7.93% ------High JPM Europe 130/30 A (acc) - USD* ------High JPM Europe 130/30 A (dist) - EUR -2.55% ------High JPM Europe 130/30 A (dist) - GBP -2.55% ------High JPM Europe 130/30 D (acc) - EUR -2.79% -8.35% ------High JPM Europe 130/30 D (acc) - USD* ------High JPM Europe 130/30 X (acc) - EUR -2.23% ------High

JPMorgan Funds - Europe Aggregate Plus Bond Fund JPM Europe Aggregate Plus Bond A (acc) - EUR -1.29% -0.84% -2.52% -2.58% ----Medium JPM Europe Aggregate Plus Bond A (inc) - EUR -1.29% -0.80% -6.57% -6.61% -3.14% -0.79% 0.82% 1.39% Medium JPM Europe Aggregate Plus Bond B (acc) - EUR -1.21% -0.68% -2.29% -2.27% -0.91% 0.74% - - Medium JPM Europe Aggregate Plus Bond C (acc) - EUR -1.17% -0.59% -2.16% -----Medium JPM Europe Aggregate Plus Bond D (acc) - EUR -1.39% -1.03% -2.80% -2.93% -1.60% 0.06% 1.28% 1.70% Medium JPM Europe Aggregate Plus Bond X (acc) - EUR -1.04% -0.34% ------Medium

JPMorgan Funds - Europe Balanced Fund (EUR) JPM Europe Balanced (EUR) A (acc) - EUR -2.27% -4.20% -2.33% -1.10% 4.30%---Medium JPM Europe Balanced (EUR) A (dist) - EUR -2.27% -4.17% -3.98% -2.77% 3.37% 6.20% 6.57% 8.15% Medium JPM Europe Balanced (EUR) B (acc) - EUR* ------Medium JPM Europe Balanced (EUR) D (acc) - EUR -2.39% -4.43% -2.68% -1.57% 3.79% 6.37% 6.49% 7.89% Medium

JPMorgan Funds - Europe Convergence Equity Fund JPM Europe Convergence Equity A (acc) - EUR 0.22% -2.44% 11.92% 13.95% 23.69%---High JPM Europe Convergence Equity A (dist) - EUR 0.22% -2.51% 10.78% 12.79% 22.77% 39.94% 55.56% 52.96% High JPM Europe Convergence Equity C (acc) - EUR 0.43% -2.05% 12.60% 14.83% ----High JPM Europe Convergence Equity D (acc) - EUR -0.03% -2.94% 11.07% 12.81% 22.23% 38.82% 53.69% 50.81% High JPM Europe Convergence Equity I (acc) - EUR** ------High

JPMorgan Funds - Europe Dynamic Fund JPM Europe Dynamic A (acc) - EUR -3.82% -7.55% 0.18% 2.64% 16.18%---Medium JPM Europe Dynamic A (dist) - EUR -3.82% -7.54% -1.09% 1.33% 15.20% 25.08% 23.00% 25.52% Medium JPM Europe Dynamic A (dist) - GBP -3.82% -7.93% -1.12% 1.30% 44.57% 48.21% 42.41% 45.84% Medium JF Europe Dynamic A (dist) - EUR -3.83% -7.54% -1.10% 1.32% 15.20% 25.05% - - Medium JPM Europe Dynamic B (acc) - EUR -3.70% -7.34% 0.51% 3.07% 16.75% 26.90% - - Medium JPM Europe Dynamic C (acc) - EUR -3.60% -7.12% 0.88% 3.58% 17.39% 27.78% - - Medium JPM Europe Dynamic D (acc) - EUR -4.06% -8.01% -0.56% 1.62% 14.87% 24.41% 22.20% 24.50% Medium JPM Europe Dynamic D (acc) - USD -4.06% -8.01% -0.56% 1.62% 4.99% 9.12% - - Medium JPM Europe Dynamic I (acc) - EUR** ------Medium JPM Europe Dynamic X (acc) - EUR -3.40% -6.73% 1.51% 4.46% 18.55% 29.34% - - Medium

JPMorgan Funds - Europe Dynamic Mega Cap Fund JPM Europe Dynamic Mega Cap A (acc) - EUR -3.08% -6.11% 1.34% 2.99% ----Medium JPM Europe Dynamic Mega Cap A (acc) - USD 0.17% ------Medium JPM Europe Dynamic Mega Cap A (dist) - EUR -3.08% -6.13% -0.31% 1.31% ----Medium JPM Europe Dynamic Mega Cap A (inc) - EUR -3.08% -6.13% 0.08% 1.71% ----Medium JPM Europe Dynamic Mega Cap B (acc) - EUR -2.95% -5.89% 1.67% 3.43% ----Medium JPM Europe Dynamic Mega Cap C (acc) - EUR -2.86% -5.68% 2.04% 3.93% ----Medium JPM Europe Dynamic Mega Cap D (acc) - EUR -3.32% -6.58% 0.58% 1.98% ----Medium JPM Europe Dynamic Mega Cap D (acc) - USD -3.32% ------Medium JPM Europe Dynamic Mega Cap I (acc) - EUR -2.84% -5.66% 2.08% 3.99% ----Medium JPM Europe Dynamic Mega Cap X (acc) - EUR -2.65% -5.28% 2.69% 4.83% ----Medium

JPMorgan Funds - Europe Dynamic Small Cap Fund JPM Europe Dynamic Small Cap A (acc) - EUR -9.15% -15.52% -8.64% -1.19% ----High JPM Europe Dynamic Small Cap A (dist) - EUR -9.15% -15.52% -8.64% -1.19% ----High JPM Europe Dynamic Small Cap D (acc) - EUR -9.48% -16.01% -9.39% -2.22% ----High JPM Europe Dynamic Small Cap X (acc) - EUR -9.03% -15.04% -7.75% 0.18% ----High

219 JPMorgan Funds Appendix - Unaudited Additional Disclosures (continued)

Performance (continued) 3 Months 6 Months 9 Months 1 year 2 years 3 years 4 years 5 years Volatility

JPMorgan Funds - Europe Equity Fund JPM Europe Equity A (acc) - USD -5.43% -11.31% -7.08% -4.85% -1.31% 2.82% 8.17% 17.08% High JPM Europe Equity A (acc) - EUR -5.42% -11.30% -7.08% -4.85% 7.44%---High JPM Europe Equity A (dist) - EUR -5.42% -11.26% -8.81% -6.62% 6.33% 14.79% 15.57% 17.80% High JF Europe Equity A (dist) - USD -5.42% -10.64% -8.77% -6.58% -2.01% 2.31% 7.64% 16.47% High JPM Europe Equity B (acc) - EUR -5.27% -11.03% -6.65% -4.27% 8.15% 16.73% - - High JPM Europe Equity C (acc) - EUR -5.16% -10.82% -6.31% -3.81% 8.70% 17.44% - - High JPM Europe Equity D (acc) - EUR -5.60% -11.64% -7.60% -5.56% 6.57% 14.76% 15.27% 17.37% High JPM Europe Equity D (acc) - USD -5.60% -11.63% -7.59% -5.56% ----High JPM Europe Equity I (acc) - EUR -5.15% -10.79% -6.28% -3.77% ----High JPM Europe Equity I (inc) - EUR -5.15% -10.77% ------High JPM Europe Equity X (acc) - EUR -5.00% -10.51% -5.83% -3.15% 9.52% 18.52% - - High

JPMorgan Funds - Europe Focus Fund JPM Europe Focus A (acc) - EUR -4.69% -11.27% -6.30% -0.47% ----Medium JPM Europe Focus A (acc) - USD* ------Medium JPM Europe Focus A (dist) - EUR -4.67% -11.21% -7.11% -1.35% ----Medium JPM Europe Focus C (acc) - EUR 2.31% -4.54% ------Medium JPM Europe Focus D (acc) - EUR -4.91% -11.70% -7.00% -1.44% ----Medium JPM Europe Focus D (acc) - USD* ------Medium JPM Europe Focus X (acc) - EUR -4.25% -10.47% -5.10% -----Medium

JPMorgan Funds - Europe High Yield Bond Fund JPM Europe High Yield Bond A (acc) - EUR -3.21% -4.99% -4.90% -3.43% ----Medium JPM Europe High Yield Bond A (dist) - EUR -3.17% -4.89% -10.48% -9.10% -0.87% 0.77% 2.61% 5.15% Medium JPM Europe High Yield Bond C (acc) - EUR* ------Medium JPM Europe High Yield Bond D (acc) - EUR -3.33% -5.23% -5.27% -3.91% 1.48% 2.15% 3.37% 5.74% Medium JPM Europe High Yield Bond X (acc) - EUR -2.95% ------Medium

JPMorgan Funds - Europe Micro Cap Fund JPM Europe Micro Cap A (acc) - EUR -14.39% -22.85% -15.66% -4.78% ----Medium JPM Europe Micro Cap A (dist) - EUR -14.40% -22.87% -15.67% -4.82% ----Medium JPM Europe Micro Cap D (acc) - EUR -14.60% -23.23% -16.24% -5.64% ----Medium

JPMorgan Funds - Europe Select 130/30 Fund JPM Europe Select 130/30 A (acc) - EUR -5.57% -10.57% ------High JPM Europe Select 130/30 A (acc) - USD* ------High JPM Europe Select 130/30 A (dist) - GBP* -5.57% ------High JPM Europe Select 130/30 D (acc) - EUR -5.80% -10.98% ------High JPM Europe Select 130/30 D (acc) - USD* ------High JPM Europe Select 130/30 X (acc) - EUR* -5.15% ------High

JPMorgan Funds - Europe Small Cap Fund JPM Europe Small Cap A (acc) - EUR -8.92% -16.69% -13.07% -7.22% 10.98%---High JPM Europe Small Cap A (dist) - EUR -8.92% -16.70% -13.07% -7.22% 10.95% 24.39% 27.16% 33.05% High JPM Europe Small Cap A (dist) - GBP -8.92% -16.82% -13.59% -7.78% 38.11% 47.19% 48.02% 60.30% High JF Europe Small Cap A (dist) - EUR -8.92% -16.70% -13.07% -7.22% 10.95% 24.30% 27.18% 33.09% High JPM Europe Small Cap B (acc) - EUR -8.81% -16.51% -12.79% -6.82% 11.51%---High JPM Europe Small Cap C (acc) - EUR -8.71% -16.31% -12.48% -6.37% 12.12%---High JPM Europe Small Cap D (acc) - EUR -9.15% -17.12% -13.72% -8.14% 9.80% 22.84% 25.48% 31.06% High JPM Europe Small Cap I (acc) - EUR -8.70% -16.29% -12.45% -6.33% ----High JPM Europe Small Cap X (acc) - EUR -8.52% -15.97% -11.93% -5.59% 13.16% 27.61% - - High

JPMorgan Funds - Europe Strategic Growth Fund JPM Europe Strategic Growth A (acc) - EUR -3.99% -7.87% -3.09% 1.80% 13.01%---High JPM Europe Strategic Growth A (dist) - EUR -3.99% -7.87% -3.78% 1.08% 12.44% 21.17% 21.10% 22.21% High JPM Europe Strategic Growth A (dist) - GBP -3.99% -8.06% -3.71% 1.16% 40.83% 42.97% 39.88% 44.26% High JPM Europe Strategic Growth B (acc) - EUR -3.84% -7.58% -2.64% 2.42% 13.76% 22.71% - - High JPM Europe Strategic Growth C (acc) - EUR -3.76% -7.42% -2.38% 2.79% 14.25%---High JPM Europe Strategic Growth D (acc) - EUR -4.17% -8.22% -3.63% 1.04% 12.05% 20.55% 20.12% 21.26% High JPM Europe Strategic Growth I (inc) - EUR -3.76% -7.41% -3.34% 1.79% ----High JPM Europe Strategic Growth I (acc) - EUR -3.74% -7.40% -2.34% 2.85% ----High JPM Europe Strategic Growth X (acc) - EUR -3.57% -7.06% -1.80% 3.61% 15.27% 24.67% - - High

JPMorgan Funds - Europe Strategic Value Fund JPM Europe Strategic Value A (acc) - EUR -6.99% -13.12% -8.53% -7.70% 6.20%---High JPM Europe Strategic Value A (dist) - EUR -6.99% -13.04% -10.09% -9.28% 4.95% 13.77% 16.46% 20.45% High JPM Europe Strategic Value A (dist) - GBP -6.99% -13.54% -10.08% -9.27% 30.25% 32.34% 32.52% 40.44% High JPM Europe Strategic Value B (acc) - EUR -6.84% -12.84% -8.10% -7.14% 6.86% 15.51% - - High JPM Europe Strategic Value C (acc) - EUR -6.73% -12.65% -7.81% -6.76% 7.33% 16.09% - - High JPM Europe Strategic Value D (acc) - EUR -7.17% -13.44% -9.03% -8.39% 5.36% 13.59% 16.06% 19.90% High JPM Europe Strategic Value I (inc) - EUR -6.73% -12.55% -10.17% -9.13% ----High JPM Europe Strategic Value I (acc) - EUR -6.75% -12.67% -7.82% -6.75% ----High JPM Europe Strategic Value X (acc) - EUR -6.57% -12.34% -7.30% -6.05% 8.19% 17.26% - - High

JPMorgan Funds - Europe Technology Fund JPM Europe Technology A (acc) - EUR -6.42% -8.50% 2.06% 5.37% 9.26%---Medium JPM Europe Technology A (dist) - EUR -6.41% -8.48% 2.09% 5.42% 9.18% 15.70% 10.52% 24.60% Medium JPM Europe Technology A (dist) - GBP -6.41% -8.48% 2.09% 5.42% 36.05% 35.58% 25.34% 48.46% Medium JF Europe Technology A (dist) - EUR -6.41% -8.51% 2.03% 5.37% 9.15% 15.60% 10.51% 24.60% Medium JPM Europe Technology D (acc) - EUR -6.64% -8.94% 1.33% 4.37% 8.08% 14.40% 9.28% 22.72% Medium JPM Europe Technology X (acc) - EUR -6.01% ------Medium

JPMorgan Funds - Germany Equity Fund JPM Germany Equity A (acc) - EUR 1.09% -2.19% 10.90% 18.88% 23.77%---Medium JPM Germany Equity A (dist) - EUR 1.10% -2.27% 9.31% 17.18% 22.37% 27.73% 24.11% 33.95% Medium JF Germany Equity A (dist) - EUR 1.10% -2.26% 9.37% 17.25% 22.43% 27.78% 24.40% 34.22% Medium JPM Germany Equity B (acc) - EUR* ------Medium JPM Germany Equity D (acc) - EUR 0.84% -2.67% 10.07% 17.67% 22.45% 27.36% 23.64% 32.69% Medium JPM Germany Equity X (acc) - EUR* ------Medium

220 JPMorgan Funds Appendix - Unaudited Additional Disclosures (continued)

Performance (continued) 3 Months 6 Months 9 Months 1 year 2 years 3 years 4 years 5 years Volatility

JPMorgan Funds - Global Aggregate Bond Fund JPM Global Aggregate Bond A (acc) - USD 0.50% 5.24% 3.77% 4.85% 5.37%---Medium JPM Global Aggregate Bond A (dist) - USD 0.49% 5.20% -0.07% 0.96% 3.05% 0.32% 2.07% 3.96% Medium JPM Global Aggregate Bond B (acc) - USD** ------Medium JPM Global Aggregate Bond C (acc) - USD 0.66% 5.56% 4.28% 5.54% 5.86%---Medium JPM Global Aggregate Bond D (acc) - USD 0.37% 5.02% 3.45% 4.42% 4.91% 1.41% 2.87% 4.57% Medium JPM Global Aggregate Bond X (acc) - USD** ------Medium

JPMorgan Funds - Global Convertibles Fund (EUR) JPM Global Convertibles (EUR) A (acc) - EUR 0.70% 1.33% 5.14% 6.89% 8.62%---Medium JPM Global Convertibles (EUR) A (dist) - EUR 0.70% 1.32% 5.14% 6.88% 8.60% 9.58% 8.08% 8.19% Medium JF Global Convertibles (EUR) A (dist) - USD 0.64% 1.20% 4.95% 6.62% -0.58% -2.02% 1.53% - Medium JPM Global Convertibles (EUR) B (acc) - EUR 0.82% 1.55% 5.46% 7.31% 17.13% 15.57% 12.41% 11.80% Medium JPM Global Convertibles (EUR) C (acc) - EUR 0.88% 1.71% 5.75% 7.70% 9.50% 10.56% - - Medium JPM Global Convertibles (EUR) D (acc) - EUR 0.57% 1.07% 4.75% 6.35% 8.05% 8.96% 5.86% - Medium JPM Global Convertibles (EUR) I (acc) - EUR 0.91% 1.71% 5.74% -----Medium JPM Global Convertibles (EUR) I (inc) - EUR 0.89% 1.62% 3.09% -----Medium JPM Global Convertibles (EUR) X (acc) - EUR 1.08% 2.11% 6.36% 8.54% 10.46% 11.61% - - Medium

JPMorgan Funds - Global Dynamic Fund JPM Global Dynamic A (acc) - USD -1.91% 0.51% 9.02% 11.26% 17.66%---Medium JPM Global Dynamic A (acc) - EUR -1.91% 0.51% 9.02% 11.23% ----Medium JPM Global Dynamic A (acc) - EUR (hedged)* ------Medium JPM Global Dynamic A (dist) - USD -1.90% 0.48% 8.23% 10.45% 17.08% 17.52% 18.42% 26.90% Medium JPM Global Dynamic A (dist) - GBP -1.91% 0.08% 8.15% 10.37% 64.99% 63.32% 51.41% 54.39% Medium JPM Global Dynamic A (inc) - EUR -1.91% 0.25% 8.11% 10.34% ----Medium JF Global Dynamic A (dist) - USD -1.91% 0.48% 8.23% 10.46% 17.10% 17.50% - - Medium JPM Global Dynamic B (acc) - USD -1.78% 0.74% 9.38% 11.74% 18.20% 18.71% - - Medium JPM Global Dynamic C (acc) - USD -1.68% 0.98% 9.79% 12.32% 18.96% 19.55% - - Medium JPM Global Dynamic C (acc) - EUR -1.66% 1.00% ------Medium JPM Global Dynamic D (acc) - USD -2.15% 0.01% 8.21% 10.16% 16.33% 16.55% 17.26% 25.39% Medium JPM Global Dynamic D (acc) - EUR -2.15% 0.01% 8.21% 10.16% ----Medium JPM Global Dynamic D (acc) - EUR (hedged) * ------Medium JPM Global Dynamic I (acc) - USD -1.68% 1.00% ------Medium JPM Global Dynamic X (acc) - USD -1.47% 1.41% 10.49% 13.26% 20.09% 20.89% - - Medium JPM Global Dynamic X (acc) - EUR -1.47% 1.41% 10.49% -----Medium

JPMorgan Funds - Global Equity Fund (EUR) JPM Global Equity (EUR) A (acc) - EUR -2.08% -2.63% 1.67% 1.38% 5.27%---Medium JPM Global Equity (EUR) A (dist) - EUR -2.12% -2.66% 0.97% 0.69% 4.89% 9.36% 8.81% 9.12% Medium JPM Global Equity (EUR) C (acc) - EUR -1.83% -2.06% 2.55% 2.55% ----Medium JPM Global Equity (EUR) D (acc) - EUR -2.30% -2.99% 1.11% 0.64% 4.49% 8.83% 8.13% 8.36% Medium

JPMorgan Funds - Global Equity Fund (USD) JPM Global Equity (USD) A (acc) - USD -0.81% 1.65% 6.92% 7.21% 11.72%---Medium JPM Global Equity (USD) A (dist) - USD -0.81% 1.61% 6.09% 6.38% 11.17% 11.83% 13.25% 19.37% Medium JF Global Equity (USD) A (dist) - USD -0.81% 1.61% 6.09% 6.38% 11.17% 11.79% 13.13% 19.19% Medium JPM Global Equity (USD) B (acc) - USD** ------Medium JPM Global Equity (USD) C (acc) - USD -0.54% 2.22% 7.81% 8.40% 13.10% 13.79% - - Medium JPM Global Equity (USD) D (acc) - USD -1.02% 1.24% 6.29% 6.38% 10.73% 11.24% 12.46% 18.34% Medium JPM Global Equity (USD) X (acc) - USD -0.37% 2.54% 8.32% 9.09% ----Medium

JPMorgan Funds - Global Focus Fund JPM Global Focus A (acc) - EUR -5.58% -10.36% -4.99% -0.42% 7.33%---Medium JPM Global Focus A (acc) - EUR (hedged)* -3.43% ------Medium JPM Global Focus A (dist) - EUR -5.58% -10.34% -5.53% -0.99% 6.97% 19.43% 15.78% - Medium JF Global Focus A (dist) - USD -5.58% -10.18% -5.44% -----Medium JPM Global Focus B (acc) - EUR** ------Medium JPM Global Focus C (acc) - EUR -5.38% -9.97% -4.37% 0.45% ----Medium JPM Global Focus D (acc) - EUR -5.81% -10.81% -5.70% -1.42% 6.19% 18.23% 14.56% - Medium JPM Global Focus D (acc) - EUR (hedged)* -3.68% ------Medium JPM Global Focus X (acc) - EUR -5.16% -9.56% -3.73% 1.34% 9.38% 22.66% - - Medium

JPMorgan Funds - Global Life Sciences Fund JPM Global Life Sciences A (acc) - USD -2.10% -0.75% 2.84% 6.53% ----Medium JPM Global Life Sciences A (dist) - USD -2.09% -0.75% 2.87% 6.57% 3.93% 0.80% 3.61% 9.91% Medium JPM Global Life Sciences A (dist) - GBP -2.09% -0.75% 2.88% 6.57% 42.81% 32.22% 25.93% 28.01% Medium JF Global Life Sciences A (dist) - USD -2.10% -0.76% 2.87% 6.56% 3.98% 0.76% 3.58% 9.92% Medium JPM Global Life Sciences D (acc) - USD -2.34% -1.25% 2.10% 5.50% 2.91% -0.20% 2.54% 8.30% Medium

JPMorgan Funds - Global Natural Resources Fund JPM Global Natural Resources A (acc) - EUR -0.86% 2.55% 18.90% 30.50% 32.30% 46.81% - - High JPM Global Natural Resources A (dist) - EUR -0.85% 2.55% 18.90% 30.50% 32.31%---High JPM Global Natural Resources A (acc) - USD -0.85% 2.55% 18.90% -----High JPM Global Natural Resources B (acc) - EUR -0.73% 2.78% 19.29% 31.07% ----High JPM Global Natural Resources C (acc) - EUR -0.62% 3.03% 19.74% 31.72% 33.84%---High JPM Global Natural Resources C (acc) - USD -0.62% 3.05% ------High JPM Global Natural Resources D (acc) - EUR -1.10% 2.04% 18.02% 29.21% 30.68%---High JPM Global Natural Resources D (acc) - USD -1.09% 2.05% ------High JPM Global Natural Resources X (acc) - EUR -0.42% 3.46% 20.48% 32.82% 35.25%---High

JPMorgan Funds - Global Real Estate Securities Fund (EUR) JPM Global Real Estate Securities (EUR) A (acc) - EUR -12.45% -13.63% -17.07% -12.09% ----High JPM Global Real Estate Securities (EUR) A (inc) - EUR -12.77% -13.88% -18.31% -13.40% ----High JPM Global Real Estate Securities (EUR) C (acc) - EUR -12.20% -13.14% ------High JPM Global Real Estate Securities (EUR) D (acc) - EUR -12.61% -13.94% -17.51% -12.72% ----High JPM Global Real Estate Securities (EUR) X (acc) - EUR -12.06% -12.86% ------High

JPMorgan Funds - Global Real Estate Securities Fund (USD) JPM Global Real Estate Securities (USD) A (acc) - USD -12.58% -11.19% -14.89% -9.20% ----High JPM Global Real Estate Securities (USD) D (acc) - USD -12.74% -11.53% -15.37% -9.88% ----High JPM Global Real Estate Securities (USD) X (acc) - USD -12.20% -10.43% -13.76% -7.59% ----High

221 JPMorgan Funds Appendix - Unaudited Additional Disclosures (continued)

Performance (continued) 3 Months 6 Months 9 Months 1 year 2 years 3 years 4 years 5 years Volatility

JPMorgan Funds - Global Socially Responsible Fund JPM Global Socially Responsible A (acc) - USD -2.93% -1.07% 5.50% 8.27% 13.78%---High JPM Global Socially Responsible A (dist) - USD -2.93% -1.06% 5.51% 8.29% 13.72% 12.46% 12.79% 17.41% High JPM Global Socially Responsible D (acc) - USD -3.17% -1.56% 4.72% 7.19% 12.53% 11.24% 11.44% 15.84% High

JPMorgan Funds - JF Asia Alpha Plus Fund JF Asia Alpha Plus A (acc) - USD -1.47% 21.64% 44.71% 49.20% ----High JF Asia Alpha Plus A (dist) - USD* ------High

JPMorgan Funds - JF Asia Equity Fund JF Asia Equity A (acc) - USD -2.60% 14.16% 33.19% 33.53% 37.21%---High JF Asia Equity A (dist) - USD -2.60% 13.90% 29.46% 29.80% 34.06% 34.36% 31.75% 41.88% High JF Asia Equity A (dist) - GBP -2.59% 12.07% 28.72% 29.07% 92.85% 93.24% 73.52% 76.72% High JF Asia Equity B (acc) - USD** ------High JF Asia Equity C (acc) - USD -2.38% 14.66% 34.07% 34.74% 39.22% 39.97% - - High JF Asia Equity D (acc) - USD -2.78% 13.73% 32.45% 32.54% 35.94% 36.11% 31.71% 41.67% High JF Asia Equity D (acc) - EUR -2.78% 13.73% 32.44% 32.53% ----High JF Asia Equity I (acc) - USD -2.37% 14.70% 34.13% 34.78% ----High JF Asia Equity X (acc) - USD -2.19% 15.13% 34.90% 35.82% 40.24% 41.42% - - High

