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: 811-07874

JPMorgan Investment Trust
(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

Date of reporting period: January 1, 2005 to December 31, 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).

[INSERT--JPMORGAN INVESTMENT TRUST ANNUAL REPORTS, DECEMBER 31, 2005]

ANNUAL REPORT DECEMBER 31, 2005

JPMorgan
Investment
Trust

JPMorgan Investment Trust Mid Cap Growth Portfolio

NOT FDIC INSURED o NO BANK GUARANTEE o MAY LOSE VALUE [JPMORGAN LOGO]
This material must be preceded or accompanied by a current prospectus. Asset Management

JPMORGAN INVESTMENT TRUST MID CAP GROWTH PORTFOLIO
- --------------------------------------------------------------------------------

TABLE OF CONTENTS

<Table>

President's Letter ......................................... 2

Portfolio Commentary ....................................... 3

Schedule of Portfolio Investments .......................... 5

Statement of Assets and Liabilities ........................ 8

Statement of Operations .................................... 9

Statement of Changes in Net Assets ......................... 10

Financial Highlights ....................................... 11

Notes to Financial Statements .............................. 12

Report of Independent Registered Public Accounting Firm..... 17

Trustees ................................................... 18

Officers ................................................... 20

Schedule of Shareholder Expenses ........................... 22

Board Approval of Investment Advisory Agreements............ 23

</Table>

HIGHLIGHTS

- - The U.S. equity market overcame several challenges.

- - FOMC raised rates at a measured pace.

- - The outlook for equity markets is somewhat mixed.

Investments in the Portfolio 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 Portfolio'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 the Portfolio 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 Portfolio.

This Portfolio is intended to be a funding vehicle for variable annuity
contracts and variable life insurance policies (collectively "Policies") offered
by separate accounts of participating insurance companies. Portfolio shares are
also offered to qualified pension and retirement plans ("Eligible Plans").
Individuals may not purchase shares directly from the Portfolio.

Prospective investors should refer to the Portfolio's prospectus for a
discussion of the Portfolio's investment objective, strategies and risks. Call
JPMorgan Funds Service Center at 1-800-480-4111 for a prospectus containing more
complete information about a Portfolio including management fees and other
expenses. Please read it carefully before investing.

JPMORGAN INVESTMENT TRUST ANNUAL REPORT December 31, 2005

JPMORGAN INVESTMENT TRUST MID CAP GROWTH PORTFOLIO
- --------------------------------------------------------------------------------

PRESIDENT'S LETTER (UNAUDITED) JANUARY 10, 2006

DEAR SHAREHOLDER:

We are pleased to present this annual report for the JPMorgan Investment Trust
Mid Cap Growth Portfolio. Inside, you'll find information detailing the
performance of the Portfolio for the year ended December 31, 2005, along with a
report from the Portfolio Managers.

STOCKS PRODUCE MODEST GAINS
The U.S. equity market overcame several challenges during the reporting period,
including rising interest rates, surging oil prices, a devastating hurricane
season and geopolitical issues. While these factors often overshadowed solid
corporate profit growth, the overall market ultimately produced positive returns
during the year.

As expected, the Federal Open Market Committee (FOMC) continued to raise
interest rates at a measured pace in an attempt to control inflation. After five
rate hikes in 2004, the FOMC raised rates eight additional times in 2005. All
told, short-term rates moved to 4.25% by the end of the period. Despite these
actions and the destruction inflicted by the Gulf Coast hurricanes, the U.S.
economy continued to expand at a brisk pace in 2005. U.S. gross domestic product
(GDP) was 3.8% in the first quarter of the year. Higher oil prices, which
surpassed $70 a barrel, were cited as a reason for a fall in GDP to 3.1% in the
second quarter of 2005. However, the economy demonstrated its resiliency by
expanding 4.1% in the third quarter. While the estimate for fourth-quarter GDP
has not yet been released by the U.S. Department of Commerce, another gain
cannot be ruled out.

MIXED STOCK PERFORMANCE
The broad stock market, as measured by the S&P 500 Index, returned 4.91% in the
period. While there were hopes for another strong rally in the fourth quarter of
the year -- similar to the 12.18% and 9.23% returns in the fourth quarters of
2003 and 2004, respectively -- this did not come to pass in 2005. Concerns over
further rate hikes by the FOMC and inflationary pressures tempered the market's
gains at the end of the year. Elsewhere during the year, mid-capitalization
stocks generated superior returns, with the Russell Midcap Index gaining 12.65%.
Large-capitalization stocks outperformed their small-capitalization counterparts
in the period, as the Russell 1000 Index at 6.12% outperformed the Russell 2000
Index at 4.55%, respectively.

OUTLOOK
The outlook for equity markets is somewhat mixed. Positives include a solid
economy, relatively lower oil prices and the possibility of the FOMC ending its
interest rate hike campaign. On the other hand, corporate profits are expected
to decelerate in 2006. In addition, should inflation increase, the FOMC may
continue to raise rates. Given these uncertainties, investors should take a
long-term approach with investments and maintain a diversified portfolio.

On behalf of us all at JPMorgan Asset Management, thank you for your confidence
and the continued trust you have placed in us. We 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,

/s/ George C.W. Gatch
George C.W. Gatch
President
JPMorgan Funds

JPMORGAN INVESTMENT TRUST ANNUAL REPORT December 31, 2005

JPMORGAN INVESTMENT TRUST MID CAP GROWTH PORTFOLIO
- --------------------------------------------------------------------------------

PORTFOLIO COMMENTARY (UNAUDITED)

Q: HOW DID THE PORTFOLIO PERFORM?
A. The JPMorgan Investment Trust Mid Cap Growth Portfolio, which seeks growth of
capital and secondarily, current income by investing primarily in equity
securities*, returned 11.09% in the 12 months ended December 31, 2005, compared
to its benchmark, the Russell Midcap Growth Index, which returned 12.10% in the
same period.

Q: WHY DID THE PORTFOLIO PERFORM IN THIS WAY?
A. The outlook for interest rates dominated U.S. equity market activity in 2005
as investors attempted to determine when Federal Reserve rate hikes would come
to an end. Although there were bumps in the road, most particularly a slowdown
in growth and rise in inflation following the hurricanes of late summer, the
economy was generally supportive of equity gains in 2005. Equity markets also
were supported by continued strength in corporate profits.

Despite posting a solid absolute return for the year, the Portfolio
underperformed its benchmark, primarily due to stock selection in the consumer
discretionary and information technology and sectors. At the individual stock
level, VeriSign Inc. and FLIR Systems Inc. were large detractors to performance.
FLIR Systems, a manufacturer of thermal imaging and infrared camera systems,
reduced its full year outlook due to disappointing results in its imaging
business and its European thermography division. FLIR Systems reduced its full
year outlook as it did not expect to make up the third-quarter shortfall in
earnings and revenue during the fourth quarter. VeriSign, an internet and
telecommunication infrastructure provider, experienced decreasing sales in its
ring tone business divisions sending the stock price lower.

The Portfolio was positively impacted by stock selection in the industrials and
energy sectors. Individual holdings such as Omnicare Inc. and Grant Prideco,
Inc. were among the top contributors for the year. Omnicare, a leading provider
of pharmaceutical care for the elderly, acquired rival provider NeighborCare
Inc. The transaction increases Omnicare's market share in the pharmaceutical
care services industry, as well as produces cost-saving synergies that could
lead to accelerated earnings growth. Grant Prideco, an international provider of
energy exploration products, generated strong results throughout the year
stemming from increased production and higher energy prices.

Q: HOW WAS THE PORTFOLIO MANAGED?
A. The Portfolio Manager's focus remains on stock selection, believing that
quality companies, regardless of their economic sector, trading at attractive
valuations will outperform in the long term. Our aim is designed to identify
companies with predictable and durable business models that are deemed capable
of achieving sustained growth. The Portfolio Manager sought to maintain
significant sector diversification in the Portfolio to avoid any large
allocations contingent on macroeconomic or sector trends.

Q: WHAT IS THE OUTLOOK FOR THE PORTFOLIO?
A. We will continue to focus on high quality companies with above-average growth
rates and that are leaders in their industries. From a sector perspective, we
are finding fewer opportunities in the industrial and cyclical areas and are
cautious about consumer-related stocks. We have tempered our exposure to the
energy sector. We continue to find interesting ideas in the technology and
financial services sectors. We also are attracted to the business services
sector in areas that may be less vulnerable to an economic slowdown.

<Table>
<Caption>
PORTFOLIO COMPOSITION**

Information Technology.......................
24.7%
Consumer Discretionary.......................
20.8%
Industrials..................................
14.1%
Health Care..................................
13.9%
Financials...................................
12.3%
Energy.......................................
11.0%
Telecommunication Services...................
1.0%
Other (less than 1.0%).......................
1.8%
Short-Term Investments.......................
0.8%
Investments of Cash Collateral for Securities
Loaned.....................................
18.9%
<Caption>
TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO**

West Corp. ..................................
2.3%
Amphenol Corp., Class A......................
2.2%
Sherwin-Williams Co. ........................
1.6%
Seagate Technology (Cayman Islands)..........
1.5%
Polo Ralph Lauren Corp. .....................
1.5%
J.B.Hunt Transport Services, Inc. ...........
1.5%
Jabil Circuit, Inc. .........................
1.5%
Zions Bancorp................................
1.5%
Alliance Data Systems Corp. .................
1.4%
Microchip Technology, Inc. ..................
1.4%
</Table>

- --------------------------------------------------------------------------------

* The manager seeks to achieve the stated objective. There can be no guarantee
it will be achieved.
** Percentages indicated are based upon net assets as of December 31, 2005. The
Portfolio's composition is subject to change.

JPMORGAN INVESTMENT TRUST ANNUAL REPORT December 31, 2005

JPMORGAN INVESTMENT TRUST MID CAP GROWTH PORTFOLIO
- --------------------------------------------------------------------------------

PORTFOLIO COMMENTARY (UNAUDITED), CONTINUED

TEN YEAR PORTFOLIO PERFORMANCE

[GRAPH] Value of $10,000 Investment

<Table>
<Caption>
RUSSELL MIDCAP GROWTH S&P MIDCAP 400/BARRA
MID CAP GROWTH PORTFOLIO INDEX GROWTH INDEX
------------------------ --------------------- --------------------

12/95 10000 10000 10000
12/96 11567 11754.1 11643.4
12/97 15015 14403.6 15168.5
12/98 20843 16976.4 20455.7
12/99 26142 25684.4 26333.8
12/00 27655 22667.1 28745.3
12/01 24710 18099.4 26454.8
12/02 19736 13139.1 21382.3
12/03 25094 18751 29186.4
12/04 28261 21653.5 33275.3
12/05 31395 24273.4 37742.1
</Table>

<Table>
<Caption>
- -------------------------------------------------------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURNS
AS OF
DECEMBER 31, 2005
- -------------------------------------------------------------------------------------------------------------------------------
INCEPTION DATE 1 YEAR 5 YEAR 10 YEAR
- -------------------------------------------------------------------------------------------------------------------------------

Mid Cap Growth Portfolio 08/01/94 11.09% 2.57% 12.12%
- -------------------------------------------------------------------------------------------------------------------------------
</Table>

SOURCE: LIPPER, INC. THE PERFORMANCE QUOTED IS PAST PERFORMANCE AND IS NOT A
GUARANTEE OF FUTURE RESULTS. MUTUAL 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 graph illustrates comparative performance for $10,000 invested in the
JPMorgan Investment Trust Mid Cap Growth Portfolio, Russell Midcap Growth Index
and the S&P Midcap 400/BARRA Growth Index. The performance of the Portfolio
assumes reinvestment of all dividends. The performance of the indices does not
include fees and expenses attributable to the Portfolio and has been adjusted to
reflect reinvestment of all dividends and capital gains of the securities
included in the benchmark. The S&P MidCap 400/BARRA Growth Index represents the
performance of highest price-to-book securities in the S&P MidCap 400 Index. The
Russell Midcap Growth Index measures the performance of mid cap companies with
higher price-to-book ratios and higher forecasted growth values. The benchmark
index for the Portfolio was changed effective May 1, 2005 from the S&P MidCap
400/BARRA Growth Index to the Russell Midcap Growth Index in order to better
represent the investment policies for comparison purposes. Investors cannot
invest directly in an index.

The performance does not reflect any charges imposed by the Policies or Eligible
Plans. If these charges were included, the returns would be lower than shown.
Performance may also reflect the waiver and reimbursement of the Portfolio's
fees/expenses for certain periods since the inception date. Without these
waivers and reimbursements, performance would have been lower.

JPMORGAN INVESTMENT TRUST ANNUAL REPORT December 31, 2005

JPMORGAN INVESTMENT TRUST MID CAP GROWTH PORTFOLIO
- --------------------------------------------------------------------------------

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2005

<Table>
<Caption>
SHARES
OR
PRINCIPAL
AMOUNT ($) SECURITY DESCRIPTION VALUE ($)
- ------------ ---------------------------- ------------

LONG-TERM INVESTMENTS (99.6%):
COMMON STOCKS (99.6%):
Aerospace & Defense (1.5%):
26,900 Precision Castparts
Corp. .................... 1,393,689
27,900 Rockwell Collins, Inc. ..... 1,296,513
------------
2,690,202
------------
Air Freight & Logistics (0.9%):
43,300 C.H. Robinson Worldwide,
Inc. ..................... 1,603,399
------------
Airlines (0.9%):
106,000 Southwest Airlines, Co. .... 1,741,580
------------
Biotechnology (2.5%):
23,650 Invitrogen Corp. (a) (c).... 1,576,036
47,700 MedImmune, Inc. (a)......... 1,670,454
48,350 Protein Design Labs, Inc.
(a)....................... 1,374,107
------------
4,620,597
------------
Capital Markets (3.3%):
19,200 Affiliated Managers Group,
Inc. (a) (c).............. 1,540,800
54,200 Ameritrade Holding Corp.
(a)....................... 1,300,800
44,400 Federated Investors, Inc.,
Class B (c)............... 1,644,576
22,400 T. Rowe Price Group,
Inc. ..................... 1,613,472
------------
6,099,648
------------
Chemicals (0.9%):
86,100 Rockwood Holdings, Inc.
(a)....................... 1,698,753
------------
Commercial Banks (3.8%):
74,750 Commerce Bancorp, Inc.
(c)....................... 2,572,148
43,400 East-West Bancorp, Inc.
(c)....................... 1,583,666
36,650 Zions Bancorp............... 2,769,274
------------
6,925,088
------------
Commercial Services & Supplies (3.2%):
29,400 HNI Corp.(c)................ 1,614,942
101,600 West Corp. (a).............. 4,282,440
------------
5,897,382
------------
Communications Equipment (0.1%):
9,250 Adtran, Inc. ............... 275,095
------------
Computers & Peripherals (4.1%):
56,150 NCR Corp. (a)............... 1,905,731
52,450 Network Appliance, Inc.
(a)....................... 1,416,150
142,900 Seagate Technology (Cayman
Islands) (a) (c).......... 2,856,571
321,300 Sun Microsystems, Inc.
(a)....................... 1,346,247
------------
7,524,699
------------
Construction & Engineering (0.8%):
20,860 Jacobs Engineering Group,
Inc. (a).................. 1,415,768
------------
Consumer Finance (0.8%):
54,200 AmeriCredit Corp. (a) (c)... 1,389,146
------------
</Table>

