JPMorgan <strong>Funds</strong> - Global Convertibles Fund (EUR) Schedule of Investments - Outstanding Financial Futures Contracts (Expressed in EUR) As at 31 December 2007 Expiration Date Schedule of Investments - Outstanding Forward Foreign Exchange Contracts (Expressed in EUR) Settlement Date Currency Amount Purchased Currency 124 Amount Sold Unrealised Gain/ (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 Number of Contracts Security Description Currency Notional Value Unrealised Gain/ (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 Schedule of Investments - Outstanding Future Option Contracts (Expressed in USD) Expiration Date Number of Contracts Security Description Currency Market Value 1,104,427 5,367,155 Unrealised Gain/ (Loss) 22-Mar-08 12,000 DOW JONES Industrial Call Option USD 939,383 (4,022,035) Total 939,383 (4,022,035)
JPMorgan <strong>Funds</strong> - Global Dynamic Fund Schedule of Investments (Market Value Expressed in USD) As at 31 December 2007 Quantity/ Nominal Value Name of Securities Market Value % of Net Assets Transferable Securities Admitted to an Official Exchange Listing 97,400 Noble Energy 7,899,140 0.30 Shares 288,426 Northeast Utilities 281,948 Nvidia 9,016,197 9,851,263 0.34 0.37 UNITED STATES OF AMERICA 138,017 Occidental Petroleum 10,867,459 0.41 107,520 Abercrombie & Fitch - A Shares 165,154 Aetna 287,867 Altria Group 103,398 Amazon.<strong>com</strong> 179,927 American Electric Power 160,268 Anadarko Petroleum 94,407 Apache 98,667 Apple 648,037 AT&T 435,196 Bank of America 152,500 Bank of New York Mellon 118,570 Baxter International 172,831 BE Aerospace 348,379 Bristol-Myers Squibb 83,496 Bunge 96,296 Cameron International 265,864 Chesapeake Energy 111,909 Chevron 188,027 Chubb 190,438 Cigna 174,035 Cimarex Energy 563,101 Cisco Systems 467,370 Citigroup 249,561 Coca-Cola 121,986 ConocoPhillips 326,455 Corning 225,132 Covidien 157,014 CROCS 8,606,976 9,630,130 22,013,189 9,909,664 8,465,565 10,826,103 10,284,699 19,812,334 27,489,730 18,038,874 7,455,725 6,963,616 9,196,337 9,573,455 9,898,451 9,464,934 10,480,359 10,580,996 10,275,676 10,426,480 7,286,845 15,648,577 13,866,868 15,654,962 10,961,662 7,913,269 10,103,924 6,013,636 0.33 0.36 0.83 0.37 0.32 0.41 0.39 0.75 1.04 0.68 0.28 0.26 0.35 0.36 0.37 0.36 0.40 0.40 0.39 0.39 0.28 0.59 0.52 0.59 0.41 0.30 0.38 0.23 467,977 Oracle 118,003 Parker Hannifin 242,437 Pepsi Bottling Group 203,258 PepsiCo 87,840 Praxair 69,549 Precision Castparts 81,009 Priceline.<strong>com</strong> 361,163 Procter & Gamble 86,844 Prudential Financial 133,610 Raytheon 143,829 Reynolds American 306,407 Safeway 376,237 Schering-Plough 456,999 Sierra Pacific Resources 243,402 Southern 69,350 Southern Copper 129,276 State Street 163,807 Thermo Fisher Scientific 192,804 Travelers 277,302 Tupperware Brands 75,437 Union Pacific 248,358 US Bancorp 235,964 Verizon Communications 288,400 Walt Disney 145,618 Woodward Governor 401,562 Xcel Energy 517,434 Xerox 229,849 Zoran 10,857,066 8,996,549 9,760,514 15,701,680 8,032,968 9,777,894 9,611,718 26,838,023 8,124,256 8,234,384 9,580,450 10,816,167 10,158,399 7,869,523 9,507,282 7,378,146 10,495,918 9,530,291 10,538,667 9,248,022 9,650,655 7,855,564 10,564,108 9,410,492 10,132,100 9,139,551 8,408,302 5,252,050 0.41 0.34 0.37 0.59 0.30 0.37 0.36 1.01 0.31 0.31 0.36 0.41 0.38 0.30 0.36 0.28 0.40 0.36 0.40 0.35 0.36 0.30 0.40 0.36 0.38 0.35 0.32 0.20 69,409 Cummins 204,344 CVS Caremark 8,974,584 8,167,630 0.34 0.31 1,253,903,340 47.37 50,017 Deckers Outdoor 118,794 Deere & Co. 76,903 Devon Energy 515,783 Duke Energy 527,681 EMC/Massachusetts 32,000 Esc Telecorp 75,940 Express Scripts 534,206 Exxon Mobil 184,710 Fossil 100,331 Freeport-McMoRan Copper & Gold 126,880 GameStop - A Shares 471,303 Gap 94,156 General Dynamics 702,609 General Electric 40,657 Goldman Sachs Group 139,137 Goodrich 27,096 Google - A Shares 198,663 Guess ? 