JPMorgan Funds - JF China Fund JF China A (acc) - USD -2.26% 39.63% 71.93% 66.66% 116.47%---High JF China A (dist) - USD -2.26% 39.54% 70.97% 65.73% 114.78% 83.78% 55.57% 107.53% High JF China B (acc) - USD -2.13% 39.93% 72.47% 67.36% ----High JF China C (acc) - USD -2.03% 40.27% 73.12% 68.20% 119.54%---High JF China D (acc) - USD -2.49% 38.97% 70.70% 65.06% 113.27% 81.88% 53.68% 104.01% High JF China X (acc) - USD -1.84% 40.82% ------High JF China I (acc) - USD -2.03% 40.28% 73.16% -----High

JPMorgan Funds - JF Greater China Fund JF Greater China A (acc) - USD -3.67% 26.04% 52.56% 50.46% 59.79%---High JF Greater China A (dist) - USD -3.67% 25.88% 50.13% 48.07% 56.47% 42.38% 32.11% 65.49% High JF Greater China B (acc) - USD -3.55% 26.31% 53.06% 51.19% ----High JF Greater China C (acc) - USD -3.46% 26.59% 53.57% 51.82% 61.75%---High JF Greater China D (acc) - USD -3.89% 25.47% 51.53% 49.09% 57.75% 43.09% 32.39% 65.57% High JF Greater China I (acc) - USD** ------High JF Greater China X (acc) - USD -3.28% 27.07% 54.46% 52.99% 63.55% 49.40% - - High

JPMorgan Funds - JF Hong Kong Fund JF Hong Kong A (acc) - USD 2.89% 34.46% 51.13% 51.16% 54.31%---High JF Hong Kong A (dist) - USD 2.89% 34.33% 49.98% 50.01% 52.99% 36.62% 34.19% 66.15% High JF Hong Kong B (acc) - USD 3.03% 34.80% 51.64% 51.66% ----High JF Hong Kong C (acc) - USD 3.11% 35.03% 52.08% 52.84% 56.43%---High JF Hong Kong D (acc) - USD 2.64% 33.81% 50.00% 49.67% 52.22% 35.82% 33.13% 64.35% High

JPMorgan Funds - JF India Fund JF India A (acc) - USD 18.49% 39.70% 69.72% 60.60% 69.76%---High JF India A (dist) - USD 18.49% 38.24% 62.43% 53.70% 64.20% 75.46% 76.83% 145.35% High JF India B (acc) - USD 18.64% 40.02% 70.27% 61.29% 70.74% 82.09% - - High JF India C (acc) - USD 18.80% 40.40% 70.98% 62.22% 72.20%---High JF India D (acc) - USD 18.26% 39.15% 68.71% 59.33% 67.83% 77.98% 78.50% 147.30% High JF India X (acc) - USD 19.04% 40.96% 72.01% 63.50% 74.04% 86.89% - - High

JPMorgan Funds - JF Japan Alpha Plus Fund JF Japan Alpha Plus A (acc) - USD -9.75% -10.41% -7.98% -5.92% -12.72%---High JF Japan Alpha Plus A (dist) - USD -9.75% -10.43% -8.00% -5.93% -12.73% 5.80% - - High JF Japan Alpha Plus D (acc) - USD -9.98% -10.87% -8.71% -6.92% -13.49% 4.64% - - High

JPMorgan Funds - JF Japan Equity Fund JF Japan Equity A (acc) - USD -9.83% -9.53% -12.53% -10.41% -6.86%---High JF Japan Equity A (acc) - EUR -9.84% -9.58% -12.59% -10.46% ----High JF Japan Equity A (acc) - JPY -9.83% -9.53% -12.52% -10.39% ----High JF Japan Equity A (dist) - USD -9.84% -9.54% -12.54% -10.41% -6.86% 3.99% 6.21% 14.87% High JF Japan Equity A (dist) - GBP -9.84% -9.53% -12.54% -10.41% 24.20% 38.36% 30.51% 35.85% High JF Japan Equity B (acc) - USD -9.68% -9.23% -12.10% -9.81% -6.29% 4.70% - - High JF Japan Equity C (acc) - USD -9.62% -9.08% -11.88% -9.52% -5.98% 5.09% - - High JF Japan Equity D (acc) - USD -10.00% -9.87% -13.03% -11.08% -7.48% 3.14% 5.22% 13.56% High JF Japan Equity D (acc) - EUR -10.00% -9.86% -13.02% -11.07% ----High JF Japan Equity I (acc) - USD -9.60% -9.07% -11.85% -9.49% ----High JF Japan Equity J (dist) - USD -9.83% -9.53% -12.54% -10.41% -6.87% 3.97% 6.10% 14.65% High JF Japan Equity X (acc) - USD -9.44% -8.74% -11.39% -8.84% -5.32% 6.00% - - High

JPMorgan Funds - JF Japan Small Cap Fund JF Japan Small Cap A (acc) - USD -9.46% -12.49% -17.48% -17.64% -16.92%---High JF Japan Small Cap A (dist) - USD -9.45% -12.52% -17.50% -17.66% -16.92% 1.23% 3.16% 16.08% High JF Japan Small Cap B (acc) - USD -9.34% -12.32% -17.23% -17.31% ----High JF Japan Small Cap C (acc) - USD -9.24% -12.09% -16.90% -16.86% ----High JF Japan Small Cap D (acc) - USD -9.68% -12.95% -18.11% -18.48% -17.58% 0.24% 2.11% 14.59% High JF Japan Small Cap X (acc) - USD -9.06% -11.76% -16.42% -16.22% -15.75% 3.07% - - High

JPMorgan Funds - JF Korea Equity Fund (4) JPM JF Korea Equity Fund A (acc) - USD 1.19% ------High JPM JF Korea Equity Fund A (acc) - EUR 1.16% ------High JPM JF Korea Equity Fund D (acc) - USD 0.92% ------High

JPMorgan Funds - JF Pacific Balanced Fund JF Pacific Balanced A (acc) - USD -1.51% 5.45% 11.18% 15.45% 15.43%---Medium JF Pacific Balanced A (dist) - USD -1.53% 5.44% 11.17% 15.44% 14.69% 16.09% 15.99% 21.80% Medium JF Pacific Balanced B (acc) - USD -1.36% ------Medium JF Pacific Balanced D (acc) - USD -1.63% 5.21% 10.80% 14.93% 14.84% 15.86% 15.71% 21.45% Medium

222 JPMorgan Funds Appendix - Unaudited Additional Disclosures (continued)

Performance (continued) 3 Months 6 Months 9 Months 1 year 2 years 3 years 4 years 5 years Volatility

JPMorgan Funds - JF Pacific Equity Fund JF Pacific Equity A (acc) - USD -3.68% 6.66% 18.93% 17.73% 13.96%---High JF Pacific Equity A (acc) - EUR -3.67% 6.68% 18.95% 17.74% ----High JF Pacific Equity A (dist) - USD -3.68% 6.61% 18.00% 16.80% 13.37% 18.75% 18.71% 28.46% High JF Pacific Equity A (dist) - GBP -3.68% 6.21% 17.99% 16.79% 58.78% 65.61% 51.70% 56.53% High JF Pacific Equity B (acc) - USD -3.52% 7.00% 20.25% 19.22% 15.15% 20.70% - - High JF Pacific Equity C (acc) - USD -3.44% 7.18% 19.80% 18.86% 15.22%---High JF Pacific Equity D (acc) - USD -3.86% 6.25% 18.29% 16.86% 13.02% 18.16% 18.01% 27.50% High JF Pacific Equity D (acc) - EUR -3.86% 6.27% 18.27% 16.85% ----High JF Pacific Equity I (acc) - USD -3.44% 7.19% 19.83% 18.91% ----High

JPMorgan Funds - JF Pacific Technology Fund JF Pacific Technology A (acc) - USD -1.56% 7.09% 22.51% 24.21% 20.29%---High JF Pacific Technology A (dist) - USD -1.55% 6.83% 18.05% 19.74% 17.46% 23.46% 19.45% 27.44% High JF Pacific Technology A (dist) - GBP -1.55% 5.16% 18.45% 20.15% 65.02% 73.62% 52.20% 54.33% High JF Pacific Technology B (acc) - USD* - - - -1.14% ----High JF Pacific Technology D (acc) - USD -1.79% 6.57% 21.63% 23.06% 18.92% 24.42% 19.99% 27.77% High

JPMorgan Funds - JF Singapore Fund JF Singapore A (acc) - USD -5.79% 0.01% 13.99% 31.92% 60.48%---High JF Singapore A (dist) - USD -5.79% -0.03% 13.02% 30.80% 59.15% 59.61% 61.15% 92.77% High JF Singapore B (acc) - USD -5.67% 0.24% 14.36% 32.48% ----High JF Singapore C (acc) - USD -5.56% 0.50% 14.82% 33.19% 62.08%---High JF Singapore D (acc) - USD -6.02% -0.48% 13.14% 30.61% 58.31% 58.54% 59.63% 90.42% High JF Singapore I (acc) - USD -5.56% 0.50% 14.82% 33.21% ----High JF Singapore X (acc) - USD -5.39% 0.86% 15.44% 34.18% ----High

JPMorgan Funds - JF Taiwan Fund JF Taiwan A (acc) - USD -13.92% -6.92% 7.56% 6.63% 12.05%---High JF Taiwan A (dist) - USD -13.92% -6.54% 2.55% 1.67% 8.69% 16.70% 14.03% 17.72% High JF Taiwan B (acc) - USD -13.85% -6.78% 7.77% 6.91% - 5.83% - - High JF Taiwan C (acc) - USD -13.74% -6.53% 8.24% 7.54% 13.10% 21.97% - - High JF Taiwan D (acc) - USD -14.14% -7.39% 6.78% 5.60% 10.81% 19.00% 15.57% 18.94% High JF Taiwan I (acc) - USD -13.73% -6.51% 8.27% -----High JF Taiwan X (acc) - USD -13.57% -6.16% 8.88% 8.38% ----High

JPMorgan Funds - JF Tokyo Alpha Plus Fund JF Tokyo Alpha Plus A (acc) - JPY -19.35% -24.74% -20.43% -21.03% ----High JF Tokyo Alpha Plus A (dist) - JPY -19.37% -24.67% -20.35% -20.94% ----High JF Tokyo Alpha Plus X (acc) - JPY** ------High

JPMorgan Funds - Latin America Equity Fund JPM Latin America Equity A (acc) - USD 2.69% 12.62% 35.19% 44.70% ----High JPM Latin America Equity A (dist) - USD 2.69% 12.55% 34.67% 44.14% 56.78% 73.36% 86.27% 128.04% High JF Latin America Equity A (dist) - USD 2.69% 12.54% 34.65% 44.12% 56.79% 73.33% 87.19% 107.76% High JPM Latin America Equity B (acc) - USD 2.82% 12.87% 35.63% 45.32% ----High JPM Latin America Equity C (acc) - USD 2.90% 13.08% 36.04% 45.92% 59.74%---High JPM Latin America Equity D (acc) - USD 2.43% 12.05% 34.18% 43.26% 55.65% 72.25% 84.64% 122.87% High JPM Latin America Equity I (acc) - USD 2.91% 13.11% 36.08% 45.98% ----High JPM Latin America Equity X (acc) - USD 3.13% 13.59% 36.95% 47.22% 61.56% 81.21% - - High

JPMorgan Funds - Middle East Equity Fund JPM Middle East Equity A (acc) - USD 11.08% 26.16% 38.29% 46.14% ----High JPM Middle East Equity A (dist) - USD 11.07% 25.90% 36.79% 44.55% 25.68% 42.48% 53.44% 84.61% High JPM Middle East Equity B (acc) - USD 11.21% 26.43% 38.70% 46.71% ----High JPM Middle East Equity D (acc) - USD 10.80% 25.53% 37.26% 44.68% 25.93% 42.30% 53.20% 84.01% High

JPMorgan Funds - Russia Fund JPM Russia A (acc) - USD 9.78% 22.38% 29.52% 40.72% ----High JPM Russia A (dist) - USD 9.77% 22.38% 29.50% 40.72% ----High JPM Russia B (acc) - USD 9.93% 22.69% 29.96% 41.37% ----High JPM Russia C (acc) - USD* ------High JPM Russia D (acc) - USD 9.50% 21.78% 28.55% 39.32% ----High JPM Russia I (acc) - USD 9.97% - - -5.27% ----High

JPMorgan Funds - Sterling Bond Fund JPM Sterling Bond A (acc) - GBP 0.84% 1.05% -3.43% -4.64% -3.02%---Medium JPM Sterling Bond A (dist) - GBP 0.84% 1.01% -8.25% -9.40% -6.84% -0.34% 1.16% 1.75% Medium JPM Sterling Bond B (dist) - GBP** ------Medium JPM Sterling Bond D (acc) - GBP 0.70% 0.77% -3.82% -5.16% -3.53% 0.50% 1.66% 2.05% Medium JPM Sterling Bond X (acc) - GBP 1.10% 1.58% -2.67% -3.64% -2.03% 2.17% - - Medium

JPMorgan Funds - UK Equity Fund JPM UK Equity A (acc) - GBP -2.20% -4.81% -4.68% -5.49% ----High JPM UK Equity A (dist) - GBP -2.20% -4.84% -7.83% -8.60% 2.81% 10.02% 10.52% 14.61% High JPM UK Equity C (acc) - GBP -1.97% -4.36% -4.00% -4.59% 5.65% 12.81% - - High JPM UK Equity D (acc) - GBP -2.30% -5.07% -5.10% -6.05% 3.94% 10.77% 8.78% 12.83% High JPM UK Equity I (acc) - GBP** ------High

JPMorgan Funds - US 130/30 Fund (5) JPM US 130/30 A (acc) - USD -2.33% ------High JPM US 130/30 A (acc) - EUR (hedged) 1.07% ------High JPM US 130/30 D (acc) - USD -2.53% ------High JPM US 130/30 D (acc) - EUR (hedged) 0.86% ------High JPM US 130/30 X (acc) - USD* ------High

223 JPMorgan Funds Appendix - Unaudited Additional Disclosures (continued)

Performance (continued) 3 Months 6 Months 9 Months 1 year 2 years 3 years 4 years 5 years Volatility

JPMorgan Funds - US Aggregate Bond Fund JPM US Aggregate Bond A (acc) - USD 1.99% 5.29% 4.07% 5.50% 4.54%---Medium JPM US Aggregate Bond A (dist) - USD 2.00% 5.25% 0.34% 1.73% 2.50% 2.38% 2.59% 2.57% Medium JPM US Aggregate Bond B (acc) - USD 2.08% 5.48% 4.35% 5.87% ----Medium JPM US Aggregate Bond C (acc) - USD 2.14% 5.59% 4.49% 6.07% ----Medium JPM US Aggregate Bond D (acc) - USD 1.93% 5.18% 3.90% 5.26% 4.23% 3.51% 3.44% 3.32% Medium JPM US Aggregate Bond X (acc) - USD 2.27% 5.85% 4.88% 6.60% 5.63%---Medium

JPMorgan Funds - US Dynamic Fund JPM US Dynamic A (acc) - USD -4.61% -7.62% -2.37% 0.30% 7.64%---High JPM US Dynamic A (acc) - EUR -4.61% -7.62% -2.37% 0.29% ----High JPM US Dynamic A (dist) - USD -4.61% -7.62% -2.38% 0.29% 7.64% 10.11% 12.70% - High JPM US Dynamic B (acc) - USD -4.49% -7.41% -2.06% 0.71% 8.12% 10.62% - - High JPM US Dynamic C (acc) - USD -4.38% -7.17% -1.66% 1.26% 8.74% 11.36% - - High JPM US Dynamic D (acc) - USD -4.85% -8.08% -3.10% -0.70% 6.51% 8.81% 11.29% - High JPM US Dynamic D (acc) - EUR -4.85% -8.08% -3.10% -0.72% ----High JPM US Dynamic I (acc) - USD -4.36% -7.13% -1.61% 1.32% ----High JPM US Dynamic I (acc) - EUR -4.37% -7.30% ------High JPM US Dynamic X (acc) - USD -4.17% -6.77% -1.05% 2.11% 9.75% 12.48% - - High

JPMorgan Funds - US Select 130/30 (6) JPM US Select 130/30 A (acc) - USD -1.70% ------High JPM US Select 130/30 A (dist) - USD -1.71% ------High JPM US Select 130/30 A (acc) - EUR (hedged) 1.53% ------High JPM US Select 130/30 C ( acc ) - USD* ------High JPM US Select 130/30D(acc)-USD -1.90% ------High JPM US Select 130/30 D (acc) - EUR (hedged) 1.28% ------High JPM US Select 130/30 X (acc) - USD -1.28% ------High

JPMorgan Funds - US Small Cap Growth Fund JPM US Small Cap Growth A (acc) - USD -3.81% 1.76% 9.57% 9.63% 13.21%---High JPM US Small Cap Growth A (dist) - USD -3.82% 1.76% 9.57% 9.62% 13.19% 11.09% 13.44% 23.18% High JPM US Small Cap Growth A (dist) - GBP -3.90% 1.68% 9.49% 9.53% 58.96% 52.20% 43.53% 49.39% High JPM US Small Cap Growth D (acc) - USD -4.01% 1.37% 8.95% 8.80% 12.24% 10.07% 12.26% 21.55% High

JPMorgan Funds - US Strategic Growth Fund JPM US Strategic Growth A (acc) - USD -0.83% -0.12% 6.15% 10.13% 10.43%---High JPM US Strategic Growth A (acc) - EUR (hedged) 2.44% 7.79% 15.74% -----High JPM US Strategic Growth A (dist) - USD -0.82% -0.12% 6.14% 10.14% 10.47% 9.03% 8.04% 10.75% High JPM US Strategic Growth A (dist) - GBP -0.84% -0.13% 6.13% 10.12% 54.19% 48.25% 33.99% 29.41% High JPM US Strategic Growth B (acc) - USD -0.65% 0.20% 6.68% 10.87% ----High JPM US Strategic Growth C (acc) - USD -0.56% 0.42% 6.99% 11.33% ----High JPM US Strategic Growth C (acc) - EUR (hedged)* ------High JPM US Strategic Growth D (acc) - USD -1.01% -0.50% 5.55% 9.31% 9.55% 8.01% 7.04% 9.65% High JPM US Strategic Growth D (acc) - EUR (hedged) 2.28% 7.33% 15.02% -----High JPM US Strategic Growth X (acc) - USD -0.39% 0.76% 7.56% 12.09% 12.58%---High

JPMorgan Funds - US Technology Fund JPM US Technology A (acc) - USD -1.09% 4.59% 12.93% 12.65% 8.71%---High JPM US Technology A (dist) - USD -1.08% 4.61% 12.97% 12.68% 8.75% 6.68% 7.40% 19.96% High JPM US Technology A (dist) - GBP -1.08% 4.61% 12.95% 12.67% 50.99% 43.37% 32.53% 43.81% High JF US Technology A (dist) - USD -1.09% 4.58% 12.90% 12.60% 8.89% 6.66% 7.41% 20.24% High JPM US Technology D (acc) - USD -1.35% 4.08% 12.06% 11.51% 7.43% 5.44% 6.27% 18.45% High JPM US Technology I (acc) - USD -0.86% ------High JPM US Technology X (acc) - USD* ------High

JPMorgan Funds - US Value Fund JPM US Value A (acc) - USD -2.75% -3.63% 1.02% 2.53% 10.78%---Medium JPM US Value A (acc) - EUR (hedged) 0.49% 4.20% 10.45% -----Medium JPM US Value A (dist) - USD -2.75% -3.63% 1.01% 2.53% 10.77% 9.62% 12.25% 17.05% Medium JPM US Value A (dist) - GBP -2.75% -3.63% 1.02% 2.53% 54.58% 48.65% 40.92% 39.04% Medium JF US Value A (dist) - USD -2.75% -3.63% 1.02% 2.55% 10.82% 9.57% - - Medium JPM US Value B (acc) - USD -2.61% -3.30% 1.54% 3.25% 11.68% 10.53% - - Medium JPM US Value C (acc) - USD -2.48% -3.10% 1.85% 3.66% 12.13% 11.10% - - Medium JPM US Value D (acc) - USD -2.93% -3.99% 0.45% 1.77% 9.86% 8.69% 11.16% 15.73% Medium JPM US Value D (acc) - EUR (hedged) 0.31% 3.83% 9.90% -----Medium JPM US Value X (acc) - USD -2.32% -2.76% 2.38% 4.38% 12.98% 11.98% - - Medium

(1) This Sub-Fund was launched on 18 October 2007. (2) This Sub-Fund was launched on 15 November 2007. (3) This Sub-Fund was launched on 24 July 2007. (4) This Sub-Fund was launched on 28 September 2007. (5) This Sub-Fund was launched on 2 August 2007. (6) This Sub-Fund was launched on 5 July 2007. * No data is applicable for these share classes as they were launched less than 3 months before the period end. ** Share Classes opened and closed during the period.

224 JPMorgan 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 Equity I (acc) - USD JF Asia EquityX-USD JF China I (acc) - USD JF China X (acc) - USD JF Greater China (acc)X-USD JF Hong Kong X (acc) - USD JF India X (acc) - USD JF Japan Equity I (acc) - USD JF Japan Equity X (acc) - USD JF Japan Small Cap (acc)X-USD JF Pacific Equity I (acc) - USD JF Pacific Equity X (acc) - USD JF Singapore I (acc) - USD JF Singapore X (acc) - USD JF Taiwan I (acc) - USD JF Taiwan X (acc) - USD JF Tokyo Alpha Plus X (acc) - JPY JPM America Equity X (acc) - USD JPM Brazil Alpha Plus Fund I (acc) - USD JPM Eastern Europe Equity I (acc) - EUR JPM Eastern Europe EquityX-EUR JPM Emerging Europe, Middle East and Africa Equity I (acc) - USD JPM Emerging Europe, Middle East and Africa Equity X (acc) - USD JPM Emerging Markets Debt I (inc) - EUR JPM Emerging Markets Debt X (acc) - EUR JPM Emerging Markets Equity I (acc) - USD JPM Emerging Markets Equity I (inc) - EUR JPM Emerging Markets Equity X (acc) - USD JPM Emerging Markets Equity X (inc) - EUR JPM Euro Liquid Reserve A (acc) - EUR JPM Euro Liquid Reserve D (acc) - EUR JPM Euroland Equity I (acc) - EUR JPM Euroland Equity X (acc) - EUR JPM Euroland Select Equity X (acc) - EUR JPM Europe 130/30 X (acc) - EUR JPM Europe Aggregate Plus Bond X (acc) - EUR JPM Europe Dynamic I (acc) - EUR JPM Europe Dynamic Mega Cap I (acc) - EUR JPM Europe Dynamic Mega Cap X (acc) - EUR JPM Europe Dynamic Small Cap X (acc) - EUR JPM Europe Dynamic X (acc) - EUR JPM Europe Equity I (acc) - EUR JPM Europe Equity I (inc) - EUR JPM Europe Equity X (acc) - EUR JPM Europe Focus X (acc) - EUR JPM Europe High Yield Bond X (acc) - EUR JPM Europe Select 130/30 X (acc) - EUR JPM Europe Small Cap I (acc) - EUR JPM Europe Small Cap X (acc) - EUR JPM Europe Strategic Growth I (acc) - EUR JPM Europe Strategic Growth I (inc) - EUR JPM Europe Strategic Growth X (acc)- EUR JPM Europe Strategic Value I (acc) - EUR JPM Europe Strategic Value I (inc) - EUR JPM Europe Strategic Value X (acc) - EUR JPM Europe Technology X (acc) - EUR JPM Germany Equity X (acc) - EUR JPM Global Aggregate Bond X (acc) - USD JPM Global Convertibles (EUR)X-EUR JPM Global Dynamic I (acc) - USD JPM Global Dynamic X (acc) - EUR JPM Global Dynamic X (acc) - USD JPM Global Equity (USD) X (acc) - USD JPM Global FocusX-EUR JPM Global Natural Resources X (Acc) - EUR JPM Global Real Estate Securities (EUR) X (acc) - EUR JPM Global Real Estate Securities (USD) X (acc) - USD JPM Latin America Equity I (acc) - USD JPM Latin America EquityX-USD JPM Russia I (acc) - USD JPM Sterling Bond X (Acc) - GBP JPM UK Equity I (acc) - GBP JPM US 130/30 X (acc) - USD JPM US Aggregate BondX-USD JPM US Dynamic I (acc) - USD JPM US Dynamic I (inc) - EUR JPM US Dynamic X (Acc) - USD JPM US Select 130/30 X (acc) - USD JPM US Strategic Growth X (acc) - USD JPM US Technology I (acc) - USD JPM US Technology X (acc) - USD JPM US Value X (acc) - USD

