UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF

REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number: 811-21295

JPMorgan Trust I

(Exact name of registrant as specified in charter)

245 Park Avenue

New York, New York 10167

(Address of principal executive offices) (Zip code)

Frank J. Nasta

245 Park Avenue

New York, New York 10167

(Name and Address of Agent for Service)

Registrant’s telephone number, including area code: (800) 480-4111

Date of fiscal year end: October 31

Date of reporting period: July 31, 2008

ITEM 1. SCHEDULE OF INVESTMENTS.

JPMorgan Trust I

Schedule of Portfolio Investments as of July 31, 2008

(Unaudited)

THE “UNAUDITED CERTIFIED MUTUAL FUNDS HOLDINGS” LIST (“the List”) IS TO BE USED FOR REPORTING PURPOSES ONLY. IT IS NOT TO BE REPRODUCED FOR USE AS ADVERTISING OR SALES LITERATURE WITH THE GENERAL PUBLIC. The list is submitted for the general information of the shareholders of the Fund. It is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by a prospectus. The list has been created from the books and records of the Fund. Certified holdings are available 60 days after the fund’s fiscal quarter, using a trade date accounting convention, by contacting the appropriate service center.  The list is subject to change without notice. The list is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security.

JPMorgan Asset Management is the marketing name for the asset management business of J.P. Morgan Chase & Co.

JPMorgan Distribution Services, Inc.

© J.P. Morgan Chase & Co., 2006.

Highbridge Statistical Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2008 (Unaudited)

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE ($)
			Long-Positions — 99.3% (j)
			Long-Term Investments — 93.7%
			Common Stocks — 93.7%
			Aerospace & Defense — 2.5%
	10		Alliant Techsystems, Inc. (a)		951
	—	(h)	Ceradyne, Inc. (a)		—	(h)
	32		General Dynamics Corp.		2,830
	142		Goodrich Corp.		6,959
	8		L-3 Communications Holdings, Inc.		786
	17		Lockheed Martin Corp.		1,739
	17		Northrop Grumman Corp.		1,139
	14		Precision Castparts Corp.		1,278
	53		Raytheon Co.		3,044
	83		Rockwell Collins, Inc.		4,146
	22		TransDigm Group, Inc. (a)		820
	85		United Technologies Corp.		5,463
					29,155
			Air Freight & Logistics — 0.2%
	64		Expeditors International of Washington, Inc.		2,286
			Airlines — 0.6%
	459		Delta Air Lines, Inc. (a)		3,458
	—	(h)	SkyWest, Inc.		—	(h)
	250		Southwest Airlines Co.		3,896
					7,354
			Auto Components — 0.6%
	144		Autoliv, Inc., (Sweden)		5,613
	—	(h)	Cooper Tire & Rubber Co.		—	(h)
	54		Gentex Corp.		828
	63		Lear Corp. (a)		905
					7,346
			Automobiles — 0.0% (g)
	—	(h)	Ford Motor Co. (a)		—	(h)
	—	(h)	Thor Industries, Inc.		1
					1
			Beverages — 0.2%
	—	(h)	Hansen Natural Corp. (a)		1
	—	(h)	Molson Coors Brewing Co., Class B		1
	12		Pepsi Bottling Group, Inc.		337
	65		PepsiAmericas, Inc.		1,546
					1,885
			Biotechnology — 2.6%
	—	(h)	Abraxis Bioscience, Inc. (a)		33
	22		Alkermes, Inc. (a)		347
	90		Amgen, Inc. (a)		5,606
	53		Biogen Idec, Inc. (a)		3,672
	94		Celgene Corp. (a)		7,077
	55		Cephalon, Inc. (a)		4,054
	—	(h)	Dendreon Corp. (a)		—	(h)
	—	(h)	Genentech, Inc. (a)		5
	42		Genzyme Corp. (a)		3,195
	87		Isis Pharmaceuticals, Inc. (a)		1,497
	—	(h)	Medarex, Inc. (a)		1
	14		Myriad Genetics, Inc. (a)		917
	33		OSI Pharmaceuticals, Inc. (a)		1,732
	—	(h)	PDL BioPharma, Inc.		—	(h)
	—	(h)	Regeneron Pharmaceuticals, Inc. (a)		1
	15		United Therapeutics Corp. (a)		1,748
					29,885
			Building Products — 0.0% (g)
	—	(h)	Quanex Building Products Corp.		1
			Capital Markets — 2.6%
	15		Affiliated Managers Group, Inc. (a)		1,271
	90		AllianceBernstein Holding LP		4,669
	64		Allied Capital Corp.		884
	159		Ameriprise Financial, Inc.		6,767
	68		Bank of New York Mellon Corp. (The)		2,422
	—	(h)	Cohen & Steers, Inc.		1
	46		Federated Investors, Inc., Class B		1,503
	155		GFI Group, Inc.		1,569
	—	(h)	Greenhill & Co., Inc.		1
	94		Janus Capital Group, Inc.		2,864
	31		Legg Mason, Inc.		1,263
	26		Merrill Lynch & Co., Inc.		701
	70		Morgan Stanley		2,773
	14		optionsXpress Holdings, Inc.		340

Highbridge Statistical Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JULY 31, 2008 (Unaudited) (continued)(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE ($)
			Long-Term Investments — Continued
			Capital Markets — Continued
	90		SEI Investments Co.		2,082
	—	(h)	TD AMERITRADE Holding Corp. (a)		—	(h)
	29		Waddell & Reed Financial, Inc., Class A		967
					30,077
			Chemicals — 3.0%
	56		Air Products & Chemicals, Inc.		5,332
	59		Airgas, Inc.		3,382
	36		Ashland, Inc.		1,493
	215		Celanese Corp., Class A		8,291
	11		CF Industries Holdings, Inc.		1,853
	368		Chemtura Corp.		2,397
	1		Cytec Industries, Inc.		57
	16		Dow Chemical Co. (The)		545
	7		Eastman Chemical Co.		435
	—	(h)	Ecolab, Inc.		2
	5		FMC Corp.		379
	—	(h)	H.B. Fuller Co.		2
	—	(h)	Hercules, Inc.		2
	—	(h)	Huntsman Corp.		1
	12		Lubrizol Corp.		615
	1		Minerals Technologies, Inc.		71
	3		Mosaic Co. (The) (a)		420
	133		Nalco Holding Co.		3,122
	26		Olin Corp.		763
	—	(h)	OM Group, Inc. (a)		3
	—	(h)	Rohm & Haas Co.		6
	27		RPM International, Inc.		553
	50		Sigma-Aldrich Corp.		3,041
	12		Terra Nitrogen Co. LP		1,460
	—	(h)	Westlake Chemical Corp.		—	(h)
	—	(h)	Zep, Inc.		—	(h)
					34,225
			Commercial Banks — 1.8%
	5		Associated Banc-Corp.		77
	16		Bank of Hawaii Corp.		830
	—	(h)	Cathay General Bancorp		1
	85		Comerica, Inc.		2,442
	—	(h)	East West Bancorp, Inc.		1
	18		First Horizon National Corp.		174
	12		FirstMerit Corp.		230
	221		Fulton Financial Corp.		2,329
	155		Huntington Bancshares, Inc.		1,091
	26		International Bancshares Corp.		634
	—	(h)	National City Corp.		—	(h)
	15		PNC Financial Services Group, Inc.		1,048
	130		Popular, Inc.		890
	57		Regions Financial Corp.		536
	—	(h)	Sterling Financial Corp.		1
	140		SunTrust Banks, Inc.		5,752
	7		Susquehanna Bancshares, Inc.		95
	—	(h)	Trustmark Corp.		—	(h)
	41		U.S. Bancorp		1,251
	140		Valley National Bancorp		2,757
	—	(h)	Whitney Holding Corp.		2
	28		Zions Bancorp		828
					20,969
			Commercial Services & Supplies — 1.7%
	22		Brink’s Co. (The)		1,495
	55		Cintas Corp.		1,550
	3		Corporate Executive Board Co. (The)		111
	1		Deluxe Corp.		15
	35		Equifax, Inc.		1,212
	—	(h)	IKON Office Solutions, Inc.		1
	64		Manpower, Inc.		3,061
	109		Monster Worldwide, Inc. (a)		1,941
	38		Pitney Bowes, Inc.		1,212
	—	(h)	Republic Services, Inc.		2
	—	(h)	Resources Connection, Inc.		1
	17		Rollins, Inc.		296
	—	(h)	Steelcase, Inc., Class A		1
	20		Tetra Tech, Inc. (a)		575
	—	(h)	United Stationers, Inc. (a)		4
	34		Waste Connections, Inc. (a)		1,228
	141		Waste Management, Inc.		5,019
	39		Watson Wyatt Worldwide, Inc., Class A		2,285
					20,009

Highbridge Statistical Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2008 (Unaudited) (continued)

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE ($)
			Long-Term Investments — Continued
			Communications Equipment — 0.7%
	13		ADC Telecommunications, Inc. (a)		123
	—	(h)	Arris Group, Inc. (a)		—	(h)
	8		Avocent Corp. (a)		192
	30		Blue Coat Systems, Inc. (a)		439
	76		Cisco Systems, Inc. (a)		1,665
	8		Corning, Inc.		164
	60		F5 Networks, Inc. (a)		1,745
	54		Foundry Networks, Inc. (a)		935
	43		Harris Corp.		2,070
	—	(h)	InterDigital, Inc. (a)		—	(h)
	20		Juniper Networks, Inc. (a)		518
	—	(h)	UTStarcom, Inc. (a)		—	(h)
					7,851
			Computers & Peripherals — 2.6%
	17		Apple, Inc. (a)		2,652
	21		Diebold, Inc.		788
	1		Electronics for Imaging, Inc. (a)		8
	169		Hewlett-Packard Co.		7,576
	179		NetApp, Inc. (a)		4,566
	192		QLogic Corp. (a)		3,611
	56		Sun Microsystems, Inc. (a)		595
	298		Teradata Corp. (a)		6,984
	99		Western Digital Corp. (a)		2,848
					29,628
			Construction & Engineering — 0.6%
	13		EMCOR Group, Inc. (a)		397
	3		Fluor Corp.		236
	—	(h)	Granite Construction, Inc.		3
	25		Jacobs Engineering Group, Inc. (a)		1,953
	70		KBR, Inc.		1,987
	31		Perini Corp. (a)		836
	21		Shaw Group, Inc. (The) (a)		1,197
					6,609
			Construction Materials — 0.0% (g)
	—	(h)	Martin Marietta Materials, Inc.		5
	—	(h)	Texas Industries, Inc.		2
					7
			Consumer Finance — 0.2%
	—	(h)	AmeriCredit Corp. (a)		1
	—	(h)	CompuCredit Corp. (a)		—	(h)
	121		SLM Corp. (a)		2,072
					2,073
			Containers & Packaging — 0.4%
	28		Greif, Inc., Class A		1,721
	62		Packaging Corp. of America		1,591
	23		Sealed Air Corp.		492
	58		Smurfit-Stone Container Corp. (a)		329
	30		Sonoco Products Co.		979
					5,112
			Distributors — 0.3%
	99		Genuine Parts Co.		3,980
			Diversified Consumer Services — 1.4%
	69		Apollo Group, Inc., Class A (a)		4,275
	70		Career Education Corp. (a)		1,289
	16		DeVry, Inc.		905
	193		H&R Block, Inc.		4,692
	—	(h)	Regis Corp.		1
	75		Service Corp. International		722
	1		Strayer Education, Inc.		316
	100		Weight Watchers International, Inc.		3,591
					15,791
			Diversified Financial Services — 0.7%
	108		CIT Group, Inc.		920
	9		IntercontinentalExchange, Inc. (a)		898
	16		MSCI, Inc., Class A (a)		487
	94		Nasdaq OMX Group (The) (a)		2,617
	55		NYSE Euronext		2,597
					7,519
			Diversified Telecommunication Services — 1.1%
	181		AT&T, Inc.		5,573
	25		CenturyTel, Inc.		944
	41		Embarq Corp.		1,899
	34		Qwest Communications International, Inc.		129
	6		tw telecom, inc. (a)		94
	121		Verizon Communications, Inc.		4,110
					12,749

Highbridge Statistical Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JULY 31, 2008 (Unaudited) (continued)
(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE ($)
			Long-Term Investments — Continued
			Electric Utilities — 2.3%
	55		Allegheny Energy, Inc.		2,670
	41		American Electric Power Co., Inc.		1,608
	175		DPL, Inc.		4,450
	33		FPL Group, Inc.		2,149
	202		Pepco Holdings, Inc.		5,043
	—	(h)	Pinnacle West Capital Corp.		2
	80		Portland General Electric Co.		1,877
	138		Progress Energy, Inc.		5,829
	281		Sierra Pacific Resources		3,182
					26,810
			Electrical Equipment — 1.7%
	108		Acuity Brands, Inc.		4,412
	17		AMETEK, Inc.		812
	50		Baldor Electric Co.		1,698
	50		Belden, Inc.		1,839
	92		Brady Corp., Class A		3,373
	—	(h)	Energy Conversion Devices, Inc. (a)		1
	—	(h)	Evergreen Solar, Inc. (a)		—	(h)
	5		Hubbell, Inc., Class B		223
	22		Regal-Beloit Corp.		915
	127		Rockwell Automation, Inc.		5,641
	—	(h)	Sunpower Corp., Class A (a)		6
	21		Thomas & Betts Corp. (a)		869
	5		Woodward Governor Co.		239
					20,028
			Electronic Equipment & Instruments — 0.7%
	—	(h)	Agilent Technologies, Inc. (a)		2
	27		Avnet, Inc. (a)		737
	6		Dolby Laboratories, Inc., Class A (a)		245
	60		Ingram Micro, Inc., Class A (a)		1,096
	4		Itron, Inc. (a)		399
	174		Jabil Circuit, Inc.		2,834
	3		Mettler-Toledo International, Inc. (a)		299
	19		Molex, Inc.		476
	9		National Instruments Corp.		294
	15		Trimble Navigation Ltd. (a)		496
	161		Vishay Intertechnology, Inc. (a)		1,445
					8,323
			Energy Equipment & Services — 2.1%
	1		Atwood Oceanics, Inc. (a)		46
	11		Baker Hughes, Inc.		933
	18		Cameron International Corp. (a)		840
	81		Complete Production Services, Inc. (a)		2,583
	20		Diamond Offshore Drilling, Inc.		2,346
	92		Dresser-Rand Group, Inc. (a)		3,510
	52		ENSCO International, Inc.		3,616
	2		Exterran Holdings, Inc. (a)		96
	—	(h)	Grey Wolf, Inc. (a)		1
	58		Helix Energy Solutions Group, Inc. (a)		1,846
	12		IHS, Inc., Class A (a)		768
	58		Key Energy Services, Inc. (a)		932
	8		National Oilwell Varco, Inc. (a)		644
	11		Oil States International, Inc. (a)		630
	26		Superior Energy Services, Inc. (a)		1,212
	117		Tetra Technologies, Inc. (a)		2,206
	33		Unit Corp. (a)		2,209
					24,418
			Food & Staples Retailing — 1.7%
	18		BJ’s Wholesale Club, Inc. (a)		691
	—	(h)	Casey’s General Stores, Inc.		—	(h)
	6		Costco Wholesale Corp.		381
	55		CVS/Caremark Corp.		2,019
	247		Kroger Co. (The)		6,994
	—	(h)	Rite Aid Corp. (a)		—	(h)
	8		Ruddick Corp.		244
	66		SUPERVALU, Inc.		1,687
	77		SYSCO Corp.		2,178
	151		Walgreen Co.		5,179
					19,373
			Food Products — 1.8%
	198		Dean Foods Co. (a)		4,211
	234		Del Monte Foods Co.		1,983
	75		Flowers Foods, Inc.		2,259
	109		General Mills, Inc.		7,017
	84		H.J. Heinz Co.		4,215
	12		JM Smucker Co. (The)		601
	5		Lancaster Colony Corp.		165

Highbridge Statistical Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JULY 31, 2008 (Unaudited) (continued)
(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE ($)
			Long-Term Investments — Continued
			Food Products — Continued
	—	(h)	Pilgrim’s Pride Corp.		—	(h)
	—	(h)	Ralcorp Holdings, Inc. (a)		5
	—	(h)	Wm. Wrigley, Jr., Co.		3
					20,459
			Gas Utilities — 1.5%
	188		AGL Resources, Inc.		6,494
	105		Atmos Energy Corp.		2,788
	6		Energen Corp.		388
	6		National Fuel Gas Co.		274
	7		Nicor, Inc.		272
	65		ONEOK, Inc.		2,947
	40		Questar Corp.		2,133
	13		Southern Union Co.		339
	—	(h)	Southwest Gas Corp.		2
	36		WGL Holdings, Inc.		1,253
					16,890
			Health Care Equipment & Supplies — 2.7%
	—	(h)	Advanced Medical Optics, Inc. (a)		1
	—	(h)	ArthroCare Corp. (a)		—	(h)
	2		Baxter International, Inc.		158
	8		Beckman Coulter, Inc.		605
	393		Boston Scientific Corp. (a)		4,676
	—	(h)	ev3, Inc. (a)		—	(h)
	133		Gen-Probe, Inc. (a)		7,106
	5		Haemonetics Corp. (a)		296
	142		Hill-Rom Holdings, Inc.		3,986
	25		Hospira, Inc. (a)		949
	43		IDEXX Laboratories, Inc. (a)		2,277
	57		Immucor, Inc. (a)		1,707
	14		Intuitive Surgical, Inc. (a)		4,266
	37		Kinetic Concepts, Inc. (a)		1,290
	59		Sirona Dental Systems, Inc. (a)		1,470
	25		STERIS Corp.		855
	31		Varian Medical Systems, Inc. (a)		1,853
					31,495
			Health Care Providers & Services — 2.9%
	100		Aetna, Inc.		4,115
	—	(h)	AMERIGROUP Corp. (a)		1
	18		AmerisourceBergen Corp.		770
	—	(h)	Apria Healthcare Group, Inc. (a)		—	(h)
	107		Brookdale Senior Living, Inc.		1,628
	64		Cardinal Health, Inc.		3,457
	34		Community Health Systems, Inc. (a)		1,131
	8		Express Scripts, Inc. (a)		586
	490		Health Management Associates, Inc., Class A (a)		3,016
	29		Health Net, Inc. (a)		822
	38		Laboratory Corp. of America Holdings (a)		2,571
	134		LifePoint Hospitals, Inc. (a)		3,841
	3		McKesson Corp.		148
	84		Omnicare, Inc.		2,468
	1		Owens & Minor, Inc.		55
	62		Patterson Cos., Inc. (a)		1,947
	—	(h)	PharMerica Corp. (a)		1
	—	(h)	Universal American Corp. (a)		1
	21		Universal Health Services, Inc., Class B		1,295
	39		VCA Antech, Inc. (a)		1,136
	110		WellCare Health Plans, Inc. (a)		4,339
					33,328
			Health Care Technology — 0.0% (g)
	—	(h)	HLTH Corp. (a)		—	(h)
			Hotels, Restaurants & Leisure — 2.3%
	—	(h)	Ameristar Casinos, Inc.		1
	10		Bally Technologies, Inc. (a)		313
	17		Bob Evans Farms, Inc.		483
	—	(h)	Boyd Gaming Corp.		1
	22		Brinker International, Inc.		399
	215		Darden Restaurants, Inc.		7,003
	51		International Speedway Corp., Class A		1,893
	28		Jack in the Box, Inc. (a)		610
	180		Marriott International, Inc., Class A		4,672
	18		MGM Mirage (a)		527
	—	(h)	Penn National Gaming, Inc. (a)		1
	—	(h)	Pinnacle Entertainment, Inc. (a)		—	(h)

Highbridge Statistical Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2008 (Unaudited) (continued)

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE ($)
			Long-Term Investments — Continued
			Hotels, Restaurants & Leisure — Continued
	—	(h)	Ruby Tuesday, Inc. (a)		—	(h)
	1		Speedway Motorsports, Inc.		10
	79		Starwood Hotels & Resorts Worldwide, Inc.		2,716
	25		Tim Hortons, Inc., (Canada)		684
	185		WMS Industries, Inc. (a)		5,213
	142		Wyndham Worldwide Corp.		2,540
					27,066
			Household Durables — 0.9%
	132		Centex Corp.		1,944
	62		Harman International Industries, Inc.		2,557
	46		Jarden Corp. (a)		1,100
	3		MDC Holdings, Inc.		128
	14		Snap-On, Inc.		799
	51		Stanley Works (The)		2,258
	37		Toll Brothers, Inc. (a)		736
	9		Whirlpool Corp.		647
					10,169
			Household Products — 1.4%
	62		Colgate-Palmolive Co.		4,640
	100		Energizer Holdings, Inc. (a)		7,110
	53		Kimberly-Clark Corp.		3,047
	23		Procter & Gamble Co.		1,501
					16,298
			Independent Power Producers & Energy Traders — 0.5%
	28		Mirant Corp. (a)		860
	10		NRG Energy, Inc. (a)		369
	279		Reliant Energy, Inc. (a)		5,047
					6,276
			Industrial Conglomerates — 0.8%
	118		3M Co.		8,310
	22		Carlisle Cos., Inc.		666
	17		Textron, Inc.		733
					9,709
			Insurance — 3.0%
	124		Aflac, Inc.		6,903
	1		Alleghany Corp. (a)		457
	—	(h)	Ambac Financial Group, Inc.		—	(h)
	112		American Financial Group, Inc.		3,238
	30		American International Group, Inc.		793
	—	(h)	American National Insurance Co.		6
	5		Assurant, Inc.		289
	13		Brown & Brown, Inc.		228
	43		Chubb Corp. (The)		2,052
	58		CNA Financial Corp.		1,549
	145		Conseco, Inc. (a)		1,213
	8		Delphi Financial Group, Inc., Class A		197
	22		First American Corp.		560
	110		Genworth Financial, Inc., Class A		1,757
	108		HCC Insurance Holdings, Inc.		2,446
	—	(h)	Hilb, Rogal & Hobbs Co.		1
	—	(h)	Lincoln National Corp.		23
	—	(h)	Markel Corp. (a)		49
	—	(h)	MBIA, Inc.		—	(h)
	19		MetLife, Inc.		952
	—	(h)	National Financial Partners Corp.		—	(h)
	—	(h)	Nationwide Financial Services, Inc.		5
	15		Philadelphia Consolidated Holding Co. (a)		887
	—	(h)	Phoenix Cos., Inc. (The)		1
	25		Principal Financial Group, Inc.		1,060
	4		Prudential Financial, Inc.		259
	85		Reinsurance Group of America, Inc.		4,228
	—	(h)	Safeco Corp.		4
	6		Transatlantic Holdings, Inc.		335
	101		Travelers Cos., Inc. (The)		4,469
	53		W.R. Berkley Corp.		1,248
					35,209
			Internet & Catalog Retail — 0.9%
	214		Expedia, Inc. (a)		4,184
	138		IAC/InterActive Corp. (a)		2,407
	78		Netflix, Inc. (a)		2,407
	—	(h)	NutriSystem, Inc.		—	(h)
	14		priceline.com, Inc. (a)		1,564
					10,562

Highbridge Statistical Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JULY 31, 2008 (Unaudited) (continued)
(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE ($)
			Long-Term Investments — Continued
			Internet Software & Services — 0.6%
	12		Digital River, Inc. (a)		473
	20		Equinix, Inc. (a)		1,589
	5		Google, Inc., Class A (a)		2,294
	—	(h)	RealNetworks, Inc. (a)		1
	31		Sohu.com, Inc., (China) (a)		2,335
	50		ValueClick, Inc. (a)		595
					7,287
			IT Services — 2.1%
	142		Affiliated Computer Services, Inc., Class A (a)		6,839
	13		Automatic Data Processing, Inc.		544
	—	(h)	BearingPoint, Inc. (a)		—	(h)
	166		Broadridge Financial Solutions, Inc.		3,431
	12		CACI International, Inc., Class A (a)		548
	130		Convergys Corp. (a)		1,646
	—	(h)	CSG Systems International, Inc. (a)		2
	1		Fiserv, Inc. (a)		69
	11		Global Payments, Inc.		495
	—	(h)	Lender Processing Services, Inc. (a)		3
	7		Metavante Technologies, Inc. (a)		160
	—	(h)	MoneyGram International, Inc.		—	(h)
	77		NeuStar, Inc., Class A (a)		1,615
	252		Paychex, Inc.		8,300
	—	(h)	SRA International, Inc., Class A (a)		1
	30		TeleTech Holdings, Inc. (a)		401
	4		Total System Services, Inc.		71
					24,125
			Leisure Equipment & Products — 0.0% (g)
	—	(h)	Polaris Industries, Inc.		1
			Life Sciences Tools & Services — 1.4%
	—	(h)	Affymetrix, Inc. (a)		—	(h)
	10		Applied Biosystems, Inc.		373
	12		Charles River Laboratories International, Inc. (a)		782
	14		Illumina, Inc. (a)		1,270
	13		Millipore Corp. (a)		926
	14		Parexel International Corp. (a)		398
	29		PerkinElmer, Inc.		841
	211		Pharmaceutical Product Development, Inc.		8,054
	16		Techne Corp. (a)		1,287
	—	(h)	Varian, Inc. (a)		1
	33		Waters Corp. (a)		2,269
					16,201
			Machinery — 3.6%
	120		Actuant Corp., Class A		3,650
	21		AGCO Corp. (a)		1,275
	—	(h)	Barnes Group, Inc.		1
	—	(h)	Briggs & Stratton Corp.		1
	61		Bucyrus International, Inc.		4,295
	23		Crane Co.		806
	14		Danaher Corp.		1,106
	63		Dover Corp.		3,141
	18		Gardner Denver, Inc. (a)		815
	37		Harsco Corp.		2,016
	106		Illinois Tool Works, Inc.		4,967
	31		ITT Corp.		2,090
	87		Kennametal, Inc.		2,600
	110		Manitowoc Co., Inc. (The)		2,910
	74		Navistar International Corp. (a)		4,154
	22		Oshkosh Corp.		391
	89		PACCAR, Inc.		3,750
	—	(h)	Pall Corp.		3
	7		Parker Hannifin Corp.		451
	46		Terex Corp. (a)		2,177
	8		Timken Co.		258
	24		Trinity Industries, Inc.		904
					41,761
			Marine — 0.2%
	21		Alexander & Baldwin, Inc.		932
	20		Kirby Corp. (a)		942
					1,874
			Media — 2.4%
	60		CBS Corp., Class B		981
	152		Comcast Corp., Class A		3,127
	104		DIRECTV Group, Inc. (The) (a)		2,813
	234		DISH Network Corp., Class A (a)		6,878

Highbridge Statistical Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JULY 31, 2008 (Unaudited) (continued)
(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE ($)
			Long-Term Investments — Continued
			Media — Continued
	130		Gannett Co., Inc.		2,357
	5		Harte-Hanks, Inc.		60
	13		John Wiley & Sons, Inc., Class A		571
	—	(h)	Lee Enterprises, Inc.		—	(h)
	—	(h)	Live Nation, Inc. (a)		1
	4		Marvel Entertainment, Inc. (a)		129
	—	(h)	Meredith Corp.		1
	491		News Corp., Class A		6,945
	93		News Corp., Class B		1,360
	—	(h)	Scholastic Corp.		—	(h)
	—	(h)	Sirius Satellite Radio, Inc. (a)		—	(h)
	172		Time Warner, Inc.		2,468
	—	(h)	Warner Music Group Corp.		—	(h)
					27,691
			Metals & Mining — 1.9%
	62		AK Steel Holding Corp.		3,914
	41		Alcoa, Inc.		1,386
	131		Carpenter Technology Corp.		5,081
	57		Century Aluminum Co. (a)		3,360
	18		Compass Minerals International, Inc.		1,360
	45		Freeport-McMoRan Copper & Gold, Inc.		4,310
	19		Reliance Steel & Aluminum Co.		1,171
	—	(h)	Southern Copper Corp.		1
	—	(h)	Stillwater Mining Co. (a)		—	(h)
	6		United States Steel Corp.		994
					21,577
			Multiline Retail— 0.9%
	198		Big Lots, Inc. (a)		6,032
	51		Kohl’s Corp. (a)		2,137
	132		Macy’s, Inc.		2,476
	—	(h)	Sears Holdings Corp. (a)		5
					10,650
			Multi-Utilities — 3.0%
	91		CenterPoint Energy, Inc.		1,432
	559		CMS Energy Corp.		7,542
	204		DTE Energy Co.		8,343
	—	(h)	Energy East Corp.		1
	111		Integrys Energy Group, Inc.		5,679
	348		NiSource, Inc.		5,949
	15		PG&E Corp.		584
	—	(h)	PNM Resources, Inc.		—	(h)
	20		Public Service Enterprise Group, Inc.		832
	—	(h)	Puget Energy, Inc.		1
	93		Vectren Corp.		2,703
	45		Wisconsin Energy Corp.		2,028
	7		Xcel Energy, Inc.		131
					35,225
			Office Electronics — 0.0% (g)
	17		Zebra Technologies Corp., Class A (a)		526
			Oil, Gas & Consumable Fuels — 5.3%
	21		Apache Corp.		2,345
	102		ATP Oil & Gas Corp. (a)		2,903
	73		Berry Petroleum Co., Class A		3,124
	47		Bill Barrett Corp. (a)		1,933
	38		Cabot Oil & Gas Corp.		1,675
	101		Chevron Corp.		8,566
	67		Cimarex Energy Co.		3,475
	3		CNX Gas Corp. (a)		81
	103		ConocoPhillips		8,404
	—	(h)	Devon Energy Corp.		29
	50		El Paso Corp.		889
	22		EOG Resources, Inc.		2,176
	75		Exxon Mobil Corp.		6,008
	44		Forest Oil Corp. (a)		2,499
	67		Foundation Coal Holdings, Inc.		3,973
	1		Inergy LP		26
	—	(h)	James River Coal Co. (a)		1
	18		Marathon Oil Corp.		913
	62		Mariner Energy, Inc. (a)		1,650
	23		Massey Energy Co.		1,730
	34		McMoRan Exploration Co. (a)		916
	6		Murphy Oil Corp.		439
	7		Noble Energy, Inc.		506
	3		Overseas Shipholding Group, Inc.		208
	1		Patriot Coal Corp. (a)		101

Highbridge Statistical Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JULY 31, 2008 (Unaudited) (continued)
(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE ($)
			Long-Term Investments — Continued
			Oil, Gas & Consumable Fuels — Continued
	38		Southwestern Energy Co. (a)		1,376
	—	(h)	Stone Energy Corp. (a)		1
	14		Swift Energy Co. (a)		731
	—	(h)	USEC, Inc. (a)		1
	15		W&T Offshore, Inc.		644
	5		Walter Industries, Inc.		571
	2		Williams Cos., Inc.		57
	85		XTO Energy, Inc.		4,034
					61,985
			Paper & Forest Products — 0.1%
	36		International Paper Co.		995
			Personal Products — 0.6%
	77		Estee Lauder Cos., Inc. (The), Class A		3,414
	89		NBTY, Inc. (a)		3,069
					6,483
			Pharmaceuticals — 3.5%
	8		Abbott Laboratories		432
	4		Barr Pharmaceuticals, Inc. (a)		262
	240		Bristol-Myers Squibb Co.		5,063
	88		Eli Lilly & Co.		4,128
	124		Endo Pharmaceuticals Holdings, Inc. (a)		2,869
	210		Forest Laboratories, Inc. (a)		7,444
	199		King Pharmaceuticals, Inc. (a)		2,290
	64		Medicis Pharmaceutical Corp., Class A		1,183
	202		Merck & Co., Inc.		6,639
	284		Pfizer, Inc.		5,294
	13		Schering-Plough Corp.		269
	65		Valeant Pharmaceuticals International (a)		1,106
	144		Watson Pharmaceuticals, Inc. (a)		4,149
					41,128
			Real Estate Investment Trusts (REITs) — 2.2%
	42		AMB Property Corp.		2,034
	35		Boston Properties, Inc.		3,323
	19		Developers Diversified Realty Corp.		594
	19		Health Care REIT, Inc.		970
	—	(h)	Highwoods Properties, Inc.		4
	221		Hospitality Properties Trust		4,708
	87		Host Hotels & Resorts, Inc.		1,140
	48		Macerich Co. (The)		2,645
	46		Plum Creek Timber Co., Inc.		2,219
	40		Potlatch Corp.		1,866
	17		ProLogis		852
	—	(h)	RAIT Financial Trust		—	(h)
	22		Rayonier, Inc.		1,007
	17		Simon Property Group, Inc.		1,614
	23		Vornado Realty Trust		2,178
	5		Weingarten Realty Investors		154
					25,308
			Real Estate Management & Development — 0.0% (g)
	4		Jones Lang LaSalle, Inc.		202
			Road & Rail — 1.4%
	—	(h)	Avis Budget Group, Inc. (a)		—	(h)
	37		Burlington Northern Santa Fe Corp.		3,838
	56		Con-way, Inc.		2,816
	35		CSX Corp.		2,368
	3		J.B. Hunt Transport Services, Inc.		127
	9		Kansas City Southern Industries, Inc. (a)		471
	55		Norfolk Southern Corp.		3,920
	46		Ryder System, Inc.		3,032
					16,572
			Semiconductors & Semiconductor Equipment — 4.2%
	356		Altera Corp.		7,815
	548		Amkor Technology, Inc. (a)		4,798
	135		Applied Materials, Inc.		2,346
	—	(h)	Atmel Corp. (a)		—	(h)
	353		Broadcom Corp., Class A (a)		8,567
	—	(h)	Brooks Automation, Inc. (a)		1
	—	(h)	Cymer, Inc. (a)		2
	80		Fairchild Semiconductor International, Inc. (a)		969
	—	(h)	Hittite Microwave Corp. (a)		1
	312		Integrated Device Technology, Inc. (a)		3,123

Highbridge Statistical Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JULY 31, 2008 (Unaudited) (continued)(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE ($)
			Long-Term Investments — Continued
			Semiconductors & Semiconductor Equipment — Continued
	91		Intersil Corp., Class A		2,193
	46		KLA-Tencor Corp.		1,730
	—	(h)	Lam Research Corp. (a)		—	(h)
	87		Linear Technology Corp.		2,691
	147		MEMC Electronic Materials, Inc. (a)		6,789
	—	(h)	Micrel, Inc.		—	(h)
	285		Micron Technology, Inc. (a)		1,375
	59		Microsemi Corp. (a)		1,525
	—	(h)	MKS Instruments, Inc. (a)		1
	32		National Semiconductor Corp.		675
	18		NVIDIA Corp. (a)		203
	198		PMC-Sierra, Inc. (a)		1,431
	—	(h)	RF Micro Devices, Inc. (a)		—	(h)
	—	(h)	Semtech Corp. (a)		—	(h)
	—	(h)	Skyworks Solutions, Inc. (a)		1
	256		Teradyne, Inc. (a)		2,399
					48,635
			Software — 2.4%
	—	(h)	Activision Blizzard, Inc. (a)		4
	10		Aspen Technology, Inc. (a)		132
	22		Autodesk, Inc. (a)		691
	74		CA, Inc.		1,761
	24		Citrix Systems, Inc. (a)		645
	224		Compuware Corp. (a)		2,463
	—	(h)	Fair Isaac Corp.		1
	—	(h)	Informatica Corp. (a)		1
	83		Intuit, Inc. (a)		2,277
	—	(h)	Mentor Graphics Corp. (a)		1
	329		Microsoft Corp.		8,458
	—	(h)	Novell, Inc. (a)		—	(h)
	72		Quest Software, Inc. (a)		1,086
	80		Salesforce.com, Inc. (a)		5,087
	237		Symantec Corp. (a)		4,983
	—	(h)	Wind River Systems, Inc. (a)		—	(h)
					27,590
			Specialty Retail — 3.3%
	39		Advance Auto Parts, Inc.		1,587
	44		AnnTaylor Stores Corp. (a)		992
	219		AutoNation, Inc. (a)		2,261
	—	(h)	Barnes & Noble, Inc.		2
	—	(h)	Bebe Stores, Inc.		—	(h)
	—	(h)	Brown Shoe Co., Inc.		—	(h)
	—	(h)	Charming Shoppes, Inc. (a)		—	(h)
	—	(h)	Children’s Place Retail Stores, Inc. (The) (a)		1
	—	(h)	Dress Barn, Inc. (a)		—	(h)
	164		Foot Locker, Inc.		2,472
	90		Gap, Inc. (The)		1,446
	16		Home Depot, Inc.		387
	440		Lowe’s Cos., Inc.		8,941
	—	(h)	Men’s Wearhouse, Inc.		1
	145		O’Reilly Automotive, Inc. (a)		3,693
	210		PetSmart, Inc.		4,765
	262		RadioShack Corp.		4,376
	32		Rent-A-Center, Inc., Class A (a)		680
	118		Ross Stores, Inc.		4,492
	47		Staples, Inc.		1,066
	23		Tractor Supply Co. (a)		857
	—	(h)	TravelCenters of America LLC (a)		—	(h)
	22		Urban Outfitters, Inc. (a)		742
					38,761
			Textiles, Apparel & Luxury Goods — 0.9%
	68		Coach, Inc. (a)		1,746
	1		Deckers Outdoor Corp. (a)		77
	18		Jones Apparel Group, Inc.		296
	—	(h)	Liz Claiborne, Inc.		—	(h)
	137		Nike, Inc., Class B		8,028
	15		Phillips-Van Heusen Corp.		528
					10,675
			Thrifts & Mortgage Finance — 0.5%
	200		Astoria Financial Corp.		4,465
	84		First Niagara Financial Group, Inc.		1,171

Highbridge Statistical Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JULY 31, 2008 (Unaudited) (continued)(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE ($)
			Long-Term Investments — Continued
			Thrifts & Mortgage Finance — Continued
	38		Sovereign Bancorp, Inc.		366
					6,002
			Tobacco — 0.9%
	5		Lorillard, Inc. (a)		333
	99		Philip Morris International, Inc.		5,098
	83		Reynolds American, Inc.		4,610
	—	(h)	Universal Corp.		2
					10,043
			Trading Companies & Distributors — 0.8%
	11		GATX Corp.		508
	31		MSC Industrial Direct Co., Class A		1,479
	30		United Rentals, Inc. (a)		484
	173		WESCO International, Inc. (a)		6,509
					8,980
			Wireless Telecommunication Services — 0.5%
	11		American Tower Corp., Class A (a)		469
	22		Crown Castle International Corp. (a)		848
	68		Sprint Nextel Corp.		552
	57		Telephone & Data Systems, Inc.		2,404
	21		U.S. Cellular Corp. (a)		1,238
					5,511
			Total Long-Term Investments (Cost $1,095,996)		1,086,713
SHARES
			Short-Term Investment — 5.6%
			Investment Company — 5.6%
	64,291		JPMorgan Prime Money Market Fund, Institutional Class (b) (Cost $64,291)		64,291
			Total Investments — 99.3% (Cost $1,160,287)		1,151,004
			Other Assets in Excess of Liabilities — 0.7%		8,399
			NET ASSETS — 100.0%	$	1,159,403

Highbridge Statistical Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS AS OF JULY 31, 2008 (Unaudited) (continued)
(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE ($)
			Short Positions — 92.9%
			Common Stocks — 92.9%
			Aerospace & Defense — 2.2%
	24		BE Aerospace, Inc. (a)		628
	134		Boeing Co.		8,169
	92		Curtiss-Wright Corp.		4,848
	—	(h)	DRS Technologies, Inc.		3
	—	(h)	Esterline Technologies Corp. (a)		2
	252		Hexcel Corp. (a)		4,785
	6		Honeywell International, Inc.		320
	53		Moog, Inc., Class A (a)		2,373
	2		Orbital Sciences Corp. (a)		48
	69		Teledyne Technologies, Inc. (a)		4,355
					25,531
			Air Freight & Logistics — 1.0%
	115		C.H. Robinson Worldwide, Inc.		5,564
	68		FedEx Corp.		5,332
	19		United Parcel Service, Inc., Class B		1,188
					12,084
			Airlines — 0.0% (g)
	6		Continental Airlines, Inc., Class B (a)		86
	—	(h)	JetBlue Airways Corp. (a)		—	(h)
	—	(h)	U.S. Airways Group, Inc. (a)		—	(h)
	—	(h)	UAL Corp.		1
					87
			Auto Components — 0.5%
	1		BorgWarner, Inc.		44
	37		Goodyear Tire & Rubber Co. (The) (a)		723
	106		Johnson Controls, Inc.		3,194
	64		TRW Automotive Holdings Corp. (a)		1,193
	21		WABCO Holdings, Inc.		945
					6,099
			Automobiles — 0.5%
	142		Harley-Davidson, Inc.		5,389
			Beverages — 0.9%
	40		Brown-Forman Corp., Class B		2,895
	2		Central European Distribution Corp. (a)		160
	—	(h)	Coca-Cola Co. (The)		4
	63		Coca-Cola Enterprises, Inc.		1,071
	74		Constellation Brands, Inc., Class A (a)		1,585
	79		PepsiCo, Inc.		5,270
					10,985
			Biotechnology — 1.4%
	13		Alexion Pharmaceuticals, Inc. (a)		1,227
	—	(h)	Amylin Pharmaceuticals, Inc. (a)		3
	154		BioMarin Pharmaceutical, Inc. (a)		5,004
	69		Cepheid, Inc. (a)		1,187
	10		Gilead Sciences, Inc. (a)		545
	—	(h)	Human Genome Sciences, Inc. (a)		—	(h)
	70		ImClone Systems, Inc. (a)		4,480
	44		Onyx Pharmaceuticals, Inc. (a)		1,769
	11		Savient Pharmaceuticals, Inc. (a)		303
	100		Theravance, Inc. (a)		1,593
	1		Vertex Pharmaceuticals, Inc. (a)		28
					16,139
			Building Products — 0.5%
	120		Lennox International, Inc.		4,294
	98		Masco Corp.		1,613
	—	(h)	USG Corp. (a)		1
					5,908
			Capital Markets — 2.9%
	35		BlackRock, Inc.		7,481
	81		Charles Schwab Corp. (The)		1,847
	—	(h)	E*Trade Financial Corp. (a)		—	(h)
	64		Eaton Vance Corp.		2,369
	8		Franklin Resources, Inc.		757
	21		Goldman Sachs Group, Inc. (The)		3,824
	—	(h)	Investment Technology Group, Inc. (a)		1
	78		Jefferies Group, Inc.		1,485
	48		Knight Capital Group, Inc., Class A (a)		789
	19		Lehman Brothers Holdings, Inc.		324
	72		Northern Trust Corp.		5,615
	44		Raymond James Financial, Inc.		1,278
	33		State Street Corp.		2,341
	101		T. Rowe Price Group, Inc.		6,026
					34,137

Highbridge Statistical Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTSAS OF JULY 31, 2008 (Unaudited) (continued)
(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE ($)
			Short Positions — Continued
			Chemicals — 2.5%
	40		Albemarle Corp.		1,559
	96		Cabot Corp.		2,577
	54		E.l. du Pont de Nemours & Co.		2,362
	118		International Flavors & Fragrances, Inc.		4,740
	74		Monsanto Co.		8,781
	35		PPG Industries, Inc.		2,109
	39		Praxair, Inc.		3,695
	—	(h)	Rockwood Holdings, Inc. (a)		—	(h)
	—	(h)	Scotts Miracle-Gro Co. (The), Class A		1
	1		Sensient Technologies Corp.		31
	5		Terra Industries, Inc.		259
	23		Valhi, Inc.		531
	66		Valspar Corp.		1,439
	43		W.R. Grace & Co. (a)		1,098
					29,182
			Commercial Banks — 2.0%
	—	(h)	BancorpSouth, Inc.		5
	23		BOK Financial Corp.		907
	50		City National Corp.		2,460
	—	(h)	Colonial BancGroup, Inc. (The)		—	(h)
	103		Commerce Bancshares, Inc.		4,509
	172		Fifth Third Bancorp		2,397
	—	(h)	First Midwest Bancorp, Inc.		1
	16		Investors Bancorp, Inc. (a)		236
	174		KeyCorp		1,838
	161		Marshall & Ilsley Corp.		2,447
	—	(h)	PacWest Bancorp		2
	—	(h)	Prosperity Bancshares, Inc.		2
	—	(h)	South Financial Group, Inc. (The)		—	(h)
	26		TCF Financial Corp.		333
	—	(h)	UCBH Holdings, Inc.		—	(h)
	43		UMB Financial Corp.		2,341
	—	(h)	Umpqua Holdings Corp.		1
	38		UnionBanCal Corp.		2,016
	193		Wachovia Corp.		3,339
	12		Wells Fargo & Co.		371
	—	(h)	Westamerica Bancorp		3
					23,208
			Commercial Services & Supplies — 1.9%
	—	(h)	Allied Waste Industries, Inc. (a)		—	(h)
	40		Avery Dennison Corp.		1,759
	—	(h)	ChoicePoint, Inc. (a)		4
	40		Clean Harbors, Inc. (a)		3,110
	66		Copart, Inc. (a)		2,889
	38		Corrections Corp. of America (a)		1,061
	58		Covanta Holding Corp. (a)		1,641
	6		Dun & Bradstreet Corp.		561
	54		FTI Consulting, Inc. (a)		3,829
	—	(h)	GEO Group, Inc. (The) (a)		2
	—	(h)	Herman Miller, Inc.		2
	—	(h)	Huron Consulting Group, Inc. (a)		4
	54		Iron Mountain, Inc. (a)		1,560
	33		Mine Safety Appliances Co.		1,076
	29		R.R. Donnelley & Sons Co.		763
	—	(h)	Robert Half International, Inc.		2
	63		Stericycle, Inc. (a)		3,776
					22,039
			Communications Equipment — 1.4%
	24		Ciena Corp. (a)		501
	29		CommScope, Inc. (a)		1,304
	5		EchoStar Corp., Class A (a)		150
	63		JDS Uniphase Corp. (a)		694
	864		Motorola, Inc.		7,469
	—	(h)	Plantronics, Inc.		1
	43		Polycom, Inc. (a)		1,023
	—	(h)	Powerwave Technologies, Inc. (a)		—	(h)
	92		QUALCOMM, Inc.		5,115
	1		Sonus Networks, Inc. (a)		3
	—	(h)	Tellabs, Inc. (a)		—	(h)
					16,260
			Computers & Peripherals — 2.6%
	310		Dell, Inc. (a)		7,615
	120		EMC Corp. (a)		1,805
	20		Intermec, Inc. (a)		374

Highbridge Statistical Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JULY 31, 2008 (Unaudited) (continued)
(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE ($)
			Short Positions — Continued
			Computers & Peripherals — Continued
	59		International Business Machines Corp.		7,550
	105		Lexmark International, Inc., Class A (a)		3,680
	—	(h)	NCR Corp. (a)		—	(h)
	—	(h)	Palm, Inc.		—	(h)
	619		SanDisk Corp. (a)		8,723
	—	(h)	Synaptics, Inc. (a)		4
					29,751
			Construction & Engineering — 0.5%
	85		Quanta Services, Inc. (a)		2,637
	87		URS Corp. (a)		3,660
					6,297
			Construction Materials — 0.2%
	4		Eagle Materials, Inc.		89
	36		Vulcan Materials Co.		2,282
					2,371
			Consumer Finance — 0.7%
	31		American Express Co.		1,166
	152		Capital One Financial Corp.		6,368
	46		Discover Financial Services		673
	8		First Marblehead Corp. (The)		19
	4		Student Loan Corp. (The)		453
					8,679
			Containers & Packaging — 1.1%
	51		AptarGroup, Inc.		1,981
	1		Ball Corp.		51
	102		Bemis Co., Inc.		2,881
	56		Crown Holdings, Inc. (a)		1,563
	—	(h)	Owens-Illinois, Inc. (a)		2
	115		Pactiv Corp. (a)		2,766
	10		Silgan Holdings, Inc.		513
	195		Temple-Inland, Inc.		3,163
					12,920
			Distributors — 0.0% (g)
	—	(h)	LKQ Corp. (a)		1
			Diversified Consumer Services — 1.1%
	—	(h)	Hillenbrand, Inc.		2
	54		ITT Educational Services, Inc. (a)		4,822
	4		Matthews International Corp., Class A		195
	260		Sotheby’s		7,221
					12,240
			Diversified Financial Services — 0.6%
	33		Bank of America Corp.		1,072
	117		Citigroup, Inc.		2,179
	1		CME Group, Inc.		180
	41		Leucadia National Corp.		1,844
	32		Moody’s Corp.		1,129
	—	(h)	PHH Corp. (a)		1
					6,405
			Diversified Telecommunication Services — 0.6%
	—	(h)	Cogent Communications Group, Inc. (a)		—	(h)
	313		Frontier Communications Corp.		3,619
	—	(h)	Level 3 Communications, Inc. (a)		—	(h)
	273		Windstream Corp.		3,250
					6,869
			Electric Utilities — 3.4%
	29		Cleco Corp.		734
	230		Duke Energy Corp.		4,050
	8		Edison International		402
	3		Entergy Corp.		282
	42		Exelon Corp.		3,268
	55		FirstEnergy Corp.		4,063
	55		Great Plains Energy, Inc.		1,398
	168		Hawaiian Electric Industries, Inc.		4,168
	—	(h)	Idacorp, Inc.		2
	41		ITC Holdings Corp.		2,150
	138		Northeast Utilities		3,460
	97		PPL Corp.		4,550
	227		Southern Co.		8,026
	110		Westar Energy, Inc.		2,427
					38,980
			Electrical Equipment — 0.8%
	42		Emerson Electric Co.		2,043
	52		EnerSys (a)		1,691
	67		General Cable Corp. (a)		3,842
	45		GrafTech International Ltd. (a)		1,051
	12		Roper Industries, Inc.		748
					9,375

Highbridge Statistical Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JULY 31, 2008 (Unaudited) (continued)
(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE ($)
			Short Positions — Continued
			Electronic Equipment & Instruments — 0.7%
	30		Amphenol Corp., Class A		1,434
	9		Anixter International, Inc. (a)		580
	38		Arrow Electronics, Inc. (a)		1,224
	91		AVX Corp.		918
	—	(h)	Cogent, Inc. (a)		—	(h)
	—	(h)	Daktronics, Inc.		1
	52		Flir Systems, Inc. (a)		2,103
	50		Tech Data Corp. (a)		1,739
					7,999
			Energy Equipment & Services — 2.8%
	—	(h)	BJ Services Co.		13
	82		Dril-Quip, Inc. (a)		4,464
	110		FMC Technologies, Inc. (a)		6,793
	169		Global Industries Ltd. (a)		2,021
	42		Halliburton Co.		1,900
	39		Helmerich & Payne, Inc.		2,281
	74		Hercules Offshore, Inc. (a)		1,842
	4		Hornbeck Offshore Services, Inc. (a)		187
	5		ION Geophysical Corp. (a)		73
	19		Oceaneering International, Inc. (a)		1,149
	5		Patterson-UTI Energy, Inc.		131
	67		Pride International, Inc. (a)		2,599
	70		Rowan Cos., Inc.		2,775
	30		RPC, Inc.		515
	1		SEACOR Holdings, Inc. (a)		92
	58		Smith International, Inc.		4,324
	21		Tidewater, Inc.		1,237
	—	(h)	W-H Energy Services, Inc. (a)		5
					32,401
			Food & Staples Retailing — 0.4%
	45		Great Atlantic & Pacific Tea Co. (a)		719
	1		Longs Drug Stores Corp.		33
	—	(h)	Safeway, Inc.		3
	63		Wal-Mart Stores, Inc.		3,708
					4,463
			Food Products — 3.4%
	24		Archer-Daniels-Midland Co.		683
	63		Campbell Soup Co.		2,283
	389		ConAgra Foods, Inc.		8,442
	—	(h)	Corn Products International, Inc.		2
	26		Hershey Co. (The)		958
	153		Hormel Foods Corp.		5,536
	33		Kellogg Co.		1,777
	161		Kraft Foods, Inc., Class A		5,113
	138		McCormick & Co., Inc. (Non-Voting)		5,543
	145		Sara Lee Corp.		1,985
	302		Smithfield Foods, Inc. (a)		6,486
	—	(h)	Tootsie Roll Industries, Inc.		2
	59		Tyson Foods, Inc., Class A		885
					39,695
			Gas Utilities — 0.2%
	41		Equitable Resources, Inc.		2,153
	6		UGI Corp.		155
					2,308
			Health Care Equipment & Supplies — 2.5%
	—	(h)	Align Technology, Inc. (a)		1
	—	(h)	American Medical Systems Holdings, Inc. (a)		1
	29		Becton, Dickinson & Co.		2,444
	37		Cooper Cos., Inc. (The)		1,238
	6		CR Bard, Inc.		567
	37		Dentsply International, Inc.		1,495
	136		Edwards Lifesciences Corp (a)		8,519
	17		Hologic, Inc. (a)		318
	20		Inverness Medical Innovations, Inc. (a)		684
	24		Medtronic, Inc.		1,270
	13		NuVasive, Inc. (a)		716
	60		ResMed, Inc. (a)		2,287
	65		St. Jude Medical, Inc. (a)		3,042
	89		Stryker Corp.		5,739
	11		West Pharmaceutical Services, Inc.		488
	6		Zimmer Holdings, Inc. (a)		388
					29,197