<Table>
<Caption>
SHARES
OR
PRINCIPAL
AMOUNT ($) SECURITY DESCRIPTION VALUE ($)
- ------------ ---------------------------- ------------

LONG-TERM INVESTMENTS, CONTINUED:
COMMON STOCKS, CONTINUED:
Diversified Financial Services (2.5%):
45,100 CIT Group, Inc. ............ 2,335,278
73,037 Lazard Ltd., (Bermuda) Class
A......................... 2,329,880
------------
4,665,158
------------
Electrical Equipment (0.7%):
31,350 Ametek, Inc. ............... 1,333,629
------------
Electronic Equipment & Instruments (4.3%):
92,400 Amphenol Corp., Class A..... 4,089,624
49,800 FLIR Systems, Inc. (a)
(c)....................... 1,112,034
75,650 Jabil Circuit, Inc. (a)..... 2,805,858
------------
8,007,516
------------
Energy Equipment & Services (6.1%):
50,550 BJ Services Co. (c)......... 1,853,668
56,300 ENSCO International,
Inc. ..................... 2,496,905
50,700 Grant Prideco, Inc. (a)
(c)....................... 2,236,884
28,450 National Oilwell Varco, Inc.
(a)....................... 1,783,815
23,600 Noble Corp. ................ 1,664,744
27,750 Tidewater, Inc. (c)......... 1,233,765
------------
11,269,781
------------
Health Care Equipment & Supplies (1.7%):
16,500 Bausch & Lomb, Inc. ........ 1,120,350
35,750 Mentor Corp. (c)............ 1,647,360
4,850 Millipore Corp. (a) (c)..... 320,294
------------
3,088,004
------------
Health Care Providers & Services (6.5%):
19,200 Aetna, Inc. ................ 1,810,752
30,261 Caremark Rx, Inc. (a)....... 1,567,217
32,132 Coventry Health Care, Inc.
(a)....................... 1,830,239
50,350 DaVita, Inc. (a)............ 2,549,724
37,300 LifePoint Hospitals, Inc.
(a)....................... 1,398,750
30,800 McKesson Corp. ............. 1,588,972
22,200 Medco Health Solutions, Inc.
(a)....................... 1,238,760
------------
11,984,414
------------
Hotels, Restaurants & Leisure (6.7%):
22,800 Four Seasons Hotels, Inc.
(Canada) (c).............. 1,134,300
21,181 Harrah's Entertainment,
Inc. ..................... 1,509,993
25,800 Panera Bread Co., Class A
(a) (c)................... 1,694,544
51,550 Royal Caribbean Cruises
Ltd. ..................... 2,322,843
72,200 Scientific Games Corp.,
Class A (a) (c)........... 1,969,616
44,400 Sonic Corp. (a) (c)......... 1,309,800
18,450 Station Casinos, Inc. ...... 1,250,910
21,550 Wynn Resorts Ltd. (a) (c)... 1,182,018
------------
12,374,024
------------
</Table>

JPMORGAN INVESTMENT TRUST ANNUAL REPORT December 31, 2005

JPMORGAN INVESTMENT TRUST MID CAP GROWTH PORTFOLIO
- --------------------------------------------------------------------------------

SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED
AS OF DECEMBER 31, 2005

<Table>
<Caption>
SHARES
OR
PRINCIPAL
AMOUNT ($) SECURITY DESCRIPTION VALUE ($)
- ------------ ---------------------------- ------------

LONG-TERM INVESTMENTS, CONTINUED:
COMMON STOCKS, CONTINUED:
Household Durables (1.2%):
34,100 D.R. Horton, Inc. (c)....... 1,218,393
27,250 Toll Brothers, Inc. (a)..... 943,940
------------
2,162,333
------------
Household Products (0.9%):
32,850 Energizer Holdings, Inc. (a)
(c)....................... 1,635,602
------------
Insurance (1.9%):
19,200 Everest Re Group Ltd.
(Bermuda)................. 1,926,720
55,300 HCC Insurance Holdings,
Inc. ..................... 1,641,304
------------
3,568,024
------------
Internet Software & Services (2.6%):
96,000 McAfee, Inc. (a)............ 2,604,480
52,700 ValueClick, Inc. (a) (c).... 954,397
58,050 VeriSign, Inc. (a).......... 1,272,456
------------
4,831,333
------------
IT Services (1.4%):
74,650 Alliance Data Systems Corp.
(a) (c)................... 2,657,540
------------
Machinery (2.3%):
22,000 Harsco Corp. ............... 1,485,220
13,700 ITT Industries, Inc. ....... 1,408,634
31,200 Oshkosh Truck Corp. (c)..... 1,391,208
------------
4,285,062
------------
Media (3.7%):
15,850 Getty Images, Inc. (a)
(c)....................... 1,414,930
21,900 R.H. Donnelley Corp. (a).... 1,349,478
88,450 Regal Entertainment Group,
Class A (c)............... 1,682,319
35,550 Rogers Communications, Inc.
(Canada), Class B......... 1,502,343
33,650 XM Satellite Radio Holdings,
Inc., Class A (a) (c)..... 917,972
------------
6,867,042
------------
Oil, Gas & Consumable Fuels (4.9%):
34,900 Consol Energy, Inc. ........ 2,274,782
17,500 EOG Resources, Inc. ........ 1,283,975
28,200 Newfield Exploration Co. (a)
(c)....................... 1,411,974
49,300 Range Resources Corp. ...... 1,298,562
35,750 Southwestern Energy Co.
(a)....................... 1,284,855
27,250 Talisman Energy, Inc.
(Canada).................. 1,440,980
------------
8,995,128
------------
Pharmaceuticals (3.2%):
9,100 Allergan, Inc. (c).......... 982,436
24,300 Barr Pharmaceuticals, Inc.
(a)....................... 1,513,647
44,750 Omnicare, Inc. (c).......... 2,560,595
16,180 Sepracor, Inc. (a) (c)...... 834,888
------------
5,891,566
------------
</Table>

<Table>
<Caption>
SHARES
OR
PRINCIPAL
AMOUNT ($) SECURITY DESCRIPTION VALUE ($)
- ------------ ---------------------------- ------------

LONG-TERM INVESTMENTS, CONTINUED:
COMMON STOCKS, CONTINUED:
Road & Rail (2.9%):
124,100 J.B. Hunt Transport
Services, Inc. (c)........ 2,809,624
56,000 Norfolk Southern Corp. ..... 2,510,480
------------
5,320,104
------------
Semiconductors & Semiconductor Equipment (6.9%):
31,300 Broadcom Corp., Class A
(a)....................... 1,475,795
34,500 KLA-Tencor Corp. ........... 1,701,885
62,010 Lam Research Corp. (a)...... 2,212,517
37,300 Linear Technology Corp. .... 1,345,411
31,350 Marvell Technology Group
Ltd. (Bermuda) (a)........ 1,758,421
81,665 Microchip Technology,
Inc. ..................... 2,625,530
42,850 Nvidia Corp. (a)............ 1,566,596
------------
12,686,155
------------
Software (5.3%):
58,750 Adobe Systems, Inc. ........ 2,171,400
71,050 Citrix Systems, Inc. (a).... 2,044,819
55,500 Computer Associates
International, Inc. ...... 1,564,545
133,800 Compuware Corp. (a) (c)..... 1,200,186
29,900 NAVTEQ Corp. (a)............ 1,311,713
43,700 Salesforce.com, Inc. (a)
(c)....................... 1,400,585
------------
9,693,248
------------
Specialty Retail (7.7%):
21,500 AnnTaylor Stores Corp. (a)
(c)....................... 742,180
69,700 Bed Bath & Beyond, Inc.
(a)....................... 2,519,655
108,300 Circuit City Stores,
Inc. ..................... 2,446,497
49,300 Men's Wearhouse, Inc. (a)... 1,451,392
88,750 Ross Stores, Inc. .......... 2,564,875
63,450 Sherwin-Williams Co.
(The)..................... 2,881,899
30,500 Weight Watchers
International, Inc. (a)
(c)....................... 1,507,615
------------
14,114,113
------------
Textiles, Apparel & Luxury Goods (1.5%):
50,250 Polo Ralph Lauren Corp. .... 2,821,035
------------
Trading Companies & Distributors (0.9%):
44,360 Fastenal Co. (c)............ 1,738,468
------------
Wireless Telecommunication Services (1.0%):
40,900 NII Holdings, Inc. (a)...... 1,786,512
------------
Total Common Stocks
(Cost $159,196,969) 183,657,148
------------
SHORT-TERM INVESTMENT (0.8%):
INVESTMENT COMPANY (0.8%):
1,517,113 JPMorgan Liquid Assets
Money Market Fund (b) (m)
(Cost $1,517,113) 1,517,113
------------
</Table>

JPMORGAN INVESTMENT TRUST ANNUAL REPORT December 31, 2005

JPMORGAN INVESTMENT TRUST MID CAP GROWTH PORTFOLIO
- --------------------------------------------------------------------------------

SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED
AS OF DECEMBER 31, 2005

<Table>
<Caption>
SHARES
OR
PRINCIPAL
AMOUNT ($) SECURITY DESCRIPTION VALUE ($)
- ------------ ---------------------------- ------------

INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED
(18.9%):
Cash Deposits (1.5%):
1,000,000 Credit Suisse First Boston,
FRN, 4.27%, 10/17/06...... 1,000,000
1,799,974 Wells Fargo Bank San
Francisco, 4.30%,
01/27/06.................. 1,799,974
------------
2,799,974
------------
Commercial Paper (0.2%):
393,665 Sigma Finance, Inc., FRN,
4.41%, 02/27/06........... 393,665
------------
Corporate Notes (3.5%):
1,000,000 Bank of America, FRN, 4.31%,
11/07/06.................. 1,000,000
262,439 CC USA, Inc., FRN, 4.42%,
02/17/06.................. 262,439
1,000,000 CDC Financial Products Inc.,
FRN, 4.35%, 01/30/06...... 1,000,000
1,400,000 Citigroup Global Markets
Holding Inc., FRN, 4.32%,
01/06/06.................. 1,400,000
262,487 Citigroup Global Markets
Holding, Inc., FRN, 4.59%,
12/12/06.................. 262,487
1,000,068 K2(USA) LLC, FRN, 4.35%,
02/15/06.................. 1,000,068
1,002,818 Links Finance LLC, FRN,
4.29%, 10/06/06........... 1,002,818
486,577 MBIA Global Funding LLC,
FRN, 4.48%, 01/26/07...... 486,577
------------
6,414,389
------------
Repurchase Agreements (13.7%):
1,285,174 Banc of America Securities
LLC, 4.26%, dated 12/30/05
due 01/03/06, repurchase
price $1,285,782,
collateralized by U.S.
Government Agency
Mortgages................. 1,285,174
</Table>

<Table>
<Caption>
SHARES
OR
PRINCIPAL
AMOUNT ($) SECURITY DESCRIPTION VALUE ($)
- ------------ ---------------------------- ------------

INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED,
CONTINUED:
Repurchase Agreements, continued:
6,000,000 Barclays Capital, 4.28%,
dated 12/30/05 due
01/03/06, repurchase price
$6,002,853, collateralized
by U.S. Government Agency
Mortgages................. 6,000,000
6,000,000 Lehman Brothers Inc., 4.26%,
dated 12/30/05 due
01/03/06, repurchase price
$6,002,840, collateralized
by U.S. Government Agency
Mortgages................. 6,000,000
6,000,000 Morgan Stanley, 4.27%, dated
12/30/05 due 01/03/06,
repurchase price
$6,002,847, collateralized
by U.S. Government Agency
Mortgages................. 6,000,000
6,000,000 UBS Securities LLC, 4.26%,
dated 12/31/05 due
01/03/06, repurchase price
$6,002,840, collateralized
by U.S. Government Agency
Mortgages................. 6,000,000
------------
25,285,174
------------
Total Investments of Cash Collateral for
Securities Loaned (Cost $34,893,202) 34,893,202
------------
Total Investments (119.3%):
(Cost $195,607,284) 220,067,463
OTHER LIABILITIES IN EXCESS OF ASSETS
((19.3)%): (35,593,534)
------------
NET ASSETS (100.0%): $184,473,929
============
</Table>

- ------------
Percentages indicated are based on net assets.

Abbreviations:

(a) Non-income producing security.

(b) Investment in affiliate. Money market fund registered under the investment
Company Act of 1940, as amended, and advised by JPMorgan Investment Advisors
Inc.

(c) Security, or a portion of the security, has been delivered to a counterparty
as part of a security lending transaction.

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

FRN Floating Rate Note. The rate shown is the rate in effect as of December 31,
2005.

See notes to financial statements.

JPMORGAN INVESTMENT TRUST ANNUAL REPORT December 31, 2005

JPMORGAN INVESTMENT TRUST MID CAP GROWTH PORTFOLIO
- --------------------------------------------------------------------------------

STATEMENT OF ASSETS AND LIABILITIES
AS OF DECEMBER 31, 2005

<Table>

ASSETS:
Investments in non-affiliates, at value..................... $193,265,176
Investments in affiliates, at value......................... 1,517,113
Repurchase agreements, at value............................. 25,285,174
------------
Total investment securities, at value....................... 220,067,463
Cash........................................................ 3,519
Receivables:
Investment securities sold................................ 496,499
Portfolio shares sold..................................... 130,176
Interest and dividends.................................... 53,604
------------
Total Assets................................................ 220,751,261
------------
LIABILITIES:
Payables:
Investment securities purchased........................... 132,657
Collateral for securities lending program................. 34,893,202
Portfolio shares redeemed................................. 1,097,795
Accrued liabilities:
Investment advisory fees.................................. 103,753
Administration fees....................................... 23,889
Custodian fees............................................ 4,463
Other..................................................... 21,573
------------
Total liabilities........................................... 36,277,332
------------
NET ASSETS.................................................. $184,473,929
============
NET ASSETS:
Paid in capital............................................. $155,002,087
Accumulated undistributed (distributions in excess of) net
investment income......................................... (7,097)
Accumulated net realized gains (losses) from investments.... 5,018,760
Net unrealized appreciation (depreciation) from
investments............................................... 24,460,179
------------
Net Assets.................................................. $184,473,929
============
OUTSTANDING UNITS OF BENEFICIAL INTEREST (SHARES)........... 9,399,442
Net asset value, offering and redemption price per share
(unlimited amount authorized, no par value)............... $ 19.63
Cost of investments......................................... $195,607,284
Market value of securities on loan.......................... $ 34,000,074
</Table>

See notes to financial statements.

JPMORGAN INVESTMENT TRUST ANNUAL REPORT December 31, 2005

JPMORGAN INVESTMENT TRUST MID CAP GROWTH PORTFOLIO
- --------------------------------------------------------------------------------

STATEMENT OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2005

<Table>

INVESTMENT INCOME:
Dividend income............................................. $ 843,460
Dividend income from affiliates (a)......................... 79,094
Income from securities lending (net)........................ 48,214
Foreign taxes withheld...................................... (1,122)
------------
Total investment income..................................... 969,646
------------
EXPENSES:
Investment advisory fees.................................... 1,220,851
Administration fees......................................... 276,251
Custodian fees.............................................. 22,742
Professional fees........................................... 37,917
Trustees' fees.............................................. 426
Transfer agent fees......................................... 45,202
Other....................................................... 44,127
------------
Total expenses.............................................. 1,647,516
------------
Less earnings credits....................................... (454)
------------
Net expenses.............................................. 1,647,062
------------
Net investment income (loss)................................ (677,416)
------------
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on investments..................... $ 34,053,459
Change in net unrealized appreciation (depreciation) of
investments............................................... (13,975,622)
------------
Net realized/unrealized gains (losses)...................... 20,077,837
------------
Change in net assets resulting from operations.............. $ 19,400,421
============
(a) Includes reimbursements of investment advisory and
administration fees....................................... $ 11,514
------------
</Table>

See notes to financial statements.