225 JPMorgan Funds Appendix - Unaudited Additional Disclosures (continued)

Sub-Fund Portfolio Turnover Ratio (%) JPMorgan Funds - America Equity Fund 33.19 JPMorgan Funds - America Large Cap Fund 0.00 JPMorgan Funds - America Micro-Cap Fund 67.88 JPMorgan Funds - Brazil Alpha Plus Fund 0.00 JPMorgan Funds - Eastern Europe Equity Fund 0.00 JPMorgan Funds - Emerging Europe, Middle East and Africa Equity Fund 39.14 JPMorgan Funds - Emerging Markets Alpha Plus Fund 861.92 JPMorgan Funds - Emerging Markets Debt Fund 1.32 JPMorgan Funds - Emerging Markets Equity Fund 0.00 JPMorgan Funds - Emerging Markets Small Cap Fund 0.00 JPMorgan Funds - Euro Liquid Reserve Fund 0.00 JPMorgan Funds - Euroland Equity Fund 136.73 JPMorgan Funds - Euroland Select Equity Fund 102.41 JPMorgan Funds - Europe 130/30 Fund 80.93 JPMorgan Funds - Europe Aggregate Plus Bond Fund 537.22 JPMorgan Funds - Europe Balanced Fund (EUR) 0.00 JPMorgan Funds - Europe Convergence Equity Fund 61.32 JPMorgan Funds - Europe Dynamic Fund 381.38 JPMorgan Funds - Europe Dynamic Mega Cap Fund 178.76 JPMorgan Funds - Europe Dynamic Small Cap Fund 530.82 JPMorgan Funds - Europe Equity Fund 139.55 JPMorgan Funds - Europe Focus Fund 142.26 JPMorgan Funds - Europe High Yield Bond Fund 0.00 JPMorgan Funds - Europe Micro Cap Fund 270.91 JPMorgan Funds - Europe Select 130/30 Fund 46.83 JPMorgan Funds - Europe Small Cap Fund 103.68 JPMorgan Funds - Europe Strategic Growth Fund 183.42 JPMorgan Funds - Europe Strategic Value Fund 127.38 JPMorgan Funds - Europe Technology Fund 86.98 JPMorgan Funds - Germany Equity Fund 0.00 JPMorgan Funds - Global Aggregate Bond Fund 0.00 JPMorgan Funds - Global Convertibles Fund (EUR) 87.79 JPMorgan Funds - Global Dynamic Fund 165.89 JPMorgan Funds - Global Equity Fund (EUR) 72.77 JPMorgan Funds - Global Equity Fund (USD) 82.25 JPMorgan Funds - Global Focus Fund 270.13 JPMorgan Funds - Global Life Sciences Fund 130.06 JPMorgan Funds - Global Natural Resources Fund 0.00 JPMorgan Funds - Global Real Estate Securities Fund (EUR) 350.62 JPMorgan Funds - Global Real Estate Securities Fund (USD) 412.48 JPMorgan Funds - Global Socially Responsible Fund 226.90 JPMorgan Funds - JF Asia Alpha Plus Fund 406.33 JPMorgan Funds - JF Asia Equity Fund 222.55 JPMorgan Funds - JF China Fund 0.00 JPMorgan Funds - JF Greater China Fund 87.13 JPMorgan Funds - JF Hong Kong Fund 0.00 JPMorgan Funds - JF India Fund 0.00 JPMorgan Funds - JF Japan Alpha Plus Fund 490.39 JPMorgan Funds - JF Japan Equity Fund 163.27 JPMorgan Funds - JF Japan Small Cap Fund 157.28 JPMorgan Funds - JF Korea Equity Fund 79.85 JPMorgan Funds - JF Pacific Balanced Fund 376.47 JPMorgan Funds - JF Pacific Equity Fund 154.51 JPMorgan Funds - JF Pacific Technology Fund 96.06 JPMorgan Funds - JF Singapore Fund 0.00 JPMorgan Funds - JF Taiwan Fund 324.27 JPMorgan Funds - JF Tokyo Alpha Plus Fund 680.83 JPMorgan Funds - Latin America Equity Fund 0.00 JPMorgan Funds - Middle East Equity Fund 0.00 JPMorgan Funds - Russia Fund 0.00 JPMorgan Funds - Sterling Bond Fund 361.96 JPMorgan Funds - UK Equity Fund 122.30 JPMorgan Funds - US 130/30 Fund 62.64 JPMorgan Funds - US Aggregate Bond Fund 0.00 JPMorgan Funds - US Dynamic Fund 57.27 JPMorgan Funds - US Select 130/30 Fund 59.24 JPMorgan Funds - US Small Cap Growth Fund 124.78 JPMorgan Funds - US Strategic Growth Fund 146.80 JPMorgan Funds - US Technology Fund 23.46 JPMorgan Funds - US Value Fund 0.00

226 JPMorgan Funds Appendix - Unaudited Additional Disclosures (continued)

Shares Outstanding Shares Subscribed Shares Redeemed Shares Outstanding at the Beginning at the End of the Year of the Year

JPMorgan Funds - America Large Cap Fund JPM America Large Cap A (acc) - USD 76,763.887 4,237,360.115 3,978,215.723 335,908.279 JPM America Large Cap A (dist) - USD 3,854,546.322 1,964,657.595 2,869,574.891 2,949,629.026 JPM America Large Cap B (acc) - USD 26,099.248 218,924.241 132,931.732 112,091.757 JPM America Large Cap D (acc) - USD 407,615.177 472,097.107 419,979.639 459,732.645

JPMorgan Funds - America Micro Cap Fund JPM America Micro Cap A (acc) - USD 5,622,770.721 1,234,931.140 3,149,510.977 3,708,190.884 JPM America Micro Cap A (dist) - USD 2,472,760.585 539,655.169 1,931,562.444 1,080,853.310 JF America Micro Cap A (dist) - USD 963,558.964 105,603.752 946,100.085 123,062.631 JPM America Micro Cap D (acc) - USD 1,860,096.713 368,783.926 1,148,804.029 1,080,076.610 JPM America Micro Cap X (acc) - USD 213,916.338 - 198,429.332 15,487.006

JPMorgan Funds - Eastern Europe Equity Fund JPM Eastern Europe Equity A (acc) - EUR 2,292,870.062 2,242,226.839 2,544,942.231 1,990,154.670 JPM Eastern Europe Equity A (dist) - EUR 17,236,854.500 4,110,222.598 7,188,378.121 14,158,698.977 JF Eastern Europe Equity A (dist) - EUR 5,011,854.514 7,632,581.480 7,702,674.769 4,941,761.225 JPM Eastern Europe Equity B (acc) - EUR 6,640.000 144,210.261 6,640.001 144,210.260 JPM Eastern Europe Equity C (acc) - EUR 9,142,193.731 410,509.582 8,887,696.314 665,006.999 JPM Eastern Europe Equity D (acc) - EUR 3,670,961.878 2,114,579.636 2,824,718.651 2,960,822.863 JPM Eastern Europe Equity I (acc) - EUR 4,697,055.454 14,058,348.504 6,997,095.808 11,758,308.150 JPM Eastern Europe Equity X (acc) - EUR 4,156,418.049 1,038,465.194 1,914,083.299 3,280,799.944

JPMorgan Funds - Emerging Markets Alpha Plus Fund (2) JPM Emerging Markets Alpha Plus A (acc) - USD - 21,671,097.867 2,177,026.134 19,494,071.733 JPM Emerging Markets Alpha Plus A (dist) - USD - 7,137,578.873 298,021.152 6,839,557.721 JPM Emerging Markets Alpha Plus D (acc) - USD - 380,904.002 204,830.370 176,073.632

JPMorgan Funds - Emerging Markets Debt Fund (3) JPM Emerging Markets Debt A (acc) - EUR 2,867,573.254 11,277,729.772 7,001,321.726 7,143,981.300 JPM Emerging Markets Debt A (dist) - EUR 8,661,114.189 15,152,456.055 13,144,027.713 10,669,542.531 JPM Emerging Markets Debt C (acc) - EUR - 653,748.769 - 653,748.769 JPM Emerging Markets Debt D (acc) - EUR 3,014,088.631 4,747,133.391 2,813,077.917 4,948,144.105 JPM Emerging Markets Debt I (inc) - EUR - 250,000.001 - 250,000.001 JPM Emerging Markets Debt X (acc) - EUR - 5,656.002 - 5,656.002

JPMorgan Funds - Emerging Markets Equity Fund JPM Emerging Markets Equity A (acc) - USD 29,006,169.351 25,646,412.444 21,688,137.801 32,964,443.994 JPM Emerging Markets Equity A (acc) - EUR 12,537,814.432 29,008,382.658 12,538,058.782 29,008,138.308 JPM Emerging Markets Equity A (dist) - USD 94,935,520.919 72,349,157.725 58,117,279.004 109,167,399.640 JPM Emerging Markets Equity A (dist) - GBP 76,127.830 257,381.632 53,243.439 280,266.023 JPM Emerging Markets Equity B (acc) - USD 2,007,454.257 2,363,841.715 1,132,650.398 3,238,645.574 JPM Emerging Markets Equity C (acc) - USD 25,097,941.284 29,238,089.404 29,112,939.890 25,223,090.798 JPM Emerging Markets Equity D (acc) - USD 5,218,648.687 2,321,311.612 3,314,622.433 4,225,337.866 JPM Emerging Markets Equity D (acc) - EUR 11,685.069 363,037.291 123,891.467 250,830.893 JPM Emerging Markets Equity I (acc) - USD - 22,231,580.608 458,058.931 21,773,521.677 JPM Emerging Markets Equity I (inc) - EUR 1,400,000.000 659,800.000 422,000.000 1,637,800.000 JPM Emerging Markets Equity X (acc) - USD 30,831,353.603 12,379,921.462 9,320,225.710 33,891,049.355 JPM Emerging Markets Equity X (inc) - EUR 10,330,431.042 7,609,910.433 0.102 17,940,341.373

JPMorgan Funds - Euro Liquid Reserve Fund JPM Euro Liquid Reserve A (acc) - EUR 1,000,000.000 135,864.456 1,027,265.275 108,599.181 JPM Euro Liquid Reserve D (acc) - EUR - 2,028,445.658 1,161,834.100 866,611.558

JPMorgan Funds - Euroland Equity Fund JPM Euroland Equity A (acc) - EUR 32,699,773.224 43,471,389.838 33,198,331.098 42,972,831.964 JPM Euroland Equity A (dist) - EUR 46,944,388.203 45,372,753.515 47,233,093.245 45,084,048.473 JF Euroland Equity A (dist) - USD 13,761,111.249 26,434,909.240 15,040,993.786 25,155,026.703 JPM Euroland Equity C (acc) - EUR 21,099,132.574 16,019,021.833 16,070,634.105 21,047,520.302 JPM Euroland Equity D (acc) - EUR 11,055,092.934 26,981,112.892 11,217,717.683 26,818,488.143 JPM Euroland Equity I (acc) - EUR - 21,891,072.110 1,892,547.343 19,998,524.767

JPMorgan Funds - Europe 130/30 Fund (4) JPM Europe 130/30 A (acc) - EUR - 371,996.101 - 371,996.101 JPM Europe 130/30 D (acc) - EUR - 371,996.101 - 371,996.101

(1) Name changed from Emerging Europe Equity Fund on 2 October 2006. (2) This Sub-Fund was launched on 30 August 2006. (3) Name changed from FF Emerging Markets Debt Fund and currency changed from USD to EUR on 1 July 2006. (4) This Sub-Fund was launched on 25 June 2007.

227 JPMorgan Funds Appendix - Unaudited Additional Disclosures (continued)

Shares Outstanding Shares Subscribed Shares Redeemed Shares Outstanding at the Beginning at the End of the Year of the Year

7. Historical Statement of Changes in the Number of Shares - for the year ended 30 June 2007 (continued) JPMorgan Funds - Europe Aggregate Plus Bond Fund JPM Europe Aggregate Plus Bond A (acc) - EUR 1,760,893.313 7,225,675.897 2,359,390.993 6,627,178.217 JPM Europe Aggregate Plus Bond A (inc) - EUR (5) 17,945,101.045 6,259,582.277 13,589,337.731 10,615,345.591 JPM Europe Aggregate Plus Bond B (acc) - EUR 35,343.151 6,628.307 23,997.701 17,973.757 JPM Europe Aggregate Plus Bond C (acc) - EUR - 8,456.381 - 8,456.381 JPM Europe Aggregate Plus Bond D (acc) - EUR 4,195,491.119 7,342,348.833 7,474,112.826 4,063,727.126 JPM Europe Aggregate Plus Bond X (acc) - EUR - 88,171.002 - 88,171.002

JPMorgan Funds - Europe Balanced Fund (EUR) JPM Europe Balanced (EUR) A (acc) - EUR 133,172.657 495,094.283 210,554.598 417,712.342 JPM Europe Balanced (EUR) A (dist) - EUR 4,719,412.475 4,177,506.086 2,002,457.349 6,894,461.212 JPM Europe Balanced (EUR) D (acc) - EUR 3,501,908.062 7,419,915.849 3,313,434.600 7,608,389.311

JPMorgan Funds - Europe Convergence Equity Fund JPM Europe Convergence Equity A (acc) - EUR 1,329,873.074 3,485,090.323 2,665,866.616 2,149,096.781 JPM Europe Convergence Equity A (dist) - EUR 12,259,766.088 9,315,491.510 10,408,207.299 11,167,050.299 JPM Europe Convergence Equity C (acc) - EUR 1,349,728.432 400,328.540 1,527,065.432 222,991.540 JPM Europe Convergence Equity D (acc) - EUR 3,291,065.758 1,609,654.014 2,030,561.752 2,870,158.020 JPM Europe Convergence Equity I (acc) - EUR - 1,454,693.511 1,454,693.511 -

JPMorgan Funds - Europe Dynamic Fund JPM Europe Dynamic A (acc) - EUR 14,432,666.893 747,235.039 4,491,751.532 10,688,150.400 JPM Europe Dynamic A (dist) - EUR 49,003,541.127 1,395,478.591 8,381,869.298 42,017,150.420 JPM Europe Dynamic A (dist) - GBP 125,938.330 1,662.245 7,136.446 120,464.129 JF Europe Dynamic A (dist) - EUR 2,234,289.640 195,263.207 698,651.811 1,730,901.036 JPM Europe Dynamic B (acc) - EUR 2,088,181.497 12,659.681 469,480.257 1,631,360.921 JPM Europe Dynamic C (acc) - EUR 13,925,366.854 1,569,362.612 3,418,543.698 12,076,185.768 JPM Europe Dynamic D (acc) - EUR 5,325,729.956 6,637.965 1,892,343.632 3,440,024.289 JPM Europe Dynamic D (acc) - USD 48,164.660 - 12,554.512 35,610.148 JPM Europe Dynamic I (acc) - EUR - 1,071,473.018 - 1,071,473.018 JPM Europe Dynamic X (acc) - EUR 6,783,515.719 13,174.653 1,273,949.501 5,522,740.871

JPMorgan Funds - Europe Dynamic Mega Cap Fund JPM Europe Dynamic Mega Cap A (acc) - EUR 18,194,469.431 85,030,986.636 39,563,419.587 63,662,036.480 JPM Europe Dynamic Mega Cap A (dist) - EUR 102,811.064 19,443,887.920 8,854,115.388 10,692,583.596 JPM Europe Dynamic Mega Cap A (inc) - EUR 387.177 91,698.847 15,924.239 76,161.785 JPM Europe Dynamic Mega Cap B (acc) - EUR 735,935.005 1,113,600.904 548,907.703 1,300,628.206 JPM Europe Dynamic Mega Cap C (acc) - EUR 2,369,114.164 5,872,377.716 1,805,067.743 6,436,424.137 JPM Europe Dynamic Mega Cap D (acc) - EUR 98,037.919 4,164,274.010 2,070,581.477 2,191,730.452 JPM Europe Dynamic Mega Cap I (acc) - EUR - 543,017.929 47,244.095 495,773.834 JPM Europe Dynamic Mega Cap X (acc) - EUR 1,193,798.741 3,516,109.483 1,174,552.938 3,535,355.286

JPMorgan Funds - Europe Dynamic Small Cap Fund JPM Europe Dynamic Small Cap A (acc) - EUR 10,366,647.272 17,194.453 4,585,908.737 5,797,932.988 JPM Europe Dynamic Small Cap A (dist) - EUR 285,049.848 42,080.270 59,609.440 267,520.678 JPM Europe Dynamic Small Cap D (acc) - EUR 220,214.537 245.298 122,942.185 97,517.650 JPM Europe Dynamic Small Cap X (acc) - EUR 2,161,351.764 3,517.255 122,402.356 2,042,466.663

JPMorgan Funds - Europe Equity Fund JPM Europe Equity A (acc) - USD 8,143,453.710 9,301,320.598 4,710,054.760 12,734,719.548 JPM Europe Equity A (acc) - EUR 48,739,057.051 47,137,921.929 38,942,576.062 56,934,402.918 JPM Europe Equity A (dist) - EUR 102,038,639.375 30,736,598.237 54,738,249.281 78,036,988.331 JF Europe Equity A (dist) - USD 1,788,500.248 1,444,453.732 1,272,674.752 1,960,279.228 JPM Europe Equity B (acc) - EUR 993,395.772 900,933.925 527,095.712 1,367,233.985 JPM Europe Equity C (acc) - EUR 25,099,800.559 25,266,439.636 18,716,843.295 31,649,396.900 JPM Europe Equity D (acc) - EUR 18,955,399.885 27,092,923.975 26,076,430.908 19,971,892.952 JPM Europe Equity D (acc) - USD 397.456 410,718.239 134,262.633 276,853.062 JPM Europe Equity I (acc) - EUR - 2,849,429.208 47,348.001 2,802,081.207 JPM Europe Equity I (inc) - EUR - 10,000,000.000 - 10,000,000.000 JPM Europe Equity X (acc) - EUR 17,253,104.209 6,944,843.118 3,372,512.821 20,825,434.506

JPMorgan Funds - Europe Focus Fund JPM Europe Focus A (acc) - EUR 1,117,241.241 6,085,539.318 1,580,383.417 5,622,397.142 JPM Europe Focus A (dist) - EUR - 76,470.471 31,111.909 45,358.562 JPM Europe Focus C (acc) - EUR - 1,505,000.000 - 1,505,000.000 JPM Europe Focus D (acc) - EUR 83,899.656 997,268.279 349,758.525 731,409.410 JPM Europe Focus X (acc) - EUR - 2,548,400.001 151,235.001 2,397,165.000

JPMorgan Funds - Europe High Yield Bond Fund JPM Europe High Yield Bond A (acc) - EUR 111,632.046 1,694,665.649 333,682.268 1,472,615.427 JPM Europe High Yield Bond A (dist) - EUR 6,732,461.119 12,874,766.081 8,850,891.758 10,756,335.442 JPM Europe High Yield Bond D (acc) - EUR 4,971,771.465 13,933,201.046 9,476,887.210 9,428,085.301

JPMorgan Funds - Europe Micro Cap Fund JPM Europe Micro Cap A (acc) - EUR 1,874,565.496 6,668,839.595 4,490,013.437 4,053,391.654 JPM Europe Micro Cap A (dist) - EUR 12,763,910.657 5,830,482.805 6,347,292.319 12,247,101.143 JPM Europe Micro Cap D (acc) - EUR 582,482.690 5,079,565.220 1,839,995.838 3,822,052.072

JPMorgan Funds - Europe Select 130/30 Fund (6) JPM Europe Select 130/30 A (acc) - EUR - 371,996.101 - 371,996.101 JPM Europe Select 130/30 D (acc) - EUR - 371,996.101 - 371,996.101

JPMorgan Funds - Europe Small Cap Fund JPM Europe Small Cap A (acc) - EUR 3,551,608.633 7,815,851.482 6,280,381.464 5,087,078.651 JPM Europe Small Cap A (dist) - EUR 20,094,871.537 17,252,011.080 21,584,946.040 15,761,936.577 JPM Europe Small Cap A (dist) - GBP 33,157.723 10,746.201 1,388.646 42,515.278 JF Europe Small Cap A (dist) - EUR 15,185,686.426 10,289,087.338 17,302,643.715 8,172,130.049 JPM Europe Small Cap B (acc) - EUR 115,307.885 245,051.368 39,937.464 320,421.789 JPM Europe Small Cap C (acc) - EUR 9,918,365.123 2,624,683.147 10,470,164.429 2,072,883.841 JPM Europe Small Cap D (acc) - EUR 6,380,666.197 11,895,535.516 10,213,255.615 8,062,946.098 JPM Europe Small Cap I (acc) - EUR - 11,661,953.547 5,622,620.773 6,039,332.774 JPM Europe Small Cap X (acc) - EUR 1,004,202.777 970,853.698 135,506.351 1,839,550.124 (5) Share Class name changed from A (dist) on 1 July 2006. (6) This Sub-Fund was launched on 25 June 2007. 228 JPMorgan Funds Appendix - Unaudited Additional Disclosures (continued)

Shares Outstanding Shares Subscribed Shares Redeemed Shares Outstanding at the Beginning at the End of the Year of the Year

7. Historical Statement of Changes in the Number of Shares - for the year ended 30 June 2007 (continued) JPMorgan Funds - Europe Strategic Growth Fund JPM Europe Strategic Growth A (acc) - EUR 24,441,746.380 57,002,067.225 22,430,203.970 59,013,609.635 JPM Europe Strategic Growth A (dist) - EUR 145,912,035.967 87,381,169.944 131,799,083.132 101,494,122.779 JPM Europe Strategic Growth A (dist) - GBP 30,265.616 76,625.984 4,402.986 102,488.614 JPM Europe Strategic Growth B (acc) - EUR 3,230,102.770 1,056,646.034 2,835,179.927 1,451,568.877 JPM Europe Strategic Growth C (acc) - EUR 29,274,155.862 15,482,491.198 18,366,763.963 26,389,883.097 JPM Europe Strategic Growth D (acc) - EUR 16,098,491.713 16,154,690.452 13,813,481.890 18,439,700.275 JPM Europe Strategic Growth I (inc) - EUR 400,165.000 10,300.000 130,465.000 280,000.000 JPM Europe Strategic Growth I (acc) - EUR - 3,322,862.971 2,361,909.660 960,953.311 JPM Europe Strategic Growth X (acc) - EUR 1,912,562.233 2,209,481.733 450,329.864 3,671,714.102

JPMorgan Funds - Europe Strategic Value Fund JPM Europe Strategic Value A (acc) - EUR 35,754,354.503 61,061,453.343 39,684,511.129 57,131,296.717 JPM Europe Strategic Value A (dist) - EUR 310,357,924.985 201,600,367.520 183,126,539.061 328,831,753.444 JPM Europe Strategic Value A (dist) - GBP 35,807.059 27,797.124 17,091.718 46,512.465 JPM Europe Strategic Value B (acc) - EUR 1,087,109.034 525,848.221 471,462.900 1,141,494.355 JPM Europe Strategic Value C (acc) - EUR 30,520,742.593 15,780,642.632 17,725,555.993 28,575,829.232 JPM Europe Strategic Value D (acc) - EUR 41,997,562.522 38,119,751.609 30,779,178.129 49,338,136.002 JPM Europe Strategic Value I (inc) - EUR 400,165.000 10,000.000 116,165.000 294,000.000 JPM Europe Strategic Value I (acc) - EUR - 11,282,687.512 1,840,878.069 9,441,809.443 JPM Europe Strategic Value X (acc) - EUR 2,735,882.259 6,109,721.446 1,536,856.049 7,308,747.656

JPMorgan Funds - Europe Technology Fund JPM Europe Technology A (acc) - EUR 1,202,234.138 2,356,378.065 2,640,749.571 917,862.632 JPM Europe Technology A (dist) - EUR 18,936,244.969 8,125,811.001 11,986,055.720 15,076,000.250 JPM Europe Technology A (dist) - GBP 50,864.596 6,028.134 15,776.618 41,116.112 JF Europe Technology A (dist) - EUR 2,900,668.851 2,436,040.396 2,244,259.943 3,092,449.304 JPM Europe Technology D (acc) - EUR 2,670,426.840 2,429,526.270 2,655,232.780 2,444,720.330

JPMorgan Funds - Germany Equity Fund JPM Germany Equity A (acc) - EUR 4,222,808.750 15,811,078.970 6,749,656.493 13,284,231.227 JPM Germany Equity A (dist) - EUR 9,142,237.127 20,947,544.857 8,407,124.281 21,682,657.703 JF Germany Equity A (dist) - EUR 1,397,549.385 476,934.920 484,750.483 1,389,733.822 JPM Germany Equity D (acc) - EUR 13,360,361.447 86,855,575.567 30,698,227.139 69,517,709.875

JPMorgan Funds - Global Aggregate Bond Fund JPM Global Aggregate Bond A (acc) - USD 538,724.180 144,207.227 257,794.723 425,136.684 JPM Global Aggregate Bond A (dist) - USD 5,186,165.893 2,279,816.399 5,159,947.701 2,306,034.591 JPM Global Aggregate Bond B (acc) - USD 117,533.633 - 117,533.633 - JPM Global Aggregate Bond C (acc) - USD 126,326.183 66,770.528 133,912.011 59,184.700 JPM Global Aggregate Bond D (acc) - USD 1,043,146.288 1,913,201.576 1,771,286.192 1,185,061.672 JPM Global Aggregate Bond X (acc) - USD 156,505.219 - 32,431.234 124,073.985

JPMorgan Funds - Global Convertibles Fund (EUR) (7) JPM Global Convertibles (EUR) A (acc) - EUR 15,332,519.948 32,301,382.644 24,894,128.920 22,739,773.672 JPM Global Convertibles (EUR) A (dist) - EUR 47,995,864.261 59,712,595.490 36,499,388.318 71,209,071.433 JF Global Convertibles (EUR) A (dist) - USD 488,127.635 1,170,042.027 341,754.467 1,316,415.195 JPM Global Convertibles (EUR) B (acc) - EUR 458,789.881 469,296.697 6,286.420 921,800.158 JPM Global Convertibles (EUR) C (acc) - EUR 17,237,479.505 22,353,412.138 24,468,448.544 15,122,443.099 JPM Global Convertibles (EUR) D (acc) - EUR 19,221,079.641 18,366,733.635 16,009,964.103 21,577,849.173 JPM Global Convertibles (EUR) I (inc) - EUR - 445,121.951 - 445,121.951 JPM Global Convertibles (EUR) I (acc) - EUR - 3,051,941.001 93,758.001 2,958,183.000 JPM Global Convertibles (EUR) X (acc) - EUR 7,348,586.526 154,004.609 427,370.299 7,075,220.836

JPMorgan Funds - Global Dynamic Fund JPM Global Dynamic A (acc) - USD 21,189,670.034 16,899,441.692 13,354,922.319 24,734,189.407 JPM Global Dynamic A (acc) - EUR - 491,084.533 4,450.001 486,634.532 JPM Global Dynamic A (dist) - USD 90,136,845.419 32,789,058.322 35,699,907.257 87,225,996.484 JF Global Dynamic A (dist) - USD 733,075.483 648,440.625 394,729.297 986,786.811 JPM Global Dynamic A (dist) - GBP 845,711.865 170,721.290 319,722.868 696,710.287 JPM Global Dynamic A (inc) - EUR 496.381 1,474,075.117 156,023.291 1,318,548.207 JPM Global Dynamic B (acc) - USD 6,639,962.487 1,609,199.049 1,657,928.561 6,591,232.975 JPM Global Dynamic C (acc) - USD 18,403,257.935 10,474,618.971 10,704,109.827 18,173,767.079 JPM Global Dynamic C (acc) - EUR - 5,527,880.001 - 5,527,880.001 JPM Global Dynamic D (acc) - EUR 643.365 154,957.802 38,494.008 117,107.159 JPM Global Dynamic D (acc) - USD 8,797,031.906 16,589,727.921 8,190,910.266 17,195,849.561 JPM Global Dynamic I (acc) - USD - 1,952,030.000 - 1,952,030.000 JPM Global Dynamic X (acc) - USD 17,012,943.314 4,240,683.880 5,539,511.036 15,714,116.158 JPM Global Dynamic X (acc) - EUR - 17,330,026.813 - 17,330,026.813

JPMorgan Funds - Global Equity Fund (EUR) (8) JPM Global Equity (EUR) A (acc) - EUR 827,656.526 1,532,833.372 1,390,570.445 969,919.453 JPM Global Equity (EUR) A (dist) - EUR 738,315.706 78,022.773 175,879.276 640,459.203 JPM Global Equity (EUR) C (acc) - EUR 7,066,323.535 3,215,062.741 2,831,545.757 7,449,840.519 JPM Global Equity (EUR) D (acc) - EUR 464,171.410 166,556.888 282,766.666 347,961.632

JPMorgan Funds - Global Equity Fund (USD) (9) JPM Global Equity (USD) A (acc) - USD 1,244,050.960 535,086.101 1,283,969.115 495,167.946 JPM Global Equity (USD) A (dist) - USD 1,398,753.173 143,741.661 548,506.142 993,988.692 JF Global Equity (USD) A (dist) - USD 1,237,430.880 205,195.619 288,303.076 1,154,323.423 JPM Global Equity (USD) B (acc) - USD 24,404.580 - 24,404.580 - JPM Global Equity (USD) C (acc) - USD 8,538,694.026 8,258.895 - 8,546,952.921 JPM Global Equity (USD) D (acc) - USD 2,887,294.164 117,888.042 277,527.727 2,727,654.479 JPM Global Equity (USD) X (acc) - USD 1,048,640.488 578,043.574 133,917.137 1,492,766.925

(7) Name changed from Global Convertible Bond Fund (EUR) on 29 August 2006. (8) Name changed from International Equity Fund (EUR) on 29 August 2006. (9) Name changed from Global Equity Fund on 29 August 2006.