Highbridge Statistical Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JULY 31, 2008 (Unaudited) (continued)
(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE ($)
			Short Positions — Continued
			Health Care Providers & Services — 3.0%
	43		Amedisys, Inc. (a)		2,727
	—	(h)	Chemed Corp.		3
	28		Cigna Corp.		1,035
	41		Coventry Health Care, Inc. (a)		1,433
	33		DaVita, Inc. (a)		1,848
	—	(h)	Healthsouth Corp. (a)		1
	—	(h)	Healthways, Inc. (a)		2
	99		Henry Schein, Inc. (a)		5,305
	1		Humana, Inc. (a)		26
	150		Lincare Holdings, Inc. (a)		4,846
	49		Magellan Health Services, Inc. (a)		2,032
	144		Medco Health Solutions, Inc. (a)		7,160
	14		Pediatrix Medical Group, Inc. (a)		671
	52		Psychiatric Solutions, Inc. (a)		1,834
	14		Quest Diagnostics, Inc.		739
	16		Sunrise Senior Living, Inc. (a)		278
	189		Tenet Healthcare Corp. (a)		1,095
	150		UnitedHealth Group, Inc.		4,201
	—	(h)	WellPoint, Inc. (a)		2
					35,238
			Health Care Technology — 0.2%
	—	(h)	Allscripts Healthcare Solutions, Inc. (a)		1
	29		Cerner Corp. (a)		1,295
	53		IMS Health, Inc.		1,101
					2,397
			Hotels, Restaurants & Leisure — 2.3%
	77		Burger King Holdings, Inc.		2,053
	—	(h)	CBRL Group, Inc.		—	(h)
	—	(h)	Cheesecake Factory, Inc. (The) (a)		—	(h)
	13		Choice Hotels International, Inc.		331
	14		Gaylord Entertainment Co. (a)		421
	99		International Game Technology		2,142
	5		Las Vegas Sands Corp. (a)		230
	144		McDonald’s Corp.		8,617
	42		Scientific Games Corp., Class A (a)		1,265
	—	(h)	Sonic Corp. (a)		1
	174		Starbucks Corp. (a)		2,561
	—	(h)	Wendy’s International, Inc.		2
	243		Yum! Brands, Inc.		8,721
					26,344
			Household Durables — 2.2%
	21		Black & Decker Corp.		1,265
	54		D.R. Horton, Inc.		598
	122		Fortune Brands, Inc.		7,009
	95		Leggett & Platt, Inc.		1,852
	142		Lennar Corp., Class A		1,715
	113		Mohawk Industries, Inc. (a)		6,658
	115		Newell Rubbermaid, Inc.		1,895
	—	(h)	NVR, Inc. (a)		48
	177		Pulte Homes, Inc.		2,158
	—	(h)	Ryland Group, Inc.		—	(h)
	47		Tupperware Brands Corp.		1,830
					25,028
			Household Products — 0.4%
	52		Church & Dwight Co., Inc.		2,826
	36		Clorox Co.		1,944
					4,770
			Independent Power Producers & Energy Traders — 0.8%
	108		AES Corp. (The) (a)		1,747
	62		Constellation Energy Group, Inc.		5,128
	—	(h)	Dynegy, Inc., Class A (a)		—	(h)
	43		Ormat Technologies, Inc.		2,061
					8,936
			Industrial Conglomerates — 0.6%
	227		General Electric Co.		6,423
	2		Icahn Enterprises LP		118
	5		Teleflex, Inc.		314
					6,855
			Insurance — 3.1%
	60		Allstate Corp. (The)		2,777
	15		AON Corp.		683
	229		Arthur J. Gallagher & Co.		5,823
	16		Cincinnati Financial Corp.		455
	27		Erie Indemnity Co., Class A		1,160
	28		Fidelity National Financial, Inc., Class A		371

Highbridge Statistical Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JULY 31, 2008 (Unaudited) (continued)
(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE ($)
			Short Positions — Continued
			Insurance — Continued
	7		Hanover Insurance Group, Inc. (The)		300
	3		Hartford Financial Services Group, Inc.		215
	7		Loews Corp.		313
	232		Marsh & McLennan Cos., Inc.		6,552
	67		Mercury General Corp.		3,393
	53		Odyssey Re Holdings Corp.		2,077
	14		Old Republic International Corp.		151
	7		ProAssurance Corp. (a)		321
	295		Progressive Corp. (The)		5,970
	12		Protective Life Corp.		434
	29		StanCorp Financial Group, Inc.		1,428
	38		Torchmark Corp.		2,185
	1		Unitrin, Inc.		17
	41		Unum Group		981
	—	(h)	Wesco Fincancial Corp.		35
	2		Zenith National Insurance Corp.		76
					35,717
			Internet & Catalog Retail — 0.5%
	10		Amazon.com, Inc. (a)		791
	324		Liberty Media Corp. - Interactive, Class A (a)		4,540
					5,331
			Internet Software & Services — 0.7%
	76		Akamai Technologies, Inc. (a)		1,768
	127		eBay, Inc. (a)		3,209
	—	(h)	j2 Global Communications, Inc. (a)		2
	54		Omniture, Inc. (a)		939
	30		VeriSign, Inc. (a)		969
	73		Yahoo!, Inc. (a)		1,455
					8,342
			IT Services — 1.2%
	31		Alliance Data Systems Corp. (a)		1,973
	20		Cognizant Technology Solutions Corp., Class A (a)		563
	10		Computer Sciences Corp. (a)		471
	20		DST Systems, Inc. (a)		1,227
	—	(h)	Electronic Data Systems Corp.		1
	—	(h)	Euronet Worldwide, Inc. (a)		1
	104		Fidelity National Information Services, Inc.		1,967
	5		Gartner, Inc. (a)		128
	9		Hewitt Associates, Inc., Class A (a)		332
	1		MasterCard, Inc., Class A		245
	61		Perot Systems Corp., Class A (a)		1,026
	58		Syntel, Inc.		1,899
	—	(h)	Unisys Corp. (a)		—	(h)
	—	(h)	VeriFone Holdings, Inc. (a)		1
	164		Western Union Co. (The)		4,540
	—	(h)	Wright Express Corp. (a)		1
					14,375
			Leisure Equipment & Products — 1.6%
	—	(h)	Brunswick Corp.		1
	152		Eastman Kodak Co.		2,219
	218		Hasbro, Inc.		8,447
	398		Mattel, Inc.		7,988
	—	(h)	Pool Corp.		1
					18,656
			Life Sciences Tools & Services — 0.6%
	12		Bio-Rad Laboratories, Inc., Class A (a)		1,037
	193		Bruker Corp. (a)		2,662
	34		Covance, Inc. (a)		3,141
	—	(h)	Dionex Corp. (a)		4
	6		Invitrogen Corp. (a)		268
	4		Thermo Fisher Scientific, Inc. (a)		260
					7,372
			Machinery — 3.6%
	73		Caterpillar, Inc.		5,097
	62		Clarcor, Inc.		2,394
	12		Cummins, Inc.		799
	56		Deere & Co.		3,928
	14		Donaldson Co., Inc.		628
	8		Eaton Corp.		582
	24		Flowserve Corp.		3,224
	62		Graco, Inc.		2,264
	10		IDEX Corp.		371
	—	(h)	Ingersoll-Rand Co. Ltd., (Bermuda), Class A		—	(h)
	56		Joy Global, Inc.		4,034
	23		Kaydon Corp.		1,111

Highbridge Statistical Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2008 (Unaudited) (continued)

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE ($)
			Short Positions — Continued
			Machinery — Continued
	17		Lincoln Electric Holdings, Inc.		1,385
	7		Lindsay Corp.		678
	11		Nordson Corp.		783
	117		Pentair, Inc.		4,034
	11		Robbins & Myers, Inc.		572
	20		Sauer-Danfoss, Inc.		574
	9		SPX Corp.		1,110
	—	(h)	Toro Co.		3
	27		Valmont Industries, Inc.		2,847
	89		Wabtec Corp.		4,954
					41,372
			Media — 3.4%
	—	(h)	AH Belo Corp., Class A		—	(h)
	—	(h)	Arbitron, Inc.		3
	—	(h)	Belo Corp., Class A		—	(h)
	24		Cablevision Systems Corp., Class A (a)		591
	1		Citadel Broadcasting Corp. (a)		1
	63		CTC Media, Inc., (Russia) (a)		1,455
	59		Discovery Holding Co., Class A (a)		1,164
	42		DreamWorks Animation SKG, Inc., Class A (a)		1,240
	11		Interactive Data Corp.		319
	318		Interpublic Group of Companies, Inc. (The) (a)		2,795
	92		Lamar Advertising Co., Class A (a)		3,495
	141		Liberty Global, Inc., Class A (a)		4,018
	185		Liberty Media Corp. - Capital, Series A (a)		2,870
	8		Liberty Media Corp. - Entertainment, Series A (a)		187
	—	(h)	McClatchy Co., Class A		—	(h)
	124		McGraw-Hill Cos., Inc. (The)		5,043
	24		Morningstar, Inc. (a)		1,509
	199		Omnicom Group, Inc.		8,505
	102		Regal Entertainment Group, Class A		1,703
	—	(h)	RH Donnelley Corp. (a)		—	(h)
	62		Viacom, Inc., Class B (a)		1,724
	38		Virgin Media, Inc.		430
	89		Walt Disney Co. (The)		2,701
					39,753
			Metals & Mining — 1.7%
	17		Allegheny Technologies, Inc.		824
	18		Cleveland-Cliffs, Inc.		1,987
	71		Commercial Metals Co.		2,114
	—	(h)	Hecla Mining Co. (a)		1
	168		Newmont Mining Corp.		8,081
	20		Nucor Corp.		1,162
	45		Schnitzer Steel Industries, Inc., Class A		4,053
	29		Steel Dynamics, Inc.		924
	25		Titanium Metals Corp.		283
	—	(h)	Worthington Industries, Inc.		1
					19,430
			Multiline Retail — 0.7%
	—	(h)	Dillard’s, Inc., Class A		—	(h)
	77		Dollar Tree, Inc. (a)		2,888
	133		Family Dollar Stores, Inc.		3,096
	12		J.C. Penney Co., Inc.		371
	11		Nordstrom, Inc.		325
	23		Target Corp.		1,044
					7,724
			Multi-Utilities — 3.0%
	48		Alliant Energy Corp.		1,537
	71		Ameren Corp.		2,911
	3		Black Hills Corp.		82
	158		Consolidated Edison, Inc.		6,266
	33		Dominion Resources, Inc.		1,451
	160		MDU Resources Group, Inc.		5,098
	62		NSTAR		1,966
	89		OGE Energy Corp.		2,924
	160		SCANA Corp.		5,797
	114		Sempra Energy		6,410
	30		TECO Energy, Inc.		560
					35,002
			Office Electronics — 0.2%
	142		Xerox Corp.		1,940

Highbridge Statistical Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2008 (Unaudited) (continued)

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE ($)
			Short Positions — Continued
			Oil, Gas & Consumable Fuels — 4.1%
	—	(h)	Alon USA Energy, Inc.		—	(h)
	17		Anadarko Petroleum Corp.		978
	20		Arch Coal, Inc.		1,111
	4		Arena Resources, Inc. (a)		155
	76		Atlas America, Inc.		2,817
	—	(h)	BP Prudhoe Bay Royalty Trust		30
	29		BPZ Resources, Inc. (a)		530
	6		Carrizo Oil & Gas, Inc. (a)		277
	38		Cheniere Energy, Inc. (a)		115
	21		Chesapeake Energy Corp.		1,036
	18		Comstock Resources, Inc. (a)		1,095
	12		Consol Energy, Inc.		919
	44		Denbury Resources, Inc. (a)		1,243
	7		Encore Acquisition Co. (a)		403
	134		EXCO Resources, Inc. (a)		3,483
	178		Frontier Oil Corp.		3,254
	17		Hess Corp.		1,735
	—	(h)	Holly Corp.		13
	145		Newfield Exploration Co. (a)		7,096
	17		Occidental Petroleum Corp.		1,364
	29		Peabody Energy Corp.		1,928
	16		Penn Virginia Corp.		992
	67		PetroHawk Energy Corp. (a)		2,247
	17		Pioneer Natural Resources Co.		986
	4		Plains Exploration & Production Co. (a)		201
	21		Quicksilver Resources, Inc. (a)		536
	27		Range Resources Corp.		1,288
	5		Rosetta Resources, Inc. (a)		114
	65		Spectra Energy Corp.		1,755
	19		St. Mary Land & Exploration Co.		811
	105		Sunoco, Inc.		4,275
	141		Tesoro Corp.		2,175
	58		Valero Energy Corp.		1,925
	5		Whiting Petroleum Corp. (a)		502
					47,389
			Paper & Forest Products — 0.4%
	51		Louisiana-Pacific Corp.		429
	58		MeadWestvaco Corp.		1,564
	49		Weyerhaeuser Co.		2,609
					4,602
			Personal Products — 0.5%
	35		Alberto-Culver Co.		926
	114		Avon Products, Inc.		4,819
	—	(h)	Chattem, Inc. (a)		3
					5,748
			Pharmaceuticals — 2.5%
	56		Allergan, Inc.		2,890
	84		Auxilium Pharmaceuticals, Inc. (a)		3,119
	123		Johnson & Johnson		8,434
	82		Mylan, Inc. (a)		1,065
	45		Perrigo Co.		1,584
	205		Sepracor, Inc. (a)		3,575
	213		Wyeth		8,650
	—	(h)	XenoPort, Inc. (a)		4
					29,321
			Real Estate Investment Trusts (REITs) — 1.6%
	—	(h)	Alexandria Real Estate Equities, Inc.		21
	15		Apartment Investment & Management Co., Class A		510
	8		AvalonBay Communities, Inc.		783
	2		BRE Properties, Inc.		73
	29		Camden Property Trust		1,438
	91		CapitalSource, Inc.		1,062
	103		Duke Realty Corp.		2,549
	—	(h)	Equity One, Inc.		1
	8		Equity Residential		363
	22		Federal Realty Investment Trust		1,583
	15		General Growth Properties, Inc.		420
	26		HCP, Inc.		933
	—	(h)	Kimco Realty Corp.		3
	47		Liberty Property Trust		1,703
	25		Mack-Cali Realty Corp.		977
	33		Nationwide Health Properties, Inc.		1,235
	14		Public Storage		1,155
	34		Regency Centers Corp.		2,039
	51		UDR, Inc.		1,301
					18,149
			Real Estate Management & Development — 0.3%
	149		CB Richard Ellis Group, Inc., Class A (a)		2,095

Highbridge Statistical Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JULY 31, 2008 (Unaudited) (continued)
(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE ($)
			Short Positions — Continued
			Real Estate Management & Development — Continued
	10		Forest City Enterprises, Inc., Class A		269
	—	(h)	Forestar Real Estate Group, Inc. (a)		3
	43		St Joe Co. (The)		1,524
					3,891
			Road & Rail — 0.8%
	122		Heartland Express, Inc.		2,076
	—	(h)	Knight Transportation, Inc.		1
	72		Landstar System, Inc.		3,644
	5		Union Pacific Corp.		435
	108		Werner Enterprises, Inc.		2,580
	—	(h)	YRC Worldwide, Inc. (a)		—	(h)
					8,736
			Semiconductors & Semiconductor Equipment — 3.3%
	17		Analog Devices, Inc.		524
	71		Atheros Communications, Inc. (a)		2,199
	326		Cypress Semiconductor Corp. (a)		8,884
	67		FEI Co. (a)		1,683
	—	(h)	FormFactor, Inc. (a)		—	(h)
	380		Intel Corp.		8,438
	117		International Rectifier Corp. (a)		1,981
	164		LSI Corp. (a)		1,140
	2		Microchip Technology, Inc.		67
	168		Novellus Systems, Inc. (a)		3,430
	205		ON Semiconductor Corp. (a)		1,928
	85		Rambus, Inc. (a)		1,403
	—	(h)	Sigma Designs, Inc. (a)		1
	7		Silicon Laboratories, Inc. (a)		220
	—	(h)	SiRF Technology Holdings, Inc. (a)		1
	—	(h)	Tessera Technologies, Inc. (a)		—	(h)
	25		Texas Instruments, Inc.		602
	49		Varian Semiconductor Equipment Associates, Inc. (a)		1,434
	—	(h)	Verigy Ltd., (Singapore) (a)		—	(h)
	167		Xilinx, Inc.		4,141
					38,076
			Software — 3.3%
	—	(h)	ACI Worldwide, Inc. (a)		—	(h)
	10		Adobe Systems, Inc. (a)		427
	25		ANSYS, Inc. (a)		1,135
	34		BMC Software, Inc. (a)		1,115
	338		Cadence Design Systems, Inc. (a)		2,497
	7		Concur Technologies, Inc. (a)		300
	75		Electronic Arts, Inc. (a)		3,243
	14		FactSet Research Systems, Inc.		830
	70		Jack Henry & Associates, Inc.		1,513
	—	(h)	Lawson Software, Inc. (a)		1
	270		Macrovision Solutions Corp. (a)		4,109
	30		McAfee, Inc. (a)		985
	3		MICROS Systems, Inc. (a)		93
	—	(h)	Net 1 UEPS Technologies, Inc., (South Africa) (a)		—	(h)
	235		Nuance Communications, Inc. (a)		3,654
	392		Oracle Corp. (a)		8,430
	40		Parametric Technology Corp. (a)		767
	330		Red Hat, Inc. (a)		7,060
	1		Sybase, Inc. (a)		40
	84		Synopsys, Inc. (a)		2,016
	—	(h)	TIBCO Software, Inc. (a)		1
	—	(h)	Vasco Data Security International, Inc. (a)		1
					38,217
			Specialty Retail — 4.4%
	81		Abercrombie & Fitch Co., Class A		4,461
	170		Aeropostale, Inc. (a)		5,481
	432		American Eagle Outfitters, Inc.		6,044
	21		AutoZone, Inc. (a)		2,676
	35		Bed Bath & Beyond, Inc. (a)		963
	5		Best Buy Co., Inc.		199
	—	(h)	Borders Group, Inc.		—	(h)
	51		Buckle, Inc. (The)		2,630
	—	(h)	Cabela’s, Inc. (a)		—	(h)
	34		CarMax, Inc. (a)		451
	27		Chico’s FAS, Inc. (a)		149
	9		Circuit City Stores, Inc.		18
	—	(h)	Coldwater Creek, Inc. (a)		—	(h)

Highbridge Statistical Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JULY 31, 2008 (Unaudited) (continued)
(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE ($)
			Short Positions — Continued
			Specialty Retail — Continued
	77		Dick’s Sporting Goods, Inc. (a)		1,359
	39		GameStop Corp., Class A (a)		1,577
	101		Guess?, Inc.		3,209
	121		Limited Brands, Inc.		1,997
	133		Office Depot, Inc. (a)		905
	—	(h)	OfficeMax, Inc.		1
	—	(h)	Sally Beauty Holdings, Inc. (a)		—	(h)
	133		Sherwin-Williams Co. (The)		7,092
	229		Tiffany & Co.		8,638
	7		TJX Cos., Inc.		226
	169		Williams-Sonoma, Inc.		2,939
	—	(h)	Zumiez, Inc. (a)		1
					51,016
			Textiles, Apparel & Luxury Goods — 0.4%
	31		Fossil, Inc. (a)		829
	23		Hanesbrands, Inc. (a)		498
	15		Polo Ralph Lauren Corp.		877
	—	(h)	Quiksilver, Inc. (a)		—	(h)
	—	(h)	Timberland Co., Class A (a)		1
	7		V.F. Corp.		526
	33		Warnaco Group, Inc. (The) (a)		1,387
	—	(h)	Wolverine World Wide, Inc.		2
					4,120
			Thrifts & Mortgage Finance — 0.4%
	27		Capitol Federal Financial		1,088
	25		Fannie Mae		284
	242		Freddie Mac		1,981
	—	(h)	Guaranty Financial Group, Inc. (a)		1
	15		Hudson City Bancorp, Inc.		266
	3		New York Community Bancorp, Inc.		43
	60		People’s United Financial, Inc.		1,025
	—	(h)	PMI Group, Inc. (The)		—	(h)
	—	(h)	Radian Group, Inc.		—	(h)
	—	(h)	Washington Mutual, Inc.		—	(h)
					4,688
			Tobacco — 0.1%
	20		Altria Group, Inc.		410
	11		UST, Inc.		569
					979
			Trading Companies & Distributors — 1.2%
	112		Fastenal Co.		5,463
	97		W.W. Grainger, Inc.		8,643
					14,106
			Water Utilities — 0.0% (g)
	38		Aqua America, Inc.		605
			Wireless Telecommunication Services — 0.5%
	15		Leap Wireless International, Inc. (a)		658
	73		NII Holdings, Inc. (a)		3,973
	21		SBA Communications Corp, Class A (a)		795
					5,426
			Total Short Positions (Proceeds $1,083,395)	$	1,076,650
Percentages indicated are based on net assets.

Highbridge Statistical Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JULY 31, 2008 (Unaudited) (continued)
(Amounts in thousands)

As of July 31, 2008, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:
Aggregate gross unrealized appreciation	$	25,374
Aggregate gross unrealized depreciation		(34,657	)
Net unrealized appreciation/depreciation	($	9,283	)
Federal income tax cost of investments	$	1,160,287

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS :
(a)	Non-income producing security.
(b)	Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc. or JPMorgan Investment Advisors Inc.
(g)	Amount rounds to less than 0.1%
(h)	Amount rounds to less than one thousand (shares or dollars).
(j)	All or a portion of these securities are segregated for short sales.

JPMorgan Asia Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2008 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE ($)
		Long-Term Investments — 93.4%
		Common Stocks — 93.4%
		China — 19.0%
	17,000	Belle International Holdings Ltd.		17,404
	65,000	China Construction Bank Corp., Class H		56,685
	9,300	China COSCO Holdings Co., Ltd., Class H		22,173
	43,000	China Hongxing Sports Ltd.		14,855
	13,800	China Merchants Bank Co., Ltd., Class H		49,729
	5,500	China National Building Material Co., Ltd., Class H		10,557
	32,000	China Petroleum & Chemical Corp., Class H		33,418
	5,000	China Sky Chemical Fibre Co., Ltd.		2,952
	6,500	Guangzhou R&F Properties Co., Ltd., Class H		13,246
	33,897	Soho China Ltd.		19,900
	16,000	Synear Food Holdings Ltd.		5,020
				245,939
		Hong Kong — 19.0%
	15,500	AMVIG Holdings Ltd.		15,606
	15,500	Cathay Pacific Airways Ltd.		29,658
	4,200	China Mobile Ltd.		56,113
	8,000	China Netcom Group Corp., Ltd.		24,269
	2,000	Esprit Holdings Ltd.		21,281
	19,860	Huabao International Holdings Ltd.		15,883
	4,434	Kerry Properties Ltd.		23,417
	3,300	Li & Fung Ltd.		11,147
	20,000	Nine Dragons Paper Holdings Ltd.		15,467
	13,500	Pacific Basin Shipping Ltd.		18,932
	11,000	Shimao Property Holdings Ltd.		13,565
				245,338
		India — 7.4%
	590	ICICI Bank Ltd., ADR		17,470
	480	Larsen & Toubro Ltd., GDR		28,896
	475	Reliance Industries Ltd., GDR (e)		48,592
				94,958
		Indonesia — 7.2%
	43,000	Bank Rakyat Indonesia		28,504
	80,000	Indofood Sukses Makmur Tbk PT (a)		19,797
	15,761	Telekomunikasi Indonesia Tbk PT		13,101
	25,750	United Tractors Tbk PT		31,974
				93,376
		Malaysia — 2.0%
	15,000	IOI Corp. BHD		26,336
		Singapore — 11.8%
	40,000	Golden Agri-Resources Ltd.		20,670
	4,900	Keppel Corp., Ltd.		37,834
	25,000	Olam International Ltd.		40,991
	8,300	SembCorp Industries Ltd.		27,143
	8,000	Wilmar International Ltd.		25,572
				152,210
		South Korea — 18.7%
	200	Daelim Industrial Co.		17,886
	703	Digitech Systems Co., Ltd. (a)		10,041
	565	Kangwon Land, Inc.		13,391
	700	Kookmin Bank		39,694
	350	LG Corp.		22,353
	196	LG Electronics, Inc.		20,024
	34	Samsung Electronics Co., Ltd.		18,811
	320	Samsung Engineering Co., Ltd.		24,714
	165	Samsung Fire & Marine Insurance Co., Ltd.		32,555
	740	Samsung Heavy Industries Co., Ltd.		28,140
	29	Shinsegae Co., Ltd.		14,670
				242,279
		Taiwan — 7.2%
	9,300	Asia Cement Corp.		13,583
	11,550	Cathay Financial Holding Co., Ltd.		22,248
	10,000	Chunghwa Telecom Co., Ltd. (a)		25,311
	5,341	HON HAI Precision Industry Co., Ltd.		25,813
	4,089	InnoLux Display Corp.		6,365
				93,320

JPMorgan Asia Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2008 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE ($)
		Long-Term Investments — Continued
		Thailand — 1.1%
	6,200	Siam Commercial Bank pcl, Foreign Shares		13,885
		Total Investments — 93.4% (Cost $1,293,021)		1,207,641
		Other Assets in Excess of Liabilities — 6.6%		85,972
		NET ASSETS — 100.0%	$	1,293,613

Percentages indicated are based on net assets.

Summary of Investments by Industry, July 31, 2008

The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:

Industry	Percentage
Commercial Banks	17.0	%
Food Products	8.1
Industrial Conglomerates	7.2
Oil, Gas & Consumable Fuels	6.8
Construction & Engineering	5.9
Real Estate Management & Development	5.8
Diversified Telecommunication Services	5.2
Machinery	5.0
Wireless Telecommunication Services	4.6
Food & Staples Retailing	4.6
Insurance	4.5
Marine	3.4
Specialty Retail	3.2
Airlines	2.5
Electronic Equipment & Instruments	2.1
Construction Materials	2.0
Household Durables	1.7
Semiconductors & Semiconductor Equipment	1.6
Textiles, Apparel & Luxury Goods	1.5
Computers & Peripherals	1.4
Chemicals	1.3
Containers & Packaging	1.3
Paper & Forest Products	1.3
Hotels, Restaurants & Leisure	1.1
Others (each less than 1.0%)	0.9

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:
ADR	—  American Depositary Receipt
GDR	—  Global Depositary Receipt
(a)	Non-income producing security.
(e)	Security is exempt from registration under Rule 144A of the Securities Act of 1933. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
The value and percentage based on total investments of the investments that apply the fair valuation policy for the international investments are approximately $1,176,286,000 and 97.4%, respectively.
As of July 31, 2008, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	58,455
Aggregate gross unrealized depreciation		(143,835	)
Net unrealized appreciation/depreciation	($	85,380	)
Federal income tax cost of investments	$	1,293,021

JPMorgan China Region Fund

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JULY 31, 2008
(Amounts in thousands) (Unaudited)

SHARES		SECURITY DESCRIPTION	VALUE ($)
		Long-Term Investments — 99.1%
		Common Stocks — 99.1%
		China — 32.5%
	121	Asia Cement China Holdings Corp. (a)		84
	114	Belle International Holdings Ltd.		117
	74	Bosideng International Holdings Ltd. (a)		12
	1,030	China Construction Bank Corp., Class H		898
	58	China COSCO Holdings Co., Ltd., Class H		139
	152	China Life Insurance Co., Ltd., Class H		572
	154	China Merchants Bank Co., Ltd., Class H		555
	54	China National Building Material Co., Ltd., Class H		104
	518	China Petroleum & Chemical Corp., Class H		541
	73	China Railway Construction Corp., Class H (a)		112
	81	China Shenhua Energy Co., Ltd., Class H		297
	327	China Shipping Container Lines Co., Ltd., Class H		105
	244	China Vanke Co., Ltd., Class B		283
	48	Guangzhou R&F Properties Co., Ltd., Class H		97
	102	Parkson Retail Group Ltd.		140
	3	Perfect World Co., Ltd., ADR (a)		75
	25	Tencent Holdings Ltd.		223
	13	Yantai Changyu Pioneer Wine Co., Class B		81
				4,435
		Hong Kong — 38.8%
	44	BOC Hong Kong Holdings Ltd.		111
	48	Cathay Pacific Airways Ltd.		92
	38	Cheung Kong Holdings Ltd.		526
	68	Cheung Kong Infrastructure Holdings Ltd.		299
	80	China Mobile Ltd.		1,066
	89	China Netcom Group Corp., Ltd.		270
	63	China Resources Power Holdings Co.		140
	122	China Unicom Ltd.		250
	320	CNOOC Ltd.		472
	12	Dah Sing Financial Holdings Ltd.		97
	19	Esprit Holdings Ltd.		201
	60	Hang Lung Properties Ltd.		188
	17	Hang Seng Bank Ltd.		337
	11	Hong Kong Exchanges and Clearing Ltd.		155
	92	Hutchison Telecommunications International Ltd. (a)		120
	15	Hutchison Whampoa Ltd.		140
	35	Kerry Properties Ltd.		186
	61	Li Ning Co., Ltd.		147
	27	Lifestyle International Holdings Ltd.		40
	18	Sun Hung Kai Properties Ltd.		267
	43	Wharf Holdings Ltd.		190
				5,294
		Taiwan — 27.8%
	90	Acer, Inc.		185
	47	Asia Cement Corp.		68
	222	AU Optronics Corp.		248
	173	Cathay Financial Holding Co., Ltd.		334
	257	Chinatrust Financial Holding Co., Ltd.		186
	42	Chroma ATE, Inc.		75
	145	Chunghwa Telecom Co., Ltd. (a)		367
	199	First Financial Holding Co., Ltd.		167
	60	Formosa Plastics Corp.		127
	90	HON HAI Precision Industry Co., Ltd.		436
	12	HTC Corp.		188
	21	MediaTek, Inc.		220
	36	Powertech Technology, Inc.		103
	12	Shin Zu Shing Co. Ltd.		56
	84	Siliconware Precision Industries Co.		109
	30	Taiwan Fertilizer Co., Ltd.		108
	356	Taiwan Semiconductor Manufacturing Co., Ltd.		644
	36	Tripod Technology Corp.		91
	62	Wistron Corp. (a)		90
				3,802
		Total Investments — 99.1% (Cost $14,009)		13,531
		Other Assets in Excess of Liabilities — 0.9%		122
		NET ASSETS — 100.0%	$	13,653
		Percentages indicated are based on net assets.

JPMorgan China Region Fund

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JULY 31, 2008
(Amounts in thousands) (Unaudited) (continued)

Summary of Investments by Industry, July 31, 2008

The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:

Industry	Percentage
Commercial Banks	17.4	%
Real Estate Management & Development	12.8
Wireless Telecommunication Services	10.6
Oil, Gas & Consumable Fuels	9.7
Semiconductors & Semiconductor Equipment	8.0
Insurance	6.7
Electronic Equipment & Instruments	6.3
Diversified Telecommunication Services	4.7
Computers & Peripherals	3.4
Specialty Retail	2.3
Electric Utilities	2.2
Construction Materials	1.9
Marine	1.8
Chemicals	1.7
Internet Software & Services	1.6
Multiline Retail	1.3
Diversified Financial Services	1.1
Leisure Equipment & Products	1.1
Industrial Conglomerates	1.0
Independent Power Producers & Energy Traders	1.0
Others (each less than 1.0%)	3.4

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS :

ADR     — American Depositary Receipt

(a)	Non-income producing security.
The value and percentage based on total investments of the investments that apply the fair valuation policy for the international investments are approximately $13,456,000 and 99.4%, respectively
As of July 31, 2008, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	567
Aggregate gross unrealized depreciation		(1,045	)
Net unrealized appreciation/depreciation	($	478	)
Federal income tax cost of investments	$	14,009

JPMorgan Emerging Economies Fund

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JULY 31, 2008 (Unaudited)
(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE ($)
			Long-Term Investments — 98.9%
			Common Stocks — 86.8%
			Brazil — 10.5%
	5		Centrais Eletricas Brasileiras S.A. (m)		88
	1		Cia de Saneamento Basico do Estado de Sao Paulo, ADR (m)		58
	4		Companhia Vale do Rio Doce, ADR (m)		134
	5		Petroleo Brasileiro S.A., ADR (m)		297
	2		Tele Norte Leste Participacoes S.A., ADR (m)		36
	1		Unibanco - Uniao de Bancos Brasileiros S.A., GDR (m)		82
					695
			China — 5.2%
	38		BYD Co., Ltd., Class H		38
	144		China Construction Bank Corp., Class H (m)		125
	34		China COSCO Holdings Co., Ltd., Class H (m)		80
	22		China Shipping Development Co., Ltd., Class H (m)		67
	52		Industrial & Commercial Bank of China, Class H (m)		39
					349
			Egypt — 2.9%
	8		Commercial International Bank (m)		73
	2		Egyptian Co. for Mobile Services (m)		64
	6		Egyptian Financial Group-Hermes Holding (m)		56
					193
			Hong Kong — 5.8%
	60		Chaoda Modern Agriculture (m)		69
	8		China Mobile Ltd. (m)		107
	66		CNOOC Ltd. (m)		97
	162		Denway Motors Ltd. (m)		57
	23		Industrial and Commercial Bank of China Asia Ltd. (m)		55
					385
			Hungary — 1.4%
	2		OTP Bank Nyrt (a) (m)		90
			Indonesia — 3.6%
	28		Astra Agro Lestari Tbk PT (m)		67
	53		Perusahaan Perkebunan London Sumatra Indonesia Tbk PT (a) (m)		45
	31		PT Astra International Tbk (m)		76
	15		Timah Tbk PT (m)		52
					240
			Israel — 3.7%
	17		Bank Leumi Le-Israel BM (m)		73
	2		Cellcom Israel Ltd. (m)		53
	3		Israel Chemicals Ltd. (m)		62
	3		Partner Communications (m)		55
					243
			Luxembourg — 0.7%
	—	(h)	Evraz Group S.A., GDR (m)		48
			Mexico — 1.2%
	1		America Movil S.A.B. de C.V., Series L, ADR (m)		26
	32		Grupo Mexico S.A.B. de C.V., Class B (m)		56
					82
			Philippines — 0.9%
	1		Philippine Long Distance Telephone Co., ADR (m)		62
			Poland — 2.2%
	1		KGHM Polska Miedz S.A. (m)		59
	8		Telekomunikacja Polska S.A. (m)		84
					143
			Russia — 12.9%
	6		Gazprom OAO, ADR (m)		286
	2		Gazpromneft OAO, ADR (m)		71
	2		LUKOIL OAO, ADR (a) (m)		132
	4		MMC Norilsk Nickel, ADR (m)		80
	1		Mobile Telesystems OJSC, ADR (m)		71
	1		Novolipetsk Steel OJSC, GDR (m)		62
	6		Raspadskaya (m)		42
	3		Severstal, ADR (m)		51
	1		Tatneft, GDR (m)		61
					856
			Singapore — 0.8%
	170		Mercator Lines Singapore Ltd. (m)		52
			South Africa — 4.2%
	2		ArcelorMittal South Africa Ltd. (m)		59
	2		Impala Platinum Holdings Ltd. (m)		82

JPMorgan Emerging Economies Fund

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JULY 31, 2008 (Unaudited) (continued)
(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE ($)
			Long-Term Investments — Continued
			South Africa — Continued
	3		Sasol Ltd. (m)		136
					277
			South Korea — 12.3%
	1		Hyundai Marine & Fire Insurance Co. Ltd. (m)		29
	1		Hyundai Motor Co. (m)		77
	6		Korea Exchange Bank (m)		77
	—	(h)	Korea Line Corp. (m)		77
	1		KT&G Corp. (m)		82
	1		LG Chem Ltd. (m)		75
	1		LG Corp. (m)		74
	1		LG Display Co., Ltd. (m)		15
	1		LG Electronics, Inc. (m)		68
	—	(h)	Samsung Electronics Co., Ltd. (m)		199
	1		SFA Engineering Corp. (m)		43
					816
			Taiwan — 13.7%
	11		Acer, Inc., GDR (m)		116
	7		AU Optronics Corp., ADR (m)		82
	3		China Steel Corp., GDR (m)		75
	15		Compal Electronics, Inc., GDR (m)		71
	43		Far Eastern Textile Co., Ltd. (m)		55
	9		Farglory Land Development Co., Ltd. (m)		23
	59		First Financial Holding Co., Ltd. (m)		49
	4		HTC Corp. (m)		61
	14		Huaku Development Co. Ltd. (a) (m)		34
	33		Hung Poo Real Estate Development Corp. (m)		39
	37		Quanta Computer, Inc. (m)		53
	14		Sincere Navigation (m)		25
	14		Taiwan Semiconductor Manufacturing Co., Ltd., ADR (m)		131
	27		Tung Ho Steel Enterprise Corp. (m)		42
	9		U-Ming Marine Transport Corp. (m)		24
	28		WPG Holdings Co. Ltd. (a) (m)		32
					912
			Thailand — 1.7%
	9		PTT Pcl - Foreign Shares (m)		68
	41		Thoresen Thai Agencies Pcl (m)		45
					113
			Turkey — 3.1%
	5		Eregli Demir ve Celik Fabrikalari TAS (m)		40
	2		KOC Holding AS (a) (m)		9
	3		Tupras Turkiye Petrol Rafine (m)		93
	9		Turkcell Iletisim Hizmet AS (m)		67
					209
			Total Common Stocks (Cost $6,625)		5,765
			Participation Notes — 7.7% (m)
			India — 7.7%
	4		Bajaj Holdings and Investments, expiring 05/17/10		33
	11		Bank of India, expiring 05/02/11 (e)		70
	7		Bharat Petroleum Corp., Ltd., expiring 09/02/10		55
	6		Indian Oil Corp., Ltd., expiring 12/13/10		55
	3		Oil & Natural Gas Corp., Ltd., expiring 01/18/10 (e)		79
	5		Orbit Corp. Ltd., expiring 12/11/12 (e)		29
	30		Petronet LNG Ltd., expiring 08/22/08		42
	5		Punjab National Bank, expiring 11/22/10		53
	3		Tata Steel Ltd., expiring 01/24/17		48
	16		Union Bank Of India, expiring 12/31/49 (m)		50
			Total Participation Notes (Cost $665)		514
			Preferred Stocks — 4.4% (m)
			Brazil — 4.4%
	2		Cia de Transmissao de Energia Eletrica Paulista		71
	3		Cia Paranaense de Energia		63
	3		Eletropaulo Metropolitana Eletricidade de Sao Paulo S.A.		84
	2		Usinas Siderurgicas de Minas Gerais S.A., Series A		76
			Total Preferred Stocks (Cost $255)		294

JPMorgan Emerging Economies Fund

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JULY 31, 2008 (Unaudited) (continued)
(Amounts in thousands)

NUMBER OF RIGHTS			SECURITY DESCRIPTION	VALUE ($)
			Rights — 0.0% (m)
			Taiwan — 0.0%
	—	(h)	Farglory Land Development, expiring 08/15/08 (a) (Cost $—)		—
			Total Investments — 98.9% (Cost $7,545)		6,573
			Other Assets in Excess of Liabilities — 1.1%		71
			NET ASSETS — 100.0%	$	6,644

Percentages indicated are based on net assets.

Summary of Investments by Industry, July 31, 2008

The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:

Industry	Percentage
Oil, Gas & Consumable Fuels	20.3	%
Metals & Mining	15.3
Commercial Banks	11.9
Wireless Telecommunication Services	7.7
Marine	5.6
Semiconductors & Semiconductor Equipment	5.0
Electric Utilities	4.7
Computers & Peripherals	4.6
Capital Markets	4.2
Automobiles	3.2
Food Products	2.8
Electronic Equipment & Instruments	2.6
Chemicals	2.1
Industrial Conglomerates	2.1
Real Estate Management & Development	1.9
Diversified Telecommunication Services	1.8
Tobacco	1.2
Household Durables	1.0
Others (each less than 1.0%)	2.0

As of July 31, 2008, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	123
Aggregate gross unrealized depreciation		(1,095	)
Net unrealized appreciation/depreciation	$	(972	)
Federal income tax cost of investments	$	7,545

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:
ADR —	American Depositary Receipt
GDR —	Global Depositary Receipt

(a)	Non-income producing security.
(e)	Security is exempt from registration under Rule144A of the Securities Act of 1933. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(h)	Amount rounds to less than one thousand (shares or dollars).
(m)	All or a portion of this security is reserved for current or potential holdings of futures, swaps, options, TBAs, when-issued securities, delayed delivery securities, reverse repurchase agreements, and forward currency contracts.
The value and percentage based on total investments of the investments that apply the fair valuation policy for the international investments are $4,283 and 65.2%, respectively.

In September 2006, the Statement of Financial Accounting Standards No. 157 - Fair Value Measurements- (“SFAS 157”), was issued and is effective for fiscal years beginning after November 15, 2007. SFAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. SFAS 157 requires disclosure surrounding the various inputs that are used in determining the value of the Portfolio’s investments. These inputs are summarized into the three broad levels listed below.

• Level 1 – quoted prices in active markets for identical securities

• Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

• Level 3 – significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used as of July 31, 2008, in valuing the Portfolio’s assets and liabilities carried at fair value (amounts in thousands):

Valuation Inputs	Investments in Securities		Other Financial Investments*
JPMorgan Emerging Economies Fund
Level 1	$	539	$	—
Level 2		6,034		—
Level 3		—		—
Total	$	6,573	$	—
* Other financial instruments include futures, forwards and swap contracts.

JPMorgan Emerging Markets Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JULY 31, 2008 (Unaudited)
(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE ($)
			Long-Term Investments — 93.9%(m)
			Common Stocks — 82.9%
			Argentina — 1.6%
	101		Banco Macro S.A., ADR		1,904
	109		Tenaris S.A., ADR		6,588
					8,492
			Austria — 1.2%
	53		Raiffeisen International Bank Holding AG (c)		6,607
			Brazil — 6.5%
	1,234		Cia Vale do Rio Doce, ADR		32,292
	187		Gol Linhas Aereas Inteligentes S.A., ADR		1,912
					34,204
			Chile — 0.8%
	89		Banco Santander Chile S.A., ADR		4,048
			China — 4.3%
	1,066		Anhui Conch Cement Co., Ltd., Class H (a)		6,220
	2,831		China Merchants Bank Co., Ltd., Class H		10,202
	2,276		China National Building Material Co., Ltd., Class H		4,369
	850		Tsingtao Brewery Co., Ltd., Class H		1,822
					22,613
			Egypt — 1.8%
	75		Orascom Construction Industries		5,480
	394		Orascom Telecom Holding SAE		4,220
					9,700
			Hong Kong — 8.5%
	4,304		Agile Property Holdings Ltd.		4,008
	1,568		China Mobile Ltd.		20,942
	580		Esprit Holdings Ltd.		6,176
	9,624		GOME Electrical Appliances Holdings Ltd.		4,035
	1,150		Li & Fung Ltd.		3,885
	2,868		Shimao Property Holdings Ltd.		3,537
	902		Yue Yuen Industrial Holdings Ltd.		2,327
					44,910
			Hungary — 1.1%
	132		OTP Bank Nyrt., ADR (a) (e)		3,109
	—	(h)	Richter Gedeon Nyrt.		46
	11		Richter Gedeon Nyrt., ADR (e)		2,584
					5,739
			India — 10.0%
	247		ACC Ltd.		3,358
	829		Ambuja Cements Ltd., GDR		1,600
	622		Bharti Airtel Ltd. (a)		11,605
	268		Housing Development Finance Corp., Ltd.		14,208
	252		Indiabulls Real Estate Ltd. (a)		1,678
	122		Infosys Technologies Ltd.		4,524
	104		Infosys Technologies Ltd., ADR		4,091
	324		Reliance Capital Ltd.		9,793
	503		Zee Entertainment Enterprises Ltd.		2,275
					53,132
			Indonesia — 2.0%
	5,746		Bank Rakyat Indonesia		3,809
	123		Telekomunikasi Indonesia Tbk PT, ADR		4,045
	3,783		Unilever Indonesia Tbk PT		2,853
					10,707
			Israel — 1.1%
	132		Teva Pharmaceutical Industries Ltd., ADR		5,924
			Malaysia — 0.7%
	299		British American Tobacco Malaysia Bhd		3,708
			Mexico — 9.0%
	360		America Movil S.A.B. de C.V., Series L, ADR		18,176
	225		Cemex S.A.B. de C.V., ADR (a)		4,786
	355		Fomento Economico Mexicano S.A.B. de C.V., ADR		16,264
	1,885		Grupo Financiero Banorte S.A.B. de C.V., Class O (c)		8,114
					47,340
			Russia — 4.6%
	118		Gazprom OAO, ADR		5,627
	181		Mechel, ADR		3,838
	3,498		Sberbank		10,287
	179		Vimpel-Communications, ADR		4,512
					24,264
			South Africa — 12.3%
	1,402		African Bank Investments Ltd.		5,249
	73		Anglo American plc		4,174
	2,281		FirstRand Ltd.		5,141
	358		Impala Platinum Holdings Ltd.		11,865
	435		Massmart Holdings Ltd.		4,421

JPMorgan Emerging Markets Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JULY 31, 2008 (Unaudited) (continued)
(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE ($)
		Long-Term Investments — Continued
		South Africa — Continued
	757	MTN Group Ltd.		12,959
	2,217	Netcare Ltd. (a)		2,150
	295	Sasol Ltd.		15,735
	1,533	Steinhoff International Holdings Ltd.		3,314
				65,008
		South Korea — 10.0%
	56	Hyundai Mobis		4,886
	79	Hyundai Motor Co.		5,495
	113	Kookmin Bank		6,381
	237	KT&G Corp., GDR (e)		10,510
	15	POSCO		8,245
	17	Samsung Electronics Co., Ltd.		9,410
	15	Shinsegae Co., Ltd.		7,776
				52,703
		Taiwan — 4.3%
	1,977	HON HAI Precision Industry Co., Ltd.		9,553
	478	President Chain Store Corp.		1,472
	636	Taiwan Semiconductor Manufacturing Co., Ltd., ADR		6,044
	3,069	Taiwan Semiconductor Manufacturing Co., Ltd.		5,543
				22,612
		Turkey — 1.5%
	492	Akbank TAS		2,727
	446	Anadolu Efes Biracilik Ve Malt Sanayii AS		5,010
				7,737
		United Arab Emirates — 1.6%
	2,986	Emaar Properties PJSC		8,535
		Total Common Stocks (Cost $320,195)		437,983
		Preferred Stocks — 11.0%
		Brazil — 11.0%
	574	Banco Itau Holding Financeira S.A.		12,171
	78	Cia de Bebidas das Americas, ADR		4,602
	904	Petroleo Brasileiro S.A., ADR		41,447
		Total Preferred Stocks (Cost $20,548)		58,220
		Total Long-Term Investments (Cost $340,743)		496,203
		Short-Term Investment — 5.5%
		Investment Company — 5.5%
	29,130	JPMorgan Prime Money Market Fund, Institutional Class (b) (Cost $29,130)		29,130

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE ($)
		Investments of Cash Collateral for Securities on Loan — 1.6%
		Repurchase Agreements — 1.6%
	1,763	Banc of America Securities LLC, 2.21%, dated 07/31/08, due 08/01/08, repurchase price $1,763, collateralized by U.S. Government Agency Mortgages		1,763
	1,700	Barclays Capital, 2.20%, dated 07/31/08, due 08/01/08, repurchase price $1,700, collateralized by U.S. Government Agency Mortgages		1,700
	1,700	Citigroup Global Markets, Inc., 2.20%, dated 07/31/08, due 08/01/08, repurchase price $1,700, collateralized by U.S. Government Agency Mortgages		1,700
	1,500	Credit Suisse (USA) LLC, 2.15%, dated 07/31/08, due 08/01/08, repurchase price $1,500, collateralized by U.S. Government Agency Mortgages		1,500
	1,800	Merrill Lynch Securities, 2.20%, dated 07/31/08, due 08/01/08, repurchase price $1,800, collateralized by U.S. Government Agency Mortgages		1,800
		Total Investments of Cash Collateral for Securities on Loan (Cost $8,463)		8,463
		Total Investments — 101.0% (Cost $378,336 )		533,796
		Liabilities in Excess of Other Assets — (1.0)%		(5,373	)
		NET ASSETS — 100.0%	$	528,423

Percentages indicated are based on net assets.

JPMorgan Emerging Markets Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JULY 31, 2008 (Unaudited) (continued)
(Amounts in thousands)

Summary of Investments by Industry, July 31, 2008

The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:

(excluding Investments of Cash Collateral for Securities on Loan):

Industry	Percentage
Commercial Banks	13.2	%
Wireless Telecommunication Services	12.9
Oil, Gas & Consumable Fuels	12.0
Metals & Mining	11.5
Beverages	5.3
Semiconductors & Semiconductor Equipment	4.0
Construction Materials	3.9
Diversified Financial Services	3.8
Real Estate Management & Development	3.4
Tobacco	2.7
Thrifts & Mortgage Finance	2.7
Food & Staples Retailing	2.6
Specialty Retail	1.9
Electronic Equipment & Instruments	1.8
IT Services	1.6
Diversified Telecommunication Services	1.6
Pharmaceuticals	1.6
Energy Equipment & Services	1.3
Automobiles	1.0
Construction & Engineering	1.0
Short-Term Investment	5.5
Others (each less than 1.0%)	4.7

As of July 31, 2008, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	187,036
Aggregate gross unrealized depreciation		(31,576	)
Net unrealized appreciation/depreciation	$	155,460
Federal income tax cost of investments	$	378,336

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS :
ADR	—	American Depositary Receipt
GDR	—	Global Depositary Receipt

(a)	Non-income producing security.
(b)	Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(c)	Security, or a portion of the security, has been delivered to a counterparty as part of a security lending transaction.
(e)	Security is exempt from registration under Rule 144A of the Securities Act of 1933. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(h)	Amount rounds to less than one thousand (shares or dollars).
(m)	All or a portion of this security is reserved for current or potential holdings of futures, swaps, options, TBAs, when-issued securities, delayed delivery securities, reverse repurchase agreements, and forward currency contracts.
	The value and percentage based on total investments (excluding Investments of Cash Collateral for Securities on Loan) of the investments that apply the fair valuation policy for the international investments are approximately $299,241,000 and 57.0%, respectively.

