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JPMorgan Funds - Global Natural Resources Fund
Schedule of Investments (Market Value Expressed in EUR) (continued)
As at 31 December 2007
Quantity/
Nominal
Value
Name of Securities Maturity/
Coupon
Market
Value
% of
Net
Assets
1,325,000 Moto Goldmines 2,510,655 0.12
5,760,000 Murchison Metals 11,907,836 0.56
3,475,500 New Hope 4,776,166 0.22
3,424,198 NGM Resources 347,810 0.02
23,306,200 Norseman Gold 2,960,393 0.14
4,820,000 Oilex 4,377,487 0.21
690,000 Ophir Energy 1,871,156 0.09
16,792,233 Pan Australian Resources 9,932,942 0.47
2,875,600 Pluton Resources 3,762,763 0.18
5,592,205 Riversdale Mining 34,682,843 1.63
2,840,608 Roc Oil 5,142,665 0.24
26,978,400 St Barbara 11,686,607 0.55
4,428,236 Straits Resources 17,356,768 0.81
7,600,000 Sylvania Resources 12,675,049 0.60
43,800,486 Tanami Gold 3,402,174 0.16
4,000,000 Terramin Australia 8,484,429 0.40
5,000,000 West Wits Mining 1,194,990 0.06
4,131,300 Windimurra Vanadium 4,813,440 0.23
139
Quantity/
Nominal
Value
Name of Securities Maturity/
Coupon
5,197,300 ROXI Petroleum 2,713,123 0.13
5,167,500 Serabi Mining 1,961,867 0.09
1,890,000 Sibir Energy 14,056,247 0.66
1,466,071 Sierra Leone Diamond 2,842,641 0.13
5,619,200 Target Resources 1,447,635 0.07
779,200 Target Resources - Warrants 12.07.08 31,696 0.00
1,429,100 Tullow Oil 12,721,207 0.60
726,764 Valiant Petroleum 6,158,917 0.29
300,000 Vedanta Resources 8,346,984 0.38
491,409 Volga Gas 2,232,127 0.10
1,740,113 Xceldiam 106,175 0.00
1,358,600 ZincOx Resources 4,844,827 0.23
335,530,967 15.75
UNITED STATES OF AMERICA
210,000 Alcoa 5,322,011 0.25
980,000 Big Sky Energy 37,357 0.00
3,589,500 Brazauro Resources 1,175,260 0.06
413,619,628 19.42
319,745 Century Aluminum
212,600 ConocoPhillips
11,933,983
13,004,483
0.56
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
6,850,000 Cadogan Petroleum
447,151 Cairn Energy
5,024,700 Caledon Resources
1,573,250 Cape Diamonds
4,652,500 Central China Goldfields
2,473,333 China Goldmines
3,308,503 Cluff Gold
139,532
3,808,074
18,595,118
2,486,761
533,297
442,217
3,462,610
3,967,896
0.01
0.18
0.87
0.12
0.03
0.02
0.16
0.19
SOUTH AFRICA
478,200 AngloGold Ashanti
1,431,474 First Uranium
1,720,724 Gold Fields
184,500 Impala Platinum Holdings
6,541,600 Metorex
1,975,409 Platmin
14,010,684
9,473,474
17,016,056
4,556,963
14,188,147
12,839,285
0.66
0.44
0.80
0.21
0.67
0.60
812,900 Coal International
2,178,500 Copper Resources
231,466
4,918,161
0.01
0.23
72,084,609 3.38
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
513,339 Eurasian Natural Resources
2,600,000 European Diamonds -
Warrants
6,309,900 European Minerals
17.07.09
208,485
4,454,666
0
5,934,149
0.01
0.21
0.00
0.28
JERSEY
1,190,000 KazakhGold Group Registered Shares GDR
2,675,300 Minera IRL
1,109,220 Randgold Resources ADR
20,291,685
1,133,583
27,937,197
0.96
0.05
1.31
14,666,155 European Nickel
1,190,205 Faroe Petroleum
9,147,556
2,691,030
0.43
0.13
49,362,465 2.32
1,425,000 Firestone Diamonds
3,500,000 Frontier Mining GBP
6,776,805 Frontier Mining USD
2,390,000 Galantas Gold
2,019,120
433,044
838,473
259,250
0.09
0.02
0.04
0.01
SWITZERLAND
960,000 Addax Petroleum
351,900 Xstrata
28,756,887
17,148,585
1.35
0.81
1,195,000 Galantas Gold - Warrants
730,600 GCM Resources
294,559 Gem Diamonds (Britain)
3,035,500 Gemfields Resources
11,524,400 Hidefield Gold
03.09.08 16,203
973,292
3,818,222
1,440,553
859,433
0.00
0.05
0.18
0.07
0.04
PAPUA NEW GUINEA
17,577,712 Lihir Gold
488,078 New Britain Palm Oil
45,905,472
37,074,159
2,488,330
2.16
1.74
0.12
600,000 Hidefield Gold - Warrants
2,931,100 Highland Gold Mining
28.10.08 0
6,994,783
0.00
0.33
39,562,489 1.86
825,000 Hunting
4,065,200 Jubilee Platinum
3,722,000 KimCor Diamonds
4,675,000 Kopane Diamond Developments
700,000 Kopane Diamonds - Warrants 17.07.09
7,975,803
4,082,222
328,035
998,374
0
0.37
0.19
0.02
0.05
0.00
NORWAY
29,011 Det Norske Oljeselskap
7,418,900 DNO International
1,913,700 Norsk Hydro
269,304
9,464,727
18,724,752
0.01
0.45
0.88
10,392,500 Lonrho
1,000,000 Mantle Diamonds
2,183,168 Max Petroleum
548,300 Mediterranean Oil & Gas
8,339,473 Mwana Africa
5,403,850 Oriel Resources
5,753,700 Pangea Diamondfields
6,531,317
203,387
1,938,918
1,115,168
5,088,410
3,993,289
4,095,788
0.31
0.01
0.09
0.05
0.24
0.19
0.19
BERMUDA
2,640,807 Aquarius Platinum
76,586 Lithic Metals and Energy
2,598,200 Tanzanite One
1,532,904 Zambezi Resources
28,458,783
20,409,975
6,750
2,101,073
353,342
1.34
0.95
0.00
0.10
0.02
1,081,237 Peter Hambro Mining
8,992,200 Petra Diamonds
17,475,440
17,640,278
0.82
0.83
22,871,140 1.07
535,000 R.E.A. Holdings
19,180 REA Holdings
2,149,500 Regal Petroleum
3,685,093
27,697
3,934,614
0.17
0.00
0.18
MALAYSIA
14,250,000 IOI 22,657,063 1.06
584,700 Rio Tinto 42,589,256 2.00
22,657,063 1.06
Market
Value
% of
Net
Assets