JPMORGAN INVESTMENT TRUST ANNUAL REPORT December 31, 2005

JPMORGAN INVESTMENT TRUST MID CAP GROWTH PORTFOLIO
- --------------------------------------------------------------------------------

STATEMENT OF CHANGES IN NET ASSETS

<Table>
<Caption>
YEAR ENDED YEAR ENDED
DECEMBER 31, DECEMBER 31,
2005 2004
------------ ------------

CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss).............................. $ (677,416) $ (661,726)
Net realized gain (loss) on investments................... 34,053,459 20,330,933
Change in net unrealized appreciation (depreciation) of
investments............................................. (13,975,622) 3,093,831
------------ ------------
Change in net assets resulting from operations.............. 19,400,421 22,763,038
------------ ------------
CHANGE IN NET ASSETS FROM CAPITAL TRANSACTIONS:
Proceeds from shares issued............................... 13,158,822 9,315,229
Cost of shares redeemed................................... (44,927,766) (30,841,984)
------------ ------------
Change in net assets from capital transactions.............. (31,768,944) (21,526,755)
------------ ------------
NET ASSETS:
Change in net assets...................................... (12,368,523) 1,236,283
Beginning of period....................................... 196,842,452 195,606,169
------------ ------------
End of period............................................. $184,473,929 $196,842,452
============ ============
Accumulated undistributed (distributions in excess of) net
investment income......................................... $ (7,097) $ (6,783)
============ ============
SHARE TRANSACTIONS:
Issued.................................................... 727,008 567,316
Redeemed.................................................. (2,464,580) (1,897,752)
------------ ------------
Change in shares............................................ (1,737,572) (1,330,436)
============ ============
</Table>

See notes to financial statements.

JPMORGAN INVESTMENT TRUST ANNUAL REPORT December 31, 2005

JPMORGAN INVESTMENT TRUST MID CAP GROWTH PORTFOLIO
- --------------------------------------------------------------------------------

FINANCIAL HIGHLIGHTS

<Table>
<Caption>
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31,
2005 2004 2003 2002 2001
------------ ------------ ------------ ------------ ------------

PER SHARE OPERATING PERFORMANCE
NET ASSET VALUE, BEGINNING OF PERIOD.... $ 17.67 $ 15.69 $ 12.34 $ 15.45 $ 21.23
-------- -------- -------- -------- --------
INVESTMENT OPERATIONS:
Net investment income (loss).......... (0.07) (0.06) (0.04) (0.05) (0.06)
Net realized and unrealized gains
(losses) on investments............. 2.03 2.04 3.39 (3.06) (2.53)
-------- -------- -------- -------- --------
Total from investment operations.... 1.96 1.98 3.35 (3.11) (2.59)
-------- -------- -------- -------- --------
DISTRIBUTIONS:
Net realized gains.................... -- -- -- -- (3.19)
-------- -------- -------- -------- --------
Total distributions................. -- -- -- -- (3.19)
-------- -------- -------- -------- --------
NET ASSET VALUE, END OF PERIOD.......... $ 19.63 $ 17.67 $ 15.69 $ 12.34 $ 15.45
======== ======== ======== ======== ========
TOTAL RETURN............................ 11.09% 12.62% 27.15% (20.13)% (10.65)%
RATIOS/SUPPLEMENTAL DATA:
Net assets end of period (000's)........ $184,474 $196,842 $195,606 $144,108 $192,708
Ratios to average net assets:
Net expenses.......................... 0.88% 0.85% 0.84% 0.83% 0.82%
Net investment income (loss).......... (0.36)% (0.35)% (0.27)% (0.37)% (0.37)
Expenses without waivers
reimbursements and earnings
credits............................. 0.88% 0.86% 0.86% 0.85% 0.83%
PORTFOLIO TURNOVER RATE................. 113% 74% 69% 76% 92%
</Table>

See notes to financial statements.

JPMORGAN INVESTMENT TRUST ANNUAL REPORT December 31, 2005

JPMORGAN INVESTMENT TRUST MID CAP GROWTH PORTFOLIO
- --------------------------------------------------------------------------------

NOTES TO FINANCIAL STATEMENTS

1. ORGANIZATION

JPMorgan Investment Trust (formerly One Group Investment Trust) (the "Trust")
is registered under the Investment Company Act of 1940, as amended (the "1940
Act"), as an open-end investment company established as a Massachusetts
business trust. The Mid Cap Growth Portfolio is a separate Portfolio of the
Trust (the "Portfolio").

Effective May 1, 2005, the Board of Trustees approved the name change from
One Group Investment Trust Mid Cap Growth Portfolio to JPMorgan Investment
Trust Mid Cap Growth Portfolio.

Portfolio shares are offered only to separate accounts of participating
insurance companies and eligible plans. Individuals may not purchase shares
directly from the Portfolio.

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies followed by the
Trust in preparation of its 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
Portfolio will be valued each day based on readily available market
quotations received from third party broker-dealers of 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.
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 Portfolio applies 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 pricing service, unless the
Portfolio's adviser 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
rates in other markets, in determining fair value as of the time the
Portfolio calculates its net asset value.

B. REPURCHASE AGREEMENTS

The Portfolio may enter into repurchase agreement transactions with
institutions that meet the advisor's credit guidelines. Each repurchase
agreement is valued at amortized cost. The Portfolio requires that the
collateral received in a repurchase agreement transaction be transferred to
a custodian in a manner sufficient to enable the Portfolio 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 Portfolio may be delayed or limited.

C. SECURITIES LENDING

JPMORGAN INVESTMENT TRUST ANNUAL REPORT December 31, 2005

JPMORGAN INVESTMENT TRUST MID CAP GROWTH PORTFOLIO
- --------------------------------------------------------------------------------

NOTES TO FINANCIAL STATEMENTS, CONTINUED

affiliate of the Portfolio, serves as lending agent to the Portfolio
pursuant to a Securities Lending Agreement approved by the Board of
Trustees (the "Securities Lending Agreement"). The Securities Lending
Agreement was effective with respect to the Mid Cap Growth Portfolio on
October 18, 2004 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
Portfolio 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 Portfolio receives 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 Portfolio
retains the interest on cash collateral investments but is required to pay
the borrower a rebate for use of the cash collateral. For loans secured by
US government securities, the borrower pays a borrower fee to the lending
agent on behalf of the Portfolio. The net income earned on the securities
lending (after payment of rebates and fees) is included in the Statement of
Operations as Income from securities lending (net). 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) 0.06%, 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) 0.1142%, 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. For the period from the effective date of the Agreement through
December 31, 2005, JPMCB voluntarily reduced its fees to: (i) 0.05% for
each Loan of U.S. Securities and (ii) 0.10% for each Loan of non-U.S.
Securities, respectively.

As of December 31, 2005, the Portfolio had securities with the following
market values on loan, received the following collateral for the period
then ended and paid the following amounts to related party affiliates:

<Table>
<Caption>
LENDING MARKET MARKET VALUE
AGENT VALUE OF OF LOANED
FEES PAID COLLATERAL SECURITIES
- --------- ----------- ------------

$16,475 $34,893,202 $34,000,074
</Table>

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 Portfolio for any 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 Portfolio or the borrower at any time, and are, therefore, not
considered to be illiquid investments.

D. 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 effective
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 Portfolio first learns of the dividend.

E. ALLOCATION OF EXPENSES

Expenses directly attributable to the Portfolio are charged directly to the
Portfolio while the expenses attributable to more than one portfolio of the
Trust are allocated among the respective portfolios.

F. FEDERAL INCOME TAXES

The Portfolio is treated as a separate taxable entity for Federal income
tax purposes. The Portfolio's policy is to comply with the provisions of
the Internal Revenue Code of 1986, as amended (the "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. The
Portfolio is also a segregated

JPMORGAN INVESTMENT TRUST ANNUAL REPORT December 31, 2005

JPMORGAN INVESTMENT TRUST MID CAP GROWTH PORTFOLIO
- --------------------------------------------------------------------------------

NOTES TO FINANCIAL STATEMENTS, CONTINUED

portfolio of assets for insurance purposes and intends to comply with the
diversification requirements at Subchapter L of the Code.

G. FOREIGN TAXES

The Portfolio may be subject to foreign taxes on income, gains on
investments or currency repatriation, a portion of which may be
recoverable. The Portfolio will accrue such taxes and recoveries as
applicable, based upon its current interpretation of tax rules and
regulations that exist in the markets in which it invests.

H. DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS

Dividends from net investment income and net realized capital gains, if
any, are generally declared and paid annually. Distributions from net
investment income and from net capital gains are 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. The following amounts were reclassified within
the capital accounts:

<Table>
<Caption>
ACCUMULATED
ACCUMULATED NET
UNDISTRIBUTED/ REALIZED
(OVERDISTRIBUTED) GAIN (LOSS)
NET INVESTMENT ON
PAID-IN-CAPITAL INCOME INVESTMENTS
- --------------- ----------------- -----------

$(677,102) $677,102 --
</Table>

The reclassification for the Portfolio relates primarily to the tax
treatment of net operating losses.

The Portfolio may utilize earnings and profits distributed to shareholders
on redemption of shares as part of the dividends paid deduction for income
tax purposes.

3. FEES AND OTHER TRANSACTIONS WITH AFFILIATES

A. INVESTMENT ADVISORY FEE

Pursuant to the Investment Advisory Agreement, JPMorgan Investment Advisors
Inc. (the "Advisor") (formerly known as Banc One Investment Advisors
Corporation) acts as the investment advisor to the Portfolio. The Advisor
is an indirect wholly-owned subsidiary of JPMorgan Chase & Co.
("JPMorgan"). The Advisor supervises the investments of the Portfolio and
for such services is paid a fee. The fee is accrued daily and paid monthly
based on the Portfolio's average daily net assets at an annual fee rate of
0.65%.

The Portfolio may invest in one or more money market funds advised by the
Advisor or its affiliates. Investment advisory and administrative fees are
waived and/or reimbursed to the Portfolio in an amount sufficient to offset
any doubling up of these fees related to the Portfolio's investment in an
affiliated money market fund.

B. ADMINISTRATION FEE

Pursuant to an Administration Agreement, JPMorgan Funds Management, Inc.
(the "Administrator") (formerly One Group Administrative Services, Inc.),
an indirect, wholly-owned subsidiary of JPMorgan provides certain
administration services to the Portfolio. In consideration of these
services, the Administrator receives a fee computed daily and paid monthly
at the annual rate of 0.18% of the first $250 million of the average daily
net assets of the Trust (excluding the Equity Index Portfolio) and 0.14% of
the average daily net assets of the Trust in excess of $250 million
(excluding the Equity Index Portfolio).

JPMCB provides portfolio fund accounting services for the Portfolio and
receives a portion of the fees payable to the Administrator.

Effective July 1, 2005, J.P. Morgan Investor Services, Co. ("JPMIS") began
serving as the Portfolio's 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 Portfolio's Sub-administrator. For its services as Sub-
administrator, BISYS received a portion of the fees paid to the
Administrator.

JPMORGAN INVESTMENT TRUST ANNUAL REPORT December 31, 2005

JPMORGAN INVESTMENT TRUST MID CAP GROWTH PORTFOLIO
- --------------------------------------------------------------------------------

NOTES TO FINANCIAL STATEMENTS, CONTINUED

C. DISTRIBUTION FEES

Effective May 1, 2005, pursuant to a Distribution Agreement, JPMorgan
Distribution Services, Inc. ("the Distributor"), a wholly-owned subsidiary
of JPMorgan, began serving as the Trust's exclusive underwriter and
promotes and arranges for the sale of the Portfolio's shares. The
Distributor receives no compensation in its capacity as the Portfolio's
underwriter.

D. CUSTODIAN FEES

JPMCB provides portfolio custody services for the Portfolio. The amounts
paid directly to JPMCB by the Portfolio for custody services are included
in custodian fees in the Statement of Operations. The custodian fees may be
reduced by credits earned by the Portfolio, based on uninvested cash
balances held by the custodian. Such earnings credits are presented
separately in the Statement of Operations.

E. WAIVERS AND REIMBURSEMENTS

The Advisor and Administrator have contractually agreed to waive fees or
reimburse the Portfolio to the extent that total operating expenses
(excluding interest, taxes, extraordinary expenses and expenses related to
the Board of Trustees' deferred compensation plan) exceed the 0.98% of the
Portfolio's average daily net assets.

The contractual expense limitation agreements were in effect for the year
ended December 31, 2005. The expense limitation percentage above is in
place until at least April 30, 2006.

F. OTHER

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

The Trust 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 JPMorgan Funds until distribution in
accordance with the Plan.

During the period, the Portfolio may have purchased securities from an
underwriting syndicate in which the principal underwriter or members of the
syndicate are affiliated with the Advisor.

The Portfolio may use related party brokers/dealers. For the year ended
December 31, 2005, the Portfolio did not incur brokerage commissions with
brokers/dealers affiliated with the Advisor.

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

4. INVESTMENT TRANSACTIONS

During the year ended December 31, 2005, purchases and sales of investments
(excluding short-term investments) were as follows:

<Table>
<Caption>
PURCHASES SALES
(EXCLUDING (EXCLUDING
U.S. GOVERNMENT) U.S. GOVERNMENT)
- ---------------- ----------------

$209,459,276 $235,636,105
</Table>

5. FEDERAL INCOME TAX MATTERS

For Federal income tax purposes, the cost and unrealized appreciation
(depreciation) in value of the investment securities at December 31, 2005,
were as follows:

<Table>
<Caption>
GROSS GROSS NET UNREALIZED
AGGREGATE UNREALIZED UNREALIZED APPRECIATION
COST APPRECIATION DEPRECIATION (DEPRECIATION)
- ------------ ------------ ------------ --------------

$195,984,130 $29,583,958 $(5,500,625) $24,083,333
</Table>

The difference between book and tax basis unrealized
appreciation/(depreciation) on investments is primarily attributed to wash
sale loss deferrals.

JPMORGAN INVESTMENT TRUST ANNUAL REPORT December 31, 2005

JPMORGAN INVESTMENT TRUST MID CAP GROWTH PORTFOLIO
- --------------------------------------------------------------------------------

NOTES TO FINANCIAL STATEMENTS, CONTINUED

As of December 31, 2005, the components of net assets (excluding paid in
capital) on a tax basis were as follows :

<Table>
<Caption>
CURRENT
DISTRIBUTABLE
LONG-TERM
CURRENT CAPITAL GAIN OR
DISTRIBUTABLE TAX BASIS UNREALIZED
ORDINARY CAPITAL LOSS APPRECIATION
INCOME CARRYOVER (DEPRECIATION)
------------- --------------- --------------

$-- $5,395,608 $24,083,333
</Table>

The cumulative timing differences primarily consist of wash sale loss
deferrals and deferred compensation.

During the year ended December 31, 2005, the Portfolio utilized capital loss
carryovers of $28,680,248.