JPMorgan Global Focus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2008 (Unaudited)
(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE ($)
			Long-Term Investments — 100.0%
			Common Stocks — 100.0%
			Australia — 1.8%
	8		International Ferro Metals Ltd. (a) (m)		13
	1		Macquarie Group Ltd.		34
					47
			Austria — 3.0%
	1		Intercell AG (a) (m)		66
	—	(h)	Schoeller-Bleckmann Oilfield Equipment AG (m)		13
					79
			China — 2.0%
	4		Anhui Conch Cement Co., Ltd., Class H (a) (m)		23
	28		Belle International Holdings Ltd. (m)		29
					52
			Finland — 1.1%
	1		Nokia OYJ (m)		29
			France — 8.2%
	—	(h)	Alstom S.A.		39
	—	(h)	Compagnie Generale des Etablissements Michelin, Class B (m)		16
	1		GDF Suez (m)		39
	2		Rhodia S.A. (m)		42
	1		Sodexo (m)		52
	1		Vivendi (m)		26
					214
			Germany — 5.7%
	1		Bayer AG		56
	—	(h)	E.ON AG (m)		28
	1		Lanxess AG (m)		36
	—	(h)	Wincor Nixdorf AG (m)		27
					147
			Greece — 2.5%
	4		Corinth Pipeworks S.A. (a) (m)		19
	3		Sidenor Steel Products Manufacturing Co. S.A. (m)		47
					66
			Hong Kong — 1.0%
	9		Hengan International Group Co. Ltd. (m)		27
			India — 1.3%
	1		Reliance Capital Ltd., ADR (m)		34
			Israel — 1.5%
	5		Makhteshim-Agan Industries Ltd. (m)		40
			Japan — 6.7%
	—	(h)	Japan Tobacco, Inc. (m)		51
	1		Mitsubishi Corp. (m)		26
	—	(h)	Nintendo Co., Ltd. (m)		49
	1		Shiseido Co., Ltd. (m)		22
	1		Yakult Honsha Co., Ltd.		26
					174
			Netherlands — 3.7%
	3		Koninklijke KPN N.V.		47
	1		Royal Dutch Shell plc, Class A (m)		26
	3		Vimetco N.V., GDR (a) (m)		22
					95
			Norway — 0.7%
	2		Sevan Marine ASA (a) (m)		18
			Panama — 0.7%
	—	(h)	Willbros Group, Inc. (a) (m)		19
			Russia — 1.1%
	2		Magnitogorsk Iron & Steel Works, GDR (m)		28
			South Africa — 1.0%
	7		African Bank Investments Ltd. (m)		26
			Spain — 2.9%
	2		Banco Santander S.A. (m)		43
	1		Telefonica S.A. (m)		32
					75
			Switzerland — 4.4%
	1		Nestle S.A. (m)		58
	—	(h)	Roche Holding AG (m)		56
					114
			Taiwan — 0.9%
	2		HON HAI Precision Industry Co., Ltd., GDR (m)		23

JPMorgan Global Focus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2008 (Unaudited) (continued)
(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE ($)
			Long-Term Investments — Continued
			United Arab Emirates — 1.2%
	3		Lamprell plc (m)		30
			United Kingdom — 16.8%
	11		Afren plc (a)		27
	13		Aricom plc (a) (m)		14
	5		BAE Systems plc (m)		44
	9		Beazley Group plc (m)		21
	2		Cadbury plc (m)		19
	3		HBOS plc (m)		16
	2		Hikma Pharmaceuticals plc (m)		14
	1		Imperial Tobacco Group plc (m)		31
	7		International Power plc (m)		57
	1		Reckitt Benckiser Group plc (m)		33
	7		Royal Bank of Scotland Group plc (m)		29
	1		Shire Ltd. (m)		22
	13		TUI Travel plc (m)		49
	22		Vodafone Group plc (m)		59
					435
			United States — 31.8%
	1		Abbott Laboratories (m)		30
	1		Bank of America Corp. (m)		39
	—	(h)	Celgene Corp. (a) (m)		31
	2		Cisco Systems, Inc. (a) (m)		53
	2		Corning, Inc. (m)		34
	—	(h)	CR Bard, Inc. (m)		43
	—	(h)	Edison International (m)		18
	—	(h)	FirstEnergy Corp. (m)		19
	1		General Mills, Inc. (m)		39
	—	(h)	Goldman Sachs Group, Inc. (The) (m)		64
	2		Merck & Co., Inc. (m)		57
	3		News Corp., Class B (m)		39
	1		Norfolk Southern Corp. (m)		55
	—	(h)	PACCAR, Inc. (m)		18
	1		Paychex, Inc. (m)		20
	1		Quanta Services, Inc. (a) (m)		30
	1		Safeway, Inc. (m)		27
	1		Staples, Inc. (m)		29
	1		SYSCO Corp. (m)		37
	2		TD AMERITRADE Holding Corp. (a) (m)		38
	1		Verizon Communications, Inc. (m)		34
	1		Walt Disney Co. (The) (m)		43
	1		Xilinx, Inc. (m)		27
					824
			Total Investments — 100.0% (Cost $2,678)		2,596
			Liabilities in Excess of Other Assets — 0.0%		(1	)
			NET ASSETS — 100.0%	$	2,595

Percentages indicated are based on net assets.

Summary of Investments by Industry, July 31, 2008

The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:

Industry	Percentage
Pharmaceuticals	9.1	%
Metals & Mining	5.5
Food Products	5.5
Capital Markets	5.2
Chemicals	4.5
Communications Equipment	4.5
Diversified Telecommunication Services	4.3
Media	4.2
Hotels, Restaurants & Leisure	3.9
Diversified Financial Services	3.8
Biotechnology	3.7
Commercial Banks	3.4
Tobacco	3.2
Energy Equipment & Services	3.1
Electric Utilities	2.5
Food & Staples Retailing	2.4
Wireless Telecommunication Services	2.3
Independent Power Producers & Energy Traders	2.2
Specialty Retail	2.2
Road & Rail	2.1
Oil, Gas & Consumable Fuels	2.0
Personal Products	1.9
Software	1.9
Aerospace & Defense	1.7
Health Care Equipment & Supplies	1.6
Multi-Utilities	1.5
Electrical Equipment	1.5
Household Products	1.3
Construction & Engineering	1.2
Semiconductors & Semiconductor Equipment	1.1	%
Computers & Peripherals	1.0
Trading Companies & Distributors	1.0
Others (each less than 1.0%)	4.7

JPMorgan Global Focus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JULY 31, 2008 (Unaudited) (continued)
(Amounts in thousands)

Forward Foreign Currency Exchange Contracts

(Amounts in thousands, except number of contracts)

CONTRACTS TO BUY		SETTLEMENT DATE	SETTLEMENT VALUE				VALUE AT 07/31/08				NET UNREALIZED APPRECIATION (DEPRECIATION)
105,232	AUD	09/10/08		$	100			$	99			$	(1	)
139,339	CAD	09/10/08			137				136				(1	)
53,341	DKK	09/10/08			11				11				—	(h)
64,267	EUR	09/10/08			100				100				—	(h)
48,107	GBP	09/10/08			94				95				1
7,146 14,276	GBP for CAD	09/10/08			14	#			14	#			—	(h)
686,624	HKD	09/10/08			88				88				—	(h)
12,433,356	JPY	09/10/08			117				115				(2	)
100,957	NOK	09/10/08			19				20				1
196,528	SEK	09/10/08			32				32				—	(h)
22,517	SGD	09/10/08			17				16				(1	)
				$	729			$	726			$	(3	)

CONTRACTS TO SELL		SETTLEMENT DATE	SETTLEMENT VALUE			VALUE AT 07/31/08			NET UNREALIZED APPRECIATION (DEPRECIATION)
39,786	AUD	09/10/08		$	37		$	37		$	—	(h)
25,756	CHF	09/10/08			25			25			—	(h)
226,296	EUR	09/10/08			349			352			(3	)
149,154	GBP	09/10/08			291			295			(4	)
895,947	HKD	09/10/08			115			115			—	(h)
1,909,846	JPY	09/10/08			18			18			—	(h)
77,990	NOK	09/10/08			15			15			—	(h)
				$	850		$	857		$	(7	)
# For cross-currency exchange contracts, the settlement value is the U.S. Dollar market value at 07/31/08 of the currency being sold, and the value at 07/31/08 is the U.S. Dollar market value of the currency being purchased.

JPMorgan Global Focus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JULY 31, 2008 (Unaudited) (continued)
(Amounts in thousands)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:
ADR	—	American Depositary Receipt
AUD	—	Australian Dollar
CAD	—	Canadian Dollar
CHF	—	Swiss Franc
DKK	—	Danish Krone
EUR	—	Euro
GBP	—	British Pound
GDR	—	Global Depositary Receipt
HKD	—	Hong Kong Dollar
JPY	—	Japanese Yen
NOK	—	Norwegian Krone
SEK	—	Swedish Krona
SGD	—	Singapore Dollar

(a)	Non-income producing security
(h)	Amount rounds to less than one thousand (shares or dollars).
(m)	All or a portion of this security is reserved for current or potential holdings of futures, swaps, options, TBAs, when-issued securities, delayed delivery securities, reverse repurchase agreements, and forward currency contracts.
The value and percentage based on total investments of the investments that apply the fair valuation policy for the international investments are approximately $1,719,000 and 66.2%, respectively.
As of July 31, 2008, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	127
Aggregate gross unrealized depreciation		(209	)
Net unrealized appreciation/depreciation	($	82	)
Federal income tax cost of investments	$	2,678

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2008 (Unaudited)

(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of contracts)

PRINCIPAL AMOUNT			SECURITY DESCRIPTION	VALUE
			Long-Term Investments — 84.4%
			Asset-Backed Securities — 2.1%
			United States — 2.1%
			Citigroup Mortgage Loan Trust, Inc.
	59		Series 2006-WFH4, Class A1, VAR, 2.51%, 11/25/36		58
	66		Series 2006-WMC1, Class A2B, VAR, 2.61%, 12/25/35		66
	50		Credit-Based Asset Servicing and Securitization LLC, Series 2006-CB6, Class A21, VAR, 2.50%, 07/25/36		49
	140		Morgan Stanley ABS Capital I, Series 2006-WMC1, Class A2B, VAR, 2.66%, 12/25/35		135
	60		New Century Home Equity Loan Trust, Series 2005-C, Class A2B, VAR, 2.63%, 12/25/35		59
	29		Wells Fargo Home Equity Trust, Series 2006-1, Class A2, VAR, 2.55%, 05/25/36		29
			Total Asset-Backed Securities (Cost $398)		396
			Collateralized Mortgage Obligations — 2.5%
			Non-Agency CMO — 2.5%
	202		Harborview Mortgage Loan Trust, Series 2006-1, Class 2A1A, VAR, 2.70%, 03/19/37		125
			WaMu Mortgage Pass Through Certificates,
	177		Series 2005-AR02, Class 2A21, VAR, 2.79%, 01/25/45		119
	180		Series 2005-AR15, Class A1A1, VAR, 2.72%, 11/25/45		114
	174		Series 2005-AR17, Class A1A1, VAR, 2.73%, 12/25/45		108
			Total Collateralized Mortgage Obligations (Cost $571)		466
			Common Stocks — 23.4%
			Australia — 0.6%
	5		Australia & New Zealand Banking Group Ltd. (m)		80
	1		Macquarie Group Ltd.		40
					120
			Austria — 0.2%
	1		Oesterreichische Post AG (m)		29
			Brazil —0.5%
	2		Cia Energetica de Minas Gerais, ADR (m)		53
	2		Cia Vale do Rio Doce, ADR (m)		47
					100
			Finland — 0.8%
	3		Nokia OYJ (m)		70
	3		Sampo OYJ, Class A		85
					155
			France — 2.9%
	2		AXA S.A. (m)		55
	1		BNP Paribas (m)		85
	2		GDF Suez		95
	—	(h)	Lafarge S.A.		33
	1		Societe Generale		58
	1		Total S.A. (m)		107
	2		Vivendi (m)		101
					534
			Germany — 1.4%
	1		Daimler AG		61
	1		E.ON AG (m)		130
	—	(h)	Muenchener Rueckversicherungs AG (m)		75
					266
			Greece — 0.2%
	1		National Bank of Greece S.A. (m)		28
			Hong Kong — 0.6%
	9		CLP Holdings Ltd. (m)		74
	4		Esprit Holdings Ltd. (m)		41
					115
			Italy — 1.4%
	3		ENI S.p.A. (m)		94
	21		Intesa Sanpaolo S.p.A. (m)		119
	7		UniCredit S.p.A. (m)		43
					256
			Japan — 0.9%
	—	(h)	Nintendo Co., Ltd. (m)		97
	2		Toyota Motor Corp. (m)		73
					170

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2008 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of contracts)

PRINCIPAL AMOUNT			SECURITY DESCRIPTION	VALUE
			Long-Term Investments — Continued
			Common Stocks — Continued
			Netherlands — 2.4%
	1		Akzo Nobel N.V.		51
	1		ING Groep N.V. CVA		47
	6		Koninklijke KPN N.V.		106
	2		Koninklijke Philips Electronics N.V. (m)		56
	4		Royal Dutch Shell plc, Class A (m)		146
	1		Unilever N.V. CVA (m)		40
					446
			Norway — 0.3%
	2		StatoilHydro ASA (m)		51
			Singapore — 0.4%
	26		Singapore Telecommunications Ltd. (m)		68
			South Africa — 0.2%
	11		African Bank Investments Ltd. (m)		43
			Spain — 1.1%
	3		Banco Santander S.A. (m)		60
	6		Iberdrola S.A. (m)		76
	3		Telefonica S.A. (m)		74
					210
			Switzerland — 1.1%
	2		Credit Suisse Group AG (m)		101
	—	(h)	Roche Holding AG (m)		59
	—	(h)	Zurich Financial Services AG (m)		31
					191
			Taiwan — 0.5%
	2		Chunghwa Telecom Co., Ltd., ADR (a) (m)		45
	6		Taiwan Semiconductor Manufacturing Co., Ltd., ADR (m)		62
					107
			United Kingdom — 1.9%
	2		British American Tobacco plc (m)		82
	3		GlaxoSmithKline plc (m)		61
	7		HSBC Holdings plc (m)		118
	40		Vodafone Group plc (m)		107
					368
			United States — 6.0%
	1		Abbott Laboratories (m)		59
	3		Altria Group, Inc. (m)		68
	2		AT&T, Inc. (m)		63
	4		Bank of America Corp. (m)		124
	2		Bristol-Myers Squibb Co. (m)		51
	2		DTE Energy Co. (m)		70
	2		Duke Realty Corp. (m)		42
	1		Exxon Mobil Corp. (m)		58
	2		General Electric Co. (m)		47
	1		Hospitality Properties Trust (m)		26
	3		Merck & Co., Inc. (m)		86
	2		Microsoft Corp. (m)		52
	1		Occidental Petroleum Corp. (m)		60
	1		Paychex, Inc. (m)		23
	3		U.S. Bancorp (m)		97
	4		Verizon Communications, Inc. (m)		122
	2		Xcel Energy, Inc. (m)		47
					1,095
			Total Common Stocks (Cost $4,812)		4,352
			Convertible Bond — 0.4%
			United States — 0.4%
	75		Countrywide Financial Corp., VAR, Zero Coupon, 04/15/37 (Cost $73)		73
			Corporate Bonds — 39.1%
			Canada — 0.9%
	50		Quebecor Media, Inc., 7.75%, 03/15/16		46
	50		Quebecor World Capital Corp., 0.00%, 11/15/13 (d)		17
	50		Quebecor World, Inc., 0.00%, 01/15/15 (d)		23
	100		Videotron Ltee, 6.88%, 01/15/14		96
					182
			Cayman Islands — 0.5%
	100		Seagate Technology HDD Holdings, 6.80%, 10/01/16		90
			Luxembourg — 0.7%
	75		FMC Finance III S.A., 6.88%, 07/15/17		72
	100		MagnaChip Semiconductor S.A./MagnaChip Semiconductor Finance Co., 6.88%, 12/15/11		52
					124
			Netherlands — 0.2%
	50		NXP BV/NXP Funding LLC, 7.88%, 10/15/14		42
			Russia — 0.5%
	86		Gazprom International S.A., 7.20%, 02/01/20		86
			Singapore — 0.5%
	100		Flextronics International Ltd., 6.25%, 11/15/14		92

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JULY 31, 2008 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of contracts)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Long-Term Investments — Continued
		Corporate Bonds— Continued
		United Kingdom — 0.5%
	100	Virgin Media Finance plc, 9.13%, 08/15/16		93
		United States — 34.3%
	100	ACE Cash Express, Inc., 10.25%, 10/01/14 (e)		74
	50	AES Corp. (The), 8.75%, 05/15/13 (e)		52
	30	Airgas Inc., 7.13%, 10/01/18 (e)		30
	150	Alliance One International, Inc., 11.00%, 05/15/12		153
		Allied Waste North America, Inc.
	50	6.13%, 02/15/14		47
	100	7.13%, 05/15/16		97
	25	American Tire Distributors, Inc., VAR, 9.04%, 04/01/12		22
	100	AmeriGas Partners LP/AmeriGas Eagle Finance Corp., 7.13%, 05/20/16		91
	16	Associated Materials, Inc., 9.75%, 04/15/12		16
	100	Barrington Broadcasting Group LLC/Barrington Broadcasting Capital Corp., 10.50%, 08/15/14		85
	70	Biomet, Inc., 10.00%, 10/15/17		75
	50	Block Communications, Inc., 8.25%, 12/15/15 (e)		47
	50	Broder Brothers Co., 11.25%, 10/15/10		34
	50	Calfrac Holdings LP, 7.75%, 02/15/15 (e)		47
	100	CCO Holdings LLC/CCO Holdings Capital Corp., 8.75%, 11/15/13		93
	50	Central Garden and Pet Co., 9.13%, 02/01/13		41
	100	Chiquita Brands International, Inc., 8.88%, 12/01/15		85
	30	Citigroup Funding, Inc., 12.23%, 12/17/10		29
	20	Collective Brands, Inc., 8.25%, 08/01/13		18
	50	Community Health Systems, Inc., 8.88%, 07/15/15		50
	125	Constar International, Inc., VAR, 6.05%, 02/15/12		107
	60	Constellation Brands, Inc., 8.38%, 12/15/14		61
		Continental Airlines, Inc.
	34	7.49%, 10/02/10		33
	84	9.56%, 09/01/19 (i)		63
	20	Copano Energy LLC/Copano Energy Finance Corp., 7.75%, 06/01/18 (e)		19
	40	Dean Foods Co., 7.00%, 06/01/16		36
		DirecTV Holdings LLC/DirecTV Financing Co.
	50	6.38%, 06/15/15		47
	50	8.38%, 03/15/13		52
	50	Dole Food Co., Inc., 8.63%, 05/01/09		49
	100	Encore Acquisition Co., 7.25%, 12/01/17		96
	89	Eurofresh, Inc., 11.50%, 01/15/13 (e)		60
	25	FireKeepers Development Authority, 13.88%, 05/01/15 (e)		23
	100	Ford Motor Co., 7.45%, 07/16/31		52
	100	Ford Motor Credit Co. LLC, 8.00%, 12/15/16		71
	50	Forest Oil Corp., 7.25%, 06/15/19		47
	100	General Cable Corp., VAR, 5.17%, 04/01/15		88
	160	General Motors Corp., 8.38%, 07/15/33		79
	25	General Nutrition Centers, Inc., PIK, 7.20%, 03/15/14		21
	75	Georgia-Pacific LLC, 7.13%, 01/15/17 (e)		69
	100	Harland Clarke Holdings Corp., VAR, 7.43%, 05/15/15		71
	100	HCA, Inc., 9.25%, 11/15/16		103
	100	Holly Energy Partners LP, 6.25%, 03/01/15		89
	30	HSN, 11.25%, 08/01/16 (e)		30
	100	Idearc, Inc., 8.00%, 11/15/16		45
	50	Intcomex, Inc., 11.75%, 01/15/11		44
	100	iPCS, Inc., VAR, 5.00%, 05/01/13		89
	25	Jarden Corp., 7.50%, 05/01/17		22
	100	JB Poindexter & Co., Inc., 8.75%, 03/15/14		72
	40	Kansas City Southern Railway, 8.00%, 06/01/15		41
	50	Keycorp, 6.50%, 05/14/13		42
	100	Knowledge Learning Corp., Inc., 7.75%, 02/01/15 (e)		91
	100	L-3 Communications Corp., 6.38%, 10/15/15		94
		Lamar Media Corp.
	50	6.63%, 08/15/15		45
	25	Land O’ Lakes, Inc., 9.00%, 12/15/10		26
	90	Level 3 Financing, Inc., 9.25%, 11/01/14		82

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JULY 31, 2008 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of contracts)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Long-Term Investments — Continued
		Corporate Bonds— Continued
	50	Mac-Gray Corp., 7.63%, 08/15/15		48
	5	MarkWest Energy Partners LP / MarkWest Energy Finance Corp., 6.88%, 11/01/14		4
	40	Mashantucket Western Pequot Tribe, 8.50%, 11/15/15 (e)		31
	10	Mediacom LLC/Mediacom Capital Corp., 9.50%, 01/15/13		9
	150	Medical Services Co., VAR, 10.29%, 10/15/11		154
	50	Meritage Homes Corp., 7.00%, 05/01/14		40
	50	MetroPCS Wireless, Inc., 9.25%, 11/01/14		49
	100	Mosaic Co. (The), 7.37%, 12/01/14 (e)		103
	75	NewPage Corp., 12.00%, 05/01/13		72
	100	Omnicare, Inc., 6.88%, 12/15/15		92
	100	PHI, Inc., 7.13%, 04/15/13		94
	50	Pilgrim’s Pride Corp., 7.63%, 05/01/15		42
	10	Plains Exploration & Production Co., 7.63%, 06/01/18		10
	100	PolyOne Corp., 8.88%, 05/01/12		100
	25	Polypore, Inc., 8.75%, 05/15/12		25
	100	Quality Distribution LLC/QD Capital Corp., 9.00%, 11/15/10 (i)		55
	100	Qwest Corp., 7.63%, 06/15/15		91
	120	Range Resources Corp., 7.50%, 05/15/16		117
	50	RBS Global, Inc./Rexnord Corp., 8.88%, 09/01/16		46
		RH Donnelley Corp.,
	2	6.88%, 01/15/13		1
	66	11.75%, 05/15/15 (e)		49
	100	Rite Aid Corp., 7.50%, 03/01/17		81
	100	Sabine Pass LNG LP, 7.25%, 11/30/13		86
	30	Sanmina-SCI Corp., VAR, 5.55%, 06/15/14 (e)		28
	25	Seminole Hard Rock Entertainment, Inc., VAR, 5.30%, 03/15/14 (e)		20
	100	Service Corp. International, 7.00%, 06/15/17		93
	25	Shingle Springs Tribal Gaming Authority, 9.38%, 06/15/15 (e)		20
	100	Smithfield Foods, Inc., 7.75%, 05/15/13		90
	50	Sotheby's, 7.75%, 06/15/15 (e) (i)		48
	25	Southwestern Energy Co., 7.50%, 02/01/18 (e)		26
	100	Spansion, Inc., VAR, 5.81%, 06/01/13 (e)		70
	100	Spectrum Brands, Inc., 7.38%, 02/01/15		60
	100	Sprint Nextel Corp., 6.00%, 12/01/16		84
	50	SPX Corp., 7.63%, 12/15/14 (e)		51
	50	Steinway Musical Instruments, Inc., 7.00%, 03/01/14 (e)		45
	100	Sterling Chemicals, Inc., 10.25%, 04/01/15 (e)		99
	10	Stewart Enterprises, Inc., 6.25%, 02/15/13		10
	100	Swift Energy Co., 7.13%, 06/01/17		92
	50	Targa Resources Partners LP, 8.25%, 07/01/16 (e)		47
	75	TeamHealth, Inc., 11.25%, 12/01/13		78
	80	Tenet Healthcare Corp., 9.88%, 07/01/14		80
	100	Terra Capital, Inc., 7.00%, 02/01/17		99
	25	Texas Competitive Electric Holdings Co. LLC, 10.25%, 11/01/15 (e)		25
	50	Time Warner Telecom Holdings, Inc., 9.25%, 02/15/14		51
	50	Unisys Corp., 12.50%, 01/15/16		49
	50	United Rentals North America, Inc., 6.50%, 02/15/12		45
	100	Valassis Communications, Inc., 8.25%, 03/01/15		84
	50	Vanguard Health Holding Co. II LLC, 9.00%, 10/01/14		49
	25	Verso Paper Holdings LLC/Verso Paper, Inc., 9.13%, 08/01/14		22
	25	Visant Corp., 7.63%, 10/01/12		24
	25	W&T Offshore, Inc., 8.25%, 06/15/14 (e)		23
	100	Westlake Chemical Corp., 6.63%, 01/15/16		83
	50	Williams Partners LP/Williams Partners Finance Corp., 7.25%, 02/01/17		50
	25	Windstream Corp., 8.63%, 08/01/16		25
	50	Wolverine Tube, Inc., 10.50%, 04/01/09		47
				6,361
		Venezuela — 1.0%
	350	Petroleos de Venezuela S.A., 5.38%, 04/12/27		196

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JULY 31, 2008 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of contracts)

PRINCIPAL AMOUNT			SECURITY DESCRIPTION	VALUE
			Long-Term Investments — Continued
			Corporate Bonds— Continued
			Total Corporate Bonds (Cost $8,309)		7,266
			Foreign Government Securities — 13.3%
			Argentina — 1.4%
			Republic of Argentina
	310		VAR, 3.13%, 08/03/12		126
	125		7.00%, 10/03/15		85
ARS	185		10.50%, 06/12/12		42
					253
			Brazil — 2.4%
BRL	86		Brazil Notas do Tesouro Nacional, 10.00%, 01/01/17		457
			Colombia — 0.5%
			Republic of Colombia
COP	59,000		11.75%, 03/01/10		33
COP	106,000		12.00%, 10/22/15		60
					93
			Egypt — 0.5%
EGP	500		Republic of Egypt, 8.75%, 07/18/12		88
			Hungary — 1.4%
HUF	40,000		Government of Hungary, 8.00%, 02/12/15		263
			Mexico — 0.9%
MXN	1,500		United Mexican States, 10.00%, 12/05/24		161
			Peru — 0.6%
PEN	335		Republic of Peru, 6.90%, 08/12/37		105
			Russia — 0.9%
	100		Russian Federation, 12.75%, 06/24/28		177
			South Africa — 0.8%
ZAR	1,040		Republic of South Africa, 13.00%, 08/31/10		149
			Turkey — 2.7%
			Republic of Turkey
TRY	490		16.00%, 03/07/12		402
TRY	110		VAR, 17.70%, 01/12/11		97
					499
			Ukraine — 0.5%
	105		Government of Ukraine, 7.65%, 06/11/13		103
			Venezuela — 0.7%
			Republic of Venezuela
	55		9.00%, 05/07/23		47
	75		10.75%, 09/19/13		77
					124
			Total Foreign Government Securities (Cost $2,506)		2,472
			Loan Participations & Assignments — 1.9%
			Health Care Providers & Services — 0.5%
	8		IASIS Healthcare, Letter of Credit, 2.36%, 03/14/14		8
	91		IASIS Healthcare, Term Loan B, Contract 2, 4.46%, 03/14/14		84
					92
			Independent Power Producers & Energy Traders — 0.5%
	29		NRG Energy, Inc. (Opco), Credit-Linked Deposit, 2.70%, 02/01/13		28
	60		NRG Energy, Inc. (Opco), Term Loan B, 4.30%, 02/01/13		57
					85
			Industrial Machinery — 0.4%
			Baldor Electric Co., Term Loan,
	46		4.44%, 01/31/14		45
	41		4.56%, 01/31/14		40
					85
			IT Services — 0.5%
			First Data Corp., Initial Tranche B3 Term Loan,
	6		5.55%, 09/24/14		6
	93		5.55%, 09/24/14		85
					91
			Total Loan Participations & Assignments (Cost $365)		353
			Preferred Stocks — 1.4%
			Germany — 0.3%
	—	(h)	RWE AG		47
			United States— 1.1%
	3		Apartment Investment and Management Co., Series U, 7.50%, 03/24/09 (m) (x)		70
	2		Kilroy Realty Corp., Series F, 7.50%, 12/08/09 (m) (x)		34
	1		PS Business Parks Inc., Series K, 7.95%, 06/30/09 (m) (x)		34

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JULY 31, 2008 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of contracts)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Long-Term Investments — Continued
		Preferred Stocks— Continued
	2	Public Storage, Series M, 6.63%, 01/09/12 (m) (x)		33
	2	Taubman Centers Inc., Series G, 8.00%, 11/23/09 (m) (x)		35
				206
		Total Preferred Stocks (Cost $261)		253
		U.S. Treasury Obligation — 0.3%
	60	U.S. Treasury Note, 3.25%, 01/15/09 (k) (Cost $60)		60
		Total Long-Term Investments (Cost 17,355)		15,691

NUMBER OF RIGHTS		SECURITY DESCRIPTION	VALUE ($)
		Rights — 0.1%
		France — 0.1%
	2	Suez Environnement S.A., expiring 06/22/10 (a) (m) (Cost $—)	11

SHARES
		Short-Term Investment — 13.9%
		Investment Company — 13.9%
	2,596	JPMorgan Prime Money Market Fund, Institutional Class (b) (m) (Cost $2,596)		2,596
		Total Investments — 98.4% (Cost $19,951)		18,298
		Other Assets in Excess of Liabilities — 1.6%		303
		NET ASSETS — 100.0%	$	18,601

Percentages indicated are based on net assets.

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JULY 31, 2008 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of contracts)

Futures Contracts

NUMBER OF CONTRACTS	DESCRIPTION	EXPIRATION DATE	NOTIONAL VALUE AT 07/31/08	UNREALIZED APPRECIATION (DEPRECIATION)
	Long Futures Outstanding
13	E-mini S&P 500 Index	September, 2008	824	(57)

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JULY 31, 2008 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of contracts)

Forward Foreign Currency Exchange Contracts
CONTRACTSTO BUY		SETTLEMENT DATE	SETTLEMENT VALUE	VALUE AT 07/31/08	NET UNREALIZED APPRECIATION (DEPRECIATION)
140,000	EUR	08/29/08	223	218	(5)

CONTRACTSTO SELL		SETTLEMENT DATE	SETTLEMENT VALUE	VALUE AT 07/31/08	NET UNREALIZED APPRECIATION (DEPRECIATION)
140,000	EUR	08/29/08	219	218	1

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JULY 31, 2008 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of contracts)

Summary of Investments by Industry, July 31, 2008

The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:

Industry	Percentage
Foreign Governments	14.0%
Oil, Gas & Consumable Fuels	7.3
Media	4.5
Diversified Telecommunication Services	4.5
Commercial Banks	4.0
Chemicals	3.1
Non-Agency CMO	2.5
Food Products	2.3
Health Care Providers & Services	2.3
Commercial Services & Supplies	2.3
Asset-Backed Securities	2.2
Electric Utilities	2.0
Wireless Telecommunication Services	1.8
Pharmaceuticals	1.7
Tobacco	1.7
Industrial Conglomerates	1.6
Diversified Financial Services	1.6
Real Estate Investment Trusts (REITs)	1.5
Automobiles	1.4
Multi-Utilities	1.4
Insurance	1.3
Health Care Equipment & Supplies	1.3
Semiconductors & Semiconductor Equipment	1.0
Short-Term Investment	14.2
Others (each less than 1.0%)	18.5

As of July 31, 2008, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	178
Aggregate gross unrealized depreciation		(1,831	)
Net unrealized appreciation/depreciation	($	1,653	)
Federal income tax cost of investments	$	19,951

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:
ADR	—	American Depositary Receipt
CMO	—	Collateralized Mortgage Obligation
CVA	—	Dutch Certification
PIK	—	Payment-in Kind
VAR	—	Variable Rate Security. The interest rate shown is the rate in effect as of July 31, 2008.
ARS	—	Argentine Peso
BRL	—	Brazilian Real
COP	—	Colombian Peso
EGP	—	Egyptian Pound
EUR	—	Euro
HUF	—	Hungarian Forint
MXN	—	Mexican Peso
PEN	—	Peru Nuevo Sol
TRY	—	New Turkish Lira
ZAR	—	South African Rand

(a)	Non-income producing security.
(b)	Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(d)	Defaulted Security.
(e)	Security is exempt from registration under Rule 144A of the Securities Act of 1933. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(h)	Amount rounds to less than one thousand (shares or dollars).
(i)	Security has been deemed illiquid pursuant to procedures approved by the Board of Trustees and may be difficult to sell.
(k)	Security is fully or partially segregated with the broker as collateral for futures or with brokers as initial margin for future contracts.
(m)	All or a portion of this security is reserved for current or potential holdings of futures, swaps, options, TBAs, when-issued securities, delayed delivery securities, reverse repurchase agreements, and forward currency contracts.
(x)	Security is perpetual and, thus, does not have a predetermined maturity date. The coupon rate for this security is fixed for a period of time and may be structured to adjust thereafter. The date shown reflects the next call date. The coupon rate shown is the rate in effect as of July 31, 2008.
	The value and percentage based on total investments of the investments that apply the fair valuation policy for the international investments are approximately $3,110,000 and 17.0%, respectively.

JPMorgan India Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2008 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE ($)
		Long-Term Investments — 95.4%
		Common Stocks — 95.4%
		Air Freight & Logistics — 0.9%
	49	Arshiya International Ltd.		194
		Commercial Banks — 14.1%
	47	Axis Bank Ltd.		715
	61	HDFC Bank Ltd.		1,538
	59	ICICI Bank Ltd.		874
				3,127
		Construction & Engineering — 4.7%
	17	Larsen & Toubro Ltd.		1,036
		Diversified Consumer Services — 0.5%
	1	Educomp Solutions Ltd.		58
	5	Everonn Systems India Ltd. (a)		53
				111
		Diversified Financial Services — 3.4%
	100	Infrastructure Development Finance Co., Ltd.		214
	20	Kotak Mahindra Bank Ltd.		247
	10	Reliance Capital Ltd.		302
				763
		Electric Utilities — 3.1%
	20	Reliance Infrastructure Ltd.		448
	9	Tata Power Co., Ltd. (a)		232
				680
		Electrical Equipment — 6.9%
	16	ABB Ltd.		281
	22	Bharat Heavy Electricals Ltd.		860
	240	Exide Industries Ltd.		382
				1,523
		Independent Power Producers & Energy Traders — 2.3%
	130	NTPC Ltd.		515
		Industrial Conglomerates — 1.8%
	13	Aditya Birla Nuvo Ltd.		409
		IT Services — 11.0%
	33	Infosys Technologies Ltd.		1,232
	14	Infosys Technologies Ltd., ADR		565
	73	Satyam Computer Services Ltd.		646
				2,443
		Metals & Mining — 1.9%
	77	Gujarat NRE Coke Ltd.		195
	15	Tata Steel Co., Ltd.		233
				428
		Oil, Gas & Consumable Fuels — 19.6%
	35	Hindustan Petroleum Corp., Ltd.		179
	24	Oil & Natural Gas Corp., Ltd.		548
	70	Reliance Industries Ltd.		3,625
				4,352
		Pharmaceuticals — 3.2%
	40	Glenmark Pharmaceuticals Ltd.		605
	16	Piramal Healthcare Ltd.		116
				721
		Thrifts & Mortgage Finance — 8.1%
	34	Housing Development Finance Corp., Ltd.		1,788
		Tobacco — 3.9%
	200	ITC Ltd.		871
		Wireless Telecommunication Services — 10.0%
	81	Bharti Airtel Ltd. (a)		1,511
	60	Reliance Communications Ltd. (a)		698
				2,209
		Total Investments — 95.4% (Cost $29,548)		21,170
		Other Assets in Excess of Liabilities — 4.6%		1,027
		NET ASSETS — 100.0%	$	22,197

Percentages indicated are based on net assets.
NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS :
ADR	—	American Depositary Receipt

(a)	Non-income producing security.
The value and percentage based on total investments of the investments that apply the fair valuation policy for the international investments are approximately $20,605,000 and 97.3%, respectively.

JPMorgan India Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2008 (Unaudited) (continued)

(Amounts in thousands)

As of July 31, 2008, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:
Aggregate gross unrealized appreciation	$	205
Aggregate gross unrealized depreciation		(8,583	)
Net unrealized appreciation/depreciation	$	(8,378	)
Federal income tax cost of investments	$	29,548

JPMorgan International Currency Income Fund

Schedule of Portfolio Investments

As of July 31, 2008 (Unaudited)

(Amounts in U.S. Dollars unless otherwise noted)

(Amounts in thousands, except number of contracts)

Principal Amount Security Description Value

Long-Term Investments — 96.8% (m)

Collateralized Mortgage Obligations — 2.0%

Non-Agency CMO — 2.0%
	85	Countrywide Alternative Loan Trust,
		Series 2006-J5, Class 1A1, 6.50%, 09/25/36 (i)	68
	67	Indymac Index Mortgage Loan Trust,
		Series 2006-AR6, Class 2A1A, FRN, 2.66%, 06/25/47 (i)	41
		Total Collateralized Mortgage Obligations
		(Cost $153)	109

Corporate Bonds — 17.5%

Cayman Islands — 0.4%
	35	XL Capital Ltd.,
		6.50%, 04/15/17 (x)	23

Denmark — 4.2%
EUR	150	Nykredit Realkredit A/S,
		4.00%, 01/01/12	228

France — 0.4%
EUR	17	Gecina S.A.,
		4.88%, 01/25/12	22

Germany — 1.0%
EUR	20	Bayer AG,
		VAR, 5.00%, 07/29/15	27
EUR	20	Henkel KGaA,
		VAR, 5.38%, 11/25/15	27
			54

Iceland — 0.4%
EUR	25	Kaupthing Bank HF,
		5.90%, 06/30/14 (x)	23

Netherlands — 3.8%
JPY	17,000	Bank Nederlandse Gemeenten,
		1.85%, 11/07/16	160
EUR	15	Linde Finance BV,
		VAR, 7.38%, 07/14/16	22
GBP	15	Siemens Financieringsmaatschappij N.V.,
		VAR, 6.13%, 09/14/16	26
			208

United Kingdom — 4.5%
GBP	125	Network Rail MTN Finance plc,
		4.88%, 03/06/09	247

United States — 2.8%
EUR	30	CL Capital Trust I,
		7.05%, 04/26/12 (x)	45
EUR	25	Deutsche Bank Capital Trust IV,
		5.33%, 09/19/13 (x)	35
EUR	25	Goldman Sachs Group, Inc. (The),
		4.00%, 02/02/15	34
	25	Lincoln National Corp.,

	VAR, 7.00%, 05/17/16	22
25	Wachovia Capital Trust III,
	5.80%, 03/15/11	14
		150
	Total Corporate Bonds
	(Cost $935)	955

Foreign Government Securities — 73.3%

Australia — 0.5%
AUD	33	New South Wales Treasury Corp.,
		5.50%, 03/01/17	28

Belgium — 2.7%
EUR	100	Government of Belgium,
		4.00%, 03/28/18	148

Canada — 3.6%
CAD	92	Canada Housing Trust No. 1,
		4.55%, 12/15/12 (e)	93
		Government of Canada,
CAD	40	4.00%, 06/01/16	40
CAD	50	5.75%, 06/01/33	61
			194

France — 6.7%
		Government of France,
EUR	120	4.00%, 04/25/09	187
EUR	114	4.75%, 04/25/35	177
			364

Germany — 15.7%
		Bundesrepublik Deutschland,
EUR	476	4.25%, 01/04/14	742
EUR	67	5.50%, 01/04/31	115
			857

Greece — 1.9%
EUR	60	Government of Greece,
		5.90%, 10/22/22	101

Hungary — 1.3%
EUR	50	Republic of Hungary,
		4.38%, 07/04/17	72

Italy — 4.2%
		Buoni Poliennali Del Tesoro,
EUR	140	4.00%, 02/01/17	206
EUR	19	4.00%, 02/01/37	25
			231

Japan — 18.6%
		Government of Japan,
JPY	41,000	1.20%, 03/20/12	383
JPY	20,000	1.30%, 03/20/15	186
JPY	5,000	1.40%, 03/10/18	47
JPY	7,000	1.70%, 12/20/16	67
JPY	10,500	1.70%, 09/20/17	99
JPY	10,000	2.10%, 09/20/24	94
JPY	15,000	2.10%, 12/20/26	137

1,013

Mexico — 0.3%
MXN	200	United Mexican States,
		8.00%, 12/19/13	19

Netherlands — 4.3%
EUR	150	Kingdom of Netherlands,
		3.75%, 07/15/09	232

Poland — 2.9%
		Government of Poland,
PLN	110	4.25%, 05/24/11	51
PLN	240	5.25%, 10/25/17	108
			159

Spain — 1.9%
EUR	63	Kingdom of Spain,
		5.40%, 07/30/11	101

Sweden — 2.7%
SEK	870	Kingdom of Sweden,
		5.50%, 10/08/12	150

United Kingdom — 6.0%
		United Kingdom Treasury Gilt,
GBP	45	4.50%, 12/07/42	89
GBP	15	4.75%, 12/07/38	31
GBP	90	5.00%, 03/07/18	181
GBP	10	8.00%, 06/07/21	25
			326
		Total Foreign Government Securities
		(Cost $3,695)	3,995

Supranational — 4.0%
		European Investment Bank,
GBP	30	4.75%, 06/06/12	58
EUR	100	5.63%, 10/15/10	159
		Total Supranational
		(Cost $195)	217
		Total Long-Term Investments
		(Cost $4,978)	5,276

Short-Term Investment — 0.7%

U.S. Treasury Obligation — 0.7%
	40	U.S. Treasury Bill
		1.93%, 11/20/08 (k) (n)	40
		(Cost $40)

Total Investments — 97.5%
(Cost $5,018)	5,316

Other Assets in Excess of Liabilities — 2.5% 136

NET ASSETS — 100.0% $ 5,452

Percentages indicated are based on net assets.

PORTFOLIO COMPOSITION*
Foreign Government Securities	75.1	%

Corporate Bonds	18.0
Supranational	4.1
Collateralized Mortgage Obligations	2.0
Short-Term Investment	0.8

* Percentages indicated are based upon total investments as of July 31, 2008. The Fund's composition is subject to change.

Futures Contracts
NUMBER OF CONTRACTS	DESCRIPTION	EXPIRATION DATE	NOTIONAL VALUE AT 07/31/08	UNREALIZED APPRECIATION (DEPRECIATION)
	Long Futures Outstanding
2	2 Year U.S. Treasury Note	September, 2008	424	1
1	5 Year U.S. Treasury Note	September, 2008	111	-	(h)
3	Euro-Schatz	September, 2008	482	2
1	U.K. Treasury Gilt	September, 2008	213	6
3	90 Day Sterling	June, 2009	704	3
3	EuroYen	June, 2009	689	2
	Short Futures Outstanding
(1)	10 Year U.S. Treasury Note	September, 2008	(115)	(1)
(2)	Euro-Bobl	September, 2008	(335)	(7)
(1)	Euro-Bund	September, 2008	(175)	(1)
				5

Forward Foreign Currency Exchange Contracts
CONTRACTS TO BUY		SETTLEMENT DATE	SETTLEMENT VALUE		VALUE AT 07/31/08		NET UNREALIZED APPRECIATION (DEPRECIATION)
43,367	AUD	8/26/2008	42		41		(1)
113,571	CAD	8/26/2008	113		111		(2)
8,994	CAD for NOK	8/26/2008	9	#	9	#	-	(h)
136,587	CHF	8/26/2008	133		130		(3)
12,264	CHF for NOK	8/26/2008	12	#	12	#	-	(h)
190,450	DKK	8/26/2008	40		40		-	(h)
10,000	EUR for JPY	8/26/2008	15	#	15	#	-	(h)
5,639	GBP for JPY	8/26/2008	11	#	11	#	-	(h)
42,552,038	JPY	8/26/2008	405		395		(10)
3,983,467	JPY for EUR	8/26/2008	36	#	36	#	-	(h)
88,191	MXN	8/26/2008	9		9		-	(h)
762,517	NOK	8/26/2008	149		148		(1)
121,775	SEK for AUD		20	#	20	#	-	(h)
61,454	SEK for EUR	8/26/2008	10	#	10	#	-	(h)
53,638	SEK for GBP	8/26/2008	9	#	9	#	-	(h)
19,246	SGD	8/26/2008	14		14		-	(h)
139,055	ZAR	8/26/2008	18		19		1
			1,045		1,029		(16)
CONTRACTS TO SELL		SETTLEMENT DATE	SETTLEMENT VALUE		VALUE AT 07/31/08		NET UNREALIZED APPRECIATION (DEPRECIATION)
9,567	CHF	8/26/2008	9		9		-	(h)
285,479	EUR	8/26/2008	286		282		4
301,230	GBP	8/26/2008	301		300		1
36,096	JPY	8/26/2008	36		36		-	(h)
39,488	NOK	8/26/2008	39		40		(1)
122,945	PLN	8/26/2008	123		121		2
34,115	SEK	8/26/2008	34		34		-	(h)
			828		822		6
# For cross-currency exchange contracts, the settlement value is the U.S. Dollar market value at 07/31/08 of the currency being sold and the value at 07/31/08 is the U.S. Dollar market value of the currency being purchased.

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:
AUD Australian Dollar
CAD Canadian Dollar
CHF Swiss Franc
DKK Danish Krone
EUR Euro
FRN Floating Rate Note. The interest rate shown is the rate in effect as of July 31, 2008.
GBP British Pound
JPY Japanese Yen
MXN Mexican Peso
NOK Norwegian Krone
PLN Polish Zloty
SEK Swedish Krona
SGD Singapore Dollar
VAR Variable Rate Security. The interest rate shown is the rate in effect as of July 31, 2008.
ZAR South African Rand
(e)	Security is exempt from registration under Rule 144A of the Securities Act of 1933. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(h)	Amount rounds to less than one thousand (shares or dollars).
(i)	Security has been deemed illiquid pursuant to procedures approved by the Board of Trustees and may be difficult to sell.
(k)	Security is fully or partially segregated with the broker as collateral for futures or with brokers as initial margin for futures contracts.
(m)	All or a portion of this security is reserved for current or potential holdings of futures, swaps, options, TBAs, when-issued securities, delayed delivery securities, reverse repurchase agreements and forward currency contracts.
(n)	The rate shown is the effective yield at the date of purchase.
(x)	Security is perpetual and, thus, does not have a predetermined maturity date. The coupon rate for this security is fixed for a period of time and may be structured to adjust thereafter. The date shown reflects the next call date. The coupon rate shown is the rate in effect as of July 31, 2008.
As of July 31, 2008, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:
Aggregate gross unrealized appreciation		$               391
Aggregate gross unrealized depreciation		(93)
Net unrealized appreciation/depreciation		$               298
Federal income tax cost of investments		$            5,018

JPMorgan International Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JULY 31, 2008 (Unaudited)
(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE ($)
		Long-Term Investments — 97.9%
		Common Stocks — 97.9%
		Argentina — 0.0%
	55	IMPSAT Fiber Networks, Inc. (a) (f) (i)		—	(h)
		Australia — 2.4%
	462	BHP Billiton Ltd. (m)		17,255
	27	Rio Tinto Ltd. (m)		3,169
				20,424
		Belgium — 0.5%
	294	Fortis (m)		4,105
		Brazil — 2.0%
	293	Companhia Vale do Rio Doce, ADR (m)		8,790
	149	Petroleo Brasileiro S.A., ADR (m)		8,321
				17,111
		Egypt — 0.4%
	25	Orascom Construction Industries, GDR (m)		3,550
		Finland — 2.1%
	654	Nokia OYJ (m)		17,861
		France — 13.1%
	124	Accor S.A. (m)		8,244
	418	AXA S.A. (m)		12,295
	141	BNP Paribas (m)		13,864
	92	Cie de Saint-Gobain (c)		5,747
	98	GDF Suez (m)		6,140
	96	Imerys S.A. (m)		5,725
	80	Lafarge S.A.		10,925
	105	Pernod-Ricard S.A. (c)		9,137
	107	Sanofi-Aventis S.A.		7,494
	425	Total S.A. (m)		32,550
				112,121
		Germany — 9.6%
	140	Bayer AG		12,042
	230	Deutsche Post AG (m)		5,411
	114	E.ON AG (m)		21,851
	52	Linde AG (m)		7,177
	37	RWE AG (m)		4,422
	193	SAP AG (m)		11,167
	127	Siemens AG (m)		15,411
	268	Symrise AG (m)		4,592
				82,073
		Greece — 0.9%
	246	Piraeus Bank S.A. (m)		7,344
		Hong Kong — 1.3%
	613	Esprit Holdings Ltd. (m)		6,520
	1,375	Hang Lung Properties Ltd. (m)		4,319
				10,839
		Israel — 0.8%
	156	Teva Pharmaceutical Industries Ltd., ADR (m)		6,990
		Italy — 4.2%
	536	ENI S.p.A. (m)		18,078
	1,846	Intesa Sanpaolo S.p.A. (m)		10,365
	1,267	UniCredit S.p.A. (m)		7,550
				35,993
		Japan — 16.9%
	215	Astellas Pharma, Inc. (m)		9,314
	244	Canon, Inc. (m)		11,141
	93	Daikin Industries Ltd.		3,984
	1	East Japan Railway Co. (m)		6,571
	402	Honda Motor Co., Ltd. (m)		12,843
	2	Japan Tobacco, Inc. (m)		10,077
	322	Komatsu Ltd. (m)		8,004
	360	Mitsubishi Corp. (m)		10,493
	528	Mitsubishi UFJ Financial Group, Inc. (m)		4,665
	258	Mitsui Fudosan Co., Ltd. (m)		5,837
	160	Murata Manufacturing Co., Ltd. (m)		6,647
	123	Nidec Corp. (m)		8,702
	259	Nomura Holdings, Inc. (m)		3,744
	161	Shin-Etsu Chemical Co., Ltd. (m)		9,857
	54	SMC Corp. (m)		5,412
	274	Sony Corp. (m)		10,354
	705	Sumitomo Corp. (m)		9,520
	1	Sumitomo Mitsui Financial Group, Inc. (m)		8,092
				145,257
		Mexico — 1.3%
	101	America Movil S.A.B. de C.V., Series L, , ADR (m)		5,097
	140	Fomento Economico Mexicano S.A.B. de C.V., ADR (m)		6,402
				11,499

JPMorgan International Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JULY 31, 2008 (Unaudited) (continued)
(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE ($)
		Long-Term Investments — Continued
		Netherlands — 6.4%
	339	ING Groep N.V. CVA		11,045
	288	Koninklijke Philips Electronics N.V. (m)		9,611
	558	Reed Elsevier N.V. (c)		9,240
	543	Royal Dutch Shell plc, Class A (m)		19,249
	247	Wolters Kluwer N.V. (m)		5,753
	9	World Online International N.V. (a) (f) (i)		—	(h)
				54,898
		Norway — 0.6%
	445	Norsk Hydro ASA (m)		5,565
		South Korea — 1.1%
	29	Samsung Electronics Co. Ltd., GDR (e) (m)		8,068
	4	Samsung Electronics Co. Ltd., GDR (e) (m)		1,165
				9,233
		Spain — 3.7%
	408	Banco Bilbao Vizcaya Argentaria S.A. (m)		7,507
	167	Inditex S.A. (c)		8,019
	622	Telefonica S.A. (m)		16,137
				31,663
		Switzerland — 10.7%
	490	ABB Ltd. (a) (m)		12,835
	140	Adecco S.A. (m)		6,401
	108	Holcim Ltd. (m)		7,651
	482	Nestle S.A. (m)		21,132
	271	Novartis AG (m)		16,062
	97	Roche Holding AG (m)		17,853
	37	Zurich Financial Services AG (m)		9,597
				91,531
		Taiwan — 0.8%
	742	Taiwan Semiconductor Manufacturing Co., Ltd., ADR (m)		7,048
		United Kingdom — 19.1%
	1,347	Barclays plc (m)		9,146
	546	BG Group plc (m)		12,349
	880	Burberry Group plc (m)		7,807
	531	GlaxoSmithKline plc (m)		12,371
	1,614	HSBC Holdings plc (m)		26,554
	852	ICAP plc (m)		8,406
	802	Man Group plc (m)		9,687
	388	Smith & Nephew plc (m)		4,147
	544	Standard Chartered plc (m)		16,578
	2,183	Tesco plc (m)		15,507
	7,393	Vodafone Group plc (m)		19,804
	1,527	Wm Morrison Supermarkets plc (m)		7,792
	565	Wolseley plc (m)		3,797
	1,006	WPP Group plc (m)		9,548
				163,493
		Total Long-Term Investments (Cost $606,741)		838,598

NUMBER OF RIGHTS
		Rights — 0.1%
		France — 0.1%
	103	Suez Environnement S.A., expiring 06/22/10 (a) (m) (Cost $—)	739

SHARES
		Short-Term Investment — 1.5%
		Investment Company — 1.5%
	13,250	JPMorgan Prime Money Market Fund, Institutional Class 12/31/49 (b) (Cost $13,250)	13,250

PRINCIPAL AMOUNT($)
		Investments of Cash Collateral for Securities on Loan — 2.6%
		Repurchase Agreements — 2.6%
	4,750	Banc of America Securities LLC, 2.21%, dated 07/31/08, due 08/01/08, repurchase price $4,750, collateralized by U.S. Government Agency Mortgages	4,750
	4,500	Barclays Capital, 2.20%, dated 07/31/08, due 08/01/08, repurchase price $4,500, collateralized by U.S. Government Agency Mortgages	4,500
	4,724	Citigroup Global Markets, Inc., 2.20%, dated 07/31/08, due 08/01/08, repurchase price $4,725, collateralized by U.S. Government Agency Mortgages	4,724
	4,500	Credit Suisse (USA) LLC, 2.15%, dated 07/31/08, due 08/01/08, repurchase price $4,500, collateralized by U.S. Government Agency Mortgages	4,500
	4,000	Merrill Lynch Securities, 2.20%, dated 07/31/08, due 08/01/08, repurchase price $4,000, collateralized by U.S. Government Agency Mortgages	4,000

JPMorgan International Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JULY 31, 2008 (Unaudited) (continued)
(Amounts in thousands)

PRINCIPAL AMOUNT($)	SECURITY DESCRIPTION	VALUE ($)
	Total Investments of Cash Collateral for Securities on Loan (Cost $22,474)		22,474
	Total Investments —102.1% (Cost $642,465)		875,061
	Liabilities in Excess of Other Assets — (2.1)%		(18,402	)
	NET ASSETS — 100.0%	$	856,659

Percentages indicated are based on net assets.

