JPMorgan <strong>Funds</strong> - US Small Cap Growth Fund Schedule of Investments (Market Value Expressed in USD) As at 30 June 2008 Quantity/ Nominal Value Name of Securities Market Value % of Net 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 UNITED STATES OFAMERICA 24,400 Acme Packet 4,050 Affiliated Managers Group 3,550 Alexion Pharmaceuticals 2,550 Allegheny Technologies 19,600 Allscripts Healthcare Solutions 47,950 American Apparel 6,950 American Public Education 34,950 Anadigics 22,400 Ansys 84,427 Art Technology Group 10,600 Bally Technologies 17,100 Bancorp 6,500 Bankrate 30,400 Bare Escentuals 193,492 359,923 258,724 153,918 245,000 298,728 275,567 322,588 1,062,208 266,789 360,400 139,878 254,995 573,040 0.41 0.76 0.55 0.33 0.52 0.63 0.58 0.68 2.25 0.56 0.76 0.30 0.54 1.21 27,400 Tessera Technologies 13,250 Theravance 53,216 thinkorswim Group 30,250 Thoratec 93,850 TurboChef Technologies 60,350 Ulta Salon Cosmetics & Fragrance 6,025 Varian Semiconductor Equipment Associates 23,650 VeriFone Holdings 27,950 Viasat 26,750 Viropharma 25,800 Vol<strong>com</strong> 10,000 Waste Connections 8,850 W-H Energy Services 14,350 World Fuel Services 6,625 WSFS Financial 442,510 157,211 398,588 530,283 462,681 660,833 210,574 274,577 569,062 295,454 623,328 322,900 844,202 314,696 300,775 0.94 0.33 0.84 1.12 0.98 1.40 0.44 0.58 1.20 0.62 1.32 0.68 1.78 0.67 0.63 19,450 BioMarin Pharmaceuticals 19,400 Blackboard 579,999 749,810 1.23 1.59 44,330,689 93.76 9,400 Bucyrus International 11,450 Cabot Oil & Gas 30,000 Calamos Asset Management - A Shares 696,822 780,775 515,700 1.47 1.65 1.09 IRELAND 8,600 Icon ADR 662,372 1.40 31,550 California Pizza Kitchen 21,800 Cbeyond 9,997 Century Aluminum 12,700 Cogent Communications Group 365,664 367,548 670,799 171,577 0.77 0.78 1.42 0.36 BERMUDA 47,650 Castlepoint Holdings 662,372 449,816 1.40 0.95 9,000 Comstock Resources 15,600 DealerTrack Holdings 716,130 241,800 1.51 0.51 449,816 0.95 3,300 Deckers Outdoor 9,900 Digital River 10,600 Diodes 458,238 388,674 299,026 0.97 0.82 0.63 BRITISH VIRGIN ISLANDS 15,200 UTi Worldwide 300,656 0.64 13,750 Eagle Materials 13,700 EnerSys 349,662 471,006 0.74 1.00 300,656 0.64 71,400 Enzo Biochem 27,950 Exelixis 7,950 Exterran Holdings 27,200 Finish Line - AShares 851,802 142,545 580,350 235,552 1.80 0.30 1.23 0.50 Total Shares Total Transferable Securities Admitted to an Official Exchange Listing 45,743,533 45,743,533 96.75 96.75 16,900 Flir Systems 10,400 FTI Consulting 693,745 730,496 1.47 1.55 Total Investments 45,743,533 96.75 7,600 General Cable 34,959 Gentiva Health Services 445,436 675,062 0.94 1.43 Cash 1,408,145 2.98 19,900 Geo Group 11,550 Healthways 439,790 353,545 0.93 0.75 Other Assets/(Liabilities) 130,630 0.27 9,800 Heico 10,850 Hittite Microwave 324,282 395,916 0.69 0.84 Total Net Assets 47,282,308 100.00 24,000 Hologic 524,162 1.11 7,623 Hornbeck Offshore Services 449,223 0.95 50,750 Iconix Brand Group 6,150 Illumina 17,300 Innospec 23,200 Insulet 11,250 Investment Technology Group 14,450 IPG Photonics 12,100 J Crew Group 11,720 Kaydon 28,800 LKQ 20,500 LoopNet 50,700 Magma Design Automation 13,250 Masimo 44,150 MedAssets 609,000 546,858 346,000 370,968 377,100 274,694 383,812 593,501 514,656 229,395 314,847 457,390 746,135 1.29 1.16 0.73 0.78 0.80 0.58 0.81 1.26 1.09 0.48 0.67 0.97 1.58 Allocation of Portfolio as at 30 June 2008 Shares Information Technology Health Care Industrials Consumer Discretionary Energy Financials Materials Tele<strong>com</strong>munication Services Consumer Staples % of Net Assets 28.29 17.71 14.31 12.42 11.09 6.57 3.22 1.93 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 5,400 Morningstar 600,761 393,174 1.27 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 Quantity/ Nominal Value Name of Securities Market Value % of Net Assets
JPMorgan <strong>Funds</strong> - US Small Cap Growth Fund Schedule of Investments (Market Value Expressed in USD) (continued) As at 30 June 2008 Quantity/ Nominal Value Name of Securities Market Value % of Net Assets Allocation of Portfolio as at 31 December 2007 (Unaudited) Shares % of Net Assets Information Technology 27.19 Health Care 18.40 Consumer Discretionary 16.17 Industrials 15.29 Financials 7.07 Energy 6.88 Materials 3.01 Tele<strong>com</strong>munication Services 2.10 Consumer Staples 1.85 Total Shares 97.96 Cash and Other Assets/(Liabilities) 2.04 Total 100.00 120 Quantity/ Nominal Value Name of Securities Market Value % of Net Assets
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