6. BORROWINGS

Effective February 18, 2005, the Trust 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 Portfolio. 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 the Portfolio's
borrowing restrictions. Interest on borrowings is payable at a rate
determined by JPMCB at the time of borrowing. This agreement has been
extended until November 21, 2006.

As of December 31, 2005, the Portfolio had no outstanding borrowings from the
unsecured uncommitted credit facility.

7. CONCENTRATIONS AND INDEMNIFICATIONS

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

JPMORGAN INVESTMENT TRUST ANNUAL REPORT December 31, 2005

JPMORGAN INVESTMENT TRUST MID CAP GROWTH PORTFOLIO
- --------------------------------------------------------------------------------

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Trustees and Shareholders of
JPMorgan Investment Trust:

In our opinion, the accompanying statement of assets and liabilities, including
the schedule of portfolio investments, and the related statements of operations
and of changes in net assets and the financial highlights present fairly, in all
material respects, the financial position of JPMorgan Investment Trust Mid Cap
Growth Portfolio, formerly One Group Investment Trust Mid Cap Growth Portfolio
(a Portfolio of JPMorgan Investment Trust hereafter referred to as the
"Portfolio") at December 31, 2005, the results of its operations for the year
then ended, the changes in its net assets for each of the two years in the
period then ended and the financial highlights for each of the five years in the
period then ended, in conformity with accounting principles generally accepted
in the United States of America. These financial statements and financial
highlights (hereafter referred to as "financial statements") are the
responsibility of the Portfolio's management; our responsibility is to express
an opinion on these financial statements based on our audits. We conducted our
audits of these financial statements in accordance with the standards of the
Public Company Accounting Oversight Board (United States). Those standards
require that we plan and perform the audit to obtain reasonable assurance about
whether the financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements, assessing the accounting principles
used and significant estimates made by management, and evaluating the overall
financial statement presentation. We believe that our audits, which included
confirmation of securities at December 31, 2005 by correspondence with the
custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP
New York, New York
February 8, 2006

JPMORGAN INVESTMENT TRUST ANNUAL REPORT December 31, 2005

JPMORGAN INVESTMENT TRUST MID CAP GROWTH PORTFOLIO
- --------------------------------------------------------------------------------

TRUSTEES (UNAUDITED)

<Table>
<Caption>
NUMBER OF FUNDS
IN
NAME (YEAR OF BIRTH); FUND COMPLEX
POSITIONS WITH PRINCIPAL OCCUPATIONS OVERSEEN OTHER DIRECTORSHIPS HELD
THE PORTFOLIO DURING PAST 5 YEARS BY TRUSTEE(1) OUTSIDE FUND COMPLEX
- ------------------------ ------------------------------- ------------------ -------------------------------

INDEPENDENT TRUSTEES
William J. Armstrong Retired; Vice President & 118 None.
(1941); Trustee Treasurer of Ingersoll-Rand
since 2005; Trustee of Company (manufacturer of
JPMorgan Funds since industrial equipment)
1987. (1972-2000).

Roland R. Eppley, Jr. Retired; President & Chief 118 None.
(1932); Trustee Executive Officer, Eastern
since 2005; Trustee of States Bankcard (1971-1988).
JPMorgan Funds since
1989.

John F. Finn President and Chief Executive 117* Director, Cardinal Health, Inc
(1947); Trustee Officer of Gardner, Inc. (CAH) (1994-present); Director,
since 1998. (wholesale distributor to The Crane Group (2003-present);
outdoor power equipment Chairman, The Columbus
industry) (1979-present). Association for the Performing
Arts (CAPA) (2003-present).

Dr. Matthew Goldstein Chancellor of the City 118 Director, Albert Einstein
(1941); Trustee University of New York School of Medicine
since 2005; Trustee of (1999-present); President, (1998-present); Director of New
JPMorgan Funds since Adelphi University (New York) Plan Excel Realty Trust, Inc.
2003. (1998-1999). (real estate investment trust)
(2000- present); Director of
Lincoln Center Institute for
the Arts in Education
(1999-present).

Robert J. Higgins Retired; Director of 118 None.
(1945); Administration of the State of
Trustee since 2005; Rhode Island (2003-2004);
Trustee of JPMorgan President - Consumer Banking
Funds since 2002. and Investment Services, Fleet
Boston Financial (1971-2001).

Peter C. Marshall Self-employed business 117* None.
(1942); Trustee since consultant (2002-present);
1994. Senior Vice President, W.D.
Hoard, Inc. (corporate parent
of DCI Marketing, Inc.)
(2000-2002); President, DCI
Marketing, Inc. (1992-2000).

Marilyn McCoy Vice President of 117* Trustee, Mather LifeWays (1994-
(1948); Trustee since Administration and Planning, present); Trustee, Carleton
1999. Northwestern University College (2003-present).
(1985-present).

William G. Morton, Jr. Retired; Chairman Emeritus 118 Director of Radio Shack
(1937); Trustee since (2001-2002), and Chairman and Corporation (electronics)
2005; Trustee of Chief Executive Officer, Boston (1987-present); Director of The
JPMorgan Funds since Stock Exchange (1985-2001). National Football Foundation
2003. and College Hall of Fame (1994-
present); Trustee of the
Stratton Mountain School
(2001-present).

Robert A. Oden, Jr. President, Carleton College 117* Director, American University
(1946); Trustee since (2002-present); President, in Cairo.
1997. Kenyon College (1995-2002).

</Table>

JPMORGAN INVESTMENT TRUST ANNUAL REPORT December 31, 2005

JPMORGAN INVESTMENT TRUST MID CAP GROWTH PORTFOLIO
- --------------------------------------------------------------------------------

TRUSTEES (UNAUDITED), CONTINUED

Fergus Reid, III (1932); Chairman of Lumelite 118 Trustee of Morgan Stanley Funds
Trustee (Chairman) since Corporation (plastics (198 portfolios)
2005; Trustee of manufacturing) (2003- present); (1995-present).
JPMorgan Funds since Chairman and Chief Executive
1987. Officer of Lumelite Corporation
(1985-2002).

Frederick W. Ruebeck Advisor, Jerome P. Green & 117* Director, AMS Group (2001-
(1939); Trustee since Associates, LLC (broker-dealer) present); Trustee, Wabash
1994. (2002-present); Chief College (1988-present);
Investment Officer, Wabash Chairman, Indianapolis Symphony
College (2004-present); Orchestra Foundation
self-employed consultant (1994-present).
(January 2000-present);
Director of Investments, Eli
Lilly and Company (1988-1999).

James J. Schonbachler Retired; Managing Director of 118 None.
(1943); Trustee since Bankers Trust Company
2005; Trustee of (financial services)
JPMorgan Funds since (1968-1998).
2001.

INTERESTED TRUSTEE

Leonard M. Spalding, Retired; Chief Executive 118 Director, Glenview Trust
Jr.** (1935); Trustee Officer of Chase Mutual Funds Company, LLC (2001-present);
since 2005; Trustee of (investment company) Trustee, St. Catherine College
JPMorgan Funds since (1989-1998); President & Chief (1998-present); Trustee,
1998. Executive Officer of Vista Bellarmine University (2000-
Capital Management (investment present); Director,
management) (1990-1998); Chief Springfield- Washington County
Investment Executive of Chase Economic Development Authority
Manhattan Private Bank (1997- present); Trustee,
(investment management) Marion and Washington County,
(1990-1998). Kentucky Airport Board
(1998-present); Trustee,
Catholic Education Foundation
(2005-present).
</Table>

- ------------

<Table>

(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 oversees includes nine registered investment
companies (118 funds) as of December 31, 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 (117 funds) as of December 31, 2005.
** Mr. Spalding is deemed to be an "interested person" due to his ownership of JPMorgan Chase
stock.
</Table>

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

JPMORGAN INVESTMENT TRUST ANNUAL REPORT December 31, 2005

JPMORGAN INVESTMENT TRUST MID CAP GROWTH PORTFOLIO
- --------------------------------------------------------------------------------

OFFICERS (UNAUDITED)

<Table>
<Caption>
NAME (YEAR OF BIRTH),
POSITIONS HELD WITH
THE PORTFOLIO (SINCE) PRINCIPAL OCCUPATIONS DURING PAST 5 YEARS
- ---------------------------- ------------------------------------------------------------

George C.W. Gatch (1962), Managing Director of JPMorgan Investment Management Inc.;
President (2004) 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), Director and Vice President of JPMorgan Distribution
Senior Vice President Services, Inc. and JPMorgan Funds Management, Inc.; Chief
(2004)* 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, JPMorgan Funds Management, Inc.; previously,
Vice President and Chief Treasurer, JPMorgan Funds and Head of Funds Administration
Administrative Officer and Board Liaison. Ms. Maleski was the Vice President of
(2004) 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), Vice President, JPMorgan Funds Management, Inc.; Director of
Treasurer (2004)* Mutual Fund Administration, JPMorgan Funds Management, Inc.
(formerly One Group Administrative Services), from 2004 to
2005; Ms. Dorsey worked for JPMorgan 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, JPMorgan Chase & Co.; Mr. Ungerman
Senior Vice President, Chief was head of Fund Administration - Pooled Vehicles from 2000
Compliance Officer (2004) to 2004. Mr. Ungerman held a number of positions in
Prudential Financial's asset management business prior to
2000.

Paul L. Gulinello (1950), Vice President and Anti Money Laundering Compliance Officer
AML Compliance Officer for JPMorgan Asset Management Americas, additionally
(2005) 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), Vice President and Assistant General Counsel, JPMorgan Chase
Secretary (2005) & 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), Vice President and Assistant General Counsel, JPMorgan Chase
Assistant Secretary (2004)* & 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), Vice President and Assistant General Counsel, JPMorgan Chase
Assistant Secretary (2000)* & Co. since 2005; Ms. Ditullio has served as an attorney
with various titles for JPMorgan Chase & Co. (formerly Bank
One Corporation) since 1990.

Nancy E. Fields (1949), Vice President, JPMorgan Funds Management, Inc. and JPMorgan
Assistant Secretary (2000)* Distribution Services, Inc.; from 1999-2005, 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 Vice President, JPMorgan Investor Services, Co.,
Assistant Secretary (2005)** responsible for Blue Sky registration; Ms. O'Brien has
served in this capacity since joining the firm in 1991.

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

JPMORGAN INVESTMENT TRUST ANNUAL REPORT December 31, 2005

JPMORGAN INVESTMENT TRUST MID CAP GROWTH PORTFOLIO
- --------------------------------------------------------------------------------

OFFICERS (UNAUDITED), CONTINUED

Christopher D. Walsh (1965), Vice President, JPMorgan Funds Management, Inc., Mr. Walsh
Assistant Treasurer (2004) 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), Vice President, JPMorgan Funds Management, Inc. since April
Assistant Treasurer (2005)* 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.

</Table>

- ------------

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 INVESTMENT TRUST ANNUAL REPORT December 31, 2005

JPMORGAN INVESTMENT TRUST MID CAP GROWTH PORTFOLIO
- --------------------------------------------------------------------------------

SCHEDULE OF SHAREHOLDER EXPENSES (UNAUDITED)

HYPOTHETICAL $1,000 INVESTMENT AT BEGINNING OF PERIOD
AS OF DECEMBER 31, 2005

As a shareholder of the Portfolio, you incur ongoing costs, including investment
advisory fees, administration fees and other portfolio expenses. Because the
Portfolio is a funding vehicle for Policies and Eligible Plans, you may also
incur sales charges and other fees relating to the Policies or Eligible Plans.
The examples below are intended to help you understand your ongoing costs (in
dollars) of investing in the Portfolio, but not the costs of the Policies or
Eligible Plans, and to compare these ongoing costs with the ongoing costs of
investing in other mutual funds. The examples assume that you had a $1,000
investment in the Portfolio at the beginning of the reporting period, July 1,
2005, and continued to hold your shares at the end of the reporting period,
December 31, 2005.

ACTUAL EXPENSES

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 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 in the table below provides information about hypothetical
account values and hypothetical expenses based on the actual expense ratio and
an assumed rate of return of 5% per year before expenses, which is not the
Portfolio's 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 Portfolio and other Portfolios. 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 or the costs
associated with the Policies or Eligible Plans through which the Portfolio is
held. Therefore, the second line in the table is useful in comparing ongoing
costs only, and will not help you determine the relative total costs of owning
different Portfolios. 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.

<Table>
<Caption>
EXPENSES PAID
BEGINNING ENDING DURING PERIOD ANNUALIZED
ACCOUNT VALUE, ACCOUNT VALUE, JULY 1, 2005 TO EXPENSE
JULY 1, 2005 DECEMBER 31, 2005 DECEMBER 31, 2005 RATIO
-------------- ----------------- ----------------- ----------

Actual ................................... $1,000.00 $1,076.80 $4.71 0.90%
Hypothetical ............................. $1,000.00 $1,020.67 $4.58 0.90%
</Table>

JPMORGAN INVESTMENT TRUST ANNUAL REPORT December 31, 2005

JPMORGAN INVESTMENT TRUST MID CAP GROWTH PORTFOLIO
- --------------------------------------------------------------------------------
BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS (UNAUDITED)

The Board of Trustees meetings held in person in July and August 2005,
considered the continuation of the investment advisory agreement for the
Portfolio whose annual report is contained herein ("Advisory Agreement"). At the
July meeting, the Board's investment sub-committees (money market, equity and
fixed income) met to review and consider performance and expense information for
the Portfolio. Each investment sub-committee reported to the full Board, which
then considered the investment sub-committee's preliminary findings. At and
following the July meeting, the Trustees requested additional information from
the Portfolio's management. At the August meeting, the Trustees continued their
review and consideration, including the review of management's response to the
Trustees' July request. The Trustees, including a majority of the Trustees, who
are not "interested persons" (as defined in the '40 Act) of any party to the
Advisory Agreement or any of their affiliates, approved the Advisory Agreement
on August 10, 2005.

The Trustees, as part of their review of the investment advisory arrangements
for the Portfolio, receive from the Adviser and review on a regular basis over
the course of the year, information regarding the performance of the Portfolio.
This information includes the Portfolio's performance against the Portfolio's
peers and benchmarks and analyses by the Adviser of the Portfolio's performance.
In addition, with respect to all funds, except the money market funds, the
Trustees have engaged an independent consultant to similarly review the
performance of each of the funds, at each of the Trustees' regular meetings. The
Adviser also periodically provides comparative information regarding the
Portfolio's expense ratios and those of the peer groups. In addition, in
preparation for the July and August meetings, the Trustees requested and
evaluated extensive materials from the Adviser, including performance and
expense information compiled by Lipper Inc. ("Lipper"), an independent provider
of investment company data. Prior to voting, the Trustees reviewed the proposed
approval of the Advisory Agreement with representatives of the Adviser and with
counsels to the Trust and received a memorandum from independent counsel to the
Trustees discussing the legal standards for their consideration of the proposed
approval. The Trustees also discussed the proposed approval in private sessions
with independent counsel at which no representatives of the Adviser were
present. Set forth below is a summary of the material factors evaluated by the
Trustees in determining to approve the Advisory Agreement.

In their deliberations, each Trustee attributed different weights to the various
factors, and no factor alone was considered determinative. The Trustees
determined that the overall arrangement between the Portfolio and the Adviser,
as provided in the Advisory Agreement was fair and reasonable and that the
continuance of the investment advisory contract was in the best interests of the
Portfolio and its shareholders.

