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: 811-04236

JPMorgan Trust II

(Exact name of registrant as specified in charter)

245 Park Avenue

New York, New York 10167

(Address of principal executive offices) (Zip code)

John Fitzgerald

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: June 30

Date of reporting period: March 31, 2008

ITEM 1. SCHEDULE OF INVESTMENTS.

JPMorgan Trust II

Schedule of Portfolio Investments as of March 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.

JPMorgan Diversified Mid Cap Growth Fund

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

SHARES		SECURITY DESCRIPTION	VALUE ($)
		Long-Term Investments — 97.3%
		Common Stocks — 97.3%
		Aerospace & Defense — 2.0%
	85	Precision Castparts Corp.		8,704
	183	Rockwell Collins, Inc.		10,431
				19,135
		Auto Components — 3.4%
	196	BorgWarner, Inc.		8,453
	843	Gentex Corp. (c)		14,463
	212	WABCO Holdings, Inc.		9,685
				32,601
		Biotechnology — 2.7%
	225	BioMarin Pharmaceutical, Inc. (a) (c)		7,962
	190	Celgene Corp. (a)		11,636
	401	Millennium Pharmaceuticals, Inc. (a)		6,198
				25,796
		Capital Markets — 6.7%
	87	Affiliated Managers Group, Inc. (a) (c)		7,932
	331	Investment Technology Group, Inc. (a)		15,287
	129	Northern Trust Corp.		8,589
	625	Och-Ziff Capital Management Group LLC, Class A		13,127
	158	T. Rowe Price Group, Inc. (c)		7,911
	706	TD AMERITRADE Holding Corp. (a) (c)		11,652
				64,498
		Chemicals — 2.3%
	234	Ecolab, Inc.		10,147
	375	Rockwood Holdings, Inc. (a)		12,279
				22,426
		Commercial Services & Supplies — 4.9%
	591	Corrections Corp. of America (a)		16,262
	302	Stericycle, Inc. (a)		15,569
	502	Waste Connections, Inc. (a)		15,436
				47,267
		Communications Equipment — 1.2%
	241	Harris Corp.		11,699
		Computers & Peripherals — 0.8%
	390	Seagate Technology, (Cayman Islands) (c)		8,172
		Construction & Engineering — 0.8%
	164	Shaw Group, Inc. (The) (a)		7,733
		Diversified Consumer Services — 0.6%
	129	Apollo Group, Inc., Class A (a)		5,591
		Diversified Financial Services — 2.0%
	415	Interactive Brokers Group, Inc., Class A (a) (c)		10,649
	96	Nymex Holdings, Inc.		8,700
				19,349
		Diversified Telecommunication Services — 1.9%
	1,211	Time Warner Telecom, Inc., Class A (a) (c)		18,753
		Electrical Equipment — 3.3%
	41	First Solar, Inc. (a)		9,414
	149	General Cable Corp. (a)		8,772
	240	Roper Industries, Inc.		14,294
				32,480
		Electronic Equipment & Instruments — 4.5%
	665	Amphenol Corp., Class A		24,782
	263	Dolby Laboratories, Inc., Class A (a)		9,554
	322	FLIR Systems, Inc. (a)		9,702
				44,038
		Energy Equipment & Services — 5.6%
	293	Cameron International Corp. (a)		12,196
	159	Exterran Holdings, Inc. (a)		10,271
	259	Helmerich & Payne, Inc.		12,130
	141	National Oilwell Varco, Inc. (a)		8,237
	184	Oceaneering International, Inc. (a)		11,563
				54,397
		Food & Staples Retailing — 1.3%
	381	Whole Foods Market, Inc. (c)		12,546
		Food Products — 1.3%
	198	Wm. Wrigley Jr., Co.		12,423
		Gas Utilities — 1.5%
	255	Questar Corp.		14,427
		Health Care Equipment & Supplies — 5.0%
	126	Beckman Coulter, Inc.		8,149
	356	Dentsply International, Inc.		13,739
	260	Hologic, Inc. (a)		14,431

JPMorgan Diversified Mid Cap Growth Fund

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

SHARES		SECURITY DESCRIPTION	VALUE ($)
		Long-Term Investments — Continued
		Health Care Equipment & Supplies — Continued
	244	IDEXX Laboratories, Inc. (a)		12,029
				48,348
		Health Care Providers & Services — 3.4%
	183	Coventry Health Care, Inc. (a)		7,372
	220	DaVita, Inc. (a)		10,505
	138	Humana, Inc. (a)		6,212
	332	VCA Antech, Inc. (a)		9,071
				33,160
		Health Care Technology — 1.0%
	248	Cerner Corp. (a) (c)		9,237
		Hotels, Restaurants & Leisure — 1.3%
	443	Burger King Holdings, Inc. (c)		12,245
		Household Durables — 0.9%
	165	Garmin Ltd., (Cayman Islands) (c)		8,936
		Industrial Conglomerates — 1.0%
	182	McDermott International, Inc. (a)		9,982
		Insurance — 1.0%
	298	Philadelphia Consolidated Holding Co. (a)		9,579
		Internet Software & Services — 0.5%
	227	DealerTrack Holdings, Inc. (a)		4,592
		IT Services — 4.4%
	625	Genpact Ltd., (Bermuda) (a) (c)		7,657
	123	MasterCard, Inc., Class A (c)		27,479
	457	VeriFone Holdings, Inc. (a) (c)		7,258
				42,394
		Life Sciences Tools & Services — 3.0%
	191	Covance, Inc. (a)		15,832
	179	Illumina, Inc. (a) (c)		13,570
				29,402
		Machinery — 3.5%
	70	Bucyrus International, Inc., Class A (c)		7,085
	164	Cummins, Inc.		7,697
	253	Kaydon Corp.		11,096
	233	Pall Corp.		8,163
				34,041
		Media — 1.7%
	266	John Wiley & Sons, Inc., Class A		10,563
	98	Morningstar, Inc. (a)		6,019
				16,582
		Metals & Mining — 1.1%
	154	Century Aluminum Co. (a)		10,200
		Multiline Retail — 0.4%
	340	Saks, Inc. (a) (c)		4,242
		Office Electronics — 1.0%
	286	Zebra Technologies Corp., Class A (a)		9,531
		Oil, Gas & Consumable Fuels — 5.9%
	309	Cabot Oil & Gas Corp.		15,709
	411	Forest Oil Corp. (a)		20,131
	116	Peabody Energy Corp.		5,903
	450	Southwestern Energy Co. (a)		15,165
				56,908
		Pharmaceuticals — 1.4%
	86	Allergan, Inc.		4,838
	157	Shire plc. ADR, (United Kingdom)		9,080
				13,918
		Road & Rail — 1.9%
	315	J.B. Hunt Transport Services, Inc.		9,903
	162	Norfolk Southern Corp.		8,773
				18,676
		Semiconductors & Semiconductor Equipment — 4.5%
	352	Broadcom Corp., Class A (a)		6,791
	215	KLA-Tencor Corp.		7,988
	182	MEMC Electronic Materials, Inc. (a)		12,897
	570	NVIDIA Corp. (a)		11,280
	248	Tessera Technologies, Inc. (a) (c)		5,161
				44,117
		Software — 4.6%
	339	Amdocs Ltd., (United Kingdom) (a)		9,628
	248	ANSYS, Inc. (a)		8,571
	203	Autodesk, Inc. (a)		6,399
	249	Electronic Arts, Inc. (a) (c)		12,422
	436	Nuance Communications, Inc. (a)		7,590
				44,610

JPMorgan Diversified Mid Cap Growth Fund

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

SHARES		SECURITY DESCRIPTION	VALUE ($)
		Long-Term Investments — Continued
		Specialty Retail — 3.0%
	122	Best Buy Co., Inc.		5,070
	222	J Crew Group, Inc. (a) (c)		9,791
	112	Penske Auto Group, Inc. (c)		2,173
	388	Urban Outfitters, Inc. (a)		12,176
				29,210
		Total Long-Term Investments (Cost $873,994)		943,241
		Short-Term Investment — 2.4%
		Investment Company — 2.4%
	23,634	JPMorgan Liquid Assets Money Market Fund, Institutional Class (Cost $23,634) (b) (m)		23,634

PRINCIPAL AMOUNT ($)
		Investments of Cash Collateral for Securities on Loan — 9.6%
		Certificate of Deposit — 0.5%
	4,500	Calyon, New York, FRN, 2.40%, 03/15/10		4,499
		Corporate Notes — 6.3%
	5,000	Banque Federative du Credit Mutuel, (France), FRN, 2.90%, 08/01/08		5,000
	5,000	BBVA U.S. Senior SAU, (Spain), FRN, 2.95%, 03/12/10		4,979
	9,700	Caixa d’Estalvis de Catalunya, (Spain), FRN, 3.04%, 06/30/08		9,691
	5,000	First Tennessee Bank N.A., FRN, 2.84%, 08/15/08		5,000
	6,000	General Electric Capital Corp., FRN, 2.40%, 03/12/10		5,928
	5,000	Macquarie Bank Ltd., (Australia), FRN, 2.62%, 08/20/08		5,000
	1,000	Monumental Global Funding III, FRN, 2.40%, 03/26/10		1,000
	7,000	Monumental Global Funding III, FRN, 3.14%, 05/24/10		6,855
	5,000	National Rural Utilities Cooperative Finance Corp., FRN, 3.12%, 09/04/08		5,000
	6,000	Nationwide Building Society, (United Kingdom), FRN, 3.14%, 07/03/08		6,000
	2,000	Pricoa Global Funding I, FRN, 2.41%, 12/15/09		2,000
	5,000	Pricoa Global Funding I, FRN, 2.65%, 09/26/08		5,000
				61,453
		Repurchase Agreements — 2.1%
	4,000	Barclays Capital, Inc., 2.50%, dated 03/31/08, due 04/01/08, repurchase price $4,000, collateralized by U.S. Government Agency Mortgages		4,000
	11,970	Credit Suisse (USA) LLC, 3.01%, dated 03/31/08, due 04/01/08, repurchase price $11,971, collateralized by U.S. Government Agency Mortgages		11,970
	4,000	Lehman Brothers, Inc., 2.99%, dated 03/31/08, due 04/01/08, repurchase price $4,000, collateralized by U.S. Government Agency Mortgages		4,000
				19,970
		Time Deposits — 0.7%
	2,000	Caisse Nationale des Caisses d’Epargne, (France), 3.10%, 04/01/08		2,000
	3,000	Dresdner Bank, 3.50%, 04/01/08		3,000
	2,000	ING Bank NV, Seoul, 3.60%, 04/01/08		2,000
				7,000
		Total Investments of Cash Collateral for Securities on Loan (Cost $93,169)		92,922
		Total Investments — 109.3% (Cost $990,797)		1,059,797
		Liabilities in Excess of Other Assets — (9.3)%		(90,589	)
		NET ASSETS — 100.0%	$	969,208

Percentages indicated are based on net assets.

JPMorgan Diversified Mid Cap Growth Fund

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

As of March 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	$	141,411
Aggregate gross unrealized depreciation		(72,410	)
Net unrealized appreciation/depreciation	$	69,001
Federal income tax cost of investments	$	990,797

ABBREVIATIONS AND DEFINITIONS:
ADR	American Depositary Receipt
FRN	Floating Rate Note. The interest rate shown is the rate in effect as of 3/31/2008.
(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.
(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 segregated for current or potential holdings of futures, swaps, options, TBAs, when-issued securities, delayed delivery securities, and reserve purchase agreements.

JPMorgan Diversified Mid Cap Value Fund

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

SHARES		SECURITY DESCRIPTION	VALUE ($)
		Long-Term Investments — 99.1%
		Common Stocks — 99.1%
		Aerospace & Defense — 2.3%
	45	Alliant Techsystems, Inc. (a)		4,655
	132	Spirit Aerosystems Holdings, Inc., Class A (a)		2,921
				7,576
		Auto Components — 0.7%
	48	WABCO Holdings, Inc.		2,203
		Beverages — 1.8%
	44	Brown-Forman Corp., Class B		2,918
	79	Fomento Economico Mexicano		3,280
		S.A.B. de C.V. ADR, (Mexico)		6,198
		Building Products — 1.0%
	188	Owens Corning, Inc. (a) (c)		3,407
		Capital Markets — 3.2%
	36	Affiliated Managers Group, Inc. (a)		3,257
	120	Charles Schwab Corp. (The)		2,254
	83	Cohen & Steers, Inc. (c)		2,207
	15	Northern Trust Corp.		977
	41	T. Rowe Price Group, Inc.		2,059
				10,754
		Chemicals — 4.1%
	107	Albemarle Corp.		3,896
	39	Lubrizol Corp.		2,154
	46	PPG Industries, Inc.		2,771
	52	Rohm & Haas Co.		2,823
	36	Sigma-Aldrich Corp.		2,130
				13,774
		Commercial Banks — 5.0%
	51	City National Corp.		2,508
	90	Cullen/Frost Bankers, Inc.		4,747
	44	East West Bancorp, Inc. (c)		776
	56	M&T Bank Corp.		4,522
	292	Synovus Financial Corp. (c)		3,224
	53	United Community Banks, Inc. (c)		907
				16,684
		Commercial Services & Supplies — 0.6%
	68	Republic Services, Inc.		1,982
		Computers & Peripherals — 0.6%
	88	NCR Corp. (a)		2,002
		Construction Materials — 1.1%
	67	Cemex S.A.B. de C.V. ADR, (Mexico) (a)		1,758
	30	Vulcan Materials Co. (c)		1,965
				3,723
		Containers & Packaging — 0.8%
	39	Ball Corp.		1,787
	79	Temple-Inland, Inc. (c)		1,002
				2,789
		Distributors — 0.8%
	66	Genuine Parts Co.		2,634
		Diversified Telecommunication Services — 1.3%
	59	CenturyTel, Inc.		1,944
	183	Qwest Communications International, Inc. (c)		831
	141	Windstream Corp.		1,691
				4,466
		Electric Utilities — 4.1%
	119	American Electric Power Co., Inc.		4,957
	58	Edison International		2,835
	42	FirstEnergy Corp.		2,882
	135	Westar Energy, Inc.		3,083
				13,757
		Electrical Equipment — 0.7%
	51	Ametek, Inc.		2,220
		Electronic Equipment & Instruments — 1.7%
	60	Amphenol Corp., Class A		2,250
	101	Arrow Electronics, Inc. (a)		3,409
				5,659
		Energy Equipment & Services — 1.4%
	96	Helix Energy Solutions Group, Inc. (a)		3,037
	31	Unit Corp. (a)		1,756
				4,793
		Food & Staples Retailing — 2.6%
	63	Great Atlantic & Pacific Tea Co., Inc. (a) (c)		1,644
	167	Safeway, Inc.		4,890
	72	SUPERVALU, Inc.		2,161
				8,695

JPMorgan Diversified Mid Cap Value Fund

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

SHARES		SECURITY DESCRIPTION	VALUE ($)
		Long-Term Investments — Continued
		Food Products — 1.4%
	43	Archer-Daniels-Midland Co.		1,766
	103	Dean Foods Co.		2,059
	16	Wm. Wrigley, Jr., Co.		1,016
				4,841
		Gas Utilities — 3.0%
	42	Energen Corp.		2,598
	76	ONEOK, Inc.		3,392
	36	Questar Corp.		2,042
	82	UGI Corp.		2,051
				10,083
		Health Care Equipment & Supplies — 0.3%
	12	Becton, Dickinson & Co.		1,056
		Health Care Providers & Services — 2.8%
	148	Community Health Systems, Inc. (a)		4,951
	73	Coventry Health Care, Inc. (a)		2,960
	58	Lincare Holdings, Inc. (a)		1,642
				9,553
		Hotels, Restaurants & Leisure — 4.1%
	147	Burger King Holdings, Inc.		4,058
	138	Marriott International, Inc., Class A		4,748
	13	MGM Mirage (a)		777
	87	Vail Resorts, Inc. (a) (c)		4,187
				13,770
		Household Durables — 2.2%
	68	Fortune Brands, Inc.		4,712
	24	Jarden Corp. (a) (c)		514
	44	KB Home (c)		1,083
	50	Toll Brothers, Inc. (a)		1,163
				7,472
		Household Products — 0.4%
	21	Clorox Co.		1,198
		Industrial Conglomerates — 0.6%
	61	Carlisle Cos., Inc.		2,023
		Insurance — 9.2%
	63	Assurant, Inc.		3,826
	87	Cincinnati Financial Corp.		3,298
	35	Everest Re Group Ltd., (Bermuda)		3,166
	47	IPC Holdings Ltd., (Bermuda)		1,303
	100	Loews Corp.		4,010
	303	Old Republic International Corp.		3,906
	162	OneBeacon Insurance Group Ltd.		3,087
	33	Principal Financial Group, Inc.		1,828
	58	ProAssurance Corp. (a) (c)		3,111
	34	Protective Life Corp.		1,387
	73	W.R. Berkley Corp.		2,019
				30,941
		Internet & Catalog Retail — 0.6%
	14	Amazon.com, Inc. (a)		1,013
	48	Expedia, Inc. (a)		1,046
				2,059
		IT Services — 2.2%
	65	Fidelity National Information Services, Inc.		2,489
	151	Total System Services, Inc.		3,573
	54	Western Union Co. (The)		1,146
				7,208
		Machinery — 2.6%
	39	Dover Corp.		1,611
	37	Harsco Corp.		2,043
	16	Joy Global, Inc.		1,062
	59	Kennametal, Inc.		1,733
	63	Oshkosh Corp.		2,275
				8,724
		Media — 4.1%
	84	AH Belo Corp., Class A (a) (c)		965
	87	Belo Corp., Class A		914
	88	Cablevision Systems Corp., Class A (a)		1,879
	121	Clear Channel Communications, Inc.		3,546
	80	Clear Channel Outdoor Holdings, Inc., Class A (a) (c)		1,520
	44	Lamar Advertising Co., Class A (a) (c)		1,577
	59	Omnicom Group, Inc.		2,602
	1	Washington Post Co. (The), Class B		801
				13,804
		Metals & Mining — 0.6%
	33	Carpenter Technology Corp.		1,847

JPMorgan Diversified Mid Cap Value Fund

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

SHARES		SECURITY DESCRIPTION	VALUE ($)
		Long-Term Investments — Continued
		Multi-Utilities — 3.8%
	252	CMS Energy Corp.		3,415
	67	MDU Resources Group, Inc. (c)		1,657
	57	NSTAR		1,731
	106	PG&E Corp.		3,885
	110	Xcel Energy, Inc.		2,202
				12,890
		Oil, Gas & Consumable Fuels — 6.6%
	62	CVR Energy, Inc. (a) (c)		1,428
	29	Devon Energy Corp.		3,029
	53	Kinder Morgan Management LLC (a)		2,677
	39	Murphy Oil Corp.		3,228
	41	Newfield Exploration Co. (a)		2,188
	60	Penn Virginia Corp. (c)		2,646
	93	Teekay Corp., (Bahamas) (c)		3,958
	87	Williams Cos., Inc.		2,856
				22,010
		Pharmaceuticals — 0.9%
	169	Warner Chilcott Ltd., Class A (a)		3,042
		Real Estate Investment Trusts (REITs) — 4.6%
	86	Cousins Properties, Inc. (c)		2,135
	93	Kimco Realty Corp.		3,627
	37	PS Business Parks, Inc.		1,899
	24	Public Storage		2,153
	41	Rayonier, Inc.		1,801
	19	Regency Centers Corp.		1,204
	31	Vornado Realty Trust		2,683
				15,502
		Real Estate Management & Development — 1.4%
	67	Brookfield Asset Management, Inc., Class A, (Canada)		1,803
	143	Brookfield Properties Corp., (Canada)		2,770
				4,573
		Software — 0.6%
	85	Jack Henry & Associates, Inc. (c)		2,099
		Specialty Retail — 6.1%
	43	Abercrombie & Fitch Co., Class A		3,138
	42	AutoZone, Inc. (a)		4,770
	42	Sherwin-Williams Co. (The)		2,122
	161	Staples, Inc.		3,551
	103	Tiffany & Co.		4,320
	77	TJX Cos., Inc.		2,553
				20,454
		Textiles, Apparel & Luxury Goods — 3.0%
	91	Coach, Inc. (a)		2,747
	9	Columbia Sportswear Co. (c)		379
	56	Phillips-Van Heusen Corp.		2,135
	61	V.F. Corp.		4,747
				10,008
		Thrifts & Mortgage Finance — 2.8%
	34	Federal National Mortgage Association		887
	72	FirstFed Financial Corp. (a) (c)		1,955
	47	Freddie Mac		1,185
	93	Hudson City Bancorp, Inc.		1,639
	224	People’s United Financial, Inc.		3,869
				9,535
		Tobacco — 1.0%
	47	Loews Corp. - Carolina Group		3,381
		Wireless Telecommunication Services — 0.4%
	37	Telephone & Data Systems, Inc.		1,373
		Total Long-Term Investments (Cost $304,120)		332,762
		Short-Term Investment — 1.1%
		Investment Company — 1.1%
	3,513	JPMorgan Liquid Assets Money Market Fund, Institutional Class (b) (m) (Cost $3,513)		3,513

PRINCIPAL AMOUNT ($)
		Investments of Cash Collateral for Securities on Loan — 10.3%
		Certificate of Deposit — 0.7%
	2,500	Calyon, New York, FRN, 2.40%, 03/15/10	2,500
		Corporate Notes — 8.1%
	2,000	Banque Federative du Credit Mutuel, (France), FRN, 2.90%, 08/01/08	2,000
	4,000	BBVA U.S. Senior SAU, (Spain), FRN, 2.95%, 03/12/10	3,984

JPMorgan Diversified Mid Cap Value Fund

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

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
		Corporate Notes — Continued
	4,000	General Electric Capital Corp., FRN, 2.40%, 03/12/10		3,952
	3,000	Macquarie Bank Ltd., (Australia), FRN, 2.62%, 08/20/08		3,000
	2,000	Metropolitan Life Global Funding I, FRN, 2.59%, 08/21/08		2,000
	3,000	Monumental Global Funding III, FRN, 3.14%, 05/24/10		2,938
	3,000	Pricoa Global Funding I, FRN, 2.41%, 12/15/09		3,000
	3,000	Unicredito Italiano Bank Ireland plc (Ireland), FRN, 3.09%, 08/08/08		3,000
	3,000	Wachovia Bank N.A., FRN, 2.36%, 02/23/09		3,000
				26,874
		Repurchase Agreements — 1.1%
	3,494	Barclays Capital, Inc., 2.50%, dated 03/31/08, due 04/01/08, repurchase price $3,494, collateralized by U.S. Government Agency Mortgages		3,494
	172	Credit Suisse First Boston LLC, 3.01%, dated 03/31/08, due 04/01/08, repurchase price $172, collateralized by U.S. Government Agency Mortgages		172
				3,666
		Time Deposits — 0.4%
	750	Caisse Nationale des Caisses d’Epargne, (France), 3.10%, 04/01/08		750
	750	ING Bank NV, Seoul, 3.60%, 04/01/08		750
				1,500
		Total Investments of Cash Collateral for Securities on Loan (Cost $34,666)		34,540
		Total Investments — 110.5% (Proceeds $342,299 )		370,815
		Liabilities in Excess of Other Assets — (10.5)%		(35,106	)
		NET ASSETS — 100.0%	$	335,709

Percentages indicated are based on net assets.

As of March 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	$	52,050
Aggregate gross unrealized depreciation		(23,534	)
Net unrealized appreciation/depreciation	$	28,516
Federal income tax cost of investments	$	342,299

ABBREVIATIONS AND DEFINITIONS:
ADR	American Depositary Receipt
FRN	Floating Rate Note. The interest rate shown is the rate in effect as of March 31, 2008.
(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.
(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 segregated for current or potential holdings of futures, swaps, options, TBAs, when-issued securities, delayed delivery securities, and reverse repurchase agreements.

JPMorgan Equity Income Fund

Schedule of Portfolio Investments

As of March 31, 2008 (Unaudited)

(Amounts in thousands)

Shares Security Description Value ($)

Long-Term Investments — 96.0%

Common Stocks — 94.6%

Aerospace & Defense — 1.6%
	62	United Technologies Corp.	4,239

Beverages — 4.1%
	109	Anheuser-Busch Cos., Inc.	5,148
	92	Coca-Cola Co. (The)	5,588
			10,736

Capital Markets — 3.2%
	112	Bank of New York Mellon Corp. (The)	4,661
	43	Morgan Stanley	1,974
	58	W.P. Carey & Co. LLC	1,750
			8,385

Chemicals — 2.8%
	21	Air Products & Chemicals, Inc.	1,905
	30	PPG Industries, Inc.	1,821
	67	Rohm & Haas Co.	3,618
			7,344

Commercial Banks — 3.3%
	14	M&T Bank Corp.	1,159
	43	SunTrust Banks, Inc.	2,377
	99	Synovus Financial Corp. (c)	1,098
	114	TCF Financial Corp.	2,036
	65	Wells Fargo & Co.	1,900
			8,570

Commercial Services & Supplies — 1.0%
	73	Pitney Bowes, Inc.	2,570

Construction Materials — 2.0%
	109	Cemex, S.A.B. de C.V. ADR (Mexico) (a) (c)	2,844
	34	Vulcan Materials Co. (c)	2,258
			5,102

Containers & Packaging — 0.4%
	83	Temple-Inland, Inc. (c)	1,053
Distributors - 1.2%
	78	Genuine Parts Co.	3,133

Diversified Financial Services — 3.2%
	138	Bank of America Corp.	5,229
	152	Citigroup, Inc.	3,247
			8,476

Diversified Telecommunication Services — 6.5%
	203	AT&T, Inc.	7,792
	110	Consolidated Communications Holdings, Inc. (c)	1,658
	139	Verizon Communications, Inc.	5,052
	196	Windstream Corp.	2,342
			16,844

Electric Utilities — 3.4%
	69	American Electric Power Co., Inc.	2,881

	40	FirstEnergy Corp.	2,738
	133	Northeast Utilities	3,268
			8,887
Electrical Equipment - 2.0%
	100	Emerson Electric Co.	5,125
Food Staples Retailing - 0.3%
	28	SUPERVALU, Inc.	845

Food Products — 4.8%
	191	B&G Foods, Inc., Class A	2,104
	49	General Mills, Inc.	2,904
	54	Kellogg Co.	2,812
	99	Kraft Foods, Inc., Class A	3,059
	27	Wm. Wrigley, Jr., Co.	1,684
			12,563

Household Durables — 1.4%
	15	Black & Decker Corp.	998
	36	Fortune Brands, Inc.	2,495
			3,493

Household Products — 1.9%
	72	Procter & Gamble Co.	5,031

Industrial Conglomerates — 2.3%
	165	General Electric Co.	6,118

Insurance — 6.1%
	68	Allstate Corp. (The)	3,287
	96	Chubb Corp. (The)	4,740
	30	Hartford Financial Services Group, Inc.	2,265
	63	IPC Holdings Ltd. (Bermuda)	1,764
	32	Old Republic International Corp.	412
	82	OneBeacon Insurance Group Ltd.	1,562
	40	Travelers Cos., Inc. (The)	1,924
			15,954

Marine — 1.8%
	166	Seaspan Corp. (Hong Kong) (c)	4,718

Media — 1.1%
	143	Regal Entertainment Group, Class A (c)	2,757

Multi-Utilities — 3.5%
	127	CMS Energy Corp.	1,718
	109	PG&E Corp.	3,995
	168	Xcel Energy, Inc.	3,352
			9,065

Oil, Gas & Consumable Fuels — 13.1%
	87	Chevron Corp.	7,465
	76	ConocoPhillips	5,807
	91	Energy Transfer Equity LP	2,836
	162	Exxon Mobil Corp.	13,660
	78	NuStar GP Holdings LLC	1,982
	34	Royal Dutch Shell plc ADR (Netherlands)	2,311
			34,061

Pharmaceuticals — 8.1%
	72	Abbott Laboratories	3,943

67	Johnson & Johnson	4,372
105	Merck & Co., Inc.	3,992
64	Novartis AG ADR (Switzerland)	3,279
174	Pfizer, Inc.	3,646
45	Wyeth	1,867
		21,099

Real Estate Investment Trusts (REITs) — 3.8%
	24	Agree Realty Corp. (c)	670
	30	Plum Creek Timber Co., Inc. (c)	1,204
	31	Public Storage	2,765
	58	Rayonier, Inc.	2,534
	42	Regency Centers Corp. (c)	2,746
			9,919

Real Estate Management & Development — 0.3%
	28	Forestar Real Estate Group, Inc. (a) (c)	687

Semiconductors & Semiconductor Equipment — 1.2%
	151	Intel Corp.	3,202

Specialty Retail — 0.8%
	96	Limited Brands, Inc.	1,637
	10	Sherwin-Williams Co. (The)	485
			2,122

Textiles, Apparel & Luxury Goods — 1.9%
	62	V.F. Corp.	4,829

Thrifts & Mortgage Finance — 2.3%
	90	Freddie Mac	2,266
	209	People's United Financial, Inc.	3,618
			5,884

Tobacco — 4.5%
	87	Altria Group, Inc.	1,923
	75	Loews Corp. - Carolina Group	5,405
	87	Philip Morris International, Inc. (a)	4,380
			11,708

Transportation Infrastructure — 0.3%
	29	Macquarie Infrastructure Co. LLC (c)	851

Wireless Telecommunication Services — 0.4%
	27	Crown Castle International Corp. (a) (c)	934
		Total Common Stocks
		(Cost $182,075)	246,304

Principal Amount ($)

Convertible Bonds — 1.4%

Media — 1.4%
	3,000	Liberty Media LLC
		3.25%, 03/15/31	2,025
	40	Tribune Co.
		2.00%, 05/15/29	1,520
		Total Convertible Bonds
		(Cost $6,101)	3,545
		Total Long-Term Investments
		(Cost $188,176)	249,849
	Shares

Short-Term Investment — 3.6%

Investment Company — 3.6%
	9,436	JPMorgan Prime Money Market Fund, Institutional Fund, (b) (m)	9,436
		(Cost $9,436)

Principal Amount ($)

Investments of Cash Collateral for Securities on Loan — 5.7%

Corporate Note — 0.1%
	235	HBOS Treasury Services plc,
		FRN, 3.19%, 08/29/08	236

Repurchase Agreements — 5.5%
	1,846	Banc of America Securities LLC, 2.40%, dated 03/31/08, due 04/01/08, repurchase price $1,846, collateralized by U.S. Government Agency Mortgages	1,846
	3,100	Barclays Capital, 2.50%, dated 03/31/08, due 04/01/08, repurchase price $3,100, collateralized by U.S. Government Agency Mortgages	3,100
	3,100	Credit Suisse First Boston LLC, 3.01%, dated 03/31/08, due 04/01/08, repurchase price $3,100, collateralized by U.S. Government Agency Mortgages	3,100
	3,000	Goldman Sachs & Co., 2.75%, dated 03/31/08, due 04/01/08, repurchase price $3,000, collateralized by U.S. Government Agency Mortgages	3,000
	3,100	Lehman Brothers, Inc., 2.99%, dated 03/31/08, due 04/01/08, repurchase price $3,100, collateralized by U.S. Government Agency Mortgages	3,100
	225	Merrill Lynch, 2.25%, dated 03/31/08, due 04/01/08, repurchase price $225, collateralized by U.S. Government Agency Mortgages	225
			14,371

Time Deposits — 0.1%
	200	Caisse Nationale des Caisses d' Epargne (France),
		3.10%, 04/01/08	200
	200	ING Bank,
		3.60%, 04/01/08	200
			400
		Total Investments of Cash Collateral for Securities on Loan
		(Cost $15,007)	15,007

Total Investments — 105.3%
(Cost $212,619)	274,292

Liabilities in Excess of Other Assets — (5.3)% (13,929 )

NET ASSETS-- 100.0% $ 260,363

Percentages indicated are based on net assets.

