JP Morgan Fleming Mutual Fund NCSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number			811-08189

J.P. Morgan Fleming Mutual Fund Group, Inc.
(Exact name of registrant as specified in charter)

522 Fifth Avenue New York, NY					10036
(Address of principal executive offices)					(Zip code)

Stephen M. Benham 522 Fifth Avenue New York, NY 10036
(Name and address of agent for service)

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

Date of fiscal year end:	December 31, 2005

Date of reporting period:		January 1, 2005 to June 30, 2005

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. Section 3507.

ITEM 1. REPORTS TO STOCKHOLDERS.

The following is a copy of the report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1).

SEMI-ANNUAL REPORT
SIX MONTHS ENDED JUNE 30, 2005 (UNAUDITED)

JPMorgan Funds

U.S. Equity

Mid/Small Cap

Funds

Capital Growth Fund

Dynamic Small Cap Fund

Mid Cap Equity Fund

Mid Cap Growth Fund

Mid Cap Value Fund

Small Cap Core Fund

Small Cap Equity Fund

U.S. Small Company Fund

CONTENTS

President's Letter					1

Fund Characteristics:

Capital Growth Fund					3

Dynamic Small Cap Fund					5

Mid Cap Equity Fund					7

Mid Cap Growth Fund					9

Mid Cap Value Fund					11

Small Cap Core Fund					13

Small Cap Equity Fund					15

U.S. Small Company Fund					17

Schedules of Portfolio Investments					19

Financial Statements					64

Financial Highlights					84

Notes to Financial Statements					102

Trustees					116

Officers					118

Schedule of Shareholder Expenses					120

Highlights

• U.S. equities experienced sporadic volatility over the six-month period

• Interest-rate increases and rising oil prices were mainstays in economic news

• Investors felt more encouraged about the FOMC tightening cycle toward the end of the period

• Mid- and small-capitalization stocks were positive as opposed to their large-capitalization counterparts

Investments in a Fund are not bank deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. You could lose money if you sell when the Fund's share price is lower than when you invested.

Past performance is no guarantee for future performance. The general market views expressed in this report are opinions based on current market conditions and are subject to change without notice. These views are not intended to predict the future performance of a Fund or the securities markets. References to specific securities and their issuers are for illustrative purposes only and are not intended to be, and should not be interpreted as, recommendations to purchase or sell such securities. Such views are not meant as investment advice and may not be relied on as an indication of trading intent on behalf of any Fund.

Prospective investors should refer to the Fund's prospectus for a discussion of the Fund's investment objective, strategies and risks. Call JPMorgan Funds Service Center at (800) 480-4111 for a prospectus containing more complete information about a Fund, including management fees and other expenses. Please read it carefully before investing.

JPMorgan
U.S. Equity Mid and Small Cap Funds

PRESIDENT'S LETTER JULY 11, 2005

Dear Shareholder:

We are pleased to present this semi-annual report for the JPMorgan U.S. Equity Mid and Small Cap Funds. Inside, you'll find information detailing the performance of the Funds for the six months ended June 30, 2005.

Markets wrestle with intermittent volatility

U.S. equities experienced sporadic volatility over the period - particularly in the first quarter of 2005 - due primarily to concerns about inflation and economic growth. Even as employment gains, merger activity and corporate spending gained momentum, the challenges of increasing interest rates and rising oil prices seemed to loom in the background.

Interest-rate increases by the Federal Open Market Committee (FOMC), in particular, were a mainstay in economic news due to a relatively consistent schedule of 25-basis point (bp) hikes. This interest-rate activity became a source of great consternation for investors, as speculation abounded regarding its underlying catalyst - to keep inflation under control, to discourage speculative risk taking, etc. Furthermore, this environment of uncertainty was often underscored by mixed economic data. Meanwhile, oil prices garnered its share of attention, with the West Texas Intermediate (WTI) rising more than 39% over the past six months and the price per barrel exceeding $60 at times.

Encouragement, however, surfaced toward the end of the period, as investors felt hopeful that the FOMC would finish its tightening cycle earlier than expected due to signs of moderating growth and easing inflation pressures. Weakness in manufacturing was offset by strength in the economy's consumer and housing segments. In addition, employment news continued to improve at a slow but steady, incremental pace.

Index performance

The markets showed an erratic ebb and flow during the period. Major large-capitalization stock indexes were negative for the six-month period, with many small- and mid-capitalization stock indexes reporting positive returns. Mid-capitalization stocks were the clear winners, as the Russell Midcap Index returned 3.92%. In addition, small-capitalization stocks made modest gains, with the Russell 2500 Index up 1.24% for the period. Large-capitalization stocks disappointed, as indicated by the S&P 500 Index, which reported a negative 0.81% for the six-month period.

Outlook

As we enter the second half of 2005, the economy continues on a path of moderate expansion. The combined potency of rising labor costs and high commodity prices have emerged as potential obstacles to the economy's progress. However, the weakness in manufacturing appears to be showing signs of an impending rebound. Moreover, inflation reports have been much more benign than we expected. We believe that the FOMC will continue on its tightening cycle until evidence of a more decisive slowdown presents itself.

"As we enter the second half of 2005, the economy continues on a path of moderate expansion."

JPMorgan
U.S. Equity Mid and Small Cap Funds

CONTINUED

On behalf of us all at JPMorgan Asset Management, thank you for your business. We appreciate the trust you have placed in us, and look forward to serving your investment needs for many years to come. Should you have any questions, please feel free to contact the JPMorgan Funds Service Center at 1-800-480-4111.

Sincerely yours,

George C. W. Gatch

President
JPMorgan Funds

(Unaudited)

JPMorgan U.S. Equity Mid/Small Cap Funds2

JPMorgan
Capital Growth Fund

AS OF JUNE 30, 2005 (Unaudited)

FUND CHARACTERISTICS

FUND FACTS
Fund Inception	9/23/87
Fiscal Year End	December 31
Net Assets as of 6/30/2005 (In Millions)	$	714.2
Primary Benchmark	Russell Midcap Growth Index

COMPOSITION OF TOTAL NET ASSETS*

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO*
	1.	Amphenol Corp., Class A	1.9	%
	2.	Brunswick Corp.	1.8	%
	3.	NCR Corp.	1.6	%
	4.	Fisher Scientific International, Inc.	1.6	%
	5.	AmeriCredit Corp.	1.5	%
	6.	Manor Care, Inc.	1.5	%
	7.	International Speedway Corp., Class A	1.5	%
	8.	DaVita, Inc.	1.5	%
	9.	Royal Caribbean Cruises Ltd. (Liberia)	1.4	%
	10.	Medco Health Solutions, Inc.	1.4	%

Top 10 equity holdings comprised 15.7% of the Portfolio's Net Assets ($714,177 in thousands). As of June 30, 2005 the Fund held 107 equity holdings. Portfolio holdings are subject to change at any time.

* Percentages indicated are based on net assets as of June 30, 2005. The portfolio's composition is subject to change.

JPMorgan U.S. Equity Mid/Small Cap Funds3

JPMorgan
Capital Growth Fund

CONTINUED

(Unaudited)

	TOTAL RETURNS AS OF JUNE 30, 2005			AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2005
	6 MONTHS			1 YEAR			5 YEARS			10 YEARS
CLASS A SHARES
Without Sales Charge		2.34	%		10.14	%		3.74	%		9.69	%
With Sales Charge*		(3.03	%)		4.35	%		2.63	%		9.11	%
CLASS B SHARES
Without CDSC		2.10	%		9.59	%		3.23	%		9.26	%
With CDSC**		(2.90	%)		4.81	%		2.93	%		9.26	%
CLASS C SHARES
Without CDSC		2.13	%		9.58	%		3.19	%		9.05	%
With CDSC***		1.10	%		8.63	%		3.19	%		9.05	%
SELECT CLASS SHARES		2.50	%		10.51	%		4.25	%		10.14	%

* Sales charge for class A shares is 5.25%.

** Assumes 5% CDSC (contingent deferred sales charge) for the one year period, 3% CDSC for the three year period, 2% CDSC for the five year period and 0% CDSC for the ten year period.

*** Assumes a 1% CDSC for the one year period and 0% CDSC thereafter.

TEN YEAR PERFORMANCE (06/30/95 TO 06/30/05)

Source: Lipper, Inc. The performance quoted is past performance and is not a guarantee of future results. Mututal funds are subject to certain market risk. Investment returns and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111.

The Fund commenced operations on 9/23/87.

Returns for the Select Class Shares prior to 1/25/96 (offering date of the Select Class Shares) are calculated using the historical expenses of the Class A Shares, which are higher than the expenses of the Select Shares.

Returns for the Class C Shares prior to 1/2/98 (offering date of the Class C Shares) are calculated using the historical expenses of the Class A Shares, which are lower than the expenses of the Class C Shares.

The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan Capital Growth Fund, Russell MidCap Growth Index, and Lipper Mid-Cap Growth Funds Index from June 30, 1995 to June 30, 2005. The performance of the Fund assumes reinvestment of all dividends and capital gains and includes a sales charge. The performance of the indices does not include a sales charge and has been adjusted to reflect reinvestment of all dividends and capital gains of the securities included in the benchmark. The Russell MidCap Growth Index measures the performance of those Russell MidCap companies with higher price-to-book ratios and higher financial growth values. The Lipper Mid-Cap Growth Funds Index represents the total returns of the funds in the indicated category, as defined by Lipper, Inc. Investors cannot invest directly in an index.

Class A shares have a $1,000 minimum initial investment and carry a 5.25% sales charge.

Performance may reflect the waiver and reimbursement of the Fund's fees/expenses for certain periods since the inception date. Without these waivers and reimbursements performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemptions of fund shares.

JPMorgan U.S. Equity Mid/Small Cap Funds4

JPMorgan
Dynamic Small Cap Fund

AS OF JUNE 30, 2005 (Unaudited)

FUND CHARACTERISTICS

FUND FACTS
Fund Inception	5/19/97
Fiscal Year End	December 31
Net Assets as of 6/30/2005 (In Millions)	$	174.0
Primary Benchmark	Russell 2000 Growth Index

COMPOSITION OF TOTAL NET ASSETS*

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO*
	1.	Brigham Exploration Co.	1.7	%
	2.	Arch Coal, Inc.	1.6	%
	3.	Lions Gate Entertainment Corp. (Canada)	1.4	%
	4.	Arthrocare Corp.	1.4	%
	5.	La Quinta Corp.	1.4	%
	6.	DSP Group, Inc.	1.3	%
	7.	GameStop Corp.	1.3	%
	8.	MarineMax, Inc.	1.3	%
	9.	Educate, Inc.	1.3	%
	10.	Eagle Materials, Inc.	1.3	%

Top 10 equity holdings comprised 14.0% of the Portfolio's Net Assets ($174,020 in thousands). As of June 30, 2005 the Fund held 116 equity holdings. Portfolio holdings are subject to change at any time.

* Percentages indicated are based on net assets as of June 30, 2005. The portfolio's composition is subject to change.

JPMorgan U.S. Equity Mid/Small Cap Funds5

JPMorgan
Dynamic Small Cap Fund

CONTINUED

(Unaudited)

	TOTAL RETURNS AS OF JUNE 30, 2005			AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2005
	6 MONTHS			1 YEAR			5 YEARS			SINCE INCEPTION (5/19/97)
CLASS A SHARES
Without Sales Charge		(1.73	%)		3.13	%		(2.51	%)		10.04	%
With Sales Charge*		(6.88	%)		(2.26	%)		(3.56	%)		9.32	%
CLASS B SHARES
Without CDSC		(2.00	%)		2.51	%		(3.12	%)		9.34	%
With CDSC**		(6.90	%)		(2.49	%)		(3.44	%)		9.34	%
CLASS C SHARES
Without CDSC		(2.01	%)		2.52	%		(3.12	%)		9.32	%
With CDSC***		(2.99	%)		1.52	%		(3.12	%)		9.32	%
SELECT CLASS SHARES		(1.54	%)		3.51	%		(2.11	%)		10.36	%

* Sales charge for class A shares is 5.25%.

** Assumes 5% CDSC (contingent deferred sales charge) for the one year period, 3% CDSC for the three year period, 2% CDSC for the five year period and 0% CDSC for the period since inception.

*** Assumes a 1% CDSC for the one year period and 0% CDSC thereafter.

LIFE OF FUND PERFORMANCE (05/19/97 TO 06/30/05)

The Fund commenced operations on 5/19/97.

Returns for the Select Class Shares prior to 4/5/99 (offering date of the Select Class Shares) are calculated using the historical expenses of the Class A Shares, which are higher than the expenses of the Select Shares. Returns for the Class C Shares prior to 1/7/98 (offering date of the Class C Shares) are calculated using the historical expenses of the Class B Shares, which are lower than the expenses of the Class C Shares.

The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan Dynamic Small Cap Fund, Russell 2000 Index, S&P SmallCap 600/BARRA Growth Index, and Lipper Small-Cap Growth Funds Index from May 19, 1997 to June 30, 2005. The performance of the Fund assumes reinvestment of all dividends and capital gains and includes a sales charge. The performance of the indices reflects an initial investment at the end of the month following the Fund's inception. The performance of the indices does not include a sales charge and has been adjusted to reflect reinvestment of all dividends and capital gains of the securities included in the benchmark. The Russell 2000 Index is an unmanaged, capitalization weighted price only index, which is comprised of 2000 of the smallest stocks (on the basis of capitalization) in the Russell 3000 Index. The S& ;P SmallCap 600/ BARRA Growth Index is a capitalization-weighted index of all the stocks in the S&P SmallCap 600 Index with higher price-to-book ratios. The Lipper Small-Cap Growth Funds Index represents the total returns of the funds in the indicated category, as defined by Lipper, Inc. Investors cannot invest directly in an index.

Class A Shares have a $1,000 minimum initial investment and carry a 5.25% sales charge.

Performance may reflect the waiver and reimbursement of the Fund's fees/
expenses for certain periods since the inception date. Without these waivers and reimbursements performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemptions of fund shares.

JPMorgan U.S. Equity Mid/Small Cap Funds6

JPMorgan
Mid Cap Equity Fund

AS OF JUNE 30, 2005 (Unaudited)

FUND CHARACTERISTICS

FUND FACTS
Fund Inception	1/1/97
Fiscal Year End	December 31
Net Assets as of 6/30/2005 (In Millions)	$	249.3
Primary Benchmark	Russell Midcap Equity Index

COMPOSITION OF TOTAL NET ASSETS*

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO*
	1.	Coventry Health Care, Inc.	1.5	%
	2.	V.F. Corp.	1.4	%
	3.	Kinder Morgan, Inc.	1.3	%
	4.	Assurant, Inc.	1.2	%
	5.	Manor Care, Inc.	1.2	%
	6.	AutoZone, Inc. (a)	1.2	%
	7.	TJX Cos., Inc.	1.1	%
	8.	North Fork Bancorp, Inc.	1.1	%
	9.	Devon Energy Corp.	1.0	%
	10.	Alltel Corp.	1.0	%

Top 10 equity holdings comprised 12.0% of the Portfolio's Net Assets ($249,325 in thousands). As of June 30, 2005 the Fund held 195 equity holdings. Portfolio holdings are subject to change at any time.

* Percentages indicated are based on net assets as of June 30, 2005. The portfolio's composition is subject to change.

JPMorgan U.S. Equity Mid/Small Cap Funds7

JPMorgan
Mid Cap Equity Fund

CONTINUED

(Unaudited)

	TOTAL RETURN AS OF JUNE 30, 2005			AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2005
	6 MONTHS			1 YEAR			5 YEARS			10 YEARS
SELECT CLASS SHARES		3.79	%		14.22	%		7.95	%		11.85	%

TEN YEAR FUND PERFORMANCE (06/30/95 TO 06/30/05)

The Fund commenced operations on 1/1/97.

Returns for the Fund prior to 1/1/97 (offering date of the Select Class Shares) are calculated using the historical expenses at the level indicated (absent reimbursements) in the Expense Summary for the Fund as disclosed in the Prospectus. The account was not registered with the SEC and was not subject to investment restrictions of registered mutual funds. If the account had been registered, performance may have been adversely affected.

The graph illustrates comparative performance for $1,000,000 invested in the JPMorgan Mid Cap Equity Fund, Russell MidCap Equity Index, and Lipper Mid-Cap Core Funds Index from June 30, 1995 to June 30, 2005. The performance of the Fund assumes reinvestment of all dividends and capital gains. The performance of the indices has been adjusted to reflect reinvestment of all dividends and capital gains of the securities included in the benchmark. The Russell MidCap Equity Index measures the performance of the smallest 800 companies of the Russell 1000 Index, which represents approximately 25% of the total market capitalization of the Russell 1000 Index. The Lipper Mid-Cap Core Funds Index represents the total returns of the funds in the indicated category, as defined by Lipper, Inc. Investors cannot invest directly in an Index.

Select Class Shares have a $1,000,000 minimum initial investment and carry no sales charge.

JPMorgan U.S. Equity Mid/Small Cap Funds8

JPMorgan
Mid Cap Growth Fund

AS OF JUNE 30, 2005 (Unaudited)

FUND CHARACTERISTICS

FUND FACTS
Fund Inception	10/29/99
Fiscal Year End	December 31
Net Assets as of 6/30/2005 (In Millions)	$	52.2
Primary Benchmark	Russell Midcap Growth Index

COMPOSITION OF TOTAL NET ASSETS*

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO*
	1.	Amphenol Corp., Class A	1.9	%
	2.	Brunswick Corp.	1.8	%
	3.	NCR Corp.	1.6	%
	4.	Fisher Scientific International, Inc.	1.6	%
	5.	AmeriCredit Corp.	1.6	%
	6.	Manor Care, Inc.	1.5	%
	7.	International Speedway Corp., Class A	1.5	%
	8.	DaVita, Inc.	1.5	%
	9.	Royal Caribbean Cruises Ltd. (Liberia)	1.4	%
	10.	Medco Health Solutions, Inc.	1.4	%

Top 10 equity holdings comprised 15.8% of the Portfolio's Net Assets ($52,249 in thousands). As of June 30, 2005 the Fund held 107 equity holdings. Portfolio holdings are subject to change at any time.

* Percentages indicated are based on net assets as of June 30, 2005. The portfolio's composition is subject to change.

JPMorgan U.S. Equity Mid/Small Cap Funds9

JPMorgan
Mid Cap Growth Fund

CONTINUED

(Unaudited)

	TOTAL RETURNS AS OF JUNE 30, 2005			AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2005
	6 MONTHS			1 YEAR			5 YEARS			SINCE INCEPTION (10/29/99)
CLASS A SHARES
Without Sales Charge		2.26	%		9.93	%		(14.79	%)		(8.60	%)
With Sales Charge*		(3.14	%)		4.08	%		(15.70	%)		(9.46	%)
CLASS B SHARES
Without CDSC		1.99	%		9.28	%		(15.37	%)		(9.22	%)
With CDSC**		(3.01	%)		4.28	%		(15.70	%)		(9.38	%)

* Sales charge for class A shares is 5.25%.

** Assumes 5% CDSC (contingent deferred sales charge) for the one year period, 3% CDSC for the three year period, 2% CDSC for the five year period and 0% CDSC for the period since inception.

LIFE OF FUND PERFORMANCE (10/29/99 TO 06/30/05)

The JPMorgan MidCap Growth Fund commenced operations on 10/29/99.

The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan Mid Cap Growth Fund, Russell MidCap Growth Index, and Lipper Mid-Cap Growth Funds Index from October 29, 1999 to June 30, 2005. The performance of the Fund assumes reinvestment of all dividends and capital gains and assumes a sales charge. The performance of the indices reflects an initial investment at the end of the month following the Fund's inception. The performance of the indices does not include a sales charge and has been adjusted to reflect reinvestment of all dividends and capital gains of the securities included in the benchmark. The Russell MidCap Growth Index measures the performance of those Russell MidCap companies with higher price to-book ratios and higher forecasted growth values. The Lipper Mid-Cap Growth Funds Index represents the total returns of the funds in the in dicated category, as defined by Lipper, Inc. Investors cannot invest directly in an index.

Class A Shares have a $1,000 minimum initial investment and carry a 5.25% sales charge.

Performance may reflect the waiver and reimbursement of the Fund's fees/
expenses for certain periods since the inception date. Without these waivers and reimbursements performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemptions of fund shares.

JPMorgan U.S. Equity Mid/Small Cap Funds10

JPMorgan
Mid Cap Value Fund

AS OF JUNE 30, 2005 (Unaudited)

FUND CHARACTERISTICS

FUND FACTS
Fund Inception	11/13/97
Fiscal Year End	December 31
Net Assets as of 6/30/2005 (In Millions)	$	6,211.4
Primary Benchmark	Russell Midcap Value Index

COMPOSITION OF TOTAL NET ASSETS*

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO*
	1.	V.F. Corp.	2.7	%
	2.	Assurant, Inc.	2.4	%
	3.	Kinder Morgan, Inc.	2.4	%
	4.	AutoZone, Inc.	2.3	%
	5.	North Fork Bancorp, Inc.	2.2	%
	6.	Devon Energy Corp.	2.1	%
	7.	Alltel Corp.	2.1	%
	8.	Golden West Financial Corp.	2.0	%
	9.	CenturyTel, Inc.	1.9	%
	10.	Coventry Health Care, Inc.	1.9	%

Top 10 equity holdings comprised 22.0% of the Portfolio's Net Assets ($6,211,417 in thousands). As of June 30, 2005 the Fund held 98 equity holdings. Portfolio holdings are subject to change at any time.

* Percentages indicated are based on net assets as of June 30, 2005. The portfolio's composition is subject to change.

JPMorgan U.S. Equity Mid/Small Cap Funds11

JPMorgan
Mid Cap Value Fund

CONTINUED

(Unaudited)

	TOTAL RETURNS AS OF JUNE 30, 2005			AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2005
	6 MONTHS			1 YEAR			5 YEARS			SINCE INCEPTION (11/13/97)
CLASS A SHARES
Without Sales Charge		4.94	%		17.55	%		17.94	%		18.17	%
With Sales Charge*		(0.56	%)		11.37	%		16.67	%		17.35	%
CLASS B SHARES
Without CDSC		4.66	%		16.84	%		17.27	%		17.73	%
With CDSC**		(0.34	%)		11.84	%		17.06	%		17.73	%
CLASS C SHARES
Without CDSC		4.65	%		16.81	%		17.31	%		17.76	%
With CDSC***		3.65	%		15.81	%		17.31	%		17.76	%
SELECT CLASS SHARES		5.09	%		17.86	%		18.22	%		18.36	%
INSTITUTIONAL CLASS SHARES		5.20	%		18.15	%		18.44	%		18.50	%

* Sales charge for class A shares is 5.25%.

** Assumes 5% CDSC (contingent deferred sales charge) for the one year period, 3% CDSC for the three year period, 2% CDSC for the five year period and 0% CDSC for the period since inception.

*** Assumes a 1% CDSC for the one year period and 0% CDSC thereafter.

LIFE OF FUND PERFORMANCE (11/13/97 TO 06/30/05)

The Fund commenced operations on 11/13/97.

Returns for the Select Class Shares prior to 10/31/01 (offering date of the Select Class Shares) are calculated using the historical expenses of the Institutional Class Shares, which are lower than the expenses of the Select Class Shares.

Returns for the Class A, Class B, and Class C Shares prior to 4/30/01 (offering date of the Class A, Class B, and Class C Shares) are calculated using the historical expenses of the Institutional Class Shares, which are lower than the expenses of the Class A Shares, Class B and C Shares.

The graph illustrates comparative performance for $3,000,000 invested in Institutional Class Shares of the JPMorgan Mid Cap Value Fund, Russell MidCap Value Index, and Lipper Mid-Cap Value Funds Index from November 13, 1997 to June 30, 2005. The performance of the Fund assumes reinvestment of all dividends and capital gains. The performance of the indices reflects an initial investment at the end of the month following the Fund's inception. The performance of the indices does not include a sales charge and has been adjusted to reflect reinvestment of all dividends and capital gains of the securities included in the benchmark. The Russell MidCap Value Index is an unmanaged, capitalization weighted, price only index that measures the performance of those companies included in the Russell MidCap Index that have lower price-to-book ratios and lower forecasted growth rates. The Lipper Mid-Cap Va lue Funds Index represents the total returns of the funds in the indicated category, as defined by Lipper, Inc. Investors cannot invest directly in an index.

Institutional Class Shares have a $3,000,000 minimum initial investment and carry no sales charge.

JPMorgan U.S. Equity Mid/Small Cap Funds12

JPMorgan
Small Cap Core Fund

AS OF JUNE 30, 2005 (Unaudited)

FUND CHARACTERISTICS

FUND FACTS
Fund Inception	1/1/97
Fiscal Year End	December 31
Net Assets as of 6/30/2005 (In Millions)	$	814.6
Primary Benchmark	Russell 2000 Index

COMPOSITION OF TOTAL NET ASSETS*

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO*
	1.	Applied Industrial Technologies, Inc.	1.1	%
	2	Southwestern Energy Co.	1.1	%
	3	Aaron Rents, Inc.	1.0	%
	4	Houston Exploration Co.	0.9	%
	5	Moog, Inc., Class A	0.9	%
	6	Delphi Financial Group, Inc.	0.8	%
	7	Universal Forest Products, Inc.	0.8	%
	8	Mid-America Apartment Communities, Inc. (REIT)	0.8	%
	9	CarrAmerica Realty Corp. (REIT)	0.7	%
	10	Zenith National Insurance Corp.	0.7	%

Top 10 equity holdings comprised 8.8% of the Portfolio's Net Assets ($814,569 in thousands). As of June 30, 2005 the Fund held 727 equity holdings. Portfolio holdings are subject to change at any time.

* Percentages indicated are based on net assets as of June 30, 2005. The portfolio's composition is subject to change.

JPMorgan U.S. Equity Mid/Small Cap Funds13

JPMorgan
Small Cap Core Fund

CONTINUED

(Unaudited)

	TOTAL RETURN AS OF JUNE 30, 2005			AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2005
	6 MONTHS			1 YEAR			5 YEARS			10 YEARS
SELECT CLASS SHARES		(0.37	%)		9.74	%		5.72	%		7.83	%

TEN YEAR FUND PERFORMANCE (06/30/95 TO 06/30/05)

The Fund commenced operations on 1/1/97.

The graph illustrates comparative performance for $1,000,000 invested in the JPMorgan Small Cap Core Fund, Russell 2000 Index, S&P SmallCap 600 Index and Lipper Small-Cap Core Funds Index from June 30, 1995 to June 30, 2005. The performance of the Fund assumes reinvestment of all dividends and capital gains. During the year ended December 31, 2004, the Fund changed its benchmark from the S&P SmallCap 600 Index to the Russell 2000 Index.

The performance of the indices does not include a sales charge and has been adjusted to reflect reinvestment of all dividends and capital gains of the securities included in the benchmark. The Russell 2000 Index is an unmanaged, capitalization weighted price only index, which is comprised of 2000 of the smallest stocks (on the basis of capitalization) in the Russell 3000 Index. The S&P SmallCap 600 Index includes 600 stocks of small U.S. Companies chosen for market size, liquidity, and industry group representation. The Lipper Small-Cap Core Funds Index represents the total returns of the funds in the indicated category, as defined by Lipper, Inc. Investor's cannot invest directly in an index.

Select Class Shares have a $1,000,000 minimum initial investment and carry no sales charge.

JPMorgan U.S. Equity Mid/Small Cap Funds14

JPMorgan
Small Cap Equity Fund

AS OF JUNE 30, 2005 (Unaudited)

FUND CHARACTERISTICS

FUND FACTS
Fund Inception	12/20/94
Fiscal Year End	December 31
Net Assets as of 6/30/2005 (In Millions)	$	384.3
Primary Benchmark	Russell 2000 Index

COMPOSITION OF TOTAL NET ASSETS*

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO*
Jarden Corp.	2.3	%
Hudson Highland Group, Inc.	2.3	%
United Bancshares, Inc.	2.1	%
Scotts Miracle-Gro Co. (The), Class A	2.1	%
ProAssurance Corp.	1.9	%
Waste Connections, Inc.	1.8	%
Applebees International, Inc.	1.7	%
St. Mary Land & Exploration Co.	1.7	%
General Cable Corp.	1.6	%
Landstar System, Inc.	1.6	%

Top 10 equity holdings comprised 19.1% of the Portfolio's Net Assets ($384,346 in thousands). As of June 30, 2005 the Fund held 101 equity holdings. Portfolio holdings are subject to change at any time.

* Percentages indicated are based on net assets as of June 30, 2005. The portfolio's composition is subject to change.

JPMorgan U.S. Equity Mid/Small Cap Funds15

JPMorgan
Small Cap Equity Fund

CONTINUED

(Unaudited)

	TOTAL RETURNS AS OF JUNE 30, 2005			AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2005
	6 MONTHS			1 YEAR			5 YEARS			10 YEARS
CLASS A SHARES
Without Sales Charge		3.10	%		18.22	%		6.77	%		12.99	%
With Sales Charge*		(2.33	%)		12.01	%		5.62	%		12.38	%
CLASS B SHARES
Without CDSC		2.83	%		17.46	%		5.97	%		12.32	%
With CDSC**		(2.17	%)		12.46	%		5.67	%		12.32	%
CLASS C SHARES
Without CDSC		2.79	%		17.42	%		5.97	%		12.16	%
With CDSC***		1.79	%		16.42	%		5.97	%		12.16	%
SELECT CLASS SHARES		3.36	%		18.81	%		7.33	%		13.50	%

* Sales charge for Class A Shares is 5.25%.

** Assumes 5% CDSC (contingent deferred sales charge) for the one year period, 3% CDSC for the three year period, 2% CDSC for the five year period and 0% CDSC for the ten year period since inception.

*** Assumes a 1% CDSC for the one year period and 0% CDSC thereafter.

TEN YEAR PERFORMANCE (6/30/95 TO 06/30/05)

The Fund commenced operations on 12/20/94.

Returns for the Select Class Shares prior to 5/7/96 (offering date of the Select Class Shares) are calculated using the historical expenses of the Class A Shares, which are higher than the expenses of the Select Class Shares.

Returns for the Class B Shares prior to 3/28/95 (offering date of the Class B Shares) are calculated using the historical expenses of the Class A Shares, which are lower than the expenses of the Class B Shares.

Returns for the Class C Shares prior to 2/19/05 (offering date of the Class C Shares) are calculated using the historical expenses of the Class B Shares, which are lower than the expenses of the Class C Shares.

The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan Small Cap Equity Fund, Russell 2000 Index, S&P SmallCap 600 Index and Lipper Small-Cap Core Funds Index from June 30, 1995 to June 30, 2005.

The performance of the Fund assumes reinvestment of all dividends and capital gains and includes a sales charge. The performance of the indices does not include a sales charge and has been adjusted to reflect reinvestment of all dividends and capital gains of the securities included in the benchmark. The Russell 2000 Index is an unmanaged, capitalization weighted price only index, which is comprised of 2000 of the smallest stocks (on the basis of capitalization) in the Russell 3000 Index. The S&P SmallCap 600 Index includes 600 stocks of small U.S. Companies chosen for market size, liquidity and industry group representation. The Lipper Small-Cap Core Funds Index represents the total returns of the funds in the indicated category, as defined by Lipper, Inc. Investors cannot invest directly in an index.

Class A Shares have a $1,000 minimum initial investment and carry a 5.25% sales charge.

JPMorgan U.S. Equity Mid/Small Cap Funds16

JPMorgan
U.S. Small Company Fund

AS OF JUNE 30, 2005 (Unaudited)

FUND CHARACTERISTICS

FUND FACTS
Fund Inception	11/4/93
Fiscal Year End	December 31
Net Assets as of 6/30/2005 (In Millions)	$	177.8
Primary Benchmark	Russell 2000 Index

COMPOSITION OF TOTAL NET ASSETS*

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO*
Southwestern Energy Co.	1.1	%
Applied Industrial Technologies, Inc.	1.1	%
Aaron Rents, Inc.	1.0	%
Houston Exploration Co.	0.9	%
Moog, Inc., Class A	0.9	%
Delphi Financial Group, Inc.	0.8	%
Universal Forest Products, Inc.	0.8	%
Mid-America Apartment Communities, Inc. (REIT)	0.8	%
CarrAmerica Realty Corp. (REIT)	0.7	%
Landry's Restaurants, Inc.	0.7	%

Top 10 equity holdings comprised 8.8% of the Portfolio's Net Assets ($177,769 in thousands). As of June 30, 2005 the Fund held 750 equity holdings. Portfolio holdings are subject to change at any time.

* Percentages indicated are based on net assets as of June 30, 2005. The portfolio's composition is subject to change.

JPMorgan U.S. Equity Mid/Small Cap Funds17

JPMorgan
U.S. Small Company Fund

CONTINUED

(Unaudited)

	TOTAL RETURNS AS OF JUNE 30, 2005			AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2005
	6 MONTHS			1 YEAR			5 YEARS			10 YEARS
SELECT CLASS SHARES		(0.36	%)		11.79	%		0.59	%		8.87	%
INSTITUTIONAL CLASS SHARES		(0.22	%)		11.88	%		0.75	%		9.02	%

TEN YEAR FUND PERFORMANCE (06/30/95 TO 06/30/05)

The Fund commenced operations on 11/4/93.

Returns for the Institutional Class Shares prior to 9/10/01 (offering date of the Institutional Class Shares) are calculated using the historical expenses of the J.P. Morgan Institutional U.S. Small Company Fund, which are similar to the expenses of the Institutional Class Shares.

Returns for the Select Class Shares prior to 9/10/01 (offering date of the Select Class Shares) are calculated using the historical expenses of the J.P. Morgan U.S. Small Company Fund, which are similar to the expenses of the Select Class Shares.

The graph illustrates comparative performance for $3,000,000 invested in Institutional Class Shares of the JPMorgan U.S. Small Company Fund, Russell 2000 Index, and Lipper Small-Cap Core Funds Index from June 30, 1995 to June 30, 2005.

The performance of the Fund assumes reinvestment of all dividends and capital gains and does not include a sales charge. The performance of the indices does not include a sales charge and has been adjusted to reflect reinvestment of all dividends and capital gains of the securities included in the benchmark. The Russell 2000 Index is an unmanaged, capitalization weighted price only index, which is comprised of 2000 of the smallest stocks (on the basis of capitalization) in the Russell 3000 Index. The Lipper Small-Cap Core Funds Index represents the total returns of the funds in the indicated category, as defined by Lipper, Inc. Investors cannot invest directly in an index.

Institutional Class Shares have a $3,000,000 minimum initial investment and carry no sales charge.

JPMorgan U.S. Equity Mid/Small Cap Funds18

JPMorgan Capital Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS AS OF JUNE 30, 2005

(Amounts in thousands)

(Unaudited)

SHARES		SECURITY DESCRIPTION	VALUE
	Long-Term Investments - 98.4%
		Common Stocks - 98.4%
		Aerospace & Defense - 2.4%
	65	L-3 Communications Holdings, Inc.	$	4,955
	87	Precision Castparts Corp.		6,773
	118	Rockwell Collins, Inc.		5,619
				17,347
		Airlines - 0.7%
	361	Southwest Airlines Co.		5,026
		Auto Components - 0.8%
	134	Autoliv, Inc.		5,858
		Biotechnology - 3.0%
	103	Celgene Corp. (a) (c)		4,183
	144	Genzyme Corp. (a)		8,629
	64	Invitrogen Corp. (a) (c)		5,314
	74	OSI Pharmaceuticals, Inc. (a)		3,006
				21,132
		Capital Markets - 2.2%
	376	Ameritrade Holding Corp. (a)		6,994
	89	Investors Financial Services Corp. (c)		3,381
	88	T. Rowe Price Group, Inc.		5,531
				15,906
		Commercial Banks - 0.8%
	75	Zions Bancorp		5,529
		Commercial Services & Supplies - 3.0%
	83	Dun & Bradstreet Corp. (a)		5,142
	149	HNI Corp.		7,626
	221	West Corp. (a)		8,479
				21,247
		Communications Equipment - 0.5%
	115	Harris Corp.		3,602
		Computers & Peripherals - 3.4%
	335	NCR Corp. (a)		11,748
	224	Network Appliance, Inc. (a)		6,327
	350	Seagate Technology (Cayman Islands) (a)		6,146
				24,221

SHARES		SECURITY DESCRIPTION	VALUE
		Construction & Engineering - 1.3%
	161	Jacobs Engineering Group, Inc. (a)	$	9,030
		Consumer Finance - 1.5%
	436	AmeriCredit Corp. (a)		11,105
		Diversified Financial Services - 2.0%
	164	CIT Group, Inc.		7,052
	308	Lazard Ltd. (Bermuda), Class A (a)		7,154
				14,206
		Electrical Equipment - 0.9%
	131	Rockwell Automation, Inc.		6,357
		Electronic Equipment & Instruments - 3.8%
	335	Amphenol Corp., Class A		13,469
	201	Arrow Electronics, Inc. (a)		5,454
	264	Jabil Circuit, Inc. (a)		8,103
				27,026
		Energy Equipment & Services - 2.5%
	216	Grant Prideco, Inc. (a)		5,721
	97	Nabors Industries Ltd. (Bermuda) (a)		5,871
	99	Noble Corp. (Cayman Islands)		6,114
				17,706
		Health Care Equipment & Supplies - 5.7%
	105	Bausch & Lomb, Inc.		8,740
	79	Beckman Coulter, Inc.		5,051
	73	Biomet, Inc.		2,541
	172	Fisher Scientific International, Inc. (a)		11,179
	99	Millipore Corp. (a)		5,611
	163	Nektar Therapeutics (a)		2,741
	66	Zimmer Holdings, Inc. (a)		4,989
				40,852
		Health Care Providers & Services - 11.5%
	92	Aetna, Inc.		7,603
	129	Caremark Rx, Inc. (a)		5,725
	97	Coventry Health Care, Inc. (a)		6,870
	233	DaVita, Inc. (a)		10,610
	103	Laboratory Corp. of America Holdings (a)		5,132
	79	LifePoint Hospitals, Inc. (a)		3,971

SEE NOTES TO FINANCIAL STATEMENTS.

JPMorgan U.S. Equity Mid/Small Cap Funds19

JPMorgan Capital Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS AS OF JUNE 30,2005

(Amounts in thousands)

(CONTINUED)

(Unaudited)

SHARES		SECURITY DESCRIPTION	VALUE
	Long-Term Investments - continued
		Health Care Providers & Services - Continued
	277	Manor Care, Inc.	$	10,989
	130	McKesson Corp.		5,836
	184	Medco Health Solutions, Inc. (a)		9,824
	198	Omnicare, Inc.		8,384
	137	Triad Hospitals, Inc. (a)		7,497
				82,441
		Hotels, Restaurants & Leisure - 8.1%
	245	Applebees International, Inc.		6,477
	177	Brinker International, Inc. (a)		7,093
	88	Harrah's Entertainment, Inc.		6,353
	229	Hilton Hotels Corp.		5,469
	190	International Speedway Corp., Class A		10,706
	87	Marriott International, Inc., Class A		5,956
	214	Royal Caribbean Cruises Ltd. (Liberia) (c)		10,330
	79	Station Casinos, Inc.		5,265
				57,649
		Household Durables - 0.6%
	57	Harman International Industries, Inc.		4,646
		Household Products - 0.5%
	62	Energizer Holdings, Inc. (a)		3,830
		Insurance - 0.7%
	72	AMBAC Financial Group, Inc.		5,012
		Internet Software & Services - 0.5%
	138	VeriSign, Inc. (a)		3,969
		IT Services - 1.8%
	177	Alliance Data Systems Corp. (a) (c)		7,187
	165	CheckFree Corp. (a)		5,603
				12,790
		Leisure Equipment & Products - 1.8%
	292	Brunswick Corp.		12,632
		Machinery - 2.8%
	121	Harsco Corp.		6,617
	83	ITT Industries, Inc.		8,118

SHARES		SECURITY DESCRIPTION	VALUE
		Machinery - Continued
	66	Oshkosh Truck Corp.	$	5,135
				19,870
		Media - 1.3%
	67	Getty Images, Inc. (a)		5,005
	120	XM Satellite Radio Holdings, Inc., Class A (a) (c)		4,049
				9,054
		Metals & Mining - 0.9%
	118	Consol Energy, Inc.		6,309
		Multiline Retail - 0.6%
	217	Dollar General Corp.		4,426
		Office Electronics - 1.7%
	367	Xerox Corp. (a)		5,059
	156	Zebra Technologies Corp., Class A (a)		6,841
				11,900
		Oil, Gas & Consumable Fuels - 3.5%
	87	EOG Resources, Inc.		4,964
	93	Murphy Oil Corp.		4,837
	146	Newfield Exploration Co. (a)		5,820
	138	Range Resources Corp.		3,710
	148	Talisman Energy, Inc. (Canada)		5,543
				24,874
		Pharmaceuticals - 1.0%
	119	Sepracor, Inc. (a) (c)		7,138
		Road & Rail - 1.2%
	444	Hunt (J.B.) Transport Services, Inc.		8,562
		Semiconductors & Semiconductor Equipment - 5.3%
	131	Broadcom Corp., Class A (a)		4,666
	114	KLA-Tencor Corp.		4,986
	176	Lam Research Corp. (a)		5,102
	233	Linear Technology Corp.		8,562
	288	Microchip Technology, Inc.		8,520

SEE NOTES TO FINANCIAL STATEMENTS.