Summary of Investments by Industry, July 31, 2008

The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments (excluding Investments of Cash Collateral for Securities on Loan):

Industry	Percentage
Commercial Banks	13.1	%
Oil, Gas & Consumable Fuels	10.6
Pharmaceuticals	9.6
Metals & Mining	4.1
Industrial Conglomerates	2.9
Wireless Telecommunication Services	2.9
Media	2.9
Construction Materials	2.8
Trading Companies & Distributors	2.8
Food & Staples Retailing	2.7
Insurance	2.6
Electric Utilities	2.6
Capital Markets	2.6
Chemicals	2.5
Food Products	2.5
Communications Equipment	2.1
Semiconductors & Semiconductor Equipment	1.9
Diversified Telecommunication Services	1.9
Beverages	1.8
Electronic Equipment & Instruments	1.8
Diversified Financial Services	1.8
Specialty Retail	1.7
Machinery	1.6
Automobiles	1.5
Electrical Equipment	1.5
Software	1.3
Office Electronics	1.3
Multi-Utilities	1.2
Household Durables	1.2
Real Estate Management & Development	1.2
Tobacco	1.2
Building Products	1.1
Hotels, Restaurants & Leisure	1.0
Short-Term Investment	1.6
Others (each less than 1.0%)	4.1

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:
ADR	—   American Depositary Receipt
CVA	—   Dutch Certification
GDR	—   Global Depositary Receipt
(a)	Non-income producing security.
(b)	Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(c)	Security, or a portion of the security, has been delivered to a counterparty as part of a security lending transaction.
(e)	Security is exempt from registration under Rule 144A of the Securities Act of 1933. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(f)	Security is fair valued in accordance with procedures established by and under the supervision and responsibility of the Board of Trustees. The market value and percentage of the investments based on net assets that are fair valued round to amounts less than $1,000, and 0.1%, respectively.
	In addition the value and percentage based on total investments (excluding Investments of Cash Collateral for Securities on Loan) of the investments that apply the fair valuation policy for the international investments are approximately $788,621,000 and 92.5%, respectively.
(h)	Amount rounds to less than one thousand (shares or dollars).
(i)	Security has been deemed illiquid pursuant to procedures approved by the Board of Trustees and may be difficult to sell.
(m)	All or a portion of this security is reserved for current or potential holdings of futures, swaps, options, TBAs, when-issued securities, delayed delivery securities, reverse repurchase agreements, and forward currency contracts.
As of July 31, 2008, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	268,288
Aggregate gross unrealized depreciation		(35,692	)
Net unrealized appreciation/depreciation	$	232,596
Federal income tax cost of investments	$	642,465

JPMorgan International Markets Fund

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JULY 31, 2008 (Unaudited)

SHARES		SECURITY DESCRIPTION	VALUE ($)
		Investment Companies — 100.1%
	798	iShares MSCI Pacific ex-Japan Index Fund		34,514
	797	JPMorgan Emerging Markets Equity Fund, Institutional Class (b)		17,243
	12,221	JPMorgan International Equity Fund, Select Class (b)		334,253
	18,592	JPMorgan International Value Fund, Institutional Class (b)		293,003
	6,454	JPMorgan Intrepid European Fund, Institutional Class (b)		158,186
	5,533	JPMorgan Intrepid Japan Fund, Select Class (b)		35,629
	496	JPMorgan Prime Money Market Fund, Institutional Class (b)		496
	475	JPMorgan Russia Fund, Select Class (b)		7,892
		Total Investments — 100.1% (Cost $1,007,594)		881,216
		Liabilities in Excess of Other Assets — (0.1)%		(1,282	)
		NET ASSETS — 100.0%	$	879,934

Percentages indicated are based on net assets.

Forward Foreign Currency Exchange Contracts

CONTRACTSTO SELL		SETTLEMENT DATE	SETTLEMENT VALUE			VALUE AT 07/31/08			NET UNREALIZED APPRECIATION (DEPRECIATION)
45,269	EUR	09/08/08		$	70,000		$	70,481		$	(481	)
15,377	GBP	09/08/08			30,000			30,399			(399	)
				$	100,000		$	100,880		$	(880	)

Summary of Investments by Industry, July 31, 2008

The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:

Industry	Percentage
International Equity Funds		99.9	%
Others (each less than 1.0%)		0.1

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:
EUR	—	Euro
GBP	—	British Pound

(b) Investment in affiliate. Fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.

JPMorgan International Markets Fund

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JULY 31, 2008 (Unaudited) (continued)

As of July 31, 2008, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:
Aggregate gross unrealized appreciation	$	—
Aggregate gross unrealized depreciation		(126,378	)
Net unrealized appreciation/depreciation	$	(126,378	)
Federal income tax cost of investments	$	1,007,594

JPMorgan International Markets Fund

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JULY 31, 2008 (Unaudited) (continued)

In September 2006, the Statement of Financial Accounting Standards No. 157 - Fair Value Measurements- (“SFAS 157”), was issued and is effective for fiscal years beginning after November 15, 2007. SFAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. SFAS 157 requires disclosure surrounding the various inputs that are used in determining the value of the Fund’s investments. These inputs are summarized into the three broad levels listed below.

• Level 1 – quoted prices in active markets for identical securities

• Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

• Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used as of July 31, 2008, in valuing the Fund’s assets and liabilities carried at fair value:

Valuation Inputs	Investments in Securities		Other Financial Instruments*
JPMorgan International Markets Fund
Level 1	$	881,216	$	(880	)
Level 2		—		—
Level 3		—		—
Total	$	881,216	$	(880	)
* Other financial instruments include futures, forwards and swap contracts.

JPMorgan International Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JULY 31, 2008 (Unaudited)
(Amounts in thousands, except number of contracts)

SHARES			SECURITY DESCRIPTION	VALUE ($)
			Long-Term Investments — 98.3%
			Common Stocks — 98.3%
			Australia — 0.8%
	109		Australia & New Zealand Banking Group Ltd. (m)		1,645
	29		Southern Pacific Petroleum N.L. (a) (m)		1
					1,646
			Austria — 0.9%
	37		Intercell AG (a) (m)		1,850
			China — 1.3%
	400		China Merchants Bank Co., Ltd., Class H (m)		1,440
	1,011		Parkson Retail Group Ltd. (m)		1,389
					2,829
			Finland — 1.7%
	115		Nokia OYJ (m)		3,127
	207		Ruukki Group OYJ (m)		665
					3,792
			France — 16.1%
	32		Alstom S.A. (c)		3,560
	35		BNP Paribas (m)		3,432
	58		Cie Generale de Geophysique- Veritas (a) (c)		2,284
	31		Compagnie Generale des Etablissements Michelin, Class B (m)		2,023
	53		GDF Suez		3,310
	19		Lafarge S.A. (m)		2,567
	50		Sanofi-Aventis S.A. (m)		3,480
	33		Societe Generale (m)		3,069
	33		Sodexo (m)		2,137
	2		Suez S.A. (m)		122
	68		Total S.A. (m)		5,199
	86		Vivendi (m)		3,576
					34,759
			Germany — 9.7%
	21		Allianz SE (m)		3,594
	57		Bayer AG (m)		4,875
	41		Daimler AG (m)		2,372
	26		E.ON AG (m)		4,937
	49		Lanxess AG (m)		1,907
	19		Muenchener Rueckversicherungs AG (m)		3,220
					20,905
			Greece — 0.6%
	27		National Bank of Greece S.A.		1,286
			Hong Kong — 0.7%
	450		Li & Fung Ltd. (m)		1,520
			Israel — 1.3%
	326		Makhteshim-Agan Industries Ltd. (m)		2,818
			Italy — 1.2%
	480		Intesa Sanpaolo S.p.A. (m)		2,697
			Japan — 19.6%
	169		Chugai Pharmaceutical Co., Ltd. (c)		2,695
	51		Daikin Industries Ltd. (c)		2,195
	301		Daiwa Securities Group, Inc. (m)		2,609
	314		Fukuoka Financial Group, Inc. (m)		1,312
	1		Japan Tobacco, Inc. (m)		3,188
	63		JFE Holdings, Inc. (m)		3,062
	88		Kirin Holdings Co., Ltd. (m)		1,345
	447		Kubota Corp. (m)		2,840
	110		Mitsubishi Estate Co., Ltd. (m)		2,649
	293		Mitsubishi UFJ Financial Group, Inc. (m)		2,585
	61		Mitsui & Co., Ltd. (m)		1,251
	7		Nintendo Co., Ltd. (m)		3,590
	362		Nippon Sheet Glass Co., Ltd. (c)		1,474
	114		Shiseido Co., Ltd. (m)		2,537
	—	(h)	Sumitomo Mitsui Financial Group, Inc. (m)		2,615
	93		Toyota Motor Corp. (m)		4,022
	38		Yakult Honsha Co., Ltd. (m)		1,092
	18		Yamada Denki Co., Ltd. (m)		1,246
					42,307
			Netherlands — 8.0%
	111		ING Groep N.V. CVA (c)		3,627
	168		Koninklijke KPN N.V. (c)		2,917
	89		Koninklijke Philips Electronics N.V. (m)		2,952
	164		Royal Dutch Shell plc, Class A (m)		5,802
	59		TNT N.V. (c)		2,048
					17,346

JPMorgan International Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JULY 31, 2008 (Unaudited) (continued)
(Amounts in thousands, except number of contracts)

SHARES		SECURITY DESCRIPTION	VALUE ($)
		Long-Term Investments — Continued
		Singapore — 1.6%
	689	CapitaMall Trust (m)		1,498
	755	Singapore Telecommunications Ltd. (m)		1,965
				3,463
		South Korea — 1.5%
	57	Hana Financial Group, Inc. (m)		2,150
	2	Samsung Electronics Co., Ltd. (m)		1,107
				3,257
		Spain — 4.4%
	264	Banco Santander S.A. (m)		5,131
	166	Telefonica S.A. (m)		4,305
				9,436
		Switzerland — 6.0%
	56	Credit Suisse Group AG (m)		2,811
	108	Nestle S.A. (m)		4,751
	29	Roche Holding AG (m)		5,423
				12,985
		Taiwan — 1.6%
	196	HON HAI Precision Industry Co., Ltd., GDR (m)		1,898
	167	Taiwan Semiconductor Manufacturing Co., Ltd., ADR (m)		1,585
				3,483
		United Kingdom — 21.3%
	275	BAE Systems plc (m)		2,441
	179	BG Group plc (m)		4,042
	108	BHP Billiton plc (m)		3,582
	107	Cadbury plc (m)		1,266
	418	HSBC Holdings plc (m)		6,918
	112	Imperial Tobacco Group plc (m)		4,184
	98	Intercontinental Hotels Group plc (m)		1,288
	358	International Power plc (m)		2,912
	318	Premier Farnell plc (m)		1,059
	59	Reckitt Benckiser Group plc (m)		3,240
	73	Shire Ltd. (m)		1,208
	476	Tesco plc (m)		3,380
	309	TUI Travel plc (m)		1,217
	31	Vedanta Resources plc (m)		1,228
	2,257	Vodafone Group plc (m)		6,046
	417	Wm Morrison Supermarkets plc		2,127
				46,138
		Total Long-Term Investments (Cost $215,264)		212,517
NUMBER OF RIGHTS		SECURITY DESCRIPTION	VALUE ($)
		Rights — 0.2%
		France — 0.2%
	55	Suez Environnement S.A., expiring 06/22/10 (a) (m) (Cost $—)		398
SHARES
		Short-Term Investment — 4.1%
		Investment Company — 4.1%
	8,774	JPMorgan Prime Money Market Fund, Institutional Class (b) (Cost $8,774)		8,774
PRINCIPAL AMOUNT ($)
		Investments of Cash Collateral for Securities on Loan — 7.0%
		Repurchase Agreements — 7.0%
	3,000	Banc of America Securities LLC, 2.21%, dated 07/31/08, due 08/01/08, repurchase price $3,000, collateralized by U.S. Government Agency Mortgages		3,000
	3,000	Barclays Capital, 2.20%, dated 07/31/08, due 08/01/08, repurchase price $3,000, collateralized by U.S. Government Agency Mortgages		3,000
	3,161	Citigroup Global Markets, Inc., 2.20%, dated 07/31/08, due 08/01/08, repurchase price $3,161, collateralized by U.S. Government Agency Mortgages		3,161
	3,000	Credit Suisse (USA) LLC, 2.15%, dated 07/31/08, due 08/01/08, repurchase price $3,000, collateralized by U.S. Government Agency Mortgages		3,000
	3,000	Merrill Lynch Securities, 2.20%, dated 07/31/08, due 08/01/08, repurchase price $3,000, collateralized by U.S. Government Agency Mortgages		3,000
		Total Investments of Cash Collateral for Securities on Loan (Cost $15,161)		15,161
		Total Investments — 109.6% (Cost $239,199 )		236,850
		Liabilities in Excess of Other Assets — (9.6)%		(20,729	)
		NET ASSETS — 100.0%	$	216,121
		Percentages indicated are based on net assets.

JPMorgan International Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2008 (Unaudited) (continued)

(Amounts in thousands, except number of contracts)

Summary of Investments by Industry, July 31, 2008

The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments (excluding Investments of Cash Collateral for Securities on Loan):

Industry	Percentage
Commercial Banks	15.5	%
Pharmaceuticals	8.0
Oil, Gas & Consumable Fuels	6.8
Diversified Telecommunication Services	4.1
Metals & Mining	3.6
Tobacco	3.3
Food Products	3.2
Insurance	3.1
Automobiles	2.9
Wireless Telecommunication Services	2.7
Food & Staples Retailing	2.5
Capital Markets	2.4
Electric Utilities	2.2
Chemicals	2.1
Hotels, Restaurants & Leisure	2.1
Building Products	1.7
Diversified Financial Services	1.6
Industrial Conglomerates	1.6
Software	1.6
Media	1.6
Electrical Equipment	1.6
Multi-Utilities	1.5
Household Products	1.5
Communications Equipment	1.4
Electronic Equipment & Instruments	1.3
Independent Power Producers & Energy Traders	1.3
Machinery	1.3
Semiconductors & Semiconductor Equipment	1.2
Real Estate Management & Development	1.2
Construction Materials	1.2
Personal Products	1.1
Aerospace & Defense	1.1
Energy Equipment & Services	1.0
Short-Term Investments	4.0
Others (each less than 1.0%)	6.7

JPMorgan International Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2008 (Unaudited) (continued)

(Amounts in thousands, except number of contracts)

Forward Foreign Currency Exchange Contracts
CONTRACTSTO BUY		SETTLEMENT DATE	SETTLEMENT VALUE		VALUE AT 07/31/08		NET UNREALIZED APPRECIATION (DEPRECIATION)
13,893,594	AUD	08/13/08	$	12,822	$	13,067	$	245
2,856,432	CHF	08/13/08		2,757		2,727		(30	)
7,730,682	EUR	08/13/08		12,168		12,054		(114	)
2,347,440	GBP	08/13/08		4,585		4,650		65
20,769,920	HKD	08/13/08		2,673		2,663		(10	)
560,614,559	JPY	08/13/08		5,323		5,199		(124	)
12,140,709	NOK	08/13/08		2,346		2,367		21
33,746,979	SEK	08/13/08		5,579		5,571		(8	)
			$	48,253	$	48,298	$	45
CONTRACTSTO SELL		SETTLEMENT DATE	SETTLEMENT VALUE		VALUE AT 07/31/08			NET UNREALIZED APPRECIATION (DEPRECIATION)
454,776	AUD	08/13/08	$	433	$	428	$	5
17,943,709	EUR	08/13/08		27,789		27,976		(187	)
4,183,253	GBP	08/13/08		8,237		8,287		(50	)
597,733,494	JPY	08/13/08		5,637		5,543		94
2,820,965	SEK	08/13/08		461		465		(4	)
2,490,179	SGD	08/13/08		1,838		1,822		16
			$	44,395	$	44,521	$	(126	)

JPMorgan International Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2008 (Unaudited) (continued)

(Amounts in thousands, except number of contracts)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS :
ADR	—	American Depositary Receipt
AUD	—	Australian Dollar
CHF	—	Swiss Franc
CVA	—	Dutch Certification
EUR	—	Euro
GBP	—	British Pound
GDR	—	Global Depository Receipt
HKD	—	Hong Kong Dollar
JPY	—	Japanese Yen
NOK	—	Norwegian Krone
SEK	—	Swedish Krona
SGD	—	Singapore Dollar

(a)	Non-income producing security.
(b)	Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(c)	Security, or a portion of the security, has been delivered to a counterparty as part of a security lending transaction.
(h)	Amount rounds to less than one thousand (shares or dollars).
(m)	All or a portion of this security is reserved for current or potential holdings of futures, swaps, options, TBAs, when-issued securities, delayed delivery securities, reverse repurchase agreements, and forward currency contracts.
	The value and percentage based on total investments (excluding Investments of Cash Collateral for Securities on Loan) of the investments that apply the fair valuation policy for the international investments are approximately $211,331,000 and 95.3%, respectively.

As of July 31, 2008, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	17,321
Aggregate gross unrealized depreciation		(19,670	)
Net unrealized appreciation/depreciation	($	2,349	)
Federal income tax cost of investments	$	239,199

JPMorgan International Realty Fund

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JULY 31, 2008 (Unaudited)
(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE ($)
			Long-Term Investments — 99.1%
			Common Stocks — 99.1%
			Australia — 14.3%
	571		CFS Retail Property Trust		1,089
	954		Commonwealth Property Office Fund (m)		1,208
	330		Goodman Group		779
	175		GPT Group (m)		248
	394		ING Industrial Fund		508
	173		Westfield Group (m)		2,611
					6,443
			Austria — 3.1%
	11		CA Immobilien Anlagen AG (a) (m)		194
	53		Conwert Immobilien Invest SE (a) (m)		795
	42		IMMOFINANZ AG		381
					1,370
			Canada — 6.9%
	115		Artis REIT (m)		1,719
	18		First Capital Realty, Inc. (m)		400
	51		RioCan REIT (m)		982
					3,101
			Cyprus — 0.2%
	19		Mirland Development Corp. plc (a) (m)		102
			Finland — 3.3%
	160		Citycon OYJ (m)		610
	86		Technopolis plc OYJ (m)		710
	11		YIT OYJ		182
					1,502
			France — 9.4%
	6		Gecina S.A. (m)		756
	15		Unibail-Rodamco (m)		3,461
					4,217
			Germany — 1.2%
	31		Alstria Office REIT AG (m)		510
	2		GWB Immobilien AG (a) (m)		16
					526
			Hong Kong — 12.6%
	118		Henderson Land Development Co., Ltd. (m)		730
	100		New World Development Ltd. (m)		187
	504		Sino Land Co. (m)		1,001
	252		Sun Hung Kai Properties Ltd. (m)		3,737
					5,655
			Japan — 27.8%
	—	(h)	Advance Residence Investment Corp. (m)		111
	—	(h)	BLife Investment Corp. (m)		18
	—	(h)	Crescendo Investment Corp. (m)		41
	—	(h)	Global One Real Estate Investment Corp. (m)		384
	—	(h)	Japan Excellent, Inc. (m)		130
	—	(h)	Joint Reit Investment Corp. (m)		218
	152		Mitsubishi Estate Co., Ltd. (m)		3,661
	162		Mitsui Fudosan Co., Ltd. (m)		3,665
	—	(h)	New City Residence Investment Corp. (m)		95
	—	(h)	Nippon Accomodations Fund, Inc. (m)		1,018
	—	(h)	Nippon Building Fund, Inc. (m)		1,133
	—	(h)	Premier Investment Corp. (m)		110
	—	(h)	Tokyu REIT, Inc. (m)		802
	—	(h)	Top REIT, Inc. (m)		1,122
					12,508
			Netherlands — 3.6%
	13		Corio N.V. (m)		1,003
	6		Wereldhave N.V. (m)		598
					1,601
			Singapore — 3.6%
	180		Ascendas REIT (m)		300
	158		CapitaLand Ltd. (m)		652
	316		CapitaMall Trust (m)		687
					1,639
			Sweden — 1.5%
	75		Hufvudstaden AB, Class A (m)		682
			United Kingdom — 11.6%
	69		Great Portland Estates plc (m)		464
	52		Hammerson plc (m)		985
	93		Land Securities Group plc (m)		2,374
	49		Liberty International plc (m)		909
	166		Safestore Holdings plc (m)		458
					5,190
			Total Long-Term Investments (Cost $49,762)		44,536

JPMorgan International Realty Fund

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JULY 31, 2008 (Unaudited) (continued)
(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE ($)
		Short-Term Investment — 1.6%
		Investment Company — 1.6%
	728	JPMorgan Prime Money Market      Fund, Institutional Class (b) (Cost $728)		728
		Total Investments — 100.7% (Cost $50,490)		45,264
		Liabilities in Excess of Other Assets — (0.7)%		(308	)
		NET ASSETS — 100.0%	$	44,956

Percentages indicated are based on net assets.

Summary of Investments by Industry, July 31, 2008

The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:

Industry	Percentage
Real Estate Investment Trusts (REITs)	58.3	%
Real Estate Management & Development	39.7
Short-Term Investments	1.6
Others (each less than 1.0%)	0.4

Forward Foreign Currency Exchange Contracts

(Amounts in thousands, except number of contracts)

CONTRACTS TO BUY		SETTLEMENT DATE	SETTLEMENT VALUE			VALUE AT 07/31/08			NET UNREALIZED APPRECIATION (DEPRECIATION)
360,332	EUR
28,528,318	for JPY	09/17/08	$	559	#	$	561	#	$	2
1,974,208	HKD
160,385	for EUR	09/17/08		249	#		253	#		4
30,608,933	JPY
303,304	for AUD	09/17/08		283	#		284	#		1
2,680,916	AUD	09/17/08		2,517			2,509			(8	)
243,620	CAD	09/17/08		244			238			(6	)
257,663	CHF	09/17/08		247			246			(1	)
567,759	EUR	09/17/08		889			884			(5	)
852,541	GBP	09/17/08		1,669			1,684			15
17,650,023	HKD	09/17/08		2,264			2,264			—	(h)
206,314,695	JPY	09/17/08		1,934			1,918			(16	)
947,629	SGD	09/17/08		701			694			(7	)
1,482,781	ZAR	09/17/08		182			200			18
			$	11,738		$	11,735		$	(3	)

^# For cross-currency exchange contracts, the settlement value is the U.S. Dollar market value at 07/31/08 of the currency being sold, and the value at 07/31/08 is the U.S. Dollar market value of the currency being purchased.

JPMorgan International Realty Fund

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JULY 31, 2008 (Unaudited) (continued)
(Amounts in thousands)

CONTRACTSTO SELL		SETTLEMENT DATE	SETTLEMENT VALUE		VALUE AT 07/31/08		NET UNREALIZED APPRECIATION (DEPRECIATION)
1,443,576	AUD	09/17/08	$	1,374	$	1,352	$	22
1,308,013	CAD	09/17/08		1,274		1,277		(3	)
1,927,842	EUR	09/17/08		2,984		3,001		(17	)
691,193	GBP	09/17/08		1,362		1,365		(3	)
12,424,165	HKD	09/17/08		1,594		1,594		—	(h)
160,699,331	JPY	09/17/08		1,515		1,493		22
719,165	SGD	09/17/08		523		527		(4	)
			$	10,626	$	10,609	$	17

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:
AUD	—	Australian Dollar
CAD	—	Canadian Dollar
CHF	—	Swiss Franc
EUR	—	Euro
GBP	—	British Pound
HKD	—	Hong Kong Dollar
JPY	—	Japanese Yen
REIT	—	Real Estate Investment Trust
SGD	—	Singapore Dollar
ZAR	—	South African Rand
(a)	Non-income producing security.
(b)	Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(h)	Amount rounds to less than one thousand (shares or dollars).
(m)	All or a portion of this security is reserved for current or potential holdings of futures, swaps, options, TBAs, when-issued securities, delayed delivery securities, reverse repurchase agreements, and forward currency contracts.
	The value and percentage based on total investments of the investments that apply the fair valuation policy for the international investments are approximately $41,436,000 and 91.5% respectively.
As of July 31, 2008, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	59
Aggregate gross unrealized depreciation		(5,285	)
Net unrealized appreciation/depreciation	($	5,226	)
Federal income tax cost of investments	$	50,490

JPMorgan International Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JULY 31, 2008 (Unaudited)
(Amounts in thousands, except number of contracts)

SHARES		SECURITY DESCRIPTION	VALUE ($)
		Long-Term Investments — 97.0%
		Common Stocks — 97.0%
		Australia — 1.2%
	927	Australia & New Zealand Banking Group Ltd. (m)		14,041
		China — 0.6%
	1,964	China Merchants Bank Co., Ltd., Class H (m)		7,077
		Finland — 1.5%
	463	Nokia OYJ (m)		12,632
	1,576	Ruukki Group OYJ (c)		5,063
				17,695
		France — 18.1%
	97	Alstom S.A. (c)		10,847
	358	AXA S.A. (m)		10,508
	275	BNP Paribas (m)		27,113
	147	Compagnie Generale des Etablissements Michelin, Class B (m)		9,720
	475	GDF Suez		29,709
	79	Lafarge S.A. (c)		10,703
	153	Sanofi-Aventis S.A. (c)		10,727
	231	Societe Generale (c)		21,339
	179	Sodexo (m)		11,697
	11	Suez S.A. (m)		663
	609	Total S.A. (m)		46,659
	542	Vivendi (m)		22,658
				212,343
		Germany — 11.0%
	205	Allianz SE (m)		34,801
	226	Bayer AG (c)		19,387
	317	Daimler AG (c)		18,355
	132	E.ON AG (m)		25,266
	230	Lanxess AG (m)		8,914
	139	Muenchener Rueckversicherungs AG (m)		23,021
				129,744
		Greece — 1.4%
	122	National Bank of Greece S.A. (m)		5,748
	707	Sidenor Steel Products Manufacturing Co. S.A. (m)		10,989
				16,737
		Hong Kong — 1.1%
	846	Sun Hung Kai Properties Ltd. (m)		12,547
		Israel — 0.9%
	1,221	Makhteshim-Agan Industries Ltd. (m)		10,556
		Italy — 3.0%
	4,396	Intesa Sanpaolo S.p.A. (m)		24,688
	1,699	UniCredit S.p.A. (m)		10,121
				34,809
		Japan — 18.0%
	1,972	Daiwa Securities Group, Inc. (m)		17,094
	1,767	Fukuoka Financial Group, Inc. (m)		7,383
	626	Honda Motor Co., Ltd. (m)		19,978
	4	Japan Tobacco, Inc. (m)		19,591
	317	JFE Holdings, Inc. (c)		15,417
	263	Kao Corp. (m)		6,824
	522	Kirin Holdings Co., Ltd. (m)		7,976
	1,688	Kubota Corp. (m)		10,724
	1,151	Marubeni Corp. (m)		8,385
	480	Mitsubishi Corp. (m)		13,993
	1,070	Mitsubishi Electric Corp. (m)		10,545
	1,782	Mitsubishi UFJ Financial Group, Inc. (m)		15,731
	33	Nintendo Co., Ltd. (m)		15,914
	1	Nippon Sheet Glass Co., Ltd. (m)		2
	2	Sumitomo Mitsui Financial Group, Inc. (m)		12,367
	675	Toyota Motor Corp. (m)		29,115
				211,039
		Netherlands — 8.5%
	694	ING Groep N.V. CVA (c)		22,630
	1,025	Koninklijke KPN N.V. (c)		17,841
	236	Koninklijke Philips Electronics N.V. (m)		7,870
	1,464	Royal Dutch Shell plc, Class A (m)		51,984
				100,325
		Singapore — 0.8%
	3,459	Singapore Telecommunications Ltd. (m)		9,001
		South Korea — 1.7%
	313	Hana Financial Group, Inc. (m)		11,838

JPMorgan International Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JULY 31, 2008 (Unaudited) (continued)
(Amounts in thousands, except number of contracts)

SHARES		SECURITY DESCRIPTION	VALUE ($)
		Long-Term Investments — Continued
		South Korea — Continued
	14	Samsung Electronics Co., Ltd. (m)		7,995
				19,833
		Spain — 5.3%
	2,252	Banco Santander S.A. (m)		43,834
	808	Iberdrola S.A. (m)		10,974
	299	Telefonica S.A. (m)		7,753
				62,561
		Switzerland — 3.7%
	589	Credit Suisse Group AG (m)		29,403
	78	Roche Holding AG (m)		14,323
				43,726
		Taiwan — 1.3%
	1,468	HON HAI Precision Industry Co., Ltd. (m)		7,094
	844	Taiwan Semiconductor Manufacturing Co., Ltd., ADR (m)		8,020
				15,114
		United Kingdom — 18.9%
	2,010	Afren plc (a) (c)		4,925
	1,742	BAE Systems plc (m)		15,462
	3,180	BP plc (m)		32,635
	965	Britvic plc (m)		4,232
	1,555	HBOS plc (m)		8,873
	2,836	HSBC Holdings plc (m)		46,896
	479	Imperial Tobacco Group plc (m)		17,885
	1,885	International Power plc (m)		15,338
	4,674	Royal Bank of Scotland Group plc (m)		19,391
	1,783	TUI Travel plc (m)		7,029
	148	Vedanta Resources plc (m)		5,843
	15,997	Vodafone Group plc (m)		42,853
				221,362
		Total Long-Term Investments (Cost $1,216,671)		1,138,510

NUMBER OF RIGHTS
		Rights — 0.3%
		France— 0.3%
	508	Suez Environnement S.A., expiring 06/22/10 (a) (m) (Cost $75)		3,656
SHARES		SECURITY DESCRIPTION	VALUE ($)
		Short-Term Investment — 3.9%
		Investment Company — 3.9%
	45,399	JPMorgan Prime Money Market Fund, Institutional Class (b) (Cost $45,399)		45,399
PRINCIPAL AMOUNT($)
		Investments of Cash Collateral for Securities on Loan — 6.0%
		Repurchase Agreements — 6.0%
	14,000	Banc of America Securities LLC, 2.21%, dated 07/31/08, due 08/01/08, repurchase price $14,001, collateralized by U.S. Government Agency Mortgages		14,000
	14,177	Barclays Capital, 2.20%, dated 07/31/08, due 08/01/08, repurchase price $14,178, collateralized by U.S. Government Agency Mortgages		14,177
	14,160	Citigroup Global Markets, Inc., 2.20%, dated 07/31/08, due 08/01/08, repurchase price $14,161, collateralized by U.S. Government Agency Mortgages		14,160
	14,000	Credit Suisse (USA) LLC, 2.15%, dated 07/31/08, due 08/01/08, repurchase price $14,001, collateralized by U.S. Government Agency Mortgages		14,000
	14,000	Merrill Lynch Securities, 2.20%, dated 07/31/08, due 08/01/08, repurchase price $14,001, collateralized by U.S. Government Agency Mortgages		14,000
		Total Investments of Cash Collateral for Securities on Loan (Cost $70,337)		70,337
		Total Investments — 107.2% (Cost $1,332,482)		1,257,902
		Liabilities in Excess of Other Assets — (7.2)%		(84,234	)
		NET ASSETS — 100.0%	$	1,173,668

Percentages indicated are based on net assets.

JPMorgan International Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JULY 31, 2008 (Unaudited) (continued)
(Amounts in thousands, except number of contracts)

Summary of Investments by Industry, July 31, 2008

The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments (excluding Investments of Cash Collateral for Securities on Loan):

Industry	Percentage
Commercial Banks	23.3	%
Oil, Gas & Consumable Fuels	11.5
Insurance	5.8
Automobiles	5.7
Capital Markets	3.9
Pharmaceuticals	3.7
Wireless Telecommunication Services	3.6
Tobacco	3.2
Electric Utilities	3.1
Diversified Telecommunication Services	2.9
Metals & Mining	2.7
Multi-Utilities	2.6
Media	1.9
Diversified Financial Services	1.9
Trading Companies & Distributors	1.9
Electrical Equipment	1.8
Chemicals	1.6
Hotels, Restaurants & Leisure	1.6
Semiconductors & Semiconductor
Equipment	1.3
Software	1.3
Aerospace & Defense	1.3
Independent Power Producers & Energy
Traders	1.3
Industrial Conglomerates	1.1
Communications Equipment	1.1
Real Estate Management & Development	1.1
Beverages	1.0
Short-Term Investment	3.8
Others (each less than 1.0%)	4.0

Forward Foreign Currency Exchange Contracts

CONTRACTS TO BUY		SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT 07/31/08		NET UNREALIZED APPRECIATION (DEPRECIATION)
67,977,356	AUD		08/28/08	$	64,472	$	63,801	$	(671	)
1,647,594	CHF		08/28/08		1,601		1,573		(28	)
14,114,276	DKK		08/28/08		2,961		2,947		(14	)
32,312,986	EUR		08/28/08		50,298		50,338		40
9,621,094	GBP		08/28/08		18,945		19,036		91
160,275,725	HKD		08/28/08		20,591		20,552		(39	)
4,292,978,782	JPY		08/28/08		40,521		39,848		(673	)
63,121,598	NOK		08/28/08		12,431		12,291		(140	)
190,031,518	SEK		08/28/08		31,936		31,345		(591	)
7,219,095	SGD		08/28/08		5,329		5,286		(43	)
				$	249,085	$	247,017	$	(2,068	)

JPMorgan International Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JULY 31, 2008 (Unaudited) (continued)
(Amounts in thousands, except number of contracts)

CONTRACTSTO SELL		SETTLEMENT DATE	SETTLEMENT VALUE		VALUE AT 07/31/08		NET UNREALIZED APPRECIATION (DEPRECIATION)
5,392,141	CHF	08/28/08	$	5,148	$	5,149	$	(1	)
89,936,986	EUR	08/28/08		140,617		140,108		509
26,846,135	GBP	08/28/08		52,872		53,116		(244	)
65,840,358	HKD	08/28/08		8,445		8,443		2
9,540,000	ILS	08/28/08		2,852		2,718		134
2,590,932,032	JPY	08/28/08		24,716		24,050		666
			$	234,650	$	233,584	$	1,066

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:
ADR	—	American Depositary Receipt
AUD	—	Australian Dollar
CHF	—	Swiss Franc
CVA	—	Dutch Certification
DKK	—	Danish Krone
EUR	—	Euro
GBP	—	British Pound
HKD	—	Hong Kong Dollar
ILS	—	Israeli Shekel
JPY	—	Japanese Yen
NOK	—	Norwegian Krone
SEK	—	Swedish Krona
SGD	—	Singapore Dollar

(a)	Non-income producing security.
(b)	Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(c)	Security, or a portion of the security, has been delivered to a counterparty as part of a security lending transaction.
(m)	All or a portion of this security is reserved for current or potential holdings of futures, swaps, options, TBAs, when-issued securities, delayed delivery securities, reverse repurchase agreements, and forward currency contracts.
	The value and percentage based on total investments (excluding Investments of Cash Collateral for Securities on Loan) of the investments that apply the fair valuation policy for the international investments are approximately $1,134,146,000 and 90.1% respectively.

JPMorgan International Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JULY 31, 2008 (Unaudited) (continued)
(Amounts in thousands, except number of contracts)

As of July 31, 2008, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:
Aggregate gross unrealized appreciation	$	38,679
Aggregate gross unrealized depreciation		(113,259	)
Net unrealized appreciation/depreciation	($	74,580	)
Federal income tax cost of investments	$	1,332,482

JPMorgan International Value SMA Fund

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JULY 31, 2008 (Unaudited)
(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE ($)
		Long-Term Investments — 96.5%
		Common Stocks — 96.5%
		Australia — 4.3%
	281	Australia & New Zealand Banking Group Ltd. (m)		4,252
		China — 2.2%
	595	China Merchants Bank Co., Ltd., Class H (m)		2,144
		Finland — 0.4%
	128	Ruukki Group OYJ		412
		France — 17.6%
	30	Alstom S.A.		3,350
	50	Compagnie Generale des Etablissements Michelin, Class B (m)		3,268
	55	Sodexo (m)		3,606
	169	Vivendi (m)		7,060
				17,284
		Germany — 10.4%
	75	Lanxess AG (m)		2,893
	44	Muenchener Rueckversicherungs AG (m)		7,263
				10,156
		Greece — 3.3%
	208	Sidenor Steel Products Manufacturing Co. S.A. (m)		3,227
		Israel — 3.3%
	370	Makhteshim-Agan Industries Ltd. (m)		3,197
		Italy — 3.3%
	541	UniCredit S.p.A. (m)		3,224
		Japan — 25.3%
	484	Daiwa Securities Group, Inc. (m)		4,196
	535	Fukuoka Financial Group, Inc. (m)		2,235
	1	Japan Tobacco, Inc. (m)		5,934
	96	JFE Holdings, Inc.		4,671
	80	Kao Corp. (m)		2,076
	349	Marubeni Corp. (m)		2,542
	324	Mitsubishi Electric Corp. (m)		3,193
				24,847
		Singapore — 2.8%
	1,048	Singapore Telecommunications Ltd. (m)		2,727
		South Korea — 6.1%
	95	Hana Financial Group, Inc. (m)		3,585
	4	Samsung Electronics Co., Ltd. (m)		2,422
				6,007
		Spain — 3.4%
	245	Iberdrola S.A. (m)		3,324
		Taiwan — 2.3%
	234	HON HAI Precision Industry Co., Ltd., GDR (m)		2,261
		United Kingdom — 11.8%
	655	Afren plc (a)		1,604
	314	Britvic plc (m)		1,377
	573	International Power plc (m)		4,663
	553	TUI Travel plc (m)		2,179
	45	Vedanta Resources plc (m)		1,778
				11,601
		Total Long-Term Investments (Cost $102,666)		94,663
		Short-Term Investment — 8.6%
		Investment Company — 8.6%
	8,400	JPMorgan Prime Money Market Fund, Institutional Class 12/31/49 (b)		8,400
		(Cost $8,400)
		Total Investments — 105.1% (Cost $111,066)		103,063
		Liabilities in Excess of Other Assets — (5.1)%		(4,976)
		NET ASSETS — 100.0%	$	98,087

Percentages indicated are based on net assets.

JPMorgan International Value SMA Fund

SCHEDULE OF PORTFOLIO INVESTMENTSAS OF JULY 31, 2008    (Unaudited) (continued)
(Amounts in thousands)

Summary of Investments by Industry, July 31, 2008

The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:

Industry	Percentage
Commercial Banks	15.0	%
Metals & Mining	9.4
Insurance	7.0
Media	6.9
Electrical Equipment	6.3
Chemicals	5.9
Tobacco	5.8
Hotels, Restaurants & Leisure	5.6
Independent Power Producers & Energy Traders	4.5
Capital Markets	4.1
Electric Utilities	3.2
Auto Components	3.2
Diversified Telecommunication Services	2.6
Trading Companies & Distributors	2.5
Semiconductors & Semiconductor Equipment	2.3
Electronic Equipment & Instruments	2.2
Household Products	2.0
Oil, Gas & Consumable Fuels	1.6
Beverages	1.3
Short-Term Investment	8.2
Others (each less than 1.0%)	0.4

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:
GDR — Global Depositary Receipt
(a)	Non-income producing security.
(b)	Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc. or JPMorgan Investment Advisors Inc.
(m)	All or a portion of this security is reserved for current or potential holdings of futures, swaps, options, TBAs, when-issued securities, delayed delivery securities, reverse repurchase agreements, and forward currency contracts.
As of July 31, 2008, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:
Aggregate gross unrealized appreciation		$	1,347
Aggregate gross unrealized depreciation			(9,350	)
Net unrealized appreciation/depreciation		($	8,003	)
Federal income tax cost of investments		$	111,066

JPMorgan Intrepid European Fund

SCHEDULE OF PORTFOLIO INVESTMENTSAS OF JULY 31, 2008 (Unaudited)
(Amounts in thousands, except number of contracts)

SHARES		SECURITY DESCRIPTION	VALUE ($)
		Long-Term Investments — 97.2%
		Common Stocks — 97.2%
		Austria — 2.1%
	249	IMMOFINANZ AG (c)		2,251
	66	Intercell AG (a) (m)		3,330
	99	OMV AG (m)		6,804
				12,385
		Belgium — 2.1%
	105	Euronav N.V. (m)		4,698
	27	KBC Groep N.V. (m)		2,717
	63	Mobistar S.A.		5,183
				12,598
		Finland — 1.4%
	86	Konecranes OYJ (m)		3,406
	188	Nokia OYJ (m)		5,136
				8,542
		France — 10.2%
	96	BNP Paribas (m)		9,447
	56	Cap Gemini S.A. (m)		3,600
	42	Cie de Saint-Gobain (c)		2,640
	350	France Telecom S.A. (m)		11,061
	149	GDF Suez (c)		9,331
	72	Gemalto N.V. (a) (c)		2,713
	55	Renault S.A. (c)		4,577
	70	Sanofi-Aventis S.A.		4,925
	32	Societe Generale		2,963
	4	Suez S.A. (m)		213
	124	Total S.A. (m)		9,504
				60,974
		Germany — 13.9%
	109	Bayer AG		9,401
	42	Centrotherm Photovoltaics AG (a) (c)		3,179
	75	Demag Cranes AG (m)		4,065
	86	E.ON AG (m)		16,476
	108	GEA Group AG (m)		3,540
	63	Hannover Rueckversicherung AG (m)		2,964
	32	K+S AG (m)		3,915
	58	MTU Aero Engines Holding AG (m)		1,788
	4	Muenchener Rueckversicherungs AG (m)		624
	41	Phoenix Solar AG (m)		3,012
	59	RWE AG (m)		7,111
	26	Salzgitter AG (m)		4,291
	84	SAP AG (m)		4,851
	105	SGL Carbon AG (a) (c)		6,990
	78	Siemens AG (m)		9,480
	26	Stada Arzneimittel AG (m)		1,332
				83,019
		Greece — 0.9%
	73	Alpha Bank AE (m)		2,151
	57	Piraeus Bank S.A. (m)		1,688
	59	Public Power Corp., S.A. (m)		1,814
				5,653
		Italy — 6.6%
	182	BUZZI UNICEM S.p.A. (m)		3,832
	1,195	Enel S.p.A. (m)		11,047
	331	ENI S.p.A. (m)		11,170
	288	Fiat S.p.A. (c)		4,921
	237	Mediobanca S.p.A.		3,443
	204	Prysmian S.p.A. (m)		5,025
				39,438
		Luxembourg — 2.1%
	143	ArcelorMittal (c)		12,634
		Netherlands — 7.3%
	26	Fugro N.V. CVA (m)		1,865
	80	Koninklijke DSM N.V. (m)		4,840
	36	Koninklijke Vopak N.V. (m)		2,172
	98	New World Resources, Inc., Class A (a) (m)		3,043
	196	Reed Elsevier N.V. (c)		3,248
	504	Royal Dutch Shell plc, Class B (m)		17,710
	67	Smit Internationale N.V. (m)		6,135
	168	Unilever N.V. CVA (m)		4,637
				43,650
		Norway — 3.1%
	95	Frontline Ltd. (c)		5,979
	88	Petroleum Geo-Services ASA (a) (c)		2,025
	603	Pronova BioPharma A.S. (a) (m)		2,085
	72	Telenor ASA (m)		1,087
	101	Yara International ASA (m)		7,206
				18,382

JPMorgan Intrepid European Fund

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JULY 31, 2008 (unaudited) (continued)
(Amounts in thousands, except number of contracts)

SHARES		SECURITY DESCRIPTION	VALUE ($)
		Long-Term Investments — Continued
		Spain — 4.0%
	67	ACS Actividades de Construccion y Servicios S.A. (c)		3,278
	34	Enagas (m)		882
	293	Iberdrola S.A. (m)		3,984
	80	Repsol YPF S.A. (c)		2,690
	519	Telefonica S.A. (m)		13,464
				24,298
		Sweden — 1.3%
	199	Scania AB, Class B (m)		3,115
	95	Ssab Svenskt Stal AB, Class B (c)		2,303
	282	TeliaSonera AB (m)		2,150
				7,568
		Switzerland — 9.0%
	75	Credit Suisse Group AG (m)		3,743
	393	Nestle S.A. (m)		17,222
	232	Novartis AG (m)		13,794
	66	Roche Holding AG (m)		12,126
	212	UBS AG (a) (m)		4,069
	12	Zurich Financial Services AG (m)		3,026
				53,980
		United Kingdom — 33.2%
	628	Amlin plc (m)		3,165
	200	Anglo American plc (m)		11,407
	282	AstraZeneca plc (m)		13,721
	741	BAE Systems plc (m)		6,571
	171	BG Group plc (m)		3,860
	196	BHP Billiton plc (m)		6,494
	1,369	BP plc (m)		14,052
	279	British American Tobacco plc (m)		10,080
	79	British Energy Group plc (m)		1,133
	162	Cadbury plc (m)		1,908
	182	Charter plc (m)		3,067
	376	Cookson Group plc (m)		4,610
	204	Dana Petroleum plc (a) (m)		5,787
	444	GKN plc (m)		1,862
	186	GlaxoSmithKline plc (m)		4,338
	792	Hays plc (m)		1,253
	530	HBOS plc (m)		3,026
	1,004	HMV Group plc (c)		2,387
	244	HSBC Holdings plc (m)		4,037
	262	Imperial Tobacco Group plc (m)		9,786
	883	International Power plc (m)		7,189
	811	Investec plc (m)		5,393
	68	Kazakhmys plc (m)		1,993
	490	Legal & General Group plc (m)		943
	597	Lloyds TSB Group plc (m)		3,479
	858	Man Group plc (m)		10,367
	308	National Express Group plc (m)		5,932
	247	Petrofac Ltd. (m)		3,126
	112	Premier Oil plc (a) (m)		2,873
	1,007	QinetiQ plc (m)		3,976
	31	Rio Tinto plc (m)		3,259
	1,298	Royal Bank of Scotland Group plc (m)		5,385
	1,124	RSA Insurance Group plc (m)		2,918
	126	Severn Trent plc (m)		3,296
	667	Stagecoach Group plc (m)		3,742
	160	Standard Chartered plc (m)		4,877
	926	Standard Life plc (m)		4,147
	663	Thomas Cook Group plc (m)		2,627
	2,222	Vodafone Group plc (m)		5,951
	213	Wellstream Holdings plc (a) (m)		5,038
				199,055
		Total Long-Term Investments (Cost $589,116)		582,176

NUMBER OF RIGHTS
		Rights — 0.1%
		France — 0.1%
	69	Suez Environnement S.A., expiring 06/22/10 (a) (m) (Cost $—)	497

SHARES
		Short-Term Investment — 4.1%
		Investment Company — 4.1%
	24,691	JPMorgan Prime Money Market Fund, Institutional Class (b) (Cost $24,691)	24,691

JPMorgan Intrepid European Fund

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JULY 31, 2008 (unaudited) (continued)
(Amounts in thousands, except number of contracts)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
		Investments of Cash Collateral for Securities on Loan — 7.3%
		Repurchase Agreements — 7.3%
	9,000	Banc of America Securities LLC, 2.21%, dated 07/31/08, due 08/01/08, repurchase price $9,001, collateralized by U.S. Government Agency Mortgages		9,000
	8,567	Barclays Capital, 2.20%, dated 07/31/08, due 08/01/08, repurchase price $8,568, collateralized by U.S. Government Agency Mortgages		8,567
	8,055	Citigroup Global Markets, Inc., 2.20%, dated 07/31/08, due 08/01/08, repurchase price $8,056, collateralized by U.S. Government Agency Mortgages		8,055
	9,000	Credit Suisse (USA) LLC, 2.15%, dated 07/31/08, due 08/01/08, repurchase price $9,001, collateralized by U.S. Government Agency Mortgages		9,000
	9,000	Merrill Lynch Securities, 2.20%, dated 07/31/08, due 08/01/08, repurchase price $9,001, collateralized by U.S. Government Agency Mortgages		9,000
		Total Investments of Cash Collateral for Securities on Loan (Cost $43,622)		43,622
		Total Investments — 108.7% (Cost $657,429 )		650,986
		Liabilities in Excess of Other Assets — (8.7)%		(51,865	)
		NET ASSETS — 100.0%	$	599,121

Percentages indicated are based on net assets.