ABBREVIATIONS AND DEFINITIONS:

(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, and reverse repurchase agreements.

ADR - American Depositary Receipt

FRN - Floating Rate Note. The interest rate shown is the rate in effect as of March 31, 2008.

As of March 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	$	74,618
Aggregate gross unrealized depreciation		(12,945	)
Net unrealized appreciation/depreciation	$	61,673
Federal income tax cost of investments	$	212,619

JPMorgan Equity Index Fund

Schedule of Portfolio Investments

As of March 31, 2008 (Unaudited)

(Amounts in thousands, except number of contracts)

Shares Security Description Value ($)

Long-Term Investments — 98.6%

Common Stocks — 98.6%

Aerospace & Defense — 2.8%
	124	Boeing Co.	9,240
	65	General Dynamics Corp.	5,447
	20	Goodrich Corp.	1,169
	121	Honeywell International, Inc.	6,823
	20	L-3 Communications Holdings, Inc.	2,174
	56	Lockheed Martin Corp.	5,530
	55	Northrop Grumman Corp.	4,271
	23	Precision Castparts Corp.	2,304
	69	Raytheon Co.	4,475
	26	Rockwell Collins, Inc.	1,508
	159	United Technologies Corp.	10,973
			53,914

Air Freight & Logistics — 1.0%
	28	CH Robinson Worldwide, Inc.	1,514
	35	Expeditors International of Washington, Inc. (c)	1,564
	50	FedEx Corp.	4,659
	168	United Parcel Service, Inc., Class B	12,270
			20,007

Airlines — 0.1%
	120	Southwest Airlines Co.	1,482

Auto Components — 0.2%
	39	Goodyear Tire & Rubber Co. (The) (a)	1,007
	96	Johnson Controls, Inc.	3,260
			4,267

Automobiles — 0.3%
	359	Ford Motor Co. (a) (c)	2,050
	92	General Motors Corp. (c)	1,752
	39	Harley-Davidson, Inc. (c)	1,453
			5,255

Beverages — 2.6%
	116	Anheuser-Busch Cos., Inc.	5,512
	14	Brown-Forman Corp., Class B	907
	325	Coca-Cola Co. (The)	19,763
	47	Coca-Cola Enterprises, Inc.	1,130
	32	Constellation Brands, Inc., Class A (a)	557
	22	Molson Coors Brewing Co., Class B	1,175
	22	Pepsi Bottling Group, Inc.	756
	260	PepsiCo, Inc. (c)	18,787
			48,587

Biotechnology — 1.4%
	177	Amgen, Inc. (a)	7,382
	48	Biogen Idec, Inc. (a) (c)	2,984
	71	Celgene Corp. (a)	4,332
	43	Genzyme Corp. (a)	3,240

151	Gilead Sciences, Inc. (a)	7,775
		25,713

Building Products — 0.1%
	59	Masco Corp. (c)	1,175
	28	Trane, Inc.	1,296
			2,471

Capital Markets — 3.0%
	32	American Capital Strategies Ltd. (c)	1,083
	37	Ameriprise Financial, Inc.	1,912
	185	Bank of New York Mellon Corp. (The)	7,737
	19	Bear Stearns Cos., Inc. (The) (c) (q) (y)	201
	153	Charles Schwab Corp. (The)	2,872
	75	E*Trade Financial Corp. (a) (c)	290
	14	Federated Investors, Inc., Class B (c)	550
	26	Franklin Resources, Inc.	2,478
	64	Goldman Sachs Group, Inc. (The)	10,616
	24	Janus Capital Group, Inc.	559
	22	Legg Mason, Inc.	1,226
	86	Lehman Brothers Holdings, Inc. (c)	3,244
	158	Merrill Lynch & Co., Inc.	6,430
	179	Morgan Stanley	8,200
	31	Northern Trust Corp.	2,072
	63	State Street Corp.	4,972
	43	T. Rowe Price Group, Inc. (c)	2,142
			56,584

Chemicals — 2.0%
	35	Air Products & Chemicals, Inc.	3,205
	9	Ashland, Inc. (c)	430
	153	Dow Chemical Co. (The)	5,625
	146	E.l. du Pont de Nemours & Co.	6,832
	13	Eastman Chemical Co.	809
	29	Ecolab, Inc.	1,238
	18	Hercules, Inc.	337
	13	International Flavors & Fragrances, Inc.	580
	89	Monsanto Co.	9,926
	27	PPG Industries, Inc.	1,610
	51	Praxair, Inc.	4,286
	20	Rohm & Haas Co.	1,101
	21	Sigma-Aldrich Corp. (c)	1,254
			37,233

Commercial Banks — 2.8%
	89	BB&T Corp. (c)	2,845
	24	Comerica, Inc.	858
	87	Fifth Third Bancorp (c)	1,811
	21	First Horizon National Corp. (c)	288
	59	Huntington Bancshares, Inc. (c)	639
	65	KeyCorp	1,422
	13	M&T Bank Corp. (c)	1,006
	43	Marshall & Ilsley Corp. (c)	986
	103	National City Corp.	1,025

55	PNC Financial Services Group, Inc.	3,630
113	Regions Financial Corp.	2,225
57	SunTrust Banks, Inc.	3,142
281	U.S. Bancorp	9,093
322	Wachovia Corp.	8,693
536	Wells Fargo & Co.	15,585
17	Zions Bancorp	793
		54,041

Commercial Services & Supplies — 0.5%
	55	Allied Waste Industries, Inc. (a)	592
	17	Avery Dennison Corp. (c)	852
	21	Cintas Corp.	606
	21	Equifax, Inc.	726
	20	Monster Worldwide, Inc. (a) (c)	494
	34	Pitney Bowes, Inc.	1,201
	35	R.R. Donnelley & Sons Co.	1,058
	26	Robert Half International, Inc.	664
	80	Waste Management, Inc.	2,700
			8,893

Communications Equipment — 2.5%
	14	Ciena Corp. (a) (c)	436
	968	Cisco Systems, Inc. (a)	23,328
	256	Corning, Inc.	6,149
	37	JDS Uniphase Corp. (a) (c)	489
	85	Juniper Networks, Inc. (a)	2,126
	366	Motorola, Inc.	3,407
	262	QUALCOMM, Inc.	10,738
	67	Tellabs, Inc. (a) (c)	366
			47,039

Computers & Peripherals — 4.3%
	143	Apple, Inc. (a)	20,487
	364	Dell, Inc. (a)	7,252
	341	EMC Corp. (a)	4,893
	400	Hewlett-Packard Co.	18,286
	225	International Business Machines Corp.	25,893
	15	Lexmark International, Inc., Class A (a)	474
	56	NetApp, Inc. (a) (c)	1,119
	22	QLogic Corp. (a)	335
	37	SanDisk Corp. (a)	840
	129	Sun Microsystems, Inc. (a)	2,000
	29	Teradata Corp. (a)	643
			82,222

Construction & Engineering — 0.2%
	14	Fluor Corp. (c)	2,031
	20	Jacobs Engineering Group, Inc. (a)	1,451
			3,482

Construction Materials — 0.1%
	18	Vulcan Materials Co. (c)	1,169

Consumer Finance — 0.7%
	188	American Express Co.	8,211

61	Capital One Financial Corp.	2,982
78	Discover Financial Services (c)	1,274
76	SLM Corp. (a)	1,164
		13,631

Containers & Packaging — 0.1%
	16	Ball Corp.	728
	16	Bemis Co., Inc. (c)	412
	21	Pactiv Corp. (a)	555
	26	Sealed Air Corp.	663
			2,358

Distributors — 0.1%
	27	Genuine Parts Co.	1,080

Diversified Consumer Services — 0.1%
	22	Apollo Group, Inc., Class A (a)	964
	53	H&R Block, Inc.	1,097
			2,061

Diversified Financial Services — 4.2%
	722	Bank of America Corp.	27,357
	31	CIT Group, Inc.	368
	846	Citigroup, Inc.	18,116
	9	CME Group, Inc.	4,063
	11	IntercontinentalExchange, Inc. (a)	1,487
	552	JPMorgan Chase & Co. (q)	23,698
	27	Leucadia National Corp. (c)	1,243
	33	Moody's Corp. (c)	1,164
	43	NYSE Euronext	2,656
			80,152

Diversified Telecommunication Services — 3.1%
	980	AT&T, Inc.	37,553
	17	CenturyTel, Inc.	576
	53	Citizens Communications Co.	559
	25	Embarq Corp.	999
	250	Qwest Communications International, Inc. (c)	1,131
	466	Verizon Communications, Inc.	17,000
	74	Windstream Corp.	881
			58,699

Electric Utilities — 2.1%
	27	Allegheny Energy, Inc.	1,372
	65	American Electric Power Co., Inc.	2,708
	205	Duke Energy Corp.	3,662
	53	Edison International	2,594
	31	Entergy Corp.	3,387
	107	Exelon Corp.	8,729
	50	FirstEnergy Corp.	3,398
	66	FPL Group, Inc.	4,152
	33	Pepco Holdings, Inc.	808
	16	Pinnacle West Capital Corp.	573
	61	PPL Corp.	2,785
	42	Progress Energy, Inc. (c)	1,762
	124	Southern Co. (The)	4,424

40,354

Electrical Equipment — 0.5%
	29	Cooper Industries Ltd., Class A	1,149
	128	Emerson Electric Co.	6,581
	24	Rockwell Automation, Inc.	1,384
			9,114

Electronic Equipment & Instruments — 0.3%
	59	Agilent Technologies, Inc. (a)	1,769
	34	Jabil Circuit, Inc. (c)	320
	23	Molex, Inc.	529
	79	Tyco Electronics Ltd. (Bermuda)	2,717
			5,335

Energy Equipment & Services — 2.7%
	50	Baker Hughes, Inc.	3,443
	48	BJ Services Co.	1,357
	35	Cameron International Corp. (a)	1,477
	23	ENSCO International, Inc.	1,464
	143	Halliburton Co.	5,623
	46	Nabors Industries Ltd. (Bermuda) (a)	1,540
	58	National Oilwell Varco, Inc. (a)	3,385
	44	Noble Corp.	2,168
	18	Rowan Cos., Inc. (c)	745
	195	Schlumberger Ltd.	16,927
	33	Smith International, Inc.	2,095
	52	Transocean, Inc. (a)	6,979
	55	Weatherford International Ltd. (a)	3,993
			51,196

Food & Staples Retailing — 2.6%
	71	Costco Wholesale Corp.	4,589
	233	CVS/Caremark Corp.	9,423
	109	Kroger Co. (The)	2,776
	72	Safeway, Inc.	2,099
	34	SUPERVALU, Inc.	1,030
	98	SYSCO Corp.	2,845
	384	Wal-Mart Stores, Inc.	20,220
	161	Walgreen Co.	6,134
	23	Whole Foods Market, Inc. (c)	747
			49,863

Food Products — 1.6%
	105	Archer-Daniels-Midland Co.	4,303
	36	Campbell Soup Co.	1,214
	79	ConAgra Foods, Inc.	1,897
	25	Dean Foods Co.	494
	55	General Mills, Inc.	3,276
	51	H.J. Heinz Co.	2,405
	27	Hershey Co. (The) (c)	1,029
	42	Kellogg Co.	2,225
	249	Kraft Foods, Inc., Class A	7,724
	21	McCormick & Co., Inc. (Non-Voting) (c)	769
	116	Sara Lee Corp.	1,617

44	Tyson Foods, Inc., Class A	709
35	Wm. Wrigley, Jr., Co.	2,210
		29,872

Gas Utilities — 0.1%
	7	Nicor, Inc. (c)	246
	28	Questar Corp.	1,587
			1,833

Health Care Equipment & Supplies — 1.9%
	103	Baxter International, Inc.	5,959
	40	Becton, Dickinson & Co.	3,404
	218	Boston Scientific Corp. (a)	2,808
	81	Covidien Ltd.	3,585
	16	CR Bard, Inc.	1,571
	26	Hospira, Inc. (a)	1,103
	182	Medtronic, Inc.	8,824
	56	St. Jude Medical, Inc. (a)	2,414
	39	Stryker Corp.	2,520
	20	Varian Medical Systems, Inc. (a)	956
	38	Zimmer Holdings, Inc. (a)	2,949
			36,093

Health Care Providers & Services — 1.8%
	81	Aetna, Inc.	3,395
	26	AmerisourceBergen Corp.	1,082
	58	Cardinal Health, Inc.	3,042
	45	Cigna Corp.	1,846
	25	Coventry Health Care, Inc. (a)	1,014
	41	Express Scripts, Inc. (a)	2,641
	28	Humana, Inc. (a)	1,240
	18	Laboratory Corp. of America Holdings (a) (c)	1,323
	47	McKesson Corp.	2,462
	85	Medco Health Solutions, Inc. (a)	3,727
	21	Patterson Cos., Inc. (a) (c)	763
	26	Quest Diagnostics, Inc. (c)	1,157
	77	Tenet Healthcare Corp. (a)	436
	203	UnitedHealth Group, Inc.	6,985
	88	WellPoint, Inc. (a)	3,885
			34,998

Health Care Technology — 0.0% (g)
	30	IMS Health, Inc.	626

Hotels, Restaurants & Leisure — 1.3%
	71	Carnival Corp.	2,871
	23	Darden Restaurants, Inc.	758
	51	International Game Technology	2,043
	49	Marriott International, Inc., Class A	1,680
	187	McDonald's Corp.	10,433
	119	Starbucks Corp. (a)	2,076
	31	Starwood Hotels & Resorts Worldwide, Inc.	1,583
	14	Wendy's International, Inc.	327
	29	Wyndham Worldwide Corp.	595
	77	Yum! Brands, Inc.	2,874

25,240

Household Durables — 0.5%
	10	Black & Decker Corp.	654
	20	Centex Corp. (c)	481
	45	D.R. Horton, Inc.	701
	25	Fortune Brands, Inc.	1,739
	10	Harman International Industries, Inc. (c)	428
	13	KB Home (c)	309
	27	Leggett & Platt, Inc.	415
	23	Lennar Corp., Class A (c)	425
	45	Newell Rubbermaid, Inc.	1,028
	35	Pulte Homes, Inc.	505
	9	Snap-On, Inc.	477
	13	Stanley Works (The)	606
	12	Whirlpool Corp. (c)	1,066
			8,834

Household Products — 2.5%
	23	Clorox Co.	1,278
	83	Colgate-Palmolive Co.	6,452
	68	Kimberly-Clark Corp.	4,407
	500	Procter & Gamble Co.	35,030
			47,167

Independent Power Producers & Energy Traders — 0.3%
	109	AES Corp. (The) (a)	1,812
	29	Constellation Energy Group, Inc.	2,551
	81	Dynegy, Inc., Class A (a)	636
			4,999

Industrial Conglomerates — 3.9%
	115	3M Co.	9,099
	1,622	General Electric Co. (k)	60,036
	40	Textron, Inc.	2,239
	79	Tyco International Ltd. (Bermuda)	3,470
			74,844

Insurance — 4.0%
	54	ACE Ltd. (Bermuda)	2,951
	77	Aflac, Inc.	5,009
	91	Allstate Corp. (The)	4,375
	47	AMBAC Financial Group, Inc. (c)	268
	410	American International Group, Inc.	17,722
	50	AON Corp.	1,995
	16	Assurant, Inc.	946
	60	Chubb Corp. (The)	2,976
	27	Cincinnati Financial Corp.	1,022
	70	Genworth Financial, Inc., Class A	1,591
	51	Hartford Financial Services Group, Inc.	3,865
	43	Lincoln National Corp.	2,235
	71	Loews Corp.	2,872
	85	Marsh & McLennan Cos., Inc.	2,061
	34	MBIA, Inc. (c)	417
	115	MetLife, Inc.	6,942

42	Principal Financial Group, Inc.	2,339
110	Progressive Corp. (The) (c)	1,771
72	Prudential Financial, Inc.	5,669
15	Safeco Corp.	640
15	Torchmark Corp.	888
101	Travelers Cos., Inc. (The)	4,822
56	Unum Group	1,241
29	XL Capital Ltd., Class A (Bermuda)	854
		75,471

Internet & Catalog Retail — 0.3%
	50	Amazon.com, Inc. (a)	3,573
	34	Expedia, Inc. (a) (c)	741
	29	IAC/InterActive Corp. (a)	609
			4,923

Internet Software & Services — 1.6%
	27	Akamai Technologies, Inc. (a) (c)	765
	181	eBay, Inc. (a)	5,407
	38	Google, Inc., Class A (a)	16,593
	35	VeriSign, Inc. (a) (c)	1,152
	217	Yahoo!, Inc. (a)	6,284
			30,201

IT Services — 0.9%
	16	Affiliated Computer Services, Inc., Class A (a)	781
	85	Automatic Data Processing, Inc.	3,600
	47	Cognizant Technology Solutions Corp., Class A (a)	1,351
	27	Computer Sciences Corp. (a)	1,084
	21	Convergys Corp. (a)	310
	83	Electronic Data Systems Corp.	1,378
	28	Fidelity National Information Services, Inc.	1,060
	27	Fiserv, Inc. (a)	1,285
	53	Paychex, Inc.	1,801
	32	Total System Services, Inc.	764
	57	Unisys Corp. (a)	254
	122	Western Union Co. (The)	2,590
			16,258

Leisure Equipment & Products — 0.1%
	14	Brunswick Corp. (c)	227
	47	Eastman Kodak Co. (c)	827
	23	Hasbro, Inc.	647
	59	Mattel, Inc.	1,168
			2,869

Life Sciences Tools & Services — 0.3%
	27	Applera Corp. - Applied Biosystems Group	894
	9	Millipore Corp. (a)	603
	19	PerkinElmer, Inc. (c)	463
	68	Thermo Fisher Scientific, Inc. (a) (c)	3,865
	16	Waters Corp. (a)	904
			6,729

Machinery — 1.9%
	101	Caterpillar, Inc.	7,936

33	Cummins, Inc.	1,538
41	Danaher Corp.	3,145
71	Deere & Co.	5,698
31	Dover Corp.	1,303
24	Eaton Corp.	1,896
65	Illinois Tool Works, Inc.	3,137
44	Ingersoll-Rand Co., Ltd., Class A (Bermuda)	1,974
29	ITT Corp.	1,528
21	Manitowoc Co., Inc. (The)	861
60	PACCAR, Inc.	2,680
20	Pall Corp.	698
27	Parker Hannifin Corp.	1,896
17	Terex Corp. (a)	1,032
		35,322

Media — 2.8%
	111	CBS Corp., Class B	2,442
	81	Clear Channel Communications, Inc.	2,363
	489	Comcast Corp., Class A	9,460
	116	DIRECTV Group, Inc. (The) (a)	2,869
	15	E.W. Scripps Co., Class A (c)	611
	37	Gannett Co., Inc. (c)	1,084
	77	Interpublic Group of Companies, Inc. (The) (a) (c)	644
	52	McGraw-Hill Cos., Inc. (The) (c)	1,938
	6	Meredith Corp. (c)	234
	23	New York Times Co. (The), Class A (c)	441
	374	News Corp., Class A	7,008
	52	Omnicom Group, Inc.	2,301
	581	Time Warner, Inc.	8,145
	104	Viacom, Inc., Class B (a)	4,125
	306	Walt Disney Co. (The)	9,599
	1	Washington Post Co. (The), Class B	624
			53,888

Metals & Mining — 1.1%
	132	Alcoa, Inc.	4,770
	16	Allegheny Technologies, Inc.	1,170
	62	Freeport-McMoRan Copper & Gold, Inc.	5,983
	74	Newmont Mining Corp.	3,335
	47	Nucor Corp.	3,170
	16	Titanium Metals Corp. (c)	242
	19	United States Steel Corp.	2,428
			21,098

Multi-Utilities — 1.1%
	34	Ameren Corp. (c)	1,493
	53	CenterPoint Energy, Inc.	759
	37	CMS Energy Corp.	495
	44	Consolidated Edison, Inc. (c)	1,755
	93	Dominion Resources, Inc.	3,814
	27	DTE Energy Co. (c)	1,031
	12	Integrys Energy Group, Inc.	579
	45	NiSource, Inc.	768

58	PG&E Corp.	2,128
83	Public Service Enterprise Group, Inc.	3,320
42	Sempra Energy	2,262
34	TECO Energy, Inc.	546
70	Xcel Energy, Inc.	1,391
		20,341

Multiline Retail — 0.8%
	15	Big Lots, Inc. (a) (c)	328
	9	Dillard's, Inc., Class A (c)	160
	23	Family Dollar Stores, Inc.	445
	36	J.C. Penney Co., Inc.	1,358
	51	Kohl's Corp. (a)	2,185
	70	Macy's, Inc.	1,622
	29	Nordstrom, Inc.	948
	12	Sears Holdings Corp. (a) (c)	1,210
	133	Target Corp.	6,740
			14,996

Office Electronics — 0.1%
	149	Xerox Corp.	2,231

Oil, Gas & Consumable Fuels — 10.4%
	76	Anadarko Petroleum Corp.	4,793
	54	Apache Corp.	6,536
	74	Chesapeake Energy Corp. (c)	3,430
	337	Chevron Corp.	28,796
	254	ConocoPhillips	19,332
	30	Consol Energy, Inc.	2,051
	72	Devon Energy Corp.	7,532
	114	El Paso Corp. (c)	1,894
	40	EOG Resources, Inc.	4,815
	869	Exxon Mobil Corp.	73,508
	45	Hess Corp.	3,995
	115	Marathon Oil Corp.	5,252
	31	Murphy Oil Corp.	2,532
	28	Noble Energy, Inc.	2,032
	134	Occidental Petroleum Corp.	9,777
	44	Peabody Energy Corp.	2,245
	24	Range Resources Corp.	1,545
	103	Spectra Energy Corp.	2,338
	19	Sunoco, Inc.	1,002
	22	Tesoro Corp.	671
	87	Valero Energy Corp.	4,265
	95	Williams Cos., Inc.	3,134
	83	XTO Energy, Inc.	5,128
			196,603

Paper & Forest Products — 0.3%
	69	International Paper Co.	1,890
	28	MeadWestvaco Corp. (c)	769
	34	Weyerhaeuser Co. (c)	2,214
			4,873

Personal Products — 0.2%

69	Avon Products, Inc.	2,741
19	Estee Lauder Cos., Inc. (The), Class A	850
		3,591

Pharmaceuticals — 6.1%
	251	Abbott Laboratories	13,848
	50	Allergan, Inc.	2,802
	18	Barr Pharmaceuticals, Inc. (a)	847
	322	Bristol-Myers Squibb Co.	6,849
	161	Eli Lilly & Co.	8,290
	51	Forest Laboratories, Inc. (a)	2,024
	460	Johnson & Johnson	29,850
	40	King Pharmaceuticals, Inc. (a)	348
	352	Merck & Co., Inc.	13,349
	49	Mylan Laboratories, Inc. (c)	574
	1,098	Pfizer, Inc.	22,987
	263	Schering-Plough Corp.	3,794
	17	Watson Pharmaceuticals, Inc. (a)	494
	217	Wyeth	9,076
			115,132

Real Estate Investment Trusts (REITs) — 1.2%
	15	Apartment Investment & Management Co.	534
	12	AvalonBay Communities, Inc.	1,205
	19	Boston Properties, Inc.	1,787
	19	Developers Diversified Realty Corp. (c)	813
	44	Equity Residential	1,817
	43	General Growth Properties, Inc.	1,653
	38	HCP, Inc.	1,295
	85	Host Hotels & Resorts, Inc. (c)	1,354
	41	Kimco Realty Corp.	1,609
	28	Plum Creek Timber Co., Inc. (c)	1,131
	42	ProLogis (c)	2,469
	20	Public Storage	1,793
	36	Simon Property Group, Inc.	3,366
	22	Vornado Realty Trust	1,890
			22,716

Real Estate Management & Development — 0.0% (g)
	28	CB Richard Ellis Group, Inc., Class A (a) (c)	611

Road & Rail — 0.9%
	48	Burlington Northern Santa Fe Corp.	4,434
	66	CSX Corp.	3,674
	61	Norfolk Southern Corp.	3,321
	9	Ryder System, Inc. (c)	574
	42	Union Pacific Corp.	5,310
			17,313

Semiconductors & Semiconductor Equipment — 2.4%
	98	Advanced Micro Devices, Inc. (a) (c)	579
	50	Altera Corp.	920
	48	Analog Devices, Inc.	1,409
	220	Applied Materials, Inc. (c)	4,290
	76	Broadcom Corp., Class A (a)	1,463

940	Intel Corp.	19,914
29	KLA-Tencor Corp.	1,085
36	Linear Technology Corp. (c)	1,102
107	LSI Corp. (a)	532
37	MEMC Electronic Materials, Inc. (a)	2,631
31	Microchip Technology, Inc. (c)	1,004
124	Micron Technology, Inc. (a)	737
37	National Semiconductor Corp.	675
17	Novellus Systems, Inc. (a)	349
90	NVIDIA Corp. (a)	1,786
28	Teradyne, Inc. (a) (c)	352
215	Texas Instruments, Inc.	6,091
47	Xilinx, Inc.	1,105
		46,024

Software — 3.4%
	92	Adobe Systems, Inc. (a)	3,289
	38	Autodesk, Inc. (a)	1,181
	31	BMC Software, Inc. (a)	1,015
	63	CA, Inc.	1,426
	30	Citrix Systems, Inc. (a)	883
	45	Compuware Corp. (a) (c)	327
	51	Electronic Arts, Inc. (a)	2,569
	53	Intuit, Inc. (a)	1,438
	1,300	Microsoft Corp.	36,901
	57	Novell, Inc. (a) (c)	360
	643	Oracle Corp. (a)	12,567
	138	Symantec Corp. (a)	2,285
			64,241

Specialty Retail — 1.6%
	14	Abercrombie & Fitch Co., Class A	1,024
	22	AutoNation, Inc. (a) (c)	328
	7	AutoZone, Inc. (a)	795
	43	Bed Bath & Beyond, Inc. (a) (c)	1,255
	57	Best Buy Co., Inc.	2,373
	26	GameStop Corp., Class A (a)	1,352
	74	Gap, Inc. (The)	1,454
	274	Home Depot, Inc.	7,668
	50	Limited Brands, Inc. (c)	863
	238	Lowe's Cos., Inc.	5,451
	44	Office Depot, Inc. (a)	490
	12	OfficeMax, Inc. (c)	236
	21	RadioShack Corp.	346
	17	Sherwin-Williams Co. (The)	845
	114	Staples, Inc.	2,518
	21	Tiffany & Co. (c)	863
	71	TJX Cos., Inc.	2,348
			30,209

Textiles, Apparel & Luxury Goods — 0.4%
	57	Coach, Inc. (a)	1,724
	14	Jones Apparel Group, Inc. (c)	189

16	Liz Claiborne, Inc. (c)	293
62	Nike, Inc., Class B	4,229
10	Polo Ralph Lauren Corp.	558
14	V.F. Corp.	1,104
		8,097

Thrifts & Mortgage Finance — 0.6%
	94	Countrywide Financial Corp. (c)	519
	159	Fannie Mae	4,183
	105	Freddie Mac	2,657
	84	Hudson City Bancorp, Inc. (c)	1,489
	19	MGIC Investment Corp. (c)	204
	59	Sovereign Bancorp, Inc. (c)	547
	143	Washington Mutual, Inc. (c)	1,477
			11,076

Tobacco — 1.5%
	342	Altria Group, Inc.	7,603
	342	Philip Morris International, Inc. (a)	17,323
	28	Reynolds American, Inc. (c)	1,641
	24	UST, Inc.	1,324
			27,891

Trading Companies & Distributors — 0.0% (g)
	11	W.W. Grainger, Inc.	833

Wireless Telecommunication Services — 0.3%
	66	American Tower Corp., Class A (a)	2,578
	463	Sprint Nextel Corp.	3,096
			5,674
		Total Long-Term Investments
		(Cost $1,010,575)	1,869,919

Short-Term Investment — 1.3%

Investment Company — 1.3%
	25,177	JPMorgan Liquid Assets Money Market Fund, Institutional Class (b) (m)
		(Cost $25,177)	25,177

Principal Amount ($)

Investments of Cash Collateral for Securities on Loan — 4.2%

Certificates of Deposit — 0.1%
	2,500	Calyon, New York,
		FRN, 2.40%, 03/15/10	2,499

Corporate Notes — 1.8%
	5,500	BBVA Senior Finance S.A. (Spain),
		FRN, 2.95%, 03/12/10	5,477
	5,000	Beta Finance, Inc.,
		FRN, 2.38%, 02/20/09 (i) (s)	4,913
	1,500	Caixa d'Estalvisde Catalunya (Spain),
		FRN, 3.04%, 06/30/08	1,499
	4,225	HBOS Treasury Services plc (United Kingdom),
		FRN, 3.19%, 08/29/08	4,225
	6,000	Metropolitan Life Global Funding I,
		FRN, 2.59%, 08/21/08	6,000
	1,700	Monumental Global Funding III,
		FRN, 3.14%, 05/24/10	1,665

5,000	Nationwide Building Society (United Kingdom),
	FRN, 3.14%, 07/03/08	5,000
5,000	Pricoa Global Funding I,
	FRN, 2.65%, 09/26/08	5,000
		33,779

Repurchase Agreements — 1.8%
	4	Banc of America Securities LLC, 2.40%, dated 03/31/08, due 04/01/08, repurchase price $4, collateralized by U.S. Government Agency Mortgages	4
	5,551	Barclays Capital, Inc., 2.50%, dated 03/31/08, due 04/01/08, repurchase price $5,551, collateralized by U.S. Government Agency Mortgages	5,551
	14,000	Credit Suisse (USA) LLC, 3.01%, dated 03/31/08, due 04/01/08, repurchase price $14,001, collateralized by U.S. Government Agency Mortgages	14,000
	14,000	Lehman Brothers, Inc., 2.99%, dated 03/31/08, due 04/01/08, repurchase price $14,001, collateralized by U.S. Government Agency Mortgages	14,000
			33,555

Time Deposit — 0.5%
	3,000	Banco Santander Central Hispano SA (Spain),
		3.25%, 04/01/08	3,000
	2,000	Caisse Nationale des Caisses d'Epargne et de Prevoyance (France), 3.10%, 04/01/08	2,000
	3,000	Dresdner Bank,
		3.50%, 04/01/08	3,000
	2,000	ING Bank NV,
		3.60%, 04/01/08	2,000
			10,000
		Total Investments of Cash Collateral for Securities on Loan
		(Cost $79,977)	79,833

Total Investments — 104.1%
(Cost $1,115,729)	1,974,929

Other Assets in Excess of Liabilities — (4.1%) (78,395 )

NET ASSETS — 100.0% $ 1,896,534

Percentages indicated are based on net assets.