108,531 Hartford Financial Services Group 116,501 Hess 374,219 Hewlett-Packard 92,350 Humana 609,030 Intel 8,201,287 10,918,357 6,992,021 10,527,131 9,704,054 0 5,602,853 50,685,465 7,885,270 10,513,685 7,973,139 10,062,319 8,474,040 26,277,577 8,686,775 10,072,127 19,075,584 8,065,718 9,594,140 12,048,533 19,339,638 7,032,452 16,522,984 0.31 0.41 0.26 0.40 0.37 0.00 0.21 1.91 0.30 0.40 0.30 0.38 0.32 0.99 0.33 0.38 0.72 0.30 0.36 0.46 0.73 0.27 0.62 UNITED KINGDOM 416,289 3i Group 135,764 Anglo American 816,437 BAE Systems 1,000,588 Barclays 466,685 BG Group 1,198,425 Centrica 525,813 GlaxoSmithKline 1,117,617 HSBC Holdings 502,400 ICAP 1,057,082 International Power 944,002 Man Group 674,205 Prudential 123,562 Rio Tinto 1,291,897 RBS 345,406 Schroders 366,472 Standard Chartered 1,301,810 Taylor Wimpey 1,092,926 Tesco 171,256 Vedanta Resources 7,176,501 Vodafone Group 1,170,147 WM Morrison Supermarkets 8,358,397 8,410,321 8,123,173 10,074,975 10,606,620 8,647,425 13,364,402 18,744,447 7,285,319 9,622,600 10,652,227 9,494,649 13,221,736 11,477,050 9,047,387 13,511,848 5,374,149 10,367,959 6,999,881 26,817,181 7,441,130 0.32 0.32 0.31 0.38 0.40 0.33 0.51 0.71 0.28 0.36 0.40 0.36 0.50 0.43 0.34 0.51 0.20 0.39 0.26 1.01 0.28 180,996 International Business Machines 211,394 Janus Capital Group 389,150 Johnson & Johnson 274,598 Kraft Foods - A Shares 82,941 L-3 Communications Holdings 150,013 Lehman Brothers Holdings 73,603 Lockheed Martin 150,917 Loews 107,845 Loews - Carolina Group 214,605 Manitowoc 172,854 Marathon Oil 172,933 McDermott International 160,313 McDonald’s 95,095 Medco Health Solutions 71,501 MEMC Electronic Materials 339,081 Merck & Co. 122,680 Merrill Lynch & Co. 146,074 Metlife 78,289 Mettler Toledo International 816,820 Microsoft 181,387 Molson Coors Brewing - B Shares 182,817 Morgan Stanley 123,074 Mosaic 116,036 Murphy Oil 133,289 National Oilwell Varco 448,026 News - B Shares 19,965,669 7,018,281 26,368,804 9,094,686 8,874,687 9,690,840 7,956,484 7,446,245 9,272,513 10,597,195 10,794,732 10,289,513 9,527,402 9,625,516 6,470,840 19,931,181 6,521,669 9,030,295 9,008,715 29,430,025 9,519,190 9,665,535 11,887,718 9,865,381 9,951,357 9,681,842 0.75 0.27 1.00 0.34 0.34 0.37 0.30 0.28 0.35 0.40 0.41 0.39 0.36 0.36 0.24 0.75 0.25 0.34 0.34 1.11 0.36 0.37 0.45 0.37 0.38 0.37 JAPAN 220,300 Aisin Seiki 189,000 Astellas Pharma 810,000 Chuo Mitsui Trust Holdings 732,000 Itochu 1,743 Japan Tobacco 131,100 JFE Holdings 727,000 Kawasaki Kisen Kaisha 304,700 Komatsu 430,000 Konica Minolta Holdings 214,000 Makita 493,300 Mitsubishi 651,000 Mitsui OSK Lines 1,696 Mizuho Financial Group 284,000 Nikon 17,800 Nintendo 1,146,000 Nippon Steel 951,900 Nissan Motor 260,000 Olympus 139,300 Shin-Etsu Chemical 638,300 Sumitomo 1,590 Sumitomo Mitsui Financial Group 332,700 Suzuki Motor 239,800 Toyota Motor 227,642,876 9,064,483 8,127,058 6,129,266 7,057,914 10,280,553 6,551,817 7,048,219 8,178,782 7,513,752 8,956,426 13,328,312 8,196,777 7,996,680 9,704,472 10,514,503 7,002,181 10,338,060 10,606,154 8,634,374 8,944,259 11,750,739 9,899,775 12,788,769 8.60 0.34 0.31 0.23 0.27 0.39 0.25 0.27 0.31 0.28 0.34 0.50 0.31 0.30 0.37 0.40 0.26 0.39 0.40 0.33 0.34 0.44 0.37 0.48 138,607 Nike - B Shares 9,071,828 0.34 208,613,325 7.88 125 Quantity/ Nominal Value Name of Securities Market Value % of Net Assets
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