Summary of Investments by Industry, July 31, 2008

The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments (excluding Investments of Cash Collateral for Securities on Loan):

Industry	Percentage
Oil, Gas & Consumable Fuels	14.0	%
Pharmaceuticals	10.2
Metals & Mining	7.0
Commercial Banks	6.5
Electric Utilities	5.7
Diversified Telecommunication Services	4.6	%
Capital Markets	4.4
Food Products	3.9
Tobacco	3.3
Insurance	2.9
Machinery	2.8
Multi-Utilities	2.7
Chemicals	2.6
Electrical Equipment	2.5
Industrial Conglomerates	2.3
Aerospace & Defense	2.0
Energy Equipment & Services	2.0
Wireless Telecommunication Services	1.8
Road & Rail	1.6
Automobiles	1.6
Transportation Infrastructure	1.4
Independent Power Producers & Energy Traders	1.2
Short-Term Investment	4.1
Others (each less than 1.0%)	8.9

JPMorgan Intrepid European Fund

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JULY 31, 2008 (Unaudited) (continued)
(Amounts in thousands, except number of contracts)

Futures Contracts

NUMBER OF CONTRACTS	DESCRIPTION	EXPIRATION DATE	NOTIONAL VALUE AT 07/31/08			UNREALIZED APPRECIATION (DEPRECIATION)
	Long Futures Outstanding
152	Dow Jones EURO STOXX 50	September, 2008		$	8,012		$	109
40	FTSE 100 Index	September, 2008			4,286			21
							$	130

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS :
CVA  —	Dutch Certification
(a)	Non-income producing security.
(b)	Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(c)	Security, or a portion of the security, has been delivered to a counterparty as part of a security lending transaction.
(m)	All or a portion of this security is reserved for current or potential holdings of futures, swaps, options, TBAs, when-issued securities, delayed delivery securities, reverse repurchase agreements, and forward currency contracts.
The value and percentage based on total investments (excluding Investments of Cash Collateral for Securities on Loan) of the investments that apply the fair valuation policy for the international investments are approximately $582,673,000 and 95.9%, respectively.
As of July 31, 2008, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	33,038
Aggregate gross unrealized depreciation		(39,481	)
Net unrealized appreciation/depreciation	($	6,443	)
Federal income tax cost of investments	$	657,429

JPMorgan Intrepid International Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2008 (Unaudited)
(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE ($)
		Long-Term Investments — 100.0%
		Common Stocks — 99.8%
		Australia — 3.2%
	285	AGL Energy Ltd. (m)		3,560
	295	Australia & New Zealand Banking Group Ltd. (m)		4,463
	279	Bank of Queensland Ltd. (m)		3,812
	837	BHP Billiton Ltd. (m)		31,233
	202	Commonwealth Bank of Australia (m)		7,474
	196	National Australia Bank Ltd. (m)		4,504
	14	Southern Pacific Petroleum N.L. (a) (m)		—	(h)
				55,046
		Austria — 0.6%
	69	OMV AG (m)		4,775
	76	Voestalpine AG (m)		5,000
				9,775
		Bermuda — 0.3%
	104	Aquarius Platinum Ltd. (a) (m)		1,025
	117	Seadrill Ltd. (m)		3,492
				4,517
		China — 0.7%
	1,634	China Merchants Bank Co., Ltd., Class H (m)		5,887
	7,747	Industrial & Commercial Bank of China, Class H (m)		5,793
				11,680
		Denmark — 1.4%
	67	Carlsberg A/S, Class B (m)		5,409
	56	D/S Norden (m)		5,373
	107	Novo Nordisk A/S, Class B (m)		6,813
	50	Vestas Wind Systems A/S (a) (m)		6,546
				24,141
		Egypt — 0.3%
	30	Orascom Construction Industries, GDR (m)		4,393
		Finland — 2.5%
	156	Fortum OYJ (m)		6,863
	87	Konecranes OYJ (m)		3,454
	771	Nokia OYJ (m)		21,042
	187	Sampo OYJ, Class A (m)		4,695
	103	Wartsila OYJ (m)		6,239
				42,293
		France — 10.3%
	74	Accor S.A. (m)		4,915
	60	Alstom S.A. (m)		6,694
	295	AXA S.A. (m)		8,659
	185	BNP Paribas (m)		18,238
	95	Bouygues (m)		6,162
	60	Casino Guichard Perrachon S.A. (m)		5,964
	44	CNP Assurances (m)		4,911
	281	France Telecom S.A. (m)		8,877
	253	GDF Suez (m)		15,827
	61	Groupe Danone (m)		4,501
	42	Lafarge S.A. (m)		5,700
	32	LVMH Moet Hennessy Louis Vuitton S.A.		3,493
	37	Pernod-Ricard S.A. (m)		3,217
	196	Sanofi-Aventis S.A. (m)		13,763
	225	SCOR SE (m)		5,328
	94	Societe Generale (m)		8,678
	340	Total S.A. (m)		26,055
	57	UBISOFT Entertainment (a) (m)		5,615
	23	Vallourec (m)		6,822
	20	Vilmorin & Cie (m)		3,765
	163	Vivendi (m)		6,818
				174,002
		Germany — 9.1%
	99	Adidas AG (m)		6,030
	72	Allianz SE (m)		12,170
	120	BASF SE (m)		7,639
	142	Bayer AG (m)		12,194
	159	Commerzbank AG (m)		5,080
	392	Deutsche Telekom AG (m)		6,780
	126	E.ON AG (m)		24,012
	118	Hannover Rueckversicherung AG (m)		5,586
	35	K+S AG (m)		4,363
	47	Linde AG (m)		6,488
	53	MAN AG (m)		5,303
	25	Merck KGaA (m)		3,077
	31	Muenchener Rueckversicherungs AG (m)		5,180
	67	RWE AG (m)		8,058
	38	Salzgitter AG (m)		6,181
	150	SAP AG (m)		8,645
	97	SGL Carbon AG (a) (m)		6,514

JPMorgan Intrepid International Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2008 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE ($)
		Long-Term Investments — Continued
		Germany — Continued
	128	Siemens AG (m)		15,574
	85	ThyssenKrupp AG (m)		4,725
				153,599
		Greece — 0.8%
	196	Alpha Bank AE (m)		5,782
	245	Piraeus Bank S.A. (m)		7,312
				13,094
		Hong Kong — 2.7%
	5,010	Chaoda Modern Agriculture (m)		5,787
	408	Cheung Kong Holdings Ltd. (m)		5,708
	561	China Mobile Ltd. (m)		7,495
	1,624	Hang Lung Properties Ltd. (m)		5,101
	649	Hutchison Whampoa Ltd. (m)		6,071
	216	Jardine Strategic Holdings Ltd. (m)		3,715
	536	Swire Pacific Ltd., Class A (m)		5,720
	1,397	Wharf Holdings Ltd. (m)		6,174
				45,771
		India — 0.2%
	37	Reliance Industries Ltd., GDR (e) (m)		3,880
		Indonesia — 0.2%
	4,251	Bumi Resources Tbk PT (m)		3,116
		Israel — 0.4%
	151	Teva Pharmaceutical Industries Ltd., ADR (m)		6,750
		Italy — 2.9%
	660	Enel S.p.A. (m)		6,096
	392	ENI S.p.A. (m)		13,218
	249	Fiat S.p.A. (m)		4,260
	1,946	Intesa Sanpaolo S.p.A. (m)		10,927
	1,361	Terna Rete Elettrica Nazionale S.p.A. (m)		5,648
	1,654	UniCredit S.p.A. (m)		9,852
				50,001
		Japan — 18.5%
	183	Astellas Pharma, Inc. (m)		7,930
	183	Canon, Inc. (m)		8,341
	115	Capcom Co., Ltd. (m)		3,582
	683	Daihatsu Motor Co., Ltd. (m)		8,091
	117	Daikin Industries Ltd. (m)		5,009
	161	Denso Corp. (m)		4,177
	1	East Japan Railway Co. (m)		7,025
	171	FamilyMart Co., Ltd. (m)		7,475
	48	Fanuc Ltd. (m)		3,844
	299	Futaba Industrial Co., Ltd. (m)		5,892
	915	Hanwa Co., Ltd. (m)		5,304
	132	Hisamitsu Pharmaceutical Co., Inc. (m)		5,525
	275	Honda Motor Co., Ltd. (m)		8,766
	288	Hosiden Corp. (m)		4,691
	354	ITOCHU Corp. (m)		3,518
	1	Japan Tobacco, Inc. (m)		6,596
	1,436	Kajima Corp. (m)		4,664
	446	Kinden Corp. (m)		4,502
	197	Komatsu Ltd. (m)		4,882
	331	Konica Minolta Holdings, Inc. (m)		5,435
	99	Makita Corp. (m)		3,381
	202	Matsushita Electric Industrial Co., Ltd. (m)		4,259
	752	Mazda Motor Corp. (m)		4,341
	215	Mitsubishi Corp. (m)		6,277
	671	Mitsubishi Electric Corp. (m)		6,613
	1,178	Mitsubishi UFJ Financial Group, Inc. (m)		10,399
	230	Mitsui & Co., Ltd. (m)		4,719
	241	Mitsui Fudosan Co., Ltd. (m)		5,452
	335	Mitsui OSK Lines Ltd. (m)		4,338
	2	Mizuho Financial Group, Inc. (m)		7,350
	112	Murata Manufacturing Co., Ltd. (m)		4,633
	98	Nidec Corp. (m)		6,901
	246	Nikon Corp. (m)		7,147
	14	Nintendo Co., Ltd. (m)		6,793
	223	Nippon Electric Glass Co., Ltd. (m)		3,282
	2	Nippon Telegraph & Telephone Corp. (m)		8,754
	414	Nippon Yusen KK (m)		3,538
	472	Nomura Holdings, Inc. (m)		6,812
	67	Ono Pharmaceutical Co., Ltd. (m)		3,663
	28	ORIX Corp. (m)		4,186
	89	Sankyo Co., Ltd. (m)		5,410
	166	Seven & I Holdings Co., Ltd. (m)		5,070
	114	Shin-Etsu Chemical Co., Ltd. (m)		6,993
	144	Sony Corp. (m)		5,434

JPMorgan Intrepid International Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2008 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE ($)
		Long-Term Investments — Continued
		Japan — Continued
	397	Sumitomo Corp. (m)		5,359
	1	Sumitomo Mitsui Financial Group, Inc. (m)		11,421
	308	Suruga Bank Ltd. (m)		3,839
	89	Terumo Corp. (m)		4,591
	68	Tokyo Electron Ltd. (m)		3,789
	858	Toshiba Corp. (m)		5,571
	393	Toyota Motor Corp. (m)		16,920
	496	Yamaguchi Financial Group, Inc. (m)		6,632
	96	Yamato Kogyo Co., Ltd. (m)		4,330
				313,446
		Luxembourg — 1.2%
	154	ArcelorMittal (m)		13,659
	261	SES Global S.A. FDR (m)		6,365
				20,024
		Mexico — 0.4%
	155	Fomento Economico Mexicano S.A.B. de C.V., ADR (m)		7,099
		Netherlands — 3.9%
	56	Fugro N.V. CVA (m)		4,007
	256	ING Groep N.V. CVA (m)		8,344
	375	Koninklijke KPN N.V. (m)		6,522
	194	Koninklijke Philips Electronics N.V. (m)		6,478
	1,165	Royal Dutch Shell plc, Class B (m)		40,895
				66,246
		Norway — 1.4%
	428	DnB NOR ASA (m)		5,471
	350	Norsk Hydro ASA (m)		4,382
	189	StatoilHydro ASA (m)		6,138
	280	Telenor ASA (m)		4,211
	61	Yara International ASA (m)		4,328
				24,530
		Portugal — 0.4%
	1,157	Energias de Portugal S.A. (m)		6,325
		Singapore — 0.6%
	826	CapitaLand Ltd. (m)		3,409
	2,603	Singapore Telecommunications Ltd. (m)		6,773
				10,182
		South Korea — 0.5%
	38	LG Electronics, Inc. (m)		3,919
	10	Samsung Electronics Co., Ltd. (m)		5,503
				9,422
		Spain — 5.5%
	18	Acciona S.A. (m)		3,846
	572	Banco Bilbao Vizcaya Argentaria S.A. (m)		10,507
	1,262	Banco Santander S.A. (m)		24,564
	228	Grifols S.A. (m)		6,832
	534	Iberdrola S.A. (m)		7,256
	144	Inditex S.A. (m)		6,912
	1,198	Mapfre S.A. (m)		5,967
	145	Repsol YPF S.A. (m)		4,853
	630	Telefonica S.A. (m)		16,343
	206	Union Fenosa S.A. (m)		5,517
				92,597
		Sweden — 0.3%
	291	Alfa Laval AB (m)		4,519
		Switzerland — 9.6%
	278	ABB Ltd. (a) (m)		7,279
	80	Actelion Ltd. (a) (m)		4,332
	82	Compagnie Financiere Richemont AG, Class A (m)		4,889
	270	Credit Suisse Group AG (m)		13,482
	72	Holcim Ltd. (m)		5,135
	85	Julius Baer Holding AG (m)		5,386
	45	Lonza Group AG (m)		6,530
	705	Nestle S.A. (m)		30,941
	415	Novartis AG (m)		24,633
	114	Roche Holding AG (m)		21,109
	27	Swiss Life Holding AG (a) (m)		6,837
	93	Swiss Reinsurance (m)		5,763
	25	Syngenta AG (m)		7,330
	447	UBS AG (a) (m)		8,572
	61	Xstrata plc (m)		4,375
	26	Zurich Financial Services AG (m)		6,872
				163,465
		Taiwan — 0.4%
	694	Taiwan Semiconductor Manufacturing Co., Ltd., ADR (m)		6,590

JPMorgan Intrepid International Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2008 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE ($)
		Long-Term Investments — Continued
		United Kingdom — 21.5%
	204	AMEC plc (m)		3,399
	1,124	Amlin plc (m)		5,663
	195	Anglo American plc (m)		11,153
	281	AstraZeneca plc (m)		13,673
	364	Aviva plc (m)		3,616
	552	BAE Systems plc (m)		4,895
	1,262	Barclays plc (m)		8,568
	600	BG Group plc (m)		13,551
	2,956	BP plc (m)		30,342
	228	British American Tobacco plc (m)		8,231
	369	British Energy Group plc (m)		5,291
	446	Burberry Group plc (m)		3,961
	64	Cairn Energy plc (a) (m)		3,448
	1,397	Cobham plc (m)		5,585
	468	Compass Group plc (m)		3,371
	347	Drax Group plc (m)		4,965
	167	Eurasian Natural Resources Corp. (a) (m)		3,468
	1,408	Game Group plc (m)		7,128
	830	GlaxoSmithKline plc (m)		19,355
	2,144	HSBC Holdings plc (m)		35,461
	647	ICAP plc (m)		6,385
	696	International Power plc (m)		5,666
	607	John Wood Group plc (m)		5,066
	174	Kazakhmys plc (m)		5,129
	623	Man Group plc (m)		7,527
	259	Petrofac Ltd. (m)		3,282
	426	Playtech Ltd. (m)		4,338
	613	Prudential plc (m)		6,567
	103	Reckitt Benckiser Group plc (m)		5,635
	201	Rio Tinto plc (m)		21,009
	2,501	Royal Bank of Scotland Group plc (m)		10,378
	206	SABMiller plc (m)		4,266
	1,172	Stagecoach Group plc (m)		6,574
	281	Standard Chartered plc (m)		8,556
	1,286	Tesco plc (m)		9,134
	311	Unilever plc (m)		8,527
	170	Vedanta Resources plc (m)		6,741
	10,042	Vodafone Group plc (m)		26,900
	379	Weir Group plc (The) (m)		6,666
	1,183	Wm Morrison Supermarkets plc (m)		6,035
	448	WPP Group plc (m)		4,250
				363,755
		Total Common Stocks (Cost $1,664,054)		1,690,258
		Preferred Stock — 0.2%
		Brazil — 0.2%
	65	Petroleo Brasileiro S.A., ADR (Cost $723)		2,976
		Total Long-Term Investments (Cost $1,664,777)		1,693,234
NUMBER OF RIGHTS
		Rights — 0.1%
		France — 0.1%
	145	Suez Environnement S.A.,      expiring 06/22/10 (a) (m)       (Cost $—)		1,040
		Total Investments — 100.1% (Cost $1,664,777)		1,694,274
		Liabilities in Excess of Other Assets — (0.1)%		(1,097	)
		NET ASSETS — 100.0%	$	1,693,177

Percentages indicated are based on net assets.

JPMorgan Intrepid International Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2008 (Unaudited) (continued)

(Amounts in thousands)

Summary of Investments by Industry, July 31, 2008

The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:

Industry	Percentage
Commercial Banks	14.2	%
Oil, Gas & Consumable Fuels	9.0
Pharmaceuticals	8.2
Metals & Mining	7.2
Insurance	5.2
Electric Utilities	4.0
Diversified Telecommunication Services	3.4
Food Products	3.2
Capital Markets	2.8
Automobiles	2.5
Machinery	2.5
Chemicals	2.2
Wireless Telecommunication Services	2.0
Food & Staples Retailing	2.0
Electrical Equipment	2.0
Industrial Conglomerates	1.9
Real Estate Management & Development	1.9
Software	1.7
Multi-Utilities	1.6
Trading Companies & Distributors	1.5
Construction & Engineering	1.4
Communications Equipment	1.2
Beverages	1.2
Electronic Equipment & Instruments	1.2
Energy Equipment & Services	1.1
Textiles, Apparel & Luxury Goods	1.1
Media	1.0
Household Durables	1.0
Others (each less than 1.0%)	11.8

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:
ADR	—	American Depositary Receipt
CVA	—	Dutch Certification
FDR	—	Fiduciary Depositary Receipt
GDR	—	Global Depositary Receipt

(a)	Non-income producing security.
(e)	Security is exempt from registration under Rule 144A of the Securities Act of 1933. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(h)	Amount rounds to less than one thousand (shares or dollars).
(m)	All or a portion of this security is reserved for current or potential holdings of futures, swaps, options, TBAs, when-issued securities, delayed delivery securities, reverse repurchase agreements, and forward currency contracts.
	The value and percentage based on total investments of the investments that apply the fair valuation policy for the international investments are approximately $1,663,265,000 and 98.2%, respectively
As of July 31, 2008, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	138,111
Aggregate gross unrealized depreciation		(108,614	)
Net unrealized appreciation/depreciation	$	29,497
Federal income tax cost of investments	$	1,664,777

JPMorgan Intrepid Japan Fund
(formerly JPMorgan Japan Fund)

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2008 (Unaudited)

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE ($)
			Long-Term Investments — 100.4%
			Common Stocks — 100.4%
			Auto Components — 3.3%
	5		Aisin Seiki Co., Ltd.		118
	6		Denso Corp.		166
	5		Futaba Industrial Co., Ltd. (c)		91
	12		Nissan Shatai Co., Ltd.		91
	1		NOK Corp.		13
	2		Stanley Electric Co., Ltd.		47
	3		Tachi-S Co., Ltd.		31
	7		Teikoku Piston Ring Co., Ltd. (c)		48
	1		Tokai Rika Co., Ltd.		9
	10		Topre Corp.		80
	2		Unipres Corp.		15
	9		U-Shin Ltd.		59
					768
			Automobiles — 8.6%
	6		Daihatsu Motor Co., Ltd.		71
	19		Honda Motor Co., Ltd.		616
	20		Isuzu Motors Ltd.		86
	37		Mazda Motor Corp.		214
	23		Nissan Motor Co., Ltd.		173
	20		Toyota Motor Corp.		862
					2,022
			Beverages — 1.4%
	4		Asahi Breweries Ltd.		77
	16		Kirin Holdings Co., Ltd.		245
					322
			Building Products — 1.5%
	30		Asahi Glass Co., Ltd.		331
	3		Sekisui Jushi Corp.		23
					354
			Capital Markets — 1.7%
	4		Daiwa Securities Group, Inc.		35
	8		Nomura Holdings, Inc.		112
	55		Shinko Securities Co., Ltd.		180
	22		Toyo Securities Co., Ltd.		76
					403
			Chemicals — 3.7%
	13		Kumiai Chemical Industry Co. Ltd.		34
	16		Kuraray Co., Ltd.		173
	5		Mitsubishi Gas Chemical Co., Inc.		33
	12		Nippon Synthetic Chemical Industry Co., Ltd. (The)		53
	1		Ohara, Inc. (c)		19
	12		Sakata INX Corp.		47
	3		Shin-Etsu Chemical Co., Ltd.		196
	12		Toagosei Co. Ltd.		50
	15		Tosoh Corp.		65
	10		Toyo Ink Manufacturing Co., Ltd.		33
	44		Ube Industries Ltd.		158
					861
			Commercial Banks — 10.4%
	10		Awa Bank Ltd. (The)		55
	4		Bank of Nagoya Ltd. (The)		24
	7		Bank of Saga Ltd. (The)		23
	1		Bank of the Ryukyus Ltd.		12
	6		Iyo Bank Ltd. (The)		70
	9		Kagoshima Bank Ltd. (The)		65
	11		Mie Bank Ltd. (The)		50
	70		Mitsubishi UFJ Financial Group, Inc.		618
	—	(h)	Mizuho Financial Group, Inc.		450
	47		Shinsei Bank Ltd.		163
	—	(h)	Sumitomo Mitsui Financial Group, Inc.		605
	10		Sumitomo Trust & Banking Co., Ltd. (The)		69
	10		Tochigi Bank Ltd. (The)		60
	—	(h)	Yachiyo Bank Ltd.		35
	11		Yamaguchi Financial Group, Inc.		147
					2,446
			Commercial Services & Supplies — 1.6%
	9		Dai Nippon Printing Co., Ltd.		124
	1		Nissha Printing Co. Ltd.		55
	3		Oyo Corp. (c)		31
	17		Toppan Printing Co., Ltd.		176
					386
			Communications Equipment — 0.1%
	5		Japan Radio Co. Ltd.		13
	—	(h)	Mitsui Knowledge Industry Co. Ltd.		14
					27

JPMorgan Intrepid Japan Fund
(formerly JPMorgan Japan Fund)

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2008 (Unaudited) (continued)

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE ($)
			Long-Term Investments — Continued
			Computers & Peripherals — 1.9%
	49		Fujitsu Ltd.		354
	1		Melco Holdings, Inc.		21
	3		Mitsumi Electric Co., Ltd.		51
	4		Mutoh Holdings Co., Ltd. (a) (c)		11
	3		Toshiba Corp.		20
					457
			Construction & Engineering — 2.1%
	28		Kajima Corp.		91
	13		Kinden Corp.		131
	7		Kyudenko Corp.		52
	4		Nippon Densetsu Kogyo Co., Ltd.		34
	9		Nishimatsu Construction Co., Ltd.		22
	19		Obayashi Corp.		82
	8		Okumura Corp. (c)		30
	3		Taihei Dengyo Kaisha Ltd.		26
	4		Toenec Corp.		22
					490
			Consumer Finance — 2.1%
	3		Acom Co., Ltd.		99
	5		Credit Saison Co., Ltd.		107
	7		Hitachi Capital Corp.		122
	2		SFCG Co., Ltd. (c)		160
					488
			Diversified Financial Services — 0.2%
	2		Ricoh Leasing Co., Ltd. (c)		47
			Diversified Telecommunication Services — 2.1%
	—	(h)	Nippon Telegraph & Telephone Corp.		498
			Electric Utilities — 1.6%
	1		Chubu Electric Power Co., Inc.		19
	4		Kansai Electric Power Co., Inc. (The)		98
	10		Tokyo Electric Power Co., Inc. (The)		262
					379
			Electrical Equipment — 2.5%
	7		Iwasaki Electric Co., Ltd.		17
	43		Mitsubishi Electric Corp.		424
	2		Nippon Signal Co. Ltd.		13
	11		Sumitomo Electric Industries Ltd.		128
					582
			Electronic Equipment & Instruments — 3.3%
	4		FUJIFILM Holdings Corp.		119
	2		Furuno Electric Co., Ltd.		26
	27		Hitachi Ltd.		195
	6		Hosiden Corp. (c)		104
	1		Kyocera Corp.		86
	10		Nippon Electric Glass Co., Ltd.		147
	3		Osaki Electric Co. Ltd.		17
	6		SMK Corp.		30
	4		Sumida Corp.		59
					783
			Food & Staples Retailing — 0.3%
	1		Cawachi Ltd.		18
	5		Izumiya Co. Ltd.		29
	1		Valor Co., Ltd.		12
					59
			Food Products — 0.4%
	2		Fuji Oil Co., Ltd.		18
	16		Itoham Foods, Inc.		88
					106
			Gas Utilities — 1.3%
	4		Hokkaido Gas Co., Ltd.		10
	65		Osaka Gas Co., Ltd.		235
	9		Shizuoka Gas Co., Ltd.		39
	5		Tokyo Gas Co., Ltd.		20
					304
			Hotels, Restaurants & Leisure — 0.4%
	—	(h)	Accordia Golf Co. Ltd.		91
	—	(h)	Resorttrust, Inc.		1
					92
			Household Durables — 4.4%
	3		Hitachi Koki Co. Ltd.		33
	1		Makita Corp.		17
	29		Matsushita Electric Industrial Co., Ltd.		611
	5		Sekisui House Ltd.		47
	8		Sony Corp.		291
	4		Toa Corp.		23
					1,022

JPMorgan Intrepid Japan Fund
(formerly JPMorgan Japan Fund)

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2008 (Unaudited) (continued)

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE ($)
			Long-Term Investments — Continued
			Independent Power Producers & Energy Traders — 1.3%
	8		Electric Power Development Co., Ltd.		306
			Insurance — 3.9%
	2		Mitsui Sumitomo Insurance Group Holdings, Inc. (a)		73
	44		Nissay Dowa General Insurance Co., Ltd.		239
	11		Sompo Japan Insurance, Inc.		109
	13		Tokio Marine Holdings, Inc.		484
					905
			IT Services — 0.5%
	1		CAC Corp.		12
	2		Hitachi Information Systems Ltd.		36
	1		Hitachi Systems & Services Ltd.		11
	2		Nihon Unisys Ltd.		30
	2		Zuken, Inc.		20
					109
			Leisure Equipment & Products — 1.7%
	8		Heiwa Corp.		80
	1		Nidec Copal Corp.		13
	4		Nikon Corp. (c)		116
	2		Sankyo Co., Ltd.		145
	—	(h)	SRI Sports Ltd.		52
					406
			Machinery — 3.0%
	5		Aida Engineering Ltd.		22
	13		Amada Co., Ltd.		89
	2		Denyo Co., Ltd.		17
	1		Fanuc Ltd.		56
	1		Hitachi Construction Machinery Co., Ltd.		32
	9		Komatsu Ltd.		233
	28		Minebea Co., Ltd.		149
	1		Nitta Corp.		26
	6		NSK Ltd.		49
	4		Sintokogio Ltd.		33
					706
			Marine — 2.2%
	5		Kawasaki Kisen Kaisha Ltd.		40
	21		Mitsui OSK Lines Ltd.		272
	23		Nippon Yusen KK		196
					508
			Media — 0.6%
	—	(h)	SKY Perfect JSAT Holdings, Inc.		139
			Metals & Mining — 3.2%
	5		JFE Holdings, Inc.		219
	7		Nippon Denko Co., Ltd.		76
	18		Nippon Steel Corp.		102
	25		Nisshin Steel Co., Ltd.		77
	1		Osaka Steel Co., Ltd.		15
	6		Toyo Kohan Co., Ltd.		28
	5		Yamato Kogyo Co., Ltd.		211
	6		Yodogawa Steel Works Ltd.		32
					760
			Multiline Retail — 0.6%
	5		Izumi Co. Ltd. (c)		72
	7		Takashimaya Co., Ltd. (c)		59
					131
			Office Electronics — 2.9%
	2		Brother Industries Ltd.		20
	1		Canon Finetech, Inc.		15
	7		Canon, Inc.		311
	18		Konica Minolta Holdings, Inc.		296
	8		Toshiba TEC Corp.		44
					686
			Oil, Gas & Consumable Fuels — 2.2%
	2		AOC Holdings, Inc.		14
	50		Cosmo Oil Co. Ltd.		154
	1		Idemitsu Kosan Co., Ltd.		61
	—	(h)	Inpex Holdings, Inc.		172
	18		Nippon Mining Holdings, Inc.		106
					507
			Paper & Forest Products — 0.8%
	3		Daio Paper Corp. (c)		23
	52		Mitsubishi Paper Mills Ltd.		128
	—	(h)	Nippon Paper Group, Inc.		34
					185

JPMorgan Intrepid Japan Fund
(formerly JPMorgan Japan Fund)

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2008 (Unaudited) (continued)

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE ($)
			Long-Term Investments — Continued
			Pharmaceuticals — 3.8%
	9		Astellas Pharma, Inc.		403
	2		Hisamitsu Pharmaceutical Co., Inc.		67
	2		Kaken Pharmaceutical Co. Ltd.		17
	7		Nippon Shinyaku Co., Ltd.		85
	1		Ono Pharmaceutical Co., Ltd.		50
	5		Shionogi & Co., Ltd.		98
	3		Takeda Pharmaceutical Co., Ltd.		165
	1		Torii Pharmaceutical Co., Ltd.		18
					903
			Real Estate Management & Development — 2.6%
	13		Mitsubishi Estate Co., Ltd.		313
	7		Mitsui Fudosan Co., Ltd.		158
	—	(h)	Raysum Co., Ltd.		12
	6		Sumitomo Realty & Development Co., Ltd.		124
					607
			Road & Rail — 2.5%
	—	(h)	Central Japan Railway Co.		275
	—	(h)	East Japan Railway Co.		31
	4		Nippon Express Co., Ltd.		18
	12		Nippon Konpo Unyu Soko Co., Ltd.		137
	6		Senko Co., Ltd.		22
	—	(h)	West Japan Railway Co.		104
					587
			Semiconductors & Semiconductor Equipment — 0.5%
	3		Ferrotec Corp.		39
	1		Micronics Japan Co. Ltd.		22
	5		Sanken Electric Co., Ltd.		27
	4		Towa Corp.		37
					125
			Software — 2.1%
	1		Nintendo Co., Ltd.		485
			Specialty Retail — 1.9%
	1		Alpen Co. Ltd.		18
	6		AOKI Holdings, Inc.		88
	5		Aoyama Trading Co., Ltd.		95
	2		Kohnan Shoji Co., Ltd.		36
	9		Shimachu Co., Ltd.		215
					452
			Textiles, Apparel & Luxury Goods — 0.3%
	10		Atsugi Co. Ltd.		14
	4		Nisshinbo Industries, Inc.		48
					62
			Trading Companies & Distributors — 6.5%
	24		ITOCHU Corp.		238
	19		Marubeni Corp.		138
	20		Mitsubishi Corp.		589
	27		Mitsui & Co., Ltd.		554
					1,519
			Wireless Telecommunication Services — 2.4%
	—	(h)	KDDI Corp.		75
	—	(h)	NTT DoCoMo, Inc.		479
					554
			Total Long-Term Investments (Cost $23,609)		23,538
PRINCIPAL AMOUNT ($)
			Investments of Cash Collateral for Securities on Loan — 2.5%
			Repurchase Agreements — 2.5%
	130		Banc of America Securities LLC, 2.21%, dated 07/31/08, due 08/01/08, repurchase price $130, collateralized by U.S. Government Agency Mortgages		130
	130		Barclays Capital, 2.20%, dated 07/31/08, due 08/01/08, repurchase price $130, collateralized by U.S. Government Agency Mortgages		130
	110		Citigroup Global Markets, Inc., 2.20%, dated 07/31/08, due 08/01/08, repurchase price $110, collateralized by U.S. Government Agency Mortgages		110
	100		Credit Suisse (USA) LLC, 2.15%, dated 07/31/08, due 08/01/08, repurchase price $100, collateralized by U.S. Government Agency Mortgages		100
	130		Merrill Lynch Securities, 2.20%, dated 07/31/08, due 08/01/08, repurchase price $130, collateralized by U.S. Government Agency Mortgages		130
			Total Investments of Cash Collateral for Securities on Loan (Cost $600)		600
			Total Investments — 102.9%
			(Cost $24,209)		24,138
			Liabilities in Excess of Other Assets — (2.9)%		(687	)
			NET ASSETS — 100.0%	$	23,451

JPMorgan Intrepid Japan Fund
(formerly JPMorgan Japan Fund)

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JULY 31, 2008 (Unaudited) (continued)
(Amounts in thousands)

Percentages indicated are based on net assets.
NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS :
(a)	Non-income producing security.
(c)	Security, or a portion of the security, has been delivered to a counterparty as part of a security lending transaction.
(h)	Amount rounds to less than one thousand (shares or dollars).
The value and percentage based on total investments (excluding Investments of Cash Collateral for Securities on Loan) of the investments that apply the fair valuation policy for the international investments are approximately $23,538,000 and 100.0%, respectively.

As of July 31, 2008, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:
Aggregate gross unrealized appreciation	$	1,237
Aggregate gross unrealized depreciation		(1,308	)
Net unrealized appreciation/depreciation.	($	71	)
Federal income tax cost of investments.	$	24,209

JPMorgan Latin America Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2008 (Unaudited)

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE ($)
			Long-Term Investments — 99.4%
			Common Stocks — 66.2%
			Argentina — 3.2%
	1		Bunge Ltd. (m)		68
	2		Telecom Argentina S.A., ADR (a) (m)		29
	4		Tenaris S.A., ADR (m)		245
	3		Ternium S.A., ADR (m)		92
					434
			Brazil — 35.2%
	7		All America Latina Logistica S.A. (m)		94
	14		Bovespa Holding S.A. (m)		174
	—	(h)	Brasil Brokers Participacoes S.A. (a) (m)		80
	2		Cia Energetica de Minas Gerais, ADR (m)		45
	3		Cia Siderurgica Nacional S.A., ADR (m)		114
	70		Cia Vale do Rio Doce, ADR (m)		1,825
	9		Datasul S.A. (m)		131
	6		Dufry South America Ltd. BDR (m)		100
	15		Estacio Participacoes S.A. (m)		212
	9		Fertilizantes Heringer S.A. (m)		129
	9		Global Village Telecom Holding S.A. (a) (m)		221
	5		GP Investments Ltd. BDR (a) (m)		62
	13		IronX (a) (m)		218
	14		JBS S.A. (m)		73
	13		LLX Logistica S.A. (a) (m)		42
	13		Localiza Rent A Car S.A. (m)		156
	13		Lojas Renner S.A. (m)		246
	2		Lupatech S.A. (a) (m)		92
	13		MMX Mineracao e Metalicos S.A. (a) (m)		143
	10		NET Servicos de Comunicacao S.A., ADR (m)		124
	5		Perdigao S.A. (m)		142
	12		Redecard S.A. (m)		220
	9		Weg S.A. (m)		107
					4,750
			Chile — 2.8%
	3		Empresa Nacional de Electricidad S.A., ADR (m)		142
	5		Empresa Nacional de Telecomunicaciones S.A. (m)		61
	22		La Polar S.A. (m)		83
	21		SACI Falabella (m)		89
					375
			Mexico — 23.0%
	20		America Movil S.A.B. de C.V., Series L, ADR (m)		1,009
	14		Banco Compartamos S.A. de C.V. (m)		54
	16		Cemex S.A.B. de C.V., ADR (a) (m)		338
	54		Controladora Comercial Mexicana S.A.B. de C.V. (m)		160
	22		Desarrolladora Homex S.A.B. de C.V. (a) (m)		209
	5		Fomento Economico Mexicano S.A.B. de C.V., ADR (m)		217
	49		Genomma Lab Internacional S.A. de C.V., Class B (a) (m)		75
	37		Grupo Financiero Banorte S.A.B. de C.V., Class O		161
	43		Grupo Televisa S.A. (m)		194
	30		Industrias CH S.A.B de C.V., Series B (a) (m)		155
	39		Megacable Holdings S.A.B. de C.V. (a) (m)		86
	19		Mexichem S.A.B. de C.V. (m)		132
	3		NII Holdings, Inc. (a) (m)		172
	43		Urbi Desarrollos Urbanos S.A. de C.V. (a) (m)		143
					3,105
			Panama — 0.8%
	3		Copa Holdings S.A., Class A (m)		103
			Peru — 1.2%
	2		Credicorp Ltd. (m)		161
			Total Common Stocks (Cost $8,772)		8,928
			Preferred Stocks — 33.2% (m)
			Brazil — 33.2%
	28		Banco Itau Holding Financeira S.A.		594
	3		Cia de Bebidas das Americas, ADR		174
	2		Cia de Transmissao de Energia Eletrica Paulista		63
	12		Cia Energetica de Minas Gerais		276
	43		Confab Industrial S.A.		172
	16		Gerdau S.A., ADR		343

JPMorgan Latin America Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2008 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE ($)
		Long-Term Investments — Continued
		Brazil — Continued
	28	Marcopolo S.A.		114
	38	Petroleo Brasileiro S.A., ADR		1,736
	12	Randon Participacoes S.A.		104
	32	Sadia S.A.		234
	2	Telemar Norte Leste S.A., Series A		137
	9	Usinas Siderurgicas de Minas Gerais S.A., Series A		408
	23	Vivo Participacoes S.A. (a)		129
		Total Preferred Stocks (Cost $3,822)		4,484
		Total Investments — 99.4% (Cost $12,594)		13,412
		Other Assets in Excess of Liabilities — 0.6%		77
		NET ASSETS — 100.0%	$	13,489

Percentages indicated are based on net assets.

Summary of Investments by Industry, July 31, 2008

The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:

Industry	Percentage
Metals & Mining	25.9	%
Oil, Gas & Consumable Fuels	12.9
Wireless Telecommunication Services	9.8
Commercial Banks	6.8
Food Products	3.9
Diversified Telecommunication Services	3.3
Multiline Retail	3.1
Machinery	3.1
Media	3.0
Beverages	2.9
Electric Utilities	2.9
Household Durables	2.6
Construction Materials	2.5
Road & Rail	1.9
Energy Equipment & Services	1.8
IT Services	1.6
Diversified Consumer Services	1.6
Diversified Financial Services	1.3
Food & Staples Retailing	1.2
Independent Power Producers & Energy Traders	1.1
Industrial Conglomerates	1.0
Software	1.0
Chemicals	1.0
Others (each less than 1.0%)	3.8

As of July 31, 2008, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	1,415
Aggregate gross unrealized depreciation		(597	)
Net unrealized appreciation/depreciation	$	818
Federal income tax cost of investments	$	12,594

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:
ADR —	American Depositary Receipt
BDR —	Brazilian Depository Receipt

(a)	Non-income producing security.
(h)	Amount rounds to less than one thousand (shares or dollars).
(m)	All or a portion of this security is reserved for current or potential holdings of futures, swaps, options, TBAs, when-issued securities, delayed delivery securities, reverse repurchase agreements, and forward currency contracts.

JPMorgan Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JULY 31, 2008 (Unaudited)
(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE ($)
		Long-Positions — 95.0% (j)
		Long-Term Investments — 88.7%
		Common Stocks — 88.5%
		Aerospace & Defense — 2.5%
	2	Boeing Co.		122
	2	Goodrich Corp.		74
	3	Northrop Grumman Corp.		202
	7	United Technologies Corp.		464
				862
		Auto Components — 0.7%
	8	Johnson Controls, Inc.		244
		Beverages — 1.7%
	9	Coca-Cola Co. (The)		448
	8	Coca-Cola Enterprises, Inc.		135
				583
		Biotechnology — 3.1%
	2	Alexion Pharmaceuticals, Inc. (a)		169
	4	BioMarin Pharmaceutical, Inc. (a)		120
	4	Celgene Corp. (a)		332
	6	Gilead Sciences, Inc. (a)		346
	1	United Therapeutics Corp. (a)		125
				1,092
		Capital Markets — 2.6%
	1	Goldman Sachs Group, Inc. (The)		203
	3	Lehman Brothers Holdings, Inc.		45
	4	Merrill Lynch & Co., Inc.		93
	7	Morgan Stanley		281
	2	State Street Corp.		118
	8	TD AMERITRADE Holding Corp. (a)		153
				893
		Chemicals — 4.8%
	1	Air Products & Chemicals, Inc.		67
	15	Dow Chemical Co. (The)		506
	4	Nova Chemicals Corp., (Canada)		100
	5	PPG Industries, Inc.		309
	5	Praxair, Inc.		450
	3	Rohm & Haas Co.		240
				1,672
		Commercial Banks — 2.3%
	4	Comerica, Inc.		115
	15	Huntington Bancshares, Inc.		106
	10	KeyCorp		107
	1	M&T Bank Corp.		56
	1	Synovus Financial Corp.		8
	4	TCF Financial Corp.		56
	5	U.S. Bancorp		139
	3	Wells Fargo & Co.		88
	4	Zions Bancorp		111
				786
		Communications Equipment — 3.2%
	3	Cisco Systems, Inc. (a)		71
	25	Corning, Inc.		493
	5	Juniper Networks, Inc. (a)		117
	4	Nokia OYJ, ADR, (Finland)		107
	6	QUALCOMM, Inc.		332
				1,120
		Computers & Peripherals — 0.8%
	5	Hewlett-Packard Co.		229
	4	SanDisk Corp. (a)		56
				285
		Consumer Finance — 0.3%
	3	Capital One Financial Corp.		117
		Diversified Consumer Services — 0.1%
	1	ITT Educational Services, Inc. (a)		44
		Diversified Financial Services — 1.4%
	4	Bank of America Corp.		145
	21	CIT Group, Inc.		179
	4	NYSE Euronext		177
				501
		Diversified Telecommunication Services — 1.5%
	15	Verizon Communications, Inc.		514
		Electric Utilities — 3.7%
	8	American Electric Power Co., Inc.		332
	5	Edison International		237
	4	Exelon Corp.		291
	2	FirstEnergy Corp.		121
	6	PPL Corp.		273
	2	Sierra Pacific Resources		23
				1,277

JPMorgan Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JULY 31, 2008 (Unaudited) (continued)
(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE ($)
			Long Positions — Continued
			Electrical Equipment — 0.4%
	—	(h)	First Solar, Inc. (a)		28
	1		Sunpower Corp., Class A (a)		95
					123
			Electronic Equipment & Instruments — 0.4%
	4		Tyco Electronics Ltd., (Bermuda)		141
			Energy Equipment & Services — 1.5%
	2		Baker Hughes, Inc.		124
	3		Halliburton Co.		130
	1		Schlumberger Ltd.		122
	1		Transocean, Inc.		136
					512
			Food & Staples Retailing — 3.0%
	6		CVS/Caremark Corp.		223
	22		Safeway, Inc.		597
	8		SYSCO Corp.		221
					1,041
			Food Products — 1.2%
	2		General Mills, Inc.		148
	2		Kellogg Co.		106
	6		Kraft Foods, Inc., Class A		178
					432
			Health Care Equipment & Supplies — 2.9%
	5		C.R. Bard, Inc.		464
	4		Covidien Ltd.		187
	4		Medtronic, Inc.		233
	2		Zimmer Holdings, Inc. (a)		117
					1,001
			Health Care Providers & Services — 2.4%
	6		Aetna, Inc.		230
	1		AmerisourceBergen Corp.		54
	3		Cardinal Health, Inc.		140
	3		Cigna Corp.		104
	2		Laboratory Corp. of America Holdings (a)		128
	3		McKesson Corp.		187
					843
			Hotels, Restaurants & Leisure — 1.8%
	4		Darden Restaurants, Inc.		124
	12		International Game Technology		268
	2		Royal Caribbean Cruises Ltd.		59
	6		Starwood Hotels & Resorts Worldwide, Inc.		190
					641
			Household Durables — 0.4%
	7		Lennar Corp., Class A		89
	3		Toll Brothers, Inc. (a)		54
					143
			Household Products — 1.4%
	4		Colgate-Palmolive Co.		267
	4		Kimberly-Clark Corp.		229
					496
			Independent Power Producers & Energy Traders — 0.8%
	3		Constellation Energy Group, Inc.		225
	2		NRG Energy, Inc. (a)		54
					279
			Insurance — 3.4%
	3		Aflac, Inc.		147
	2		Assurant, Inc.		117
	4		Axis Capital Holdings Ltd., (Bermuda)		117
	6		Genworth Financial, Inc., Class A		102
	1		Hartford Financial Services Group, Inc.		83
	—	(h)	MBIA, Inc.		—	(h)
	4		Protective Life Corp.		151
	4		RenaissanceRe Holdings Ltd., (Bermuda)		204
	2		Travelers Cos., Inc. (The)		88
	5		Unum Group		121
	3		XL Capital Ltd., Class A, (Bermuda)		61
					1,191
			Internet & Catalog Retail — 0.4%
	2		Amazon.com, Inc. (a)		122
			IT Services — 2.0%
	1		Affiliated Computer Services, Inc., Class A (a)		51
	12		Genpact Ltd., (Bermuda) (a)		154
	6		Infosys Technologies Ltd., ADR, (India)		232
	8		Paychex, Inc.		257
					694

JPMorgan Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JULY 31, 2008 (Unaudited) (continued)
(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE ($)
		Long Positions — Continued
		Machinery — 1.9%
	1	Caterpillar, Inc.		76
	4	Danaher Corp.		319
	6	PACCAR, Inc.		248
				643
		Media — 3.4%
	4	DISH Network Corp., Class A (a)		109
	24	News Corp., Class A		344
	15	Time Warner, Inc.		220
	17	Walt Disney Co. (The)		504
				1,177
		Metals & Mining — 0.6%
	1	United States Steel Corp.		192
		Multiline Retail — 0.6%
	6	Family Dollar Stores, Inc.		147
	2	Kohl’s Corp. (a)		65
				212
		Multi-Utilities — 1.1%
	28	CMS Energy Corp.		382
		Oil, Gas & Consumable Fuels — 3.0%
	2	Anadarko Petroleum Corp.		99
	2	Chesapeake Energy Corp.		105
	2	Chevron Corp.		127
	2	EOG Resources, Inc.		161
	3	Occidental Petroleum Corp.		244
	1	Ultra Petroleum Corp. (a)		86
	5	XTO Energy, Inc.		217
				1,039
		Paper & Forest Products — 0.5%
	28	Domtar Corp., (Canada) (a)		158
		Pharmaceuticals — 3.8%
	10	Abbott Laboratories		563
	9	Bristol-Myers Squibb Co.		190
	9	Merck & Co., Inc.		309
	12	Schering-Plough Corp.		245
				1,307
		Real Estate Investment Trusts (REITs) — 9.5%
	2	Alexandria Real Estate Equities, Inc.		165
	13	Annaly Capital Management, Inc.		190
	3	Apartment Investment & Management Co., Class A		85
	11	Camden Property Trust		541
	5	Developers Diversified Realty Corp.		173
	8	Duke Realty Corp.		198
	6	Hospitality Properties Trust		134
	4	Kimco Realty Corp.		138
	14	Liberty Property Trust		502
	3	Macerich Co. (The)		161
	6	Mack-Cali Realty Corp.		226
	7	ProLogis		330
	13	Senior Housing Properties Trust		269
	6	Weingarten Realty Investors		180
				3,292
		Road & Rail — 2.9%
	1	Burlington Northern Santa Fe Corp.		140
	4	Canadian National Railway Co., (Canada)		206
	9	Norfolk Southern Corp.		676
				1,022
		Semiconductors & Semiconductor Equipment — 4.8%
	9	Altera Corp.		189
	5	Broadcom Corp., Class A (a)		112
	5	KLA-Tencor Corp.		199
	1	Lam Research Corp. (a)		46
	4	NVIDIA Corp. (a)		41
	14	Tessera Technologies, Inc. (a)		242
	19	Texas Instruments, Inc.		453
	16	Xilinx, Inc.		390
				1,672
		Software — 0.7%
	9	Microsoft Corp.		237
		Specialty Retail — 1.8%
	2	Abercrombie & Fitch Co., Class A		88
	5	Advance Auto Parts, Inc.		205
	3	Dick’s Sporting Goods, Inc. (a)		58
	9	Penske Auto Group, Inc.		125

JPMorgan Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTSAS OF JULY 31, 2008 (Unaudited) (continued)
(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE ($)
			Long Positions — Continued
			Specialty Retail — Continued
	5		Staples, Inc.		106
	2		TJX Cos., Inc.		61
					643
			Textiles, Apparel & Luxury Goods — 1.2%
	2		Nike, Inc., Class B		106
	4		Phillips-Van Heusen Corp.		142
	1		Polo Ralph Lauren Corp.		77
	2		V.F. Corp.		107
					432
			Thrifts & Mortgage Finance — 0.2%
	3		Fannie Mae		33
	—	(h)	Freddie Mac		1
	7		MGIC Investment Corp.		47
					81
			Tobacco — 0.8%
	13		Altria Group, Inc.		262
			Wireless Telecommunication Services — 1.0%
	4		American Tower Corp., Class A (a)		147
	5		Crown Castle International Corp. (a)		198
					345
			Total Common Stocks (Cost $30,209)		30,745

PRINCIPAL AMOUNT ($)
		U.S. Treasury Obligation — 0.2%
	50	U.S. Treasury Notes, 4.88%, 06/30/09 (k) (Cost $51)	51
		Total Long-Term Investments (Cost $30,260)	30,796

SHARES
		Short-Term Investment — 6.3%
		Investment Company — 6.3%
	2,200	JPMorgan Prime Money Market Fund, Institutional Class (b) (m) (Cost $2,200)		2,200
		Total Investments — 95.0% (Cost $32,460)		32,996
		Other Assets in Excess of Liabilities — 5.0%		1,743
		NET ASSETS — 100.0%	$	34,739

SHARES
			Short Positions — 89.8%
			Common Stocks — 89.8%
			Aerospace & Defense — 0.9%
	1		General Dynamics Corp.	107
	4		Honeywell International, Inc.	188
				295
			Automobiles — 0.5%
	39		Ford Motor Co. (a)	185
			Beverages — 0.7%
	4		PepsiCo, Inc.	260
			Biotechnology — 1.9%
	4		Amylin Pharmaceuticals, Inc. (a)	123
	—	(h)	Genentech, Inc. (a)	38
	2		Genzyme Corp. (a)	184
	2		ImClone Systems, Inc. (a)	128
	37		Trimeris, Inc.	188
				661
			Capital Markets — 2.9%
	7		Charles Schwab Corp. (The)	160
	4		Federated Investors, Inc., Class B	128
	2		Franklin Resources, Inc.	221
	4		Northern Trust Corp.	289
	3		T. Rowe Price Group, Inc.	207
				1,005
			Chemicals — 3.7%
	1		Eastman Chemical Co.	66
	10		H.B. Fuller Co.	243
	3		Innophos Holdings, Inc.	88
	8		Nalco Holding Co.	179
	9		OM Group, Inc. (a)	299
	8		Terra Industries, Inc.	410
	—	(h)	Westlake Chemical Corp.	7
				1,292

JPMorgan Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JULY 31, 2008 (Unaudited) (continued)
(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE ($)
			Short Positions — Continued
			Commercial Banks — 2.4%
	4		BancorpSouth, Inc.		87
	2		Bank of Hawaii Corp.		76
	3		Commerce Bancshares, Inc.		148
	7		Fifth Third Bancorp		101
	3		PNC Financial Services Group, Inc.		178
	3		UMB Financial Corp.		154
	4		Wilmington Trust Corp.		97
					841
			Communications Equipment — 0.8%
	3		Ciena Corp. (a)		58
	26		Motorola, Inc.		223
					281
			Computers & Peripherals — 2.2%
	19		Dell, Inc. (a)		460
	2		International Business Machines Corp.		243
	6		Sun Microsystems, Inc. (a)		68
					771
			Containers & Packaging — 0.4%
	25		Smurfit-Stone Container Corp. (a)		142
			Diversified Financial Services — 0.8%
	7		Citigroup, Inc.		133
	5		Nasdaq OMX Group (The) (a)		147
					280
			Diversified Telecommunication Services — 0.4%
	4		AT&T, Inc.		136
			Electric Utilities — 4.2%
	24		Duke Energy Corp.		413
	3		Entergy Corp.		342
	20		Southern Co.		690
					1,445
			Electronic Equipment & Instruments — 0.7%
	7		Agilent Technologies, Inc. (a)		238
			Energy Equipment & Services — 3.5%
	8		BJ Services Co.		241
	1		Diamond Offshore Drilling, Inc.		107
	5		ENSCO International, Inc.		339
	5		Nabors Industries Ltd., (Bermuda) (a)		197
	8		Rowan Cos., Inc.		307
	—	(h)	Transocean, Inc.		—	(h)
	1		Weatherford International Ltd. (a)		30
					1,221
			Food & Staples Retailing — 1.6%
	1		Costco Wholesale Corp.		88
	3		SUPERVALU, Inc.		69
	7		Walgreen Co.		235
	7		Whole Foods Market, Inc.		164
					556
			Food Products — 2.9%
	11		Campbell Soup Co.		385
	8		H.J. Heinz Co.		378
	18		Sara Lee Corp.		242
					1,005
			Health Care Equipment & Supplies — 2.4%
	2		Becton, Dickinson & Co.		170
	7		St. Jude Medical, Inc. (a)		335
	1		Stryker Corp.		58
	5		Varian Medical Systems, Inc. (a)		276
					839
			Health Care Providers & Services — 2.5%
	3		Express Scripts, Inc. (a)		198
	3		Humana, Inc. (a)		123
	2		Medco Health Solutions, Inc. (a)		109
	5		Quest Diagnostics, Inc.		260
	33		Tenet Healthcare Corp. (a)		193
					883
			Hotels, Restaurants & Leisure — 1.6%
	4		Cheesecake Factory, Inc. (The) (a)		51
	1		Chipotle Mexican Grill, Inc., Class A (a)		75
	4		Choice Hotels International, Inc.		90
	4		Marriott International, Inc., Class A		104
	14		Starbucks Corp. (a)		210
	1		Yum! Brands, Inc.		39
					569

JPMorgan Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JULY 31, 2008 (Unaudited) (continued)
(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE ($)
			Short Positions — Continued
			Household Durables — 1.0%
	1		Fortune Brands, Inc.	80
	2		Mohawk Industries, Inc. (a)	95
	2		Whirlpool Corp.	159
				334
			Household Products — 0.2%
	1		Clorox Co.	54
			Industrial Conglomerates — 1.2%
	2		3M Co.	113
	11		General Electric Co.	311
				424
			Insurance — 3.4%
	8		American International Group, Inc.	208
	4		Infinity Property & Casualty Corp.	183
	1		Markel Corp. (a)	290
	7		Marsh & McLennan Cos., Inc.	201
	7		Progressive Corp. (The)	140
	3		RLI Corp.	147
				1,169
			IT Services — 0.8%
	3		Automatic Data Processing, Inc.	147
	7		SAIC, Inc. (a)	127
				274
			Leisure Equipment & Products — 0.9%
	5		Hasbro, Inc.	182
	6		Mattel, Inc.	124
				306
			Machinery — 2.0%
	1		Deere & Co.	84
	3		Illinois Tool Works, Inc.	126
	7		ITT Corp.	469
				679
			Media — 4.5%
	19		CBS Corp., Class B	311
	19		Comcast Corp., Class A	386
	6		DIRECTV Group, Inc. (The) (a)	167
	7		Gannett Co., Inc.	127
	12		McClatchy Co., Class A	50
	3		McGraw-Hill Cos., Inc. (The)	122
	10		Scripps Networks Interactive, Inc., Class A (a)	405
				1,568
			Metals & Mining — 1.7%
	6		Alcoa, Inc.	196
	1		Freeport-McMoRan Copper & Gold, Inc.	106
	5		Nucor Corp.	303
				605
			Multiline Retail — 1.6%
	3		J.C. Penney Co., Inc.	86
	5		Nordstrom, Inc.	134
	3		Sears Holdings Corp. (a)	227
	3		Target Corp.	117
				564
			Multi-Utilities — 1.6%
	—	(h)	DTE Energy Co.	4
	8		SCANA Corp.	297
	6		Wisconsin Energy Corp.	253
				554
			Oil, Gas & Consumable Fuels — 1.0%
	—	(h)	Apache Corp.	45
	2		Exxon Mobil Corp.	189
	3		Sunoco, Inc.	101
				335
			Paper & Forest Products — 0.3%
	4		International Paper Co.	118
			Personal Products — 1.0%
	8		Estee Lauder Cos., Inc. (The), Class A	331
			Pharmaceuticals — 5.8%
	12		Eli Lilly & Co.	556
	10		Johnson & Johnson	698
	8		Medicines Co. (The) (a)	187
	16		Pfizer, Inc.	297
	7		Wyeth	267
				2,005
			Real Estate Investment Trusts (REITs) — 10.2%
	7		BRE Properties, Inc.	357

JPMorgan Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2008 (Unaudited) (continued)

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE ($)
			Short Positions — Continued
			Real Estate Investment Trusts (REITs) — Continued
	18		Douglas Emmett, Inc.		416
	3		Equity Residential		130
	4		HCP, Inc.		144
	3		Health Care REIT, Inc.		165
	10		Home Properties, Inc.		539
	3		Nationwide Health Properties, Inc.		122
	8		Plum Creek Timber Co., Inc.		380
	4		Public Storage		287
	—	(h)	Sunstone Hotel Investors, Inc.		3
	18		UDR, Inc.		447
	40		U-Store-It Trust		461
	2		Ventas, Inc.		81
					3,532
			Road & Rail — 4.0%
	5		CSX Corp.		318
	26		Heartland Express, Inc.		441
	20		Knight Transportation, Inc.		380
	10		Werner Enterprises, Inc.		243
					1,382
			Semiconductors & Semiconductor Equipment — 5.9%
	11		Analog Devices, Inc.		339
	25		Intel Corp.		548
	4		Intersil Corp., Class A		97
	12		Linear Technology Corp.		363
	5		Maxim Integrated Products, Inc.		88
	8		Microchip Technology, Inc.		244
	37		Micron Technology, Inc. (a)		178
	10		Novellus Systems, Inc. (a)		200
					2,057
			Software — 1.5%
	3		Intuit, Inc. (a)		93
	12		Oracle Corp. (a)		254
	1		Salesforce.com, Inc. (a)		70
	7		THQ, Inc. (a)		108
					525
			Specialty Retail — 2.2%
	11		AutoNation, Inc. (a)		114
	2		Best Buy Co., Inc.		91
	7		Gap, Inc. (The)		108
	7		Home Depot, Inc.		173
	5		Lowe’s Cos., Inc.		104
	2		O’Reilly Automotive, Inc. (a)		46
	4		Tiffany & Co.		140
					776
			Textiles, Apparel & Luxury Goods — 0.8%
	10		Jones Apparel Group, Inc.		174
	7		Liz Claiborne, Inc.		86
					260
			Thrifts & Mortgage Finance — 0.4%
	8		Hudson City Bancorp, Inc.		137
			Tobacco — 0.4%
	3		Philip Morris International, Inc.		145
			Wireless Telecommunication Services — 0.4%
	4		SBA Communications Corp., Class A (a)		155
			Total Short Positions (Proceeds $34,741)	$	31,194
Percentages indicated are based on net assets.