Futures Contracts
Number of Contracts	Description	Expiration Date		Notional Value at 03/31/08		Unrealized Appreciation (Depreciation)
	Long Futures Outstanding
76	S&P 500 Index	June, 2008	$	25,156	$	256

ABBREVIATIONS AND DEFINITIONS:

(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 JPMorgan Investment Advisors Inc.
(c)	Security, or a portion of the security, has been delivered to a counterparty as part of a security lending transaction.
(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.
(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, and reverse repurchase agreements.
(q)	Investment in affiliate. This security is included in an index in which the Portfolio, as an index fund, invests.
(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.
(y)	The Bear Stearns Companies Inc. and its affiliates are affiliated with JPMorgan Chase & Co.
FRN	Floating Rate Note. The interest rate shown is the rate in effect as of March 31, 2008.

As of March 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		929,900
Aggregate gross unrealized depreciation		(70,700	)
Net unrealized appreciation	$	859,200
Federal income tax cost of investments	$	1,115,729

JPMorgan Intrepid Mid Cap Fund

Schedule of Portfolio Investments

As of March 31, 2008 (Unaudited)

(Amounts in thousands)

Shares Security Description Value ($)

Long-Term Investments — 97.7%

Common Stocks — 97.7%

Aerospace & Defense — 2.5%
	55	Goodrich Corp.	3,180
	26	L-3 Communications Holdings, Inc.	2,799
	42	Northrop Grumman Corp.	3,229
	55	Precision Castparts Corp.	5,574
	51	TransDigm Group, Inc. (a) (c)	1,875
			16,657

Auto Components — 1.4%
	42	Autoliv, Inc. (Sweden)	2,083
	47	BorgWarner, Inc.	2,014
	102	Johnson Controls, Inc.	3,461
	73	Lear Corp. (a) (c)	1,892
			9,450

Beverages — 1.3%
	55	Coca-Cola Enterprises, Inc.	1,336
	114	Pepsi Bottling Group, Inc.	3,872
	131	PepsiAmericas, Inc.	3,352
			8,560

Building Products — 0.3%
	66	Lennox International, Inc.	2,381

Capital Markets — 3.1%
	129	American Capital Strategies Ltd. (c)	4,389
	97	Federated Investors, Inc., Class B	3,787
	209	Invesco Ltd.	5,089
	51	Investment Technology Group, Inc. (a)	2,351
	57	Raymond James Financial, Inc. (c)	1,303
	244	TD AMERITRADE Holding Corp. (a)	4,025
			20,944

Chemicals — 1.6%
	109	Celanese Corp., Class A	4,260
	34	CF Industries Holdings, Inc.	3,482
	91	Terra Industries, Inc. (a)	3,237
			10,979

Commercial Banks — 1.8%
	95	Bancorpsouth, Inc.	2,205
	56	Bank of Hawaii Corp.	2,760
	48	BOK Financial Corp. (c)	2,502
	35	PNC Financial Services Group, Inc.	2,262
	124	TCF Financial Corp.	2,215
			11,944

Commercial Services & Supplies — 1.9%
	405	Allied Waste Industries, Inc. (a)	4,378
	66	Herman Miller, Inc. (c)	1,619
	161	R.R. Donnelley & Sons Co.	4,886
	38	Watson Wyatt Worldwide, Inc., Class A (c)	2,151

13,034

Communications Equipment — 0.3%
	66	CommScope, Inc. (a)	2,295

Computers & Peripherals — 1.1%
	153	Seagate Technology (Cayman Islands)	3,200
	151	Western Digital Corp. (a)	4,069
			7,269

Construction & Engineering — 0.9%
	108	McDermott International, Inc. (a)	5,932

Containers & Packaging — 0.7%
	88	Owens-Illinois, Inc. (a)	4,971

Diversified Consumer Services — 1.9%
	83	Apollo Group, Inc., Class A (a)	3,590
	78	DeVry, Inc.	3,259
	52	ITT Educational Services, Inc. (a) (c)	2,389
	77	Weight Watchers International, Inc.	3,586
			12,824

Diversified Financial Services — 0.6%
	112	Nasdaq OMX Group, Inc. (The) (a)	4,342

Diversified Telecommunication Services — 1.9%
	123	CenturyTel, Inc.	4,079
	111	Embarq Corp.	4,463
	354	Windstream Corp.	4,225
			12,767

Electric Utilities — 1.8%
	95	DPL, Inc. (c)	2,426
	126	Edison International	6,152
	48	FirstEnergy Corp.	3,314
			11,892

Electrical Equipment — 0.7%
	52	Belden, Inc. (c)	1,844
	60	Hubbell, Inc., Class B	2,604
			4,448

Electronic Equipment & Instruments — 1.8%
	137	Arrow Electronics, Inc. (a)	4,610
	149	Avnet, Inc. (a)	4,870
	28	Mettler-Toledo International, Inc. (a)	2,758
			12,238

Energy Equipment & Services — 5.5%
	91	ENSCO International, Inc.	5,680
	138	Global Industries Ltd. (a)	2,222
	81	Grant Prideco, Inc. (a)	4,007
	95	Helmerich & Payne, Inc.	4,462
	129	National Oilwell Varco, Inc. (a)	7,513
	49	Oil States International, Inc. (a)	2,214
	169	Patterson-UTI Energy, Inc.	4,432
	103	Superior Energy Services, Inc. (a)	4,061
	47	Tidewater, Inc.	2,568
			37,159

Food & Staples Retailing — 0.4%

70 BJ's Wholesale Club, Inc. (a) 2,495

Food Products — 0.7%
	99	Flowers Foods, Inc. (c)	2,440
	59	Fresh Del Monte Produce, Inc. (Cayman Islands) (a)	2,137
			4,577

Gas Utilities — 1.7%
	68	Energen Corp.	4,208
	99	National Fuel Gas Co.	4,693
	103	Southern Union Co.	2,401
			11,302

Health Care Equipment & Supplies — 0.6%
	81	Kinetic Concepts, Inc. (a)	3,749

Health Care Providers & Services — 4.7%
	80	Aetna, Inc.	3,350
	57	AMERIGROUP Corp. (a)	1,552
	140	Cigna Corp.	5,672
	93	Coventry Health Care, Inc. (a)	3,749
	51	Express Scripts, Inc. (a)	3,274
	98	Health Net, Inc. (a)	3,003
	101	Humana, Inc. (a)	4,531
	52	Laboratory Corp. of America Holdings (a)	3,832
	62	Medco Health Solutions, Inc. (a)	2,719
			31,682

Hotels, Restaurants & Leisure — 0.3%
	58	Bally Technologies, Inc. (a)	1,995

Household Durables — 2.1%
	81	Garmin Ltd. (Cayman Islands) (c)	4,375
	66	Snap-On, Inc.	3,351
	91	Stanley Works (The)	4,343
	53	Tupperware Brands Corp.	2,050
			14,119

Household Products — 0.7%
	49	Energizer Holdings, Inc. (a)	4,449

Independent Power Producers & Energy Traders — 0.8%
	154	Mirant Corp. (a) (c)	5,589

Industrial Conglomerates — 0.3%
	36	Walter Industries, Inc.	2,273

Insurance — 4.5%
	56	Allied World Assurance Co. Holdings Ltd. (Bermuda)	2,235
	60	Arch Capital Group Ltd. (Bermuda) (a)	4,093
	69	Aspen Insurance Holdings Ltd. (Bermuda)	1,810
	55	Assurant, Inc.	3,359
	119	Axis Capital Holdings Ltd. (Bermuda)	4,050
	72	Endurance Specialty Holdings Ltd. (Bermuda)	2,646
	63	Odyssey Re Holdings Corp. (c)	2,312
	54	PartnerRe Ltd. (Bermuda) (c)	4,120
	62	Platinum Underwriters Holdings Ltd. (Bermuda)	1,996
	74	RenaissanceRe Holdings Ltd. (Bermuda)	3,852
			30,473

Internet & Catalog Retail — 1.1%

195	Expedia, Inc. (a) (c)	4,258
27	priceline.com, Inc. (a) (c)	3,227
		7,485

IT Services — 3.3%
	97	Accenture Ltd., Class A (Bermuda)	3,412
	56	Affiliated Computer Services, Inc., Class A (a)	2,796
	89	Alliance Data Systems Corp. (a)	4,243
	70	Fiserv, Inc. (a)	3,366
	104	Hewitt Associates, Inc., Class A (a)	4,124
	18	MasterCard, Inc., Class A (c)	4,058
			21,999

Leisure Equipment & Products — 0.6%
	155	Hasbro, Inc.	4,324

Life Sciences Tools & Services — 1.7%
	127	Applera Corp. - Applied Biosystems Group	4,177
	48	Invitrogen Corp. (a)	4,128
	61	Thermo Fisher Scientific, Inc. (a)	3,467
			11,772

Machinery — 4.8%
	76	AGCO Corp. (a)	4,575
	107	Cummins, Inc.	5,028
	67	Eaton Corp.	5,330
	66	Gardner Denver, Inc. (a)	2,437
	111	Manitowoc Co., Inc. (The) (c)	4,537
	88	Parker-Hannifin Corp.	6,113
	42	SPX Corp.	4,395
			32,415

Marine — 0.6%
	66	Kirby Corp. (a)	3,756

Media — 2.3%
	80	CBS Corp., Class B	1,762
	93	Interactive Data Corp.	2,636
	53	Meredith Corp.	2,027
	76	Omnicom Group, Inc.	3,371
	105	Regal Entertainment Group, Class A (c)	2,016
	86	Viacom, Inc., Class B (a)	3,404
			15,216

Metals & Mining — 3.5%
	84	AK Steel Holding Corp.	4,582
	37	Cleveland-Cliffs, Inc.	4,469
	66	Reliance Steel & Aluminum Co.	3,975
	131	Steel Dynamics, Inc.	4,315
	50	United States Steel Corp.	6,293
			23,634

Multi-Utilities — 3.9%
	116	Alliant Energy Corp.	4,068
	318	CenterPoint Energy, Inc.	4,532
	82	Dominion Resources, Inc.	3,353
	166	MDU Resources Group, Inc.	4,080
	88	Public Service Enterprise Group, Inc.	3,521

253	TECO Energy, Inc.	4,040
91	Vectren Corp.	2,436
		26,030

Office Electronics — 0.8%
	381	Xerox Corp.	5,708

Oil, Gas & Consumable Fuels — 5.8%
	42	Apache Corp.	5,038
	79	Cimarex Energy Co.	4,325
	128	Frontier Oil Corp.	3,500
	87	Frontline Ltd. (Bermuda) (c)	3,990
	58	Holly Corp.	2,513
	74	Mariner Energy, Inc. (a) (c)	2,004
	77	Murphy Oil Corp.	6,333
	81	Noble Energy, Inc.	5,897
	59	Valero Energy Corp.	2,907
	78	W&T Offshore, Inc. (c)	2,647
			39,154

Personal Products — 0.6%
	85	Herbalife Ltd. (Cayman Islands)	4,028

Pharmaceuticals — 1.4%
	79	Perrigo Co.	2,969
	240	Warner Chilcott Ltd., Class A (a) (c)	4,320
	69	Watson Pharmaceuticals, Inc. (a)	2,032
			9,321

Real Estate Investment Trusts (REITs) — 4.6%
	77	AMB Property Corp.	4,185
	283	Annaly Capital Management, Inc.	4,337
	38	General Growth Properties, Inc.	1,431
	113	Hospitality Properties Trust	3,844
	87	Nationwide Health Properties, Inc. (c)	2,930
	109	ProLogis	6,392
	74	Realty Income Corp. (c)	1,883
	79	Senior Housing Properties Trust	1,868
	94	Ventas, Inc.	4,235
			31,105

Real Estate Management & Development — 0.5%
	45	Jones Lang LaSalle, Inc. (c)	3,504

Road & Rail — 1.7%
	138	CSX Corp.	7,738
	59	Ryder System, Inc.	3,606
			11,344

Semiconductors & Semiconductor Equipment — 3.2%
	188	Amkor Technology, Inc. (a) (c)	2,015
	81	Cree, Inc. (a) (c)	2,253
	124	Lam Research Corp. (a)	4,747
	80	MEMC Electronic Materials, Inc. (a)	5,651
	278	NVIDIA Corp. (a)	5,495
	274	ON Semiconductor Corp. (a) (c)	1,556
			21,717

Software — 2.9%

147	BMC Software, Inc. (a)	4,781
241	CA, Inc.	5,418
336	Compuware Corp. (a)	2,463
75	Sybase, Inc. (a)	1,962
195	Symantec Corp. (a)	3,248
87	Synopsys, Inc. (a)	1,985
		19,857

Specialty Retail — 3.4%
	80	Aeropostale, Inc. (a)	2,163
	39	AutoZone, Inc. (a)	4,439
	72	GameStop Corp., Class A (a)	3,733
	261	Gap, Inc. (The)	5,137
	173	RadioShack Corp.	2,805
	91	Sherwin-Williams Co. (The)	4,626
			22,903

Textiles, Apparel & Luxury Goods — 0.3%
	70	Fossil, Inc. (a) (c)	2,132

Thrifts & Mortgage Finance — 1.1%
	83	Astoria Financial Corp.	2,246
	194	Hudson City Bancorp, Inc.	3,428
	78	Washington Federal, Inc.	1,782
			7,456

Tobacco — 1.7%
	66	Loews Corp. - Carolina Group	4,808
	37	Reynolds American, Inc. (c)	2,208
	85	UST, Inc.	4,618
			11,634
		Total Long-Term Investments
		(Cost $641,304)	659,283

Short-Term Investment — 2.5%

Investment Company — 2.5%
	16,610	JPMorgan Liquid Assets Money Market Fund, Institutional Class (b) (m)
		(Cost $16,610)	16,610

Principal Amount ($)

Investments of Cash Collateral for Securities on Loan — 8.7%

Certificates of Deposit — 0.4%
	2,500	Calyon, New York,
		FRN, 2.40%, 01/01/80	2,493

Corporate Notes — 5.8%
	4,000	Anglo Irish Bank Corp. plc, (Ireland)
		FRN, 3.13%, 09/05/08	3,974
	4,000	Banque Federative du Credit Mutuel, (France)
		FRN, 2.90%, 08/01/08	3,993
	4,000	BBVA Senior Finance S.A., (Spain)
		FRN, 2.95%, 03/12/10	3,984
	4,000	Caixa d'Estalvis de Catalunya, (Spain)
		FRN, 3.04%, 06/30/08	3,996
	5,000	General Electric Capital Corp.,
		FRN, 2.40%, 03/12/10	4,940
	4,000	Macquarie Bank Ltd., (Australia)

	FRN, 2.62%, 08/20/08	4,000
4,500	Monumental Global Funding,
	FRN, 3.14%, 05/24/10	4,407
5,000	National Rural Utilities Cooperative Finance Corp.,
	FRN, 3.12%, 09/04/08	4,992
5,000	Pricoa Global Funding I,
	FRN, 2.65%, 09/26/08	4,981
		39,267

Repurchase Agreements — 1.8%
	1,502	Barclays Capital, Inc., 2.50%, dated 03/31/08, due 04/01/08, repurchase
		price $1,502, collateralized by U.S. Government Agency Mortgages	1,502
	5,450	Credit Suisse First Boston LLC, 3.01%, dated 03/31/08, due 04/01/08,
		repurchase price $5,451, collateralized by U.S. Government Agency Mortgages	5,450
	4,894	Lehman Brothers, Inc., 2.99%, dated 03/31/08, due 04/01/08, repurchase
		price $4,895, collateralized by U.S. Government Agency Mortgages	4,894
			11,846

Time Deposit — 0.7%
	1,000	Banco Santander S.A. (Spain),
		3.25%, 04/01/08	1,000
	1,000	Caisse Nat Des Cais D'Epar (Italy),
		3.10%, 04/01/08	1,000
	1,000	Dresdner Bank,
		3.50%, 04/01/08	1,000
	1,000	ING Bank N.V. (Seoul),
		3.60%, 04/01/08	1,000
	1,000	Natixis (Italy),
		3.10%, 04/01/08	1,000
			5,000
		Total Investments of Cash Collateral for Securities on Loan
		(Cost $58,845)	58,606

Total Investments — 108.9%
(Cost $716,759)	734,499

Liabilities in Excess of Other Assets — (8.9)% (59,781 )

NET ASSETS — 100.0% $ 674,718

Percentages indicated are based on net assets.

ABBREVIATIONS AND DEFINITIONS:

FRN	Floating Rate Note. The interest rate shown is the rate in effect as of March 31, 2008.
(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 JPMorgan Investment Advisors 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, and reverse repurchase agreements.

As of March, 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	$	69,023
Aggregate gross unrealized depreciation		(51,283	)
Net unrealized appreciation/depreciation	$	17,740

Federal income tax cost of investments $ 716,759

JPMorgan Investor Balanced Fund

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

SHARES	SECURITY DESCRIPTION	VALUE($)
	Investment Companies – 99.6%
22,168	JPMorgan Core Bond Fund, Select Class (b)		242,071
30,951	JPMorgan Core Plus Bond Fund, Select Class (b)		239,564
2,210	JPMorgan Emerging Markets Debt Fund, Select Class (b)		18,142
12,277	JPMorgan Government Bond Fund, Select Class (b)		129,150
19,799	JPMorgan High Yield Bond Fund, Select Class (b)		149,286
4,375	JPMorgan International Equity Index Fund, Select Class (b)		117,462
4,805	JPMorgan Intrepid America Fund, Select Class (b)		118,594
3,080	JPMorgan Intrepid Growth Fund, Select Class (b)		66,398
2,652	JPMorgan Intrepid Mid Cap Fund, Select Class (b)		37,850
1,243	JPMorgan Intrepid Plus Fund, Select Class (a) (b)		18,669
1,220	JPMorgan Large Cap Growth Fund, Select Class (a) (b)		22,122
7,711	JPMorgan Large Cap Value Fund, Select Class (b)		86,597
19,978	JPMorgan Liquid Assets Money Market Fund, Institutional Class (b)		19,978
7,742	JPMorgan Market Expansion Index Fund, Select Class (b)		76,493
14,377	JPMorgan Multi-Cap Market Neutral Fund, Select Class (b)		147,653
1,892	JPMorgan Real Return Fund, Select Class (b)		18,916
8,628	JPMorgan Short Duration Bond Fund, Select Class (b)		92,837
16,597	JPMorgan U.S. Equity Fund, Select Class (b)		161,985
5,801	JPMorgan U.S. Large Cap Core Plus Fund, Select Class (b)		109,866
	Total Investments — 99.6% (Cost $1,822,980)		1,873,633
	Other Assets in Excess of Liabilities — 0.4%		6,778
	NET ASSETS — 100.0%	$	1,880,411

Percentages indicated are based on net assets.
Allocation Of Investments *
Taxable Fixed Income Funds	47.5	%
Domestic Equity Funds	37.3
Specialty Funds	7.9
International Equity Funds	6.3
Money Market Funds	1.1

* Percentages indicated are based upon total investments as of March 31, 2008. The funds composition is subject to change.
As of March 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		$	80,105
Aggregate gross unrealized depreciation			(29,452	)
Net unrealized appreciation/depreciation		$	50,653
Federal income tax cost of investments		$	1,822,980
ABBREVIATIONS AND DEFINITIONS:
(a)	Non-income producing security.
(b)	Investment in affiliate. 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. or Security Capital Research & Management, Incorporated.

JPMorgan Investor Conservative Growth Fund

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

SHARES	SECURITY DESCRIPTION	VALUE($)
	Investment Companies – 99.5%
11,846	JPMorgan Core Bond Fund, Select Class (b)		129,360
19,920	JPMorgan Core Plus Bond Fund, Select Class (b)		154,181
1,020	JPMorgan Emerging Markets Debt Fund, Select Class (b)		8,372
11,347	JPMorgan Government Bond Fund, Select Class (b)		119,374
6,846	JPMorgan High Yield Bond Fund, Select Class (b)		51,621
1,008	JPMorgan International Equity Index Fund, Select Class (b)		27,064
1,478	JPMorgan Intrepid America Fund, Select Class (b)		36,479
914	JPMorgan Intrepid Growth Fund, Select Class (b)		19,713
1,217	JPMorgan Intrepid Mid Cap Fund, Select Class (b)		17,370
563	JPMorgan Intrepid Plus Fund, Select Class (a) (b)		8,463
1,719	JPMorgan Large Cap Value Fund, Select Class (b)		19,309
11,842	JPMorgan Liquid Assets Money Market Fund, Institutional Class (b)		11,842
5,808	JPMorgan Multi-Cap Market Neutral Fund, Select Class (b)		59,648
837	JPMorgan Real Return Fund, Select Class (b)		8,373
4,716	JPMorgan U.S. Equity Fund, Select Class (b)		46,028
2,308	JPMorgan U.S. Large Cap Core Plus Fund, Select Class (b)		43,704
11,208	JPMorgan Ultra Short Term Bond Fund, Select Class (b)		101,882
	Total Investments — 99.5% (Cost $859,501)		862,783
	Other Assets in Excess of Liabilities — 0.5%		4,714
	NET ASSETS — 100.0%	$	867,497

Percentages indicated are based on net assets.

Allocation Of Investments *
Taxable Fixed Income Funds	66.4	%
Domestic Equity Funds	22.2
Specialty Funds	6.9
International Equity Funds	3.1
Money Market Funds	1.4

* Percentages indicated are based upon total investments as of March 31, 2008. The funds composition is subject to change.

JPMorgan Investor Conservative Growth Fund

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

As of March 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	$	17,050
Aggregate gross unrealized depreciation		(13,768	)
Net unrealized appreciation/depreciation	$	3,282
Federal income tax cost of investments	$	859,501
ABBREVIATIONS AND DEFINITIONS :

(a)	Non-income producing security.
(b)	Investment in affiliate. 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. or Security Capital Research & Management, Incorporated.

JPMorgan Investor Growth & Income Fund

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

SHARES	SECURITY DESCRIPTION	VALUE($)
	Investment Companies – 99.8%
8,642	JPMorgan Core Bond Fund, Select Class (b)		94,372
19,034	JPMorgan Core Plus Bond Fund, Select Class (b)		147,321
2,285	JPMorgan Emerging Markets Debt Fund, Select Class (b)		18,759
19,804	JPMorgan High Yield Bond Fund, Select Class (b)		149,320
8,730	JPMorgan Intermediate Bond Fund, Select Class (b)		92,452
1,291	JPMorgan International Equity Fund, Select Class (b)		37,959
4,415	JPMorgan International Equity Index Fund, Select Class (b)		118,540
7,172	JPMorgan Intrepid America Fund, Select Class (b)		177,009
3,513	JPMorgan Intrepid Growth Fund, Select Class (b)		75,742
3,988	JPMorgan Intrepid Mid Cap Fund, Select Class (b)		56,906
1,247	JPMorgan Intrepid Plus Fund, Select Class (b)		18,723
6,542	JPMorgan Large Cap Growth Fund, Select Class (b)		118,614
13,526	JPMorgan Large Cap Value Fund, Select Class (b)		151,897
13,296	JPMorgan Liquid Assets Money Market Fund, Institutional Class (b)		13,296
9,688	JPMorgan Market Expansion Index Fund, Select Class (b)		95,721
14,374	JPMorgan Multi-Cap Market Neutral Fund, Select Class (b)		147,616
1,862	JPMorgan Real Return Fund, Select Class (b)		18,621
2,078	JPMorgan Small Cap Value Fund, Select Class (b)		37,994
21,822	JPMorgan U.S. Equity Fund, Select Class (b)		212,984
5,008	JPMorgan U.S. Large Cap Core Plus Fund, Select Class (b)		94,858
	Total Investments — 99.8% (Cost $1,819,261)		1,878,704
	Other Assets in Excess of Liabilities — 0.2%		4,418
	NET ASSETS — 100.0%	$	1,883,122

Percentages indicated are based on net assets.
Allocation Of Investments *
Domestic Equity Funds	55.4	%
Taxable Fixed Income Funds	27.7
International Equity Funds	8.3
Specialty Funds	7.9
Money Market Funds	0.7
* Percentages indicated are based upon total investments as of March 31, 2008. The funds composition is subject to change.
As of March 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		$	113,203
Aggregate gross unrealized depreciation			(53,760	)
Net unrealized appreciation/depreciation		$	59,443
Federal income tax cost of investments		$	1,819,261
ABBREVIATIONS AND DEFINITIONS:
(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 Investment Advisors Inc. or Security Capital Research & Management, Incorporated.

JPMorgan Investor Growth Fund

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

SHARES	SECURITY DESCRIPTION	VALUE($)
	Investment Companies – 99.7%
1,598	JPMorgan Emerging Markets Debt Fund, Select Class (b)		13,116
3,769	JPMorgan Government Bond Fund, Select Class (b)		39,646
5,306	JPMorgan High Yield Bond Fund, Select Class (b)		40,008
1,402	JPMorgan International Equity Fund, Select Class (b)		41,219
4,674	JPMorgan International Equity Index Fund, Select Class (b)		125,502
5,475	JPMorgan Intrepid America Fund, Select Class (b)		135,135
3,563	JPMorgan Intrepid Growth Fund, Select Class (b)		76,824
4,734	JPMorgan Intrepid Mid Cap Fund, Select Class (b)		67,555
896	JPMorgan Intrepid Plus Fund, Select Class (a) (b)		13,460
7,021	JPMorgan Large Cap Growth Fund, Select Class (a) (b)		127,292
14,105	JPMorgan Large Cap Value Fund, Select Class (b)		158,403
12,877	JPMorgan Liquid Assets Money Market Fund, Institutional Class (b) (m)		12,877
8,265	JPMorgan Market Expansion Index Fund, Select Class (b)		81,658
10,251	JPMorgan Multi-Cap Market Neutral Fund, Select Class (b)		105,281
1,340	JPMorgan Real Return Fund, Select Class (b)		13,404
2,223	JPMorgan Small Cap Value Fund, Select Class (b)		40,632
18,058	JPMorgan U.S. Equity Fund, Select Class (b)		176,245
3,570	JPMorgan U.S. Large Cap Core Plus Fund, Select Class (b)		67,624
1,492	JPMorgan Ultra Short Term Bond Fund, Select Class (b)		13,558
	Total Investments — 99.7% (Cost $1,313,038)		1,349,439
	Other Assets in Excess of Liabilities — 0.3%		3,994
	NET ASSETS — 100.0%	$	1,353,433

Allocation Of Investments *
Domestic Equity Funds	70.0	%
International Equity Funds	12.4
Taxable Fixed Income Funds	8.9
Specialty Funds	7.8
Money Market Funds	0.9

* Percentages indicated are based upon total investments as of March 31, 2008. The funds composition is subject to change.

As of March 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	$	102,366
Aggregate gross unrealized depreciation		(65,965	)
Net unrealized appreciation/depreciation	$	36,401
Federal income tax cost of investments	$	1,313,038

ABBREVIATIONS AND DEFINITIONS:
(a)	Non-income producing security.
(b)	Investment in affiliate. 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. or Security Capital Research & Management, Incorporated.
(m)	All or a portion of this security is segregated for current or potential holdings of futures, swaps, options, TBAs, when-issued securities, delayed delivery securities, and reverse repurchase agreements.
Percentages indicated are based on net assets.