229 JPMorgan Funds Appendix - Unaudited Additional Disclosures (continued)

Shares Outstanding Shares Subscribed Shares Redeemed Shares Outstanding at the Beginning at the End of the Year of the Year

7. Historical Statement of Changes in the Number of Shares - for the year ended 30 June 2007 (continued) JPMorgan Funds - Global Focus Fund (10) JPM Global Focus A (acc) - EUR 570,981.270 9,376,781.810 1,524,909.233 8,422,853.847 JPM Global Focus A (dist) - EUR 3,069,926.974 7,510,075.831 3,216,028.877 7,363,973.928 JF Global Focus A (dist) - USD - 884,914.336 75,970.289 808,944.047 JPM Global Focus C (acc) - EUR 721,984.765 10,847,201.865 1,206,882.031 10,362,304.599 JPM Global Focus D (acc) - EUR 1,227,485.556 3,351,632.202 1,333,741.783 3,245,375.975 JPM Global Focus X (acc) - EUR 1,072,576.185 727,160.882 426,399.209 1,373,337.858

JPMorgan Funds - Global Life Sciences Fund JPM Global Life Sciences A (acc) - USD 203,952.653 563,957.582 679,469.240 88,440.995 JPM Global Life Sciences A (dist) - USD 4,395,062.472 1,974,930.735 2,657,040.183 3,712,953.024 JPM Global Life Sciences A (dist) - GBP 18,090.243 408.019 1,089.620 17,408.642 JF Global Life Sciences A (dist) - USD 4,087,861.939 3,191,109.794 5,006,569.995 2,272,401.738 JPM Global Life Sciences D (acc) - USD 1,077,146.537 753,419.178 911,647.873 918,917.842

JPMorgan Funds - Global Natural Resources Fund JPM Global Natural Resources A (acc) - EUR 34,264,546.125 38,741,505.247 31,238,424.094 41,767,627.278 JPM Global Natural Resources A (dist) - EUR 2,992,978.432 16,981,607.874 6,326,602.588 13,647,983.718 JPM Global Natural Resources A (acc) - USD - 1,706,403.250 124,952.200 1,581,451.050 JPM Global Natural Resources B (acc) - EUR 1,088,061.679 955,801.383 284,020.393 1,759,842.669 JPM Global Natural Resources C (acc) - EUR 7,754,952.338 12,043,364.935 14,316,402.090 5,481,915.183 JPM Global Natural Resources C (acc) - USD - 224,985.925 - 224,985.925 JPM Global Natural Resources D (acc) - EUR 9,714,749.024 11,566,855.923 9,168,295.501 12,113,309.446 JPM Global Natural Resources D (acc) - USD - 2,437.992 - 2,437.992 JPM Global Natural Resources X (acc) - EUR 5,178,017.275 1,682,000.970 206,994.989 6,653,023.256

JPMorgan Funds - Global Real Estate Securities Fund (EUR) (11) JPM Global Real Estate Securities A (acc) - EUR - 2,067,296.974 754,145.762 1,313,151.212 JPM Global Real Estate Securities A (inc) - EUR - 164,657.887 1,875.715 162,782.172 JPM Global Real Estate Securities C (acc) - EUR - 48,000.000 - 48,000.000 JPM Global Real Estate Securities D (acc) - EUR - 433,455.206 67,462.177 365,993.029 JPM Global Real Estate Securities X (acc) - EUR - 144,301.002 - 144,301.002

JPMorgan Funds - Global Real Estate Securities Fund (USD) (12) JPM Global Real Estate Securities A (acc) - USD - 955,818.762 477,188.737 478,630.025 JPM Global Real Estate Securities D (acc) - USD - 251,368.884 - 251,368.884 JPM Global Real Estate Securities X (acc) - USD - 1,181,531.621 - 1,181,531.621

JPMorgan Funds - Global Socially Responsible Fund JPM Global Socially Responsible A (acc) - USD 959,167.721 563,482.928 289,081.097 1,233,569.552 JPM Global Socially Responsible A (dist) - USD 3,102,924.121 1,357,793.005 573,297.796 3,887,419.330 JPM Global Socially Responsible D (acc) - USD 282,505.275 361,510.993 210,175.200 433,841.068

JPMorgan Funds - JF Asia Alpha Plus Fund JF Asia Alpha Plus A (acc) - USD 3,872,828.584 3,993,645.384 1,834,421.501 6,032,052.467

JPMorgan Funds - JF China Fund JF China A (acc) - USD 2,952,122.589 13,096,612.012 8,145,816.246 7,902,918.355 JF China A (dist) - USD 36,340,248.733 72,060,315.843 55,722,962.197 52,677,602.379 JF China B (acc) - USD 1,239,453.749 4,924,988.268 2,496,013.271 3,668,428.746 JF China C (acc) - USD 309,143.828 2,385,902.761 1,072,361.908 1,622,684.681 JF China D (acc) - USD 9,411,230.569 18,504,857.090 14,645,227.302 13,270,860.357 JF China I (acc) - USD - 1,616,926.699 524,395.051 1,092,531.648 JF China X (acc) - USD - 2,086,541.580 98,107.560 1,988,434.020

JPMorgan Funds - JF Greater China Fund JF Greater China A (acc) - USD 2,263,602.362 2,725,767.575 2,919,342.527 2,070,027.410 JF Greater China A (dist) - USD 17,545,691.601 7,665,939.482 8,961,725.298 16,249,905.785 JF Greater China B (acc) - USD 1,182,225.820 126,718.228 1,217,773.130 91,170.918 JF Greater China C (acc) - USD 2,372,097.036 2,179,374.203 2,096,711.107 2,454,760.132 JF Greater China D (acc) - USD 5,327,111.376 3,548,431.241 3,479,580.530 5,395,962.087 JF Greater China I (acc) - USD - 2,399,908.437 2,399,908.437 - JF Greater China X (acc) - USD 42,727.329 44,491.254 8,515.330 78,703.253

JPMorgan Funds - JF Hong Kong Fund JF Hong Kong A (acc) - USD 279,424.162 1,396,362.322 1,021,428.415 654,358.069 JF Hong Kong A (dist) - USD 1,800,970.915 1,553,572.031 1,455,795.643 1,898,747.303 JF Hong Kong B (acc) - USD 21,000.000 7,385.524 26,299.072 2,086.452 JF Hong Kong C (acc) - USD 12,827.370 125,706.000 129,475.400 9,057.970 JF Hong Kong D (acc) - USD 441,696.471 537,701.939 512,955.867 466,442.543

JPMorgan Funds - JF India Fund JF India A (acc) - USD 9,389,755.457 29,020,380.982 20,234,273.246 18,175,863.193 JF India A (dist) - USD 35,581,405.692 21,971,735.949 25,975,781.563 31,577,360.078 JF India B (acc) - USD 2,581,574.947 3,618,195.714 2,865,435.151 3,334,335.510 JF India C (acc) - USD 4,812,033.055 3,495,638.453 3,927,567.946 4,380,103.562 JF India D (acc) - USD 21,036,070.815 13,887,521.233 15,169,504.772 19,754,087.276 JF India X (acc) - USD 121,009.046 2,109,735.051 297,434.766 1,933,309.331

(10) Name changed from Global Recovery Fund on 29 August 2006. (11) This Sub-Fund was launched on 1 September 2006. (12) This Sub-Fund was launched on 1 September 2006. 230 JPMorgan Funds Appendix - Unaudited Additional Disclosures (continued)

Shares Outstanding Shares Subscribed Shares Redeemed Shares Outstanding at the Beginning at the End of the Year of the Year

7. Historical Statement of Changes in the Number of Shares - for the year ended 30 June 2007 (continued) JPMorgan Funds - JF Japan Alpha Plus Fund JF Japan Alpha Plus A (acc) - USD 4,218,620.744 242,582.205 3,292,886.510 1,168,316.439 JF Japan Alpha Plus A (dist) - USD 8,725,512.821 62,780.000 6,401,820.114 2,386,472.707 JF Japan Alpha Plus D (acc) - USD 284,323.053 - 276,238.702 8,084.351

JPMorgan Funds - JF Japan Equity Fund JF Japan Equity A (acc) - USD 51,290,467.999 15,696,060.066 39,357,043.641 27,629,484.424 JF Japan Equity A (acc) - EUR 251,889.169 615,761.485 308,140.785 559,509.869 JF Japan Equity A (acc) - JPY 4,770,064.290 7,314,846.781 8,900,941.792 3,183,969.279 JF Japan Equity A (dist) - USD 77,182,810.005 29,028,417.787 68,158,477.421 38,052,750.371 JF Japan Equity A (dist) - GBP 327,056.610 59,919.543 77,074.016 309,902.137 JF Japan Equity B (acc) - USD 2,722,552.515 185,780.668 947,326.156 1,961,007.027 JF Japan Equity C (acc) - USD 25,534,724.866 3,111,997.308 22,407,932.495 6,238,789.679 JF Japan Equity D (acc) - USD 22,698,395.273 9,565,932.326 19,438,487.143 12,825,840.456 JF Japan Equity D (acc) - EUR 622.822 755,530.179 369,404.547 386,748.454 JF Japan Equity J (dist) - USD 5,940,851.011 1,876,024.770 4,212,825.849 3,604,049.932 JF Japan Equity I (acc) - USD 0.001 17,328,088.379 11,280,561.745 6,047,526.635 JF Japan Equity X (acc) - USD 3,870,721.921 505,313.050 3,143,365.963 1,232,669.008

JPMorgan Funds - JF Japan Small Cap Fund JF Japan Small Cap A (acc) - USD 2,079,520.415 3,966,092.521 2,713,525.633 3,332,087.303 JF Japan Small Cap A (dist) - USD 13,869,069.353 4,999,268.328 7,417,332.090 11,451,005.591 JF Japan Small Cap B (acc) - USD 440,676.261 70,567.723 110,574.048 400,669.936 JF Japan Small Cap C (acc) - USD 2,004,201.932 1,382,231.945 1,009,906.715 2,376,527.162 JF Japan Small Cap D (acc) - USD 2,994,034.019 1,478,953.367 2,443,063.773 2,029,923.613 JF Japan Small Cap X (acc) - USD 453,392.598 3,375,177.860 681,080.288 3,147,490.170

JPMorgan Funds - JF Pacific Balanced Fund JF Pacific Balanced A (acc) - USD 865,121.476 315,962.788 942,158.881 238,925.383 JF Pacific Balanced A (dist) - USD 7,373,649.267 1,385,520.266 3,417,329.146 5,341,840.387 JF Pacific Balanced D (acc) - USD 2,023,374.997 871,349.861 1,116,858.072 1,777,866.786 JPMorgan Funds - JF Pacific Equity Fund JF Pacific Equity A (acc) - USD 3,143,520.529 1,072,975.165 2,631,913.323 1,584,582.371 JF Pacific Equity A (acc) - EUR 935,475.063 499,958.971 962,913.979 472,520.055 JF Pacific Equity A (dist) - USD 22,967,504.744 3,517,896.726 11,982,734.454 14,502,667.016 JF Pacific Equity A (dist) - GBP 51,287.492 657.369 6,743.139 45,201.722 JF Pacific Equity B (acc) - USD 33,277.857 802,370.355 819,968.739 15,679.473 JF Pacific Equity C (acc) - USD 7,858,622.361 926,533.247 5,063,894.450 3,721,261.158 JF Pacific Equity D (acc) - USD 3,230,650.787 22,108,116.084 22,501,715.520 2,837,051.351 JF Pacific Equity D (acc) - EUR 20,352.015 37,404.335 11,130.197 46,626.153 JF Pacific Equity I (acc) - USD - 4,428,717.558 1,332,274.893 3,096,442.665

JPMorgan Funds - JF Pacific Technology Fund JF Pacific Technology A (acc) - USD 613,682.762 300,711.866 696,242.574 218,152.054 JF Pacific Technology A (dist) - USD 4,419,660.550 3,546,972.657 5,237,814.229 2,728,818.978 JF Pacific Technology A (dist) - GBP 7,159.151 570.551 1,155.340 6,574.362 JF Pacific Technology B (acc) - USD 129,291.470 - 129,291.470 - JF Pacific Technology D (acc) - USD 407,642.516 197,792.245 312,162.595 293,272.166

JPMorgan Funds - JF Singapore Fund JF Singapore A (acc) - USD 995,597.359 8,241,425.543 4,366,007.950 4,871,014.952 JF Singapore A (dist) - USD 4,509,553.720 21,009,259.300 15,500,392.486 10,018,420.534 JF Singapore B (acc) - USD 20,259.189 1,068,517.985 76,383.506 1,012,393.668 JF Singapore C (acc) - USD 998,810.116 1,123,968.421 1,144,098.845 978,679.692 JF Singapore D (acc) - USD 1,210,955.038 4,840,686.645 2,608,495.024 3,443,146.659 JF Singapore I (acc) - USD - 4,507,865.883 1,692,284.390 2,815,581.493 JF Singapore X (acc) - USD 10,000.000 32,841.715 16,194.603 26,647.112

JPMorgan Funds - JF Taiwan Fund JF Taiwan A (acc) - USD 6,217,417.582 13,801,551.010 7,887,699.067 12,131,269.525 JF Taiwan A (dist) - USD 15,339,352.098 25,909,734.119 24,576,661.471 16,672,424.746 JF Taiwan B (acc) - USD 144,587.850 - 114,291.498 30,296.352 JF Taiwan C (acc) - USD 6,770,226.124 395,504.507 6,515,377.961 650,352.670 JF Taiwan D (acc) - USD 2,717,541.439 1,484,666.801 2,124,250.617 2,077,957.623 JF Taiwan I (acc) - USD 0.001 17,264,826.976 3,585,523.782 13,679,303.195 JF Taiwan X (acc) - USD 160,061.802 63,985.189 86,200.106 137,846.885

JPMorgan Funds - JF Tokyo Alpha Plus Fund JF Tokyo Alpha Plus A (acc) - JPY 27,057,754.714 2,346,833.620 23,993,531.991 5,411,056.343 JF Tokyo Alpha Plus A (dist) - JPY 2,931,910.313 861,548.509 1,835,952.155 1,957,506.667 JF Tokyo Alpha Plus X (acc) - JPY 17,562.002 - 17,562.002 -

JPMorgan Funds - Middle East Equity Fund JPM Middle East Equity A (acc) - USD 2,237,966.202 3,608,203.259 3,815,921.210 2,030,248.251 JPM Middle East Equity A (dist) - USD 8,373,495.442 9,517,236.409 9,274,628.300 8,616,103.551 JPM Middle East Equity B (acc) - USD 6,300.000 554,510.234 - 560,810.234 JPM Middle East Equity D (acc) - USD 5,440,163.096 1,795,073.895 4,099,452.778 3,135,784.213

JPMorgan Funds - Russia Fund JPM Russia A (acc) - USD 3,026,166.472 10,882,969.896 8,167,116.884 5,742,019.484 JPM Russia A (dist) - USD 5,526,749.246 6,713,674.964 6,280,221.391 5,960,202.819 JPM Russia B (acc) - USD 427,830.018 587,710.061 53,000.000 962,540.079 JPM Russia D (acc) - USD 326,660.741 7,747,791.764 2,992,555.930 5,081,896.575 JPM Russia I (acc) - USD - 1,020,000.001 1,020,000.001 - 231 JPMorgan Funds Appendix - Unaudited Additional Disclosures (continued)

Shares Outstanding Shares Subscribed Shares Redeemed Shares Outstanding at the Beginning at the End of the Year of the Year

7. Historical Statement of Changes in the Number of Shares - for the year ended 30 June 2007 (continued) JPMorgan Funds - Sterling Bond Fund JPM Sterling Bond A (acc) - GBP 1,566,744.935 567,241.430 1,534,530.119 599,456.246 JPM Sterling Bond A (dist) - GBP 191,322,396.058 26,664,527.073 64,448,423.540 153,538,499.591 JPM Sterling Bond B (dist) - GBP - 521,960.001 521,960.001 - JPM Sterling Bond D (acc) - GBP 1,977,875.893 768,375.516 1,515,192.813 1,231,058.596 JPM Sterling Bond X (acc) - GBP 1,012,311.148 - 915,848.219 96,462.929

JPMorgan Funds - UK Equity Fund JPM UK Equity A (acc) - GBP 5,405,756.359 2,369,435.887 3,788,389.352 3,986,802.894 JPM UK Equity A (dist) - GBP 34,593,528.388 13,584,157.928 19,401,556.229 28,776,130.087 JPM UK Equity C (acc) - GBP 1,398,464.352 1,734,389.385 835,744.355 2,297,109.382 JPM UK Equity D (acc) - GBP 1,415,776.418 5,671,697.967 1,440,096.619 5,647,377.766 JPM UK Equity I (acc) - GBP - 551,987.189 551,987.189 -

JPMorgan Funds - US Dynamic Fund JPM US Dynamic A (acc) - USD 98,179,196.738 112,544,953.949 67,463,025.350 143,261,125.337 JPM US Dynamic A (acc) - EUR 1,832,985.998 13,795,807.066 2,967,928.397 12,660,864.667 JPM US Dynamic A (dist) - USD 138,272,807.910 107,586,396.412 96,054,494.911 149,804,709.411 JPM US Dynamic B (acc) - USD 8,875,839.249 4,028,031.116 4,422,125.671 8,481,744.694 JPM US Dynamic C (acc) - USD 66,622,657.227 55,969,083.656 45,102,646.274 77,489,094.609 JPM US Dynamic D (acc) - USD 8,241,221.278 9,670,473.280 7,960,709.508 9,950,985.050 JPM US Dynamic D (acc) - EUR 501.365 131,094.112 38,433.158 93,162.319 JPM US Dynamic I (inc) - EUR - 64,815,236.185 32,407,618.092 32,407,618.093 JPM US Dynamic I (acc) - USD 2,500,000.000 9,500,471.576 2,226,377.158 9,774,094.418 JPM US Dynamic X (acc) - USD 22,339,544.970 48,421,902.343 45,861,245.404 24,900,201.909

JPMorgan Funds - US Small Cap Growth Fund JPM US Small Cap Growth A (acc) - USD 337,233.538 1,225,111.846 1,314,943.632 247,401.752 JPM US Small Cap Growth A (dist) - USD 711,060.490 45,242.873 282,112.126 474,191.237 JPM US Small Cap Growth A (dist) - GBP 215.514 - 64.611 150.903 JPM US Small Cap Growth D (acc) - USD 384,172.501 1,915,183.855 313,270.118 1,986,086.238

JPMorgan Funds - US Strategic Growth Fund JPM US Strategic Growth A (acc) - USD 5,554,669.177 10,396,529.332 4,820,567.186 11,130,631.323 JPM US Strategic Growth A (acc) - EUR (hedged) - 3,376,594.381 1,509.436 3,375,084.945 JPM US Strategic Growth A (dist) - USD 9,967,356.538 34,770,599.039 13,705,342.365 31,032,613.212 JPM US Strategic Growth A (dist) - GBP 28,393.835 635.779 25,074.944 3,954.670 JPM US Strategic Growth B (acc) - USD 1,143,551.797 941,487.880 349,613.643 1,735,426.034 JPM US Strategic Growth C (acc) - USD 641,058.058 4,435,630.259 2,104,109.472 2,972,578.845 JPM US Strategic Growth D (acc) - USD 432,730.237 311,179.912 307,646.225 436,263.924 JPM US Strategic Growth D (acc) - EUR (hedged) - 26,490.066 - 26,490.066 JPM US Strategic Growth X (acc) - USD 3,711,013.447 5,435,332.359 529,036.120 8,617,309.686

JPMorgan Funds - US Technology Fund JPM US Technology A (acc) - USD 178,419.945 1,180,352.223 970,527.312 388,244.856 JPM US Technology A (dist) - GBP 40,163.033 1,753.184 8,545.158 33,371.059 JPM US Technology A (dist) - USD 14,013,006.695 8,700,971.987 15,207,432.702 7,506,545.980 JF US Technology A (dist) - USD 3,959,547.876 6,928,855.541 6,953,201.026 3,935,202.391 JPM US Technology D (acc) - USD 3,425,483.037 2,461,818.928 3,090,447.571 2,796,854.394

JPMorgan Funds - US Value Fund JPM US Value A (acc) - USD 17,525,395.184 40,906,758.343 30,685,347.005 27,746,806.522 JPM US Value A (acc) - EUR (hedged) - 3,585,219.422 2,142,583.388 1,442,636.034 JPM US Value A (dist) - USD 53,645,880.704 46,760,790.075 46,188,299.108 54,218,371.671 JPM US Value A (dist) - GBP 39,901.555 21,411.794 2,716.678 58,596.671 JF US Value A (dist) - USD 314,520.824 488,480.864 624,938.133 178,063.555 JPM US Value B (acc) - USD 224,746.041 535,566.173 254,727.348 505,584.866 JPM US Value C (acc) - USD 9,517,928.147 14,693,150.896 9,744,273.341 14,466,805.702 JPM US Value D (acc) - USD 5,017,070.643 4,228,404.432 2,306,316.949 6,939,158.126 JPM US Value D (acc) - EUR (hedged) - 268,507.456 29,282.885 239,224.571 JPM US Value X (acc) - USD 3,155,183.098 6,464,554.694 1,912,520.818 7,707,216.974

232 JPMorgan Funds Appendix - Unaudited Additional Disclosures (continued)

Shares Outstanding Shares Subscribed Shares Redeemed Shares Outstanding at the Beginning at the End of the Year of the Year

JPMorgan Funds - America Large Cap Fund JPM America Large Cap A (acc) - USD 54,439.787 144,105.223 121,781.123 76,763.887 JPM America Large Cap A (dist) - USD 6,162,259.122 1,241,000.213 3,548,713.013 3,854,546.322 JPM America Large Cap B (acc) - USD - 26,099.248 - 26,099.248 JPM America Large Cap D (acc) - USD 329,406.202 274,416.904 196,207.929 407,615.177

JPMorgan Funds - America Micro Cap Fund JPM America Micro Cap A (acc) - USD 1,731,905.361 6,777,944.837 2,887,079.477 5,622,770.721 JPM America Micro Cap A (dist) - USD 2,805,984.852 2,065,287.201 2,398,511.468 2,472,760.585 JF America Micro Cap A (dist) - USD 270,720.454 2,650,170.909 1,957,332.399 963,558.964 JPM America Micro Cap D (acc) - USD 1,118,594.978 1,849,708.854 1,108,207.119 1,860,096.713 JPM America Micro Cap X (acc) - USD 768,402.909 1,426,770.809 1,981,257.380 213,916.338

JPMorgan Funds - Eastern Europe Equity Fund JPM Eastern Europe Equity A (acc) - EUR 689,019.697 4,529,265.647 2,925,415.282 2,292,870.062 JPM Eastern Europe Equity A (dist) - EUR 29,482,834.241 21,134,461.964 33,380,441.705 17,236,854.500 JF Eastern Europe Equity A (dist) - EUR 2,037,569.098 11,367,435.696 8,393,150.280 5,011,854.514 JPM Eastern Europe Equity B (acc) - EUR - 6,640.000 - 6,640.000 JPM Eastern Europe Equity C (acc) - EUR 10,598,114.772 4,068,087.154 5,524,008.195 9,142,193.731 JPM Eastern Europe Equity D (acc) - EUR 1,456,253.176 5,121,625.039 2,906,916.337 3,670,961.878 JPM Eastern Europe Equity I (acc) - EUR - 4,697,055.454 - 4,697,055.454 JPM Eastern Europe Equity X (acc) - EUR 4,300,000.000 967,255.898 1,110,837.849 4,156,418.049