JPMorgan Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JULY 31, 2008 (Unaudited) (continued)
(Amounts in thousands)

Futures Contracts (Amounts in thousands, except number of contracts)
NUMBER OF CONTRACTS	DESCRIPTION	EXPIRATION DATE	NOTIONAL VALUE AT 07/31/08		UNREALIZED APPRECIATION (DEPRECIATION)
	Long Futures Outstanding
5	E-mini S&P 500 Index	September, 2008	$	317	$	4

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:
ADR	—	American Depositary Receipt

(a)	Non-income producing security.
(b)	Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(h)	Amount rounds to less than one thousand (shares or dollars).
(j)	All or a portion of these securities are segregated for short sales.
(k)	Security is fully or partially segregated with the broker as collateral for futures or with brokers as initial margin for future contracts.
(m)	All or a portion of this security is reserved for current or potential holdings of futures, swaps, options, TBAs, when-issued securities, delayed delivery securities, reverse repurchase agreements, and forward currency contracts.
As of July 31, 2008, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	2,251
Aggregate gross unrealized depreciation		(1,715	)
Net unrealized appreciation/depreciation	$	536
Federal income tax cost of investments	$	32,460

JPMorgan Russia Fund

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JULY 31, 2008 (Unaudited)
(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE ($)
		Long-Term Investments — 99.2%
		Common Stocks — 99.2%
		Airlines — 2.0%
	86	Aeroflot - Russian International Airlines (m)		261
		Auto Components — 0.3%
	22	AMTEL Vredestein N.V., GDR, (Netherlands) (a) (m)		44
		Automobiles — 1.7%
	4	Severstal-Avto		221
		Commercial Banks — 19.9%
	29	Alliance Bank JSC, GDR, (Kazakhstan) (a) (m)		159
	3	Bank of Georgia, GDR, (Georgia) (a) (e) (m)		55
	23	Bank St. Petersburg OJSC (a) (m)		130
	9	Halyk Savings Bank of Kazakhstan JSC, GDR, (Kazakhstan) (m)		115
	20	Kazkommertsbank, GDR, (Kazakhstan), (a) (m)		240
	2	Raiffeisen International Bank Holding AG, (Austria) (m)		252
	557	Sberbank (m)		1,637
				2,588
		Communications Equipment — 2.2%
	50	Sitronics, GDR (m)		288
		Construction Materials — 1.2%
	29	Steppe Cement Ltd., (Malaysia) (a) (m)		149
		Diversified Telecommunication Services — 2.7%
	39	Comstar United Telesystems OJSC, Reg. S, GDR (m)		346
		Electric Utilities — 1.2%
	81	Lenenergo (a) (m)		152
		Energy Equipment & Services — 1.7%
	11	Eurasia Drilling Co., Ltd., GDR (a) (m)		226
		Food & Staples Retailing — 7.0%
	8	DIXY Group OJSC (a) (m)		109
	1	Magnit OAO (a) (m)		68
	69	Magnit OAO, GDR (a) (e) (m)		729
				906
		Food Products — 2.8%
	13	Cherkizovo Group OJSC, Reg. S, GDR (a) (m)		169
	2	Lebedyansky JSC (a) (m)		191
				360
		Media — 2.7%
	6	CTC Media, Inc. (a) (m)		128
	24	RBC Information Systems (a) (m)		181
	1	RBC Information Systems, ADR (m)		44
				353
		Metals & Mining — 27.6%
	8	Chelyabinsk Zinc Plant, GDR (a) (m)		49
	143	European Minerals Corp., (United Kingdom) (a)		88
	4	Evraz Group S.A., GDR, (Luxembourg) (m)		385
	6	KazakhGold Group Ltd., GDR, (United Kingdom) (a) (m)		109
	45	Magnitogorsk Iron & Steel Works, GDR (m)		642
	29	Mechel, ADR (m)		607
	46	MMC Norilsk Nickel, ADR (m)		1,000
	7	Novolipetsk Steel OJSC, GDR (a) (m)		291
	22	Severstal, Reg. S, ADR (m)		412
				3,583
		Oil, Gas & Consumable Fuels — 14.9%
	11	BMB Munai, Inc., (United States) (a) (m)		54
	64	Dragon Oil plc, (Ireland) (a) (m)		374
	9	Gazpromneft OAO, ADR (m)		286
	3	Imperial Energy Corp., plc, (United Kingdom) (a) (m)		69
	5	Tatneft, GDR (m)		566
	43	Urals Energy PCL, (Cyprus) (a) (m)		89
	257	West Siberian Resources Ltd., GDR, (Sweden) (a) (m)		278
	16	Zhaikmunai LP, GDR, (Kazakhstan) (a) (e) (m)		225
				1,941
		Paper & Forest Products — 1.1%
	32	Kazakhstan Kagazy plc, GDR, (Kazakhstan) (a) (m)		96
	15	Kazakhstan Kagazy plc, GDR, (Kazakhstan) (a) (e) (m)		45
				141

JPMorgan Russia Fund

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JULY 31, 2008 (Unaudited) (continued)
(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE ($)
			Long-Term Investments — Continued
			Pharmaceuticals — 0.9%
	2		Veropharm (a) (m)		111
			Real Estate Management & Development — 3.3%
	—	(h)	Open Investments JSC (a) (m)		82
	23		RTM OAO (a) (m)		43
	32		Sistema-Hals, GDR (a) (m)		177
	8		XXI Century Investments Public Ltd., (Cyprus) (a) (m)		131
					433
			Wireless Telecommunication Services — 6.0%
	8		Mobile Telesystems OJSC, ADR (m)		587
	7		Sistema JSFC, GDR (m)		187
					774
			Total Long-Term Investments (Cost $14,198)		12,877
SHARES
			Short-Term Investment — 0.5%
			Investment Company — 0.5%
	68		JPMorgan Prime Money Market Fund, Institutional Class (b) (Cost $68)		68
			Total Investments — 99.7% (Cost $14,266)		12,945
			Other Assets in Excess of Liabilities — 0.3%		38
			NET ASSETS — 100.0%	$	12,983

Percentages indicated are based on net assets.
NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:
ADR -	American Depositary Receipt
GDR -	Global Depositary Receipt

(a)	Non-income producing security.
(b)	Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(e)	Security is exempt from registration under Rule 144A of the Securities Act of 1933. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(h)	Amount rounds to less than one thousand (shares or dollars).
(m)	All or a portion of this security is reserved for current or potential holdings of futures, swaps, options, TBAs, when-issued securities, delayed delivery securities, reverse repurchase agreements, and forward currency contracts.
	The value and percentage based on total investments of the investments that apply the fair valuation policy for the international investments are approximately $8,828,000 and 68.2%, respectively.
As of July 31, 2008, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	704
Aggregate gross unrealized depreciation		(2,025	)
Net unrealized appreciation/depreciation	($	1,321	)
Federal income tax cost of investments	$	14,266

JPMorgan Strategic Preservation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS AS OF JULY 31, 2008 (Unaudited)(Amounts in U.S. dollars, unless otherwise noted)

SHARES		SECURITY DESCRIPTION	VALUE
		Long-Term Investments — 78.5%
		Common Stocks — 25.3%
		Austria — 0.4%
	328	OMV AG (m)		22,586
		Bermuda — 0.2%
	910	Aquarius Platinum Ltd. (a) (m)		8,931
		Brazil — 0.7%
	781	Cia Energetica de Minas Gerais, ADR (m)		18,549
	562	Companhia Vale do Rio Doce, ADR (m)		16,877
				35,426
		Canada — 1.0%
	120	Agrium, Inc. (m)		10,545
	468	Barrick Gold Corp. (m)		19,818
	1,020	Kinross Gold Corp. (m)		18,598
				48,961
		Denmark — 0.5%
	400	Novo Nordisk A/S, Class B (m)		25,362
		Finland — 0.2%
	3,923	Ruukki Group OYJ		12,606
		France — 1.5%
	210	Alstom S.A.		23,507
	311	Bouygues (m)		20,106
	228	Sanofi-Aventis S.A.		16,004
	253	Total S.A. (m)		19,372
				78,989
		Germany — 1.0%
	131	E.ON AG (m)		25,028
	202	RWE AG (m)		24,143
				49,171
		Greece — 0.2%
	750	Sidenor Steel Products
		Manufacturing Co. S.A. (m)		11,653
		Hong Kong — 1.5%
	1,000	Cheung Kong Holdings Ltd. (m)		13,991
	6,000	China Resources Power Holdings Co. (m)		13,294
	3,000	Hang Lung Properties Ltd. (m)		9,423
	400	Jardine Matheson Holdings Ltd. (m)		12,591
	2,500	Kerry Properties Ltd. (m)		13,203
	1,000	Sun Hung Kai Properties Ltd. (m)		14,831
				77,333
		India — 0.1%
	490	Sterlite Industries India Ltd., ADR (a) (m)		7,012
		Indonesia — 0.2%
	29,500	Indika Energy Tbk PT (a) (m)		10,217
		Israel — 0.2%
	1,411	Makhteshim-Agan Industries Ltd. (m)		12,197
		Italy — 0.8%
	578	ENI S.p.A. (m)		19,504
	3,668	Intesa Sanpaolo S.p.A. (m)		20,599
				40,103
		Japan — 0.2%
	1,200	Joint Corp. (m)		3,851
	100	Nidec Corp. (m)		7,064
				10,915
		Malaysia — 0.2%
	4,715	IOI Corp. Bhd (m)		8,278
		Netherlands — 0.8%
	322	Fugro N.V. CVA (m)		22,846
	2,279	Vimetco N.V., GDR (a) (m)		17,580
				40,426
		Norway — 0.8%
	723	StatoilHydro ASA (m)		23,421
	1,015	Telenor ASA (m)		15,274
				38,695
		Papua New Guinea — 0.2%
	4,812	Lihir Gold Ltd. (a) (m)		12,505
		Singapore — 1.0%
	3,000	CapitaLand Ltd. (m)		12,380
	6,000	CapitaMall Trust (m)		13,048
	20,000	Golden Agri-Resources Ltd. (m)		10,335
	2,000	Keppel Corp., Ltd. (m)		15,442
				51,205
		South Africa — 0.3%
	109	Anglo Platinum Ltd. (m)		14,224
		South Korea — 0.2%
	16	Samsung Electronics Co., Ltd. (m)		8,852

JPMorgan Strategic Preservation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS AS OF JULY 31, 2008 (Unaudited) (continued)(Amounts in U.S. dollars, unless otherwise noted)

SHARES		SECURITY DESCRIPTION	VALUE
		Sweden — 0.3%
	1,070	Atlas Copco AB, Class B (m)		15,027
		Switzerland — 1.0%
	32	Barry Callebaut AG (a) (m)		21,635
	34	Syngenta AG (m)		9,897
	308	Xstrata plc (m)		22,091
				53,623
		Taiwan — 0.2%
	888	HON HAI Precision Industry Co., Ltd., GDR (m)		8,582
		United Kingdom — 5.8%
	568	Aveva Group plc (m)		17,575
	1,165	BG Group plc (m)		26,329
	4,351	BT Group plc (m)		14,702
	1,617	Cookson Group plc (m)		19,814
	2,812	Hikma Pharmaceuticals plc (m)		21,972
	689	Imperial Tobacco Group plc (m)		25,732
	1,739	National Grid plc (m)		22,902
	2,969	Northumbrian Water Group plc (m)		18,116
	448	Reckitt Benckiser Group plc (m)		24,425
	723	Scottish & Southern Energy plc (m)		20,028
	620	Standard Chartered plc (m)		18,876
	939	Subsea 7, Inc. (a) (m)		22,067
	8,366	Vodafone Group plc (m)		22,411
	3,565	Wm Morrison Supermarkets plc (a) (m)		18,186
				293,135
		United States — 5.8%
	769	AT&T, Inc. (m)		23,693
	219	Chevron Corp. (m)		18,519
	374	Colgate-Palmolive Co. (m)		27,777
	127	Deere & Co. (m)		8,910
	479	Gilead Sciences, Inc. (a) (m)		25,856
	48	Google, Inc., Class A (a) (m)		22,740
	93	Monsanto Co. (m)		11,077
	83	Mosaic Co. (The) (a) (m)		10,559
	1,212	Oracle Corp. (a) (m)		26,094
	504	Philip Morris International, Inc. (m)		26,032
	408	Procter & Gamble Co. (m)		26,716
	310	United Technologies Corp. (m)		19,834
	708	Verizon Communications, Inc. (m)		24,100
	1,055	Yahoo!, Inc. (a) (m)		20,984
				292,891
		Total Common Stocks (Cost $1,383,308)		1,288,905
		Convertible Bonds — 5.1%
		France — 0.9%
EUR	91,000	Rhodia S.A., 0.50%, 01/01/14		46,133
		Germany — 1.5%
EUR	50,000	KFW International Finance, Inc., Series DTE, 0.75%, 08/08/08		77,911
		Netherlands — 0.3%
CHF	15,000	Pargesa Netherlands NV, Series PARG, 1.75%, 06/15/14		12,137
		United States — 2.4%
	31,000	Liberty Media LLC, 3.13%, 03/30/23		31,426
	35,000	St. Jude Medical, Inc., 1.22%, 12/15/08		35,481
	29,000	Vornado Realty Trust, 2.85%, 04/01/27		25,375
	30,000	Wyeth, 2.62%, 01/15/24		29,943
				122,225
		Total Convertible Bonds (Cost $263,529)		258,406
		Preferred Stock — 0.5%
		Germany — 0.5%
	305	Fresenius SE (Cost $25,962)		24,669
		U.S. Treasury Obligations — 47.6% (m)
		U.S. Treasury Notes,
	500,000	3.13%, 11/30/09		505,508
	500,000	3.38%, 09/15/09		506,367
	400,000	3.88%, 05/15/10		410,531
	300,000	4.00%, 04/15/10		308,016
	350,000	4.88%, 02/15/12		372,313
	300,000	5.75%, 08/15/10		319,242
		Total U.S. Treasury Obligations (Cost $2,398,245)		2,421,977
		Total Investments — 78.5% (Cost $4,071,044)		3,993,957
		Other Assets in Excess of Liabilities — 21.5%		1,096,562
		NET ASSETS — 100.0%	$	5,090,519
Percentages indicated are based on net assets.

JPMorgan Strategic Preservation Fund

SCHEDULE OF PORTFOLIO INVESTMENTSAS OF JULY 31, 2008 (Unaudited) (continued)
(Amounts in U.S. dollars, unless otherwise noted)

Summary of Investments by Industry, July 31, 2008

The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:

Industry	Percentage
U.S. Treasury Obligation	60.6	%
Metals & Mining	3.7
Oil, Gas & Consumable Fuels	3.5
Commercial Banks	2.9
Chemicals	2.5
Pharmaceuticals	2.3
Household Products	2.0
Diversified Telecommunication Services	1.9
Real Estate Management & Development	1.7
Electric Utilities	1.6
Industrial Conglomerates	1.5
Health Care Equipment & Supplies	1.5
Tobacco	1.3
Multi-Utilities	1.2
Energy Equipment & Services	1.1
Internet Software & Services	1.1
Software	1.1
Food Products	1.0
Real Estate Investment Trusts (REITs)	1.0
Others (each less than 1.0%)	6.5

Futures Contracts
(Amounts in thousands, except number of contracts)

NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE	NOTIONAL VALUE AT 07/31/08		UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
11		Euro-Bond	September, 2008	1,930		26
		Short Futures Outstanding
(5	)	E-mini S&P 500 Index	September, 2008	(317	)	13
(6	)	U.S. Long Bond	September, 2008	(693	)	(11	)
(6	)	2 Year U.S. Treasury Note	September, 2008	(1,272	)	(3	)
(3	)	10 Year U.S. Treasury Note	September, 2008	(344	)	(1	)
(4	)	Dow Jones Euro STOXX 50 Index	September, 2008	(211	)	(6	)
(2	)	FTSE 100 Index	September, 2008	(214	)	21
						39

Forward Foreign Currency Exchange Contracts

(Amounts in thousands, except number of contracts)

CONTRACTSTO BUY		SETTLEMENT DATE	SETTLEMENT VALUE	VALUE AT 07/31/08	NET UNREALIZED APPRECIATION (DEPRECIATION)
27,298	EUR	09/10/08	43	43	—	(h)
5,864	GBP	09/10/08	12	12	—	(h)
34,689	NOK	09/10/08	7	7	—	(h)
			62	62	—	(h)

CONTRACTSTO SELL		SETTLEMENT DATE	SETTLEMENT VALUE	VALUE AT 07/31/08	NET UNREALIZED APPRECIATION (DEPRECIATION)
15,768	AUD	09/10/08	15	15	—	(h)
76,306	CAD	09/10/08	75	75	—	(h)
71,448	CHF	09/10/08	68	68	—	(h)
320,640	EUR	09/10/08	495	499	(4	)
159,191	GBP	09/10/08	309	315	(6	)
885,729	HKD	09/10/08	114	114	—	(h)
104,382	ILS	09/10/08	31	29	2
11,214,357	JPY	09/10/08	106	104	2
405,213	NOK	09/10/08	78	79	(1	)
51,836	SGD	09/10/08	38	38	—	(h)
37,014	TRY	09/10/08	29	31	(2	)
99,763	ZAR	09/10/08	12	13	(1	)
			1,370	1,380	(10	)

JPMorgan Strategic Preservation Fund

SCHEDULE OF PORTFOLIO INVESTMENTSAS OF JULY 31, 2008 (Unaudited) (continued)
(Amounts in U.S. dollars, unless otherwise noted)

As of July 31, 2008, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	91,507
Aggregate gross unrealized depreciation	(168,594	)
Net unrealized appreciation/depreciation	(77,087	)
Federal income tax cost of investments	4,071,044

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:
AUD	—	Australian Dollar
ADR	—	American Depository Receipt
CAD	—	Canadian Dollar
CHF	—	Swiss Franc
CVA	—	Dutch Certification
EUR	—	Euro
GBP	—	British Pound
GDR	—	Global Depository Receipt
HKD	—	Hong Kong Dollar
ILS	—	Israeli Shekel
JPY	—	Japanese Yen
NOK	—	Norwegian Krone
SGD	—	Singapore Dollar
TRY	—	New Turkish Lira
ZAR	—	South African Rand

(a)	Non-income producing security.
(h)	Amount rounds to less than one thousand (shares or dollars).
(m)	All or a portion of this security is reserved for current or potential holdings of futures, swaps, options, TBAs, when-issued securities, delayed delivery securities, reverse repurchase agreements, and forward currency contracts.
The value and percentage based on total investments of the investments that apply the fair valuation policy for the international investments are $929,000 and 23.3%, respectively.

JPMorgan Tax Aware Core Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JULY 31, 2008 (Unaudited)
(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE ($)
		Long-Term Investments — 98.7%
		Common Stocks — 98.7%
		Aerospace & Defense — 2.8%
	5	Boeing Co.		296
	9	United Technologies Corp.		598
				894
		Auto Components — 1.5%
	16	Johnson Controls, Inc.		489
		Beverages — 1.2%
	6	PepsiCo, Inc.		381
		Biotechnology — 2.0%
	4	Celgene Corp. (a)		270
	7	Gilead Sciences, Inc. (a)		386
				656
		Capital Markets — 5.5%
	4	Ameriprise Financial, Inc.		189
	13	Bank of New York Mellon Corp. (The)		448
	1	Goldman Sachs Group, Inc. (The)		268
	6	Merrill Lynch & Co., Inc.		167
	13	Morgan Stanley		500
	9	TD AMERITRADE Holding Corp. (a)		183
				1,755
		Chemicals — 2.4%
	2	Monsanto Co.		226
	6	Praxair, Inc.		537
				763
		Commercial Banks — 3.7%
	16	U.S. Bancorp		475
	8	Wachovia Corp.		135
	20	Wells Fargo & Co.		601
				1,211
		Communications Equipment — 6.6%
	51	Cisco Systems, Inc. (a)		1,121
	18	Corning, Inc.		363
	12	QUALCOMM, Inc.		654
				2,138
		Computers & Peripherals — 5.7%
	3	Apple, Inc. (a)		533
	14	Hewlett-Packard Co.		622
	5	International Business Machines Corp.		689
				1,844
		Diversified Financial Services — 3.1%
	24	Bank of America Corp.		784
	12	Citigroup, Inc.		229
				1,013
		Diversified Telecommunication Services — 3.3%
	17	AT&T, Inc.		520
	17	Verizon Communications, Inc.		566
				1,086
		Electric Utilities — 3.8%
	6	Edison International		289
	5	Exelon Corp.		407
	7	FirstEnergy Corp.		522
				1,218
		Energy Equipment & Services — 3.5%
	5	Baker Hughes, Inc.		396
	2	National Oilwell Varco, Inc. (a)		196
	5	Schlumberger Ltd.		541
				1,133
		Food & Staples Retailing — 4.6%
	12	CVS/Caremark Corp.		451
	17	Safeway, Inc.		443
	7	SYSCO Corp.		212
	7	Wal-Mart Stores, Inc.		398
				1,504
		Health Care Equipment & Supplies — 1.1%
	4	CR Bard, Inc.		367
		Health Care Providers & Services — 0.8%
	7	Aetna, Inc.		273
		Hotels, Restaurants & Leisure — 0.8%
	8	Yum! Brands, Inc.		275
		Household Products — 3.5%
	4	Colgate-Palmolive Co.		329
	12	Procter & Gamble Co.		802
				1,131
		Industrial Conglomerates — 2.2%
	25	General Electric Co.		718

JPMorgan Tax Aware Core Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JULY 31, 2008 (Unaudited) (continued)
(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE ($)
		Long-Term Investments — Continued
		Insurance — 2.0%
	4	Allstate Corp. (The)		197
	5	Hartford Financial Services Group, Inc.		292
	4	Principal Financial Group, Inc.		159
				648
		Internet Software & Services — 1.4%
	1	Google, Inc., Class A (a)		307
	8	Yahoo!, Inc. (a)		163
				470
		Machinery — 2.9%
	4	Caterpillar, Inc.		287
	8	Danaher Corp.		655
				942
		Media — 3.4%
	26	News Corp., Class A		370
	20	Time Warner, Inc.		286
	15	Walt Disney Co. (The)		459
				1,115
		Metals & Mining — 1.3%
	3	Freeport-McMoRan Copper & Gold, Inc.		253
	1	United States Steel Corp.		180
				433
		Multiline Retail — 0.7%
	5	Kohl’s Corp. (a)		212
		Oil, Gas & Consumable Fuels — 10.2%
	4	Apache Corp.		426
	4	Devon Energy Corp.		403
	19	Exxon Mobil Corp.		1,564
	5	Marathon Oil Corp.		233
	4	Occidental Petroleum Corp.		318
	8	XTO Energy, Inc.		366
				3,310
		Pharmaceuticals — 6.6%
	12	Abbott Laboratories		671
	13	Bristol-Myers Squibb Co.		284
	21	Merck & Co., Inc.		684
	23	Schering-Plough Corp.		487
				2,126
		Road & Rail — 3.3%
	15	Norfolk Southern Corp.		1,082
		Semiconductors & Semiconductor Equipment — 1.2%
	16	Xilinx, Inc.		397
		Software — 3.3%
	32	Microsoft Corp.		835
	11	Oracle Corp. (a)		234
				1,069
		Specialty Retail — 1.3%
	7	Advance Auto Parts, Inc.		283
	6	Staples, Inc.		132
				415
		Textiles, Apparel & Luxury Goods — 1.1%
	6	Nike, Inc., Class B		346
		Tobacco — 1.9%
	12	Philip Morris International, Inc.		606
		Total Long-Term Investments (Cost $27,211)		32,020
SHARES
		Short-Term Investment — 1.3%
		Investment Company — 1.3%
	435	JPMorgan Prime Money Market Fund, Institutional Class (b) (m) (Cost $435)		435
		Total Investments — 100.0% (Cost $27,646)		32,455
		Liabilities in Excess of Other Assets — 0.0%(g)		(14	)
		NET ASSETS — 100.0%	$	32,441

Percentages indicated are based on net assets.
NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:
(a)	Non-income producing security.
(b)	Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(g)	Amount rounds to less than 0.1%.
(m)	All or a portion of this security is reserved for current or potential holdings of futures, swaps, options, TBAs, when-issued securities, delayed delivery securities, reverse repurchase agreements, and forward currency contracts.

JPMorgan Tax Aware Core Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JULY 31, 2008 (Unaudited) (continued)
(Amounts in thousands)

As of July 31, 2008, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	6,805
Aggregate gross unrealized depreciation		(1,996	)
Net unrealized appreciation/depreciation	$	4,809
Federal income tax cost of investments	$	27,646

JPMorgan Tax Aware Disciplined Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTSAS OF JULY 31, 2008 (Unaudited)
(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE ($)
		Long-Term Investments — 98.8%
		Common Stocks — 98.8%
		Aerospace & Defense — 2.9%
	75	Boeing Co.		4,553
	35	Goodrich Corp.		1,725
	6	Lockheed Martin Corp.		575
	63	Northrop Grumman Corp.		4,225
	110	United Technologies Corp.		7,032
				18,110
		Auto Components — 0.9%
	195	Johnson Controls, Inc.		5,876
		Beverages — 1.6%
	200	Coca-Cola Co. (The)		10,311
		Biotechnology — 2.1%
	68	Amgen, Inc. (a)		4,248
	57	Celgene Corp. (a)		4,289
	78	Gilead Sciences, Inc. (a)		4,194
	6	United Therapeutics Corp. (a)		680
				13,411
		Building Products — 0.1%
	21	Masco Corp.		345
		Capital Markets — 3.2%
	94	Bank of New York Mellon Corp. (The)		3,323
	34	Goldman Sachs Group, Inc. (The)		6,334
	40	Lehman Brothers Holdings, Inc.		692
	77	Merrill Lynch & Co., Inc.		2,063
	128	Morgan Stanley		5,065
	29	State Street Corp.		2,085
	39	TD AMERITRADE Holding Corp. (a)		780
				20,342
		Chemicals — 2.6%
	20	Air Products & Chemicals, Inc.		1,885
	138	Dow Chemical Co. (The)		4,598
	24	Monsanto Co.		2,847
	34	PPG Industries, Inc.		2,050
	71	Rohm & Haas Co.		5,319
				16,699
		Commercial Banks — 2.8%
	41	BB&T Corp.		1,160
	8	Comerica, Inc.		215
	33	Fifth Third Bancorp		454
	98	Huntington Bancshares, Inc.		684
	58	KeyCorp		609
	35	Marshall & Ilsley Corp.		524
	79	Regions Financial Corp.		752
	29	SunTrust Banks, Inc.		1,187
	162	U.S. Bancorp		4,953
	120	Wachovia Corp.		2,078
	136	Wells Fargo & Co.		4,130
	40	Zions Bancorp		1,177
				17,923
		Communications Equipment — 3.7%
	453	Cisco Systems, Inc. (a)		9,955
	207	Corning, Inc.		4,135
	72	Juniper Networks, Inc. (a)		1,883
	139	QUALCOMM, Inc.		7,687
				23,660
		Computers & Peripherals — 4.8%
	47	Apple, Inc. (a)		7,434
	65	EMC Corp. (a)		980
	193	Hewlett-Packard Co.		8,646
	106	International Business Machines Corp.		13,565
				30,625
		Consumer Finance — 0.6%
	59	American Express Co.		2,190
	39	Capital One Financial Corp.		1,649
				3,839
		Diversified Consumer Services — 0.2%
	7	Apollo Group, Inc., Class A (a)		436
	10	ITT Educational Services, Inc. (a)		886
				1,322
		Diversified Financial Services — 3.8%
	396	Bank of America Corp.		13,036
	50	CIT Group, Inc.		422
	389	Citigroup, Inc.		7,278
	3	IntercontinentalExchange, Inc. (a)		250
	54	NYSE Euronext		2,546
				23,532
		Diversified Telecommunication Services — 3.4%
	418	AT&T, Inc.		12,872
	244	Verizon Communications, Inc.		8,293
				21,165

JPMorgan Tax Aware Disciplined Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JULY 31, 2008 (Unaudited) (continued)
(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE ($)
		Long-Term Investments — Continued
		Electric Utilities — 3.2%
	15	Allegheny Energy, Inc.		726
	115	American Electric Power Co., Inc.		4,531
	95	Edison International		4,576
	58	Exelon Corp.		4,583
	45	FirstEnergy Corp.		3,330
	20	FPL Group, Inc.		1,291
	39	PPL Corp.		1,817
				20,854
		Electrical Equipment — 0.5%
	17	Cooper Industries Ltd., Class A		734
	50	Rockwell Automation, Inc.		2,203
				2,937
		Electronic Equipment & Instruments — 0.5%
	98	Tyco Electronics Ltd., (Bermuda)		3,258
		Energy Equipment & Services — 3.1%
	36	Baker Hughes, Inc.		3,022
	125	Halliburton Co.		5,598
	30	National Oilwell Varco, Inc. (a)		2,390
	74	Schlumberger Ltd.		7,477
	10	Transocean, Inc. (a)		1,360
				19,847
		Food & Staples Retailing — 2.0%
	83	CVS/Caremark Corp.		3,011
	94	Safeway, Inc.		2,498
	65	SYSCO Corp.		1,855
	94	Wal-Mart Stores, Inc.		5,499
				12,863
		Food Products — 2.0%
	66	General Mills, Inc.		4,237
	45	Kellogg Co.		2,361
	184	Kraft Foods, Inc., Class A		5,855
				12,453
		Health Care Equipment & Supplies — 1.6%
	33	Baxter International, Inc.		2,284
	20	C.R. Bard, Inc.		1,857
	45	Covidien Ltd.		2,227
	45	Medtronic, Inc.		2,382
	15	Zimmer Holdings, Inc. (a)		1,027
				9,777
		Health Care Providers & Services — 2.2%
	78	Aetna, Inc.		3,213
	15	AmerisourceBergen Corp.		628
	18	Cardinal Health, Inc.		989
	63	Cigna Corp.		2,328
	10	Laboratory Corp. of America Holdings (a)		676
	39	McKesson Corp.		2,205
	48	UnitedHealth Group, Inc.		1,340
	42	WellPoint, Inc. (a)		2,203
				13,582
		Hotels, Restaurants & Leisure — 0.9%
	26	Carnival Corp.		943
	6	Darden Restaurants, Inc.		208
	13	International Game Technology		282
	37	McDonald’s Corp.		2,230
	39	Starwood Hotels & Resorts Worldwide, Inc.		1,348
	29	Wyndham Worldwide Corp.		513
				5,524
		Household Durables — 0.3%
	18	D.R. Horton, Inc.		202
	16	Lennar Corp., Class A		188
	10	Mohawk Industries, Inc. (a)		560
	32	Toll Brothers, Inc. (a)		649
				1,599
		Household Products — 3.3%
	53	Colgate-Palmolive Co.		3,951
	24	Kimberly-Clark Corp.		1,411
	230	Procter & Gamble Co.		15,073
				20,435
		Independent Power Producers & Energy Traders — 0.3%
	21	Constellation Energy Group, Inc.		1,780
		Industrial Conglomerates — 2.6%
	23	3M Co.		1,584
	464	General Electric Co.		13,115
	41	Tyco International Ltd., (Bermuda)		1,823
				16,522
		Insurance — 3.5%
	19	Allstate Corp. (The)		874
	114	American International Group, Inc.		2,965
	17	Assurant, Inc.		1,012
	20	Axis Capital Holdings Ltd., (Bermuda)		634

JPMorgan Tax Aware Disciplined Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JULY 31, 2008 (Unaudited) (continued)
(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE ($)
		Long-Term Investments — Continued
		Insurance — Continued
	30	Chubb Corp. (The)		1,433
	48	Genworth Financial, Inc., Class A		763
	47	Hartford Financial Services Group, Inc.		2,978
	54	Lincoln National Corp.		2,595
	42	MetLife, Inc.		2,108
	10	Protective Life Corp.		367
	16	Prudential Financial, Inc.		1,104
	15	RenaissanceRe Holdings Ltd., (Bermuda)		783
	63	Travelers Cos., Inc. (The)		2,760
	45	Unum Group		1,082
	5	XL Capital Ltd., Class A, (Bermuda)		86
				21,544
		Internet & Catalog Retail — 0.4%
	32	Amazon.com, Inc. (a)		2,427
	15	Expedia, Inc. (a)		292
				2,719
		Internet Software & Services — 1.4%
	33	eBay, Inc. (a)		838
	15	Google, Inc., Class A (a)		6,921
	43	Yahoo!, Inc. (a)		849
				8,608
		IT Services — 0.5%
	8	Accenture Ltd., Class A, (Bermuda)		326
	12	Affiliated Computer Services, Inc., Class A (a)		578
	2	MasterCard, Inc., Class A		562
	46	Paychex, Inc.		1,498
				2,964
		Machinery — 2.2%
	60	Caterpillar, Inc.		4,184
	33	Dover Corp.		1,628
	30	Eaton Corp.		2,158
	39	Illinois Tool Works, Inc.		1,830
	73	Ingersoll-Rand Co. Ltd., Class A, (Bermuda)		2,614
	42	PACCAR, Inc.		1,767
				14,181
		Media — 2.4%
	15	CBS Corp., Class B		249
	17	DISH Network Corp., Class A (a)		509
	301	News Corp., Class A		4,247
	183	Time Warner, Inc.		2,623
	261	Walt Disney Co. (The)		7,913
				15,541
		Metals & Mining — 1.1%
	62	Alcoa, Inc.		2,096
	28	United States Steel Corp.		4,533
				6,629
		Multiline Retail — 0.5%
	30	Family Dollar Stores, Inc.		690
	1	J.C. Penney Co., Inc.		44
	26	Macy’s, Inc.		483
	41	Target Corp.		1,841
				3,058
		Multi-Utilities — 0.4%
	101	CMS Energy Corp.		1,363
	45	Xcel Energy, Inc.		904
				2,267
		Oil, Gas & Consumable Fuels — 10.7%
	36	Anadarko Petroleum Corp.		2,085
	33	Apache Corp.		3,673
	116	Chevron Corp.		9,793
	155	ConocoPhillips		12,638
	43	Devon Energy Corp.		4,093
	31	EOG Resources, Inc.		3,076
	299	Exxon Mobil Corp.		24,069
	9	Hess Corp.		913
	30	Marathon Oil Corp.		1,499
	16	Occidental Petroleum Corp.		1,238
	7	Sunoco, Inc.		264
	76	XTO Energy, Inc.		3,589
				66,930
		Paper & Forest Products — 0.3%
	150	Domtar Corp., (Canada) (a)		854
	14	Weyerhaeuser Co.		756
				1,610
		Pharmaceuticals — 6.7%
	195	Abbott Laboratories		10,967
	193	Bristol-Myers Squibb Co.		4,070
	29	Forest Laboratories, Inc. (a)		1,016
	69	Johnson & Johnson		4,702

JPMorgan Tax Aware Disciplined Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JULY 31, 2008 (Unaudited) (continued)
(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE ($)
		Long-Term Investments — Continued
		Pharmaceuticals — Continued
	228	Merck & Co., Inc.		7,511
	408	Pfizer, Inc.		7,616
	174	Schering-Plough Corp.		3,676
	83	Wyeth		3,350
				42,908
		Real Estate Investment Trusts (REITs) — 1.3%
	12	AMB Property Corp.		602
	17	Apartment Investment & Management Co., Class A		564
	35	Duke Realty Corp.		866
	24	Hospitality Properties Trust		517
	58	Host Hotels & Resorts, Inc.		757
	17	Kimco Realty Corp.		600
	21	Liberty Property Trust		772
	48	ProLogis		2,349
	15	Simon Property Group, Inc.		1,362
				8,389
		Road & Rail — 2.3%
	9	Burlington Northern Santa Fe Corp.		927
	75	CSX Corp.		5,070
	120	Norfolk Southern Corp.		8,627
				14,624
		Semiconductors & Semiconductor Equipment — 2.0%
	84	Altera Corp.		1,846
	67	Broadcom Corp., Class A (a)		1,618
	72	Intel Corp.		1,587
	16	KLA-Tencor Corp.		583
	129	Texas Instruments, Inc.		3,145
	160	Xilinx, Inc.		3,969
				12,748
		Software — 3.1%
	592	Microsoft Corp.		15,218
	211	Oracle Corp. (a)		4,538
				19,756
		Specialty Retail — 1.7%
	26	Abercrombie & Fitch Co., Class A		1,413
	31	Advance Auto Parts, Inc.		1,261
	13	AutoZone, Inc. (a)		1,746
	3	Best Buy Co., Inc.		131
	49	Gap, Inc. (The)		787
	53	Home Depot, Inc.		1,253
	25	Lowe’s Cos., Inc.		511
	128	Staples, Inc.		2,883
	18	TJX Cos., Inc.		614
				10,599
		Textiles, Apparel & Luxury Goods — 1.3%
	76	Coach, Inc. (a)		1,940
	78	Nike, Inc., Class B		4,554
	4	Polo Ralph Lauren Corp.		243
	19	V.F. Corp.		1,389
				8,126
		Thrifts & Mortgage Finance — 0.2%
	32	Fannie Mae		368
	94	Freddie Mac		766
	63	Washington Mutual, Inc.		336
				1,470
		Tobacco — 1.4%
	10	Altria Group, Inc.		199
	164	Philip Morris International, Inc.		8,445
				8,644
		Wireless Telecommunication Services — 0.2%
	9	Crown Castle International Corp. (a)		325
	118	Sprint Nextel Corp.		957
				1,282
		Total Long-Term Investments (Cost $580,989)		623,188
SHARES
		Short-Term Investment — 0.2%
		Investment Company — 0.2%
	1,380	JPMorgan Prime Money Market Fund, Institutional Class (b) (m) (Cost $1,380)		1,380
		Total Investments — 99.0% (Cost $582,369)		624,568
		Other Assets in Excess of Liabilities — 1.0%		5,991
		NET ASSETS — 100.0%	$	630,559

JPMorgan Tax Aware Disciplined Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JULY 31, 2008 (Unaudited) (continued)
(Amounts in thousands)

Percentages indicated are based on net assets.

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:
(a)	Non-income producing security.
(b)	Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(m)	All or a portion of this security is reserved for current or potential holdings of futures, swaps, options, TBAs, when-issued securities, delayed delivery securities, reverse repurchase agreements, and forward currency contracts.
As of July 31, 2008, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	94,985
Aggregate gross unrealized depreciation		(52,786	)
Net unrealized appreciation/depreciation	$	42,199
Federal income tax cost of investments	$	582,369

JPMorgan Tax Aware Diversified Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2008 (Unaudited)

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE ($)
			Long-Term Investments — 99.7%
			Common Stocks — 99.7%
			Aerospace & Defense — 3.3%
	2		Boeing Co.		147
	1		Goodrich Corp.		59
	2		Lockheed Martin Corp.		219
	3		Northrop Grumman Corp.		189
	8		Raytheon Co.		427
	30		United Technologies Corp.		1,906
					2,947
			Auto Components — 1.1%
	32		Johnson Controls, Inc.		953
			Beverages — 1.6%
	17		Coca-Cola Co. (The)		850
	9		PepsiCo, Inc.		599
					1,449
			Biotechnology — 2.0%
	—	(h)	Amgen, Inc. (a)		29
	9		Celgene Corp. (a)		664
	21		Gilead Sciences, Inc. (a)		1,134
					1,827
			Capital Markets — 4.3%
	12		Bank of New York Mellon Corp. (The)		437
	9		Goldman Sachs Group, Inc. (The)		1,656
	6		Lehman Brothers Holdings, Inc.		101
	10		Merrill Lynch & Co., Inc.		261
	11		Morgan Stanley		438
	14		State Street Corp.		974
					3,867
			Chemicals — 2.6%
	3		Air Products & Chemicals, Inc.		266
	3		Monsanto Co.		381
	4		PPG Industries, Inc.		231
	9		Praxair, Inc.		797
	8		Rohm & Haas Co.		630
					2,305
			Commercial Banks — 2.9%
	7		BB&T Corp.		182
	2		Comerica, Inc.		43
	5		Fifth Third Bancorp		63
	12		KeyCorp		124
	5		Marshall & Ilsley Corp.		73
	6		Regions Financial Corp.		54
	4		SunTrust Banks, Inc.		177
	3		TCF Financial Corp.		32
	23		U.S. Bancorp		695
	13		Wachovia Corp.		220
	29		Wells Fargo & Co.		863
	3		Zions Bancorp		79
					2,605
			Communications Equipment — 4.4%
	84		Cisco Systems, Inc. (a)		1,838
	40		Corning, Inc.		801
	5		Juniper Networks, Inc. (a)		131
	21		QUALCOMM, Inc.		1,179
					3,949
			Computers & Peripherals — 4.9%
	4		Apple, Inc. (a)		636
	30		Hewlett-Packard Co.		1,326
	18		International Business Machines Corp.		2,240
	7		Teradata Corp. (a)		168
					4,370
			Consumer Finance — 0.8%
	6		American Express Co.		215
	13		Capital One Financial Corp.		544
					759
			Diversified Consumer Services — 0.2%
	2		ITT Educational Services, Inc. (a)		151
			Diversified Financial Services — 2.4%
	31		Bank of America Corp.		1,010
	2		CIT Group, Inc.		20
	47		Citigroup, Inc.		885
	6		NYSE Euronext		284
					2,199
			Diversified Telecommunication Services — 3.4%
	71		AT&T, Inc.		2,194
	2		Embarq Corp.		69
	24		Verizon Communications, Inc.		820
					3,083

JPMorgan Tax Aware Diversified Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2008 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE ($)
		Long-Term Investments — Continued
		Electric Utilities — 2.2%
	7	American Electric Power Co., Inc.		292
	19	Edison International		914
	3	Exelon Corp.		259
	3	FirstEnergy Corp.		243
	4	FPL Group, Inc.		246
				1,954
		Electronic Equipment & Instruments — 0.7%
	20	Tyco Electronics Ltd., (Bermuda)		655
		Energy Equipment & Services — 3.0%
	9	Baker Hughes, Inc.		733
	8	Cameron International Corp. (a)		368
	4	National Oilwell Varco, Inc. (a)		306
	9	Schlumberger Ltd.		955
	3	Transocean, Inc. (a)		354
				2,716
		Food & Staples Retailing — 2.6%
	11	CVS/Caremark Corp.		402
	33	Wal-Mart Stores, Inc.		1,934
				2,336
		Food Products — 1.8%
	1	Archer-Daniels-Midland Co.		28
	5	General Mills, Inc.		290
	40	Kraft Foods, Inc., Class A		1,289
				1,607
		Health Care Equipment & Supplies — 1.9%
	10	Baxter International, Inc.		669
	13	Covidien Ltd.		658
	7	Medtronic, Inc.		385
				1,712
		Health Care Providers & Services — 2.2%
	19	Aetna, Inc.		767
	2	AmerisourceBergen Corp.		63
	5	Cardinal Health, Inc.		285
	9	Cigna Corp.		318
	6	McKesson Corp.		336
	5	WellPoint, Inc. (a)		254
				2,023
		Hotels, Restaurants & Leisure — 1.8%
	5	Carnival Corp.		187
	4	International Game Technology		76
	14	McDonald’s Corp.		831
	4	Starwood Hotels & Resorts Worldwide, Inc.		127
	2	Wyndham Worldwide Corp.		40
	10	Yum! Brands, Inc.		340
				1,601
		Household Durables — 0.3%
	4	Centex Corp.		57
	3	D.R. Horton, Inc.		36
	4	Lennar Corp., Class A		45
	5	Toll Brothers, Inc. (a)		96
				234
		Household Products — 3.0%
	41	Procter & Gamble Co.		2,685
		Independent Power Producers & Energy Traders — 0.1%
	2	Constellation Energy Group, Inc.		125
		Industrial Conglomerates — 2.8%
	69	General Electric Co.		1,946
	13	Tyco International Ltd., (Bermuda)		587
				2,533
		Insurance — 3.4%
	2	Allstate Corp. (The)		94
	18	American International Group, Inc.		462
	3	Assurant, Inc.		167
	6	Genworth Financial, Inc., Class A		101
	8	Hartford Financial Services Group, Inc.		532
	3	Lincoln National Corp.		143
	10	MetLife, Inc.		502
	4	Protective Life Corp.		148
	1	Prudential Financial, Inc.		97
	14	Travelers Cos., Inc. (The)		638
	5	Unum Group		118
	2	XL Capital Ltd., Class A, (Bermuda)		38
				3,040
		Internet & Catalog Retail — 0.3%
	3	Amazon.com, Inc. (a)		221
	3	Expedia, Inc. (a)		51
				272
		Internet Software & Services — 1.4%
	9	eBay, Inc. (a)		229
	2	Google, Inc., Class A (a)		1,042
	1	Yahoo!, Inc. (a)		24
				1,295

JPMorgan Tax Aware Diversified Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JULY 31, 2008 (Unaudited) (continued)
(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE ($)
		Long-Term Investments — Continued
		Machinery — 1.9%
	5	Caterpillar, Inc.		348
	4	Danaher Corp.		313
	1	Deere & Co.		91
	8	Eaton Corp.		554
	7	Illinois Tool Works, Inc.		325
	3	Ingersoll-Rand Co. Ltd., Class A, (Bermuda)		90
				1,721
		Media — 2.6%
	5	DIRECTV Group, Inc. (The) (a)		140
	52	News Corp., Class A		740
	25	Time Warner, Inc.		356
	36	Walt Disney Co. (The)		1,080
				2,316
		Metals & Mining — 1.4%
	10	Alcoa, Inc.		331
	6	United States Steel Corp.		914
				1,245
		Multiline Retail — 0.4%
	8	Target Corp.		366
		Multi-Utilities — 1.6%
	20	CMS Energy Corp.		274
	1	Dominion Resources, Inc.		60
	16	PG&E Corp.		620
	24	Xcel Energy, Inc.		490
				1,444
		Oil, Gas & Consumable Fuels — 10.9%
	11	Anadarko Petroleum Corp.		659
	17	Chevron Corp.		1,404
	23	ConocoPhillips		1,902
	13	Devon Energy Corp.		1,205
	3	EOG Resources, Inc.		301
	50	Exxon Mobil Corp.		4,005
	7	XTO Energy, Inc.		326
				9,802
		Paper & Forest Products — 0.1%
	9	Domtar Corp., (Canada) (a)		53
		Pharmaceuticals — 6.7%
	25	Abbott Laboratories		1,436
	29	Bristol-Myers Squibb Co.		606
	4	Forest Laboratories, Inc. (a)		135
	10	Johnson & Johnson		658
	34	Merck & Co., Inc.		1,109
	65	Pfizer, Inc.		1,204
	23	Schering-Plough Corp.		477
	11	Wyeth		442
				6,067
		Real Estate Investment Trusts (REITs) — 1.2%
	3	Apartment Investment & Management Co., Class A		99
	5	Duke Realty Corp.		119
	2	General Growth Properties, Inc.		46
	3	Hospitality Properties Trust		64
	11	Host Hotels & Resorts, Inc.		140
	2	Kimco Realty Corp.		81
	8	ProLogis		386
	2	Simon Property Group, Inc.		167
				1,102
		Road & Rail — 2.4%
	1	Burlington Northern Santa Fe Corp.		146
	14	CSX Corp.		966
	15	Norfolk Southern Corp.		1,093
				2,205
		Semiconductors & Semiconductor Equipment — 2.1%
	18	Altera Corp.		402
	4	Broadcom Corp., Class A (a)		85
	26	Intel Corp.		579
	2	Intersil Corp., Class A		46
	3	National Semiconductor Corp.		52
	1	NVIDIA Corp. (a)		15
	6	Texas Instruments, Inc.		139
	24	Xilinx, Inc.		589
				1,907
		Software — 3.1%
	64	Microsoft Corp.		1,633
	56	Oracle Corp. (a)		1,195
				2,828
		Specialty Retail — 0.4%
	4	Abercrombie & Fitch Co., Class A		237
	3	Bed Bath & Beyond, Inc. (a)		89
	1	Home Depot, Inc.		22
				348

JPMorgan Tax Aware Diversified Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTSAS OF JULY 31, 2008 (Unaudited) (continued)
(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE ($)
		Long-Term Investments — Continued
		Textiles, Apparel & Luxury Goods — 1.3%
	6	Coach, Inc. (a)		161
	17	Nike, Inc., Class B		1,009
				1,170
		Thrifts & Mortgage Finance — 0.2%
	7	Fannie Mae		81
	8	Freddie Mac		66
	11	Washington Mutual, Inc.		57
				204
		Tobacco — 1.9%
	37	Altria Group, Inc.		759
	19	Philip Morris International, Inc.		971
				1,730
		Wireless Telecommunication Services — 0.1%
	11	Sprint Nextel Corp.		85
		Total Investments — 99.7% (Cost $54,879)		89,845
		Other Assets in Excess of Liabilities — 0.3%		269
		NET ASSETS — 100.0%	$	90,114