JPMorgan Large Cap Growth Fund

Schedule of Portfolio Investments

As of March 31, 2008 (Unaudited)

(Amounts in thousands)

Shares Security Description Value ($)

Long-Term Investments — 99.0%

Common Stocks — 99.0%

Aerospace & Defense — 5.7%
	263	General Dynamics Corp.	21,949
	244	Lockheed Martin Corp.	24,263
	62	Precision Castparts Corp.	6,327
			52,539

Biotechnology — 3.1%
	544	Gilead Sciences, Inc. (a)	28,036

Capital Markets — 2.6%
	86	Goldman Sachs Group, Inc. (The)	14,166
	240	Lazard Ltd., Class A (Bermuda)	9,181
			23,347

Chemicals — 9.1%
	374	Monsanto Co.	41,664
	169	Potash Corp. of Saskatchewan (Canada)	26,265
	183	Praxair, Inc.	15,372
			83,301

Communications Equipment — 4.0%
	336	Cisco Systems, Inc. (a)	8,085
	163	Nokia OYJ ADR (Finland)	5,203
	206	Research In Motion Ltd. (Canada) (a)	23,109
			36,397

Computers & Peripherals — 7.2%
	236	Apple, Inc. (a)	33,833
	471	Hewlett-Packard Co.	21,497
	94	International Business Machines Corp.	10,855
			66,185

Construction & Engineering — 2.4%
	173	Jacobs Engineering Group, Inc. (a)	12,695
	202	Shaw Group, Inc. (The) (a)	9,518
			22,213

Diversified Financial Services — 2.9%
	40	CME Group, Inc.	18,652
	59	IntercontinentalExchange, Inc. (a)	7,703
			26,355

Electrical Equipment — 2.0%
	77	First Solar, Inc. (a)	17,875

Energy Equipment & Services — 4.9%
	223	National Oilwell Varco, Inc. (a)	13,000
	236	Schlumberger Ltd.	20,496
	87	Transocean, Inc. (a)	11,787
			45,283

Food & Staples Retailing — 1.4%
	305	CVS/Caremark Corp.	12,364

Health Care Equipment & Supplies — 2.4%
	295	Baxter International, Inc.	17,045

16	Intuitive Surgical, Inc. (a)	5,071
		22,116

Health Care Providers & Services — 3.2%
	333	Express Scripts, Inc. (a)	21,391
	173	Medco Health Solutions, Inc. (a)	7,580
			28,971

Hotels, Restaurants & Leisure — 3.4%
	46	Las Vegas Sands Corp. (a) (c)	3,371
	400	McDonald's Corp.	22,333
	97	MGM Mirage (a) (c)	5,690
			31,394

Household Products — 1.0%
	114	Colgate-Palmolive Co.	8,866

Insurance — 0.9%
	19	Markel Corp. (a)	8,175

Internet & Catalog Retail — 1.1%
	143	Amazon.com, Inc. (a)	10,206

Internet Software & Services — 3.8%
	79	Google, Inc., Class A (a)	34,746

IT Services — 4.2%
	173	MasterCard, Inc., Class A (c)	38,517

Life Sciences Tools & Services — 2.0%
	317	Thermo Fisher Scientific, Inc. (a)	18,009

Machinery — 1.8%
	209	Deere & Co.	16,825

Media — 1.3%
	487	DIRECTV Group, Inc. (The) (a)	12,079

Metals & Mining — 2.8%
	346	Cia Vale do Rio Doce ADR (Brazil)	11,969
	109	United States Steel Corp.	13,765
			25,734

Oil, Gas & Consumable Fuels — 4.5%
	115	Hess Corp.	10,132
	118	Occidental Petroleum Corp.	8,656
	51	Petroleo Brasileiro S.A. ADR (Brazil)	5,249
	128	Valero Energy Corp.	6,263
	181	XTO Energy, Inc.	11,211
			41,511

Pharmaceuticals — 4.2%
	261	Abbott Laboratories (m)	14,416
	70	Allergan, Inc.	3,965
	107	Shire plc ADR (United Kingdom)	6,176
	291	Teva Pharmaceutical Industries Ltd. ADR (Israel)	13,437
			37,994

Road & Rail — 1.6%
	162	Burlington Northern Santa Fe Corp.	14,974

Semiconductors & Semiconductor Equipment — 3.1%
	290	MEMC Electronic Materials, Inc. (a)	20,543
	394	NVIDIA Corp. (a)	7,798
			28,341

Software — 2.0%
	200	Microsoft Corp.	5,665
	666	Oracle Corp. (a)	13,034
			18,699

Specialty Retail — 3.1%
	42	Abercrombie & Fitch Co., Class A	3,057
	258	GameStop Corp., Class A (a)	13,321
	55	Tiffany & Co. (c)	2,319
	306	TJX Cos., Inc.	10,110
			28,807

Tobacco — 3.1%
	388	Altria Group, Inc.	8,616
	388	Philip Morris International, Inc. (a)	19,631
			28,247

Wireless Telecommunication Services — 4.2%
	233	America Movil S.A.B. de C.V., Series L, ADR (Mexico) (c)	14,842
	111	Mobile Telesystems OJSC ADR (Russia) (c)	8,381
	514	Vimpel-Communications ADR (Russia)	15,361
			38,584
		Total Long-Term Investments
		(Cost $681,488)	906,690

Short-Term Investment — 0.4%

Investment Company — 0.4%
	3,561	JPMorgan Liquid Assets Money Market Fund,
		Institutional Class (b) (m)
		(Cost $3,561)	3,561

Principal
Amount ($)

Investments of Cash Collateral for Securities on Loan — 5.5%

Certificate of Deposit — 0.2%
	2,000	Calyon, New York,
		FRN, 2.40%, 03/15/10	2,000

Corporate Notes — 0.9%
	2,000	BBVA US Senior SAU (Spain),
		FRN, 2.95%, 03/12/10	1,992
	3,000	Beta Finance, Inc.,
		FRN, 2.38%, 02/20/09 (i) (s)	2,948
	3,500	Monumental Global Funding III,
		FRN, 3.14%, 05/24/10	3,428
			8,368

Repurchase Agreements — 3.9%
	11,000	Barclays Capital, 2.50%, dated 03/31/08, due 04/01/08, repurchase price $11,001, collateralized by U.S. Government Agency Mortgages	11,000
	8,309	Credit Suisse First Boston LLC, 3.01%, dated 03/31/08, due 04/01/08, repurchase price $8,310, collateralized by U.S. Government Agency Mortgages	8,309
	8,000	Goldman Sachs & Co., 2.75%, dated 03/31/08, due 04/01/08, repurchase price $8,001, collateralized by U.S. Government Agency Mortgages	8,000
	8,000	Lehman Brothers, Inc., 2.99%, dated 03/31/08, due 04/01/08, repurchase price $8,001, collateralized by U.S. Government Agency Mortgages	8,000
			35,309

Time Deposits — 0.5%
	1,000	Banco Santander Central Hispano S.A. (Spain),
		3.25%, 04/01/08	1,000
	1,000	Caisse Nationale des Caisses d'Espargne et de Prevoyance (France),
		3.10%, 04/01/08	1,000
	1,000	Dresdner Bank,
		3.50%, 04/01/08	1,000
	1,000	Ing Bank N.V.,
		3.60%, 04/01/08	1,000
	1,000	Natixis,
		3.10%, 04/01/08	1,000
			5,000
		Total Investments of Cash Collateral for Securities on Loan
		(Cost $50,808)	50,677

Total Investments — 104.9%
(Cost $735,857)	960,928

Liabilities in Excess of Other Assets — (4.9)% (45,058 )

NET ASSETS — 100.0% $ 915,870

Percentages indicated are based on net assets.

ABBREVIATIONS AND DEFINITIONS:

(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 JPMorgan Investment Advisors Inc.
(c)	Security, or a portion of the security, has been delivered to a counterparty as part of a security lending transaction.
(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, TBAs, when-issued securities, delayed delivery securities, and reverse repurchase agreements.
(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.
ADR	American Depositary Receipt
FRN	Floating Rate Note. The interest rate shown is the rate in effect as of March 31, 2008.

As of March 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	$	260,740
Aggregate gross unrealized depreciation		(35,669	)
Net unrealized appreciation/depreciation	$	225,071
Federal income tax cost of investments	$	735,857

JPMorgan Large Cap Value Fund

Schedule of Portfolio Investments

As of March 31, 2008 (Unaudited)

(Amounts in thousands)

Shares Security Description Value ($)

Long-Term Investments — 99.5%

Common Stocks — 99.5%

Aerospace & Defense — 1.3%
	214	Spirit Aerosystems Holdings, Inc., Class A (a)	4,751
	49	United Technologies Corp.	3,338
			8,089

Auto Components — 0.9%
	84	Johnson Controls, Inc.	2,822
	126	TRW Automotive Holdings Corp. (a)	2,940
			5,762

Beverages — 0.3%
	112	Constellation Brands, Inc., Class A (a)	1,974

Biotechnology — 0.2%
	27	Amgen, Inc. (a)	1,128

Capital Markets — 4.6%
	132	Lehman Brothers Holdings, Inc. (c)	4,965
	112	Merrill Lynch & Co., Inc.	4,575
	176	Morgan Stanley	8,025
	643	TD AMERITRADE Holding Corp. (a) (c)	10,619
			28,184

Chemicals — 1.8%
	202	Rohm & Haas Co.	10,919

Commercial Banks — 3.4%
	320	Huntington Bancshares, Inc.	3,443
	133	TCF Financial Corp. (c)	2,374
	87	U.S. Bancorp	2,823
	98	Wachovia Corp.	2,651
	219	Wells Fargo & Co.	6,370
	72	Zions Bancorp	3,298
			20,959

Communications Equipment — 1.5%
	77	Cisco Systems, Inc. (a)	1,848
	197	Corning, Inc.	4,724
	305	Motorola, Inc.	2,836
			9,408

Computers & Peripherals — 0.5%
	28	International Business Machines Corp.	3,247

Consumer Finance — 0.8%
	101	Capital One Financial Corp.	4,951

Containers & Packaging — 0.7%
	166	Pactiv Corp. (a)	4,359

Diversified Consumer Services — 0.5%
	66	ITT Educational Services, Inc. (a) (c)	3,050

Diversified Financial Services — 6.5%
	606	Bank of America Corp.	22,956
	193	CIT Group, Inc.	2,289
	686	Citigroup, Inc.	14,688

39,933

Diversified Telecommunication Services — 5.3%
	87	AT&T, Inc.	3,313
	797	Verizon Communications, Inc.	29,054
			32,367

Electric Utilities — 3.8%
	165	American Electric Power Co., Inc.	6,873
	155	Edison International	7,613
	63	FirstEnergy Corp.	4,337
	334	Sierra Pacific Resources	4,216
			23,039

Electronic Equipment & Instruments — 1.4%
	112	Avnet, Inc. (a)	3,656
	138	Tyco Electronics Ltd. (Bermuda)	4,738
			8,394

Energy Equipment & Services — 1.9%
	160	Halliburton Co.	6,281
	65	Schlumberger Ltd.	5,611
			11,892

Food & Staples Retailing — 2.3%
	477	Safeway, Inc.	13,997

Food Products — 1.9%
	82	General Mills, Inc.	4,886
	225	Kraft Foods, Inc., Class A	6,965
			11,851

Health Care Providers & Services — 0.8%
	110	WellPoint, Inc. (a)	4,837

Hotels, Restaurants & Leisure — 0.4%
	65	Royal Caribbean Cruises Ltd. (c)	2,132

Household Products — 3.1%
	270	Procter & Gamble Co.	18,919

Industrial Conglomerates — 4.0%
	554	General Electric Co.	20,511
	85	Tyco International Ltd. (Bermuda)	3,755
			24,266

Insurance — 6.9%
	56	Allstate Corp. (The)	2,682
	146	American International Group, Inc.	6,315
	26	Assurant, Inc.	1,605
	806	Genworth Financial, Inc., Class A	18,252
	80	Hartford Financial Services Group, Inc.	6,092
	33	Prudential Financial, Inc.	2,590
	98	Travelers Cos., Inc. (The)	4,699
			42,235

Machinery — 3.1%
	25	Caterpillar, Inc.	1,918
	168	Dover Corp.	6,998
	47	Joy Global, Inc.	3,036
	169	Kennametal, Inc.	4,968
	42	PACCAR, Inc.	1,877

18,797

Media — 4.5%
	157	Comcast Corp., Class A	3,038
	398	News Corp., Class A	7,468
	111	RH Donnelley Corp. (a) (c)	563
	204	Time Warner Cable, Inc., Class A (a)	5,088
	387	Time Warner, Inc.	5,429
	195	Walt Disney Co. (The)	6,103
			27,689

Metals & Mining — 1.7%
	81	Alcoa, Inc.	2,921
	61	United States Steel Corp.	7,675
			10,596

Multi-Utilities — 2.8%
	402	CMS Energy Corp.	5,442
	100	Consolidated Edison, Inc. (c)	3,966
	87	SCANA Corp.	3,193
	219	Xcel Energy, Inc.	4,359
			16,960

Multiline Retail — 0.5%
	77	Kohl's Corp. (a)	3,290

Oil, Gas & Consumable Fuels — 13.9%
	214	Chevron Corp.	18,284
	131	ConocoPhillips	10,011
	409	Exxon Mobil Corp.	34,564
	23	Hess Corp.	2,054
	199	Marathon Oil Corp.	9,093
	46	Occidental Petroleum Corp.	3,366
	37	Sunoco, Inc.	1,931
	92	XTO Energy, Inc.	5,713
			85,016

Paper & Forest Products — 1.4%
	1,253	Domtar Corp. (Canada) (a)	8,556

Pharmaceuticals — 6.0%
	73	Abbott Laboratories	4,026
	138	Bristol-Myers Squibb Co.	2,929
	260	Merck & Co., Inc.	9,852
	395	Pfizer, Inc.	8,275
	458	Schering-Plough Corp.	6,597
	122	Wyeth	5,099
			36,778

Real Estate Investment Trusts (REITs) — 1.2%
	17	Alexandria Real Estate Equities, Inc. (c)	1,595
	94	Apartment Investment & Management Co.	3,377
	25	Public Storage	2,171
			7,143

Road & Rail — 2.2%
	22	Burlington Northern Santa Fe Corp.	1,983
	169	Hertz Global Holdings, Inc. (a)	2,035
	171	Norfolk Southern Corp.	9,267

13,285

Semiconductors & Semiconductor Equipment — 0.5%
	128	Xilinx, Inc.	3,033

Software — 0.7%
	255	Symantec Corp. (a)	4,243

Specialty Retail — 0.5%
	135	Staples, Inc.	2,987

Thrifts & Mortgage Finance — 4.4%
	93	Doral Financial Corp. (a) (c)	1,883
	157	Fannie Mae	4,119
	620	Freddie Mac	15,691
	499	MGIC Investment Corp. (c)	5,258
			26,951

Tobacco — 1.3%
	112	Altria Group, Inc.	2,480
	112	Philip Morris International, Inc. (a)	5,650
			8,130
		Total Long-Term Investments
		(Cost $608,803)	609,346

Short-Term Investment — 1.0%

Investment Company — 1.0%
	6,159	JPMorgan Liquid Assets Money Market Fund,
		Institutional Class (b) (m)
		(Cost $6,159)	6,159

Principal Amount ($)

Investments of Cash Collateral for Securities on Loan — 3.4%

Certificate of Deposit — 0.2%
	1,250	Calyon, New York,
		FRN, 2.40%, 03/15/10	1,250

Corporate Notes — 1.0%
	1,000	Banque Federative du Credit Mutuel (France),
		FRN, 2.90%, 08/01/08	1,000
	2,000	BBVA US Senior SAU (Spain),
		FRN, 2.95%, 03/12/10	1,992
	739	HBOS Treasury Services plc (United Kingdom),
		FRN, 3.19%, 08/29/08	739
	1,000	Macquarie Bank Ltd. (Australia),
		FRN, 2.62%, 08/20/08	1,000
	1,500	Monumental Global Funding III,
		FRN, 3.14%, 05/24/10	1,469
			6,200

Repurchase Agreements — 2.0%
	3,978	Barclays Capital, 2.50%, dated 03/31/08, due 04/01/08, repurchase price
		$3,978, collateralized by U.S. Government Agency Mortgages	3,978
	4,000	Credit Suisse First Boston LLC, 3.01%, dated 03/31/08, due 04/01/08,
		repurchase price $4,000, collateralized by U.S. Government Agency
		Mortgages	4,000
	4,000	Lehman Brothers, Inc., 2.99%, dated 03/31/08, due 04/01/08, repurchase
		price $4,000, collateralized by U.S. Government Agency Mortgages	4,000
			11,978

Time Deposits — 0.2%
	750	Caisse Nationale des Caisses d'Espargne et de Prevoyance (France),
		3.10%, 04/01/08	750
	750	Ing Bank NV,
		3.60%, 04/01/08	750
			1,500
		Total Investments of Cash Collateral for Securities on Loan
		(Cost $20,967)	20,928

Total Investments — 103.9%
(Cost $635,929)	636,433

Liabilities in Excess of Other Assets — (3.9)% (23,799 )

NET ASSETS — 100.0% $ 612,634

Percentages indicated are based on net assets.

ABBREVIATIONS AND DEFINITIONS:

(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 JPMorgan Investment Advisors 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, and reverse repurchase agreements.
FRN	Floating Rate Note. The interest rate shown is the rate in effect as of March 31, 2008.

As of March 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	$	82,488
Aggregate gross unrealized depreciation		(81,984	)
Net unrealized appreciation/depreciation	$	504
Federal income tax cost of investments	$	635,929

JPMorgan Market Expansion Index Fund

Schedule of Portfolio Investments

As of March 31, 2008 (Unaudited)

(Amounts in thousands)

Shares Security Description Value ($)