JPMorgan U.S. Equity Mid/Small Cap Funds20

SEMI-ANNUAL REPORT JUNE 30

2005

SCHEDULE OF PORTFOLIO INVESTMENTS AS OF JUNE 30,2005

(Amounts in thousands)

(Unaudited)

SHARES		SECURITY DESCRIPTION	VALUE
	Long-Term Investments - continued
		Semiconductors & Semiconductor Equipment - Continued
	223	Nvidia Corp. (a) (c)	$	5,969
				37,805
		Software - 4.6%
	284	Adobe Systems, Inc.		8,128
	339	Citrix Systems, Inc. (a)		7,345
	218	Cognos, Inc. (Canada) (a)		7,458
	227	Computer Associates International, Inc.		6,226
	91	Mercury Interactive Corp. (a)		3,498
				32,655
		Specialty Retail - 12.7%
	118	Abercrombie & Fitch Co.		8,100
	151	Advance Auto Parts, Inc. (a) (c)		9,757
	215	Bed Bath & Beyond, Inc. (a)		8,962
	275	CarMax, Inc. (a) (c)		7,321
	248	Circuit City Stores, Inc.		4,291
	266	Foot Locker, Inc.		7,230
	139	Michaels Stores, Inc.		5,750
	259	Pacific Sunwear of California, Inc. (a)		5,947
	242	Petco Animal Supplies, Inc. (a)		7,101
	235	Ross Stores, Inc. (c)		6,797
	156	Sherwin-Williams Co. (The)		7,355
	208	TJX Cos., Inc.		5,060
	141	Weight Watchers International, Inc. (a) (c)		7,298
				90,969
		Textiles, Apparel & Luxury Goods - 0.7%
	121	Polo Ralph Lauren Corp.		5,221
		Trading Companies & Distributors - 1.1%
	230	MSC Industrial Direct Co.		7,752
		Wireless Telecommunication Services - 1.0%
	113	NII Holdings, Inc. (a)		7,244
		(Cost $602,134)		Total Common Stocks 702,898
	Total Long-Term Investments (Cost $602,134)			702,898

SHARES		SECURITY DESCRIPTION	VALUE
	Short-Term Investment - 2.1%
		Investment Company - 2.1%
	14,906	JPMorgan Prime Money Market Fund (b) (m) (Cost $14,906)	$	14,906
	Investments of Cash Collateral for Securities Loaned - 7.4%
		Investment Companies - 1.1%
	4,726	BGI Prime Money Market Fund		4,726
	3,313	Morgan Stanley Intitutional Liquidity Funds		3,313
				8,039
PRINCIPAL AMOUNT
		Repurchase Agreements - 6.3%
$	45,000	Credit Suisse First Boston LLC, 3.46%, dated 06/30/05, due 07/01/05, repurchase price $45,004, collateralized by U.S. Agency Mortgages		45,000
		Total Investments of Cash Collateral for Securities Loaned (Cost $53,039)		53,039
		Total Investments - 107.9%	$	770,843
		(Cost $670,079)
		Liabilities in excess of other assets - (7.9)%		(56,666	)
		NET ASSETS - 100.0%	$	714,177

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

JPMorgan U.S. Equity Mid/Small Cap Funds21

JPMorgan Dynamic Small Cap Fund

SCHEDULE OF PORTFOLIO INVESTMENTS AS OF JUNE 30, 2005

(Amounts in thousands)

(Unaudited)

SHARES		SECURITY DESCRIPTION	VALUE
Long-Term Investments - 96.9%
		Common Stocks - 96.9%
		Aerospace & Defense - 1.9%
	44	Argon St., Inc. (a)	$	1,545
	50	Engineered Support Systems, Inc.		1,805
				3,350
		Air Freight & Logistics - 0.6%
	16	UTI Worldwide, Inc. (c)		1,079
		Airlines - 0.6%
	61	Skywest, Inc.		1,113
		Banks - 0.1%
	5	Western Alliance Bancorp (a)		132
		Biotechnology - 4.2%
	40	Alexion Pharmaceuticals, Inc. (a) (c)		928
	41	Cubist Pharmaceuticals, Inc. (a) (c)		539
	23	CV Therapeutics, Inc. (a) (c)		504
	45	Idenix Pharmaceuticals, Inc. (a) (c)		981
	129	Inc.yte Corp. (a) (c)		923
	63	Nabi Biopharmaceuticals (a) (c)		963
	49	Rigel Pharmaceuticals, Inc. (a) (c)		966
	39	Telik, Inc. (a)		633
	18	United Therapeutics Corp. (a) (c)		848
				7,285
		Building Products - 0.7%
	42	Simpson Manufacturing Co., Inc. (c)		1,286
		Capital Markets - 0.9%
	37	Greenhill & Co., Inc. (c)		1,483
		Commercial Banks - 2.8%
	47	East-West Bancorp, Inc. (c)		1,591
	57	EuroBancshares, Inc. (a)		916
	61	Texas Capital Bancshares, Inc. (a) (c)		1,199
	8	West Coast Bancorp (c)		195
	17	Wintrust Financial Corp.		906
				4,807
		Commercial Services & Supplies - 5.4%
	53	Chemed Corp.		2,179
	159	Educate, Inc. (a)		2,251

SHARES		SECURITY DESCRIPTION	VALUE
		Commercial Services & Supplies - Continued
	80	LECG Corp. (a) (c)	$	1,704
	59	Morningstar Inc. (a)		1,658
	49	Universal Technical Institute, Inc. (a) (c)		1,629
				9,421
		Communications Equipment - 5.2%
	215	Atheros Communications, Inc. (a) (c)		1,736
	64	Avocent Corp. (a)		1,679
	15	F5 Networks, Inc. (a)		720
	107	Packeteer, Inc. (a)		1,512
	172	Symmetricom, Inc. (a) (c)		1,785
	79	ViaSat, Inc. (a) (c)		1,596
				9,028
		Computers & Peripherals - 1.1%
	36	Avid Technology, Inc. (a)		1,931
		Construction Materials - 1.3%
	24	Eagle Materials, Inc. (c)		2,194
		Diversified Financial Services - 1.0%
	85	Marlin Business Services, Inc. (a) (c)		1,717
		Diversified Telecommunication Services - 0.4%
	27	NeuStar, Inc. (a)		701
		Electrical Equipment - 1.2%
	139	General Cable Corp. (a) (c)		2,061
		Electronic Equipment & Instruments - 3.5%
	197	Aeroflex, Inc. (a)		1,656
	46	Global Imaging Systems, Inc. (a) (c)		1,472
	28	Scansource, Inc. (a) (c)		1,202
	50	Tech Data Corp. (a)		1,820
				6,150
		Energy Equipment & Services - 2.8%
	115	Pioneer Drilling Co. (a)		1,752
	85	Superior Energy Services, Inc. (a)		1,513
	43	Universal Compression Holdings, Inc. (a)		1,562
				4,827

SEE NOTES TO FINANCIAL STATEMENTS.

JPMorgan U.S. Equity Mid/Small Cap Funds22

SEMI-ANNUAL REPORT JUNE 30

2005

SCHEDULE OF PORTFOLIO INVESTMENTS AS OF JUNE 30, 2005

(Amounts in thousands)

(Unaudited)

SHARES		SECURITY DESCRIPTION	VALUE
	Long-Term Investments - continued
		Health Care Equipment & Supplies - 4.2%
	44	Abaxis, Inc. (a) (c)	$	481
	22	Advanced Medical Optics, Inc. (a) (c)		862
	69	Arthrocare Corp. (a) (c)		2,420
	12	Cooper Cos., Inc. (The)		700
	45	Kyphon, Inc. (a) (c)		1,571
	144	TriPath Imaging, Inc. (a) (c)		1,232
				7,266
		Health Care Providers & Services - 7.6%
	59	Amedisys, Inc. (a) (c)		2,152
	39	Covance, Inc. (a)		1,763
	90	Gentiva Health Services, Inc. (a)		1,602
	37	Psychiatric Solutions, Inc. (a)		1,819
	36	Sunrise Senior Living, Inc. (a) (c)		1,965
	78	Symbion, Inc. (a)		1,860
	40	United Surgical Partners International, Inc. (a)		2,086
				13,247
		Hotels, Restaurants & Leisure - 6.4%
	43	Gaylord Entertainment Co. (a) (c)		1,980
	255	La Quinta Corp. (a)		2,375
	42	Orient-Express Hotels Ltd. (Bermuda)		1,340
	62	Rare Hospitality International, Inc. (a)		1,891
	49	Speedway Motorsports, Inc.		1,806
	54	WMS Industries, Inc. (a) (c)		1,814
				11,206
		Household Durables - 1.0%
	176	Champion Enterprises, Inc. (a) (c)		1,754
		Insurance - 1.9%
	70	Direct General Corp. (c)		1,303
	47	ProAssurance Corp. (a) (c)		1,954
				3,257
		Internet Software & Services - 2.5%
	137	Digitas, Inc. (a)		1,563
	43	Equinix, Inc. (a) (c)		1,859
	36	WebEx Communications, Inc. (a) (c)		956
				4,378

SHARES		SECURITY DESCRIPTION	VALUE
		IT Services - 3.7%
	53	Alliance Data Systems Corp. (a)	$	2,164
	34	CACI International, Inc., Class A (a)		2,128
	262	Sapient Corp. (a) (c)		2,077
				6,369
		Leisure Equipment & Products - 3.4%
	120	K2, Inc. (a) (c)		1,525
	73	MarineMax, Inc. (a) (c)		2,291
	61	SCP Pool Corp.		2,139
				5,955
		Machinery - 1.1%
	24	Oshkosh Truck Corp.		1,859
		Media - 2.2%
	242	Lions Gate Entertainment Corp. (Canada) (a) (c)		2,479
	65	Salem Communications Corp., Class A (a)		1,290
				3,769
		Metals & Mining - 3.4%
	69	Allegheny Technologies, Inc.		1,518
	28	Alpha Natural Resources, Inc. (a)		678
	51	Arch Coal, Inc. (c)		2,753
	52	Century Aluminum Co. (a) (c)		1,059
				6,008
		Oil, Gas & Consumable Fuels - 2.7%
	318	Brigham Exploration Co. (a) (c)		2,900
	37	Newfield Exploration Co. (a)		1,472
	8	Remington Oil & Gas Corp. (a)		297
				4,669
		Pharmaceuticals - 2.5%
	106	Adolor Corp. (a)		977
	54	AtheroGenics, Inc. (a) (c)		867
	258	AVANIR Pharmaceuticals, Class A (a)		721
	79	Cypress Bioscience, Inc. (a) (c)		1,037
	44	Theravance, Inc. (a)		754
				4,356
		Real Estate - 0.5%
	25	Global Signal, Inc. (REIT) (c) (m)		922

SEE NOTES TO FINANCIAL STATEMENTS.

JPMorgan U.S. Equity Mid/Small Cap Funds23

JPMorgan Dynamic Small Cap Fund

SCHEDULE OF PORTFOLIO INVESTMENTS AS OF JUNE 30, 2005

(Amounts in thousands)

(CONTINUED)

(Unaudited)

SHARES		SECURITY DESCRIPTION	VALUE
Long-Term Investments - continued
		Road & Rail - 0.3%
	64	Sirva, Inc. (a) (c)	$	542
		Semiconductors & Semiconductor Equipment - 4.0%
	21	ATMI, Inc. (a) (c)		598
	125	Credence Systems Corp. (a) (c)		1,128
	97	DSP Group, Inc. (a)		2,324
	97	Mattson Technology, Inc. (a) (c)		695
	60	Microsemi Corp. (a)		1,134
	30	Varian Semiconductor Equipment Associates, Inc. (a)		1,102
				6,981
		Software - 5.6%
	148	Epicor Software Corp. (a)		1,960
	46	Hyperion Solutions Corp. (a)		1,853
	27	Kronos, Inc. (a) (c)		1,093
	77	Serena Software, Inc. (a)		1,478
	133	VeriFone Holdings, Inc. (a)		2,160
	39	Verint Systems, Inc. (a) (c)		1,241
				9,785
		Specialty Retail - 6.5%
	59	Aaron Rents, Inc.		1,471
	59	Bebe Stores, Inc. (c)		1,572
	26	Children's Place, Inc. (a)		1,190
	25	DSW, Inc. (a)		616
	71	GameStop Corp. (a) (c)		2,309
	44	Genesco, Inc. (a) (c)		1,649
	22	Guitar Center, Inc. (a) (c)		1,264
	61	New York & Co., Inc. (a)		1,293
				11,364
		Textiles, Apparel & Luxury Goods - 2.2%
	115	Skechers U.S.A., Inc., Class A (a)		1,644
	92	Warnaco Group, Inc. (The) (a) (c)		2,133
				3,777
		Thrifts & Mortgage Finance - 0.5%
	49	R&G Financial Corp., Class B		872

SHARES		SECURITY DESCRIPTION	VALUE
		Wireless Telecommunication Services - 1.0%
	72	Nextel Partners, Inc. (a)	$	1,806
		Total Common Stocks (Cost $155,048)		168,707
		Total Long-Term Investments (Cost $155,048)		168,707
Short-Term Investment - 3.4%
		Investment Company - 3.4%
	5,923	JPMorgan Prime Money Market Fund (b) (Cost $5,923)		5,923
Investments of Cash Collateral for Securities Loaned - 22.7%
		Investment Companies - 4.3%
	4,299	BGI Prime Money Market Fund		4,299
	3,107	Morgan Stanley Institutional Liquidity Funds		3,107
				7,406
PRINCIPAL AMOUNT
		Repurchase Agreements - 18.4%
$	32,000	Credit Suisse First Boston LLC, 3.46%, dated 06/30/05, due 07/01/05, repurchase price $32,003, collateralized by U.S. Agency Mortgages		32,000
		Total Investments of Cash Collateral for Securities Loaned (Cost $39,406)		39,406
		Total Investments - 123.0%	$	214,036
		(Cost $200,377)
		Liabilities in excess of other assets - (23.0)%		(40,016	)
		Net Assets - 100.0%	$	174,020

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

JPMorgan U.S. Equity Mid/Small Cap Funds24

JPMorgan Mid Cap Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS AS OF JUNE 30, 2005

(Amounts in thousands)

(Unaudited)

SHARES		SECURITY DESCRIPTION	VALUE
Long-Term Investments - 97.9%
		Common Stocks - 97.9%
		Aerospace & Defense - 1.2%
	11	L-3 Communications Holdings, Inc.	$	862
	15	Precision Castparts Corp.		1,176
	20	Rockwell Collins, Inc.		975
				3,013
		Airlines - 0.4%
	63	Southwest Airlines Co.		873
		Auto Components - 0.8%
	23	Autoliv, Inc.		1,016
	18	BorgWarner, Inc.		950
				1,966
		Beverages - 0.4%
	16	Brown-Forman Corp., Class B		947
		Biotechnology - 1.5%
	18	Celgene Corp. (a) (c)		726
	25	Genzyme Corp. (a)		1,499
	11	Invitrogen Corp. (a) (c)		925
	13	OSI Pharmaceuticals, Inc. (a)		521
				3,671
		Building Products - 0.4%
	22	American Standard Cos., Inc.		910
		Capital Markets - 2.5%
	65	Ameritrade Holding Corp. (a)		1,215
	16	Investors Financial Services Corp.		586
	12	Legg Mason, Inc.		1,218
	26	Northern Trust Corp.		1,204
	32	T. Rowe Price Group, Inc.		2,025
				6,248
		Chemicals - 2.0%
	43	Albemarle Corp.		1,550
	35	International Flavors & Fragrances, Inc.		1,264
	19	PPG Industries, Inc.		1,205
	17	Sigma-Aldrich Corp.		941
				4,960

SHARES		SECURITY DESCRIPTION	VALUE
		Commercial Banks - 3.5%
	15	Cullen/Frost Bankers, Inc.	$	729
	22	M&T Bank Corp.		2,313
	95	North Fork Bancorp, Inc.		2,673
	33	TCF Financial Corp.		864
	32	Wilmington Trust Corp.		1,160
	13	Zions Bancorp		960
				8,699
		Commercial Services & Supplies - 2.0%
	15	Dun & Bradstreet Corp. (a)		894
	26	HNI Corp.		1,325
	3	Pitney Bowes, Inc.		131
	34	Republic Services, Inc.		1,231
	38	West Corp. (a) (c)		1,471
				5,052
		Communications Equipment - 0.3%
	20	Harris Corp.		626
		Computers & Peripherals - 2.0%
	12	Lexmark International, Inc., Class A (a)		752
	58	NCR Corp. (a)		2,039
	39	Network Appliance, Inc. (a)		1,098
	61	Seagate Technology (Cayman Islands) (a)		1,067
				4,956
		Construction & Engineering - 0.6%
	28	Jacobs Engineering Group, Inc. (a) (c)		1,567
		Construction Materials - 0.9%
	33	Vulcan Materials Co.		2,171
		Consumer Finance - 0.8%
	76	AmeriCredit Corp. (a) (c)		1,928
		Containers & Packaging - 1.0%
	28	Ball Corp.		1,003
	65	Pactiv Corp. (a)		1,403
				2,406

SEE NOTES TO FINANCIAL STATEMENTS.

JPMorgan U.S. Equity Mid/Small Cap Funds25

JPMorgan Mid Cap Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS AS OF JUNE 30, 2005

(Amounts in thousands)

(CONTINUED)

(Unaudited)

SHARES		SECURITY DESCRIPTION	VALUE
Long-Term Investments - continued
		Distributors - 0.3%
	19	Genuine Parts Co.	$	772
		Diversified Financial Services - 1.3%
	29	CIT Group, Inc.		1,225
	53	Lazard Ltd. (Bermuda), Class A (a)		1,242
	20	Principal Financial Group		851
				3,318
		Diversified Telecommunication Services - 2.0%
	41	Alltel Corp.		2,560
	70	CenturyTel, Inc.		2,420
				4,980
		Electric Utilities - 1.4%
	35	DPL, Inc.		966
	21	PPL Corp.		1,235
	51	Westar Energy, Inc.		1,226
				3,427
		Electrical Equipment - 1.3%
	25	Ametek, Inc.		1,026
	18	Cooper Industries Ltd. (Bermuda), Class A		1,150
	23	Rockwell Automation, Inc.		1,103
				3,279
		Electronic Equipment & Instruments - 1.9%
	58	Amphenol Corp., Class A		2,338
	35	Arrow Electronics, Inc. (a)		947
	46	Jabil Circuit, Inc. (a)		1,407
				4,692
		Energy Equipment & Services - 1.2%
	38	Grant Prideco, Inc. (a)		993
	17	Nabors Industries Ltd. (Bermuda) (a)		1,019
	17	Noble Corp. (Cayman Islands)		1,061
				3,073
		Food Products - 1.4%
	39	Dean Foods Co. (a)		1,374
	70	Del Monte Foods Co. (a)		750
	38	Hormel Foods Corp.		1,109
	7	TreeHouse Foods, Inc. (a)		201
				3,434

SHARES		SECURITY DESCRIPTION	VALUE
		Gas Utilities - 0.7%
	26	AGL Resources, Inc.	$	1,009
	27	UGI Corp.		764
				1,773
		Health Care Equipment & Supplies - 3.2%
	18	Bausch & Lomb, Inc.		1,519
	26	Beckman Coulter, Inc.		1,640
	13	Biomet, Inc.		442
	30	Fisher Scientific International, Inc. (a)		1,940
	18	Millipore Corp. (a)		993
	28	Nektar Therapeutics (a) (c)		476
	11	Zimmer Holdings, Inc. (a)		864
				7,874
		Health Care Providers & Services - 8.0%
	16	Aetna, Inc.		1,321
	22	Caremark Rx, Inc. (a)		995
	51	Coventry Health Care, Inc. (a)		3,626
	41	DaVita, Inc. (a)		1,843
	18	Laboratory Corp. of America Holdings (a)		891
	14	LifePoint Hospitals, Inc. (a)		690
	16	Magellan Health Services, Inc. (a)		575
	75	Manor Care, Inc.		2,980
	23	McKesson Corp.		1,012
	32	Medco Health Solutions, Inc. (a)		1,705
	59	Omnicare, Inc. (c)		2,482
	12	Quest Diagnostics		629
	24	Triad Hospitals, Inc. (a)		1,300
				20,049
		Hotels, Restaurants & Leisure - 5.1%
	79	Applebees International, Inc.		2,102
	31	Brinker International, Inc. (a)		1,232
	16	Harrah's Entertainment, Inc.		1,135
	40	Hilton Hotels Corp.		949
	33	International Speedway Corp., Class A		1,859
	15	Marriott International, Inc., Class A		1,034
	38	Outback Steakhouse, Inc.		1,737
	37	Royal Caribbean Cruises Ltd. (Liberia)		1,794
	14	Station Casinos, Inc.		913
				12,755

SEE NOTES TO FINANCIAL STATEMENTS.

JPMorgan U.S. Equity Mid/Small Cap Funds26

SEMI-ANNUAL REPORT JUNE 30

2005

SCHEDULE OF PORTFOLIO INVESTMENTS AS OF JUNE 30, 2005

(Amounts in thousands)

(Unaudited)

SHARES		SECURITY DESCRIPTION	VALUE
Long-Term Investments - continued
		Household Durables - 1.3%
	18	Fortune Brands, Inc.	$	1,563
	10	Harman International Industries, Inc.		805
	10	Mohawk Industries, Inc. (a)		825
				3,193
		Household Products - 0.6%
	16	Clorox Co.		903
	11	Energizer Holdings, Inc. (a)		696
				1,599
		Industrial Conglomerates - 0.6%
	22	Carlisle Cos., Inc.		1,510
		Insurance - 4.6%
	12	AMBAC Financial Group, Inc.		869
	83	Assurant, Inc.		2,993
	23	CInc.innati Financial Corp.		900
	42	IPC Holdings Ltd. (Bermuda)		1,644
	88	Old Republic International Corp.		2,234
	15	PartnerRe Ltd. (Bermuda)		966
	21	Safeco Corp.		1,152
	19	Willis Group Holdings Ltd. (Bermuda)		635
				11,393
		Internet Software & Services - 0.3%
	24	VeriSign, Inc. (a)		689
		IT Services - 1.3%
	22	Affiliated Computer Services, Inc., Class A (a)		1,145
	31	Alliance Data Systems Corp. (a) (c)		1,247
	29	CheckFree Corp. (a) (c)		972
				3,364
		Leisure Equipment & Products - 0.9%
	51	Brunswick Corp.		2,194
		Machinery - 2.6%
	38	Crane Co.		1,005
	43	Harsco Corp.		2,348
	14	ITT Industries, Inc.		1,411
	11	Oshkosh Truck Corp. (c)		893
	15	Parker-Hannifin Corp.		936
				6,593

SHARES		SECURITY DESCRIPTION	VALUE
		Media - 3.1%
	52	Dex Media, Inc.	$	1,267
	26	E.W. Scripps Co., Class A		1,257
	27	Gannett Co., Inc.		1,906
	12	Getty Images, Inc. (a) (c)		869
	39	Interactive Data Corp. (a)		810
	10	Knight Ridder, Inc.		601
	1	Washington Post Co. (The), Class B		418
	21	XM Satellite Radio Holdings, Inc., Class A (a) (c)		704
				7,832
		Metals & Mining - 0.4%
	20	Consol Energy, Inc.		1,096
		Multi-Utilities - 1.8%
	31	Energen Corp.		1,079
	37	Energy East Corp.		1,061
	16	Questar Corp.		1,048
	32	SCANA Corp.		1,345
				4,533
		Multiline Retail - 1.5%
	38	Dollar General Corp.		769
	53	Family Dollar Stores, Inc.		1,383
	16	May Department Stores Co. (The)		634
	26	Tuesday Morning Corp.		829
				3,615
		Office Electronics - 0.8%
	64	Xerox Corp. (a)		878
	27	Zebra Technologies Corp., Class A (a)		1,202
				2,080
		Oil, Gas & Consumable Fuels - 6.1%
	19	Ashland, Inc.		1,366
	39	Burlington Resources, Inc.		2,127
	51	Devon Energy Corp.		2,570
	15	EOG Resources, Inc.		863
	37	Kinder Morgan, Inc.		3,053
	20	Marathon Oil Corp.		1,046
	16	Murphy Oil Corp.		841
	25	Newfield Exploration Co. (a)		1,011
	18	Pioneer Natural Resources Co.		774

SEE NOTES TO FINANCIAL STATEMENTS.

JPMorgan U.S. Equity Mid/Small Cap Funds27

JPMorgan Mid Cap Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS AS OF JUNE 30, 2005

(Amounts in thousands)

(CONTINUED)

(Unaudited)

SHARES		SECURITY DESCRIPTION	VALUE
	Long-Term Investments - continued
		Oil, Gas & Consumable Fuels - continued
	24	Range Resources Corp. (c)	$	644
	26	Talisman Energy, Inc. (Canada)		962
				15,257
		Paper & Forest Products - 0.3%
	29	MeadWestvaco Corp.		808
		Personal Products - 0.4%
	25	Estee Lauder Cos., Inc., Class A		978
		Pharmaceuticals - 0.5%
	21	Sepracor, Inc. (a)		1,239
		Real Estate - 1.4%
	43	Brookfield Properties Co. (Canada)		1,244
	8	Forest City Enterprises, Inc.		568
	14	PS Business Parks, Inc., Class A (REIT)		618
	20	Rayonier, Inc. (REIT)		1,072
				3,502
		Road & Rail - 0.6%
	77	Hunt (J.B.) Transport Services, Inc.		1,486
		Semiconductors & Semiconductor Equipment - 2.6%
	23	Broadcom Corp., Class A (a)		811
	20	KLA-Tencor Corp.		865
	31	Lam Research Corp. (a)		886
	41	Linear Technology Corp.		1,486
	50	Microchip Technology, Inc.		1,479
	39	Nvidia Corp. (a)		1,037
				6,564
		Software - 2.6%
	49	Adobe Systems, Inc.		1,411
	59	Citrix Systems, Inc. (a)		1,275
	38	Cognos, Inc. (Canada) (a) (c)		1,295
	70	Computer Associates International, Inc.		1,928
	16	Mercury Interactive Corp. (a)		608
				6,517

SHARES		SECURITY DESCRIPTION	VALUE
		Specialty Retail - 9.6%
	20	Abercrombie & Fitch Co.	$	1,405
	26	Advance Auto Parts, Inc. (a)		1,694
	49	Autonation, Inc. (a)		999
	32	AutoZone, Inc. (a)		2,913
	37	Bed Bath & Beyond, Inc. (a)		1,556
	48	CarMax, Inc. (a)		1,271
	43	Circuit City Stores, Inc. (c)		745
	46	Foot Locker, Inc.		1,255
	24	Michaels Stores, Inc.		999
	45	Pacific Sunwear of California, Inc. (a)		1,032
	42	Petco Animal Supplies, Inc. (a) (c)		1,233
	41	Ross Stores, Inc. (c)		1,180
	53	Sherwin-Williams Co. (The)		2,510
	36	Tiffany & Co.		1,173
	110	TJX Cos., Inc.		2,688
	25	Weight Watchers International, Inc. (a) (c)		1,267
				23,920
		Textiles, Apparel & Luxury Goods - 2.3%
	31	Columbia Sportswear Co. (a)		1,507
	21	Polo Ralph Lauren Corp.		914
	59	V.F. Corp.		3,370
				5,791
		Thrifts & Mortgage Finance - 1.9%
	39	Golden West Financial Corp.		2,511
	18	MGIC Investment Corp.		1,200
	23	Webster Financial Corp.		1,069
				4,780
		Trading Companies & Distributors - 0.7%
	13	Hughes Supply, Inc.		357
	40	MSC Industrial Direct Co. (c)		1,346
				1,703
		Wireless Telecommunication Services - 1.0%
	20	NII Holdings, Inc. (a)		1,261
	14	Telephone & Data Systems, Inc.		555
	15	Telephone & Data Systems, Inc.		571
				2,387
		Total Common Stocks (Cost $196,818)		244,042
		Total Long-Term Investments (Cost $196,818)		244,042

SEE NOTES TO FINANCIAL STATEMENTS.

JPMorgan U.S. Equity Mid/Small Cap Funds28

SEMI-ANNUAL REPORT JUNE 30

2005

SCHEDULE OF PORTFOLIO INVESTMENTS AS OF JUNE 30, 2005

(Amounts in thousands)

(Unaudited)

SHARES		SECURITY DESCRIPTION	VALUE
Short-Term Investment- 2.4%
		Investment Company - 2.4%
	5,894	JPMorgan Prime Money Market Fund (b) (m) (Cost $5,894)	$	5,894
Investments of Cash Collateral for Securities Loaned - 5.0%
		Investment Companies - 5.0%
	3,948	Morgan Stanley Intitutional Liquidity Funds		3,948
	8,472	BGI Prime Money Market Fund		8,472
		Total Investments of Cash Collateral for Securities Loaned (Cost $12,420)		12,420
		Total Investments - 105.2% (Cost $215,132)		262,356
		Liabilities in excess of other assets - (5.2)%		(13,031	)
		Net Assets - 100.0%	$	249,325

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

JPMorgan U.S. Equity Mid/Small Cap Funds29

JPMorgan Mid Cap Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS AS OF JUNE 30, 2005

(Amounts in thousands)

(Unaudited)

SHARES		SECURITY DESCRIPTION	VALUE
Long-Term Investments - 99.3%
		Common Stocks - 99.3%
		Aerospace & Defense - 2.5%
	5	L-3 Communications Holdings, Inc.	$	368
	6	Precision Castparts Corp.		498
	9	Rockwell Collins, Inc.		415
				1,281
		Airlines - 0.7%
	27	Southwest Airlines Co.		371
		Auto Components - 0.8%
	10	Autoliv, Inc.		431
		Biotechnology - 3.0%
	8	Celgene Corp. (a) (c)		308
	11	Genzyme Corp. (a)		637
	5	Invitrogen Corp. (a) (c)		391
	5	OSI Pharmaceuticals, Inc. (a)		223
				1,559
		Capital Markets - 2.2%
	28	Ameritrade Holding Corp. (a)		516
	7	Investors Financial Services Corp.		251
	7	T. Rowe Price Group, Inc.		407
				1,174
		Commercial Banks - 0.8%
	6	Zions Bancorp		412
		Commercial Services & Supplies - 3.0%
	6	Dun & Bradstreet Corp. (a)		379
	11	HNI Corp.		563
	16	West Corp. (a) (c)		626
				1,568
		Communications Equipment - 0.5%
	9	Harris Corp.		265
		Computers & Peripherals - 3.4%
	25	NCR Corp. (a)		868
	17	Network Appliance, Inc. (a)		466
	26	Seagate Technology (Cayman Islands) (a)		454
				1,788

SHARES		SECURITY DESCRIPTION	VALUE
		Construction & Engineering - 1.3%
	12	Jacobs Engineering Group, Inc. (a)	$	667
		Consumer Finance - 1.6%
	32	AmeriCredit Corp. (a) (c)		820
		Diversified Financial Services - 2.0%
	12	CIT Group, Inc.		520
	23	Lazard Ltd. (Bermuda), Class A (a)		527
				1,047
		Electrical Equipment - 0.9%
	10	Rockwell Automation, Inc.		470
		Electronic Equipment & Instruments - 3.8%
	25	Amphenol Corp., Class A		994
	15	Arrow Electronics, Inc. (a)		402
	19	Jabil Circuit, Inc. (a)		598
				1,994
		Energy Equipment & Services - 2.5%
	16	Grant Prideco, Inc. (a)		422
	7	Nabors Industries Ltd. (Bermuda) (a)		433
	7	Noble Corp. (Cayman Islands)		452
				1,307
		Health Care Equipment & Supplies - 5.8%
	8	Bausch & Lomb, Inc.		643
	6	Beckman Coulter, Inc.		372
	5	Biomet, Inc.		187
	13	Fisher Scientific International, Inc. (a)		824
	7	Millipore Corp. (a)		420
	12	Nektar Therapeutics (a) (c)		202
	5	Zimmer Holdings, Inc. (a)		370
				3,018
		Health Care Providers & Services - 11.6%
	7	Aetna, Inc.		563
	10	Caremark Rx, Inc. (a)		423
	7	Coventry Health Care, Inc. (a)		506
	17	DaVita, Inc. (a)		783
	8	Laboratory Corp. of America Holdings (a)		379
	6	LifePoint Hospitals, Inc. (a)		293

SEE NOTES TO FINANCIAL STATEMENTS.

JPMorgan U.S. Equity Mid/Small Cap Funds 30

SEMI-ANNUAL REPORT JUNE 30

2005

SCHEDULE OF PORTFOLIO INVESTMENTS AS OF JUNE 30, 2005

(Amounts in thousands)

(Unaudited)

SHARES		SECURITY DESCRIPTION	VALUE
	Long-Term Investments - continued
		Health Care Providers & Services - Continued
	20	Manor Care, Inc.	$	811
	10	McKesson Corp.		430
	14	Medco Health Solutions, Inc. (a)		726
	15	Omnicare, Inc. (c)		619
	10	Triad Hospitals, Inc. (a)		555
				6,088
		Hotels, Restaurants & Leisure - 8.2%
	18	Applebees International, Inc.		478
	13	Brinker International, Inc. (a)		523
	7	Harrah's Entertainment, Inc.		478
	17	Hilton Hotels Corp.		404
	14	International Speedway Corp., Class A		791
	6	Marriott International, Inc., Class A		440
	16	Royal Caribbean Cruises Ltd. (Liberia) (c)		762
	6	Station Casinos, Inc.		388
				4,264
		Household Durables - 0.7%
	4	Harman International Industries, Inc.		342
		Household Products - 0.5%
	5	Energizer Holdings, Inc. (a)		286
		Insurance - 0.7%
	5	AMBAC Financial Group, Inc.		370
		Internet Software & Services - 0.6%
	10	VeriSign, Inc. (a)		293
		IT Services - 1.8%
	13	Alliance Data Systems Corp. (a) (c)		531
	12	CheckFree Corp. (a) (c)		414
				945
		Leisure Equipment & Products - 1.8%
	22	Brunswick Corp.		931
		Machinery - 2.8%
	9	Harsco Corp.		488
	6	ITT Industries, Inc.		600

SHARES		SECURITY DESCRIPTION	VALUE
		Machinery - Continued
	5	Oshkosh Truck Corp. (c)	$	380
				1,468
		Media - 1.3%
	5	Getty Images, Inc. (a) (c)		368
	9	XM Satellite Radio Holdings, Inc., Class A (a) (c)		299
				667
		Metals & Mining - 0.9%
	9	Consol Energy, Inc.		466
		Multiline Retail - 0.6%
	16	Dollar General Corp.		327
		Office Electronics - 1.7%
	27	Xerox Corp. (a)		373
	12	Zebra Technologies Corp., Class A (a)		512
				885
		Oil, Gas & Consumable Fuels - 3.5%
	7	EOG Resources, Inc.		369
	7	Murphy Oil Corp.		358
	11	Newfield Exploration Co. (a)		429
	10	Range Resources Corp.		274
	11	Talisman Energy, Inc. (Canada)		410
				1,840
		Pharmaceuticals - 1.0%
	9	Sepracor, Inc. (a)		528
		Road & Rail - 1.2%
	33	Hunt (J.B.) Transport Services, Inc.		632
		Semiconductors & Semiconductor Equipment - 5.3%
	10	Broadcom Corp., Class A (a)		346
	8	KLA-Tencor Corp.		367
	13	Lam Research Corp. (a)		376
	17	Linear Technology Corp.		631
	21	Microchip Technology, Inc.		630
	17	Nvidia Corp. (a)		441
				2,791

SEE NOTES TO FINANCIAL STATEMENTS.

JPMorgan U.S. Equity Mid/Small Cap Funds 31

JPMorgan Mid Cap Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS AS OF JUNE 30, 2005

(Amounts in thousands)

(CONTINUED)

(Unaudited)

SHARES		SECURITY DESCRIPTION	VALUE
	Long-Term Investments - continued
		Software - 4.6%
	21	Adobe Systems, Inc.	$	599
	25	Citrix Systems, Inc. (a)		543
	16	Cognos, Inc. (Canada) (a) (c)		550
	17	Computer Associates International, Inc.		459
	7	Mercury Interactive Corp. (a)		259
				2,410
		Specialty Retail - 12.9%
	9	Abercrombie & Fitch Co.		598
	11	Advance Auto Parts, Inc. (a)		720
	16	Bed Bath & Beyond, Inc. (a)		662
	20	CarMax, Inc. (a)		540
	18	Circuit City Stores, Inc. (c)		316
	20	Foot Locker, Inc.		534
	10	Michaels Stores, Inc.		424
	19	Pacific Sunwear of California, Inc. (a)		439
	18	Petco Animal Supplies, Inc. (a)		525
	17	Ross Stores, Inc. (c)		502
	12	Sherwin-Williams Co. (The)		544
	16	TJX Cos., Inc.		377
	10	Weight Watchers International, Inc. (a) (c)		539
				6,720
		Textiles, Apparel & Luxury Goods - 0.7%
	9	Polo Ralph Lauren Corp.		388
		Trading Companies & Distributors - 1.1%
	17	MSC Industrial Direct Co. (c)		572
		Wireless Telecommunication Services - 1.0%
	8	NII Holdings, Inc. (a)		534
		Total Common Stocks (Cost $43,260)		51,919
		Total Long-Term Investments (Cost $43,260)		51,919

SHARES		SECURITY DESCRIPTION	VALUE
Short-Term Investment - 1.3%
		Investment Company - 1.3%
	668	JPMorgan Prime Money Market Fund (b) (m) (Cost $668)	$	668
PRINCIPAL AMOUNT
		Investment of Cash Collateral for Securities Loaned - 12.4%
		Repurchase Agreement - 12.4%
$	6,470	Banc of America Securities LLC, 3.45%, dated 06/30/05, due 07/01/05, repurchase price $6,471, collateralized by U.S. Agency Mortgages (Cost $6,470)		6,470
		Total Investments - 113.0%	$	59,057
		(Cost $50,398)
		Liabilities in excess of other assets - (13.0)%		(6,808	)
		Net Assets - 100.0%	$	52,249

SEE NOTES TO FINANCIAL STATEMENTS.

JPMorgan U.S. Equity Mid/Small Cap Funds 32

JPMorgan Mid Cap Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS AS OF JUNE 30, 2005

(Amounts in thousands)

(Unaudited)

SHARES		SECURITY DESCRIPTION	VALUE
Long-Term Investments - 96.9%
		Common Stocks - 96.9%
		Auto Components - 0.7%
	861	BorgWarner, Inc.	$	46,221
		Beverages - 0.8%
	779	Brown-Forman Corp., Class B		47,118
		Building Products - 0.7%
	1,104	American Standard Cos., Inc.		46,280
		Capital Markets - 2.8%
	578	Legg Mason, Inc. (c)		60,202
	1,326	Northern Trust Corp.		60,470
	838	T. Rowe Price Group, Inc.		52,440
				173,112
		Chemicals - 3.9%
	2,118	Albemarle Corp.		77,254
	1,725	International Flavors & Fragrances, Inc.		62,494
	978	PPG Industries, Inc.		61,392
	784	Sigma-Aldrich Corp. (c)		43,947
				245,087
		Commercial Banks - 6.2%
	781	Cullen/Frost Bankers, Inc.		37,205
	1,086	M&T Bank Corp.		114,246
	4,771	North Fork Bancorp, Inc.		134,019
	1,707	TCF Financial Corp.		44,182
	1,555	Wilmington Trust Corp.		56,003
				385,655
		Commercial Services & Supplies - 1.1%
	151	Pitney Bowes, Inc.		6,589
	1,682	Republic Services, Inc.		60,562
				67,151
		Computers & Peripherals - 0.6%
	545	Lexmark International, Inc., Class A (a)		35,345
		Construction Materials - 1.7%
	1,656	Vulcan Materials Co. (c)		107,649

SHARES		SECURITY DESCRIPTION	VALUE
		Containers & Packaging - 2.0%
	1,415	Ball Corp.	$	50,898
	3,306	Pactiv Corp. (a) (c)		71,339
				122,237
		Distributors - 0.6%
	957	Genuine Parts Co.		39,307
		Diversified Financial Services - 0.7%
	1,006	Principal Financial Group (c)		42,135
		Diversified Telecommunication Services - 4.0%
	2,062	Alltel Corp.		128,446
	3,464	CenturyTel, Inc. (c)		119,948
				248,394
		Electric Utilities - 2.8%
	1,789	DPL, Inc.		49,103
	1,059	PPL Corp. (c)		62,895
	2,592	Westar Energy, Inc.		62,278
				174,276
		Electrical Equipment - 1.8%
	1,265	Ametek, Inc. (c)		52,932
	911	Cooper Industries Ltd. (Bermuda), Class A		58,181
				111,113
		Food Products - 2.6%
	1,844	Dean Foods Co. (a)		64,990
	3,428	Del Monte Foods Co. (a)		36,917
	1,812	Hormel Foods Corp.		53,146
	333	TreeHouse Foods, Inc. (a)		9,505
				164,558
		Gas Utilities - 1.4%
	1,328	AGL Resources, Inc. (c)		51,312
	1,349	UGI Corp.		37,648
				88,960
		Health Care Equipment & Supplies - 0.6%
	589	Beckman Coulter, Inc.		37,443

SEE NOTES TO FINANCIAL STATEMENTS.