JPMorgan Funds - Emerging Europe Equity Fund JPM Emerging Europe Equity A (acc)- USD 894,548.178 4,594,117.218 3,249,621.440 2,239,043.956 JPM Emerging Europe Equity A (dist) - USD 7,262,913.307 6,649,107.023 7,307,110.955 6,604,909.375 JPM Emerging Europe Equity B (acc) - USD 103,079.328 502,991.273 178,466.946 427,603.655 JPM Emerging Europe Equity C (acc) - USD 5,478,532.023 5,990,350.028 2,830,813.380 8,638,068.671 JPM Emerging Europe Equity D (acc) - USD 1,028,886.077 2,530,062.412 1,746,633.480 1,812,315.009 JPM Emerging Europe Equity I (acc) - USD - 3,439,165.440 - 3,439,165.440 JPM Emerging Europe Equity X (acc) - USD 30,066.932 613,756.937 554,160.134 89,663.735

JPMorgan Funds - Emerging Markets Equity Fund JPM Emerging Markets Equity A (acc) - USD 1,956,647.164 50,467,633.274 23,418,111.087 29,006,169.351 JPM Emerging Markets Equity A (acc) - EUR - 12,981,076.859 443,262.427 12,537,814.432 JPM Emerging Markets Equity A (dist) - USD 88,259,146.173 80,536,130.588 73,859,755.842 94,935,520.919 JPM Emerging Markets Equity A (dist) - GBP 23,470.387 60,113.791 7,456.348 76,127.830 JPM Emerging Markets Equity B (acc) - USD 421,454.886 2,369,090.890 783,091.519 2,007,454.257 JPM Emerging Markets Equity C (acc) - USD 5,137,715.967 37,485,208.077 17,524,982.760 25,097,941.284 JPM Emerging Markets Equity D (acc) - USD 1,243,536.605 6,793,138.269 2,818,026.187 5,218,648.687 JPM Emerging Markets Equity D (acc) - EUR - 11,685.069 - 11,685.069 JPM Emerging Markets Equity I (inc) - EUR - 1,400,000.000 - 1,400,000.000 JPM Emerging Markets Equity X (acc) - USD 3,648,325.038 29,840,332.816 2,657,304.251 30,831,353.603 JPM Emerging Markets Equity X (inc) - EUR - 10,330,431.052 - 10,330,431.042

JPMorgan Funds - Euro Liquid Reserve Fund (1) JPM Euro Liquid Reserve A (acc) - EUR - 1,000,000.000 - 1,000,000.000

JPMorgan Funds - Euroland Equity Fund JPM Euroland Equity A (acc) - EUR 6,822,046.594 39,069,865.145 13,192,138.515 32,699,773.224 JPM Euroland Equity A (dist) - EUR 36,699,936.958 42,109,609.888 31,865,158.643 46,944,388.203 JF Euroland Equity A (dist) - USD 7,740,421.628 9,635,783.769 3,615,094.148 13,761,111.249 JPM Euroland Equity C (acc) - EUR 7,777,781.336 15,494,883.401 2,173,532.163 21,099,132.574 JPM Euroland Equity D (acc) - EUR 2,102,130.392 13,505,703.244 4,552,740.702 11,055,092.934

JPMorgan Funds - Europe Aggregate Plus Bond Fund (2) JPM Europe Aggregate Plus Bond A (acc) - EUR 6,001,826.078 2,454,628.346 6,695,561.111 1,760,893.313 JPM Europe Aggregate Plus Bond A (dist) - EUR 21,254,241.233 8,515,483.303 11,824,623.491 17,945,101.045 JPM Europe Aggregate Plus Bond B (acc) - EUR 74,930.000 - 39,586.849 35,343.151 JPM Europe Aggregate Plus Bond D (acc) - EUR 1,855,551.367 6,675,604.103 4,335,664.351 4,195,491.119

JPMorgan Funds - Europe Balanced Fund (EUR) JPM Europe Balanced (EUR) A (acc) - EUR 772.600 142,941.084 10,541.027 133,172.657 JPM Europe Balanced (EUR) A (dist) - EUR 3,436,353.471 2,538,181.455 1,255,122.451 4,719,412.475 JPM Europe Balanced (EUR) D (acc) - EUR 1,305,232.880 3,637,683.178 1,441,007.996 3,501,908.062

JPMorgan Funds - Europe Convergence Equity Fund JPM Europe Convergence Equity A (acc) - EUR 659,252.511 4,174,777.533 3,504,156.970 1,329,873.074 JPM Europe Convergence Equity A (dist) - EUR 15,007,783.551 10,973,725.018 13,721,742.481 12,259,766.088 JPM Europe Convergence Equity C (acc) - EUR 846,634.741 3,979,775.818 3,476,682.127 1,349,728.432 JPM Europe Convergence Equity D (acc) - EUR 3,097,384.672 3,560,940.382 3,367,259.296 3,291,065.758

JPMorgan Funds - Europe Dynamic Fund JPM Europe Dynamic A (acc) - EUR 3,882,884.678 22,205,763.158 11,655,980.943 14,432,666.893 JPM Europe Dynamic A (dist) - EUR 64,623,849.353 31,362,229.543 46,982,537.769 49,003,541.127 JPM Europe Dynamic A (dist) - GBP 104,619.918 86,451.088 65,132.676 125,938.330 JF Europe Dynamic A (dist) - EUR 1,384,950.061 5,551,488.804 4,702,149.225 2,234,289.640 JPM Europe Dynamic B (acc) - EUR 680,691.849 1,782,318.962 374,829.314 2,088,181.497 JPM Europe Dynamic C (acc) - EUR 4,022,585.265 12,727,544.824 2,824,763.235 13,925,366.854 JPM Europe Dynamic D (acc) - EUR 4,794,274.029 6,443,612.964 5,912,157.037 5,325,729.956 JPM Europe Dynamic D (acc) - USD 80.580 58,461.670 10,377.590 48,164.660 JPM Europe Dynamic X (acc) - EUR 5,097,244.347 4,722,887.755 3,036,616.383 6,783,515.719 (1) This Sub-Fund was launched on 22 May 2006. (2) Name changed from Europe Aggregate Bond Fund on 13 September 2005. 233 JPMorgan Funds Appendix - Unaudited Additional Disclosures (continued)

Shares Outstanding Shares Subscribed Shares Redeemed Shares Outstanding at the Beginning at the End of the Year of the Year

8. Historical Statement of Changes in the Number of Shares - for the year ended 30 June 2006 (continued) JPMorgan Funds - Europe Dynamic Mega Cap Fund (3) JPM Europe Dynamic Mega Cap A (acc) - EUR - 22,291,117.955 4,096,648.524 18,194,469.431 JPM Europe Dynamic Mega Cap A (dist) - EUR - 102,811.064 - 102,811.064 JPM Europe Dynamic Mega Cap A (inc) - EUR - 387.177 - 387.177 JPM Europe Dynamic Mega Cap B (acc) - EUR - 735,935.005 - 735,935.005 JPM Europe Dynamic Mega Cap C (acc) - EUR - 2,400,669.892 31,555.728 2,369,114.164 JPM Europe Dynamic Mega Cap D (acc) - EUR - 98,452.320 414.401 98,037.919 JPM Europe Dynamic Mega Cap X (acc) - EUR - 1,334,938.073 141,139.332 1,193,798.741

JPMorgan Funds - Europe Dynamic Small Cap Fund JPM Europe Dynamic Small Cap A (acc) - EUR 807,210.869 12,746,546.443 3,187,110.040 10,366,647.272 JPM Europe Dynamic Small Cap A (dist) - EUR - 325,466.658 40,416.810 285,049.848 JPM Europe Dynamic Small Cap D (acc) - EUR - 277,368.844 57,154.307 220,214.537 JPM Europe Dynamic Small Cap X (acc) - EUR - 2,336,683.956 175,332.192 2,161,351.764

JPMorgan Funds - Europe Equity Fund JPM Europe Equity A (acc) - USD 6,335,490.174 4,684,868.642 2,876,905.106 8,143,453.710 JPM Europe Equity A (acc) - EUR 10,023,859.503 60,541,077.098 21,825,879.550 48,739,057.051 JPM Europe Equity A (dist) - EUR 78,759,029.909 73,661,707.824 50,382,098.358 102,038,639.375 JF Europe Equity A (dist) - USD 1,734,451.617 885,759.932 831,711.301 1,788,500.248 JPM Europe Equity B (acc) - EUR 803,211.008 742,163.871 551,979.107 993,395.772 JPM Europe Equity C (acc) - EUR 10,119,341.749 23,219,736.794 8,239,277.984 25,099,800.559 JPM Europe Equity D (acc) - EUR 18,528,418.610 21,349,903.750 20,922,922.475 18,955,399.885 JPM Europe Equity D (acc) - USD - 397.456 - 397.456 JPM Europe Equity X (acc) - EUR 12,907,926.968 15,777,243.640 11,432,066.399 17,253,104.209

JPMorgan Funds - Europe Focus Fund (4) JPM Europe Focus A (acc) - EUR - 1,199,935.291 82,694.050 1,117,241.241 JPM Europe Focus D (acc) - EUR - 83,899.656 - 83,899.656

JPMorgan Funds - Europe High Yield Bond Fund JPM Europe High Yield Bond A (acc) - EUR 4,920.593 183,651.149 76,939.696 111,632.046 JPM Europe High Yield Bond A (dist) - EUR 11,484,145.994 5,288,730.341 10,040,415.216 6,732,461.119 JPM Europe High Yield Bond D (acc) - EUR 1,343,572.157 4,960,112.255 1,331,912.947 4,971,771.465

JPMorgan Funds - Europe Micro Cap Fund (5) JPM Europe Micro Cap A (acc) - EUR - 2,785,171.643 910,606.147 1,874,565.496 JPM Europe Micro Cap A (dist) - EUR - 15,363,797.132 2,599,886.475 12,763,910.657 JPM Europe Micro Cap D (acc) - EUR - 746,141.688 163,658.998 582,482.690

JPMorgan Funds - Europe Small Cap Fund JPM Europe Small Cap A (acc) - EUR 440,378.675 7,979,259.005 4,868,029.047 3,551,608.633 JPM Europe Small Cap A (dist) - EUR 19,313,160.775 18,683,003.539 17,901,292.777 20,094,871.537 JPM Europe Small Cap A (dist) - GBP 29,805.873 49,199.047 45,847.197 33,157.723 JF Europe Small Cap A (dist) - EUR 919,132.690 24,030,246.621 9,763,692.885 15,185,686.426 JPM Europe Small Cap B (acc) - EUR 71,574.111 112,067.955 68,334.181 115,307.885 JPM Europe Small Cap C (acc) - EUR 8,650,117.852 3,986,792.134 2,718,544.863 9,918,365.123 JPM Europe Small Cap D (acc) - EUR 2,671,423.809 8,572,065.755 4,862,823.367 6,380,666.197 JPM Europe Small Cap X (acc) - EUR 365,368.672 1,168,225.313 529,391.208 1,004,202.777

JPMorgan Funds - Europe Strategic Growth Fund JPM Europe Strategic Growth A (acc) - EUR 2,632,613.080 29,922,865.896 8,113,732.596 24,441,746.380 JPM Europe Strategic Growth A (dist) - EUR 99,943,594.509 131,559,282.014 85,590,840.556 145,912,035.967 JPM Europe Strategic Growth A (dist) - GBP 22,117.047 10,100.558 1,951.989 30,265.616 JPM Europe Strategic Growth B (acc) - EUR 1,475,256.588 1,838,132.232 83,286.050 3,230,102.770 JPM Europe Strategic Growth C (acc) - EUR 7,638,370.954 28,593,502.970 6,957,718.062 29,274,155.862 JPM Europe Strategic Growth D (acc) - EUR 794,804.710 20,086,648.189 4,782,961.186 16,098,491.713 JPM Europe Strategic Growth I (inc) - EUR - 400,165.000 - 400,165.000 JPM Europe Strategic Growth X (acc) - EUR 432,141.670 2,460,523.374 980,102.811 1,912,562.233

JPMorgan Funds - Europe Strategic Value Fund JPM Europe Strategic Value A (acc) - EUR 13,143,124.506 44,881,537.254 22,270,307.257 35,754,354.503 JPM Europe Strategic Value A (dist) - EUR 248,722,993.194 211,168,259.968 149,533,328.177 310,357,924.985 JPM Europe Strategic Value A (dist) - GBP 21,591.808 20,546.757 6,331.506 35,807.059 JPM Europe Strategic Value B (acc) - EUR 329,338.546 941,712.573 183,942.085 1,087,109.034 JPM Europe Strategic Value C (acc) - EUR 15,537,743.099 27,246,193.376 12,263,193.882 30,520,742.593 JPM Europe Strategic Value D (acc) - EUR 33,118,234.443 30,012,111.894 21,132,783.815 41,997,562.522 JPM Europe Strategic Value I (inc) - EUR - 400,165.000 - 400,165.000 JPM Europe Strategic Value X (acc) - EUR 1,827,094.560 2,846,525.004 1,937,737.305 2,735,882.259

JPMorgan Funds - Europe Technology Fund JPM Europe Technology A (acc) - EUR 383,778.891 2,521,430.003 1,702,974.756 1,202,234.138 JPM Europe Technology A (dist) - EUR 23,713,581.827 9,883,805.709 14,661,142.567 18,936,244.969 JPM Europe Technology A (dist) - GBP 25,152.662 31,632.996 5,921.062 50,864.596 JF Europe Technology A (dist) - EUR 3,394,398.510 3,116,558.048 3,610,287.707 2,900,668.851 JPM Europe Technology D (acc) - EUR 1,517,151.223 2,629,258.882 1,475,983.265 2,670,426.840

JPMorgan Funds - FF Emerging Markets Debt Fund JPM FF Emerging Markets Debt A (acc) - USD 260,393.826 6,585,473.282 3,978,293.854 2,867,573.254 JPM FF Emerging Markets Debt A (dist) - USD 9,068,036.255 17,160,941.789 17,567,863.855 8,661,114.189 JPM FF Emerging Markets Debt D (acc) - USD 1,040,699.463 3,979,931.881 2,006,542.713 3,014,088.631

JPMorgan Funds - Germany Equity Fund JPM Germany Equity A (acc) - EUR 784,611.459 7,411,035.321 3,972,838.030 4,222,808.750 JPM Germany Equity A (dist) - EUR 2,695,252.997 11,022,495.934 4,575,511.804 9,142,237.127 JF Germany Equity A (dist) - EUR 1,672,991.982 267,934.965 543,377.562 1,397,549.385 JPM Germany Equity D (acc) - EUR 696,006.220 18,312,272.830 5,647,917.603 13,360,361.447

(3) This Sub-Fund was launched on 20 September 2005. (4) This Sub-Fund was launched on 13 March 2006. (5) This Sub-Fund was launched on 18 November 2005. 234 JPMorgan Funds Appendix - Unaudited Additional Disclosures (continued)

Shares Outstanding Shares Subscribed Shares Redeemed Shares Outstanding at the Beginning at the End of the Year of the Year

8. Historical Statement of Changes in the Number of Shares - for the year ended 30 June 2006 (continued) JPMorgan Funds - Global Aggregate Bond Fund JPM Global Aggregate Bond A (acc) - USD 502,651.755 519,678.118 483,605.693 538,724.180 JPM Global Aggregate Bond A (dist) - USD 26,404,491.160 14,121,209.402 35,339,534.669 5,186,165.893 JPM Global Aggregate Bond B (acc) - USD 218,058.058 67,533.633 168,058.058 117,533.633 JPM Global Aggregate Bond C (acc) - USD 900,000.000 144,424.696 918,098.513 126,326.183 JPM Global Aggregate Bond D (acc) - USD 310,648.700 2,767,911.340 2,035,413.752 1,043,146.288 JPM Global Aggregate Bond X (acc) - USD 510,888.792 27,862.209 382,245.782 156,505.219

JPMorgan Funds - Global Convertible Bond Fund (EUR) JPM Global Convertible Bond (EUR) A (acc) - EUR 3,572,356.508 26,655,191.007 14,895,027.567 15,332,519.948 JPM Global Convertible Bond (EUR) A (dist) - EUR 40,456,521.379 52,200,668.320 44,661,325.438 47,995,864.261 JF Global Convertible Bond (EUR) A (dist) - USD 676,240.269 88,434.463 276,547.097 488,127.635 JPM Global Convertible Bond (EUR) B (acc) - EUR 66,426.910 545,376.634 153,013.663 458,789.881 JPM Global Convertible Bond (EUR) C (acc) - EUR 3,004,025.826 19,436,898.911 5,203,445.232 17,237,479.505 JPM Global Convertible Bond (EUR) D (acc) - EUR 2,050,978.199 25,346,411.858 8,176,310.416 19,221,079.641 JPM Global Convertible Bond (EUR) X (acc) - EUR 1,366,823.569 6,465,499.731 483,736.774 7,348,586.526

JPMorgan Funds - Global Dynamic Fund JPM Global Dynamic A (acc) - USD 2,542,841.958 25,505,004.514 6,858,176.438 21,189,670.034 JPM Global Dynamic A (dist) - USD 51,452,288.945 74,751,773.172 36,067,216.698 90,136,845.419 JF Global Dynamic A (dist) - USD 246,008.589 673,781.230 186,714.336 733,075.483 JPM Global Dynamic A (dist) - GBP 498,193.024 467,367.569 119,848.728 845,711.865 JPM Global Dynamic A (inc) - EUR - 496.381 - 496.381 JPM Global Dynamic B (acc) - USD 624,397.496 7,194,398.256 1,178,833.265 6,639,962.487 JPM Global Dynamic C (acc) - USD 2,094,691.632 20,463,975.878 4,155,409.575 18,403,257.935 JPM Global Dynamic D (acc) - EUR - 643.365 - 643.365 JPM Global Dynamic D (acc) - USD 3,461,475.529 9,340,403.286 4,004,846.909 8,797,031.906 JPM Global Dynamic X (acc) - USD 25,168,404.013 19,970,305.944 28,125,766.643 17,012,943.314

JPMorgan Funds - Global Equity Fund JPM Global Equity A (acc) - USD 706,268.469 1,587,690.078 1,049,907.587 1,244,050.960 JPM Global Equity A (dist) - USD 1,294,831.828 1,358,975.414 1,255,054.069 1,398,753.173 JF Global Equity A (dist) - USD 1,403,959.102 182,464.803 348,993.025 1,237,430.880 JPM Global Equity B (acc) - USD - 24,404.580 - 24,404.580 JPM Global Equity C (acc) - USD 10,287,077.703 8,938.500 1,757,322.177 8,538,694.026 JPM Global Equity D (acc) - USD 42,204.780 2,914,496.515 69,407.131 2,887,294.164 JPM Global Equity X (acc) - USD - 1,048,640.488 - 1,048,640.488

JPMorgan Funds - Global Life Sciences Fund JPM Global Life Sciences A (acc) - USD 9,249.461 417,566.761 222,863.569 203,952.653 JPM Global Life Sciences A (dist) - USD 7,142,895.853 4,105,769.970 6,853,603.351 4,395,062.472 JPM Global Life Sciences A (dist) - GBP 19,110.857 821.792 1,842.406 18,090.243 JF Global Life Sciences A (dist) - USD 862,517.686 8,373,095.735 5,147,751.482 4,087,861.939 JPM Global Life Sciences B (acc) - USD - 27,247.540 27,247.540 - JPM Global Life Sciences D (acc) - USD 481,691.724 1,513,429.006 917,974.193 1,077,146.537

JPMorgan Funds - Global Natural Resources Fund JPM Global Natural Resources A (acc) - EUR 6,177,084.157 52,793,557.760 24,706,095.792 34,264,546.125 JPM Global Natural Resources A (dist) - EUR 177,419.656 3,673,445.738 857,886.962 2,992,978.432 JPM Global Natural Resources B (acc) - EUR - 1,088,061.679 - 1,088,061.679 JPM Global Natural Resources C (acc) - EUR 3,377,849.110 8,141,876.317 3,764,773.089 7,754,952.338 JPM Global Natural Resources D (acc) - EUR - 12,252,534.194 2,537,785.170 9,714,749.024 JPM Global Natural Resources X (acc) - EUR 180,191.280 5,095,975.349 98,149.354 5,178,017.275

JPMorgan Funds - Global Recovery Fund JPM Global Recovery A (acc) - EUR 171,958.268 770,445.672 371,422.670 570,981.270 JPM Global Recovery A (dist) - EUR 1,068,685.011 3,780,171.583 1,778,929.620 3,069,926.974 JPM Global Recovery C (acc) - EUR - 722,195.718 210.953 721,984.765 JPM Global Recovery D (acc) - EUR 206,384.911 1,685,549.828 664,449.183 1,227,485.556 JPM Global Recovery X (acc) - EUR 190,310.162 987,800.037 105,534.014 1,072,576.185

JPMorgan Funds - Global Socially Responsible Fund JPM Global Socially Responsible A (acc) - USD 1,000.000 1,194,787.933 236,620.212 959,167.721 JPM Global Socially Responsible A (dist) - USD 4,686,312.544 2,226,727.554 3,810,115.977 3,102,924.121 JPM Global Socially Responsible D (acc) - USD 289,770.768 301,027.816 308,293.309 282,505.275 JPMorgan Funds - International Equity Fund (EUR) JPM International Equity (EUR) A (acc) - EUR 3,224,355.142 671,930.293 3,068,628.909 827,656.526 JPM International Equity (EUR) A (dist) - EUR 849,062.045 136,112.045 246,858.384 738,315.706 JPM International Equity (EUR) C (acc) - EUR - 11,390,814.678 4,324,491.143 7,066,323.535 JPM International Equity (EUR) D (acc) - EUR 669,123.475 467,820.833 672,772.898 464,171.410 JPMorgan Funds - JF Asia Alpha Plus Fund (6) JF Asia Alpha Plus A (acc) - USD - 4,193,919.026 321,090.442 3,872,828.584 JPMorgan Funds - JF Asia Equity Fund (7) JF Asia Equity A (acc) - USD 1,375,218.839 5,622,636.166 2,873,627.396 4,124,227.609 JF Asia Equity A (dist) - USD 22,102,807.908 4,678,911.880 11,188,566.973 15,593,152.815 JF Asia Equity A (dist) - GBP 40,316.736 46,287.321 9,379.266 77,224.791 JF Asia Equity B (acc) - USD 13,114.268 11,745.050 13,114.269 11,745.049 JF Asia Equity C (acc) - USD 5,104,437.303 5,004,342.310 5,847,551.568 4,261,228.045 JF Asia Equity D (acc) - USD 1,128,828.408 1,553,779.146 762,854.612 1,919,752.942 JF Asia Equity D (acc) - EUR - 501.365 - 501.365 JF Asia Equity I (acc) - USD - 3,697,232.304 - 3,697,232.303 JF Asia Equity X (acc) - USD 377,661.025 367,843.372 215,999.751 529,504.646 JPMorgan Funds - JF China Fund (8) JF China A (acc) - USD 1,304,111.860 4,830,163.267 3,182,152.538 2,952,122.589 JF China A (dist) - USD 30,690,063.549 30,510,084.021 24,859,898.837 36,340,248.733 JF China B (acc) - USD - 1,239,453.749 - 1,239,453.749 JF China C (acc) - USD 52,183.468 393,872.181 136,911.821 309,143.828 JF China D (acc) - USD 3,754,807.797 10,004,967.398 4,348,544.626 9,411,230.569 (6) This Sub-Fund was launched on 9 November 2005. (7) Name changed from Asia Equity Fund on 13 September 2005. (8) Name changed from China Fund on 13 September 2005. 235 JPMorgan Funds Appendix - Unaudited Additional Disclosures (continued)

Shares Outstanding Shares Subscribed Shares Redeemed Shares Outstanding at the Beginning at the End of the Year of the Year

8. Historical Statement of Changes in the Number of Shares - for the year ended 30 June 2006 (continued) JPMorgan Funds - JF Greater China Fund (9) JF Greater China A (acc) - USD 360,263.440 3,397,341.819 1,494,002.897 2,263,602.362 JF Greater China A (dist) - USD 22,662,699.546 7,094,964.566 12,211,972.511 17,545,691.601 JF Greater China B (acc) - USD - 1,182,225.820 - 1,182,225.820 JF Greater China C (acc) - USD 2,183,164.265 810,876.434 621,943.663 2,372,097.036 JF Greater China D (acc) - USD 3,172,797.584 4,543,109.050 2,388,795.258 5,327,111.376 JF Greater China X (acc) - USD 45,823.227 42,722.954 45,818.852 42,727.329

JPMorgan Funds - JF Hong Kong Fund (10) JF Hong Kong A (acc) - USD 157,208.701 236,887.343 114,671.882 279,424.162 JF Hong Kong A (dist) - USD 1,834,380.537 1,492,071.508 1,525,481.130 1,800,970.915 JF Hong Kong B (acc) - USD - 21,000.000 - 21,000.000 JF Hong Kong C (acc) - USD 6,882.503 9,057.971 3,113.104 12,827.370 JF Hong Kong D (acc) - USD 257,713.265 615,267.103 431,283.897 441,696.471 JF Hong Kong X (acc) - USD - 20,000.001 20,000.001 -

JPMorgan Funds - JF India Fund (11) JF India A (acc) - USD 5,579,873.393 19,666,720.696 15,856,838.632 9,389,755.457 JF India A (dist) - USD 24,056,967.754 41,949,285.011 30,424,847.073 35,581,405.692 JF India B (acc) - USD 131,921.327 3,140,467.008 690,813.388 2,581,574.947 JF India C (acc) - USD 773,208.619 5,203,729.626 1,164,905.190 4,812,033.055 JF India D (acc) - USD 7,512,683.719 25,718,673.352 12,195,286.256 21,036,070.815 JF India X (acc) - USD 206,202.173 125,730.621 210,923.748 121,009.046

JPMorgan Funds - JF Japan Alpha Plus Fund (12) JF Japan Alpha Plus A (acc) - USD 1,476,098.692 7,973,381.707 5,230,859.655 4,218,620.744 JF Japan Alpha Plus A (dist) - USD 17,587,881.560 5,322,756.631 14,185,125.370 8,725,512.821 JF Japan Alpha Plus D (acc) - USD 121,070.500 232,954.553 69,702.000 284,323.053