Long-Term Investments — 98.6%

Common Stocks — 98.6%

Aerospace & Defense — 1.5%
	11	AAR Corp. (a) (c)		298
	10	Alliant Techsystems, Inc. (a)		1,021
	4	Applied Signal Technology, Inc.		51
	7	Cubic Corp.		212
	10	Curtiss-Wright Corp. (c)		409
	48	DRS Technologies, Inc.		2,783
	33	Esterline Technologies Corp. (a)		1,654
	21	GenCorp, Inc. (a) (c)		214
	23	Orbital Sciences Corp. (a) (c)		553
	20	Teledyne Technologies, Inc. (a) (c)		954
	12	Triumph Group, Inc. (c)		708
				8,857
Air Freight & Logistics — 0.1%
	11	Forward Air Corp. (c)		394
	14	Hub Group, Inc., Class A (a)		469
				863
Airlines — 0.3%
	16	Alaska Air Group, Inc. (a) (c)		304
	10	Frontier Airlines Holdings, Inc. (a) (c)		25
	11	Mesa Air Group, Inc. (a)		25
	77	SkyWest, Inc.		1,620
				1,974
Auto Components — 1.2%
	81	ArvinMeritor, Inc. (c)		1,017
	60	BorgWarner, Inc.		2,584
	5	Drew Industries, Inc. (a) (c)		112
	73	Gentex Corp.		1,255
	74	Lear Corp. (a)		1,917
	14	Modine Manufacturing Co. (c)		209
	12	Spartan Motors, Inc.		102
	5	Standard Motor Products, Inc.		28
	10	Superior Industries International, Inc. (c)		203
				7,427
Automobiles — 0.2%
	22	Fleetwood Enterprises, Inc. (a) (c)		102
	11	Monaco Coach Corp. (c)		105
	22	Thor Industries, Inc. (c)		664
	14	Winnebago Industries, Inc. (c)		233
				1,104
Beverages — 0.0% (g)
	4	Boston Beer Co., Inc., Class A (a) (c)		195
Biotechnology — 1.2%
	47	Alkermes, Inc. (a)		554
	25	ArQule, Inc. (a) (c)		106
	22	Cephalon, Inc. (a) (c)		1,387
	22	Cubist Pharmaceuticals, Inc. (a)		405
	12	LifeCell Corp. (a) (c)		517
	10	Martek Biosciences Corp. (a) (c)		296
	106	Millennium Pharmaceuticals, Inc. (a)		1,632
	10	Regeneron Pharmaceuticals, Inc. (a)		183
	24	Savient Pharmaceuticals, Inc. (a) (c)		482
	64	Vertex Pharmaceuticals, Inc. (a) (c)		1,521
				7,083
Building Products — 0.5%
	9	Apogee Enterprises, Inc.		143
	12	Gibraltar Industries, Inc. (c)		142
	11	Griffon Corp. (a)		93
	49	Lennox International, Inc.		1,779
	8	NCI Building Systems, Inc. (a) (c)		187
	15	Universal Forest Products, Inc. (c)		482
				2,826
Capital Markets — 1.3%
	47	Apollo Investment Corp. (c)		739
	57	Eaton Vance Corp.		1,740
	41	Investment Technology Group, Inc. (a)		1,900
	22	LaBranche & Co., Inc. (a)		95
	32	optionsXpress Holdings, Inc. (c)		655
	7	Piper Jaffray Cos. (a) (c)		229
	90	Raymond James Financial, Inc. (c)		2,071
	8	SEI Investments Co.		209
	9	SWS Group, Inc.		104
	9	TradeStation Group, Inc. (a)		79
				7,821
Chemicals — 3.2%
	10	A Schulman, Inc.		210
	27	Airgas, Inc.		1,222
	7	Arch Chemicals, Inc.		273
	19	CF Industries Holdings, Inc.		1,988
	11	Cytec Industries, Inc.		592
	19	Ferro Corp.		283
	-(h)	FMC Corp.		16
	14	Georgia Gulf Corp. (c)		98
	37	H.B. Fuller Co. (c)		763
	47	Lubrizol Corp.		2,585
	4	Material Sciences Corp. (a)		29
	16	Minerals Technologies, Inc. (c)		989
	6	NewMarket Corp. (c)		432
	97	Olin Corp. (c)		1,920
	39	OM Group, Inc. (a)		2,118
	29	Omnova Solutions, Inc. (a)		117
	2	Penford Corp.		42
	31	PolyOne Corp. (a)		197
	3	Quaker Chemical Corp.		85
	58	RPM International, Inc.		1,206
	26	Scotts Miracle-Gro Co. (The), Class A		854
	17	Sensient Technologies Corp. (c)		508
	59	Terra Industries, Inc. (a)		2,110
	9	Tronox, Inc., Class B		35
	14	Zep, Inc.		226
				18,898
Commercial Banks — 3.7%
	59	Associated Banc-Corp.		1,580
	13	Boston Private Financial Holdings, Inc. (c)		142
	12	Cascade Bancorp (c)		111
	45	Cathay General Bancorp (c)		928
	12	Central Pacific Financial Corp. (c)		224
	12	City National Corp.		571
	7	Columbia Banking System, Inc. (c)		156
	12	Community Bank System, Inc. (c)		294
	25	Cullen/Frost Bankers, Inc.		1,310
	75	East West Bancorp, Inc. (c)		1,334
	32	First Bancorp (c)		328
	29	First Commonwealth Financial Corp. (c)		334
	13	First Financial Bancorp (c)		178
	63	FirstMerit Corp.		1,309
	16	Frontier Financial Corp. (c)		281
	19	Glacier Bancorp, Inc. (c)		360
	16	Hanmi Financial Corp.		115
	8	Independent Bank Corp. (c)		81
	10	Irwin Financial Corp. (c)		54
	9	Nara Bancorp, Inc. (c)		118
	32	National Penn Bancshares, Inc. (c)		574
	26	Old National Bancorp (c)		475
	8	PrivateBancorp, Inc. (c)		241
	13	Prosperity Bancshares, Inc. (c)		365
	12	Provident Bankshares Corp. (c)		133
	12	Signature Bank (a)		303
	11	South Financial Group, Inc. (The) (c)		167
	8	Sterling Bancorp (c)		120
	21	Sterling Bancshares, Inc. (c)		209
	20	Sterling Financial Corp. (c)		309
	43	SVB Financial Group (a) (c)		1,874
	132	Synovus Financial Corp. (c)		1,462
	123	TCF Financial Corp.		2,202
	15	UCBH Holdings, Inc. (c)		113
	14	UMB Financial Corp. (c)		576
	24	Umpqua Holdings Corp. (c)		373
	17	United Bancshares, Inc. (c)		466
	15	United Community Banks, Inc. (c)		247
	24	Whitney Holding Corp. (c)		606
	27	Wilmington Trust Corp. (c)		841
	6	Wilshire Bancorp, Inc. (c)		48
	6	Wintrust Financial Corp. (c)		215
				21,727
Commercial Services & Supplies — 4.6%
	16	ABM Industries, Inc. (c)		362
	37	Administaff, Inc. (c)		862
	2	Angelica Corp.		39
	13	Bowne & Co., Inc.		205
	14	Brink's Co. (The)		966
	6	CDI Corp. (c)		158
	17	ChoicePoint, Inc. (a)		800
	5	Consolidated Graphics, Inc. (a)		258
	35	Copart, Inc. (a)		1,352
	48	Corporate Executive Board Co.		1,961
	49	Corrections Corp. of America (a)		1,361
	35	Deluxe Corp.		679
	26	Dun & Bradstreet Corp.		2,115
	9	G&K Services, Inc., Class A (c)		310
	13	Healthcare Services Group, Inc. (c)		275
	7	Heidrick & Struggles International, Inc. (c)		231
	52	Herman Miller, Inc.		1,281
	11	HNI Corp. (c)		300
	17	Interface, Inc., Class A		236
	13	Kelly Services, Inc., Class A (c)		272
	18	Korn/Ferry International (a)		303
	60	Manpower, Inc.		3,356
	14	Mobile Mini, Inc. (a)		264
	20	Navigant Consulting, Inc. (a) (c)		381
	10	On Assignment, Inc. (a)		64
	53	Republic Services, Inc.		1,540
	17	Rollins, Inc.		293
	9	School Specialty, Inc. (a) (c)		290
	20	Spherion Corp. (a)		125
	11	Standard Register Co. (The) (c)		89
	35	Stericycle, Inc. (a)		1,810
	17	TrueBlue, Inc. (a)		228
	39	United Stationers, Inc. (a) (c)		1,877
	8	Viad Corp. (c)		300
	8	Volt Information Sciences, Inc. (a) (c)		128
	37	Waste Connections, Inc. (a)		1,141
	17	Watson Wyatt Worldwide, Inc., Class A		957
				27,169
Communications Equipment — 1.7%
	151	3Com Corp. (a)		347
	47	ADC Telecommunications, Inc. (a) (c)		573
	227	Arris Group, Inc. (a)		1,323
	4	Bel Fuse, Inc., Class B		105
	7	Black Box Corp.		202
	16	Blue Coat Systems, Inc. (a)		364
	59	CommScope, Inc. (a)		2,055
	8	Comtech Telecommunications Corp. (a)		330
	10	Digi International, Inc. (a)		121
	13	Ditech Networks, Inc. (a) (c)		37
	14	Dycom Industries, Inc. (a) (c)		165
	58	Foundry Networks, Inc. (a) (c)		666
	24	Harmonic, Inc. (a)		179
	25	Harris Corp.		1,193
	13	NETGEAR, Inc. (a)		269
	13	Network Equipment Technologies, Inc. (a) (c)		82
	11	PC-Tel, Inc. (a)		74
	55	Plantronics, Inc. (c)		1,056
	18	Polycom, Inc. (a)		402
	18	Symmetricom, Inc. (a) (c)		64
	5	Tollgrade Communications, Inc. (a)		29
	9	ViaSat, Inc. (a)		186
				9,822
Computers & Peripherals — 1.3%
	44	Adaptec, Inc. (a) (c)		131
	16	Diebold, Inc.		588
	10	Hutchinson Technology, Inc. (a) (c)		162
	12	Imation Corp. (c)		282
	9	Intevac, Inc. (a)		113
	135	NCR Corp. (a)		3,080
	12	Novatel Wireless, Inc. (a) (c)		113
	40	Palm, Inc. (c)		200
	8	Stratasys, Inc. (a) (c)		148
	10	Synaptics, Inc. (a) (c)		229
	110	Western Digital Corp. (a)		2,963
				8,009
Construction & Engineering — 1.2%
	108	EMCOR Group, Inc. (a)		2,390
	9	Insituform Technologies, Inc. (a) (c)		121
	77	KBR, Inc.		2,123
	28	Shaw Group, Inc. (The) (a)		1,301
	40	URS Corp. (a)		1,294
				7,229
Construction Materials — 0.4%
	18	Headwaters, Inc. (a) (c)		231
	18	Martin Marietta Materials, Inc. (c)		1,888
				2,119
Consumer Finance — 0.1%
	11	Cash America International, Inc. (c)		411
	11	First Cash Financial Services, Inc. (a) (c)		115
	8	Rewards Network, Inc. (a)		37
	7	World Acceptance Corp. (a) (c)		231
				794
Containers & Packaging — 0.6%
	21	AptarGroup, Inc.		824
	5	Chesapeake Corp. (c)		24
	11	Myers Industries, Inc.		142
	11	Packaging Corp. of America		242
	53	Rock-Tenn Co., Class A		1,580
	32	Sonoco Products Co.		904
				3,716
Distributors — 0.0% (g)
	8	Audiovox Corp. (a) (c)		85
	11	Building Materials Holding Corp. (c)		49
				134
Diversified Consumer Services — 1.2%
	11	Bright Horizons Family Solutions, Inc. (a)		463
	8	Coinstar, Inc. (a) (c)		219
	5	CPI Corp. (c)		87
	32	DeVry, Inc.		1,346
	17	ITT Educational Services, Inc. (a) (c)		797
	13	Matthews International Corp., Class A		636
	7	Pre-Paid Legal Services, Inc. (a)		277
	29	Regis Corp.		793
	112	Service Corp. International		1,133
	39	Sotheby's		1,127
	9	Universal Technical Institute, Inc. (a) (c)		104
				6,982
Diversified Financial Services — 0.1%
	9	Financial Federal Corp. (c)		202
	6	Portfolio Recovery Associates, Inc. (c)		269
				471
Diversified Telecommunication Services — 0.2%
	99	Cincinnati Bell, Inc. (a)		422
	35	Fairpoint Communications, Inc.		313
	22	General Communication, Inc., Class A (a) (c)		138
				873
Electric Utilities — 0.8%
	7	Central Vermont Public Service Corp. (c)		158
	20	El Paso Electric Co. (a)		428
	21	Great Plains Energy, Inc. (c)		529
	44	Hawaiian Electric Industries, Inc. (c)		1,050
	26	Idacorp, Inc. (c)		838
	103	Sierra Pacific Resources		1,306
	10	UIL Holdings Corp. (c)		304
	14	UniSource Energy Corp.		310
				4,923
Electrical Equipment — 2.4%
	8	A.O. Smith Corp. (c)		259
	58	Acuity Brands, Inc.		2,499
	34	Ametek, Inc.		1,509
	46	Belden, Inc. (c)		1,617
	10	C&D Technology, Inc. (a) (c)		48
	48	Hubbell, Inc., Class B		2,099
	11	Magnetek, Inc. (a) (c)		38
	52	Regal-Beloit Corp. (c)		1,906
	29	Roper Industries, Inc.		1,738
	55	Thomas & Betts Corp. (a)		2,008
	16	Vicor Corp. (c)		195
	11	Woodward Governor Co. (c)		299
				14,215
Electronic Equipment & Instruments — 2.7%
	12	Agilysys, Inc. (c)		140
	96	Amphenol Corp., Class A		3,579
	29	Arrow Electronics, Inc. (a)		974
	96	Avnet, Inc. (a)		3,140
	25	Benchmark Electronics, Inc. (a)		445
	21	Brightpoint, Inc. (a)		177
	14	Checkpoint Systems, Inc. (a)		379
	18	Cognex Corp. (c)		388
	11	CTS Corp.		118
	9	Electro Scientific Industries, Inc. (a) (c)		149
	6	FARO Technologies, Inc. (a)		202
	19	Gerber Scientific, Inc. (a) (c)		168
	47	Ingram Micro, Inc. (a)		751
	21	Insight Enterprises, Inc. (a)		374
	5	Keithley Instruments, Inc. (c)		50
	35	KEMET Corp. (a) (c)		140
	8	Littelfuse, Inc. (a)		273
	8	LoJack Corp. (a) (c)		97
	7	Mercury Computer Systems, Inc. (a)		41
	12	Methode Electronics, Inc.		138
	8	MTS Systems Corp. (c)		261
	11	National Instruments Corp.		292
	16	Newport Corp. (a) (c)		177
	8	Park Electrochemical Corp.		216
	10	Photon Dynamics, Inc. (a)		103
	6	Planar Systems, Inc. (a)		23
	28	Plexus Corp. (a)		799
	7	Radisys Corp. (a) (c)		73
	7	Rogers Corp. (a)		227
	10	ScanSource, Inc. (a)		378
	7	SYNNEX Corp. (a)		142
	31	Tech Data Corp. (a)		1,012
	5	Technitrol, Inc. (c)		116
	17	TTM Technologies, Inc. (a)		192
	19	Vishay Intertechnology, Inc. (a)		175
	7	X-Rite, Inc. (a) (c)		41
				15,950
Energy Equipment & Services — 5.6%
	21	Atwood Oceanics, Inc. (a)		1,929
	9	Basic Energy Services, Inc. (a) (c)		197
	9	Bristow Group, Inc. (a) (c)		499
	4	Exterran Holdings, Inc. (a)		262
	47	FMC Technologies, Inc. (a)		2,697
	57	Grant Prideco, Inc. (a)		2,811
	4	Gulf Island Fabrication, Inc. (c)		125
	26	Helix Energy Solutions Group, Inc. (a)		824
	48	Helmerich & Payne, Inc.		2,250
	10	Hornbeck Offshore Services, Inc. (a) (c)		458
	29	ION Geophysical Corp. (a) (c)		405
	6	Lufkin Industries, Inc. (c)		373
	10	Matrix Service Co. (a)		167
	7	NATCO Group, Inc. (a)		329
	14	Oceaneering International, Inc. (a)		903
	142	Patterson-UTI Energy, Inc.		3,725
	20	Pioneer Drilling Co (a)		314
	93	Pride International, Inc. (a)		3,255
	20	SEACOR Holdings, Inc. (a)		1,692
	83	Superior Energy Services, Inc. (a)		3,294
	6	Superior Well Services, Inc. (a) (c)		140
	54	Tidewater, Inc.		2,949
	48	Unit Corp. (a)		2,693
	18	W-H Energy Services, Inc. (a) (c)		1,244
				33,535
Food & Staples Retailing — 0.7%
	7	Andersons, Inc. (c)		304
	11	BJ's Wholesale Club, Inc. (a)		385
	61	Casey's General Stores, Inc.		1,369
	22	Longs Drug Stores Corp.		949
	4	Nash Finch Co. (c)		132
	13	Performance Food Group Co. (a)		431
	5	Ruddick Corp. (c)		203
	9	Spartan Stores, Inc. (c)		180
				3,953
Food Products — 0.9%
	22	Corn Products International, Inc.		800
	15	Flowers Foods, Inc.		362
	15	Hain Celestial Group, Inc. (a) (c)		432
	27	Hormel Foods Corp.		1,129
	6	J&J Snack Foods Corp. (c)		157
	17	JM Smucker Co. (The)		879
	13	Lancaster Colony Corp.		526
	10	Lance, Inc. (c)		188
	4	Ralcorp Holdings, Inc. (a)		257
	6	Sanderson Farms, Inc. (c)		239
	11	Tootsie Roll Industries, Inc. (c)		285
	11	TreeHouse Foods, Inc. (a) (c)		244
				5,498
Gas Utilities — 2.4%
	39	AGL Resources, Inc.		1,344
	25	Atmos Energy Corp.		633
	42	Energen Corp.		2,628
	9	Equitable Resources, Inc.		517
	9	Laclede Group, Inc. (The) (c)		303
	38	National Fuel Gas Co.		1,807
	27	New Jersey Resources Corp.		838
	81	ONEOK, Inc.		3,624
	18	Piedmont Natural Gas Co. (c)		464
	12	South Jersey Industries, Inc.		405
	26	UGI Corp.		652
	29	WGL Holdings, Inc.		940
				14,155
Health Care Equipment & Supplies — 4.0%
	9	Abaxis, Inc. (a)		200
	4	Analogic Corp.		296
	4	ArthroCare Corp. (a) (c)		130
	20	Beckman Coulter, Inc.		1,304
	9	BioLase Technology, Inc. (a) (c)		27
	12	CONMED Corp. (a)		304
	22	Cooper Cos., Inc. (The) (c)		750
	9	CryoLife, Inc. (a) (c)		88
	9	Cyberonics, Inc. (a) (c)		128
	5	Datascope Corp. (c)		201
	85	Dentsply International, Inc.		3,274
	49	Edwards Lifesciences Corp. (a)		2,161
	27	Gen-Probe, Inc. (a)		1,301
	9	Greatbatch, Inc. (a) (c)		159
	24	Hillenbrand Industries, Inc.		1,146
	19	Hologic, Inc. (a)		1,062
	5	ICU Medical, Inc. (a) (c)		136
	5	IDEXX Laboratories, Inc. (a)		230
	17	Intuitive Surgical, Inc. (a)		5,487
	11	Invacare Corp. (c)		240
	4	Kensey Nash Corp. (a) (c)		130
	40	Kinetic Concepts, Inc. (a)		1,857
	5	Meridian Bioscience, Inc. (c)		180
	11	Merit Medical Systems, Inc. (a)		167
	5	Osteotech, Inc. (a)		24
	7	Palomar Medical Technologies, Inc. (a) (c)		108
	7	Possis Medical, Inc. (a) (c)		130
	36	STERIS Corp.		957
	6	SurModics, Inc. (a) (c)		257
	15	Symmetry Medical, Inc. (a)		252
	13	Theragenics Corp. (a)		53
	4	Vital Signs, Inc. (c)		217
	12	West Pharmaceutical Services, Inc. (c)		552
				23,508
Health Care Providers & Services — 3.6%
	4	Air Methods Corp. (a) (c)		180
	18	Amedisys, Inc. (a)		708
	11	AMERIGROUP Corp. (a)		290
	13	AMN Healthcare Services, Inc. (a)		204
	11	AmSurg Corp. (a)		265
	92	Apria Healthcare Group, Inc. (a) (c)		1,809
	18	Centene Corp. (a)		249
	22	Chemed Corp. (c)		915
	11	Cross Country Healthcare, Inc. (a) (c)		142
	10	Gentiva Health Services, Inc. (a)		209
	49	Health Net, Inc. (a)		1,504
	26	HealthExtras, Inc. (a)		643
	60	Henry Schein, Inc. (a)		3,435
	9	HMS Holdings Corp. (a)		247
	11	inVentiv Health, Inc. (a)		321
	66	Kindred Healthcare, Inc. (a)		1,439
	9	LCA-Vision, Inc. (c)		108
	6	LHC Group, Inc. (a)		97
	34	LifePoint Hospitals, Inc. (a)		941
	84	Lincare Holdings, Inc. (a)		2,348
	6	MedCath Corp. (a)		101
	8	Matria Healthcare, Inc. (a)		189
	5	Molina Healthcare, Inc. (a) (c)		120
	14	Odyssey HealthCare, Inc. (a) (c)		125
	67	Omnicare, Inc. (c)		1,215
	28	Owens & Minor, Inc. (c)		1,104
	14	Pediatrix Medical Group, Inc. (a)		943
	5	PharMerica Corp. (a) (c)		77
	3	Psychiatric Solutions, Inc. (a)		118
	6	RehabCare Group, Inc. (a)		85
	8	Res-Care, Inc. (a)		138
	28	Sunrise Senior Living, Inc. (a) (c)		634
	13	WellCare Health Plans, Inc. (a)		521
				21,424
Health Care Technology — 0.2%
	22	Cerner Corp. (a) (c)		837
	14	Omnicell, Inc. (a)		275
	17	Phase Forward, Inc. (a) (c)		288
				1,400
Hotels, Restaurants & Leisure — 1.7%
	41	Bob Evans Farms, Inc. (c)		1,135
	6	Buffalo Wild Wings, Inc. (a) (c)		154
	12	California Pizza Kitchen, Inc. (a) (c)		156
	57	CBRL Group, Inc. (c)		2,055
	13	Chipotle Mexican Grill, Inc., Class A (a) (c)		1,476
	5	IHOP Corp. (c)		262
	15	International Speedway Corp., Class A		599
	43	Jack in the Box, Inc. (a)		1,158
	8	Landry's Restaurants, Inc. (c)		133
	10	Marcus Corp. (c)		185
	4	Monarch Casino & Resort, Inc. (a)		75
	17	Multimedia Games, Inc. (a) (c)		90
	6	O'Charleys, Inc. (c)		72
	5	Panera Bread Co., Class A (a) (c)		203
	13	Papa John's International, Inc. (a)		324
	5	Peet's Coffee & Tea, Inc. (a) (c)		113
	10	PF Chang's China Bistro, Inc. (a) (c)		294
	7	Red Robin Gourmet Burgers, Inc. (a) (c)		257
	6	Ruth's Chris Steak House, Inc. (a) (c)		44
	14	Shuffle Master, Inc. (a) (c)		77
	38	Sonic Corp. (a) (c)		833
	9	Steak n Shake Co. (The) (a) (c)		72
	22	Texas Roadhouse, Inc., Class A (a) (c)		211
	26	Triarc Cos., Inc., Class B (c)		181
				10,159
Household Durables — 1.5%
	47	American Greetings Corp., Class A (c)		878
	4	Basset Furniture Industries, Inc.		48
	11	Blyth, Inc. (c)		213
	32	Champion Enterprises, Inc. (a) (c)		317
	11	Ethan Allen Interiors, Inc. (c)		326
	21	La-Z-Boy, Inc. (c)		174
	5	Libbey, Inc. (c)		83
	5	M/I Homes, Inc. (c)		85
	19	Mohawk Industries, Inc. (a) (c)		1,335
	2	National Presto Industries, Inc. (c)		118
	5	NVR, Inc. (a) (c)		3,136
	5	Russ Berrie & Co., Inc. (a) (c)		76
	3	Skyline Corp.		77
	20	Toll Brothers, Inc. (a)		470
	30	Tupperware Brands Corp.		1,170
	6	Universal Electronics, Inc. (a) (c)		139
				8,645
Household Products — 0.3%
	27	Central Garden and Pet Co., Class A (a) (c)		120
	18	Church & Dwight Co., Inc.		973
	4	Energizer Holdings, Inc. (a)		392
	22	Spectrum Brands, Inc. (a) (c)		103
	5	WD-40 Co. (c)		174
				1,762
Industrial Conglomerates — 0.3%
	5	Carlisle Cos., Inc.		176
	4	Standex International Corp.		94
	21	Teleflex, Inc.		988
	13	Tredegar Corp.		229
				1,487
Insurance — 3.6%
	90	American Financial Group, Inc.		2,303
	16	Arthur J. Gallagher & Co. (c)		369
	16	Commerce Group, Inc.		594
	26	Delphi Financial Group, Inc., Class A		767
	42	Everest Re Group Ltd. (Bermuda)		3,803
	72	Fidelity National Financial, Inc., Class A (c)		1,325
	28	First American Corp. (c)		955
	14	Hanover Insurance Group, Inc. (The)		577
	33	HCC Insurance Holdings, Inc.		754
	18	Horace Mann Educators Corp.		310
	8	Infinity Property & Casualty Corp.		347
	6	LandAmerica Financial Group, Inc. (c)		234
	5	Navigators Group, Inc. (a)		278
	37	Philadelphia Consolidated Holding Co. (a)		1,176
	10	Presidential Life Corp.		168
	20	Protective Life Corp.		808
	2	RLI Corp.		113
	6	Safety Insurance Group, Inc.		199
	1	SCPIE Holdings, Inc. (a)		39
	53	StanCorp Financial Group, Inc.		2,517
	7	Stewart Information Services Corp. (c)		210
	9	Tower Group, Inc. (c)		235
	7	United Fire & Casualty Co. (c)		262
	19	Unitrin, Inc. (c)		664
	87	W.R. Berkley Corp.		2,420
				21,427
Internet & Catalog Retail — 0.2%
	6	Blue Nile, Inc. (a) (c)		310
	19	NetFlix, Inc. (a) (c)		652
	10	PetMed Express, Inc. (a) (c)		107
	8	Stamps.com, Inc. (a) (c)		82
				1,151
Internet Software & Services — 0.5
	4	Bankrate, Inc. (a) (c)		199
	12	DealerTrack Holdings, Inc. (a)		236
	17	Digital River, Inc. (a) (c)		516
	11	InfoSpace, Inc. (c)		130
	20	j2 Global Communications, Inc. (a) (c)		451
	11	Knot, Inc. (The) (a) (c)		128
	12	Perficient, Inc. (a)		93
	25	United Online, Inc.		268
	37	ValueClick, Inc. (a)		640
	19	Websense, Inc. (a) (c)		350
				3,011
IT Services — 1.8%
	28	Acxiom Corp.		328
	27	Alliance Data Systems Corp. (a)		1,276
	87	Broadridge Financial Solutions, Inc.		1,534
	18	CACI International, Inc., Class A (a)		821
	21	CIBER, Inc. (a)		103
	56	CSG Systems International, Inc. (a)		638
	26	CyberSource Corp. (a)		376
	25	DST Systems, Inc. (a) (c)		1,626
	11	Gevity HR, Inc. (c)		94
	16	Global Payments, Inc.		657
	8	Hewitt Associates, Inc., Class A (a)		322
	8	Mantech International Corp., Class A (a)		368
	9	MAXIMUS, Inc. (c)		320
	33	Metavante Technologies, Inc. (a)		658
	18	MPS Group, Inc. (a)		214
	5	SI International, Inc. (a)		101
	38	SRA International, Inc., Class A (a)		921
	5	StarTek, Inc. (a)		45
	7	SYKES Enterprises, Inc. (a)		121
				10,523
Leisure Equipment & Products — 0.5%
	8	Arctic Cat, Inc. (c)		55
	45	Callaway Golf Co. (c)		664
	9	JAKKS Pacific, Inc. (a) (c)		245
	6	MarineMax, Inc. (a) (c)		78
	14	Nautilus, Inc. (c)		45
	41	Polaris Industries, Inc. (c)		1,696
	9	RC2 Corp. (a)		180
	9	Sturm Ruger & Co., Inc. (a) (c)		78
				3,041
Life Sciences Tools & Services — 1.7%
	8	Cambrex Corp. (c)		53
	31	Charles River Laboratories International, Inc. (a)		1,848
	24	Covance, Inc. (a)		2,028
	10	Enzo Biochem, Inc. (a) (c)		94
	38	Invitrogen Corp. (a)		3,238
	5	Kendle International, Inc. (a)		225
	27	Pharmaceutical Product Development, Inc.		1,136
	8	PharmaNet Development Group, Inc. (a) (c)		191
	10	Techne Corp. (a)		672
	14	Varian, Inc. (a)		800
				10,285
Machinery — 4.5%
	62	AGCO Corp. (a)		3,731
	13	Albany International Corp. (c)		480
	6	Astec Industries, Inc. (a)		251
	4	Cascade Corp. (c)		211
	34	Crane Co.		1,362
	8	EnPro Industries, Inc. (a) (c)		263
	18	Federal Signal Corp. (c)		253
	20	Flowserve Corp.		2,036
	61	Gardner Denver, Inc. (a)		2,260
	32	Harsco Corp.		1,773
	39	Joy Global, Inc.		2,564
	23	Kennametal, Inc.		685
	-(h)	Lincoln Electric Holdings, Inc.		1
	4	Lindsay Corp. (c)		416
	4	Lydall, Inc. (a)		51
	14	Mueller Industries, Inc.		390
	51	Oshkosh Truck Corp.		1,857
	31	Pentair, Inc.		994
	10	Robbins & Myers, Inc.		318
	24	SPX Corp.		2,486
	47	Timken Co.		1,395
	89	Trinity Industries, Inc. (c)		2,384
	11	Wabash National Corp.		103
	20	Watts Water Technologies, Inc., Class A (c)		565
				26,829
Marine — 0.3%
	33	Kirby Corp. (a)		1,889
Media — 0.8%
	4	4Kids Entertainment, Inc. (a) (c)		35
	7	AH Belo Corp., Class A (a)		81
	19	Arbitron, Inc.		810
	40	Harte-Hanks, Inc. (c)		546
	18	John Wiley & Sons, Inc., Class A		720
	16	Lee Enterprises, Inc. (c)		155
	27	Live Nation, Inc. (a) (c)		325
	9	Media General, Inc., Class A (c)		125
	33	Radio One, Inc., Class D (a) (c)		50
	50	Scholastic Corp. (a) (c)		1,513
	15	Valassis Communications, Inc. (a)		163
				4,523
Metals & Mining — 2.0%
	7	AM Castle & Co.		195
	8	AMCOL International Corp. (c)		251
	5	Brush Engineered Materials, Inc. (a)		119
	29	Carpenter Technology Corp.		1,639
	17	Century Aluminum Co. (a)		1,129
	3	Cleveland-Cliffs, Inc.		329
	47	Commercial Metals Co.		1,403
	14	Quanex Corp.		716
	39	Reliance Steel & Aluminum Co.		2,316
	84	Steel Dynamics, Inc.		2,767
	53	Worthington Industries, Inc. (c)		893
				11,757
Multi-Utilities — 3.1%
	52	Alliant Energy Corp.		1,833
	151	Aquila, Inc. (a)		483
	20	Avista Corp.		397
	5	CH Energy Group, Inc. (c)		209
	62	Energy East Corp.		1,501
	138	MDU Resources Group, Inc. (c)		3,391
	35	NSTAR		1,077
	24	OGE Energy Corp.		737
	127	PNM Resources, Inc. (c)		1,579
	45	Puget Energy, Inc.		1,155
	54	SCANA Corp.		1,971
	55	Vectren Corp.		1,463
	60	Wisconsin Energy Corp. (c)		2,627
				18,423
Multiline Retail — 0.5%
	24	99 Cents Only Stores (a) (c)		236
	53	Big Lots, Inc. (a) (c)		1,191
	45	Dollar Tree, Inc. (a)		1,240
	15	Fred's, Inc., Class A (c)		151
	12	Tuesday Morning Corp. (a) (c)		64
				2,882
Oil, Gas & Consumable Fuels — 4.2%
	5	Arch Coal, Inc.		197
	38	Cimarex Energy Co.		2,086
	106	Denbury Resources, Inc. (a)		3,035
	15	Encore Acquisition Co. (a)		588
	51	Frontier Oil Corp.		1,389
	38	Massey Energy Co. (c)		1,399
	41	Newfield Exploration Co. (a)		2,167
	-(h)	Noble Energy, Inc.		23
	15	Overseas Shipholding Group (c)		1,033
	10	Patriot Coal Corp. (a)		468
	7	Petroleum Development Corp. (a) (c)		458
	17	Petroquest Energy, Inc. (a)		297
	43	Pioneer Natural Resources Co.		2,118
	21	Plains Exploration & Production Co. (a)		1,098
	116	Southwestern Energy Co. (a)		3,895
	32	St. Mary Land & Exploration Co.		1,237
	22	Stone Energy Corp. (a)		1,126
	52	Swift Energy Co. (a) (c)		2,339
	20	Western Refining, Inc.		275
				25,228
Paper & Forest Products — 0.1%
	12	Buckeye Technologies, Inc. (a)		129
	4	Deltic Timber Corp.		218
	6	Neenah Paper, Inc. (c)		155
	5	Schweitzer-Mauduit International, Inc.		113
	18	Wausau Paper Corp. (c)		149
				764
Personal Products — 0.4%
	23	Alberto-Culver Co.		619
	8	Chattem, Inc. (a) (c)		498
	6	Mannatech, Inc. (c)		46
	32	NBTY, Inc. (a)		949
	4	USANA Health Sciences, Inc. (a) (c)		88
				2,200
Pharmaceuticals — 1.2%
	19	Alpharma, Inc., Class A (a) (c)		501
	117	Endo Pharmaceuticals Holdings, Inc. (a)		2,790
	83	Medicis Pharmaceutical Corp., Class A (c)		1,638
	7	Noven Pharmaceuticals, Inc. (a) (c)		67
	8	Par Pharmaceutical Cos., Inc. (a) (c)		145
	22	Perrigo Co.		827
	18	Salix Pharmaceuticals Ltd. (a)		114
	11	Sciele Pharma, Inc. (a) (c)		224
	33	Sepracor, Inc. (a)		653
	27	ViroPharma, Inc. (a) (c)		244
				7,203
Real Estate Investment Trusts (REITs) — 5.7%
	12	Acadia Realty Trust (c)		301
	13	Alexandria Real Estate Equities, Inc. (c)		1,162
	37	AMB Property Corp.		1,991
	26	BioMed Realty Trust, Inc. (c)		620
	20	BRE Properties, Inc. (c)		923
	22	Camden Property Trust		1,127
	18	Colonial Properties Trust (c)		441
	17	Cousins Properties, Inc. (c)		428
	3	Deerfield Capital Corp. (m)		4
	37	DiamondRock Hospitality Co.		469
	56	Duke Realty Corp.		1,286
	8	EastGroup Properties, Inc.		389
	11	Entertainment Properties Trust (c)		527
	15	Equity One, Inc. (c)		357
	9	Essex Property Trust, Inc. (c)		1,030
	25	Extra Space Storage, Inc. (c)		406
	22	Federal Realty Investment Trust (c)		1,699
	32	Health Care REIT, Inc. (c)		1,450
	22	Highwoods Properties, Inc.		689
	13	Home Properties, Inc.		638
	36	Hospitality Properties Trust		1,233
	21	Inland Real Estate Corp. (c) (m)		315
	13	Kilroy Realty Corp.		659
	11	Kite Realty Group Trust		161
	29	Lexington Realty Trust (c)		413
	35	Liberty Property Trust		1,092
	8	LTC Properties, Inc. (c)		200
	28	Macerich Co. (The)		1,967
	24	Mack-Cali Realty Corp.		868
	13	Medical Properties Trust, Inc. (c)		146
	9	Mid-America Apartment Communities, Inc. (c)		467
	21	National Retail Properties, Inc. (c)		464
	36	Nationwide Health Properties, Inc. (c)		1,220
	4	Parkway Properties, Inc. (c)		166
	15	Pennsylvania Real Estate Investment Trust (c)		372
	7	PS Business Parks, Inc.		342
	30	Rayonier, Inc.		1,296
	40	Realty Income Corp. (c)		1,025
	26	Regency Centers Corp.		1,714
	35	Senior Housing Properties Trust		833
	9	Sovran Self Storage, Inc.		384
	12	Tanger Factory Outlet Centers (c)		479
	55	UDR, Inc. (c)		1,341
	29	Weingarten Realty Investors (c)		983
				34,077
Real Estate Management & Development — 0.3%
	14	Forestar Real Estate Group, Inc. (a)		337
	15	Jones Lang LaSalle, Inc.		1,170
				1,507
Road & Rail — 1.6%
	8	Arkansas Best Corp. (c)		267
	64	Avis Budget Group, Inc. (a)		679
	44	Con-way, Inc.		2,158
	53	J.B. Hunt Transport Services, Inc.		1,675
	52	Kansas City Southern (a) (c)		2,089
	31	Landstar System, Inc.		1,613
	11	Old Dominion Freight Line, Inc. (a) (c)		359
	40	YRC Worldwide, Inc. (a)		525
				9,365
Semiconductors & Semiconductor Equipment — 2.7%
	9	Actel Corp. (a) (c)		137
	11	Advanced Energy Industries, Inc. (a)		141
	55	Axcelis Technologies, Inc. (a)		309
	27	Brooks Automation, Inc. (a) (c)		265
	10	Cabot Microelectronics Corp. (a) (c)		320
	7	Cohu, Inc.		111
	21	Cree, Inc. (a) (c)		583
	31	Cymer, Inc. (a) (c)		805
	12	Diodes, Inc. (a)		266
	12	DSP Group, Inc. (a)		154
	17	Exar Corp. (a) (c)		136
	50	Fairchild Semiconductor International, Inc. (a)		601
	89	International Rectifier Corp. (a)		1,921
	79	Intersil Corp., Class A		2,021
	28	Kopin Corp. (a)		74
	30	Kulicke & Soffa Industries, Inc. (a) (c)		143
	88	Lam Research Corp. (a)		3,374
	21	Micrel, Inc. (c)		198
	-(h)	ON Semiconductor Corp. (a)		-(h)
	13	Pericom Semiconductor Corp. (a)		197
	18	Photronics, Inc. (a)		174
	200	PMC-Sierra, Inc. (a) (c)		1,138
	209	RF Micro Devices, Inc. (a) (c)		557
	6	Rudolph Technologies, Inc. (a) (c)		57
	30	Semtech Corp. (a)		431
	94	SiRF Technology Holdings, Inc. (a) (c)		479
	40	Skyworks Solutions, Inc. (a)		289
	9	Standard Microsystems Corp. (a) (c)		250
	4	Supertex, Inc. (a) (c)		84
	52	TriQuint Semiconductor, Inc. (a)		262
	10	Ultratech, Inc. (a)		92
	12	Veeco Instruments, Inc. (a) (c)		207
				15,776
Software — 3.7%
	14	ACI Worldwide, Inc. (a) (c)		271
	137	Activision, Inc. (a)		3,743
	7	Ansoft Corp. (a)		211
	18	Blackbaud, Inc.		434
	180	Cadence Design Systems, Inc. (a)		1,920
	21	Captaris, Inc. (a)		95
	6	Catapult Communications Corp. (a)		29
	22	Epicor Software Corp. (a) (c)		244
	10	EPIQ Systems, Inc. (a) (c)		150
	22	Factset Research Systems, Inc. (c)		1,173
	29	Fair Isaac Corp. (c)		620
	35	Informatica Corp. (a) (c)		593
	42	Jack Henry & Associates, Inc. (c)		1,042
	12	JDA Software Group, Inc. (a)		213
	84	Macrovision Corp. (a) (c)		1,130
	13	Manhattan Associates, Inc. (a)		294
	69	McAfee, Inc. (a)		2,298
	31	Mentor Graphics Corp. (a)		274
	23	MICROS Systems, Inc. (a)		763
	22	Parametric Technology Corp. (a) (c)		356
	6	Phoenix Technologies Ltd. (a)		95
	17	Progress Software Corp. (a)		508
	6	Quality Systems, Inc. (c)		188
	11	Radiant Systems, Inc. (a) (c)		147
	14	Secure Computing Corp. (a)		87
	12	Smith Micro Software, Inc. (a) (c)		72
	9	Sonic Solutions, Inc. (a) (c)		89
	9	SPSS, Inc. (a)		341
	52	Sybase, Inc. (a) (c)		1,369
	118	Synopsys, Inc. (a)		2,679
	12	Take-Two Interactive Software, Inc. (a) (c)		297
	14	Tyler Technologies, Inc. (a)		194
	29	Wind River Systems, Inc. (a)		226
				22,145
Specialty Retail — 3.5%
	59	Advance Auto Parts, Inc.		2,023
	71	Aeropostale, Inc. (a)		1,936
	138	American Eagle Outfitters, Inc.		2,422
	72	AnnTaylor Stores Corp. (a)		1,735
	43	Barnes & Noble, Inc.		1,333
	9	Big 5 Sporting Goods Corp. (c)		80
	50	Borders Group, Inc. (c)		295
	28	Brown Shoe Co., Inc.		427
	12	Cato Corp. (The), Class A		183
	10	Charlotte Russe Holding, Inc. (a)		173
	9	Children's Place Retail Stores, Inc. (The) (a) (c)		220
	16	Christopher & Banks Corp. (c)		156
	89	Dress Barn, Inc. (a) (c)		1,148
	19	Finish Line, Inc., Class A		89
	82	Foot Locker, Inc.		960
	9	Genesco, Inc. (a)		218
	13	Group 1 Automotive, Inc. (c)		311
	19	Gymboree Corp. (a)		753
	7	Haverty Furniture Cos., Inc. (c)		79
	13	Hibbett Sports, Inc. (a) (c)		201
	18	Hot Topic, Inc. (a)		78
	6	Jo-Ann Stores, Inc. (a) (c)		94
	6	Jos. A. Bank Clothiers, Inc. (a) (c)		126
	6	Lithia Motors, Inc., Class A (c)		65
	32	Men's Wearhouse, Inc. (The)		752
	6	Midas, Inc. (a) (c)		106
	22	Pep Boys-Manny, Moe & Jack (The) (c)		219
	53	PetSmart, Inc.		1,088
	65	Rent-A-Center, Inc. (a)		1,197
	46	Ross Stores, Inc.		1,392
	21	Select Comfort Corp. (a) (c)		77
	10	Sonic Automotive, Inc., Class A (c)		211
	15	Stage Stores, Inc. (c)		242
	14	Stein Mart, Inc. (c)		77
	4	Tractor Supply Co. (a)		166
	9	Tween Brands, Inc. (a) (c)		232
	7	Zumiez, Inc. (a) (c)		111
				20,975
Textiles, Apparel & Luxury Goods — 1.5%
	4	Deckers Outdoor Corp. (a) (c)		482
	27	Fossil, Inc. (a)		811
	13	Hanesbrands, Inc. (a)		390
	50	Iconix Brand Group, Inc. (a) (c)		861
	12	K-Swiss, Inc., Class A (c)		182
	8	Maidenform Brands, Inc. (a)		127
	8	Movado Group, Inc.		159
	5	Oxford Industries, Inc.		112
	4	Perry Ellis International, Inc. (a)		97
	29	Phillips-Van Heusen Corp.		1,085
	17	Quiksilver, Inc. (a)		171
	10	Skechers U.S.A., Inc., Class A (a)		210
	6	UniFirst Corp. (c)		213
	6	Volcom Inc. (a) (c)		119
	58	Warnaco Group, Inc. (The) (a) (c)		2,280
	52	Wolverine World Wide, Inc.		1,518
				8,817
Thrifts & Mortgage Finance — 0.9%
	8	Anchor Bancorp Wisconsin, Inc. (c)		155
	20	Astoria Financial Corp.		544
	25	Bank Mutual Corp. (c)		270
	21	BankAtlantic Bancorp, Inc., Class A (c)		82
	12	BankUnited Financial Corp., Class A (c)		60
	21	Brookline Bancorp, Inc. (c)		239
	13	Corus Bankshares, Inc. (c)		127
	13	Dime Community Bancshares (c)		233
	5	FirstFed Financial Corp. (a) (c)		143
	14	Flagstar Bancorp, Inc. (c)		98
	10	Franklin Bank Corp. (a) (c)		29
	14	Guaranty Financial Group, Inc. (a) (c)		144
	31	IndyMac Bancorp, Inc. (c)		152
	113	New York Community Bancorp, Inc. (c)		2,054
	38	Radian Group, Inc. (c)		251
	5	Triad Guaranty, Inc. (a) (c)		24
	30	Trustco Bank Corp. (c)		270
	22	Washington Federal, Inc.		494
				5,369
Tobacco — 0.4%
	23	Alliance One International, Inc. (a)		139
	36	Universal Corp.		2,361
				2,500
Trading Companies & Distributors — 0.9%
	57	Applied Industrial Technologies, Inc.		1,692
	13	Fastenal Co. (c)		605
	26	GATX Corp.		1,033
	7	Kaman Corp. (c)		209
	3	Lawson Products, Inc.		87
	95	United Rentals, Inc. (a)		1,791
				5,417
Water Utilities — 0.0% (g)
	5	American States Water Co. (c)		189
Wireless Telecommunication Services — 0.3%
	40	Telephone & Data Systems, Inc. (c)		1,575
		Total Long-Term Investments
		(Cost $561,880)		585,555
Short-Term Investments — 1.7%
Investment Company — 1.6%
	9,299	JPMorgan Liquid Assets Money Market Fund, Institutional Class (b) (m)		9,299
		(Cost $9,299)
	Principal Amount ($)
U.S. Treasury Obligations — 0.1%
	230	1.43%, 06/12/08 (k) (n)		230
	350	1.57%, 06/05/08 (k) (n)		349
	55	1.80%, 05/29/08 (k) (n)		55
	50	2.16%, 05/08/08 (k) (n)		50
		(Cost $684)		684
		Total Short-Term Investments
		(Cost $9,983)		9,983
Investments of Cash Collateral for Securities on Loan — 18.8%
Certificates of Deposit — 0.7%
	3,999	Calyon, New York,
		FRN, 2.40%, 03/15/10		3,999
Corporate Notes — 8.6%
	5,000	Banque Federative Du Credit Mutuel (France),
		FRN, 2.90%, 08/01/08		5,000
	8,000	BBVA U.S. Senior SAU, (Spain)
		FRN, 2.95%, 03/12/10		7,967
	5,000	Caixa d'Estalvis de Catalunya (Spain),
		FRN, 3.04%, 06/30/08		4,996
	8,000	General Electric Capital Corp.,
		FRN, 2.40%, 03/12/10		7,904
	5,000	Goldman Sachs Group, Inc., (The),
		FRN, 3.12%, 02/13/09		5,000
	583	HBOS Treasury Services plc, (United Kingdom)
		FRN, 3.19%, 08/29/08		583
	5,050	Macquarie Bank Ltd. (Australia)
		FRN, 2.62%, 08/20/08		5,050
	5,000	Monumental Global Funding,
		FRN, 3.14%, 05/24/10		4,897
	2,500	Monumental Global Funding II,
		FRN, 2.40%, 03/26/10		2,500
		Pricoa Global Funding I,
	2,000	FRN, 2.41%, 12/15/09		2,000
	5,000	FRN, 2.65%, 09/26/08		5,000
				50,897
Repurchase Agreement — 7.2%
	96	Banc of America Securities LLC, 2.40%, dated 03/31/08, due 04/01/08, repurchase price $96, collateralized by U.S. Government Agency Mortgages		96
	5,793	Barclays Capital, Inc., 2.50%, dated 03/31/08, due 04/01/08, repurchase price $5,793 collateralized by U.S. Government Agency Mortgages		5,793
	17,023	Credit Suisse (USA) LLC, 3.01%, dated 03/31/08, due 04/01/08, repurchase price $17,024, collateralized by U.S. Government Agency Mortgages		17,023
	20,000	Lehman Brothers, Inc., 2.99%, dated 03/31/08, due 04/01/08, repurchase price $20,002, collateralized by U.S. Government Agency Mortgages		20,000
				42,912
Time Deposits — 2.3%
	4,000	Banco Santander S.A.,
		3.25%, 04/01/08		4,000
	3,000	Caisse Nationale des Caisses d'Epargne et de Prevoyance (France),
		3.10%, 04/01/08		3,000
	4,000	Dresdner Bank,
		3.50%, 04/01/08		4,000
	3,000	ING Bank NV, Seoul,
		3.60%, 04/01/08		3,000
				14,000
		Total Investments of Cash Collateral for Securities on Loan
		(Cost $112,044)		111,808
Total Investments — 119.1%
(Cost $683,907)				707,346
Liabilities in Excess of Other Assets — (19.1)%				(113,541	)
NET ASSETS — 100.0%			$	593,805

Percentages indicated are based on net assets.