JPMorgan U.S. Equity Mid/Small Cap Funds 33

JPMorgan Mid Cap Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS AS OF JUNE 30, 2005

(Amounts in thousands)

(CONTINUED)

(Unaudited)

SHARES		SECURITY DESCRIPTION	VALUE
	Long-Term Investments - continued
		Health Care Providers & Services - 4.6%
	1,692	Coventry Health Care, Inc. (a)	$	119,688
	802	Magellan Health Services, Inc. (a)		28,322
	1,372	Manor Care, Inc.		54,521
	1,228	Omnicare, Inc. (c)		52,113
	551	Quest Diagnostics (c)		29,330
				283,974
		Hotels, Restaurants & Leisure - 2.2%
	1,828	Applebees International, Inc.		48,416
	1,888	Outback Steakhouse, Inc.		85,395
				133,811
		Household Durables - 1.9%
	864	Fortune Brands, Inc. (c)		76,723
	486	Mohawk Industries, Inc. (a) (c)		40,112
				116,835
		Household Products - 0.7%
	796	Clorox Co. (c)		44,336
		Industrial Conglomerates - 1.2%
	1,076	Carlisle Cos., Inc.		73,818
		Insurance - 8.3%
	4,107	Assurant, Inc. (c)		148,245
	1,060	Cincinnati Financial Corp. (c)		41,917
	1,994	IPC Holdings Ltd. (Bermuda)		78,986
	4,377	Old Republic International Corp.		110,689
	743	PartnerRe Ltd. (Bermuda) (c)		47,877
	1,051	Safeco Corp.		57,128
	888	Willis Group Holdings Ltd. (Bermuda) (c)		29,068
				513,910
		IT Services - 0.9%
	1,078	Affiliated Computer Services, Inc., Class A (a) (c)		55,060
		Machinery - 2.5%
	1,939	Crane Co. (c)		50,995
	1,102	Harsco Corp.		60,098
	746	Parker-Hannifin Corp.		46,241
				157,334

SHARES		SECURITY DESCRIPTION	VALUE
		Media - 4.9%
	2,621	Dex Media, Inc.	$	63,971
	1,270	E.W. Scripps Co., Class A (c)		61,963
	1,313	Gannett Co., Inc. (c)		93,394
	1,835	Interactive Data Corp. (a)		38,121
	484	Knight Ridder, Inc. (c)		29,664
	25	Washington Post Co. (The), Class B		20,542
				307,655
		Multi-Utilities - 3.6%
	1,568	Energen Corp.		54,955
	1,862	Energy East Corp.		53,946
	808	Questar Corp.		53,247
	1,474	SCANA Corp.		62,968
				225,116
		Multiline Retail - 2.2%
	2,512	Family Dollar Stores, Inc.		65,566
	781	May Department Stores Co. (The)		31,361
	1,195	Tuesday Morning Corp. (c)		37,657
				134,584
		Oil, Gas & Consumable Fuels - 8.7%
	950	Ashland, Inc. (a)		68,255
	1,896	Burlington Resources, Inc. (c)		104,724
	2,576	Devon Energy Corp. (c)		130,531
	1,781	Kinder Morgan, Inc. (c)		148,179
	972	Marathon Oil Corp.		51,849
	937	Pioneer Natural Resources Co.		39,429
				542,967
		Paper & Forest Products - 0.6%
	1,438	MeadWestvaco Corp.		40,324
		Personal Products - 0.8%
	1,228	Estee Lauder Cos., Inc., Class A		48,059
		Real Estate - 2.7%
	2,099	Brookfield Properties Co. (Canada)		60,448
	421	Forest City Enterprises, Inc. (c)		29,863
	552	PS Business Parks, Inc., Class A (REIT) (c)		24,527

SEE NOTES TO FINANCIAL STATEMENTS.

JPMorgan U.S. Equity Mid/Small Cap Funds 34

SEMI-ANNUAL REPORT JUNE 30

2005

SCHEDULE OF PORTFOLIO INVESTMENTS AS OF JUNE 30, 2005

(Amounts in thousands)

(Unaudited)

SHARES		SECURITY DESCRIPTION	VALUE
Long-Term Investments - continued
		Real Estate - Continued
	971	Rayonier, Inc. (REIT) (c)	$	51,470
				166,308
		Software - 0.7%
	1,551	Computer Associates International, Inc.		42,611
		Specialty Retail - 6.5%
	2,348	Autonation, Inc. (a)		48,189
	1,552	AutoZone, Inc. (a)		143,507
	1,287	Sherwin-Williams Co. (The)		60,600
	1,753	Tiffany & Co.		57,412
	3,757	TJX Cos., Inc.		91,474
				401,182
		Textiles, Apparel & Luxury Goods - 3.9%
	1,465	Columbia Sportswear Co. (a) (c)		72,366
	2,944	V.F. Corp.		168,433
				240,799
		Thrifts & Mortgage Finance - 3.8%
	1,925	Golden West Financial Corp. (c)		123,900
	906	MGIC Investment Corp.		59,076
	1,125	Webster Financial Corp.		52,526
				235,502
		Trading Companies & Distributors - 0.3%
	625	Hughes Supply, Inc. (c)		17,555
		Wireless Telecommunication Services - 0.9%
	1,471	Telephone & Data Systems, Inc. (c)		58,038
		Total Common Stocks (Cost $5,434,887)		6,021,819
		Total Long-Term Investments (Cost $5,434,887)		6,021,819

SHARES		SECURITY DESCRIPTION	VALUE
		Investment Company - 3.0%
	183,523	JPMorgan Prime Money Market Fund (b) (m)		$183,523 (Cost $183,523)
	Investments of Cash Collateral for Securities Loaned - 4.5%
		Investment Company - 0.0% (g)
	1,115	BGI Prime Money Market Fund		1,115
PRINCIPAL AMOUNT
		Repurchase Agreements - 4.5%
$	187,000	Credit Suisse First Boston LLC, 3.46%, dated 06/30/05, due 07/01/05, repurchase price $187,018, collateralized by U.S. Agency Mortgages		187,000
	92,410	UBS Securities LLC, 3.40%, dated 06/30/05, due 07/01/05, repurchase price $92,419, collateralized by U.S. Agencies		92,410
				279,410
		Total Investments of Cash Collateral for Securities Loaned (Cost $280,525)		280,525
		Total Investments - 104.4%	$	6,485,867
		(Cost $5,898,935)
		Liabilities in excess of other assets - (4.4)%		(274,450	)
		NET ASSETS - 100.0%	$	6,211,417

SEE NOTES TO FINANCIAL STATEMENTS.

JPMorgan U.S. Equity Mid/Small Cap Funds 35

JPMorgan Small Cap Core Fund

SCHEDULE OF PORTFOLIO INVESTMENTS AS OF JUNE 30, 2005

(Amounts in thousands)

(Unaudited)

SHARES			SECURITY DESCRIPTION	VALUE
	Long-Term Investments - 97.9%
			Common Stocks - 97.9%
			Aerospace & Defense - 2.2%
	28		Armor Holdings, Inc. (a) (c)	$	1,089
	76		Aviall, Inc. (a)		2,410
	52		BE Aerospace, Inc. (a) (c)		811
	11		Curtiss-Wright Corp. (c)		572
	81		Esterline Technologies Corp. (a)		3,254
	34		Heico Corp. (c)		794
	21		Hexcel Corp. (a)		352
	43		Kaman Corp., Class A		778
	225	��	Moog, Inc., Class A (a) (c)		7,071
	40		Orbital Sciences Corp. (a) (c)		399
					17,530
			Air Freight & Logistics - 0.1%
	19		Hub Group, Inc., Class A (a)		478
			Airlines - 0.8%
	126		America West Holdings Corp., Class B (a) (c)		753
	62		Delta Air Lines, Inc. (a) (c)		233
	175		ExpressJet Holdings, Inc. (a) (c)		1,493
	101		Mesa Air Group, Inc. (a) (c)		678
	159		Pinnacle Airlines Corp. (a) (c)		1,367
	88		Skywest, Inc.		1,603
					6,127
			Auto Components - 0.6%
	28		American Axle & Manufacturing Holdings, Inc. (c)		708
	59		ArvinMeritor, Inc.		1,053
	71		Hayes Lemmerz International, Inc. (a)		503
	14		Sauer-Danfoss, Inc.		245
	19		Stoneridge, Inc. (a)		125
	122		Tenneco Automotive, Inc. (a) (c)		2,033
					4,667
			Automobiles - 0.4%
	59		Fleetwood Enterprises, Inc. (a) (c)		601
	73		Thor Industries, Inc. (c)		2,301
	12		Winnebago Industries, Inc. (c)		393
					3,295

SHARES		SECURITY DESCRIPTION	VALUE
		Biotechnology - 2.8%
	32	Abgenix, Inc. (a) (c)	$	270
	121	Alexion Pharmaceuticals, Inc. (a) (c)		2,783
	35	Applera Corp. - Celera Genomics Group (a)		384
	42	Cell Genesys, Inc. (a) (c)		226
	34	Corixa Corp. (a)		148
	122	Cubist Pharmaceuticals, Inc. (a) (c)		1,607
	22	CV Therapeutics, Inc. (a) (c)		502
	24	Diversa Corp. (a) (c)		125
	71	Encysive Pharmaceuticals, Inc. (a)		770
	32	Enzon Pharmaceuticals, Inc. (a)		209
	12	Exelixis, Inc. (a)		91
	321	Genelabs Technologies (a)		160
	24	ICOS Corp. (a) (c)		514
	239	Incyte Corp. (a) (c)		1,712
	49	Ligand Pharmaceuticals, Inc., Class B (a) (c)		342
	38	Lifecell Corp. (a)		603
	26	Martek Biosciences Corp. (a)		977
	70	Myriad Genetics, Inc. (a) (c)		1,096
	103	Nabi Biopharmaceuticals (a) (c)		1,572
	42	OSI Pharmaceuticals, Inc. (a)		1,733
	30	Renovis, Inc. (a)		455
	100	Rigel Pharmaceuticals, Inc. (a) (c)		1,998
	55	Seattle Genetics, Inc. (a) (c)		294
	2	Tanox, Inc. (a) (c)		19
	45	Telik, Inc. (a) (c)		735
	13	Transkaryotic Therapies, Inc. (a) (c)		483
	49	United Therapeutics Corp. (a) (c)		2,371
	15	Vicuron Pharmaceuticals, Inc. (a)		430
				22,609
		Building Products - 1.9%
	31	ElkCorp (c)		891
	18	Griffon Corp. (a)		406
	107	Jacuzzi Brands, Inc. (a) (c)		1,146
	144	Lennox International, Inc. (c)		3,044
	48	NCI Building Systems, Inc. (a) (c)		1,562
	153	Universal Forest Products, Inc.		6,325
	51	York International Corp.		1,919
				15,293

SEE NOTES TO FINANCIAL STATEMENTS.

JPMorgan U.S. Equity Mid/Small Cap Funds 36

SEMI-ANNUAL REPORT JUNE 30

2005

SCHEDULE OF PORTFOLIO INVESTMENTS AS OF JUNE 30, 2005

(Amounts in thousands)

(Unaudited)

SHARES		SECURITY DESCRIPTION	VALUE
Long-Term Investments - continued
		Capital Markets - 0.2%
	23	National Financial Partners Corp.	$	888
	35	Waddell & Reed Financial, Inc.		642
				1,530
		Chemicals - 1.6%
	3	Cytec Industries, Inc.		103
	77	FMC Corp. (a)		4,340
	77	Georgia Gulf Corp.		2,403
	10	H.B. Fuller Co.		323
	27	Headwaters, Inc. (a) (c)		914
	84	Hercules, Inc. (a)		1,189
	28	Kronos Worldwide, Inc. (c)		830
	29	NewMarket Corp. (a)		423
	130	PolyOne Corp. (a)		859
	39	Terra Industries, Inc. (a)		266
	104	W.R. Grace & Co. (a) (c)		812
	54	Wellman, Inc.		549
				13,011
		Commercial Banks - 5.8%
	15	ABC Bancorp (c) (m)		264
	33	Amcore Financial, Inc. (c)		980
	7	AmericanWest Bancorp (a) (c)		130
	4	BancFirst Corp. (c)		374
	77	Bank of the Ozarks, Inc.		2,532
	10	Capital Corp. of the West (c)		284
	26	Capitol Bancorp Ltd. (c)		860
	14	Center Financial Corp. (c)		338
	38	Central Pacific Financial Corp. (c)		1,339
	21	Chemical Financial Corp. (c)		701
	14	City Holding Co. (c)		511
	23	Columbia Banking System, Inc. (c)		556
	104	Community Bank System, Inc. (c)		2,532
	17	Community Trust Bancorp, Inc.		549
	92	EuroBancshares, Inc. (a)		1,475
	58	First Bancorp (c)		2,317
	25	First Republic Bank		883
	73	First State Bancorp, Inc.		1,416
	26	Glacier Bancorp, Inc.		691
	66	Gold Banc Corp., Inc.		960
	39	Greater Bay Bancorp (c)		1,039
	10	Hanmi Financial Corp.		162

SHARES		SECURITY DESCRIPTION	VALUE
		Commercial Banks - Continued
	54	IBERIABANK Corp. (c)	$	3,352
	50	Independent Bank Corp.		1,419
	102	Irwin Financial Corp. (c)		2,255
	6	Macatawa Bank Corp. (c)		220
	15	MB Financial, Inc.		582
	9	Mercantile Bank Corp. (c)		387
	24	Nara Bancorp, Inc.		349
	40	Oriental Financial Group (c)		613
	10	Pacific Capital Bancorp		354
	12	Peoples Bancorp, Inc.		321
	85	PrivateBancorp, Inc. (c)		3,007
	72	Republic Bancorp, Inc. (c)		1,076
	5	Republic Bancorp, Inc., Class A (c)		112
	12	Simmons First National Corp., Class A		312
	9	Southwest Bancorp, Inc.		174
	6	State Financial Services Corp.		226
	22	Sterling Bancorp (c)		468
	113	Sterling Bancshares, Inc. (c)		1,760
	110	Summit Bancshares, Inc.		1,894
	19	Sun Bancorp, Inc. (a)		383
	6	Taylor Capital Group, Inc. (c)		220
	12	TriCo Bancshares		261
	20	Umpqua Holdings Corp.		468
	61	West Coast Bancorp (c)		1,487
	59	Westamerica Bancorp		3,100
	5	Western Sierra Bancorp (a)		183
	33	Wilshire Bancorp, Inc. (c)		470
	15	Wintrust Financial Corp. (c)		780
				47,126
		Commercial Services & Supplies - 3.1%
	120	Angelica Corp. (c)		2,941
	13	Banta Corp.		567
	19	Coinstar, Inc. (a)		436
	116	Corinthian Colleges, Inc. (a) (c)		1,480
	5	CRA International, Inc. (a) (c)		291
	27	DiamondCluster International, Inc. (a)		300
	35	Duratek, Inc. (a) (c)		818
	8	General Binding Corp. (a) (c)		173
	33	Geo Group, Inc. (The) (a)		814
	7	Gevity HR, Inc. (c)		136
	74	Heidrick & Struggles, Inc. (a)		1,919

SEE NOTES TO FINANCIAL STATEMENTS.

JPMorgan U.S. Equity Mid/Small Cap Funds 37

JPMorgan Small Cap Core Fund

SCHEDULE OF PORTFOLIO INVESTMENTS AS OF JUNE 30, 2005

(Amounts in thousands)

(CONTINUED)

(Unaudited)

SHARES		SECURITY DESCRIPTION	VALUE
Long-Term Investments - continued
		Commercial Services & Supplies - Continued
	287	IKON Office Solutions, Inc.	$	2,729
	20	Imagistics International, Inc. (a) (c)		566
	21	Interpool, Inc.		449
	56	John H. Harland Co.		2,124
	18	Korn/Ferry International (a)		311
	72	Labor Ready, Inc. (a)		1,681
	77	Navigant Consulting, Inc. (a)		1,353
	19	Pre-Paid Legal Services, Inc. (c)		866
	30	SOURCECORP, Inc. (a)		587
	45	Spherion Corp. (a) (c)		298
	111	TeleTech Holdings, Inc. (a) (c)		901
	23	Tetra Tech, Inc. (a) (c)		306
	46	United Rentals, Inc. (a) (c)		924
	28	United Stationers, Inc. (a)		1,365
	6	Vertrue, Inc. (a)		218
	14	Waste Connections, Inc. (a)		526
				25,079
		Communications Equipment - 2.6%
	143	3Com Corp. (a)		519
	36	Ariba, Inc. (a) (c)		206
	106	Arris Group, Inc. (a)		927
	84	Aspect Communications Corp. (a) (c)		940
	15	Audiovox Corp. (a) (c)		236
	47	Avocent Corp. (a)		1,223
	18	Bel Fuse, Inc., Class B (c)		562
	31	Black Box Corp. (c)		1,108
	62	C-COR, Inc. (a) (c)		426
	50	CIENA Corp. (a)		105
	58	CommScope, Inc. (a) (c)		1,013
	13	Comtech Telecommunications Corp. (a) (c)		437
	21	Ditech Communications Corp. (a)		139
	24	Echelon Corp. (a)		167
	73	Extreme Networks, Inc. (a)		300
	30	Finisar Corp. (a) (c)		31
	64	Foundry Networks, Inc. (a)		549
	7	Glenayre Technologies, Inc. (a)		28
	42	Harmonic, Inc. (a) (c)		205
	110	Inter-Tel, Inc. (c)		2,038
	10	Interdigital Communications Corp. (a) (c)		170

SHARES		SECURITY DESCRIPTION	VALUE
		Communications Equipment - Continued
	119	MRV Communications, Inc. (a) (c)	$	259
	34	Netgear, Inc. (a) (c)		630
	89	Plantronics, Inc.		3,225
	15	Polycom, Inc. (a)		228
	13	Powerwave Technologies, Inc. (a)		132
	28	Redback Networks, Inc. (a) (c)		177
	43	SafeNet, Inc. (a) (c)		1,451
	116	Symmetricom, Inc. (a) (c)		1,198
	50	Tekelec (a) (c)		843
	48	Terayon Communication Systems, Inc. (a)		147
	109	Utstarcom, Inc. (a) (c)		819
	72	Westell Technologies, Inc. (a) (c)		432
				20,870
		Computers & Peripherals - 1.7%
	130	Adaptec, Inc. (a) (c)		503
	35	Advanced Digital Information Corp. (a)		268
	221	Brocade Communications Systems, Inc. (a)		858
	26	Dot Hill Systems Corp. (a) (c)		138
	12	Electronics for Imaging, Inc. (a) (c)		259
	83	Gateway, Inc. (a) (c)		274
	59	Hutchinson Technology, Inc. (a) (c)		2,253
	25	Hypercom Corp. (a) (c)		164
	51	Imation Corp.		1,990
	52	Intergraph Corp. (a) (c)		1,778
	57	Komag, Inc. (a) (c)		1,623
	180	Maxtor Corp. (a) (c)		935
	33	PalmOne, Inc. (a) (c)		985
	109	Quantum Corp. (a) (c)		323
	183	Silicon Graphics, Inc. (a) (c)		130
	7	Stratasys, Inc. (a)		225
	24	Synaptics, Inc. (a) (c)		517
	17	UNOVA, Inc. (a) (c)		461
				13,684
		Construction & Engineering - 0.4%
	17	Dycom Industries, Inc. (a)		333
	69	MasTec, Inc. (a) (c)		606
	38	Quanta Services, Inc. (a) (c)		338
	20	URS Corp. (a)		743

SEE NOTES TO FINANCIAL STATEMENTS.

JPMorgan U.S. Equity Mid/Small Cap Funds 38

SEMI-ANNUAL REPORT JUNE 30

2005

SCHEDULE OF PORTFOLIO INVESTMENTS AS OF JUNE 30, 2005

(Amounts in thousands)

(Unaudited)

SHARES		SECURITY DESCRIPTION	VALUE
	Long-Term Investments - continued
		Construction & Engineering - Continued
	29	Washington Group International, Inc. (a) (c)	$	1,498
				3,518
		Construction Materials - 0.4%
	15	Ameron International Corp. (c)		557
	23	Eagle Materials, Inc. (c)		2,083
	18	Texas Industries, Inc.		990
				3,630
		Consumer Finance - 1.2%
	15	ACE Cash Express, Inc. (a) (c)		373
	18	Advanta Corp. (c)		504
	20	Asta Funding, Inc. (c)		561
	197	Cash America International, Inc.		3,958
	50	CompuCredit Corp. (a) (c)		1,728
	7	Credit Acceptance Corp. (a) (c)		109
	69	Metris Cos., Inc. (a)		993
	5	United PanAm Financial Corp. (a)		130
	55	World Acceptance Corp. (a)		1,638
				9,994
		Containers & Packaging - 0.5%
	26	Crown Holdings, Inc. (a)		367
	23	Greif, Inc., Class A		1,375
	48	Silgan Holdings, Inc.		2,694
				4,436
		Distributors - 0.2%
	42	Handleman Co. (c)		697
	38	WESCO International, Inc. (a)		1,180
				1,877
		Diversified Financial Services - 0.6%
	7	Encore Capital Group, Inc. (a) (c)		126
	15	eSpeed, Inc. (a) (c)		131
	81	GATX Corp. (c)		2,781
	48	Knight Capital Group, Inc. (a)		364
	17	Nasdaq Stock Market, Inc. (a)		311
	100	Technology Investment Capital Corp.		1,486
				5,199

SHARES		SECURITY DESCRIPTION	VALUE
		Diversified Telecommunication Services - 1.1%
	40	Broadwing Corp. (a) (c)	$	185
	468	Cincinnati Bell, Inc. (a)		2,012
	63	CT Communications, Inc. (c)		817
	80	ITC Deltacom, Inc. (a)		68
	454	Premiere Global Services, Inc. (a) (c)		5,120
	107	Primus Telecom Group (a) (c)		67
	30	Talk America Holdings, Inc. (a)		302
	76	Time Warner Telecom, Inc., Class A (a) (c)		451
				9,022
		Electric Utilities - 0.8%
	24	Black Hills Corp. (c)		892
	55	El Paso Electric Co. (a)		1,114
	18	Idacorp, Inc.		548
	5	MGE Energy, Inc.		175
	54	PNM Resources, Inc.		1,550
	5	UIL Holdings Corp. (c)		291
	74	Unisource Energy Corp.		2,288
				6,858
		Electrical Equipment - 0.1%
	20	Encore Wire Corp. (a) (c)		236
	11	Evergreen Solar, Inc. (a) (c)		69
	14	General Cable Corp. (a)		205
	23	Power-One, Inc. (a) (c)		142
	30	Valence Technology, Inc. (a) (c)		85
				737
		Electronic Equipment & Instruments - 2.2%
	60	Aeroflex, Inc. (a)		500
	84	Agilysis, Inc. (c)		1,314
	85	Anixter International, Inc. (a)		3,141
	8	BEI Technologies, Inc. (c)		200
	7	Bell Microproducts, Inc. (a)		69
	53	Benchmark Electronics, Inc. (a)		1,600
	27	Brightpoint, Inc. (a) (c)		590
	29	Checkpoint Systems, Inc. (a) (c)		510
	59	CTS Corp. (c)		719
	24	Electro Scientific Industries, Inc. (a) (c)		426
	7	Faro Technologies, Inc. (a) (c)		183
	81	Global Imaging Systems, Inc. (a) (c)		2,590
	36	Itron, Inc. (a)		1,604

SEE NOTES TO FINANCIAL STATEMENTS.

JPMorgan U.S. Equity Mid/Small Cap Funds 39

JPMorgan Small Cap Core Fund

SCHEDULE OF PORTFOLIO INVESTMENTS AS OF JUNE 30, 2005

(Amounts in thousands)

(CONTINUED)

(Unaudited)

SHARES		SECURITY DESCRIPTION	VALUE
Long-Term Investments - continued
		Electronic Equipment & Instruments - Continued
	25	Lexar Media, Inc. (a) (c)	$	124
	13	MTS Systems Corp. (c)		437
	16	Planar Systems, Inc. (a) (c)		118
	28	Radisys Corp. (a) (c)		444
	25	Rofin-Sinar Technologies, Inc. (a)		813
	53	Sypris Solutions, Inc. (c)		656
	28	Trimble Navigation Ltd. (a)		1,099
	88	TTM Technologies, Inc. (a)		672
	3	Zygo Corp. (a)		25
				17,834
		Energy Equipment & Services - 2.2%
	199	Grey Wolf, Inc. (a)		1,475
	15	Gulf Island Fabrication, Inc.		304
	13	Gulfmark Offshore, Inc. (a)		342
	46	Hanover Compressor Co. (a) (c)		524
	22	Hydril (a)		1,174
	213	Key Energy Services, Inc. (a) (c)		2,570
	44	Lone Star Technologies, Inc. (a)		2,002
	9	Lufkin Industries, Inc. (c)		327
	68	Oceaneering International, Inc. (a)		2,613
	30	Offshore Logistics, Inc. (a)		985
	29	Oil States International, Inc. (a)		727
	30	Parker Drilling Co. (a)		208
	144	Todco, Class A (a)		3,696
	44	Veritas DGC, Inc. (a)		1,229
				18,176
		Food & Staples Retailing - 0.5%
	31	Great Atlantic & Pacific Tea Co., Inc. (a) (c)		892
	13	Nash Finch Co. (c)		481
	65	Pantry, Inc. (The) (a)		2,518
	32	Pathmark Stores, Inc. (a)		280
				4,171
		Food Products - 1.2%
	161	Chiquita Brands International, Inc. (c)		4,407
	76	Corn Products International, Inc.		1,808
	13	Flowers Foods, Inc. (c)		463
	14	J & J Snack Foods Corp. (c)		712
	53	Sanderson Farms, Inc. (c)		2,404
				9,794

SHARES		SECURITY DESCRIPTION	VALUE
		Gas Utilities - 1.4%
	32	Atmos Energy Corp.	$	907
	59	New Jersey Resources Corp.		2,852
	7	Nicor, Inc.		280
	28	Northwest Natural Gas Co. (c)		1,059
	17	South Jersey Industries, Inc.		1,064
	96	Southern Union Co. (a)		2,359
	68	Southwest Gas Corp.		1,724
	46	WGL Holdings, Inc.		1,541
				11,786
		Health Care Equipment & Supplies - 3.0%
	19	Abiomed, Inc. (a) (c)		159
	46	Align Technology, Inc. (a) (c)		342
	3	Analogic Corp. (c)		166
	32	Animas Corp. (a) (c)		645
	22	Arrow International, Inc.		689
	38	Arthrocare Corp. (a) (c)		1,321
	5	Bio-Rad Laboratories, Inc., Class A (a)		320
	23	Biosite, Inc. (a)		1,237
	84	Conmed Corp. (a) (c)		2,579
	31	Diagnostic Products Corp.		1,462
	176	Encore Medical Corp. (a) (c)		975
	13	EPIX Pharmaceuticals, Inc. (a) (c)		119
	15	Immucor, Inc. (a)		444
	31	Integra LifeSciences Holdings Corp. (a) (c)		896
	16	Inverness Medical Innovations, Inc. (a) (c)		429
	75	Kyphon, Inc. (a) (c)		2,613
	38	Mentor Corp. (c)		1,568
	36	Nektar Therapeutics (a)		613
	50	Neurometrix, Inc. (a) (c)		999
	14	Palomar Medical Technologies, Inc. (a) (c)		332
	41	PolyMedica Corp. (c)		1,473
	8	Regeneration Technologies, Inc. (a) (c)		51
	114	Steris Corp.		2,927
	53	SurModics, Inc. (a) (c)		2,286
				24,645

SEE NOTES TO FINANCIAL STATEMENTS.

JPMorgan U.S. Equity Mid/Small Cap Funds 40

SEMI-ANNUAL REPORT JUNE 30

2005

SCHEDULE OF PORTFOLIO INVESTMENTS AS OF JUNE 30, 2005

(Amounts in thousands)

(Unaudited)

SHARES		SECURITY DESCRIPTION	VALUE
Long-Term Investments - continued
		Health Care Providers & Services - 5.0%
	40	Alderwoods Group, Inc. (a)	$	573
	130	Alliance Imaging, Inc. (a) (c)		1,359
	20	America Service Group, Inc. (a)		315
	77	Andrx Corp. (a)		1,568
	51	Apria Healthcare Group, Inc. (a)		1,774
	80	Centene Corp. (a) (c)		2,680
	75	Computer Programs & Systems, Inc. (c)		2,799
	10	Dendrite International, Inc. (a) (c)		135
	25	Genesis HealthCare Corp. (a) (c)		1,171
	118	Kindred Healthcare, Inc. (a) (c)		4,670
	52	LCA Vision, Inc. (c)		2,510
	77	OCA, Inc. (a) (c)		145
	80	Owens & Minor, Inc.		2,581
	51	Pediatrix Medical Group, Inc. (a)		3,780
	79	Per-Se Technologies, Inc. (a) (c)		1,665
	131	PSS World Medical, Inc. (a) (c)		1,628
	46	Res-Care, Inc. (a)		620
	38	Sierra Health Services (a)		2,701
	166	Stewart Enterprises, Inc. (c)		1,085
	38	Symbion, Inc. (a)		897
	57	Trizetto Group (a)		799
	73	United Surgical Partners International, Inc. (a) (c)		3,823
	70	Ventiv Health, Inc. (a) (c)		1,350
				40,628
		Hotels, Restaurants & Leisure - 2.4%
	76	Ameristar Casinos, Inc.		1,983
	29	Argosy Gaming Co. (a)		1,333
	12	CEC Entertainment, Inc. (a) (c)		505
	98	CKE Restaurants, Inc. (c)		1,367
	32	Jack in the Box, Inc. (a)		1,195
	176	Landry's Restaurants, Inc. (c)		5,305
	49	Multimedia Games, Inc. (a) (c)		543
	59	Navigant International, Inc. (a) (c)		873
	22	O'Charley's, Inc. (a)		381
	50	Pinnacle Entertainment, Inc. (a) (c)		974
	25	Rare Hospitality International, Inc. (a)		771
	89	Ruby Tuesday, Inc. (c)		2,297
	123	Ryan's Restaurant Group, Inc. (a) (c)		1,723
				19,250

SHARES		SECURITY DESCRIPTION	VALUE
		Household Durables - 1.3%
	21	American Greetings, Class A (c)	$	546
	1	CSS Industries, Inc.		28
	50	Furniture Brands International, Inc. (c)		1,078
	16	Meritage Homes Corp. (a) (c)		1,280
	34	Stanley Furniture Co., Inc.		825
	103	Technical Olympic USA, Inc. (c)		2,505
	107	Tupperware Corp. (c)		2,510
	50	WCI Communities, Inc. (a) (c)		1,595
				10,367
		Industrial Conglomerates - 0.3%
	55	Walter Industries, Inc. (c)		2,203
		Insurance - 2.6%
	6	American Physicians Capital, Inc. (a)		223
	36	Argonaut Group, Inc. (a) (c)		840
	150	Delphi Financial Group, Inc. (c)		6,605
	34	Direct General Corp. (c)		633
	31	LandAmerica Financial Group, Inc. (c)		1,834
	10	Midland Co. (The)		348
	2	Navigators Group, Inc. (a) (c)		76
	218	PMA Capital Corp., Class A (a) (c)		1,928
	30	Selective Insurance Group (c)		1,467
	33	Stewart Information Services Corp.		1,390
	14	United Fire & Casualty Co.		604
	1	Vesta Insurance Group, Inc.		3
	80	Zenith National Insurance Corp.		5,436
				21,387
		Internet & Catalog Retail - 0.2%
	18	1-800-Flowers.com, Inc., Class A (a) (c)		124
	21	GSI Commerce, Inc. (a) (c)		345
	44	Insight Enterprises, Inc. (a)		888
	9	J. Jill Group, Inc. (The) (a) (c)		125
	12	Nutri/System, Inc. (a)		176
				1,658
		Internet Software & Services - 2.4%
	2	aQuantive, Inc. (a)		34
	60	AsiaInfo Holdings, Inc. (a) (c)		329
	30	Autobytel, Inc. (a)		145
	5	Blue Coat Systems, Inc. (a) (c)		138

SEE NOTES TO FINANCIAL STATEMENTS.

JPMorgan U.S. Equity Mid/Small Cap Funds 41

JPMorgan Small Cap Core Fund

SCHEDULE OF PORTFOLIO INVESTMENTS AS OF JUNE 30, 2005

(Amounts in thousands)

(CONTINUED)

(Unaudited)

SHARES		SECURITY DESCRIPTION	VALUE
Long-Term Investments - continued
		Internet Software & Services - Continued
	339	CMGI, Inc. (a) (c)	$	640
	123	CNET Networks, Inc. (a)		1,444
	25	Digital Insight Corp. (a) (c)		605
	29	Digital River, Inc. (a) (c)		908
	109	Digitas, Inc. (a)		1,248
	116	DoubleClick, Inc. (a) (c)		977
	292	EarthLink, Inc. (a)		2,525
	17	Equinix, Inc. (a) (c)		741
	175	Homestore, Inc. (a) (c)		356
	43	Infospace, Inc. (a) (c)		1,419
	49	Internet Security Systems (a)		998
	6	Interwoven, Inc. (a) (c)		43
	37	Ipass, Inc. (a) (c)		221
	31	j2 Global Communications, Inc. (a)		1,064
	34	Jupitermedia Corp. (a) (c)		589
	132	Looksmart Ltd. (a)		98
	38	Openwave Systems, Inc. (a) (c)		618
	130	SupportSoft, Inc. (a)		672
	75	United Online, Inc.		812
	67	ValueClick, Inc. (a) (c)		830
	44	WebEx Communications, Inc. (a) (c)		1,149
	22	webMethods, Inc. (a)		123
	17	Websense, Inc. (a) (c)		812
				19,538
		IT Services - 1.4%
	106	Acxiom Corp.		2,222
	166	BearingPoint, Inc. (a) (c)		1,213
	4	BISYS Group, Inc. (The) (a)		61
	122	Ciber, Inc. (a) (c)		971
	11	Covansys Corp. (a)		141
	37	CSG System International, Inc. (a) (c)		704
	39	Euronet Worldwide, Inc. (a) (c)		1,143
	47	Gartner, Inc., Class A (a) (c)		501
	18	Intrado, Inc. (a) (c)		268
	41	Lionbridge Technologies (a) (c)		280
	48	ManTech International Corp., Class A (a) (c)		1,502
	83	Perot Systems Corp., Class A (a)		1,183
	14	Safeguard Scientifics, Inc. (a)		17
	30	Startek, Inc. (c)		486

SHARES		SECURITY DESCRIPTION	VALUE
		IT Services - 1.4%- Continued
	77	SYKES Enterprises, Inc. (a) (c)	$	729
	30	Tyler Technologies, Inc. (a) (c)		223
				11,644
		Leisure Equipment & Products - 0.8%
	111	JAKKS Pacific, Inc. (a) (c)		2,123
	45	K2, Inc. (a)		572
	33	MarineMax, Inc. (a) (c)		1,015
	57	RC2 Corp. (a)		2,123
	28	Steinway Musical Instruments, Inc. (a) (c)		816
				6,649
		Machinery - 3.2%
	66	AGCO Corp. (a) (m)		1,260
	48	Astec Industries, Inc. (a)		1,111
	58	Barnes Group, Inc. (c)		1,910
	50	Briggs & Stratton Corp. (c)		1,741
	31	Cascade Corp. (c)		1,319
	44	Crane Co.		1,165
	8	ESCO Technologies, Inc. (a) (c)		836
	50	Flowserve Corp. (a)		1,516
	31	Greenbrier Cos., Inc.		832
	54	JLG Industries, Inc. (c)		1,495
	36	Joy Global, Inc.		1,211
	57	Lincoln Electric Holdings, Inc. (c)		1,886
	50	Manitowoc Co., Inc.		2,030
	6	Middleby Corp. (a)		295
	26	NACCO Industries, Inc., Class A (c)		2,745
	40	Reliance Steel & Aluminum Co.		1,479
	13	Tecumseh Products Co., Class A		346
	25	Valmont Industries, Inc. (c)		653
	38	Wabash National Corp.		921
	38	Watts Water Technologies, Inc., Class A (c)		1,256
				26,007
		Media - 2.3%
	15	Advo, Inc.		465
	31	Arbitron, Inc. (c)		1,326
	16	Carmike Cinemas, Inc.		491
	27	Catalina Marketing Corp. (c)		681

SEE NOTES TO FINANCIAL STATEMENTS.

JPMorgan U.S. Equity Mid/Small Cap Funds 42

SEMI-ANNUAL REPORT JUNE 30

2005

SCHEDULE OF PORTFOLIO INVESTMENTS AS OF JUNE 30, 2005

(Amounts in thousands)

(Unaudited)

SHARES		SECURITY DESCRIPTION	VALUE
Long-Term Investments - continued
		Media - Continued
	225	Charter Communications, Inc., Class A (a) (c)	$	265
	6	Emmis Communications Corp., Class A (a)		105
	222	Gemstar-TV Guide International, Inc. (a)		798
	33	Gray Television, Inc. (c)		399
	31	Insight Communications Co., Inc., Class A (a)		345
	5	Journal Register Co. (a) (c)		86
	146	Lodgenet Entertainment Corp. (a)		2,417
	23	Media General, Inc., Class A		1,470
	197	Mediacom Communications Corp., Class A (a) (c)		1,354
	289	Primedia, Inc. (a) (c)		1,172
	49	ProQuest Co. (a) (c)		1,593
	132	Radio One, Inc., Class D (a)		1,691
	21	RCN Corp. (a)		473
	20	Saga Communications, Inc., Class A (a)		274
	42	Scholastic Corp. (a)		1,627
	30	Valassis Communications, Inc. (a)		1,119
	70	World Wrestling Entertainment, Inc.		797
				18,948
		Metals & Mining - 1.5%
	32	AK Steel Holding Corp. (a) (c)		208
	159	Commercial Metals Co.		3,785
	13	Metal Management, Inc. (c)		242
	30	NN, Inc. (c)		378
	23	Oregon Steel Mills, Inc. (a) (c)		399
	84	Quanex Corp.		4,477
	62	Ryerson Tull, Inc. (c)		879
	57	Steel Dynamics, Inc. (c)		1,501
				11,869
		Multi-Utilities - 0.7%
	47	Avista Corp.		866
	79	Energen Corp.		2,752
	6	NorthWestern Corp.		201
	177	Sierra Pacific Resources (a) (c)		2,207
				6,026

SHARES		SECURITY DESCRIPTION	VALUE
		Multiline Retail - 0.2%
	74	ShopKo Stores, Inc. (a)	$	1,799
		Oil, Gas & Consumable Fuels - 3.9%
	31	ATP Oil & Gas Corp. (a) (c)		714
	17	Callon Petroleum Co. (a) (c)		253
	41	Cimarex Energy Co. (a)		1,595
	7	Clayton Williams Energy, Inc. (a)		218
	23	Comstock Resources, Inc. (a)		582
	38	Energy Partners Ltd. (a) (c)		983
	14	Giant Industries, Inc. (a) (c)		515
	145	Houston Exploration Co. (a)		7,681
	39	Mission Resources Corp. (a)		316
	14	Penn Virginia Corp. (c)		630
	187	Southwestern Energy Co. (a)		8,799
	53	St. Mary Land & Exploration Co.		1,542
	35	Stone Energy Corp. (a)		1,687
	31	Swift Energy Co. (a)		1,100
	55	Tesoro Corp.		2,558
	70	Vintage Petroleum, Inc.		2,136
	34	World Fuel Services Corp.		798
				32,107
		Paper & Forest Products - 0.1%
	22	Schweitzer-Mauduit International, Inc. (c)		672
		Personal Products - 0.1%
	43	Playtex Products, Inc. (a)		467
		Pharmaceuticals - 1.6%
	31	Able Laboratories, Inc. (a) (c)		108
	137	Adolor Corp. (a) (c)		1,264
	16	Antigenics, Inc. (a) (c)		84
	99	AtheroGenics, Inc. (a) (c)		1,574
	40	Auxilium Pharmaceuticals, Inc. (a) (c)		191
	583	AVANIR Pharmaceuticals, Class A (a)		1,632
	251	Cypress Bioscience, Inc. (a) (c)		3,317
	38	Impax Laboratories, Inc. (a) (c)		590
	82	Medicis Pharmaceutical Corp., Class A (c)		2,605
	51	Palatin Technologies, Inc. (a) (c)		90
	8	Par Pharmaceutical Cos, Inc. (a)		267
	86	Theravance, Inc. (a)		1,454
				13,176

SEE NOTES TO FINANCIAL STATEMENTS.

JPMorgan U.S. Equity Mid/Small Cap Funds 43

JPMorgan Small Cap Core Fund

SCHEDULE OF PORTFOLIO INVESTMENTS AS OF JUNE 30, 2005

(Amounts in thousands)

(CONTINUED)

(Unaudited)

SHARES		SECURITY DESCRIPTION	VALUE
Long-Term Investments - continued
		Real Estate - 8.0%
	89	Affordable Residential Communities (REIT) (c) (m)	$	1,183
	60	American Financial Realty Trust (REIT)		917
	101	American Home Mortgage Investment Corp. (REIT) (c)		3,524
	103	Anthracite Capital, Inc. (REIT) (c)		1,218
	11	Ashford Hospitality Trust, Inc.		122
	18	Boykin Lodging Co. (REIT) (a)		234
	56	Capital Automotive REIT (REIT)		2,145
	162	CarrAmerica Realty Corp. (REIT)		5,854
	43	Entertainment Properties Trust (REIT)		1,978
	93	Equity Inns, Inc. (REIT)		1,240
	100	FelCor Lodging Trust, Inc. (REIT) (a)		1,441
	46	Gables Residential Trust (REIT)		1,984
	46	Glimcher Realty Trust (REIT) (c)		1,271
	153	Government Properties Trust, Inc. (REIT) (c)		1,482
	42	Impac Mortgage Holdings, Inc. (REIT) (c)		780
	203	Innkeepers USA Trust (REIT)		3,036
	9	Jones Lang LaSalle, Inc. (a)		394
	8	Kilroy Realty Corp. (REIT)		389
	24	LaSalle Hotel Properties (REIT)		797
	51	Levitt Corp., Class A		1,535
	97	Lexington Corp. Properties Trust (REIT)		2,348
	123	LTC Properties, Inc. (REIT) (c)		2,540
	110	Maguire Properties, Inc. (REIT)		3,123
	155	Meristar Hospitality Corp. (REIT) (a) (c)		1,329
	95	MFA Mortgage Investments, Inc. (REIT)		704
	135	Mid-America Apartment Communities, Inc. (REIT)		6,113
	14	National Health Investors, Inc. (REIT) (c)		404
	34	Novastar Financial, Inc. (REIT) (c)		1,319
	91	Pennsylvania Real Estate Investment Trust (REIT) (c)		4,337
	110	Prentiss Properties Trust (REIT)		3,994
	129	RAIT Investment Trust (REIT) (c)		3,867
	62	Saul Centers, Inc. (REIT) (c)		2,250
	34	Taubman Centers, Inc. (REIT) (c)		1,173
				65,025

SHARES		SECURITY DESCRIPTION	VALUE
		Road & Rail - 1.6%
	17	Amerco, Inc. (a)	$	900
	25	Arkansas Best Corp.		798
	61	Dollar Thrifty Automotive Group, Inc. (a) (c)		2,313
	77	Genesee & Wyoming, Inc., Class A (a)		2,098
	16	Old Dominion Freight Line (a)		424
	32	Overnite Corp.		1,375
	80	RailAmerica, Inc. (a) (c)		956
	100	SCS Transportation, Inc. (a)		1,785
	19	Swift Transportation Co., Inc. (a) (c)		450
	53	U.S. Xpress Enterprises, Inc., Class A (a)		627
	80	Werner Enterprises, Inc.		1,561
				13,287
		Semiconductors & Semiconductor Equipment - 4.5%
	24	Actel Corp. (a) (c)		335
	32	ADE Corp. (a) (c) (m)		889
	66	Advanced Energy Industries, Inc. (a)		519
	99	AMIS Holdings, Inc. (a)		1,321
	154	Amkor Technology, Inc. (a) (c)		692
	106	Applied Micro Circuits Corp. (a)		272
	27	Asyst Technologies, Inc. (a) (c)		118
	299	Atmel Corp. (a)		708
	18	ATMI, Inc. (a) (c)		511
	40	August Technology Corp. (a)		465
	136	Axcelis Technologies, Inc. (a)		934
	51	Brooks Automation, Inc. (a) (c)		762
	37	Cabot Microelectronics Corp. (a) (c)		1,067
	75	Cirrus Logic, Inc. (a)		400
	8	Cohu, Inc. (c)		168
	146	Conexant Systems, Inc. (a) (c)		235
	54	Credence Systems Corp. (a) (c)		484
	42	Cymer, Inc. (a) (c)		1,094
	125	Cypress Semiconductor Corp. (a)		1,572
	23	Diodes, Inc. (a) (c)		702
	23	DSP Group, Inc. (a)		549
	21	Exar Corp. (a)		305
	58	Fairchild Semiconductor International, Inc. (a)		861
	17	Genesis Microchip, Inc. (a) (c)		310
	35	Integrated Circuit Systems, Inc. (a)		716

SEE NOTES TO FINANCIAL STATEMENTS.