The matters discussed below were considered and discussed by the Trustees in
reaching their conclusions:

NATURE, EXTENT AND QUALITY OF SERVICES PROVIDED BY THE ADVISER
The Trustees received and considered information regarding the nature, extent
and quality of the services provided to the Portfolio under the Advisory
Agreement. The Trustees took into account information furnished throughout the
year at Trustee Meetings, as well as the materials furnished specifically in
connection with this annual review process. The Trustees considered the
background and experience of the Adviser's senior management and expertise of,
and the amount of attention given to the Portfolio by, investment personnel of
the Adviser. In addition, the Trustees reviewed the qualifications, backgrounds
and responsibilities of the portfolio management team primarily responsible for
the day-to-day management of the Portfolio and the infrastructure supporting the
team. The quality of the administrative services provided by JPMorgan Funds
Management, Inc. ("JPMF"), an affiliate of the Adviser, was also considered. The
Board of Trustees also considered its knowledge of the nature and quality of the
services provided by the Adviser to the Portfolio gained from their experience
as Trustees of the Portfolio. In addition, they considered the overall
reputation and capabilities of the Adviser and its affiliates, the commitment of
the Adviser to provide high quality service to the Portfolio, the benefits to
the Portfolio of the integration of the infrastructure supporting the heritage
One Group and JPMorgan Funds, their overall confidence in the Adviser's
integrity and the Adviser's responsiveness to concerns raised by them, including
the Adviser's willingness to consider and implement organizational and
operational changes designed to improve investment results and the services
provided to the Portfolio.

Based on these considerations and other factors, the Trustees concluded that
they were satisfied with the nature, extent and quality of the investment
advisory services provided to the Portfolio by the Adviser.

COSTS OF SERVICES PROVIDED AND PROFITABILITY TO THE ADVISER
At the request of the Trustees, the Adviser provided information regarding the
profitability to the Adviser and its affiliates in providing services to the
Portfolio. The Trustees reviewed and discussed this data. The Trustees
recognized that this data is not audited and represents the Adviser's
determination of its and its affiliates revenues from the contractual services
provided to the Portfolio, less expenses of providing such services. Expenses
include direct and indirect costs and are calculated using an allocation
methodology developed by the Adviser. The Trustees also recognized that it is
difficult to make comparisons of profitability from fund investment advisory
contracts because comparative information is not generally publicly available
and is

JPMORGAN INVESTMENT TRUST ANNUAL REPORT December 31, 2005

JPMORGAN INVESTMENT TRUST MID CAP GROWTH PORTFOLIO
- --------------------------------------------------------------------------------

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS (UNAUDITED), CONTINUED

affected by numerous factors, including the structure of the particular adviser,
the types of funds it manages, its business mix, numerous assumptions regarding
allocations and the fact that publicly-traded fund managers' operating profits
and net income are net of distribution and marketing expenses. Based on their
review, the Trustees concluded that the profitability to the Adviser of the
Investment Advisory Agreement was not unreasonable in light of the services and
benefits provided to the Portfolio.

FALL-OUT BENEFITS
The Trustees reviewed information regarding potential "fall-out" or ancillary
benefits received by the Adviser and its affiliates as a result of their
relationship with the Portfolio. The Board considered that the Adviser
discontinued third-party soft dollar arrangements with respect to securities
transactions it executes for the Portfolio.

The Trustees also considered that JPMF, an affiliate of the Adviser, is expected
to earn fees from the Portfolio for providing administrative services. These
fees were shown separately in the profitability analysis presented to the
Trustees. The Trustees also considered the fees paid to JPMorgan Chase Bank for
custody and fund accounting and other related services.

ECONOMIES OF SCALE
The Trustees noted that the proposed investment advisory fee schedule for the
Portfolio does not contain breakpoints. The Trustees considered whether it would
be appropriate to add advisory fee breakpoints and the Trustees concluded that
the current fee structure was reasonable in light of the fee waivers or expense
limitations that the Adviser has in place that serve to limit the overall net
expense ratio at competitive levels. The Trustees also recognized that the fee
schedule for the administrative services provided by JPMF does include a fee
breakpoint, which is tied to the overall level of the Trust's assets, advised by
the Adviser, and that the Portfolio would benefit from that breakpoint. The
Trustees concluded that shareholders benefited from the lower expense ratios
which resulted from these factors.

INDEPENDENT WRITTEN EVALUATION OF THE PORTFOLIO'S CHIEF COMPLIANCE OFFICER
The Trustees noted that, upon their direction, the Chief Compliance Officer for
the Investment Trust Mid Cap Growth Portfolio had prepared an independent
written evaluation in order to assist the Trustees in determining the
reasonableness of the proposed management fees of the Portfolio. The Trustees
indicated that the written evaluation had been relied upon in this regard in
determining whether to continue the Advisory Agreement.

FEES RELATIVE TO ADVISER'S OTHER CLIENTS
The Trustees received and considered information about the nature, extent and
quality of services and fee rates offered to other clients of the Adviser for
comparable services. The Trustees also considered the complexity of investment
management for the Portfolio relative to the Adviser's other clients and the
differences in the nature, extent and quality of the services provided to the
different clients. The Trustees noted that the fee rates charged to the
Portfolio in comparison to those charged to the Adviser's other clients were
reasonable.

INVESTMENT PERFORMANCE
The Trustees received and considered relative performance and expense
information for the Portfolio in a report prepared by Lipper. The Trustees
considered the total return performance information, which included the
Portfolio's ranking within a performance universe made up of funds with the same
Lipper investment classification and objective (the "Universe Group") by total
return for one-year, three-year, and five-year periods. The Trustees also
considered the Portfolio's performance in comparison to the performance results
of a group (the "Peer Group") of funds. The Trustees reviewed a description of
Lipper's methodology for selecting mutual funds in the Portfolio's Peer Group
and Universe Group. As part of this review, the Trustees also reviewed the
Portfolio's performance against its benchmark and considered the performance
information provided for the Portfolio at regular Board meetings. The attention
that was given to the Lipper reports and the actions taken as a result of the
review of the Portfolio's investment performance is summarized below:

The Trustees noted that the performance of the one, three and five year periods
of the Investment Trust Mid Cap Growth Portfolio was within a reasonable range
of the Universe Group median.

JPMORGAN INVESTMENT TRUST ANNUAL REPORT December 31, 2005

JPMORGAN INVESTMENT TRUST MID CAP GROWTH PORTFOLIO
- --------------------------------------------------------------------------------

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS (UNAUDITED), CONTINUED

currently in place for the Portfolio and considered the net advisory fee rate
after taking waivers and reimbursements into account. The Trustees recognized
that it is difficult to make comparisons of advisory fees because there are
variations in the services that are included in the fees paid by other funds.
The attention that was given to the Lipper reports and the actions taken as a
result of the review of the Portfolio's advisory fees and expense ratios is
summarized below:

The Trustees noted that the Investment Trust Mid Cap Growth Portfolio's
contractual advisory fee was within a reasonable range of the median of its Peer
Group and the fee was considered reasonable recognizing that the total actual
expenses were lower than the median of its Universe Group.

JPMORGAN INVESTMENT TRUST ANNUAL REPORT December 31, 2005

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JPMORGAN INVESTMENT TRUST ANNUAL REPORT December 31, 2005

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JPMORGAN INVESTMENT TRUST ANNUAL REPORT December 31, 2005

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
Portfolio. It is not authorized for distribution to prospective investors in the
Portfolio unless preceded or accompanied by a prospectus.

CONTACT JPMORGAN FUNDS SERVICE CENTER AT 1-800-480-4111 FOR A PORTFOLIO
PROSPECTUS. YOU CAN ALSO VISIT US AT WWW.JPMORGANFUNDS.COM. INVESTORS SHOULD
CAREFULLY CONSIDER THE INVESTMENT OBJECTIVES AND RISK AS WELL 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, the Portfolio 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, the Portfolio will make available a certified complete schedule
of its portfolio holdings as of the last day that quarter. In addition to
providing hard copies upon request, the Portfolio will post these quarterly
schedules in the variable insurance portfolio section of 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 the Portfolio's policies and procedures with respect to the
disclosure of the Portfolio's 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 Portfolio to JPMIM. A copy of the Portfolio's voting record for the most
recent 12-month period ended June 30 is available on the SEC's website at
www.sec.gov or in the variable insurance portfolio section of
www.jpmorganfunds.com no later than August 31 of each year. The Portfolio'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.

[JPMORGAN LOGO]
Asset Management

AN-JPMITMCG-1205

ANNUAL REPORT DECEMBER 31, 2005

JPMorgan
Investment
Trust

JPMorgan Investment Trust Mid Cap Value Portfolio

NOT FDIC INSURED o NO BANK GUARANTEE o MAY LOSE VALUE [JPMORGAN LOGO]
This material must be preceded or accompanied by a current prospectus. Asset Management

JPMORGAN INVESTMENT TRUST MID CAP VALUE PORTFOLIO
- --------------------------------------------------------------------------------

TABLE OF CONTENTS

<Table>

President's Letter ......................................... 2

Portfolio Commentary ....................................... 3

Schedule of Portfolio Investments .......................... 5

Statement of Assets and Liabilities ........................ 9

Statement of Operations .................................... 10

Statement of Changes in Net Assets ......................... 11

Financial Highlights ....................................... 12

Notes to Financial Statements .............................. 13

Report of Independent Registered Public Accounting Firm..... 19

Trustees ................................................... 20

Officers ................................................... 22

Schedule of Shareholder Expenses ........................... 24

Board Approval of Investment Advisory Agreements............ 25

Tax Letter.................................................. 28

</Table>

HIGHLIGHTS

- - The U.S. equity market overcame several challenges.

- - FOMC raised rates at a measured pace.

- - The outlook for equity markets is somewhat mixed.

JPMORGAN INVESTMENT TRUST ANNUAL REPORT December 31, 2005

JPMORGAN INVESTMENT TRUST MID CAP VALUE PORTFOLIO
- --------------------------------------------------------------------------------

PRESIDENT'S LETTER (UNAUDITED) JANUARY 10, 2006

DEAR SHAREHOLDER:

We are pleased to present this annual report for the JPMorgan Investment Trust
Mid Cap Value Portfolio. Inside, you'll find information detailing the
performance of the Portfolio for the year ended December 31, 2005, along with a
report from the Portfolio Managers.

MIXED STOCK PERFORMANCE

The broad stock market, as measured by the S&P 500 Index, returned 4.91% in the
period. While there were hopes for another strong rally in the fourth quarter of
the year -- similar to the 12.18% and 9.23% returns in the fourth quarters of
2003 and 2004, respectively -- this did not come to pass in 2005. Concerns over
further rate hikes by the FOMC and inflationary pressures tempered the market's
gains at the end of the year. Elsewhere during the year, mid-capitalization
stocks generated superior returns, with the Russell Midcap Index gaining 12.65%.
Large-capitalization stocks outperformed their small-capitalization counterparts
in the period, as the Russell 1000 Index at 6.12% outperformed the Russell 2000
Index at 4.55%, respectively.

OUTLOOK

The outlook for equity markets is somewhat mixed. Positives include a solid
economy, relatively lower oil prices and the possibility of the FOMC ending its
interest rate hike campaign. On the other hand, corporate profits are expected
to decelerate in 2006. In addition, should inflation increase, the FOMC may
continue to raise rates. Given these uncertainties, investors should take a
long-term approach with investments and maintain a diversified portfolio.

Sincerely,

/s/ George C.W. Gatch
George C.W. Gatch
President
JPMorgan Funds

JPMORGAN INVESTMENT TRUST ANNUAL REPORT December 31, 2005

JPMORGAN INVESTMENT TRUST MID CAP VALUE PORTFOLIO
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PORTFOLIO COMMENTARY (UNAUDITED)

Q: HOW DID THE PORTFOLIO PERFORM?
A. The JPMorgan Investment Trust Mid Cap Value Portfolio, which seeks capital
appreciation with the secondary goal of achieving current income by investing
primarily in equity securities*, returned 9.75% in the 12 months ended December
31, 2005, compared to its benchmark, the Russell Midcap Value Index, which
returned 12.65% over the same period.

Q: WHY DID THE PORTFOLIO PERFORM IN THIS WAY?
A. The outlook for interest rates dominated U.S. equity market activity in 2005
as investors attempted to determine when Federal Reserve rate hikes would come
to an end. Although there were bumps in the road, most particularly a slowdown
in growth and rise in inflation following the hurricanes of late summer, the
economy was generally supportive of equity gains in 2005. Equity markets were
also supported by continued strength in corporate profits.

The Portfolio underperformed the benchmark mostly due to an overweight in the
consumer discretionary sector and stock selection in the materials sector. At
the individual stock level, Lear Corp. and Family Dollar Stores Inc. were large
detractors to performance. Lear Corp., a maker of automotive interiors,
experienced unfavorable industry conditions in 2005 due to weakening North
American auto production. Family Dollar Stores, a discount retail chain,
experienced weaker profits than originally estimated for the year due to a shift
toward lower-margin items, higher freight costs and business disruptions from
the Gulf Coast hurricanes.

The Portfolio was positively impacted by overall stock selection in the consumer
staples sector, as well as an overweight in the industrials sector. Coventry
Health Care Inc. and Omnicare Inc. were among the top individual contributors to
performance. Coventry Health Care, a managed health care company, experienced
accelerated earning growth in 2005 as a result of improving margins and realized
synergies from their acquisition of First Health Group Corporation. Omnicare, a
leading provider of pharmaceutical care for the elderly, acquired rival
NeighborCare Inc., which will increase Omnicare's market share in the
pharmaceutical and care services industry.

Q: HOW WAS THE PORTFOLIO MANAGED?
A. We employ a bottom-up approach to stock selection, constructing portfolios
based on company fundamentals, quantitative screening and proprietary
fundamental analysis. Our research process is designed to identify companies
with predictable and durable business models that are deemed capable of
achieving sustainable growth. Potential investments are subjected to rigorous
financial analysis and a disciplined approach to valuation.

Q: WHAT IS THE OUTLOOK FOR THE PORTFOLIO?
A. The Portfolio is invested in businesses we believe can consistently generate
strong free cash flow. While consumer stocks were under pressure for 2005, we
are not negative on the U.S. consumer. We anticipate a higher interest-rate
climate, which may increase volatility in interest-rate sensitive names. We also
feel that many cyclical names in the Portfolio have reached most of their upside
potential. The Portfolio favors companies where we believe that senior

management can navigate their businesses through difficult environments.

<Table>

PORTFOLIO COMPOSITION**
Financials................................... 28.1%
Consumer Discretionary....................... 20.9%
Utilities.................................... 10.1%
Industrials.................................. 7.5%
Materials.................................... 6.7%
Energy....................................... 6.6%
Consumer Staples............................. 5.5%
Information Technology....................... 4.4%
Health Care.................................. 3.3%
Telecommunications Services.................. 2.7%
Investments of Cash Collateral for Securities
Loaned..................................... 15.0%
Short-Term Investments....................... 4.2%
TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO**
Coventry Health Care, Inc. .................. 1.5%
V.F. Corp. .................................. 1.5%
Old Republic International Corp. ............ 1.4%
Kinder Morgan, Inc. ......................... 1.4%
TJX Cos., Inc. .............................. 1.3%
Limited Brands, Inc. ........................ 1.3%
Compass Bancshares, Inc. .................... 1.3%
Assurant, Inc. .............................. 1.2%
Golden West Financial Corp. ................. 1.2%
Mercantile Bankshares Corp. ................. 1.1%
</Table>

- --------------------------------------------------------------------------------
* The manager seeks to achieve the stated objective. There can be no guarantee
it will be achieved.
** Percentages indicated are based upon net assets as of December 31, 2005. The
Portfolio's composition is subject to change.