Futures Contracts

(Amounts in thousands, except number of contracts)

NUMBER OF CONTRACTS	DESCRIPTION	EXPIRATION DATE		VALUE AT 03/31/2008		UNREALIZED (DEPRECIATION)
	Long Futures Outstanding
45	Mini Russell 2000 Index	June, 2008	$	3,105	$	(42	)
97	E-mini S&P Mid Cap 400	June, 2008		7,581		(30	)
					$	(72	)
ABBREVIATIONS AND DEFINITIONS:

(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 JPMorgan Investment Advisors Inc.
(c)	Security, or a portion of the security, has been delivered to a counterparty as part of a security lending transaction.
(g)	Amount rounds to less than 0.1%.
(h)	Amount rounds to less than one thousand (shares or dollars).
(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, and reverse repurchase agreements.
(n)	The rate shown is the effective yield at the date of purchase.
ADR	ADR American Depositary Receipt
FRN	Floating Rate Note. The interest rate shown is the rate in effect as of March 31, 2008.

As of March 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	$	87,139
Aggregate gross unrealized depreciation		(63,700	)
Net unrealized appreciation/depreciation	$	23,439

Federal income tax cost of investments $ 683,907

JPMorgan Multi-Cap Market Neutral Fund

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

SHARES		SECURITY DESCRIPTION	VALUE ($)
		Long Positions — 94.8% (j)
		Long-Term Investments — 89.6%
		Common Stocks — 89.6%
		Aerospace & Defense — 2.4%
	44	Boeing Co.		3,240
	65	DRS Technologies, Inc.		3,782
	29	Esterline Technologies Corp. (a)		1,480
	62	Goodrich Corp.		3,583
	34	L-3 Communications Holdings, Inc.		3,770
	36	Lockheed Martin Corp.		3,550
	50	Northrop Grumman Corp.		3,899
	11	Precision Castparts Corp.		1,137
	67	Raytheon Co.		4,323
				28,764
		Airlines — 0.3%
	61	Continental Airlines, Inc., Class B (a)		1,165
	1	SkyWest, Inc.		25
	40	U.S. Airways Group, Inc. (a)		358
	105	UAL Corp.		2,259
				3,807
		Auto Components — 1.1%
	174	American Axle & Manufacturing Holdings, Inc.		3,565
	213	Cooper Tire & Rubber Co.		3,184
	28	Goodyear Tire & Rubber Co. (The) (a)		714
	158	Lear Corp. (a)		4,089
	60	TRW Automotive Holdings Corp. (a)		1,394
				12,946
		Automobiles — 0.4%
	460	Ford Motor Co. (a)		2,633
	90	Thor Industries, Inc.		2,676
				5,309
		Beverages — 0.8%
	133	Coca-Cola Enterprises, Inc.		3,217
	56	Hansen Natural Corp. (a)		1,960
	112	Pepsi Bottling Group, Inc.		3,803
	34	PepsiAmericas, Inc.		880
				9,860
		Biotechnology — 0.6%
	103	Alkermes, Inc. (a)		1,229
	52	Amgen, Inc. (a)		2,165
	6	Amylin Pharmaceuticals, Inc. (a)		173
	27	Biogen Idec, Inc. (a)		1,639
	143	Medarex, Inc. (a)		1,263
	10	Onyx Pharmaceuticals, Inc. (a)		284
				6,753
		Building Products — 0.4%
	45	Lennox International, Inc.		1,623
	188	Masco Corp.		3,733
				5,356
		Capital Markets — 1.2%
	46	Allied Capital Corp.		855
	59	American Capital Strategies Ltd.		2,030
	22	Goldman Sachs Group, Inc. (The)		3,617
	80	Knight Capital Group, Inc., Class A (a)		1,304
	30	Lehman Brothers Holdings, Inc.		1,130
	38	Northern Trust Corp.		2,507
	38	State Street Corp.		3,016
				14,459
		Chemicals — 2.9%
	128	Celanese Corp., Class A		5,010
	18	CF Industries Holdings, Inc.		1,815
	7	Eastman Chemical Co.		452
	148	H.B. Fuller Co.		3,028
	38	Hercules, Inc.		698
	55	Lubrizol Corp.		3,071
	35	Minerals Technologies, Inc.		2,191
	21	Monsanto Co.		2,390
	202	Olin Corp.		3,987
	69	OM Group, Inc. (a)		3,769
	33	PPG Industries, Inc.		1,984
	93	Rockwood Holdings, Inc. (a)		3,041
	101	Terra Industries, Inc. (a)		3,581
				35,017
		Commercial Banks — 2.4%
	77	BB&T Corp.		2,464
	102	Cathay General Bancorp		2,116
	167	Citizens Republic Bancorp, Inc.		2,077
	153	East West Bancorp, Inc.		2,724
	158	FirstMerit Corp.		3,263

JPMorgan Multi-Cap Market Neutral Fund

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

SHARES		SECURITY DESCRIPTION	VALUE ($)
		Long-Term Investments — Continued
		Commercial Banks — Continued
	131	Regions Financial Corp.		2,588
	162	South Financial Group, Inc. (The)		2,411
	13	Susquehanna Bancshares, Inc.		256
	86	SVB Financial Group (a)		3,752
	18	U.S. Bancorp		575
	87	UCBH Holdings, Inc.		671
	106	Wachovia Corp.		2,871
	114	Wells Fargo & Co.		3,331
				29,099
		Commercial Services & Supplies — 2.5%
	87	Administaff, Inc.		2,052
	330	Allied Waste Industries, Inc. (a)		3,564
	9	Brink’s Co. (The)		629
	22	Copart, Inc. (a)		865
	34	Deluxe Corp.		652
	47	FTI Consulting, Inc. (a)		3,344
	98	Herman Miller, Inc.		2,405
	68	HNI Corp.		1,840
	126	IKON Office Solutions, Inc.		954
	60	Manpower, Inc.		3,364
	44	R.R. Donnelley & Sons Co.		1,323
	125	Steelcase, Inc.		1,383
	75	United Stationers, Inc. (a)		3,560
	77	Watson Wyatt Worldwide, Inc., Class A		4,387
				30,322
		Communications Equipment — 1.5%
	114	ADC Telecommunications, Inc. (a)		1,371
	330	Arris Group, Inc. (a)		1,920
	68	Avocent Corp. (a)		1,156
	126	Ciena Corp. (a)		3,881
	30	CommScope, Inc. (a)		1,054
	224	Foundry Networks, Inc. (a)		2,589
	38	Juniper Networks, Inc. (a)		954
	283	Nortel Networks Corp., (Canada) (a)		1,896
	108	Plantronics, Inc.		2,094
	178	Tellabs, Inc. (a)		972
				17,887
		Computers & Peripherals — 2.0%
	142	Emulex Corp. (a)		2,311
	76	Hewlett-Packard Co.		3,450
	75	Lexmark International, Inc., Class A (a)		2,312
	146	NCR Corp. (a)		3,327
	182	QLogic Corp. (a)		2,799
	185	Seagate Technology, (Cayman Islands)		3,883
	102	Sun Microsystems, Inc. (a)		1,578
	158	Western Digital Corp. (a)		4,284
				23,944
		Construction & Engineering — 0.6%
	159	EMCOR Group, Inc. (a)		3,523
	88	Perini Corp. (a)		3,183
	21	Shaw Group, Inc. (The) (a)		982
				7,688
		Consumer Finance — 0.7%
	44	American Express Co.		1,923
	28	Capital One Financial Corp.		1,360
	206	Discover Financial Services		3,367
	239	First Marblehead Corp. (The)		1,783
				8,433
		Containers & Packaging — 1.0%
	42	Ball Corp.		1,918
	69	Owens-Illinois, Inc. (a)		3,917
	133	Rock-Tenn Co., Class A		3,997
	85	Sonoco Products Co.		2,445
				12,277
		Diversified Consumer Services — 0.5%
	9	Apollo Group, Inc., Class A (a)		398
	95	DeVry, Inc.		3,977
	47	Weight Watchers International, Inc.		2,172
				6,547
		Diversified Financial Services — 0.2%
	153	CIT Group, Inc.		1,809
	46	Liberty Media Corp. - Capital, Class A (a)		719
				2,528
		Diversified Telecommunication Services — 0.7%
	4	AT&T, Inc.		165
	78	CenturyTel, Inc.		2,588

JPMorgan Multi-Cap Market Neutral Fund

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

SHARES		SECURITY DESCRIPTION	VALUE ($)
		Long-Term Investments — Continued
		Diversified Telecommunication Services — Continued
	282	Cincinnati Bell, Inc. (a)		1,203
	155	Cogent Communications Group, Inc. (a)		2,840
	43	Embarq Corp.		1,730
				8,526
		Electric Utilities — 1.4%
	5	Allete, Inc.		183
	220	Duke Energy Corp.		3,934
	71	Edison International		3,491
	50	FirstEnergy Corp.		3,453
	129	Pepco Holdings, Inc.		3,182
	125	Portland General Electric Co.		2,813
				17,056
		Electrical Equipment — 2.1%
	88	Acuity Brands, Inc.		3,763
	70	Belden, Inc.		2,479
	16	First Solar, Inc. (a)		3,616
	53	General Cable Corp. (a)		3,144
	134	GrafTech International Ltd. (a)		2,174
	86	Hubbell, Inc., Class B		3,778
	58	Regal-Beloit Corp.		2,107
	38	Rockwell Automation, Inc.		2,181
	42	Thomas & Betts Corp. (a)		1,532
				24,774
		Electronic Equipment & Instruments— 1.4%
	78	Arrow Electronics, Inc. (a)		2,641
	121	Avnet, Inc. (a)		3,961
	365	Celestica, Inc., (Canada) (a)		2,454
	82	Flextronics International Ltd., (Singapore) (a)		766
	190	Jabil Circuit, Inc.		1,801
	1,140	Sanmina-SCI Corp. (a)		1,847
	62	Tech Data Corp. (a)		2,035
	86	Vishay Intertechnology, Inc. (a)		779
				16,284
		Energy Equipment & Services — 3.8%
	32	Atwood Oceanics, Inc. (a)		2,931
	102	Complete Production Services, Inc. (a)		2,351
	68	ENSCO International, Inc.		4,267
	33	FMC Technologies, Inc. (a)		1,878
	488	Grey Wolf, Inc. (a)		3,310
	54	National Oilwell Varco, Inc. (a)		3,169
	77	Noble Corp.		3,816
	84	Oil States International, Inc. (a)		3,783
	184	Patterson-UTI Energy, Inc.		4,829
	61	Pride International, Inc. (a)		2,142
	56	Rowan Cos., Inc.		2,301
	11	SEACOR Holdings, Inc. (a)		934
	105	Superior Energy Services, Inc. (a)		4,176
	51	Tidewater, Inc.		2,819
	55	Unit Corp. (a)		3,132
				45,838
		Food & Staples Retailing — 0.8%
	64	BJ’s Wholesale Club, Inc. (a)		2,272
	105	Casey’s General Stores, Inc.		2,365
	72	Kroger Co. (The)		1,820
	99	SUPERVALU, Inc.		2,966
				9,423
		Food Products — 1.0%
	23	Bunge Ltd.		2,036
	21	Corn Products International, Inc.		779
	126	Del Monte Foods Co.		1,206
	151	Fresh Del Monte Produce, Inc., (Cayman Islands) (a)		5,495
	103	Pilgrim’s Pride Corp.		2,086
				11,602
		Gas Utilities — 0.7%
	55	Energen Corp.		3,399
	53	New Jersey Resources Corp.		1,643
	36	ONEOK, Inc.		1,613
	69	UGI Corp.		1,717
				8,372
		Health Care Equipment & Supplies — 0.8%
	19	Gen-Probe, Inc. (a)		906
	17	Intuitive Surgical, Inc. (a)		5,417
	74	Kinetic Concepts, Inc. (a)		3,441
				9,764
		Health Care Providers & Services— 3.5%
	37	Aetna, Inc.		1,561
	118	AMERIGROUP Corp. (a)		3,212
	81	AmerisourceBergen Corp.		3,314

JPMorgan Multi-Cap Market Neutral Fund

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

SHARES		SECURITY DESCRIPTION	VALUE ($)
		Long-Term Investments — Continued
		Health Care Providers & Services — Continued
	167	Apria Healthcare Group, Inc. (a)	3,291
	55	Chemed Corp.	2,313
	66	Cigna Corp.	2,666
	48	Coventry Health Care, Inc. (a)	1,946
	26	Express Scripts, Inc. (a)	1,695
	70	Health Net, Inc. (a)	2,169
	9	Healthspring, Inc. (a)	121
	60	Humana, Inc. (a)	2,690
	85	Kindred Healthcare, Inc. (a)	1,857
	61	Lincare Holdings, Inc. (a)	1,713
	82	Magellan Health Services, Inc. (a)	3,255
	52	Medco Health Solutions, Inc. (a)	2,271
	25	Owens & Minor, Inc.	973
	47	Psychiatric Solutions, Inc. (a)	1,601
	109	WellCare Health Plans, Inc. (a)	4,262
	19	WellPoint, Inc. (a)	838
			41,748
		Hotels, Restaurants & Leisure — 2.4%
	53	Bally Technologies, Inc. (a)	1,816
	105	Bob Evans Farms, Inc.	2,900
	23	Boyd Gaming Corp.	469
	132	CBRL Group, Inc.	4,722
	52	Choice Hotels International, Inc.	1,771
	23	Domino’s Pizza, Inc.	305
	133	Jack in the Box, Inc. (a)	3,575
	73	McDonald’s Corp.	4,089
	164	Wendy’s International, Inc.	3,789
	108	Wyndham Worldwide Corp.	2,233
	29	Wynn Resorts Ltd.	2,927
			28,596
		Household Durables — 2.0%
	172	American Greetings Corp., Class A	3,187
	50	Black & Decker Corp.	3,280
	53	Jarden Corp. (a)	1,157
	171	Leggett & Platt, Inc.	2,611
	7	NVR, Inc. (a)	3,978
	159	Tempur-Pedic International, Inc.	1,751
	111	Tupperware Brands Corp.	4,275
	45	Whirlpool Corp.	3,914
			24,153
		Household Products — 0.1%
	25	Church & Dwight Co., Inc.	1,340
		Independent Power Producers & Energy Traders — 0.2%
	91	Reliant Energy, Inc. (a)	2,159
		Industrial Conglomerates — 1.0%
	53	Teleflex, Inc.	2,521
	77	Textron, Inc.	4,262
	86	Tyco International Ltd., (Bermuda)	3,793
	19	Walter Industries, Inc.	1,217
			11,793
		Insurance — 5.6%
	45	ACE Ltd., (Bermuda)	2,493
	38	Allied World Assurance Co. Holdings Ltd., (Bermuda)	1,492
	147	American Financial Group, Inc.	3,765
	59	Arch Capital Group Ltd., (Bermuda) (a)	4,038
	122	Aspen Insurance Holdings Ltd., (Bermuda)	3,229
	64	Assurant, Inc.	3,897
	108	Assured Guaranty Ltd., (Bermuda)	2,559
	50	Chubb Corp.	2,478
	21	CNA Financial Corp.	545
	103	Endurance Specialty Holdings Ltd., (Bermuda)	3,781
	41	Hartford Financial Services Group, Inc.	3,079
	104	IPC Holdings Ltd., (Bermuda)	2,922
	112	Max Capital Group Ltd., (Bermuda)	2,930
	67	MetLife, Inc.	4,049
	155	Montpelier Re Holdings Ltd., (Bermuda)	2,486
	55	National Financial Partners Corp.	1,242
	7	Nationwide Financial Services, Inc.	318
	50	PartnerRe Ltd., (Bermuda)	3,837
	97	Phoenix Cos., Inc. (The)	1,185
	105	Platinum Underwriters Holdings Ltd., (Bermuda)	3,413
	68	RenaissanceRe Holdings Ltd., (Bermuda)	3,531
	29	Safeco Corp.	1,276
	42	StanCorp Financial Group, Inc.	1,990

JPMorgan Multi-Cap Market Neutral Fund

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

SHARES		SECURITY DESCRIPTION	VALUE ($)
		Long-Term Investments — Continued
		Insurance — Continued
	99	Unum Group	2,176
	89	W.R. Berkley Corp.	2,466
	85	XL Capital Ltd., Class A, (Bermuda)	2,522
			67,699
		Internet & Catalog Retail — 1.5%
	52	Amazon.com, Inc. (a)	3,710
	126	Expedia, Inc. (a)	2,756
	117	IAC/InterActive Corp. (a)	2,419
	73	Netflix, Inc. (a)	2,546
	128	NutriSystem, Inc. (a)	1,934
	38	priceline.com, Inc. (a)	4,562
			17,927
		Internet Software & Services — 0.3%
	84	Sohu.com, Inc., (China) (a)	3,793
		IT Services — 1.4%
	110	Accenture Ltd., Class A, (Bermuda)	3,868
	87	Automatic Data Processing, Inc.	3,698
	77	Computer Sciences Corp. (a)	3,159
	119	Electronic Data Systems Corp.	1,976
	76	Hewitt Associates, Inc., Class A (a)	3,035
	87	MPS Group, Inc. (a)	1,023
			16,759
		Leisure Equipment & Products — 0.8%
	105	Brunswick Corp.	1,678
	148	Hasbro, Inc.	4,118
	88	Polaris Industries, Inc.	3,598
			9,394
		Life Sciences Tools & Services — 1.0%
	120	Applera Corp. - Applied Biosystems Group	3,953
	42	Invitrogen Corp. (a)	3,622
	31	Thermo Fisher Scientific, Inc. (a)	1,787
	44	Varian, Inc. (a)	2,568
			11,930
		Machinery — 3.4%
	62	Actuant Corp., Class A	1,863
	66	AGCO Corp. (a)	3,982
	31	Briggs & Stratton Corp.	555
	61	Crane Co.	2,477
	51	Cummins, Inc.	2,390
	27	Deere & Co.	2,178
	18	Dover Corp.	736
	18	Eaton Corp.	1,446
	112	Gardner Denver, Inc. (a)	4,151
	74	Ingersoll-Rand Co. Ltd., Class A, (Bermuda)	3,287
	48	Kennametal, Inc.	1,400
	111	Manitowoc Co., Inc. (The)	4,529
	68	Oshkosh Corp.	2,459
	47	Parker-Hannifin Corp.	3,265
	12	SPX Corp.	1,235
	29	Terex Corp. (a)	1,806
	115	Trinity Industries, Inc.	3,072
			40,831
		Marine — 0.5%
	41	Genco Shipping & Trading Ltd.	2,338
	72	Kirby Corp. (a)	4,087
			6,425
		Media — 2.4%
	73	CBS Corp., Class B	1,607
	30	Central European Media Enterprises Ltd., (Bermuda) (a)	2,561
	131	DreamWorks Animation SKG, Inc., Class A (a)	3,385
	165	Idearc, Inc.	602
	93	Liberty Global, Inc., Class A (a)	3,181
	48	Liberty Media Corp. - Entertainment, Class A (a)	1,083
	54	Meredith Corp.	2,082
	86	Omnicom Group, Inc.	3,814
	158	Regal Entertainment Group, Class A	3,051
	23	RH Donnelley Corp. (a)	114
	112	Scholastic Corp. (a)	3,380
	97	Viacom, Inc., Class B (a)	3,857
			28,717
		Metals & Mining — 1.6%
	93	AK Steel Holding Corp.	5,065
	54	Carpenter Technology Corp.	3,025
	36	Freeport-McMoRan Copper & Gold, Inc.	3,485

JPMorgan Multi-Cap Market Neutral Fund

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

SHARES		SECURITY DESCRIPTION	VALUE ($)
		Long-Term Investments — Continued
		Metals & Mining — Continued
	75	Reliance Steel & Aluminum Co.	4,460
	170	Worthington Industries, Inc.	2,863
			18,898
		Multiline Retail — 0.9%
	165	Big Lots, Inc. (a)	3,686
	127	Dollar Tree, Inc. (a)	3,501
	132	Family Dollar Stores, Inc.	2,570
	9	J.C. Penney Co., Inc.	334
	31	Macy’s, Inc.	705
			10,796
		Multi-Utilities — 1.6%
	39	Alliant Energy Corp.	1,377
	219	CenterPoint Energy, Inc.	3,122
	239	CMS Energy Corp.	3,242
	57	Dominion Resources, Inc.	2,335
	82	MDU Resources Group, Inc.	2,008
	49	OGE Energy Corp.	1,540
	117	PNM Resources, Inc.	1,464
	17	Sempra Energy	913
	96	Vectren Corp.	2,578
			18,579
		Oil, Gas & Consumable Fuels — 4.3%
	77	Alon USA Energy, Inc.	1,173
	33	Apache Corp.	3,945
	16	ATP Oil & Gas Corp. (a)	519
	97	Comstock Resources, Inc. (a)	3,907
	36	ConocoPhillips	2,714
	29	Denbury Resources, Inc. (a)	825
	36	Devon Energy Corp.	3,769
	147	El Paso Corp.	2,438
	77	Frontline Ltd., (Bermuda)	3,546
	25	Mariner Energy, Inc. (a)	680
	91	Massey Energy Co.	3,321
	69	Noble Energy, Inc.	5,045
	54	Occidental Petroleum Corp.	3,938
	108	Quicksilver Resources, Inc. (a)	3,931
	43	Stone Energy Corp. (a)	2,257
	13	Sunoco, Inc.	679
	68	Swift Energy Co. (a)	3,061
	42	Valero Energy Corp.	2,048
	87	W&T Offshore, Inc.	2,977
	34	Williams Cos., Inc.	1,128
			51,901
		Paper & Forest Products — 0.2%
	272	Domtar Corp., (Canada) (a)	1,858
		Personal Products — 1.0%
	161	Alberto-Culver Co.	4,416
	100	Herbalife Ltd., (Cayman Islands)	4,763
	82	NBTY, Inc. (a)	2,461
			11,640
		Pharmaceuticals — 3.3%
	214	Biovail Corp., (Canada)	2,275
	167	Bristol-Myers Squibb Co.	3,557
	77	Eli Lilly & Co.	3,983
	166	Endo Pharmaceuticals Holdings, Inc. (a)	3,968
	89	Forest Laboratories, Inc. (a)	3,558
	365	King Pharmaceuticals, Inc. (a)	3,178
	176	Medicis Pharmaceutical Corp., Class A	3,466
	25	Merck & Co., Inc.	965
	148	Perrigo Co.	5,603
	159	Pfizer, Inc.	3,335
	13	Schering-Plough Corp.	188
	61	Sepracor, Inc. (a)	1,198
	128	Watson Pharmaceuticals, Inc. (a)	3,754
	17	Xenoport, Inc. (a)	681
			39,709
		Real Estate Investment Trusts (REITs) — 0.5%
	4	AvalonBay Communities, Inc.	403
	13	BRE Properties, Inc.	597
	181	CapitalSource, Inc.	1,754
	5	General Growth Properties, Inc.	208
	44	Liberty Property Trust	1,368
	16	Mack-Cali Realty Corp.	588
	3	Simon Property Group, Inc.	278
	7	Vornado Realty Trust	611
			5,807
		Road & Rail — 1.3%
	57	Con-way, Inc.	2,841
	70	CSX Corp.	3,898
	121	Hertz Global Holdings, Inc. (a)	1,464

JPMorgan Multi-Cap Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2008 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE ($)
		Long-Term Investments — Continued
		Road & Rail — Continued
	27	J.B. Hunt Transport Services, Inc.	839
	27	Norfolk Southern Corp.	1,492
	22	Ryder System, Inc.	1,325
	10	Union Pacific Corp.	1,197
	170	YRC Worldwide, Inc. (a)	2,225
			15,281
		Semiconductors & Semiconductor Equipment — 3.0%
	274	Amkor Technology, Inc. (a)	2,926
	28	Cree, Inc. (a)	773
	95	Cymer, Inc. (a)	2,480
	116	Entegris, Inc. (a)	836
	150	International Rectifier Corp. (a)	3,215
	100	Lam Research Corp. (a)	3,810
	45	MEMC Electronic Materials, Inc. (a)	3,218
	114	NVIDIA Corp. (a)	2,250
	503	ON Semiconductor Corp. (a)	2,855
	853	PMC-Sierra, Inc. (a)	4,861
	73	Sigma Designs, Inc. (a)	1,652
	419	Skyworks Solutions, Inc. (a)	3,051
	320	STMicroelectronics N.V., (Switzerland)	3,414
	87	Teradyne, Inc. (a)	1,077
			36,418
		Software — 3.1%
	29	Activision, Inc. (a)	798
	121	BMC Software, Inc. (a)	3,924
	139	CA, Inc.	3,134
	282	Cadence Design Systems, Inc. (a)	3,009
	484	Compuware Corp. (a)	3,554
	104	Microsoft Corp.	2,952
	665	Novell, Inc. (a)	4,184
	70	Oracle Corp. (a)	1,376
	139	Parametric Technology Corp. (a)	2,216
	128	Sybase, Inc. (a)	3,369
	242	Symantec Corp. (a)	4,020
	154	Synopsys, Inc. (a)	3,499
	19	VMware, Inc., Class A (a)	809
			36,844
		Specialty Retail — 4.2%
	41	Abercrombie & Fitch Co., Class A	2,994
	148	Aeropostale, Inc. (a)	4,005
	174	American Eagle Outfitters, Inc.	3,047
	99	AnnTaylor Stores Corp. (a)	2,402
	36	AutoZone, Inc. (a)	4,102
	86	Barnes & Noble, Inc.	2,624
	45	Bed Bath & Beyond, Inc. (a)	1,320
	78	Best Buy Co., Inc.	3,244
	154	Collective Brands, Inc. (a)	1,871
	259	Dress Barn, Inc. (a)	3,353
	56	GameStop Corp., Class A (a)	2,893
	24	Gap, Inc. (The)	473
	89	Men’s Wearhouse, Inc.	2,077
	139	OfficeMax, Inc.	2,669
	82	Penske Auto Group, Inc.	1,591
	215	RadioShack Corp.	3,501
	70	Rent-A-Center, Inc. (a)	1,292
	66	Sherwin-Williams Co. (The)	3,370
	70	Tiffany & Co.	2,942
	32	TJX Cos., Inc.	1,074
			50,844
		Textiles, Apparel & Luxury Goods — 2.1%
	153	Carter’s, Inc. (a)	2,471
	42	Columbia Sportswear Co.	1,870
	28	Deckers Outdoor Corp. (a)	3,072
	118	Fossil, Inc. (a)	3,598
	21	Iconix Brand Group, Inc. (a)	369
	143	Jones Apparel Group, Inc.	1,918
	53	Nike, Inc., Class B	3,578
	39	Phillips-Van Heusen Corp.	1,467
	15	Polo Ralph Lauren Corp.	894
	128	Warnaco Group, Inc. (The) (a)	5,066
	33	Wolverine World Wide, Inc.	960
			25,263
		Tobacco — 0.8%
	21	Loews Corp. - Carolina Group	1,514
	42	Reynolds American, Inc.	2,467
	79	Universal Corp.	5,149
			9,130
		Trading Companies & Distributors — 1.1%
	85	Applied Industrial Technologies, Inc.	2,537