JPMorgan U.S. Equity Mid/Small Cap Funds 44

SEMI-ANNUAL REPORT JUNE 30

2005

SCHEDULE OF PORTFOLIO INVESTMENTS AS OF JUNE 30, 2005

(Amounts in thousands)

(Unaudited)

SHARES		SECURITY DESCRIPTION	VALUE
	Long-Term Investments - continued
		Semiconductors & Semiconductor Equipment - Continued
	27	Integrated Silicon Solutions, Inc. (a) (c)	$	196
	43	IXYS Corp. (a)		614
	24	Kopin Corp. (a) (c)		121
	48	Lattice Semiconductor Corp. (a)		211
	56	LTX Corp. (a)		277
	62	Mattson Technology, Inc. (a) (c)		446
	84	Micrel, Inc. (a)		970
	62	Microsemi Corp. (a)		1,169
	29	Mindspeed Technologies, Inc. (a) (c)		36
	66	MIPS Technologies, Inc. (a)		472
	18	MKS Instruments, Inc. (a) (c)		311
	54	Mykrolis Corp. (a)		760
	68	Omnivision Technologies, Inc. (a) (c)		920
	319	ON Semiconductor Corp. (a) (c)		1,468
	69	Photronics, Inc. (a) (c)		1,617
	68	Pixelworks, Inc. (a) (c)		583
	69	PMC-Sierra, Inc. (a)		641
	18	Power Integrations, Inc. (a) (c)		380
	47	Rambus, Inc. (a) (c)		634
	180	RF Micro Devices, Inc. (a) (c)		975
	44	Semitool, Inc. (a)		417
	74	Semtech Corp. (a)		1,232
	41	Sigmatel, Inc. (a) (c)		710
	87	Silicon Image, Inc. (a)		892
	38	Silicon Laboratories, Inc. (a)		1,001
	139	Silicon Storage Technology, Inc. (a) (c)		559
	124	Skyworks Solutions, Inc. (a)		915
	12	Supertex, Inc. (a) (c)		217
	83	Transmeta Corp. (a) (c)		50
	9	Ultratech, Inc. (a) (c)		156
	23	Varian Semiconductor Equipment Associates, Inc. (a) (c)		833
	211	Vitesse Semiconductor Corp. (a) (c)		441
	26	Zoran Corp. (a)		347
				36,560
		Software - 2.3%
	7	Ansoft Corp. (a)		164
	22	Ansys, Inc. (a) (c)		792
	52	Aspen Technology, Inc. (a) (c)		269

SHARES		SECURITY DESCRIPTION	VALUE
		Software - Continued
	63	Borland Software Corp. (a)	$	429
	61	E.piphany, Inc. (a) (c)		213
	31	Epicor Software Corp. (a)		408
	26	EPIQ Systems, Inc. (a) (c)		422
	24	Factset Research Systems, Inc. (c)		848
	15	Filenet Corp. (a) (c)		385
	44	Informatica Corp. (a) (c)		367
	7	Intervideo, Inc. (a)		96
	13	InterVoice, Inc. (a)		109
	33	JDA Software Group, Inc. (a)		377
	12	Kronos, Inc. (a) (c)		485
	30	Macrovision Corp. (a)		672
	37	Magma Design Automation, Inc. (a) (c)		308
	29	Manhattan Associates, Inc. (a) (c)		555
	56	Mentor Graphics Corp. (a) (c)		572
	18	MicroStrategy, Inc. (a) (c)		965
	30	MRO Software, Inc. (a) (c)		443
	273	Parametric Technology Corp. (a)		1,739
	20	Pegasystems, Inc. (a) (c)		117
	42	Phoenix Technologies Ltd. (a)		325
	22	Portal Software, Inc. (a) (c)		43
	89	Progress Software Corp. (a)		2,689
	7	Quality Systems, Inc. (a) (c)		322
	23	Quest Software, Inc. (a)		307
	133	Secure Computing Corp. (a)		1,447
	6	SPSS, Inc. (a) (c)		107
	9	SS&C Technologies, Inc. (c)		269
	17	Talx Corp.		502
	38	TIBCO Software, Inc. (a)		250
	11	TradeStation Group, Inc. (a)		97
	46	Transaction Systems Architechs, Inc. (a)		1,123
	53	Wind River Systems, Inc. (a)		824
				19,040
		Specialty Retail - 5.2%
	326	Aaron Rents, Inc.		8,117
	83	Aeropostale, Inc. (a)		2,802
	95	Asbury Automotive Group, Inc. (a)		1,459
	20	Big 5 Sporting Goods Corp.		553
	43	Brookstone, Inc. (a) (c)		804
	21	Build-A-Bear Workshop, Inc. (a)		485
	17	Building Material Holding Corp.		1,206

SEE NOTES TO FINANCIAL STATEMENTS.

JPMorgan U.S. Equity Mid/Small Cap Funds 45

JPMorgan Small Cap Core Fund

SCHEDULE OF PORTFOLIO INVESTMENTS AS OF JUNE 30, 2005

(Amounts in thousands)

(CONTINUED)

(Unaudited)

SHARES		SECURITY DESCRIPTION	VALUE
Long-Term Investments - continued
		Specialty Retail - Continued
	60	Burlington Coat Factory Warehouse Corp. (c)	$	2,541
	322	Charming Shoppes, Inc. (a)		3,007
	39	Children's Place, Inc. (a) (c)		1,834
	21	Dress Barn, Inc. (a)		482
	10	Electronics Boutique Holdings Corp. (a) (c)		641
	65	Genesco, Inc. (a) (c)		2,411
	35	Guess?, Inc. (a) (c)		585
	35	HOT Topic, Inc. (a) (c)		660
	49	Lithia Motors, Inc., Class A (c)		1,405
	19	Movie Gallery, Inc. (c)		500
	47	Pacific Sunwear of California, Inc. (a)		1,078
	52	Petco Animal Supplies, Inc. (a)		1,525
	106	Rent-A-Center, Inc. (a)		2,457
	47	Select Comfort Corp. (a) (c)		1,007
	20	Sonic Automotive, Inc.		430
	13	Sports Authority, Inc. (The) (a) (c)		413
	10	Stage Stores, Inc. (a) (c)		419
	99	Stein Mart, Inc. (c)		2,174
	89	Too, Inc. (a)		2,089
	20	Trans World Entertainment Corp. (a) (c)		237
	24	United Auto Group, Inc. (c)		724
				42,045
		Textiles, Apparel & Luxury Goods - 1.2%
	18	Brown Shoe Co., Inc. (c)		713
	18	DHB Industries, Inc. (a) (c)		155
	25	Fossil, Inc. (a) (c)		558
	70	K-Swiss, Inc., Class A		2,277
	41	Kellwood Co.		1,095
	43	Kenneth Cole Productions, Inc., Class A		1,341
	37	Movado Group, Inc. (c)		697
	21	Russell Corp. (c)		435
	70	Skechers U.S.A., Inc., Class A (a)		991
	36	Unifirst Corp.		1,476
				9,738
		Thrifts & Mortgage Finance - 3.1%
	44	Accredited Home Lenders Holding Co. (a) (c)		1,949
	161	Bank Atlantic Bancorp, Inc., Class A (c)		3,055

SHARES		SECURITY DESCRIPTION	VALUE
		Thrifts & Mortgage Finance - Continued
	19	Commercial Capital Bancorp, Inc. (c)	$	322
	86	Corus Bankshares, Inc.		4,783
	21	Dime Community Bancshares		312
	77	First Niagara Financial Group, Inc. (c)		1,121
	3	First Place Financial Corp.		52
	3	FirstFed Financial Corp. (a)		197
	47	Flagstar Bancorp, Inc. (c)		892
	60	Fremont General Corp. (c)		1,469
	29	Gibraltar Industries, Inc. (c)		534
	14	ITLA Capital Corp. (a)		733
	44	Partners Trust Financial Group, Inc. (c)		465
	98	Provident Bancorp, Inc. (a) (c)		1,190
	140	R&G Financial Corp., Class B		2,475
	38	Sterling Financial Corp.(a)		1,421
	261	W Holding Co., Inc.		2,670
	29	WSFS Financial Corp.		1,581
				25,221
		Tobacco - 0.5%
	172	Alliance One International, Inc. (c)		1,033
	64	Universal Corp.		2,793
				3,826
		Trading Companies & Distributors - 1.4%
	273	Applied Industrial Technologies, Inc. (c)		8,801
	84	Hughes Supply, Inc.		2,346
	16	Nuco2, Inc. (a) (c)		418
				11,565
		Wireless Telecommunication Services - 0.5%
	79	Centennial Communications Corp. (a)		1,102
	423	Dobson Communications Corp. (a)		1,800
	24	InPhonic, Inc. (a) (c)		375
	4	Remec, Inc. (a) (c)		28
	75	US Unwired, Inc. (a)		438
				3,743
		Total Common Stocks (Cost $747,661)		797,421
		Total Long-Term Investments (Cost $747,661)		797,421

SEE NOTES TO FINANCIAL STATEMENTS.

JPMorgan U.S. Equity Mid/Small Cap Funds 46

SEMI-ANNUAL REPORT JUNE 30

2005

SCHEDULE OF PORTFOLIO INVESTMENTS AS OF JUNE 30, 2005

(Amounts in thousands)

(Unaudited)

SHARES		SECURITY DESCRIPTION	VALUE
	Short-Term Investments - 2.0%
		Investment Company - 1.6%
	12,739	JPMorgan Prime Money Market Fund (b) (m)	$	12,739
PRINCIPAL AMOUNT
		U.S. Treasury Obligation - 0.4%
$	3,350	U.S. Treasury Note, 1.88%, 11/30/05 (k)		3,331
		Total Short-Term Investments (Cost $16,065)		16,070
SHARES
Investments of Cash Collateral for Securities Loaned - 22.9%
		Investment Companies - 0.8%
	2,926	BGI Prime Money Market Fund		2,926
	3,557	Morgan Stanley Intitutional Liquidity Funds		3,557
				6,483

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Repurchase Agreements - 22.1%
$	180,000	Credit Suisse First Boston LLC, 3.46%, dated 06/30/05, due 07/01/05, repurchase price $180,018, collateralized by U.S. Agency Mortgages	$	180,000
		Total Investments of Cash Collateral for Securities Loaned (Cost $186,483)		186,483
		Total Investments - 122.8%	$	999,974
		(Cost $950,209)
		Liabilities in excess of other assets - (22.8)%		(185,405	)
		Net Assets - 100.0%	$	814,569

Percentages indicated are based on net assets.

Futures Contracts

(Amounts in thousands, except number of contracts)

NUMBER OF CONTRACTS				DESCRIPTION				EXPIRATION DATE				NOTIONAL VALUE AT 06/30/05				UNREALIZED APPRECIATION
	47			Russell 2000 Index				September, 2005				$	15,113			$	353

SEE NOTES TO FINANCIAL STATEMENTS.

JPMorgan U.S. Equity Mid/Small Cap Funds 47

JPMorgan Small Cap Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS AS OF JUNE 30, 2005

(Amounts in thousands)

(Unaudited)

SHARES		SECURITY DESCRIPTION	VALUE
	Long-Term Investments - 95.7%
		Common Stocks - 95.7%
		Aerospace & Defense - 1.7%
	56	Alliant Techsystems, Inc. (a)	$	3,979
	67	Esterline Technologies Corp. (a) (c)		2,665
				6,644
		Automobiles - 0.7%
	77	Winnebago Industries, Inc. (c)		2,528
		Banks - 0.1%
	11	Western Alliance Bancorp (c)		285
		Biotechnology - 0.2%
	43	ICOS Corp. (a) (c)		904
		Chemicals - 5.5%
	187	Airgas, Inc.		4,601
	152	Albemarle Corp.		5,558
	98	Georgia Gulf Corp. (c)		3,046
	112	Scotts Miracle-Gro Co. (The), Class A (a)		8,004
				21,209
		Commercial Banks - 8.8%
	69	Alabama National Bancorp (c)		4,478
	45	Bank of the Ozarks, Inc. (c)		1,478
	49	Boston Private Financial Holdings, Inc.		1,243
	85	East-West Bancorp, Inc. (c)		2,838
	45	First Community Bancorp, Inc.		2,142
	102	Hancock Holding Co. (c)		3,519
	32	MB Financial, Inc. (c)		1,255
	127	SY Bancorp, Inc. (c)		2,904
	104	Texas Regional Bancshares, Inc. (c)		3,182
	231	United Bancshares, Inc. (c)		8,240
	48	Wintrust Financial Corp. (c)		2,523
				33,802
		Commercial Services & Supplies - 6.5%
	121	Brady Corp., Class A (c)		3,748
	560	Hudson Highland Group, Inc. (a) (c)		8,737
	71	Morningstar, Inc. (a)		1,999
	76	School Specialty, Inc. (a) (c)		3,555
	187	Waste Connections, Inc. (a)		6,981
				25,020

SHARES		SECURITY DESCRIPTION	VALUE
		Communications Equipment - 1.3%
	111	Avocent Corp. (a)	$	2,904
	107	Inter-Tel, Inc. (c)		1,982
				4,886
		Computers & Peripherals - 1.1%
	126	Intergraph Corp. (a) (c)		4,349
		Containers & Packaging - 1.9%
	70	AptarGroup, Inc. (c)		3,576
	68	Silgan Holdings, Inc.		3,825
				7,401
		Diversified Telecommunication Services - 0.2%
	24	NeuStar, Inc. (a)		625
		Electrical Equipment - 1.6%
	426	General Cable Corp. (a) (c)		6,316
		Electronic Equipment & Instruments - 1.7%
	110	Anixter International, Inc. (a) (c)		4,070
	59	Scansource, Inc. (a) (c)		2,542
				6,612
		Energy Equipment & Services - 2.6%
	84	FMC Technologies, Inc. (a) (c)		2,695
	86	Maverick Tube Corp. (a) (c)		2,575
	134	Universal Compression Holdings, Inc. (a) (c)		4,870
				10,140
		Gas Utilities - 1.1%
	71	Atmos Energy Corp. (c)		2,057
	48	New Jersey Resources Corp. (c)		2,335
				4,392
		Health Care Equipment & Supplies - 5.4%
	79	Advanced Medical Optics, Inc. (a)		3,128
	59	Cooper Cos., Inc. (The)		3,607
	41	Datascope Corp. (c)		1,357
	41	Idexx Laboratories, Inc. (a) (c)		2,556
	76	Invacare Corp. (c)		3,363

SEE NOTES TO FINANCIAL STATEMENTS.

JPMorgan U.S. Equity Mid/Small Cap Funds 48

SEMI-ANNUAL REPORT JUNE 30

2005

SCHEDULE OF PORTFOLIO INVESTMENTS AS OF JUNE 30, 2005

(Amounts in thousands)

(Unaudited)

SHARES		SECURITY DESCRIPTION	VALUE
	Long-Term Investments - continued
		Health Care Equipment & Supplies - Continued
	57	Respironics, Inc. (a)	$	2,073
	122	Sybron Dental Specialties, Inc. (a)		4,605
				20,689
		Health Care Providers & Services - 6.6%
	412	Alderwoods Group, Inc. (a) (c)		5,915
	70	AMERIGROUP Corp. (a) (c)		2,818
	119	Kindred Healthcare, Inc. (a) (c)		4,725
	89	LifePoint Hospitals, Inc. (a)		4,517
	327	PSS World Medical, Inc. (a) (c)		4,072
	62	Sunrise Senior Living, Inc. (a) (c)		3,363
				25,410
		Hotels, Restaurants & Leisure - 5.8%
	250	Applebees International, Inc.		6,628
	232	La Quinta Corp. (a)		2,166
	128	Lone Star Steakhouse & Saloon, Inc.		3,905
	176	Orient-Express Hotels Ltd. (Bermuda) (c)		5,571
	100	Papa John's International, Inc. (a) (c)		3,977
				22,247
		Household Durables - 2.3%
	163	Jarden Corp. (a) (c)		8,789
		Insurance - 3.7%
	103	American Physicians Capital, Inc. (a)		3,841
	95	Platinum Underwriters Holdings Ltd. (Bermuda)		3,023
	173	ProAssurance Corp. (a) (c)		7,208
				14,072
		Internet Software & Services - 0.9%
	296	Digitas, Inc. (a)		3,373
		IT Services - 1.3%
	80	CACI International, Inc., Class A (a)		5,072
		Leisure Equipment & Products - 0.4%
	31	Polaris Industries, Inc. (c)		1,663

SHARES		SECURITY DESCRIPTION	VALUE
		Machinery - 5.7%
	146	Kaydon Corp. (c)	$	4,060
	126	Lincoln Electric Holdings, Inc. (c)		4,164
	128	Manitowoc Co., Inc.		5,246
	64	Oshkosh Truck Corp.		4,979
	84	Toro Co.		3,243
				21,692
		Media - 3.2%
	171	Catalina Marketing Corp. (c)		4,338
	109	Entercom Communications Corp. (a)		3,625
	105	Lee Enterprises, Inc.		4,193
				12,156
		Metals & Mining - 1.2%
	194	Commercial Metals Co.		4,631
		Multi-Utilities - 0.8%
	98	NorthWestern Corp. (c)		3,098
		Oil, Gas & Consumable Fuels - 3.8%
	6	Atlas America, Inc. (a) (c)		223
	58	Inergy Holdings LP (a) (c)		1,586
	54	Plains Exploration & Production Co. (a)		1,919
	94	Southwestern Energy Co. (a) (c)		4,421
	222	St. Mary Land & Exploration Co. (c)		6,419
				14,568
		Real Estate - 4.0%
	49	Alexandria Real Estate Equities, Inc. (REIT)		3,562
	45	EastGroup Properties (REIT)		1,908
	43	First Potomac Realty Trust (REIT)		1,066
	108	Jones Lang LaSalle, Inc. (a) (c)		4,795
	90	Mid-America Apartment Communities, Inc. (REIT)		4,101
				15,432
		Road & Rail - 2.3%
	84	Arkansas Best Corp. (c)		2,675
	209	Landstar System, Inc. (a)		6,307
				8,982

SEE NOTES TO FINANCIAL STATEMENTS.

JPMorgan U.S. Equity Mid/Small Cap Funds 49

JPMorgan Small Cap Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS AS OF JUNE 30, 2005

(Amounts in thousands)

(CONTINUED)

(Unaudited)

SHARES		SECURITY DESCRIPTION	VALUE
	Long-Term Investments - continued
		Semiconductors & Semiconductor Equipment - 2.5%
	36	Cymer, Inc. (a) (c)	$	941
	155	FSI International, Inc. (a)		575
	57	International Rectifier Corp. (a)		2,725
	83	Standard Microsystems Corp. (a) (c)		1,940
	96	Varian Semiconductor Equipment Associates, Inc. (a)		3,537
				9,718
		Software - 1.0%
	89	Micros Systems, Inc. (a)		3,987
		Specialty Retail - 4.2%
	102	Finish Line, Inc., Class A (c)		1,922
	89	Genesco, Inc. (a) (c)		3,299
	61	Lithia Motors, Inc., Class A (c)		1,749
	120	Men's Wearhouse, Inc. (a)		4,132
	235	New York & Co., Inc. (a) (c)		4,951
				16,053
		Textiles, Apparel & Luxury Goods - 0.9%
	86	Timberland Co., Class A (a)		3,314
		Trading Companies & Distributors - 4.7%
	217	Hughes Supply, Inc. (c)		6,086
	242	Nuco2, Inc. (a) (c)		6,210
	132	Watsco, Inc. (c)		5,623
				17,919
		Total Common Stocks (Cost $294,463)		367,978
		Total Long-Term Investments (Cost $294,463)		367,978
	Short-Term Investment - 3.6%
		Investment Company - 3.6%
	13,742	JPMorgan Prime Money Market Fund (b) (m) (Cost $13,742)		13,742

SHARES		SECURITY DESCRIPTION	VALUE
Investments of Cash Collateral for Securities Loaned - 21.0%
		Investment Company - 0.2%
	606	BGI Prime Money Market Fund	$	606
PRINCIPAL AMOUNT
		Repurchase Agreement - 20.8%
$79,855		UBS Securities LLC, 3.40%, dated 06/30/05, due 07/01/05, repurchase price $79,862, collateralized by U.S. Agencies		79,855
		Total Investments of Cash Collateral for Securities Loaned (Cost $80,461)		80,461
		Total Investments - 120.3%	$	462,181
		(Cost $388,666)
		Liabilities in excess of other assets - (20.3)%		(77,835	)
		NET ASSETS - 100.0%	$	384,346

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

JPMorgan U.S. Equity Mid/Small Cap Funds 50

JPMorgan U.S. Small Company Fund

SCHEDULE OF PORTFOLIO INVESTMENTS AS OF JUNE 30, 2005

(Amounts in thousands)

(Unaudited)

SHARES		SECURITY DESCRIPTION	VALUE
	Long-Term Investments - 99.0%
		Common Stocks - 99.0%
		Aerospace & Defense - 2.2%
	6	Armor Holdings, Inc. (a)	$	230
	17	Aviall, Inc. (a)		537
	12	BE Aerospace, Inc. (a)		180
	3	Curtiss-Wright Corp.		135
	18	Esterline Technologies Corp. (a)		714
	7	Heico Corp.		173
	4	Hexcel Corp. (a)		71
	10	Kaman Corp., Class A		175
	49	Moog, Inc., Class A (a)		1,549
	9	Orbital Sciences Corp. (a)		88
	1	Triumph Group, Inc. (a)		29
				3,881
		Air Freight & Logistics - 0.1%
	4	Hub Group, Inc., Class A (a)		105
		Airlines - 0.8%
	28	America West Holdings Corp., Class B (a)		166
	1	Continental Airlines, Inc., Class B (a)		12
	13	Delta Air Lines, Inc. (a)		50
	39	ExpressJet Holdings, Inc. (a)		328
	21	Mesa Air Group, Inc. (a)		144
	2	Northwest Airlines Corp. (a)		10
	35	Pinnacle Airlines Corp. (a)		301
	19	Skywest, Inc.		345
				1,356
		Auto Components - 0.6%
	6	American Axle & Manufacturing Holdings, Inc.		157
	13	ArvinMeritor, Inc.		230
	16	Hayes Lemmerz International, Inc. (a)		110
	3	Sauer-Danfoss, Inc.		60
	4	Stoneridge, Inc. (a)		27
	27	Tenneco Automotive, Inc. (a)		443
				1,027
		Automobiles - 0.4%
	13	Fleetwood Enterprises, Inc. (a)		131
	16	Thor Industries, Inc.		506
	3	Winnebago Industries, Inc.		92
				729

SHARES			SECURITY DESCRIPTION	VALUE
			Biotechnology - 2.8%
	7		Abgenix, Inc. (a)	$	58
	27		Alexion Pharmaceuticals, Inc. (a)		613
	8		Applera Corp. - Celera Genomics Group (a)		82
	9		Cell Genesys, Inc. (a)		48
	7		Corixa Corp. (a)		31
	27		Cubist Pharmaceuticals, Inc. (a)		355
	5		CV Therapeutics, Inc. (a)		110
	5		Diversa Corp. (a)		27
	16		Encysive Pharmaceuticals, Inc. (a)		171
	7		Enzon Pharmaceuticals, Inc. (a)		44
	3		Exelixis, Inc. (a)		23
	86		Genelabs Technologies (a)		43
	5		ICOS Corp. (a)		114
	52		Incyte Corp. (a)		372
	10		Ligand Pharmaceuticals Inc., Class B (a)		72
	8		Lifecell Corp. (a)		132
	6		Martek Biosciences Corp. (a)		215
	15		Myriad Genetics, Inc. (a)		241
	23		Nabi Biopharmaceuticals (a)		343
	9		OSI Pharmaceuticals, Inc. (a)		380
	7		Renovis, Inc. (a)		101
	22		Rigel Pharmaceuticals, Inc. (a)		444
	12		Seattle Genetics, Inc. (a)		63
	-	(h)	Tanox, Inc. (a)		5
	10		Telik, Inc. (a)		165
	3		Transkaryotic Therapies, Inc. (a)		110
	11		United Therapeutics Corp. (a)		526
	4		Vicuron Pharmaceuticals, Inc. (a)		98
					4,986
			Building Products - 1.9%
	7		ElkCorp		194
	4		Griffon Corp. (a)		89
	23		Jacuzzi Brands, Inc. (a)		250
	32		Lennox International, Inc.		669
	11		NCI Building Systems, Inc. (a)		348
	33		Universal Forest Products, Inc.		1,388
	11		York International Corp.		422
					3,360
			Capital Markets - 0.2%
	5		National Financial Partners Corp.		192
	8		Waddell & Reed Financial, Inc.		140
					332

SEE NOTES TO FINANCIAL STATEMENTS.

JPMorgan U.S. Equity Mid/Small Cap Funds 51

JPMorgan U.S. Small Company Fund

SCHEDULE OF PORTFOLIO INVESTMENTS AS OF JUNE 30, 2005

(Amounts in thousands)

(CONTINUED)

(Unaudited)

SHARES			SECURITY DESCRIPTION	VALUE
Long-Term Investments - continued
			Chemicals - 1.6%
	1		Cytec Industries, Inc.	$	24
	17		FMC Corp. (a)		966
	17		Georgia Gulf Corp.		531
	2		H.B. Fuller Co.		68
	6		Headwaters, Inc. (a)		193
	19		Hercules, Inc. (a)		262
	3		Kronos Worlwide, Inc.		81
	6		NewMarket Corp. (a)		90
	29		PolyOne Corp. (a)		191
	9		Terra Industries, Inc. (a)		58
	23		W.R. Grace & Co. (a)		179
	12		Wellman, Inc.		124
					2,767
			Commercial Banks - 6.0%
	4		ABC Bancorp (m)		64
	7		Amcore Financial, Inc.		209
	1		AmericanWest Bancorp (a)		26
	1		BancFirst Corp.		96
	17		Bank of the Ozarks, Inc.		565
	3		Capital Corp. of the West		70
	5		Capitol Bancorp Ltd.		182
	3		Center Financial Corp.		79
	8		Central Pacific Financial Corp.		296
	4		Chemical Financial Corp.		147
	3		City Holding Co.		113
	5		Columbia Banking System, Inc.		116
	23		Community Bank System, Inc.		551
	4		Community Trust Bancorp, Inc.		125
	20		EuroBancshares, Inc. (a)		319
	13		First Bancorp		502
	6		First Republic Bank		196
	16		First State Bancorp, Inc.		317
	-	(h)	Fulton Financial Corp.		5
	6		Glacier Bancorp, Inc.		145
	14		Gold Banc Corp., Inc.		202
	9		Greater Bay Bancorp		232
	2		Hanmi Financial Corp.		34
	14		IBERIABANK Corp.		863
	11		Independent Bank Corp.		316
	22		Irwin Financial Corp.		490
	2		Macatawa Bank Corp.		56

SHARES		SECURITY DESCRIPTION	VALUE
		Commercial Banks - Continued
	4	MB Financial, Inc.	$	143
	5	Mercantile Bank Corp.		220
	5	Nara Bancorp, Inc.		75
	9	Oriental Financial Group		130
	2	Pacific Capital Bancorp		79
	3	Peoples Bancorp, Inc.		72
	19	PrivateBancorp, Inc.		662
	16	Republic Bancorp, Inc.		237
	1	Republic Bancorp, Inc., Class A		25
	3	Simmons First National Corp., Class A		70
	2	Southwest Bancorp, Inc.		41
	1	State Financial Services Corp.		56
	5	Sterling Bancorp		100
	25	Sterling Bancshares, Inc.		383
	25	Summit Bancshares, Inc.		436
	4	Sun Bancorp, Inc. (a)		81
	1	Taylor Capital Group, Inc.		55
	3	TriCo Bancshares		60
	4	Umpqua Holdings Corp.		99
	13	West Coast Bancorp		324
	13	Westamerica Bancorp		676
	1	Western Sierra Bancorp (a)		47
	7	Wilshire Bancorp, Inc.		96
	4	Wintrust Financial Corp.		188
				10,671
		Commercial Services & Supplies - 3.2%
	27	Angelica Corp.		657
	3	Banta Corp.		141
	4	Coinstar, Inc. (a)		93
	26	Corinthian Colleges, Inc. (a)		327
	1	CRA International, Inc. (a)		75
	6	DiamondCluster International, Inc. (a)		63
	6	Dollar Financial Corp. (a)		64
	8	Duratek, Inc. (a)		178
	2	General Binding Corp. (a)		42
	7	Geo Group, Inc. (The) (a)		173
	2	Gevity HR, Inc.		34
	16	Heidrick & Struggles, Inc. (a)		425
	63	IKON Office Solutions, Inc.		602
	4	Imagistics International, Inc. (a)		120
	5	Interpool, Inc.		100

SEE NOTES TO FINANCIAL STATEMENTS.

JPMorgan U.S. Equity Mid/Small Cap Funds 52

SEMI-ANNUAL REPORT JUNE 30

2005

SCHEDULE OF PORTFOLIO INVESTMENTS AS OF JUNE 30, 2005

(Amounts in thousands)

(Unaudited)

SHARES			SECURITY DESCRIPTION	VALUE
Long-Term Investments - continued
			Commercial Services & Supplies - Continued
	12		John H. Harland Co.	$	467
	4		Korn/Ferry International (a)		67
	16		Labor Ready, Inc. (a)		371
	17		Navigant Consulting, Inc. (a)		300
	4		Pre-Paid Legal Services, Inc.		192
	6		SOURCECORP, Inc. (a)		125
	10		Spherion Corp. (a)		67
	25		TeleTech Holdings, Inc. (a)		200
	5		Tetra Tech, Inc. (a)		62
	10		United Rentals, Inc. (a)		204
	6		United Stationers, Inc. (a)		290
	1		Vertrue, Inc. (a)		55
	3		Waste Connections, Inc. (a)		127
					5,621
			Communications Equipment - 2.6%
	31		3Com Corp. (a)		114
	8		Ariba, Inc. (a)		45
	24		Arris Group, Inc. (a)		209
	19		Aspect Communications Corp. (a)		208
	4		Audiovox Corp. (a)		57
	10		Avocent Corp. (a)		269
	4		Bel Fuse, Inc., Class B		119
	7		Black Box Corp.		244
	13		C-COR, Inc. (a)		92
	11		CIENA Corp. (a)		23
	13		CommScope, Inc. (a)		223
	3		Comtech Telecommunications Corp. (a)		103
	5		Ditech Communications Corp. (a)		31
	5		Echelon Corp. (a)		36
	11		Enterasys Networks, Inc. (a)		10
	16		Extreme Networks, Inc. (a)		66
	6		Finisar Corp. (a)		7
	14		Foundry Networks, Inc. (a)		121
	2		Glenayre Technologies, Inc. (a)		6
	10		Harmonic, Inc. (a)		46
	24		Inter-Tel, Inc.		452
	2		Interdigital Communications Corp. (a)		38
	26		MRV Communications, Inc. (a)		57
	7		Netgear, Inc. (a)		136
	-	(h)	Network Equipment Technologies, Inc. (a)		2
	20		Plantronics, Inc.		713

SHARES			SECURITY DESCRIPTION	VALUE
			Communications Equipment - Continued
	3		Polycom, Inc. (a)	$	51
	3		Powerwave Technologies, Inc. (a)		30
	6		Redback Networks, Inc. (a)		39
	10		SafeNet, Inc. (a)		324
	25		Symmetricom, Inc. (a)		261
	11		Tekelec (a)		186
	11		Terayon Communication Systems, Inc. (a)		34
	-	(h)	Tollgrade Communications, Inc. (a)		2
	24		Utstarcom, Inc. (a)		180
	16		Westell Technologies, Inc. (a)		96
					4,630
			Computers & Peripherals - 1.7%
	28		Adaptec, Inc. (a)		109
	8		Advanced Digital Information Corp. (a)		58
	49		Brocade Communications Systems, Inc. (a)		189
	1		Concurrent Computer Corp. (a)		2
	5		Dot Hill Systems Corp. (a)		27
	3		Electronics for Imaging, Inc. (a)		63
	18		Gateway, Inc. (a)		60
	13		Hutchinson Technology, Inc. (a)		485
	5		Hypercom Corp. (a)		35
	11		Imation Corp.		435
	1		Innovex, Inc. (a)		2
	11		Intergraph Corp. (a)		389
	13		Komag, Inc. (a)		357
	40		Maxtor Corp. (a)		206
	5		McData Corp. (a)		19
	7		PalmOne, Inc. (a)		208
	25		Quantum Corp. (a)		73
	40		Silicon Graphics, Inc. (a)		28
	2		Stratasys, Inc. (a)		59
	5		Synaptics, Inc. (a)		113
	4		UNOVA, Inc. (a)		99
					3,016
			Construction & Engineering - 0.4%
	4		Dycom Industries, Inc. (a)		69
	15		MasTec, Inc. (a)		133
	8		Quanta Services, Inc. (a)		73
	4		URS Corp. (a)		157
	6		Washington Group International, Inc. (a)		322
					754

SEE NOTES TO FINANCIAL STATEMENTS.

JPMorgan U.S. Equity Mid/Small Cap Funds 53

JPMorgan U.S. Small Company Fund

SCHEDULE OF PORTFOLIO INVESTMENTS AS OF JUNE 30, 2005

(Amounts in thousands)

(CONTINUED)

(Unaudited)

SHARES		SECURITY DESCRIPTION	VALUE
Long-Term Investments - continued
		Construction Materials - 0.4%
	4	Ameron International Corp.	$	134
	5	Eagle Materials, Inc.		454
	4	Texas Industries, Inc.		214
				802
		Consumer Finance - 1.2%
	3	ACE Cash Express, Inc. (a)		87
	4	Advanta Corp.		110
	5	Asta Funding, Inc.		125
	42	Cash America International, Inc.		851
	11	CompuCredit Corp. (a)		381
	1	Credit Acceptance Corp. (a)		21
	15	Metris Cos., Inc. (a)		218
	1	United PanAm Financial Corp. (a)		29
	12	World Acceptance Corp. (a)		352
				2,174
		Containers & Packaging - 0.6%
	6	Crown Holdings, Inc. (a)		81
	5	Greif, Inc., Class A		305
	11	Silgan Holdings, Inc.		601
				987
		Distributors - 0.2%
	9	Handleman Co.		155
	8	WESCO International, Inc. (a)		254
				409
		Diversified Financial Services - 0.7%
	2	Encore Capital Group, Inc. (a)		32
	4	eSpeed, Inc. (a)		32
	18	GATX Corp.		611
	11	Knight Capital Group, Inc. (a)		84
	4	Nasdaq Stock Market, Inc.		70
	26	Technology Investment Capital Corp.		385
				1,214
		Diversified Telecommunication Services - 1.1%
	9	Broadwing Corp. (a)		43
	102	Cincinnati Bell, Inc. (a)		438
	14	CT Communications, Inc.		178
	51	ITC Deltacom, Inc. (a)		43

SHARES		SECURITY DESCRIPTION	VALUE
		Diversified Telecommunication Services - Continued
	99	Premiere Global Services, Inc. (a)	$	1,118
	23	Primus Telecom Group (a)		15
	7	Talk America Holdings, Inc. (a)		65
	17	Time Warner Telecom, Inc., Class A (a)		101
				2,001
		Electric Utilities - 0.8%
	5	Black Hills Corp.		192
	12	El Paso Electric Co. (a)		241
	4	Idacorp, Inc.		116
	1	MGE Energy, Inc.		44
	12	PNM Resources, Inc.		337
	1	UIL Holdings Corp.		70
	17	Unisource Energy Corp.		517
				1,517
		Electrical Equipment - 0.1%
	5	Encore Wire Corp. (a)		53
	3	Evergreen Solar, Inc. (a)		16
	3	General Cable Corp. (a)		46
	5	Power-One, Inc. (a)		29
	6	Valence Technology, Inc. (a)		17
				161
		Electronic Equipment & Instruments - 2.2%
	13	Aeroflex, Inc. (a)		108
	19	Agilysis, Inc.		290
	19	Anixter International, Inc. (a)		688
	2	BEI Technologies, Inc.		51
	2	Bell Microproducts, Inc. (a)		14
	12	Benchmark Electronics, Inc. (a)		350
	6	Brightpoint, Inc. (a)		124
	6	Checkpoint Systems, Inc. (a)		110
	13	CTS Corp.		155
	5	Electro Scientific Industries, Inc. (a)		91
	2	Faro Technologies, Inc. (a)		46
	18	Global Imaging Systems, Inc. (a)		570
	8	Itron, Inc. (a)		353
	5	Lexar Media, Inc. (a)		26
	3	MTS Systems Corp.		101
	3	Planar Systems, Inc. (a)		25
	6	Radisys Corp. (a)		94

SEE NOTES TO FINANCIAL STATEMENTS.

JPMorgan U.S. Equity Mid/Small Cap Funds 54

SEMI-ANNUAL REPORT JUNE 30

2005

SCHEDULE OF PORTFOLIO INVESTMENTS AS OF JUNE 30, 2005

(Amounts in thousands)

(Unaudited)

SHARES		SECURITY DESCRIPTION	VALUE
	Long-Term Investments - continued
		Electronic Equipment & Instruments - Continued
	5	Rofin-Sinar Technologies, Inc. (a)	$	174
	12	Sypris Solutions, Inc.		142
	6	Trimble Navigation Ltd. (a)		245
	19	TTM Technologies, Inc. (a)		144
	1	Zygo Corp. (a)		7
				3,908
		Energy Equipment & Services - 2.2%
	44	Grey Wolf, Inc. (a)		325
	4	Gulf Island Fabrication, Inc.		71
	3	Gulfmark Offshore, Inc. (a)		76
	10	Hanover Compressor Co. (a)		113
	5	Hydril (a)		245
	46	Key Energy Services, Inc. (a)		558
	10	Lone Star Technologies, Inc. (a)		450
	2	Lufkin Industries, Inc.		72
	15	Oceaneering International, Inc. (a)		576
	6	Offshore Logistics, Inc. (a)		210
	6	Oil States International, Inc. (a)		156
	7	Parker Drilling Co. (a)		46
	32	Todco, Class A (a)		811
	10	Veritas DGC, Inc. (a)		275
				3,984
		Food & Staples Retailing - 0.5%
	7	Great Atlantic & Pacific Tea Co., Inc. (a)		198
	3	Nash Finch Co.		117
	1	NeighborCare, Inc. (a)		33
	14	Pantry, Inc. (The) (a)		546
	7	Pathmark Stores, Inc. (a)		58
				952
		Food Products - 1.2%
	35	Chiquita Brands International, Inc.		974
	17	Corn Products International, Inc.		399
	3	Flowers Foods, Inc.		110
	3	J & J Snack Foods Corp.		173
	11	Sanderson Farms, Inc.		513
				2,169
		Gas Utilities - 1.4%
	7	Atmos Energy Corp.		196

SHARES		SECURITY DESCRIPTION	VALUE
		Gas Utilities - Continued
	13	New Jersey Resources Corp.	$	622
	2	Nicor, Inc.		70
	6	Northwest Natural Gas Co.		233
	4	South Jersey Industries, Inc.		232
	21	Southern Union Co. (a)		513
	15	Southwest Gas Corp.		378
	10	WGL Holdings, Inc.		340
				2,584
		Health Care Equipment & Supplies - 3.2%
	4	Abiomed, Inc. (a)		33
	10	Align Technology, Inc. (a)		74
	1	Analogic Corp.		35
	7	Animas Corp. (a)		141
	5	Arrow International, Inc.		144
	8	Arthrocare Corp. (a)		294
	1	Bio-Rad Laboratories, Inc., Class A (a)		77
	5	Biosite, Inc. (a)		269
	18	Conmed Corp. (a)		566
	7	Diagnostic Products Corp.		312
	39	Encore Medical Corp. (a)		216
	4	EPIX Pharmaceuticals, Inc. (a)		31
	3	Immucor, Inc. (a)		99
	7	Integra LifeSciences Holdings Corp. (a)		190
	4	Inverness Medical Innovations, Inc. (a)		98
	16	Kyphon, Inc. (a)		571
	8	Mentor Corp.		348
	8	Nektar Therapeutics (a)		135
	29	Neurometrix, Inc. (a)		583
	3	Palomar Medical Technologies, Inc. (a)		79
	9	PolyMedica Corp.		325
	2	Regeneration Technologies, Inc. (a)		11
	25	Steris Corp.		649
	12	SurModics, Inc. (a)		499
				5,779
		Health Care Providers & Services - 5.0%
	9	Alderwoods Group, Inc. (a)		129
	29	Alliance Imaging, Inc. (a)		299
	4	America Service Group, Inc. (a)		67
	17	Andrx Corp. (a)		345
	11	Apria Healthcare Group, Inc. (a)		391

SEE NOTES TO FINANCIAL STATEMENTS.