JPMORGAN INVESTMENT TRUST ANNUAL REPORT December 31, 2005

JPMORGAN INVESTMENT TRUST MID CAP VALUE PORTFOLIO
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PORTFOLIO COMMENTARY (UNAUDITED), CONTINUED

LIFE OF PORTFOLIO PERFORMANCE
Value of $10,000 Investment
[GRAPH]

<Table>
<Caption>
S&P MIDCAP 400/BARRA
MID CAP VALUE PORTFOLIO RUSSELL MIDCAP VALUE INDEX VALUE INDEX
----------------------- -------------------------- --------------------

5/97 10000 10000 10000
12/97 11697 13212 13440.7
12/98 11309 13883.4 14068.8
12/99 11101 13868.3 14395.9
12/00 14200 16528.2 18404
12/01 14881 16912.6 19718.5
12/02 12969 15281.1 17725.4
12/03 17217 21098.2 24853.9
12/04 19868 26099.6 29557.4
12/05 21806 29400.7 32985.9
</Table>

<Table>
<Caption>
- ------------------------------------------------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURNS AS OF
DECEMBER 31, 2005
- ------------------------------------------------------------------------------------------------------------------------
INCEPTION DATE 1 YEAR 5 YEAR SINCE INCEPTION
- ------------------------------------------------------------------------------------------------------------------------

Mid Cap Value Portfolio 05/01/97 9.75% 8.96% 9.41%
- ------------------------------------------------------------------------------------------------------------------------
</Table>

The graph illustrates comparative performance for $10,000 invested in the
JPMorgan Investment Trust Mid Cap Value Portfolio, Russell Midcap Value Index
and the S&P MidCap 400/BARRA Value Index. The performance of the Portfolio
assumes reinvestment of all dividends. The performance of the indices does not
include fees and expenses attributable to the Portfolio and has been adjusted to
reflect reinvestment of all dividends and capital gains of the securities
included in the benchmark. The S&P MidCap 400/BARRA Value Index represents the
performance of lowest price-to-book securities in the S&P MidCap 400 Index. The
Russell Midcap Value Index measures the performance of mid cap companies with
lower price-to-book ratios and lower forecasted growth values. The benchmark
index for the Portfolio was changed effective May 1, 2005 from the S&P MidCap
400/BARRA Value Index to the Russell Midcap Value Index in order to better
represent the investment policies for comparison purposes. Investors cannot
invest directly in an index.

JPMORGAN INVESTMENT TRUST ANNUAL REPORT December 31, 2005

JPMORGAN INVESTMENT TRUST MID CAP VALUE PORTFOLIO
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SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2005

<Table>
<Caption>
SHARES
OR
PRINCIPAL
AMOUNT($) SECURITY DESCRIPTION VALUE($)
- --------- ---------------------------- ------------

LONG-TERM INVESTMENTS (95.8%):
COMMON STOCKS (95.8%):
Aerospace & Defense (1.2%):
20,300 Alliant Techsystems, Inc.
(a) (c)................... 1,546,251
13,400 L-3 Communications Holdings,
Inc. ..................... 996,290
------------
2,542,541
------------
Auto Components (0.7%):
11,700 BorgWarner, Inc. (c)........ 709,371
25,200 Lear Corp. (c).............. 717,192
------------
1,426,563
------------
Beverages (1.8%):
24,200 Brown-Forman Corp., Class
B......................... 1,677,544
84,900 Constellation Brands, Inc.,
Class A (a)............... 2,226,927
------------
3,904,471
------------
Building Products (0.6%):
34,400 American Standard Cos.,
Inc. ..................... 1,374,280
------------
Capital Markets (2.4%):
6,900 Bear Stearns Cos., Inc.
(The)..................... 797,157
73,100 E*Trade Financial Corp.
(a)....................... 1,524,866
11,300 Legg Mason, Inc. ........... 1,352,497
30,100 Northern Trust Corp. ....... 1,559,782
------------
5,234,302
------------
Chemicals (3.9%):
36,000 Albemarle Corp. (c)......... 1,380,600
26,400 Ashland, Inc. .............. 1,528,560
18,200 Engelhard Corp. (c)......... 548,730
32,200 Lubrizol Corp. ............. 1,398,446
18,100 PPG Industries, Inc. ....... 1,047,990
45,540 RPM International, Inc.
(c)....................... 791,030
26,500 Sigma-Aldrich Corp. (c)..... 1,677,185
------------
8,372,541
------------
Commercial Banks (6.5%):
55,600 Compass Bancshares, Inc.
(c)....................... 2,684,924
25,800 Cullen/Frost Bankers,
Inc. ..................... 1,384,944
14,100 M&T Bank Corp. ............. 1,537,605
41,800 Mercantile Bankshares Corp.
(c)....................... 2,359,192
66,450 North Fork Bancorp, Inc. ... 1,818,072
48,400 TCF Financial Corp. ........ 1,313,576
26,156 TD Banknorth, Inc. (c)...... 759,832
27,900 Zions Bancorp............... 2,108,124
------------
13,966,269
------------
Commercial Services & Supplies (1.0%):
23,700 Pitney Bowes, Inc. ......... 1,001,325
28,100 Republic Services, Inc. .... 1,055,155
------------
2,056,480
------------
Computers & Peripherals (0.9%):
59,600 NCR Corp. (a)............... 2,022,824
------------
</Table>

<Table>
<Caption>
SHARES
OR
PRINCIPAL
AMOUNT($) SECURITY DESCRIPTION VALUE($)
- --------- ---------------------------- ------------

LONG-TERM INVESTMENTS, CONTINUED:
COMMON STOCKS, CONTINUED:
Construction Materials (1.1%):
16,250 Florida Rock Industries,
Inc. (c).................. 797,225
24,500 Vulcan Materials Co. ....... 1,659,875
------------
2,457,100
------------
Containers & Packaging (1.3%):
45,200 Ball Corp. (c).............. 1,795,344
42,300 Pactiv Corp. (a)............ 930,600
------------
2,725,944
------------
Diversified Financial Services (0.8%):
35,700 Principal Financial Group
(c)....................... 1,693,251
------------
Diversified Telecommunication Services (2.1%):
36,300 Alltel Corp. ............... 2,290,530
64,900 CenturyTel, Inc. ........... 2,152,084
------------
4,442,614
------------
Electric Utilities (5.2%):
17,000 Allete, Inc. (c)............ 748,000
49,100 American Electric Power Co.,
Inc. ..................... 1,821,119
26,100 Black Hills Corp. (c)....... 903,321
70,300 DPL, Inc. .................. 1,828,503
47,200 PG&E Corp. ................. 1,752,064
79,700 PPL Corp. .................. 2,343,180
81,000 Westar Energy, Inc. ........ 1,741,500
------------
11,137,687
------------
Electrical Equipment (1.4%):
36,700 Ametek, Inc. ............... 1,561,218
20,200 Cooper Industries Ltd.
(Bermuda), Class A........ 1,474,600
------------
3,035,818
------------
Electronic Equipment & Instruments (0.9%):
60,600 Arrow Electronics, Inc.
(a)....................... 1,941,018
------------
Energy Equipment & Services (1.1%):
31,100 Cal Dive International, Inc.
(a) (c)................... 1,116,179
22,700 Unit Corp. (a).............. 1,249,181
------------
2,365,360
------------
Food Products (2.4%):
54,200 Dean Foods Co. (a) (c)...... 2,041,172
78,100 Del Monte Foods Co. (a)..... 814,583
22,000 Hershey Foods Corp. ........ 1,215,500
34,600 Hormel Foods Corp. ......... 1,130,728
------------
5,201,983
------------
Gas Utilities (1.5%):
66,600 AGL Resources, Inc. ........ 2,318,346
47,500 UGI Corp. .................. 978,500
------------
3,296,846
------------
</Table>

JPMORGAN INVESTMENT TRUST ANNUAL REPORT December 31, 2005

JPMORGAN INVESTMENT TRUST MID CAP VALUE PORTFOLIO
- --------------------------------------------------------------------------------

SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED
AS OF DECEMBER 31, 2005

<Table>
<Caption>
SHARES
OR
PRINCIPAL
AMOUNT($) SECURITY DESCRIPTION VALUE($)
- --------- ---------------------------- ------------

LONG-TERM INVESTMENTS, CONTINUED:
COMMON STOCKS, CONTINUED:
Health Care Providers & Services (2.6%):
56,700 Coventry Health Care, Inc.
(a)....................... 3,229,632
32,000 Manor Care, Inc. (c)........ 1,272,640
20,600 Quest Diagnostics, Inc. .... 1,060,488
------------
5,562,760
------------
Hotels, Restaurants & Leisure (3.9%):
59,800 Applebees International,
Inc. ..................... 1,350,882
96,200 Hilton Hotels Corp. ........ 2,319,382
38,200 International Game
Technology................ 1,175,796
17,400 Las Vegas Sands Corp. (a)
(c)....................... 686,778
44,500 Outback Steakhouse, Inc.
(c)....................... 1,851,645
15,600 Station Casinos, Inc. ...... 1,057,680
------------
8,442,163
------------
Household Durables (2.2%):
16,100 Centex Corp. (c)............ 1,150,989
22,400 Fortune Brands, Inc. ....... 1,747,648
20,800 Lennar Corp., Class A....... 1,269,216
7,200 Mohawk Industries, Inc.
(a)....................... 626,256
------------
4,794,109
------------
Household Products (0.6%):
23,400 Clorox Co. ................. 1,331,226
------------
Industrial Conglomerates (1.1%):
24,400 Carlisle Cos., Inc. ........ 1,687,260
15,100 Walter Industries, Inc.
(c)....................... 750,772
------------
2,438,032
------------
Insurance (6.8%):
58,900 Assurant, Inc. ............. 2,561,561
36,880 Cincinnati Financial
Corp. .................... 1,647,798
13,000 Everest Re Group Ltd.
(Bermuda)................. 1,304,550
46,002 Fidelity National Financial,
Inc. ..................... 1,692,414
34,100 Genworth Financial, Inc.,
Class A................... 1,179,178
30,200 IPC Holdings Ltd. (Bermuda)
(c)....................... 826,876
114,650 Old Republic International
Corp. (c)................. 3,010,709
32,900 Protective Life Corp. ...... 1,440,033
24,000 Willis Group Holdings Ltd.
(Bermuda) (c)............. 886,560
------------
14,549,679
------------
IT Services (0.6%):
21,400 Affiliated Computer
Services, Inc., Class A
(a) (c)................... 1,266,452
------------
Machinery (1.7%):
36,800 Crane Co. .................. 1,297,936
26,000 Dover Corp. ................ 1,052,740
19,900 Harsco Corp. ............... 1,343,449
------------
3,694,125
------------
</Table>

<Table>
<Caption>
SHARES
OR
PRINCIPAL
AMOUNT($) SECURITY DESCRIPTION VALUE($)
- --------- ---------------------------- ------------

LONG-TERM INVESTMENTS, CONTINUED:
COMMON STOCKS, CONTINUED:
Media (4.0%):
75,900 Belo Corp., Class A......... 1,625,019
27,200 Clear Channel Outdoor
Holdings, Inc. (a) ....... 545,360
52,800 Dex Media, Inc. ............ 1,430,352
16,000 E.W. Scripps Co., Class A... 768,320
50,600 Interactive Data Corp.
(a)....................... 1,149,126
16,800 Knight Ridder, Inc. (c)..... 1,063,440
106,300 Regal Entertainment Group,
Class A (c)............... 2,021,826
------------
8,603,443
------------
Multi-Utilities (3.4%):
30,900 Energen Corp. .............. 1,122,288
63,200 Energy East Corp. .......... 1,440,960
40,420 MDU Resources Group, Inc.
(c)....................... 1,323,351
36,300 Oneok, Inc. ................ 966,669
8,200 Questar Corp. .............. 620,740
43,900 SCANA Corp. ................ 1,728,782
------------
7,202,790
------------
Multiline Retail (1.7%):
71,000 Family Dollar Stores, Inc.
(c)....................... 1,760,090
15,869 Federated Department Stores,
Inc. ..................... 1,052,590
38,800 Tuesday Morning Corp. (c)... 811,696
------------
3,624,376
------------
Office Electronics (0.9%):
126,800 Xerox Corp. (a)............. 1,857,620
------------
Oil, Gas & Consumable Fuels (5.5%):
19,200 Burlington Resources,
Inc. ..................... 1,655,040
24,900 Consol Energy, Inc. (c)..... 1,622,982
26,724 Devon Energy Corp. ......... 1,671,319
32,500 Kinder Morgan, Inc. ........ 2,988,375
17,571 Marathon Oil Corp. ......... 1,071,304
33,400 Newfield Exploration Co. (a)
(c)....................... 1,672,338
22,700 Pioneer Natural Resources
Co. (c)................... 1,163,829
------------
11,845,187
------------
Paper & Forest Products (0.4%):
26,700 MeadWestvaco Corp. ......... 748,401
------------
Personal Products (0.7%):
41,900 Estee Lauder Cos., Inc.
(The), Class A............ 1,402,812
------------
Pharmaceuticals (0.8%):
28,800 Omnicare, Inc. (c).......... 1,647,936
------------
Real Estate (7.3%):
36,800 AMB Property Corp. REIT..... 1,809,456
64,500 American Financial Realty
Trust REIT................ 774,000
</Table>

JPMORGAN INVESTMENT TRUST ANNUAL REPORT December 31, 2005

JPMORGAN INVESTMENT TRUST MID CAP VALUE PORTFOLIO
- --------------------------------------------------------------------------------

SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED
AS OF DECEMBER 31, 2005

<Table>
<Caption>
SHARES
OR
PRINCIPAL
AMOUNT($) SECURITY DESCRIPTION VALUE($)
- --------- ---------------------------- ------------

LONG-TERM INVESTMENTS, CONTINUED:
COMMON STOCKS, CONTINUED:
Real Estate, continued:
13,500 AvalonBay Communities, Inc.
REIT...................... 1,204,875
15,100 Boston Properties, Inc.
REIT...................... 1,119,363
38,000 Brookfield Properties Co.
(Canada).................. 1,117,960
69,500 Cousins Properties, Inc.
REIT...................... 1,966,850
27,100 iStar Financial, Inc.
REIT...................... 966,115
35,000 Kimco Realty Corp. REIT..... 1,122,800
44,820 Liberty Property Trust REIT
(c)....................... 1,920,537
16,500 PS Business Parks, Inc.,
Class A REIT.............. 811,800
40,100 Rayonier, Inc. REIT......... 1,597,985
49,800 United Dominion Realty
Trust, Inc. REIT.......... 1,167,312
------------
15,579,053
------------
Software (1.1%):
52,800 Computer Associates
International, Inc. ...... 1,488,432
50,800 Take-Two Interactive
Software, Inc. (a) (c).... 899,160
------------
2,387,592
------------
Specialty Retail (6.2%):
53,200 American Eagle Outfitters,
Inc. (c).................. 1,222,536
80,500 Autonation, Inc. (a)........ 1,749,265
25,100 AutoZone, Inc. (a).......... 2,302,925
121,300 Limited Brands, Inc. ....... 2,711,055
26,200 Sherwin-Williams Co.
(The)..................... 1,190,004
34,000 Tiffany & Co. .............. 1,301,860
121,600 TJX Cos., Inc. (c).......... 2,824,768
------------
13,302,413
------------
Textiles, Apparel & Luxury Goods (2.1%):
29,700 Columbia Sportswear Co. (a)
(c)....................... 1,417,581
57,400 V.F. Corp. ................. 3,176,516
------------
4,594,097
------------
Thrifts & Mortgage Finance (4.3%):
38,800 Golden West Financial
Corp. .................... 2,560,800
111,600 Hudson City Bancorp,
Inc. ..................... 1,352,592
32,500 Independence Community Bank
Corp. .................... 1,291,225
25,500 MGIC Investment Corp. ...... 1,678,410
19,600 Radian Group, Inc. (c)...... 1,148,364
55,700 Sovereign Bancorp, Inc. .... 1,204,234
------------
9,235,625
------------
Trading Companies & Distributors (0.4%):
24,200 Hughes Supply, Inc. ........ 867,570
------------
Wireless Telecommunication Services (0.7%):
39,300 Telephone & Data Systems,
Inc. ..................... 1,387,011
------------
</Table>

