JPMorgan <strong>Funds</strong> - Euroland Select Equity Fund Schedule of Investments (Market Value Expressed in EUR) As at 30 June 2008 Quantity/ Nominal Value Name of Securities Market Value % of Net Assets Transferable Securities Admitted to an Official Exchange Listing Shares FRANCE 833 Alstom 121,276 2.48 2,963 Arkema 105,779 2.16 1,550 Atos Origin 55,118 1.12 1,639 AXA 30,690 0.63 2,001 BNP Paribas 114,357 2.33 50 Bourbon 1,953 0.04 2,113 Bouygues 88,978 1.82 553 Carrefour 19,698 0.40 1,862 Compagnie Générale des Etablissements Michelin - B Shares 84,032 1.71 1,211 Lafarge 116,353 2.37 3,039 Rhodia Registered Shares 35,222 0.72 3,630 Sanofi-Aventis 152,896 3.12 1,814 Société Générale 99,861 2.04 5,894 Total 317,392 6.47 6,359 Vivendi 152,552 3.11 1,496,157 30.52 GERMANY 3,309 Bayer 175,410 3.58 1,800 Demag Cranes 54,360 1.11 49 Deutsche Bank Registered Shares 2,675 0.05 1,742 E.ON 223,150 4.55 2,439 Henkel KGaA57,829 1.18 3,659 Lanxess 94,512 1.93 1,431 MAN 100,986 2.06 1,167 Muenchener Rueckversicherungs Registered Shares 129,234 2.64 534 Rheinmetall 24,222 0.49 1,844 RWE Non Voting Preference Shares 117,592 2.40 45 Siemens Registered Shares 3,171 0.06 1,149 ThyssenKrupp 45,880 0.94 1,501 Wincor Nixdorf 65,894 1.34 1,094,915 22.33 SPAIN 8,719 BBVA106,808 2.18 15,700 BSCH 181,806 3.71 18,363 Iberdrola 155,718 3.18 1,900 Telefonica 32,091 0.65 2,847 Union Fenosa 104,912 2.14 581,335 11.86 NETHERLANDS 1,107 Akzo Nobel 48,110 0.98 100 Eriks Group - CVA4,187 0.09 7,778 ING Groep - CVA156,221 3.19 7,656 Koninklijke Ahold 65,191 1.33 10,185 Koninklijke KPN 111,220 2.27 605 Smit Internationale 37,516 0.76 4,761 TNT 103,933 2.12 526,378 10.74 ITALY 7,885 Azimut Holding 43,880 0.89 5,390 Banco Popolare Scarl 60,098 1.23 2,677 Credito Emiliano 14,938 0.30 286 ENI 6,775 0.14 9,577 Fiat 99,313 2.03 27,190 Intesa Sanpaolo 98,020 2.00 5,649 Mediobanca 60,614 1.24 6,518 UniCredit 25,045 0.51 408,683 8.34 FINLAND 13,402 Nokia 205,855 4.20 21,892 Ruukki Group 50,789 1.03 1,080 YIT 17,204 0.35 273,848 5.58 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 Quantity/ Nominal Value Name of Securities Market Value % of Net Assets 1,780 EFG Eurobank Ergasias 26,878 0.55 951 National Bank of Greece 27,218 0.55 1,579 Piraeus Bank 27,254 0.55 149,648 3.05 PORTUGAL 8,083 Portugal Tele<strong>com</strong> Registered Shares 58,076 1.18 58,076 1.18 LUXEMBOURG 400 ArcelorMittal 25,188 0.51 25,188 0.51 IRELAND 1,000 Paddy Power 19,600 0.40 19,600 0.40 BELGIUM 22 Fortis 227 0.00 227 0.00 Total Shares 4,835,328 98.62 Total Transferable Securities Admitted to an Official Exchange Listing 4,835,328 98.62 Total Investments 4,835,328 98.62 Cash 71,070 1.45 Other Assets/(Liabilities) (3,648) (0.07) Total Net Assets 4,902,750 100.00 Allocation of Portfolio as at 30 June 2008 Shares % of Net Assets Financials 26.20 Materials 13.19 Utilities 12.27 Industrials 11.55 Energy 9.13 Consumer Discretionary 7.25 Information Technology 6.66 Tele<strong>com</strong>munication Services 5.73 Consumer Staples 3.52 Health Care 3.12 Total Shares 98.62 Cash and Other Assets/(Liabilities) 1.38 Total 100.00 Allocation of Portfolio as at 31 December 2007 (Unaudited) Shares % of Net Assets Financials 27.00 Consumer Discretionary 11.82 Utilities 11.55 Materials 10.92 Energy 9.66 Tele<strong>com</strong>munication Services 8.60 Industrials 7.52 Information Technology 5.59 Health Care 4.06 Consumer Staples 3.27 Total Shares 99.99 Cash and Other Assets/(Liabilities) 0.01 Total 100.00
JPMorgan <strong>Funds</strong> - Euroland Select Equity Fund Schedule of Investments - Outstanding Financial Futures Contracts (Expressed in EUR) As at 30 June 2008 Expiration Date Number of Contracts Security Description Currency Notional Value Unrealised Gain/ (Loss) Equity Futures Sep-08 2 DJ Euro Stoxx 50 Index Future EUR 67,280 (1,660) Total (1,660) 54