JPMorgan Multi-Cap Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2008 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE ($)
		Long-Term Investments — Continued
		Trading Companies & Distributors — Continued
	85	GATX Corp.		3,308
	209	United Rentals, Inc. (a)		3,934
	76	WESCO International, Inc. (a)		2,788
				12,567
		Wireless Telecommunication Services — 0.3%
	55	MetroPCS Communications, Inc. (a)		942
	60	Telephone & Data Systems, Inc.		2,358
				3,300
		Total Long-Term Investments (Cost $1,100,196)		1,074,734
		Short-Term Investment — 5.2%
		Investment Company — 5.2%
	62,676	JPMorgan Liquid Assets Money
		Market Fund, Institutional Class (b) (m) (Cost $62,676)		62,676
		Total Investments — 94.8% (Cost $1,162,872)		1,137,410
		Other Assets in Excess of Liabilities — 5.2%		62,736
		NET ASSETS — 100.0%	$	1,200,146
		Short Positions — 89.8%
		Common Stocks — 89.8%
		Aerospace & Defense — 1.4%
	97	BE Aerospace, Inc. (a)		3,383
	24	Ceradyne, Inc. (a)		762
	39	DynCorp International, Inc., Class A (a)		645
	190	Hexcel Corp. (a)		3,638
	41	Moog, Inc., Class A (a)		1,729
	52	Rockwell Collins, Inc.		2,989
	152	Spirit Aerosystems Holdings, Inc., Class A (a)		3,372
				16,518
		Air Freight & Logistics — 0.6%
	25	CH Robinson Worldwide, Inc.		1,340
	88	Expeditors International of Washington, Inc.		3,992
	15	FedEx Corp.		1,401
	9	Hub Group, Inc., Class A (a)		280
				7,013
		Airlines — 0.2%
	418	Airtran Holdings, Inc. (a)		2,756
		Beverages — 0.9%
	66	Central European Distribution Corp. (a)		3,854
	58	Coca-Cola Co. (The)		3,529
	215	Constellation Brands, Inc., Class A (a)		3,799
				11,182
		Biotechnology — 1.2%
	13	Alnylam Pharmaceuticals, Inc. (a)		309
	39	BioMarin Pharmaceutical, Inc. (a)		1,390
	55	Cepheid, Inc. (a)		1,334
	37	Genentech, Inc. (a)		2,997
	92	ImClone Systems, Inc. (a)		3,894
	47	Isis Pharmaceuticals, Inc. (a)		666
	59	LifeCell Corp. (a)		2,487
	45	OSI Pharmaceuticals, Inc. (a)		1,684
				14,761
		Building Products — 0.3%
	213	Owens Corning, Inc. (a)		3,854
		Capital Markets — 1.3%
	65	Bank of New York Mellon Corp. (The)		2,699
	72	Cohen & Steers, Inc.		1,908
	33	FCStone Group, Inc. (a)		907
	213	Jefferies Group, Inc.		3,440
	52	Legg Mason, Inc.		2,914
	27	Merrill Lynch & Co., Inc.		1,081
	120	Raymond James Financial, Inc.		2,747
				15,696
		Chemicals — 2.0%
	24	Air Products & Chemicals, Inc.		2,226
	14	Airgas, Inc.		622
	86	Albemarle Corp.		3,133
	74	Cabot Corp.		2,078

JPMorgan Multi-Cap Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2008 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE ($)
		Short Positions — Continued
		Chemicals — Continued
	93	Ecolab, Inc.		4,030
	51	FMC Corp.		2,829
	57	International Flavors & Fragrances, Inc.		2,515
	41	Mosaic Co. (The) (a)		4,248
	103	Valspar Corp.		2,036
				23,717
		Commercial Banks — 2.4%
	80	Bank of Hawaii Corp.		3,948
	21	City National Corp.		1,040
	33	Commerce Bancshares, Inc.		1,393
	32	Cullen/Frost Bankers, Inc.		1,716
	180	First Horizon National Corp.		2,516
	111	First Midwest Bancorp, Inc.		3,077
	26	Hancock Holding Co.		1,100
	294	Huntington Bancshares, Inc.		3,160
	181	National City Corp.		1,800
	373	Popular, Inc., (Puerto Rico)		4,351
	17	Prosperity Bancshares, Inc.		486
	42	SunTrust Banks, Inc.		2,335
	104	Synovus Financial Corp.		1,145
	22	Wilmington Trust Corp.		682
				28,749
		Commercial Services & Supplies — 4.0%
	19	Advisory Board Co. (The) (a)		1,057
	63	Avery Dennison Corp.		3,106
	48	Cintas Corp.		1,361
	141	Corrections Corp. of America (a)		3,877
	163	Covanta Holding Corp. (a)		4,485
	122	Equifax, Inc.		4,213
	132	GEO Group, Inc. (The) (a)		3,740
	32	Huron Consulting Group, Inc. (a)		1,345
	59	IHS, Inc., Class A (a)		3,811
	43	Mine Safety Appliances Co.		1,761
	120	Pitney Bowes, Inc.		4,202
	115	Resources Connection, Inc.		2,062
	62	Stericycle, Inc. (a)		3,176
	94	TeleTech Holdings, Inc. (a)		2,106
	174	Tetra Tech, Inc. (a)		3,393
	88	Waste Connections, Inc. (a)		2,716
	39	Waste Management, Inc.		1,310
				47,721
		Communications Equipment — 0.9%
	93	Adtran, Inc.		1,728
	136	F5 Networks, Inc. (a)		2,477
	277	Motorola, Inc.		2,576
	16	QUALCOMM, Inc.		653
	949	Sonus Networks, Inc. (a)		3,265
				10,699
		Computers & Peripherals — 1.4%
	635	Brocade Communications Systems, Inc. (a)		4,633
	139	Dell, Inc. (a)		2,775
	120	Electronics for Imaging, Inc. (a)		1,793
	194	EMC Corp. (a)		2,784
	171	Intermec, Inc. (a)		3,787
	52	SanDisk Corp. (a)		1,183
				16,955
		Construction & Engineering — 1.1%
	70	Aecom Technology Corp. (a)		1,827
	57	Foster Wheeler Ltd. (a)		3,201
	25	KBR, Inc.		694
	190	Quanta Services, Inc. (a)		4,408
	89	URS Corp. (a)		2,915
				13,045
		Construction Materials — 1.3%
	111	Eagle Materials, Inc.		3,960
	31	Martin Marietta Materials, Inc.		3,297
	70	Texas Industries, Inc.		4,208
	53	Vulcan Materials Co.		3,541
				15,006
		Containers & Packaging — 1.0%
	56	AptarGroup, Inc.		2,182
	54	Bemis Co., Inc.		1,370
	83	Crown Holdings, Inc. (a)		2,085
	3	Greif, Inc., Class A		219
	90	Packaging Corp. of America		2,004
	126	Pactiv Corp. (a)		3,307
	16	Sealed Air Corp.		404
	22	Smurfit-Stone Container Corp. (a)		168
				11,739

JPMorgan Multi-Cap Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2008 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE ($)
		Short Positions — Continued
		Distributors — 0.6%
	50	Genuine Parts Co.		1,998
	207	LKQ Corp. (a)		4,641
				6,639
		Diversified Consumer Services — 0.3%
	144	Career Education Corp. (a)		1,832
	15	Strayer Education, Inc.		2,273
				4,105
		Diversified Financial Services — 1.5%
	108	Citigroup, Inc.		2,323
	31	IntercontinentalExchange, Inc. (a)		4,052
	94	Moody’s Corp.		3,279
	45	Nasdaq OMX Group (The) (a)		1,752
	27	Nymex Holdings, Inc.		2,468
	57	NYSE Euronext		3,520
				17,394
		Diversified Telecommunication Services — 0.5%
	269	Citizens Communications Co.		2,827
	1,572	Level 3 Communications, Inc. (a)		3,333
				6,160
		Electric Utilities — 2.1%
	66	Allegheny Energy, Inc.		3,345
	126	Cleco Corp.		2,801
	29	Entergy Corp.		3,209
	43	Exelon Corp.		3,458
	44	FPL Group, Inc.		2,792
	15	Idacorp, Inc.		470
	23	ITC Holdings Corp.		1,200
	127	Northeast Utilities		3,126
	25	PPL Corp.		1,162
	62	Southern Co. (The)		2,218
	85	Westar Energy, Inc.		1,942
				25,723
		Electrical Equipment — 0.7%
	79	Baldor Electric Co.		2,206
	41	Brady Corp., Class A		1,378
	137	Energy Conversion Devices, Inc. (a)		4,100
	20	Roper Industries, Inc.		1,167
				8,851
		Electronic Equipment & Instruments — 2.0%
	174	Benchmark Electronics, Inc. (a)		3,131
	221	Cogent, Inc. (a)		2,081
	97	Daktronics, Inc.		1,737
	56	Dolby Laboratories, Inc., Class A (a)		2,014
	138	FLIR Systems, Inc. (a)		4,157
	53	Itron, Inc. (a)		4,764
	101	Molex, Inc.		2,348
	142	Trimble Navigation Ltd. (a)		4,074
				24,306
		Energy Equipment & Services — 3.6%
	48	Baker Hughes, Inc.		3,304
	33	BJ Services Co.		939
	65	Cameron International Corp. (a)		2,692
	91	CARBO Ceramics, Inc.		3,664
	22	Diamond Offshore Drilling, Inc.		2,529
	67	Dril-Quip, Inc. (a)		3,105
	28	Exterran Holdings, Inc. (a)		1,779
	53	Helix Energy Solutions Group, Inc. (a)		1,655
	162	Hercules Offshore, Inc. (a)		4,065
	173	Nabors Industries Ltd., (Bermuda) (a)		5,830
	39	Schlumberger Ltd.		3,400
	270	Tetra Tech, Inc. (a)		4,275
	63	Weatherford International Ltd. (a)		4,535
	39	Willbros Group, Inc., (Panama) (a)		1,203
				42,975
		Food & Staples Retailing — 1.8%
	95	CVS/Caremark Corp.		3,832
	127	Great Atlantic & Pacific Tea Co., Inc. (a)		3,334
	1,243	Rite Aid Corp. (a)		3,656
	56	Ruddick Corp.		2,053
	141	United Natural Foods, Inc. (a)		2,645
	87	Walgreen Co.		3,309
	92	Whole Foods Market, Inc.		3,040
				21,869
		Food Products — 2.9%
	93	Archer-Daniels-Midland Co.		3,840
	119	Campbell Soup Co.		4,026
	175	Dean Foods Co.		3,522

JPMorgan Multi-Cap Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2008 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE ($)
		Short Positions — Continued
		Food Products — Continued
	101	Hershey Co. (The)		3,808
	129	Kraft Foods, Inc., Class A		4,005
	115	McCormick & Co., Inc. (Non-Voting)		4,251
	165	Smithfield Foods, Inc. (a)		4,246
	196	Tyson Foods, Inc., Class A		3,119
	61	Wm. Wrigley, Jr., Co.		3,824
				34,641
		Gas Utilities — 1.2%
	89	Equitable Resources, Inc.		5,270
	29	Nicor, Inc.		967
	47	Northwest Natural Gas Co.		2,062
	67	Piedmont Natural Gas Co.		1,763
	39	Questar Corp.		2,228
	42	Southern Union Co.		985
	54	Southwest Gas Corp.		1,516
				14,791
		Health Care Equipment & Supplies — 3.3%
	63	Advanced Medical Optics, Inc. (a)		1,277
	26	Alcon, Inc., (Switzerland)		3,659
	311	American Medical Systems Holdings, Inc. (a)		4,408
	36	Cooper Cos., Inc. (The)		1,247
	96	Covidien Ltd.		4,259
	58	Haemonetics Corp. (a)		3,485
	42	Hospira, Inc. (a)		1,779
	139	Immucor, Inc. (a)		2,962
	12	Integra LifeSciences Holdings Corp. (a)		511
	90	Inverness Medical Innovations, Inc. (a)		2,712
	51	Medtronic, Inc.		2,455
	53	Meridian Bioscience, Inc.		1,775
	78	NuVasive, Inc. (a)		2,684
	93	ResMed, Inc. (a)		3,916
	48	STERIS Corp.		1,275
	26	West Pharmaceutical Services, Inc.		1,130
				39,534
		Health Care Providers & Services — 2.6%
	144	Brookdale Senior Living, Inc.		3,432
	19	Cardinal Health, Inc.		1,007
	93	Community Health Systems, Inc. (a)		3,128
	44	DaVita, Inc. (a)		2,082
	82	Health Management Associates, Inc., Class A (a)		434
	74	Healthways, Inc. (a)		2,632
	144	Omnicare, Inc.		2,607
	124	Patterson Cos., Inc. (a)		4,483
	141	PSS World Medical, Inc. (a)		2,355
	59	Quest Diagnostics, Inc.		2,657
	70	Universal Health Services, Inc., Class B		3,779
	88	VCA Antech, Inc. (a)		2,417
				31,013
		Health Care Technology — 0.4%
	239	Allscripts Healthcare Solutions, Inc. (a)		2,468
	46	Cerner Corp. (a)		1,704
				4,172
		Hotels, Restaurants & Leisure — 3.0%
	78	Ameristar Casinos, Inc.		1,429
	213	Cheesecake Factory, Inc. (The) (a)		4,632
	80	Gaylord Entertainment Co. (a)		2,415
	26	Las Vegas Sands Corp. (a)		1,901
	78	Life Time Fitness, Inc. (a)		2,436
	53	MGM Mirage (a)		3,086
	65	Orient-Express Hotels Ltd., (Bermuda)		2,790
	65	Panera Bread Co., Class A (a)		2,706
	141	Pinnacle Entertainment, Inc. (a)		1,807
	173	Scientific Games Corp., Class A (a)		3,660
	204	Starbucks Corp. (a)		3,564
	68	Tim Hortons, Inc., (Canada)		2,324
	38	Vail Resorts, Inc. (a)		1,834
	31	WMS Industries, Inc. (a)		1,125
	2	Yum! Brands, Inc.		92
				35,801
		Household Durables — 2.3%
	191	Centex Corp.		4,623
	257	D.R. Horton, Inc.		4,049
	35	Fortune Brands, Inc.		2,421

JPMorgan Multi-Cap Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2008 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE ($)
		Short Positions — Continued
		Household Durables — Continued
	62	Harman International Industries, Inc.		2,688
	44	KB Home		1,083
	221	Lennar Corp., Class A		4,151
	105	MDC Holdings, Inc.		4,589
	69	Pulte Homes, Inc.		1,005
	133	Toll Brothers, Inc. (a)		3,113
				27,722
		Household Products — 0.5%
	42	Colgate-Palmolive Co.		3,273
	26	Energizer Holdings, Inc. (a)		2,317
				5,590
		Independent Power Producers & Energy Traders — 0.7%
	34	Constellation Energy Group, Inc.		2,970
	474	Dynegy, Inc., Class A (a)		3,743
	39	Ormat Technologies, Inc.		1,667
				8,380
		Industrial Conglomerates — 0.3%
	45	3M Co.		3,597
		Insurance — 3.8%
	62	Aflac, Inc.		4,039
	60	American International Group, Inc.		2,575
	94	Arthur J. Gallagher & Co.		2,212
	116	Brown & Brown, Inc.		2,023
	377	Conseco, Inc. (a)		3,842
	232	Fidelity National Financial, Inc., Class A		4,250
	97	First American Corp.		3,279
	68	Hilb, Rogal & Hobbs Co.		2,130
	16	Lincoln National Corp.		847
	4	Markel Corp. (a)		1,893
	176	Marsh & McLennan Cos., Inc.		4,292
	18	Mercury General Corp.		816
	43	Odyssey Re Holdings Corp.		1,589
	267	Old Republic International Corp.		3,452
	63	Principal Financial Group, Inc.		3,536
	242	Progressive Corp. (The)		3,895
	26	Zenith National Insurance Corp.		938
				45,608
		Internet & Catalog Retail — 0.4%
	262	Liberty Media Corp. - Interactive, Class A (a)		4,229
		Internet Software & Services — 1.3%
	115	Akamai Technologies, Inc. (a)		3,232
	239	CNET Networks, Inc. (a)		1,696
	65	DealerTrack Holdings, Inc. (a)		1,312
	102	Digital River, Inc. (a)		3,154
	40	Equinix, Inc. (a)		2,683
	1	Google, Inc., Class A (a)		637
	119	Omniture, Inc. (a)		2,768
				15,482
		IT Services — 2.2%
	36	DST Systems, Inc. (a)		2,347
	89	Euronet Worldwide, Inc. (a)		1,718
	79	Fidelity National Information Services, Inc.		3,030
	195	Gartner, Inc. (a)		3,776
	108	Iron Mountain, Inc. (a)		2,851
	196	Perot Systems Corp., Class A (a)		2,943
	118	Total System Services, Inc.		2,792
	164	VeriFone Holdings, Inc. (a)		2,607
	53	Western Union Co. (The)		1,117
	86	Wright Express Corp. (a)		2,630
				25,811
		Leisure Equipment & Products — 0.6%
	166	Eastman Kodak Co.		2,936
	121	Mattel, Inc.		2,411
	93	Pool Corp.		1,760
				7,107
		Life Sciences Tools & Services — 1.0%
	16	Covance, Inc. (a)		1,308
	8	Dionex Corp. (a)		615
	52	Millipore Corp. (a)		3,505
	25	PerkinElmer, Inc.		605
	75	Pharmaceutical Product Development, Inc.		3,123
	51	Waters Corp. (a)		2,865
				12,021
		Machinery — 4.1%
	18	Bucyrus International, Inc., Class A		1,844
	70	Clarcor, Inc.		2,500

JPMorgan Multi-Cap Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2008 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE ($)
		Short Positions — Continued
		Machinery — Continued
	32	Danaher Corp.		2,398
	99	Donaldson Co., Inc.		4,002
	118	ESCO Technologies, Inc. (a)		4,686
	116	Graco, Inc.		4,208
	128	IDEX Corp.		3,923
	32	ITT Corp.		1,673
	69	Joy Global, Inc.		4,486
	70	Kaydon Corp.		3,080
	35	Lincoln Electric Holdings, Inc.		2,267
	36	Nordson Corp.		1,932
	93	PACCAR, Inc.		4,182
	42	Valmont Industries, Inc.		3,710
	115	Wabtec Corp.		4,312
				49,203
		Marine — 0.2%
	68	Alexander & Baldwin, Inc.		2,916
		Media — 2.0%
	84	Arbitron, Inc.		3,612
	139	Discovery Holding Co., Class A (a)		2,950
	136	Interpublic Group of Companies, Inc. (The) (a)		1,143
	80	Lamar Advertising Co., Class A (a)		2,892
	164	Live Nation, Inc. (a)		1,985
	32	Morningstar, Inc. (a)		1,936
	39	News Corp., Class A		729
	1,205	Sirius Satellite Radio, Inc. (a)		3,446
	42	Time Warner, Inc.		593
	184	Virgin Media, Inc.		2,591
	13	Walt Disney Co. (The)		414
	3	Washington Post Co. (The), Class B		1,835
				24,126
		Metals & Mining — 0.4%
	28	Century Aluminum Co. (a)		1,863
	7	Cleveland-Cliffs, Inc.		853
	162	Titanium Metals Corp.		2,443
				5,159
		Multiline Retail — 1.4%
	236	Dillard’s, Inc., Class A		4,055
	61	Kohl’s Corp. (a)		2,625
	100	Nordstrom, Inc.		3,255
	192	Saks, Inc. (a)		2,389
	10	Sears Holdings Corp. (a)		1,063
	74	Target Corp.		3,745
				17,132
		Multi-Utilities — 0.7%
	71	Ameren Corp.		3,126
	96	Black Hills Corp.		3,449
	26	Integrys Energy Group, Inc.		1,190
				7,765
		Office Electronics — 0.2%
	73	Zebra Technologies Corp., Class A (a)		2,434
		Oil, Gas & Consumable Fuels — 5.3%
	143	Alpha Natural Resources, Inc. (a)		6,231
	6	Anadarko Petroleum Corp.		391
	90	Arch Coal, Inc.		3,931
	70	Arena Resources, Inc. (a)		2,695
	81	Bill Barrett Corp. (a)		3,812
	100	Cabot Oil & Gas Corp.		5,066
	137	Cheniere Energy, Inc. (a)		2,707
	54	Consol Energy, Inc.		3,745
	60	Continental Resources, Inc. (a)		1,914
	200	Delta Petroleum Corp. (a)		4,499
	30	Encore Acquisition Co. (a)		1,202
	238	EXCO Resources, Inc. (a)		4,400
	37	Forest Oil Corp. (a)		1,790
	19	Foundation Coal Holdings, Inc.		973
	18	Hess Corp.		1,545
	12	Holly Corp.		519
	14	Murphy Oil Corp.		1,137
	17	Newfield Exploration Co. (a)		921
	84	Peabody Energy Corp.		4,266
	14	Plains Exploration & Production Co. (a)		729
	11	Range Resources Corp.		728
	21	SandRidge Energy, Inc. (a)		804
	120	Spectra Energy Corp.		2,734
	65	Teekay Corp., (Bahamas)		2,749
	55	Tesoro Corp.		1,642
	29	Western Refining, Inc.		390

JPMorgan Multi-Cap Market Neutral Fund

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

SHARES		SECURITY DESCRIPTION	VALUE ($)
		Short Positions — Continued
		Oil, Gas & Consumable Fuels — Continued
	79	World Fuel Services Corp.		2,230
				63,750
		Paper & Forest Products — 0.4%
	274	Louisiana-Pacific Corp.		2,512
	35	MeadWestvaco Corp.		948
	16	Weyerhaeuser Co.		1,066
				4,526
		Personal Products — 0.3%
	91	Avon Products, Inc.		3,595
		Pharmaceuticals — 0.7%
	78	Auxilium Pharmaceuticals, Inc. (a)		2,079
	87	Barr Pharmaceuticals, Inc. (a)		4,181
	225	Mylan, Inc.		2,614
				8,874
		Real Estate Investment Trusts (REITs) — 0.6%
	17	Apartment Investment & Management Co.		595
	19	Brandywine Realty Trust		314
	32	CBL & Associates Properties, Inc.		758
	25	Cousins Properties, Inc.		613
	35	Douglas Emmett, Inc.		783
	62	Equity One, Inc.		1,493
	69	Potlatch Corp.		2,848
				7,404
		Road & Rail — 0.6%
	81	Avis Budget Group, Inc. (a)		861
	155	Heartland Express, Inc.		2,206
	244	Knight Transportation, Inc.		4,018
				7,085
		Semiconductors & Semiconductor Equipment — 3.8%
	597	Advanced Micro Devices, Inc. (a)		3,518
	185	Altera Corp.		3,416
	102	Analog Devices, Inc.		3,010
	157	Applied Materials, Inc.		3,061
	124	ATMI, Inc. (a)		3,438
	178	Cypress Semiconductor Corp. (a)		4,210
	156	FormFactor, Inc. (a)		2,970
	39	Hittite Microwave Corp. (a)		1,472
	29	Intel Corp.		618
	102	Microchip Technology, Inc.		3,335
	565	Micron Technology, Inc. (a)		3,375
	183	Microsemi Corp. (a)		4,163
	86	Novellus Systems, Inc. (a)		1,807
	255	Rambus, Inc. (a)		5,946
	225	SiRF Technology Holdings, Inc. (a)		1,147
				45,486
		Software — 3.0%
	41	Advent Software, Inc. (a)		1,758
	38	Amdocs Ltd., (United Kingdom) (a)		1,079
	114	ANSYS, Inc. (a)		3,939
	63	Blackbaud, Inc.		1,519
	63	Blackboard, Inc. (a)		2,112
	92	Concur Technologies, Inc. (a)		2,843
	93	Electronic Arts, Inc. (a)		4,633
	145	Intuit, Inc. (a)		3,916
	121	Net 1 UEPS Technologies Inc., (South Africa) (a)		2,726
	228	Nuance Communications, Inc. (a)		3,963
	143	Red Hat, Inc. (a)		2,632
	204	THQ, Inc. (a)		4,448
				35,568
		Specialty Retail — 2.6%
	98	Aaron Rents, Inc.		2,103
	115	Cabela’s, Inc. (a)		1,623
	232	CarMax, Inc. (a)		4,511
	417	Chico’s FAS, Inc. (a)		2,968
	832	Circuit City Stores, Inc.		3,312
	23	Dick’s Sporting Goods, Inc. (a)		622
	5	J Crew Group, Inc. (a)		223
	216	Limited Brands, Inc.		3,696
	65	Lowe’s Cos., Inc.		1,489
	285	Office Depot, Inc. (a)		3,146
	122	O’Reilly Automotive, Inc. (a)		3,486
	66	Pacific Sunwear of California, Inc. (a)		836
	95	Tractor Supply Co. (a)		3,748
				31,763
		Textiles, Apparel & Luxury Goods— 0.8%
	113	Liz Claiborne, Inc.		2,056

JPMorgan Multi-Cap Market Neutral Fund

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

SHARES		SECURITY DESCRIPTION	VALUE ($)
		Short Positions — Continued
		Textiles, Apparel & Luxury Goods — Continued
	377	Quiksilver, Inc. (a)		3,697
	182	Timberland Co., Class A (a)		2,499
	41	Under Armour, Inc., Class A (a)		1,496
				9,748
		Thrifts & Mortgage Finance — 1.6%
	91	Federal National Mortgage Association		2,403
	135	Freddie Mac		3,407
	145	MGIC Investment Corp.		1,528
	230	NewAlliance Bancshares, Inc.		2,826
	269	People’s United Financial, Inc.		4,661
	263	PMI Group, Inc. (The)		1,531
	251	Washington Mutual, Inc.		2,585
				18,941
		Tobacco — 0.1%
	15	Altria Group, Inc.		336
	15	Philip Morris International Inc. (a)		766
				1,102
		Trading Companies & Distributors — 0.5%
	116	Fastenal Co.		5,314
	27	Watsco, Inc.		1,113
				6,427
		Water Utilities — 0.2%
	156	Aqua America, Inc.		2,937
		Wireless Telecommunication Services — 0.7%
	103	American Tower Corp., Class A (a)		4,030
	70	Crown Castle International Corp. (a)		2,423
	62	NII Holdings, Inc. (a)		1,978
				8,431
		Total Short Positions (Proceeds $1,259,551)	$	1,077,304

Percentages indicated are based on net assets.

As of March 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	$	111,061
Aggregate gross unrealized depreciation		(136,523	)
Net unrealized appreciation/depreciation	$	(25,462	)
Federal income tax cost of investments	$	1,162,872

ABBREVIATIONS AND DEFINITIONS:
(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.
(j)	All or a portion of these securities are segregated for short sales.
(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, and reverse repurchase agreements.

JPMorgan Small Cap Growth Fund

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

SHARES	SECURITY DESCRIPTION	VALUE ($)
	Long Positions — 124.2% (j)
	Long-Term Investments — 97.2%
	Common Stocks — 97.2%
	Aerospace & Defense — 1.0%
93	HEICO Corp. (c)		4,541
	Air Freight & Logistics — 0.6%
145	UTI Worldwide, Inc., (United Kingdom)		2,917
	Biotechnology — 3.6%
186	BioMarin Pharmaceutical, Inc. (a) (c)		6,572
102	Myriad Genetics, Inc. (a) (c)		4,110
126	Theravance, Inc. (a) (c)		1,330
482	Third Wave Technologies, Inc. (a)		4,440
			16,452
	Capital Markets — 1.9%
39	Affiliated Managers Group, Inc. (a)		3,521
108	Investment Technology Group, Inc. (a)		4,976
			8,497
	Chemicals — 0.8%
165	Innospec, Inc., (United Kingdom)		3,508
	Commercial Banks — 0.4%
163	Bancorp, Inc. (The) (a) (c)		1,969
	Commercial Services & Supplies — 2.9%
80	FTI Consulting, Inc. (a)		5,701
190	GEO Group, Inc. (The) (a) (c)		5,397
134	Interface, Inc., Class A		1,882
			12,980
	Communications Equipment — 2.5%
303	Neutral Tandem, Inc. (a)		5,452
267	ViaSat, Inc. (a)		5,800
			11,252
	Computers & Peripherals — 0.3%
50	Synaptics, Inc. (a) (c)		1,196
	Construction Materials — 1.0%
132	Eagle Materials, Inc. (c)		4,678
	Distributors — 1.4%
274	LKQ Corp. (a)		6,166
	Diversified Consumer Services — 1.7%
66	American Public Education, Inc. (a)		2,018
508	INVESTools, Inc. (a) (c)		5,582
			7,600
	Diversified Financial Services — 1.2%
183	MSCI, Inc., Class A (a)		5,432
	Diversified Telecommunication Services — 1.4%
208	Cbeyond, Inc. (a)		3,913
121	Cogent Communications Group, Inc. (a) (c)		2,212
			6,125
	Electrical Equipment — 3.1%
197	EnerSys (a)		4,710
105	General Cable Corp. (a)		6,228
77	Powell Industries, Inc. (a)		3,035
			13,973
	Electronic Equipment & Instruments — 1.6%
161	FLIR Systems, Inc. (a)		4,843
138	IPG Photonics Corp. (a) (c)		2,170
			7,013
	Energy Equipment & Services — 4.8%
98	Exterran Holdings, Inc. (a)		6,328
73	Hornbeck Offshore Services, Inc. (a) (c)		3,316
98	Oceaneering International, Inc. (a)		6,199
85	W-H Energy Services, Inc., Class H (a)		5,880
			21,723
	Food & Staples Retailing — 1.4%
212	Susser Holdings Corp. (a)		3,973
124	United Natural Foods, Inc. (a) (c)		2,317
			6,290
	Food Products — 0.4%
389	SunOpta, Inc., (Canada) (a)		1,986
	Health Care Equipment & Supplies— 3.8%
115	Hologic, Inc. (a)		6,380
126	Masimo Corp. (a)		3,287
132	Meridian Bioscience, Inc.		4,423
215	Thoratec Corp. (a) (c)		3,072
			17,162
	Health Care Providers & Services — 4.7%
115	Chemed Corp.		4,872

JPMorgan Small Cap Growth Fund

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

SHARES	SECURITY DESCRIPTION	VALUE ($)
	Long-Term Investments — Continued
	Health Care Providers & Services — Continued
381	Gentiva Health Services, Inc. (a)		8,281
110	Healthways, Inc. (a) (c)		3,886
124	Psychiatric Solutions, Inc. (a) (c)		4,216
			21,255
	Health Care Technology — 3.1%
321	Allscripts Healthcare Solutions, Inc. (a) (c)		3,310
274	MedAssets, Inc. (a)		4,066
339	Omnicell, Inc. (a)		6,811
			14,187
	Hotels, Restaurants & Leisure — 4.2%
245	California Pizza Kitchen, Inc. (a) (c)		3,215
98	Gaylord Entertainment Co. (a) (c)		2,968
152	Red Robin Gourmet Burgers, Inc. (a) (c)		5,701
156	Sonic Corp. (a) (c)		3,443
96	WMS Industries, Inc. (a)		3,467
			18,794
	Household Durables — 1.1%
486	Champion Enterprises, Inc. (a) (c)		4,870
	Insurance — 2.3%
455	Castlepoint Holdings Ltd.,		4,423
	(Bermuda)
148	National Financial Partners Corp. (c)		3,321
50	ProAssurance Corp. (a)		2,699
			10,443
	Internet & Catalog Retail — 0.8%
262	FTD Group, Inc.		3,517
	Internet Software & Services — 4.2%
806	Art Technology Group, Inc. (a)		3,128
62	Bankrate, Inc. (a) (c)		3,076
149	DealerTrack Holdings, Inc. (a)		3,008
94	Digital River, Inc. (a) (c)		2,916
196	LoopNet, Inc. (a) (c)		2,485
419	Switch & Data Facilities Co., Inc. (a) (c)		4,277
			18,890
	IT Services — 1.7%
159	Syntel, Inc. (c)		4,229
226	VeriFone Holdings, Inc. (a) (c)		3,579
			7,808
	Leisure Equipment & Products — 0.8%
740	Smith & Wesson Holding Corp. (a) (c)		3,713
	Life Sciences Tools & Services — 5.7%
681	Enzo Biochem, Inc. (a) (c)		6,191
267	Exelixis, Inc. (a) (c)		1,853
117	Icon plc ADR, (Ireland) (a)		7,613
106	Illumina, Inc. (a)		8,030
152	Medivation, Inc. (a) (c)		2,166
			25,853
	Machinery — 3.0%
59	Bucyrus International, Inc., Class A		6,003
112	Kaydon Corp. (c)		4,907
403	TurboChef Technologies, Inc. (a) (c)		2,625
			13,535
	Marine — 0.3%
100	American Commercial Lines, Inc. (a) (c)		1,575
	Media — 0.7%
52	Morningstar, Inc. (a)		3,190
	Metals & Mining — 1.8%
24	Allegheny Technologies, Inc.		1,727
95	Century Aluminum Co. (a)		6,304
			8,031
	Oil, Gas & Consumable Fuels — 4.4%
110	Cabot Oil & Gas Corp.		5,570
86	Comstock Resources, Inc. (a)		3,478
162	Penn Virginia Corp.		7,160
137	World Fuel Services Corp. (c)		3,833
			20,041
	Pharmaceuticals — 1.0%
305	Sucampo Pharmaceuticals, Inc., Class A (a)		2,438
255	ViroPharma, Inc. (a) (c)		2,283
			4,721
	Real Estate Investment Trusts (REITs) — 0.5%
327	Resource Capital Corp. (c)		2,472