JPMorgan U.S. Equity Mid/Small Cap Funds 55

JPMorgan U.S. Small Company Fund

SCHEDULE OF PORTFOLIO INVESTMENTS AS OF JUNE 30, 2005

(Amounts in thousands)

(CONTINUED)

(Unaudited)

SHARES			SECURITY DESCRIPTION	VALUE
Long-Term Investments - continued
			Health Care Providers & Services - Continued
	18		Centene Corp. (a)	$	596
	17		Computer Programs & Systems, Inc.		618
	2		Dendrite International, Inc. (a)		30
	5		Genesis HealthCare Corp. (a)		250
	26		Kindred Healthcare, Inc. (a)		1,030
	11		LCA Vision, Inc.		548
	16		OCA, Inc. (a)		31
	18		Owens & Minor, Inc.		566
	11		Pediatrix Medical Group, Inc. (a)		833
	18		Per-Se Technologies, Inc. (a)		370
	28		PSS World Medical, Inc. (a)		352
	10		Res-Care, Inc. (a)		136
	8		Sierra Health Services (a)		593
	36		Stewart Enterprises, Inc.		237
	8		Symbion, Inc. (a)		191
	12		Trizetto Group (a)		171
	16		United Surgical Partners International, Inc. (a)		849
	15		Ventiv Health, Inc. (a)		297
					8,929
			Hotels, Restaurants & Leisure - 2.4%
	17		Ameristar Casinos, Inc.		443
	6		Argosy Gaming Co. (a)		280
	-	(h)	Bally Total Fitness Holding Corp. (a)		1
	3		CEC Entertainment, Inc. (a)		122
	21		CKE Restaurants, Inc.		294
	7		Jack in the Box, Inc. (a)		265
	39		Landry's Restaurants, Inc.		1,159
	11		Multimedia Games, Inc. (a)		119
	13		Navigant International, Inc. (a)		189
	4		O'Charley's, Inc. (a)		78
	11		Pinnacle Entertainment, Inc. (a)		219
	5		Rare Hospitality International, Inc. (a)		165
	20		Ruby Tuesday, Inc.		508
	27		Ryan's Restaurant Group, Inc. (a)		377
					4,219
			Household Durables - 1.3%
	5		American Greetings, Class A		122
	-	(h)	CSS Industries, Inc.		7
	11		Furniture Brands International, Inc.		240

SHARES			SECURITY DESCRIPTION	VALUE
			Household Durables - Continued
	4		Meritage Homes Corp. (a)	$	278
	7		Stanley Furniture Co., Inc.		179
	23		Technical Olympic USA, Inc.		553
	24		Tupperware Corp.		554
	11		WCI Communities, Inc. (a)		349
					2,282
			Industrial Conglomerates - 0.3%
	12		Walter Industries, Inc.		473
			Insurance - 2.6%
	1		American Physicians Capital, Inc. (a)		51
	8		Argonaut Group, Inc. (a)		184
	33		Delphi Financial Group, Inc.		1,457
	7		Direct General Corp.		135
	-	(h)	FBL Financial Group, Inc., Class A		8
	7		LandAmerica Financial Group, Inc.		398
	2		Midland Co. (The)		78
	1		Navigators Group, Inc. (a)		21
	48		PMA Capital Corp., Class A (a)		426
	6		Selective Insurance Group		307
	7		Stewart Information Services Corp.		294
	3		United Fire & Casualty Co.		142
	-	(h)	Vesta Insurance Group, Inc.		1
	17		Zenith National Insurance Corp.		1,140
					4,642
			Internet & Catalog Retail - 0.2%
	4		1-800-Flowers.com, Inc., Class A (a)		30
	5		GSI Commerce, Inc. (a)		75
	10		Insight Enterprises, Inc. (a)		196
	2		J. Jill Group, Inc. (The) (a)		27
	3		Nutri/System, Inc.		38
					366
			Internet Software & Services - 2.4%
	-	(h)	aQuantive, Inc. (a)		7
	13		AsiaInfo Holdings, Inc. (a)		69
	6		Autobytel, Inc. (a)		31
	1		Blue Coat Systems, Inc. (a)		27
	74		CMGI, Inc. (a)		139
	27		CNET Networks, Inc. (a)		311

SEE NOTES TO FINANCIAL STATEMENTS.

JPMorgan U.S. Equity Mid/Small Cap Funds 56

SEMI-ANNUAL REPORT JUNE 30

2005

SCHEDULE OF PORTFOLIO INVESTMENTS AS OF JUNE 30, 2005

(Amounts in thousands)

(Unaudited)

SHARES		SECURITY DESCRIPTION	VALUE
	Long-Term Investments - continued
		Internet Software & Services - Continued
	5	Digital Insight Corp. (a)	$	129
	6	Digital River, Inc. (a)		191
	24	Digitas, Inc. (a)		274
	26	DoubleClick, Inc. (a)		214
	64	EarthLink, Inc. (a)		551
	4	Equinix, Inc. (a)		165
	38	Homestore, Inc. (a)		77
	9	Infospace, Inc. (a)		310
	11	Internet Security Systems (a)		223
	1	Interwoven, Inc. (a)		7
	8	Ipass, Inc. (a)		47
	7	j2 Global Communications, Inc. (a)		227
	8	Jupitermedia Corp. (a)		130
	31	Looksmart Ltd. (a)		23
	9	Openwave Systems, Inc. (a)		139
	28	SupportSoft, Inc. (a)		143
	17	United Online, Inc.		181
	14	ValueClick, Inc. (a)		176
	10	WebEx Communications, Inc. (a)		256
	4	webMethods, Inc. (a)		22
	4	Websense, Inc. (a)		178
				4,247
		IT Services - 1.4%
	24	Acxiom Corp.		491
	37	BearingPoint, Inc. (a)		268
	1	BISYS Group, Inc. (The) (a)		12
	26	Ciber, Inc. (a)		207
	2	Covansys Corp. (a)		31
	8	CSG System International, Inc. (a)		156
	9	Euronet Worldwide, Inc. (a)		253
	10	Gartner, Inc., Class A (a)		110
	4	Intrado, Inc. (a)		58
	9	Lionbridge Technologies (a)		61
	11	ManTech International Corp., Class A (a)		335
	18	Perot Systems Corp., Class A (a)		262
	3	Safeguard Scientifics, Inc. (a)		4
	6	Startek, Inc.		102
	17	SYKES Enterprises, Inc. (a)		161
	6	Tyler Technologies, Inc. (a)		48
				2,559

SHARES		SECURITY DESCRIPTION	VALUE
		Leisure Equipment & Products - 0.8%
	25	JAKKS Pacific, Inc. (a)	$	478
	10	K2, Inc. (a)		128
	7	MarineMax, Inc. (a)		213
	12	RC2 Corp. (a)		466
	6	Steinway Musical Instruments, Inc. (a)		173
				1,458
		Machinery - 3.2%
	15	AGCO Corp. (a)		277
	10	Astec Industries, Inc. (a)		242
	13	Barnes Group, Inc.		414
	11	Briggs & Stratton Corp.		384
	7	Cascade Corp.		286
	10	Crane Co.		258
	2	ESCO Technologies, Inc. (a)		181
	11	Flowserve Corp. (a)		327
	7	Greenbrier Cos., Inc.		179
	12	JLG Industries, Inc.		327
	8	Joy Global, Inc.		262
	12	LInc.oln Electric Holdings, Inc.		411
	11	Manitowoc Co., Inc.		451
	1	Middleby Corp.		68
	5	NACCO Industries, Inc., Class A		579
	9	Reliance Steel & Aluminum Co.		336
	3	Tecumseh Products Co., Class A		77
	5	Valmont Industries, Inc.		137
	9	Wabash National Corp.		206
	8	Watts Water Technologies, Inc., Class A		278
				5,680
		Media - 2.3%
	4	Advo, Inc.		115
	7	Arbitron, Inc.		283
	4	Carmike Cinemas, Inc.		114
	6	Catalina Marketing Corp.		147
	48	Charter Communications, Inc., Class A (a)		57
	3	Digital Generation Systems (a)		3
	1	Emmis Communications Corp., Class A (a)		23
	49	Gemstar-TV Guide International, Inc. (a)		176
	7	Gray Television, Inc.		84
	7	Insight Communications Co., Inc., Class A (a)		76
	1	Journal Register Co. (a)		20

SEE NOTES TO FINANCIAL STATEMENTS.

JPMorgan U.S. Equity Mid/Small Cap Funds 57

JPMorgan U.S. Small Company Fund

SCHEDULE OF PORTFOLIO INVESTMENTS AS OF JUNE 30, 2005

(Amounts in thousands)

(CONTINUED)

(Unaudited)

SHARES		SECURITY DESCRIPTION	VALUE
	Long-Term Investments - continued
		Media - Continued
	31	Lodgenet Entertainment Corp. (a)	$	516
	5	Media General, Inc., Class A		324
	44	Mediacom Communications Corp., Class A (a)		300
	65	Primedia, Inc. (a)		264
	11	ProQuest Co. (a)		351
	29	Radio One, Inc., Class D (a)		372
	5	RCN Corp. (a)		104
	4	Saga Communications, Inc., Class A (a)		56
	9	Scholastic Corp. (a)		358
	7	Valassis Communications, Inc. (a)		241
	15	World Wrestling Entertainment, Inc.		169
				4,153
		Metals & Mining - 1.5%
	7	AK Steel Holding Corp. (a)		45
	35	Commercial Metals Co.		835
	3	Metal Management, Inc.		58
	6	NN, Inc.		80
	5	Oregon Steel Mills, Inc. (a)		88
	19	Quanex Corp.		986
	13	Ryerson Tull, Inc.		187
	13	Steel Dynamics, Inc.		331
				2,610
		Multi-Utilities - 0.8%
	10	Avista Corp.		193
	17	Energen Corp.		610
	1	NorthWestern Corp.		46
	39	Sierra Pacific Resources (a)		488
				1,337
		Multiline Retail - 0.2%
	16	ShopKo Stores, Inc. (a)		396
		Oil, Gas & Consumable Fuels - 4.0%
	7	ATP Oil & Gas Corp. (a)		157
	4	Callon Petroleum Co. (a)		56
	9	Cimarex Energy Co. (a)		352
	2	Clayton Williams Energy, Inc. (a)		48
	5	Comstock Resources, Inc. (a)		124
	8	Energy Partners Ltd. (a)		217

SHARES			SECURITY DESCRIPTION	VALUE
			Oil, Gas & Consumable Fuels - Continued
	3		Giant Industries, Inc. (a)	$	115
	32		Houston Exploration Co. (a)		1,682
	8		Mission Resources Corp. (a)		67
	3		Penn Virginia Corp.		152
	1		Quicksilver Resources, Inc. (a)		64
	41		Southwestern Energy Co. (a)		1,945
	12		St. Mary Land & Exploration Co.		339
	7		Stone Energy Corp. (a)		356
	7		Swift Energy Co. (a)		244
	-	(h)	TEL Offshore Trust		-	(h)
	12		Tesoro Corp.		572
	15		Vintage Petroleum, Inc.		463
	7		World Fuel Services Corp.		173
					7,126
			Paper & Forest Products - 0.1%
	5		Schweitzer-Mauduit International, Inc.		143
			Personal Products - 0.1%
	10		Playtex Products, Inc. (a)		103
			Pharmaceuticals - 1.7%
	7		Able Laboratories, Inc. (a)		24
	30		Adolor Corp. (a)		278
	4		Antigenics, Inc. (a)		19
	22		AtheroGenics, Inc. (a)		344
	23		Auxilium Pharmaceuticals, Inc. (a)		110
	128		AVANIR Pharmaceuticals, Class A (a)		359
	55		Cypress Bioscience, Inc. (a)		726
	8		Impax Laboratories, Inc. (a)		129
	18		Medicis Pharmaceutical Corp., Class A		574
	11		Palatin Technologies, Inc. (a)		18
	2		Par Pharmaceutical Cos, Inc. (a)		64
	19		Theravance, Inc. (a)		319
					2,964
			Real Estate - 8.0%
	19		Affordable Residential Communities (REIT) (m)		258
	13		American Financial Realty Trust (REIT)		201
	22		American Home Mortgage Investment Corp. (REIT)		771

SEE NOTES TO FINANCIAL STATEMENTS.

JPMorgan U.S. Equity Mid/Small Cap Funds 58

SEMI-ANNUAL REPORT JUNE 30

2005

SCHEDULE OF PORTFOLIO INVESTMENTS AS OF JUNE 30, 2005

(Amounts in thousands)

(Unaudited)

SHARES		SECURITY DESCRIPTION	VALUE
	Long-Term Investments - continued
		Real Estate - Continued
	22	Anthracite Capital, Inc. (REIT)	$	265
	3	Ashford Hospitality Trust, Inc.		28
	4	Boykin Lodging Co. (REIT) (a)		52
	12	Capital Automotive REIT (REIT)		463
	35	CarrAmerica Realty Corp. (REIT)		1,277
	10	Entertainment Properties Trust (REIT)		442
	21	Equity Inns, Inc. (REIT)		274
	22	FelCor Lodging Trust, Inc. (REIT) (a)		324
	10	Gables Residential Trust (REIT)		437
	10	Glimcher Realty Trust (REIT)		283
	34	Government Properties Trust, Inc. (REIT)		328
	9	Impac Mortgage Holdings, Inc. (REIT)		164
	44	Innkeepers USA Trust (REIT)		663
	2	Jones Lang LaSalle, Inc. (a)		84
	2	Kilroy Realty Corp. (REIT)		85
	5	LaSalle Hotel Properties (REIT)		171
	11	Levitt Corp., Class A		335
	21	Lexington Corp. Properties Trust (REIT)		509
	27	LTC Properties, Inc. (REIT)		551
	24	Maguire Properties, Inc. (REIT)		683
	34	Meristar Hospitality Corp. (REIT) (a)		290
	20	MFA Mortgage Investments, Inc. (REIT)		150
	30	Mid-America Apartment Communities, Inc. (REIT)		1,340
	3	National Health Investors, Inc. (REIT)		95
	7	Novastar Financial, Inc. (REIT)		290
	20	Pennsylvania Real Estate Investment Trust (REIT)		941
	24	Prentiss Properties Trust (REIT)		871
	28	RAIT Investment Trust (REIT)		845
	13	Saul Centers, Inc. (REIT)		487
	7	Taubman Centers, Inc. (REIT)		252
				14,209
		Road & Rail - 1.6%
	4	Amerco, Inc. (a)		198
	5	Arkansas Best Corp.		169
	13	Dollar Thrifty Automotive Group, Inc. (a)		501
	17	Genesee & Wyoming, Inc., Class A (a)		471
	4	Old Dominion Freight Line (a)		99
	7	Overnite Corp.		297
	18	RailAmerica, Inc. (a)		209

SHARES			SECURITY DESCRIPTION	VALUE
			Road & Rail - Continued
	22		SCS Transportation, Inc. (a)	$	390
	4		Swift Transportation Co., Inc. (a)		98
	12		U.S. Xpress Enterprises, Inc., Class A (a)		141
	18		Werner Enterprises, Inc.		345
					2,918
			Semiconductors & Semiconductor Equipment - 4.5%
	5		Actel Corp. (a)		71
	7		ADE Corp. (a) (m)		194
	15		Advanced Energy Industries, Inc. (a)		115
	22		AMIS Holdings, Inc. (a)		288
	34		Amkor Technology, Inc. (a)		153
	23		Applied Micro Circuits Corp. (a)		60
	6		Asyst Technologies, Inc. (a)		25
	66		Atmel Corp. (a)		156
	4		ATMI, Inc. (a)		110
	9		August Technology Corp. (a)		106
	30		Axcelis Technologies, Inc. (a)		204
	11		Brooks Automation, Inc. (a)		168
	8		Cabot Microelectronics Corp. (a)		235
	-	(h)	Ceva, Inc. (a)		1
	17		Cirrus Logic, Inc. (a)		90
	2		Cohu, Inc.		37
	32		Conexant Systems, Inc. (a)		52
	12		Credence Systems Corp. (a)		105
	9		Cymer, Inc. (a)		240
	28		Cypress Semiconductor Corp. (a)		346
	5		Diodes, Inc. (a)		153
	5		DSP Group, Inc. (a)		117
	4		Exar Corp. (a)		64
	13		Fairchild Semiconductor International, Inc. (a)		189
	4		Genesis Microchip, Inc. (a)		68
	8		Integrated Circuit Systems, Inc. (a)		157
	6		Integrated Silicon Solutions, Inc. (a)		42
	10		IXYS Corp. (a)		136
	5		Kopin Corp. (a)		26
	10		Lattice Semiconductor Corp. (a)		46
	12		LTX Corp. (a)		60
	14		Mattson Technology, Inc. (a)		97

SEE NOTES TO FINANCIAL STATEMENTS.

JPMorgan U.S. Equity Mid/Small Cap Funds 59

JPMorgan U.S. Small Company Fund

SCHEDULE OF PORTFOLIO INVESTMENTS AS OF JUNE 30, 2005

(Amounts in thousands)

(CONTINUED)

(Unaudited)

SHARES		SECURITY DESCRIPTION	VALUE
Long-Term Investments - continued
		Semiconductors & Semiconductor Equipment - Continued
	19	Micrel, Inc. (a)	$	215
	13	Microsemi Corp. (a)		253
	6	Mindspeed Technologies, Inc. (a)		7
	14	MIPS Technologies, Inc. (a)		103
	4	MKS Instruments, Inc. (a)		66
	12	Mykrolis Corp. (a)		163
	15	Omnivision Technologies, Inc. (a)		202
	69	ON Semiconductor Corp. (a)		317
	15	Photronics, Inc. (a)		355
	15	Pixelworks, Inc. (a)		130
	15	PMC-Sierra, Inc. (a)		141
	4	Power Integrations, Inc. (a)		82
	11	Rambus, Inc. (a)		140
	39	RF Micro Devices, Inc. (a)		213
	10	Semitool, Inc. (a)		93
	16	Semtech Corp. (a)		271
	9	Sigmatel, Inc. (a)		156
	19	Silicon Image, Inc. (a)		197
	8	Silicon Laboratories, Inc. (a)		220
	30	Silicon Storage Technology, Inc. (a)		122
	27	Skyworks Solutions, Inc. (a)		200
	3	Supertex, Inc. (a)		53
	18	Transmeta Corp. (a)		11
	2	Ultratech, Inc. (a)		37
	5	Varian Semiconductor Equipment Associates, Inc. (a)		181
	46	Vitesse Semiconductor Corp. (a)		96
	1	White Electronic Designs Corp. (a)		4
	6	Zoran Corp. (a)		73
				8,012
		Software - 2.4%
	2	Ansoft Corp. (a)		36
	5	Ansys, Inc. (a)		171
	11	Aspen Technology, Inc. (a)		58
	14	Borland Software Corp. (a)		93
	1	Datastream Systems, Inc. (a)		7
	12	E.piphany, Inc. (a)		43
	7	Epicor Software Corp. (a)		90
	5	EPIQ Systems, Inc. (a)		88
	5	Factset Research Systems, Inc.		190

SHARES		SECURITY DESCRIPTION	VALUE
		Software - Continued
	4	Filenet Corp. (a)	$	93
	9	Informatica Corp. (a)		75
	2	Intervideo, Inc. (a)		25
	3	InterVoice, Inc. (a)		22
	7	JDA Software Group, Inc. (a)		77
	3	Kronos, Inc. (a)		117
	6	Macrovision Corp. (a)		142
	8	Magma Design Automation, Inc. (a)		68
	6	Manhattan Associates, Inc. (a)		117
	12	Mentor Graphics Corp. (a)		124
	4	MicroStrategy, Inc. (a)		217
	7	MRO Software, Inc. (a)		98
	59	Parametric Technology Corp. (a)		376
	4	Pegasystems, Inc. (a)		25
	9	Phoenix Technologies Ltd. (a)		72
	5	Portal Software, Inc. (a)		9
	19	Progress Software Corp. (a)		587
	2	Quality Systems, Inc. (a)		85
	5	Quest Software, Inc. (a)		65
	29	Secure Computing Corp. (a)		319
	1	SPSS, Inc. (a)		27
	2	SS&C Technologies, Inc.		63
	4	Talx Corp.		111
	3	TradeStation Group, Inc. (a)		22
	10	Transaction Systems Architechs, Inc. (a)		249
	8	TIBCO Software, Inc. (a)		55
	12	Wind River Systems, Inc. (a)		182
				4,198
		Specialty Retail - 5.2%
	71	Aaron Rents, Inc.		1,776
	18	Aeropostale, Inc. (a)		612
	20	Asbury Automotive Group, Inc. (a)		313
	4	Big 5 Sporting Goods Corp.		119
	9	Brookstone, Inc. (a)		176
	5	Build-A-Bear Workshop, Inc. (a)		106
	4	Building Material Holding Corp.		263
	13	Burlington Coat Factory Warehouse Corp.		554
	70	Charming Shoppes, Inc. (a)		655
	9	Children's Place, Inc. (a)		406
	5	Dress Barn, Inc. (a)		106
	2	Electronics Boutique Holdings Corp. (a)		152

SEE NOTES TO FINANCIAL STATEMENTS.

JPMorgan U.S. Equity Mid/Small Cap Funds 60

SEMI-ANNUAL REPORT JUNE 30

2005

SCHEDULE OF PORTFOLIO INVESTMENTS AS OF JUNE 30, 2005

(Amounts in thousands)

(Unaudited)

SHARES		SECURITY DESCRIPTION	VALUE
Long-Term Investments - continued
		Specialty Retail - Continued
	14	Genesco, Inc. (a)	$	530
	8	Guess?, Inc. (a)		129
	8	HOT Topic, Inc. (a)		143
	11	Lithia Motors, Inc., Class A		310
	4	Movie Gallery, Inc.		101
	11	Pacific Sunwear of California, Inc. (a)		241
	1	Party City Corp. (a)		7
	12	Petco Animal Supplies, Inc. (a)		337
	23	Rent-A-Center, Inc. (a)		540
	10	Select Comfort Corp. (a)		221
	4	Sonic Automotive, Inc.		92
	3	Sports Authority, Inc. (The) (a)		102
	2	Stage Stores, Inc. (a)		100
	21	Stein Mart, Inc.		469
	20	Too, Inc. (a)		456
	4	Trans World Entertainment Corp. (a)		47
	5	United Auto Group, Inc.		155
				9,218
		Textiles, Apparel & Luxury Goods - 1.2%
	4	Brown Shoe Co., Inc.		149
	4	DHB Industries, Inc. (a)		31
	5	Fossil, Inc. (a)		123
	16	K-Swiss, Inc., Class A		501
	9	Kellwood Co.		245
	10	Kenneth Cole Productions, Inc., Class A		299
	8	Movado Group, Inc.		153
	5	Russell Corp.		94
	15	Skechers U.S.A., Inc., Class A (a)		214
	8	Unifirst Corp.		324
				2,133
		Thrifts & Mortgage Finance - 3.1%
	10	Accredited Home Lenders Holding Co. (a)		436
	35	Bank Atlantic Bancorp, Inc., Class A		661
	4	Commercial Capital Bancorp, Inc.		69
	19	Corus Bankshares, Inc.		1,043
	4	Dime Community Bancshares		65
	17	First Niagara Financial Group, Inc.		255
	1	First Place Financial Corp.		11
	1	FirstFed Financial Corp. (a)		48
	10	Flagstar Bancorp, Inc.		195

SHARES		SECURITY DESCRIPTION	VALUE
		Thrifts & Mortgage Finance - Continued
	13	Fremont General Corp.	$	324
	6	Gibraltar Industries, Inc.		111
	3	ITLA Capital Corp. (a)		178
	10	Partners Trust Financial Group, Inc.		103
	21	Provident Bancorp, Inc.		254
	31	R&G Financial Corp., Class B		541
	8	Sterling Financial Corp.(a)		316
	56	W Holding Co., Inc.		577
	6	WSFS Financial Corp.		339
				5,526
		Tobacco - 0.5%
	38	Alliance One International, Inc.		231
	14	Universal Corp.		600
				831
		Trading Companies & Distributors - 1.4%
	60	Applied Industrial Technologies, Inc.		1,935
	18	Hughes Supply, Inc.		517
	4	Nuco2, Inc. (a)		95
				2,547
		Wireless Telecommunication Services - 0.5%
	1	Aether Systems, Inc. (a)		2
	17	Centennial Communications Corp. (a)		239
	92	Dobson Communications Corp. (a)		392
	5	InPhonic, Inc. (a)		83
	1	Remec, Inc. (a)		5
	17	US Unwired, Inc. (a)		97
				818
		Total Common Stocks (Cost $153,096)		175,973
		Total Long-Term Investments (Cost $153,096)		175,973
	Short-Term Investments - 1.3
		Investment Company - 1.1%
	1,935	JPMorgan Prime Money Market Fund (b) (m)		1,935

SEE NOTES TO FINANCIAL STATEMENTS.

JPMorgan U.S. Equity Mid/Small Cap Funds 61

JPMorgan U.S. Small Company Fund

SCHEDULE OF PORTFOLIO INVESTMENTS AS OF JUNE 30, 2005

(Amounts in thousands)

(CONTINUED)

(Unaudited)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
Short-Term Investments - continued
		U.S. Treasury Obligation - 0.2%
$	425	U.S. Treasury Bond, 1.88%, 11/30/05 (k)	$	422
		Total Short-Term Investments		2,357 (Cost $2,357)
		Total Investments - 100.3%	$	178,330
		(Cost $155,453)
		Liabilities in excess of other assets - (0.3)%		(561	)
		NET ASSETS - 100.0%	$	177,769

Percentages indicated are based on net assets.

Futures Contracts

(Amounts in thousands, except number of contracts)

NUMBER OF CONTRACTS				DESCRIPTION				EXPIRATION DATE				NOTIONAL VALUE AT 06/30/05				UNREALIZED APPRECIATION
	7			Russell 2000 Index				September, 2005				$	2,251			$	52

Abbrevations:

(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 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.

(h) Amount rounds to less than one thousand.

(k) Security is fully or partially segregated with the broker as collateral for futures or with brokers as initial margin for futures contracts.

(g) Amount rounds to less than 0.1%.

(m) All or a portion of this security is segregated for current or potential holdings of futures, swaps, options, TBA's, when issued, delayed delivery securities, and reverse repurchase agreements.

REIT Real Estate Investment Trust

SEE NOTES TO FINANCIAL STATEMENTS.

JPMorgan U.S. Equity Mid/Small Cap Funds 62

THIS PAGE IS INTENTIONALLY LEFT BLANK

JPMorgan U.S. Equity Mid/Small Cap Funds63

JPMorgan Funds

STATEMENT OF ASSETS
AND LIABILITIES AS OF JUNE 30, 2005

(Amounts in thousands, except per share amounts)

(Unaudited)

	Capital Growth			Dynamic Small Cap		Mid Cap Equity		Mid Cap Growth
ASSETS
Investments in non-affiliates, at value	$	755,937		$	208,113	$	256,462	$	58,389
Investments in affiliates, at value		14,906			5,923		5,894		668
Total Investment securities, at value		770,843			214,036		262,356		59,057
Cash		20			-		10		-
Receivables:
Investment securities sold		-			1,733		137		-
Fund shares sold		2,332			1,658		544		11
Interest and dividends		155			23		194		14
Prepaid expenses and other assets		-	(b)		-		-		10
Total Assets		773,350			217,450		263,241		59,092
LIABILITIES
Payables:
Due to custodian		-			563		-		1
Dividends		-			-		145		-
Investment securities purchased		3,516			1,283		1,025		258
Collateral for securities lending program		53,039			39,406		12,420		6,470
Fund shares redeemed		1,591			1,816		96		44
Accrued liabilities:
Investment advisory fees		234			91		96		22
Administration fees		62			15		20		2
Shareholder servicing fees		146			31		51		3
Distribution fees		121			69		-		12
Custodian and accounting fees		23			11		6		2
Trustees' fees - deferred compensation plan		37			5		5		1
Other		404			140		52		28
Total Liabilities		59,173			43,430		13,916		6,843
NET ASSETS	$	714,177		$	174,020	$	249,325	$	52,249

(b) Amount rounds to less than one thousand

SEE NOTES TO FINANCIAL STATEMENTS.

JPMorgan U.S. Equity Mid/Small Cap Funds64

SEMI-ANNUAL REPORT JUNE 30

2005

STATEMENT OF ASSETS
AND LIABILITIES AS OF JUNE 30, 2005

(Amounts in thousands, except per share amounts)

(Unaudited)

	Capital Growth			Dynamic Small Cap			Mid Cap Equity			Mid Cap Growth
NET ASSETS
Paid in capital	$	574,464		$	152,964		$	182,668		$	293,240
Accumulated undistributed (distributions in excess of) net investment income and futures		(2,340	)		(1,204	)		(28	)		(248	)
Accumulated undistributed net realized gains (losses) from investments and futures		41,289			8,601			19,461			(249,402	)
Net unrealized appreciation (depreciation) from investments and futures		100,764			13,659			47,224			8,659
Total Net Assets	$	714,177		$	174,020		$	249,325		$	52,249
Net Assets:
Class A	$	440,707		$	65,961		$	-		$	49,463
Class B	$	38,165		$	53,127		$	-		$	2,786
Class C	$	10,533		$	36,963		$	-		$	-
Select Class	$	224,772		$	17,969		$	249,325		$	-
Total	$	714,177		$	174,020		$	249,325		$	52,249
Outstanding units of beneficial interest (shares):
Class A		11,183			3,636			-			8,421
Class B		1,046			3,103			-			493
Class C		293			2,163			-			-
Select Class		5,425			966			7,221			-
		17,947			9,868			7,221			8,914
Class A - Redemption price per share	$	39.41		$	18.14		$	-		$	5.87
Class B - Offering price per share (a)	$	36.48		$	17.12		$	-		$	5.65
Class C - Offering price per share (a)	$	35.95		$	17.09		$	-		$	-
Select Class - Offering and redemption price per share	$	41.43		$	18.60		$	34.53		$	-
Institutional Class - Offering and redemption price per share	$	-		$	-		$	-		$	-
Class A Maximum Public Offering Price Per Share (net asset value per share/94.75%)	$	41.59		$	19.15		$	-		$	6.20
Cost of investments	$	670,079		$	200,377		$	215,132		$	50,398
Total market value of securities on loan	$	51,733		$	38,461		$	12,273		$	6,352

(a) Redemption price for Class B and Class C shares varies on the length of time the shares are held.

SEE NOTES TO FINANCIAL STATEMENTS.

JPMorgan U.S. Equity Mid/Small Cap Funds65

JPMorgan Funds

STATEMENT OF ASSETS
AND LIABILITIES (CONTINUED) AS OF JUNE 30, 2005

(Amounts in thousands, except per share amounts)

(Unaudited)

	Mid Cap Value		Small Cap Core		Small Cap Equity		U.S. Small Company
ASSETS
Investments in non-affiliates, at value	$	6,302,344	$	987,235	$	448,439	$	176,395
Investments in affiliates, at value		183,523		12,739		13,742		1,935
Total Investment securities, at value		6,485,867		999,974		462,181		178,330
Cash		369		17		8		-
Receivables:
Investment securities sold		4,987		19,362		1,759		4,247
Fund shares sold		26,702		1,323		4,776		16
Interest and dividends		8,368		764		316		167
Variation margin on futures contracts		-		330		-		43
Prepaid expenses and other assets		64		28		2		-
Total Assets		6,526,357		1,021,798		469,042		182,803
LIABILITIES
Payables:
Due to custodian		-		-		-		60
Investment securities purchased		23,402		18,384		2,788		4,056
Collateral for securities lending program		280,525		186,483		80,461		-
Fund shares redeemed		4,853		1,793		953		705
Accrued liabilities:
Investment advisory fees		2,887		434		204		88
Administration fees		492		64		22		9
Shareholder servicing fees		914		-		36		18
Distribution fees		1,094		-		41		-
Custodian and accounting fees		64		-		13		20
Trustees' fees - deferred compensation plan		13		15		21		2
Other		696		56		157		76
Total Liabilities		314,940		207,229		84,696		5,034
NET ASSETS	$	6,211,417	$	814,569	$	384,346	$	177,769

SEE NOTES TO FINANCIAL STATEMENTS.

JPMorgan U.S. Equity Mid/Small Cap Funds66

SEMI-ANNUAL REPORT JUNE 30

2005

STATEMENT OF ASSETS
AND LIABILITIES AS OF JUNE 30, 2005

(Amounts in thousands, except per share amounts)

(Unaudited)

	Mid Cap Value		Small Cap Core		Small Cap Equity			U.S. Small Company
NET ASSETS
Paid in capital	$	5,468,430	$	755,673	$	266,172		$	142,788
Accumulated undistributed (distributions in excess of) net investment income and futures		13,505		1,664		(574	)		302
Accumulated undistributed net realized gains (losses) from investments and futures		142,550		7,114		45,233			11,750
Net unrealized appreciation (depreciation) from investments and futures		586,932		50,118		73,515			22,929
Total Net Assets	$	6,211,417	$	814,569	$	384,346		$	177,769
Net Assets:
Class A	$	2,383,157	$	-	$	158,657		$	-
Class B	$	230,236	$	-	$	13,321		$	-
Class C	$	792,600	$	-	$	2,841		$	-
Select Class	$	1,153,809	$	814,569	$	209,527		$	123,444
Institutional Class	$	1,651,615	$	-	$	-		$	54,325
Total	$	6,211,417	$	814,569	$	384,346		$	177,769
Outstanding units of beneficial interest (shares):
Class A		102,991		-		5,820			-
Class B		10,156		-		540			-
Class C		34,894		-		115			-
Select Class		49,507		18,812		7,249			8,988
Institutional Class		70,414		-		-			3,954
		267,962		18,812		13,724			12,942
Class A - Redemption price per share	$	23.14	$	-	$	27.26		$	-
Class B - Offering price per share (a)	$	22.67	$	-	$	24.69		$	-
Class C - Offering price per share (a)	$	22.71	$	-	$	24.68		$	-
Select Class - Offering and redemption price per share	$	23.31	$	43.30	$	28.90		$	13.73
Institutional Class - Offering and redemption price per share	$	23.46	$	-		-		$	13.74
Class A Maximum Public Offering Price Per Share (net asset value per share/94.75%)	$	24.42	$	-	$	28.77		$	-
Cost of investments	$	5,898,935	$	950,209	$	388,666		$	155,453
Total market value of securities on loan	$	277,451	$	182,040	$	78,852		$	-

(a) Redemption price for Class B and Class C shares varies on the length of time the shares are held.

SEE NOTES TO FINANCIAL STATEMENTS.

JPMorgan U.S. Equity Mid/Small Cap Funds67

JPMorgan Funds

STATEMENT OF
OPERATIONS FOR THE SIX MONTHS ENDED JUNE 30, 2005

(Amounts in thousands)

(Unaudited)

	Capital Growth			Dynamic Small Cap			Mid Cap Equity			Mid Cap Growth
INVESTMENT INCOME
Dividends	$	1,413		$	219		$	1,183		$	114
Dividend income from affiliates*		182			43			83			6
Income from securities lending (net)		19			34			2			1
Foreign taxes withheld		(4	)		(1	)		(2	)		-	(b)
Total investment income		1,610			295			1,266			121
EXPENSES
Investment advisory fees		1,363			552			770			172
Administrative fees		404			102			141			32
Distribution fees		724			420			-			73
Shareholder servicing fees		852			212			296			66
Custodian and accounting fees		53			27			29			22
Interest expense		-			-			5			1
Professional fees		32			23			21			22
Trustees' fees		4			1			1			-	(b)
Printing and mailing costs		68			33			12			20
Registration and filing fees		22			24			6			9
Transfer agent fees		370			141			5			28
Other		16			-	(b)		9			10
Total expenses before waivers		3,908			1,535			1,295			455
Less amounts waived		-			(42	)		(221	)		(87	)
Less earnings credits		-			(1	)		(2	)		-
Less expense reimbursements		(1	)		-			-			-
Net expenses		3,907			1,492			1,072			368
Net investment income (Loss)		(2,297	)		(1,197	)		194			(247	)

SEE NOTES TO FINANCIAL STATEMENTS.

JPMorgan U.S. Equity Mid/Small Cap Funds68

SEMI-ANNUAL REPORT JUNE 30

2005

STATEMENT OF
OPERATIONS FOR THE SIX MONTHS ENDED JUNE 30, 2005

(Amounts in thousands)

(Unaudited)

	Capital Growth			Dynamic Small Cap			Mid Cap Equity			Mid Cap Growth
REALIZED AND UNREALIZED GAIN (LOSSES) ON INVESTMENTS AND FUTURES
Net realized gain (loss) on transactions from:
Investments	$	22,864		$	12,557		$	14,342		$	4,133
Futures		-			-			-			-
Change in net unrealized appreciation (depreciation) of:
Investments		(2,042	)		(15,147	)		(5,026	)		(2,785	)
Futures		-			-			-			-
Net realized\unrealized gains (losses) on investments and futures		20,822			(2,590	)		9,316			1,348
Change in net assets resulting from operations	$	18,525		$	(3,787	)	$	9,510		$	1,101
* Includes reimbursements of investment advisory and adminstration fees:		$10			$3			$6			$-(b)

(b) Rounds to less than $1,000.

SEE NOTES TO FINANCIAL STATEMENTS.

JPMorgan U.S. Equity Mid/Small Cap Funds69

JPMorgan Funds

STATEMENT OF
OPERATIONS (CONTINUED) FOR THE SIX MONTHS ENDED JUNE 30, 2005

(Amounts in thousands)

(Unaudited)

	Mid Cap Value			Small Cap Core			Small Cap Equity			U.S. Small Company
INVESTMENT INCOME
Dividends	$	39,290		$	4,161		$	1,249		$	1,134
Dividend income from affiliates*		2,964			222			158			42
Interest income		-			31			-			5
Income from securities lending (net)		125			297			9			-
Foreign taxes withheld		(46	)		(5	)		-			(1	)
Total investment income		42,333			4,706			1,416			1,180
EXPENSES
Investment advisory fees		16,464			2,674			1,190			562
Administrative fees		2,896			491			217			112
Distribution fees		5,573			-			226			-
Shareholder servicing fees		5,141			1,028			458			180
Custodian and accounting fees		129			71			13			52
Interest expense		4			-			1			1
Professional fees		75			27			28			27
Trustees' fees		26			4			2			1
Printing and mailing costs		251			18			38			10
Registration and filing fees		311			40			21			19
Transfer agent fees		1,434			6			96			18
Other		145			15			12			5
Total expenses before waivers		32,449			4,374			2,302			987
Less amounts waived		(3,617	)		(1,083	)		(319	)		(105	)
Less earnings credits		(14	)		-			(1	)		(1	)
Net expenses		28,818			3,291			1,982			881
Net investment income (Loss)		13,515			1,415			(566	)		299

SEE NOTES TO FINANCIAL STATEMENTS.

JPMorgan U.S. Equity Mid/Small Cap Funds70

SEMI-ANNUAL REPORT JUNE 30

2005

STATEMENT OF
OPERATIONS FOR THE SIX MONTHS ENDED JUNE 30, 2005

(Amounts in thousands)

(Unaudited)

	Mid Cap Value		Small Cap Core			Small Cap Equity			U.S. Small Company
REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS AND FUTURES:
Net realized gain (loss) on transactions from:
Investments	$	121,450	$	4,331		$	30,327		$	8,865
Futures		-		(1,388	)		-			(58	)
Change in net unrealized appreciation (depreciation) of:
Investments		137,094		(10,923	)		(17,531	)		(10,992	)
Futures		-		(293	)		-			(71	)
Net realized\unrealized gains (losses) on investments and futures		258,544		(8,273	)		12,796			(2,256	)
Change in net assets resulting from operations	$	272,059	$	(6,858	)	$	12,230		$	(1,957	)
* Includes reimbursements of investment advisory and adminstration fees:	$	196	$	15		$	11		$	3

SEE NOTES TO FINANCIAL STATEMENTS.

JPMorgan U.S. Equity Mid/Small Cap Funds71

JPMorgan Funds

STATEMENT OF CHANGES
IN NET ASSETS FOR THE PERIODS INDICATED

(Amounts in thousands)

	Capital Growth						Dynamic Small Cap
	Six Months Ended 06/30/05 (Unaudited)			Year Ended 12/31/04			Six Months Ended 06/30/05 (Unaudited)			Year Ended 12/31/04
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income (loss)	$	(2,297	)	$	(3,194	)	$	(1,197	)	$	(2,722	)
Net realized gain (loss) on investments and futures		22,864			84,582			12,557			37,317
Change in net unrealized appreciation (depreciation) of investments and futures		(2,042	)		(5,839	)		(15,147	)		(18,399	)
Increase (decrease) in net assets from operations		18,525			75,549			(3,787	)		16,196
DISTRIBUTIONS TO SHAREHOLDERS
From net realized gains on investment transactions		-			(61,848	)		-			-
Total distributions to shareholders		-			(61,848	)		-			-
CAPITAL SHARE TRANSACTIONS
Increase (decrease)		153,625			47,795			(14,037	)		(15,717	)
NET ASSETS
Total increase (decrease) in net assets		172,150			61,496			(17,824	)		479
Beginning of period		542,027			480,531			191,844			191,365
End of period	$	714,177		$	542,027		$	174,020		$	191,844
Accumulated undistributed (distributions in excess of) net investment income	$	(2,340	)	$	(43	)	$	(1,204	)	$	(7	)

SEE NOTES TO FINANCIAL STATEMENTS.

JPMorgan U.S. Equity Mid/Small Cap Funds72

SEMI-ANNUAL REPORT JUNE 30

2005

STATEMENT OF CHANGES
IN NET ASSETS FOR THE PERIODS INDICATED

(Amounts in thousands)

	Mid Cap Equity						Mid Cap Growth
	Six Months Ended 06/30/05 (Unaudited)			Year Ended 12/31/04			Six Months Ended 06/30/05 (Unaudited)			Year Ended 12/31/04
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income (loss)	$	194		$	643		$	(247	)	$	(374	)
Net realized gain (loss) on investments and futures		14,342			28,575			4,133			10,011
Change in net unrealized appreciation (depreciation) of investments and futures		(5,026	)		8,854			(2,785	)		(582	)
Increase (decrease) in net assets from operations		9,510			38,072			1,101			9,055
DISTRIBUTIONS TO SHAREHOLDERS
From net investment income		(216	)		(627	)		-			-
From net realized gains on investment transactions		-			(23,640	)		-			-
Total distributions to shareholders		(216	)		(24,267	)		-			-
CAPITAL SHARE TRANSACTIONS
Increase (decrease)		12,924			19,236			(6,234	)		(12,240	)
NET ASSETS
Total increase (decrease) in net assets		22,218			33,041			(5,133	)		(3,185	)
Beginning of period		227,107			194,066			57,382			60,567
End of period	$	249,325		$	227,107		$	52,249		$	57,382
Accumulated undistributed (distributions in excess of) net investment income	$	(28	)	$	(6	)	$	(248	)	$	(1	)

SEE NOTES TO FINANCIAL STATEMENTS.