Percentages indicated are based on net assets.
NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS :
(a)	Non-income producing security.
(h)	Amount rounds to less than one thousand (shares or dollars).
As of July 31, 2008, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	37,055
Aggregate gross unrealized depreciation		(2,089	)
Net unrealized appreciation/depreciation	$	34,966
Federal income tax cost of investments	$	54,879

JPMorgan Tax Aware Enhanced Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF July 31, 2008 (Unaudited)
(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION (t)	VALUE ($)
		Long-Term Investments — 49.2%
		Asset Backed Security — 1.3%
	1,300	Sigma Finance Corp., (Cayman Islands), VAR, 2.70%, 09/15/08 (e) (f) (i) (s) (Cost $1,300)		1,040
		Collateralized Mortgage Obligations — 3.1%
		Agency CMO — 2.4%
	1,619	Federal National Mortgage Association REMICS, Series 2002 - 36, Class FS, VAR, 2.96%, 08/25/08		1,612
	267	Government National Mortgage Association, Series 2000 - 38, Class F, VAR, 2.86%, 08/20/08		265
				1,877
		Non-Agency — 0.7%
	816	Indymac Index Mortgage Loan Trust, Series 2004-AR7, Class A1, VAR, 2.90%, 08/25/08		581
		Total Collateralized Mortgage Obligations (Cost $2,701)		2,458
		Corporate Bond — 0.5%
		Diversified Financial Services — 0.5%
	500	ZFS Finance USA Trust III, VAR, 3.93%, 09/15/08 (e) (i) (Cost $510)		438
		Municipal Bonds — 44.3%
		California — 3.9%
	1,000	Riverside County Transportation Commission, Sales Tax Revenue, Series A-1, Rev., 5.00%, 12/01/09		1,034
	1,000	State of California, Series B, GO, VAR, 5.00%, 03/01/10		1,042
	1,000	State of California, Stem Cell Research and Cures, Series A, GO, VAR, 5.17%, 04/01/09		1,006
				3,082
		Florida — 5.4%
	1,780	Florida Housing Finance Corp., Heritage Villas, Series F, Rev., 4.00%, 10/01/10		1,792
	1,000	Highlands County Health Facilities Authority, Adventist Health Hospital, Series I, Rev., VAR, 5.00%, 11/16/09		1,019
	1,500	Miami-Dade County School Board, Rev., FGIC, 5.00%, 08/01/08		1,500
				4,311
		Illinois — 1.3%
	1,000	Illinois Educational Facilities Authority, University of Chicago, Series B, Rev., VAR, 4.05%, 07/01/09		1,021
		Indiana — 2.1%
	900	Shelbyville Individual Elementary School Building Corp., Rev., FSA, 5.75%, 01/15/09		926
	750	The Indianapolis Local Public Improvement Bond Bank, Series A-1, Rev., 2.25%, 10/01/08		751
				1,677
		Kansas — 2.3%
	1,700	Sedgwick County Unified School District No. 259, Series 2000, GO, MBIA, 5.50%, 09/01/10		1,802
		Louisiana — 1.1%
	900	Louisiana Public Facilities Authority, Oshsner Clinich Foundation Project, Series B, Rev., 5.00%, 05/15/09		912
		Michigan — 1.1%
	895	Michigan South Central Power Agency, Power Supply System Revenue, Rev., AMBAC, 5.00%, 11/01/08		900
		Minnesota — 2.4%
	1,815	South Washington County Independent School District No. 833, Series A, GO, MBIA, 5.60%, 02/01/10		1,906
		Mississippi — 1.0%
	750	Mississippi Development Bank, Special Obligation, Marshall County Correctional, Series C, Rev., 5.00%, 08/01/10		779
		Missouri — 1.9%
	1,500	Missouri Public Utilities Commission, Rev., 4.75%, 09/01/08		1,503

JPMorgan Tax Aware Enhanced Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2008 (Unaudited) (continued)
(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION (t)	VALUE ($)
		Long-Term Investments — Continued
		Oklahoma — 1.3%
	1,020	Norman Regional Hospital Authority, Rev., RADIAN, 4.50%, 09/01/08		1,021
		Pennsylvania — 7.4%
	1,125	Exeter Township, GO, AMBAC, 5.00%, 07/15/10		1,180
	1,125	Pennsylvania Higher Educational Facilities Authority, Lasalle University, Series A, Rev., 5.00%, 05/01/10		1,149
	2,000	Pennsylvania Higher Educational Facilities Authority, University of Pennsylvania, Rev., 5.00%, 08/01/10		2,104
	1,500	Pennsylvania Turnpike Commission, Series A, Rev., BAN, AMBAC, 4.00%, 10/15/08		1,507
				5,940
		Puerto Rico — 1.8%
	925	Children’s Trust Fund, Series 2000, Rev., 5.75%, 07/01/10		969
	500	Puerto Rico Government Development Bank, Series B, Rev., 5.00%, 12/01/08		504
				1,473
		South Carolina — 0.5%
	400	Tobacco Settlement Revenue Management Authority, Rev., 5.00%, 12/01/08		387
		Texas — 7.1%
	1,200	Dallas-Fort Worth International Airport Facilities Improvement Corp., Series A, Rev., XLCA, 5.00%, 11/01/08		1,205
	1,000	SA Energy Acquisition Public Facility Corp., Gas Supply, Rev., 5.00%, 08/01/10		1,015
	210	San Leanna Educational Facilities Corp., Saint Edwards University Project, Rev., 4.25%, 06/01/10		213
	2,675	State of Texas, GO, TRAN, 4.50%, 08/28/08		2,679
	500	Texas Municipal Gas Acquisition & Supply Corp., Series D, Rev., 5.00%, 12/15/08		501
				5,613
		Virginia — 0.4%
	345	Stafford County Economic Development Authority, Public Facilities Project, Rev., GTY, 5.00%, 04/01/10		359
		Washington — 3.3%
	500	Energy Northwest, Columbia Generator Project, Series E, Rev.,, 4.15%, 07/01/09		500
	1,050	Port of Olympia, Series B, GO, AMT, FSA, 5.00%, 12/01/10		1,087
	1,000	Port of Seattle, Sub Lien, Series B, Rev., FGIC, 5.50%, 09/01/09		1,019
				2,606
		Total Municipal Bonds (Cost $35,119)		35,292
		Total Long-Term Investments (Cost $39,630)		39,228
		Short-Term Investments — 50.1%
		Municipal Bonds — 34.2%
		Alabama — 4.3%
	1,000	Mobile Individual Development, Holnam Project, Series A, Rev., VRDO, LOC: Bayerische Landesbank, 2.18%, 08/04/08		1,000
	2,500	University of Alabama, Birmingham, Series B, Rev., VRDO, 2.30%, 08/04/08		2,500
				3,500
		District of Columbia — 3.6%
	2,945	Catholic University of America, Rev., VRDO, 3.96%, 08/04/08		2,944
		Florida — 2.4%
	2,000	JEA, Water & Sewer, Series A-2, Rev., VRDO, 2.10%, 08/04/08		2,000
		Georgia — 3.2%
	2,600	De Kalb Private Hospital Authority, Children’s Healthcare, Rev., VRDO, 2.17%, 08/04/08		2,600
		Kansas — 1.4%
	1,100	Kansas State Department of Transportation, Highway, Series C4, Rev., VRDO, 2.00%, 08/11/08		1,100

JPMorgan Tax Aware Enhanced Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2008 (Unaudited) (continued)
(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION (t)	VALUE ($)
		Short-Term investments — Continued
		Maryland — 1.3%
	1,000	Maryland Health & Higher Education Facilities Authority, Series A, Rev., VRDO, 2.10%, 08/04/08		1,000
		Michigan — 2.7%
	1,100	Michigan Hospital Finance Authority, Ascension Health, Series B-8, Rev., VRDO, 2.11%, 08/04/08		1,100
	1,000	Michigan Municipal Building Authority, Rev., VRDO, 2.85%, 08/11/08		1,000
				2,100
		New Jersey — 2.1%
	1,690	New Jersey EDA, School Facilities Construction, Series M- 4, Rev., ARS, AMBAC, 5.46%, 08/21/08 (p)		1,690
		New York — 2.4%
	2,000	Metropolitan Transportation Authority, Series 1480, Rev., VRDO, LIQ: Morgan Stanley Municipal Funding, 2.37%, 08/07/08		2,000
	1	New York State Environmental Facilities Corp., Clean Water & Drinking, Series 731, Rev., VRDO, 2.24%, 08/07/08		1
				2,001
		North Carolina — 1.3%
	1,000	County of Wake, Series A, GO, VRDO, 2.15%, 08/04/08		1,000
		Puerto Rico — 0.5%
	400	Puerto Rico Highway & Transportation Authority, Series A, Rev. VRDO, LOC: Scotiabank, 2.10%, 08/06/08		400
		Texas — 5.1%
	1,000	City of Houston, First Lien, Series B4, Rev., VRDO, LOC: Bank of America N.A., 2.05%, 08/04/08		1,000
	1,000	San Antonio Empowerment Zone Development Corp., Drury Southwest Hotel Project, Rev., VRDO, U.S. Bank N.A., 2.40%, 08/07/08		1,000
	2,000	State of Texas, Veterans Housing Fund II, Series A-2, GO, VRDO, LIQ: Texas Comptroller Public Accounts, 2.28%, 08/06/08		2,000
				4,000
		Utah — 1.3%
	1,000	Intermountain Power Agency, Power Supply, Series F, Rev., VRDO, AMBAC, 2.35%, 12/01/08		1,000
		Virginia — 1.3%
	1,000	Virginia Public Building Authority, Series D, Rev., VRDO, 2.05%, 08/04/08		1,000
		Wyoming — 1.3%
	1,000	Sweetwater County Pollution Control, Pacificorp Project, Rev., VRDO, LOC: Barclays Bank plc, 2.19%, 08/06/08		1,000
		Total Municipal Bonds (Cost $27,335)		27,335

SHARES
		Investment Company — 15.9%
	12,673	JPMorgan Tax Free Money Market Fund, Institutional Class (b) (Cost $12,673)		12,673
		Total Short-Term Investments (Cost $40,008)		40,008
		Total Investments — 99.3% (Cost $79,638)		79,236
		Other Assets in Excess of Liabilities — 0.7%		576
		NET ASSETS — 100.0%	$	79,812
Percentages indicated are based on net assets.

JPMorgan Tax Aware Enhanced Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2008 (Unaudited) (continued)
(Amounts in thousands)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS :
AMBAC	—	American Municipal Bond Assurance Corp.
AMT	—	Alternative Minimum Tax
ARS	—	Auction Rate Security. The interest rate shown is the rate in effect as of July 31, 2008.
CMO	—	Collateralized Mortgage Obligation
EDA	—	Economic Development Authority
FGIC	—	Financial Guaranty Insurance Co.
FSA	—	Financial Security Assurance
GO	—	General Obligation
GTY	—	Guaranty
LIQ	—	Liquidity Agreement
LOC	—	Letter of Credit
MBIA	—	Municipal Bond Insurance Association
RADIAN	—	Radian Asset Assurance
REMICS	—	Real Estate Mortgage Investment Conduit
Rev.	—	Revenue Bond
TRAN	—	Tax & Revenue Anticipation Note
VAR	—	Variable Rate Security. The interest rate shown is the rate in effect as of July 31, 2008.
VRDO	—	Variable Rate Demand Obligation. The interest rate shown is the rate in effect as of July 31, 2008.
XLCA	—	XL Capital Assurance

(b)	Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc. or JPMorgan Investment Advisors Inc.
(e)	Security is exempt from registration under Rule 144A of the Securities Act of 1933. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(f)	Security is fair valued in accordance with procedures established by and under the supervision and responsibility of the Board of Trustees. The following approximates the value and percentage of these investments based on total investments (amounts in thousands):
(i)	Security has been deemed illiquid pursuant to procedures approved by the Board of Trustees and may be difficult to sell.
(p)	Security is prerefunded or escrowed to maturity.
(s)	These holdings represent investments in structured investment vehicles (SIVs). The value of SIVs may be affected by, among other things, changes in: interest rates, the quality of the underlying assets or the market’s assessment thereof, factors concerning interests in and structure of the issuer or the originator of the receivables, or the creditworthiness of the entities that provide credit enhancements. SIVs have experienced decreased liquidity primarily resulting from declines in the market value of certain categories of collateral underlying the SIVs. These holdings were previously determined to be liquid at the time of acquisition of such investments and have since been deemed to be illiquid due to the changes in market conditions.
(t)	The date shown represents the earliest of the next reset date, next call date, prerefunded date, next put date or final maturity date.
As of July 31, 2008, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	215
Aggregate gross unrealized depreciation		(617	)
Net unrealized appreciation/depreciation	($	402	)
Federal income tax cost of investments	$	79,638

JPMorgan Tax Aware Large Cap Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JULY 31, 2008 (Unaudited)
(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE ($)
			Long-Term Investments — 100.1%
			Common Stocks — 100.1%
			Aerospace & Defense — 5.8%
	7		General Dynamics Corp.		584
	6		Lockheed Martin Corp.		636
	—	(h)	Precision Castparts Corp.		37
					1,257
			Air Freight & Logistics — 0.6%
	3		C.H. Robinson Worldwide, Inc.		138
			Biotechnology — 3.8%
	2		Celgene Corp. (a)		113
	14		Gilead Sciences, Inc. (a)		732
					845
			Capital Markets — 1.9%
	2		Goldman Sachs Group, Inc. (The)		416
			Chemicals — 10.0%
	8		Monsanto Co.		1,003
	4		Potash Corp. of Saskatchewan, Inc., (Canada)		860
	3		Praxair, Inc.		321
					2,184
			Communications Equipment — 5.9%
	6		Cisco Systems, Inc. (a)		129
	8		QUALCOMM, Inc.		436
	6		Research In Motion Ltd., (Canada) (a)		714
					1,279
			Computers & Peripherals — 8.4%
	5		Apple, Inc. (a)		768
	12		Hewlett-Packard Co.		548
	4		International Business Machines Corp.		490
					1,806
			Construction & Engineering — 1.8%
	4		Jacobs Engineering Group, Inc. (a)		332
	1		Shaw Group, Inc. (The) (a)		64
					396
			Diversified Financial Services — 0.9%
	—	(h)	CME Group, Inc.		43
	1		Intercontinental Exchange, Inc. (a)		147
					190
			Diversified Telecommunication Services — 0.3%
		3	Vimpel-Communications, ADR, (Russia)		70
			Electrical Equipment — 2.6%
		2	First Solar, Inc. (a)		573
			Electronic Equipment & Instruments — 0.6%
		3	Amphenol Corp., Class A		127
			Energy Equipment & Services — 5.5%
		5	National Oilwell Varco, Inc. (a)		387
		4	Schlumberger Ltd.		377
		3	Transocean, Inc. (a)		347
		3	Weatherford International Ltd. (a)		95
					1,206
			Food & Staples Retailing — 1.4%
		8	CVS/Caremark Corp.		297
			Health Care Equipment & Supplies — 3.2%
		7	Baxter International, Inc.		504
		1	Intuitive Surgical, Inc. (a)		185
					689
			Health Care Providers & Services — 3.5%
		8	Express Scripts, Inc. (a)		584
		4	Medco Health Solutions, Inc. (a)		174
					758
			Hotels, Restaurants & Leisure — 2.8%
	10		McDonald’s Corp.		597
			Internet & Catalog Retail — 1.2%
		4	Amazon.com, Inc. (a)		272
			Internet Software & Services — 3.6%
		2	Google, Inc., Class A (a)		787
			IT Services — 6.6%
		4	MasterCard, Inc., Class A		1,050
		5	Visa, Inc., Class A (a)		392
					1,442
			Life Sciences Tools & Services — 2.2%
		8	Thermo Fisher Scientific, Inc. (a)		478
			Machinery — 2.6%
		2	Bucyrus International, Inc.		160
		3	Cummins, Inc.		166
		4	Deere & Co.		246
					572

JPMorgan Tax Aware Large Cap Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS AS OF JULY 31, 2008 (Unaudited) (continued)
(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE ($)
		Long-Term Investments — Continued
		Media — 1.5%
	12	DIRECTV Group, Inc. (The) (a)		328
		Metals & Mining — 2.8%
	4	Cia Vale do Rio Doce, ADR, (Brazil)		132
	3	United States Steel Corp.		484
				616
		Oil, Gas & Consumable Fuels — 5.4%
	1	Apache Corp.		100
	3	Hess Corp.		344
	4	Occidental Petroleum Corp.		296
	4	Petroleo Brasileiro S.A., ADR, (Brazil)		196
	5	XTO Energy, Inc.		240
				1,176
		Pharmaceuticals — 2.4%
	7	Abbott Laboratories		366
	3	Teva Pharmaceutical Industries Ltd., ADR, (Israel)		147
				513
		Road & Rail — 2.9%
	6	Burlington Northern Santa Fe Corp.		627
		Semiconductors & Semiconductor Equipment — 0.6%
	3	MEMC Electronic Materials, Inc. (a)		136
		Software — 3.1%
	5	Activision Blizzard, Inc. (a)		188
	5	Microsoft Corp.		128
	17	Oracle Corp. (a)		357
				673
		Specialty Retail — 2.7%
	1	Abercrombie & Fitch Co., Class A		57
	6	GameStop Corp., Class A (a)		260
	8	TJX Cos., Inc.		278
				595
		Textiles, Apparel & Luxury Goods — 0.6%
	2	Nike, Inc., Class B		123
		Tobacco — 2.9%
	7	Altria Group, Inc.		148
	10	Philip Morris International, Inc.		500
				648
		Total Investments — 100.1% (Cost $15,243)		21,814
		Liabilities in Excess of Other Assets — (0.1)%		(22	)
		NET ASSETS — 100.0%	$	21,792

Percentages indicated are based on net assets.

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:
ADR   -	American Depositary Receipt

(a)	Non-income producing security.
(h)	Amount rounds to less than one thousand (shares or dollars).
As of July 31, 2008, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	7,007
Aggregate gross unrealized depreciation		(436	)
Net unrealized appreciation/depreciation	$	6,571
Federal income tax cost of investments	$	15,243

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JULY 31, 2008 (Unaudited)
(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION (t)	VALUE ($)
		Long-Term Investments — 89.5%
		Municipal Bonds — 89.5%
		Alabama — 0.5%
	8,135	Alabama Public School & College Authority, Capital Improvement, Rev., 5.00%, 12/01/16 (m)		8,800
		Arizona — 3.8%
	2,500	Arizona Health Facilities Authority, Phoenix Children’s Hospital, Series A, Rev., VAR, 3.24%, 08/07/08 (m)		2,329
	1,485	Arizona Power Authority, Crossover, Special Obligation, Series A, Rev., 5.25%, 10/01/12 (m)		1,613
	12,040	Arizona School Facilities Board, State School Trust, Series A, Rev., AMBAC, 5.75%, 07/01/14 (m) (p)		13,586
	5,475	Arizona State Transportation Board, Series A, Rev., GAN, 5.00%, 07/01/14 (m)		5,959
	175	Arizona State University, Rev., AMBAC, 5.00%, 07/01/15 (m)		181
		City of Goodyear,
	1,450	GO, FSA, 4.25%, 07/01/18		1,315
	1,600	GO, FSA, 4.25%, 07/01/18		1,420
	1,175	GO, FSA, 6.00%, 07/01/15		1,349
	1,225	GO, FSA, 6.00%, 07/01/16		1,411
	1,300	GO, FSA, 6.00%, 07/01/17		1,506
	1,375	GO, FSA, 6.00%, 07/01/18		1,598
	1,400	GO, FSA, 6.00%, 07/01/18		1,617
	3,450	City of Phoenix, Series A, Class A, GO, 5.00%, 07/01/17		3,776
	850	Maricopa County Elementary School District No. 28-Kyrene Elementary, School Improvement Project, Series 2005-C, GO, 5.00%, 07/01/18		886
	6,760	Maricopa County Unified School District No. 4-Mesa, School Improvement Project 2005, Series C, GO, 4.25%, 07/01/14		7,065
	8,130	Maricopa County Unified School District No. 69- Paradise Valley, GO, FGIC, 5.20%, 07/01/16		8,795
		Scottsdale Industrial Development Authority,
	4,615	Series A, Rev., 5.00%, 09/01/12		4,785
	2,250	Series A, Rev., 5.00%, 09/01/14		2,325
	1,845	Scottsdale Municipal Property Corp., Series 2006, Rev., 5.00%, 07/01/17		2,019
	3,500	Surprise Municipal Property Corp., Rev., 4.70%, 04/01/14		3,172
				66,707
		Arkansas — 1.4%
	5,650	City of Fayetteville, Sales & Use Tax, Series A, Rev., FSA, 4.75%, 11/01/16		5,906
		City of Fort Smith, Water & Sewer,
	2,880	Rev., FSA, 5.00%, 10/01/18 (w)		3,016
	1,815	Rev., FSA, 5.00%, 10/01/18 (w)		1,888
	5,000	Rev., FSA, 5.25%, 10/01/18 (w)		5,163
	8,000	State of Arkansas, Federal Highway Grant, Anticipated Tax Revenue, GO, 5.00%, 08/01/12 (m)		8,554
				24,527
		California — 7.7%
	4,055	Bay Area Toll Authority, San Francisco Bay Area, Series F, Rev., 5.00%, 04/01/10		4,233
	2,805	Burbank California Public Financing Authority, Golden State Redevelopment Project, Tax Allocation, Series A, FGIC, 5.00%, 12/01/17		2,890
	200	California Infrastructure & Economic Development Bank, Revolving Fund, Rev., 5.00%, 10/01/14		205
		California State Department of Water & Power Resources,
	5,000	Series A, Rev., 5.75%, 05/01/12 (p)		5,569
	850	Series A, Class A, Rev., MBIA, 5.25%, 05/01/12		916

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JULY 31, 2008 (Unaudited) (continued)
(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION (t)	VALUE ($)
		Long-Term Investments — Continued
		California — Continued
	2,070	Series H, Rev., FSA-CR, 5.00%, 05/01/18		2,172
	2,000	California State Public Works Board, Department of Mental Health, Coalinga, Series A, Rev., 5.50%, 06/01/14		2,094
		California State Public Works Board, University of California Research Project,
	1,000	Series E, Rev., 5.25%, 10/01/16		1,088
	2,025	Series E, Rev., 5.25%, 10/01/16		2,183
	8,025	California State, Water Systems, Unrefunded Balance, Series J-2, Rev., 7.00%, 12/01/11		9,090
	3,445	Center Unified School District, Election of 1991, Series D, GO, MBIA, Zero Coupon, 08/01/17		1,223
	100	City of Long Beach, Harbor, Series A, Rev., AMT, FGIC, 5.00%, 05/15/11		103
		City of Vallejo, Water Revenue,
	1,690	Rev., MBIA, 5.00%, 05/01/16		1,732
	1,370	Series 2006, Rev., MBIA, 5.00%, 05/01/16		1,366
	750	El Camino Community College District, Election of 2002, Series B, GO, FGIC, 4.25%, 08/01/12		782
		Evergreen Elementary School District,
	3,000	Series A, GO, FSA, 6.00%, 08/01/13		3,389
	1,090	Series A, GO, FSA, 6.00%, 08/01/16		1,264
	5,000	Golden State Tobacco Securitization Corp., Series 2003 A-1, Rev., 6.75%, 06/01/13 (p)		5,713
		Golden State Tobacco Securitization Corp., Asset Backed,
	3,550	Series A-1, Rev., 4.50%, 06/01/17		3,138
	2,000	Series A-2, Class A, Rev., 7.90%, 06/01/13 (p)		2,381
	1,350	Series A-4, Class A, Rev., 7.80%, 06/01/13 (p)		1,602
	2,475	Golden West Schools Financing Authority, Placentia-Yorba Linda University, Rev., AMBAC, 5.50%, 08/01/20		2,720
		Grossmont-Cuyamaca Community College District, Capital Appreciation,
	5,640	GO, Assured Guaranty Ltd., Zero Coupon, 08/01/14		4,454
	5,845	GO, Assured Guaranty Ltd., Zero Coupon, 08/01/15		4,383
	5,000	Long Beach Bond Finance Authority, Natural Gas, Series A, Rev., 5.25%, 11/15/21		4,618
	250	Los Altos School District, Series 2006, GO, AMBAC, 5.00%, 08/01/16		261
		Los Angeles Department of Airports, Ontario International,
	2,790	Series A, Rev., MBIA, 4.50%, 05/15/10		2,823
	3,080	Series A, Rev., MBIA, 4.50%, 05/15/12		3,091
		Los Angeles Unified School District,
	1,000	Series A-1, GO, FSA, 5.00%, 07/01/17		1,067
	2,750	Series B, GO, FGIC, 4.75%, 07/01/16		2,788
	5,000	Menlo Park Community Development Agency, Las Pulgas Community Development Project, Tax Allocation, AMBAC, 5.50%, 06/01/10 (p)		5,397
	1,220	San Diego Unified School District, Election of 1998, Series F-1, GO, FSA, 5.25%, 07/01/28		1,324
	1,000	San Luis Obispo County Financing Authority, Nacimento Water Project, Series A, Rev., MBIA, 5.00%, 09/01/17		1,033

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JULY 31, 2008 (Unaudited) (continued)
(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION (t)	VALUE ($)
		Long-Term Investments — Continued
		California — Continued
		Santa Monica Community College District, Election of 2007,
	2,500	Series C, GO, FGIC, Zero Coupon, 08/01/11		2,262
	1,500	Series C, Class C, GO, FGIC, Zero Coupon, 08/01/12		1,295
	2,700	Saugus Union School District, GO, FGIC, 5.25%, 08/01/20		2,879
	3,110	Simi Valley School Financing Authority, Rev., FSA, 5.00%, 08/01/17		3,299
		State of California,
	7,500	GO, 5.00%, 02/01/17		7,541
	18,945	GO, 5.13%, 02/01/14 (p)		20,819
	3,775	Series 2004, GO, 5.00%, 02/01/14 (p)		4,125
	6,045	University of California Regents Medical Center, Rev., MBIA, 4.75%, 05/15/15		6,068
				135,380
		Colorado — 1.2%
	7,230	Arapahoe County School District No. 5 Cherry Creek, Improvement, GO, FSA, 5.00%, 12/15/13 (m)		7,872
	5,000	Colorado Health Facilities Authority, Unrefunded Balance, Catholic Health, Series A, Rev., 5.50%, 03/01/12 (p)		5,435
	1,000	Denver City & County, Airport Systems, Series B, Class B, Rev., FGIC, 5.00%, 11/15/14		996
	5,000	Regional Transportation District, Fastracks Project, Series A, Class A, Rev., AMBAC, 5.00%, 11/01/16 (p)		5,506
	1,000	Superior Metropolitan District No. 1, Rev., AMBAC, 5.00%, 12/01/15		996
				20,805
		Connecticut — 1.3%
		City of Greenwich,
	325	GO, 4.00%, 06/01/18		317
	500	GO, 4.00%, 06/01/18		480
	300	GO, 4.75%, 06/01/18		324
	200	GO, 5.00%, 06/01/18		216
	1,000	Connecticut State Health & Educational Facility Authority, Quinnipiac University, Series I, Rev., MBIA, 5.00%, 07/01/17		1,004
		South Central Regional Water Authority, Water System Revenue,
	250	Series A, Rev., MBIA, 5.25%, 08/01/19		268
	1,290	Series A, Rev., MBIA, 5.25%, 08/01/20		1,391
		State of Connecticut,
	3,000	GO, 5.00%, 03/15/14		3,258
	10,235	Series B, GO, MBIA, 5.00%, 06/01/14		11,154
	3,500	Series B, GO, AMBAC, 5.25%, 06/01/19		3,811
				22,223
		Delaware — 0.2%
	1,675	Delaware Transportation Authority, Motor Fuel Tax, Unrefunded Balance, Series B, Rev., AMBAC, 5.00%, 07/01/12		1,787
	1,000	State of Delaware, Series C, GO, 5.00%, 03/01/21		1,078
				2,865
		Florida — 5.2%
	4,900	City of Gainesville, Utilities System, Series A, Rev., FSA, 5.00%, 10/01/15 (p)		5,375
	7,060	Florida State Board of Education, Series B, Class B, Rev., FGIC, 5.25%, 07/01/11		7,379
	200	Florida State Department of Environmental Protection, Series A, Rev., FGIC, 5.75%, 07/01/10		212
	3,140	Florida State Department of Environmental Protection, Florida Forever, Series A, Rev., MBIA, 5.38%, 07/01/12		3,369
	3,405	Florida State Department of General Services, Facilities Pool, Series A, Rev., AMBAC, 5.00%, 09/01/14		3,648

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JULY 31, 2008 (Unaudited) (continued)
(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION (t)	VALUE ($)
		Long-Term Investments — Continued
		Florida — Continued
	5,000	Highlands County Health Facilities Authority, Hospital Adventist Sunbelt, Series A, Rev., 6.00%, 11/15/11 (p)		5,520
	10,000	Lee County, Airport, Series B, Rev., FSA, 5.75%, 10/01/10 (p)		10,809
	110	Lee County, Capital Improvement & Transition, Rev., AMBAC, 5.00%, 10/01/13		114
	2,000	Lee County, Transitional Facilities, Series A, Rev., AMBAC, 5.25%, 10/01/10		2,104
	10,755	Miami-Dade County, Capital Appreciation, Series B, Rev., AMBAC, Zero Coupon, 10/01/08 (p)		2,729
	5,000	Miami-Dade County, Entitlement, Rev., FGIC, 5.00%, 08/01/10		5,213
	2,560	Miami-Dade County, Health Facilities Authority, Miami Childrens Hospital, Series A, Class A, Rev., AMBAC, 5.63%, 08/15/11 (p)		2,791
	2,500	Miami-Dade County, School Board, Series A, COP, FGIC, 5.00%, 05/01/17		2,583
		Miami-Dade County, Water & Sewer Systems,
	5,000	Rev., XLCA, 5.00%, 10/01/17		5,063
	6,000	Series B, Rev., FSA, 5.00%, 10/01/14		6,401
	15,180	Series B, Rev., FSA, 5.00%, 10/01/15		16,149
	4,570	Orange County Health Facilities Authority, Adventist Health System, Rev., AMBAC, 6.25%, 09/04/08		4,583
	3,955	Palm Beach County, School Board, Series D, COP, FSA, 5.25%, 08/01/12		4,218
	135	State of Florida, Department of Transportation, Right Of Way, Series A, GO, 5.00%, 07/01/14		146
	2,500	Tampa Bay Water Fl Utility System Revenue, Regional Water Supply Authority, Rev., FGIC, 5.25%, 10/01/16		2,707
				91,113
		Georgia — 5.6%
	2,650	Bryan County School District, Sales Tax, GO, 5.00%, 08/01/10 (w)		2,788
	450	County of Athens-Clarke, Rev., 5.38%, 09/04/08		457
	500	De Kalb County, School District, Series A, GO, 6.25%, 07/01/10 (p)		537
	1,025	Fulton County School District, GO, 6.38%, 05/01/12		1,151
		Gwinnett County School District,
	2,500	GO, 5.00%, 02/01/11		2,648
	7,500	Series 2007, GO, 5.00%, 02/01/13		8,121
	5,700	Municipal Electric Authority of Georgia, Series B, Rev., 6.25%, 01/01/17		6,508
		State of Georgia,
	5,030	Series A, GO, 5.00%, 09/01/12		5,433
	3,425	Series A, GO, 5.00%, 09/01/15		3,734
	11,245	Series A-1, GO, 5.00%, 07/01/12		12,107
	10,585	Series B, GO, 5.00%, 04/01/09		10,822
	1,000	Series B, GO, 5.75%, 08/01/17		1,154
	14,960	Series C, GO, 5.00%, 07/01/17		16,431
	1,120	Series C, GO, 5.50%, 07/01/12		1,228
	2,000	Series C, GO, 6.00%, 07/01/10		2,140
	1,700	Series D, GO, 5.25%, 10/01/11		1,832
		State of Georgia Road and Tollway Authority, Federal Highway,
	7,375	Rev., MBIA, 5.00%, 06/01/16		7,933
	2,000	Rev., MBIA, 5.00%, 06/01/16		2,133
	10,000	Series A, Rev., FSA, 5.00%, 06/01/18		10,880
				98,037
		Hawaii — 1.2%
		City & County of Honolulu, Second Bond Resolution,
	2,500	Series A, Rev., FSA, 5.00%, 07/01/18		2,599
	3,740	Series A, Rev., FSA, 5.00%, 07/01/18		3,864

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JULY 31, 2008 (Unaudited) (continued)
(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION (t)	VALUE ($)
		Long-Term Investments — Continued
		Hawaii — Continued
	4,915	Series A, Rev., FSA, 5.00%, 07/01/18		5,035
	2,740	Series A, Rev., FSA, 5.00%, 07/01/18		2,822
	5,515	State of Hawaii, GO, FSA, 5.75%, 02/01/14		6,170
				20,490
		Idaho — 0.6%
	6,885	Idaho State Building Authority, Capitol Project, Rev., FGIC, 5.00%, 09/01/14		7,322
	2,800	University of Idaho, Series A, Rev., VAR, FSA, 4.38%, 04/01/11		2,897
				10,219
		Illinois — 1.2%
	3,200	Chicago Housing Authority, Rev., 5.38%, 07/01/12 (p)		3,479
	2,500	Chicago Transit Authority, Federal Transit Administration, Series 5307, Rev., AMBAC, 5.00%, 12/01/16		2,618
		City of Chicago,
	5,000	Rev., AMBAC, 5.50%, 01/01/11 (p)		5,382
	140	Series A, GO, FSA, 5.00%, 01/01/13		150
	5,000	City of Chicago, Emergency Telephone System, GO, FGIC, 5.25%, 01/01/14		5,369
	3,000	City of Chicago, Sales Tax, Rev., FSA, 5.00%, 07/01/15		3,180
	100	Metropolitan Pier & Exposition Authority, Prerefunded, Series 2002-A, Rev., FGIC, 5.50%, 06/15/18 (p)		110
	1,160	State of Illinois, Sales Tax, Rev., 5.00%, 06/15/11		1,230
	195	Will County School District No. 122, Series 2004-A, GO, FSA, 6.50%, 11/01/10 (p)		213
				21,731
		Indiana — 1.0%
	2,125	Center Grove 2000 Building Corp., First Mortgage, Rev., FGIC, 5.25%, 07/10/15		2,188
	1,000	Hamilton Heights School Corp., First Mortgage, Rev., FSA, 5.00%, 01/15/13		1,074
	160	Indiana Bond Bank, Special Program, Series D, Rev., FSA, 5.00%, 02/01/16		168
	100	Indiana State Office Building Commission, Museum Facilities, Rev., MBIA, 5.00%, 07/01/09		103
	5,205	Indianapolis Local Public Improvement Bond Bank, Series 2005-E, Rev., AMBAC, 5.00%, 01/01/15		5,494
	3,570	Purdue University, Student Facilities Systems, Rev., 5.25%, 07/01/20		3,858
		South Bend Community School Corp., First Mortgage,
	1,000	Rev., FSA, 4.00%, 07/05/11		1,032
	1,350	Rev., FSA, 5.00%, 07/05/14		1,460
	855	Rev., FSA, 5.00%, 01/05/16		920
	1,030	Rev., FSA, 5.00%, 07/05/17		1,110
				17,407
		Kansas — 2.1%
	21,045	City of Olathe & County of Labette, Capital Accumulator, Series A, Rev., Zero Coupon, 02/01/16 (p)		15,518
	1,745	Kansas Development Finance Authority, Kansas Transitional Revolving Fund, Rev., 5.00%, 10/01/15		1,872
	9,015	Reno Sedgwick Finney Counties, Capital Accumulator, Series 1984, Rev., MBIA, Zero Coupon, 04/01/16 (p)		6,598
		Wyandotte County-Kansas City Unified Government,
	8,930	Series 2004, Rev., AMBAC, 5.65%, 09/01/12		9,612
	3,755	Series 2004, Rev., AMBAC, 5.65%, 09/01/14		4,102
				37,702

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JULY 31, 2008 (Unaudited) (continued)
(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION (t)	VALUE ($)
		Long-Term Investments — Continued
		Kentucky — 0.3%
	4,030	Kentucky State Property & Buildings Commission, Project No. 79, Rev., MBIA, 5.13%, 10/01/13 (p)		4,406
	165	Kentucky State Property & Buildings Commission, Road Fund, Project No. 73, Rev., 5.25%, 11/01/09 (p)		172
				4,578
		Maryland — 2.6%
	1,430	Maryland Health & Higher Educational Facilities Authority, University of Maryland Medical System, Rev., 6.75%, 07/01/10 (p)		1,563
	2,665	Maryland National Capital Park & Planning Commission, Park Acquisition & Development, Series EE-2, GO, 5.00%, 01/15/14		2,900
	1,000	Maryland State Economic Development Corp., University of Maryland College Park Project, Rev., 6.00%, 06/01/13 (p)		1,130
	1,490	Maryland Water Quality Financing Administration Revolving Loan Fund, Rev., 5.00%, 03/01/14		1,618
	2,500	Montgomery County, Construction and Public Improvement, Series A, GO, 5.00%, 05/01/09		2,563
	1,150	State of Maryland, State & Local Facilities Loan, Capital Improvement, Series A, GO, 5.50%, 08/01/13		1,281
		State of Maryland, State & Local Facilities Loan, Second Series,
	10,000	GO, 5.00%, 08/01/10		10,542
	6,700	GO, 5.00%, 08/01/13		7,200
	8,080	Series 2006, GO, 5.00%, 08/01/11		8,632
	8,000	Series 2006, GO, 5.00%, 08/01/15		8,799
				46,228
		Massachusetts — 5.2%
		Boston Housing Authority,
	1,790	Rev., FSA, 5.00%, 04/01/15		1,932
	1,770	Rev., FSA, 5.00%, 04/01/17		1,904
		Commonwealth of Massachusetts,
	14,900	Rev., FGIC, 5.00%, 01/01/14 (p)		15,873
	9,000	Series A, GO, 5.25%, 08/01/19		9,881
		Commonwealth of Massachusetts, Consolidated Lien,
	3,050	Series C, GO, FSA, 5.50%, 11/01/10		3,254
	4,100	Series C, GO, FGIC, 5.50%, 11/01/13		4,531
	10,000	Series C, GO, FGIC, 5.50%, 11/01/14		11,119
	10,450	Series D, GO, MBIA, 5.25%, 11/01/11 (p)		11,151
	10,000	Series D, GO, MBIA, 5.25%, 11/01/11 (p)		10,671
	5,000	Series E, GO, AMBAC, 5.00%, 11/01/16 (p)		5,508
	2,000	Commonwealth of Massachusetts, Federal Highway, Series A, Class A, Rev., GAN, MBIA-IBC, 5.75%, 12/15/10 (p)		2,144
		Massachusetts Development Finance Agency, College of the Holy Cross,
	1,000	Rev., 5.00%, 09/01/18		1,080
	1,000	Rev., 5.00%, 09/01/18		1,072
	1,100	Rev., 5.00%, 09/01/18		1,169
	10,000	Massachusetts Health & Educational Facilities Authority, Massachusetts Institute of Technology, Rev., 5.00%, 07/01/14 (w)		10,946
				92,235
		Michigan — 2.3%
	1,000	Brandon School District, School Building & Site, GO, FSA, 5.00%, 05/01/16		1,070
	2,500	City of Detroit, Senior Lien, Series B, Class B, Rev., BHAC FGIC, 5.50%, 07/01/18		2,587

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JULY 31, 2008 (Unaudited) (continued)
(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION (t)	VALUE ($)
		Long-Term Investments — Continued
		Michigan — Continued
	540	City of Detroit, Sewer Disposal, Senior Lien, Series C, Class C, Rev., FGIC, 5.25%, 07/01/16		575
	250	City of Detroit, Water Supply System, Second Lien, Series A, Rev., MBIA, 5.25%, 07/01/16		254
	5,900	City of Detroit, Water Supply System, Senior Lien, Series B, Rev., MBIA, 5.00%, 07/01/13		6,221
	8,000	Detroit City School District, School Building & Site Improvement, Series A, GO, FGIC, 5.00%, 05/01/13 (p)		8,653
	3,000	Kent Hospital Finance Authority, Spectrum Health, Series A, Class A, Rev., VAR, 5.00%, 01/15/12		3,104
	7,000	Michigan South Central Power Agency, Power Supply System Revenue, Rev., AMBAC, 5.00%, 11/01/08		7,039
	3,000	State of Michigan, GO, 5.50%, 12/01/13		3,318
	185	State of Michigan, Clean Michigan Initiative Program, GO, 5.00%, 11/01/09 (p)		192
	5,000	State of Michigan, Environmental Program, Series A, GO, 5.25%, 05/01/13 (p)		5,472
	1,500	State of Michigan, Trunk Line Fund, Series B, Rev., FSA, 5.00%, 09/01/15		1,611
				40,096
		Minnesota — 1.4%
	2,915	City of Minneapolis, Convention Center, Series B, GO, 5.00%, 04/01/12		3,132
	8,650	Minnesota Public Facilities Authority, Series B, Rev., 5.00%, 03/01/13		9,349
		State of Minnesota,
	5,000	GO, 5.00%, 08/01/16		5,492
	6,760	Series C, GO, 5.00%,08/01/16 (w)		7,425
				25,398
		Mississippi — 0.6%
	15,750	Mississippi Housing Finance Corporation, Capital Appreciation, Series 1984, Rev., Zero Coupon, 09/15/16 (p)		11,296
		Missouri — 3.5%
		Cass County Reorganized School District No. R-2,
	1,000	GO, 5.00%,03/01/16		1,053
	1,000	GO, 5.00%,03/01/16		1,035
	14,000	Missouri State Board of Public Buildings, Series A, Rev., 5.00%, 10/15/13		14,979
	2,500	Missouri State Highways & Transit Commission, Series A, Rev., 5.00%, 02/01/12		2,659
		Missouri State Highways & Transit Commission, First Lien,
	3,000	Series A, Rev., 5.00%, 05/01/13		3,249
	7,000	Series A, Rev., 5.00%, 05/01/16		7,575
	18,635	Series B, Rev., 5.00%, 05/01/16		19,486
	5,000	Missouri State Highways & Transit Commission, Second Lien, Rev., 5.00%, 05/01/16		5,459
	5,000	Missouri State Highways & Transit Commission, Senior Lien, Rev., 5.00%, 02/01/16		5,458
				60,953
		Nebraska — 0.6%
		Nebraska Public Power District,
	250	Series B, Rev., FSA, 5.00%, 01/01/17		269
	600	Series B, Rev., FSA, 5.00%, 07/01/17		641
	2,500	Series C, Rev., FGIC, 5.00%, 01/01/16		2,615
		University of Nebraska Facilities Corp., Deferred Maintenance,
	3,625	Rev., AMBAC, 5.00%, 07/15/16		3,830
	3,715	Rev., AMBAC, 5.00%, 07/15/16		3,894
				11,249

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JULY 31, 2008 (Unaudited) (continued)
(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION (t)	VALUE ($)
		Long-Term Investments — Continued
		Nevada — 1.7%
		Clark County, Flood Control,
	7,175	GO, 5.00%, 11/01/10 (w)		7,567
	5,450	GO, 5.00%, 11/01/13 (w)		5,893
		Nevada System of Higher Education,
	5,785	Series B, Rev., AMBAC, 5.00%, 01/01/16		5,901
	6,075	Series B, Rev., AMBAC, 5.00%, 01/01/16		6,180
	5,000	Truckee Meadows Water Authority, Rev., FSA, 5.00%, 07/01/16		5,389
				30,930
		New Jersey — 1.9%
	140	Essex County Improvement Authority, County Correctional Facilities Project, Rev., FGIC, 5.75%, 10/01/10 (p)		150
		Garden State Preservation Trust,
	1,000	Series A, Rev., FSA, 5.25%, 11/01/13 (p)		1,102
	6,000	Series A, Class A, Rev., FSA, 5.80%,11/01/15		6,736
	5,000	New Jersey Economic Development Authority, Cigarette Tax, Series 2004, Rev., AGC-ICC, 5.38%, 06/15/14		5,417
	7,570	New Jersey Environmental Infrastructure Trust, Series A, Rev., 5.00%, 09/01/15		8,226
	5,000	New Jersey Transportation Trust Fund Authority, Transportation System, Series C, Rev., FSA-CR, 5.50%, 06/15/13 (p)		5,544
	3,000	State of New Jersey, Series N, GO, AMBAC, 5.50%, 07/15/14		3,328
	3,080	Tobacco Settlement Financing Corp., Series 1A, Rev., 4.50%, 06/01/17		2,747
				33,250
		New Mexico — 1.4%
	5,000	Albuquerque Municipal School District No. 12, GO, 5.00%, 08/01/14 (m)		5,435
	7,000	New Mexico Finance Authority, Senior Lien, Series A, Rev., MBIA, 5.25%, 06/15/14		7,486
	10,735	State of New Mexico, Series A-1, Rev., 4.00%, 07/01/13		11,009
				23,930
		New York — 7.8%
	3,000	Erie County Industrial Development Agency, City of Buffalo School District Project, Series A, Rev., FSA, 5.75%, 05/01/18		3,345
	1,550	Erie County Water Authority, Rev., 5.00%, 12/01/16		1,694
		Metropolitan Transportation Authority,
	5,000	Series A, Rev., MBIA, 5.25%, 10/01/10 (p)		5,317
	5,000	Series A, Rev., FGIC, 5.25%, 11/15/11 (p)		5,405
	6,000	Series A, Rev., AMBAC, 5.50%, 11/15/14		6,544
	1,040	Series A, Rev., FGIC, 6.13%, 04/01/10 (p)		1,108
	7,135	Series B, Rev., MBIA, 5.00%, 11/15/16		7,681
		New York City Municipal Water Finance Authority,
	18,500	Rev., 5.50%, 06/15/10 (p)		19,806
	380	Series AA, Rev., 5.00%, 06/15/17		413
	5,985	Series DD, Rev., 4.50%, 06/15/18		5,666
	2,500	New York City Municipal Water Finance Authority, Second Generation Resolution, Series BB, Rev., 5.00%, 06/15/16		2,699
	400	New York City Transitional Finance Authority, Fiscal Year 2007, Series S-1, Rev., FGIC, 5.00%, 07/15/16		429

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTSAS OF JULY 31, 2008 (Unaudited) (continued)
(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION (t)	VALUE ($)
		Long-Term Investments — Continued
		New York — Continued
	5,340	New York State Dormitory Authority, Columbia University, Series B, Rev., 5.00%, 07/01/15		5,856
	6,500	New York State Dormitory Authority, Education, Series C, Rev., 5.00%, 12/15/16		6,826
		New York State Dormitory Authority, Mental Health Services Facilities Improvement,
	3,600	Series D, Rev., FSA, 5.00%, 02/15/14		3,872
	2,220	Series D, Rev., FSA, 5.00%, 08/15/14		2,397
	510	Series D, Rev., FSA, 5.00%, 02/15/17		545
		New York State Dormitory Authority, School Districts, Building Finance Program,
	400	Series A, Rev., MBIA, 5.00%, 10/01/13		427
	510	Series A, Rev., MBIA, 5.00%, 10/01/14		546
	675	Series A, Rev., MBIA, 5.00%, 10/01/15		722
	1,360	Series A, Rev., MBIA, 5.00%, 10/01/16		1,427
	3,000	New York State Dormitory Authority, State University Educational Facilities, Rev., FGIC, 5.25%, 05/15/10 (p)		3,191
		New York State Environmental Facilities Corp.,
	1,010	Rev., FSA, 5.75%, 06/15/12		1,112
	2,430	Series A, Rev., 5.25%, 12/15/18		2,708
	10,225	New York State Environmental Facilities Corp., New York City Municipal Project, Revolving Funds, Series C, Rev., 5.00%, 06/15/17		10,790
	2,250	New York State Environmental Facilities Corp., New York City Municipal Water Financing Authority, Series A, Rev., 5.00%, 06/15/16		2,395
	5,000	New York State Environmental Facilities Corp., Revolving Funds, Series B, Rev., 5.00%, 06/15/13		5,418
		New York State Thruway Authority,
	5,000	Series A, Rev., 5.50%, 03/15/12 (p)		5,459
	2,535	Series B, Rev., AMBAC, 5.00%, 10/01/15		2,682
	15,000	New York State Urban Development Corp., Service Contract, Series B, Rev., 5.25%, 07/01/18		15,515
	200	Sachem Central School District of Holbrook, GO, FGIC, 5.00%, 10/15/16		217
	5,000	Tobacco Settlement Financing Authority, Asset Backed, Series B, Class B, Rev., 5.00%, 06/01/11		5,252
				137,464
		North Carolina — 1.1%
		City of High Point,
	1,000	Rev., FSA, 5.00%, 11/01/18		1,040
	1,170	Rev., FSA, 5.00%, 11/01/18		1,212
	2,750	Gaston County, School, GO, FSA, 4.25%, 04/01/16		2,716
	1,020	Iredell County, School Project, COP, AMBAC, 5.00%, 06/01/16		1,088
	2,950	Mecklenburg County, Public Improvement, Series B, GO, 5.00%, 02/01/15		3,230
	2,500	North Carolina Eastern Municipal Power Agency, Series A, Class A, Rev., GTY, 5.25%, 01/01/18		2,645
	225	North Carolina Municipal Power Agency No. 1, Catawba Electric, Rev., MBIA, 6.00%, 01/01/11		239
	6,755	State of North Carolina, Rev., MBIA, 5.00%, 03/01/12		7,208
				19,378

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTSAS OF JULY 31, 2008 (Unaudited) (continued)
(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION (t)	VALUE ($)
		Long-Term Investments — Continued
		Ohio — 3.2%
	5,000	American Municipal Power - Ohio, Inc., Prepayment, Series A, Rev., 5.00%, 02/01/10 (m)		5,063
	18,170	Buckeye Tobacco Settlement Financing Authority, Asset- Backed, Series A-2, Rev., 5.13%, 06/01/17		16,149
	1,715	City of Cleveland, Rev., FSA, 5.25%, 09/15/18		1,856
	1,390	City of Cleveland, Parking Facilities, Series A, GO, AMBAC, 5.00%, 10/01/14		1,483
	7,780	City of Columbus, Limited Tax, Series 2, GO, 5.00%, 07/01/14		8,429
	2,000	City of Columbus, Various Purpose, Series D, GO, 5.00%, 12/15/11		2,145
	180	Cleveland-Cuyahoga County Port Authority, Building Funding Program, Columbia National, Series D, Rev., 5.00%, 11/15/15		166
	200	Franklin County Convention Facilities Authority, Tax & Lease Revenue Anticipated Bonds, Rev., AMBAC, 5.00%, 12/01/15		209
	200	Greater Cleveland Regional Transit Authority, Capital Improvement, Series A, GO, MBIA, 5.63%, 12/01/11 (p)		218
	225	Kettering City School District, School Improvement, GO, FSA, 5.00%, 12/01/14		231
	2,110	Olentangy Local School District, Refunded Balance, GO, 5.00%, 12/01/09 (p)		2,216
	3,000	State of Ohio, Common Schools, Series B, GO, 5.00%, 03/15/14		3,205
		State of Ohio, Higher Education,
	9,000	Series II-A, Rev., 5.50%, 12/01/10		9,628
	3,260	Series II-A, Rev., MBIA-IBC, 5.50%, 12/01/10		3,482
	2,700	State of Ohio, Higher Education, Denison University 2007 Project, Series 2007, Rev., 5.00%, 11/01/17		2,845
				57,325
		Oregon — 0.6%
	5,000	City of Portland, Sewer Systems, Series A, Rev., FGIC, 5.75%, 08/01/10 (p)		5,337
	1,500	Clackamas County, School District No. 12, GO, FSA GTY, 5.00%, 06/15/18		1,634
	1,500	Deschutes County Administrative School, District No. 1, GO, FSA, 5.00%, 06/15/11		1,593
	1,250	Oregon State Department of Transportation, Senior Lien, Series C, Rev., 5.00%, 11/15/17		1,368
				9,932
		Pennsylvania — 4.9%
	5,500	Allegheny County Hospital Development Authority, University of Pittsburgh Medical Center, Series A, Rev., 5.00%, 09/01/14 (m)		5,794
	1,000	Allegheny Valley Joint School District, Series A, GO, MBIA, 5.00%, 11/01/14 (m)		1,047
	5,000	Altoona City Authority, Rev., FSA, 5.25%, 11/01/18 (m)		5,484
	2,165	Central Bucks School District, GO, FGIC, 5.00%, 05/15/15		2,343
		Commonwealth of Pennsylvania, First Series,
	1,000	GO, 5.00%, 10/01/13		1,087
	14,865	GO, 5.00%, 05/15/18		16,171
	10,335	Series A, GO, 5.00%, 11/01/17		10,801
	9,265	County of Allegheny, Series C-57, GO, FGIC, 5.00%, 11/01/14 (m)		9,729
	7,135	County of Chester, GO, 5.00%, 07/15/17		7,514
	5,545	East Stroudsburg Area School District, GO, FSA, 5.00%, 09/01/17		5,789