JPMorgan Small Cap Growth Fund

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

SHARES	SECURITY DESCRIPTION	VALUE ($)
	Long-Term Investments — Continued
	Road & Rail — 0.6%
80	Old Dominion Freight Line, Inc. (a) (c)		2,539
	Semiconductors & Semiconductor Equipment — 4.3%
334	Anadigics, Inc. (a) (c)		2,188
101	Diodes, Inc. (a) (c)		2,211
104	Hittite Microwave Corp. (a) (c)		3,875
225	Microsemi Corp. (a)		5,129
210	Tessera Technologies, Inc. (a) (c)		4,360
57	Varian Semiconductor Equipment Associates, Inc. (a)		1,610
			19,373
	Software — 7.3%
218	ANSYS, Inc. (a) (c)		7,519
224	Blackboard, Inc. (a)		7,466
484	Magma Design Automation, Inc. (a)		4,630
74	Netsuite, Inc. (a)		1,600
464	Nuance Communications, Inc. (a) (c)		8,070
190	Taleo Corp., Class A (a)		3,683
			32,968
	Specialty Retail — 3.4%
93	J Crew Group, Inc. (a)		4,103
60	Lululemon Athletica, Inc., (Canada) (a) (c)		1,714
331	Pacific Sunwear of California, Inc. (a) (c)		4,176
376	Ulta Salon Cosmetics & Fragrance, Inc. (a) (c)		5,273
			15,266
	Textiles, Apparel & Luxury Goods — 4.8%
457	American Apparel, Inc. (a)		4,321
61	Deckers Outdoor Corp. (a)		6,566
356	Iconix Brand Group, Inc. (a) (c)		6,170
199	Quiksilver, Inc. (a) (c)		1,956
69	Under Armour, Inc., Class A (a) (c)		2,522
			21,535
	Thrifts & Mortgage Finance — 0.7%
63	WSFS Financial Corp.		3,124
	Total Long-Term Investments (Cost $423,828)		439,160

SHARES
	Short-Term Investment — 2.6%
	Investment Company — 2.6%
12,046	JPMorgan Liquid Assets Money Market Fund, Institutional Class (b) (m) (Cost $12,046)	12,046

PRINCIPAL AMOUNT ($)	SECURITY DESCRIPTION	VALUE ($)
	Investments of Cash Collateral for Securities on Loan — 24.4%
	Certificates of Deposit — 1.9%
5,000	Bank of New York, FRN, 3.15%, 05/02/08		5,000
3,500	Calyon, New York, FRN, 2.40%, 03/15/10		3,499
			8,499
	Corporate Notes — 17.9%
7,000	Anglo Irish Bank Corp. plc (Ireland), FRN, 3.13%, 09/05/08		7,000
6,000	BBVA U.S. Senior SAU, (Spain), FRN, 2.95%, 03/12/10		5,975
7,000	Beta Finance, Inc., FRN, 2.38%, 02/20/09 (i) (s)		6,878
7,300	Caixa d’Estalvis de Catalunya, (Spain), FRN, 3.04%, 06/30/08		7,293
700	Citigroup Global Markets, Inc., FRN, 3.30%, 04/07/08 (i)		700
7,000	First Tennessee Bank N.A., FRN, 2.84%, 08/15/08		7,000
7,000	General Electric Capital Corp., FRN, 2.40%, 03/12/10		6,916
3,000	Goldman Sachs Group, Inc., FRN, 3.12%, 02/13/09		3,000
7,698	HBOS Treasury Services plc, (United Kingdom), FRN, 3.19%, 08/29/08		7,698
7,250	Metropolitan Life Global Funding I, FRN, 2.59%, 08/21/08		7,250
1,000	Monumental Global Funding III, FRN, 2.40%, 03/26/10		1,000
6,000	Monumental Global Funding III, FRN, 3.14%, 05/24/10		5,876
7,000	National Rural Utilities Cooperative Finance Corp., FRN, 3.12%, 09/04/08		7,000
2,000	Pricoa Global Funding I, FRN, 2.41%, 12/15/09		2,000

JPMorgan Small Cap Growth Fund

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

PRINCIPAL AMOUNT ($)	SECURITY DESCRIPTION	VALUE ($)
	Corporate Notes — Continued
5,000	Pricoa Global Funding I, FRN, 2.65%, 09/26/08		5,000
			80,586
	Repurchase Agreements — 1.2%
4,242	Credit Suisse First Boston LLC, 3.01%, dated 03/31/08, due 04/01/08, repurchase price $4,243, collateralized by U.S. Government Agency Mortgages		4,242
1,114	Lehman Brothers, Inc., 2.99%, dated 03/31/08, due 04/01/08, repurchase price $1,114, collateralized by U.S. Government Agency Mortgages		1,114
			5,356
	Time Deposits — 3.4%
4,000	Banco Santander SA (Spain), 3.25%, 04/01/08		4,000
2,000	Caisse Nationale des Caisses d’Epargne, (France), 3.10%, 04/01/08		2,000
3,800	Den Norske Bank, 3.30%, 04/01/08		3,800
4,000	Dresdner Bank, 3.50%, 04/01/08		4,000
2,000	ING Bank NV, Seoul, 3.60%, 04/01/08		2,000
			15,800
	Total Investments of Cash Collateral for Securities on Loan (Cost $110,601)		110,241
	Total Investments — 124.2% (Cost $546,475)		561,447
	Liabilities in Excess of Other Assets — (24.2)%		(109,533	)
	NET ASSETS — 100.0%	$	451,914

Percentages indicated are based on net assets.
As of March 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	$	70,495
Aggregate gross unrealized depreciation		(55,522	)
Net unrealized appreciation/depreciation	$	14,973
Federal income tax cost of investments	$	546,475

ABBREVIATIONS AND DEFINITIONS:
ADR	American Depositary Receipt
FRN	Floating Rate Note. The interest rate shown is the rate in effect as of March 31, 2008.

(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.
(c)	Security, or a portion of the security, has been delivered to a counterparty as part of a security lending transaction.
(i)	Security has been deemed illiquid pursuant to procedures approved by the Board of Trustees and may be difficult to sell.
(j)	All or a portion of these securities are segregated for short sales.
(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, and reverse repurchase agreements.
(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

JPMorgan Small Cap Value Fund

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

SHARES	SECURITY DESCRIPTION	VALUE ($)
	Long-Term Investments — 98.1%
	Common Stocks — 98.1%
	Aerospace & Defense — 1.3%
45	Cubic Corp.		1,288
284	Orbital Sciences Corp. (a) (c)		6,851
			8,139
	Air Freight & Logistics — 0.9%
30	Atlas Air Worldwide Holdings, Inc. (a)		1,667
245	Pacer International, Inc.		4,030
			5,697
	Airlines — 0.7%
203	Continental Airlines, Inc., Class B (a) (c)		3,909
213	ExpressJet Holdings, Inc. (a) (c)		560
			4,469
	Auto Components — 0.7%
214	ArvinMeritor, Inc. (c)		2,675
86	Modine Manufacturing Co.		1,246
147	Visteon Corp. (a) (c)		551
			4,472
	Biotechnology — 0.5%
35	Arena Pharmaceuticals, Inc. (a) (c)		236
92	Bionovo, Inc. (a) (c)		116
23	InterMune, Inc. (a) (c)		335
44	Keryx Biopharmaceuticals, Inc. (a) (c)		26
54	Protalix BioTherapeutics, Inc., (Israel) (a) (c)		143
26	Regeneron Pharmaceuticals, Inc. (a)		501
10	Rigel Pharmaceuticals, Inc. (a) (c)		185
31	Seattle Genetics, Inc. (a) (c)		285
26	Third Wave Technologies, Inc. (a)		243
14	United Therapeutics Corp. (a)		1,196
			3,266
	Capital Markets — 1.1%
30	Affiliated Managers Group, Inc. (a)		2,695
30	Federated Investors, Inc., Class B		1,175
67	Investment Technology Group, Inc. (a)		3,075
			6,945
	Chemicals — 4.3%
94	CF Industries Holdings, Inc.		9,751
14	GenTek, Inc. (a) (c)		418

108	Georgia Gulf Corp. (c)	748
207	H.B. Fuller Co.	4,227
67	Innophos Holdings, Inc. (c)	1,076
54	Sensient Technologies Corp. (c)	1,581
159	Spartech Corp. (c)	1,340
67	Stepan Co.	2,542
138	Terra Industries, Inc. (a) (c)	4,900
43	Zep, Inc.	698
		27,281
	Commercial Banks — 11.3%
63	1st Source Corp. (c)	1,332
35	AMCORE Financial, Inc. (c)	706
47	BancFirst Corp. (c)	2,156
140	Bank of Hawaii Corp.	6,923
43	Chemical Financial Corp. (c)	1,016
103	City Holding Co. (c)	4,110
141	Commerce Bancshares, Inc.	5,916
128	Community Bank System, Inc. (c)	3,131
70	Community Trust Bancorp, Inc. (c)	2,063
64	Cullen/Frost Bankers, Inc.	3,416
160	First Bancorp (c)	1,625
5	First Citizens BancShares, Inc., Class A	752
25	First Community Bancshares, Inc. (c)	903
14	First Financial Bankshares, Inc. (c)	557
14	First Merchants Corp.	400
22	First Regional Bancorp (a) (c)	366
31	First State Bancorp	412
235	FirstMerit Corp. (c)	4,855
1	Fulton Financial Corp.	14
14	Great Southern Bancorp, Inc. (c)	219
42	Heartland Financial USA, Inc. (c)	882
14	Horizon Financial Corp. (c)	198
62	Lakeland Bancorp, Inc. (c)	800
15	Lakeland Financial Corp. (c)	349
20	Old National Bancorp (c)	358
13	Old Second Bancorp, Inc. (c)	356
64	Pacific Capital Bancorp (c)	1,380
73	Provident Bankshares Corp. (c)	779
11	Santander BanCorp (c)	115
11	SCBT Financial Corp. (c)	376
59	Simmons First National Corp., Class A	1,751
30	Southwest Bancorp, Inc.	532

JPMorgan Small Cap Value Fund

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

SHARES	SECURITY DESCRIPTION	VALUE ($)
	Long-Term Investments — Continued
	Commercial Banks — Continued
13	StellarOne Corp.		221
10	Suffolk Bancorp (c)		320
47	Taylor Capital Group, Inc.		775
258	TCF Financial Corp.		4,625
21	Tompkins Financial Corp. (c)		1,029
211	UMB Financial Corp. (c)		8,710
60	Umpqua Holdings Corp. (c)		937
217	W Holding Co., Inc. (c)		258
93	Washington Trust Bancorp, Inc. (c)		2,298
33	Westamerica Bancorp (c)		1,731
119	Whitney Holding Corp. (c)		2,955
			72,607
	Commercial Services & Supplies — 2.1%
9	Amrep Corp. (c)		486
83	Compx International, Inc.		759
29	COMSYS IT Partners, Inc. (a)		247
205	Deluxe Corp.		3,940
89	HNI Corp. (c)		2,391
203	Standard Register Co. (The) (c)		1,578
191	Steelcase, Inc.		2,109
41	United Stationers, Inc. (a)		1,937
			13,447
	Communications Equipment — 1.0%
37	Bel Fuse, Inc., Class B (a)		1,038
84	Black Box Corp.		2,579
81	CommScope, Inc. (a)		2,828
54	UTStarcom, Inc. (a) (c)		153
			6,598
	Computers & Peripherals — 1.0%
245	Electronics for Imaging, Inc. (a)		3,657
103	Emulex Corp. (a)		1,671
52	Imation Corp. (c)		1,187
			6,515
	Construction & Engineering — 1.1%
249	EMCOR Group, Inc. (a)		5,524
58	Quanta Services, Inc. (a) (c)		1,332
			6,856
	Construction Materials — 0.1%
41	Headwaters, Inc. (a) (c)		543

	Consumer Finance — 1.8%
140	AmeriCredit Corp. (a) (c)	1,411
13	Credit Acceptance Corp. (a) (c)	201
140	Dollar Financial Corp. (a) (c)	3,222
210	World Acceptance Corp. (a) (c)	6,701
		11,535
	Containers & Packaging — 1.2%
326	Graphic Packaging Holding Co. (a)	950
143	Myers Industries, Inc.	1,878
95	Silgan Holdings, Inc.	4,725
51	Smurfit-Stone Container Corp. (a)	389
		7,942
	Diversified Consumer Services — 1.0%
150	Coinstar, Inc. (a)	4,210
77	Jackson Hewitt Tax Service, Inc. (c)	885
250	Stewart Enterprises, Inc., Class A (c)	1,606
		6,701
	Diversified Financial Services — 0.2%
52	Financial Federal Corp. (c)	1,141
3	Nasdaq OMX Group (The) (a)	96
		1,237
	Diversified Telecommunication Services —0.8%
53	CenturyTel, Inc.	1,745
250	Citizens Communications Co.	2,626
61	Consolidated Communications Holdings, Inc.	926
		5,297
	Electric Utilities — 0.8%
224	El Paso Electric Co. (a)	4,793
15	Great Plains Energy, Inc. (c)	365
		5,158
	Electrical Equipment — 0.9%
86	Acuity Brands, Inc. (c)	3,689
141	LSI Industries, Inc.	1,860
		5,549
	Electronic Equipment & Instruments — 2.9%
131	Agilysis, Inc. (c)	1,516
117	Cognex Corp. (c)	2,557
169	Coherent, Inc. (a)	4,725

JPMorgan Small Cap Value Fund

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

SHARES	SECURITY DESCRIPTION	VALUE ($)
	Long-Term Investments — Continued
	Electronic Equipment & Instruments — Continued
339	CTS Corp. (c)		3,626
154	Park Electrochemical Corp.		3,973
193	Sanmina-SCI Corp. (a)		312
60	Tech Data Corp. (a)		1,958
			18,667
	Energy Equipment & Services — 2.5%
99	Global Industries Ltd. (a)		1,588
313	Grey Wolf, Inc. (a) (c)		2,120
38	Gulfmark Offshore, Inc. (a) (c)		2,079
72	Helmerich & Payne, Inc.		3,356
14	Patterson-UTI Energy, Inc.		369
168	Trico Marine Services, Inc. (a)		6,559
			16,071
	Food & Staples Retailing — 1.0%
159	Nash Finch Co. (c)		5,393
34	Pantry, Inc. (The) (a) (c)		708
			6,101
	Gas Utilities — 1.3%
233	Nicor, Inc. (c)		7,794
19	ONEOK, Inc.		826
			8,620
	Health Care Equipment & Supplies — 1.6%
35	Datascope Corp.		1,442
178	Invacare Corp. (c)		3,955
13	Power Medical Interventions, Inc. (a) (c)		80
50	Quidel Corp. (a)		806
140	STERIS Corp.		3,756
			10,039
	Health Care Providers & Services — 1.6%
28	Chemed Corp. (c)		1,177
211	Gentiva Health Services, Inc. (a)		4,585
115	Magellan Health Services, Inc. (a)		4,557
			10,319
	Health Care Technology — 0.1%
26	MedAssets, Inc. (a)		388
	Hotels, Restaurants & Leisure — 0.9%
394	Denny’s Corp. (a)		1,174
52	Domino’s Pizza, Inc. (c)		707

147	Jack in the Box, Inc. (a)	3,939
		5,820
	Household Durables — 1.8%
239	American Greetings Corp., Class A (c)	4,424
67	Blyth, Inc.	1,325
149	Tupperware Brands Corp.	5,756
		11,505
	Industrial Conglomerates — 1.1%
179	Reddy Ice Holdings, Inc.	2,331
105	Teleflex, Inc.	5,029
		7,360
	Insurance — 7.3%
166	Alfa Corp.	3,657
20	Arch Capital Group Ltd., (Bermuda) (a)	1,367
123	Aspen Insurance Holdings Ltd., (Bermuda)	3,242
37	Axis Capital Holdings Ltd., (Bermuda)	1,257
408	Conseco, Inc. (a)	4,163
104	Crawford & Co., Class B (a) (c)	547
164	Delphi Financial Group, Inc., Class A	4,804
17	FBL Financial Group, Inc., Class A	493
182	Harleysville Group, Inc. (c)	6,554
249	Horace Mann Educators Corp.	4,356
68	LandAmerica Financial Group, Inc. (c)	2,672
77	Meadowbrook Insurance Group, Inc.	597
40	Odyssey Re Holdings Corp. (c)	1,463
86	Platinum Underwriters Holdings Ltd., (Bermuda)	2,795
44	ProAssurance Corp. (a)	2,352
77	Protective Life Corp.	3,103
25	RenaissanceRe Holdings Ltd., (Bermuda)	1,272
49	StanCorp Financial Group, Inc.	2,323
		47,017
	Internet Software & Services — 0.7%
284	SonicWALL, Inc. (a)	2,324

JPMorgan Small Cap Value Fund

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

SHARES	SECURITY DESCRIPTION	VALUE ($)
	Long-Term Investments — Continued
	Internet Software & Services — Continued
135	United Online, Inc.		1,423
40	Vignette Corp. (a)		534
			4,281
	IT Services — 1.2%
205	Acxiom Corp.		2,433
287	CSG Systems International, Inc. (a)		3,260
424	Unisys Corp. (a)		1,879
			7,572
	Leisure Equipment & Products — 1.5%
190	Hasbro, Inc.		5,312
122	JAKKS Pacific, Inc. (a)		3,350
94	Sturm Ruger & Co., Inc. (a) (c)		778
			9,440
	Life Sciences Tools & Services — 0.6%
94	Enzo Biochem, Inc. (a) (c)		858
103	Exelixis, Inc. (a) (c)		717
27	Illumina, Inc. (a) (c)		2,057
			3,632
	Machinery — 2.7%
18	Accuride Corp. (a) (c)		149
100	AGCO Corp. (a)		5,958
14	CIRCOR International, Inc.		647
10	Flowserve Corp.		1,044
51	FreightCar America, Inc. (c)		1,763
13	NACCO Industries, Inc., Class A		1,077
177	Wabtec Corp.		6,666
			17,304
	Media — 1.6%
30	AH Belo Corp., Class A (a)		338
148	Belo Corp., Class A		1,559
161	Cumulus Media, Inc., Class A (a) (c)		1,026
125	John Wiley & Sons, Inc., Class A		4,943
91	RCN Corp. (a)		1,021
140	Sinclair Broadcast Group, Inc., Class A (c)		1,249
206	Westwood One, Inc. (a) (c)		432
			10,568
	Metals & Mining — 2.1%
52	Cleveland-Cliffs, Inc.		6,219

57	Quanex Corp. (c)	2,957
64	Steel Dynamics, Inc.	2,121
116	Worthington Industries, Inc. (c)	1,950
		13,247
	Multiline Retail — 1.2%
311	Big Lots, Inc. (a) (c)	6,924
59	Saks, Inc. (a) (c)	736
		7,660
	Multi-Utilities — 3.0%
255	Avista Corp.	4,984
382	CenterPoint Energy, Inc.	5,447
46	NorthWestern Corp.	1,109
200	Puget Energy, Inc.	5,174
101	Vectren Corp.	2,720
		19,434
	Oil, Gas & Consumable Fuels — 3.8%
60	Energy Partners, Ltd. (a) (c)	572
26	General Maritime Corp. (c)	611
86	Harvest Natural Resources, Inc. (a) (c)	1,032
59	Holly Corp.	2,557
143	Mariner Energy, Inc. (a) (c)	3,859
123	Meridian Resource Corp. (a)	181
19	Overseas Shipholding Group, Inc. (c)	1,317
186	Stone Energy Corp. (a)	9,751
82	Swift Energy Co. (a)	3,676
162	USEC, Inc. (a) (c)	599
		24,155
	Paper & Forest Products — 0.8%
245	Buckeye Technologies, Inc. (a)	2,734
99	Neenah Paper, Inc. (c)	2,547
		5,281
	Personal Products — 0.4%
77	NBTY, Inc. (a)	2,306
	Pharmaceuticals — 0.6%
42	Alpharma, Inc., Class A (a) (c)	1,106
14	Auxilium Pharmaceuticals, Inc. (a) (c)	386
29	Barrier Therapeutics, Inc. (a)	97
30	Cypress Bioscience, Inc. (a) (c)	216

JPMorgan Small Cap Value Fund

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

SHARES	SECURITY DESCRIPTION	VALUE ($)
	Long-Term Investments — Continued
	Pharmaceuticals — Continued
43	Perrigo Co.		1,604
58	ULURU, Inc. (a)		129
48	ViroPharma, Inc. (a) (c)		425
			3,963
	Real Estate Investment Trusts (REITs) — 8.3%
122	Annaly Capital Management, Inc.		1,868
317	Anworth Mortgage Asset Corp.		1,940
106	Apartment Investment & Management Co.		3,802
28	Brandywine Realty Trust (c)		471
38	Cousins Properties, Inc. (c)		949
182	DiamondRock Hospitality Co.		2,308
77	Home Properties, Inc. (c)		3,690
38	Hospitality Properties Trust		1,276
60	LaSalle Hotel Properties (c)		1,732
63	Lexington Realty Trust (c)		904
151	LTC Properties, Inc.		3,892
419	MFA Mortgage Investments, Inc.		2,641
139	Mission West Properties (c)		1,314
9	Pennsylvania Real Estate Investment Trust (c)		212
107	PS Business Parks, Inc.		5,538
152	Ramco-Gershenson Properties Trust		3,209
87	Senior Housing Properties Trust		2,067
85	Strategic Hotels & Resorts, Inc. (c)		1,109
363	Sunstone Hotel Investors, Inc.		5,818
115	Taubman Centers, Inc.		5,976
65	Universal Health Realty IncomeTrust (c)		2,148
			52,864
	Road & Rail — 0.3%
43	Arkansas Best Corp. (c)		1,380
25	Saia, Inc. (a) (c)		398
			1,778
	Semiconductors & Semiconductor Equipment — 2.6%
450	Asyst Technologies, Inc. (a) (c)		1,576
166	Axcelis Technologies, Inc. (a)		930
517	Cirrus Logic, Inc. (a) (c)		3,472
66	Cohu, Inc. (c)		1,064
407	Credence Systems Corp. (a)		692

111	Fairchild Semiconductor International, Inc. (a)	1,324
27	Integrated Device Technology, Inc. (a)	237
412	Lattice Semiconductor Corp. (a)	1,170
88	Novellus Systems, Inc. (a)	1,859
122	OmniVision Technologies, Inc. (a) (c)	2,044
41	Semtech Corp. (a)	585
226	Silicon Storage Technology, Inc. (a) (c)	592
179	TriQuint Semiconductor, Inc. (a)	904
10	Zoran Corp. (a)	132
		16,581
	Software — 4.0%
71	Ansoft Corp. (a)	2,170
405	Aspen Technology, Inc. (a)	5,166
212	BMC Software, Inc. (a)	6,884
407	EPIQ Systems, Inc. (a) (c)	6,315
16	Fair Isaac Corp. (c)	353
100	Magma Design Automation, Inc. (a)	952
28	MicroStrategy, Inc., Class A (a)	2,050
42	Parametric Technology Corp. (a) (c)	668
28	Progress Software Corp. (a)	847
10	SPSS, Inc. (a)	388
		25,793
	Specialty Retail — 2.7%
72	Advance Auto Parts, Inc.	2,438
90	Barnes & Noble, Inc. (c)	2,743
285	Collective Brands, Inc. (a) (c)	3,452
266	CSK Auto Corp. (a) (c)	2,477
54	GameStop Corp., Class A (a)	2,787
199	Midas, Inc. (a)	3,421
		17,318
	Textiles, Apparel & Luxury Goods — 0.1%
23	Wolverine World Wide, Inc.	661
	Thrifts & Mortgage Finance — 2.7%
270	Astoria Financial Corp.	7,336
27	Centerline Holding Co. (c)	109

JPMorgan Small Cap Value Fund

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

SHARES	SECURITY DESCRIPTION	VALUE ($)
	Long-Term Investments — Continued
	Thrifts & Mortgage Finance — Continued
85	Corus Bankshares, Inc. (c)		830
152	Federal Agricultural Mortgage Corp., Class C (c)		3,965
15	First Financial Holdings, Inc. (c)		361
180	First Niagara Financial Group, Inc.		2,442
49	FirstFed Financial Corp. (a) (c)		1,330
32	United Community Financial Corp. (c)		199
14	WSFS Financial Corp.		710
			17,282
	Tobacco — 1.4%
644	Alliance One International, Inc. (a)		3,887
81	Universal Corp.		5,334
			9,221
	Trading Companies & Distributors — 0.7%
118	Applied Industrial Technologies, Inc.		3,540
145	BlueLinx Holdings, Inc. (a) (c)		738
			4,278
	Wireless Telecommunication Services — 0.2%
226	Centennial Communications Corp. (a)		1,337
	Total Long-Term Investments (Cost $619,798)		628,117
SHARES
	Short-Term Investments — 2.2%
	Investment Company — 1.9%
12,302	JPMorgan Liquid Assets Money
	Market Fund, Institutional Class (b) (m) (Cost $12,302)		12,302
NUMBER OF RIGHTS
	Rights — 0.0%
29	Centerline Holding Co. expiring 4/4/08 (c) (Cost $—)		—
PRINCIPAL AMOUNT($)
	U.S. Treasury Obligation — 0.3%
1,680	U.S. Treasury Note 4.63 %, 11/30/2008 (c) (k) (Cost $1,700)		1,716

PRINCIPAL AMOUNT ($)	SECURITY DESCRIPTION	VALUE ($)
	U.S. Treasury Obligation — Continued
	Total Short-Term Investments (Cost $14,002)		14,018
	Investments of Cash Collateral for Securities on Loan — 18.0%
	Certificate of Deposit — 0.8%
4,999	Calyon, New York, FRN, 2.40%, 03/15/10		4,999
	Corporate Notes — 12.7%
2,000	Allstate Life Global Funding Trusts, FRN, 2.68%, 08/27/08		2,000
9,000	BBVA U.S. Senior SAU, (Spain), FRN, 2.95%, 03/12/10		9,000
3,999	Beta Finance, Inc., FRN, 2.38%, 02/20/09 (i) (s)		3,930
500	Caixa d’Estalvis de Catalunya, (Spain), FRN, 3.04%, 06/30/08		500
2,000	Fifth Third Bancorp, FRN, 2.61%, 08/22/08		2,000
10,000	General Electric Capital Corp., FRN, 2.40%, 03/12/10		9,880
4,000	Goldman Sachs Group, Inc., FRN, 3.12%, 02/13/09		4,000
1,520	HBOS Treasury Services plc, (United Kingdom), FRN, 3.19%, 08/29/08		1,520
10,000	Macquarie Bank Ltd., (Australia), FRN, 2.62%, 08/20/08		10,000
8,500	Metropolitan Life Global Funding I, FRN, 2.59%, 08/21/08		8,500
500	Monumental Global Funding III, FRN, 2.40%, 03/26/10		492
10,050	Monumental Global Funding III, FRN, 3.14%, 05/24/10		9,842
5,000	Pricoa Global Funding I, FRN, 2.41%, 12/15/09		5,000
5,000	Pricoa Global Funding I, FRN, 2.65%, 09/26/08		5,000
10,000	Wachovia Bank N.A., FRN, 2.36%, 02/23/09		10,000
			81,664

JPMorgan Small Cap Value Fund

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

PRINCIPAL AMOUNT ($)	SECURITY DESCRIPTION	VALUE ($)
	Repurchase Agreements — 2.2%
4,950	Barclays Capital, Inc., 2.50%, dated 03/31/08, due 04/01/08, repurchase price $4,950, collateralized by U.S. Government Agency Mortgages		4,950
3,506	Credit Suisse First Boston LLC, 3.01%, dated 03/31/08, due 04/01/08, repurchase price $3,506, collateralized by U.S. Government Agency Mortgages		3,506
5,243	Lehman Brothers, Inc., 2.99%, dated 03/31/08, due 04/01/08, repurchase price $5,243, collateralized by U.S. Government Agency Mortgages		5,243
			13,699
	Time Deposits — 2.3%
4,000	Banco Santander SA (Spain), 3.25%, 04/01/08		4,000
2,000	Caisse Nationale des Caisses d’Epargne, (France), 3.10%, 04/01/08		2,000
3,000	Den Norske Bank, 3.30%, 04/01/08		3,000
4,000	Dresdner Bank, 3.50%, 04/01/08		4,000
2,000	ING Bank NV, Seoul, 3.60%, 04/01/08		2,000
			15,000
	Total Investments of Cash Collateral for Securities on Loan (Cost $115,767)		115,362
	Total Investments — 118.3% (Cost $749,567 )		757,497
	Liabilities in Excess of Other Assets — (18.3)%		(116,947	)
	NET ASSETS — 100.0%	$	640,550
Percentages indicated are based on net assets.

Futures Contracts (Amounts in thousands, except number of contracts)
NUMBER OF CONTRACTS	DESCRIPTION	EXPIRATION DATE		NOTIONAL VALUE AT3/31/08		UNREALIZED APPRECIATION (DEPRECIATION)
	Long Futures Outstanding
42	Russell 2000 Index	June, 2008	$	14,490	$	167

JPMorgan Small Cap Value Fund

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

As of March 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	$	99,770
Aggregate gross unrealized depreciation		(91,840	)
Net unrealized appreciation/depreciation	$	7,930
Federal income tax cost of investments	$	749,567

ABBREVIATIONS AND DEFINITIONS:
FRN	Floating Rate Note. The interest rate shown is the rate in effect as of March 31, 2008.
(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.
(c)	Security, or a portion of the security, has been delivered to a counterparty as part of a security lending transaction.
(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, and reverse repurchase agreements.
(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 the market conditions.

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 II

By: /s/____________________________________

George C. W. Gatch

President and Principal Executive Officer

May 27, 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

May 27, 2008

By: /s/____________________________________

Patricia A. Maleski

Principal Financial Officer

May 27, 2008