JPMorgan U.S. Equity Mid/Small Cap Funds73

JPMorgan Funds

STATEMENT OF CHANGES
IN NET ASSETS (CONTINUED) FOR THE PERIODS INDICATED

(Amounts in thousands)

	Mid Cap Value					Small Cap Core
	Six Months Ended 06/30/05 (Unaudited)		Year Ended 12/31/04			Six Months Ended 06/30/05 (Unaudited)			Year Ended 12/31/04
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income (loss)	$	13,515	$	8,301		$	1,415		$	920
Net realized gain (loss) on investments and futures		121,450		68,273			2,943			100,058
Change in net unrealized appreciation (depreciation) of investments and futures		137,094		344,403			(11,216	)		(27,707	)
Increase (decrease) in net assets from operations		272,059		420,977			(6,858	)		73,271
DISTRIBUTIONS TO SHAREHOLDERS
From net investment income		-		(8,593	)		-			(605	)
From net realized gains on investment transactions		-		(46,201	)		-			(87,711	)
Total distributions to shareholders		-		(54,794	)		-			(88,316	)
CAPITAL SHARE TRANSACTIONS
Increase (decrease)		2,250,604		2,466,242			(82,311	)		532,830
NET ASSETS
Total increase (decrease) in net assets		2,522,663		2,832,425			(89,169	)		517,785
Beginning of period		3,688,754		856,329			903,738			385,953
End of period	$	6,211,417	$	3,688,754		$	814,569		$	903,738
Accumulated undistributed (distributions in excess of) net investment income	$	13,505	$	(10	)	$	1,664		$	249

SEE NOTES TO FINANCIAL STATEMENTS.

JPMorgan U.S. Equity Mid/Small Cap Funds74

SEMI-ANNUAL REPORT JUNE 30

2005

STATEMENT OF CHANGES
IN NET ASSETS FOR THE PERIODS INDICATED

(Amounts in thousands)

	Small Cap Equity						U.S. Small Company
	Six Months Ended 06/30/05 (Unaudited)			Year Ended 12/31/04			Six Months Ended 06/30/05 (Unaudited)			Year Ended 12/31/04
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income (loss)	$	(566	)	$	(1,977	)	$	299		$	(249	)
Net realized gain (loss) on investments and futures		30,327			276,109			8,807			89,186
Change in net unrealized appreciation (depreciation) of investments and futures		(17,531	)		(93,478	)		(11,063	)		(62,529	)
Increase (decrease) in net assets from operations		12,230			180,654			(1,957	)		26,408
DISTRIBUTIONS TO SHAREHOLDERS
From net realized gains on investment transactions		-			(112,302	)		-			(28,244	)
Total distributions to shareholders		-			(112,302	)		-			(28,244	)
CAPITAL SHARE TRANSACTIONS
Increase (decrease)		15,246			(457,947	)		(31,081	)		(126,815	)
NET ASSETS
Total increase (decrease) in net assets		27,476			(389,595	)		(33,038	)		(128,651	)
Beginning of period		356,870			746,465			210,807			339,458
End of period	$	384,346		$	356,870		$	177,769		$	210,807
Accumulated undistributed (distributions in excess of) net investment income	$	(574	)	$	(8	)	$	302		$	3

SEE NOTES TO FINANCIAL STATEMENTS.

JPMorgan U.S. Equity Mid/Small Cap Funds75

JPMorgan Funds

STATEMENT OF CHANGES
IN NET ASSETS (CONTINUED) FOR THE PERIODS INDICATED

(Amounts in thousands)

	Capital Growth						Dynamic Small Cap
	Six Months Ended 06/30/05 (Unaudited)			Year Ended 12/31/04			Six Months Ended 06/30/05 (Unaudited)			Year Ended 12/31/04
CAPITAL TRANSACTIONS
Class A Shares
Proceeds from shares issued	$	39,250		$	40,060		$	8,185		$	27,956
Dividends reinvested		-			49,434			-			-
Cost of shares redeemed		(49,869	)		(73,060	)		(25,818	)		(38,856	)
Change in net assets from Class A capital transactions	$	(10,619	)	$	16,434		$	(17,633	)	$	(10,900	)
Class B Shares
Proceeds from shares issued	$	2,256		$	3,364		$	5,834		$	11,257
Dividends reinvested		-			5,878			-			-
Cost of shares redeemed		(15,723	)		(20,517	)		(13,251	)		(16,973	)
Change in net assets from Class B capital transactions	$	(13,467	)	$	(11,275	)	$	(7,417	)	$	(5,716	)
Class C Shares
Proceeds from shares issued	$	3,568		$	3,881		$	10,283		$	19,086
Dividends reinvested		-			426			-			-
Cost of shares redeemed		(569	)		(1,053	)		(7,067	)		(10,644	)
Change in net assets from Class C capital transactions	$	2,999		$	3,254		$	3,216		$	8,442
Select Class Shares
Proceeds from shares issued	$	188,710		$	39,557		$	10,030		$	7,516
Dividends reinvested		-			1,140			-			-
Cost of shares redeemed		(13,998	)		(1,315	)		(2,233	)		(15,059	)
Change in net assets from Select Class capital transactions	$	174,712		$	39,382		$	7,797		$	(7,543	)

SEE NOTES TO FINANCIAL STATEMENTS.

JPMorgan U.S. Equity Mid/Small Cap Funds76

SEMI-ANNUAL REPORT JUNE 30

2005

STATEMENT OF CHANGES
IN NET ASSETS FOR THE PERIODS INDICATED

(Amounts in thousands)

	Mid Cap Equity						Mid Cap Growth
	Six Months Ended 06/30/05 (Unaudited)			Year Ended 12/31/04			Six Months Ended 06/30/05 (Unaudited)			Year Ended 12/31/04
CAPITAL TRANSACTIONS
Class A Shares
Proceeds from shares issued	$	-		$	-		$	1,094		$	2,220
Dividends reinvested		-			-			-			-
Cost of shares redeemed		-			-			(7,200	)		(13,954	)
Change in net assets from Class A capital transactions	$	-		$	-		$	(6,106	)	$	(11,734	)
Class B Shares
Proceeds from shares issued	$	-		$	-		$	315		$	194
Dividends reinvested		-			-			-			-
Cost of shares redeemed		-			-			(443	)		(700	)
Change in net assets from Class B capital transactions	$	-		$	-		$	(128	)	$	(506	)
Select Class
Proceeds from shares issued	$	63,171		$	57,714		$	-		$	-
Dividends reinvested		32			17,555			-			-
Cost of shares redeemed		(50,279	)		(56,033	)		-			-
Redemption in-kind		-			-			-			-
Change in net assets from Select Class capital transactions	$	12,924		$	19,236		$	-		$	-

SEE NOTES TO FINANCIAL STATEMENTS.

JPMorgan U.S. Equity Mid/Small Cap Funds77

JPMorgan Funds

STATEMENT OF CHANGES
IN NET ASSETS (CONTINUED) FOR THE PERIODS INDICATED

(Amounts in thousands)

	Mid Cap Value						Small Cap Core
	Six Months Ended 06/30/05 (Unaudited)			Year Ended 12/31/04			Six Months Ended 06/30/05 (Unaudited)			Year Ended 12/31/04
CAPITAL TRANSACTIONS
Class A Shares
Proceeds from shares issued	$	1,111,678		$	1,033,844		$	-		$	-
Dividends reinvested		-			16,217			-			-
Cost of shares redeemed		(162,851	)		(122,265	)		-			-
Change in net assets from Class A capital transactions	$	948,827		$	927,796		$	-		$	-
Class B Shares
Proceeds from shares issued	$	58,079		$	93,272		$	-		$	-
Dividends reinvested		-			1,863			-			-
Cost of shares redeemed		(10,844	)		(9,647	)		-			-
Change in net assets from Class B capital transactions	$	47,235		$	85,488		$	-		$	-
Class C Shares
Proceeds from shares issued	$	300,859		$	348,253			-			-
Dividends reinvested		-			4,102			-			-
Cost of shares redeemed		(24,289	)		(16,865	)		-			-
Change in net assets from Class C capital transactions	$	276,570		$	335,490			-			-
Select Class
Proceeds from shares issued	$	705,163		$	405,562		$	40,395		$	640,372
Dividends reinvested		-			4,698			-			76,052
Cost of shares redeemed		(89,428	)		(43,384	)		(122,706	)		(183,594	)
Redemption in-kind		-			-			-			-
Change in net assets from Select Class capital transactions	$	615,735		$	366,876		$	(82,311	)	$	532,830
Institutional Class
Proceeds from shares issued	$	622,062		$	848,157			-			-
Dividends reinvested		-			14,335			-			-
Cost of shares redeemed		(259,825	)		(111,900	)		-			-
Change in net assets from Institutional Class capital transactions	$	362,237		$	750,592			-			-

SEE NOTES TO FINANCIAL STATEMENTS.

JPMorgan U.S. Equity Mid/Small Cap Funds78

SEMI-ANNUAL REPORT JUNE 30

2005

STATEMENT OF CHANGES
IN NET ASSETS FOR THE PERIODS INDICATED

(Amounts in thousands)

	Small Cap Equity						U.S. Small Company
	Six Months Ended 06/30/05 (Unaudited)			Year Ended 12/31/04			Six Months Ended 06/30/05 (Unaudited)			Year Ended 12/31/04
CAPITAL TRANSACTIONS
Class A Shares
Proceeds from shares issued	$	50,720		$	-		$	-		$	-
Dividends reinvested		-			-			-			-
Cost of shares redeemed		(25,830	)		-			-			-
Change in net assets from Class A capital transactions	$	24,890		$	-		$	-		$	-
Class B Shares
Proceeds from shares issued	$	2,562		$	-		$	-		$	-
Dividends reinvested		-			-			-			-
Cost of shares redeemed		(6,370	)		-			-			-
Change in net assets from Class B capital transactions	$	(3,808	)	$	-		$	-		$	-
Class C Shares
Proceeds from shares issued	$	2,773			-			-			-
Dividends reinvested		-			-			-			-
Cost of shares redeemed		(16	)		-			-			-
Change in net assets from Class C capital transactions	$	2,757		$	-		$	-		$	-
Select Class
Proceeds from shares issued	$	54,761		$	141,242		$	31,654		$	21,554
Dividends reinvested		-			88,631			-			13,051
Cost of shares redeemed		(63,354	)		(195,648	)		(28,441	)		(97,302	)
Redemption in-kind		-			(518,018	)		-			-
Change in net assets from Select Class capital transactions	$	(8,593	)	$	(483,793	)	$	3,213		$	(62,697	)
Institutional Class
Proceeds from shares issued	$	-		$	-		$	12,331		$	21,366
Dividends reinvested		-			-			-			6,203
Cost of shares redeemed		-			-			(46,625	)		(91,687	)
Change in net assets from Institutional Class capital transactions	$	-		$	-		$	(34,294	)	$	(64,118	)

SEE NOTES TO FINANCIAL STATEMENTS.

JPMorgan U.S. Equity Mid/Small Cap Funds79

JPMorgan Funds

STATEMENT OF CHANGES
IN NET ASSETS (CONTINUED) FOR THE PERIODS INDICATED

(Amounts in thousands)

	Capital Growth						Dynamic Small Cap
	Six Months Ended 06/30/05 (Unaudited)			Year Ended 12/31/04			Six Months Ended 06/30/05 (Unaudited)			Year Ended 12/31/04
SHARE TRANSACTIONS
Class A Shares
Issued		1,028			1,024			464			1,634
Reinvested		-			1,303			-			-
Redeemed		(1,302	)		(1,870	)		(1,472	)		(2,293	)
Change in Class A Shares		(274	)		457			(1,008	)		(659	)
Class B Shares
Issued		64			91			351			693
Reinvested		-			167			-			-
Redeemed		(445	)		(558	)		(795	)		(1,057	)
Change in Class B Shares		(381	)		(300	)		(444	)		(364	)
Class C Shares
Issued		101			107			623			1,186
Reinvested		-			12			-			-
Redeemed		(16	)		(29	)		(427	)		(673	)
Change in Class C Shares		85			90			196			513
Select Class
Issued		4,724			969			570			427
Reinvested		-			29			-			-
Redeemed		(352	)		(33	)		(125	)		(859	)
Change in Select Class		4,372			965			445			(432	)

SEE NOTES TO FINANCIAL STATEMENTS.

JPMorgan U.S. Equity Mid/Small Cap Funds80

SEMI-ANNUAL REPORT JUNE 30

2005

STATEMENT OF CHANGES
IN NET ASSETS FOR THE PERIODS INDICATED

(Amounts in thousands)

	Mid Cap Equity						Mid Cap Growth
	Six Months Ended 06/30/05 (Unaudited)			Year Ended 12/31/04			Six Months Ended 06/30/05 (Unaudited)			Year Ended 12/31/04
SHARE TRANSACTIONS
Class A Shares
Issued		-			-			192			433
Reinvested		-			-			-			-
Redeemed		-			-			(1,263	)		(2,687	)
Change in Class A Shares		-			-			(1,071	)		(2,254	)
Class B Shares
Issued		-			-			57			39
Reinvested		-			-			-			-
Redeemed		-			-			(81	)		(140	)
Change in Class B Shares		-			-			(24	)		(101	)
Select Class
Issued		1,902			1,752			-			-
Reinvested		1			536			-			-
Redeemed		(1,501	)		(1,693	)		-			-
Redemption in-kind		-			-			-			-
Change in Select Class		402			595			-			-

SEE NOTES TO FINANCIAL STATEMENTS.

JPMorgan U.S. Equity Mid/Small Cap Funds81

JPMorgan Funds

STATEMENT OF CHANGES
IN NET ASSETS (CONTINUED) FOR THE PERIODS INDICATED

(Amounts in thousands)

	Mid Cap Value						Small Cap Core
	Six Months Ended 06/30/05 (Unaudited)			Year Ended 12/31/04			Six Months Ended 06/30/05 (Unaudited)			Year Ended 12/31/04
SHARE TRANSACTIONS
Class A Shares
Issued		49,851			51,027			-			-
Reinvested		-			746			-			-
Redeemed		(7,307	)		(6,071	)		-			-
Change in Class A Shares		42,544			45,702			-			-
Class B Shares
Issued		2,660			4,666			-			-
Reinvested		-			87			-			-
Redeemed		(496	)		(488	)		-			-
Change in Class B Shares		2,164			4,265			-			-
Class C Shares
Issued		13,750			17,330			-			-
Reinvested		-			192			-			-
Redeemed		(1,108	)		(851	)		-			-
Change in Class C Shares		12,642			16,671			-			-
Select Class
Issued		31,615			19,743			976			14,251
Reinvested		-			215			-			1,769
Redeemed		(3,978	)		(2,172	)		(2,960	)		(3,918	)
Change in Select Class		27,637			17,786			(1,984	)		12,102
Institutional Class
Issued		27,616			41,530			-			-
Reinvested		-			652			-			-
Redeemed		(11,675	)		(5,510	)		-			-
Change in Institutional Class		15,941			36,672			-			-

SEE NOTES TO FINANCIAL STATEMENTS.

JPMorgan U.S. Equity Mid/Small Cap Funds82

SEMI-ANNUAL REPORT JUNE 30

2005

STATEMENT OF CHANGES
IN NET ASSETS FOR THE PERIODS INDICATED

(Amounts in thousands)

	Small Cap Equity						U.S. Small Company
	Six Months Ended 06/30/05 (Unaudited)			Year Ended 12/31/04			Six Months Ended 06/30/05 (Unaudited)			Year Ended 12/31/04
SHARE TRANSACTIONS
Class A Shares
Issued		1,936			-			-			-
Reinvested		-			-			-			-
Redeemed		(984	)		-			-			-
Change in Class A Shares		952			-			-			-
Class B Shares
Issued		107			-			-			-
Reinvested		-			-			-			-
Redeemed		(267	)		-			-			-
Change in Class B Shares		(160	)		-			-			-
Class C Shares
Issued		116			-			-			-
Reinvested		-			-			-			-
Redeemed		(1	)		-			-			-
Change in Class C Shares		115			-			-			-
Select Class
Issued		1,986			5,240			2,541			1,535
Reinvested		-			3,235			-			962
Redeemed		(2,296	)		(7,291	)		(2,189	)		(7,032	)
Redemption in-kind		-			(18,885	)		-			-
Change in Select Class		(310	)		(17,701	)		352			(4,535	)
Institutional Class
Issued		-			-			958			1,563
Reinvested		-			-			-			458
Redeemed		-			-			(3,672	)		(6,617	)
Change in Institutional Class		-			-			(2,714	)		(4,596	)

SEE NOTES TO FINANCIAL STATEMENTS.

JPMorgan U.S. Equity Mid/Small Cap Funds83

JPMorgan Funds

FINANCIAL HIGHLIGHTS

Class A

	Per share operating performance:
			Investment operations:									Distributions:
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income		Net realized gains			Total distributions			Net asset value, end of period		Total return (excludes sales charge) (f)
CAPITAL GROWTH FUND(a)
Six Months Ended 6/30/05 (Unaudited)	$	38.51		(0.13	)		1.03			0.90			-		-			-		$	39.41		2.34	%
Year Ended 12/31/04	$	37.47		(0.24	)(d)		6.49			6.25			-		(5.21	)		(5.21	)	$	38.51		16.90	%
Year Ended 12/31/03	$	28.60		(0.34	)(d)		10.61			10.27			-		(1.40	)		(1.40	)	$	37.47		36.10	%
Year Ended 12/31/02	$	40.10		(0.38	)(d)		(10.86	)		(11.24	)		-		(0.26	)		(0.26	)	$	28.60		(28.04	%)
11/1/01 Through 12/31/01(c)	$	35.37		(0.03	)		4.76			4.73			-		-			-		$	40.10		13.37	%
Year Ended 10/31/01	$	47.91		(0.19	)(d)		(6.87	)		(7.06	)		-		(5.48	)		(5.48	)	$	35.37		(15.86	%)
Year Ended 10/30/00	$	42.85		(0.14	)(d)		10.11			9.97			-		4.91			4.91		$	47.91		25.81	%
DYNAMIC SMALL CAP FUND
Six Months Ended 6/30/05 (Unaudited)	$	18.46		0.09			(0.41	)		(0.32	)		-		-			-		$	18.14		(1.73	%)
Year Ended 12/31/04	$	16.81		(0.19	)(d)		1.84			1.65			-		-			-		$	18.46		9.82	%
Year Ended 12/31/03	$	12.14		(0.16	)(d)		4.83			4.67			-		-			-		$	16.81		38.47	%
Year Ended 12/31/02	$	15.72		(0.18	)		(3.40	)		(3.58	)		-		-			-		$	12.14		(22.77	%)
11/1/01 Through 12/31/01(c)	$	14.21		(0.03	)		1.54			1.51			-		-			-		$	15.72		10.63	%
Year Ended 10/31/01	$	24.54		(0.24	)		(6.71	)		(6.95	)		-		(3.38	)		(3.38	)	$	14.21		(30.60	%)
Year Ended 10/31/00	$	15.98		(0.22	)(d)		8.78			8.56			-		-			-		$	24.54		53.57	%
MID CAP GROWTH FUND
Six Months Ended 6/30/05 (Unaudited)	$	5.74		(0.03	)		0.16			0.13			-		-			-		$	5.87		2.26	%
Year Ended 12/31/04	$	4.91		(0.03	)(d)		0.86			0.83			-		-			-		$	5.74		16.90	%
Year Ended 12/31/03	$	3.57		(0.04	)(d)		1.38			1.34			-		-			-		$	4.91		37.53	%
Year Ended 12/31/02	$	5.06		(0.05	)(d)		(1.44	)		(1.49	)		-		-			-		$	3.57		(29.45	%)
10/1/01 Through 12/31/01(g)	$	4.27		(0.01	)		0.80			0.79			-		-			-		$	5.06		18.50	%
Year Ended 9/30/01	$	12.51		(0.02	)(d)		(8.06	)		(8.08	)		-		(0.16	)		(0.16	)	$	4.27		(65.10	%)
10/29/99(b) Through 9/30/00	$	10.00		(0.09	)		2.60			2.51			-		-			-		$	12.51		25.12	%

(a) Prior to September 10, 2001, Capital Growth Fund invested all of its investable assets in the Capital Growth Portfolio. The portfolio turnover rate disclosed prior to September 10, 2001, is the turnover rate of Capital Growth Portfolio.

(b) Commencement of operations.

(d) Calculated based upon average shares outstanding.

(e) Annualized for periods less than one year.

(f) Not annualized for periods less than one year.

(g) The Fund changed its fiscal year end from 9/30 to 12/31.

SEE NOTES TO FINANCIAL STATEMENTS.

JPMorgan U.S. Equity Mid/Small Cap Funds84

SEMI-ANNUAL REPORT JUNE 30

2005

FINANCIAL HIGHLIGHTS

	Ratios/Supplemental data:
			Ratios to average net assets: (e)
	Net assets, end of period (million's)		Net expenses			Net investment income (loss)			Expenses without waivers reimbursements and earnings credits			Portfolio turnover rate (f)
CAPITAL GROWTH FUND(a)
Six Months Ended 6/30/05 (Unaudited)	$	441		1.19	%		(0.72	%)		1.19	%		63	%
Year Ended 12/31/04	$	441		1.35	%		(0.61	%)		1.37	%		122	%
Year Ended 12/31/03	$	412		1.35	%		(1.05	%)		1.46	%		68	%
Year Ended 12/31/02	$	330		1.35	%		(1.13	%)		1.38	%		93	%
11/1/01 Through 12/31/01(c)	$	495		1.35	%		(0.40	%)		1.35	%		2	%
Year Ended 10/31/01	$	426		1.35	%		(0.47	%)		1.37	%		43	%
Year Ended 10/30/00	$	523		1.35	%		(0.32	%)		1.35	%		66	%
DYNAMIC SMALL CAP FUND
Six Months Ended 6/30/05 (Unaudited)	$	66		1.50	%		(1.15	%)		1.57	%		54	%
Year Ended 12/31/04	$	86		1.50	%		(1.14	%)		1.73	%		112	%
Year Ended 12/31/03	$	89		1.50	%		(1.19	%)		1.86	%		55	%
Year Ended 12/31/02	$	82		1.50	%		(1.20	%)		1.82	%		52	%
11/1/01 Through 12/31/01(c)	$	125		1.50	%		(1.21	%)		1.63	%		8	%
Year Ended 10/31/01	$	120		1.50	%		(1.13	%)		1.64	%		57	%
Year Ended 10/31/00	$	154		1.50	%		(0.99	%)		1.76	%		87	%
MID CAP GROWTH FUND
Six Months Ended 6/30/05 (Unaudited)	$	49		1.35	%		(0.90	%)		1.69	%		58	%
Year Ended 12/31/04	$	54		1.35	%		(0.61	%)		1.79	%		118	%
Year Ended 12/31/03	$	58		1.35	%		(1.05	%)		1.77	%		69	%
Year Ended 12/31/02	$	53		1.35	%		(1.15	%)		1.62	%		39	%
10/1/01 Through 12/31/01(g)	$	101		1.35	%		(0.84	%)		1.35	%		135	%
Year Ended 9/30/01	$	94		1.30	%		(0.54	%)		1.30	%		159	%
10/29/99(b) Through 9/30/00	$	33		1.16	%		(0.68	%)		1.20	%		147	%

SEE NOTES TO FINANCIAL STATEMENTS.

JPMorgan U.S. Equity Mid/Small Cap Funds85

JPMorgan Funds

FINANCIAL HIGHLIGHTS
(CONTINUED)

Class A (continued)

	Per share operating performance:
			Investment operations:									Distributions:
	Net asset value, beginning of period		Net realized Net investment income (loss)			and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gains			Total distributions			Net asset value, end of period		Total return (excludes sales charge) (f)
MID CAP VALUE FUND
Six Months Ended 6/30/05 (Unaudited)	$	22.05		0.04			1.05			1.09			-			-			-		$	23.14		4.94	%
Year Ended 12/31/04	$	18.62		0.07	(d)		3.71			3.78			(0.04	)		(0.31	)		(0.35	)	$	22.05		20.32	%
Year Ended 12/31/03	$	14.44		0.09	(d)		4.25			4.34			(0.05	)		(0.11	)		(0.16	)	$	18.62		30.07	%
Year Ended 12/31/02	$	14.10		0.07	(d)		0.31			0.38			(0.03	)		(0.01	)		(0.04	)	$	14.44		2.68	%
10/1/01 Through 12/31/01(a)	$	13.43		0.02	(d)		1.48			1.50			(0.08	)		(0.75	)		(0.83	)	$	14.10		11.20	%
4/30/01(c) Through 9/30/01	$	14.24		0.04	(d)		(0.85	)		(0.81	)		-			-			-		$	13.43		(5.69	%)
SMALL CAP EQUITY FUND
Six Months Ended 6/30/05 (Unaudited)	$	26.44		(0.07	)		0.89			0.82			-			-			-		$	27.26		3.10	%
Year Ended 12/31/04	$	24.11		(0.17	)(d)		6.33			6.16			-			(3.83	)		(3.83	)	$	26.44		26.13	%
Year Ended 12/31/03	$	17.68		(0.15	)(d)		6.58			6.43			-			-			-		$	24.11		36.37	%
Year Ended 12/31/02	$	21.53		(0.15	)(d)		(3.57	)		(3.72	)		-			(0.13	)		(0.13	)	$	17.68		(17.30	%)
11/1/01 Through 12/31/01(b)	$	19.64		(0.03	)(d)		1.92			1.89			-			-			-		$	21.53		9.62	%
Year Ended 10/31/01	$	27.89		(0.10	)		(4.26	)		(4.36	)		-			(3.89	)		(3.89	)	$	19.64		(16.62	%)
Year Ended 10/31/00	$	22.77		(0.20	)(d)		7.97			7.77			-			(2.65	)		(2.65	)	$	27.89		37.10	%

(a) The Fund changed its fiscal year end from 9/30 to 12/31.

(b) The Fund changed its fiscal year end from 10/31 to 12/31.

(d) Calculated based upon average shares outstanding.

(e) Annualized for periods less than one year.

(f) Not annualized for periods less than one year.

(g) Due to the size of net assets and fixed expenses, ratios may appear disproportionate.

SEE NOTES TO FINANCIAL STATEMENTS.

JPMorgan U.S. Equity Mid/Small Cap Funds86

SEMI-ANNUAL REPORT JUNE 30

2005

FINANCIAL HIGHLIGHTS

	Ratios/Supplemental data:
			Ratios to average net assets: (e)
	Net assets, end of period (million's)		Net expenses			Net investment income (loss)			Expenses without waivers reimbursements and earnings credits			Portfolio turnover rate (f)
MID CAP VALUE FUND
Six Months Ended 6/30/05 (Unaudited)	$	2,383		1.25	%		0.45	%		1.39	%		16	%
Year Ended 12/31/04	$	1,333		1.25	%		0.34	%		1.60	%		41	%
Year Ended 12/31/03	$	275		1.25	%		0.51	%		1.65	%		32	%
Year Ended 12/31/02	$	26		1.25	%		0.50	%		1.70	%		51	%
10/1/01 Through 12/31/01(a)	$	5		1.25	%		0.47	%		3.72	%(g)		15	%
4/30/01(c) Through 9/30/01	$	2		1.30	%		0.71	%		15.30	%(g)		98	%
SMALL CAP EQUITY FUND
Six Months Ended 6/30/05 (Unaudited)	$	159		1.36	%		(0.58	%)		1.41	%		44	%
Year Ended 12/31/04	$	129		1.38	%		(0.66	%)		1.62	%		44	%
Year Ended 12/31/03	$	88		1.38	%		(0.75	%)		1.65	%		38	%
Year Ended 12/31/02	$	77		1.38	%		(0.74	%)		1.40	%		51	%
11/1/01 Through 12/31/01(b)	$	71		1.38	%		(0.81	%)		1.38	%		6	%
Year Ended 10/31/01	$	67		1.39	%		(0.80	%)		1.40	%		47	%
Year Ended 10/31/00	$	93		1.44	%		(0.77	%)		1.44	%		75	%

SEE NOTES TO FINANCIAL STATEMENTS.

JPMorgan U.S. Equity Mid/Small Cap Funds87

JPMorgan Funds

FINANCIAL HIGHLIGHTS
(CONTINUED)

Class B

	Per share operating performance:
			Investment operations:									Distributions:
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income		Net realized gains			Total distributions			Net asset value, end of period		Total return (excludes sales charge) (f)
CAPITAL GROWTH FUND(a)
Six Months Ended 6/30/05 (Unaudited)	$	35.73		(0.22	)		0.97			0.75			-		-			-		$	36.48		2.10	%
Year Ended 12/31/04	$	35.27		(0.40	)(d)		6.07			5.67			-		(5.21	)		(5.21	)	$	35.73		16.31	%
Year Ended 12/31/03	$	27.13		(0.48	)(d)		10.02			9.54			-		(1.40	)		(1.40	)	$	35.27		35.37	%
Year Ended 12/31/02	$	38.24		(0.65	)(d)		(10.20	)		(10.85	)		-		(0.26	)		(0.26	)	$	27.13		(28.39	%)
11/1/01 Through 12/31/01(c)	$	33.75		(0.06	)		4.55			4.49			-		-			-		$	38.24		13.30	%
Year Ended 10/31/01	$	46.20		(0.38	)(d)		(6.59	)		(6.97	)		-		(5.48	)		(5.48	)	$	33.75		(16.30	%)
Year Ended 10/31/00	$	41.07		(0.35	)(d)		9.79			9.44			-		4.91			4.91		$	46.20		25.21	%
DYNAMIC SMALL CAP FUND
Six Months Ended 6/30/05 (Unaudited)	$	17.47		(0.32	)		(0.03	)		(0.35	)		-		-			-		$	17.12		(2.00	%)
Year Ended 12/31/04	$	16.01		(0.28	)(d)		1.74			1.46			-		-			-		$	17.47		9.12	%
Year Ended 12/31/03	$	11.63		(0.24	)(d)		4.62			4.38			-		-			-		$	16.01		37.66	%
Year Ended 12/31/02	$	15.16		(0.27	)		(3.26	)		(3.53	)		-		-			-		$	11.63		(23.28	%)
11/1/01 Through 12/31/01(c)	$	13.72		(0.04	)		1.48			1.44			-		-			-		$	15.16		10.50	%
Year Ended 10/31/01	$	23.96		(0.23	)		(6.63	)		(6.86	)		-		(3.38	)		(3.38	)	$	13.72		(31.02	%)
Year Ended 10/31/00	$	15.71		(0.40	)(d)		8.65			8.25			-		-			-		$	23.96		52.51	%
MID CAP GROWTH FUND(C)
Six Months Ended 6/30/05 (Unaudited)	$	5.54		(0.06	)		0.17			0.11			-		-			-		$	5.65		1.99	%
Year Ended 12/31/04	$	4.77		(0.07	)(d)		0.84			0.77			-		-			-		$	5.54		16.14	%
Year Ended 12/31/03	$	3.49		(0.07	)(d)		1.35			1.28			-		-			-		$	4.77		36.68	%
Year Ended 12/31/02	$	4.99		(0.08	)(d)		(1.42	)		(1.50	)		-		-			-		$	3.49		(30.06	%)
10/1/01 Through 12/31/01(g)	$	4.22		(0.02	)		0.79			0.77			-		-			-		$	4.99		18.25	%
Year Ended 9/30/01	$	12.43		(0.07	)(d)		(7.98	)		(8.05	)		-		(0.16	)		(0.16	)	$	4.22		(65.30	%)
10/29/99(b) Through 9/30/00	$	10.00		(0.17	)		2.60			2.43			-		-			-		$	12.43		24.31	%

(b) Commencement of operations.

(d) Calculated based upon average shares outstanding.

(e) Annualized for periods less than one year.

(f) Not annualized for periods less than one year.

(g) The Fund changed its fiscal year end from 9/30 to 12/31.

SEE NOTES TO FINANCIAL STATEMENTS.

JPMorgan U.S. Equity Mid/Small Cap Funds88

SEMI-ANNUAL REPORT JUNE 30

2005

FINANCIAL HIGHLIGHTS

	Ratios/Supplemental data:
			Ratios to average net assets: (e)
	Net assets, end of period (million's)		Net expenses			Net investment income (loss)			Expenses without waivers reimbursements and earnings credits			Portfolio turnover rate (f)
CAPITAL GROWTH FUND(a)
Six Months Ended 6/30/05 (Unaudited)	$	38		1.70	%		(1.23	%)		1.70	%		63	%
Year Ended 12/31/04	$	51		1.85	%		(1.10	%)		1.88	%		122	%
Year Ended 12/31/03	$	61		1.85	%		(1.55	%)		1.96	%		68	%
Year Ended 12/31/02	$	59		1.85	%		(1.64	%)		1.89	%		93	%
11/1/01 Through 12/31/01(c)	$	170		1.85	%		(0.93	%)		1.85	%		2	%
Year Ended 10/31/01	$	164		1.85	%		(0.97	%)		1.87	%		43	%
Year Ended 10/31/00	$	318		1.85	%		(0.82	%)		1.85	%		66	%
DYNAMIC SMALL CAP FUND
Six Months Ended 6/30/05 (Unaudited)	$	53		2.05	%		(1.70	%)		2.07	%		54	%
Year Ended 12/31/04	$	62		2.12	%		(1.76	%)		2.23	%		112	%
Year Ended 12/31/03	$	63		2.12	%		(1.81	%)		2.35	%		55	%
Year Ended 12/31/02	$	48		2.12	%		(1.82	%)		2.32	%		52	%
11/1/01 Through 12/31/01(c)	$	72		2.12	%		(1.83	%)		2.12	%		8	%
Year Ended 10/31/01	$	67		2.13	%		(1.75	%)		2.14	%		57	%
Year Ended 10/31/00	$	110		2.20	%		(1.69	%)		2.26	%		87	%
MID CAP GROWTH FUND(C)
Six Months Ended 6/30/05 (Unaudited)	$	3		2.05	%		(1.60	%)		2.19	%		58	%
Year Ended 12/31/04	$	3		2.05	%		(1.31	%)		2.29	%		118	%
Year Ended 12/31/03	$	3		2.05	%		(1.75	%)		2.33	%		69	%
Year Ended 12/31/02	$	3		2.05	%		(1.85	%)		2.32	%		39	%
10/1/01 Through 12/31/01(g)	$	5		2.05	%		(1.53	%)		2.05	%		135	%
Year Ended 9/30/01	$	6		2.00	%		(1.22	%)		2.00	%		159	%
10/29/99(b) Through 9/30/00	$	25		1.86	%		(1.38	%)		1.91	%		147	%

SEE NOTES TO FINANCIAL STATEMENTS.

JPMorgan U.S. Equity Mid/Small Cap Funds89

JPMorgan Funds

FINANCIAL HIGHLIGHTS
(CONTINUED)

Class B (continued)

	Per share operating performance:
			Investment operations:									Distributions:
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gains			Total distributions			Net asset value, end of period		Total return (excludes sales charge) (f)
MID CAP VALUE FUND
Six Months Ended 6/30/05 (Unaudited)	$	21.66		-	(h)		1.01			1.01			-			-			-		$	22.67		4.66	%
Year Ended 12/31/04	$	18.37		(0.06	)(d)		3.66			3.60			-			(0.31	)		(0.31	)	$	21.66		19.60	%
Year Ended 12/31/03	$	14.32		(0.03	)(d)		4.19			4.16			-			(0.11	)		(0.11	)	$	18.37		29.06	%
Year Ended 12/31/02	$	14.06		(0.04	)(d)		0.31			0.27			-			(0.01	)		(0.01	)	$	14.32		1.94	%
10/1/01 Through 12/31/01(a)	$	13.40		(0.01	)(d)		1.47			1.46			(0.05	)		(0.75	)		(0.80	)	$	14.06		10.94	%
4/30/01(c) Through 9/30/01	$	14.24		-	(d)		(0.84	)		(0.84	)		-			-			-		$	13.40		(5.90	%)
SMALL CAP EQUITY FUND
Six Months Ended 6/30/05 (Unaudited)	$	24.01		(0.14	)		0.82			0.68			-			-			-		$	24.69		2.83	%
Year Ended 12/31/04	$	22.34		(0.34	)(d)		5.84			5.50			-			(3.83	)		(3.83	)	$	24.01		25.22	%
Year Ended 12/31/03	$	16.50		(0.27	)(d)		6.11			5.84			-			-			-		$	22.34		35.39	%
Year Ended 12/31/02	$	20.26		(0.29	)(d)		(3.34	)		(3.63	)		-			(0.13	)		(0.13	)	$	16.50		(17.94	%)
11/1/01 Through 12/31/01(b)	$	18.50		(0.05	)(d)		1.81			1.76			-			-			-		$	20.26		9.51	%
Year Ended 10/31/01	$	26.73		(0.09	)		(4.25	)		(4.34	)		-			(3.89	)		(3.89	)	$	18.50		(17.37	%)
Year Ended 10/31/00	$	22.06		(0.37	)(d)		7.69			7.32			-			(2.65	)		(2.65	)	$	26.73		36.17	%

(a) The Fund changed its fiscal year end from 9/30 to 12/31.

(b) The Fund changed its fiscal year end from 10/31 to 12/31.

(d) Calculated based upon average shares outstanding.

(e) Annualized for periods less than one year.

(f) Not annualized for periods less than one year.

(g) Due to the size of net assets and fixed expenses, ratios may appear disproportionate.

(h) Amount less than $0.01.

SEE NOTES TO FINANCIAL STATEMENTS.

JPMorgan U.S. Equity Mid/Small Cap Funds90

SEMI-ANNUAL REPORT JUNE 30

2005

	Ratios/Supplemental data:
			Ratios to average net assets: (e)
	Net assets, end of period (million's)		Net expenses			Net investment income (loss)			Expenses without waivers reimbursements and earnings credits			Portfolio turnover rate (f)
MID CAP VALUE FUND
Six Months Ended 6/30/05 (Unaudited)	$	230		1.79	%		(0.11	%)		1.89	%		16	%
Year Ended 12/31/04	$	173		1.90	%		(0.32	%)		2.10	%		41	%
Year Ended 12/31/03	$	68		1.95	%		(0.21	%)		2.19	%		32	%
Year Ended 12/31/02	$	14		2.00	%		(0.27	%)		2.49	%		51	%
10/1/01 Through 12/31/01(a)	$	3		1.99	%		(0.27	%)		4.47	%(g)		15	%
4/30/01(c) Through 9/30/01	$	1		2.03	%		0.01	%		16.00	%(g)		98	%
SMALL CAP EQUITY FUND
Six Months Ended 6/30/05 (Unaudited)	$	13		1.90	%		(1.14	%)		1.92	%		44	%
Year Ended 12/31/04	$	17		2.12	%		(1.43	%)		2.12	%		44	%
Year Ended 12/31/03	$	22		2.12	%		(1.49	%)		2.21	%		38	%
Year Ended 12/31/02	$	23		2.12	%		(1.50	%)		2.16	%		51	%
11/1/01 Through 12/31/01(b)	$	42		2.12	%		(1.55	%)		2.12	%		6	%
Year Ended 10/31/01	$	39		2.13	%		(1.54	%)		2.14	%		47	%
Year Ended 10/31/00	$	57		2.17	%		(1.50	%)		2.17	%		75	%

SEE NOTES TO FINANCIAL STATEMENTS.

JPMorgan U.S. Equity Mid/Small Cap Funds91

JPMorgan Funds

FINANCIAL HIGHLIGHTS
(CONTINUED)

Class C

	Per share operating performance:
			Investment operations:									Distributions:
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gains			Total distributions			Net asset value, end of period		Total return (excludes sales charge) (f)
CAPITAL GROWTH FUND(a)
Six Months Ended 6/30/05 (Unaudited)	$	35.20		(0.35	)		1.10			0.75			-			-			-		$	35.95		2.13	%
Year Ended 12/31/04	$	34.81		(0.40	)(d)		6.00			5.60			-			(5.21	)		(5.21	)	$	35.20		16.32	%
Year Ended 12/31/03	$	26.83		(0.47	)(d)		9.85			9.38			-			(1.40	)		(1.40	)	$	34.81		35.17	%
Year Ended 12/31/02	$	37.82		(0.53	)(d)		(10.20	)		(10.73	)		-			(0.26	)		(0.26	)	$	26.83		(28.39	%)
11/1/01 Through 12/31/01(b)	$	33.38		(0.05	)		4.49			4.44			-			-			-		$	37.82		13.30	%
Year Ended 10/31/01	$	45.76		(0.37	)(d)		(6.53	)		(6.90	)		-			(5.48	)		(5.48	)	$	33.38		(16.30	%)
Year Ended 10/30/00	$	41.31		0.35	(d)		9.71			9.36			-			4.91			4.91		$	45.76		25.25	%
DYNAMIC SMALL CAP FUND
Six Months Ended 6/30/05 (Unaudited)	$	17.44		(0.13	)		(0.22	)		(0.35	)		-			-			-		$	17.09		(2.01	%)
Year Ended 12/31/04	$	15.98		(0.28	)(d)		1.74			1.46			-			-			-		$	17.44		9.14	%
Year Ended 12/31/03	$	11.61		(0.25	)(d)		4.62			4.37			-			-			-		$	15.98		37.64	%
Year Ended 12/31/02	$	15.13		(0.21	)		(3.31	)		(3.52	)		-			-			-		$	11.61		(23.26	%)
11/1/01 Through 12/31/01(b)	$	13.70		(0.04	)		1.47			1.43			-			-			-		$	15.13		10.44	%
Year Ended 10/31/01	$	23.93		(0.23	)		(6.62	)		(6.85	)		-			(3.38	)		(3.38	)	$	13.70		(31.02	%)
Year Ended 10/31/00	$	15.69		(0.35	)(d)		8.59			8.24			-			-			-		$	23.93		52.52	%
MID CAP VALUE FUND
Six Months Ended 6/30/05 (Unaudited)	$	21.70		-	(h)		1.01			1.01			-			-			-		$	22.71		4.65	%
Year Ended 12/31/04	$	18.41		(0.06	)(d)		3.66			3.60			-			(0.31	)		(0.31	)	$	21.70		19.56	%
Year Ended 12/31/03	$	14.35		(0.03	)(d)		4.20			4.17			-	(h)		(0.11	)		(0.11	)	$	18.41		29.09	%
Year Ended 12/31/02	$	14.09		(0.04	)(d)		0.31			0.27			-			(0.01	)		(0.01	)	$	14.35		1.94	%
10/1/01 Through 12/31/01(d)	$	13.41		(0.01	)(d)		1.48			1.47			(0.04	)		(0.75	)		(0.79	)	$	14.09		11.05	%
4/30/01(c) Through 9/30/01	$	14.24		-	(d)		(0.83	)		(0.83	)		-			-			-		$	13.41		(5.83	%)
SMALL CAP EQUITY FUND
2/19/05(c) Through 6/30/05 (Unaudited)	$	24.32		(0.03	)		0.39			0.36			-			-			-		$	24.68		1.48	%

(b) The Fund changed its fiscal year end from 10/31 to 12/31.