<Table>
<Caption>
SHARES
OR
PRINCIPAL
AMOUNT($) SECURITY DESCRIPTION VALUE($)
- --------- ---------------------------- ------------

LONG-TERM INVESTMENTS, CONTINUED:
COMMON STOCKS, CONTINUED:
Wireless Telecommunication Services, continued:
Total Common Stocks
(Cost $187,794,762) 205,562,364
------------
SHORT-TERM INVESTMENT (4.2%):
INVESTMENT COMPANY (4.2%):
8,956,966 JPMorgan Liquid Assets Money
Market Fund (b) (m)
(Cost $8,956,966)......... 8,956,966
------------
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED
(15.0%):
Certificates of Deposit (1.1%):
1,000,000 Credit Suisse First Boston,
NY, FRN, 4.27%,
10/17/06.................. 1,000,000
1,249,982 Wells Fargo Bank San
Francisco, FRN, 4.30%,
01/27/06.................. 1,249,982
------------
2,249,982
------------
Corporate Notes (2.3%):
1,000,000 Bank of America, FRN, 4.31%,
11/07/06.................. 1,000,000
476,443 CC USA, Inc., FRN, 4.42%,
02/17/06.................. 476,443
1,000,000 CDC Financial Products,
Inc., FRN, 4.35%,
01/30/06.................. 1,000,000
99,045 Citigroup Global Markets
Holding, Inc., FRN, 4.59%,
12/12/06.................. 99,045
1,000,000 Citigroup Global Markets,
Inc., FRN, 4.32%,
01/06/06.................. 1,000,000
1,002,818 Links Finance LLC, FRN,
4.29%, 10/06/06........... 1,002,818
148,568 MBIA Global Funding LLC,
FRN, 4.48%, 01/26/07...... 148,568
241,373 Sigma Finance, Inc., FRN,
4.41%, 02/27/06........... 241,373
------------
4,968,247
------------
Repurchase Agreements (11.6%):
5,363,296 Bank of America Securities
LLC, 4.26%, dated 12/30/05
due 01/03/06, repurchase
price $5,365,834,
collateralized by U.S.
Government Agency
Mortgages................. 5,363,296
6,500,000 Lehman Brothers Inc. 4.26%,
dated 12/30/05, due
01/03/06, repurchase price
$6,503,077, collateralized
by U.S. Government Agency
Mortgages................. 6,500,000
</Table>

JPMORGAN INVESTMENT TRUST ANNUAL REPORT December 31, 2005

JPMORGAN INVESTMENT TRUST MID CAP VALUE PORTFOLIO
- --------------------------------------------------------------------------------

SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED
AS OF DECEMBER 31, 2005

<Table>
<Caption>
SHARES
OR
PRINCIPAL
AMOUNT($) SECURITY DESCRIPTION VALUE($)
- --------- ---------------------------- ------------

INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED,
CONTINUED:
Repurchase Agreements, continued:
6,500,000 Morgan Stanley, 4.27%, dated
12/30/05, due 01/03/06,
repurchase price
$6,503,084, collateralized
by U.S. Government Agency
Mortgages................. 6,500,000
</Table>

<Table>
<Caption>
SHARES
OR
PRINCIPAL
AMOUNT($) SECURITY DESCRIPTION VALUE($)
- --------- ---------------------------- ------------

INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED,
CONTINUED:
Repurchase Agreements, continued:
6,500,000 UBS Securities LLC,4.26%,
dated 12/30/05, due
01/03/06, repurchase price
$6,503,077, collateralized
by U.S. Government Agency
Mortgages................. 6,500,000
------------
24,863,296
------------
Total Investments of Cash Collateral
for Securities Loaned (Cost
$32,081,525) 32,081,525
------------
TOTAL INVESTMENTS (115.0%):
(Cost $228,833,253) 246,600,855
LIABILITIES IN EXCESS OF OTHER ASSETS
((15.0)%): (32,083,616)
------------
NET ASSETS (100.0%): $214,517,239
============
</Table>

- ------------
Percentages indicated are based on net assets.

Abbreviations:

<Table>

JPMORGAN INVESTMENT TRUST ANNUAL REPORT December 31, 2005
See notes to financial statements.

JPMORGAN INVESTMENT TRUST MID CAP VALUE PORTFOLIO
- --------------------------------------------------------------------------------

STATEMENT OF ASSETS AND LIABILITIES
AS OF DECEMBER 31, 2005

<Table>

ASSETS:
Investments in non-affiliates, at value..................... $212,780,593
Investments in affiliates, at value......................... 8,956,966
Repurchase agreements, at value............................. 24,863,296
------------
Total investment securities, at value....................... 246,600,855
Cash........................................................ 6,516
Receivables:
Portfolio shares sold..................................... 165,593
Interest and dividends.................................... 455,336
------------
Total Assets................................................ 247,228,300
------------
LIABILITIES:
Payables:
Investment securities purchased........................... 205,455
Collateral for securities lending program................. 32,081,525
Portfolio shares redeemed................................. 254,666
Accrued liabilities:
Investment advisory fees.................................. 132,168
Administration fees....................................... 26,843
Custodian fees............................................ 2,837
Other..................................................... 7,567
------------
Total liabilities........................................... 32,711,061
------------
NET ASSETS.................................................. $214,517,239
============
NET ASSETS:
Paid in capital............................................. $171,709,088
Accumulated undistributed (distributions in excess of) net
investment income......................................... 1,827,913
Accumulated net realized gains (losses) from investments.... 23,212,636
Net unrealized appreciation (depreciation) from
investments............................................... 17,767,602
------------
Net Assets.................................................. $214,517,239
============
OUTSTANDING UNITS OF BENEFICIAL INTEREST (SHARES)........... 13,488,148
Net asset value, offering and redemption price per share
(unlimited shares authorized, no par value)............... $ 15.90
Cost of investments......................................... $228,833,253
Market value of securities on loan.......................... $ 31,324,368
</Table>

See notes to financial statements.

JPMORGAN INVESTMENT TRUST ANNUAL REPORT December 31, 2005

JPMORGAN INVESTMENT TRUST MID CAP VALUE PORTFOLIO
- --------------------------------------------------------------------------------

STATEMENT OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2005

<Table>

INVESTMENT INCOME:
Dividend income............................................. $ 3,182,067
Dividend income from affiliates(a).......................... 263,413
Income from securities lending (net)........................ 26,729
Foreign taxes withheld...................................... (2,523)
-----------
Total investment income..................................... 3,469,686
-----------
EXPENSES:
Investment advisory fees.................................... 1,293,029
Administration fees......................................... 256,924
Custodian fees.............................................. 23,313
Professional fees........................................... 25,642
Trustees' fees.............................................. 910
Transfer agent fees......................................... 6,265
Other....................................................... 31,306
-----------
Total expenses.............................................. 1,637,389
-----------
Less amounts waived......................................... (1,902)
Less earnings credits....................................... (419)
-----------
Net expenses............................................ 1,635,068
-----------
Net investment income (loss)................................ 1,834,618
-----------
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on investments..................... 23,526,137
Change in net unrealized appreciation (depreciation) of
investments............................................... (7,944,269)
-----------
Net realized/unrealized gains (losses)...................... 15,581,868
-----------
Change in net assets resulting from operations.............. $17,416,486
-----------

(a) Includes reimbursements of investment advisory and
administration fees....................................... $ 34,443
-----------
</Table>

See notes to financial statements.

JPMORGAN INVESTMENT TRUST ANNUAL REPORT December 31, 2005

JPMORGAN INVESTMENT TRUST MID CAP VALUE PORTFOLIO
- --------------------------------------------------------------------------------

STATEMENT OF CHANGES IN NET ASSETS

<Table>
<Caption>
YEAR ENDED YEAR ENDED
DECEMBER 31, DECEMBER 31,
2005 2004
------------ ------------

CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss).............................. $ 1,834,618 $ 955,279
Net realized gain (loss) on investments................... 23,526,137 13,972,196
Change in net unrealized appreciation (depreciation) of
investments............................................. (7,944,269) 2,698,001
------------ ------------
Change in net assets resulting from operations.............. 17,416,486 17,625,476
------------ ------------
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income................................ (960,163) (595,535)
From net realized gains................................... (11,103,619) --
------------ ------------
Total distributions to shareholders......................... (12,063,782) (595,535)
------------ ------------
CHANGE IN NET ASSETS FROM CAPITAL TRANSACTIONS:
Proceeds from shares issued............................... 90,608,851 31,689,833
Dividends reinvested...................................... 12,063,782 595,535
Cost of shares redeemed................................... (31,679,459) (23,515,982)
------------ ------------
Change in net assets from capital transactions.............. 70,993,174 8,769,386
------------ ------------
NET ASSETS:
Change in net assets...................................... 76,345,878 25,799,327
Beginning of period....................................... 138,171,361 112,372,034
------------ ------------
End of period............................................. $214,517,239 $138,171,361
============ ============
Accumulated undistributed (distributions in excess of) net
investment income......................................... $ 1,827,913 $ 953,458
============ ============
SHARE TRANSACTIONS:
Issued.................................................... 5,987,243 2,181,587
Reinvested................................................ 825,720 41,675
Redeemed.................................................. (2,057,526) (1,643,909)
------------ ------------
Change in shares............................................ 4,755,437 579,353
============ ============
</Table>

See notes to financial statements.

JPMORGAN INVESTMENT TRUST ANNUAL REPORT December 31, 2005

JPMORGAN INVESTMENT TRUST MID CAP VALUE PORTFOLIO
- --------------------------------------------------------------------------------

FINANCIAL HIGHLIGHTS

PER SHARE OPERATING PERFORMANCE
NET ASSET VALUE, BEGINNING OF PERIOD.... $ 15.82 $ 13.78 $ 10.45 $ 12.68 $ 13.16
-------- -------- -------- ------- -------
INVESTMENT OPERATIONS:
Net investment income (loss).......... 0.14 0.11 0.07 0.07 0.08
Net realized and unrealized gains
(losses) on investments............. 1.29 2.00 3.33 (1.55) 0.45
-------- -------- -------- ------- -------
Total from investment operations.... 1.43 2.11 3.40 (1.48) 0.53
-------- -------- -------- ------- -------
DISTRIBUTIONS:
Net investment income................. (0.11) (0.07) (0.07) -- (0.08)
Net realized gains.................... (1.24) -- -- (0.75) (0.93)
-------- -------- -------- ------- -------
Total distributions................. (1.35) (0.07) (0.07) (0.75) (1.01)
-------- -------- -------- ------- -------
NET ASSET VALUE, END OF PERIOD.......... $ 15.90 $ 15.82 $ 13.78 $ 10.45 $ 12.68
======== ======== ======== ======= =======
TOTAL RETURN............................ 9.75% 15.40% 32.75% (12.85)% 4.80%
RATIOS/SUPPLEMENTAL DATA:
Net Assets End of Period (000's)........ $214,517 $138,171 $112,372 $76,913 $82,331
RATIOS TO AVERAGE NET ASSETS:
Net expenses.......................... 0.94% 0.92% 0.93% 0.95% 0.95%
Net investment income (loss).......... 1.05% 0.81% 0.65% 0.61% 0.67%
Expenses without waivers,
reimbursements and earnings
credits............................. 0.94% 0.93% 0.97% 0.98% 0.97%
PORTFOLIO TURNOVER RATE................. 55% 75% 54% 106% 103%
</Table>

See notes to financial statements.

JPMORGAN INVESTMENT TRUST ANNUAL REPORT December 31, 2005

JPMORGAN INVESTMENT TRUST MID CAP VALUE PORTFOLIO
- --------------------------------------------------------------------------------

NOTES TO FINANCIAL STATEMENTS
1. ORGANIZATION

JPMorgan Investment Trust (formerly One Group Investment Trust) (the "Trust")
is registered under the Investment Company Act of 1940, as amended (the "1940
Act"), as an open-end investment company established as a Massachusetts
business trust. The Mid Cap Value Portfolio is a separate Portfolio of the
Trust (the "Portfolio").

Effective May 1, 2005, the Board of Trustees approved the name change from
One Group Investment Trust Mid Cap Value Portfolio to JPMorgan Investment
Trust Mid Cap Value Portfolio.

Portfolio shares are offered only to separate accounts of participating
insurance companies and eligible plans. Individuals may not purchase shares
directly from the Portfolio.

2. SIGNIFICANT ACCOUNTING POLICIES

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 of 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. 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 Portfolios 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 pricing service, unless the
Portfolio's adviser 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
rates in other markets, in determining fair value as of the time the
Portfolio calculates its net asset value.

B. REPURCHASE AGREEMENTS

C. SECURITIES LENDING

To generate additional income, the Portfolio may lend up to 33 1/3 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 instrumentalities (collectively, U.S.
government securities"). JPMorgan Chase Bank, N.A. ("JPMCB"), an

JPMORGAN INVESTMENT TRUST ANNUAL REPORT December 31, 2005

JPMORGAN INVESTMENT TRUST MID CAP VALUE PORTFOLIO
- --------------------------------------------------------------------------------

NOTES TO FINANCIAL STATEMENTS, CONTINUED

affiliate of the Portfolio, serves as lending agent to the Portfolio
pursuant to a Securities Lending Agreement approved by the Board of
Trustees (the "Securities Lending Agreement"). The Securities Lending
Agreement was effective with respect to the Mid Cap Value Portfolio on
October 18, 2004 and an amended and restated agreement was approved by the
Board at a meeting held on August 11, 2005.

<Table>
<Caption>
LENDING MARKET MARKET VALUE
AGENT VALUE OF OF LOANED
FEES PAID COLLATERAL SECURITIES
- --------- ----------- ------------

$12,089 $32,081,525 $31,324,368
</Table>

D. SECURITY TRANSACTIONS AND INVESTMENT INCOME

The Portfolio records distributions received in excess of income from
underlying investments as a reduction of 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 Portfolio adjusts the
estimated amounts of components of distributions (and consequently its net
investment income) as necessary once the issuers provide information about
the actual composition of the distributions.