JPMorgan Funds - JF Japan Equity Fund (13) JF Japan Equity A (acc) - USD 6,643,490.773 60,622,328.242 15,975,351.016 51,290,467.999 JF Japan Equity A (acc) - EUR - 503,778.339 251,889.170 251,889.169 JF Japan Equity A (acc) - JPY - 6,241,922.934 1,471,858.644 4,770,064.290 JF Japan Equity A (dist) - USD 66,250,387.401 71,290,430.490 60,358,007.886 77,182,810.005 JF Japan Equity A (dist) - GBP 174,930.011 256,358.210 104,231.611 327,056.610 JF Japan Equity B (acc) - USD 756,227.854 2,486,404.038 520,079.377 2,722,552.515 JF Japan Equity C (acc) - USD 12,629,236.399 17,648,523.877 4,743,035.410 25,534,724.866 JF Japan Equity D (acc) - USD 8,950,611.897 26,552,992.441 12,805,209.065 22,698,395.273 JF Japan Equity D (acc) - EUR - 622.822 - 622.822 JF Japan Equity J (dist) - USD 3,557,921.459 7,099,499.360 4,716,569.808 5,940,851.011 JF Japan Equity X (acc) - USD 2,476,098.147 6,432,078.632 5,037,454.858 3,870,721.921

JPMorgan Funds - JF Japan Small Cap Fund (14) JF Japan Small Cap A (acc) - USD 118,218.926 5,440,400.281 3,479,098.792 2,079,520.415 JF Japan Small Cap A (dist) - USD 14,191,693.873 15,577,551.577 15,900,176.097 13,869,069.353 JF Japan Small Cap B (acc) - USD - 440,786.262 110.001 440,676.261 JF Japan Small Cap C (acc) - USD - 3,683,696.474 1,679,494.542 2,004,201.932 JF Japan Small Cap D (acc) - USD 980,764.707 5,930,017.044 3,916,747.732 2,994,034.019 JF Japan Small Cap X (acc) - USD 257,965.072 604,065.859 408,638.333 453,392.598

JPMorgan Funds - JF Pacific Balanced Fund (15) JF Pacific Balanced A (acc) - USD 65,825.070 1,142,356.329 343,059.923 865,121.476 JF Pacific Balanced A (dist) - USD 6,675,738.837 4,408,220.295 3,710,309.865 7,373,649.267 JF Pacific Balanced D (acc) - USD 892,513.389 2,462,208.405 1,331,346.797 2,023,374.997

JPMorgan Funds - JF Pacific Equity Fund (16) JF Pacific Equity A (acc) - USD 2,245,205.242 3,681,818.316 2,783,503.029 3,143,520.529 JF Pacific Equity A (acc) - EUR - 1,021,455.485 85,980.422 935,475.063 JF Pacific Equity A (dist) - USD 25,229,429.070 7,460,791.112 9,722,715.438 22,967,504.744 JF Pacific Equity A (dist) - GBP 75,059.051 10,063.966 33,835.525 51,287.492 JF Pacific Equity B (acc) - USD 31,146.453 33,277.857 31,146.453 33,277.857 JF Pacific Equity C (acc) - USD 4,039,295.789 6,534,580.193 2,715,253.621 7,858,622.361 JF Pacific Equity D (acc) - USD 1,094,886.662 6,139,616.445 4,003,852.320 3,230,650.787 JF Pacific Equity D (acc) - EUR - 20,352.015 - 20,352.015 JF Pacific Equity X (acc) - USD - 30,000.001 30,000.001 -

JPMorgan Funds - JF Pacific Technology Fund (17) JF Pacific Technology A (acc) - USD 29,563.363 889,590.542 305,471.143 613,682.762 JF Pacific Technology A (dist) - USD 3,055,332.061 7,313,078.567 5,948,750.078 4,419,660.550 JF Pacific Technology A (dist) - GBP 10,507.212 7,902.819 11,250.880 7,159.151 JF Pacific Technology B (acc) - USD - 129,291.470 - 129,291.470 JF Pacific Technology D (acc) - USD 414,299.637 403,779.546 410,436.667 407,642.516

JPMorgan Funds - JF Singapore Fund (18) JF Singapore A (acc) - USD 10,132.687 1,894,547.388 909,082.716 995,597.359 JF Singapore A (dist) - USD 1,408,287.600 9,554,637.453 6,453,371.333 4,509,553.720 JF Singapore B (acc) - USD - 84,934.887 64,675.698 20,259.189 JF Singapore C (acc) - USD 24,603.414 1,150,808.473 176,601.771 998,810.116 JF Singapore D (acc) - USD 359,138.031 1,879,369.965 1,027,552.958 1,210,955.038 JF Singapore X (acc) - USD - 10,000.000 - 10,000.000

(9) Name changed from Greater China Fund on 13 September 2005. (10) Name changed from Hong Kong Fund on 13 September 2005. (11) Name changed from India Fund on 13 September 2005. (12) Name changed from Japan Alpha Plus Fund on 13 September 2005. (13) Name changed from Japan Equity Fund on 13 September 2005. (14) Name changed from Japan Small Cap Fund on 13 September 2005. (15) Name changed from Pacific Balanced Fund on 13 September 2005. (16) Name changed from Pacific Equity Fund on 13 September 2005. (17) Name changed from Pacific Technology Fund on 13 September 2005. (18) Name changed from Singapore Fund on 13 September 2005.

236 JPMorgan Funds Appendix - Unaudited Additional Disclosures (continued)

Shares Outstanding Shares Subscribed Shares Redeemed Shares Outstanding at the Beginning at the End of the Year of the Year

8. Historical Statement of Changes in the Number of Shares - for the year ended 30 June 2006 (continued) JPMorgan Funds - JF Taiwan Fund (19) JF Taiwan A (acc) - USD 66,980.748 13,483,520.712 7,333,083.878 6,217,417.582 JF Taiwan A (dist) - USD 9,483,034.706 24,514,350.769 18,658,033.377 15,339,352.098 JF Taiwan B (acc) - USD - 144,587.850 - 144,587.850 JF Taiwan C (acc) - USD 12,164.293 8,203,458.018 1,445,396.187 6,770,226.124 JF Taiwan D (acc) - USD 121,449.959 4,858,464.801 2,262,373.321 2,717,541.439 JF Taiwan X (acc) - USD - 160,061.802 - 160,061.802

JPMorgan Funds - JF Tokyo Alpha Plus Fund (20) JF Tokyo Alpha Plus A (acc) - JPY - 31,286,566.138 4,228,811.424 27,057,754.714 JF Tokyo Alpha Plus A (dist) - JPY - 3,816,876.251 884,965.938 2,931,910.313 JF Tokyo Alpha Plus X (acc) - JPY - 17,562.002 - 17,562.002

JPMorgan Funds - Middle East Equity Fund (21) JPM Middle East Equity A (acc) - USD 1,087,014.222 6,985,085.569 5,834,133.589 2,237,966.202 JPM Middle East Equity A (dist) - USD 7,460,463.851 18,396,767.783 17,483,736.192 8,373,495.442 JPM Middle East Equity B (acc) - USD 552,847.784 160,565.635 707,113.419 6,300.000 JPM Middle East Equity D (acc) - USD 2,263,740.907 9,455,542.815 6,279,120.626 5,440,163.096

JPMorgan Funds - Russia Fund (22) JPM Russia A (acc) - USD - 4,519,268.292 1,493,101.820 3,026,166.472 JPM Russia A (dist) - USD - 11,792,213.242 6,265,463.996 5,526,749.246 JPM Russia B (acc) - USD - 427,830.018 - 427,830.018 JPM Russia D (acc) - USD - 388,964.537 62,303.796 326,660.741

JPMorgan Funds - Sterling Bond Fund JPM Sterling Bond A (acc) - GBP 632,324.029 2,115,021.633 1,180,600.727 1,566,744.935 JPM Sterling Bond A (dist) - GBP 138,289,710.830 92,175,360.711 39,142,675.483 191,322,396.058 JPM Sterling Bond D (acc) - GBP 760,132.969 2,709,408.496 1,491,665.572 1,977,875.893 JPM Sterling Bond X (acc) - GBP 527,188.986 1,455,901.048 970,778.886 1,012,311.148

JPMorgan Funds - UK Equity Fund JPM UK Equity A (acc) - GBP 1,625,849.212 5,684,934.225 1,905,027.078 5,405,756.359 JPM UK Equity A (dist) - GBP 31,781,691.373 17,476,089.036 14,664,252.021 34,593,528.388 JPM UK Equity C (acc) - GBP 157,056.877 1,704,429.401 463,021.926 1,398,464.352 JPM UK Equity D (acc) - GBP 294,027.053 1,730,812.486 609,063.121 1,415,776.418

JPMorgan Funds - US Dynamic Fund JPM US Dynamic A (acc) - USD 5,211,788.941 116,913,039.285 23,945,631.488 98,179,196.738 JPM US Dynamic A (acc) - EUR - 1,933,416.595 100,430.597 1,832,985.998 JPM US Dynamic A (dist) - USD 60,352,089.847 138,751,624.322 60,830,906.259 138,272,807.910 JPM US Dynamic B (acc) - USD 1,683,404.511 8,270,131.062 1,077,696.324 8,875,839.249 JPM US Dynamic C (acc) - USD 7,078,236.833 71,598,434.579 12,054,014.185 66,622,657.227 JPM US Dynamic D (acc) - USD 937,090.503 9,059,578.506 1,755,447.731 8,241,221.278 JPM US Dynamic D (acc) - EUR - 501.365 - 501.365 JPM US Dynamic I (acc) - USD - 2,500,000.000 - 2,500,000.000 JPM US Dynamic X (acc) - USD 13,039,404.597 25,594,201.386 16,294,061.013 22,339,544.970

JPMorgan Funds - US Small Cap Growth Fund JPM US Small Cap Growth A (acc) - USD 251,313.150 497,929.523 412,009.135 337,233.538 JPM US Small Cap Growth A (dist) - USD 813,082.468 226,020.738 328,042.716 711,060.490 JPM US Small Cap Growth A (dist) - GBP 5,655.612 64.598 5,504.696 215.514 JPM US Small Cap Growth D (acc) - USD 180,557.341 451,609.104 247,993.944 384,172.501

JPMorgan Funds - US Strategic Growth Fund JPM US Strategic Growth A (acc) - USD 1,000.000 8,098,050.264 2,544,381.087 5,554,669.177 JPM US Strategic Growth A (dist) - USD 2,883,813.821 11,359,970.788 4,276,428.071 9,967,356.538 JPM US Strategic Growth A (dist) - GBP 4,118.814 24,714.967 439.946 28,393.835 JPM US Strategic Growth B (acc) - USD - 1,272,771.456 129,219.659 1,143,551.797 JPM US Strategic Growth C (acc) - USD - 641,058.058 - 641,058.058 JPM US Strategic Growth D (acc) - USD 165,691.859 511,820.981 244,782.603 432,730.237 JPM US Strategic Growth X (acc) - USD - 4,516,098.582 805,085.135 3,711,013.447

JPMorgan Funds - US Technology Fund JPM US Technology A (acc) - USD 146,620.958 273,580.858 241,781.871 178,419.945 JPM US Technology A (dist) - GBP 40,939.962 2,913.377 3,690.306 40,163.033 JPM US Technology A (dist) - USD 17,939,619.505 10,061,424.252 13,988,037.062 14,013,006.695 JF US Technology A (dist) - USD 5,107,123.959 7,766,002.722 8,913,578.805 3,959,547.876 JPM US Technology D (acc) - USD 1,565,878.908 4,871,433.192 3,011,829.063 3,425,483.037

(19) Name changed from Taiwan Fund on 13 September 2005. (20) This Sub-Fund was launched on 1 February 2006. (21) This Sub-Fund’s year end is 29 June 2006. (22) This Sub-Fund was launched on 18 November 2005.

237 JPMorgan Funds Appendix - Unaudited Additional Disclosures (continued)

Shares Outstanding Shares Subscribed Shares Redeemed Shares Outstanding at the Beginning at the End of the Year of the Year

8. Historical Statement of Changes in the Number of Shares - for the year ended 30 June 2006 (continued) JPMorgan Funds - US Value Fund (23) JPM US Value A (acc) - USD 8,748,748.842 44,986,422.955 36,209,776.613 17,525,395.184 JPM US Value A (dist) - USD 78,867,878.915 47,812,693.696 73,034,691.907 53,645,880.704 JPM US Value A (dist) - GBP 72,341.322 1,940.618 34,380.385 39,901.555 JF US Value A (dist) - USD 195,805.902 457,492.691 338,777.769 314,520.824 JPM US Value B (acc) - USD 431,015.101 728,653.838 934,922.898 224,746.041 JPM US Value C (acc) - USD 4,477,160.250 13,229,935.378 8,189,167.481 9,517,928.147 JPM US Value D (acc) - USD 13,285,389.828 3,514,717.257 11,783,036.442 5,017,070.643 JPM US Value X (acc) - USD 5,608,351.387 3,244,229.790 5,697,398.079 3,155,183.098

(23) Name changed from US Strategic Value Fund on 1 June 2006.

238 JPMorgan Funds Appendix - Unaudited Additional Disclosures (continued)

Shares Outstanding Shares Subscribed Shares Redeemed Shares Outstanding at the Beginning at the End of the Year of the Year

JPMorgan Fleming Funds - America Large Cap Fund JPMF America Large Cap A (acc) - USD - 60,813.624 6,373.837 54,439.787 JPMF America Large Cap A (dist) - USD 17,501,978.854 1,873,843.382 13,213,563.114 6,162,259.122 JPMF America Large Cap D (acc) - USD 118,341.621 291,740.100 80,675.519 329,406.202

JPMorgan Fleming Funds - America Micro Cap Fund JPMF America Micro Cap A (acc) - USD - 1,741,213.945 9,308.584 1,731,905.361 JPMF America Micro Cap A (dist) - USD 4,561,267.274 1,465,525.560 3,220,807.982 2,805,984.852 JF America Micro Cap A (dist) - USD 205,297.784 395,504.393 330,081.723 270,720.454 JPMF America Micro Cap D (acc) - USD 700,082.579 817,424.878 398,912.479 1,118,594.978 JPMF America Micro Cap X (acc) - USD - 1,015,405.024 247,002.115 768,402.909

JPMorgan Fleming Funds - Asia Equity Fund JF Asia Equity A (acc) - USD - 1,724,677.763 349,458.924 1,375,218.839 JF Asia Equity A (dist) - USD 33,194,740.175 8,190,290.212 19,282,222.479 22,102,807.908 JF Asia Equity A (dist) - GBP 40,540.106 14,922.370 15,145.740 40,316.736 JF Asia Equity B (acc) - USD - 65,024.175 51,909.907 13,114.268 JF Asia Equity C (acc) - USD - 5,468,459.692 364,022.389 5,104,437.303 JF Asia Equity D (acc) - USD 1,005,217.807 763,476.827 639,866.226 1,128,828.408 JF Asia Equity X (acc) - USD - 406,254.045 28,593.020 377,661.025

JPMorgan Fleming Funds - China Fund JF China A (acc) - USD - 1,385,713.208 81,601.348 1,304,111.860 JF China A (dist) - USD 35,233,559.915 9,726,365.957 14,269,862.323 30,690,063.549 JF China C (acc) - USD - 52,183.526 0.058 52,183.468 JF China D (acc) - USD 1,263,841.633 3,512,035.071 1,021,068.907 3,754,807.797

JPMorgan Fleming Funds - Eastern Europe Equity Fund JPMF Eastern Europe Equity A (acc) - EUR - 1,021,163.239 332,143.542 689,019.697 JPMF Eastern Europe Equity A (dist) - EUR 27,299,669.119 23,001,588.989 20,818,423.867 29,482,834.241 JF Eastern Europe Equity A (dist) - EUR 1,785,017.474 2,504,632.122 2,252,080.498 2,037,569.098 JPMF Eastern Europe Equity C (acc) - EUR - 10,598,114.772 - 10,598,114.772 JPMF Eastern Europe Equity D (acc) - EUR 590,684.749 1,360,303.633 494,735.206 1,456,253.176 JPMF Eastern Europe Equity X (acc) - EUR 7,182,802.036 2,882,802.036 4,300,000.000

JPMorgan Fleming Funds - Emerging Europe Equity Fund JPMF Emerging Europe Equity A (acc) - USD 916,103.291 21,555.113 894,548.178 JPMF Emerging Europe Equity A (dist) - USD 10,398,841.365 6,812,049.239 9,947,977.297 7,262,913.307 JPMF Emerging Europe Equity B (acc) - USD - 103,079.328 - 103,079.328 JPMF Emerging Europe Equity C (acc) - USD - 5,478,532.023 - 5,478,532.023 JPMF Emerging Europe Equity D (acc) - USD 404,590.865 909,938.635 285,643.423 1,028,886.077 JPMF Emerging Europe Equity X (acc) - USD - 46,999.632 16,932.700 30,066.932

JPMorgan Fleming Funds - Emerging Markets Equity Fund JPMF Emerging Markets Equity A (acc) - USD - 2,210,996.969 254,349.805 1,956,647.164 JPMF Emerging Markets Equity A (dist) - USD 42,484,423.172 85,190,265.543 39,415,542.542 88,259,146.173 JPMF Emerging Markets Equity A (dist) - GBP 41,036.888 38,204.637 55,771.138 23,470.387 JPMF Emerging Markets Equity B (acc) - USD - 581,604.318 160,149.432 421,454.886 JPMF Emerging Markets Equity C (acc) - USD - 5,137,715.967 - 5,137,715.967 JPMF Emerging Markets Equity D (acc) - USD 348,170.103 1,119,301.087 223,934.585 1,243,536.605 JPMF Emerging Markets Equity X (acc) - USD - 3,665,989.822 17,664.784 3,648,325.038

JPMorgan Fleming Funds - Euroland Equity Fund JPMF Euroland Equity A (acc) - EUR - 7,277,020.503 454,973.909 6,822,046.594 JPMF Euroland Equity A (dist) - EUR 13,406,997.846 37,233,113.750 13,940,174.638 36,699,936.958 JF Euroland Equity A (dist) - USD 9,842,453.905 2,565,757.622 4,667,789.899 7,740,421.628 JPMF Euroland Equity C (acc) - EUR - 8,270,591.362 492,810.026 7,777,781.336 JPMF Euroland Equity D (acc) - EUR 998,643.589 1,575,828.951 472,342.148 2,102,130.392

JPMorgan Fleming Funds - Europe Aggregate Bond Fund JPMF Europe Aggregate Bond A (acc) - EUR - 6,416,128.623 414,302.545 6,001,826.078 JPMF Europe Aggregate Bond A (dist) - EUR 26,006,802.466 16,700,062.307 21,452,623.540 21,254,241.233 JPMF Europe Aggregate Bond B (acc) - EUR - 149,860.001 74,930.001 74,930.000 JPMF Europe Aggregate Bond D (acc) - EUR 437,677.948 2,398,897.855 981,024.436 1,855,551.367

JPMorgan Fleming Funds - Europe Balanced Fund (EUR) (1) JPMF Europe Balanced (EUR) A (acc) - EUR - 772.600 - 772.600 JPMF Europe Balanced (EUR) A (dist) - EUR 3,382,636.578 1,088,179.249 1,034,462.356 3,436,353.471 JPMF Europe Balanced (EUR) D (acc) - EUR 699,785.005 1,053,498.809 448,050.934 1,305,232.880

JPMorgan Fleming Funds - Europe Convergence Equity Fund JPMF Europe Convergence Equity A (acc) - EUR - 1,179,178.572 519,926.061 659,252.511 JPMF Europe Convergence Equity A (dist) - EUR 8,868,718.276 21,527,745.870 15,388,680.595 15,007,783.551 JPMF Europe Convergence Equity C (acc) - EUR - 876,634.742 30,000.001 846,634.741 JPMF Europe Convergence Equity D (acc) - EUR 607,768.198 4,241,111.995 1,751,495.521 3,097,384.672

(1) Name changed from Balanced Fund on 2 May 2005.

239 JPMorgan Funds Appendix - Unaudited Additional Disclosures (continued)

Shares Outstanding Shares Subscribed Shares Redeemed Shares Outstanding at the Beginning at the End of the Year of the Year

9. Historical Statement of Changes in the Number of Shares - for the year ended 30 June 2005 (continued) JPMorgan Fleming Funds - Europe Dynamic Fund JPMF Europe Dynamic A (acc) - EUR - 3,937,133.875 54,249.197 3,882,884.678 JPMF Europe Dynamic A (dist) - EUR 80,545,705.170 50,266,433.848 66,188,289.665 64,623,849.353 JPMF Europe Dynamic A (dist) - GBP 110,911.010 30,519.407 36,810.499 104,619.918 JF Europe Dynamic A (dist) - EUR 1,000.000 1,604,627.585 220,677.524 1,384,950.061 JPMF Europe Dynamic B (acc) - EUR - 1,331,760.606 651,068.757 680,691.849 JPMF Europe Dynamic C (acc) - EUR - 6,824,076.941 2,801,491.676 4,022,585.265 JPMF Europe Dynamic D (acc) - EUR 3,587,545.978 3,880,203.839 2,673,475.788 4,794,274.029 JPMF Europe Dynamic D (acc) - USD - 80.580 - 80.580 JPMF Europe Dynamic X (acc) - EUR - 5,483,305.666 386,061.319 5,097,244.347

JPMorgan Fleming Funds - Europe Dynamic Small Cap Fund (2) JPMF Europe Dynamic Small Cap A (acc) - EUR - 821,251.170 14,040.301 807,210.869

JPMorgan Fleming Funds - Europe Equity Fund JPMF Europe Equity A (acc) - EUR - 10,982,568.295 958,708.792 10,023,859.503 JPMF Europe Equity A (dist) - EUR 53,453,144.834 66,395,548.403 41,089,663.328 78,759,029.909 JPMF Europe Equity A (dist) - USD 6,969,566.391 1,741,238.165 2,375,314.382 6,335,490.174 JF Europe Equity A (dist) - USD 1,865,401.120 581,000.185 711,949.688 1,734,451.617 JPMF Europe Equity B (acc) - EUR - 1,735,313.789 932,102.781 803,211.008 JPMF Europe Equity C (acc) - EUR - 13,705,170.749 3,585,829.000 10,119,341.749 JPMF Europe Equity D (acc) - EUR 6,074,378.742 18,749,633.160 6,295,593.292 18,528,418.610 JPMF Europe Equity X (acc) - EUR - 14,018,689.011 1,110,762.043 12,907,926.968

JPMorgan Fleming Funds - Europe High Yield Bond Fund JPMF Europe High Yield Bond A (acc) - EUR - 6,007.557 1,086.964 4,920.593 JPMF Europe High Yield Bond A (dist) - EUR 15,402,067.449 6,410,277.250 10,328,198.705 11,484,145.994 JPMF Europe High Yield Bond D (acc) - EUR 550,449.099 1,354,728.974 561,605.916 1,343,572.157

JPMorgan Fleming Funds - Europe Small Cap Fund JPMF Europe Small Cap A (dist) - EUR 31,263,231.938 11,760,713.350 23,710,784.513 19,313,160.775 JPMF Europe Small Cap A (acc) - EUR - 449,060.218 8,681.543 440,378.675 JPMF Europe Small Cap A (dist) - GBP 9,804.901 27,412.536 7,411.564 29,805.873 JF Europe Small Cap A (dist) - EUR 283,213.761 3,002,130.351 2,366,211.422 919,132.690 JPMF Europe Small Cap B (acc) - EUR - 84,138.445 12,564.334 71,574.111 JPMF Europe Small Cap C (acc) - EUR - 10,585,000.099 1,934,882.247 8,650,117.852 JPMF Europe Small Cap D (acc) - EUR 722,859.386 2,789,992.239 841,427.816 2,671,423.809 JPMF Europe Small Cap X (acc) - EUR - 535,228.761 169,860.089 365,368.672

JPMorgan Fleming Funds - Europe Strategic Growth Fund JPMF Europe Strategic Growth A (acc) - EUR - 2,809,774.192 177,161.112 2,632,613.080 JPMF Europe Strategic Growth A (dist) - EUR 47,356,995.057 99,224,635.032 46,638,035.580 99,943,594.509 JPMF Europe Strategic Growth A (dist) - GBP 24,595.170 1,830.793 4,308.916 22,117.047 JPMF Europe Strategic Growth B (acc) - EUR - 1,482,138.725 6,882.137 1,475,256.588 JPMF Europe Strategic Growth C (acc) - EUR - 8,331,305.833 692,934.879 7,638,370.954 JPMF Europe Strategic Growth D (acc) - EUR 731,406.133 1,564,642.748 1,501,244.171 794,804.710 JPMF Europe Strategic Growth X (acc) - EUR - 491,894.114 59,752.444 432,141.670

JPMorgan Fleming Funds - Europe Strategic Value Fund JPMF Europe Strategic Value A (acc) - EUR - 19,539,773.150 6,396,648.644 13,143,124.506 JPMF Europe Strategic Value A (dist) - EUR 163,481,831.158 229,203,434.707 143,962,272.671 248,722,993.194 JPMF Europe Strategic Value A (dist) - GBP 15,981.533 8,571.317 2,961.042 21,591.808 JPMF Europe Strategic Value B (acc) - EUR - 389,298.659 59,960.113 329,338.546 JPMF Europe Strategic Value C (acc) - EUR - 18,173,981.988 2,636,238.889 15,537,743.099 JPMF Europe Strategic Value D (acc) - EUR 19,597,940.636 26,595,949.905 13,075,656.098 33,118,234.443 JPMF Europe Strategic Value X (acc) - EUR - 2,060,106.613 233,012.053 1,827,094.560

JPMorgan Fleming Funds - Europe Technology Fund JPMF Europe Technology A (acc) - EUR - 389,300.997 5,522.106 383,778.891 JPMF Europe Technology A (dist) - EUR 32,508,541.604 8,733,034.768 17,527,994.545 23,713,581.827 JPMF Europe Technology A (dist) - GBP 37,069.351 1,077.935 12,994.624 25,152.662 JF Europe Technology A (dist) - EUR 4,706,890.075 1,312,330.312 2,624,821.877 3,394,398.510 JPMF Europe Technology D (acc) - EUR 1,553,683.430 1,143,921.917 1,180,454.124 1,517,151.223

JPMorgan Fleming Funds - FF Emerging Markets Debt Fund JPMF FF Emerging Markets Debt A (acc) - USD - 293,876.057 33,482.231 260,393.826 JPMF FF Emerging Markets Debt A (dist) - USD 3,355,486.212 10,104,102.649 4,391,552.606 9,068,036.255 JPMF FF Emerging Markets Debt D (acc) - USD 301,891.135 932,250.768 193,442.440 1,040,699.463

JPMorgan Fleming Funds - Germany Equity Fund JPMF Germany Equity A (acc) - EUR - 822,138.965 37,527.506 784,611.459 JPMF Germany Equity A (dist) - EUR 3,134,860.957 4,263,418.098 4,703,026.058 2,695,252.997 JF Germany Equity A (dist) - EUR 2,261,836.710 73,425.748 662,270.476 1,672,991.982 JPMF Germany Equity D (acc) - EUR 481,865.598 549,154.748 335,014.126 696,006.220

JPMorgan Fleming Funds - Global Aggregate Bond Fund JPMF Global Aggregate Bond A (acc) - USD - 582,981.976 80,330.221 502,651.755 JPMF Global Aggregate Bond A (dist) - USD 29,677,815.514 17,183,210.733 20,456,535.087 26,404,491.160 JPMF Global Aggregate Bond B (acc) - USD - 578,508.910 360,450.852 218,058.058 JPMF Global Aggregate Bond C (acc) - USD - 1,800,000.001 900,000.001 900,000.000 JPMF Global Aggregate Bond D (acc) - USD 100,450.061 357,984.292 147,785.653 310,648.700 JPMF Global Aggregate Bond X (acc) - USD - 2,138,565.264 1,627,676.472 510,888.792

(2) This Sub-Fund was launched on 27 January 2005.