(d) Calculated based upon average shares outstanding.

(e) Annualized for periods less than one year.

(f) Not annualized for periods less than one year.

(g) The Fund changed its fiscal year end from 9/30 to 12/31.

(h) Amount less than $0.01.

(i) Due to the size of net assets and fixed expenses, ratios may appear disproportionate.

SEE NOTES TO FINANCIAL STATEMENTS.

JPMorgan U.S. Equity Mid/Small Cap Funds92

SEMI-ANNUAL REPORT JUNE 30

2005

FINANCIAL HIGHLIGHTS

	Ratios/Supplemental data:
			Ratios to average net assets: (e)
	Net assets, end of period (million's)		Net expenses			Net investment income (loss)			Expenses without waivers reimbursements and earnings credits			Portfolio turnover rate (f)
CAPITAL GROWTH FUND(a)
Six Months Ended 6/30/05 (Unaudited)	$	11		1.68	%		(1.28	)		1.68	%		63	%
Year Ended 12/31/04	$	7		1.85	%		(1.09	%)		1.87	%		122	%
Year Ended 12/31/03	$	4		1.85	%		(1.55	%)		1.96	%		68	%
Year Ended 12/31/02	$	3		1.85	%		(1.63	%)		1.88	%		93	%
11/1/01 Through 12/31/01(b)	$	5		1.85	%		(0.91	%)		1.85	%		2	%
Year Ended 10/31/01	$	4		1.85	%		(0.97	%)		1.87	%		43	%
Year Ended 10/30/00	$	5		1.85	%		(0.82	%)		1.85	%		66	%
DYNAMIC SMALL CAP FUND
Six Months Ended 6/30/05 (Unaudited)	$	37		2.04	%		(1.69	%)		2.06	%		54	%
Year Ended 12/31/04	$	34		2.12	%		(1.76	%)		2.23	%		112	%
Year Ended 12/31/03	$	23		2.12	%		(1.82	%)		2.35	%		55	%
Year Ended 12/31/02	$	10		2.12	%		(1.82	%)		2.32	%		52	%
11/1/01 Through 12/31/01(b)	$	11		2.12	%		(1.83	%)		2.12	%		8	%
Year Ended 10/31/01	$	10		2.13	%		(1.76	%)		2.14	%		57	%
Year Ended 10/31/00	$	14		2.20	%		(1.69	%)		2.26	%		87	%
MID CAP VALUE FUND
Six Months Ended 6/30/05 (Unaudited)	$	793		1.78	%		(0.09	%)		1.89	%		16	%
Year Ended 12/31/04	$	483		1.90	%		(0.31	%)		2.10	%		41	%
Year Ended 12/31/03	$	103		1.95	%		(0.19	%)		2.19	%		32	%
Year Ended 12/31/02	$	9		2.00	%		(0.28	%)		2.51	%		51	%
10/1/01 Through 12/31/01(d)	$	3		1.99	%		(0.30	%)		4.48	%(i)		15	%
4/30/01(c) Through 9/30/01	$	2		2.04	%		0.03	%		15.95	%(i)		98	%
SMALL CAP EQUITY FUND
2/19/05(c) Through 6/30/05 (Unaudited)	$	3		1.85	%		(0.95	%)		1.89	%		44	%

SEE NOTES TO FINANCIAL STATEMENTS.

JPMorgan U.S. Equity Mid/Small Cap Funds93

JPMorgan Funds

FINANCIAL HIGHLIGHTS
(CONTINUED)

Select Class

	Per share operating performance:
			Investment operations:									Distributions:
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gains			Total distributions			Net asset value, end of period		Total return (excludes sales charge) (f)
CAPITAL GROWTH FUND(a)
Six Months Ended 6/30/05 (Unaudited)	$	40.42		(0.18	)		1.19			1.01			-			-			-		$	41.43		2.50	%
Year Ended 12/31/04	$	38.95		(0.09	)(d)		6.77			6.68			-			(5.21	)		(5.21	)	$	40.42		17.37	%
Year Ended 12/31/03	$	29.57		(0.21	)(d)		10.99			10.78			-			(1.40	)		(1.40	)	$	38.95		36.64	%
Year Ended 12/31/02	$	41.26		(0.24	)(d)		(11.19	)		(11.43	)		-			(0.26	)		(0.26	)	$	29.57		(27.71	%)
11/1/01 Through 12/31/01(b)	$	36.37		0.01			4.88			4.89			-			-			-		$	41.26		13.45	%
Year Ended 10/31/01	$	48.76		-	(c)		(6.91	)		(6.91	)		-			(5.48	)		(5.48	)	$	36.37		(15.20	%)
Year Ended 10/31/00	$	43.36		0.04	(d)		10.27			10.31			-			4.91			4.91		$	48.76		26.34	%
DYNAMIC SMALL CAP FUND
Six Months Ended 6/30/05 (Unaudited)	$	18.89		(0.56	)		0.27			(0.29	)		-			-			-		$	18.60		(1.54	%)
Year Ended 12/31/04	$	17.13		(0.13	)		1.89			1.76			-			-			-		$	18.89		10.27	%
Year Ended 12/31/03	$	12.32		(0.11	)		4.92			4.81			-			-			-		$	17.13		39.04	%
Year Ended 12/31/02	$	15.89		(0.08	)		(3.49	)		(3.57	)		-			-			-		$	12.32		(22.47	%)
11/1/01 Through 12/31/01(b)	$	14.37		(0.02	)		1.54			1.52			-			-			-		$	15.89		10.58	%
Year Ended 10/31/01	$	24.65		(0.21	)		(6.69	)		(6.90	)		-			(3.38	)		(3.38	)	$	14.37		(30.20	%)
Year Ended 10/31/00	$	15.98		(0.13	)		8.80			8.67			-			-			-		$	24.65		54.26	%
MID CAP EQUITY FUND
Six Months Ended 6/30/05 (Unaudited)	$	33.30		0.03			1.23			1.26			(0.03	)		-			(0.03	)	$	34.53		3.79	%
Year Ended 12/31/04	$	31.18		0.14			5.85			5.99			(0.14	)		(3.73	)		(3.87	)	$	33.30		19.36	%
Year Ended 12/31/03	$	24.39		0.13			7.71			7.84			(0.13	)		(0.92	)		(1.05	)	$	31.18		32.29	%
Year Ended 12/31/02	$	29.51		0.13			(4.07	)		(3.94	)		(0.13	)		(1.05	)		(1.18	)	$	24.39		(13.39	%)
11/1/01 Through 12/31/01(b)	$	26.17		0.02			3.43			3.45			(0.02	)		(0.09	)		(0.11	)	$	29.51		13.20	%
Year Ended 10/31/01	$	37.85		0.12			(5.30	)		(5.18	)		(0.12	)		(6.38	)		(6.50	)	$	26.17		(15.27	%)
Year Ended 10/31/00	$	37.55		0.17			9.34			9.51			(0.20	)		(9.01	)		(9.21	)	$	37.85		30.94	%

(b) The Fund changed its fiscal year end from 10/31 to 12/31.

(d) Calculated based upon average shares outstanding.

(e) Annualized for periods less than one year.

(f) Not annualized for periods less than one year.

(g) Due to the size of net assets and fixed expenses, ratios may appear disproportionate.

(h) Amount less than one million.

SEE NOTES TO FINANCIAL STATEMENTS.

JPMorgan U.S. Equity Mid/Small Cap Funds94

SEMI-ANNUAL REPORT JUNE 30

2005

FINANCIAL HIGHLIGHTS

	Ratios/Supplemental data:
				Ratios to average net assets: (e)
	Net assets, end of period (million's)			Net expenses			Net investment income (loss)			Expenses without waivers reimbursements and earnings credits			Portfolio turnover rate (f)
CAPITAL GROWTH FUND(a)
Six Months Ended 6/30/05 (Unaudited)	$	225			0.90	%		(0.43	%)		0.90	%		63	%
Year Ended 12/31/04	$	43			0.93	%		(0.21	%)		1.30	%		122	%
Year Ended 12/31/03	$	4			0.93	%		(0.63	%)		1.54	%		68	%
Year Ended 12/31/02	$	2			0.93	%		(0.71	%)		1.26	%		93	%
11/1/01 Through 12/31/01(b)	$	3			0.93	%		0.01	%		2.06	%		2	%
Year Ended 10/31/01	$	3			0.93	%		(0.01	%)		1.18	%		43	%
Year Ended 10/31/00	$	15			0.94	%		0.09	%		1.06	%		66	%
DYNAMIC SMALL CAP FUND
Six Months Ended 6/30/05 (Unaudited)	$	18			1.10	%		(0.76	%)		1.28	%		54	%
Year Ended 12/31/04	$	10			1.10	%		(0.74	%)		1.32	%		112	%
Year Ended 12/31/03	$	16			1.10	%		(0.79	%)		1.28	%		55	%
Year Ended 12/31/02	$	12			1.10	%		(0.79	%)		1.22	%		52	%
11/1/01 Through 12/31/01(b)	$	8			1.10	%		(0.82	%)		10.33	%(g)		8	%
Year Ended 10/31/01	$	-	(h)		1.12	%		(0.76	%)		12.21	%(g)		57	%
Year Ended 10/31/00	$	-	(h)		1.10	%		(0.59	%)		15.48	%(g)		87	%
MID CAP EQUITY FUND
Six Months Ended 6/30/05 (Unaudited)	$	249			0.90	%		0.17	%		1.09	%		53	%
Year Ended 12/31/04	$	227			0.90	%		0.32	%		1.14	%		102	%
Year Ended 12/31/03	$	194			0.90	%		0.48	%		1.14	%		62	%
Year Ended 12/31/02	$	139			0.77	%		0.51	%		1.14	%		84	%
11/1/01 Through 12/31/01(b)	$	155			0.60	%		0.38	%		1.15	%		2	%
Year Ended 10/31/01	$	133			0.55	%		0.38	%		1.15	%		55	%
Year Ended 10/31/00	$	164			0.41	%		0.52	%		1.14	%		84	%

SEE NOTES TO FINANCIAL STATEMENTS.

JPMorgan U.S. Equity Mid/Small Cap Funds95

JPMorgan Funds

FINANCIAL HIGHLIGHTS
(CONTINUED)

Select Class (continued)

	Per share operating performance:
			Investment operations:									Distributions:
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gains			Total distributions			Net asset value, end of period		Total return (excludes sales charge) (f)
MID CAP VALUE FUND
Six Months Ended 6/30/05 (Unaudited)	$	22.18		0.06			1.07			1.13			-			-			-		$	23.31		5.09	%
Year Ended 12/31/04	$	18.70		0.12	(d)		3.74			3.86			(0.07	)		(0.31	)		(0.38	)	$	22.18		20.67	%
Year Ended 12/31/03	$	14.48		0.12	(d)		4.27			4.39			(0.06	)		(0.11	)		(0.17	)	$	18.70		30.34	%
Year Ended 12/31/02	$	14.14		0.14	(d)		0.27			0.41			(0.06	)		(0.01	)		(0.07	)	$	14.48		2.90	%
10/31/01(c) Through 12/31/01(a)	$	13.48		0.01	(d)		1.49			1.50			(0.09	)		(0.75	)		(0.84	)	$	14.14		11.18	%
SMALL CAP CORE FUND
Six Months Ended 6/30/05 (Unaudited)	$	43.46		0.08			(0.24	)		(0.16	)		-			-			-		$	43.30		(0.37	%)
Year Ended 12/31/04	$	44.39		0.09			9.51			9.60			(0.07	)		(10.46	)		(10.53	)	$	43.46		22.31	%
Year Ended 12/31/03	$	33.35		0.02			11.70			11.72			(0.01	)		(0.67	)		(0.68	)	$	44.39		35.20	%
Year Ended 12/31/02	$	40.46		0.04			(6.86	)		(6.82	)		(0.03	)		(0.26	)		(0.29	)	$	33.35		(16.94	%)
11/1/01 Through 12/31/01(b)	$	36.65		0.01			3.81			3.82			(0.01	)		-			(0.01	)	$	40.46		10.42	%
Year Ended 10/31/01	$	51.12		0.10			(7.61	)		(7.51	)		(0.14	)		(6.82	)		(6.96	)	$	36.65		(15.47	%)
Year Ended 10/31/00	$	47.66		0.08			12.44			12.52			(0.08	)		(8.98	)		(9.06	)	$	51.12		30.16	%
SMALL CAP EQUITY FUND
Six Months Ended 6/30/05 (Unaudited)	$	27.96		(0.01	)		0.95			0.94			-			-			-		$	28.90		3.36	%
Year Ended 12/31/04	$	25.18		(0.05	)(d)		6.66			6.61			-			(3.83	)		(3.83	)	$	27.96		26.81	%
Year Ended 12/31/03	$	18.37		(0.04	)(d)		6.85			6.81			-			-			-		$	25.18		37.07	%
Year Ended 12/31/02	$	22.25		(0.04	)(d)		(3.71	)		(3.75	)		-			(0.13	)		(0.13	)	$	18.37		(16.87	%)
11/1/01 Through 12/31/01(b)	$	20.27		(0.01	)(d)		1.99			1.98			-			-			-		$	22.25		9.77	%
Year Ended 10/31/01	$	28.52		(0.10	)		(4.26	)		(4.36	)		-			(3.89	)		(3.89	)	$	20.27		(16.19	%)
Year Ended 10/31/00	$	23.10		(0.05	)(d)		8.12			8.07			-			(2.65	)		(2.65	)	$	28.52		37.94	%

(a) The Fund changed its fiscal year end from 9/30 to 12/31.

(b) The Fund changed its fiscal year end from 10/31 to 12/31.

(d) Calculated based upon average shares outstanding.

(e) Annualized for periods less than one year.

(f) Not annualized for periods less than one year.

(g) Due to the size of net assets and fixed expenses, ratios may appear disproportionate.

(h) Amount less than one million.

SEE NOTES TO FINANCIAL STATEMENTS.

JPMorgan U.S. Equity Mid/Small Cap Funds96

SEMI-ANNUAL REPORT JUNE 30

2005

FINANCIAL HIGHLIGHTS

	Ratios/Supplemental data:
				Ratios to average net assets: (e)
	Net assets, end of period (million's)			Net expenses			Net investment income (loss)			Expenses without waivers reimbursements and earnings credits			Portfolio turnover rate (f)
MID CAP VALUE FUND
Six Months Ended 6/30/05 (Unaudited)	$	1,154			1.00	%		0.74	%		1.10	%		16	%
Year Ended 12/31/04	$	485			1.00	%		0.60	%		1.20	%		41	%
Year Ended 12/31/03	$	76			1.00	%		0.74	%		1.24	%		32	%
Year Ended 12/31/02	$	14			1.00	%		0.96	%		1.71	%		51	%
10/31/01(c) Through 12/31/01(a)	$	-	(h)		0.99	%		0.58	%		3.68	%(g)		15	%
SMALL CAP CORE FUND
Six Months Ended 6/30/05 (Unaudited)	$	815			0.80	%		0.34	%		1.06	%		25	%
Year Ended 12/31/04	$	904			0.64	%		0.25	%		1.12	%		170	%
Year Ended 12/31/03	$	386			0.60	%		0.04	%		1.10	%		48	%
Year Ended 12/31/02	$	259			0.51	%		0.10	%		1.11	%		52	%
11/1/01 Through 12/31/01(b)	$	317			0.40	%		0.09	%		1.12	%		7	%
Year Ended 10/31/01	$	299			0.34	%		0.28	%		1.13	%		50	%
Year Ended 10/31/00	$	380			0.50	%		0.19	%		1.07	%		76	%
SMALL CAP EQUITY FUND
Six Months Ended 6/30/05 (Unaudited)	$	210			0.85	%		(0.08	%)		1.12	%		44	%
Year Ended 12/31/04	$	211			0.85	%		(0.17	%)		1.11	%		44	%
Year Ended 12/31/03	$	636			0.85	%		(0.22	%)		1.12	%		38	%
Year Ended 12/31/02	$	502			0.85	%		(0.22	%)		1.09	%		51	%
11/1/01 Through 12/31/01(b)	$	532			0.88	%		(0.31	%)		1.10	%		6	%
Year Ended 10/31/01	$	390			0.88	%		(0.30	%)		1.12	%		47	%
Year Ended 10/31/00	$	383			0.88	%		(0.20	%)		1.13	%		75	%

SEE NOTES TO FINANCIAL STATEMENTS.

JPMorgan U.S. Equity Mid/Small Cap Funds97

JPMorgan Funds

FINANCIAL HIGHLIGHTS
(CONTINUED)

Select Class (continued)

	Per share operating performance:
			Investment operations:									Distributions:
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gains			Total distributions			Net asset value, end of period		Total return (excludes sales charge) (f)
U.S. SMALL COMPANY FUND(a)
Six Months Ended 6/30/05 (Unaudited)	$	13.78		0.02			(0.07	)		(0.05	)		-			-			-		$	13.73		(0.36	%)
Year Ended 12/31/04	$	13.90		(0.03	)(d)		1.91			1.88			-			(2.00	)		(2.00	)	$	13.78		13.73	%
Year Ended 12/31/03	$	9.97		0.02	(d)		3.94			3.96			(0.03	)		-			(0.03	)	$	13.90		39.72	%
Year Ended 12/31/02	$	12.57		0.03			(2.60	)		(2.57	)		(0.03	)		-			(0.03	)	$	9.97		(20.48	%)
6/1/01 Through 12/31/01(b)	$	13.43		0.04	(d)		(0.79	)		(0.75	)		(0.05	)		(0.06	)		(0.11	)	$	12.57		(5.56	%)
Year Ended 5/31/01	$	14.45		0.05			0.04			0.09			(0.03	)		(1.08	)		(1.11	)	$	13.43		0.75	%
Year Ended 5/31/00	$	11.49		-			2.97			2.97			(0.01	)		-			(0.01	)	$	14.45		25.90	%

(a) Prior to the open of business on September 10, 2001, the class underwent a split of shares in connection with a Fund reorganization. Prior periods have been restated to reflect the split.

(b) The Fund changed its fiscal year end from 5/31 to 12/31.

(c) Prior to September 10, 2001, U.S. Small Company Fund invested all of its investable assets in The U.S. Small Company Portfolio. The portfolio turnover rate disclosed prior to September 10, 2001, is the turnover rate of U.S. Small Company Portfolio.

(d) Calculated based upon average shares outstanding.

(e) Annualized for periods less than one year.

(f) Not annualized for periods less than one year.

SEE NOTES TO FINANCIAL STATEMENTS.

JPMorgan U.S. Equity Mid/Small Cap Funds98

SEMI-ANNUAL REPORT JUNE 30

2005

FINANCIAL HIGHLIGHTS

	Ratios/Supplemental data:
			Ratios to average net assets: (e)
	Net assets, end of period (million's)		Net expenses			Net investment income (loss)			Expenses without waivers reimbursements and earnings credits			Portfolio turnover rate (f)
U.S. SMALL COMPANY FUND(a)
Six Months Ended 6/30/05 (Unaudited)	$	123		1.01	%		0.26	%		1.12	%		18	%
Year Ended 12/31/04	$	119		1.01	%		(0.18	%)		1.15	%		129	%
Year Ended 12/31/03	$	156		1.01	%		0.15	%		1.11	%		78	%
Year Ended 12/31/02	$	199		1.01	%		0.23	%		1.10	%		90	%
6/1/01 Through 12/31/01(b)	$	286		1.01	%		0.39	%		1.04	%		48	%(c)
Year Ended 5/31/01	$	296		1.01	%		0.35	%		1.01	%		110	%(c)
Year Ended 5/31/00	$	285		1.00	%		0.05	%		1.00	%		104	%(c)

SEE NOTES TO FINANCIAL STATEMENTS.

JPMorgan U.S. Equity Mid/Small Cap Funds99

JPMorgan Funds

FINANCIAL HIGHLIGHTS
(CONTINUED)

Institutional Class

	Per share operating performance:
			Investment operations:									Distributions:
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gains			Total distributions			Net asset value, end of period		Total return (excludes sales charge) (f)
MID CAP VALUE FUND
Six Months Ended 6/30/05 (Unaudited)	$	22.30		0.09			1.07			1.16			-			-			-		$	23.46		5.20	%
Year Ended 12/31/04	$	18.77		0.17	(d)		3.77			3.94			(0.10	)		(0.31	)		(0.41	)	$	22.30		20.99	%
Year Ended 12/31/03	$	14.52		0.17	(d)		4.27			4.44			(0.08	)		(0.11	)		(0.19	)	$	18.77		30.62	%
Year Ended 12/31/02	$	14.14		0.15	(d)		0.30			0.45			(0.06	)		(0.01	)		(0.07	)	$	14.52		3.23	%
10/1/01 Through 12/31/01(a)	$	13.47		0.03	(d)		1.48			1.51			(0.09	)		(0.75	)		(0.84	)	$	14.14		11.30	%
Year Ended 9/30/01	$	13.06		0.15	(d)		1.28			1.43			(0.15	)		(0.87	)		(1.02	)	$	13.47		11.19	%
Year Ended 9/30/00	$	13.56		0.11			2.59			2.70			(0.09	)		(3.11	)		(3.20	)	$	13.06		23.76	%
U.S. SMALL COMPANY FUND(c)
Six Months Ended 6/30/05 (Unaudited)	$	13.77		0.04			(0.07	)		(0.03	)		-			-			-		$	13.74		(0.22	%)
Year Ended 12/31/04	$	13.88		-	(d)		1.89			1.89			-			(2.00	)		(2.00	)	$	13.77		13.82	%
Year Ended 12/31/03	$	9.95		0.04	(d)		3.94			3.98			(0.05	)		-			(0.05	)	$	13.88		40.03	%
Year Ended 12/31/02	$	12.57		0.05			(2.61	)		(2.56	)		(0.06	)		-			(0.06	)	$	9.95		(20.36	%)
6/1/01 Through 12/31/01(b)	$	13.34		0.05	(d)		(0.78	)		(0.73	)		(0.04	)		-			(0.04	)	$	12.57		(5.50	%)
Year Ended 5/31/01	$	15.11		0.08			0.03			0.11			(0.09	)		(1.79	)		(1.88	)	$	13.34		0.94	%
Year Ended 5/31/00	$	11.98		0.04			3.10			3.14			(0.01	)		-			(0.01	)	$	15.11		26.23	%

(a) The Fund changed its fiscal year end from 9/30 to 12/31.

(b) The Fund changed its fiscal year end from 5/31 to 12/31.

(c) Prior to the open of business on September 10, 2001, the class underwent a split of shares in connection with a Fund reorganization. Prior periods have been restated to reflect the split.

(d) Calculated based upon average shares outstanding.

(e) Annualized for periods less than one year.

(f) Not annualized for periods less than one year.

(g) Due to the size of net assets and fixed expenses, ratios may appear disproportionate.

(h) Prior to September 10, 2001, U.S. Small Company Fund invested all of its investable assets in The U.S. Small Company Portfolio. The portfolio turnover rate disclosed prior to September 10, 2001, is the turnover rate of U.S. Small Company Portfolio.

SEE NOTES TO FINANCIAL STATEMENTS.

JPMorgan U.S. Equity Mid/Small Cap Funds100

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2005

FINANCIAL HIGHLIGHTS

	Ratios/Supplemental data:
			Ratios to average net assets: (e)
	Net assets, end of period (million's)		Net expenses			Net investment income (loss)			Expenses without waivers reimbursements and earnings credits			Portfolio turnover rate (f)
MID CAP VALUE FUND
Six Months Ended 6/30/05 (Unaudited)	$	1,652		0.75	%		0.93	%		0.96	%		16	%
Year Ended 12/31/04	$	1,215		0.75	%		0.83	%		1.05	%		41	%
Year Ended 12/31/03	$	334		0.75	%		1.00	%		1.07	%		32	%
Year Ended 12/31/02	$	59		0.75	%		1.01	%		1.22	%		51	%
10/1/01 Through 12/31/01(a)	$	4		0.75	%		0.94	%		3.30	%(g)		15	%
Year Ended 9/30/01	$	4		0.75	%		1.07	%		3.25	%(g)		98	%
Year Ended 9/30/00	$	5		0.97	%		0.84	%		4.24	%(g)		99	%
U.S. SMALL COMPANY FUND(c)
Six Months Ended 6/30/05 (Unaudited)	$	54		0.83	%		0.42	%		0.96	%		18	%
Year Ended 12/31/04	$	92		0.83	%		-	%		0.97	%		129	%
Year Ended 12/31/03	$	183		0.83	%		0.33	%		0.95	%		78	%
Year Ended 12/31/02	$	214		0.83	%		0.41	%		0.93	%		90	%
6/1/01 Through 12/31/01(b)	$	269		0.82	%		0.57	%		0.86	%		48	%(h)
Year Ended 5/31/01	$	410		0.82	%		0.54	%		0.82	%		110	%(h)
Year Ended 5/31/00	$	358		0.80	%		0.26	%		0.82	%		104	%(h)

SEE NOTES TO FINANCIAL STATEMENTS.

JPMorgan U.S. Equity Mid/Small Cap Funds101

JPMorgan Funds

NOTES TO FINANCIAL
STATEMENTS

(Unaudited)

1. Organization

JPMorgan Trust I ("JPM I") was organized on November 5, 2004 as a Delaware statutory trust and is registered under the Investment Company Act of 1940, as amended (the "1940 Act") as an open-end management investment company.

JPMorgan Mid Cap Growth Fund is a series of J.P Morgan Mutual Fund Investment Trust ("JPMMFIT"), an open-end management investment company which was organized as a Massachusetts business trust on September 23, 1997. The Fund offers Class A and Class B.

JPMorgan Mid Cap Value Fund is a series of J.P. Morgan Fleming Mutual Fund Group, Inc. ("JPMFMFG"), an open-end management investment company which was organized as a Maryland corporation on August 19, 1997. The Fund offers Class A, Class B, Class C, Select Class and Institutional Class.

The following are the funds of JPM I, JPMMFIT and JPMFMFG (the "Trusts") (collectively, the "Funds") covered by this report:

FUND				CLASSES OFFERED
Capital Growth Fund				Class A, Class B, Class C and Select Class
Dynamic Small Cap Fund				Class A, Class B, Class C, and Select Class
Mid Cap Equity Fund				Select Class
Mid Cap Growth Fund				Class A and Class B
Mid Cap Value Fund				Class A, Class B, Class C, Select Class and Institutional Class
Small Cap Core Fund				Select Class
Small Cap Equity Fund				Class A, Class B, Class C and Select Class
U.S. Small Company Fund				Select Class and Institutional Class

Effective February 19, 2005, the Small Cap Core Fund was renamed from Trust Small Cap Equity Fund with the approval of the Board of Trustees.

Prior to February 19, 2005, U.S. Small Company Fund was a separate series of J.P. Morgan Institutional Funds, Dynamic Small Cap Fund and Small Cap Equity Fund were separate series of J.P. Morgan Mutual Fund Group and Mid Cap Equity Fund was a separate series of J.P. Morgan Mutual Fund Select Group. On August 19, 2004, the Boards of Trustees of the then existing Trusts each approved Agreements and Plans of Reorganization regarding the reorganization of each series of their respective Trust into a corresponding series of J.P. Morgan Mutual Fund Series ("JPMMFS").

At a special meeting of shareholders of the Funds held on January 20, 2005, and adjourned and reconvened on February 3, 2005, shareholders of each of the Funds, except for Mid Cap Growth Fund and Mid Cap Value Fund, approved the Agreement and Plan of Reorganization with respect to the Funds. Effective after the close of business on February 18, 2005 pursuant to the Agreement and Plan of Reorganization, the Funds were each reorganized, by means of a tax-free reorganization, each as a separate series of JPMMFS.

Additionally, the shareholders of JPMMFS approved an Agreement and Plan of Reorganization and Redomiciliation providing for the reorganization and redomiciliation of each series of JPMMFS as a corresponding series of JPMorgan Trust I, including those

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2005

NOTES TO FINANCIAL
STATEMENTS

(Unaudited)

series of JPMMFS such as the Funds which became a series of JPMMFS as of February 18, 2005. Therefore, effective after the close of business on February 18, 2005, pursuant to the Agreement and Plan of Reorganization and Redomiciliation, each Fund, except for Mid Cap Growth Fund and Mid Cap Value Fund, was reorganized and redomiciled, by means of a tax-free reorganization, as a separate series of JPMorgan Trust I.

As of the close of business on February 28, 2005, the Small Cap Core Fund and the U.S. Small Company Fund are publicly offered on a limited basis. Additionally, as of the close of business on March 31, 2005, the Mid Cap Value Fund is publicly offered on a limited basis.

Class A shares generally provide for a front-end sales charge while Class B and Class C shares provide for a contingent deferred sales charge. Class B shares automatically convert to Class A shares after eight years. No sales charges are assessed with respect to the Select Class and Institutional Class. All classes of shares have equal rights as to earnings, assets and voting privileges except that each class may bear different distribution and shareholder servicing fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements. Certain Class A shares, for which front-end sales charges have been waived, may be subject to redemption charges as described in the Fund's prospectus.

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Funds in preparation of their financial statements. The policies are in accordance with accounting principles generally accepted in the United States of America. The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates.

A. Valuation of Investments - Listed securities are valued at the last sale price on the exchange on which they are primarily traded. The value of National Market Systems equity securities quoted by the Nasdaq Stock Market shall generally be the Nasdaq Official Closing Price. Unlisted securities are valued at the last sale price provided by an independent pricing agent or principal market maker. Listed securities for which the latest sales prices are not available are valued at the mean of the latest bid and ask price as of the closing of the primary exchange where such securities are normally traded. Fixed income securities with a maturity of 61 days or more held by the Funds will be valued each day based on readily available market quotations received from third party broker-dealers o f comparable securities or independent or affiliated pricing services approved by the Board of Trustees. Such pricing services and broker-dealers will generally provide bid-side quotations. Short-term investments maturing in less than 61 days are valued at amortized cost, which approximates market value. Futures, options and other derivatives are valued on the basis of available market quotations. Investments in other open-end investment companies are valued at such investment company's current day closing net asset value per share.

Securities or other assets for which market quotations are not readily available or for which market quotations do not represent the value at the time of pricing (including certain illiquid securities) are fair valued in accordance with procedures established by and under the supervision and responsibility of the Trustees. Trading in securities on most foreign exchanges and over-the-counter markets is normally completed before the close of the domestic market and may also take place on days when the domestic market is closed. In accordance with procedures adopted by the Trustees, the Funds apply fair value pricing on a daily basis for all non-U.S. and non-Canadian equity securities held in their portfolios by utilizing the quotations of an independent

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JPMorgan Funds

NOTES TO FINANCIAL
STATEMENTS

(CONTINUED)

(Unaudited)

pricing service, unless a Fund's advisor determines that use of another valuation methodology is appropriate. The pricing service uses statistical analyses and quantitative models to adjust local market prices using factors such as subsequent movement and changes in the prices of indices, securities and exchange rate in other markets, in determining fair value as of the time a Fund calculates its net asset value.

B. Repurchase Agreements - The Funds may enter into repurchase agreement transactions with institutions that meet the advisor's credit guidelines. Each repurchase agreement is valued at amortized cost. The Funds require that the collateral received in a repurchase agreement transaction be transferred to a custodian in a manner sufficient to enable the Funds to obtain collateral in the event of a counterparty default. If the counterparty defaults and the fair value of the collateral declines, realization of the collateral by the Funds may be delayed or limited.

C. Futures Contracts - The Funds may enter into futures contracts for the delayed delivery of securities at a fixed price at some future date or for the change in the value of a specified financial index over a predetermined time period. Upon entering into a futures contract, the Funds are required to pledge to the broker an amount of cash, U.S. government securities, or other assets, equal to a certain percentage of the contract amount. This is known as the initial margin deposit. Subsequent payments, known as variation margin, are made or received by the Funds each day, depending on the daily fluctuations in fair value of the position. Variation margin is recorded as unrealized appreciation or depreciation until the contract is closed out, at which time the Funds realize a gain or los s equal to the variation margin.

Use of long futures contracts subjects the Funds to risk of loss in excess of the amounts shown on the Statement of Assets and Liabilities, up to the notional value of the futures contracts. Use of short futures contracts subjects the Funds to unlimited risk of loss. The Funds may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the

counterparty to each futures transaction; therefore, the Funds' credit risk is limited to failure of the exchange or board of trade.

As of June 30, 2005, the Small Cap Core Fund and U.S. Small Company Fund had outstanding futures contracts as listed on their Schedules of Portfolio Investments.

D. Securities Lending - To generate additional income, each Fund may lend up to 331/3% of its assets pursuant to agreements ("borrower agreements") requiring that the loan be continuously secured by cash or securities issued by the U.S. government or its agencies or its instrumentalities ("U.S. government securities"). JPMorgan Chase Bank, N.A. ("JPMCB"), an affiliate of the Funds, serves as lending agent to the Funds pursuant to a Securities Lending Agreement approved by the Board of Trustees (the "Securities Lending Agreement"). The Securities Lending Agreement was effective w ith respect to the Funds on October 15, 2002 and an amended and restated agreement was approved by the Board at a meeting held on August 11, 2005.

Under the Securities Lending Agreement, JPMCB acting as agent for the Funds, loans securities to approved borrowers pursuant to approved borrower agreements in exchange for collateral equal to at least 100% of the market value of the loaned securities plus accrued interest. During the term of the loan, the Funds receive payments from borrowers equivalent to the dividends and interest that would have been earned on securities lent while simultaneously seeking to earn income on the investment of cash collateral in accordance with investment guidelines contained in the Securities Lending Agreement. For loans secured by cash, the Funds retain the interest on cash collateral investments but are required to pay the borrower a rebate for the use of the cash collateral. For loans secured by U.S. government securities, the borrower pays a borrower fee to the lending agent on behalf of the Funds. The net income earned on the securities lending (after payment of rebates and the lending agent's fee) is included in the Statement of Operations as Securities lending (net).

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2005

NOTES TO FINANCIAL
STATEMENTS

(Unaudited)

Information on the investment of cash collateral is shown in the Schedule of Portfolio Investments.

Under the Securities Lending Agreement, JPMCB is entitled to a fee equal to (i) 0.05% (0.06% prior to January 31, 2005), calculated on an annualized basis and accrued daily, based upon the value of Collateral received from Borrowers for each Loan of U.S. Securities

outstanding during a given month under this Lending Agreement; and (ii) 0.10% (0.1142% prior to January 31, 2005), calculated on an annualized basis and accrued daily, based upon the value of Collateral received from Borrowers for each Loan of non-U.S. Securities outstanding during a given month under this Lending Agreement.

As of June 30, 2005, the following Funds had securities with the following market values on loan, received the following collateral and for the period then ended, these Funds paid the following amounts to related party affiliates (amounts in thousands):

	Lending Agent Fees Paid		Market Value of Collateral*		Market Value of Loaned Securities
FUND
Capital Growth Fund	$	11	$	53,039	$	51,733
Dynamic Small Cap Fund		10		39,406		38,461
Mid Cap Equity Fund		3		12,420		12,273
Mid Cap Growth Fund		1		6,470		6,352
Mid Cap Value Fund		64		280,525		277,451
Small Cap Core Fund		44		186,483		182,040
Small Cap Equity Fund		4		80,461		78,852
U.S. Small Company Fund		-		-		-

* Includes securities and cash collateral.

Risks of delay in recovery of securities or even loss of rights in the securities may occur should the borrower of the securities fail financially. Risks may also arise to the extent that the value of the securities loaned increases above the value of the collateral received. JPMCB will indemnify the Funds from losses resulting from a borrower's failure to return a loaned security when due. Such indemnification does not extend to losses associated with declines in the value of cash collateral investments. Loans are subject to termination by the Funds or the borrower at any time, and are, therefore, not considered to be illiquid investments.

E. Security Transactions and Investment Income - Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis. Interest income is determined on the basis of coupon interest accrued using the interest method adjusted for amortization of premiums and accretion of discounts. Dividend income less foreign taxes withheld (if any) is recorded on the ex-dividend date or when the Funds first learn of the dividend.

The Funds' record distributions received in excess of income from underlying investments as a reduction of

JPMorgan U.S. Equity Mid/Small Cap Funds105

JPMorgan Funds

NOTES TO FINANCIAL
STATEMENTS

(CONTINUED)

(Unaudited)

cost of investments and/or realized gain. Such amounts are based on estimates if actual amounts are not available and actual amounts of income, realized gain and return of capital may differ from the estimated amounts. The Funds adjust the estimated amounts of components of distributions (and consequently their net investment income) as necessary once the issuers provide information about the actual composition of the distributions.

F. Allocation of Income and Expenses - In calculating the net asset value per share of each class, investment income, realized and unrealized gains and losses and expenses other than class specific expenses are allocated daily to each class of shares based upon the proportion of net assets of each class at the beginning of each day. Expenses directly attributable to a Fund are charged directly to that Fund while the expenses attributable to more than one Fund of the Trusts are allocated among the respective Funds. Each class of shares bears its pro-rata portion of expenses attributable to its series, except that each class separately bears expenses related specifically to that class, such as distribution and shareholder servicing fees.

G. Federal Income Taxes - Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund's policy is to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized gain on investments. Accordingly, no provision for Federal income tax is necessary.

H. Dividends and Distributions to Shareholders - Dividends and distributions paid to shareholders are recorded on the ex-dividend date. The amount of dividends and distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America. To the extent these "book/tax" differences are permanent in nature (i.e., that they result from other than timing of recognition - "temporary differences"), such amounts are reclassified within the capital accounts based on their Federal tax-basis treatment.

I. Foreign Taxes - The Funds may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Funds will accrue such taxes and recoveries as applicable, based upon their current interpretation of tax rules and regulations that exist in the markets in which they invest.

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee - Pursuant to the Investment Advisory Agreement, J.P. Morgan Investment Management, Inc. (the "Advisor") acts as the investment advisor to the Funds. The Advisor is a wholly-owned subsidiary of J.P. Morgan Asset Management Holdings, Inc., which is a wholly-owned subsidiary of JPMorgan Chase & Co. ("JPMorgan"). The Advisor supervises the investments of each respective

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2005

NOTES TO FINANCIAL
STATEMENTS

(Unaudited)

Fund and for such services is paid a fee. The fee is accrued daily and paid monthly based on each Fund's respective average daily net assets. The annual fee rate for each Fund is as follows:

	Investment Advisory Fee Rate (%)
Capital Growth Fund		0.40	%
Dynamic Small Cap Fund		0.65	%
Mid Cap Equity Fund		0.65	%
Mid Cap Growth Fund		0.65	%
Mid Cap Value Fund*		0.65	%
Small Cap Core Fund		0.65	%
Small Cap Equity Fund		0.65	%
U.S. Small Company Fund		0.60	%

* Prior to February 19, 2005, the investment advisory fee rate was 0.70%.

The Advisor waived Investment Advisory Fees and/or reimbursed expenses as outlined in Note 3.F.

The Funds may invest in one or more money market funds advised by the Advisor or its affiliates. Advisory, administrative and shareholder servicing fees are waived and/or reimbursed from the Funds in an amount sufficient to offset any doubling up of these fees related to each Fund's investment in an affiliated money market fund to the extent required by law.

B. Administration Fee - Effective February 19, 2005, pursuant to an Administration Agreement, JPMorgan Funds Management, Inc. (the "Administrator"), an indirect, wholly-owned subsidiary of JPMorgan, began providing certain administration services to the Funds. In consideration of these services, the Administrator receives a fee computed daily and paid monthly at the annual rate of 0.15% of the first $25 billion of the average daily net assets of all funds in the JPMorgan Fund Complex (excluding the money market funds; Investor Balanced Fund, Investor Conservative Growth Fund, Investor Growth Fund and Investor Growth &

Income Fund) and 0.075% of the average daily net assets in excess of $25 billion of all such funds.

Prior to February 19, 2005, JPMorgan Chase Bank, N.A. ("JPMCB") served as the Funds' Administrator subject to the same fee agreements.

JPMCB and the Administrator waived Administration fees and/or reimbursed expenses as outlined in Note 3.F.

Effective July 1, 2005, J.P. Morgan Investor Services, Co. ("JPMIS") began serving as the Funds' sub-administrator. For its services as sub-administrator, JPMIS receives a portion of the fees payable to the Administrator. Prior to July 1, 2005, BISYS Fund Services, L.P. ("BISYS") served as the Funds' sub-administrator. For its services as sub-administrator, BISYS received a portion of the fees paid to the Administrator.

C. Distribution Fees - Effective February 19, 2005, pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. ("the Distributor"), a wholly-owned subsidiary of JPMorgan, began serving as the Trusts' exclusive underwriter and promotes and arranges for the sale of each Fund's shares.