E. ALLOCATION OF EXPENSES

JPMORGAN INVESTMENT TRUST ANNUAL REPORT December 31, 2005

JPMORGAN INVESTMENT TRUST MID CAP VALUE PORTFOLIO
- --------------------------------------------------------------------------------

NOTES TO FINANCIAL STATEMENTS, CONTINUED

F. FEDERAL INCOME TAXES

G. FOREIGN TAXES

The Portfolio may be subject to foreign taxes on income, gains on
investments or currency repatriation, a portion of which may be
recoverable. The Portfolio 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.

H. DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS

Dividends from net investment income and net realized capital gains, if
any, are generally declared and paid annually. Distributions from net
investment income and from net capital gains are 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. As of December 31, 2005, there were no
reclassifications needed within the capital accounts.

The Portfolio may utilize earnings and profits distributed to shareholders
on redemption of shares as part of the dividends paid deduction for income
tax purposes.

3. FEES AND OTHER TRANSACTIONS WITH AFFILIATES

A. INVESTMENT ADVISORY FEE

Pursuant to the Investment Advisory Agreement, JPMorgan Investment Advisors
Inc. (the "Advisor") (formerly known as Banc One Investment Advisors
Corporation) acts as the investment advisor to the Portfolio. The Advisor
is an indirect, wholly-owned subsidiary of JPMorgan Chase & Co
("JPMorgan"). The Advisor supervises the investments of the Portfolio and
for such services is paid a fee. The fee is accrued daily and paid monthly
based on the Portfolio's average daily net assets at an annual fee of
0.74%.

B. ADMINISTRATION FEE

Pursuant to an Administration Agreement, JPMorgan Funds Management, Inc.
(the "Administrator") (formerly One Group Administrative Services, Inc.),
an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. ("JPMorgan"),
provides certain administration services to the Portfolio. In consideration
of these services, the Administrator receives a fee computed daily and paid
monthly at the annual rate of 0.18% of the first $250 million of the
average daily net assets of the Trust (excluding the Equity Index
Portfolio) and 0.14% of the average daily net assets of the Trust in excess
of $250 million (excluding the Equity Index Portfolio).

JPMCB provides portfolio fund accounting services for the Portfolio and
receives a portion of the fees payable to the Administrator.

JPMORGAN INVESTMENT TRUST ANNUAL REPORT December 31, 2005

JPMORGAN INVESTMENT TRUST MID CAP VALUE PORTFOLIO
- --------------------------------------------------------------------------------

NOTES TO FINANCIAL STATEMENTS, CONTINUED

C. DISTRIBUTION FEES

Effective May 1, 2005, pursuant to a Distribution Agreement, JPMorgan
Distribution Services, Inc. (the "Distributor"), a wholly-owned subsidiary
of JPMorgan, began serving as the Trust's exclusive underwriter and
promotes and arranges for the sale of the Portfolio's shares. The
Distributor receives no compensation in its capacity as the Portfolio's
underwriter.

D. CUSTODIAN FEES

JPMCB provides Portfolio custody services for the Portfolio. The amounts
paid directly to JPMCB by the Portfolio for custody services are included
in custodian fees in the Statement of Operations. The custodian fees may be
reduced by credits earned by the Portfolio, based on uninvested cash
balances held by the custodian. Such earnings credits are presented
separately in the Statement of Operations.

E. WAIVERS AND REIMBURSEMENTS

The contractual expense limitation agreements were in effect for the year
ended December 31, 2005. The expense limitation percentage above is in
place until at least April 30, 2006.

For the year ended December 31, 2005, the Portfolio's Advisor waived
investment advisory fees for the Portfolio in the amount of $1,902. The
Advisor does not expect the Portfolio to repay any such waived fees in
future years.

F. OTHER

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

During the period, the Portfolio may have purchased securities from an
underwriting syndicate in which the principal underwriter or members of the
syndicate are affiliated with the Advisor.

The Portfolio may use related party brokers/dealers. For the year ended
December 31, 2005, the Portfolio did not incur any brokerage commissions
with brokers/dealers affiliated with the Advisor.

4. INVESTMENT TRANSACTIONS

During the year ended December 31, 2005, purchases and sales of investments
(excluding short-term investments) were as follows:

<Table>
<Caption>
PURCHASES SALES
(EXCLUDING (EXCLUDING
U.S. GOVERNMENT) U.S. GOVERNMENT)
- ---------------- ----------------

$152,638,364 $ 92,083,454
</Table>

JPMORGAN INVESTMENT TRUST ANNUAL REPORT December 31, 2005

JPMORGAN INVESTMENT TRUST MID CAP VALUE PORTFOLIO
- --------------------------------------------------------------------------------

NOTES TO FINANCIAL STATEMENTS, CONTINUED

5. FEDERAL INCOME TAX MATTERS

For Federal income tax purposes, the cost and unrealized appreciation
(depreciation) in value of the investment securities at December 31, 2005,
were as follows:

<Table>
<Caption>
GROSS GROSS NET UNREALIZED
AGGREGATE UNREALIZED UNREALIZED APPRECIATION
COST APPRECIATION DEPRECIATION (DEPRECIATION)
- ------------ ------------ ------------ --------------

$228,974,665 $22,405,175 $(4,778,985) $17,626,190
</Table>

The difference between book and tax basis unrealized
appreciation/(depreciation) on investments is primarily attributed to wash
sale loss deferrals.

The tax character of distributions paid during the fiscal year ended December
31, 2005 was as follows:

<Table>
<Caption>
NET TOTAL
ORDINARY LONG-TERM DISTRIBUTIONS
INCOME CAPITAL GAINS PAID
-------- ------------- -------------

$960,163 $11,103,619 $12,063,782
</Table>

The tax character of distributions paid during the fiscal year ended December
31, 2004 was as follows:

<Table>
<Caption>
TOTAL
ORDINARY DISTRIBUTIONS
INCOME PAID
-------- -------------

$595,535 $595,535
</Table>

As of December 31, 2005, the components of net assets (excluding paid in
capital) on a tax basis were as follows:

$7,108,112 $18,076,503 $17,626,190
</Table>

The cumulative timing differences primarily consist of wash sale loss
deferrals and deferred compensation.

6. BORROWINGS

As of December 31, 2005, the Portfolio had no outstanding borrowings from the
unsecured uncommitted credit facility.

7. CONCENTRATIONS AND INDEMNIFICATIONS

JPMORGAN INVESTMENT TRUST ANNUAL REPORT December 31, 2005

JPMORGAN INVESTMENT TRUST MID CAP VALUE PORTFOLIO
- --------------------------------------------------------------------------------

NOTES TO FINANCIAL STATEMENTS, CONTINUED

8. SUBSEQUENT EVENT

Effective May 8, 2006, the Portfolio will no longer accept any new purchases.
This means that the Portfolio will discontinue accepting purchase orders from
the separate accounts of the insurance companies that currently offer the
Portfolio within their Policies or from any Eligible Plans or accounts. The
only exception to the closure of the Portfolio is that dividends and capital
gains distributions which are automatically reinvested in Portfolio shares
will continue to be reinvested.

JPMORGAN INVESTMENT TRUST ANNUAL REPORT December 31, 2005

JPMORGAN INVESTMENT TRUST MID CAP VALUE PORTFOLIO
- --------------------------------------------------------------------------------

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Trustees and Shareholders of
JPMorgan Investment Trust:

In our opinion, the accompanying statement of assets and liabilities, including
the schedule of portfolio investments, and the related statements of operations
and of changes in net assets and the financial highlights present fairly, in all
material respects, the financial position of JPMorgan Investment Trust Mid Cap
Value Portfolio, formerly One Group Investment Trust Mid Cap Value Portfolio (a
Portfolio of JPMorgan Investment Trust hereafter referred to as the "Portfolio")
at December 31, 2005, the results of its operations for the year then ended, the
changes in its net assets for each of the two years in the period then ended and
the financial highlights for each of the five years in the period then ended, in
conformity with accounting principles generally accepted in the United States of
America. These financial statements and financial highlights (hereafter referred
to as "financial statements") are the responsibility of the Portfolio's
management; our responsibility is to express an opinion on these financial
statements based on our audits. We conducted our audits of these financial
statements in accordance with the standards of the Public Company Accounting
Oversight Board (United States). Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements, assessing the accounting principles used and significant estimates
made by management, and evaluating the overall financial statement presentation.
We believe that our audits, which included confirmation of securities at
December 31, 2005 by correspondence with the custodian and brokers, provide a
reasonable basis for our opinion.

PricewaterhouseCoopers LLP
New York, New York
February 8, 2006

JPMORGAN INVESTMENT TRUST ANNUAL REPORT December 31, 2005

JPMORGAN INVESTMENT TRUST MID CAP VALUE PORTFOLIO
- --------------------------------------------------------------------------------

TRUSTEES (UNAUDITED)

Roland R. Eppley, Jr. Retired; President & Chief 118 None.
(1932); Trustee Executive Officer, Eastern
since 2005; Trustee of States Bankcard (1971-1988).
JPMorgan Funds since
1989.

Robert A. Oden, Jr. President, Carleton College 117* Director, American University
(1946); Trustee since (2002-present); President, in Cairo.
1997. Kenyon College (1995-2002).

</Table>

JPMORGAN INVESTMENT TRUST ANNUAL REPORT December 31, 2005

JPMORGAN INVESTMENT TRUST MID CAP VALUE PORTFOLIO
- --------------------------------------------------------------------------------

TRUSTEES (UNAUDITED), CONTINUED

James J. Schonbachler Retired; Managing Director of 118 None.
(1943); Trustee since Bankers Trust Company
2005; Trustee of (financial services)
JPMorgan Funds since (1968-1998).
2001.

INTERESTED TRUSTEE

- ------------

<Table>

(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
oversees includes nine registered investment companies (118
funds) as of December 31, 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 (117 funds) as of
December 31, 2005.
** Mr. Spalding is deemed to be an "interested person" due to
his ownership of JPMorgan Chase stock.
</Table>

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

JPMORGAN INVESTMENT TRUST ANNUAL REPORT December 31, 2005

JPMORGAN INVESTMENT TRUST MID CAP VALUE PORTFOLIO
- --------------------------------------------------------------------------------

OFFICERS (UNAUDITED)

JPMORGAN INVESTMENT TRUST ANNUAL REPORT December 31, 2005

JPMORGAN INVESTMENT TRUST MID CAP VALUE PORTFOLIO
- --------------------------------------------------------------------------------

OFFICERS (UNAUDITED), CONTINUED

</Table>

- ------------

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 INVESTMENT TRUST ANNUAL REPORT December 31, 2005

JPMORGAN INVESTMENT TRUST MID CAP VALUE PORTFOLIO
- --------------------------------------------------------------------------------

SCHEDULE OF SHAREHOLDER EXPENSES (UNAUDITED)

HYPOTHETICAL $1,000 INVESTMENT AT BEGINNING OF PERIOD
AS OF DECEMBER 31, 2005

ACTUAL EXPENSES

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

Actual...................................... $1,000.00 $1,041.30 $4.84 0.94%
Hypothetical................................ $1,000.00 $1,020.47 $4.79 0.94%
</Table>

JPMORGAN INVESTMENT TRUST ANNUAL REPORT December 31, 2005

JPMORGAN INVESTMENT TRUST MID CAP VALUE PORTFOLIO
- --------------------------------------------------------------------------------
BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS (UNAUDITED)

The matters discussed below were considered and discussed by the Trustees in
reaching their conclusions:

JPMORGAN INVESTMENT TRUST ANNUAL REPORT December 31, 2005

JPMORGAN INVESTMENT TRUST MID CAP VALUE PORTFOLIO
- --------------------------------------------------------------------------------

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS (UNAUDITED), CONTINUED

INDEPENDENT WRITTEN EVALUATION OF THE PORTFOLIO'S CHIEF COMPLIANCE OFFICER
The Trustees noted that, upon their direction, the Chief Compliance Officer for
the Investment Trust Mid Cap Value Portfolio had prepared an independent written
evaluation in order to assist the Trustees in determining the reasonableness of
the proposed management fees of the Portfolio. The Trustees indicated that the
written evaluation had been relied upon in this regard in determining whether to
continue the Advisory Agreement. The Trustees considered the evaluation as noted
in the Investment Performance section of this report.

The Trustees noted that the one, three and five year performance of the
Investment Trust Mid Cap Value Portfolio lagged that of its Universe Group. The
Trustees and the Chief Compliance Officer noted the Adviser's process to
periodically review the Portfolio and address the Portfolio's performance
results. The Trustees directed the Adviser to report to them at each quarterly
board meeting about the results of such reviews and steps taken to improve
performance and actual performance results.

JPMORGAN INVESTMENT TRUST ANNUAL REPORT December 31, 2005

JPMORGAN INVESTMENT TRUST MID CAP VALUE PORTFOLIO
- --------------------------------------------------------------------------------

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS (UNAUDITED), CONTINUED

ADVISORY FEES AND EXPENSE RATIOS
The Trustees considered the contractual advisory fee rate paid by the Portfolio
to the Adviser by comparing that rate to the information prepared by Lipper
concerning management fee rates paid by other funds in the same Lipper category
as the Portfolio. The Trustees recognized that Lipper reported the Portfolio's
management fee rate as the combined contractual advisory fee rate and the
administration fee. The Trustees also considered the fee waiver and/or expense
reimbursement arrangements currently in place for the Portfolio and considered
the net advisory fee rate after taking waivers and reimbursements into account.
The Trustees recognized that it is difficult to make comparisons of advisory
fees because there are variations in the services that are included in the fees
paid by other funds. The attention that was given to the Lipper reports and the
actions taken as a result of the review of the Portfolio's advisory fees and
expense ratios is summarized below:

The Trustees noted that although the Investment Trust Mid Cap Value Portfolio's
contractual and net advisory fee rates were higher than the median of its Peer
Group and Universe Group, respectively, the fee was considered reasonable
recognizing that the total actual expenses were lower than the median of its
Universe Group.

JPMORGAN INVESTMENT TRUST ANNUAL REPORT December 31, 2005

JPMORGAN INVESTMENT TRUST MID CAP VALUE PORTFOLIO
- --------------------------------------------------------------------------------

TAX LETTER (UNAUDITED)

Certain tax information for the Portfolio is required to be provided to
shareholders based upon the Portfolio's income and distributions for the taxable
year ended December 31, 2005. The information and distributions reported in this
letter may differ from the information and taxable distributions reported to the
shareholders for the calendar year ending December 31, 2005. The information
necessary to complete your income tax returns for the calendar year ending
December 31, 2005 will be received under separate cover.

DIVIDENDS RECEIVED DEDUCTIONS (DRD)

99.73% of ordinary income distributions qualified for the 70% dividend received
deduction for corporate shareholders for the Portfolio's fiscal year ended
December 31, 2005.

LONG-TERM CAPITAL GAIN DESIGNATION

The Portfolio hereby designates $11,103,619 as long-term capital gain
distributions for the purpose of the dividends paid deduction on its tax return
for the fiscal year ended December 31, 2005.

JPMORGAN INVESTMENT TRUST ANNUAL REPORT December 31, 2005

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

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

[JPMORGAN LOGO]
Asset Management

AN-JPMITMCV-1205

ANNUAL REPORT DECEMBER 31, 2005

JPMorgan
Investment
Trust

JPMorgan Investment Trust Diversified Mid Cap Portfolio

NOT FDIC INSURED o NO BANK GUARANTEE o MAY LOSE VALUE [JPMORGAN LOGO]
This material must be preceded or accompanied by a current prospectus. Asset Management

JPMORGAN INVESTMENT TRUST DIVERSIFIED MID CAP PORTFOLIO
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