240 JPMorgan Funds Appendix - Unaudited Additional Disclosures (continued)

Shares Outstanding Shares Subscribed Shares Redeemed Shares Outstanding at the Beginning at the End of the Year of the Year

9. Historical Statement of Changes in the Number of Shares - for the year ended 30 June 2005 (continued) JPMorgan Fleming Funds - Global Convertible Bond Fund (EUR) (3) JPMF Global Convertible Bond (EUR) A (acc) - EUR - 3,836,170.888 263,814.380 3,572,356.508 JPMF Global Convertible Bond (EUR) A (dist) - EUR 32,906,541.421 35,481,882.204 27,931,902.246 40,456,521.379 JF Global Convertible Bond (EUR) A (dist) - USD 394,677.554 502,341.953 220,779.238 676,240.269 JPMF Global Convertible Bond (EUR) B (acc) - EUR - 110,729.896 44,302.986 66,426.910 JPMF Global Convertible Bond (EUR) C (acc) - EUR - 4,055,823.677 1,051,797.851 3,004,025.826 JPMF Global Convertible Bond (EUR) D (acc) - EUR 1,131,176.735 5,364,173.194 4,444,371.730 2,050,978.199 JPMF Global Convertible Bond (EUR) X (acc) - EUR - 1,435,033.295 68,209.726 1,366,823.569

JPMorgan Fleming Funds - Global Dynamic Fund JPMF Global Dynamic A (acc) - USD - 2,787,470.957 244,628.999 2,542,841.958 JPMF Global Dynamic A (dist) - USD 72,660,909.595 28,563,239.358 49,771,860.008 51,452,288.945 JF Global Dynamic A (dist) - USD 1,000.000 498,835.868 253,827.279 246,008.589 JPMF Global Dynamic A (dist) - GBP 166,499.470 367,279.716 35,586.162 498,193.024 JPMF Global Dynamic B (acc) - USD - 1,355,019.611 730,622.115 624,397.496 JPMF Global Dynamic C (acc) - USD - 2,322,758.913 228,067.281 2,094,691.632 JPMF Global Dynamic D (acc) - USD 1,200,080.183 2,630,981.198 369,585.852 3,461,475.529 JPMF Global Dynamic X (acc) - USD 29,693,143.090 4,524,739.077 25,168,404.013 JPMorgan Fleming Funds - Global Equity Fund JPMF Global Equity A (acc) - USD - 829,070.792 122,802.323 706,268.469 JPMF Global Equity A (dist) - USD 2,548,500.737 6,087,758.852 7,341,427.761 1,294,831.828 JF Global Equity A (dist) - USD 1,680,417.749 166,153.430 442,612.077 1,403,959.102 JPMF Global Equity C (acc) - USD - 10,287,077.703 - 10,287,077.703 JPMF Global Equity D (acc) - USD 22,643.391 40,440.370 20,878.981 42,204.780

JPMorgan Fleming Funds - Global Life Sciences Fund JPMF Global Life Sciences A (acc) - USD - 9,249.726 0.265 9,249.461 JPMF Global Life Sciences A (dist) - USD 8,679,080.370 2,025,882.135 3,562,066.652 7,142,895.853 JF Global Life Sciences A (dist) - USD 732,153.151 4,273,737.751 4,143,373.216 862,517.686 JPMF Global Life Sciences A (dist) - GBP 20,775.034 551.268 2,215.445 19,110.857 JPMF Global Life Sciences B (acc) - USD - 15,840.000 15,840.000 - JPMF Global Life Sciences D (acc) - USD 298,915.921 492,850.822 310,075.019 481,691.724

JPMorgan Fleming Funds - Global Natural Resources Fund (4) JPMF Global Natural Resources A (acc) - EUR - 8,336,956.094 2,159,871.937 6,177,084.157 JPMF Global Natural Resources A (dist) - EUR - 178,931.337 1,511.681 177,419.656 JPMF Global Natural Resources B (acc) - EUR - 50,000.001 50,000.001 - JPMF Global Natural Resources C (acc) - EUR - 3,994,441.680 616,592.570 3,377,849.110 JPMF Global Natural Resources X (acc) - EUR - 180,191.280 - 180,191.280

JPMorgan Fleming Funds - Global Recovery Fund JPMF Global Recovery A (acc) - EUR - 171,958.268 - 171,958.268 JPMF Global Recovery A (dist) - EUR 2,760,231.286 1,347,243.711 3,038,789.986 1,068,685.011 JPMF Global Recovery B (acc) - EUR - 72,986.401 72,986.401 - JPMF Global Recovery D (acc) - EUR 80,104.632 206,727.133 80,446.854 206,384.911 JPMF Global Recovery X (acc) - EUR - 208,892.413 18,582.251 190,310.162

JPMorgan Fleming Funds - Global Socially Responsible Fund JPMF Global Socially Responsible A (acc) - USD - 1,000.000 - 1,000.000 JPMF Global Socially Responsible A (dist) - USD 2,667,880.797 2,694,097.195 675,665.448 4,686,312.544 JPMF Global Socially Responsible D (acc) - USD 43,947.866 267,700.253 21,877.351 289,770.768

JPMorgan Fleming Funds - Greater China Fund JF Greater China A (acc) - USD - 385,545.179 25,281.739 360,263.440 JF Greater China A (dist) - USD 26,439,486.380 11,797,629.795 15,574,416.629 22,662,699.546 JF Greater China C (acc) - USD - 2,183,164.265 - 2,183,164.265 JF Greater China D (acc) - USD 1,227,636.565 3,099,355.750 1,154,194.731 3,172,797.584 JF Greater China X (acc) - USD - 54,174.898 8,351.671 45,823.227

JPMorgan Fleming Funds - Hong Kong Fund JF Hong Kong A (acc) - USD - 160,314.098 3,105.397 157,208.701 JF Hong Kong A (dist) - USD 2,360,633.146 1,904,570.628 2,430,823.237 1,834,380.537 JF Hong Kong C (acc) - USD - 6,882.503 - 6,882.503 JF Hong Kong D (acc) - USD 125,587.813 256,104.766 123,979.314 257,713.265

JPMorgan Fleming Funds - India Fund JF India A (acc) - USD - 6,612,772.182 1,032,898.789 5,579,873.393 JF India A (dist) - USD 19,995,356.655 20,057,928.284 15,996,317.185 24,056,967.754 JF India B (acc) - USD - 138,346.120 6,424.793 131,921.327 JF India C (acc) - USD - 860,858.620 87,650.001 773,208.619 JF India D (acc) - USD 1,893,886.590 7,340,170.550 1,721,373.421 7,512,683.719 JF India X (acc) - USD - 228,729.283 22,527.110 206,202.173

JPMorgan Fleming Funds - International Equity Fund (EUR) (5) JPMF International Equity (EUR) A (acc) - EUR - 4,145,352.177 920,997.035 3,224,355.142 JPMF International Equity (EUR) A (dist) - EUR 5,052,201.443 829,450.642 5,032,590.040 849,062.045 JPMF International Equity (EUR) D (acc) - EUR 339,797.094 3,293,944.413 2,964,618.032 669,123.475

JPMorgan Fleming Funds - Japan Alpha Plus Fund (6) JF Japan Alpha Plus A (acc) - USD - 1,519,665.831 43,567.139 1,476,098.692 JF Japan Alpha Plus A (dist) - USD - 21,393,979.868 3,806,098.308 17,587,881.560 JF Japan Alpha Plus D (acc) - USD - 135,716.000 14,645.500 121,070.500

(3) Name changed from Global Convertible Bond Fund on 1 December 2004. (4) This Sub-Fund was launched on 21 December 2004. (5) Name changed from International Equity Fund on 1 December 2004. (6) This Sub-Fund was launched on 18 August 2004. 241 JPMorgan Funds Appendix - Unaudited Additional Disclosures (continued)

Shares Outstanding Shares Subscribed Shares Redeemed Shares Outstanding at the Beginning at the End of the Year of the Year

9. Historical Statement of Changes in the Number of Shares - for the year ended 30 June 2005 (continued) JPMorgan Fleming Funds - Japan Equity Fund JF Japan Equity A (acc) - USD - 7,181,692.811 538,202.038 6,643,490.773 JF Japan Equity A (dist) - USD 94,489,488.474 43,498,037.476 71,737,138.549 66,250,387.401 JF Japan Equity A (dist) - GBP 163,928.800 96,352.314 85,351.103 174,930.011 JF Japan Equity B (acc) - USD - 1,320,556.647 564,328.793 756,227.854 JF Japan Equity C (acc) - USD - 15,296,580.508 2,667,344.109 12,629,236.399 JF Japan Equity D (acc) - USD 6,510,571.564 7,287,189.813 4,847,149.480 8,950,611.897 JF Japan Equity J (dist) - USD 5,045,617.921 2,257,358.399 3,745,054.861 3,557,921.459 JF Japan Equity X (acc) - USD - 4,401,362.664 1,925,264.517 2,476,098.147

JPMorgan Fleming Funds - Japan Small Cap Fund JF Japan Small Cap A (acc) - USD - 122,931.568 4,712.642 118,218.926 JF Japan Small Cap A (dist) - USD 19,596,109.418 9,555,505.194 14,959,920.739 14,191,693.873 JF Japan Small Cap C (acc) - USD - 228,846.154 228,846.154 - JF Japan Small Cap D (acc) - USD 544,894.584 1,226,410.430 790,540.307 980,764.707 JF Japan Small Cap X (acc) - USD - 371,898.696 113,933.624 257,965.072

JPMorgan Fleming Funds - Middle East Equity Fund JPMF Middle East Equity A (acc) - USD - 1,691,450.456 604,436.234 1,087,014.222 JPMF Middle East Equity A (dist) - USD 971,862.068 11,591,546.395 5,102,944.612 7,460,463.851 JPMF Middle East Equity B (acc) - USD - 552,847.784 - 552,847.784 JPMF Middle East Equity D (acc) - USD 28,908.156 2,593,301.732 358,468.981 2,263,740.907

JPMorgan Fleming Funds - Pacific Balanced Fund JF Pacific Balanced A (acc) - USD - 99,818.355 33,993.285 65,825.070 JF Pacific Balanced A (dist) - USD 5,791,080.188 5,582,029.590 4,697,370.941 6,675,738.837 JF Pacific Balanced D (acc) - USD 97,842.465 855,774.088 61,103.164 892,513.389

JPMorgan Fleming Funds - Pacific Equity Fund JF Pacific Equity A (acc) - USD - 2,327,042.054 81,836.812 2,245,205.242 JF Pacific Equity A (dist) - USD 30,752,771.556 6,665,796.977 12,189,139.463 25,229,429.070 JF Pacific Equity A (dist) - GBP 85,331.603 5,228.761 15,501.313 75,059.051 JF Pacific Equity B (acc) - USD - 31,146.453 - 31,146.453 JF Pacific Equity C (acc) - USD - 4,039,295.789 - 4,039,295.789 JF Pacific Equity D (acc) - USD 1,092,016.716 1,346,827.043 1,343,957.097 1,094,886.662

JPMorgan Fleming Funds - Pacific Technology Fund JF Pacific Technology A (acc) - USD - 30,428.160 864.797 29,563.363 JF Pacific Technology A (dist) - GBP 8,590.725 4,281.808 2,365.321 10,507.212 JF Pacific Technology A (dist) - USD 4,064,826.406 2,231,824.734 3,241,319.079 3,055,332.061 JF Pacific Technology D (acc) - USD 201,680.188 336,412.215 123,792.766 414,299.637

JPMorgan Fleming Funds - Singapore Fund JF Singapore A (acc) - USD - 10,132.687 - 10,132.687 JF Singapore A (dist) - USD 892,622.077 1,775,660.392 1,259,994.869 1,408,287.600 JF Singapore C (acc) - USD - 24,603.414 - 24,603.414 JF Singapore D (acc) - USD 46,412.629 397,431.167 84,705.765 359,138.031

JPMorgan Fleming Funds - Sterling Bond Fund JPMF Sterling Bond A (acc) - GBP - 661,458.177 29,134.148 632,324.029 JPMF Sterling Bond A (dist) - GBP 80,630,082.557 72,556,924.478 14,897,296.205 138,289,710.830 JPMF Sterling Bond D (acc) - GBP 11,369.207 992,721.705 243,957.943 760,132.969 JPMF Sterling Bond X (acc) - GBP - 839,400.931 312,211.945 527,188.986

JPMorgan Fleming Funds - Taiwan Fund JF Taiwan A (acc) - USD - 66,980.748 - 66,980.748 JF Taiwan A (dist) - USD 6,558,260.552 9,558,710.246 6,633,936.092 9,483,034.706 JF Taiwan B (acc) - USD - 42,573.382 42,573.382 - JF Taiwan C (acc) - USD - 86,010.797 73,846.504 12,164.293 JF Taiwan D (acc) - USD 41,244.714 139,341.180 59,135.935 121,449.959

JPMorgan Fleming Funds - UK Equity Fund JPMF UK Equity A (acc) - GBP - 1,667,927.295 42,078.083 1,625,849.212 JPMF UK Equity A (dist) - GBP 39,468,003.893 16,860,015.864 24,546,328.384 31,781,691.373 JPMF UK Equity C (acc) - GBP - 213,456.878 56,400.001 157,056.877 JPMF UK Equity D (acc) - GBP 97,935.033 276,243.747 80,151.727 294,027.053

JPMorgan Fleming Funds - US Aggregate Bond Fund (7) JPMF US Aggregate Bond A (acc) - USD - 30,519.219 990.706 29,528.513 JPMF US Aggregate Bond A (dist) - USD 2,009,555.935 2,484,562.316 708,854.831 3,785,263.420 JPMF US Aggregate Bond D (acc) - USD 57,528.184 787,034.376 628,842.173 215,720.387 JPMF US Aggregate Bond X (acc) - USD - 15,075,100.768 300,466.516 14,774,634.252

JPMorgan Fleming Funds - US Dynamic Fund JPMF US Dynamic A (acc) - USD - 5,372,028.799 160,239.858 5,211,788.941 JPMF US Dynamic A (dist) - USD 34,870,201.886 54,701,810.653 29,219,922.692 60,352,089.847 JPMF US Dynamic B (acc) - USD - 1,898,957.909 215,553.398 1,683,404.511 JPMF US Dynamic C (acc) - USD - 8,055,223.066 976,986.233 7,078,236.833 JPMF US Dynamic D (acc) - USD 430,722.733 1,117,935.782 611,568.012 937,090.503 JPMF US Dynamic X (acc) - USD - 14,344,991.200 1,305,586.603 13,039,404.597

(7) Name changed from FF USD Bond Fund on 2 May 2005.

242 JPMorgan Funds Appendix - Unaudited Additional Disclosures (continued)

Shares Outstanding Shares Subscribed Shares Redeemed Shares Outstanding at the Beginning at the End of the Year of the Year

9. Historical Statement of Changes in the Number of Shares - for the year ended 30 June 2005 (continued) JPMorgan Fleming Funds - US Small Cap Growth Fund (8) JPMF US Small Cap Growth A (acc) - USD - 471,414.119 220,100.969 251,313.150 JPMF US Small Cap Growth A (dist) - USD 1,069,243.855 543,250.899 799,412.286 813,082.468 JPMF US Small Cap Growth A (dist) - GBP 7,834.151 942.652 3,121.191 5,655.612 JPMF US Small Cap Growth B (acc) - USD - 1,274,431.701 1,274,431.701 - JPMF US Small Cap Growth D (acc) - USD 160,536.886 116,908.397 96,887.942 180,557.341

JPMorgan Fleming Funds - US Strategic Growth Fund JPMF US Strategic Growth A (acc) - USD - 1,000.000 - 1,000.000 JPMF US Strategic Growth A (dist) - USD 816,119.545 2,758,121.357 690,427.081 2,883,813.821 JPMF US Strategic Growth A (dist) - GBP 7,453.603 1,029.032 4,363.821 4,118.814 JPMF US Strategic Growth D (acc) - USD 36,331.576 142,474.762 13,114.479 165,691.859

JPMorgan Fleming Funds - US Strategic Value Fund JPMF US Strategic Value A (acc) - USD - 9,416,447.773 667,698.931 8,748,748.842 JPMF US Strategic Value A (dist) - USD 35,029,456.715 87,610,584.273 43,772,162.073 78,867,878.915 JPMF US Strategic Value A (dist) - GBP 23,989.276 54,426.704 6,074.658 72,341.322 JF US Strategic Value A (dist) - USD 1,000.000 377,324.512 182,518.610 195,805.902 JPMF US Strategic Value B (acc) - USD - 743,981.213 312,966.112 431,015.101 JPMF US Strategic Value C (acc) - USD - 5,132,651.902 655,491.652 4,477,160.250 JPMF US Strategic Value D (acc) - USD 7,054,179.204 8,668,023.535 2,436,812.911 13,285,389.828 JPMF US Strategic Value X (acc) - USD - 6,822,900.556 1,214,549.169 5,608,351.387

JPMorgan Fleming Funds - US Technology Fund JPMF US Technology A (acc) - USD - 262,788.025 116,167.067 146,620.958 JPMF US Technology A (dist) - GBP 46,709.857 3,365.501 9,135.396 40,939.962 JPMF US Technology A (dist) - USD 21,786,408.921 15,295,984.342 19,142,773.757 17,939,619.505 JF US Technology A (dist) - USD 7,578,185.568 4,564,519.886 7,035,581.495 5,107,123.959 JPMF US Technology D (acc) - USD 732,136.987 2,492,196.555 1,658,454.634 1,565,878.908

(8) Name changed from America Small Cap Fund on 1 December 2004.

243 JPMorgan Funds Appendix - Unaudited Additional Disclosures (continued)

Shares Outstanding at the Shares Outstanding at the Beginning of the Year Shares Subscribed Shares Redeemed End of the Year

10. Historical Statement of Changes in the Number of Shares - for the year ended 30 June 2004 (continued) JPMorgan Funds- America Equity Fund JPM America Equity A - USD 22,774,945.341 20,927,675.484 20,176,171.115 23,526,449.710 JF America Equity A - USD 1,320,200.157 1,444,879.919 1,879,928.336 885,151.740 JPM America Equity D - USD 6,036,639.233 2,024,702.876 5,449,677.507 2,611,664.602

JPMorgan Funds- America Large Cap Fund JPM America Large Cap A - USD 36,663,757.897 14,578,288.917 33,740,067.960 17,501,978.854 JPM America Large Cap D - USD 4,878,175.875 89,853.678 4,849,687.932 118,341.621

JPMorgan Funds - America Micro Cap Fund JPM America Micro Cap A - USD 3,028,624.013 4,398,606.424 2,865,963.163 4,561,267.274 JF America Micro Cap - A USD 1,000.000 282,502.550 78,204.766 205,297.784 JPM America Micro Cap D - USD 22,631.667 764,506.611 87,055.699 700,082.579

JPMorgan Funds - America Small Cap Fund JPM America Small Cap A - USD 1,501,501.556 974,223.249 1,406,480.950 1,069,243.855 JPM America Small CapA-GBP 3,272.107 4,562.044 - 7,834.151 JPM America Small Cap D - USD 64,405.646 118,317.346 22,186.106 160,536.886

JPMorgan Funds - Asia Equity Fund JF Asia Equity A - USD 36,024,467.917 33,593,176.294 36,422,904.036 33,194,740.175 JF Asia EquityA-GBP 12,449.466 32,316.940 4,226.300 40,540.106 JF Asia Equity D - USD 746,643.878 4,444,273.353 4,185,699.424 1,005,217.807

JPMorgan Funds - Balanced Fund JPM Balanced A - EUR 2,822,390.598 1,086,954.302 526,708.322 3,382,636.578 JPM Balanced D - EUR 46,123.407 805,123.938 151,462.340 699,785.005

JPMorgan Funds - China Fund JF China A - USD 22,369,834.807 39,469,026.871 26,605,301.763 35,233,559.915 JF China D - USD 877,533.307 1,733,031.622 1,346,723.296 1,263,841.633

JPMorgan Funds - Eastern Europe Equity Fund JPM Eastern Europe Equity A - EUR 28,182,671.263 19,362,867.250 20,245,869.394 27,299,669.119 JF Eastern Europe Equity A - EUR 1,088,837.385 3,083,018.022 2,386,837.933 1,785,017.474 JPM Eastern Europe Equity D - EUR 90,496.796 719,575.853 219,387.900 590,684.749

JPMorgan Funds - Emerging Europe Equity Fund JPM Emerging Europe Equity A - USD 9,105,216.664 12,226,561.928 10,932,937.227 10,398,841.365 JPM Emerging Europe Equity D - USD 788,108.685 528,617.998 912,135.818 404,590.865

JPMorgan Funds - Emerging Markets Equity Fund JPM Emerging Markets Equity A - USD 39,565,436.288 34,058,606.036 31,139,619.152 42,484,423.172 JPM Emerging Markets EquityA-GBP 5,624.073 41,503.287 6,090.472 41,036.888 JPM Emerging Markets Equity D - USD 33,694.195 481,797.004 167,321.096 348,170.103

JPMorgan Funds - Euroland Equity Fund JPM Euroland Equity A - EUR 12,636,853.401 8,535,223.973 7,765,079.528 13,406,997.846 JF Euroland Equity A - USD 12,223,070.229 2,130,283.838 4,510,900.162 9,842,453.905 JPM Euroland Equity D - EUR 4,409,553.136 1,076,237.028 4,487,146.575 998,643.589

JPMorgan Funds - Europe Aggregate Bond Fund JPM Europe Aggregate Bond A - EUR 29,368,761.082 16,249,609.724 19,611,568.340 26,006,802.466 JPM Europe Aggregate Bond D - EUR 1,744,429.047 718,446.078 2,025,197.177 437,677.948

JPMorgan Funds - Europe Convergence Equity Fund JPM Europe Convergence Equity A - EUR 7,546,641.204 8,490,194.667 7,168,117.595 8,868,718.276 JPM Europe Convergence Equity D - EUR 118,210.256 673,694.542 184,136.600 607,768.198

JPMorgan Funds - Europe Dynamic Fund JPM Europe Dynamic A - EUR 42,375,115.202 85,094,834.073 46,924,244.105 80,545,705.170 JPM Europe DynamicA-GBP 51,681.163 140,527.511 81,297.664 110,911.010 JF Europe Dynamic A - EUR - 11,000.000 10,000.000 1,000.000 JPM Europe Dynamic D - EUR 2,144,776.195 3,930,045.104 2,487,275.321 3,587,545.978

JPMorgan Funds - Europe Equity Fund JPM Europe Equity A - EUR 31,380,449.352 46,254,160.375 24,181,464.893 53,453,144.834 JPM Europe Equity A - USD 8,894,399.254 2,239,604.893 4,164,437.756 6,969,566.391 JF Europe Equity A - USD 2,205,433.324 329,412.409 669,444.613 1,865,401.120 JPM Europe Equity D - EUR 2,325,029.103 5,559,455.625 1,810,105.986 6,074,378.742

JPMorgan Funds - Europe High Yield Bond Fund JPM Europe High Yield Bond A - EUR 27,417,873.851 20,515,284.764 32,531,091.164 15,402,067.449 JPM Europe High Yield Bond D - EUR 963,570.489 1,094,620.545 1,507,741.935 550,449.099

JPMorgan Funds - Europe Small Cap Fund JPM Europe Small Cap A - EUR 27,956,984.806 16,210,799.960 12,904,552.828 31,263,231.938 JPM Europe Small Cap A - GBP 9,171.844 717.057 84.000 9,804.901 JF Europe Small Cap A - EUR 10,562.197 447,278.970 174,627.406 283,213.761 JPM Europe Small Cap D - EUR 88,742.893 914,859.331 280,742.838 722,859.386

244 JPMorgan Funds Appendix - Unaudited Additional Disclosures (continued)

Shares Outstanding at the Shares Outstanding at the Beginning of the Year Shares Subscribed Shares Redeemed End of the Year

10. Historical Statement of Changes in the Number of Shares - for the year ended 30 June 2004 (continued) JPMorgan Funds - Europe Strategic Growth Fund JPM Europe Strategic Growth A - EUR 34,469,288.058 49,537,099.459 36,649,392.460 47,356,995.057 JPM Europe Strategic GrowthA-GBP 22,751.855 3,692.273 1,848.958 24,595.170 JPM Europe Strategic Growth D - EUR 375,805.319 797,960.245 442,359.431 731,406.133