JPMorgan U.S. Equity Mid/Small Cap Funds107

JPMorgan Funds

NOTES TO FINANCIAL
STATEMENTS

(CONTINUED)

(Unaudited)

Prior to February 19, 2005, J.P. Morgan Fund Distributors, Inc. ("JPMFD"), a wholly-owned subsidiary of The BISYS Group, Inc., served as the Funds' exclusive underwriter. JPMFD received no compensation in its capacity as the Funds' underwriter.

The Trustees have adopted a Distribution Plan (the "Distribution Plan") for Class A, Class B and Class C Shares of the Funds in accordance with Rule 12b-1 under the 1940 Act.

The Distribution Plan provides that each Fund shall pay distribution fees, including payments to the Distributor, at annual rates of the average daily net assets as shown in the table below:

	Distribution Fee Rate
	Class A			Class B			Class C
Capital Growth Fund		0.25	%		0.75	%		0.75	%
Dynamic Small Cap Fund		0.25			0.75			0.75
Mid Cap Equity Fund		n/a			n/a			n/a
Mid Cap Growth Fund		0.25			0.75			n/a
Mid Cap Value Fund		0.25			0.75			0.75
Small Cap Core Fund		n/a			n/a			n/a
Small Cap Equity Fund		0.25			0.75			0.75
U.S. Small Company Fund		n/a			n/a			n/a

In addition, the Distributor is entitled to receive the front-end sales charges from purchases of Class A shares and the contingent deferred sales charges ("CDSC") from redemptions of Class B and Class C shares and certain

Class A shares for which front-end sales charges have been waived. For the period February 19, 2005 to June 30, 2005, the Distributor received the following amounts (in thousands):

	12b-1		Front-end Sales Charges		CDSC
Capital Growth Fund	$	705	$	102	$	10
Dynamic Small Cap Fund		301		15		19
Mid Cap Equity Fund		n/a		n/a		n/a
Mid Cap Growth Fund		53		17		-	(b)
Mid Cap Value Fund		4,385		4,185		185
Small Cap Core Fund		n/a		n/a		n/a
Small Cap Equity Fund		167		218		10
U.S. Small Company Fund		n/a		n/a		n/a

JPMFD and the Distributor waived Distribution Fees as outlined in Note 3.F.

(b) Amount rounds to less than one thousand

JPMorgan U.S. Equity Mid/Small Cap Funds108

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2005

NOTES TO FINANCIAL
STATEMENTS

(Unaudited)

D. Shareholder Servicing Fees - Effective February 19, 2005, the Trusts, on behalf of the Funds, have entered into a Shareholder Servicing Agreement with the Distributor under which the Distributor provides account administration and personal account maintenance

services to the shareholders. For performing these services, the Distributor receives a fee that is computed daily and paid monthly equal to a percentage of the average daily net assets as shown in the table below (%):

	Shareholder Servicing Fee Rate (%)
	Class A		Class B		Class C		Select Class		Institutional Class
Capital Growth Fund		0.25		0.25		0.25		0.25	n/a
Dynamic Small Cap Fund		0.25		0.25		0.25		0.25	n/a
Mid Cap Equity Fund		n/a		n/a		n/a		0.25	n/a
Mid Cap Growth Fund		0.25		0.25		n/a		n/a	n/a
Mid Cap Value Fund		0.25		0.25		0.25		0.25	0.10
Small Cap Core Fund		n/a		n/a		n/a		0.25	n/a
Small Cap Equity Fund		0.25		0.25		0.25		0.25	n/a
U.S. Small Company Fund		n/a		n/a		n/a		0.25	0.10

The Distributor has entered into shareholder services contracts with affiliated and unaffiliated financial intermediaries who provide shareholder services and other related services to their clients or customers who invest in the Funds under which the Distributor will pay all or a portion of fees earned to such financial intermediaries for performing such services.

Prior to February 19, 2005, JPMCB served as the Funds' Shareholder Servicing Agent. JPMCB was subject to the fee rates disclosed in the previous table.

JPMCB and the Distributor waived shareholder servicing fees as outlined in Note 3.F.

E. Custodian and Fund Accounting Fees - JPMCB provides portfolio custody and fund accounting services for the Funds. The amounts paid directly to JPMCB by the Funds for custody and fund accounting services are included in custodian and accounting fees in the Statement of Operations. The custodian fees may be reduced by credits earned by each Fund, based on uninvested cash balances held by the custodian. Such earnings credits are presented separately in the Statement of Operations.

F. Waivers and Reimbursements - The Advisor, Administrator and Distributor have contractually agreed to waive fees or reimburse the Funds to the extent that total operating expenses (excluding dividend expenses on short sales, interest, taxes, extraordinary expenses and expenses related to the Board of Trustees' deferred

JPMorgan U.S. Equity Mid/Small Cap Funds109

JPMorgan Funds

NOTES TO FINANCIAL
STATEMENTS

(CONTINUED)

(Unaudited)

compensation plan) exceed the percentages of the Funds' respective average daily net assets as shown in the table below:

	Class A			Class B			Class C			Select Class			Institutional Class
Capital Growth Fund		1.35	%		1.85	%		1.85	%		0.93	%	n/a
Dynamic Small Cap Fund		1.50			2.12			2.12			1.10		n/a
Mid Cap Equity Fund		n/a			n/a			n/a			1.00		n/a
Mid Cap Growth Fund		1.35			2.05			n/a			n/a		n/a
Mid Cap Value Fund		1.25			2.00			2.00			1.00			0.75	%
Small Cap Core Fund		n/a			n/a			n/a			0.80		n/a
Small Cap Equity Fund		1.38			2.12			2.12			0.85		n/a
U.S. Small Company Fund		n/a			n/a			n/a			1.01			0.83

The contractual expense limitation agreements were in effect for the six months ended June 30, 2005. The expense limitation percentages in the table above are due to expire April 30, 2006.

For the six months ended June 30, 2005, the Funds' service providers waived fees and contractually reimbursed expenses for each of the Funds as follows (amounts in thousands). None of these parties expects the Funds to repay any such waived fees and reimbursed expenses in future years.

	Contractual Waivers
	Investment Advisory		Administration		Shareholder Servicing		Distribution	Total
FUND
Capital Growth Fund	n/a			n/a		n/a	n/a		n/a
Dynamic Small Cap Fund	n/a		$	15	$	26	n/a	$	41
Mid Cap Equity Fund	n/a			2		103	n/a		105
Mid Cap Growth Fund		17		20		50	n/a		87
Mid Cap Value Fund		1,638		438		1,066	n/a		3,142
Small Cap Core Fund	n/a			2		259	n/a		261
Small Cap Equity Fund	n/a			20		290	n/a		310
U.S. Small Company Fund	n/a			50		55	n/a		105

Voluntary Waivers

Investment
Advisory

Administration

Shareholder
Servicing

Total

Contractual
Reimbursements

FUND

Capital Growth Fund

n/a

Dynamic Small Cap Fund

n/a

Mid Cap Equity Fund

n/a

116

n/a

Mid Cap Value Fund

344

131

n/a

475

n/a

Small Cap Core Fund

n/a

101

721

822

n/a

Small Cap Equity Fund

n/a

JPMorgan U.S. Equity Mid/Small Cap Funds110

SEMI-ANNUAL REPORT JUNE 30

2005

NOTES TO FINANCIAL
STATEMENTS

(Unaudited)

G. Other - Certain officers of the Trust are affiliated with the Advisor, the Administrator and the Distributor. Such officers receive no compensation from the Funds for serving in their respective roles.

The Trusts adopted a Trustee Deferred Compensation Plan (the "Plan") which allows the independent Trustees to defer the receipt of all or a portion of compensation related to performance of their duties as a Trustee. The deferred fees are invested in various Funds until distribution in accordance with the Plan.

During the period, certain Funds may have purchased securities from an underwriting syndicate in which the

principal underwriter or members of the syndicate are affiliated with the Advisor.

The Funds may use related party broker/dealers. For the period ended June 30, 2005, the Funds did not incur any brokerage commissions with broker/dealers affiliated with the Advisor.

The SEC has granted an exemptive order permitting
the Funds to engage in principal transactions with
J.P. Morgan Securities, Inc., an affiliated broker, involving taxable money market instruments subject to certain conditions.

4. Class Specific Expenses

The Funds' class specific expenses for the six months ended June 30, 2005 are as follows (amounts in thousands):

	Distribution		Shareholder Servicing		Transfer Agent*
CAPITAL GROWTH FUND
Class A	$	533	$	533		n/a
Class B		161		54		n/a
Class C		30		10		n/a
Select Class		n/a		255		n/a
		724		852		n/a
DYNAMIC SMALL CAP FUND
Class A	$	86	$	86	$	27
Class B		207		69		20
Class C		127		42		11
Select Class		n/a		15		2
		420		212		60
MID CAP EQUITY FUND
Select Class		n/a		296		5
MID CAP GROWTH FUND
Class A	$	63	$	63	$	10
Class B		10		3		1
		73		66		11

JPMorgan U.S. Equity Mid/Small Cap Funds111

JPMorgan Funds

NOTES TO FINANCIAL
STATEMENTS

(CONTINUED)

(Unaudited)

	Distribution		Shareholder Servicing		Transfer Agent*
MID CAP VALUE FUND
Class A	$	2,314	$	2,314	$	345
Class B		764		254		43
Class C		2,495		832		125
Select Class		n/a		1,019		4
Institutional Class		n/a		722		29
		5,573		5,141		546
SMALL CAP CORE FUND
Select		n/a		1,028		6
SMALL CAP EQUITY FUND
Class A	$	172	$	172	$	28
Class B		51		17		3
Class C		3		1		n/a
Select Class		n/a		268		1
		226		458		32
U.S. SMALL COMPANY FUND
Select Class		n/a	$	143	$	6
Institutional Class		n/a		37		2
		n/a		180		8

* Effective February 19, 2005, the Funds no longer bear class specific charges relating to Transfer Agent fees. The amount in the table above relate to the fees charged to each specific class prior to February 19, 2005.

5. Class Specific Distributions

The Funds' class specific distributions from net investment income and realized gain on investment transactions for the six months ended June 30, 2005 and the year ended December 31, 2004 are as follows (amounts in thousands):

	June 30, 2005				December 31, 2004
	Net Investment Income		Realized Gains		Net Investment Income		Realized Gains
CAPITAL GROWTH FUND
Class A	$	-	$	-	$	-	$	53,171
Class B		-		-		-		6,588
Class C		-		-		-		947
Select Class		-		-		-	$	1,142
		-		-		-		61,848
MID CAP EQUITY FUND
Select Class	$	216	$	-	$	627	$	23,640

JPMorgan U.S. Equity Mid/Small Cap Funds112

SEMI-ANNUAL REPORT JUNE 30

2005

NOTES TO FINANCIAL
STATEMENTS

(Unaudited)

	June 30, 2005				December 31, 2004
	Net Investment Income		Realized Gains		Net Investment Income		Realized Gains
MID CAP VALUE FUND
Class A	$	-	$	-	$	2,344	$	16,897
Class B		-		-		-		2,288
Class C		-		-		-		6,079
Select Class		-		-		1,398		5,785
Institutional Class		-		-		4,851		15,152
		-		-		8,593		46,201
SMALL CAP CORE FUND
Select Class	$	-	$	-	$	605	$	87,711
SMALL CAP EQUITY FUND
Class A	$	-	$	-	$	-	$	16,153
Class B		-		-		-		2,612
Class C		-		-		-		-
Select Class		-		-		-		93,537
		-		-		-		112,302
U.S. SMALL COMPANY FUND
Select Class	$	-	$	-	$	-	$	15,506
Institutional Class		-		-		-		12,738
		-		-		-		28,244

6. Investment Transactions

During the year ended June 30, 2005, purchases and sales of investments (excluding short-term investments) were as follows (amounts in thousands):

	Purchases		Sales
FUND
Capital Growth Fund	$	600,745	$	414,333
Dynamic Small Cap Fund		92,172		114,873
Mid Cap Equity Fund		137,725		124,511
Mid Cap Growth Fund		30,994		37,089
Mid Cap Value Fund		2,981,174		787,633
Small Cap Core Fund		192,496		222,346
Small Cap Equity Fund		184,645		149,500
U.S. Small Company Fund		34,422		64,012

JPMorgan U.S. Equity Mid/Small Cap Funds113

JPMorgan Funds

NOTES TO FINANCIAL
STATEMENTS

(CONTINUED)

(Unaudited)

7. Federal Income Tax Matters

For Federal income tax purposes, the cost and unrealized appreciation (depreciation) in value of the investment securities at June 30, 2005, were as follows (amounts in thousands):

	Aggregate Cost		Gross unrealized appreciation		Gross unrealized depreciation			Net Unrealized appreciation (depreciation)
Capital Growth Fund	$	670,079	$	113,677	$	(12,913	)	$	100,764
Dynamic Small Cap Fund		200,377		22,344		(8,685	)		13,659
Mid Cap Equity Fund		215,132		49,969		(2,745	)		47,224
Mid Cap Growth Fund		50,398		9,500		(841	)		8,659
Mid Cap Value Fund		5,898,935		668,283		(81,351	)		586,932
Small Cap Core Fund		950,209		90,282		(40,517	)		49,765
Small Cap Equity Fund		388,666		79,280		(5,765	)		73,515
U.S. Small Company Fund		155,453		32,466		(9,589	)		22,877

8. Borrowings

Effective February 19, 2005, the Funds began relying upon an exemptive order ("Order") permitting the establishment and operation of an Interfund Lending Facility ("Facility"). The Facility allows the Funds to directly lend and borrow money to or from any other fund relying upon the Order at rates beneficial to both the borrowing and lending funds. Advances under the Facility are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund's borrowing restrictions. The Interfund Loan Rate is determined, as specified in the Order, by averaging the current repurchase agreement rate and the current bank loan rate. The Order was granted to JPMorgan Trust II (formerly One Group Mutual Funds) and may be relied upon by the Funds because they are investment companie s in the same "group of investment companies" (as defined in Section 12(d)(1)(G) of the Investment Company Act of 1940).

In addition, effective February 18, 2005, the Trusts and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured,

uncommitted credit facility in the aggregate amount of $100 million to certain of the JPMorgan Funds including the Funds. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund's borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing.

Prior to February 18, 2005, the Funds were allowed to borrow money for temporary or emergency purposes, pursuant to a Line of Credit dated April 17, 2003. This agreement enabled the Funds to participate with other JPMorgan Funds in a line of credit with JPMCB, as administrative agent, and a syndicate of banks, which permitted borrowings up to $250 million, collectively. Interest was charged to each Fund based on its borrowings at an annual rate equal to the sum of the Federal Funds Rate plus 0.50%. The Funds also paid a commitment fee of 0.09% per annum on the average daily amount of the available commitment, which was allocated on a pro-rata basis to the Funds. This agreement was terminated as of February 18, 2005.

JPMorgan U.S. Equity Mid/Small Cap Funds114

SEMI-ANNUAL REPORT JUNE 30

2005

NOTES TO FINANCIAL
STATEMENTS

(Unaudited)

The outstanding borrowings from another fund or from the unsecured uncommitted credit facility and average borrowings for the period ended June 30, 2005, were as follows (in thousands):

	Outstanding Balance at June 30, 2005		Average Borrowings		Number of Days Outstanding		Interest Paid
FUND
Mid Cap Growth Fund	$	-	$	16,842		4	$	1
Mid Cap Value Fund		-		65,256		3		4
Small Cap Equity		-		1,273		1		-	(h)

(h) Amount rounds to less than one thousand

9. Concentrations and Indemnifications

In the normal course of business the Funds enter into contracts that contain a variety of representations which provide general indemnifications. Each Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against each Fund that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.

From time to time, the Funds may have a concentration of several shareholders which may be a related party, holding a significant percentage of shares outstanding. Investment activities of these shareholders could have a material impact on the Funds.

10. Transfer-In-Kind

During the fiscal year ended December 31, 2004, certain shareholders of the Small Cap Equity Fund redeemed from the Select Class and the Fund paid the redemption proceeds primarily by means of a redemption in-kind of the Fund's portfolio securities. Cash and portfolio securities were transferred on the dates, at the market values listed, and gains for book purposes which resulted from the redemptions in-kind are listed below (amount in thousands):

Date

Market Value

Realized Gain

Type

FUND

Redemption

Small Cap Equity

12/06/04

518,018

159,702

in-kind

11. Subsequent Events

The Board of Trustees of the Mid Cap Growth Fund approved changing the Fund's name to Growth Advantage Fund, as well as changing its investment objective, strategy and process, to be effective August 17, 2005. In addition, the Board approved a

change in benchmark from the Russell Mid Cap Growth Index to the Russell 3000 Growth Index.

As of the close of business on August 15, 2005, the Mid Cap Equity Fund will be publicly offered on a limited basis. Investors will not be eligible to purchase shares of the Fund unless they meet certain requirements.

JPMorgan U.S. Equity Mid/Small Cap Funds115

JPMorgan Funds

TRUSTEES

(Unaudited)

Name (Year of Birth);
Positions With
the Trusts (Since)

Principal Occupations
During Past 5 Years

Number of
Funds in Fund
Complex Overseen
by Trustee(1)

Other Directorships Held
Outside Fund Complex

Independent Trustees

William J. Armstrong (1941); Trustee of Trust since 2005; Trustee of heritage JPMorgan Funds since 1987.

Retired; Vice President & Treasurer of Ingersoll-Rand Company (manufacturer of industrial equipment) (1972-2000).

114

None.

Roland R. Eppley, Jr. (1932); Trustee of Trust since 2005; Trustee of heritage JPMorgan Funds since 1989.

Retired; President & Chief Executive Officer, Eastern Sales Bankcard (1971-1988).

114

Director, Janel Hydro, Inc. (automotive) (1993-present).

John F. Finn
(1947); Trustee of Trust since 2005. Trustee of heritage One Group Mutual Funds since 1998.

President and Chief Executive Officer of Gardner, Inc. (wholesale distributor to outdoor power equipment industry) (1979-present).

113

Director, Cardinal Health, Inc (CAH) (1994-present).

Dr. Matthew Goldstein (1941); Trustee of Trust since 2005; Trustee of heritage JPMorgan Funds since 2003.

Chancellor of the City University of New York (1999-present); President, Adelphi University (New York) (1998-1999).

114

Trustee of Bronx-Lebanon Hospital Center (1992-present); Director of New Plan Excel Realty Trust, Inc. (real estate investment trust) (2000-present); Director of Lincoln Center Institute for the Arts in Education (1999-present).

Robert J. Higgins
(1945); Trustee of Trust since 2005; Trustee of heritage JPMorgan Funds since 2002.

Retired; Director of Administration of the State of Rhode Island (2003-2004); President – Consumer Banking and Investment Services, Fleet Boston Financial (1971-2001).

114

Director of Providian Financial Corp. (banking) (2002-present).

Peter C. Marshall
(1942); Trustee of Trust since 2005. Trustee of heritage One Group Mutual Funds since 1985.

Self-employed business consultant (2002-present); Senior Vice President, W.D. Hoard, Inc. (corporate parent of DCI Marketing, Inc.) (2000-2002); President, DCI Marketing, Inc. (1992-2000).

113

None.

Marilyn McCoy
(1948); Trustee of Trust since 2005. Trustee of heritage One Group Mutual Funds since 1999.

Vice President of Administration and Planning, Northwestern University (1985-present).

113

Director, Mather LifeWays (1994-present); Director, Carleton College (2003-present).

William G. Morton, Jr. (1937); Trustee of Trust since 2005; Trustee of heritage JPMorgan Funds since 2003.

Retired; Chairman Emeritus (2001-2002), and Chairman and Chief Executive Officer, Boston Stock Exchange (1985- 2001).

114

Director of Radio Shack Corporation (electronics) (1987-present); Director of The National Football Foundation and College Hall of Fame (1994-present); Trustee of the Berklee College of Music (1998-present); Trustee of the Stratton Mountain School (2001-present).

Robert A. Oden, Jr. (1946); Trustee of Trust since 2005. Trustee of heritage One Group Mutual Funds since 1997.

President, Carleton College (2002-present); President, Kenyon College (1995-2002).

113

Director, American University in Cairo.

JPMorgan U.S. Equity Mid/Small Cap Funds 116

SEMI-ANNUAL REPORT JUNE 30

2005

TRUSTEES

(Unaudited)

Name (Year of Birth);
Positions With
the Trusts (Since)

Principal Occupations
During Past 5 Years

Number of
Funds in Fund
Complex Overseen
by Trustee(1)

Other Directorships Held
Outside Fund Complex

Independent Trustees (continued)

Fergus Reid, III
(1932); Trustee of Trust (Chairman) since 2005; Trustee (Chairman) of heritage JPMorgan Funds since 1987.

Chairman of Lumelite Corporation (plastics manufacturing) (2003-present); Chairman and Chief Executive Officer of Lumelite Corporation (1985-2002).

114

Trustee of Morgan Stanley Funds (209 portfolios) (1995-present).

Frederick W. Ruebeck (1939); Trustee of Trust since 2005. Trustee of heritage One Group Mutual Funds since 1990.

Advisor, Jerome P. Green & Associates, LLC (broker-dealer) (2002-present); Investment Officer, Wabash College (2004-present); self-employed consultant (January 2000-present); Director of Investments, Eli Lilly and Company (1988-1999).

113

Director, AMS Group (2001-present); Director, Wabash College (1988-present); Trustee, Seabury-Western Theological Seminary (1993-present); Chairman, Indianapolis Symphony Orchestra Foundation (1994-present).

James J. Schonbachler (1943); Trustee of Trust since 2005; Trustee of heritage JPMorgan Funds since 2001.

Retired; Managing Director of Bankers Trust Company (financial services) (1968-1998).

114

None.

Interested Trustee

Leonard M. Spalding, Jr.** (1935); Trustee of Trust since 2005; Trustee of heritage JPMorgan Funds since 1998.

Retired; Chief Executive Officer of Chase Mutual Funds (investment company) (1989-1998); President & Chief Executive Officer of Vista Capital Management (investment management) (1990-1998); Chief Investment Executive of Chase Manhattan Private Bank (investment management) (1990-1998).

114

None.

(1) A Fund Complex means two or more registered investment companies that hold themselves out to investors as related companies for purposes of investment and investor services or have a common investment adviser or have an investment adviser that is an affiliated person of the investment adviser of any of the other registered investment companies. The JPMorgan Funds Complex for which the Board of Trustees serves includes nine registered investment companies (114 funds) as of August 29, 2005.

* This Trustee does not oversee the UM Investment Trust II which is the registered investment company for the Undiscovered Managers Spinnaker Fund, and therefore oversees eight registered investment companies (113 funds) as of August 29, 2005.

** Mr. Spalding is deemed to be an "interested person" due to his ownership of JPMorgan Chase stock.

The contact address for each of the Trustees is 522 Fifth Avenue, New York, NY 10036.

JPMorgan U.S. Equity Mid/Small Cap Funds 117

JPMorgan Funds

OFFICERS

(Unaudited)

Name (Year of Birth), Positions Held with the Trusts (Since)				Principal Occupations During Past 5 Years
George C.W. Gatch (1962), President (2005)				Managing Director of JPMorgan Investment Management Inc.; Director and President, JPMorgan Distribution Services, Inc. and JPMorgan Funds Management, Inc. since 2005. Mr. Gatch is CEO and President of JPMorgan Funds. Mr. Gatch has been an employee since 1986 and has held positions such as President and CEO of DKB Morgan, a Japanese mutual fund company which was a joint venture between J.P. Morgan and Dai-Ichi Kangyo Bank, as well as positions in business management, marketing and sales.

Robert L. Young (1963), Senior Vice President (2005)*				Director and Vice President of JPMorgan Distribution Services, Inc. and JPMorgan Funds Management, Inc.; Chief Operating Officer, JPMorgan Funds since 2005, and One Group Mutual Funds from 2001 until 2005. Mr. Young was Vice President and Treasurer, JPMorgan Funds Management, Inc. (formerly One Group Administrative Services) and Vice President and Treasurer, JPMorgan Distribution Services, Inc. (formerly One Group Dealer Services, Inc.) from 1999 to 2005.

Patricia A. Maleski (1960), Vice President and Chief Administrative Officer (2005)				Vice President, JPMorgan Funds Management, Inc.; previously, Treasurer, JPMorgan Funds and Head of Funds Administration and Board Liaison. Ms. Maleski was Vice President of Finance for the Pierpont Group, Inc., an independent company owned by the Board of Directors/Trustees of the JPMorgan Funds, prior to joining J.P. Morgan Chase & Co. in 2001.

Stephanie J. Dorsey (1969), Treasurer (2005)*				Vice President, JPMorgan Funds Management, Inc.; Director of Mutual Fund Administration, JPMorgan Funds Management, Inc. (formerly One Group Administrative Services), from 2004 to 2005; Ms. Dorsey worked for JP Morgan Chase & Co., (formerly Bank One Corporation) from 2003 to 2004; prior to joining Bank One Corporation, she was a Senior Manager specializing in Financial Services audits at PricewaterhouseCoopers LLP from 1992 through 2002.

Stephen M. Ungerman (1953), Senior Vice President and Chief Compliance Officer (2005)				Senior Vice President, JPMorgan Chase & Co.; Mr. Ungerman was head of Fund Administration – Pooled Vehicles from 2000 to 2004. Mr. Ungerman held a number of positions in Prudential Financial's asset management business prior to 2000.

Paul L. Gulinello (1950), AML Compliance Officer (2005)				Vice President and Anti Money Laundering Compliance Officer for JPMorgan Asset Management Americas, additionally responsible for personal trading and compliance testing since 2004; Treasury Services Operating Risk Management and Compliance Executive supporting all JPMorgan Treasury Services business units from July 2000 to 2004.

Stephen M. Benham (1959), Secretary (2005)				Vice President and Assistant General Counsel, JPMorgan Chase & Co. since 2004; Vice President (Legal Advisory) of Merrill Lynch Investment Managers, L.P. from 2000 to 2004; attorney associated with Kirkpatrick & Lockhart LLP from 1997 to 2000.

Elizabeth A. Davin (1964), Assistant Secretary (2005)*				Vice President and Assistant General Counsel, JPMorgan Chase & Co. since 2005;Senior Counsel, JPMorgan Chase & Co. (formerly Bank One Corporation) from 2004-2005; Assistant General Counsel and Associate General Counsel and Vice President, Gartmore Global Investments, Inc. from 1999 to 2004.

Jessica K. Ditullio (1962), Assistant Secretary (2005)*				Vice President and Assistant General Counsel, JPMorgan Chase & Co. since 2005; Ms. Ditullio has served as attorney with various titles for JP Morgan Chase & Co. (formerly Bank One Corporation) since 1990.

Nancy E. Fields (1949), Assistant Secretary (2005)*				Vice President, JPMorgan Funds Management, Inc. and JPMorgan Distribution Services, Inc.; From 1999 to 2005, Director, Mutual Fund Administration, JPMorgan Funds Management, Inc. (formerly One Group Administrative Services, Inc.) and Senior Project Manager, Mutual Funds, JPMorgan Distribution Services, Inc. (formerly One Group Dealer Services, Inc).

Ellen W. O'Brien (1957), Assistant Secretary (2005)**				Assistant Vice President, JPMorgan Investor Services, Co., responsible for Blue Sky registration. Ms. O'Brien has served in this capacity since joining the firm in 1991.

Suzanne E. Cioffi (1967), Assistant Treasurer (2005)				Vice President, JPMorgan Funds Management, Inc., responsible for mutual fund financial reporting. Ms. Cioffi has overseen various fund accounting, custody and administration conversion projects during the past five years.

JPMorgan U.S. Equity Mid/Small Cap Funds 118

SEMI-ANNUAL REPORT JUNE 30

2005

OFFICERS (CONTINUED)

(Unaudited)

Name (Year of Birth), Positions Held with the Trusts (Since)				Principal Occupations During Past 5 Years
Christopher D. Walsh (1965), Assistant Treasurer (2005)				Vice President, JPMorgan Funds Management, Inc. Mr. Walsh has managed all aspects of institutional and retail mutual fund administration and vendor relationships within the mutual funds, commingled/ERISA funds, 3(c)(7) funds, hedge funds and LLC products. Mr. Walsh was a director of Mutual Fund Administration at Prudential Investments from 1996 to 2000.

Arthur A. Jensen (1966), Assistant Treasurer (2005)*				Vice President, JPMorgan Funds Management, Inc. since April 2005; formerly, Vice President of Financial Services of BISYS Fund Services, Inc. from 2001 until 2005; Mr. Jensen was Section Manager at Northern Trust Company and Accounting Supervisor at Allstate Insurance Company prior to 2001.

The contact address for each of the officers, unless otherwise noted, is 522 Fifth Avenue, New York, NY 10036.

* The contact address for the officer is 1111 Polaris Parkway, Columbus, OH 43271.

** The contact address for the officer is 73 Tremont Street, Floor 1, Boston MA 02108.

JPMorgan U.S. Equity Mid/Small Cap Funds 119

JPMorgan Funds

SCHEDULE OF SHAREHOLDER EXPENSES

Hypothetical $1,000 Investment at Beginning of Period

June 30, 2005

(Unaudited)

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and redemption fees and (2) ongoing costs, including investment advisory, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period, January 1, 2005, and continued to hold your shares at the end of the reporting period, June 30, 2005.

Actual Expenses

For each Class of each Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

JPMorgan U.S. Equity Mid/Small Cap Funds 120

SEMI-ANNUAL REPORT JUNE 30

2005

SCHEDULE OF SHAREHOLDER EXPENSES

Hypothetical $1,000 Investment at Beginning of Period

June 30, 2005

(Unaudited)

	Beginning Account Value		Ending Account Value, June 30, 2005		Expenses Paid During Period		Annualized Expense Ratio
DYNAMIC SMALL CAP FUND
Class A
Actual**	$	1,000	$	982.70	$	7.37		1.50	%
Hypothetical**	$	1,000	$	1017.36	$	7.50		1.50	%
Class B
Actual**	$	1,000	$	980.00	$	10.06		2.05	%
Hypothetical**	$	1,000	$	1,014.63	$	10.24		2.05	%
Class C
Actual**	$	1,000	$	979.90	$	10.01		2.04	%
Hypothetical**	$	1,000	$	1,014.68	$	10.19		2.04	%
Select Class
Actual**	$	1,000	$	984.10	$	5.41		1.10	%
Hypothetical**	$	1,000	$	1,019.34	$	5.51		1.10	%
MID CAP EQUITY FUND
Select Class
Actual**	$	1,000	$	1,037.9	$	4.55		0.90	%
Hypothetical**	$	1,000	$	1,020.33	$	4.51		0.90	%
SMALL CAP CORE FUND
Select Class
Actual**	$	1,000	$	996.30	$	3.96		0.80	%
Hypothetical**	$	1,000	$	1,020.83	$	4.01		0.80	%
CAPITAL GROWTH FUND
Class A
Actual**	$	1,000	$	1,023.40	$	5.97		1.19	%
Hypothetical**	$	1,000	$	1,018.89	$	5.96		1.19	%
Class B
Actual**	$	1,000	$	1,021.00	$	8.52		1.70	%
Hypothetical**	$	1,000	$	1,016.36	$	8.50		1.70	%
Class C
Actual**	$	1,000	$	1,021.00	$	8.42		1.68	%
Hypothetical**	$	1,000	$	1,016.46	$	8.40		1.68	%
Select Class
Actual**	$	1,000	$	1,025.00	$	4.52		0.90	%
Hypothetical**	$	1,000	$	1,020.33	$	4.51		0.90	%

JPMorgan U.S. Equity Mid/Small Cap Funds 121

JPMorgan Funds

SCHEDULE OF SHAREHOLDER EXPENSES

Hypothetical $1,000 Investment at Beginning of Period

June 30, 2005

(Unaudited)

	Beginning Account Value		Ending Account Value, June 30, 2005		Expenses Paid During Period		Annualized Expense Ratio
SMALL CAP EQUITY FUND
Class A
Actual**	$	1,000	$	1,031.00	$	6.85		1.36	%
Hypothetical**	$	1,000	$	1,018.05	$	6.80		1.36	%
Class B
Actual**	$	1,000	$	1,028.30	$	9.56		1.90	%
Hypothetical**	$	1,000	$	1,015.37	$	9.49		1.90	%
Class C
Actual*	$	1,000	$	1,027.90	$	6.67		1.86	%
Hypothetical**	$	1,000	$	1,015.57	$	9.30		1.86	%
Select Class
Actual**	$	1,000	$	1,033.60	$	4.29		0.85	%
Hypothetical**	$	1,000	$	1,020.58	$	4.26		0.85	%
U.S.SMALL COMPANY FUND
Select Class
Actual**	$	1,000	$	997.10	$	5.00		1.01	%
Hypothetical**	$	1,000	$	1,019.79	$	5.06		1.01	%
Institutional Class
Actual**	$	1,000	$	997.80	$	4.11		0.83	%
Hypothetical**	$	1,000	$	1,020.68	$	4.16		0.83	%
MID CAP GROWTH FUND
Class A
Actual**	$	1,000	$	1,022.60	$	6.77		1.35	%
Hypothetical**	$	1,000	$	1,018.10	$	6.76		1.35	%
Class B
Actual**	$	1,000	$	1,019.90	$	10.27		2.05	%
Hypothetical**	$	1,000	$	1,014.63	$	10.24		2.05	%

JPMorgan U.S. Equity Mid/Small Cap Funds 122

SEMI-ANNUAL REPORT JUNE 30

2005

SCHEDULE OF SHAREHOLDER EXPENSES

Hypothetical $1,000 Investment at Beginning of Period

June 30, 2005

(Unaudited)

	Beginning Account Value		Ending Account Value, June 30, 2005		Expenses Paid During Period		Annualized Expense Ratio
MID CAP VALUE FUND
Class A
Actual**	$	1,000	$	1,049.40	$	6.35		1.25	%
Hypothetical**	$	1,000	$	1,018.60	$	6.26		1.25	%
Class B
Actual**	$	1,000	$	1,046.60	$	9.08		1.79	%
Hypothetical**	$	1,000	$	1,015.92	$	8.95		1.79	%
Class C
Actual**	$	1,000	$	1,046.50	$	9.03		1.78	%
Hypothetical**	$	1,000	$	1,015.97	$	8.90		1.78	%
Select Class
Actual**	$	1,000	$	1,050.90	$	5.09		1.00	%
Hypothetical**	$	1,000	$	1,019.84	$	5.01		1.00	%
Institutional Class
Actual**	$	1,000	$	1,052.00	$	3.82		0.75	%
Hypothetical**	$	1,000	$	1,021.08	$	3.76		0.75	%

* Beginning account value as of February 19, 2005 (commencement of offering of Classes A and C Shares) and expenses paid during the period from February 19, 2005 through June 30, 2005.

** Beginning account value as of January 1, 2005 and expenses paid during the period from January 1, 2005 through June 30, 2005.

JPMorgan U.S. Equity Mid/Small Cap Funds 123

THIS PAGE IS INTENTIONALLY LEFT BLANK

JPMorgan Funds are distributed by JPMorgan Distribution Services, Inc., which is an affiliate of JPMorgan Chase & Co. Affiliates of JPMorgan Chase & Co. receive fees for providing various services to the funds.

This report is submitted for the general information of the shareholders of the Funds. It is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by a prospectus.

The financial information in this report has been taken from the books and records of the Funds without examination by independent auditors, who express no opinion thereon.

Contact JPMorgan Funds Service Center at 1-800-480-4111 for a fund prospectus. You can also visit us at www.jpmorganfunds.com. Investors should carefully consider the investment objectives and risk as well as charges and expenses of the mutual fund before investing. The prospectus contains this and other information about the mutual fund. Read the prospectus carefully before investing.

No sooner than 30 days after the end of each month, each Fund will make available upon request a complete uncertified schedule of its portfolio holdings as of the last day of that month. Not later than 60 days after the end of each fiscal quarter, each Fund will make available a complete schedule of its portfolio holdings as of the last day of that quarter, as filed in a certified filing with the SEC. In addition to providing hard copies upon request, the Fund will post these quarterly schedules on the Funds' website at www.jpmorganfunds.com and on the SEC's website at www.sec.gov.

Shareholders may request portfolio holdings schedules at no charge by calling 1-800-480-4111.

A description of each Fund's policies and procedures with respect to the disclosure of each Fund's portfolio holdings is available in the Statement of Additional Information.

A copy of proxy policies and procedures are available without charge upon request by calling 1-800-480-4111 and on the SEC's website at www.sec.gov. The Trustees have delegated the authority to vote proxies for securities owned by the Fund to JPMIM. A copy of the Fund's voting record is available on the SEC's website at www.sec.gov or at the Fund's website at www.jpmorganfunds.com. The Fund's proxy voting record will include, among other things, a brief description of the matter voted on for each portfolio security, and will state how each vote was cast, for example, for or against the proposal.

PRSRT STD

U.S. POSTAGE

PAID

PERMIT 2891

KANSAS CITY, MO

SAN-SMC-605

JPMorgan Funds Fulfillment Center
6112 W. 73rd Street
Bedford Park, IL 60638

ITEM 2. CODE OF ETHICS.

Disclose whether, as of the end of the period covered by the report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. If the registrant has not adopted such a code of ethics, explain why it has not done so.

Not applicable to a semi-annual report.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

(a) (1) Disclose that the registrant’s board of directors has determined that the registrant either:

(i) Has at least one audit committee financial expert serving on its audit committee; or

(ii) Does not have an audit committee financial expert serving on its audit committee.

(2) If the registrant provides the disclosure required by paragraph (a)(1)(i) of this Item, it must disclose the name of the audit committee financial expert and whether that person is “independent.” In order to be considered “independent” for purposes of this Item, a member of an audit committee may not, other than in his or her capacity as a member of the audit committee, the board of directors, or any other board committee:

(i) Accept directly or indirectly any consulting, advisory, or other compensatory fee from the issuer; or

(ii) Be an “interested person” of the investment company as defined in Section 2(a)(19) of the Act (15 U.S.C. 80a-2(a)(19)).

(3) If the registrant provides the disclosure required by paragraph (a)(1)(ii) of this Item, it must explain why it does not have an audit committee financial expert.

Not applicable to a semi-annual report.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a) Disclose, under the caption AUDIT FEES, the aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years.

(b) Disclose, under the caption AUDIT-RELATED FEES, the aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

(c) Disclose, under the caption TAX FEES, the aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

(d) Disclose, under the caption ALL OTHER FEES, the aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

(e) (1) Disclose the audit committee’s pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

(2) Disclose the percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) If greater than 50 percent, disclose the percentage of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.

(g) Disclose the aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant.

(h) Disclose whether the registrant’s audit committee of the board of directors has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any subadviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

Not applicable to a semi-annual report.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

(a) If the registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act (17CFR 240.10A-3), state whether or not the registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)). If the registrant has such a committee, however designated, identify each committee member. If the entire board of directors is acting as the registrant’s audit committee as specified in Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)), so state.

(b)If applicable, provide the disclosure required by Rule 10A-3(d) under the Exchange Act (17CFR 240.10A-3(d)) regarding an exemption from the listing standards for all audit committees.

Not applicable to a semi-annual report.

ITEM 6. SCHEDULE OF INVESTMENTS

File Schedule I - Investments in securities of unaffiliated issuers as of the close of the reporting period as set forth in Section 210.12-12 of Regulation S-X, unless the schedule is included as part of the report to shareholders filed under Item 1 of this Form.

Included in Item 1.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

A closed-end management investment company that is filing an annual report on this Form N-CSR must, unless it invests exclusively in non-voting securities, describe the policies and procedures that it uses to determine how to vote proxies relating to portfolio securities, including the procedures that the company uses when a vote presents a conflict between the interests of its shareholders, on the one hand, and those of the company’s investment adviser; principal underwriter; or any affiliated person (as defined in Section 2(a)(3) of the Investment Company Act of 1940 (15 U.S.C. 80a-2(a)(3)) and the rules thereunder) of the company, its investment adviser, or its principal underwriter, on the other. Include any policies and procedures of the company’s investment adviser, or any other third party, that the company uses, or that are used on the company’s behalf, to determine how to vote proxies relating to portfolio securities.

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PURCHASE OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

(a) If the registrant is a closed-end management investment company, provide the information specified in paragraph (b) of this Item with respect to any purchase made by or on behalf of the registrant or any “affiliated purchaser,” as defined in Rule 10b-18(a)(3) under the Exchange Act (17 CFR 240.10b-18(a)(3)), of shares or other units of any class of the registrant’s equity securities that is registered by the registrant pursuant to Section 12 of the Exchange Act (15 U.S.C. 781).

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

Describe any material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14A (17 CFR 240.14a-101), or this Item.

Not applicable.

ITEM 11. CONTROLS AND PROCEDURES.

(a) Disclose the conclusions of the registrant’s principal executive and principal financial officers, or persons performing similar functions, regarding the effectiveness of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b))

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-CSR 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-CSR 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) Disclose any change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

J.P. Morgan Investors Services Co. began serving as the sub-administrator and, in such capacity, assisted with financial reporting for the period covered by this report. (JPMorgan Funds Management, Inc. (formerly known as One Group Administrative Services, Inc.) began serving as the Registrant’s Administrator effective February 19, 2005.) The Administrator and sub-administrator prepare financial reports and administrative filings on behalf of the Registrant. All pre-existing policies and procedures remain substantially the same.

ITEM 12. EXHIBITS.

(a) File the exhibits listed below as part of this Form. Letter or number the exhibits in the sequence indicated.

(a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit.

Not applicable.

(a)(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2).

Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 are attached hereto.

(a)(3) Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.

Not applicable.

(b) A separate or combined certification for each principal executive officer and principal officer of the registrant as required by Rule 30a-2(b) under the Act of 1940.

Certifications pursuant to Rule 30a-2(b) 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.

J.P. Morgan Fleming Mutual Fund Group, Inc.

By:	/s/ George C.W. Gatch
	George C.W. Gatch
	President and Principal Executive Officer
	September 7, 2005

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
	George C.W. Gatch
	President and Principal Executive Officer
	September 7, 2005

By:	/s/ Stephanie J. Dorsey
	Stephanie J. Dorsey
	Treasurer and Principal Financial Officer
	September 7, 2005

JP Morgan Fleming Mutual Fund N-CSRSCertified semi-annual shareholder report (management investment company)