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2008 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION (t)	VALUE ($)
		Long-Term Investments — Continued
		Pennsylvania — Continued
	900	Garnet Valley School District, GO, FSA, 5.00%, 04/01/17		956
	1,315	Haverford Township School District, GO, FSA, 5.25%, 03/15/16		1,444
	1,060	Marple Newtown School District, GO, FSA, 5.00%, 03/01/16		1,138
	2,500	Northampton County General Purpose Authority, Lafayette College, Rev., 4.50%, 01/01/18 (w)		2,406
	10,000	Pennsylvania Turnpike Commission, Series A, Rev., BAN, AMBAC, 4.00%, 10/15/08		10,045
	3,000	Sayre Health Care Facilities Authority, Guthrie Health, Series 2007, Rev., VAR, 2.58%, 09/01/08		2,441
	2,050	Seneca Valley School District, GO, FSA, 5.00%, 07/01/13		2,216
				86,405
		Puerto Rico — 0.3%
	5,000	Puerto Rico Public Buildings Authority, Series 2002, Rev., CIFG-TCRS, 5.25%, 07/01/12 (p)		5,350
		South Carolina — 2.2%
	200	Charleston County, Public Facilities Corp., COP, MBIA, 5.00%, 06/01/12		214
		City of Columbia, Waterworks & Sewer System,
	1,000	Rev., 5.70%, 02/01/10		1,053
	1,960	Rev., 6.00%, 02/01/10 (p)		2,071
		Piedmont Municipal Power Agency,
	13,185	Series A3, Rev., Assured Guaranty Ltd., 5.00%, 01/01/17		13,802
	7,000	Series A3, Rev., Assured Guaranty Ltd., 5.00%, 01/01/18		7,293
	15,000	Tobacco Settlement Revenue Management Authority, Rev., 5.00%, 12/01/08		14,512
				38,945
		Tennessee — 1.3%
	2,325	City of Memphis, General Improvement, GO, MBIA, 5.25%, 10/01/18		2,500
	2,070	City of Memphis, Sewer System, Rev., FSA, 5.00%, 05/01/17		2,257
	5,000	Memphis-Shelby County Sports Authority, Inc., Memphis Arena Project, Series B, Rev., AMBAC, 5.50%, 11/01/12 (p)		5,486
	1,000	Metropolitan Government Nashville & Davidson County, Series A, GO, MBIA, 5.00%, 01/01/16		1,083
	8,190	Metropolitan Government Nashville & Davidson County, Health & Educational Facilities Building, Vanderbilt University, Series A, Rev., 5.00%, 10/01/18		8,902
	3,000	Tennessee Energy Acquisition Corp., Series A, Rev., 5.00%, 09/01/13		3,004
				23,232
		Texas — 6.9%
	12,700	Bell County, GO, 5.00%, 02/15/12		13,326
	200	City of Corpus Christi, Utility Systems, Series A, Rev., AMBAC, 5.00%, 07/15/15		206
	200	City of Dallas, Waterworks & Sewer System Improvements, Rev., FSA, 5.38%, 10/01/12		218
	4,485	City of Garland, Series A, GO, 5.00%, 02/15/18		4,633
	5,000	City of Houston Junior Lien, Series B, Rev., AMBAC, 5.75%, 12/01/12 (p)		5,527
	200	City of Laredo, International Tool Bridge, Series B, Rev., FSA, 5.00%, 10/01/13		216
	4,000	City of San Antonio, Electric & Gas, Series B, Rev., 5.00%, 02/01/13		4,305
	185	Collin County, Tax Refund, GO, 5.00%, 02/15/15		191

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2008 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION (t)	VALUE ($)
		Long-Term Investments — Continued
		Texas — Continued
	6,020	Colorado River Municipal Water District, Water System, Rev., AMBAC, 5.38%, 01/01/13		6,427
	1,075	County of Bexar, GO, 5.25%, 06/15/17		1,134
		Dallas Area Rapid Transit, Senior Lien,
	8,935	Rev., AMBAC, 5.00%, 12/01/11 (p)		9,557
	4,620	Rev., 5.00%, 12/01/18		4,872
	3,000	Rev., 5.25%, 12/01/18		3,054
		Deer Park Independent School District, Limited Tax,
	1,000	GO, FSA, 3.50%, 02/15/14 (w)		1,006
	1,000	GO, FSA, 4.00%, 02/15/15 (w)		1,024
	1,020	GO, FSA, 5.25%, 02/15/17 (w)		1,071
	1,000	GO, FSA, 5.25%, 02/15/17 (w)		1,038
	1,000	GO, FSA, 5.25%, 02/15/17 (w)		1,034
	665	La Joya Independent School District, GO, PSF-GTD, 5.00%, 02/15/16		711
		Longview Independent School District, Capital Appreciation,
	1,575	GO, PSF-GTD, Zero Coupon, 02/15/14 (w)		1,266
	2,210	GO, PSF-GTD, Zero Coupon, 02/15/15 (w)		1,690
	3,870	GO, PSF-GTD, Zero Coupon, 02/15/16 (w)		2,807
	1,000	Lower Colorado River Authority, Transmission Services, Series A, Rev., MBIA, 5.00%, 05/15/16		1,010
		North East Independent School District, Capital Appreciation School Building,
	2,500	Series A, Class A, GO, PSF- GTD, Zero Coupon, 08/01/12		2,176
	1,430	Series A, Class A, GO, PSF- GTD, Zero Coupon, 08/01/13		1,189
	2,730	Series A, Class A, GO, PSF- GTD, Zero Coupon, 08/01/15		2,054
		North Texas Municipal Water District,
	2,030	Rev., 5.00%, 06/01/15		2,196
	2,130	Rev., 5.00%, 06/01/16		2,296
	2,230	Rev., 5.00%, 06/01/17		2,402
	2,340	Rev., 5.00%, 06/01/18		2,511
	2,695	Rev., 5.00%, 06/01/18		2,817
	2,955	Rev., 5.00%, 06/01/18		3,050
	3,405	Rev., 5.00%, 06/01/18		3,474
	110	Plano Independent School District, GO, PSF-GTD, 4.75%, 02/15/10		114
	1,250	Port Arthur Independent School District, GO, GTY, 4.75%, 02/15/18		1,169
		San Jacinto Community College District,
	1,330	GO, AMBAC, 5.00%, 02/15/17		1,403
	390	GO, AMBAC, 5.00%, 02/15/17		409
	5,000	State of Texas, Public Finance Authority, Series A, GO, 5.00%, 10/01/09 (w)		5,184
		State of Texas, Water Financial Assistance,
	2,500	Series A, GO, 5.00%, 08/01/18		2,650
	4,340	Series A, GO, 5.00%, 08/01/18		4,561
	1,350	Tarrant County Cultural Education Facilities Finance Corp., Texas Health
		Resources, Series A, Rev., 5.00%, 02/15/15		1,411
	1,550	Texas Public Finance Authority, State Preservation Board Projects, Series B, Rev., AMBAC, 5.00%, 08/01/14		1,619
	5,000	Texas State Transportation Commission, First Tier, Series A, Rev., 5.00%, 04/01/16		5,328
		Texas State University Systems,
	1,000	Series A, Rev., AMBAC, 5.50%, 03/15/16		1,085
	250	Series A, Rev., AMBAC, 5.50%, 03/15/16		269

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2008 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION (t)	VALUE ($)
		Long-Term Investments — Continued
		Texas — Continued
	2,500	University of Texas, Systems Financing, Series B, Rev., 5.25%, 08/15/17		2,763
		Waco Educational Finance Corp., Baylor University,
	2,275	Series C, Rev., 5.00%, 03/01/18		2,363
	1,215	Series C, Rev., 5.00%, 03/01/18		1,253
				122,069
		Utah — 0.4%
	2,500	Ogden City, Rev., FSA, 4.50%, 06/15/18		2,293
	1,680	Utah Municipal Power Agency, Electrical Systems, Series A, Rev., AMBAC, 5.00%, 07/01/16		1,805
	2,110	Utah Water Finance Agency, Series A, Rev., AMBAC, 5.00%, 07/01/14		2,227
				6,325
		Vermont — 0.4%
		University of Vermont & State Agricultural College,
	4,230	Rev., AMBAC, 5.00%, 10/01/17		4,380
	2,355	Rev., AMBAC, 5.00%, 10/01/17		2,432
				6,812
		Virginia — 3.6%
	5,000	City of Newport News, Series B, GO, 5.25%, 02/01/16		5,540
	1,360	City of Richmond, Public Improvement, GO, FGIC, 5.50%, 07/15/09		1,408
	5,180	County of Arlington, Public Improvement, GO, 5.00%, 01/15/16 (m)		5,685
	16,685	County of Fairfax, Public Improvement, Series B, GO, 5.00%, 10/01/12		18,047
		Fairfax County Economic Development Authority, Route 28 Project, Special Tax,
	1,500	5.00%, 04/01/15		1,633
	1,005	5.00%, 04/01/16		1,094
	1,935	5.00%, 04/01/17		2,104
	1,655	5.00%, 04/01/18		1,794
	6,695	Fairfax County, Public Improvement, Series A, GO, 5.00%, 04/01/18		7,122
	7,000	Tobacco Settlement Financing Corp., Asset Backed, Series 2005, Rev., 5.63%, 06/01/15 (p)		7,771
	2,900	Virginia Commonwealth Transportation Board, Series A, Rev., 5.00%, 05/15/14		3,167
	5,330	Virginia Public Building Authority, Series A, Rev., 5.00%, 08/01/14		5,815
	2,565	Virginia Public School Authority, School Financing, 1997 Resolution, Series B, Rev., 5.25%, 08/01/17		2,846
				64,026
		Washington — 1.5%
	2,000	City of Tacoma, Series B, GO, MBIA, Zero Coupon, 12/01/16		1,392
	200	Energy Northwest, Project 1, Series A, Rev., MBIA, 5.25%, 07/01/13		217
	5,000	King County School District No. 414 Lake Washington, GO, FSA, 5.00%, 12/01/17		5,282
	18,000	State of Washington, Various Purpose, Series A, GO, 5.63%, 07/01/10 (p)		19,126
	1,225	Washington Health Care Facilities Authority, Multicare Health Care System, Series A, Rev., FSA, 5.25%, 08/15/18		1,256
				27,273
		West Virginia — 0.5%
	8,380	State of West Virginia, State Roads, GO, MBIA, 5.75%, 06/01/10 (p)		8,984
		Wisconsin — 0.3%
	700	Milwaukee County, Series A, GO, MBIA, 5.00%, 10/01/11		744
	3,800	Wisconsin Health & Education, 4.42%, 10/01/27 (i)		3,807
				4,551

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2008 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION (t)	VALUE ($)
		Long-Term Investments — Continued
		Wyoming — 0.0% (g)
	150	Wyoming State Loan & Investment Board, Capital Facilities, Rev., 5.00%, 10/01/14		155
		Total Long-Term Investments (Cost $1,578,561)		1,576,375
SHARES
		Short-Term Investment — 12.9%
		Investment Company — 12.9%
	228,305	JPMorgan Tax Free Money Market Fund, Institutional Class (b) (Cost $228,305)		228,305
		Total Investments — 102.4% (Cost $1,806,866)		1,804,680
		Liabilities in Excess of Other Assets — (2.4)%		(43,131	)
		NET ASSETS — 100.0%	$	1,761,549

Percentages indicated are based on net assets.
NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:
AGC	-	American Guarantee Corp.
AMBAC	-	American Municipal Bond Assurance Corp.
AMT	-	Alternative Minimum Tax
BHAC	-	Berkshire Hathaway and Assurance Corp.
CIFG	-	CDC IXIS Financial Guaranty
COP	-	Certificate of Participation
CPIU	-	Consumer Price Index for Urban Consumers
CR	-	Custodial Receipts
FGIC	-	Financial Guaranty Insurance Co.
FSA	-	Financial Security Assurance
GAN	-	Grant Anticipation Notes
GO	-	General Obligation
GTD	-	Guaranteed
GTY	-	Guaranty
IBC	-	Insured Bond Certificates
ICC	-	Insured Custody Certificates
LIBOR	-	London Interbank Offered Rate
MBIA	-	Municipal Bond Insurance Association
PSF	-	Permanent School Fund
Rev.	-	Revenue Bond
TCRS	-	Transferable Custodial Receipts
VAR	-	Variable Rate Security. The interest rate shown is the rate in effect as of July 31, 2008.
XLCA	-	XL Capital Assurance

(b)	Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(g)	Amount rounds to less than 0.1%
(i)	Security has been deemed illiquid pursuant to procedures approved by the Board of Trustees and may be difficult to sell.
(m)	All or a portion of this security is reserved for current or potential holdings of futures, swaps, options, TBAs, when-issued securities, delayed delivery securities, reverse repurchase agreements, and forward currency contracts.
(p)	Security is prerefunded or escrowed to maturity.
(t)	The date shown represents the earliest of the next reset date, next call date, prerefunded date, next put date or final maturity date.
(w)	When-issued security.

As of July 31, 2008, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:
Aggregate gross unrealized appreciation	$	11,069
Aggregate gross unrealized depreciation		(13,255	)
Net unrealized appreciation/depreciation	$	(2,186	)
Federal income tax cost of investments	$	1,806,866

Interest Rate Swaps
(Amounts in thousands)
	RATE TYPE (r)
SWAP COUNTERPARTY	PAYMENTS MADE BY THE FUND	PAYMENTS RECEIVED BY THE FUND	TERMINATION DATE	NOTIONAL AMOUNT	VALUE
Barclays Bank plc	2.77% at expiration	90 day CPIU at expiration	09/02/10	$          2,000	$        49
Barclays Bank plc	2.99% at expiration	90 day CPIU at expiration	01/15/11	25,000	(26)
Barclays Bank plc	2.82% at expiration	90 day CPIU at expiration	02/13/11	500	6
Barclays Bank plc	2.96% at expiration	90 day CPIU at expiration	04/15/11	20,000	(132)
Barclays Bank plc	2.97% at expiration	90 day CPIU at expiration	06/14/11	2,000	7
Barclays Bank plc	2.94% at expiration	90 day CPIU at expiration	06/15/11	3,000	14
Barclays Bank plc	2.49% at expiration	90 day CPIU at expiration	10/12/11	50,000	1,104
Barclays Bank plc	2.76% at expiration	90 day CPIU at expiration	09/16/12	1,500	34
Barclays Bank plc	3.00% at expiration	90 day CPIU at expiration	01/15/13	20,000	(169)
Barclays Bank plc	2.86% at expiration	90 day CPIU at expiration	02/13/13	500	5
Barclays Bank plc	2.54% at expiration	90 day CPIU at expiration	03/19/13	50,000	878
Barclays Bank plc	2.95% at expiration	90 day CPIU at expiration	06/14/13	2,000	5
Barclays Bank plc	2.92% at expiration	90 day CPIU at expiration	06/15/13	3,000	13
Barclays Bank plc	2.57% at expiration	90 day CPIU at expiration	07/15/13	25,000	541
Barclays Bank plc	2.57% at expiration	90 day CPIU at expiration	01/15/14	50,000	974
Barclays Bank plc	2.99% at expiration	90 day CPIU at expiration	01/15/14	25,000	(139)
Barclays Bank plc	2.92% at expiration	90 day CPIU at expiration	01/15/15	25,000	(87)
Barclays Bank plc	3.01% at expiration	90 day CPIU at expiration	01/15/15	20,000	(212)
Barclays Bank plc	2.61% at expiration	90 day CPIU at expiration	03/19/15	50,000	928
Barclays Bank plc	2.68% at expiration	90 day CPIU at expiration	10/12/15	50,000	1,058
Barclays Bank plc	3.00% at expiration	90 day CPIU at expiration	01/15/16	25,000	(187)
Barclays Bank plc	2.94% at expiration	90 day CPIU at expiration	06/14/16	5,000	8
Barclays Bank plc	2.93% at expiration	90 day CPIU at expiration	06/15/16	3,000	8
Barclays Bank plc	2.68% at expiration	90 day CPIU at expiration	07/15/16	25,000	487
Barclays Bank plc	2.72% at expiration	90 day CPIU at expiration	01/15/17	50,000	752
Barclays Bank plc	2.81% at expiration	90 day CPIU at expiration	10/12/19	50,000	661
BNP Paribas	3 month LIBOR quarterly	3.99% semi-annually	05/15/13	207,200	(2,022)
BNP Paribas	3 month LIBOR quarterly	4.51% semi-annually	11/15/13	155,600	1,146
BNP Paribas	3 month LIBOR quarterly	4.11% semi-annually	02/15/14	205,668	(2,122)
BNP Paribas	2.71% at expiration	90 day CPIU at expiration	05/09/14	50,000	1,234
BNP Paribas	2.75% at expiration	90 day CPIU at expiration	05/01/28	25,000	617
Goldman Sachs Capital Management	2.75% at expiration	90 day CPIU at expiration	08/01/13	100,000	(176)
Goldman Sachs Capital Management	3.08% at expiration	90 day CPIU at expiration	07/23/15	100,000	(1,569)
Goldman Sachs Capital Management	3.02% at expiration	90 day CPIU at expiration	07/23/18	100,000	(1,320)
Goldman Sachs Capital Management	2.90% at expiration	90 day CPIU at expiration	07/23/28	50,000	(655)
Goldman Sachs Capital Management	2.80% at expiration	90 day CPIU at expiration	08/04/28	50,000	-
Royal Bank of Scotland	2.74% at expiration	90 day CPIU at expiration	07/31/13	150,000	(177)
Wachovia Bank, N.A.	2.89% at expiration	90 day CPIU at expiration	08/25/11	25,000	51
Wachovia Bank, N.A.	2.90% at expiration	90 day CPIU at expiration	08/25/13	25,000	29
					$     1,616
Price Lock Swaps

SWAP COUNTERPARTY	REFERENCED OBLIGATION	PRICE LOCK	TERMINATION DATE	NOTIONAL AMOUNT	VALUE
BNP Paribas (a)	United States Treasury Note, 3.63%, 05/15/13	$ 101.67	11/14/08	$          200,000	$          743
BNP Paribas (a)	United States Treasury Note, 4.00%, 02/15/14	103.02	11/14/08	197,000	290
BNP Paribas (a)	United States Treasury Note, 4.25%, 11/15/13	103.22	12/30/08	150,000	(850)
					$          183
(a) Fund pays the excess of the market price over the price lock or receives the excess of the price lock over the market price at expiration.

JPMorgan Tax Aware Real Return SMA Fund

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JULY 31, 2008 (Unaudited)
(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION (t)	VALUE ($)
		Long-Term Investments — 94.1%
		Municipal Bonds — 94.1%
		Alaska — 1.7%
	100	Matanuska-Susitna Boro School Board, Series A, GO, MBIA, 5.25%, 04/01/15		107
		Arizona — 3.0%
	90	Arizona State Transportation Board, Series B, Rev., 5.00%, 07/01/13 (m)		98
	85	Maricopa County Elementary, School District No. 38, Madison Elementary School Improvement Project of 2004, Series B, GO, MBIA, 5.00%, 07/01/16		91
				189
		Arkansas — 2.9%
	175	City of Fort Smith, Water & Sewer, Rev., FSA, 5.00%, 10/01/18 (w)		182
		California — 8.2%
	100	California State Public Works Board, Various University of California Projects, Series D, Rev., 5.00%, 05/01/11 (m)		106
	80	Golden State Tobacco Securitization Corp., Series 2003 A-1, Rev., 6.75%, 06/01/13 (p)		91
	75	Golden West Schools Financing Authority, Series A, Rev., MBIA, 5.80%, 02/01/20		84
	175	San Ramon Valley Unified School District 2002 Election, GO, FSA, 5.25%, 08/01/14		192
	50	University of California, Series C, Rev., MBIA, 4.75%, 05/15/13		53
				526
		Colorado — 1.7%
	100	City of Grand Junction, Rev., 5.00%, 03/01/13		107
		District of Columbia — 1.6%
	100	District of Columbia, Georgetown University, Series A, Rev., AMBAC, 5.00%, 04/01/16		105
		Florida — 8.0%
	100	Florida State Department of Environmental Protection, Series A, Rev., FGIC, 5.75%, 07/01/10		106
	100	Florida State Department of Environmental Protection, Florida Forever, Series A, Rev., AMBAC, 5.00%, 07/01/10		105
		Florida State Turnpike Authority, Department of Transportation,
	50	Series B, Rev., AMBAC, 5.00%, 07/01/11		53
	125	Series C, Rev., 5.00%, 07/01/13		135
	80	Polk County, Public Facilities Authority, Rev., MBIA, 5.00%, 12/01/15		83
	25	Seminole County, Water & Sewer, Rev., 5.00%, 10/01/15		26
				508
		Georgia — 1.8%
	60	Jackson County Water & Sewer Authority, Series A, Rev., XLCA, 5.25%, 09/01/21		64
	50	State of Georgia, Series D, GO, 4.00%, 08/01/11		52
				116
		Illinois — 4.6%
	60	City of Chicago, Series A, GO, FSA, 5.50%, 01/01/19 (m)		67
	60	Cook-Kane Lake & Mchenry Counties Community College District No. 512, William Rainey Harper College, GO, 5.00%, 12/01/11 (m)		64
	150	Metropolitan Pier & Exposition Authority, Series 2002-A, Rev., FGIC, 5.50%, 06/15/18 (p)		166
				297
		Indiana — 1.7%
	100	Purdue University, Student Fees, Series U, Rev., 5.25%, 07/01/21		109
		Iowa — 1.1%
	65	City of Des Moines, Sewer System, Series H, Rev., FSA, 5.00%, 06/01/14		70

JPMorgan Tax Aware Real Return SMA Fund

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JULY 31, 2008 (Unaudited) (continued)
(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION (t)	VALUE ($)
		Long-Term Investments — Continued
		Maryland — 0.9%
	50	Prince Georges County, Public Improvement, Series A, GO, 5.00%, 10/01/13		54
		Massachusetts — 3.4%
		Commonwealth of Massachusetts,
	100	Rev., FGIC, 5.00%, 01/01/14 (p)		106
	100	Series C, GO, FSA, 5.50%, 12/01/22		112
				218
		Michigan — 2.7%
	85	Ovid Elsie Area Schools, School Building & Site, GO, MBIA, Q- SBLF, 5.00%, 11/01/12 (p)		92
	75	Western Michigan University, Rev., FGIC, 5.00%, 05/15/15		79
				171
		Mississippi — 1.4%
	85	State of Mississippi, Capital Improvements, GO, 5.00%, 11/01/10		90
		Missouri — 5.9%
	75	Missouri State Environmental Improvement & Energy Resources Authority, State Revolving Funding Program, Series B, Rev., 5.50%, 07/01/14		84
	100	Missouri State Highways & Transit Commission, First Lien, Series B, Rev., 5.00%, 05/01/16		104
	175	North Kansas City School District No. 74, Direct Deposit Program, GO, 5.00%, 03/01/18		187
				375
		Nevada — 2.9%
	175	Clark County, Flood Control, GO, 5.00%, 11/01/10 (w)		185
		New Jersey — 2.4%
		New Jersey Transportation Trust Fund Authority,
	80	Series A, Rev., 5.25%, 12/15/20		86
	60	Series A, Rev., 5.50%, 12/15/21		66
				152
		New York — 7.6%
	50	Ardsley Union Free School District, Series B, GO, FSA, 4.00%, 06/15/15 (m)		51
	75	City of White Plains, Public Improvement, Series A, GO, 4.40%, 05/15/15		78
	175	New York City Municipal Water Finance Authority, Series AA, Rev., 5.00%, 06/15/17		190
	50	New York State Environmental Facilities Corp., Revolving Funds, New York City Municipal Projects, Series E, Rev., 5.00%, 06/15/12		54
	100	New York State Urban Development Corp., Service Contract, Series A, Rev., 5.00%, 01/01/16		109
				482
		North Carolina — 3.6%
	65	Cabarrus County, COP, 5.25%, 02/01/13 (m)		70
	150	State of North Carolina, Rev., MBIA, 5.00%, 03/01/12		160
				230
		Ohio — 4.9%
	80	Buckeye Tobacco Settlement Financing Authority, Asset- Backed, Series A-2, Rev., 5.13%, 06/01/17 (m)		71
	100	Cincinnati City School District, Classroom Construction & Improvement, GO, FGIC, 5.25%, 12/01/19 (m)		108
	75	Hamilton County, Sewer System, Series A, Rev., MBIA, 5.00%, 06/01/15		79
	50	Summit County, Various Purpose, Series R, GO, FGIC, 5.50%, 12/01/19		55
				313
		Pennsylvania — 2.5%
	50	Allegheny County, Series C-57, GO, FGIC, 5.25%, 11/01/12 (m)		53
	100	City of Philadelphia, Water & Wastewater, Series A, Rev., FGIC, 5.50%, 11/01/11		107
				160

JPMorgan Tax Aware Real Return SMA Fund

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JULY 31, 2008 (Unaudited) (continued)
(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION (t)	VALUE ($)
		Long-Term Investments — Continued
		Texas — 14.4%
	75	City of El Paso, Series A, GO, MBIA, 4.75%, 08/15/17		75
	50	City of Garland, Electric System, Rev., MBIA, 5.63%, 03/01/15		55
	50	City of Houston, Utilities System, First Lien, Series A, Rev., FSA, 5.00%, 11/15/15		54
	25	City of San Antonio, Water Authority, Rev., FGIC, 5.50%, 05/15/15		27
	50	Harris County, Senior Lien, Toll Road, Rev., FSA, 5.38%, 08/15/11		54
	60	Houston Independent School District, GO, PSF-GTD, 5.00%, 02/15/10		62
	75	Liberty Independent School District, GO, PSF-GTD, 5.50%, 02/15/12 (p)		81
	70	Mesquite Waterworks & Sewer System, Rev., FSA, 5.00%, 03/01/17		74
	85	Texas A & M University, Financing System, Series B, Rev., 5.38%, 05/15/11		91
	150	Texas State Public Finance Authority, Criminal Projects, Rev., AMBAC, 4.00%, 02/01/14		154
	75	University of Texas, Series A- 2013, Rev., 6.25%, 01/01/13 (p)		85
	100	University of Texas, Financing System, Series C, Rev., 5.00%, 08/15/12		108
				920
		Utah — 1.3%
	75	Utah State Building Ownership Authority, State Facilities Master Lease Program, Rev., FSA, 5.50%, 05/15/14 (p)		83
		Vermont — 0.6%
	35	Vermont Public Power Supply Authority, McNeil Project, Series E, Rev., MBIA, 5.25%, 07/01/14		38
		Washington — 0.8%
	25	Port of Seattle, Intermediate Lien, Series A, Rev., MBIA, 5.00%, 03/01/15		26
	25	Snohomish County School District No. 2 Everett, GO, FGIC, 5.00%, 12/01/16		27
				53
		West Virginia — 1.7%
	100	West Virginia Water Development Authority, Series A, Rev., FSA, 5.50%, 10/01/10 (p)		107
		Wisconsin — 0.8%
	50	Northland Pines School District, GO, FSA, 5.00%, 04/01/12		53
		Total Long-Term Investments (Cost $5,969)		6,000
SHARES
		Short-Term Investment — 15.6%
		Investment Company — 15.6%
	999	JPMorgan Tax Free Money Market Fund, Institutional Class (b) (Cost $999)		999
		Total Investments — 109.7% (Cost $6,968)		6,999
		Liabilities in Excess of Other Assets — (9.7)%		(621	)
		NET ASSETS — 100.0%	$	6,378

Percentages indicated are based on net assets.

JPMorgan Tax Aware Real Return SMA Fund

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JULY 31, 2008 (Unaudited) (continued)
(Amounts in thousands)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:
AMBAC	—	American Municipal Bond Assurance Corp.
COP	—	Certificate of Participation
CPIU	—	Consumer Price Index for Urban Consumers
FGIC	—	Financial Guaranty Insurance Co.
FSA	—	Financial Security Assurance
GO	—	General Obligation
GTD	—	Guaranteed
LIBOR	—	London Interbank Offered Rate
MBIA	—	Municipal Bond Insurance Association
PSF	—	Permanent School Fund
Q-SBLF	—	Qualified School Bond Loan Fund
Rev.	—	Revenue Bond
XLCA	—	XL Capital Assurance

(b)	Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(m)	All or a portion of this security is reserved for current or potential holdings of futures, swaps, options, TBAs, when-issued securities, delayed delivery securities, reverse repurchase agreements, and forward currency contracts.
(p)	Security is prerefunded or escrowed to maturity.
(r)	Rates shown are per annum and payments are as described.
(t)	The date shown represents the earliest of the next reset date, next call date, prerefunded date, next put date or final maturity date.
(w)	When-issued security.

As of July 31, 2008, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:
Aggregate gross unrealized appreciation	$	65
Aggregate gross unrealized depreciation		(34	)
Net unrealized appreciation/depreciation	$	31
Federal income tax cost of investments	$	6,968

Interest Rate Swaps

	RATE TYPE (r)
SWAP COUNTERPARTY	PAYMENTS MADE BY THE FUND	PAYMENTS RECEIVED BY THE FUND	TERMINATION DATE	NOTIONAL AMOUNT		VALUE
Barclays Bank plc	2.67% at expiration	90 day CPIU at expiration	06/04/12	$	750	$	15
Barclays Bank plc	2.57% at expiration	90 day CPIU at expiration	01/15/14		1,000		19
Barclays Bank plc	2.61% at expiration	90 day CPIU at expiration	03/19/15		1,500		28
Barclays Bank plc	2.68% at expiration	90 day CPIU at expiration	10/12/15		500		11
Royal Bank of Scotland	2.74% at expiration	90 day CPIU at expiration	07/31/13		1,000		(1	)
BNP Paribas	3 month LIBOR quarterly	4.11% semi-annually	02/15/14		3,132		(32	)
						$	40

Price Lock Swaps

SWAP COUNTERPARTY	REFERENCED OBLIGATION	PRICE LOCK		TERMINATION DATE	NOTIONAL AMOUNT		VALUE
BNP Paribas*	U.S. Treasury Note, 4.00%, 02/15/14	$	103.02	11/14/08	$	3,000	$	4
* Fund pays the excess of the price lock over the market price or receives the excess of the market price over the price lock at expiration.

JPMorgan Tax Aware Short-Intermediate Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JULY 31, 2008 (Unaudited)
(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION (t)	VALUE ($)
		Long-Term Investments — 100.0%
		Collateralized Mortgage Obligation — 0.4%
		Non-Agency CMO — 0.4%
	1,131	Structured Adjustable Rate Mortgage Loan Trust, Series 2004- 6, Class 5A1, VAR, 4.97%, 06/25/34 (Cost $1,143)		1,122
		Corporate Bond — 0.6%
		Commercial Banks — 0.6%
	1,400	Deutsche Bank Capital Funding Trust I, VAR, 7.87%, 06/30/09 (e) (x) (Cost $1,600)		1,404
		Foreign Government Security — 0.5%
	1,350	National Agricultural Cooperative Federation, (South Korea), VAR, 5.75%, 06/18/09 (Cost $1,400)		1,355
		Municipal Bonds — 98.5%
		Alabama — 2.6%
	5,000	Alabama State Dock Authority, Series B, Rev., MBIA, 5.00%, 10/01/10 (m)		5,234
	1,570	Huntsville Madison County Airport Authority, Rev., FSA, 5.00%, 07/01/14		1,598
				6,832
		Arizona — 0.9%
	2,600	Arizona Health Facilities Authority, Phoenix Children’s Hospital, Series A, Rev., VAR, 3.24%, 08/07/08 (m)		2,422
		Arkansas — 1.4%
	3,490	City of Fort Smith, Water and Sewer Construction, Rev., FSA, 5.00%, 10/01/18 (w)		3,687
		California — 1.5%
	1,000	California Health Facilities Financing Authority, Stanford Hospital, Series A-3, Rev., 3.45%, 06/15/11		1,003
	2,180	Golden State Tobacco Securitization Corp., Enhanced Asset Backed, Series A-1, Rev., 4.50%, 06/01/17		1,927
	1,110	Long Beach Bond Finance Authority, Series A, Rev., 5.00%, 11/15/09		1,122
				4,052
		Colorado — 2.1%
	2,500	Colorado Health Facilities Authority, Evangelical Lutheran, Series B, Rev., VAR, 3.75%, 06/01/09		2,519
	2,700	Denver City & County, Airport, Floating Rate Certificates, Series A2, Rev., VAR, 5.25%, 11/15/08		2,749
				5,268
		Delaware — 2.1%
	5,000	Delaware Transportation Authority, Motor Fuel Tax Revenue, Series B, Rev., AMBAC, 5.25%, 07/01/12		5,411
		Florida — 12.9%
	5,000	Citizens Property Insurance Corp. High Risk Account, Series A, Rev., MBIA, 5.00%, 03/01/12		5,206
	2,000	Florida Housing Finance Corp., Heritage Villas, Series F, Rev., 4.00%, 10/01/10		2,013
	10,000	Florida Hurricane Catastrophe Fund, Series A, Rev., 5.00%, 07/01/11		10,364
	2,000	Highlands County Health Facilities Authority, Adventist Health Hospital, Series I, Rev., VAR, 5.00%, 11/16/09		2,037
	3,250	Miami-Dade County Educational Facilities Authority, University of Miami, Series B, Rev., 5.00%, 04/01/12		3,397
	1,785	Miami-Dade County, Capital Asset Acquisition, Series A, Rev., AMBAC, 5.00%, 04/01/14		1,888
	5,000	Miami-Dade County, Water & Sewer Systems, Series B, Rev., FSA, 5.00%, 10/01/14		5,334
	3,225	Palm Beach County School Board, Series B, COP, VAR, FGIC, 5.00%, 08/01/11		3,343
				33,582

JPMorgan Tax Aware Short-Intermediate Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JULY 31, 2008 (Unaudited) (continued)
(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION (t)	VALUE ($)
		Long-Term Investments — Continued
		Georgia — 0.7%
	1,680	Fulco Hospital Authority, Health System, Catholic Health East, Series A, Rev., MBIA, 5.50%, 11/15/08		1,695
		Idaho — 2.6%
	6,045	Idaho Housing & Finance Association, Series A, Rev., Assured Guaranty Ltd., 5.25%, 07/15/14		6,670
		Illinois — 1.8%
	1,545	Chicago Transit Authority, Federal Transit Administration, Rev., Assured Guaranty Ltd., 5.00%, 06/01/14		1,664
	2,440	City of Chicago, Pilsen Redevelopment, Tax Allocation, Series A, AMBAC, 4.35%, 06/01/13		2,371
	730	City of Chicago, Series A, GO, FGIC, 6.00%, 07/01/10		787
				4,822
		Indiana — 0.4%
	1,000	Indiana Municipal Power Agency, Power Supply, Series B, Rev., MBIA, 6.00%, 01/01/11		1,063
		Kansas — 2.0%
	3,500	Sedgwick County Unified School District No. 259, GO, MBIA, 5.50%, 09/01/10		3,711
	1,500	Wyandotte County-Kansas City Unified Government, Sales Tax, 1st Lien, Series C, Rev., LOC: Citibank, N.A., 3.85%, 12/01/13		1,521
				5,232
		Louisiana — 0.2%
	510	Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project, Series B, Rev., 5.00%, 05/15/11		526
		Massachusetts — 1.2%
	3,000	Massachusetts State Turnpike Authority, Series A, Rev., MBIA, 5.00%, 09/02/08		3,027
		Michigan — 4.8%
	10,920	City of Detroit, Sewer Disposal, Rev., VAR, FSA, 2.47%, 10/01/08		8,736
	1,000	Michigan Higher Education Student Loan Authority, Student Loans, Series XVII-I, Rev., AMBAC, 3.30%, 03/01/09		993
	2,825	Wayne County Airport Authority, Rev., FGIC, 5.00%, 12/01/14		2,969
				12,698
		Minnesota — 2.3%
	5,555	State of Minnesota, GO, 5.00%, 10/01/15		6,103
		Mississippi — 0.4%
	1,060	Mississippi Development Bank Special Obligation, Marshal County Correctional Facility, Series C, Rev., 5.00%, 08/01/11		1,109
		Missouri — 2.5%
	6,175	Kansas City, Streetlight Project, Series A, GO, MBIA, 5.00%, 02/01/13		6,638
		Nevada — 2.1%
	5,000	Clark County School District, GO, FSA, 5.50%, 06/15/13		5,499
		New Jersey — 14.7%
	10,000	New Jersey Economic Development Authority, Cigarette Tax, Rev., FGIC, 5.00%, 06/15/13		10,402
		New Jersey Economic Development Authority, School Facilities Construction,
	2,475	Series J3, Rev., VAR, FSA, 5.00%, 09/01/14		2,624
	5,095	Series L, Rev., FSA, 5.25%, 03/01/15		5,590
	775	New Jersey State Educational Facilities Authority, Stevens Institutional Technology, Series A, Rev., 5.00%, 07/01/13		784
		New Jersey Transportation Trust Fund Authority,
	10,015	Series B, Rev., MBIA, 5.25%, 12/15/13		10,883
	5,000	Series B, Rev., MBIA, 6.00%, 12/15/11 (p)		5,523

JPMorgan Tax Aware Short-Intermediate Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JULY 31, 2008 (Unaudited) (continued)
(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION (t)	VALUE ($)
		Long-Term Investments — Continued
		New Jersey — Continued
	2,600	State of New Jersey, Equipment Lease Purchase, Series A, COP, 5.00%, 06/15/10		2,702
				38,508
		New York — 7.2%
	2,000	Metropolitan Transportation Authority, Series A, Rev., FGIC, 5.25%, 11/15/11		2,150
	2,000	Nassau Health Care Corp., Series B, Rev., FSA CNTY GTD, 5.00%, 08/01/10		2,102
		New York City,
	4,000	Series F, GO, 5.50%, 12/15/12		4,367
	5,000	Series G, GO, MBIA, 5.00%, 02/01/09		5,083
	2,425	New York State Dormitory Authority, Albany Hospital Mortgage, Series A-1, Rev., FSA/FHA, 5.00%, 02/15/09		2,467
	845	New York State Dormitory Authority, Montefiore Hospital Mortgage, Rev., FGIC, FHA, 5.00%, 02/01/10		870
	2,025	Tobacco Settlement Financing Authority, Series A, Rev., 5.00%, 06/01/10		2,104
				19,143
		North Carolina — 3.9%
	5,000	Mecklenburg County, Series C, GO, 5.00%, 02/01/13		5,416
	2,460	North Carolina Eastern Municipal Power Agency, Series A, Rev., Assured Guaranty Ltd., 5.00%, 01/01/13		2,609
	2,080	North Carolina Municipal Power Agency, No. 1-Catawba Electric, Series A, Rev., 5.25%, 01/01/13		2,199
				10,224
		Ohio — 1.6%
	1,000	American Municipal Power-Ohio, Inc., Series A, Rev., 5.00%, 02/01/11 (m)		1,011
	3,395	Buckeye Tobacco Settlement Financing Authority, Asset-Backed Securities, Turbo, Series A-2, Rev., 5.13%, 06/01/17		3,017
				4,028
		Pennsylvania — 10.2%
	5,390	Commonwealth of Pennsylvania, GO, MBIA, 5.25%, 02/01/12		5,798
	10,000	Harrisburg Authority Resource Recovery Improvements, Series D- 2, Rev., FSA GTD, VAR, 5.00%, 12/01/13		10,405
	2,775	Lancaster County Solid Waste Management Authority, Rev., MBIA, 5.00%, 12/15/14		2,964
	3,000	Luzerne County IDA, Pennsylvania-American Water Co., Series A, Rev., AMBAC, VAR, 3.60%, 12/01/09		3,003
	1,875	Pennsylvania Higher Educational Facilities Authority, Lasalle University, Series A, Rev., 5.00%, 05/01/11		1,917
	2,700	Pennsylvania Turnpike Commission, Series A, Rev., BAN, AMBAC, 4.00%, 10/15/08		2,712
				26,799
		Puerto Rico — 1.2%
	3,000	Puerto Rico Public Finance Corp., Commonwealth Appropriations, Series A, MBIA, 5.38%, 08/01/11 (p)		3,205
		South Carolina — 3.7%
	5,000	State of South Carolina, School Facilities, Series A, GO, 5.00%, 01/01/11		5,290
	4,700	Tobacco Settlement Revenue Management Authority, Rev., 5.00%, 12/01/08		4,547
				9,837
		Tennessee — 1.9%
	5,000	Shelby County Health Educational & Housing Facilities Board, Floating Baptist Memorial Healthcare, Series A, Rev., VAR, 5.00%, 10/01/08		5,003
		Texas — 8.2%
	2,755	City of Frisco, Series A, GO, FGIC, 5.25%, 02/15/11 (p)		2,922

JPMorgan Tax Aware Short-Intermediate Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JULY 31, 2008 (Unaudited) (continued)
(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION (t)	VALUE ($)
		Long-Term Investments — Continued
		Texas — Continued
	5,000	City of San Antonio, Electric & Gas, Series A, Rev., 5.75%, 02/01/10 (p)		5,240
	5,000	Dallas-Fort Worth International Airport Facilities Improvement Corp., Series A, Rev., XLCA, 5.00%, 11/01/09		5,031
	4,000	Harris County Hospital District, Series B, Rev., VAR, MBIA, 4.80%, 08/16/10		3,978
	485	San Leanna Educational Facilities Corp., Higher Education, Saint Edwards University Project, Rev., 4.50%, 06/01/12		493
	2,100	State of Texas, Public Finance Authority, Series A, GO, 5.00%, 10/01/10 (w)		2,211
	1,500	Texas Municipal Gas Acquisition & Supply Corp. I, Senior Lien, Series D, Rev., 5.00%, 12/15/09		1,504
				21,379
		Virginia — 1.0%
	2,610	Peninsula Ports Authority, Dominion Term Association Project, Rev., VAR, 3.30%, 09/30/08		2,614
		Washington — 0.4%
	1,000	Energy Northwest, Columbia Generator Project, Series E, Rev., , 4.15%, 07/01/09		1,001
		Total Municipal Bonds (Cost $258,149)		258,077
		Total Long-Term Investments (Cost $262,292)		261,958
		Short-Term Investment — 1.5%
		Investment Company — 1.5%
	3,922	JPMorgan Tax Free Money Market Fund, Institutional Class (b) (Cost $3,922)		3,922
		Total Investments — 101.5% (Cost $266,214)		265,880
		Liabilities in Excess of Other Assets — (1.5)%		(3,939	)
		NET ASSETS — 100.0%	$	261,941

Percentages indicated are based on net assets.

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:
AMBAC	-	American Municipal Bond Assurance Corp.
BAN	-	Bond Anticipation Note
CMO	-	Collateralized Mortgage Obligation
CNTY	-	County
COP	-	Certificate of Participation
FGIC	-	Financial Guaranty Insurance Co.
FHA	-	Federal Housing Administration
FSA	-	Financial Security Assurance
GO	-	General Obligation
GTD	-	Guaranteed
IDA	-	Industrial Development Authority
LOC	-	Letter of Credit
MBIA	-	Municipal Bond Insurance Association
Rev.	-	Revenue Bond
VAR	-	Variable Rate Security. The interest rate shown is the rate in effect as of July 31, 2008.
XLCA	-	XL Capital Assurance

JPMorgan Tax Aware Short-Intermediate Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JULY 31, 2008 (Unaudited) (continued)
(Amounts in thousands)

(b)	Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(e)	Security is exempt from registration under Rule 144A of the Securities Act of 1933. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(m)	All or a portion of this security is reserved for current or potential holdings of futures, swaps, options, TBAs, when-issued securities, delayed delivery securities, reverse repurchase agreements, and forward currency contracts.
(p)	Security is prerefunded or escrowed to maturity.
(t)	The date shown represents the earliest of the next reset date, next call date, prerefunded date, next put date or final maturity date.
(w)	When-issued security.
(x)	Security is perpetual and, thus, does not have a predetermined maturity date. The coupon rate for this security is fixed for a period of time and may be structured to adjust thereafter. The date shown reflects the next call date. The coupon rate shown is the rate in effect as of July 31, 2008.

As of July 31, 2008, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	1,792
Aggregate gross unrealized depreciation		(2,126	)
Net unrealized appreciation/depreciation	($	334	)
Federal income tax cost of investments	$	266,214

JPMorgan Tax Aware U.S. Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2008 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE ($)
		Long-Term Investments — 95.8%
		Common Stocks — 95.8%
		Aerospace & Defense — 2.7%
	25	Boeing Co.		1,520
	48	United Technologies Corp.		3,065
				4,585
		Auto Components — 1.5%
	83	Johnson Controls, Inc.		2,505
		Beverages — 1.1%
	29	PepsiCo, Inc.		1,951
		Biotechnology — 2.0%
	18	Celgene Corp. (a)		1,387
	37	Gilead Sciences, Inc. (a)		1,978
				3,365
		Capital Markets — 5.2%
	23	Ameriprise Financial, Inc.		967
	62	Bank of New York Mellon Corp. (The)		2,211
	7	Goldman Sachs Group, Inc. (The)		1,374
	32	Merrill Lynch & Co., Inc.		854
	65	Morgan Stanley		2,566
	47	TD AMERITRADE Holding Corp. (a)		938
				8,910
		Chemicals — 2.3%
	10	Monsanto Co.		1,160
	29	Praxair, Inc.		2,753
				3,913
		Commercial Banks — 3.6%
	80	U.S. Bancorp		2,438
	40	Wachovia Corp.		691
	102	Wells Fargo & Co.		3,080
				6,209
		Communications Equipment — 6.4%
	260	Cisco Systems, Inc. (a)		5,719
	93	Corning, Inc.		1,860
	60	QUALCOMM, Inc.		3,336
				10,915
		Computers & Peripherals — 5.5%
	17	Apple, Inc. (a)		2,732
	71	Hewlett-Packard Co.		3,191
	28	International Business Machines Corp.		3,532
				9,455
		Diversified Financial Services — 3.0%
	122	Bank of America Corp.		4,019
	63	Citigroup, Inc.		1,174
				5,193
		Diversified Telecommunication Services — 3.3%
	86	AT&T, Inc.		2,664
	85	Verizon Communications, Inc.		2,906
				5,570
		Electric Utilities — 3.6%
	31	Edison International		1,482
	24	Exelon Corp.		1,903
	36	FirstEnergy Corp.		2,678
				6,063
		Energy Equipment & Services — 3.4%
	24	Baker Hughes, Inc.		2,025
	13	National Oilwell Varco, Inc. (a)		1,005
	27	Schlumberger Ltd.		2,775
				5,805
		Food & Staples Retailing — 4.6%
	63	CVS/Caremark Corp.		2,313
	85	Safeway, Inc.		2,271
	36	SYSCO Corp.		1,023
	35	Wal-Mart Stores, Inc.		2,042
				7,649
		Health Care Equipment & Supplies — 1.1%
	20	CR Bard, Inc.		1,884
		Health Care Providers & Services — 0.8%
	34	Aetna, Inc.		1,402
		Hotels, Restaurants & Leisure — 0.8%
	37	Yum! Brands, Inc.		1,340
		Household Products — 3.4%
	23	Colgate-Palmolive Co.		1,687
	63	Procter & Gamble Co.		4,116
				5,803
		Industrial Conglomerates — 2.2%
	130	General Electric Co.		3,680

JPMorgan Tax Aware U.S. Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2008 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE ($)
		Long-Term Investments — Continued
		Insurance — 2.0%
	23	Allstate Corp. (The)		1,077
	24	Hartford Financial Services Group, Inc.		1,500
	19	Principal Financial Group, Inc.		816
				3,393
		Internet Software & Services — 1.4%
	3	Google, Inc., Class A (a)		1,574
	42	Yahoo!, Inc. (a)		833
				2,407
		Machinery — 2.9%
	23	Caterpillar, Inc.		1,617
	42	Danaher Corp.		3,360
				4,977
		Media — 3.4%
	153	News Corp., Class A		2,165
	102	Time Warner, Inc.		1,466
	72	Walt Disney Co. (The)		2,174
				5,805
		Metals & Mining — 1.3%
	13	Freeport-McMoRan Copper & Gold, Inc.		1,292
	6	United States Steel Corp.		962
				2,254
		Multiline Retail — 0.6%
	26	Kohl’s Corp. (a)		1,086
		Oil, Gas & Consumable Fuels — 9.9%
	19	Apache Corp.		2,185
	22	Devon Energy Corp.		2,068
	100	Exxon Mobil Corp.		8,022
	24	Marathon Oil Corp.		1,193
	21	Occidental Petroleum Corp.		1,629
	37	XTO Energy, Inc.		1,742
				16,839
		Pharmaceuticals — 6.3%
	61	Abbott Laboratories		3,441
	64	Bristol-Myers Squibb Co.		1,353
	102	Merck & Co., Inc.		3,348
	120	Schering-Plough Corp.		2,529
				10,671
		Road & Rail — 3.2%
	77	Norfolk Southern Corp.		5,548
		Semiconductors & Semiconductor Equipment — 1.2%
	81	Xilinx, Inc.		2,022
		Software — 3.1%
	158	Microsoft Corp.		4,073
	56	Oracle Corp. (a)		1,201
				5,274
		Specialty Retail — 1.2%
	35	Advance Auto Parts, Inc.		1,450
	28	Staples, Inc.		637
				2,087
		Textiles, Apparel & Luxury Goods — 1.0%
	28	Nike, Inc., Class B		1,666
		Tobacco — 1.8%
	60	Philip Morris International, Inc.		3,106
		Total Long-Term Investments (Cost $151,119)		163,332
SHARES
		Short-Term Investment — 3.9%
		Investment Company — 3.9%
	6,567	JPMorgan Prime Money Market Fund, Institutional Class (b) (Cost $6,567)		6,567
		Total Investments — 99.7% (Cost $157,686)		169,899
		Other Assets in Excess of Liabilities — 0.3%		479
		NET ASSETS — 100.0%	$	170,378
Percentages indicated are based on net assets.

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS :
(a)	Non-income producing security.
(b)	Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.

JPMorgan Tax Aware U.S. Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2008 (Unaudited) (continued)

(Amounts in thousands)

As of July 31, 2008, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:
Aggregate gross unrealized appreciation	$	21,602
Aggregate gross unrealized depreciation		(9,389	)
Net unrealized appreciation/depreciation	$	12,213
Federal income tax cost of investments	$	157,686

ITEM 2. CONTROLS AND PROCEDURES.

(a) The Registrant's principal executive and principal financial officers have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant’s disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-Q is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-Q is accumulated and communicated to the Registrant’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

(b) There were no changes in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal controls over financial reporting.

ITEM 3. EXHIBITS.

CERTIFICATIONS PURSUANT TO RULE 30a-2(a) UNDER THE INVESTMENT COMPANY ACT OF 1940 ARE ATTACHED HERETO.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

JPMorgan Trust I

By: /s/____________________________________

George C. W. Gatch

President and Principal Executive Officer

September 26, 2008

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By: /s/____________________________________

George C. W. Gatch

President and Principal Executive Officer

September 26, 2008

By: /s/____________________________________

Patricia A. Maleski

Principal Financial Officer

September 26, 2008