JPMorgan Funds - Europe Strategic Value Fund JPM Europe Strategic Value A - EUR 65,219,964.113 143,109,145.390 44,847,278.345 163,481,831.158 JPM Europe Strategic ValueA-GBP 16,404.106 42,492.683 42,915.256 15,981.533 JPM Europe Strategic Value D - EUR 3,829,571.547 19,779,099.562 4,010,730.473 19,597,940.636

JPMorgan Funds - Europe Technology Fund JPM Europe Technology A - EUR 40,300,972.331 29,002,299.572 36,794,730.299 32,508,541.604 JPM Europe TechnologyA-GBP 35,358.235 5,115.006 3,403.890 37,069.351 JF Europe Technology A - EUR 3,402,421.121 6,954,174.951 5,649,705.997 4,706,890.075 JPM Europe Technology D - EUR 86,561.196 2,504,834.614 1,037,712.380 1,553,683.430

JPMorgan Funds - FF Emerging Markets Debt Fund JPM FF Emerging Markets Debt A - USD 3,767,106.461 5,530,467.470 5,942,087.719 3,355,486.212 JPM FF Emerging Markets Debt D - USD 162,292.763 259,366.637 119,768.265 301,891.135

JPMorgan Funds - FF USD Bond Fund JPM FF USD Bond A - USD 2,246,441.289 904,512.029 1,141,397.383 2,009,555.935 JPM FF USD Bond D - USD 3,045.096 150,780.907 96,297.819 57,528.184

JPMorgan Funds - Germany Equity Fund JPM Germany Equity A - EUR 1,814,310.223 9,419,648.443 8,099,097.709 3,134,860.957 JF Germany Equity A - EUR 2,779,372.117 232,393.226 749,928.633 2,261,836.710 JPM Germany Equity D - EUR 275,790.681 1,064,913.657 858,838.740 481,865.598

JPMorgan Funds - Global Aggregate Bond Fund JPM Global Aggregate Bond A - USD 18,375,125.227 22,998,454.746 11,695,764.459 29,677,815.514 JPM Global Aggregate Bond D - USD 107,682.847 43,372.189 50,604.975 100,450.061

JPMorgan Funds - Global Convertible Bond Fund JPM Global Convertible Bond A - EUR 15,586,511.929 34,560,229.200 17,240,199.708 32,906,541.421 JPM Global Convertible Bond D - EUR 284,195.847 1,205,114.090 358,133.202 1,131,176.735 JF Global Convertible Bond A - USD 859.110 410,716.930 16,898.483 394,677.557

JPMorgan Funds - Global Dynamic Fund JPM Global Dynamic A - USD 40,733,345.576 67,913,022.193 35,985,458.174 72,660,909.595 JPM Global Dynamic A - GBP 41,419.481 148,443.995 23,364.006 166,499.470 JF Global Dynamic A- USD - 11,000.001 10,000.001 1,000.000 JPM Global Dynamic D - USD 289,067.467 1,120,426.959 209,414.243 1,200,080.183

JPMorgan Funds - Global Equity Fund JPM Global Equity A - USD 2,238,199.900 1,601,945.791 1,291,644.954 2,548,500.737 JF Global Equity A - USD 1,857,767.484 284,861.402 462,211.137 1,680,417.749 JPM Global Equity D - USD 10,082.737 12,972.058 411.404 22,643.391

JPMorgan Funds - Global Life Sciences Fund JPM Global Life Sciences A - USD 11,233,310.113 10,579,527.366 13,133,757.109 8,679,080.370 JPM Global Life Sciences A - GBP 21,937.354 2,637.401 3,799.721 20,775.034 JF Global Life Sciences A - USD 684,873.911 640,503.387 593,224.147 732,153.151 JPM Global Life Sciences D - USD 185,039.411 338,375.009 224,498.498 298,915.921

JPMorgan Funds - Global Recovery Fund JPM Global Recovery A - EUR 505,712.340 3,528,829.541 1,274,310.590 2,760,231.286 JPM Global Recovery D - EUR 1,000.000 90,117.684 11,013.052 80,104.632

JPMorgan Funds - Global Socially Responsible Fund JPM Global Socially Responsible A - USD 1,169,588.349 3,015,853.485 1,517,561.037 2,667,880.797 JPM Global Socially Responsible D - USD 1,894.797 44,378.335 2,325.266 43,947.866

JPMorgan Funds - Greater China Fund JF Greater China A - USD 8,415,080.907 35,462,365.053 17,437,959.580 26,439,486.380 JF Greater China D - USD 156,752.340 1,954,927.577 884,043.352 1,227,636.565

JPMorgan Funds - Hong Kong Fund JF Hong Kong A - USD 1,535,951.055 2,992,632.907 2,167,950.816 2,360,633.146 JF Hong Kong D - USD 42,260.798 108,258.668 24,931.653 125,587.813

JPMorgan Funds - India Fund JF India A - USD 6,851,582.000 28,081,602.249 14,937,827.602 19,995,356.655 JF India D - USD 2,000.000 2,365,957.937 474,071.347 1,893,886.590

JPMorgan Funds - International Equity Fund JPM International Equity A - EUR 5,989,264.884 3,611,557.188 4,548,620.629 5,052,201.443 JPM International Equity D - EUR 67,485.713 311,984.750 39,673.369 339,797.094

245 JPMorgan Funds Appendix - Unaudited Additional Disclosures (continued)

Shares Outstanding at the Shares Outstanding at the Beginning of the Year Shares Subscribed Shares Redeemed End of the Year

10. Historical Statement of Changes in the Number of Shares - for the year ended 30 June 2004 (continued) JPMorgan Funds - Japan Equity Fund JF Japan Equity A - USD 43,040,618.761 99,015,151.118 47,566,281.410 94,489,488.474 JF Japan EquityA-GBP 15,439.301 160,165.392 11,675.893 163,928.800 JF Japan Equity D - USD 617,421.165 8,668,292.521 2,775,142.122 6,510,571.564 JF Japan Equity J - USD 707,289.345 7,354,960.754 3,016,632.178 5,045,617.921

JPMorgan Funds - Japan Small Cap Fund JF Japan Small Cap A - USD 11,163,726.009 33,555,054.930 25,122,671.521 19,596,109.418 JF Japan Small Cap D - USD 41,393.515 702,037.050 198,535.981 544,894.584

JPMorgan Funds - Middle East Equity Fund JPM Middle East Equity A - USD 922,375.503 1,321,159.620 1,271,673.055 971,862.068 JPM Middle East Equity D - USD 3,052.017 35,264.268 9,408.129 28,908.156

JPMorgan Funds - Pacific Balanced Fund JF Pacific Balanced A - USD 2,612,329.987 6,297,537.673 3,118,787.472 5,791,080.188 JF Pacific Balanced D - USD 1,742.405 97,635.597 1,535.537 97,842.465

JPMorgan Funds - Pacific Equity Fund JF Pacific Equity A - USD 25,495,520.089 17,748,645.791 12,491,394.324 30,752,771.556 JF Pacific EquityA-GBP 18,480.750 76,034.752 9,183.899 85,331.603 JF Pacific Equity D - USD 99,050.935 1,909,532.493 916,566.712 1,092,016.716

JPMorgan Funds - Pacific Technology Fund JF Pacific Technology A - USD 3,587,238.241 5,973,653.453 5,496,065.288 4,064,826.406 JF Pacific TechnologyA-GBP 8,040.992 1,220.634 670.901 8,590.725 JF Pacific Technology D - USD 35,386.595 186,796.685 20,503.092 201,680.188

JPMorgan Funds - Singapore Fund JF Singapore A - USD 758,880.749 1,340,740.378 1,206,999.050 892,622.077 JF Singapore D - USD 1,115.285 57,624.832 12,327.488 46,412.629

JPMorgan Funds - Sterling Bond Fund JPM Sterling Bond A - GBP 78,290,110.382 17,640,514.078 15,300,541.903 80,630,082.557 JPM Sterling Bond D - GBP 1,865.250 11,163.165 1,659.208 11,369.207

JPMorgan Funds - Taiwan Fund JF Taiwan A - USD 5,937,346.617 10,255,404.920 9,634,490.985 6,558,260.552 JF Taiwan D - USD 1,533.861 73,991.750 34,280.897 41,244.714

JPMorgan Funds - UK Equity Fund JPM UK EquityA-GBP 31,414,380.858 24,527,752.321 16,474,129.286 39,468,003.893 JPM UK Equity D - GBP 2,178,135.985 63,069.964 2,143,270.916 97,935.033

JPMorgan Funds - US Dynamic Fund JPM US Dynamic A - USD - 44,986,940.651 10,116,738.765 34,870,201.886 JPM US Dynamic D - USD - 448,890.567 18,167.834 430,722.733

JPMorgan Funds - US Strategic Growth Fund JPM US Strategic Growth A - USD 4,560,137.459 2,832,644.942 6,576,662.856 816,119.545 JPM US Strategic GrowthA-GBP 7,370.395 2,086.707 2,003.499 7,453.603 JPM US Strategic Growth D - USD 209,221.098 33,819.589 206,709.111 36,331.576

JPMorgan Funds - US Strategic Value Fund JPM US Strategic Value A - USD 35,444,903.547 30,460,681.602 30,876,128.434 35,029,456.715 JPM US Strategic ValueA-GBP 10,359.319 14,086.852 456.895 23,989.276 JF US Strategic Value A - USD - 11,000.002 10,000.002 1,000.000 JPM US Strategic Value D - USD 4,873,005.171 5,201,774.154 3,020,600.121 7,054,179.204

JPMorgan Funds - US Technology Fund JPM US Technology A - USD 29,511,804.905 47,210,879.249 54,936,274.584 21,786,408.921 JPM US TechnologyA-GBP 41,706.260 1,979,938.569 1,974,934.983 46,709.857 JF US Technology A - USD 4,593,729.116 14,725,219.555 11,740,763.103 7,578,185.568 JPM US Technology D - USD 169,559.032 1,108,965.482 546,387.527 732,136.987

246 JPMorgan Funds Appendix - Unaudited Additional Disclosures (continued)

Shares Outstanding at the Shares Outstanding at the Beginning of the Year Shares Subscribed Shares Redeemed End of the Year

11. Historical Statement of Changes in the Number of Shares - for the year ended 30 June 2003 (continued) JPMorgan Funds- America Equity Fund JPM America Equity A - USD 21,139,895.16 30,341,931.38 28,706,881.20 22,774,945.34 JF America Equity A - USD 1,089,169.10 5,838,874.66 5,607,843.60 1,320,200.16 JPM America Equity D - USD 3,981,796.05 4,878,547.89 2,823,704.71 6,036,639.23

JPMorgan Funds - America Large Cap Fund JPM America Large Cap A - USD 37,405,806 65,056,447.38 65,798,495.48 36,663,757.90 JPM America Large Cap D - USD 2,609,000 2,709,213.88 440,038.00 4,878,175.88

JPMorgan Funds - America Micro Cap Fund JPM America Micro Cap A - USD 4,819,856.72 1,865,607.60 3,656,840.31 3,028,624.01 JF America Micro CapA-USD - 1,000.00 - 1,000.00 JPM America Micro Cap D - USD 28,995.02 9,578.78 15,942.14 22,631.66

JPMorgan Funds - America Small Cap Fund JPM America Small Cap A - USD 2,471,977.26 1,280,617.84 2,251,093.55 1,501,501.56 JPM America Small CapA-GBP 2,862.70 409.41 - 3,272.11 JPM America Small Cap D - USD 4,000.00 93,486.21 33,080.56 64,405.65

JPMorgan Funds - Asia Equity Fund JF Asia Equity A - USD 51,011,491.83 24,549,932.63 39,536,956.55 36,024,467.91 JF Asia Equity A - GBP 6,433.24 7,262.48 1,246.26 12,449.46 JF Asia Equity D - USD 632,134.71 689,090.86 574,581.70 746,643.87

JPMorgan Funds - Balanced Fund JPM Balanced A - EUR 3,190,951.22 320,045.19 688,605.81 2,822,390.60 JPM Balanced D - EUR 10,498.82 43,380.12 7,755.53 46,123.41

JPMorgan Funds - China Fund JF China A - USD 21,524,329.54 7,868,038.57 7,022,533.31 22,369,834.80 JF China D - USD 107,999.67 910,953.64 141,420.01 877,533.30

JPMorgan Funds - Eastern Europe Equity Fund JPM Eastern Europe Equity A - EUR 29,356,989.31 7,284,286.52 8,458,604.57 28,182,671.26 JF Eastern Europe Equity A - EUR 878,519.38 1,777,642.34 1,567,324.34 1,088,837.38 JPM Eastern Europe Equity D - EUR 52,197.82 260,186.92 221,887.94 90,496.80

JPMorgan Funds - Emerging Europe Equity Fund JPM Emerging Europe Equity A - USD 7,814,321.99 8,658,220.04 7,367,325.37 9,105,216.66 JPM Emerging Europe Equity D - USD 70,202.18 739,103.06 21,196.56 788,108.68

JPMorgan Funds - Emerging Markets Equity Fund JPM Emerging Markets Equity A - USD 40,991,443.79 23,262,770.69 24,688,778.20 39,565,436.28 JPM Emerging Markets Equity A - GBP 4,686.99 980.72 43.64 5,624.07 JPM Emerging Markets Equity D - USD 29,018.65 17,179.50 12,503.96 33,694.19

JPMorgan Funds - Euroland Equity Fund JPM Euroland Equity A - EUR 13,732,733.71 10,803,250.21 11,899,130.52 12,636,853.40 JF Euroland Equity A - USD 13,156,330.43 5,286,092.46 6,219,352.67 12,223,070.22 JPM Euroland Equity D - EUR 3,236,767.22 2,929,427.93 1,756,642.02 4,409,553.13

JPMorgan Funds - Europe Aggregate Bond Fund JPM Europe Aggregate Bond A - EUR 39,483,179.01 29,475,403.83 39,589,821.77 29,368,761.07 JPM Europe Aggregate Bond D - EUR 2,722,301.81 349,305.34 1,327,178.10 1,744,429.05

JPMorgan Funds - Europe Convergence Equity Fund JPM Europe Convergence Equity A - EUR 3,738,319.19 7,084,154.90 3,275,832.89 7,546,641.20 JPM Europe Convergence Equity D - EUR 123,207.12 93,534.57 98,531.44 118,210.25

JPMorgan Funds - Europe Dynamic Fund JPM Europe Dynamic A - EUR 32,427,276.14 75,182,846.69 65,235,007.64 42,375,115.19 JPM Europe DynamicA-GBP 22,069.92 31,368.90 1,757.66 51,681.16 JPM Europe Dynamic D - EUR 935,730.88 3,300,625.60 2,091,580.28 2,144,776.20

JPMorgan Funds - Europe Equity Fund JPM Europe Equity A - EUR 15,789,852.96 31,963,899.32 16,373,302.93 31,380,449.35 JPM Europe Equity A - USD 9,943,525.38 3,078,850.88 4,127,977.01 8,894,399.25 JF Europe Equity A - USD 2,415,895.98 1,500,098.55 1,710,561.21 2,205,433.32 JPM Europe Equity D - EUR 202,336.66 2,195,151.45 72,459.01 2,325,029.10

JPMorgan Funds - Europe High Yield Bond Fund JPM Europe High Yield Bond A - EUR 33,374,644.51 25,483,271.58 31,440,042.24 27,417,873.85 JPM Europe High Yield Bond D - EUR 2,090,631.05 469,325.88 1,596,386.45 963,570.48

JPMorgan Funds - Europe Small Cap Fund JPM Europe Small Cap A - EUR 23,069,064.09 16,489,345.81 11,601,425.10 27,956,984.80 JPM Europe Small CapA-GBP 7,996.81 2,290.79 1,115.76 9,171.84 JF Europe Small Cap A - EUR 10,562.19 - - 10,562.19 JPM Europe Small Cap D - EUR 109,120.30 94,014.91 114,392.32 88,742.89 JPMorgan Funds - Europe Strategic Growth Fund JPM Europe Strategic Growth A - EUR 24,382,188.03 57,420,685.66 47,333,585.64 34,469,288.05 JPM Europe Strategic GrowthA-GBP 20,429.82 2,900.01 577.98 22,751.85 JPM Europe Strategic Growth D - EUR 452,878.14 364,052.95 441,125.77 375,805.32

JPMorgan Funds - Europe Strategic Value Fund JPM Europe Strategic Value A - EUR 119,845,884.58 125,476,034.66 180,101,955.12 65,219,964.12 JPM Europe Strategic ValueA-GBP 15,343.28 1,675.22 614.39 16,404.11 JPM Europe Strategic Value D - EUR 2,831,782.31 4,627,276.55 3,629,487.31 3,829,571.55

247 JPMorgan Funds Appendix - Unaudited Additional Disclosures (continued)

Shares Outstanding at the Shares Outstanding at the Beginning of the Year Shares Subscribed Shares Redeemed End of the Year

11. Historical Statement of Changes in the Number of Shares - for the year ended 30 June 2003 (continued) JPMorgan Funds - Europe Technology Fund JPM Europe Technology A - EUR 45,535,617.31 13,997,015.48 19,231,660.46 40,300,972.33 JPM Europe TechnologyA-GBP 32,870.12 4,811.47 2,323.36 35,358.23 JF Europe Technology A - EUR 3,623,074.89 6,482,228.79 6,702,882.57 3,402,421.11 JPM Europe Technology D - EUR 3,179,765.29 432,176.02 3,525,380.12 86,561.19

JPMorgan Funds - FF Emerging Markets Debt Fund JPM FF Emerging Markets Debt A - USD 4,688,276.61 2,930,311.64 3,851,481.80 3,767,106.45 JPM FF Emerging Markets Debt D - USD 141,132.12 75,261.95 54,101.15 162,292.92

JPMorgan Funds - FF USD Bond Fund JPM FF USD Bond A - USD 3,244,003.38 2,009,167.05 3,006,729.14 2,246,441.29 JPM FF USD Bond D - USD 1,932.11 1,116.90 3.92 3,045.09

JPMorgan Funds - Germany Equity Fund JPM Germany Equity A - EUR 2,188,030.57 1,083,313.43 1,457,033.78 1,814,310.22 JF Germany Equity A - EUR 3,858,636.61 317,127.92 1,396,392.42 2,779,372.11 JPM Germany Equity D - EUR 27,060.30 297,097.52 48,367.14 275,790.68

JPMorgan Funds - Global Aggregate Bond Fund JPM Global Aggregate Bond A - USD 6,152,541.45 15,200,667.43 2,978,083.66 18,375,125.22 JPM Global Aggregate Bond D - USD 131,882.42 39,755.09 63,954.67 107,682.84

JPMorgan Funds - Global Convertible Bond Fund JPM Global Convertible Bond A - EUR 10,498,445.20 12,561,224.78 7,473,158.06 15,586,511.92 JPM Global Convertible Bond D - EUR 159,116.35 381,815.69 256,736.20 284,195.84 JF Global Convertible BondA-USD - 859.11 - 859.11

JPMorgan Funds - Global Dynamic Fund JPM Global Dynamic A - USD 14,197,612.38 46,372,017.73 19,836,284.53 40,733,345.58 JPM Global DynamicA-GBP 20,659.68 43,866.77 23,106.97 41,419.48 JPM Global Dynamic D - USD 5,712.12 540,747.93 257,392.59 289,067.46

JPMorgan Funds - Global Equity Fund JPM Global Equity A - USD 2,317,320.97 1,995,313.09 2,074,434.16 2,238,199.90 JF Global Equity A - USD 1,799,842.24 998,085.17 940,159.93 1,857,767.48 JPM Global Equity D - USD 2,530.25 7,552.49 - 10,082.74

JPMorgan Funds - Global Life Sciences Fund JPM Global Life Sciences A - USD 10,446,664.19 10,661,790.34 9,875,144.42 11,233,310.11 JPM Global Life SciencesA-GBP 23,070.83 2,597.18 3,730.66 21,937.35 JF Global Life Sciences A - USD 580,570.23 1,411,163.47 1,306,859.79 684,873.91 JPM Global Life Sciences D - USD 107,621.35 1,906,098.18 1,828,680.13 185,039.40

JPMorgan Funds - Global Recovery Fund JPM Global RecoveryA-EUR - 505,712.34 - 505,712.34 JPM Global RecoveryD-EUR - 1,000.00 - 1,000.00

JPMorgan Funds - Global Socially Responsible Fund JPM Global Socially Responsible A - USD 1,413,727.15 241,403.25 485,542.05 1,169,588.35 JPM Global Socially Responsible D - USD 69,616.00 894.80 68,616.00 1,894.80

JPMorgan Funds - Greater China Fund JF Greater China A - USD 4,776,785.15 6,224,470.93 2,586,175.18 8,415,080.90 JF Greater China D - USD 23,958.92 177,762.53 44,969.11 156,752.34

JPMorgan Funds - Hong Kong Fund JF Hong Kong A - USD 1,553,964.95 942,016.84 960,030.74 1,535,951.05 JF Hong Kong D - USD 46,971.34 16,262.31 20,972.85 42,260.80

JPMorgan Funds - India Fund JF India A - USD 7,114,196.41 2,614,518.55 2,877,132.96 6,851,582.00 JF India D - USD 2,314.34 828.79 1,143.14 1,999.99

JPMorgan Funds - International Equity Fund JPM International Equity A - EUR 6,922,101.50 2,888,440.03 3,821,276.65 5,989,264.88 JPM International Equity D - EUR 16,119.76 62,457.55 11,091.60 67,485.71

JPMorgan Funds - Japan Equity Fund JF Japan Equity A - USD 51,631,831.61 22,018,431.93 30,609,644.78 43,040,618.76 JF Japan Equity A - GBP 15,822.51 1,041.47 1,424.68 15,439.30 JF Japan Equity D - USD 759,588.70 2,480,100.83 2,622,268.37 617,421.16 JF Japan Equity J - USD 22,131.12 882,769.03 197,610.81 707,289.34

JPMorgan Funds - Japan Small Cap Fund JF Japan Small Cap A - USD 13,807,840.24 2,910,351.86 5,554,466.09 11,163,726.01 JF Japan Small Cap D - USD 217,683.47 203,762.62 380,052.58 41,393.51

JPMorgan Funds - Latin America Equity Fund JPM Latin America Equity A - USD 8,339,309.82 3,815,090.10 5,211,725.65 6,942,674.27 JF Latin America Equity A - USD 2,015.49 1,167.27 - 3,182.76 JPM Latin America Equity D - USD 6,376.89 37,617.38 38,488.51 5,505.76

JPMorgan Funds - Middle East Equity Fund JPM Middle East Equity A - USD 845,179.33 1,709,395.49 1,632,199.32 922,375.50 JPM Middle East Equity D - USD 1,000.65 2,051.37 - 3,052.02

JPMorgan Funds - Pacific Balanced Fund JF Pacific Balanced A - USD 2,321,819.96 622,320.04 331,810.02 2,612,329.98 JF Pacific Balanced D - USD 1,000.00 742.41 - 1,742.41

248 JPMorgan Funds Appendix - Unaudited Additional Disclosures (continued)

Shares Outstanding at the Shares Outstanding at the Beginning of the Year Shares Subscribed Shares Redeemed End of the Year

11. Historical Statement of Changes in the Number of Shares - for the year ended 30 June 2003 (continued) JPMorgan Funds - Pacific Equity Fund JF Pacific Equity A - USD 28,538,865.74 8,682,008.70 11,725,354.36 25,495,520.08 JF Pacific EquityA-GBP 16,788.93 1,950.28 258.46 18,480.75 JF Pacific Equity D - USD 2,859,071.75 170,958.25 2,930,979.07 99,050.93

JPMorgan Funds - Pacific Technology Fund JF Pacific Technology A - USD 5,319,991.23 6,709,490.75 8,442,243.74 3,587,238.24 JF Pacific TechnologyA-GBP 8,333.46 872.06 1,164.54 8,040.98 JF Pacific Technology D - USD 353,055.14 23,541.66 341,210.21 35,386.59

JPMorgan Funds - Singapore Fund JF Singapore A - USD 722,650.86 341,076.84 304,846.95 758,880.75 JF Singapore D - USD 1,000.00 115.29 - 1,115.29

JPMorgan Funds - Sterling Bond Fund JPM Sterling Bond A - GBP 78,145,222.48 12,407,079.34 12,262,191.44 78,290,110.38 JPM Sterling Bond D - GBP 1,234.49 1,039.56 408.80 1,865.25

JPMorgan Funds - Taiwan Fund JF Taiwan A - USD 5,006,485.97 4,110,467.55 3,179,606.91 5,937,346.61 JF Taiwan D - USD 1,166.66 3,323.06 2,955.86 1,533.86

JPMorgan Funds - UK Equity Fund JPM UK EquityA-GBP 26,487,653.65 21,773,318.17 16,846,590.96 31,414,380.86 JPM UK Equity D - GBP 191,005.35 2,006,035.35 18,904.72 2,178,135.98

JPMorgan Funds - US Strategic Growth Fund JPM US Strategic Growth A - USD 2,976,839.44 28,625,583.64 27,042,285.62 4,560,137.46 JPM US Strategic GrowthA-GBP 6,707.88 662.51 - 7,370.39 JPM US Strategic Growth D - USD 5,000.00 257,905.65 53,684.55 209,221.10

JPMorgan Funds - US Strategic Value Fund JPM US Strategic Value A - USD 27,789,482.24 48,034,627.71 40,379,206.41 35,444,903.54 JPM US Strategic ValueA-GBP 5,322.72 5,168.89 132.30 10,359.31 JPM US Strategic Value D - USD 195,799.01 5,348,175.62 670,969.46 4,873,005.17

JPMorgan Funds - US Technology Fund JPM US Technology A - USD 23,264,735.83 160,685,539.86 154,438,470.79 29,511,804.90 JPM US TechnologyA-GBP 27,253.53 17,802.19 3,349.46 41,706.26 JF US Technology A - USD 325,344.33 70,130,481.55 65,862,096.77 4,593,729.11 JPM US Technology D - USD 525,075.71 784,437.90 1,139,954.58 169,559.03

249